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← Centre For Ageing Better Trust

2025-03-31-accounts

Centre for Ageing Better Trust

Centre for Ageing Better Trust Report of the Trustees for the year to 31 March 2025, with Financial Statements

Charity Number: 1160158

The Centre is a charitable foundation, funded by The National Lottery Community Fund, and part of the Government’s What Works Network. We believe that everyone has a right to a good later life and know that there are significant barriers preventing this from being a reality for millions of people. We focus on people aged from 50 to 70, those approaching later life, aiming to create lasting positive change for individuals and in society. We are pioneering ways to make ageing better a reality for everyone.

The Trustees present their report for the year to 31 March 2025. The accompanying financial statements comply with current statutory requirements, the memorandum and articles of association, and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP) applicable to charities preparing their accounts in accordance with FRS 102.

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

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Contents

Page
• Preface From Chair and Chief Executive 3
• Strategic Report: Achievements and Performance 4
• Financial review, investments, reserves policy 13
• Structure, governance, management and risk 14
• Admin and reference details 19
• Statement of responsibilities of the Trustees 21
• Protector’s Report 22
• Independent Auditor’s Report
 26
• Financial Statements
 30

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Preface from Chair and Chief Executive

As we finish the second year of our current strategy, the results of our work are becoming clear. Many years of researching and building evidence on the key challenges facing older people in this country – including unequal access to work, ageism in our everyday lives, homes and communities that aren’t built with ageing in mind, and growing inequalities in how people experience ageing – have given us a clear understanding of what can and must change.

This year we have gone a step further to show the tangible and life-changing difference that focused interventions and policies could make. The results speak for themselves. Through our Age-friendly Employer Pledge, hundreds of organisations have improved the recruitment and retention of older workers. We have piloted services to show how society can more effectively help long-term unemployed over 50s into work. Through our national campaign, we have raised awareness of ageism among millions of people across the country, many of whom have then taken action to tackle it. Many more national charities and local authorities have joined us to make homes safer and more accessible for older people. We have shown there is great demand for our ‘Good Home Hub’ - a community service that can help older people repair their homes. Millions more people will now benefit from living in an Age-friendly Community, with yet more local areas signing up this year to be part of the UK network and offer schemes and policies that will help their residents age well.

Other important work this year has included the growth of our Experts by Experience network to ensure that the voice and experiences of older people are integral to our delivery. We’ve seen huge growth across our channels as more people, professionals and organisations sign up to receive our communications, reports and guidance. More than ever our work is shaping policy conversations in Westminster and Whitehall, and we have contributed to many important inquiries, reports and committees.

We could not have had such a successful year without the contributions of staff and trustees at Ageing Better who all continue to show their deep commitment to Ageing Better’s vision. We would particularly like to thank Ben Page, Nuzhat Ali, Chris Sherwood and Margaret Dangoor for their service and support, having stepped down from the board this year.

As we look forward, and approach the final phase of our Lottery funding, it is time to start thinking about the long-term future of the organisation, and how we can continue to build the momentum we are generating. With inequalities in people’s circumstances deepening, and the impact of a dramatically changing age demographic across our population becoming clearer, our work to ensure that we can all age better is more important than ever.

Professor Dame Carol Black GBE, Chair, Centre for Ageing Better Dr Carole Easton OBE, Chief Executive, Centre for Ageing Better

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Strategic Report: Achievements and Performance

About Ageing Better

The Centre for Ageing Better is tackling inequalities and challenges in an ageing society. We are working to make our workplaces, homes and communities inclusive of older people, and building an Age-friendly Movement so that society sees ageing in a more positive and realistic way. We make a significant contribution to ensuring that, in later life, more people:

  1. Experience good health

  2. Are treated fairly and with respect

  3. Experience financial security

In order to achieve these outcomes we have three areas of activities:

We take a preventative approach focusing on those approaching later life so that people are better equipped to enjoy older age.

We create change in behaviours, attitudes, policy and practice by:

1. Age-friendly Employment

Currently, work does not work for over 50s. Employment rates drop sharply after age 55. Older workers are twice as likely as younger people to be long term unemployed and are nearly twice as likely to be stuck in insecure jobs.

Ageism in recruitment, a lack of flexible and part-time job opportunities, inadequate workplace support for health conditions and employment support programmes that aren’t tailored to the needs of older jobseekers – these all lead to a hugely skilled and experienced part of our workforce being shut out of jobs and unable to contribute, as they would like, to the economy.

This has dire consequences for employers, individuals and society in terms of high rates of poverty in mid-later life, poor productivity and stunted economic growth.

We advise employers, national and local government, and providers of employment support and training to help people to stay in work for as long as they want or need to.

This year we focused on growing our Age-Friendly Employer Pledge and developing, piloting and evaluating different types of service and support to help over 50s overcome barriers to work, such as poor health and lack of confidence.

Achievements and Impact in numbers:

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“We've been able to put in place different initiatives to strengthen our culture, offer excellent targeted health support and enhance our flexible working options. As a business we're really passionate about helping people achieve a better later life and this includes becoming a place where our older workers can thrive - the Age-friendly Employer Pledge is helping us to do that. ” - A member of Ageing Better’s Age-friendly Employer Pledge

The Department for Work and Pensions (DWP) is…working across government, and through regular engagement with employers, to encourage positive attitudes towards older people and has signed the Age-friendly employer pledge, a nationwide initiative led by the Centre for Ageing Better, aimed at promoting age inclusive working practices. ” - Alison McGovern, Minister for Employment, on joining Ageing Better’s Age-friendly Employer Pledge

‘At Age UK we are pleased to be part of the 50+ Employment Taskforce. With all the years of experience, knowledge, and wisdom that older workers have it’s imperative that everyone who wants to work is able to do so and that employers recognise how much value this age group can add to their business. ’ - Caroline Abrahams, Charity Director of Age UK and member of Ageing Better’s 50+ Employment Taskforce

“Well [they] made me feel as if I was valuable. And self-value you need to be able to get a job. So [they] made me feel that I was worth something and that gives me the consciousness to go after my job with belief in myself…” - Participant in ‘Steps to your Goal’ programme

What have we learned?

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2. Age-friendly Homes

Most people want to live in their own home, in the communities they belong to, for as long as possible. But far too many older people are currently living in homes that are endangering their lives.

Much of the housing in England is dangerous or unsuitable for older people. Homes are not safe or warm. They have hazards and are inaccessible for someone with a disability. This needlessly costs society millions each year in NHS and social care costs. We are working to make homes more age-friendly so that more people can remain living independently, healthily and happily as they grow older.

This year, our work has focused on local-level action to improve the range and quality of home improvement services which are available and on influencing the national government agenda around home quality and accessibility.

Achievements and Impact in numbers:

“Thank you for the important work that you as an organisation undertake to ensure these issues remain at the forefront of our minds as we seek to legislate and improve the situation here in the UK.” - Andrew Bowie MP in response to a briefing from the Safe Homes Now campaign

“It was a good day, relevant speakers and evidence. I felt empowered to make change in my area.” - An attendee at the Good Home Hub conference

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“We feel there is now light where there was dark with all the things happening to us here, yes, a bit of a cliché saying but heartfelt sentiment. Thank you”

What have we learned?

3a. Age Without Limits campaign

Ageism is the most widespread form of discrimination in the UK. It affects people of all ages, but its damaging impact is often felt most strongly as we get older.

Ageism is largely hidden. People may not realise they hold ageist views, or that ageism itself is harmful. But our evidence shows that ageism limits lives, health and wellbeing and leads to people being devalued and marginalised as they get older. This has damaging consequences for our economy and wider society. Our communities, workplaces, infrastructure, systems and policies often overlook ageing and at worst exclude older people.

Through our Age Without Limits campaign we set out to improve attitudes to ageing and older people through:

  1. Raising public awareness of ageism and its damaging impact

  2. Enabling people to understand their own conscious and unconscious ageism

  3. Helping people to understand the part they play in perpetuating ageism or ending it.

Launched in early 2024, year one of the campaign comprised mass-reach advertising on digital platforms and outdoor sites and billboards across the country. We also produced a campaign website with resources to use in tackling ageism, for example, in everyday conversations. We initiated an annual ‘action day’ to bring together individuals and organisations wanting to engage in anti-ageism activities. We ran a microgrants programme, awarding small amounts of money to our Age-friendly Communities to run events from fashion shows and photography exhibitions to dance competitions, podcast launches and intergenerational discussions.

Achievements and Impact in numbers: Our mass-reach advertising (Jan to Mar 2024)

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Across our other campaign channels:

“This campaign really spoke to me – I was sitting in a cinema in Brighton where I saw the Age Without Limits advert for the first time. I instantly got my phone out and took down the details. I had a look on the website and arranged a quiz as part of the Action Day. Everyone really enjoyed it. One of my colleagues was able to point out a time he had been ageist. I was also really motivated to share my story of finding myself, hoping it would help other people . – Brenda

“I really want to be part of this campaign against ageism. I want to let everyone know that we’re not past it. I’m over 60 and I go to the gym, I love dancing, I love clothes, I love makeup. But we have this stereotype that older people, over 60 or 50 even, they have no position in society. Better representation for us over 60s is needed. I want to feel that I’m a person and not stereotyped as an old person who is capable of not much.” - Colleen

“Being involved in the campaign is helping me to understand, change even my own language that I use as well so I can help make a difference in workplaces, and even in my own home and community. - Genny

3b. Changing perspectives on ageing

We worked on several projects this year designed to challenge pervasive, ageist stereotyping and to bring about change in culture and practice across media and creative industries. Our impact this year includes:

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such portrayals may impact public attitudes and actions. This is due to be published in 2025.

“Aspirational images are so positive in their projection of what is possible. Your library provides access to images that can be used to motivate and encourage others. Thank you.” - Image Library user

"Subscribing to the age-positive image library has been a game-changer. An impressively wide range of high-quality images depicting people of all ages, gender and ethnicities in a variety of situations being it at work, at home, exercising, etc. Older people are often depicted as frail, but this library challenges this notion." - Image Library User

“Part of IPSO’s role, particularly with raising standards, is to help to create dialogue between groups that wish to raise editorial standards and editors and journalists—helping to facilitate that dialogue. Also, resources such as the Centre for Ageing Better’s gallery of alternative images that journalists can use are also very useful” - Alice Gould, Head of Complaints, Independent Press Standards Organisation.

What have we learned?

3c. Age-friendly Communities

An Age-friendly Community is a place that enables people to age well and live a good later life. Somewhere that people can stay living in their homes, participate in the activities they value, and contribute to their communities, for as long as possible.

This year we have continued to establish the UK Network of Age-friendly Communities as a growing movement, providing guidance, connecting places and offering support to member communities as they work towards making their services and infrastructure more age-friendly.

Achievements and Impact in numbers:

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“The network and sharing of information and contacts is very impressive. The best I’ve experienced in 25 years of public service.” – Kirklees, Age-friendly Communities network member

‘‘We are at the start of a piece of work around working with diverse communities and will be doing a number of different pieces of engagement with black and racially minoritised communities, Gypsy Roma traveller, LGBTQ+ and faith communities. The Centre for Ageing Better programme inspired this work.’’ – Brighton and Hove, Age-friendly Communities network member

‘‘[The Age-friendly Communities approach means] changing the dynamic, seeing older people as an asset rather than a burden.’’ - Age-friendly Torbay’s Member of Parliament

‘‘I feel I’m part of the community and able to have a role and worth to society through my volunteering.’’ - An older volunteer at Age-friendly Salford

“A truly impactful event that underlines crucial developments in ageing policy. We created meaningful connections.” - Attendee at our Age-Friendly Futures Summit

What have we learned?

4. Wider influencing

We undertook a range of activities this year to influence policy and practice around ageing using our evidence and insights. These include:

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5. Voice

At the heart of our approach to generating high-quality, useable evidence is a commitment to hear and reflect in our work people’s real and different experiences of ageing. By involving individuals from different backgrounds and circumstances as “experts by experience”, we ensure our evidence in not only robust but grounded in the reality of people’s everyday lives. This collaborative approach enriches our understanding and means we can give policy makers and the industries we work with access to research and recommendations that have been developed with the kinds of people they will ultimately help.

Achievements and Impact in numbers:

“Designing a project with people with real experience gives huge amounts of credibility… there’s no substitute for designing it with people that are really experiencing the problems you’re trying to solve .” – AB Staff member

Members of our Experts by Experience network have said:

“I’m really proud to be part of the work at Centre for Ageing Better”.

“I can see what difference I made”

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“I felt valued and important”

“I felt respectfully listened to, heard, and my remarks were noted. It is such a pleasure to work with your team”.

What have we learned?

As our approach to involvement has matured, we are learning more and more about what matters most in making involvement meaningful for our experts by experience and for our work. Some key lessons so far are:

Ageing Better’s Communications reach in 2024/25 numbers

Looking forward

2025-2026 is the final year of a three-year strategy and we will be agreeing a new plan for the years 2026-2029.

This process is particularly important as our endowment from the National Lottery Community Fund is due to end by the end of 2029 at the latest.

The Board of Trustees has agreed that there remains an urgent need for our work. As a centre of excellence, we are uniquely placed to contribute to addressing the challenges and opportunities of an ageing population and the growing inequalities in the experience of people as they age.

We have begun seeking funding from other sources so that we can sustain our work beyond 2030. We are actively exploring partnerships, fundraising opportunities and exploring how our products and expertise can generate income.

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Financial review, investments, reserves policy

Financial review

In the financial year ended 31 March 2025 Ageing Better Trust spent £6,282,163 (2024: £6,554,943) mostly funded from the original endowment from The National Lottery Community Fund. At the year end the total value of our net assets stood at £19,900,541 (2024: £25,026,870).

During the year Ageing Better Trust received income of £861,487 (2024: £732,896), which comprises donated services £93,500 (2024: £93,882) and investment income of £767,987 (2024: £639,014).

Ageing Better Trust incurred expenditure of £6,282,163 (2024: £6,554,943) of which £6,084,005 (2024: £6,463,156) was charitable expenditure, £66,055 (2024: £91,787) related to investment management charges and £132,103 (2024: nil) related to fundraising costs. Overall Ageing Better Trust incurred a net deficit, after (losses)/gains on investments, of £5,126,329 (2024: £4,806,432 deficit).

Charitable Activity Expenditure in 2024-25

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Charitable Expenditure % Year 2024-25
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Action Area
Homes 27%
Action Area
Age Friendly
Movement
43%
Action Area
Work 29%
Action Area Homes Action Area Work Action Area Age Friendly Movement
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At 31 March 2025, Ageing Better held investments which amounted to £20,100,874 (2024: £25,037,781), cash at bank of £571,925 (2024: £703,224), and net assets of £19,900,541 (2024: £25,026,870).

Ageing Better Trust’s funds at 31 March 2025 consisted of unrestricted funds of £19,900,541 (2024: £25,026,870) and restricted funds of £Nil (2024: £Nil). Included in the unrestricted funds are designated funds of £10.2m. These are for three key items: £5.2m for the creation of a match funding pot for future fundraising, £4.5m to fund our final year of operations, and £0.5m to fund potential closure costs when our funding has been fully utilised.

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Investment Policy and Performance

Our investments are held with Rathbones, following the review of our investment policy in 2023/24. This review moved our investments into very low risk Treasury Bills, Government Bonds and cash deposits to enable us to have certainty of funds as we move into the final years of spending our endowment. In the last year the remaining investments with Savills Investment Management LLP were sold so all funds are now held with Rathbones. The Finance, Investment and Audit Committee reviews the performance of the investment portfolio on a quarterly basis and at 31 March 2025 £20,100,874 (2024: £25,037,781) was held as fixed asset investments, and investment income for the year was £767,987 (2024: £639,014).

Ageing Better does not invest directly in organisations whose primary business is the manufacture and/or supply of arms, pornography, tobacco products and/or services and gaming and gambling where profits or losses accrue primarily to shareholders.

Reserves policy and going concern

The Centre for Ageing Better has an expendable endowment, received from the National Lottery Community Fund in 2015, to be spent by 30 January 2030. The Trustee Directors do not consider that a particular level of such capital reserves is required. A three-year financial plan has been developed, and budgeted expenditure for the forthcoming year is reviewed and approved on an annual basis.

The trustees believe that Ageing Better is well placed to manage its business risks successfully and as such have a reasonable expectation that Ageing Better has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Fundraising

As the Centre for Ageing Better looks beyond 2030 and the planned spend down of our endowment from the National Lottery Community Fund, we are laying the foundations for a financially independent future. In 2024/25, we have actively invested in our fundraising capabilities to explore future income streams that have the potential to sustain and grow our impact in the years ahead. This marks a bold shift towards building long-term financial resilience through strategic partnerships, trust and foundations funding, potential philanthropic giving, and other sources of external financial support. Alongside this, we are developing a robust fundraising framework to ensure our work is guided by integrity, transparency, and the highest standards of practice. To strengthen this work, we have introduced an Ethical Fundraising Policy and a new Complaints Policy, ensuring our approach is guided by integrity, transparency, and accountability. These policies reinforce our commitment to the highest standards of practice as we build relationships with funders who share our vision that everyone has the right to a good later life.

Structure, governance, management and risk

The Centre for Ageing Better Ltd (or the “Trustee”) is a charitable company limited by guarantee incorporated on 9 January 2014 and is the sole Trustee of the Centre for Ageing Better Trust (or “The Trust”). The Trustee enters into legal contracts, invests the Trust funds, employs the executive team and makes grants as Trustee of the Trust. The charitable company was established under a memorandum of association, which established the objects and powers of the charitable company and is governed under its articles of association, supplemented by powers and duties under corporate law. All references to trustees are directors of the Trustee.

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Centre for Ageing Better Trust The Protector is appointed by the National Lottery Community Fund. The function of the Protector is to ensure that the Trustee administers the Trust properly and to protect the Trust property. The Protector attends all Trustees’ meetings.

The day-to-day operation of the Centre for Ageing Better is administered by the CEO and the Senior Executive Team.

Board of Trustees

The trustees make strategic decisions relating to the Centre for Ageing Better Trust and the Trustee and have overall legal responsibility for the direction, management and control of the organisation. The Board of Trustees meets formally at least quarterly, but meet more often than this for workshops, review meetings and strategy discussions.

At the time of approval of this report there are 10 trustees. All new trustees participate in a thorough induction programme on their duties and responsibilities, on Ageing Better’s management and governance arrangements, and on strategic, operational and programmatic plans and associated budgets.

Appraisals of individual trustee and Chair performance are conducted on an annual basis. The Board as a whole considers the effectiveness of the Board and its committees annually, making decisions on whether more in-depth reviews or external advice is required on any area of governance in the year.

All trustees give their time voluntarily and receive no benefits from the charity. Trustees are reimbursed for the cost of attending meetings.

Committees of the Board

The Centre for Ageing Better has three committees, which provide written reports and recommendations to the Board.

The remit of the committees is as follows:

Related parties and relationships with other organisations

The Centre for Ageing Better Ltd, the sole Trustee of the Centre for Ageing Better Trust, was endowed with £50 million from The National Lottery Community Fund under the Trust Deed dated 6 January 2015.

Remuneration policy for key management personnel

Board decisions with regard to annual cost of living increases to staff salaries and any exceptional pay awards for the CEO are informed by recommendations from the People and Remuneration Committee. As part of this process, any cost-of-living increase is benchmarked with other comparable organisations and also using Consumer Price Index (CPI) as a guide. Pay levels more

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generally are reviewed against the market and this includes a comparison of the benefits package using external benchmarks. Any exceptional pay awards to senior staff are approved by the CEO.

Principal risks and uncertainties

The Board of Trustees has responsibility for the ongoing assessment and management of risk. The risk register, which the Chief Executive and Senior Executive Team produces, enables the Board to identify and manage key risks. The register is reviewed at each Finance, Investment and Audit Committee as well as at each Board meeting, and additional risks to the organisation are identified where appropriate. Ageing Better’s risk management policy defines the processes to be followed to ensure that risk is managed appropriately.

The risk register is dynamic and as such there have been a number of changes to our risk assessments over the year.

We added four new risks over the last year. Two of these relate to uncertainty for the organization going forward as we spend down the endowment and the highest of these risks is staff retention; we are monitoring this closely and have put actions in place to positively manage and minimize this risk. Other new risks are focused on ensuring a legacy impact from our work and reviewing the impact of the changing political landscape on engagement with our agenda.

We reduced the risk around inflation impacting our ability to deliver our plans, given the reduction and stabilizing of headline inflation.

We also deleted four risks over the year. Three of these risks related to potential negativity from our media campaign but we have now had two years of the campaign and have received positive feedback from it. The other item that was deleted related to volatility and a reduction in the value of our investment portfolio; this has been deleted following the investment review and the movement of our investments to very low risk Government Bonds and cash deposits.

We continue to manage risk in line with our risk management policy to ensure that we are putting in place the appropriate mitigations as we continue with our work.

Equality, diversity and inclusion (ED&I) policy

The Centre for Ageing Better’s commitment to equality, diversity and inclusion is embedded throughout its work.

ED&I in what we do:

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How we operate as an organisation:

Our role as an age-friendly employer

We have implemented our five-point guide to put the principles of an age-friendly workplaces into practice. At 31st March 2025, 34.4% of our staff were aged over 50 (2024: 33.9%).

Our flexible working policy supports all staff to work in different ways. We have a hybrid working policy, with all staff having the opportunity to work partly from home and they are provided with equipment to support this as required. Over a third of the staff work part time hours, we also offer compressed hour contracts and job share arrangements. In addition, we offer a range of specialised leave arrangements including carers and volunteer leave.

We look to hire age-positively , so all of our job descriptions and job adverts have been reviewed to reduce age discrimination, signal our flexible working policy and that we support applications from older people. We use older jobseekers’ forums to promote our vacancies. Our aim is to encourage diversity and advertise roles on Linkedin, Charity Jobs, Indeed and on older job seeker forums. All applications are anonymized for shortlisting to remove bias and ensure the focus is on skills and experience.

We are working toward promoting an age-positive culture . We have an over 50’s specialist interest group. We are supporting a mid-life review project which provides tools for staff to review their health, financial and career needs. The focus is on those reaching middle age but will be made available to everyone.

To ensure everyone has the health support they need, we have put in place a range of support for people including for carers and in relation to mental health. We offer a confidential employee assistance programme to support the health and well-being of our people. Staff are actively

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Centre for Ageing Better Trust encouraged to be open about health issues so that reasonable adjustments can be made where possible. We also facilitate independent occupational health assessments when necessary to ensure the appropriate support and adjustments are made. We are also members of Carers UK who provide annual learning sessions.

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Admin and Reference details

Trustees of Trustee, who are also directors under company law, who served during the year and up until the date of approval of this report:

Name Committee membership* Term
Professor Dame Carol
Black GBE(Chair)		 •
Governance
•
People and Remuneration		 01.05.2019 to date
Nuzhat Ali •
People and Remuneration
(Chair)		 29.09.2020 to
09.01.2025
Margaret Dangoor •
Governance
•
People andRemuneration		 01.08.2017 to
01.08.2024
Liz Ericson •
Finance, Investment and
Audit		 28.09.2020 to date
Dr Cathy Garner (Senior
Independent Director)		 •
Finance, Investment and
Audit
•
People and Remuneration
•
Governance (Chair)		 01.10.2017 to date
Daniel Oppenheimer
(Treasurer)		 •
Finance, Investment and
Audit (Chair)
•
People andRemuneration		 09.03.2020 to date
Ben Page 01.12.2017 to
24.04.2024
Chris Sherwood •
Finance, Investment and
Audit
•
Governance		 22.09.2022 to
11.12.2024
Alexia Clifford •
People and Remuneration		 22.09.2022 to date
Fiona Johnson •
Governance
•
Finance, Investment and
Audit		 01.01.2023 to date
Steve Butler •
People and Remuneration
(Chair)		 22.04.2024 to date
Holly Butcher •
Finance, Investment and
Audit		 22.04.2024 to date
John Godfrey •
Governance		 19.09.2024 to date
Jule Owen •
Governance		 19.09.2024 to date

Non-trustees, co-opted to serve as members of committees during the year and up until the date of approval of this report:

Name Committee membership Term
Rosanna Arikoglu •
Finance, Investment and
Audit		 11.01.23 to 10.03.2025

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Senior Executive Team at the date of approval of this report:

Bankers NatWest Bank, 94 Moorgate, London, EC2M 6UR

Solicitors Wilsons LLP, 4 Lincoln’s Inn Fields, London, WC2A 3AA and Stone King LLP, Boundary House, 91 Charterhouse Street, London EC1M 6HR

Auditor Sayer Vincent LLP, Chartered Accountants and Statutory Auditor, 110 Golden Lane, London, EC1Y 0TG

Investment Managers Rathbones Investment Management Limited, Port of Liverpool Building, Pier Head, Liverpool. L3 1NW.

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Statement of responsibilities of the Trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustee on 22 September 2025 and signed on their behalf by

Professor Dame Carol Black GBE, Chair, Centre for Ageing Better

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Protector’s report

Background

Pursuant to the Trust Deed dated 6 January 2015 (amended 14 January 2019) constituting the Centre for Ageing Better Trustee Limited (subsequently renamed Centre for Ageing Better Limited, hereinafter ‘the Trustee’), I am required to prepare a statement for publication by the Trustee in its annual report, explaining the Protector’s function, how the function has been exercised and, if appropriate, identifying any areas of administration which require improvement and steps to be taken by the Trustee to effect such improvement.

Protector’s Function

The Protector is appointed by the Founder of the Trust; the Founder is the entity now known as the National Lottery Community Fund (formerly known as the Big Lottery Fund) (“the Fund”). The Fund is an executive non-departmental public body, sponsored by the Department for Digital, Culture, Media and Sport.

I was appointed to the role of Protector for an initial term of one year in January 2022 and the Fund has extended that term by an additional three years to January 2026.

The function of the Protector is to ensure that the Trustee administers the Trust properly and that Trust property is protected. The Trust property consists of a portfolio of investments and cash derived from an original settlement on the Trust by the Fund of £50 million. If necessary, the Protector must report matters of serious concern to the Fund or to the Charity Commission. The Protector therefore has a “watchdog” role and must monitor the Trustee and prevent it from abusing its powers or breaching its duties. More positively, the Protector must seek to ensure, as far as possible, that the Trust is administered in accordance with the terms of the Trust Deed and give or withhold consent or approval to the exercise of certain powers by the Trustee.

The Protector’s powers are fully defined in the Trust Deed. It should be noted that the Protector is not a member of the Trust’s board but is entitled to receive notice and accompanying papers in relation to all meetings of the Trustee, committees of directors and members of the Trustee, to speak at all such meetings and to table items for discussion.

Objectives of the Centre for Ageing Better Trust

The Trust Deed between the Fund and the Trustee established a charity called the Centre for Ageing Better Trust (the Trust’ or ‘AB’) as an independent trust to provide evidence and catalyse change to help foster a better quality of life in older age.

The objectives of the Trust are set out in the Trust Deed. The permitted methods of achieving the objectives are widely drawn within the Trust Deed. The Trust Deed also contains a statement of the wishes of the Fund that sets out the guiding principles that the Fund wishes to be observed by the Trustee in exercising its powers and duties under the Trust Deed. The Fund’s desired outcome is that the Trust should help to empower older people to stay active and healthier for longer whilst increasing the recognition of the positive role that they play in society. The Fund expects the Trust to do this by raising the standard of evidence on these issues and ensuring that the evidence base is applied to achieve the greatest influence and impact.

The term of the Trust

The Trust was established in 2015 for a 10-year term. In January 2019, the term of the Trust was extended, with the consent of the Fund, by an additional five years to 6 January 2030.

What the Protector has done in the year ended 31 March 2025

During this financial year, I have attended all scheduled and ad hoc board meetings, as well as all the meetings of the three sub-committees: Finance, Investment and Audit Committee (FIA), Governance Committee (GC) and People and Remuneration Committee (RC). I also attended an awayday, at which future strategy of the organisation was discussed and a number of informal update calls through the year arranged by the Chief Executive for Board members.

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I participated in a number of calls throughout the year variously with the Chairman, the Senior Independent Director, the Chief Executive and the Finance Director, where my opinion was sought on matters related to the operation of aspects of the Trust Deed, to the governance and resourcing of the Trust and to the strategy of the organization as it considers options beyond the end of the Trust Deed.

I maintained regular dialogue with the Fund (including an annual meeting with the co-Director of England), reporting on matters of note, receiving guidance and information about the Fund’s strategy and hearing its views on the Trust’s future plans.

Review of the Trust’s activity

The Trust was focussed this year on continuing to deliver on its three key Action Areas (AAs) and on preparing the organization for the final years of the endowment, which must be spent by January 2030.

Most of the individual programmes in the AAs operated with Green status throughout the year and Board members were able to track progress via a comprehensive dashboard of management information provided to the Board quarterly. There was clear evidence that the work of the Trust has been delivering positive impact with its key stakeholders – including the general public in respect of the Ageism campaign. A notable success was the significant contribution made to the Women’s and Equalities Select Committee’s report on the rights of older people published in February 2025 – the Trust’s work gained a lot of excellent media coverage as a result of this.

Running alongside this, careful thought has been given to positioning the Trust to spend the remainder of the endowment whilst at the same time creating options for continuing the work after the endowment expires. This has involved the development of a fundraising capability; this is allowed for by the terms of the Trust Deed and the Fund has been kept informed. The fundraising environment is currently challenging but the Trust has a good story to tell and progress in this area is being closely monitored by the Board, supported by the FIA.

Options and implications for wind-down and possible partnerships have also been fully considered by the Board and I am satisfied that the governance around this process has been sound.

Risks and Issues

I would highlight the following areas of note:

Investment strategy : The new matched liability strategy agreed last year has worked as expected in 2024/25 and has removed a key element of uncertainty in the charity’s operation. Expiry of the Trust’s term in 2030 : important decisions were made in this area during the year. A full offsite took place in November to consider options and these were then brought to the Board for a decision in December. The Board is now committed to developing the funding and organisational infrastructure to continue, at the expiry of the endowment, as a standalone policy and research centre. The Trust understands the need to dovetail this work closely with the ongoing work for which it was endowed and I am working with the Chair and AB’s executive team to ensure the Founder’s interests are protected through this transition.

One of the other risks of this transition is that of staff retention and engagement. This can clearly have a material impact on the effective operation of the organisation and I have welcomed the close attention being given to this matter by the People and Remuneration Committee and the Board.

The Board of the Trustee – membership and operation

There were 10 trustees in post as at 31 March 2025, with four new arrivals and four departures during the year under review. This number of changes had the potential to disrupt but it was managed effectively by the Governance Committee and Board. New Board members were brought on in two stages, with good induction processes. They have settled in quickly to their new roles and have brought additional commercial insights to discussions. There has therefore been no loss of momentum and I consider that the Board continues to operate as it should.

Outside formal Board structures, there have been a number of informal updates offered to those Trustees whose diaries have allowed. This has been a good way to ensure a continuous flow of

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information between Trustees and the executive team. A number of Trustees also contribute their time outside Board meetings to support the executive team in matters where they have expertise.

Administration and Governance of the Trust

I am satisfied that the Trust has been administered in accordance with the terms of the Trust Deed in the period 1 April 2024 to 31 March 2025 and its operation was in my opinion fully satisfactory. I would observe specifically:

Board and committee activity

The Board met four times during the year under review. Agendas were circulated with good notice, supporting papers were relevant and sufficient to allow proper debate. The appropriate executive team members attended when necessary. All members of the Board contributed and the Chair allows a free-flowing debate.

The FIA committee met four times during the year under review. With the transition to a matched liability strategy, the co-optee left the committee during the year. She was instrumental in helping to develop and execute the Trust’s current investment strategy. GC and RC each met twice in the year under review, with the latter gaining a new Chair, Steve Butler, one of the recently recruited Trustees. There are no matters to note for this report from these committees’ work.

Financial control and management

There are no issues of concern to report in this area. The new investment strategy has worked as planned to deliver predictable cash flows.

Risk management

Risk matters fall under the control of the Finance Director at the executive level and the FIA committee is responsible for board-level oversight. Though there is no dedicated Risk Director or Risk Committee, I remain satisfied that this approach is appropriate for the risks faced by the Trust: whilst the Trust is responsible for managing a significant sum of money, there are, at present, no material payment flows. I shall keep fundraising activity under close review, to ensure that any risks arising are properly managed.

Programme risk management is evidenced by the programme dashboard, where there are no issues to note. The Board is also provided with a high-level summary of organizational health at each board meeting and each indicator has generally been satisfactory during the year, prompting good debate where necessary.

A comprehensive Risk Register is reviewed at each board meeting and updated to account for changes in the risk landscape. Given the number of changes that have been going on, it was good to see particular attention being given to capturing and updating risks in a timely fashion. This has ensured the Board remains current on all key risks affecting the organisation.

AB engaged with external consultants during the year in order to improve the security posture of the organisation against the risk of cyber-attacks. A presentation was made to the Board on this subject, providing an update on all actions taken. This is a key risk facing all organisations and these actions taken by the Board are very timely.

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Conclusions

Considering my responsibilities as described above (‘Protector’s Function’) I am satisfied that the Trustee has administered the Trust properly and protected the Trust property during the financial year. Almost all programmes funded by the endowment are operating with ‘green’ status, controls and risk management are effective and governance is good.

Ian Henley, Protector April 2025

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Independent auditor’s report to the Trustee of Centre for Ageing Better Trust

Opinion

We have audited the financial statements of Centre for Ageing Better Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Centre for Ageing Better Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial

statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s

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report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Judith Miller (Senior statutory auditor)

24 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, London, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 March 2025


Notes
Income from:

Donations
2

Investments

Total Income


Expenditure on:

Cost of raising funds

Charitable activities

Action Area Work

Action Area Homes

Action Area Age Friendly Movement

Total expenditure
3


Net (expenditure) before net gains on investments

Net gain on investments
10

Net (expenditure) for the year & net movement in funds

Reconciliation in funds

Total funds brought forward

Total funds carried forward
15/16		 2025
Total
£
93,500
767,987
861,487

198,158

1,787,556
1,662,139
2,634,310
6,282,163

(5,420,676)
294,347
(5,126,329)

25,026,870
19,900,541		 2024
Total
£
93,882
639,014
732,896




91,787
1,592,336
1,671,345
3,199,475
6,554,943
(5,854,047)
1,015,615
(4,806,432)
29,833,302
25,026,870

All of the above income, expenditure and funds are unrestricted.

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

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Centre for Ageing Better Trust

Balance sheet as at 31 March 2025

Balance sheet as at 31 March 2025
Fixed Assets:
Notes
Fixed Assets
9
Investments
10
Current Assets:
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
12
Net current liabilities
Total net assets
Funds
Unrestricted funds
General funds
15/16
Designated funds
15/16
Total funds		 2025
£
-
20,100,874
20,100,874
98,704
571,925
670,629
(870,962)
(200,333)
19,900,541
9,700,541
10,200,000
19,900,541		 2024
£
15,486
25,037,781
25,053,267
236,856
703,224
940,080
(966,477)
(26,397)
25,026,870
25,026,870
-
25,026,870

Approved by the trustees on 22[nd] September 2025 and signed on their behalf by

Signature

Signature

Professor Dame Carol Black GBE

Chair

Daniel Oppenheimer Treasurer

Charity Number: 1160158

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Statement of cash flows for the year ended 31 March 2025

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Cash flows from operating activities
Net (expenditure) for the reporting Year (as per the
statement of financial activities)
Depreciation charges
Gains on investments
Dividends, interest from investments
Increase / (Decrease) in debtors
(Increase) / Decrease in creditors
Net cash (used in) operating activities
Cash flow from investing activities:
Dividends and interest from investments
Proceeds from the sale of investments
Purchase of investments
Movement in investment cash
Net cash provided by investing
activities
Change in cash and cash equivalent in the
Year
Cash and cash equivalents at the beginning of
the Year
Cash and cash equivalents at the end of the
Year		 £

767,987
6,590,023
(7,369,580)
6,010,811		 2025
£
(5,126,329)
15,486
(294,347)
(767,987)
138,152
(95,515)
(6,130,540)







5,999,241		 639,014
31,700,379
(28,878,616)
2,269,319		 2024
£
(4,806,432)
15,426
(1,015,615)
(639,014)
(27,768)
438,192
(6,035,211)

5,730,096
(131,299)
703,224		 (305,115)
1,008,339
571,925 703,224

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Principal accounting policies

1. Accounting policies

a) Statutory information

Centre for Ageing Better Trust is a registered charity and is registered in England and Wales. The registered office is 15 Alfred Place, Fitzrovia, London WC1E 7EB.

b) Basis of preparation

==> picture [35 x 70] intentionally omitted <==

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d)

Going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. At year end the Trust is in a net current liabilities position. The Trust however has sufficient liquid resourced within fixed asset investments to support working capital as required.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Further information in relation our going concern assessment can be found in the Trustees’ annual report.

e)

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

f)

Donations of gifts, services, and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

g) Interest and dividends

Interest on funds held on deposit and dividends on shares are included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank, or dividends by the Investment Managers. Interest on fixed terms bonds is recognised on an accrual basis.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund.

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Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

The expendable endowment fund provided by the National Lottery Community Fund will be used over a 10-year period to support the charitable activities of the Trust. In accordance with the Trust Deed, the whole of the Trust Fund and Income will have been applied in furtherance of the charitable objectives by January 2025. This was extended in January 2020 for an additional 5 years up to January 2030.

i)

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j)

Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis, which is an estimate, based on staff time, of the amount attributable to each activity


•
Action Area Work
•
Action Area Home
•
Action Area Age Friendly		 2025
2024
33%
33%
33%
33%
34%
34%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k)

Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

l)

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £2,500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

Software costs are depreciated over five years.

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m) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n)

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o)

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

q) Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity. The charity makes contributions to the pension scheme in accordance with its obligations under the Pension Reform Regulations. All amounts paid by the charity are charged to the Statement of Financial Activities as incurred.

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Notes to the financial statements

2. Donations

Donated advertising services from Google 2025
Total
£
93,500
93,500		 2024
Total
£
93,882
93,882

All donations are unrestricted for both periods.

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3a. Analysis of expenditure (Current year)

Staff Costs (See note 5)
Programme costs
Admin costs
Fundraising costs
Investment managers’
costs
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Cost of
Raising
Funds
£
124,801
-
-
7,302
66,055
198,158
-
-
198,158
91,787		 Action Area
Work

£

960,397

453,028

-

-

-

1,413,425


361,710

12,421

1,787,556

1,592,336
 Action
Area
Homes
£
765,358
522,651
-
-
-
1,288,009
361,709
12,421
1,662,139
1,671,345		 Action
Area Age
Friendly

£
1,101,553
1,158,626

-

-

-
2,260,179

361,710

12,421
2,634,310
3,199,475		 Governance
costs

£

-

-

37,263

-

-

37,263

-

(37,263)

-
-		 Support
costs

£


628,852

-

456,277
-

-
1,085,129

(1.085,129)
-


-
-		 2025
Total
£

3,580,961
2,134,305
493,540
7,302
66,055
6,282,163

-
-


6,282,163
 2024
Total
£
3,271,313
2,700,594
491,249
-
91,787
6,555,943

-

-
6,554,943

3b. Analysis of expenditure (Previous year)

Staff Costs (See note 5)
Programme costs
Admin costs
Investment managers’
costs
Support costs
Governance costs
Total expenditure 2024		 Cost of
Raising
Funds
£
-
-
-
91,787
91,787
-
-
91,787		 Action Area
Work

£

938,321

282,709

-

-

1,221,030


358,719

12,587

1,592,336		 Action
Area
Homes
Action
Area Age
Friendly
£
£
711,192
999,371
588,848 1,828,797
-
-
-
-
1,300,040 2,828,168
358,718
358,719
12,587
12,588
1,671,345 3,199,475		 Governance
costs

£

-

240

37,522

-

37,762

-

(37,762)
-		 Support
costs

£

622,429

-

453,727

-
1,076,156

(1,076,156)
-


-		 2024
Total
£
3,271,313
2,700,594
491,249
91,787
6,555,943
-
-

6,554,943

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4. Net Expenditure

This is stated after charging/crediting:
Depreciation
Protector fees
Auditor’s remuneration (excluding VAT)
Audit		 2025
2024
£
£
15,486
15,426
15,000
15,000
12,800
12,200

The total Auditor’s remuneration for the Group was £12,800, £8,960 / 70% (2024: £12,200, £8,540 / 70%) of this charge relates to the Trust.

5. Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Secondment and consultants’ costs
Other forms of employee benefits		 2025
£
2,709,230
241,191
446,847		 2024
£
2,419,656
252,208
367,458
168,925 219,840
14,768
3,580,961		 12,151
3,271,313

Within salaries and wages costs above, there are redundancy and termination costs of £7,086 Nil (2024: £ nil).


Pay Bands
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000- £109,999
Total		 Number of
employees
2025
2024
3
2
3
1
2
1
1
1
1
1
10
6		 Number of
employees
2025
2024
3
2
3
1
2
1
1
1
1
1
10
6
6

Total

The total employee benefits (including employer pension contributions and employer national insurance) of the key management personnel were £617,284 (2024: £526,036), which consisted of the Chief Executive, Director of Communications, Director of Finance and Governance, Director of Human Resources, Director of Fundraising and Director of Strategy and Partnerships.

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The Charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

Trustees expenses represent the payment or reimbursement of travel and subsistence costs totaling £1,083 (2024: £667) incurred by two (2024: one) members relating to attendance at meetings of the trustees.

6. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was:

Action Area Homes
Action Area Work
Action Area Age Friendly
Fundraising
Total		 2025
No
17.6
21.3
23.6
0.9
63.4		 2025

FTE
15.5
19.1
20.2
0.9
55.7		 2024
No
16.0
18.4
19.9
-
54.3		 2024
FTE
14.1
16.4
17.3
-
47.8

Support staff are allocated to each of the above activities based on an estimate of staff time.

7. Related party transactions

The following related party transactions occurred in the current financial year 2025.

The following related party transactions occurred in the previous financial year 2024.

There are no donations from related parties, which are outside the normal course of business, and no restricted donations from related parties.

8. Taxation

The Centre for Ageing Better Trust is a registered charity and therefore is not subject to corporation tax.

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Centre for Ageing Better Trust

9. Fixed Assets

Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
All of the above assets are used for charitable purposes.
10. Listed investments
Fair value at the start of the year
Additions at cost
Disposal proceeds
Movement in cash balances
Net gain on change in fair value
Fair value at the end of the Year
Investments comprise:
Fixed Interest Bonds
Property Funds & Trusts
Liquid Funds		 £
Software
82,981
-
82,981
67,495
15,486
82,981
-
15,486
2025
£
25,037,781
7,369,580
(6,590,023)

(6,010,811)
294,347
20,100,874
2025
£
15,476,994
0
4,623,880
20,100,874		 £
Total
82,981
-
82,981
67,495
15,486
82,981
-
15,486
2024
£
29,113,248
28,878,616
(31,700,379)
(2,269,319)
1,015,615
25,037,781
2024
£
14,232,193
472,652
10,332,936
25,037,781		 £
Total
82,981
-
82,981
67,495
15,486
82,981
-
15,486

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Centre for Ageing Better Trust

11. Debtors

Other debtors
12. Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Amounts owed to parent
Grants Payable (note 13)
Accruals
13. Grants Payable
Grants payable at start of year
Grants Awarded in the year
NHS West Yorkshire ICB grant
National Council for Voluntary Organisations
Employment Related Services Association
Micro grants (grants under £1,000)
Total
Grants paid in the year
Grants payable: falling due within one year
Grants payable at the end of the year		 2025
£
98,704
98,704
2025
£
72,672
548,402
99,692
23,063
127,133
870,962
2025
£
25,000
-
-
-
32,240
57,240
(34,177)
23,063
23,063



2024
£
236,856
236,856
2024
£
103,582
418,951
173,336
25,000
245,608
966,477
2024
£
100,000
25,000
50,000
(2,350)
2,400
24,922

199,972
(199,972)
25,000
25,000

Micro grants were awarded to 58 voluntary organisations located across England, with average value £ 555 (2024: 46 grants / average value £ 542).

14. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods:

Less than one year
2-5 years		 2025
£
249,040
1,331
250,371		 2024
£
231,759
2,662
234,421

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Centre for Ageing Better Trust

15. Movement in funds (current year)

Unrestricted funds
General funds
Designated funds
(a) Matched funding
(b) Year 2028/29
(c) Future closure costs
Designated funds total
Total unrestricted funds		 At the start of
the year
£

25,026,870

-
-
**- **
Incoming
resources &
gains

£

1,155,834

-
-
-
Expenditure
& losses

£

(6,282,163)

-
-
-
-
(6,282,163)
Transfers

£

(10,200,000)

5,200,000
4,500,000
500,000
10,200,000
**- **		 At the end
of the year
£
9,700,541
5,200,000
4,500,000
500,000
**- ** - 10,200,000
25,026,870 **1,155,834 ** 19,900,541

16. Movement in funds (previous year)

Unrestricted funds
General funds
Total unrestricted funds		 At the start of
the year
£

29,833,302
Incoming
resources &
gains

£

1,748,511
Expenditure
& losses

£

(6,554,943)
(6,554,943)
Transfers

£

-
**- **		 At the end
of the year
£
25,026,870
29,833,302 **1,748,511 ** 20,026,870

Purposes of designated funds

The board approved the setting up of three new designated funds. These funds are as follows:

17. Corporate Trustee status of the charity

The charity’s ultimate parent undertaking and controlling party is Centre for Ageing Better Limited, a registered charity (number 1160741) and company limited by guarantee (number 8838490). Centre for Ageing Better Trust is used to disburse funds for charitable purposes or activities.

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