OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Centre For Ageing Better Limited

2024-03-31-accounts

Centre for Ageing Better Limited

Centre for Ageing Better Limited Report of the Trustees for the year to 31 March 2024, with Financial Statements

Company Number: 08838490

Charity Number: 1160741

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, who are also directors of the charity for the purpose of the Companies Act 2006, present their report for the year to 31 March 2024. The accompanying financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP) applicable to charities preparing their accounts in accordance with FRS 102.

1

Centre for Ageing Better Limited

Contents

Page
• Preface From Chair and Chief Executive 3
• Strategic Report: Achievements and Performance 4
• Financial review, investments, reserves policy 16
• Structure, governance, management and risk 18
• Admin and reference details 22
• Statement of responsibilities of the Trustees 24
• Protector’s Report 26
• Independent Auditor’s Report 31
• Financial Statements 35

2

Centre for Ageing Better Limited

Preface from Chair and Chief Executive

The Centre for Ageing Better is pioneering ways to make ageing better a reality for everyone. We focus our efforts on people aged 50 to 70 and in line with our strategy, we have continued to focus on our action areas of work, homes and building an age-friendly movement.

The 2023-2024 annual report looks at the progress in all action areas in the context of multiyear programmes and also looks forward to next year when the evaluation of several projects will enable us to demonstrate the impact of significant projects and areas of activity. For example, next year will see the evaluation of our employer pledge and local home improvement services.

As a What Works Centre, our actions are underpinned by evidence. In 2023, we published our annual State of Ageing report, using the most recent census data which made it the most up to date report on ageing in the UK. The report shone a light on the growth in numbers and diversity of older age groups and the many ways in which the population is changing. The report also focused on the impact of ageism and how negative attitudes towards older people remains rife in the UK.

Ageism is harmful to society and to individuals as evidenced in our report ‘Ageism: What’s the harm?’ with half of people aged 50 and over experiencing age discrimination in the last year. This led us to launch the first ever national ‘Age Without Limits’ anti-ageism campaign as changing attitudes and behaviours is a fundamental part of tackling ageism.

We have actively increased external engagement with over 300 employers signed up to our Age-Friendly employer pledge and we have 79 Age-Friendly Communities covering a population of 26.3 million people. These actively contribute to building an age friendly movement where everyone takes action to make society more age inclusive.

We have continued to pilot initiatives in local areas to test what works and to gather valuable evidence. We continue to influence locally and nationally, using our evidence to call on decision makers to factor in the needs of those aged over 50 into policy making. An area of specific focus has been on housing quality and we have built a coalition of eight other charities to strengthen national influence.

While our principal approaches are based on strong and robust evidence we have also drawn on lived experience in our decisions and actions and now have 74 members of our “experts by experience” group who share their direct experiences , sit on recruitment panels and provide advice on our programmes. We look forward to continue working with all our partners to ensure that people can age better into the future.

Professor Dame Carol Black GBE

Dr Carole Easton OBE

3

Centre for Ageing Better Limited

Strategic Report: Achievements and Performance

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.

Our action areas are focused on age-friendly work, age-friendly homes and building an agefriendly movement.

Age-friendly Work – working to ensure equitable access to work for people in their 50s and 60s

What’s the problem?

One in three workers in the UK is aged 50 or older, yet the employment rate for people aged 5064 has stalled since the onset of the pandemic. While we have seen a complete recovery in employment rates for those aged 35-49, the 50-64 age group still lags behind. The current employment gap between those aged 35-49 and those aged 50-64 is 14 percentage points (85% vs 71%).

With the State Pension Age set to rise to 67 by the end of the next parliament, immediate action is needed to reignite pre-pandemic progress and ensure older individuals are not left behind.

Closing the employment gap and supporting up to 780,000 people over 50 back into the workforce is crucial to their long term financial and mental wellbeing. It would also help address current skills shortages, boost productivity, and, based on our calculations, add £9 billion to GDP annually.

Many people over 50 would like to go back to work but are unable to do so because of caring responsibilities, a lack of flexibility in the workplace, age discrimination in hiring practices and employment support services that do not meet their needs.

What are we doing about it?

1. Employer pledge

Our Age-Friendly Employer Pledge, a national programme to support the recruitment, retention, and development of workers in their 50s and 60s has continued to grow. By signing the pledge, employers commit to improving places of work for people in their 50s and 60s and taking the necessary action to help them flourish in a multigenerational workforce. We advise employers how to progress in key activities that we know from our evidence make a difference to older workers, including offering career development at all ages, improving work culture, and supporting workers to manage health conditions and/or caring responsibilities.

The Age-friendly Employer Pledge was launched in November 2022 and has flourished in 2023/24.

332 Employers have signed the Age-friendly Employer Pledge covering over 600,000 UK employees.

4

Centre for Ageing Better Limited

Of employers who had signed and completed 12 months:

Of employers who had signed and completed 6 months:

2. Good Recruitment for Older Workers Project

We completed the Good Recruitment for Older Workers (GROW) project. This involved codesigning new tools and guidance for employers to help reduce age-bias in their recruitment processes. We engaged 17 employers of different sizes in designing the toolkit and they are highly confident to implement recommendations in the toolkit.

The toolkit is available on the website and to date there have been 2,744 page views, with 521 people registering to download the toolkit.

The next phase of the project is to actively encourage members of our Age-friendly Employer Pledge Network to test these tools in their recruitment practices.

The Institute for Employment Studies has been commissioned to evaluate the implementation and impact of these tools. Through this, we will begin to directly improve the recruitment experiences of workers in their 50s and 60s.

3. Employment Support Project

The 50+ Employment Support Project, in partnership with Greater Manchester Combined Authority (GMCA), was established to design, pilot and evaluate a new service to support economically inactive workers aged 50 and over.

Over 180 people have benefited from the pilot service and GMCA have now commissioned the Growth Company to deliver the new service and reach 4000 people during the year 2024-25 of whom 1,500 will be 50 or over.

We have commissioned NatCen to evaluate the impact of the 50+ strand and interim findings will be delivered during 2024-25.

We have continued to use the research, design and pilot to advise providers of Employment Support Services regarding how to improve their offer to people aged 50 and over. This includes:

5

Centre for Ageing Better Limited

The rollout of this project will continue until March 2025. We will publish an interim evaluation report in Q2 2024/25, which will primarily focus on implementation, but will include an early assessment of outcomes for participants.

4. Redundancy Support Project

The Redundancy Support Project, funded by Barclays Life Skills, was established in the West Midlands, to design, test and pilot a service for people aged over 50 who have recently been made redundant.

We worked with Fareshare and Birmingham Voluntary Services Council to Deliver ‘Elevate’, a redundancy support pilot for people aged 50+.

In total 18 participants took part in the pilot of whom 16 completed the course, and 11 have secured work. It was not possible to reach the target of 125 participants despite a reinvestment of resources.

Although the service was well received by participants and has been effective in securing job outcomes the pilot demonstrated that this type of service cannot succeed as a stand-alone service but needs to be part of a wider suite of services. Additionally, there needs to be major change in the way people are engaged in services at the point of redundancy.

The final evaluation will be published later this year.

We are planning to test the model in different contexts including a major manufacturing redundancy programme and by integrating it within the existing provision of a network of providers.

5. Supporting Disabled Older Workers

We received funding from the Columbia Threadneedle Foundation for a new 18-month project to generate insights into ways we could improve the employment experience of Disabled people in their 50s and 60s.

We have recruited an advisory group of 10 experts by experience to inform the work which is beginning in 2024-25.

6. Influencing National Policy

Using the evidence from the projects in the second half of 2022/23, we advised Government on how to support people age 50+ to return to and remain in the workforce. The announcements made in the 2023 Spring Budget were described in our last annual report. The focus this year has been to monitor performance related to the announcements and associated new initiatives and to sustain regular interaction with officials in relevant Government departments. We continue to advocate and provide evidence which demonstrates that to be effective for those over 50 programmes they need to be targeted on their particular needs and circumstances.

Alongside our regular interactions with officials in DWP, DfE and DBT, we have also:

6

Centre for Ageing Better Limited

Age-friendly Homes – Working to make homes safe and warm and ensure new homes are fit for ageing

What’s the problem?

Nearly eight million people live in a dangerous home, approximately 2.6 million of whom are aged 55 and over. Older people and children are most vulnerable to the health consequences of living in a damp, cold, hazardous home with millions experiencing respiratory conditions such as asthma, heart conditions and falls in the home that have life-changing consequences.

Dangerous homes cost the NHS more than £1 billion per year (see our report Counting the Cost: The case for making older people’s homes safe). This is an entirely avoidable burden that could be repaid in savings to the NHS in under 9 years. When projected forward 30 years, there is the potential to save £136 billion in wider costs and benefits, including £13 billion to the NHS.

Hazardous homes also have consequences for people’s need for social care. Modelling suggests that fixing unsafe homes would save £1.1 billion per year in formal care costs by 2027 and a further £3.5 billion per year in unpaid care.

Further challenges in the housing sphere for older people are the barriers facing those who do want to move home. The lack of practical options and the challenges in the process result in older people remaining in inappropriate or unaffordable properties and being isolated from their communities.

What are we doing about it?

1. Demonstrating the case for change

We completed a collaboration with Demos and the Dunhill Medical Trust to demonstrate the imperative for an investment and strategy to improve the quality of existing homes.

Three briefings were published under the theme The Triple Dividend of Home Improvement

7

Centre for Ageing Better Limited

These reports received extensive media coverage, multiple citations including from MHCLG and led to a roundtable with Conservative MPs and Lords which resulted in debates being tabled, a mention in Parliament and a subsequent hosting of our Safe Homes Now launch event in Parliament.

We also worked alongside academics at the Healthier Housing Partnership to demonstrate that over the past decade, £2.3bn in home improvement grants has been removed by the government, leading to hundreds of thousands of fewer homes being repaired. Our joint report ‘Lost Opportunities : A decade of declining national investment in repairing our homes’, gained national media coverage and has been downloaded over a hundred times.

2. Building a coalition - Safe Homes Now

We established and are leading a coalition of national charities to create a stronger voice on the issue of housing quality and to demonstrate how poor-quality homes affect people of all ages.

The Safe Homes Now campaign began with a coalition eight charities. Our partners in the campaign include Independent Age, Barnardo’s, Asthma and Lung UK and St John Ambulance. We are calling on the government to:

We held a launch of the campaign in the Houses of Parliament and over 24 MPs engaged with the campaign with 2 MPs submitting parliamentary questions about housing quality. We have also had coverage of the campaign in national and trade coverage.

3. Good Home Hubs

We commissioned the Good Home Inquiry in 2021 which clearly demonstrated the barriers preventing individuals, particularly older people and those in more deprived areas, from accessing services which would make their homes safe and warm. It showed that people, in particular, homeowners, don’t have the advice, tools, confidence and access to finance to allow them to make the changes necessary to improve their homes.

The Good Home Inquiry recommended a variety of measures to fix England’s housing including a local one-stop shop model called Good Home Hubs . Good Home Hubs could provide an effective local mechanism for fixing unsafe homes and have the potential to unlock individual and institutional investment which will empower individuals to act.

In partnership with Lincolnshire County and District councils, we developed and published a prototype structure for a Good Home Hub. Based on this work and outputs from the Good Home Network (see below), we produced six briefings regarding the development of a Good Home Hub which can be used at local level. These briefings, which have been well received by many local areas including Barnsley, Sheffield and Hertfordshire who are beginning to develop new services, included:

8

Centre for Ageing Better Limited

To date, the briefings have been viewed over 1,000 times and downloaded over 400 times. We also produced an associated animation which received 800 views in the first 2 week s.

In addition to building support, aid learning, and spreading good practice amongst Local Authorities for the Good Home Hub model, we are gathering and disseminating a range of further evidence to inform practice and demonstrate the impact of elements of the model:

4. Housing options

We commissioned research from Manchester School of Architecture and our report ‘Locked Out, A new Perspective on People’s Housing Choices’ is based on their findings. It demonstrated that current planning processes do not adequately address the range of needs of older people and that although 4 million older people want to move there are considerable barriers preventing them from doing so.

5. Accessibility

The mismatch between the homes we have, and the homes we need, is stark.

Currently, 91% of homes do not provide even the most basic accessibility features. This is a problem because there are currently 11.6 million disabled people in England, of all ages. Our ageing population also means that while poor health or disability is not inevitable, growing numbers of people will need homes which can be adapted to increase the potential for independent living. Addressing the current shortage of accessible homes and building the right homes for our future is crucial to protecting and improving the health and wellbeing of millions.

We continue to co-lead the HoME (Housing Made for Everyone) coalition with other leading partners in the housing and disability sectors. This campaign aims to ensure that government

9

Centre for Ageing Better Limited

fulfils its commitment to increase the national minimum accessibility standards for new build homes. In July 2022 the government announced their commitment to raising the accessibility standards for all new homes. However, this has yet to be implemented so we are continuing to champion the need for implementation without delay. We have briefed MPs and members of the Lords and provided evidence for DLHUC subcommittees.

6. Influencing national and local policy

We are focussed on raising awareness with decision makers to ensure that there is a government strategy to make homes safe and healthy, and to ensure that the quality of homes is integrated into national plans to expand prevention activity in the NHS and net zero improvements to residential properties. At the local level, we are working to demonstrate how local authorities and partners could expand their home improvement offer to improve the condition of residents’ housing and improve health and wellbeing.

Our activities to this end have included:

Our work has been cited in numerous national media outlets including BBC News, The Guardian, The Financial Times, The Sunday Times and various housing trade outlets.

Building an Age-friendly Movement

What’s the problem?

We have an ageing population and whilst this should be something to be celebrated, society still has inaccurate assumptions about ageing and the experience of ageing in England is becoming more unequal. A growing number of people are experiencing poverty, discrimination and poor health as they get older.

Ageism is also a problem which means that society doesn’t invest in people ageing well. Ageism affects people of all ages, but its damaging impact is often felt most strongly as people age, whether through discrimination in the workplace or being denied access to potentially life-saving healthcare.

10

Centre for Ageing Better Limited

What are we doing about it?

1. State of Ageing report

Our flagship State of Ageing report is a comprehensive suite of information and data that provides the most up-to-date picture of how people are ageing in England and their experience of later life, with a specific focus on the inequalities that exist.

The most recent report was launched in November 2023 which paints the most detailed picture yet of the older population in England, using data from a variety of sources, including the Census 2021. We also included the personal testimonies of many older people and demonstrated how our analysis of the data was reflected in their experiences of ageing.

To analyse the value and impact of the State of Ageing report, we conducted a stakeholder survey in which 94% of respondents said they found the report interesting/useful, and 62% said they refer to the report regularly or occasionally in their work. Uses of the report span from an ED&I adviser using the report to inform employer Diversity and Inclusion strategies, community organisations using the report to strengthen funding bids and Age Friendly Communities, including Local Authorities, using data to inform and shape local planning and strategies.

2. Building a network of age friendly communities

Age-friendly Communities work to ensure that the local environment, services and social networks enable people to age well and support intergenerational relations. The Age-friendly Communities approach was developed by the World Health Organisation in 2007, in consultation with older people around the world. It is built on the evidence of what supports healthy and active ageing in a place and supports older residents to shape the place that they live. Ageing Better runs the UK Network of Age-friendly Communities with members representing localities across the country committed to making their community a better place to age in. 26.3 million people of which 8.4 million (32%) are aged 50 or over now live in a community that’s helping them to age well following the growth of the UK Network of Age-friendly Communities to 79.

As well as growing the number of localities becoming Age Friendly Communities, our role is to share learning and good practice with members and enable them to implement new initiatives in their own localities. For example, building on our first Leeds local State of Ageing report we set up a peer special interest group, several age-friendly communities started work on their own reports with York, Greater Manchester, the City of Manchester, Yorkshire and Humber and Lincolnshire already published. This will enable these localities to set a baseline for the experience of ageing and measure progress once initiatives are implemented.

We have also been sharing learning on effective pension credit campaigns . For example, in Newcastle, last year, five Age-friendly Communities have now supported campaigns in their areas. The Elders Council [Newcastle’s age-friendly leads] asked Newcastle City Council to support a Pension Credit Campaign. The Council responded by writing to 775 individuals who, according to their records, might be eligible for Pension Credit. Of those, 211 are now on Pension Credit.

11

Centre for Ageing Better Limited

3. Strategic partnerships

Some people are more likely to live for longer and in good health simply because of where they live. Our ambition is that every part of the country should be a good place to grow old. To try out new ways to help people age better that can be shared across the country we established strategic partnerships in Greater Manchester, Leeds and Lincolnshire. These partnerships allowed us to test new projects and activities and also to influence local strategy and practice.

The last year has continued a slow transition away from in depth strategic partnerships as our formal partnership agreements have come to an end in Greater Manchester and Leeds, and Lincolnshire enters its final eighteen months. These partnerships have shown significant impact in their areas with ageing continuing to be a priority and embedded into council plans. Key projects and activities are progressing as a result:

4. Influencing

We have continued to influence local authorities and combined authorities at various events including the Local Government Association (LGA) conference, the National Association of Local Councils, District Councils Network and County Councils Network (NALC) who are disseminating the age-friendly approach to their networks. At the LGA Conference we spoke to 50 councillors which led to many initial local conversations about the establishment of new Age Friendly Communities.

We have been collaborating with LGA and NALC on a local authority guidance handbook which covers policy positions and activities outside of our action areas, such as transport, to ensure effective dissemination and usefulness for their members.

At a national level, we have continued to make the case for a Commissioner for Older People and Ageing . We have met with MPs to discuss the issue and in January 2024, our Chief Executive, Carole Easton, gave evidence to the Women and Equalities Committee at their inquiry on the rights of older people, examining whether ageist stereotyping and discrimination is preventing them from participating fully in society. This session led to significant media coverage including an interview with Carole on BBC Morning Live and a conversation by the panellists on Loose Women.

Challenging ageism

Our research report, The Harms of Ageism, summarised research which clearly demonstrates the harm that ageism inflicts on individuals and society. Despite being so widespread in society, it is not widely accepted to be problematic and too often is accepted as a normal and accepted part of life. However, the evidence shows ageism can have a hugely damaging impact on us as

12

Centre for Ageing Better Limited

we get older – on our health, on our job prospects and the way we live our lives, and on wider society and the economy.

This is why, in January 2024, we launched the first ever national campaign to tackle negative attitudes to ageing and ageism. We know that changing attitudes and behaviour is vital if we are to address the inequalities and discrimination that older people face. We chose to run a multiplatform campaign that was bold and engaging.

Are you Ageist? This was the question posed by the campaign. In year one, the aim was to raise awareness of ageism (introduce the concept of ageism, and challenge prevailing stereotypes of older people) and build understanding of the myriad ways ageism is manifested in society.

The campaign included:

These statistics show extensive reach and engagement. The final evaluation of the campaign will be available in May 2024 and activity for year two will be planned using the insights from year one.

5. Action Day

A key element of the campaign was to reach a mass market audience to start to challenge ageist attitudes. We also wanted to put tools in the hands of those already motivated to act and to give people around the UK an opportunity to take action on ageism in their local community. To this end we launched a national Action Day in March 2024. The theme was ‘See and be seen’.

The Age Friendly Communities are a network of thousands of individuals already committed to taking action to raise awareness of the impact of ageism. To enable them to participate in the Action Day we developed a micro-grants programme to support them to take part. We received 146 applications from 39 different communities and funded 46 grants in 27 communities. There was a wide and exciting range of events such as fashion shows, intergenerational hip hop, and exhibitions.

The action day resulted in direct engagement of over 2,850 people and interaction with at least another 1,000. Our evaluation of the day showed that 42% said they would not have participated in the Action Day had they not received a grant.

6. Voice and lived experience

Our vision for our voice and lived experience work is that ‘ we will amplify the voice of marginalised groups, to influence our work as an organisation and to lead change on the issues that affect their lives’.

13

Centre for Ageing Better Limited

1. Experts by Experience network

74 people worked alongside our staff in recruitment, in supporting us to decide which groups should receive action day microgrants, sharing their stories and attending events.

The contribution of experiences, quotes and direct interviews with media outlets has created richer content, helping to illustrate our data and calls to action with personal circumstances audiences can resonate with. We were able to create authentic films to promote our State of Ageing report and photography exhibition with direct involvement of people with lived experience who were willing to share their perspectives.

2. Working with and through trusted organisations to reach those with lived experience

We are very grateful to Third Age Project in Camden, Wai Yin in Manchester and the Manchester Urban Ageing Research Group for their collaboration on our State of Ageing report.

We also met with four Black led organisations. These difficult but informative conversations influenced how we refer to ethnicity in our reports and a call for better data relating to minority groups as one of our recommendations within the report.

Looking Forward to 2024-2025

Our focus will remain on our existing actions areas:

Age-Friendly Work

We will:

14

Centre for Ageing Better Limited

Age-Friendly Homes

We will:

Age Friendly movement

We will:

Delivery plan and Fundraising

Our existing strategy is due to come to an end in March 2025 so next year will see a strategy planning process to decide what Ageing Better’s focus will be during 2025-28. This strategic process is particularly important because of our funding position. Our National Lottery endowment is due to end at the latest by 2030 and important decisions need to be made on whether we sustain the organisation beyond that point and how we leave a strong legacy from our activities.

We have started to explore options to make the organisation more sustainable beyond 2028. We have recently recruited a Fundraising Director who will investigate partnerships and funding opportunities to allow us to continue the valuable research, policy influencing and campaigning work we do.

15

Centre for Ageing Better Limited

Financial review, investments, reserves policy

Financial review

In the financial year ended 31 March 2024 Ageing Better spent £6,690,047 (2023: £5,370,462) 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 £25,228,843 (2023: £30,064,874).

During the year Ageing Better received income of £838,491 (2023: £1,100,763), which comprises primary grants of £105,595 (2023: £316,603) contractual income £0 (2023: £113,375) and donated services £93,882 (2023: £87,900) and investment income of £639,014 (2023: £582,885).

Ageing Better incurred expenditure of £6,690,047 (2023: £5,370,462) of which £6,598,260 (2023: £5,247,536) was charitable expenditure and £91,787 (2023: £110,718) related to investment management charges. Overall Ageing Better incurred a net deficit, after (losses)/gains on investments, of £4,835,941 (2023: £7,608,703).

Charitable Activity Expenditure in 2023-24

==> picture [403 x 254] intentionally omitted <==

----- Start of picture text -----
Charitable Expenditure % Year 2023-24
Action Area
Homes 25%
Action Area
Age Friendly
Movement
49%
Action Area
Work 26%
Action Area Homes Action Area Work Action Area Age Friendly Movement
----- End of picture text -----

At 31 March 2024, Ageing Better held fixed asset investments which amounted to £25,037,781 (2023: £29,113,248), cash at bank of £731,010 (2023: £1,101,697), and net assets of £25,228,843 (2023: £30,064,784).

16

Centre for Ageing Better Limited

Ageing Better’s funds at 31 March 2024 consisted of unrestricted funds of £25,132,443 (2023: £29,941,010) and restricted funds of £96,400 (2023: £123,774).

Investment Policy and Performance

The trustees reviewed the charity’s investment policy during the year and decided to move investments into very low risk Treasury Bills, Government Bonds and cash deposits. This is to ensure monies are available to support the charity in the next four to six years as we spend the endowment, and to avoid any unexpected negative stock market volatility which could disrupt these plans.

This change to our investments was actioned in January 2024 and the investments with Legal and General Investment Management and Blackrock were sold and £24m was reinvested via Rathbones in Treasury Bills, Government bonds and cash deposits. Our investment with Savills Investment Management was partly sold and £0.9m was still invested with Savills at March 2024; this will be sold and reinvested via Rathbones in the current year.

During the year Ageing Better continued to 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.

Lane Clark & Peacock (LCP) were Investment Advisors until the change to our new investments with Rathbones in January 2024. Legal and General Investment Management (LGIM) and BlackRock Investment Management (UK) Limited were investment managers until the change to our new investments with Rathbones in January 2024, and Savills Investment Management LLP continue as investment managers until our final investments with Savills are sold. The Finance, Investment and Audit Committee reviews the performance of the investment portfolio on a quarterly basis. At 31 March 2024, £25,037,781 (2023: £29,113,248) was held as fixed asset investments. Return on investments for the year was as follows: investment income £639,014 (2023: £582,885) and gains/(losses) on investments amounted to £1,015,615 (gain), (2023: (£3,339,004) loss). In the year the total investment return was a gain of 6%(2023: 6.6% loss) compared to a target return of a gain of 4.0%.

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

The Centre for Ageing Better is committed to sustaining activity in line with its mission beyond 2030 when the endowment must be expended. The Board of Trustees have agreed to

17

Centre for Ageing Better Limited

expenditure in 2024-25 to invest in income generation and to provide a sustainability plan for the future.

As part of this strategic initiative, we are in the process of developing comprehensive fundraising policies that will guide our efforts and ensure adherence to the highest standards of ethics, transparency, and compliance in accordance with the fundraising code of practice.

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.

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 12 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:

18

Centre for Ageing Better Limited

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 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.

Throughout the year, we saw a decrease in the risk of inflation driving up our costs, and in the external environment impacting our investments. For investments a new strategy has been implemented where existing investments have been sold and monies invested instead in very low risk bonds and treasury bills; this is to reduce the risk of market volatility impacting our ability to continue with our work as we spend the remaining portion of our endowment.

The risk of our increasing role as a campaigning organization impacting our relationships with government and partners has been increased in the year, as a result of us launching our ageism campaign in early 2024. We also added new risks around the campaign in terms of attracting negative publicity, opening us to additional scrutiny and the campaign not achieving the attitudinal shift it is intended to. It is the first year of the campaign and results are still being assessed; the initial feedback and results are positive.

A new risk has been added around the ability to ensure crucial work is sustained beyond 2028, when almost all the endowment will have been spent. Linked to this a new risk was also added to reflect the increased risk on staff retention as we reduce activity and spend in future years. We have appointed a Fundraising Director to explore the potential for fundraising to sustain the

19

Centre for Ageing Better Limited

charity once the endowment has been spent, and this has been added as a new risk, in terms of fundraising being unable to support the charity in the future.

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:

How we operate as an organisation:

20

Centre for Ageing Better Limited

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 2024, 33.9% of our staff were aged over 50 (2023: 32.7%).

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.

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 now offer a confidential employee assistance programme to support the health and well-being of our people. Staff are actively 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.

21

Centre for Ageing Better Limited

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 date
Margaret Dangoor •
Governance
•
People and Remuneration		 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 and Remuneration		 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 date
Alexia Clifford •
People and Remuneration		 22.09.2022 to date
Fiona Johnson •
Governance		 01.01.2023 to date
Steve Butler • 22.04.2024 to date
Holly Butcher •
Finance, Investment and Audit
•
Governance		 22.04.2024 to date
John Godfrey 19.09.2024 to date
Jule Owen 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:

date of approval of this report:
Name Committee membership Term
Rosanna Arikoglu •
Finance, Investment and
Audit		 11.01.23 to date

22

Centre for Ageing Better Limited

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.

23

Centre for Ageing Better Limited

Statement of responsibilities of the Trustees

The trustees (who are also directors of Centre for Ageing Better Limited for the purposes of company law) are responsible for preparing the Trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

The trustees as Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of winding up. The total number of such guarantees at 31 March 2024 was 10 (2023: 10). The trustees have no beneficial interest in the company and are entitled only to voting rights.

24

Centre for Ageing Better Limited

The trustees’ annual report, which includes the strategic report has been approved by the trustees on 19 September 2024 and signed on their behalf by

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

25

Centre for Ageing Better Limited

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 to protect the Trust property. 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.

26

Centre for Ageing Better Limited

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 2024

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 was unable to attend a Board Awayday in November 2023, which considered the future strategy of the organization.

I participated in a number of calls throughout the year variously with the Chairman, the Senior Independent Director, the Head of the FIA, 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 and receiving guidance and information about the Fund’s strategy.

A Year of Delivery

After a period of strategic repositioning and relaunch, the Trust moved on to deliver a number of important initiatives in the year under review. Notably, the Ageism campaign launched in January 2024 under the tagline ‘Age Without Limits’ and early evidence of impact has been encouraging. Another flagship programme, the Employer Pledge, has also gained significant traction, with over 330 employers signed up at the time of writing. There has, indeed, been evidence of effective delivery across the majority of the Trust’s programmes; Board meetings are supported by good quality materials, including a detailed programme dashboard, which measures impact across a variety of metrics. This dashboard is well summarized in the CEO’s report to each Board and concerns about impact and delivery mentioned in previous Protector reports have largely been allayed. In short, 2024 had a satisfying ‘business as usual’ feel about it.

Risks and Issues

I would highlight the following areas of note:

Investment strategy : A key risk for the Trust has been largely closed off during the course of the year, namely its exposure to variable investment returns. As the Trust’s end of term in 2030 started to loom larger on the horizon, the Board considered its options and took the sound decision to switch to a ‘matched liability’ investment strategy. This strategy creates a stream of fixed, riskfree cash inflows over the remaining term, which match the Trust’s predicted outflows. This decision was thoroughly debated in FIA (which benefitted from the insights of a co-opted subject matter expert) and the Board agreed the approach in September 2023. A specialist has been retained to execute this strategy and the services of former investment manager LCP have been dispensed with, as no management decisions are required going forward. Given the multiple economic and political risks which prevail, the above development is most welcome from my perspective.

27

Centre for Ageing Better Limited

Expiry of the Trust’s term in 2030 : since my last report, there have been some important developments in this area. As mentioned before, the Board is united in its desire to plan for a future beyond the expiry of the Trust’s term in 2030. Options have been discussed thoroughly, including potential combinations with third parties, as well as an independent future. A practical first step has been the decision to appoint a Director of Fundraising, who joined in April 2024. This is a permitted use of the Trust’s endowment and will help create options for the Board to consider in due course. A key issue for the Protector, arising from this development, is the governance and management of new funds raised vis-à-vis the existing endowment but this issue is, prima facie, manageable. All of the above has not distracted the Board and executive team from delivery of its current mission and it will be important that this balance is maintained as matters develop.

The Ageism campaign : as described above, this important programme launched in January 2024 and attracted much attention and coverage. A full analysis of the programme’s impact will happen later this year but this was an encouraging start. It was good to note, given this is a major commitment of budget for the Trust, that there was very extensive debate about the shape, content and delivery of this programme between the Trustees and the executive team. This unfolded over a number of formal and ad hoc board meetings, as well as discussions with expert individuals and panels. I am satisfied, therefore, that this largest single deployment of the Trust’s remaining endowment has been effectively managed and governanced.

The Board of the Trustee – membership and operation

There were 10 trustees in post as at 31 March 2024, with no arrivals or departures in the year under review. The Governance Committee regularly reviews Board and Committee structure and composition, to ensure a good balance of skills is available. It has effectively anticipated scheduled departure dates and planned for them. The Board has in fact appointed 4 new Trustees shortly before the year-end, who will address a need for business and corporate skills. These appointees will join in stages during 2024 and, with 2 planned departures, this will take total Board numbers to 12, the maximum stipulated by the Articles of Association. With 4 new arrivals expected in a short space of time, it will be important to ensure smooth integration: the Chair is aware of this and I am comfortable at this stage that this will be managed effectively.

The three Trustees who arrived in 2023 have provided good contributions during the year and their terms have been extended to 2026. With continuing high levels of attendance and good Boardroom dynamics, I have observed effective operation at both Board and Committee level during the year. I am aware also that a number of Trustees commit time outside formal meetings to support the executive team; this has been particularly valuable for the Ageism campaign.

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 2023 to 31 March 2024 and its operation was in my opinion fully satisfactory. I would observe specifically:

Board and committee activity

The Board met 5 times during the year under review. Agendas were circulated with good notice, supporting papers were relevant and sufficient to allow proper debate. The

28

Centre for Ageing Better Limited

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 and was inquorate on one occasion. Whilst unfortunate, this is only to be expected on occasions with voluntary organizations and I am satisfied that this is very rare and that the number of members is typically adequate for purpose. The FIA has renewed the contract of the co-optee, who joined the committee last year, until January 2026. This is most welcome, as her expertise has been important in particular for the decision made by the Board to switch investment strategy.

The Governance Committee and Remuneration Committee met three times and two times respectively in the year under review and there are no matters to note in this report.

Financial control and management

There are no issues of concern to report in this area. The Trust has managed the transition to a new Finance Director with no negative impact on the control environment. The predictability of the new investment strategy has removed a key area of potential volatility.

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 or fund-raising activity.

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. More detailed work has been done on the Register by the executive team this year and I am satisfied that the Board is adequately informed on risk matters.

The risk of cyber attack on all organizations increases every year. It is important that the Board is thoroughly informed on this issue and is prepared for prompt decisioning in the event that it happens. The Director of HR is working on initiatives to improve Board readiness.

People and succession

A new Finance Director and HR Director joined during the course of the year and have both settled in well. These are, of course, key roles in the organization and it was important that the transitions worked well.

29

Centre for Ageing Better Limited

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. Programmatic activity has been delivered across a wide front, with good evidence of impact. At the same time, the Board and the executive team have given proper weight to essential futurefocussed strategic thinking.

Ian Henley, Protector

May 2024

30

Centre for Ageing Better Limited

Independent auditor’s report to the members of Centre for Ageing Better Limited

Opinion

We have audited the financial statements of Centre for Ageing Better Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 group financial statements section of our report. We are independent of the group and parent charitable company 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 Limited'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.

31

Centre for Ageing Better Limited

Other Information

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group 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 group 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 group 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 group 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 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 (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

32

Centre for Ageing Better Limited

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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:

33

Centre for Ageing Better Limited

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 non-compliance 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.

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.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor)

Date 26 September 2024

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

34

Centre for Ageing Better Limited

Consolidated statement of financial activities (incorporating an income and expenditure account) for the year ended 31 March 2024

Notes
Income from:
Donations
2
Charitable activities
3
Investments
4
Total Income
Expenditure on:
Investment Management and
Advisors Fees
Charitable activities
Action Area Work
Action Area Homes
Action Area Age Friendly
Legacy Projects
Total expenditure
5
Net (expenditure) / income
before net gain / (loss) on
investments
Net gain / (loss) on
investments
12
Net (expenditure) / income
for the year & net movement
in funds
Reconciliation in funds
Total funds brought forward
Total funds carried
forward
17		 2024
Restricted Unrestricted
Total

£
£
£
-
93,882
93,882
103,545
2,050
105,595
-
639,014
639,014
103,545
734,946
838,491
-
91,787
91,787
125,919
1,582,364
1,708,283
-
1,681,374
1,681,374
5,000
3,203,603
3,208,603
-
-
-
130,919
6,559,128
6,690,047
(27,374) (5,824,182) (5,851,556)
-
1,015,615
1,015,615
(27,374)
(4,808,567) (4,835,941)
123,774
29,941,01030,064,784
96,400
25,132,443 25,228,843		 2023
Restricted Unrestricted
Total
£
£
£
-
87,900
87,900
316,603
113,375
429,978
-
582,885
582,885
316,603
784,160
1,100,763
-
122,926
122,926
252,845
1,395,821
1,648,666
-
1,378,419
1,378,419
-
1,544,347
1,544,347
50,000
626,104
676,104
302,845
5,067,617
5,370,462
13,758 (4,283,457)
(4,269,699)
-
(3,339,004)
(3,339,004)
13,758 (7,622,461)
(7,608,703)
110,016
37,563,471
37,673,487
123,774
29,941,010
30,064,784

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

35

Centre for Ageing Better Limited

Balance sheets as at 31 March 2024

Fixed Assets:
Note
Fixed Assets
11
Investments
12
Current Assets:
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Net assets
Funds
Unrestricted income funds
General funds
17
Restricted income funds:
Total funds		 The Group
2024
£
15,486
25,037,781
25,053,267
237,707
731,010
968,717
(793,141)
175,576
25,228,843
25,132,443
96,400
25,228,843		 2023
£
30,912
29,113,248
29,144,160
209,088
1,101,697
1,310,785
(390,161)
920,624
30,064,784
29,941,010
123,774
30,064,784		 Limited Co
2024
£
-
-
-
174,186
27,786
201,972
-
201,972
201,972
105,572
96,400
201,972		 2023
£
-
-
-
238,124
93,358
412,249
(100,000)
231,482
231,482
107,708
123,774
231,482

Approved by the trustees on 19 September 2024 and signed on their behalf by

Professor Dame Carol Black GBE

Chair

Daniel Oppenheimer Treasurer

Company Number: 8838490 Charity Number: 1160741

36

Centre for Ageing Better Limited

Consolidated statement of cash flows for the year ended 31 March 2024

Cash flows from operating activities
Net (expenditure) for the reporting period (as per
the statement of financial activities)
Depreciation
(Gains) / losses 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 cash investments
Net cash provided by investing
activities
Change in cash and cash equivalent in
the year
Cash and cash equivalents at the
beginning of the period
Cash and cash equivalents at the end
of the year		 £

639,014
31,700,379
(28,878,616)
2,269,319		 2024
£
£
(4,835,941)
15,426
(1,015,615)
(639,014)
(28,619)
402,980
(6,100,783)
582,885
3,900,000
(2,044,512)
3,134,662
5,730,096
(370,687)
1,101,697
731,010		 2023
£
(7,608,703)
15,426
3,339,004
(582,885)
163,481
(159,472)
(4,833,149)
5,573,036
739,886
361,811
1,101,697

37

Centre for Ageing Better Limited

Principal accounting policies

1. Accounting policies

a) Statutory information

Centre for Ageing Better Limited is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office is 15 Alfred Place, Fitzrovia, London, WC1E 7EB.

b) Basis of preparation

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) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly owned subsidiary Centre for Ageing Better Trust on a line-by-line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Public benefit entity

The charitable company 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 charitable company's ability to continue as a going concern.

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.

Income in relation to contracts is recognised when invoiced.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition is met.

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.

38

Centre for Ageing Better Limited

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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.

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 year 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, b ased 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.

2024
•
Action Area Work
33%
•
Action Area Home
33%
•
Action Area Age Friendly
34%
•
Legacy Projects 0%		 2023
30%
30%
30%
10%

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.

39

Centre for Ageing Better Limited

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.

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.

40

Centre for Ageing Better Limited

Notes to the financial statements

2.
Donations
2024
Total
£
Donated advertising services from Google
93,882
93,882
All income from donations was unrestricted for both years.
3.
Income from Charitable Activities
2024
Restricted
Unrestricted
Total
£
£
£
UK Research and Innovation
-
-
-
Barclays
28,545
-
28,545
Office for Health Improvement
and Disparities (OHID)
-
-
-
Columbia Threadneedle Foundation
60,000
-
60,000
Dunhill Medical Trust
10,000
-
10,000
Department of Health and Social Care
5,000
-
5,000
Other
-
2,050
2,050
103,545
2,050
105,595
.
Previous year 2023
Restricted
Unrestricted
£
£
UK Research and Innovation
-
113,375
Barclays
266,603
-
Office for Health Improvement
and Disparities (OHID)
50,000
-
316,603
113,375		 2.
Donations
2024
Total
£
Donated advertising services from Google
93,882
93,882
All income from donations was unrestricted for both years.
3.
Income from Charitable Activities
2024
Restricted
Unrestricted
Total
£
£
£
UK Research and Innovation
-
-
-
Barclays
28,545
-
28,545
Office for Health Improvement
and Disparities (OHID)
-
-
-
Columbia Threadneedle Foundation
60,000
-
60,000
Dunhill Medical Trust
10,000
-
10,000
Department of Health and Social Care
5,000
-
5,000
Other
-
2,050
2,050
103,545
2,050
105,595
.
Previous year 2023
Restricted
Unrestricted
£
£
UK Research and Innovation
-
113,375
Barclays
266,603
-
Office for Health Improvement
and Disparities (OHID)
50,000
-
316,603
113,375		 2024
Total
£
93,882
93,882
2024
Total
£
-
28,545
-
60,000
10,000
5,000
2,050		 2024
Total
£
93,882
93,882
2024
Total
£
-
28,545
-
60,000
10,000
5,000
2,050		 2023
Total
£
87,900
87,900

2023
Total
£
113,375
266,603
50,000
-
-
-
-
429,978
105,595
Total
£
113,375
266,603
50,000
429,978

113,375
4.
Income from investments
Income from investments funds
All investment income is unrestricted for both periods.		 2024
Total
£
639,014
639,014		 2023
Total
£
582,885
582,885

41

Centre for Ageing Better Limited

5a. Analysis of expenditure (Current year)

Charitable Activities

Staff Costs
(See note 7)
Programme
costs
Admin costs
Investment
managers’
costs


Support costs
Governance
costs

Total
expenditure
2024

Total
expenditure
2023		 Investment
Manageme
nt Fees
£
-
-
-
91,787
91,787
-
-
91,787
122,926		 Action
Area
Work
£
938,321
398,628
-
-
1,336,949
358,747
12,587
1,708,283
1,648,666		 Action
Area
Homes
£
721,192
588,847
-
-
1,310,039
358,748
12,587
1,681,374
1,378,419		 Action
Area Age
Friendly
£
1,003,471
1,833,797
-
-
2,837,268
358,747
12,588
3,208,603
1,544,347		 Legacy
Project
£
-
-
-
-
-
-
-
-
676,104		 Governanc
e
costs
£
-
240
37,522
-
37,762
-
(37,762)
-		 Support
costs
£
622,429
-
453,813
-
1,076,242
(1,076,242)
-		 2024
£
3,285,413
2,821,512
491,335
91,787
6,690,047
-
-
6,690,047		 2023
£
3,329,488
1,442,659
475,389
122,926
5,370,462
-
-
5,370,462

42

Centre for Ageing Better Limited

5b. Analysis of expenditure (Previous year)

Charitable Activities

Staff Costs (See note 7)
Programme costs
Admin costs
Investment managers’
costs
Support costs
Governance costs
Total expenditure
2023		 Investment
Management
Fees
£

-
-
-
122,926
122,926
-
-
122,926		 Action Area
Work

£

801,536

479,369

-

-		 Action
Area
Homes

£

759,181

251,477

-

-		 Action
Area Age
Friendly

£

810,379

366,206

-

-
1,176,585

382,095

19,334
1,544,347		 Legacy
Projects
£

207,910

345,607

-

-		 Governance
costs

£

-

-

64,446

-		 Support
costs

£


750,482

-

410,943

-		 2023
Total
£

3,329,488
1,442,659
475,389
122,926

1,280,905

382,096

19,334		 1,010,658

382,096

19,334
553,517

382,095

6,444
64,446

-

(64,446)
1,161,425


(1,161,425)

 5,370,462

-
-
1,648,666 1,378,419 676,104 -

-
5,370,462

43

Centre for Ageing Better Limited

6. Net income / (expenditure)

. Net income / (expenditure)
2024 2023
This is stated after charging/crediting:
£ £
Depreciation 15,426 15,426
Protector fees 15,000 15,000
Auditor’s remuneration (excluding VAT)
Audit 12,200 11,100

7. 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
Employers contribution to defined contribution pension schemes
Secondment and consultants’ costs
Other forms of employee benefits		 2024
£
2,433,756
252,208
367,458
219,840
12,151
3,285,413		 2023
£
2,546,339
289,830
374,644
111,808
6,867
3,329,488

Within salaries and wages costs above, there are redundancy and termination costs of £0 (2023: £46,372).

Pay Bands
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£120,000 - £129,999
Total		 Number of
employees
2024
2023
2
3
1
1
1
2
1
2
1
0
0
1
6
9

The total employee benefits (including employer pension contributions and employer national insurance) of the key management personnel were £526,036 (2023: £707,661), which consisted of the Chief Executive, Director of Communications, Director of Finance and Governance, Director of Human Resources, and Director of Strategy and Partnerships.

The Charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees expenses represent the payment or reimbursement of travel and subsistence costs totaling £667 (2023: £625) incurred by one (2023: two) members relating to attendance at meetings of the trustees.

44

Centre for Ageing Better Limited

8. 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
Legacy projects
Total		 2024
No
16.0
18.4
19.9
0.0
54.3		 2024
FTE
14.1
16.4
17.3
0.0
47.8		 2023
No
16.2
16.5
18.2
3.0
53.9		 2023
FTE
14.9
15.1
16.5
2.6
49.1

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

9. Related party transactions

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

The following related party transactions occurred in the previous financial year 2023.

Library and information subscription services were purchased from the Kings Fund to the value of £13,608. Ben Page, Trustee, is also an advisory council member at the King Fund.

Membership subscription was purchased from Carers UK to the value of £1,200. Margaret Dangoor, Trustee, is also a Trustee at Carers UK.

Room hire and training courses were purchased from the National Council for Voluntary Organisations (NCVO) and its trading company to the value of £1,439. Chris Sherwood, Trustee, is also a Trustee at NCVO.

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

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity’s subsidiary, the Centre for Ageing Better Trust, is also a registered charity and therefore is not subject to corporation tax.

45

Centre for Ageing Better Limited

11. Fixed Assets

Cost
At the start of the year
Additions in year
Disposals 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
At the end of the year
At the start of the year
All assets are used for charitable purposes.		 £
Software
82,981
-
-
82,981
52,069
15,426
67,495
15,486
30,912		 £
Total
82,981
-
-
82,981

52,069
15,426
67,495

15,486
30,912

12. Listed investments

Fair value at the start of the year
Additions at cost
Disposal proceeds
Movement in cash balances
Net gain \ (loss) on change in fair value
Fair value at the end of the period
Investments comprise:
Fixed Interest Bonds
UK Shares listed
Non-UK Shares
Property Funds & Trusts
Liquid Funds		 The group
2024
2023
£
£
29,113,248
37,442,402
28,878,616
2,044,512
(31,700,379)
(3,900,000)
(2,269,319)
(3,134,662)
1,015,615
(3,339,004)
25,037,781
29,113,248

The group
2024
2023
£
£
14,232,193
11,750,491
-
484,008
-
11,616,206
472,652
4,005,454
10,332,936
1,257,089
25,037,781
29,113,248		 Limited Co
2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-
Limited Co
2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-		 Limited Co
2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-
Limited Co
2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-

46

Centre for Ageing Better Limited

13. Debtors

The group
2024
2023
£
£
Trade Debtors
46,016
38,323
Other Debtors
191,691
170,765
Amounts owed by subsidiary
-
-
237,707
209,088
14. Creditors: amounts falling due within one year
The group
2024
2023
£
£
Taxation and social security
103,582
88,344
Other creditors
418,951
103,265
Grants Payable
25,000
100,000
Accruals
245,608
98,552
793,141
390,161
15. Grants Payable
Grants payable at start of year
Grants Awarded in the year
Greater Manchester Combined Authority
Lincolnshire County Council Partnership
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: falling due after one year
Total grants payable		 Limited Co
2024
£
850
-
173,336

174,186

Limited Co
2024
£
-
-
-
-
-
2024
£
100,000
-
25,000
50,000
(2,350)
2,400
24,922
199,972
(174,972)
25,000
-
25,000		 Limited Co
2024
£
850
-
173,336

174,186

Limited Co
2024
£
-
-
-
-
-
2024
£
100,000
-
25,000
50,000
(2,350)
2,400
24,922
199,972
(174,972)
25,000
-
25,000
2023
£
-
-
238,124
238,124
2023
£
-
-
100,000
-
100,000
2023
£
48,095
100,000
-
-
-
-
100,000
(48,095)
100,000
-
100,000

Micro grants were awarded to 46 voluntary organisations, with average value £ 542 (2023: nil).

47

Centre for Ageing Better Limited

16a. Analysis of group net assets between funds (current year)

Fixed assets software
Fixed asset investments
Net current assets
Net assets at the end of the year		 Restricted
funds
£
-
-
96,400
96,400		 Unrestricted
Funds
£
15,486
25,037,781
79,176
25,132,443		 Total
funds
£
15,486
25,037,781
175,576
25,228,843

16b. Analysis of group net assets between funds (previous year)

Fixed assets software
Fixed asset investments
Net current assets
Net assets at the end of the year		 Restricted
funds
£
-
-
123,774
123,774		 Unrestricted
funds

£

30,912

29,113,248

796,850

29,941,010		 Total
Funds
£
30,912
29,113,248
920,624
30,064,784

17a. Movements in funds (current year)

Restricted funds
Barclays
Columbia Threadneedle
Foundation
Dunhill Medical Trust
Department of Health and
Social Care
Total restricted funds
Total unrestricted funds
Total funds		 At the start of
the year
£
123,774
-

-
Incoming
resources &
gains

£
28,545
60,000
10,000
5,000
Expenditure
& losses

£

(115,919)
-

(10,000)
(5,000)

(130,919)
(6,559,129)
(6,690,048)
Transfer

£

-

-

-
-
**- **		 At the end
of the year
£

36,400
60,000
-
-
123,774 103,545 96,400
29,941,010 1,750,562 25,132,443
30,064,784 **1,854,107 ** 25,228,843

48

Centre for Ageing Better Limited

17b. Movements in funds (previous year)

Restricted funds
Barclays
Office for Health Improvement
and Disparities (OHID)
Total restricted funds
Total unrestricted funds
Total funds		 At the start of
the year
£
110,016
-
110,016
37,563,471
37,673,487
 Incoming
resources
& gains
£
266,603
50,000
316,603
784,160
1,100,763
Expenditure
& losses


£

(252,845)
(50,000)

(302,845)
(8,406,621)
(8,709,466)		 Transfer
£
-
-
-
-
-		 At the end of
the year
£
123,774
-
123,774
29,941,010
30,064,784

18. Purposes of restricted funds

Barclays £28,545 (2023: £266,603) to deliver Redundancy & Retraining Project for 50plus in the West Midlands.

Columbia Threadneedle Foundation Income £60,000 (2023: £ nil). Project is to deliver project supporting disabled persons, aged 50 and over, accessing work. There was no expenditure in the year 2024, with plans to spend next year 2025.

Dunhill Medical Trust £10,000 (2023: £ nil) on work relating to the project ‘The Triple Dividend: making the case for home improvement for employment, health, and net zero.

Department of Health and Social Care £5,000 (2023: £ nil) to promote the Age without Limits campaign’s action day.

OHID £ nil (2023: £50,000) related to program to fund the Greater Manchester Combined Authority’s Falls Prevention Pathway.

19. Operating lease commitments

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

Less than one year
2-5 years		 2024
£
231,759
2,662
234,421		 2023
£
220,418
3,993
224,411

49

Centre for Ageing Better Limited

20. Subsidiary undertaking

The charity is the sole corporate trustee of Centre for Ageing Better Trust, an unincorporated charity. The charity number is 1160158. The registered office address is 15 Alfred Place, Fitzrovia, London, WC1E 7EB.

All activities have been consolidated on a line by line basis in the statement of financial activities.

2024
Income from:
£
Donations and legacies
93,882
Investments
639,014
Total income
732,896
Expenditure on:
Investment management fees
91,787
Charitable activities
6,463,156
Total Expenditure
6, 554,943
Net expenditure before gain / (loss) on investments
(5,822,047)
Net gain / (loss) on investments
1,015,615
Net expenditure and net movement in funds
(4,806,432)
Total funds brought forward
29,833,302
Total funds carried forward
24,026,870
All income and expenditure in both periods was unrestricted.
The aggregate of the assets, liabilities and reserves was:
Total assets
25,993,347
Total liabilities
(966,477)
Reserves
25,026,870
21. Parent charity
2024
£
The parent charity's gross income and the results for the
year are disclosed as follows:
Gross income
105,595
Result for the year
(29,509)		 2023
£
87,900
582,885
670,785
122,926
4,740,085
4,863,011
(4,192,226)
(3,339,004)
(7,531,230)
37,364,532
29,833,302
30,361,587
(528,285)
29,833,302
2023
£
429,978
(77,473)

22. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

50