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2024-03-31-accounts

Draft Financial Statements

Charity Registration No. 1165856

Company Registration No. CE006799 (England and Wales)

AGE UK CAMBRIDGESHIRE AND PETERBOROUGH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Hazel Williams MBE
Clive Adkin
Adrian Kirby
John Holdich OBE
Alison Reid
Jeremy Alexander
Julie Weaver
Anthony Clark
Steve Hampson (Appointed 1 May 2024)
President Dr Stephen Webster MA, MD, FRCP
Chief Executive Melanie Pittock
Charity number 1165856
Company number CE006799
Registered office Frans House
Fenton Way
Chatteris
Cambridgeshire
United Kingdom
PE16 6UP
Auditor Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 6 - 8
Statement of financial activities 9
Consolidated balance sheet 10
Charitable incorporated organisation balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 31

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The objects for which the CIO is established and to which it is specifically restricted are to promote the following purposes for the benefit of the public and/or older people in and around the area of benefit:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The following summary of our work and achievements during the year highlights the number of enquiries, contacts, attendances, interventions and assistance with local older people. Our aim is always to respond to the individual and their unique circumstances, taking a person-centred and wraparound approach in all we do.

During this year we were able to increase the number of places available within our Day Services following previous post pandemic ventilation restrictions, resulting in over 100 individuals attending each week. Oasis and St Augustine’s Centres in Fenland are both now delivered from the Oasis Centre.

Reliable and timely information is required to make informed choices and during the year the Information Services, provided information, advice and guidance with over 24,000 enquiries. We estimate we helped older people claim around £2.4 million in Welfare Benefits and grants, including nearly £600,000 through the Household Support Fund, enabling access to services, reducing poverty, and also supporting the local economy.

Community Wardens provided daily contact and help with small everyday tasks to over 19 individual schemes, providing regular, often daily, help to an average of 267 older people in their own homes. We continue to meet often with concerned local charities and Parish Councils who kindly provide financial support to the Community Warden services and who are well placed to identify older people who may wish to trial the use of the Warden services. For a period during this year, we were able to offer a free four-week trial in parts of South Cambridgeshire, thanks to additional funding from the District Council.

387 volunteers supported older people through our Sharing Time service, Telephone Befriending, and at Day Centres, as well as some providing administration support to the charity. In addition, a number of volunteers were supported to deliver the independent Friendship Clubs.

Our Cambridgeshire Handyperson Service and Home Checks, in Peterborough, provided support to over 1,600 households, with practical measures such as the installation of key safes, grab and banister rails.

Our Hospital Discharge service supported over 400 older patients recently discharged from hospital in the form of home visits and regular welfare calls. Our collaboration with Care Network Cambridgeshire and Caring Together to deliver Hospital Discharge Support under the newly formed Voluntary Sector Alliance became fully operational in December 2023. Using a Single Point of Access we have provided a seamless service which professionals can refer directly into. The VSA supported 275 discharges during the period of December to March 2024, of which Age UK Cambridgeshire and Peterborough helped enable nearly 90 older people return home.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

It is imperative to ensure older people know who we are, what we do and how to get in touch with us. Much of our media participation continued to focus on the Cost of Living and fuel poverty and how to seek help. We carried out over 100 talks and presentations, also taking part in Radio and TV interviews. Our presence on Facebook, X, Instagram and Linked In has reached nearly 4,500 followers.

Our campaigns during the year focused on, for example, loneliness awareness, bank closures and online banking, energy bills and ageism, whilst promoting volunteering opportunities. We also published a number of press releases covering these matters.

After what was a difficult year with some of our services facing uncertainty, mainly due to threats to funding, we will turn our focus to create a new organisational strategy which will prioritise the sustainable future of Age UK Cambridgeshire and Peterborough for the benefit of older people in the county. We will also look to grow our income through all forms of fundraising and increase our social media presence to highlight campaigns, provide information and updates and to showcase our achievements. We wish to build on the Voluntary Sector Alliance partnership which will allow us to continue to develop this collaboration and expand our offering to patients returning home.

David Bruch

David Bruch, who had been Treasurer, originally for Age Concern Cambridgeshire, sadly, and unexpectedly, passed away in January 2024. David gave nearly 24 years’ service to the organisation and is sadly missed as a friend and colleague.

Financial review

The accounts for Age UK Cambridgeshire and Peterborough have been prepared in line with the relevant regulations and guidance (as set out in note 1.1 to the accounts).

Total incoming resources of Age UK Cambridgeshire and Peterborough for the year were £2,013,323. Total incoming resources consisted of £526,643 unrestricted funds, £9,079 designated funds and £1,477,601 restricted funds.

Total resources expended before reallocation of support costs were £2,125,370 of which, after reallocation of support costs, £485,168 was unrestricted funds, £40,682 designated funds and £1,599,520 was restricted funds.

A gain on revaluation of investments of £1,583 was recorded in the year.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ projected expenditure. The trustees consider reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised or costs reduced. Based on the current level of expenditure this would require unrestricted reserves to be in the range of £470,000 to £940,000. The year end level of unrestricted funds at £668,794 is within the range set by the policy and is expected to reduce by around £25,000 over the year which will maintain unrestricted funds well within the policy range. In addition to the unrestricted funds, there are restricted funds that were previously unrestricted in the former charities but are now restricted by geographical area following the merger and, fixed assets are matched by designated funds. The Trustees recognise the external uncertainties that still exist for the Charity and its service users following the Cost of Living crisis and consider that the current level of unrestricted reserves provides both a strong base for the Charity, as it continues to build its services and activities, and provides opportunities for positive developments within the charity’s structure and offerings.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The charity is a charitable incorporated organisation (CIO) limited by guarantee established on 3 March 2016.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Hazel Williams MBE David Bruch (Deceased 15 January 2024) Clive Adkin Adrian Kirby John Holdich OBE Alison Reid Jeremy Alexander Julie Weaver Anthony Clark Steve Hampson (Appointed 1 May 2024)

The trustees are the members of the CIO. None of the trustees has any beneficial interest in the CIO and have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Board of Trustees, which is required to have a minimum of three members, governs the charity. The Board meets a minimum of 4 times a year. A sub-committee covers finance and other ad hoc groups are established for specific tasks.

The day to day operation of the charity is delegated to the Chief Executive, working with a Leadership Team.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. Hazel Williams MBE

Date: .............................................

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Age UK Cambridgeshire and Peterborough for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

Opinion

We have audited the financial statements of Age UK Cambridgeshire and Peterborough (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees , who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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 as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor) for and on behalf of Azets Audit Services ......................... Chartered Accountants Statutory Auditor Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Designated
Restricted
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
17,841
-
14,481
Charitable activities
4
484,581
-
1,461,699
Other trading activities
5
-
-
1,421
Investments
6
12,679
-
-
Other income
7
11,542
9,079
-
Total income
526,643
9,079
1,477,601
Expenditure on:
Charitable activities
8
485,168
40,682
1,599,520
Net gains/(losses) on investments
14
1,583
-
-
Net incoming/(outgoing) resources before
transfers
43,058
(31,603)
(121,919)
Gross transfers between funds
(158,946)
(2,133)
161,079
Net movement in funds
(115,888)
(33,736)
39,160
Fund balances at 1 April 2023
784,682
185,487
526,968
Fund balances at 31 March 2024
668,794
151,751
566,128		 Total
2024
£
32,322
1,946,280
1,421
12,679
20,621
2,013,323
2,125,370
1,583
(110,464)
-
(110,464)
1,497,137
1,386,673		 Total
2023
£
30,362
1,857,296
1,580
6,190
87,638
1,983,066
2,189,448
(3,753)
(210,135)
-
(210,135)
1,707,272
1,497,137

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year

Unrestricted
Designated
Restricted
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
21,953
-
8,409
Charitable activities
4
488,110
-
1,369,186
Other trading activities
5
1,373
-
207
Investments
6
6,190
-
-
Other income
7
75,885
11,753
-
Total income
593,511
11,753
1,377,802
Expenditure on:
Charitable activities
8
527,221
25,251
1,636,976
Net gains/(losses) on investments
14
(3,753)
-
-
Net incoming/(outgoing) resources before transfers
62,537
(13,498)
(259,174)
Gross transfers between funds
(175,540)
163,657
11,883
Net movement in funds
(113,003)
150,159
(247,291)
Fund balances at 1 April 2022
897,685
35,328
774,259
Fund balances at 31 March 2023
784,682
185,487
526,968		 Total
2023
£
30,362
1,857,296
1,580
6,190
87,638
1,983,066
2,189,448
(3,753)
(210,135)
-
(210,135)
1,707,272
1,497,137

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Restricted funds
21
Designated funds
22
General unrestricted funds		 2024
2023
£
£
£
£
143,008
163,657
32,325
30,742
175,333
194,399
77,036
1,450,772
1,379,018
1,227,399
1,456,054
2,678,171
(235,714)
(1,375,433)
1,220,340
1,302,738
1,395,673
1,497,137
(9,000)
-
1,386,673
1,497,137
566,128
526,968
151,751
185,487
668,794
784,682
1,386,673
1,497,137		 2024
2023
£
£
£
£
143,008
163,657
32,325
30,742
175,333
194,399
77,036
1,450,772
1,379,018
1,227,399
1,456,054
2,678,171
(235,714)
(1,375,433)
1,220,340
1,302,738
1,395,673
1,497,137
(9,000)
-
1,386,673
1,497,137
566,128
526,968
151,751
185,487
668,794
784,682
1,386,673
1,497,137
194,399
1,302,738
1,497,137
-
1,497,137
526,968
185,487
784,682
1,497,137

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on .........................

..............................

Hazel Williams MBE Trustee

Company registration number CE006799

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
138,940
-
-
-
12,679
12,679
-
151,619
1,227,399
1,379,018		 2023
£
£
(126,649)
(2,134)
193,046
29,920
6,190
227,022
-
100,373
1,127,026
1,227,399

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Age UK Cambridgeshire and Peterborough is a charitable incorporated organisation registered on 3 March 2016 in England and Wales. The principal address is South Fens Business Centre, Fenton Way, Chatteris PE16 6TT.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are recognised once the charity has been notified of the grant unless performance conditions require deferral of the amount.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is included on an accruals basis. Expenditure includes irrecoverable VAT.

Resources expended on charitable activities comprise those costs incurred by the charity in the delivery of its activities and services.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Over 25 years on a straight line basis Office equipment Over 3 years on a straight line basis

No depreciation has been charged on the freehold buildings in the year due to significant periodic maintenance and net realisable value is considered to be at least equal to net book value.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
17,841
14,481
17,841
14,481
For the year ended 31 March 2023
21,953
8,409
Charitable activities
Invoiced services
Grants
Other income
Analysis by fund
Unrestricted funds
Restricted funds		 Total
2024
£
32,322
32,322
2024
£
358,065
1,528,628
59,587
1,946,280
484,581
1,461,699
1,946,280		 Total
2023
£
30,362
30,362
30,362
2023
£
404,256
1,396,320
56,720
1,857,296
488,110
1,369,186
1,857,296

4 Charitable activities

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Other trading activities

Unrestricted
Restricted
funds
funds
£
£
Fundraising events
-
1,421
For the year ended 31 March
2023
1,373
207
Investments
Income from unlisted investments
Interest receivable		 Total
2024
£
1,421
2024
£
480
12,199
12,679		 Total
2023
£
1,580
1,580
2023
£
1,017
5,173
6,190

6 Investments

7 Other income

Unrestricted Designated
funds
funds
£
£
Rent receivable
11,542
9,079
Gain on disposal of property
-
-
Other
-
-
11,542
9,079
For the year ended 31 March 2023
75,885
11,753		 Total
2024
£
20,621
-
-
20,621		 Total
2023
£
23,726
63,335
577
87,638
87,638

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Charitable activities

Staff costs
Other costs
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Designated funds
Restricted funds		 2024
£
1,160,637
232,409
1,393,046
720,671
11,653
2,125,370
485,168
40,682
1,599,520
2,125,370		 2023
£
1,204,406
248,450
1,452,856
696,990
39,602
2,189,448
527,221
25,251
1,636,976
2,189,448

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or out of pocket expenses during the year, but one of them was reimbursed £69 in respect of household shopping on behalf of a local older person during lockdown (2023: none).

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10
Support costs
Support costs
Governance
costs
£
£
Staff costs
509,190
-
Training and conferences
523
-
Travel expenses
12,762
-
Rent and service charges
24,848
-
Repairs and maintenance of premises and
equipment
180
-
Cleaning
231
-
Insurance
27,199
-
Telephone and computer expenses
59,411
-
Membership
780
-
Food and drink
-
-
Health and safety
999
-
Marketing and events
3,265
-
Payroll fees
8,280
-
Professional fees
828
-
Bank charges
5,599
-
Sundry expenses
28,503
-
Utilities
(3,294)
-
Water rates
-
-
Printing, postage and stationery
17,425
-
Materials and equipment
50
-
Meeting costs
4,660
-
Bad debts
717
-
Depreciation
18,515
-
Audit fees
-
6,380
Accountancy
-
2,100
Legal and professional fees
-
3,173
720,671
11,653
11
Auditor's remuneration
Fees payable to the charity's auditor and associates in respect of the
charity and its subsidiary undertakings:
Audit of the annual accounts
Non-audit services
All other non-audit services		 2024
£
509,190
523
12,762
24,848
180
231
27,199
59,411
780
-
999
3,265
8,280
828
5,599
28,503
(3,294)
-
17,425
50
4,660
717
18,515
6,380
2,100
3,173
732,324
2024
£
6,380
2,100		 2023
£
464,824
603
7,121
24,230
34
417
9,457
62,294
635
27
1,782
4,977
7,920
814
5,800
54,904
6,037
36
17,661
-
1,770
291
25,356
6,040
1,110
32,452
736,592
2023
£
6,040
1,110

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Employees

Number of employees

The average monthly number of employees during the year was:

Chief Executive
Direct services
Management and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was £60,000 or more were:
£60,000 - £70,000
14
Net gains/(losses) on investments
Revaluation of investments		 2024
Number
1
111
15
127
2024
£
1,511,858
87,105
70,864
1,669,827
2024
Number
1
2024
£
1,583		 2023
Number
1
133
16
150
2023
£
1,511,374
87,653
70,203
1,669,230
2023
Number
1
2023
£
(3,753)

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15
Tangible fixed assets
Leasehold
land and
buildings
Office
equipment
£
£
Cost
At 1 April 2023
219,279
58,721
Disposals
-
(6,679)
At 31 March 2024
219,279
52,042
Depreciation and impairment
At 1 April 2023
66,737
47,606
Depreciation charged in the year
9,534
11,115
Eliminated in respect of disposals
-
(6,679)
At 31 March 2024
76,271
52,042
Carrying amount
At 31 March 2024
143,008
-
At 31 March 2023
152,541
11,116
16
Fixed asset investments
Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 1 April 2023
13,043
17,699
Valuation changes
438
1,145
At 31 March 2024
13,481
18,844
Carrying amount
At 31 March 2024
13,481
18,844
At 31 March 2023
13,043
17,699
17
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
65,496
Prepayments and accrued income
11,540
77,036		 Total
£
278,000
(6,679)
271,321
114,343
20,649
(6,679)
128,313
143,008
163,657
Total
£
30,742
1,583
32,325
32,325
30,742
2023
£
1,079,692
371,080
1,450,772

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18
Creditors: amounts falling due after more than one year
Notes
Deferred income
20
19
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals
20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Non-current liabilities
Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024		 2024
£
9,000
2024
£
18,810
121,959
8,169
42,381
44,395
235,714
2024
£
130,959
2024
£
121,959
9,000
130,959
943,809
(943,809)
130,959
130,959		 2023
£
-
2023
£
19,485
943,809
325,236
43,460
43,443
1,375,433
2023
£
943,809
2023
£
943,809
-
943,809
-
-
943,809
943,809

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2022
£
Friendship Clubs
18,130
Information & Advice
29,750
Household Support Fund
-
Older People Girton
1,807
Sharing Time
16,213
Telephone Befriending
5,228
Visiting Support Services
95,687
Day Services
99,619
Peterborough City Home Checks
87
Hospital Support Services
38,920
Cambridgeshire Handyperson Service
-
Home Cleaning Services
15,493
Community Warden Services
79,170
Reserves arising on AUKCAP merger
312,085
Peterborough Commissioned Services
47,361
Restricted Legacies
12,709
Fuel Hardship
2,000
Supporting Day Services Activities
-
St Augustine's Happy Days Fund
-
VSA Project
-
774,259		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 April 2023
£
£
£
£
-
(18,517)
1,000
613
77,841
(113,862)
9,408
3,137
189,005
(124,154)
-
64,851
10,504
(12,023)
-
288
91,364
(91,768)
(15,500)
309
16,000
(18,841)
18,420
20,807
211,280
(301,043)
-
5,924
140,988
(183,848)
11,292
68,051
42,053
(41,334)
-
806
136,679
(113,678)
-
61,921
166,256
(174,812)
8,556
-
25,757
(55,883)
14,633
-
261,307
(357,074)
71,259
54,662
-
(25,599)
(61,515)
224,971
-
-
(44,678)
2,683
-
(355)
(1,000)
11,354
100
(2,108)
8
-
3,241
(2,077)
-
1,164
5,427
-
-
5,427
-
-
-
-
1,377,802
(1,636,976)
11,883
526,968		 Movement in funds
Incoming
resources
Resources
expended
Transfers
31
£
£
£
22,000
(17,961)
-
104,920
(147,613)
52,564
166,384
(166,168)
(40,000)
14,255
(12,549)
-
88,533
(106,756)
18,862
-
(14,642)
-
-
(5,924)
-
158,045
(216,935)
16,665
37,650
(43,596)
5,140
57,182
(49,340)
-
192,782
(180,159)
-
23,208
(115,724)
92,516
305,592
(368,032)
70,563
-
1,135
(50,331)
-
-
-
-
(1,547)
(4,900)
300
-
-
-
-
-
-
(526)
-
306,750
(153,183)
-
1,477,601
(1,599,520)
161,079		 Balance at
March 2024
£
4,652
13,008
25,067
1,994
948
6,165
-
25,826
-
69,763
12,623
-
62,785
175,775
2,683
4,907
300
1,164
4,901
153,567
566,128

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

Some restricted donations are received in respect of the invoiced services included within unrestricted funds, and therefore part of the overall income and expenditure for those activities appears in the restricted funds note and part in the unrestricted funds. Any subsidy by the charity for these activities, is treated as restricted expenditure against those restricted funds, and then allocated via transfer against the Peterborough and Cambridgeshire general restricted funds, or another restricted fund that can be used against that activity.

The Peterborough and Cambridgeshire general restricted funds relate to unrestricted funds held by predecessor charities, but have been received by this charity restricted to the geographical area represented by the original charity. The transfers represent the use of these funds to cover deficits on other restricted funds within those geographical areas.

Included in the overall transfer between restricted funds and unrestricted funds is an amount of support costs initially included in unrestricted expenditure that has been allocated against the Peterborough and Cambridge general restricted funds. There was also a balance on the I & A funds and Visiting Support Service for Older People Fund at the end of the project which has been released to unrestricted funds on the basis that all requirements that came with the funding have been dealt with and therefore the restrictions no longer apply.

The funds relate to the following activities:

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2022
£
Evelyn Boake
35,328
Fixed asset fund
-
35,328		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 April 2023
£
£
£
£
11,753
(25,251)
-
21,830
-
-
163,657
163,657
11,753
(25,251)
163,657
185,487		 Movement in funds
Incoming
resources
Resources
expended
Transfers
31
£
£
£
9,079
(22,166)
-
-
(18,516)
(2,133)
9,079
(40,682)
(2,133)		 Balance at
March 2024
£
8,743
143,008
151,751

The Evelyn Boake fund relates to funds set aside for the ongoing maintenance of property.

23 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund balances at 31 March 2024 are represented
by:
Tangible assets
-
143,008
-
Investments
5,819
-
26,506
Current assets/(liabilities)
662,975
8,743
548,622
Long term liabilities
-
-
(9,000)
668,794
151,751
566,128		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2024
2023
2023
2023
£
£
£
£
143,008
-
163,657
-
32,325
-
-
30,742
1,220,340
784,682
21,830
496,226
(9,000)
-
-
-
1,386,673
784,682
185,487
526,968		 Total
2023
£
163,657
30,742
1,302,738
-
1,497,137

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
6,707
-
6,707		 2023
£
21,024
6,707
27,731

25 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, including pension contributions, is as follows:

2024 2023
£ £
Aggregate compensation 221,638 191,856

The remuneration noted above represents the cost of the Leadership Team and comprises 5.0 (2023 - 4.4) people after the charity brought in-house a role that had previously been covered by an external consultant.

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Owing to the charity's board of trustees being involved in local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the board of trustees may have an interest.

No individual has a controlling interest in Age UK Cambridgeshire and Peterborough.

Draft Financial Statements AGE UK CAMBRIDGESHIRE AND PETERBOROUGH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

26
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
(Decrease)/increase in deferred income
Cash generated from/(absorbed by) operations
27
Analysis of changes in net funds
The charity had no debt during the year.		 2024
2023
£
£
(110,464)
(210,135)
(12,679)
(6,190)
(1,583)
3,753
20,649
25,356
1,373,736
(1,201,087)
(317,869)
317,845
(812,850)
943,809
138,940
(126,649)