Age UK Bolton Trustees, Report and Consolidated Financial Statements For the year ended 31 March 2024 rity Registrat NunF£w. 223240 ageuK
Age UK Bolton Trustees, Report and Financial Statements For the year ended 31 March 2024 Contents Pa¢e STRATEGIC REPORT 1.1 Objectives and activities 1.2 Performance antl achievement5 1.3 Financial review GOVERNANCE 2.1 Reference and administrative details 2.2 Structure, governance and managemer*t 2.3 Public benefit 2.4 Staternent of Trustees. Responsibilities FINANCIAL STATEMENTS Independent auditor's report Consolfjdated StateFneDt of Financizl Activities io Consolidated and Charity 8èlènce Sheets li Ctsn501idated Ststernenl ol Cash Flows 12 Notes to ihe Finèncial StatemÈnts 13
Age UK Bolton Pa¥e Report of the Trustees For the year ended 31 March 2024 The Trustees present their annual report and financ+al siatements lor ihe year ended 31 March 2023. The Trustees have adopted the prov1510ns ol the Ststement of Recornrnended Practice ISORPI 'Accounting and Rery)rting by ChaNties- IFRS 1021 in preparihE the annual repon and financial statements of the Charity. STRATEGIC REPORT 1.1 Objtrtives and •rtivities Obje¢t of the Ch•rily The object ol the Charity 45 to promote the relief of older people in any manner whKh now is or hereafter rnay be deemed by law to bè charitable in and around Bolton. In setting out our objectwe5 the Tru5ttes have given due regard and careful consideration to the Chaiity Commission's aeneral guidance on public benefit. The relevant powers granted to It by the coThstitution to achieve thi5 are.. To encourage, promote and or8anise direct services appropriate to the needs of older people. To work in partnership with other organisations with a similar goal. To en8a8e irt researth and the provision and publication of information. Detai15 of servites and activities delivered durlng 2022123 are set out In the Annual Report Current afid fuiure oblertl¥es To deliver hi8h quality, accessible services, activities and learning opportunities, to enable those over 50 to remain safe, Independent. mentslly, physically and soci411y active and to enjoy a fuffilled latei life. To strive with others to ensure that older people are not seen as a drain on 50C12ty but as ihe valuable resource and asset5 they are,. To ensure that older people are listened to and t1 their views Inlorm and Influence both our work and wider service ènd policy development,. To be a 5UStaiTrable, fit lor sxjrpose, levant and evolving organisaiK)n focussed on the needs and aspirations of all older people In Bolton To value. Tespect ontl support our staff, vglunteers, cvsirjmers and partneis- To promote and respect equality and diversity in èll our policies, operations and relationships. 1.2 Perform•n¢e •nd •¢hl¢¥ements The afterrnath of the Covid-19 pandemic. the ongoing cOstl-ll¥ln8 crisis, and significant pressures across health and social care have created a particularly complex landscape for our cornrnunrties. These chèlltnges have impacted older peopte di5proportionately, exa¢erbating existing vulnerabilities. Despite this, Age UK 8olton has adapted quickly, demonstrating our vit31 role in the comrnunity. We hhve worked collaboratNely with partner5 arrD55 Bolton and Greater Man£hestef. pivoting our services to ensure the needs of older people are met wtth cornpa55ion. efficiency. and innovation. Tbese tsutcomes were made possible through the dedicatlon and hard work of our staff and volunteers. Age UK Bohon employed 47 individua15 across various roles, and we were supported by around 190 volunteers, many of whom afe older people themselves. Their unwavering cornmitment, passion, and prolessionalisrn in deliverifig our services have been trulv The Board ol Trustees h35 provided steadfast Eovernance and guidance throughout this year. Looking ahead, Age UK Bolton enters a new era. As lauren McKechnie steps ITh as CEO. and John Cooper takes on the role of Chair. we a filled with a renewed ener6y and commitment to building on the exceptional foundations lèld during 2023-24. Together, we will enwre the quality of our services remains high, our PTesenie impactful and our relationships with stakeholders are strong and sustained for futvre generations of older people to thrive. Without our re5PKted and dedicated volunteers. we would not be able to do what we do. They have been at the centre of the charity since its inception and 2023-24 wa5 no diffeTent. We celebrated 13 long service and spetial recognitKJn awards this year, including a husbaftd and wlfe who had volunteered for 20 years. In partnership with the Ageing Well Tearn, we provided new IraiDin8 pr()gramme for our volvnteers. with the help of local parrners S4LT and Greater Manchester NLrtrition and 14ydration. The 29.749 hours given by our 244 active volunteers this year would equate to an approximate value of £324K In paid working hours. based on ihe real living wage.
Age UK Bolton Report of the Trustees For the year ended 31 March 2024 12 Perfom•n¢e and athlevements Icontlnuedl 2023-24 was another busy year for our Information & AdvKe Service, which hep5 people understand their rights and seture their entltlements. The majority of our work vjas around helping people figure out what they're entitled to,. helping them to elèirn benefits such ès Attendance Allowance and Housing Benefrt and joinin8 local and national campaigns to promote Penslon Credlt. WÈ tontended with increasing demand for our 5UPPOrt. compounded by long waits for benefit decision5 at the Department for Work and Pensions. We 5ucce5sfully worked In partnership with local advice or8an15ations to add a specialist ener8y advisor to our small team. Togethei we helped 772 client5 secure £2.012.725 In benefit entitlements. Our Home from Hospital servite has continued to ensure over 65s reiurning from htsspital can recover safely at home. We have had 2548 clients at¢e55ing the service this year. Thanks io local NHS funding, we have also continued to provide an admission avoidance service for over SOS who have been ideThtifd a5 being at risk of admission. We had 3446 aCSSing this setwice this year. Both services work in close partnership wlth health and social care professionals across the borough. This collaborative effort has en5uied that those most vulnerable. some of whom would be cofflpletely alone without this service, have received the assistance they need. With a readrnission rate of just 1.54% over the past year, Home Irom Hospital has made a significant contribution to our comm4Jnity'S overall health and well-being. Our Cleaning and shopping service, Horne Seryices. continued into its lifth year. A much-needed and soughi after service, this yeèr il SUPPOrted more older people than ever, taking on 108 new client agreements and delivering 7815 hours of support. Our éedicated horne services assistants support with daily living tasks and household chores. Noi only does this promote safety and Independence. bul ultimately it enables older people io remain in their own homes for longer. This has signrficantly improved the wellbeinÉ of many who use the servite. This year, Ageing Well brought to8ether older and younger Reneration5. Thi5 included 3 trip to an interBenerational afternoon tea at Eagley Junior School ènd our new intergenerational reading volunteer pro8iamme in partnership with St. Peterfs Primary School. Farnworth. After a succe55ful bid for £IOOO through the Age UK Winter Carnpaign Fund, we made and deliVed loo Christmas parcels foi vulrberable clients, which We made and delivered by staff and 11 of our befriendinB volvnteer5. Through our Lunch Clubs and Friendship Café's we have provided 5327 hot meals. We also delivered 4216 hours of befriending support. The Ageing In Place Pathfinder IAIPPI project aim5 to respond to the neeL15 of older ¥e5idents In L1 Lever, in partnershlp with Bolton at Home and Greater Manchester Combinèd Authorty. Beginning In April 2023, Ihe project has led to the creation of eight new local community groups, 5eryin8 220 participants in 2023-24. One group. Silver Signers, wès chosen by Bolton at Home for their submission for Intefnaiion31 Day of the Older Per50n, resulting In a video bein8 fflade about the group and celebrated at the AIPP conference in October 2023. The Prornoting Active lives IPALSI project continued until December 2023. supporting a total of 130 clients to re-enÈaEe with the community and becorne more independent. In and end ol project sutvey. 10 out of 14 participants said activity levels. mental wellbeing and social intefattion improved a lot. All of those participatinE had an overwhelmingly positive experience of being part of the PALS project and indicated that it hèd made a real difference to their lives. or the lives ol their famity reMber. The Strength and 8al3nce team delivered 33 classes acrts55 21 venues in Bolton this year with 14.279 attendees, which Is a 40% increase in attendance - all with the overall airn ol ensuring that older adults experience fewer lalls and falls-related injuries. The Falls Prevention in Cère Hornes programme- originally launched in 2022 as a pilot 5cheme- has continued to be rolled out n Ca home5 aCI055 Bolton, and Is now funded until March 2025 as a result of its success. Eight care homes have now completed the programme, resukinE in a 16.7% reduction in North West Ambulance callouts In the care homes we have worked in, compared to a 6.1% reductK)n elsewhere. We continued to be a partner of Bolton'$ Sociol Prescribing Scheme. by the GP Federation. The scherne aims io link GP patients with Thon-cllnical support, with the aim of improving boih their health and overall quallty of life, we received $20 referrals and undertook 62 health checks this year. The Wild and Fruity Community Garden, developed in 2022 a5 pa¥t of the Socièl Prescribing Scheme, wa5 met with some challen¥e5 this year, In£ludin8 inclement weather and fundnE Issues. Aiming to eet these ch311en8es, Social Prescribers and other staff members formed a dedicated commr(iee. and recently svcceeded In opening a bank account, enabling funding to realise their vision. The Earden is now well on its way to becomin8 a vibrant daily hub for varitsu5 community groups, facilitatin8 act4Vitie5 and 5eNing as a venue for team building days.
Age UK Bolton P2ge Report of the Trustees For the year ended 31 March 2024 1.2 Performan¢e and athle¥ements l¢ontinuedl The Nutrition and Hydration progr2mme reached 9,145 people In awareness raising activities. assessed 8,831 people at rlsk ol malnutrition, and trained 146 staff and volunteers. Strong links were developed between health and comrnunity 5ervice5 throu8hout BoOn, leBdinE tc 8831 over 65$ being assessed a5 at risk and going on tts receive further support. The Nearty Meal Bog5 programme launched in May 2023, targeting vulnerable ovÈr 655 who had been discharged from hospltèl and not yet allocaied a support servite. By the end of March 2024. 170 Hearty Meal 6ags had been distributed. 2023-24 was another successful year for our organisation. though not without it's Challenge5. The changlng £ommissionin8 landKape. hike in building staff overhead5 and the complex, multi-faceted challenges older people continue to face have all been ongoing topics of consideration and deliberation for our board. senior leadership and wider organi5ation, and will continue to shape our planning and thinking as we look to futur* years.
Age UK Bolton 3%e Report of the Trustees For the year ended 31 March 2024 IJ Flnan¢ial review Reser¥es polity The Charity's Trustees conduct an annual review ol the level of unre5trirted reserves, by considering ri5k5 a550ciated with service development and delivery, the various Income streams, expeniliture plan5 and balance sheet items. This enables an estimate to be made of the level of reserve5 that are 5Utficient To allow sufficient timÈ for re-tsr8anisation in the event of a downturn ITh income or asset values,. To meet its tommittnent and obligations: To protect on-8oin8 services and 355ets. To enable the Charity to meet Its objectives including throuÉh new service development. In rnakin8 theirjudEement on the level of unrestritted reserve$ the Trustees take account ol the following Issues and risks.. OveT dependence on any single source of income The likelihood ol a dewniurn in any income streams The period of time needed to identify and re-establish incorne streams The period of time required to adjust or downsize the Charitls operations Whether there is adequate coTrtrol over budgets and assets. In doing so the Trustees ère supported by re8ular financial reports and forecasts and on the I54$ of infoimation afid advitt provided by the HonoraryTreasuref aThd Chief Executive. lfi¥e51rnent poll(y In order to obtain improved Tet¢Jrns on capital the Charity has appointed Brown Shipley to manage and irwest surplus cash funds on a low-risk and lon8 term basi5. In addition the Charity has ¢wo small long-terrn investments in ordinary shares issued by Llcyds Bank plc and Groupe Eurotunnel S.A in the name of the HonoraryTreèsurer as nominee for Age UK Bolton. The Charity has ffiot specilied any particular ethical stance gr cgmpanies to avoitl and rely on the investment managers 111 this Tespect. They have confirmed ihat the ponfolro is managed in line with their general View that companles thai ihey invest in are socially responsible. Grant moklhK The Charity is not currently invoked in awardiThB of grants or funded contracis. Income and exNdItUre The accounts reflect net surplu5 expendrture of £549,235 12023 £78.1961 before taking account of rhe revaluatlon of investments and acttsarial adjustments to the defined benefit scheme. The increase in value ol investments was £135,58912023 £228,759 decrea5el reflecting the impact of the restructure of Investment. Incorne lor the year was El.205,110 compared with £981,432 in the previou5 year. Interest and dlvidends for the year were £53,607 compared with £66.833 in the previous year. Both the current tradinE environment and the current public sector funding climate remain challengin8. Overheads for the year weie £1.254,345 compared with £1.059,628 in the prevlous year, an intrease of 18.38% Baln¢e She re8ard5 balarKe sheet strength. the Charty's net assets ot 31 March 2024 amounted to £2,395.372 compared with £2,314.018 at 31 March 2023 Ithe increase of £81,354 being the surplus expendlture for the year of £49,235, the increase in market vilue of our inve5trnent portlolio of £135,589 and an actuarial adjustment to our defined pension scheme lbility of £5,000). At the two year ends, the total assets comprised 2024 2023 Tangible fixed assets and investments Bank balances and short term deposits I71.754 326A05 2,587,409 240,200 Total nei assets 2,395372 2.314,018 Forecastsfor Flnonci•l Vearto Ylst March 2025 At their board meetin8 on l May 2024 the Trustees approved a deficit budget for the year 2024-25 of -£180,690 (forecast income £1,027,039 and lorecast expenditu £1,207,729I. Based on the track record over recent years we expect to be able to éeliver an improved performhnce through a combination of new senfice development, increased income and careful manaEeffnent of costs. Notwithstanding, It 15 Still expected that there will Still be a signihcant call on reserves this year which remains in line with the Charitls Use of Reserves policy At preseni. however, the Charity continues in excellent financial health.
Age UK Bolton Report of the Trustees Forthe year ended 31 March 2024 Rqlstered charlty number 223240 The Square 53- 55 Willor Square Bolton BLI IRZ Honorary Pre¥dErt Hi5 Worshipthe Mayor of Bolto John Cwper- Chairrnan David Smart marga Roth¥¥ell Emma Wood Andrew Morga Dr Amn Kaltst Rurrt Ce(il- HoMraryTrea5urer Darren aar Stephen Srnart Ire%gned 31 Juty 20241 (apile 19July20241 lappinted 29Juty20241 (apF1nIed IS Juty 20241 Coundl Represert•tiwt Cllr Susan basne5 LauTeh McKechnie Suzanne Hilton Ilrom l ALWSt 20241 110 31Juty20241 Xeinadift Audr( limited IQO Barbiiolli Square Mancheller M2 38D Lloyds Bank Boiron BLI ID8 Brown Shipley Private Banking 3 Hardman Street Manthettef frA3 3HF fjmrnlng docurnent ge UK Boknn isan UnlOrpOrated #ssoclion gOved bya constitutlon. UK Bolton's Board of TnJ5tee5 the Chairl is nOm)a1 elected on an anmial basi5 at the Annual Gerwal Meeting. TheTrustees should live or work In Bolton. The aoard also has the power to to-opt a limrted number of members. New Trv5tee5 are sUPNted through an Indfvldual induction process InCding detsils on their respDn5ibilities as Truses and are encouraged to meet staff. volunteers and PEople use oursenrftes. The 8oaTd of Tru5tee5 usually rneet5 ilp to six times peryear and is responsible for the 8o¥ernance of the tsrgani5ation. Decision5 on the day to day operation of the Charfrty are taken by the Chief Executwe and the senior rnanagement of the organtsation. The &)ard receives regular repDrts from the ch Executive on owatlonal matters and from the Honorary Treasurer on financial perfornwn¢e. Theso include inter alla-. Polirydeveloprnent and review Organisational wltIeS gnfft3nt0ryanisatk3l cha Risk rdentification. mafta8ement
Age UK Bolton Report of the Trustees For the year ended 31 March 2024 22 Structure• 8ovemance and managemettt l¢ontlnuedl Related party The net profits of the company Age UK Bolton Enterprises Limited are paid over to the Charity UK 8oltgn under the current United Kingdom grft aid legislation. 2.3 Publ1¢ bentfft We have referred to the publlc benefit guidance contained In the Ch3rity Comrni55ion'5 Eeneral guidance on public benefit when revlewing OUT objeetive5 and in planninE our luture actwities. The aims ol Age UK Bolton are underraken specificalty io ensure the charitabk oèiects meet the public benelit iequiiement and ihe Charities Act 2011. 2.4 StatemertofTrnstee5' Responslbmttles The Trustees are responsible for preparinE the linancial ststement5 in accordance wlth applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generalty Accepted Praciicel. The law applicable to charitie5 in England & Wale5 requires the Trusiees io prepare financial stèternent5 lor 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 of the Charity for that peritsd. In preparinÉ these financial statements. the Trustees are QuIred to.. Selett Suitable accounting policies and then apply them consistentlv.. Observe the rnethods and principles in the Charities SORP 2015 IFRS 1021,. Make judgernents and estimates that ère reasonable and prudent., State whether appliiable ac¢ountinE standèrds have been followed,. and Prepare the financial statements on è goinR concern basis unless it is inappropriate to presume that the Charity will coniinue in business. The Trusrees are responsible for keepine proper ¥ccountin8 reco¥ds that disc105e with reasonable accuracy at any time the financial position ol the Charity ?nd enable them to ensure that the financial statements comply with the Charities Act 2011. the Charitie5 IAccounts znd Reports) Regulations 200È and the provisions of the trust deed. They 3re a150 responsible for saleguarding the assets of the Charity and hence for takin8 reasonable Steps for the prevention and detection ol fraud and The systems of internal control are designed to prDvide rèasonable, but not ab501ute. rea5sur?nce against rnaterial misstatement of loss. Internal ttsntrol processe5 irnplernented by the Trustee5 include AgreÈment of p<ilicy and service developrnent objectives by Trustee5,' An annual budget approved by the Trustees.. Regular consideration by the Trustees of financial results Includin8 wariènce from budgets and forecasts.. Delegation of authority to appropriate levels of management,. and Identrficatlon and management ol risk. On behalf of the Trustees.. John Coo Chairman Rupert Cecil HonoraryTreasurer 5 December 2024
Age UK Bolton Independent Atjditor's Report to the Members For the year ended 31 March 2024 We have audited the financial staiements of Age UK Bolton (the 'Parent Charitable Company'l and it5 subsidiary (the 'Group'l for the year ended 31 March 2024 which comprise the Consolidated Staternent of Financial Activities, Consoldiated Balance Sheet, Charity Balance, ConsolidatÈd Statement tsf Cash Flows and notes to the financial statements, includint a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, Including Financial Reporting Standard 102 The Financial Reportinz Standard applicable in the UK and Republic of Ireland (united Kingdom Generally Accepted Accounting Practicel. In our opinion the finan£ial statements. give a true and fair view of the state of the Charitable Company's and Group's affairs as at 31 March 2024 #nd of ils Income and expenditure. for the period then ended.. have been proper prepared in accordance with United Kingdom Generalfy Accepted Acctsunting Practice., and have been prepared in accordance with the ¢equirements of the Chafitv&s Act 2011. Basts for oplnlon We conducted our audSt in accordance wilh International Standards on Audr(ing IUKI 11&45 IUKII and applicable law. Our resprjnsibilities under those standards are further described in the Auditor's resptsnsibilitie5 for the audit of the financial statements Sect of our report. We 3rÈ Independeni of the Charitable Company in accordance with the Èthical requirements that are relevant to our audit of the financial $taternents in the UK, Including the FRCS Ethical Standard, and we have fulfilled our other ethical resptsn5ibilitie5 in accordance with these re4uirÈments. We beIve that the audit evidence we have obtalned is sufficient and appropriate to providÈ a basis for our opinion. Concluslons Yelatin8 togoin8 ¢oncern In auditing the financial statement5. we have concluded thai the Trustees, use of the going concern basis ol ac£ountlng in the preparation of the financfr31 statements is appropriate. Based on the work we have performed, we have not identrfied any mèterial uncertainties relaiinÉ to events or conditions that. Individually or collectively, may casi significant doubt on the Charitable Ctsmpany's ability to continue as a grjing concern for a period of at least twefve months from when ihe financial statements are authorised for issue. Our responsi-11t1eS and the responsibilit*s of the Trustees with respect to goinE toncern Bre described in the relevant section5 of this report. Other tnf¢rnwtion The Trustees are responsible for the other information. The other information comprises the informatw)n irtluded in the Trustees. report otherthan the financial statement5 and our auditorfs reportthereon. Our opinion on the financial statement5 does not cover the other information and, eNcept to the exlent otherwse explicitlv slated in our report, we do not expres5 any form of assurance conelusion thereon. In £onneetion with our audit of the financ1 statements, our responsibility is to read the other information and, IA doin8 50, consider whether the other inlorrnation is rnaterially Inconsistent with the financal statement5 or our knowledge obtained In the audit OT Otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material rnisstatements, we are required to determine whether there is a rnaterial misstatement in the financiHI 5tatetnerbtS OT a material mssstatement of the other infcrmation. 11, based on the work we have perfoirned, we conclude that there Is a material misstatement of this other tnformation. we are reqUId to report that fact. We have nothin¥ to report in this regard. Matters on which we are requlred to report by extemlon We have nothing to report in respett of the followin8 rnatters in relation to which the Charitie5 IAccounts and Reports) Regulation$ 28 re4uire us to report to you if. In our opinion-. the Information given in the Trustees, report is inconsi5teTrt In any material respect wilh the fin¥ficial staternents- or sufficient accounttrng records have not been kept,. or the lin?nci31 statements are not in agement with the actovntin8 records and returns.. or we have not received all the irbforfflation and explanations we requ1 for our audit.
Age UK 8olton Independent Auditor's Report to the Members (continued) For the year ended 31 March 2024 ResponsibltIeS of Tru5t*s As explained more fulty in the Statement of Trustees. Responsibilities set out on pa8e 6, the Trustees are responsible for the preparation of the financial 5tatement5 and for being satisfied that they 81ve a true and fair view. and for such intern31 control a5 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstaiement. whether due to fraud orerror. In preparing the financial siatemenis. the Trusiees are responsible lor 3ssessing the Charitable CornpanTrl5 ability to Continue a5 a going concern. di5c105ing, a5 applic3ble, rnatters related to going concern and using the going concern basi5 of accounting unless the Trustees either Intend t¢ liquidate the Charitable Company or to cease operations. or have no realistic alternètive but to do $0. Auditorfs responslbllltles for the audlt of the Ilnandal statements We have been appointed as auditor under Section 144 of the Charitie5 Act 2011 and report in accordance with the Act and Televant regulations rnade or havin8 effect thereunder. Our objectives are to obtain reasonable a$5urance about whether the financlal stètrments è$ 3 whole are free from material misstaternent, whether due to fraud or error, ènd to issue an audi(or's report that includes our opinion. Reasonable assurance s a high level of a55urante, but is not a Euarantee that an audit conducted in accordance wlth ISAS IUKI will always detect rnaterial misstatement when rt exists. Misstatement5 can arise from fraud OT error and are consided material if, individually or In rhe a&ggate, they could reosonably be expe<ted to influence the economic decisions of users taken on the ba515 of these fitbancial staternents. Irregulorilles. in¢ludin8 fraud. are instances of non-compliance with laws and regulations. We des18n procedures in line wK(h our responsibilities. outlined above. to detect material misstatements respea of irregvlorities. Includin8 Iraud. The extent to which our procedures are capable of detecting irregularilieg. includin8 fraud is detailed below.. Identlfylng and assessing potenilal rfsks related to irregulariliÈs In identifying ond a55e55ing risk5 of rnaterial rni55taternent in respect ot Irregularities includlng fraud and non-compliance with laws arbd regulations we have considered the following.. The nature of the industry and sector, control envtroThment and business performante includin8 the Charitable Cotnpany's remuneration policies.. Results of the enquirie5 of management about theirown identification and assessment of the risk5 of irregularrties.- Any matter5 we have identified haviD8 obtained and reviewed the comparry's documentation ol their policies ènd procedures relatinB to.. idenirfying, evaluating and cornptying with law5 and regulations and whether they were aware of any Snstsnces of non. compliance.. deierting and respondin8 to the risks of Iraud and whetheT they have knowledge of any actual. suspected or alleged fraud,. the internal controls established to mitigate risks ol fr8ud or non<ompliance with laws and regulations. the matters discussed among the audit engagement team regarding how and where fraud mlght occur in the financlal Statements and any potential Indicaiors of fraud. A5 a resuh ol these procedures. we considered the opportunities and incentives that rnay exist within the or8anisation forfraud and identilied the greatest potential for fraud in the followiri8 areas.. income recognition. In common with all audits under ISAS IUKI, we are als0 required to perform specific procedures to respond to the risk of management override. We also obtained an understandin8 of the legal and regulatory frameworks thai the Charitable Company operaies in, focusing on provisions of rhose laws and regulaiions that had a dirett effect orb the determination of rnaterial amounts and disc105ures in the financial statemeDt5. The ey lèw5 regulations we con5idefed in this Conte Included UK Companies Act. Charr(ies ACL Health and Safety Laws and Environmental Regulations. In addition, we consldered provlsions of oiher laws and regulations that do not have a direct effect on the financial ststement5 but compliance with which may be fundamental to the Charitable Company's ability to operate or to avoid a material penalty.
Age UK Bolton Pa8: Independent Auditor's Report to the Members (continued) For the year ended 31 March 2024 Audit responsè to risks Identwled Our procedures to respond to risks illentified included the followin8'. reviewing the financlal statement disclosures and testing to supportiThg documentation to assess compliance wrth wovisions of relev3nt lJws and TegulatiOll5 de5¢Tibed as having a dI£t effect on the fInarla1 statements.. enquiring of mènaBement concernin8 actual and potentlal litigation and claims.. pertorming analytical procedures to identify any unusual or unexpected relation5hip5 that may indicate risks of rnèterial misstatemenr due 19 fraud.. reading minutes ol meetings of those charged with Eovernance and reviewing corSpOndence with FIMRC,. and iffi addre55in8 the risk of fraud through management override of controls. testing the appropriateness ol journal entries and other adiustment5', a55e55ing whether the judgements rnade in rnaking accounting e5timatÈs arè indicative of a potential bias,. and ev3luatlnB the business rationale of any significant transactioThs that are unusual or outside the normal COUTse tsf bu5ine55. We also communicated relevant identified laws and regulatp)ns and potential fraud risks to all engagernent team members including internal specialists, and remalned alert to any Indications of fraud or non-compliance with law5 and Tegulations throughout the audit. No Insiances of material non<ompliance were identified. However. the likelihood of detectng irregularitie5, intluding fraud, is limited by the ifiherent difficulty in detecting irregularities, the effectlveness of the entity's controls. and the nature, timing and extent of the audit procedures performed. Irre£ularities that result from Iraud might be InhentlY more difficuli to detert than irregularities that result from error. As Èxplained above. there is an unavoidable risk that material misststernents may not be etected, even though the audit has been planned and perforrned in accordance with ISA5 IUKI. A fijrther descrIpt)n of our responsiblllties for the audit ol the financial statements is located on the Financial Reporti Councifs website at.. https../lwww.frc.orc.uklaudltorsresponsibilities. This descriptlon forms partof our audltorfs report. Use ol Iwr report This report is made 501ely to the Charity's Members, as a body, in accordance wilh Port 4 of Charities IAccounts and Reports) Regulations 2¢)08. Our audit work has been undertaken so that we might state to the Charity's Members those matters we are required to stsie to them in an auditorfs report and for no other Purlse. To the fullest extent permitted by law, we do not accept or assume responsibility to ènyofte other than the Charity and the Charivs members as a body. for our audit work, for this report, or for the opinlon5 we have formed. Michael Garrett (Senior Statutory Auditor) For on behaff of Xein•din Audit Limited 100 Barbirolli Square Manchester M2 3BD 5 December 2024 Xeinadin Audit LiTnited is eligible for apwintment as audiior of the charity by virtue of its eligits'lrty for appointment as auditor of a company under Section 1212 of the Companies Act 2006,
Age UK Bolton Page In Consolidated Statement of Financial Activities For the year ended 31 March 2024 Unrestrlcted Funds 2024 Re5tri¢ted Fund5 2024 Total Fund$ 2024 Total Funds 2023 Notes INCOME Inromefrom dont7tions gndlegt7¢ies Othertmdinl ltt¢ame Home Services Home Instead 25,157 445 25,602 14,645 186,111 2,558 186.111 2.558 155,911 274 Investment irt¢ome $1,607 53.607 66,833 Incomefrom choritoble ortlvltles Bolton Council- Befriendingl5UPPOrt services to older adults Bolton NHS- CCG- Falls Prevention Service Bolton NHS- CCG- Home from Hospital Bolton NHS- CCG- Adrni55ions Avoidance Ageing Well Centre OthÈr income Other gT3nts 52.016 144,844 269,614 53,453 21.774 5A52 381,537 52.016 144.844 269.614 53,453 21,774 SA52 390.079 50,995 163,586 245,369 93,714 16,812 42,947 130,346 8,542 Total income 1,196.123 8,987 1.205,IJO 981,432 EXPENDITURE Expenditure on rnklngAunds Fundrjising troding.. cosr olgoods sold& other costs home Services 182.572 182.571 146,537 Expendlture on chorltoble octivities Preverbtative servi£es Fa115 prevention servlce Horne Irorn h05Pltal servite Admissions Avoidance Other Services Ageing Well Centre Governance costs 119,701 217,667 288,513 104.680 202.477 117.455 13,150 119.701 217.667 288,513 104.680 202,477 125.585 13.150 108,082 163,585 244,620 93.714 181,973 114,367 6,750 8.130 Total expenditure 1,246,215 8,130 1,254.345 1,059,628 Netinwme leJrpendilur¢} tsnd net movementln funds beJore exceptiont71 rost51 qt7ins 0ndlo¢S (>n lrtvestments 0*70 octuoriol90ins ond ktsses on pensioA s¢heme 150.0921 857 149,2351 178.1961 Net gain5 arid10$5es on investments A¢iuaria1 gain Ilossl on defined benefit pension scheme 135,589 135,589 1228,7591 14 15,0001 {s,L)I 15,0001 Net movement In fund5 80A97 B57 81,354 131k,9551 Total fund$ brought forward 2.083,291 230,727 2.314.018 2,625,973 Total lund$ ¢•rried foNiard 12 2,163,788 211,S84 2,395.372 2.314.018
Age UK Bolton Page 11 Consolidated and Charity Balance Sheets As at 31 March 2024 Group 2024 Charlty 2024 Notes 2023 2023 Fixed assets Tangible asset5 Inve5trnents 222.597 2,349,157 230,727 2.356,682 222.597 2349.159 230,727 2,356.884 2.571,754 2,587,409 2,571,756 2,587,611 Current assets Debtor5 Cash at b8n and in hand Short term deposits io 123,723 268,226 58,179 51,263 196,428 43,772 206.079 184,014 S8,179 60,567 174,083 43.772 450.128 291,463 448,272 278.422 Creditors: irnountsfallin¥ due within one year li 1626,5101 1564,8541 1624,6561 1551,8151 Net ¢urrent liabilili•s 1176.3821 1273.3911 1176.3841 1273,3931 Net assets tx¢ludifftz ptnsiom liability 2.395.372 2,314,018 2.595.372 2,314.218 14 et assets Indvdlng pension Ilablllty 2.395,372 2,314,018 2.395,a72 2,314,218 Represehted by.. Restrirted income funds 12 231,584 230,727 231,584 230.727 Unre$trirted iA¢ome funds funds retained within non- charitable subsidiary General fund5 Desi8nated funds 12 12 l2 2,029.416 134,372 1,948,919 134.372 2.029.416 134,372 1,948,919 134,372 UnrestrictedlLnLls excluding pension lbIlity 2,163,788 2,083.291 2,163,788 2,083,291 Total funds excluding pension reseNe 2,39S.372 2.314,018 2,395.372 2,314,018 Pension reserve 12 Total Charlty funds Iz 2.195.372 2,314,018 1,395,372 2,314,018 The financial statements on pzges 10 to 22 were approved by the Board of Trustee5 and signed on its behall by.. John per Chairrnan Rupert Cecil Honorary Treasurer 5 December 2024
Age UK Bolton P3ge 12 Consolidated Statement of Cash Flows For the year ended 31 March 2024 2024 2023 Net cash flow from operating actlvltl¢s 156,9091 156,312 156,9091 156,312 Cash flow trom Investln8 artlvltles Pur£h35e of investments 11.421.588) 1.564,702 12.631,1671 2.501,541 Di5P05a15 of investments Net cash Ilow from invtstinz 4rtiviti•S 143.114 1129,6261 Chan8e In ¢ash arhd ¢)sh eqyiv•lent5 in the year 86.205 26,686 Cash and cash equb¥alents brought fort¥ard 240,21XI 213,514 C35h and cash equlvalents earrledl¢4rward 326AD5 240,200 Cash and (ash equl¥aleMS consllls of.. Cash at bank and in hand 268.226 196,428 Short term deposits 58.179 43,772 326.405 240,200 Net cash flow from operating activitles Net movement in lunds before exceptional costs. eains and10s5e5 on inve5tment5 and èctuarièl gains and losses on pension scheme Depieciation Pension scheme adjustment Increè5e In debtors Increase In cretlitors 149,2351 8,130 15.(M)D 172A60 61.656 178,1961 8,296 15,0001 117,9431 249.155 156,9091 156.312
Age UK Bolton P3ge l! Notes to the Financial Statements For the year ended 31 March 2024 GeMr41 informatbon e VK Bolton is a registered Charity Icharity number 2232401 and is an unincorporated association 8overned by its constitution. The Charity constitutes 3 pvblic benefit entity as defined by FR5 102. The financial 5tatemeThts have been prepared In accordance wtth Accounting and Reporting by Charities.. Statemerit of Recommended Practice Zpplicable to charities preparing their accounts In accordance with thÈ Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 issued In October 2019, the Charities Act 2011 and UK fjenerally Accepted P¥actice a5 it applies from l January 2019. A¢cwntin8 policies Basls of prèp•ratlon of financial statements The financial statements prepared on 3 Eoine concern basis under the historical cost convention, modified to include Certain rtems at fair value. The fiTh3ncial statements are prepared in sterling which is the lunctional and presentational currency cf the Charity. The significani accounting policie5 applied in the preparation of these financial statements are Set out below. These policies have been tonsisteDtly applvèd to all years presented unless otherwise ststed. Consolidatlon These financial statement5 consolidate the results ol the Charity and rt5 wholly-owned subsidiary, Age UK Bolton Enterprises Lirnited which Is owned by the Charity by way of the Trustees as nominees. All intra-group transactions are eliminated on consolidation. A separate Starement of Financial Aciwities, or Income and expenditure account, for the Charity itself 15 not presented because the Charity has taken 8dvants8e of the available exemptions. Income All incorne is directty apportioned to the relevant category of income ès disclosed on the face of the Statement of Financial Activitles. Grants Grants. Including grants for the purchase of fixed assets, recognised in lull in the Statement of Financial Artivities in the year in which they are receivable. except for those grants which are for o specific future period. In whith case the relev3nt arnount 15 eferred to that period. Investment income Income from investment5 15 included in the Statement of Financial attivitie5 in the year in which it Is fecelvable. otherAIKome Other income Ss recognised in full in the Statement of Financial Attlvities in the year in which it Is receIVab with the exception of fundraising events where income is recognised by reference to the event date. Oeferredincome Income 15 deferred on fundraising events where the actual event has not taken place as atthe year end. Legocies Legac$ a recognised upon receipt of arnounis due. Expendlture Liabilities are reco8ni5ed as expenditure as soon as there is a le8al or coThstruJive obligation committiTrg the Clrity to the expenditure. All expenditure 15 accounted loi on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure on rai51ng funds comprise the costs associated with attracting voluntary income and the tosts of trading for fundraising purposes. Expenditure on charitable activities compri5e5 those costs incurred by the Charity In the delivery of Its attivities and service for its beneficiaiie5. It includes both costs that can be allocated directly to such a£tivlties and those costs of bn indirect nature Deceary to support ihem. Governance costs comprise all costs involving the accouniability of the Charily and its compliance with regulation and Bood practKe. These costs include Charges related to the Independent examinatvjn and legal fees together with an apportionment of overheads and support costs.
Age UK Bolton PagE 14 Notes to the Financial Statements For the year ended 31 March 2024 Expenditur• l¢ontlnuedl All costs are allocated between the expenditure cate8ories in the statement ol Financial ActNities on a ba51S to reflt the use of the resource. Cost5 relating to a partictrl3r activity are allocated directly, others are apportigned on an appropriate basis e.g. Floor area or estimated usa8e as set out in Note 6 to the linancial statements. F5nanclal Ilabllllles Financial liabilitie5 and equity Instruments are classified according to the 5ubstsnce of the tontractual arrangement entered into, as either financlal assets, finan¢ial liabilities or equity instruments. An equity instrument is any contract that evidences 8 residual interest in the assets of the Chariiy after dedu¢tin8 all of it5 financial liabilit. Flxed asset Investments Investments are stated at market value. as at the balantÈ sheet date. The Statement of Financial Attivities includes the net gains or losses irising on revaluation and disposals throughout the year. The investments are held a5 a reserve fund and are not available for funding general o¥erheads. All gains and losses are taken to the Slatement of FiThanci31 Activltles as they arise. Realised gains and losses on inve5tTnent5 are calculated a5 the difference between sales proceeds ènd opening market value or cost in the year. Unreali5ed Eains and losse5 are calculated as ihe dilference between the fair value at the year end and their carrying value. Realised and UnalISed investmeni gains and1055e5 are combined the Stètement of Finantial Activities. Tangible tlxed ass5 and depreci•tion Exnditre on fixed assets has been c3pitalised and included at Cts5t on the Balance Sheet ès Tangible Fixed Assets. Any related grant5 are shown ès resiricied hxed asset fund5 which fund future ¢Jepreciation of ihe èssets. Fixed a55ets are depre(iared so as to write off eost or valuation, less at1pated residual value. over their anticipared useful lives, on a straighi line basi5, a5 follows.. Long leasehold property Equipment 25 to 33.33% Fund accountlng Unrestricied funds ¢ornpri5e accumulated surplvses and deficits that are available for use a¢ the dlxretion of the Tru5tee5 in furtherance of the general objectNes of the Charity and which have nor been designèied for other purptsse5. Designated funds comprise unrestricied fvnd5 that have been set aside bythe Trustees for particular purposes. Restricted lund5 are funds which ale to be used in accordance with specifii restrictitsn5 imposed by the donors or which have been raised by the Charity for particular purposes. The alm and use of each restricted fund is set out in the notÈ5 to the financial statements. The fixed 35set fund balance represents future depreciètloTh of assets ori8inalfy purchased USillE restricted fuTrds and which the donor specified must be ret4ined. Debtors •nd rredltors recelvablelpayable withln vne year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactM)n prlce. Any losses èrising from impairment are recognised in expenditu. TaxatSon AEe UK Bolton Is a registered Charty has no lièbilities to taxation. It 15 able to recover taxation on Gift Aid and Investment Income. The whole ol the taxab profits of the subsidiary. Ase UK Bolton Enterprises Limited are donated to the Charity. Ptnsion ¢wts The Charity contributes to the A8e UK Retirement Benefits Scheme, which is a defined benefits scheme, at rates set by the Scheme Attuèry and advised to the Board by the Scheme Administrator. The Scheme is a multi employer pension scheme.
Age UK Bolton Notes to the Financial Statements For the year ended 31 March 2024 Pensron costs Irontinuedl In respect of the Scheme. assets are measured usiry market values and Ilabilities are measured usin8 the projetted unit èctuarial method and are discounted at the current r?te of return on a high quality corporate bond of equivalent terrn and currency to the liability. Any Increase in the present value of the liabilities expected to arise from employee service in the year is charged against net income. The expected return on assets and the increase during the year in the present value ol liabilities rising from the passage of ttme are included within net income. Actuarial gains and losses are fecognised within the net movement of funds. The Scheme's net deficit is reco8nlsed on ihe balance sheet. The Chatity also olltrs a stakeholder pension arran8ernent to Staff. The pension cost charge represents contributn5 payable bythe CharSty In respect of the year. Llquid r*Sr(e$ Llquid resources represent fvnd5 held on deposit with reCniSed banks and building societie5. Golng concern The financial statement5 have been prepared on 3 going concern basis as the TrusteÈs believe that no materi31 uncertainiies exist. The Trustees have considered the level of lunds held and the expected level ol income and expentliture for 12 months from authorisin8 these financial statements. The bud8eted income and expenditure is sufflclent with the level of reserves lor the Charity io be able to continue as a going concern.
Age UK Bolton Page 16 Notes to the Financial Statements For the year ended 31 March 2024 Commtr¢b•l tradin# operations The wholly-owned tradi subsidkry, Age UK Bolron Enterprises Limited, provided tailor-rnade insurance products to meet the needs of people in later life. This servite ceased In March 2018. The provision of Home SeThices commenced in March 2019. A surnmary of ihe trading re5ulrs is shown below". Summary profft •nd loss •¢tount 2024 2023 Turnover Other incorne Adrninistrative expenses Donation to parent £ompaftv 156.185 1.016 1147.2891 19,9121 I2,795) 160731 Retained profit for the year The assets and Ilabiliries of the subsidiary were.. 2024 2023 Debtors Cash at bank Creditors.. amounts fallinz due within one year 18,622 84.212 1102M21 20.353 22,345 142,6961 Net a55et5 Investment Sncorne 2024 2023 ividend5 from listed UK inve5trnents Bank interest re£eivable 51,607 66.833 53.607 66,833 N•t movement rnfurKIs Group 2024 CharSty Z024 2023 2023 Net movement in funds 1$ Stated after char¥ing'. Depreciation of tanÉible fixed ¥55ets Auditor's muneratio Independent e¥amination 8,130 13,150 8.296 B,130 9.9 8.296 8,203 7.453 Taxation The Charity is exempt from tax on its charitable actNities. Trustees remuratIon No Trustee received any remuneration from the Charity during the year. No out of pocket expenses were reimbursed to anyTrusiee in either the current year orthe previous period.
Age UK Bolton 17 Notes to the financial statements For the year ended 31 March 2024 6 Expendliure o o fjo¥ern•n¢* costs ma8ement & Adrnini5tratlon t r AKeinz Well Certre Other $er¥ltes Adrni55iOnS Avoidance Home from hospital ser¥rce Falls prevention 5eryice Prevtntstive W s•r¥ice$ Home Servlces12018 Insurance ptodvrt$ & seNi¢esl Basls of •ll¢x•tion o o
Age UK Bolton P,Ige 18 Notes to the Financial Statements For the year ended 31 March 2024 Anatysis of staff costs 2024 2023 Salaries and wages So¢1 security costs Pension c05ts- exectstive Pension c0srs- siakeholtler 969,606 891,123 57.242 30.111 5,580 35304 s38 1.078.745 984,056 The average monthly number of employees, analy5ed bylunction, were.. Chief executive Services Administraiv)n Home serviees 22 2e 16 15 42 Tanzlble flmed •ss¢ts Long leasehold l•fid & tIldIng$ fjroup •nd Charity Ewlpment Tot•1 At l April 2023 Additions Di5posa15 406,501 66.299 472,800 AE 31 March 2024 406,501 66,299 472,80Q Depre¢i•tlo At l April 2023 CharEe lor the year Disposals 175,774 8.130 66,299 242.073 8,130 At 31 March 2024 183.904 66.299 250.203 Net book value At 31 March 2024 ZZL597 222,597 At l April 2023 230,727 230,727 The cost of long leasehold land and buildings includes £4.000 in specT of laftd. Flxed asset In¥estment$ Share5 Srb 5ubsldlary ¥nd¢rtskln8S UsEed In¥e5tments Total C05t or market value At 31 March 2024 2,349,157 2,349,IS9 At l Aprll 2023 2,356.882 2,356.8S4 Shafes in subsldlary undert•kinAs The trading company. A8e UK Bolton Enterprises Llmited, is a wholly owned subsidiary of the ChèrY(v which owns 100% of the Issued Share capital of the companv. Age UK Enterprises Limited was established to support the Charity and any profits earned are donated to the Charlty annuallv.
Age UK Bolton Pag: 19 Notes to the Financial Statements For the year ended 31 March 2024 Fixed asset In¥*#ments Iwnt5nuedl In¥estmentszt market value 2024 2023 Group and Ch•rlty At l April 2023 Additions Disposals Change in market value 2.356,682 2.455,815 IAZI,5BB 2.631,167 11.564.702) 12,SOJ.5411 135,589 1228,7591 At 31 March 2024 2,349,157 2,356,682 All investments are carried at their market value. Investment in equities and lixÈd interest securities are all traded in quoted public markets including the London Stock Exchange. Holdlngs in commtsn investment fund5, unrt trusts and open ended Inve5trnenr companles are at bid price. A55et saks and pvrEhèse5 3Te recognised ai the date of trade at cost Ithat is their tran$3¢tion valuel. IJIBO.956 572N08 427,895 1,370,993 536,555 49,556 46,806 96,314 256,458 Bond5 Structured products Gold and other £ommodK(ies Real estat Othèr investments piiv3te asset5 Iy2 104.763 72.593 2.349,157 2.356,682 10 Debtors Group 2024 Charlty 2024 2023 2023 Trade debters other debtors and prepoylrents Amounts owed by group undertakings 930al 29.892 46,802 4.461 93.231 11,870 100,978 30.910 29.657 123,723 51.263 206,079 60.567 11 Creditors.. Arnountsfallln8 due wlthln one year Group 2024 Charity 1024 2023 2023 Trade creditors Taxation and social security Other creditors and accruals 82,943 55.992 487.57$ 46,322 15.997 502,535 82.943 46.784 494.929 34,033 15.997 501,785 626.510 564,854 624,656 551,815
Age UK Bolton Pa61 Notes to the Financial Statements For the year ended 31 March 2024 12 Movement in fvnds- Group and Charity alance at l Aprll 2023 lance •t 31M•rth 2024 Income Expenditure Transfer Restrirted funds.. Learning ndArtwitse5 Centre Fixed assets 230,727 8,987 18,1301 231,584 Tot•lr¢strlrtedfvnds 230,727 8,987 18,1301 231,584 Unrtrtri¢ted funds: Otherchoritoblelunds Designotedfunds- property mointenonte Desiqnotedfvnds- restructuring 1,948,919 87,565 46,807 1.331.712 11,251,215) 2.029,416 87,565 46,807 Tot#lunrestrirtedlunds excluding penslm reserve 2.083291 1.331,712 11,2512151 2,163.788 Pen$lon reserve Total fund5 2.314.018 1,335,699 11254,34SI 2.395372 Purposes of restrirted funds All of the above represent the principal sources of funding For the Learning and Activits Centre land and buildings. In the opinion of the Trustees, these funds have been applied entirely to the purposes for which they were received. Oepreciation on the land and buildings acquired with these funds has been allocated to thls fund In the current ye8r and will continue to be in future years in aC¢OTdan¢e with the accountinE policies of the Charity- 13 Analysi5 of total funds General Funds Desnated Funds Restricted Funds 31 Marth 2024 31 March 2023 Tangible fixed assets Investments 222,597 222.597 2,349,157 1176,3821 230,727 2,356,682 1273.3911 2,261,S92 1185,3691 87.$6S 8,987 Pension reserve 2.076.223 87,565 231,584 2,39S,372 2,314,018 14 Pension s¢hemes 18t UK Retirement Benefft$ 5¢heme The ChOTlty rtItipate5 in a multi employer defined bEnefits pension 5(heme, the Age UK Retirement 8enelit Scheme (the '5cheme"l. The 5cherne is closed to new entrants and to future benefit accrual from 30 November 2008. A full actuarial valuation of the Scheme was carried out as at 31 March 2022 and the resvtts ol this valuation have been updatrd 10 31 March 2024 by a qualified independent actuary. The expected employer contributions for the year ending 31 March 2024 are £2,082.000. These contributions include an allowance foradministration expenses and PPF levies. The resuhs of the latest funding valuation at 31 March 2022 have been adjusted to the balance sheet date taking account of experience over the perKJd since 31 March 2022, changes in market Conditions and difference5 in the financial and dernographic assumptions. The present value of the defined benefit Otsligatn was measured using the Projected Unit Method.
Age UK Bolton Pagp Notes to the Financial Statements For the year ended 31 March 2024 14 Penslon sth¢mes l¢ontlnu¢dl The principal a55umptions used to calculate the liabilities under FRS 102 are set out below 2024 2023 RPI Inflatn 3.20 2.40 NIA 3.25 2.45 NIA Rate of increase in salarres Pènsion increase5 RPI inflation subject to a minimum of 3% pa and a maximurn of SX pa RPI inflation svble£t io a mèximum 012.5% pa Oiscount rate for Scheme liabilities 3.70 2.10 4.85 2.10 Allowance has beeTr made for all mmbeTS to ex£h?nEe 80% of the maxtmum cash allowance available upon retirement. The mortality assumptions are.. S3P base tables projected by year ol birth as5urning future improvements in line with CMI 2021 core projections with a long-term rate of improvement of 1.25% pa. The assumed life expectant$ on retirement at age 65 a.. 2024 Ye•rs 2023 Year5 Life expertancy for male currently aged 65 Life expectanry for lemale currently aged 65 Life expectancy at 65 for male currentty aged 45 Life expettancy at 65 for female currently aged 45 86.70 86.80 88.80 88.10 90.20 go.io ge UK Retlremeni Benefits S¢hem Major categorie5 of scherne assets as a percentage of totsl assets 2024 2023 Equities Diversrfied Growth Infrastructure Mat£hing assets / bonds Cèsh 14.50 9.10 4.80 13.00 70.20 2.90 13.40 63.70 None ol the scheme's assets are invested in any property or other assets used by the employer. Mo¥*m•nt in surplus In the year: 5cherne a55etS 2024 Penslonllobllities 20Z4 2023 Net surplus Idefi<itl 2024 2023 2023 At l April 2023 Contribution5 by employer Interest on pension Ilabilities Expected return on scheme assets Benefits paid and expense5 Attuarial 1n5{10$sesI 195.1)00 266,000 6,000 1183,0001 1249.0001 12.000 17.000 6,000 I7,0) 17,OtKsl 19,0001 7.000 Iii,0001 173,0001 iio,fyJoi I5J} 10.000 63,000 IIMJoi 16,0001 11,0001 iio.0001 11,0001 At 31 March 2024 195,000 195,OLY) 1184.0001 1183,0001 11,000 12.000 The actual return on the scheme assets durinB the year was £9.00012023'. £7,000). In accordance with the rewrt Of the actuary, the surplus at 31 March 2024 and 31 March 2023 has not been recognised as an asset in the actounts.
Age UK Bolton Notes to the Financial Statements For the year ended 31 March 2024 14 Penslon schemes Iwntlnuedl The èmounts recognlsed In the St•temènt of Firwncial Actlvitles are as follows.. 2024 2023 Contributions Interest on pension scheme liabilities Expected return on 5£heme assets Benefits pald and expenses 16,0001 16,0001 7.000 17,DOOI 1,000 19.1>001 15JMJOI 15.0001 The amjfits rec(%nlsed In the Net Mo¥emeni In Funds •r• •5 follows: 2024 2023 Asset gains Ilossesl arising durinE the year Liability gain511055e51 arising durin£ the year Unie£ognised a55et rnovement I73,0) 63,000 5.000 11,0001 15.0001 15,OWI A8e UK Stakeholder Pension Stheme The Scheme commenced on l October 20013nd was rnode available to all ernployees who were not already members of the Age (JK Retirement BÈnÈfits kheme. 15 Firtanci¥l risk management objectr¥es and pollcles The company holds or Issue5 financial instruments in order to achieve three main objectives, being.. lal to finance Its operation5.- Ibl to manage its exposure 19 interest risks arisingfrom its operations and Irom rts sources of finance.. and Icl for irading purpgses. In addition. the cornpany has various other finarKial assets and liabilities such a5 trade debtors and trade creditors arising directly from the company's operations. Transactions in financial instruments resuk in the cornpany assurning or transferring to another party one or rn0 of the rin3nci31 ri5k5 described below. Interest rote rlsk The Company usually operate5 Wlth sufficient funds so that borrowings are seldom qUid. On any oetessary borrowing5 the corDpany would be exposed io fall value interest rate risk on its fixed rate borrowin85 and cash flow interest rate rlsk on bank overdrafts and loans. Credit rlsk Investments of cash surpluses and borrowlngs are made throu8h bank5 anLI compaTries which must fulfil c¥edf( ratin8 crr(eria approved by the Board. All customers who wish to trade on credit terms are subject to credit verificatioTr procedures. Trade debtors are reviewed on regular basls and provisw)n is made for doubtful debts when necessary. ljquidity risk The company manèges its cash and borrowin£ requirements in order to maximlse Interest income ond rninimise interest expense, whi15t ensuring the company has 5ufficvént liquid resources ro meet the operotlll8 need5 of the business. 16 Indemnlty Insuraftce Age UK provides insurance lor the Tru5tee5 and officers ol the Charity against liability arisifig from wron8ful acts In relation to the Charity. 17 Ultlmate ¢•ntrol There is nts ultirnate controlling party.