OpenCharities

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

2023-03-31-accounts

AGE UK HAMMERSMITH & FULHAM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company no. 01685692 Registered charity no. 289124

Age UK Hammersmith & Fulham

CONTENTS

Page
Reference and Administrative Information 1
Chair’s Report 2
Chief Executive’s Report 3
Trustees’ Report 5
Independent Auditor’s Report 15
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash flows 21
Notes to the Financial Statements 22

Age UK Hammersmith & Fulham

REFERENCE AND ADMINISTRATIVE INFORMATION

Age UK Hammersmith & Fulham is registered as a company and as a charity in England & Wales

Principal & Registered Office

105 Greyhound Road London W6 8NJ

Contact information

Telephone number: 020 7386 9085

Website address: http://www.ageuk.org.uk/hammersmithandfulham

E-mail address: info@ageukhf.org.uk

Trustees

Trustees in office from 1 April 2022 to the date of this report are as follows:

Robin Fawcett (Chair) Alistair Baxter (Vice Chair) Emmanuel Asamoah (Treasurer) Liz Baran Amanda Lloyd-Harris (resigned 16 May 2023) James Flitton Seema Odedra Andrew Lyons Alexandra Stainow

Chief Executive Company Secretary

Derec Craig Derec Craig (replacing A. Thompson)

Advisors Independent Auditor

Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

Solicitors

Bankers

Woodfords 11 Harwood Road London SW6 4QP Lloyds Bank plc 21-25 King Street Hammersmith London W6 9HW

1

Age UK Hammersmith & Fulham Chair’s Report

I am delighted to report that we have had an outstanding year.

Our income of £750,336 is the highest we have ever achieved. And we have more volunteers and staff than ever. These metrics have resulted in us being able to help more elderly and infirm people in the borough than ever before. And with Covid now being a distant memory, I am pleased to report that our Centre is once again a hive of daily activity.

We held our first Carol Concert at Brook Green church last Christmas. It was a tremendous success with a full church.

I am indebted to our very involved team of Trustees: they provide continuing help and counsel to our senior leadership team.

Councillor Amanda Lloyd-Harris has sadly resigned her trusteeship because of her increasing portfolio responsibilities. We shall miss her wise counsel and wish her well.

Robin Fawcett

Chair

2

Age UK Hammersmith & Fulham Chief Executive’s Report

The cost-of-living crisis has had an enormous impact on us all. But has affected older people more severely as they tend to have a relatively static income. We decided that our clients needed additional support to help them through the current situation and decided to reduce our lunch prices from £4.50 to £2, with the help of grants for several organisations such as Tesco and Hammersmith and Fulham Giving. In partnership with London Borough of Hammersmith and Fulham, we have distributed approximately £50,000 in grants to older people in the form of £200 towards their energy bills.

We established a warm hub at our centre, so that clients had a space to come and relax in a warm environment, whilst having activities to keep them occupied.

Whilst we continued to work in partnership with the London Borough of Hammersmith and Fulham and The Big Lottery, we initiated fresh and interesting ways to secure better health and independence for older people, and to promote images of a healthy and happier later life. We continued our partnership with the Royal Marsden, to encourage residents to get a take part in a health survey and lung scan to detect potential disease early where treatment can be most effective. And with the NHS NW London and London Borough of Hammersmith and Fulham to deliver a digital diabetes project to help those diagnosed with the disease to get online where support can be more effective. We worked with various local partners across Inner London and we delivered additional Digital Services in helping client access equipment, training and data.

Charity Shop

In partnership with Land Securities over several years, we have continued to sell donated goods at the W12 Shopping Centre in Shepherds Bush Green and have successfully renewed the lease for three more years. The donations from the public have been immense. The income generated from those sales are fed back into the spending on projects and activities for older people that helps to reduce loneliness and isolation. I would like to pass on my heartfelt thanks to the staff at Land Securities and the generosity of the public and local businesses, without whom our success wouldn’t be possible.

Fundraising

Our fundraising continues to grow, and we have participated in various fundraising events. This included our first Carol Concert, London Landmarks Half Marathon, London to Brighton Cycle Ride, Royal Parks Half Marathon and London Legal Walk. We also hosted a spring barbecue, which was well attended. It is important that we highlight the issues affecting older people and takes steps to reduce and mitigate the effects. By fundraising through events and activities, we can generate funds that can help to tackle the problem. I would like to thank the following organisations and individuals who have contributed to our fundraising efforts. The Charity of Sir Richard Whittington, Tesco Community Grants, Age UK, H&F Giving. Also, a special mention to Landsec, Betty Blythe & SWM Partners who were our Carol Concert sponsors.

3

Age UK Hammersmith & Fulham Chief Executive’s Report

Our key achievements

In a time of returning to the new normal of living with Covid-19, we have concentrated on engaging with clients to build confidence and adapting our services. During 2022/23, our key achievements have included:

Befriending

Befriending is an essential service at Age UK Hammersmith & Fulham. Many older people feel isolated and lonely. We try to alleviate this loneliness by providing emotional, practical and social support. Our clients are aged 50 and over; they have little or no contact with others and do not often leave their homes; they might be ill or disabled; and they might have non-acute mental health needs or lack confidence because of recent life-changing experiences.

We match an older person with a carefully selected and trained volunteer, who agrees to visit on a regular basis, usually once a week for about an hour or two. Befriending may simply involve popping round to somebody’s home for a cup of tea and a chat but may include helping an older person with small practical tasks.

Staying Independent – Practical Help

Through In-Touch Support, we also help our older residents with small practical tasks, such as:

4

Age UK Hammersmith & Fulham Chief Executive’s Report

Shopping Service

Older people can be less mobile and, without help, would not be able to do their shopping on their own.

We offer a fortnightly escorted door-to-door shopping service for people who could not otherwise do their own shopping. The trip includes a helpful, fully trained driver who can also help with heavy bags, and usually a volunteer escort to provide additional support.

Clients enjoy an increased sense of independence along with a little social engagement. Volunteers are also present to assist in running the shopping trips, carrying bags, and helping clients on and off the minibus.

Information and Advice

The cost-of-living crisis has been affecting us more than ever. With energy and food bills rising so quickly, it is important that older people are getting all the benefits that they are entitled to claim. Staying independent also means being able to make the right decisions for oneself. Issues such as managing money, minimising the impact of life-changing events such as the loss of a spouse or unexpected expenditure, keeping track of spending with a weekly budget, getting advice from peers who might be in a similar situation on switching services, sorting out paperwork – these are some the key concerns in later life. Therefore we were grateful to have received a grant from the Emmanuel Hospital Foundation to help more older people maximise their income.

Too many older people in the UK face poverty and financial disadvantage which prevents them making the most of later life. We hear from older people struggling to manage on their income or faced with unexpected bills.

We help them, through Information and Advice, to know their rights, and to make the best choices for themselves – from identifying benefits to which they are entitled to discussing options that help make later life at home more manageable.

Examples of success of the I&A service include offering support and tangible outcomes for clients in the areas of housing benefit, council tax, attendance allowance, and pension credits.

75% of service users are aged 60-80, 55% of service users are women and on average 62% are non-white British.

Combating Social Isolation - Digital Inclusion

We aim to:

We continue with several third sector partners across Westminster, Kensington & Chelsea and Hammersmith & Fulham to deliver the Digitall project with funding from

5

Age UK Hammersmith & Fulham Chief Executive’s Report

Imperial College Healthcare NHS Trust and CW+ which is the official charity of Chelsea and Westminster Hospital NHS Foundation Trust to further help reduce digital poverty and help clients access NHS services.

We were given funding for a new Digital Champions project in May 2022, which involves training volunteers to deliver digital lessons to older people. The funding was from Age UK and will last for 18 months.

Working with the Community

At Age UK Hammersmith and Fulham, we create opportunities for volunteers to participate and contribute to the community as active citizens.

Volunteering can benefit a variety of stakeholders, from the volunteers themselves and the organisations involving them to service users and the wider community.

Partnering in the Community

Working in the Borough for nearly four decades enables us to appreciate how helping older people requires many trusted members of the community to play a role in identifying people at risk and referring them onwards. These community members include GPs and their staff, district nurses, social care workers, people in faith communities, and neighbours and family members.

We are proud that Age UK H&F is seen to be a dependable and trustworthy organisation in the Borough. Our focus is on collaborating with partnership organisations to share learning and to ensure that we reach those older residents most in need and provide them with services that reduce loneliness and isolation.

Commitment towards an environmentally-friendly world is important to us and we are pleased to announce that alongside LBHF, we have replaced our inefficient gas boilers with new heat pumps. This will make us use less energy to heat our centre and thus reduce our carbon footprint. The Borough is bearing the cost of this work within the service charge. We hope to install solar panels soon which will have a positive contribution to the environmental impact of our service.

Finally, our work would not be possible without the dedication of our volunteers. Most of our outcomes and achievements are the result of their hard work and effort.

Derec Craig Chief Executive

6

Age UK Hammersmith & Fulham Trustees Report

The Trustees present their report and financial statements for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required by company law, and the Statement of recommended Practice – Accounting and Reporting by Charities; SORP applicable to charities preparing their financial statements in accordance with FRS 102 (second edition – effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objects of the charity are to promote the following purposes for the benefit of the public and/or older people in and around Hammersmith and Fulham:

the outcome of this being the promotion of the well-being of older people.

The Trustees referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. In particular, the Trustees looked at how the planned activities contributed to the aims and activities as set out in the guidance.

FINANCIAL REVIEW

The charity reported a deficit of £38,858 (2022: deficit of £91,666) in the year ended 31 March 2023. Total incoming resources increased to £776,336 from £547,559, reflecting two new projects. The new projects of fuel grant disbursement and Digital Championing started in the year, for which the charity received funding from the Borough and Age UK National respectively. The charity maintained its income support from the Borough unchanged under contract and unchanged by way of the free rent at the charity’s centre.

Total resources expended also increased by £175,969 to £815,194 from £639,225, due to the two new projects.

Reserves were drawn upon to fund the Borough’s programme as well in accordance with Trustees’ plans and this gave rise to the overall deficit for the year.

At the year end, the funds of the charity totalled £462,179 (2022: £501,037) and were split as to:

7

Age UK Hammersmith & Fulham Trustees Report

GOING CONCERN

Trustees have considered the planned financial position through to 31 March 2025. Our basic business model continues as one of servicing the contractual requirement of the Borough and with fundraising and with usage of reserves on hand to augment their funding for this under tender.

Funding from the Borough is assured until 30 September 2023, promised until 31 March 2024, and will then go out to tender. The Trustees have had several engagements with the Council about the future funding and are confident the Charity will be successful in the next phase of the tendering process. The Charity has a strong partnership with the Council and the Trustees are assured that this relationship will continue for the foreseeable future.

A renewal application to the Lottery is in hand. Legacy income cannot be foreseen. It is planned that reserves will be £313,000 at 31 March 2025.

Trustees conclude that the charity is a going concern until 31 March 2025.

RESERVES POLICY

This reserves policy is designed to reflect the underlying risks facing the charity and to ensure that the charity has an appropriate level of reserves to cover all costs to:

The trustees have determined that the charity should hold at least six months’ of running expenses in reserve. Based on the forecast figures for 2023/24, this is represented by a figure of £389,000. At 31[st] March 2023, the unrestricted free reserves stood at £307,415 (2022: £317,317), consisting of the unrestricted general income fund of £307,703 less that part held as fixed assets of £288.

Trustees note that this level of free reserves is in shortfall of the policy of six months by just more than one month. As a significant part of our activities are restricted in nature, the Trustees are confident that the Charity has enough combined unrestricted and restricted funds to meet the expected commitments under the reserves policy.

8

Age UK Hammersmith & Fulham Trustees Report

The ongoing challenge to the charity is to build up the reserves despite the subsidy needed by the Borough’s programme. To this end, a dedicated fundraiser is on the staff roll. The policy is reviewed annually by the Trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its Memorandum and Articles of Association.

Although the charity carries the ‘Age UK’ name, it is an independent charity and, in particular, it is independent of Age UK national. However, in order to be able to use the ‘Age UK’ name the charity is party to a branding agreement with Age UK national.

The charity has members, as required by UK company law, who have the power at general meetings to effect certain changes upon the charity, so long as company law, the Memorandum and Articles of Association and the Charity Commission allow. Members have not subscribed for any shares. Members can be drawn from the representatives of the voluntary bodies, departments of central Government, local statutory authorities, companies and unincorporated associations serving or operating in and around the Borough. Members can also be drawn from those adult individuals, and those individuals aged sixteen or seventeen years, who are interested in furthering the work of the charity.

The Board of Trustees and Directors is elected by, and is subject to re-election by, the members at the Annual General Meeting. Trustees and Directors serve for an initial term of three years. Should a casual vacancy arise part-way through an elected Board member’s term of office, then the Board can fill that vacancy over the unexpired term of office. The Board can co-opt persons up to one-third of its elected number at any time, and these co-optees will fall for election at the next AGM Elected Directors and Trustees automatically become members of the charity upon their election. The Board can refuse any application for membership of the charity. The Board can also terminate an existing membership of the charity subject to the member being heard at a Board meeting before the decision is made and subject to the member appealing to the other members at a general meeting.

The Board takes ultimate responsibility for the stewardship of the charity and constitutes the Directors under company law and the Trustees under charity law.

The Chief Executive is the most senior employee and he manages the charity overall with the Operations Manager acting as his deputy. The Chief Executive reports to the Chair.

A finance sub-committee meets quarterly, chaired by the Treasurer.

INDUCTION AND TRAINING

Trustees are inducted after a recruitment round that is followed by a presentation by the charity. Training is available if required.

9

Age UK Hammersmith & Fulham Trustees Report

INDEMNITY OF TRUSTEES

Both at the date of signing of this report and throughout the year, Article 34.1 of Association required the charity to indemnify any Trustee in accordance with sections 232 to 234 of the Companies Act 2006. In particular, cover under an insurance policy held by the charity was available in respect of the indemnity of Trustees in the course of their duties.

RISK MANAGEMENT

Trustees have identified the following categories of risk:

Governance and management Financial Meeting regulatory and legal requirements Loss of existing funding Operational

And within each category, particular risks have been identified, assessed as to likelihood and impact, and mitigation techniques put into place.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees 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 income and expenditure of the charitable company and its state of affairs at the end of that period.

In preparing those statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable

10

Age UK Hammersmith & Fulham Trustees Report

company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

The opinion of the trustees is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

AUDITORS

In accordance with company law as the company's directors, we certify that: so far as we are aware, there is no relevant audit information of which the charitable company's auditor is unaware; and as directors of the charitable company we have taken all the steps that we ought to have taken, in order to make ourselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information.

Knox Cropper LLP were appointed auditors to the company by the Trustees for last year’s accounts to 31 March 2022 and, in accordance with the Companies Act 2006, a resolution of re-appointment was passed at the last Annual General meeting for this year’s accounts to 31 March 2023.

The annual report was approved by the Board on 25th September 2023 and were signed on its behalf by:

Robin Fawcett, Chair

11

Independent Auditor’s Report to the members of Age UK Hammersmith & Fulham

Opinion

We have audited the financial statements of Age UK Hammersmith & Fulham (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 of 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’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.

12

Independent Auditor’s Report to the members of Age UK Hammersmith & Fulham (continued)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information.

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

13

Independent Auditor’s Report to the members of Age UK Hammersmith & Fulham (continued)

Responsibilities of Trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

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

14

Independent Auditor’s Report to the members of Age UK Hammersmith & Fulham (continued)

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

Use of our report

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

Simon Goodridge 2023 Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD

15

Age UK Hammersmith & Fulham Statement Of Financial Activities For The Year Ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Bank interest receivable
TOTAL INCOME
EXPENDITURE ON
Raising funds
5
Charitable Activities
Services for older people
6
TOTAL RESOURCES EXPENDED
7(b)
NET INCOME/(EXPENDITURE)
Gross transfers between funds
12, 13
NET MOVEMENT IN FUNDS
Reconciliation of Funds:
Total Funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
87,869
6
107,174
830
195,879
78,443
98,687
177,130
18,749
(127,610)
(108,861)
444,004
335,143		 Restricted
Funds
£
341,591
238,866
-
-
580,457
-
638,064
638,064
(57,607)
127,610
70,003
57,033
127,036		 2023
Total
£
429,460
238,872
107,174
830
776,336
78,443
736,751
815,194
(38,858)
-
(38,858)
501,037
462,179		 Unrestricted
Funds
£
50,027
-
95,598
61
145,686
84,753
43,647
128,400
17,286
(140,962)
(123,676)
567,680
444,004		 Restricted
Funds
£
169,777
232,096
-
-
401,873
-
510,825
510,825
(108,952)
140,962
32,010
25,023
57,033		 2022
Total
£
219,804
232,096
95,598
61
547,559
84,753
554,472
639,225
(91,666)
-
(91,666)
592,703
501,037

The notes on pages 19 to 32 form part of these financial statements.

16

Age UK Hammersmith & Fulham Balance Sheet As At 31 March 2023

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
11
NET CURRENT ASSETS
NET ASSETS
14
FUNDS
Restricted Reserve
13
Unrestricted Funds
Designated
12
General
TOTAL FUNDS		 2023
£
47,720
107,679
423,225
530,904
(116,445)
414,459
462,179
127,036
27,440
307,703
335,143
462,179		 2022
£
55,772
74,364
439,124
513,488
(68,223)
445,265
501,037
57,033
126,200
317,804
444,004
501,037

The notes on pages 19-32 form part of these financial statements.

The financial statements were approved by the Board of Trustees on 25th September 2023 and signed on their behalf by:

Robin Fawcett, Chair

Emmanuel Asamoah, Treasurer

DATE: September 2023

Company no. 01685692

17

Age UK Hammersmith & Fulham Statement of Cash Flows Year ended 31 March 2023

2023 2022
£ £
Cash flows from operating activities:
Net cash provided by/(used in) operating activities (13,511) (70,932)
(13,511) (70,932)
Cash flows from investing activities:
Bank interest 830 61
Purchase of property, plant and equipment (3,218) -
Net cash provided by/(used in) investing activities (2,388) 61
Change in cash and cash equivalents in the
reporting period (15,899) (70,871)
Cash and cash equivalents at the beginning of the
reporting period 439,124 509,995
Cash and cash equivalents at the end of the
reporting period 423,225 439,124
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023 2022
£ £
Net income/(expenditure) for the reporting period (38,858)
(91,666)
Depreciation charges 11,270 16,701
Bank interest (830)
(61)
(Increase)/decrease in debtors (33,315)
(46,800)
Increase/(decrease) in creditors 48,222 50,894
Net cash provided by/(used in) operating activities (13,511)
(70,932)

18

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

1. PRINCIPAL ACCOUNTING POLICIES

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 £.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

(b) Going Concern

Trustees have considered the planned financial position through to 31 March 2025. Our business model continues as one of servicing the contractual requirement of the Borough, with fundraising and usage of reserves on hand to augment their funding for this under tender. Fundraising will continue for other purposes to service other projects. The shop continues as a source of unrestricted funds and we continue to lease both the premises at the centre and at the shop rent-free.

Funding from the Borough is assured until 30 September 2023, promised until 31 March 2024, and will then go out to tender. The Trustees have had several engagements with the Council about the future funding and are confident the Charity will be successful in the next phase of the tendering process. The Charity has a strong partnership with the Council and the Trustees are assured that this relationship will continue for the foreseeable future.

A renewal application to the Lottery is in hand. Legacy income cannot be foreseen. It is planned that reserves will be £313,000 at 31 March 2025. Trustees conclude that we a going concern until 31 March 2025.

19

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

(c) Income

Contract income is accounted for in the period for which the contracts are awarded; contract income received in respect of future periods is deferred. Amounts recharged to other organisations are accounted for in the period in which the related expense is incurred; other incoming resources when they are receivable.

Donated goods (apart from those for resale in the shop), facilities and services are included in income at the value thereof to the charity i.e. the amount that the charity would have paid for the goods, facilities and services or their equivalent on the open market. The income was matched by the equivalent expenditure. The use of the activity centre provided by the Borough rent-free was brought into the financial statements as income at the market rent together with the equivalent rental expenditure.

Donated goods for resale in the shop were brought into account when sold with the income recorded being the sale proceeds. There was not any expenditure connected with their procurement, apart from the costs of transport to the shop from the donors.

The value of volunteer time has not been quantified in the financial statements.

(d) Expenditure

The amounts allocated to each category comprise those costs which are directly attributable to that category together with an apportionment of support costs. Support costs are those costs that are not directly attributable to a single activity but provide the necessary organisational support for all the charity's activities. The bases of allocation of support costs are explained in note 7(b).

Governance costs comprise the costs of external and internal audit, legal advice for the trustees on corporate matters and those associated with constitutional and statutory requirements. They include an apportionment of the salaries of certain staff.

(e) Tangible fixed assets

Tangible fixed assets costing less than £1,000 are written off in the statement of financial activities in the period in which the expenditure is incurred. The cost of other tangible fixed assets is capitalised and depreciated over the estimated useful lives of the assets, as follows:

Motor vehicles 9 years Fixtures & equipment 3-5 years

Grants received for the purpose of acquiring tangible fixed assets are credited to a restricted fund at the time of receipt, as is the estimated cost of assets that

20

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

are directly donated to the charity. Depreciation of all such assets is charged against the restricted fund concerned.

(f)

Pension costs

The charity contributed to employees' private defined contribution pension schemes, and to the NEST organisation under HM Government’s autoenrolment of pensions.

The pension costs represented the contributions payable to these schemes.

(g) Leases

Rental costs under operating leases (where the risks and rewards attached to the asset remained with the lessor) were recognised in equal annual instalments over the period of the lease. See note ten for details of the operating leases.

Finance charges under finance leases (where the risks and rewards attached to the assets were transferred to the charity as lessee) were recognised under the sum of the digits method. The assets were capitalised at estimated cost with the amounts owed to the lessor shown as finance lease creditors including finance charges up to the balance sheet date. Payments under the leases were offset against the finance lease creditors. Finance charges were included in equipment costs.

(h) Financial instruments

The company 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 company's balance sheet when the company 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

21

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

transaction, where the debt instrument is measured at the present value of the future receipts 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 company’s contractual obligations expire or are discharged or cancelled.

(i) 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.

(k) Volunteers

The contribution of volunteers to the charity is not quantified in the accounts.

(l) Fund accounting

Restricted funds are grants and contracts, donations and other incoming resources, which are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

In the event that following the completion of the specific purpose for which the funds had been received there are funds remaining unspent, the original donor of the funds is contacted. Following discussions with the donor the funds are returned, or with the donor's consent either retained and transferred to unrestricted funds or used for similar purposes on another project. Unrestricted funds are grants and contracts, donations and other incoming resources receivable for the objects of the charity without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

22

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

2. Donations, Legacies and Grants

Legacies
Donations from Individuals
Age UK National
Age UK London
NHS - Lung Health Engagement
Trusts and Foundations
Big Lottery – Digital Inclusion
Corporate donations
UK Government Covid recovery grants
Other		 Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
23,000
-
23,000
37,082
906
37,988
22,000
54,692
76,692
-
-
-
-
49,485
49,485
2,700
139,363
142,063
-
57,973
57,973
3,087
39,092
42,179
-
-
-
-
80
80
87,869
341,591
429,460		 Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
-
-
-
18,120
251
18,371
10,000
12,025
22,025
2,439
-
2,439
-
49,485
49,485
630
38,730
39,360
-
60,351
60,351
4,000
8,340
12,340
14,667
-
14,667
171
595
766
50,027
169,777
219,804
3.
Income from charitable activities
London Borough of Hammersmith & Fulham
Contractual income
Use of premises with rent waived
Charges to clients		 Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
-
166,080
166,080
-
51,500
51,500
-
217,580
217,580
6
21,286
21,292
6
238,866
238,872		 Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
-
160,000
160,000
-
51,500
51,500
-
211,500
211,500
-
20,596
20,596
-
232,096
232,096

23

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

4. Other trading activities

Other trading activities
Shop sales of donated goods Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
107,174
-
107,174
107,174
-
107,174		 Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
95,598
-
95,598
95,598
-
95,598

5. Raising funds

5.
Raising funds
Fundraising
Shop
6.
Expenditure on charitable activities
Services for older people
Core
Digital Inclusion and digital other
Lung Health Engagement
LBHF service level agreement
Age UK Digital Champion
Fuel grants
Census 2021		 Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
14,761
-
14,761
63,682
-
63,682
78,443
-
78,443
Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
98,687
-
98,687
-
94,778
94,778
-
34,976
34,976
-
416,876
416,876
-
33,563
33,563
-
57.871
57,871
-
-
-
98,687
638,064
736,751		 Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
47,053
-
47,053
37,700
-
37,700
84,753
-
84,753
Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
43,647
-
43,647
-
85,072
85,072
-
20,434
20,434
-
401,891
401,891
-
-
-
-
-
-
-
3,428
3,428
43,647
510,825
554,472

24

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

7. TOTAL EXPENDITURE

a) Employment costs

TOTAL EXPENDITURE
a) Employment costs
Salaries
Employer National Insurance contributions
Pension contributions
Agency staff
Other staff costs		 2023
Total
£
437,727
32,999
19,343
1,665
3,301
495,035		 2022
Total
£
366,852
23,843
16,426
3,574
13,630
424,325

Other staff costs comprised recruitment costs of £2,033 (2022: £6,356) and training of £1,268 (2022: £7,274), which in 2022 included first aid and fire marshal training.

No employee earned £60,000 per annum or more during the year (2022: nil).

The average number of employees was 20 (2022: 19). The average number of full-time equivalent employees was 14 (2022: 12)

The Charity trustees were not paid or received any other benefits from employment with the Charity in the year (2022: £nil). They were reimbursed expenses of £nil during the year (2022: nil). No trustee received payment for professional or other services supplied to the charity (2022: nil).

Trustee indemnity insurance was obtained for a premium of £316 (2022: £316).

The key management personnel of the charity were the Trustees, the Chief Executive Officer and the Operations Manager. Total emoluments of the key management personnel of the charity were £88,652 (2022: £82,825).

25

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

b) Expenditure analysis

Staff
Buildings
Professional
Volunteers
Office
Activities
Fuel grants
Equipment
Depreciation
Fundraising Tools
Governance Costs		 Raising
Funds
Charitable Activities
2023
Direct
Support
costs
costs
Total
£
£
£
£
34,108
403,301
56,359
493,768
30,206
79,242
33,890
143,338
1,826
7,244
3,045
12,115
94
1,480
739
2,313
1,707
9,268
3,972
14,947
12
40.627
98
40,737
-
54,151
-
54,151
508
5,908
2,270
8,686
206
10,182
882
11,270
9,776
-
-
9,776
-
-
24,093
24,093
78,443
611,403
125,348
815,194		 Raising
Funds
Charitable Activities
2022
Direct
Support
costs
costs
Total
£
£
£
£
70,527
308,815
43,662
423,004
5,863
76,037
32,587
114,487
1,421
6,297
2,908
10,626
88
1,295
744
2,127
1,318
7,584
3,250
12,152
-
23,021
-
23,021
-
-
-
-
933
12,234
5,243
18,410
206
15,699
796
16,701
4,397
-
-
4,397
-
-
14,300
14,300
84,753
450,982
103,490
639,225

Support costs comprise costs that cannot to directly allocated to Charitable Activities. Governance costs include £1,270 of staff costs (2022: £1,322).

Governance costs of £24,093 (2022: £14,300) include auditors’ remuneration of £4,850 (2022: £4,750) and £nil for auditors’ fee for accountancy (2022: £800).

26

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

8. TAXATION

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. TANGIBLE FIXED ASSETS

Cost
At 31 March 2022
Additions
Disposals
At 31 March 2023
Accumulated Depreciation
As at 31 March 2022
Charge for the year
Disposals
At 31 March 2023
Net Book Value 31 March 2023
Net Book Value 31 March 2022		 Fixtures &
Fixtures &
Equipment
Equipment
Minibus
Finance lease
Other
£
£
£
9,000
16,082
60,747
-
3,218
-
(9,000)
-
-
-
19,300
60,747
9,000
8,908
12,149
-
5,121
6,149
-
(9,000)
-
-
-
14,029
18,298
-
5,271
42,449
-
7,174
48,598		 Total
£
85,829
3,218
(9,000)
80,047
30,057
11,270
(9,000)
32,327
47,720
55,772

27

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

DEBTORS
Accounts Receivable
VAT recoverable
Sundry Debtors
Prepayments and accrued income		 2023
£
62,961
7,137
2,481
35,100
107,679		 2022
£
59,902
305
2,557
11,600
74,364

10. DEBTORS

11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
Taxation and social security
Accounts payable
Accruals and other creditors
Deferred Income		 2023
£
11,129
15,239
30,077
60,000
116,445		 2022
£
8,910
-
9,828
49,485
68,223

12. UNRESTRICTED FUNDS

Designated Funds
Minibus
Covid-19
Property fund - Centre
Property fund – future
premises
General Funds
Total Unrestricted Funds		 31 March
2022
Incoming
resources
Resources
expended
Transfer
between
funds
31 March
2023
£
£
£
£
£
33,589
-
-
(6,149)
27,440
1,111
-
-
(1,111)
-
51,500
-
-
(51,500)
-
40,000
-
-
(40,000)
-
126,200
-
-
(98,760)
27,440
317,804
195,879
(177,130)
(28,850)
307,703
444,004
195,879
(177,130)
(127,610)
335,143

Designated funds are as follows:

Minibus

The minibus's depreciation will be borne by the fund, but the fund is insufficient to cover all of the depreciation. The transfer represents the reimbursement of the 2022 depreciation charge to the LBHF SLA restricted fund.

Covid-19

Unrestricted general income funds were designated to cover Covid-19 costs but with the end of the pandemic the fund is not any longer required.

Property fund - Centre

Unrestricted general income funds were designated to cover the annual market rent of £51,500 at the activity centre in the case that the charity failed to comply with either the terms of the Borough’s funding or of the lease, and, as a result, that the Borough withdrew its waiver in full of the annual market rent. It was assumed that the charity would not exercise its right to opt out of the lease in such a circumstance. Should the Borough have exercised its right to end the lease in such a circumstance, the fund would have been used to acquire a new property for the charity to occupy. The lease ended on 31 March 2023 and

28

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

the Borough did not withdraw its waiver in full of the annual market rent. The charity complied with the terms of the Borough’s funding and of the lease. In the year, £51,500 has been released to unrestricted funds. The designated fund is not any longer required as the Trustees felt it prudent to increase the reserves towards maintaining the reserves policy.

Property fund – future premises

The centre's formal lease ended on 31 March 2023 and the fund represented key money for new premises thereafter. The charity continued to occupy the centre after that date. The fund is not any longer required as the Trustees felt it prudent to increase the reserves towards maintaining the reserves policy.

Comparative information in respect of the preceding period is as follows:

31 March 31 March Incoming Resources Transfer 31 March 31 March
2021
resources		 expended between 2022
funds
Designated Funds £ £ £ £ £
Staff & Shop costs 28,329 - - (28,329) -
Minibus 45,738 - - (12,149) 33,589
Covid-19 43,091 - - (41,980) 1,111
Property fund - Centre 103,000 - - (51,500) 51,500
Property fund – future
premises - - - 40,000 40,000
Minibus maintenance 824 - - (824) -
220,982 - - (94,782) 126,200
General Funds 346,698 145,686 (128,400) (46,180) 317,804
Total Unrestricted Funds 567,680 145,686 (128,400) (140,962) 444,004
13.
RESTRICTED FUNDS
31 March
Incoming
Resources
Transfer
31		 March
2022 resources
expended		 between
2023
funds
£ £ £ £ £
Contractual activity
Council funding -
238,866		 (366,476) 127,610 -
Other - 50,401 (50,401) - -
- 289,267 (416,877) 127,610 -
Other restricted funds
Digital inclusion 528
57,973		 (57,888) - 613
Age UK Digital Champion -
54,600		 (33,563) - 21,037
Minibus 15,009
-		 - - 15,009
Digital – other 12,445
40,132		 (36,890) - 15,687
Lung Health Engagement 29,051
49,485		 (34,975) - 43,561
Fuel grants - 89,000 (57,871) - 31,129
57,033
291,190		 (221,187) - 127,036
57,033
580,457		 (638,064) 127,610 127,036

Contractual activity

The charity continued to provide these services for elderly people in the London Borough of Hammersmith & Fulham on behalf of the Borough in the year paid for by funding from the Borough’s Third Sector Investment Fund:

29

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

The Borough’s contractual programme is intended to be supported by the charity’s fundraising efforts. This year, this support was also provided from unrestricted reserves. The charity continued to look for cost savings on the programme in the year and aim to increase fundraising income going forward.

Other restricted funds.

The charity continued in the year the digital inclusion project funded by the Lottery. The year was the fourth year of a five-year outreach initiative to advise the elderly in the Borough of information technology matters through workshops run by volunteers.

Other digital projects (DigitAll included) were funded from various sources and Open Age (for DigitAll). The Age UK Digital Champion project started in the year straddling the year-end funded by Age UK National.

The Lung Health Engagement Worker is funded by the NHS. Fuel grants were disbursed at £200 each to claimants out of money received from the Borough in partnership with the Fuel Foundation.

The minibus fund will absorb the minibus’s depreciation and originated from crowd funding for the minibus.

Comparative information in respect of the preceding period is as follows:

Contractual activity
Council funding
Other
Other restricted
funds
Digital inclusion
Health Fairs
Minibus
Digital - other
Lung Health
Engagement
Census 2021		 31 March
2021
Incoming
resources
Resources
expended
Transfer
between
funds
31 March
2022
£
£
£
£
£
-
232,096
(379,272)
147,176
-
-
22,621
(22,621)
-
-
-
254,717
(401,893)
147,176
-
4,432
60,351
(64,255)
-
528
414
-
-
(414)
-
15,009
-
-
-
15,009
5,168
33,260
(20,815)
-
12,445
-
49,485
(20,434)
-
29,051
-
4,060
(3,428)
(5,800)
-
25,023
147,156
(108,932)
(6,214)
57,033
25,023
401,873
(510,825)
140,962
57,033

30

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

14. ANALYSIS OF YEAR-END NET ASSETS BETWEEN FUNDS

Restricted
Funds
£

47,431
79,605
127,036		 Designated
Funds
£
-
27,440
27,440		 Unrestricted
Funds
£
288
307,415
307,703		 2023
Total
£
47,719
414,460
462,179

Comparative information in respect of the preceding period is as follows:

Tangible Fixed Assets
Net current assets
Total		 Restricted
Funds
£

46,000
11,033
57,033		 Designated
Funds
£
9
126,191
126,200		 Unrestricted
Funds
£
9,763
308,041
317,804		 2022
Total
£
55,772
445,265
501,037

18. FINANCIAL COMMITMENTS

At 31 March 2023 the charitable company had no future minimum lease payments (2022: none).

19. BENEFITS IN KIND

The annual rent due to the Borough under the charity’s occupation of the property at 105, Greyhound Road was nil in both years. The annual market rent of £51,500 has been brought into income as a benefitin-kind in both years, and a corresponding rent charge of the same figure has been included in expenditure in both years.

Volunteers’ services have not been quantified in the financial statements. There were several hundred volunteers, most of whom were involved in the befriending service provided under contract to the Borough under the S.L.A. Other volunteers worked in the shop, on the Digital Inclusion project, in reception and administration at the day centre, as escorts on shopping trips and outings, rendering advice and information, and in providing meals at the day centre.

Organisations contributed equipment, kitchen provisions and other goods, and their employees’ services, in both years. These benefits have not been quantified in the financial statements.

20. RELATED PARTY TRANSACTIONS

There were no related party transactions in the financial year (2022: none).

31

Age UK Hammersmith & Fulham Notes To The Financial Statements For The Year Ended 31 March 2023

21. MEMBERS LIABILITY

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

32