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2021-03-31-accounts

Registered number: 01969975 Charity number: 293446

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 21
Independent Auditors' Report on the Financial Statements 22 - 25
Consolidated Statement of Financial Activities 26 - 28
Consolidated Balance Sheet 29 - 30
Charity Balance Sheet 31 - 32
Consolidated Statement of Cash Flows 33
Notes to the Financial Statements 34 - 62

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Virendra Ahuja Mary Burd, Chair Jacob Coy, Treasurer Dr Thomas Fitzgerald Marika Freris, Vice Chair Janet Guthrie Barbara Hughes Alison Kelly (appointed 22 October 2020) Dorothy May David Mitchell (deceased 19 April 2020) Dr Caroline Sayer (appointed 22 October 2020) Beatris Januario (resigned 8 September 2021)

Company registered number

01969975

Charity registered number

293446

Registered office

Tavis House 1 - 6 Tavistock Square London WC1H 9NA

Company secretary

Nikki Morris

Chief executive officer

Nikki Morris

Independent auditors

Goodman Jones LLP Chartered Accountants 29/30 Fitzroy Square London W1T 6LQ

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Bankers

CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ

Solicitors

Edwards Duthie LLP Bank House 269-275 Cranbrook House Ilford Essex IG1 4TG

Solicitors

Marriott Harrison LLP 11 Staple Inn London WC1V 7QH

Solicitors

Womble Bond Dickinson LLP 4 More London Riverside London SE1 2AU

Investment Managers

Adam & Co 6 Adelaide Street London WC2N 4HZ

Age UK Camden were deeply saddened at the death of David Mitchell in 2020. David Mitchell had a long association with Age UK Camden starting in 2006 joining the Consultation Action Group, going on to become an ambassador for Opening Doors London, a trustee and board member of Age UK Camden, Opening Doors London, PSIC and Aging Better in Camden. He is very much missed.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their Annual Report together with the audited financial statements of the Charity for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Structure, governance and management

a. Constitution

Age UK Camden Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The charitable company was incorporated on 10th December 1985, registered as a charity on 22nd January 1986.

The Age UK Camden Group includes two subsidiary charities: Personalisation Support in Camden (PSIC Charity No.1157537 Company No 90775447) and Opening Doors London (ODL Charity No.1167919 Company No. 10123607)

b. Governance

Age Concern Camden is a Registered Charity and a Company Limited by Guarantee. Before incorporation Age Concern Camden existed as an unincorporated charity and was variously known as Age Concern Camden, Camden Age Concern, and initially Camden Old People’s Welfare Association (COPWA). Age UK Camden’s predecessor COPWA was formed in 1965 through the merger of three more local charities, which had roots in the 1940s.

Age Concern Camden is an independent charity, responsible for its own policy, direction, and funding. Operationally, the Charity is now known as Age UK Camden, having signed a Brand Partnership Agreement (BPA) with the national charity. This BPA was renewed in 2016 for a five-year period. The Board of Trustees of Age UK Camden governs its affairs. Trustees are also the Directors of the Company. Trustees are elected annually by members at the Annual General Meeting, but the Board can also co-opt people during the year. The Board takes overall responsibility for ensuring that the financial, legal, and contractual responsibilities of the charity are met, and that there are satisfactory systems of financial and other controls. It decides on policy and strategy and ensures the organisation fulfils its objectives. The Board meets typically every two months, more frequently if needed. New trustees are provided with a detailed induction pack and an induction programme involving meeting with key members of staff to gain an understanding of the organisation and the external environment in which it operates. Trustees are encouraged to attend the meetings and conferences, training and other events organised by the Charity.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

c. Management

The day-to-day management of the Charity is delegated to the Chief Executive Officer who works with a team of Senior Management that includes Head of Operations, Head of Finance, Head of Human Resources and Central Services, Head of Marketing, Communication, and Income Generation to fulfil the Charities objectives. The Chief Executive Officer reports to the Chair and Board. The Chief Executive Officer’s role is defined in a Job Description and limits of authority (e.g. on expenditure and human resources) are detailed in the organisational policies and procedures. Age UK Camden is also a member of The Age England Association.

Age UK Camden contributes to the Age England Association, Age UK and Age UK London in a number of ways. As well as paying subscription fees to the Association, it also raises policy and practice issues that may benefit from work at national or regional level. Nikki Morris (CEO) represents the London Network sitting on the Age UK Services for Older People Committee. Age UK Camden also provides case studies and arranges for local older people as well as staff to act as spokespeople on national topics and support local engagement on national and regional campaigns. Staff and trustees attend a range of regional and national meetings to help set the direction of the federation of inter- dependent charities and to share best practice and ideas.

The Senior Management Team continues to grow as a high functioning, effective team delivering the Mission and Strategic Development Plan of Age UK Camden Charity agreed by the Trustees. The Group Leadership Team comprise the Age UK Camden Senior Management Team and the key management personnel of its wholly owned subsidiaries Personalisation Support in Camden (PSIC) and Opening Doors London (ODL).

The Board is responsible for deciding the remuneration of the key management and the provision of other remuneration increases as part of budget approval process with suitable parameters established for the setting of individual pay levels.

The Trustees and Members reviewed and updated the Charity’s Memorandum and Articles of Association in 2020.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

d. Membership

In 2020-2021 we had 18 Members, of these 6 are life members and 12 annual members. Over the year we had 2 new members, and 16 recurring (including life members). We have 1 member in W11 (Kensington and Chelsea), 1 member in SW16 (Streatham), 1 member in N5 (Islington), 1 member in NW10 (Brent) the remaining are residents of Camden. 2020/21 Membership data – Age:

e. Values

Age UK Camden has recently undertaken a piece of work to review and refresh our key organisational values. Our organisational values describe the core ethics and principles that inspire us and which we abide by no matter what. We have identified four key values to us: Courage | Kindness | Justice | Hope

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

f. Risk Management and principal uncertainties

SMT meet weekly and review risk regularly with consideration of incidents and near misses at each meeting. The Board conducts regularly reviews the risk assessment document, in which the major risks to which the Charity is subject are identified and actions to mitigate risks agreed. Risk was considered daily in the lead up to the Covid 19 pandemic and the business continuity plan continues to be updated weekly.

The major risks identified with approaches to mitigation (in italics):

• Health and Safety issues for clients, volunteers, and staff because of the Covid 19 pandemic. To work within Government and Public Health England legislation and guidance. To work within insurance requirements for reporting.

• Income volatility because of the economic uncertainty and austerity – good financial controls, development of unrestricted income streams so that we spread the risk, increased applications to trust/foundations, investment in marketing/comm unications

• Ongoing challenges of reduced income through tenders due to public service reductions and reduced events – continued investment in all income generating activities. Ongoing review and developing service models to ensure relevance and value for money.

• Perceptions of the national Age UK Group causing reputational risk to Age UK Camden - investment in marketing and communication, including promotion of the local brand. Ongoing liaison with Age UK, the Age England Association; Age UK London and the wider Age UK Network.

• Litigation/uninsured loss – relevant HR policies and processes in place and adhered to, regular review of service contracts and insurances; compliance with insurance reporting/advice.

• Key Personnel loss and replacement – pay is bench-marked at the market rate with pension contributions. Provision of good work conditions including opportunities for personal development/shared knowledge/learning and peer support. Good relationship between the Board and SMT. Budget for recruitment in place.

• Risks linked to subsidiaries – skilled business support in place (HR, Finance, etc) investment in service management, legal advice on service contracts etc; strong governance including AUC Trustee representation on subsidiary boards.

• Security of assets – good financial procedures in place including segregation of roles, vigilance against fraud including cybercrime, investment in IT.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

g. Our Subsidiary Charities

Age UK Camden host and support two Subsidiary Charities, Opening Doors London (ODL) and Personalisation Support in Camden (PSiC). We take pride in contributing to the growth of these charities and providing them with support, including central functions such as Finance and Human Resources.

Personalisation Support in Camden | On 6 June 2014, Personalisation Support in Camden (PSIC) was established as a Company Limited by Guarantee, and on 19 June 2014 it was registered by the Charity Commission. Age Concern Camden is the subscriber to the Memorandum and Articles of Association. The subsidiary charity was established by Age UK Camden to run an under 65s Direct Payments Support Service (the Service) under contract to Camden Council, following the insolvency of a local disability charity. PSIC’s reference details are the same as the parent charity except as follows:

Charity Number: 1157537 | Company Number: 9075447

Objects : The objects of Personalisation Support in Camden are the relief of people who are disabled or elderly in any manner which is or may be deemed to be charitable within the London Borough of Camden and the surrounding areas by the provision of support, advice and information to such persons and their families and carers.

Trustees : Janet Guthrie (Chair), Barbara Hughes and Dr. Stephanie Kayode.

Senior Manager: Patrick Stack (retired July 2021)

Recently, the Age UK Camden and Personalisation Support in Camden trustees decided against pursuing the recently released tender for a new contract with Camden Council. With this decision, PSIC does not have a realistic prospect of continuing and, as such, it is with regret that the Trustees have taken the decision to formally wind up the Charity in early 2022.

Opening Doors London | On 14 April 2016, Opening Doors London (ODL) was established as a Company Limited by Guarantee, and on 29 June 2016 it was registered with the Charity Commission. ODL began “trading” on 1 July 2016, and the assets and liabilities of ODL (the service) were transferred to ODL (the charity). Age Concern Camden is the subscriber to the Memorandum and Articles of Association. The subsidiary charity was established: (a) as better governance – to enable ODL to be able to provide pan-London services without a formal partnership without another organisation; (b) as a more sustainable model in fundraising terms.

Charity Number: 1167919 | Company Number: 10123607

Objects : The Objects of the Charity are to relieve the needs of older people identifying as Lesbian, Gay, Bisexual and Transgender (LGBT+) throughout the UK (with a focus on the Greater London Area) in any manner which now is or hereinafter may be deemed to be charitable under the laws of England and Wales in particular but not exclusively through the provision of emotional support and advice.

Trustees : Julia Shelley (Chair). Janet Guthrie, Gemma Keenan (Treasurer), Cllr Rishi Madlani, Hitesh Tailor (Vice-Chair), Paul Williamson, and Annie Southerst (Vice- Chair) Executive Director: Alice Wallace

The finances for Opening Doors London and Personalisation Support in Camden are consolidated with those of the parent Age UK Camden in these Annual Accounts. Separate discrete Annual Reports for ODL and PSIC are also available.

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AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities

a. Objects and Mission

Objects : To promote the relief of elderly people in any manner which now or hereafter may be deemed by law to be charitable in and around the London Borough of Camden.

Mission : To work with and for older people in and around Camden, to improve their lives.

In 2020 a three-year business plan was adopted by Trustees which supported the delivery of the strategic development plan.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

b. Services Provided

Day Services | Health & Positive Living Hubs: Great Croft including dementia care, the sensory garden and work with the Bangladeshi community and carers. Henderson Court including dementia care and partnership programme with Hampstead Community Centre

Community Services: Digital Inclusion (computer training) | Community Connectors | Befriending Scheme including Tele friends Service (launched April 2020) | Nail Care Service | Internet Shopping Service | Discharge from Hospital |Pandemic Emergency Food Parcels - March 2019 – June 2020 | Community Concerts | Book Group |

Advice and Support Services: Information and advice to older people including those of black and minority ethnic backgrounds and online portals (services directory and private sector housing e-resource Special Need Grants to older people in financial need. Specialist Service for debt advice and living wills. Care Navigation and Social Prescribing Dementia Befriending and Wellbeing. Counselling, Psychotherapy and Group Therapy including specialisms around dementia, Black, Asian Minority Ethnic communities.

Ageing Better in Camden: Ageing Better in Camden (ABC) is a Big Lottery funded partnership programme with Age UK Camden as the lead partner. It’s focus in the reduction of social isolation and obtaining better evaluation evidence on interventions. The partnership including the Strategic Partnership Board includes older people, statutory services, and local voluntary agencies. Additional funding was secured to maximise the learning following the pandemic. It will now continue for a further 9 months working with partnership organisations to continue to tackle social isolation and loneliness among older people in the Borough. Work on the legacy that this project leaves for Camden’s older population is an important focus going forward.

Personalisation Support in Camden: PSIC is a subsidiary charity focused on supporting disabled adults with their provision of care packages. It advises clients on how to utilise Direct Payments to employ a Personal Assistant (paid carer) or agency, making returns to HMRC and Camden Council. PSIC also runs a payroll bureau that services users can utilise. This year PSIC moved its Head Office to the Greenwood Centre for Independent Living. Age UK Camden provides Company Secretarial, HR and Financial Support to PSIC. A Service Level Agreement and memorandum of understanding is in place between PSiC and AUC. The intention is for PSIC to be wound up in 2022.

Opening Doors London: Opening Doors London supports older lesbian, gay, bisexual and transgender (LGBT+) communities) across the UK but with an emphasis on London. It offers befriending, social opportunities, training and accreditation via the home grown ‘Pride in Care’. (ODL) continues to grow as a subsidiary charity of AUC. Age UK Camden provides Company Secretary, HR and Financial Support to ODL. A Service Level Agreement and memorandum of understanding is in place between ODL and AUC.

Volunteering : This year Volunteering responded to the Covid Pandemic, which included managing an increased volume of enquiries, supporting colleagues to adapt roles, developing, and keeping guidance for volunteers up to date, supporting volunteers to adapt to changes, including those who were asked to temporarily step back from roles until such time as it is safe for them to resume. The Volunteer Manager played an integral role in developing and embedding the Tele-friends service during the first Lockdown. We currently have 285 Active Volunteers.

Contributing over 20,600 donated hours equating to over £258,753, of our volunteers:

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AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

c. Subsidiary Charities

Opening Doors London | Objectives and Activities

Opening Doors London continues to be the UK’s largest charity working specifically with and for older LGBT+ people.

The Objects of the Charity are “to promote the welfare of older people identifying as Lesbian, Gay, Bisexual or Transgender throughout the UK (with a focus on the Greater London Area) in any manner which now is or hereinafter may be deemed to be charitable under the laws of England and Wales”.

The first Chair of the ODL Board, Professor Jeffrey Weeks, stood down from the Board in July 2020 at the end of his term of office. He had provided 5 years of strong and creative leadership since ODL became an independent charity in 2016.

ODL has a current membership of 2230, 200 active befriending partnerships with over 4000 calls made in the year, and 439 volunteers contributing 6,384 hours which equates to £69,266 [London living wage] of donated time.

ODL continues to work with a range of partners to deliver a range of strategies to achieve their charity objectives:

Personalisation Support in Camden :

The subsidiary charity of AUC continued to provide support for service users who receive Direct Payments from Camden Adult Social Care or who receive Personal Health Budgets from the local Clinical Commissioning Group (CCG) by providing service to support budgeting, employment, recruitment, finding services and direct payment paperwork. A grant was secured to improve referral pathway and digital access. In 2020-2021 PSiC supported 765 clients & received 149 referrals in the year of which were 90 new Direct Payments, total of 1373 clients on the database.

PSIC Objectives and Activities

The Objects of the Charity are the relief of people who are disabled within the London Borough of Camden by the provision of support, advice and information to such persons and their families and carers. The strategies employed to achieve the charitable objectives are:

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AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

d. Impact Report and Development Plan

Age UK Camden produces an Annual Impact Report, which is available free on request from the registered office or can be downloaded via the website www.ageukcamden.org.uk. The Annual Impact Report details the achievements in the year. The organisation’s Development Plan is also available via the website.

e. Website Addresses

Age UK Camden - www.ageuk.org.uk/camden/ Opening Doors London - www.openingdoorslondon.org.uk Personalisation Support in Camden - www.psic.org.uk

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Context | Challenges | Activities | Achievements | April 2020 – March 2021

a. Context

2020 - 2021 was a year of uncertainty and volatility caused by the Covid 19 pandemic and Brexit. The pandemic initially peaked on April 8th during the first 12-week lockdown, with subsequent waves resulting in further restrictions and lockdowns. As older people were some of the most at risk the restrictions and subsequent loss of key income streams was combined with a sudden increase in demand for our services – at some point ten times the normal referral rate. During February and March 2020 there was a stock market crash linked to the pandemic which affected our investments. However, in the first quarter of the financial year (April – June 2020) our investments recovered to pre-Covid 19 levels. The Trustees took the decision to remove the investments from the management accounts going forward to remove the volatility that this can cause and to report on these separately. This was implemented with immediate effect. With the effects of Covid 19 on our finance activity, the growth of ODL and additional activity required by PSiC, we increased the finance capacity to meet the need. To meet exceptional need caused by Covid 19 and the subsequent restrictions, we provided emergency food supplies, hospital discharge support services, and developed a tele-friend service. This was in addition to continuing to provide our other services adapted to comply with Covid restrictions. The Day Care Services were provided remotely during Lockdown 1 but remained open at the Hubs during lockdown 2 & 3. To support income, we launched an emergency appeal fund raising over £35,000 and developed an online retail platform (via eBay). We also diverted our focus from community fundraising events to grants/foundations applications. We are very grateful to all our donors and funders for their support during this most challenging of years.

Age UK Camden continues to work to achieve its charitable objectives by influencing the decision makers within the borough and beyond. We have achieved this through the development of key relationships, representation on relevant groups and through our marketing and communication activities. AUC has been at the forefront of Camden’s community response, delivering emergency food parcels, our discharge from hospital service working in partnership with LBC and the NHS, providing a tele-friend service, and promoting the uptake of the vaccination. We have continued to further develop the platform for ‘Age Friendly Camden’.

We were approached by My Living Will Charity requesting to merge with AUC in 2021. This was agreed by Trustees and the merger with AUC took place on 31st March 2021. AUC will support the My Living Will website and access linking with our Information & Advice Team and Later Life Planning. https://www.mylivingwill.org.uk/ Our support services have continued to develop in 2020-2021 despite having to change provision in line with risks linked to Covid 19 and the subsequent restrictions. AUC has played a pivotal role in providing information on the disease, how people can keep themselves as safe as possible, and to promote the vaccine to protect the health and wellbeing of our client group, staff, and volunteers.

We secured 2021-2022 statutory funding for our I&A service, Counselling, Dementia Wellbeing & Befriending, and Care Navigation Services (CNS). The Outreach Community Connectors contract has been extended to December 2021. The I&A and CNS statutory funding has been reduced from 2020-2021 however this has been offset by some grants and additional GP contracts.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Context | Challenges | Activities | Achievements | April 2020 – March 2021 (continued)

b. Day Centres

Great Croft (Kings Cross) and Henderson Court (Hampstead) continued to support those living with complex needs and dementia via their day services. We have undertaken a review and developed a mixed delivery model to respond to the new situation and to support the Centres’ viability. This includes continuing our current day service provision, other service provision (individual and group sessions) e.g. I&A, Digital Inclusion, counselling, outreach from the hubs. We are continuing to pursue CIL funding for a refurbishment of Henderson Court which was provisionally secured in 2019. Our Health and Positive Living Hubs have had to reduce the number of clients in the building at any one time to reduce the risk of Covid 19 and comply with legislation. We have also increased the cleaning and sanitation of the building to reduce the risk of Covid 19. Our two Hubs were repurposed in March 2020, turning into Food Distribution Hubs, reopening to members in July 2020. Membership of both Hubs average 58. Our Day Care Staff placed 1350 welfare calls and Delivered 1423 Hot Meals in Lockdown 1. With the support of the Council & Public Health England we maintained face to face support at both Hubs throughout lockdowns 2 and 3. We could not hire out our rooms after day service hours or use the hubs for fundraising activities in 2020/2021 due to the risk of Covid 19. The reduced numbers of self-funding clients and the sudden loss of income from room rentals and fundraising events has impacted on the day service financial position and is set to be a factor for 2021-2022.

c. Information and Advice

This service proved integral to our organisation’s Covid 19 response. The substantive service is funded by Camden Council, as part of the Camden Advice Partnership. We continue to expand the reach of our information and advice service despite a decrease in statutory funding. This includes providing specialist services such as debt advice, resilience services and scam awareness supported by grant funding. Providing services ‘closer to home’ including extending our group information sessions (coffee mornings) to include regular online sessions. We further developed our in-house knowledge and skill in end-of-life planning, which will be enhanced further by our merger with My Living Will. In 2020-2021 we supported 4558 clients an increase of over 1200 to the previous year, supported with 11524 various issues I&A staff secured £1,539,215 in benefits and debt relief, £287.045 higher than the previous year.

d. Community Connectors

This service was launched in April 2018 and comprises of a team of six community connectors with the support of volunteers. People are supported within the service for 6 – 12 weeks to connect with their community via various community services, activities, and groups. Supporting 285 clients in the year, with 2191 contacts including socially distanced walks. The service is funded by the Ageing Better in Camden Programme (which ended in Dec 2021). The SMT are seeking alternative funding streams to secure future delivery of this support.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Context | Challenges | Activities | Achievements | April 2020 – March 2021 (continued)

e. Care Navigation & Social Prescribing

The Care Navigators & Social Prescribing Service are trained frontline; non-clinical staff based at GP surgeries throughout the borough providing patients 18+ with information about and referrals to local health and wellbeing services. Age UK Camden, Voluntary Action Camden and Wish Plus collectively deliver the service, working with Camden Council, North Central London CCG and local PCN’s over the past three years to instigate, embed and develop an outstanding service that has proved efficient and effective in meeting the needs of the Community ensuring improved health and wellbeing outcomes and taking the burden off the NHS and Council. The Care Navigation Team supported 3009 clients and the Social Prescribing / Link Worker Team supported a further 765 clients . The service is agile in its response to need and proved invaluable during the pandemic helping to ensure that people had the care and support they needed during the most challenging of times. Our recent report available at https://www.ageuk.org.uk/camden/about-us/annual-review-and-accounts/ The evidence shows the positive impacts both on clients and volunteers are exemplary and that the service reduces the workload burden and financial pressure on the NHS and Council with a relatively low level of investment. The service continues to be responsive and has been agile and responsive in its development to meet local need with an effective model. The service evidence:

f. Good Neighbours Scheme (NW3 and Primrose Hill)

The Good Neighbourhood Service (GNS) continues to provide an excellent service for those in Hampstead and Primrose Hill. The tele-friend service remains an important service in response to the pandemic and covers the whole borough, now incorporated within the GNS. The service inclusive of tele-friends supported an over of 308 clients via coordinated matches with volunteers in the area. Providing 8,316 hours of befriending support over the year. Funds were secured for 2020- 2021 by several small grants, individual donors, and fundraising. The service has linked with the AUC book group and Camden Libraries to provide opportunities for shared reading and discussion. The service is funded by donations and grants. The budget reflects the continuation of this project.

g. Digital Inclusion/Computer Training

Bridging the digital divide became even more important as we saw the extreme isolation for some clients during the pandemic when they couldn’t access support and resources online. We have developed the service so that all our staff are able to sort simple issues within their delivery of other services, whilst the more complex or discrete issues are managed by the digital inclusion team. We have developed partnerships that will further support clients throughout 2021-22 which includes funding from Google, a pilot with The Crick Institute and Origin Housing. In 2020 – 2021 our DI Team supported 279 via face to face , virtual, telephone support. The service has adapted through the lockdowns to support people remotely. We have developed online support – 1:1 and group as well as sourcing and distributing equipment & learning material. We have also linked with the Camden Library Service so that clients can have access to books via e-readers and share conversations on their reading via Zoom and telephone.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Context | Challenges | Activities | Achievements | April 2020 – March 2021 (continued)

h. Dementia Wellbeing and Befriending

Dementia Wellbeing launched in January 2017. The service works to improve wellbeing and maintain independence and choice by supporting clients to explore and access services and activities across the borough. We further developed the research and audit activities linked to the dementia service and work across the entire organisation. We are building a resource library for the team and their clients to access. Our specialist befriending scheme for people living with dementia the service acts as a key offer within the borough’s wider dementia support. The dementia wellbeing service supported an average 35 clients throughout the year. Our specialist dementia befriending service supported an average of 60 housebound vulnerable clients. Our dedicated dementia wellbeing and befriending team delivered over 4401 contacts in the year .

i. Internet Shopping and Foot Care Service

We have reviewed the process for our internet shopping and now provide the service over 5 days, providing greater flexibility for our client group. The internet shopping service placed a total of 1171 shopping calls in the year. Our nail care service restarted delivery in July through to October at which point we had to stop the service again due to lockdown guidelines and to best ensure we protect staff and clients. We are aware that demand remains high; community and NHS podiatry is increasingly difficult to access. In May 2020 AUC reviewed the pricing structure to include the additional costs linked to the necessary infection control equipment and processes required to deliver this service safely; all Nail care Clients were contacted with written explanation of the increase. Delivery included Outreach at Great Croft alongside Henderson Court and One Housings supported housing scheme in NC1 & The Third Age Project.

j. Corporate Services

The organisation’s quality marks that have been secured/renewed this year:

During 2019-2020 an investment to a cloud-based solution – Office 365 was made. When the office was closed due to the pandemic the cloud-based system enabled staff to continue to work remotely with little interruption. Portable equipment had to be purchased to support remote working that started in March 2020.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

b. Overview

This overview should be read in conjunction with the consolidated Statements of Financial Activities (SOFA) and the Balance Sheet. These are for the group including Opening Doors London (ODL) and Personalisation Support in Camden (PSIC).

During the year ended 31st March 2021, group income increased from £3,808,851 to £4,188,906 and expenditure increased from £3,956,066 to £3,992,944.

Age UK Camden :

Without investment gains or pension gains, Age UK Camden ended with a surplus of £41,036. The investment portfolio generated a £204,891 unrealised gain in valuation. Reserves have increased to an amount in excess of 3 months running costs.

Fundraising income and retail achieved a higher than budgeted surplus and higher than budgeted ratio of expenditure and income.

Agency staff costs are under budget with the centralisation of lunch provision at Great Croft providing an economy of scale.

Additional expenditure on consultancy includes an increase in our bid writing capacity in response to the reduction in community fundraising activity due to Covid 19.

Rent costs are £54k below budget due to April - June 2020 rent free / reduced rent periods being granted by Camden Council to Great Croft, Henderson Court and Leather Lane shop.

During 2020/21, there have been significant additional costs linked to the Covid 19 pandemic, including IT/office equipment to support home /remote working and PPE.

Opening Doors London :

Opening Doors London made a surplus of £130,742 due to successful grant funding applications in the year which is bringing ODL closer to its targeted reserves level.

PSiC:

PSiC made a £24,184 surplus.

Page 16

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

c. Freehold Sale, Pension Deficit and Reserves policy

In 2011-12 the freehold of 11 St Chad’s Street was sold, and Trustees were minded to use the proceeds to fully close the Charity’s membership of the Local Government Pension Scheme. The Charity sought an indicative cessation valuation from the London Borough of Camden (the admitting authority to the local Government Pension Scheme). On 31st March 2011 the cessation valuation was £1.45m but by March 2012 it had risen to £2.2m and is likely to have remained at a similar level since, though no formal valuation has been sought. The main reason for the increase is that bond and gilt yields have been at historical lows. Negotiations with the London Borough of Camden in 2012-13 concluded without a settlement at a level Age UK Camden deemed acceptable. Instead, LB Camden and Age UK Camden now see the deficit coming within reach by about 2026. The cessation settlement figure is likely to be higher than the annual FRS102 pension deficit figure on the balance sheet, the Group has designated £513,000 (2020: £855,000) towards the settling of the pension deficit.

Total reserves of the Group were £1,727,775 (2020: £984,922) at the balance sheet. This was made up of endowment funds of £12,000 (2020: £12,000), restricted funds of £40,226 (2020: £135,358), general unrestricted funds of £1,066,345 (2020: £837,564) and designated funds of £96,204 (2020: £86,062) plus designated pension reserve funds of £513,000 (2020: £855,000). The Board currently aims to hold 3 months expenditure as free reserves but disregarding fixed assets and pension designation/liability.

On 31st March 2021, the amount of free reserves by this definition was £1,395,192 (2020: £573,131) or approximately 4.2 months’ expenditure

Page 17

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

d. Income Generation and Marketing

Age UK Camden’s income generation is sourced from:

Income Source % of total income
2019/20		 % of total income
2020/21
Statutory - Council and
CCG		 53% 55%
Trusts 35% 32%
Fundraising 4% 8%
Self-funders 3% 1%
Retail 3% 2%
Other 2% 2%

The shop closed in March 2020 due to the risk of Covid 19 in response to Government legislation. It then reopened on 15th June 2020 and shut again in December, before reopening again in mid-April 2021. In response to this situation, we developed our online shop which continues to grow.

Legacy income is volatile for an organisation of Age UK Camden’s size. Gifts in wills are promoted both directly and also indirectly which has some success. Age UK Camden also benefits from a legacy sharing protocol with the national charity. We are planning a marketing initiative aimed at solicitors and funeral directors to raise awareness of the importance of this important line of income.

With community fundraising events cancelled, we quickly adapted our approach to digital fundraising. In midMarch 20 we launched our Just Giving Covid 19 Emergency Appeal. In May 2020 we launched our summer renewal appeal. In October 2020 we launched our Winter Campaign ‘Warm Hearts Camden’ followed by our ‘Donate a Cuppa’ campaign in January 2021. These online Fundraising initiatives raised £46,836 with a further £8,517 in Gift Aid.

Alongside these Just Giving Campaigns we aligned marketing and raised further donations and awareness. The Winter Campaign also included a donate a gift which resulted in over 100 older Camden residents receiving a Christmas Gift. The campaigns led to one off donations from various individuals, corporates, and trusts.

Our Communication and Marketing function was integral in keeping our client group and the wider community updated with our services and activities. We further developed our website and social media platforms to support this work. Our weekly email communications are now more interactive and segmented to our different audiences. In April 2020 Age UK Camden featured on national and local BBC news and featured in several publications capturing our community Covid 19 response and emergency food provision. In September-October 2020 we staged a popular public photographic exhibition at Samsung KX with images taken during our initial Covid 19 response as featured in the Sunday Observer. In Nov 2020 we launched our online central referral form on the website, further improving access to our services. The Age UK Camden brand was refreshed with a new bank of photographs and development illustrations to reflect our current client group and wider community more accurately.

In January 2021 we carried out a questionnaire with our e-news database over 50% had donated in the year and most of the reader are 65+.

Page 18

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

e. Investment Policy

Previously, cash was invested in interest bearing deposit accounts and the Charity utilised a variety of banks/building societies to mitigate risks. This is now being streamlined, reducing the number of accounts held. Mindful that the pension deficit settlement is now a medium-long rather that short term goal, and that interest rates are at a modern historic low, Age UK Camden has also now invested in a discretionary managed portfolio of securities, administered by Adam & Company in accordance with the Charity's investment policy and ethical values. Age UK Camden may also seek to purchase a property that could be used or services and may give a rental income.

f. Fundraising Policy

Donations are gratefully received from time to time from individuals. Some members of the public also undertake sponsored challenges/events to raise money for the Charity. We are registered with the Fundraising Regulator and are guided by the code of Fundraising Practice in any fundraising activity. We have received no complaints about our fundraising activity. The Charity seeks to protect all members, supporters, and the general public, especially those considered vulnerable, and has adopted various policies, including safeguarding and data protection, that covers all activities and areas of operation, and that must be adhered to by all trustees, employees, and volunteers.

Members' liability

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2021 was 30 (2020- 41). Members of the Board are members of the charity, but this entitles them only to voting rights.

Page 19

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Future plans

Age UK Camden is in its last year of delivering the 2017-2020 Strategic Development Plan which was extended by a year due to the Covid 19 Pandemic. Supporting this, Age UK Camden has a three-year business plan which focuses on delivering outstanding services whilst moving the Charity into surplus and building on reserves. Given the challenges that the pandemic has presented, together with the ongoing risk of Covid 19, this remains the focus of the Charity to ensure ongoing stability.

As part of delivering outstanding services, we will be continuing to develop the expertise of the staff and the service models that we provide so that our clients receive specialist effective services. We will also be participating in and initiating research and learning opportunities. We will be developing our different communication forums so that there is better clarity with the service provision that we offer as well as the level of provision. We will also use these forums to share good practice and to collaborate with our partners.

We will continue to grow our community engagement including bringing services closer to people’s homes. This will increase the geographical reach of the Charity which in turn will enable us to meet the needs of people who currently cannot travel to our current provision sites. This also includes the further development of our retail buildings so that we can provide services from the venue when the retail activity is low. This will maximise our value for money from the venue whilst providing much needed services to those living in the nearby vicinity.

We will gradually reintroduce our face-to-face services in line with national and local guidelines. In addition, we will continue to develop our online provision for those who have welcomed this forum for information and support. We will also work with our partners to support those clients who are currently unable to access the internet and wish to do so. This will include the provision of equipment, access to Wifi, developing knowledge and skillsets as well as a service to support clients when problems are encountered.

Due to the social limitations caused by the threat of Covid 19, we will further develop our trust/foundation grant application activity to offset the reduction in opportunity of fundraising events and challenges. We will also further develop our online retail activities to offset the reduction of retail footfall.

We will develop the use of our HR database so that we can use it to support our recruitment process.

We will work to secure additional funding to continue the valuable work undertaken within the ABC project.

We will be working with LBC to develop the Accessible Camden agenda which will incorporate the Age Friendly agenda. Securing and influencing change within the infrastructure and provision within Camden for older people remains core to our vision and mission and is aligned to the Age Friendly Community initiative that the Mayor of London is supporting.

Page 20

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Goodman Jones LLP, were appointed during the year and have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ ................................................ Mary Burd Jacob Coy Chair Treasurer

Date: 31 January 2022

Page 21

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGE UK CAMDEN LTD

Opinion

We have audited the financial statements of Age UK Camden Ltd (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.

Page 22

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGE UK CAMDEN LTD (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 contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the 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 Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 23

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGE UK CAMDEN LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Auditors' Report.

Page 24

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGE UK CAMDEN LTD (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants 29/30 Fitzroy Square London W1T 6LQ

Date: 31-01-22

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 25

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and
endowments
from:
Donations and
legacies
4
Charitable
activities
5
Investments
6
Other income
7
Total income
and
endowments
Expenditure
on:
Raising funds
Charitable
activities
Total
expenditure
Net
(expenditure)/in
come before
net
gains/(losses)
on investments		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-
-		 Restricted
funds
2021
£
18,995
1,672,471
-
-
1,691,466
-
1,786,598
1,786,598
(95,132)		 Unrestricted
funds
2021
£
289,614
2,147,785
5,368
54,673
2,497,440
122,121
2,084,225
2,206,346
291,094		 Continuing
operations
2021
£
299,409
3,483,900
4,586
36,093
3,823,988
122,121
3,530,089
3,652,210
171,778		 Discontinued
operations
2021
£
9,200
336,356
782
18,580
364,918
-
340,734
340,734
24,184		 Total
funds
2021
£
308,609
3,820,256
5,368
54,673
4,188,906
122,121
3,870,823
3,992,944
195,962		 Continuing
operations
2020
£
165,698
3,213,782
5,968
92,584
3,478,032
156,339
3,441,358
3,597,697
(119,665)		 Discontinued
operations
2020
£
-
328,153
2,636
30
330,819
-
358,369
358,369
(27,550)		 Total
funds
2020
£
165,698
3,541,935
8,604
92,614
3,808,851
156,339
3,799,727
3,956,066
(147,215)

Page 26

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Note
Net
gains/(losses) on
investments
Net movement
in funds before
other
recognised
gains
Other
recognised
gains:
Other gains
Net movement
in funds
Reconciliation
of funds:
Total funds
brought forward
Net movement in
funds
Total funds
carried forward		 Endowment
funds
2021
£
-
-
-
-
12,000
-
12,000		 Restricted
funds
2021
£
-
(95,132)
-
(95,132)
135,358
(95,132)
40,226		 Unrestricted
funds
2021
£
204,891
495,985
342,000
837,985
837,564
837,985
1,675,549		 Continuing
operations
2021
£
204,891
376,669
342,000
718,669
971,603
718,669
1,690,272		 Discontinued
operations
2021
£
-
24,184
-
24,184
13,319
24,184
37,503		 Total
funds
2021
£
204,891
400,853
342,000
742,853
984,922
742,853
1,727,775		 Continuing
operations
2020
£
(61,416)
(181,081)
258,000
76,919
894,684
76,919
971,603		 Discontinued
operations
2020
£
-
(27,550)
-
(27,550)
40,869
(27,550)
13,319		 Total
funds
2020
£
(61,416)
(208,631)
258,000
49,369
935,553
49,369
984,922

Page 27

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 34 to 62 form part of these financial statements.

Page 28

AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
Defined benefit pension scheme liability
23
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 342,762
2,567,428
2,910,190
(1,811,498)		 2021
£
184,153
957,930
1,142,083
1,098,692
2,240,775
2,240,775
(513,000)
1,727,775
12,000
40,226
1,675,549
1,727,775		 268,006
2,496,699
2,764,705
(1,886,682)		 2020
£
205,772
756,127
961,899
878,023
1,839,922
1,839,922
(855,000)
984,922
12,000
135,358
837,564
984,922

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

Page 29

AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Mary Burd Jacob Coy Chair Treasurer Date: 31 January 2022

The notes on pages 34 to 62 form part of these financial statements.

Page 30

AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975

CHARITY BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
Defined benefit pension scheme liability
23
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 354,345
620,029
974,374
(176,428)		 2021
£
182,055
957,930
1,139,985
797,946
1,937,931
1,937,931
(513,000)
1,424,931
12,000
9,931
1,403,000
1,424,931		 266,568
802,537
1,069,105
(338,026)		 2020
£
204,798
756,127
960,925
731,079
1,692,004
1,692,004
(855,000)
837,004
12,000
87,962
737,042
837,004

The Charity's net movement in funds for the year was £ 587,927 (2020 - £44,007) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

Page 31

AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Mary Burd Jacob Coy Chair Treasurer Date: 31 January 2022

The notes on pages 34 to 62 form part of these financial statements.

Page 32

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
80,839
5,368
(15,478)
(10,110)
70,729
2,496,699
2,567,428		 2020
£
(92,768)
8,604
(57,638)
(49,034)
(141,802)
2,638,501
2,496,699

The notes on pages 34 to 62 form part of these financial statements

Page 33

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Age UK Camden Ltd ("AUC" or "the Charity") is a charitable company, limited by guarantee, registered in England and Wales, and whose registered office address is Tavis House, 1-6 Tavistock Square, London, WC1H 9NA. The Charity's objects are to promote the relief of elderly people in any manner which now or hereafter may be deemed by law to be charitable in and around the London Borough of Camden.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Age UK Camden Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees consider that there is no material uncertainity about the Charity's ability to continue as a going concern based on their review on 2021-22 budget, cashflow forecasts and cash reserves. The most significant issue that the Trustees continue to address is to ensure that there is not a crystalisation of the pension deficit at a time that is not of the Charity's choosing. The Trustees have considered the impacts that the Covid-19 pandemic may have for the Charity and it is deemed that the Charity can meet its commitments and liabilities and can continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

As noted in the Trustees' Report on page 7 and in note 26 on page 62, the decision was taken after the balance sheet by the Trustees of one of the Charity's subsidiairies, Personalisation of Support in Camden, that PSIC would not seek renewal of its contract with Camden Council and as such has taken the decision to wind down the Charity in early 2022. As a result, the financial statements of PSIC have prepared on the basis that PSCI is no longer a going concern. The financial statements do not include any provision for the future costs of terminating the activities of the entity except to the extent that such costs were committed at the end of the reporting period.

Page 34

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants and government grants, whether capital or revenue grants, are recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliabily and is not deferred.

Income received in advance of a service being provided or in advance of grant performance conditions being met is deferred until the criteria for income recognition are met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 35

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events, non-charitable trading and associated support costs.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Page 36

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.9 Debtors

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

2.10 Cash at bank and in hand

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

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The group operates defined contribution pension schemes and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

3. Critical accounting estimates and areas of judgement

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 Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The valuation of the pension liability and associated assumptions are significant accounting estimates. For detail on the assumptions see note 23.

Page 37

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Income from donations and legacies

Donations
Legacies
Grants
Government grants
Membership fees
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
9,200
174,197
-
78,136
-
37,281
9,795
-
-
-
18,995
289,614
38,351
127,347		 Total
funds
2021
£
183,397
78,136
37,281
9,795
-
308,609
165,698		 Total
funds
2020
£
165,483
-
-
-
215
165,698

Government grants represent amounts received under the UK Government's Coronavirus Job Retention Scheme.

5. Income from charitable activities

Resource Centres
Volunteer & Community Services
Advice & Support
Ageing Better in Camden
ODL
PSIC
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
798,006
344,366
268,941
233,651
540,640
666,758
-
427,696
203,842
-
336,356
1,672,471
2,147,785
1,442,361
2,099,574		 Total
funds
2021
£
798,006
613,307
774,291
666,758
631,538
336,356
3,820,256
3,541,935		 Total
funds
2020
£
696,353
619,396
771,389
696,899
429,745
328,153
3,541,935

Page 38

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Investment income

Unrestricted
funds
2021
£
Interest income
5,368
Total 2020
8,604		 Total
funds
2021
£
5,368
8,604		 Total
funds
2020
£
8,604

7. Other incoming resources

Sales of donated goods
Rental income
Other income
Total 2020		 Unrestricted
funds
2021
£
32,193
3,900
18,580
54,673
92,614		 Total
funds
2021
£
32,193
3,900
18,580
54,673
92,614		 Total
funds
2020
£
77,224
15,360
30
92,614

Page 39

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities

Resource Centres
Volunteer & Community Services
Advice & Support
Ageing Better in Camden
ODL
PSIC
Total 2020		 Activities
undertaken
directly
2021
£
730,941
527,398
712,148
666,408
462,938
266,701
3,366,534
3,046,259		 Support
costs
2021
£
145,937
94,026
197,677
21,329
-
45,320
504,289
753,468		 Total
funds
2021
£
876,878
621,424
909,825
687,737
462,938
312,021
3,870,823
3,799,727		 Total
funds
2020
£
854,052
600,069
909,649
714,545
395,043
326,369
3,799,727

Analysis of support costs

Staff costs
Depreciation
Other staff costs
Premises costs
Transport
Project costs
Supplies and services
Supplies and services - governance
Total 2020		 Resource
Centres
2021
£
59,515
5,128
15,812
14,639
241
472
45,145
4,985
145,937
238,340		 Volunteer &
Community
Services
2021
£
38,345
3,304
10,188
9,431
155
304
24,075
8,224
94,026
153,559		 Advice &
Support
2021
£
80,614
6,946
21,418
19,828
326
640
50,616
17,289
197,677
322,835		 Ageing
Better in
Camden
2021
£
8,698
750
2,311
2,139
35
69
6,598
729
21,329
34,834

Page 40

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Other staff costs
Premises costs
Transport
Project costs
Supplies and services
Supplies and services - governance
Total 2020		 PSIC
2021
£
41,985
-
-
-
-
-
-
3,335
45,320
3,900		 Total
funds
2021
£
229,157
16,128
49,729
46,037
757
1,485
126,434
34,562
504,289
753,468		 Total
funds
2020
£
405,894
6,547
98,877
66,025
361
139,657
13,219
22,888
753,468

9. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £21,965 ( 2020 - £24,936 ).

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Operating costs of defined benefit pension
schemes		 Group
2021
£
2,353,388
209,496
87,521
20,977
2,671,382		 Group
2020
£
2,211,230
187,468
79,106
16,641
2,494,445		 Charity
2021
£
1,793,333
164,807
62,242
20,977
2,041,359		 Charity
2020
£
1,708,683
142,585
56,314
16,641
1,924,223

Page 41

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Costs of generating income
Resource centres
Volunteer & community service
Advice & support
Support costs
Ageing Better in Camden
PSIC
ODL		 Group
2021
No.
1
16
24
16
8
10
7
12
94		 Group
2020
No.
3
16
21
16
11
7
9
12
95

The average headcount expressed as full-time equivalents was:

Cost of generating income
Resource centres
Volunteer & community service
Advice & support
Support costs
Ageing Better in Camden
PSIC
ODL		 Group
2021
No.
0.7
10.0
22.1
12.2
7.1
7.0
5.1
11.1
75		 Group
2020
No.
1.8
11.3
11.5
11.8
9.3
3.9
6.8
8.7
65

Page 42

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2021 2020
No. No.
In the band £60,001 - £70,000 1 1

During the year, key management personnel for the parent charity were identified as being the head of finance, ABC programme manager, two service managers, HR manager and the CEO. Remuneration, including employer's NI and pension contributions, totalled £277,528 (2020 - £302,974).

During the year, key management personnel for PSIC were identified as being the operations manager and the CEO of the parent charity. Remuneration, including employer's NI and pension contributions, totalled £41,782 (2020 - £54,823).

During the year, key management personnel for ODL were identified as being the operations manager and the CEO of the parent charity. Remuneration, including employer's NI and pension contributions, totalled £53,034 (£57,944).

The total key management personnel for the group £372,344 (2020: £415,741).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, expenses totalling £ 34 were reimbursed or paid directly to 1 Trustee (2020 - £79 to 1 Trustee) in relation to travel expenses. There were also expenses of £795 trustee recruitment advertisements in the year (2020: £650 trustee compliance training).

Page 43

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets

Group

Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Long-term
leasehold
property
£
269,893
-
269,893
104,950
13,468
118,418
151,475
164,943		 Office
equipment
£
172,166
15,478
187,644
131,337
23,629
154,966
32,678
40,829		 Total
£
442,059
15,478
457,537
236,287
37,097
273,384
184,153
205,772

Page 44

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 104,950
13,468
118,418
151,475
164,943
Long-term
leasehold
property
£
269,893
-
269,893		 123,561
18,098
141,659
30,580
39,855
Office
equipment
£
163,416
8,823
172,239		 Total
£
433,309
8,823
442,132
228,511
31,566
260,077
182,055
204,798

Page 45

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Fixed asset investments

Group and Charity
Market value
At 1 April 2020
Disposals
Revaluations
At 31 March 2021		 Listed
investments
£
720,640
(36,848)
204,891
888,683		 Cash
investments
£
35,487
-
33,760
69,247		 Total
£
756,127
(36,848)
238,651
957,930

Listed investments comprise equities and bonds, traded in quoted public markets both in the UK (55.96%) and outside of the UK (44.04%). Investments are managed by Adam & Company in accordance with the Charity's investment policy and risk profile.

14. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2021
£
285,381
-
10,105
47,276
342,762		 Group
2020
£
192,984
-
3,690
71,332
268,006		 Charity
2021
£
276,712
30,201
2,492
44,940
354,345		 Charity
2020
£
188,134
12,495
3,632
62,307
266,568

Page 46

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants accrued - small grants payable		 Group
2021
£
73,076
56,663
1,460,414
218,148
3,197
1,811,498		 Group
2020
£
57,612
74,382
1,437,634
316,831
223
1,886,682		 Charity
2021
£
15,750
44,651
61
112,769
3,197
176,428		 Charity
2020
£
33,461
56,632
(14)
247,724
223
338,026

Grants accrued relates to small grants scheme administered on behalf of London Borough of Camden. It provides single grants to alleviate hardship in circumstances where statutory funds are not applicable or accessible. It is a flexible and responsive scheme for the benefit of older residents.

Deferred income at 1 April 2020
Resources deferred during the year
Amounts released from previous periods		 Group
2021
£
177,763
127,592
(177,763)
127,592		 Group
2020
£
284,056
177,763
(284,056)
177,763		 Charity
2021
£
126,702
52,817
(126,702)
52,817		 Charity
2020
£
215,140
126,702
(215,140)
126,702

Deferred income relates to grant and contract income received in advance of the Charity having entitlement to the income / provision of the associated service.

Page 47

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Financial instruments

Financial assets
Financial assets measured at fair value
through income and expenditure
Financial assets measured at amortised cost
Financial liabilities
Other financial liabilities measured at
amortised cost		 Group
2021
£
957,930
2,917,796
3,875,726
Group
2021
£
209,070		 Group
2020
£
756,127
2,764,603
3,520,730
Group
2020
£
242,805		 Charity
2021
£
957,930
958,071
1,916,001
Charity
2021
£
71,826		 Charity
2020
£
756,127
1,057,468
1,813,595
Charity
2020
£
160,372

Financial assets measured at fair value comprise of investments held at market value. Financial assets measured at amortised cost comprise trade debtors, other debtors, accrued income and cash. Cash totals £2,567,428 (2020: £2,496,699).

Other financial liabilities measured at amortised cost comprise include trade creditors, deferred income and other creditors.

Page 48

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Prior year adjustments

The charity and the group have restated its comparative information to be in accordance with accounting treatments specified in the Charities SORP (FRS102). The following adjustments have been made:

1) Analysis of restricted funds of ODL in the group funds analysis - the financial statements have been restated to classify correctly certain items of income, and associated expenditure, previously treated as unrestricted funds. There is no impact on the result for the year, or on total funds, as a result of this adjustment as it is purely a reclassification between funds. The total amount reclassified was £22,782.

2) Debit balances in creditors and credit balances in debtors - the financial statements have been restated to classify correctly certain debtors and creditors that were misallocated. There is no impact on the result for the year, or on total funds, as a result of this adjustment as it is purely a reclassification between funds. The total net amount reclassified was £8,069 for the charity and £4,446 for the group.

3) Small grants payable funds as agent - the financial statements have been restated to classify correctly small grants payable as a creditor, previously included within expenditure as a charge to statement of financial activities. These grants payable are held as funds as agent. The impact on the result for 2020 is to increase the surplus by £223 and increase the brought forward general funds by £223.

4) Analysis of designated and unrestricted funds - the financial statements have been restated to classify correctly unrestricted funds in relation to the pension liability valuation (see point 6), previously treated as designated funds. There is no impact on the result for the year, or on total funds, as a result of this adjustment as it is purely a reclassification between funds. The total amount reclassified was £44,000.

5) Consolidation journals - the financial statements have been restated to eliminate the management charges between charities in the group. There is no impact on the result for the year, or on total funds, as a result of this adjustment as it is purely an overstatement of income and an equal overstatement of expenditure. The total amount eliminated on consolidation producing a reduction in income and expenditure was £102,800.

6) Pension liability valuation - the financial statements have been restated to reflect the present value of the pension scheme liability at 31 March 2020 as £855,000. The impact on the result for 2020 is to decrease the surplus by £44,000, decrease the liability of the defined benefit pension by £44,000 and decrease the brought forward pension general funds by £44,000.

Page 49

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Fixed asset fund
- office
Fixed asset fund
- Great Croft
Pension reserve
fund
IT replacement
fund
General funds
General Funds
Pension Fund
Total
Unrestricted
funds
Endowment
funds
Endowment
Fund
Restricted
funds
Other
Volunteering &
Community		 Balance at 1
April 2020
£
(10,142)
86,204
855,000
10,000
941,062
751,502
(855,000)
(103,498)
837,564
12,000
-
86,056		 Income
£
-
-
-
-
-
2,497,440
-
2,497,440
2,497,440
-
9,795
344,366		 Expenditure
£
-
-
-
-
-
(2,206,346)
-
(2,206,346)
(2,206,346)
-
(9,795)
(430,422)		 Transfers
in/out
£
10,142
-
(342,000)
-
(331,858)
331,858
-
331,858
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
204,891
342,000
546,891
546,891
-
-
-		 Balance at
31 March
2021
£
-
86,204
513,000
10,000
609,204
1,579,345
(513,000)
1,066,345
1,675,549
12,000
-
-

Page 50

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds (continued)

Statement of funds - current year (continued)

Advice &
Support
Ageing Better in
Camden
PSIC
ODL - training
and research
ODl - community
services
Total funds		 Balance at 1
April 2020
£
(7,675)
9,581
-
-
47,396
135,358
984,922		 Income
£
233,651
666,758
9,200
125,134
302,562
1,691,466
4,188,906		 Expenditure
£
(225,976)
(666,409)
(9,200)
(134,513)
(310,283)
(1,786,598)
(3,992,944)		 Transfers
in/out
£
-
-
-
9,379
(9,379)
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
546,891		 Balance at
31 March
2021
£
-
9,930
-
-
30,296
40,226
1,727,775

Page 51

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds (continued)

Endowment funds

A legacy of £12,000 was left by the Florence Maud Trust for long-term investment by the Charity. Funds raised from the investment are to be used for the benefit of the older people in need who reside in specific areas.

Designated funds

Fixed assets, Great Croft - this fund represents the value of funds invested in the refurbishment of the Great Croft resource centre. This fund is charged with depreciation over the term of the lease at Great Croft.

IT replacement - funds set aside for future IT upgrades.

Restricted funds

Other - this fund represents income received under the UK Government's furlough scheme in respect of wages and salaries.

Volunteering & Community - funding for volunteering and community projects supporting colleagues to adapt roles, developing volunteers, keeping guidance for volunteers up to date, supporting volunteers to adapt to change. Projects included Digital Inclusion (computer training), Community Connectors, Befriending Scheme including Tele friends Service, Nail Care Service, Internet Shopping Service , Discharge from Hospital.

Advice & Support - funding for projects that provide information and advice to older people, such as special need grants to older people in financial need, specialist service for debt advice and living wills, care navigation and social prescribing dementia befriending and wellbeing.

Ageing Better in Camden (ABC) - a Big Lottery funded partnership programme with Age UK Camden as the lead partner. The partnership is for older people and Camden organisations to work together to tackle social isolation and loneliness amoung older people in the borough.

ODL Training and research - funding received from various donors in respect of training and policy activities

ODL Community services and support - funding received from various donors in respect of provision of community and support services.

PSIC Digital - to provide digital based support service for new and existing clients.

Page 52

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
Designated
funds
Fixed asset fund
- office
Fixed asset fund
- Great Croft
Pension reserve
fund
IT replacement
fund
General funds
General Funds
Pension Fund
Total
Unrestricted
funds
Endowment
funds
Endowment
Fund
Restricted
funds
Resource
centres		 Balance at
1 April 2019
£
(1,105)
120,059
1,113,000
10,000
1,241,954
699,360
(1,113,000)
(413,640)
828,314
12,000
-		 Income
£
-
-
-
-
-
2,328,139
-
2,328,139
-
14,883
2,328,139		 Expenditure
£
(9,037)
(33,855)
-
-
(42,892)
(2,498,969)
-
(2,498,969)
(2,541,861)
-
-		 Transfers
in/out
£
-
-
(258,000)
-
(258,000)
284,388
-
284,388
26,388
-
(14,883)		 Gains/
(Losses)
£
-
-
-
-
-
(61,416)
258,000
196,584
196,584
-
-		 Balance at
31 March
2020
£
(10,142)
86,204
855,000
10,000
941,062
751,502
(855,000)
(103,498)
837,564
12,000
-

Page 53

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds (continued)

Statement of funds - prior year (continued)

Volunteering &
Community
Advice &
Support
Ageing Better in
Camden
PSIC
ODL - training
and research
ODl - community
services
Total funds		 Balance at
1 April 2019
£
75,687
(7,675)
27,227
-
-
-
95,239
935,553		 Income
£
339,856
-
696,899
11,505
314,145
103,424
1,480,712
3,808,851		 Expenditure
£
(329,487)
-
(714,545)
-
(247,112)
(123,061)
(1,414,205)
(3,956,066)		 Transfers
in/out
£
-
-
-
(11,505)
(19,637)
19,637
(26,388)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
196,584		 Balance at
31 March
2020
£
86,056
(7,675)
9,581
-
47,396
-
135,358
984,922

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Endowment
funds
2021
£
-
-
12,000
-
-
12,000		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
184,153
-
957,930
40,226
2,857,964
-
(1,811,498)
-
(513,000)
40,226
1,675,549		 Total
funds
2021
£
184,153
957,930
2,910,190
(1,811,498)
(513,000)
1,727,775

Page 54

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Endowment
funds
2020
£
-
12,000
-
-
-
12,000		 Restricted
funds
2020
£
-
-
135,358
-
-
135,358		 Unrestricted
funds
2020
£
205,772
744,127
2,629,347
(1,886,682)
(855,000)
837,564		 Total
funds
2020
£
205,772
756,127
2,764,705
(1,886,682)
(855,000)
984,922

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Increase in debtors
Increase/(decrease) in creditors
(Gain)/loss on investments
Management fee
Net cash provided by/(used in) operating activities		 Group
2021
£
400,853
37,097
(5,368)
(74,756)
(75,184)
(204,891)
3,088
80,839		 Group
2020
£
(208,631)
23,014
(8,604)
(112,229)
146,763
61,416
5,503
(92,768)

Page 55

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2021
£
2,567,428
2,567,428		 Group
2020
£
2,496,699
2,496,699

22. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2020
£
2,496,699
2,496,699		 Cash flows
£
70,729
70,729		 At 31 March
2021
£
2,567,428
2,567,428

23. Pension commitments

The Group and Charity operate defined contribution pension schemes and the Charity operates a defined benefit pension scheme.

The charity and the group operate a defined contribution pension schemes with The Pensions Trust. The pension cost charge represents contributions payable by the charity to the fund in the year of £62,242 (2020: £56,314) and £87,521 (2020: £79,106) by the group. At the year end, £3,509 (2020: £16,332) was included in creditors as owed by the charity and £2,737 (2020: £18,911) was included in creditors for the group.

The charity, and not the group, is also an admitted member of the London Borough of Camden Pension Fund, which is a Local Government Pension Scheme (LGPS) via Camden Council. The LGPS is a defined benefits scheme, with benefits defined by LGPS rules, liked to earnings, length of service etc. Age UK Camden closed this scheme to new entrants in 2004, and there are now 2 active scheme members. The LGPS is administered in accordance with the Local Government Pension Scheme Regulations. The latest formal valuation of the fund for the purpose of setting employers’ actual contributions was as at 31 March 2019.

Page 56

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Pension commitments (continued)

Employer membership statistics

Number Total Salaries /
Pensions
£(000)		 Average Age
31 Mar
2019		 31 Mar 2019 31 Mar 2019
Actives 2 66 54
Deferred Pensioners
33		 64 57
Pensioners 39 155 72

Deferred pensioners include undecided leavers and frozen refunds. Salaries are actual, not full-time equivalent.

Payroll

ayroll
Period Assumed Total Pensionable Payroll based on
Information Provided
1 April 2020 to 31 March 2021 £74,000

LGPS early retirements

GPS early retirements
New Early Retirements
1 April 2020 to 31 March 2021		 Number Total Pension
Accrued(£)		 Total
Pension Actual(£)
Redundancy - - -
Efficiency - - -
Other - - -

Teachers' early retirements

New Early Retirements
1 April 2020 to 31 March
2021		 Number Recharged
Accrued
Pension(£)		 Total Actual
Recharged Pension
(£)
Redundancy - - -
Efficiency - - -
Other - - -

Page 57

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Pension commitments (continued)

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

Discount rate
Actual and total return on scheme assets
Future salary increases
Future pension increases
Mortality rates (in years)
- for a male aged 65 now
- at 65 for a male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now		 At 31 March
2021
% pa
1.95
34.7
3.25
2.85		 At 31 March
2020
% pa
2.3
34.7
2.4
2.0
At 31 March
2021
Years
22.0
23.4
24.3
26.1		 At 31 March
2020
Years
21.8
23.2
23.9
25.9

Sensitivity analysis

At 31 March At 31 March
2021 2020
£ £
Discount rate -0.5% 316,000 -
CPI rate +0.5% 298,000 -
Salary increase rate +0.5% 12,000 -

Page 58

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Pension commitments (continued)

Life expectancy is based on the Fund's VitaCurves with improvements in line with the CMI 2020 model, with a 0% weighting of 2020 data, standard smoothing (Sk7), initial adjustment of 0.5% and a long term rate of improvement of 1.5% p.a. Based on these assumptions, the average future life expectancies at age 65 are summarised above.

Historic mortality

Life expectancies for the prior period end are based on the Fund's VitaCurves. The allowance for future improvements are:

Prospective Pensioners - CMI 2018 model assuming the current rate of improvement has peaked and will converge to a long term rate of 1.25% p.a..

Pensioners - CMI 2018 model assuming the current rate of improvement has peaked and will converge to a long term rate of 1.25% p.a..

Please note that the mortality assumptions used to value the Obligations in the Employer's Closing Position are different to those used to value the Obligations in the Employer's Opening Position.

Commutation

An allowance is included for future retirements to elect to take 50% of the maximum additional tax-free cash up to HMRC limits for pre-April 2008 service and 75% of the maximum tax-free cash for post-April 2008 service.

'The major categories of plan assets as a percentage of total plan assets have been calculation. The most recent asset split provided has been used and allows for index returns, where required, on each asset category to determine the estimated split of assets as at 31 March 2021.

Equities
Corporate bonds
Property
Cash and other liquid assets
Total % of assets		 At 31 March
2021
%
80
9
8
3
100		 At 31 March
2020
£
76
11
12
1
100

The actual return on scheme assets was £984,000 (2020 - £-389000) .

Page 59

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Pension commitments (continued)

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

2021
£
26,000
70,000
(89,000)
7,000
Current service cost
Interest income
Interest cost
Total amount recognised in the Consolidated Statement of Financial
Activities
Movements in the present value of the defined benefit obligation were as
follows:
Opening defined benefit obligation
Contributions by scheme participants
Interest cost
Estimated benefits paid
Estimated unfunded pension payments
Current service cost
Changes in financial assumptions
Changes in demographic assumptions
Other experience
Closing defined benefit obligation
Movements in the fair value of theGroup's share of scheme assets were as follows:
Opening fair value of scheme assets
Interest income
Contributions by scheme participants
Contributions by employer
Benefits paid
Estimated unfunded benefits paid
Contributions in respect of unfunded benefits paid
Return on assets excluding interest
Closing fair value of scheme assets		 2020
£
25,000
83,000
(109,000)
(1,000)
2021
£
3,946,000
5,000
89,000
(170,000)
(2,000)
26,000
655,000
45,000
(50,000)
4,544,000
2021
£
3,091,000
70,000
5,000
51,000
(170,000)
(2,000)
2,000
984,000
4,031,000

Page 60

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

24. Operating lease commitments

At 31 March 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2021
£
130,806
365,485
248,569
744,860		 Group
2020
£
130,806
365,485
379,375
875,666		 Charity
2021
£
130,806
365,485
248,569
744,860		 Charity
2020
£
130,806
365,485
379,375
875,666

25. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

Page 61

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

26. Related party transactions

During the year, Julia Shelley (the Treasurer of ODL) undertook some consultancy work for Age UK Camden Ltd and was paid fees of £8,500 (2020: £4,885).

During the year, the following transactions took place between ODL and its parent charity, Age UK Camden Ltd:

At the balance sheet date, the outstanding balances with Age UK Camden Ltd were:

During the year, the following transactions took place between PSIC and its parent charity, Age UK Camden Ltd:

At the balance sheet date, the outstanding balances with Age UK Camden Ltd were:

27. Post balance sheet events and discontinued operations

In December 2021, the decision was taken by the Trustees of one of the Charity's subsidiairies, Personalisation of Support in Camden, that PSIC would not seek renewal of its contract with Camden Council and as such has taken the decision to wind down the Charity in early 2022. During the year the subsidiary contributed surplus of £24,184 (2020: £27,550 deficit) before consolidation adjustments. The net assets at 31 March 2021 were £37,503 (2020: £13,319).

The Trustees of PSIC have assessed the going concern of PSIC and given the intention is to wind up the charity in an orderly fashion in Spring 2022, the financial statements have been prepared on the basis that the entity is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. The Trustees have assessed and consider that no additional provisions are required in respect of any onerous contractual commitments. The financial statements do not include any provision for the future costs of terminating the activities of the entity except to the extent that such costs were committed at the end of the reporting period.

On 15 December 2021, Age UK Camden became the sole member of Age UK London. As a result of this agreement, Age UK Camden has taken over responsibility of supporting Age UK London in carrying out its activities through provision of managerial, back office, and support systems.

Page 62