**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**
- **(A Company Limited by Guarantee)**
**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:
- 72% are aged under 60
- 52% identify as other than White British
- 74% identify as Female
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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:
- Delivery of a range of social opportunities aimed at reducing social isolation and supporting the development of social networks. This now includes virtual support and social groups.
- Delivery of specialist support groups [including for those affected by dementia]
- Delivery of befriending services aimed at the most isolated members, further developing our tele-friending service
- Influencing older people’s service providers, commissioners, businesses, and the community about the needs of LGBT+ older people via older volunteer ambassadors, material on website, social media, and publications.
- Delivery of the national quality standard ODL Pride in Care, aimed at organisations working with older people which want to evidence that they are providing inclusive services.
- Active participation in research into the needs and experience of older LGBT+ people
## **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:
- Providing support to all those residents of Camden aged over 18 who receive or are interested in receiving Direct Payments whether from social care or through Personal Health Budgets
- Providing support to parents of disabled children in Camden who receive or are interested in receiving Direct Payments whether from social care or through Personal Health Budgets
- Offering a Personal Assistants payroll service
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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)**
- To provide other services (e.g. advocacy) where appropriate within the objects.
## **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:
- A robust model that has developed and expanded with partners over several years.
- High quality data and detailed costs.
- A cost-effective model which diverts pressure from statutory services saving time and money.
- Significant impact on health and wellbeing outcomes.
- It leverages existing assets in the community.
- Effective in reaching/supporting those who identify as coming from minority groups.
- 100% of Camden residents volunteering within the service for professional development purposes have gone on to jobs, education or training in health and care services.
## **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:
- Advice Quality Standard (for casework)
- IG Toolkit (Care Navigator/Social Prescriber and Counselling)
- Age UK accreditation Charity Quality Standard.
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.
Page 15
**(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.
- https://www.justgiving.com/campaign/AUCamdencoronavirusappeal
- https://www.justgiving.com/campaign/AgeUKCamdenCovid19RenewalSummer2020
- https://www.justgiving.com/campaign/ageukcamdenwarmheart21
- • https://www.justgiving.com/campaign/donateacuppaAgeUKCamden
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
## **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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2021 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- the parent charitable company has not kept sufficient accounting records; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Reading minutes of meetings of those charged with governance;
- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
- Identifying and testing journal entries;
- Challenging assumptions and judgements made by management in their significant accounting estimates.
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:
- Leasehold improvements Straight line over the life of the lease - Office equipment 3 years and 1 year straight line
## **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)_ .
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**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**|
|---|---|
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**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.
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**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:
- Central Management costs of £87,600 (2020: £70,800), which include charges for CEO, Payroll officer, HR manager, HR software, finance support, office space and also software usage.
- Staff recharges of £nil (2020: £1,108)
- Room hire costs at Henderson Court of £nil (2020: £1,980)
At the balance sheet date, the outstanding balances with Age UK Camden Ltd were:
- Amounts owed by ODL to Age UK Camden Ltd £17,018 (2020: £7,457).
- Amounts owed to ODL by Age UK Camden Ltd £nil (2020: £1,661).
During the year, the following transactions took place between PSIC and its parent charity, Age UK Camden Ltd:
- Central management costs of £38,400 (2020 - £32,000), which include charges for CEO, HR manager, finance support and also softaware usage.
At the balance sheet date, the outstanding balances with Age UK Camden Ltd were:
- Amounts owed by PSIC to Age Concern Camden £6,400 (2020 - £5,333).
## **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.
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