**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 2024**
## **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 - 17|
|**Independent Auditors' Report on the Financial Statements**|18 - 21|
|**Consolidated Statement of Financial Activities**|22 - 24|
|**Consolidated Balance Sheet**|25 - 26|
|**Charity Balance Sheet**|27 - 28|
|**Consolidated Statement of Cash Flows**|29|
|**Notes to the Financial Statements**|30 - 58|
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024**
## **Trustees**
Mary Burd, Chair Marika Freris, Vice Chair Glyn Clark Dr Thomas Fitzgerald (resigned 9 June 2023) Charles Hardie (appointed 18 March 2024) Bonny Ho Samantha Holland (resigned 20 August 2023) Alison Kelly Rachel Palin
## **Company registered number**
01969975
## **Charity registered number**
293446
## **Registered office**
68 Parkway London NW1 7AH
## **Chief executive officer**
Robert Larkman (appointed 1 May 2023)
## **Independent auditors**
Goodman Jones LLP Statutory Auditors 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN
## **Bankers**
CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ
Natwest 250 Bishopsgate London EC2M 4AA
Page 1
## **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 2024**
## **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**
Bates Wells 10 Queen Street Place London EC4R 1BE
## **Solicitors**
H3 Solicitors Ltd Suite 1, The Old Pig Styes Brighthams Farm, Bines Road Partridge Green Partridge Green RH13 8EQ
## **Investment Managers**
Adam & Co 40 Princes Street Edinburgh EH2 2BY
Page 2
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. 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.
## **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 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 2024**
## **Objectives and activities (continued)**
## **b. Services Provided**
**Information and Advice** : The Information & Advice Service offers advice on welfare benefits, debt and money, housing, accessing services, charitable grants, organising care and support and much more via face-to-face, by phone, email, and at local outreach sessions.
**Counselling, Psychotherapy and Group Therapy** : The Counselling, Psychotherapy and Group Therapy Service supports people over 55 to talk through difficult emotions in a confidential and non-judgmental way. If the person is housebound a home visit can be arranged.
**Care Navigation and Social Prescribing** : The Care Navigation and Social Prescribing Service supports people in accessing local health and social care services including help with care package requests, aids and adaptations, transport, benefits advice and more.
**Digital Inclusion** : The Digital Inclusion service supports people over the age of 55 with any technology issues via home visits, one-to-one support, group gadget clinics, specialty technology workshops and digital guides.
**Dementia Befriending** : The Dementia Befriending Service matches an older person with memory issues or dementia with a volunteer befriender who shares common interests to visit the person at home on a weekly basis.
**Dementia Wellbeing** : The Dementia Wellbeing Service works with people living with memory issues and dementia to provide practical and emotional one-to-one support by creating a personal plan to improve health, wellbeing and independence, and connect you with other support and services available in Camden.
**Internet Shopping Service** : The Internet Shopping Service supported older people to remain independent by arranging food shopping to be delivered to their homes. After careful consideration the Trustees decided to close this service during the year as there are now easily accessible alternative services available to people in the borough.
**Telefriends** : Telefriends is here to support isolated and lonely older people to stay connected by matching an older person with a volunteer who will call on a regular basis for a chat.
**Good Neighbours Scheme** : Our Good Neighbours Scheme matches trained and DBS checked volunteers with people aged 65+ to visit on a regular basis for a chat and catch up.
**Day Centres** : Our two day centres, Great Croft (near Kings Cross) and Henderson Court (near Hampstead) offer daily care and support for those aged 60+ in the borough of Camden.
**Volunteering** : In 2023-2024 we had 200 active volunteers who gave 13,800 volunteer hours. Volunteers continue to play an integral role in service delivery and maximising the organisation's impact. Corporate volunteers continue to give time and expertise through their organisations.
You can read more about the services provided by Age UK Camden in our 2023/24 Impact Report available at https://www.ageuk.org.uk/camden/about-us/annual-review-and-accounts/
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## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Objectives and activities (continued)**
## **c. Subsidiary Charities**
## **Age UK City of London**
Age UK City of London is the charity for older people who live, work, study or volunteer in the square mile.
Its focus is on enhancing wellbeing and building social connections so that people can enjoy growing older in the City, to maintain an active independent life and develop new social connections and interests.
Mary Burd (also Chair of Age UK Camden) continues in the position of Age UK City of London Chair since March 2022.
Age UK City of London benefits from central functions (HR, Finance, Governance, Comms and Fundraising, Line Management) and has the opportunity to bid jointly with Age UK Camden for funding eg Digital Inclusion Services within the City of London area.
Age UK City of London works in the borough providing:
- Health walks, fitness and wellbeing activities
- Digital learning and inclusion
- Arts and cultural events
- Trips and outings
- Weekly drop-in ‘Golden Social’ with a range of programmed talks, films and events
- A dedicated group to support to older BAME women in Aldgate
## **Personalisation Support in Camden**
PSIC was a subsidiary charity focused on supporting disabled adults with their provision of care packages. The Support Service ceased in May 2022, with the payroll service continuing to ensure support to clients around transition of accounts to alternative providers. This process is now complete and the charity is now fully dormant.
## **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 2023-2026 Strategic Development Plan is also available on the website.
## **e. Website Addresses**
Age UK Camden – www.ageukcamden.org.uk Age UK City of London – www.ageukcityoflondon.org.uk Personalisation Support in Camden (not in operation) - 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 2024**
## **Context | Challenges | Activities | Achievements | April 2023 – March 2024**
## **a. Context**
2023-2024 continued to be a challenging time for our organisation with demand for services increasing. High rates of inflation and the rising cost of living severely affected our clients, staff, and volunteers.
Following the departure of our previous Chief Executive in December 2022, an Executive Committee consisting of the Senior Management Team and four Trustees (Chair, Vice-Chair, Treasurer and Trustee) oversaw the management of the Charity until May 2023 when the Finance Director, Robert Larkman, agreed to act as interim Chief Executive.
The reduction in donations and increased competition for grants and other income continued to impact our financial position. Nonetheless, 2023/24 saw an appreciable improvement in our financial performance and the accounts show a small operating loss for the year and a growth of our investment portfolio. The 2024/25 budget now projects a small surplus for the year to 31 March 2025.
Throughout the year, Age UK Camden continued to operate from its base in Parkway in Camden Town. Services delivered from the main office base include Information & Advice, Digital Inclusion and core central services such as HR and finance.
Age UK Camden staff continued to increase outreach work across the borough to support people near to their homes. Information and advice sessions are held at a number of community locations, including our two day centres in the north and south of the borough.
Age UK Camden continually assesses all safeguarding risks and ensures that all aspects of safeguarding are addressed as quickly as possible. Its focus is to make sure that service users and staff always are safe and feel safe.
We continue to be grateful to our donors, supporters, trusts and foundations that enable us to provide essential services for older people in Camden.
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.
## **b. Day Centres**
Great Croft (Kings Cross) and Henderson Court (Hampstead) continued to support those people living with complex care needs and early stages of dementia. This support includes continuing our current day service provision of individual and group sessions e.g. Information and Advice, Digital Inclusion, counselling, art therapy etc. Membership of both hubs averages 45 in the year. We are currently working to increase levels of attendance at both day centres. During the year, we reorganised the staffing structures at both day centres to improve operating consistency and efficiency at both centres.
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**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Context | Challenges | Activities | Achievements | April 2023 – March 2024 (continued)**
## **c. Information and Advice**
The substantive service is part-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 real-terms decrease in statutory funding. This includes providing specialist services such as debt advice, resilience services and scam awareness supported by grant funding. The service also offers benefit checks, including checks on entitlement to pension credit which is an important “gateway benefit”. It additionally provides services ‘closer to home’ including extending our group information sessions (coffee mornings) to include regular online sessions. In 2023-2024 we supported 1695 clients, with staff securing £2,091,886 in benefits and debt relief.
## **d. Community Engagement**
Community engagement is an important part of our work which helps local people engage in a range of activities
The Book Group began as an online activity and demand for the service grew post-pandemic leading to the first in person Book Group in September 2021. The group provides an opportunity to explore issues of ageing through books, increase wellbeing and reduce social isolation. The Book Group now runs once a month at the British Library. On average, 100 people join the Book Group online or in person.
This year we have worked with the National Portrait Gallery to provide creative art sessions with monthly exhibition visits and workshops.
We have also worked with the Central Saint Martin’s arts and design college to support and encourage fashion design aimed at older people.
Community meet-ups are also held at social venues in the borough to enable older people to stay connected and pick up information about local events and services.
## **e. Care Navigation & Social Prescribing**
The Care Navigators & Social Prescribing Services are trained frontline; non-clinical staff based at GP surgeries throughout the borough providing patients 18+ with information, focused and time limited case work 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 ICB and local PCN’s 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. The Care Navigation Team supported 1695 clients via face-to-face, at hospitals, GPs or home appointments. The evidence shows the positive impacts both on clients and volunteers are exemplary and that the service reduces the workload and financial pressure on the NHS and Council with a relatively low level of investment. The service offers:
- 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.
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**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Context | Challenges | Activities | Achievements | April 2023 – March 2024 (continued)**
## **f. Good Neighbours Scheme (NW3 and Primrose Hill)**
The Good Neighbours Service (GNS) continues to provide a befriending service for those in Hampstead and Primrose Hill. The tele-friend service remains an important service and covers the whole borough. The service inclusive of tele-friends supported 205 clients via coordinated matches with volunteers in the area. We provided 6,277 hours of befriending support over the year. There are over 200 volunteers providing invaluable support to the befriending service.
## **g. Digital Inclusion/Computer Training**
Bridging the digital divide continues to be important service to isolated clients. The service offers help with access to support and resources online. We have developed the service so that all our staff are able to address 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 support clients throughout 2023/24 which includes funding from Google and St Andrews and Holborn, and clients’ support from corporate and individual volunteers. In 2023/2024 our team supported 434 clients face to face, on-line or by telephone. We have developed online support via 1:1 and group sessions - as well as sourcing and distributing equipment & learning material.
## **h. Dementia Wellbeing and Befriending**
The specialist dementia services supported 91 people under the dementia wellbeing service and in addition supported 76 people under the dementia befriending service with 37 befriending matches. Our dedicated staff dealt with 533 dementia enquiries from family, friends, carers and professionals. The service supports people living with dementia and works to improve wellbeing and maintain independence and choice by supporting people to explore and access services and activities. The service has worked with a number of partners this year to ensure awareness of dementia and access to the Dementia Service, this has included Camden Chinese Community Centre, Surma Centre, Henna Asian Women’s Group and Hopscotch and Camden Memory Service. The service has also worked with organisations to help develop dementia friendly activities with the Calthorpe Project and London Zoo.
## **i. Internet Shopping**
The Internet Shopping Service supported older people to remain independent by arranging food shopping to be delivered to their homes. After careful consideration, the Trustees decided to close this service during the year as there are now easily accessible alternative services available to people in the borough.
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## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Context | Challenges | Activities | Achievements | April 2023 – March 2024 (continued)**
## **j. Corporate Accreditations**
The organisation’s quality marks that have been secured this year:
- Advice Quality Standard (for casework)
- Information Governance Toolkit (Care Navigator/Social Prescriber and Counselling)
- Age UK accreditation Charity Quality Standard.
## **k. Michael Palin Event**
In September 2023, Age UK Camden was delighted to host "Home and Away - an evening with Sir Michael Palin" at Cecil Sharp House. Sir Michael shared anecdotes from his comedy career and world travels with a sellout audience and raised over £17,000 for the charity. We are grateful to Sir Michael, Cecil Sharp House and everyone who supported the event.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **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 Personalisation Support in Camden (PSIC) and Age UK City of London (AUCoL).
During the year ended 31 March 2024, Group income increased from £2,384,494 to £2,473,088 and expenditure decreased from £2,974,129 to £2,571,694.
## **Age UK Camden** :
Without investment gains or pension gains, Age UK Camden ended with a deficit of £67,197 (2023: £645,341). The investment portfolio made a £97,263 unrealised gain (2023: £70,449 unrealised loss) in valuation.
The financial situation of the Charity improved markedly during the year. The Charity succesfully implemented a number of efficiency savings and secured additional income. However, the external economic environment remains extremely challenging. Running costs continue to increase as a result of inflationary pressures and income has declined substantially from levels enjoyed in prior years as potential corporate and individual donors struggle to address their own cost pressures.
## **Personalisation Support In Camden** :
Personalisation Support in Camden recorded a deficit of £34,976 (2023: £15,523 deficit).
## A **ge UK City of London** :
Age UK City of London recorded a surplus of £13,569 (2023: £781 surplus) for the year.
## **c. Reserves policy**
Total reserves of the Group were £1,424,027 (2023: £1,212,370) at the balance sheet. This was made up of endowment funds of £12,000 (2023: £12,000), restricted funds of £22,734 (2023: £5,868), general unrestricted funds of £858,089 (2023: £866,298), designated funds of £96,204 (2023: £96,204) plus designated pension reserve funds of £435,000 (2023: £232,000)). The Board currently aims to hold 3 months expenditure as free reserves but disregarding fixed assets and pension designation/liability.
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## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **d. Income Generation and Marketing**
We have continued to grow and adapt our income generation activities. The team continued to maximise opportunities to secure new income.
We continue to submit bids to grant-making organisations, Trusts, and Foundations to support the Charity's work and expand on projects.
The Leather Lane Charity Boutique continues to be a huge success. The boutique generates income, increases awareness of the Charity and provides space for other service activities. The boutique also has an online presence and offers goods for sale through internet shopping sites.
Legacy income is volatile for an organisation of Age UK Camden’s size although Age UK Camden benefits from a legacy sharing protocol with the national charity.
We continued our approach to digital fundraising in 2023-24. Donations can be made via “Just Giving” which can be accessed through the Age UK Camden website.
Our Communication and Marketing function is 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.
## **e. Investment Policy**
The Charity seeks to produce the best financial return within an acceptable level of risk and reflecting its values. The existing portfolio has the primary purpose of capital growth over a 5+ years Investment time horizon. The portfolio is currently run under a discretionary portfolio management service by Adam & Company.
## **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.
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**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **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 (charity No.1157537 and company No. 90775447) and Age UK City of London (charity number 1158981 and company number 07279153).
## **b. Governance, including recruitment and training of trustees**
Age UK Camden Ltd 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. Change of name from Age Concern Camden to Age UK Camden was filed on 24th March 2021.
Age UK Camden Ltd 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 last renewed in 2021. The Board of Trustees of Age UK Camden governs its affairs. Trustees are also the Directors of the company for the purposes of company law. Trustees are elected by its members on an ongoing basis with Trustees active in the recruitment process. 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 2024**
## **Structure, governance and management (continued)**
## **c. Management**
The day-to-day management of the Charity is delegated to the interim Chief Executive (also Finance Director) who works with a team of Senior Management that includes Head of Operations, Head of Human Resources, and Central Services to fulfil the Charity's objectives. The Chief Executive reports to the Chair and Board. The Chief Executive’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 contributes to the Age England Association, Age UK and Age UK London in a number of ways. 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 interdependent charities and to share best practice and ideas.
The Senior Management Team continues as a high functioning, effective team delivering the Mission and Strategic Development Plan of Age UK Camden and its subsidiaries as agreed by the Trustees.
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 Articles of Association in July 2023.
## **d. Membership**
In 2023-2024 we had 11 Members, of these 4 are life members and 7 annual members. We have 2 members in N10 (Haringey) and the remaining are residents of Camden.
2023-2024 Membership Data – Age:
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## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management (continued)**
## **e. Values**
Age UK Camden 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**
## **f. Risk Management and principal uncertainties**
The senior management team meets weekly and review risk regularly with consideration of incidents and near misses at each meeting. The Board conducts regular reviews of the risk assessment document, in which the major risks to which the Charity is subject are identified and actions to mitigate risks agreed.
The major risks identified _with approaches to mitigation_ (in italics):
- Health and Safety issues for clients, volunteers, and staff _- to work within Government and Public Health England legislation and guidance. To work within insurance requirements for reporting. Ongoing review of health and safety training requirements for all staff._
- 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/communications_ . _Business continuity plan in place and due for review in 2025._
- 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._
- 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 2024**
## **Structure, governance and management (continued)**
## **g. Our Subsidiary Charities**
Age UK Camden hosts and supports two subsidiary charities: Personalisation Support in Camden (PSiC) and Age UK City of London (AUCoL) providing them with support, including central functions such as finance and human resources.
## **Age UK City of London**
The Charity was initially incorporated on 9th June 2010 under its previous name ‘Age Concern City of London’ with a name change to Age UK City of London on 16th August 2020 when it was managed by Age UK London. Age UK City of London became a subsidiary of Age UK Camden on 16th December 2021. Age UK Camden is the subscriber to the Memorandum and Articles of Association. Age UK City of London’s reference details are the same, except as follows:
Charity Number: 1158981 | Company Number: 07279153
**Objects** : The objects of Age UK City of London are for the purposes of the public and/or older people in and around the City of London including preventing or relieving the poverty of older people, advancing education, preventing or relieving sickness, disease or suffering in older people (whether emotional, mental or physical), promoting equality and diversity, assisting older people in need by reason of ill-health, disability, financial hardship, social exclusion or other disadvantage; and such other charitable purposes for the benefit of older people as the Trustees may from time to time decide.
**Trustees** : Mary Burd (Chair), Jane Carr, Maureen Childs, Imogen Clark, John Foley, Anne Page, and Miranda Quinney.
## **Senior Manager** : Alice Westlake
## **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 UK 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.
The Support Service ceased in May 2022, with the payroll service continuing to ensure support to clients around transition of accounts to alternative providers. This process is now complete and the Charity is now fully dormant. As a result, the decision has been taken by the Trustees to close down the Charity.
**Trustees** : Janet Guthrie (Chair), Dr. Stephanie Kayode, and Rachel Palin.
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**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management (continued)**
## **h. 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 2024 was 12 (2023 - 12). Members of the Board are members of the Charity, but this entitles them only to voting rights.
## **Future plans**
Age UK Camden has produced a 2023-2026 Strategic Development Plan which focuses on delivering outstanding services whilst moving the Charity into a sustainable financial position and building on reserves. The Trustees are now focused on developing the next stage of our strategic plan working with staff and external partners.
We will continue to work with Age UK City of London, supporting development and central functions (HR, Finance, Management and Fundraising). We will continue to look at joint funding opportunities.
Given the challenges of the external economic income generation remains a key focus of the Charity to ensure ongoing stability.
We will further develop our trust/foundation grant application activity and continue to seek opportunities for fundraising events. We will also further develop our online retail activities in addition to the Charity's boutique trade.
As part of delivering outstanding services, we will continue to develop the expertise of the staff and the service models that we provide so that our clients receive specialist effective services. 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 peoples' 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.
We would like to explore further retail buildings opportunities in the borough that can offer increased activity for our retail boutique and provide space for other services. This will maximise our value for money from the venue whilst providing much needed services to those living in the vicinity.
We are reviewing the existing accommodation provision for all our services with a view to consolidating our services and rationalising our portfolio of sites across the borough during 2025/26.
We will embed Age UK Camden’s quality framework to support the organisation in all aspects.
Page 16
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **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, 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** Chair
Date: 11-12-24
Page 17
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **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 2024 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 2024 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 and Companies Act 2006.
## **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 18
**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 19
**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 20
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **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 Statutory Auditor 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN
Date: 15-12-24
Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 21
## **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 2024**
|**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**|**Unrestricted**
**funds**
**2024**
**£**
**152,414**
**1,735,473**
**9,588**
**134,333**
**2,031,808**
**277,574**
**1,867,220**
**2,144,794**|**Restricted**
**funds**
**2024**
**£**
**2,500**
**438,780**
**-**
**-**
**441,280**
**-**
**426,900**
**426,900**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Continuing**
**operations**
**2024**
**£**
**154,914**
**2,174,253**
**9,039**
**134,333**
**2,472,539**
**277,574**
**2,286,805**
**2,564,379**|**Discontinued**
**operations**
**2024**
**£**
**-**
**-**
**549**
**-**
**549**
**-**
**7,315**
**7,315**|**Total**
**funds**
**2024**
**£**
**154,914**
**2,174,253**
**9,588**
**134,333**
**2,473,088**
**277,574**
**2,294,120**
**2,571,694**|_Continuing_
_operations_
_2023_
_£_
_279,996_
_1,885,305_
_19,190_
_119,837_
_2,304,328_
_502,982_
_2,375,458_
_2,878,440_|_Discontinued_
_operations_
_2023_
_£_
_-_
_77,262_
_2,904_
_-_
_80,166_
_-_
_95,689_
_95,689_|_Total_
_funds_
_2023_
_£_
_279,996_
_1,962,567_
_22,094_
_119,837_
_2,384,494_|
|---|---|---|---|---|---|---|---|---|---|
||||||||||_502,982_
_2,471,147_
_2,974,129_|
Page 22
## **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 2024**
|**Note**
**Net**
**(expenditure)/in**
**come before**
**net**
**gains/(losses)**
**on investments**
Net
gains/(losses) on
investments
**Net**
**(expenditure)/in**
**come**
Transfers
between funds
17
**Net movement**
**in funds before**
**other**
**recognised**
**gains/(losses)**
**Other**
**recognised**
**gains/(losses):**
Actuarialgains -
defined benefit
pension|**Unrestricted**
**funds**
**2024**
**£**
**(112,986)**
**97,263**
**(15,723)**
**(2,486)**
**(18,209)**
**213,000**|**Restricted**
**funds**
**2024**
**£**
**14,380**
**-**
**14,380**
**2,486**
**16,866**
**-**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Continuing**
**operations**
**2024**
**£**
**(91,840)**
**97,263**
**5,423**
**-**
**5,423**
**213,000**|**Discontinued**
**operations**
**2024**
**£**
**(6,766)**
**-**
**(6,766)**
**-**
**(6,766)**
**-**|**Total**
**funds**
**2024**
**£**
**(98,606)**
**97,263**
**(1,343)**
**-**
**(1,343)**
**213,000**|_Continuing_
_operations_
_2023_
_£_
_(574,112)_
_(70,449)_
_(644,561)_
_-_
_(644,561)_
_450,000_|_Discontinued_
_operations_
_2023_
_£_
_(15,523)_
_-_
_(15,523)_
_-_
_(15,523)_
_-_|_Total_
_funds_
_2023_
_£_
_(589,635)_
_(70,449)_
_(660,084)_
_-_
_(660,084)_
_450,000_|
|---|---|---|---|---|---|---|---|---|---|
Page 23
## **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 2024**
|**Note**
**Net movement**
**in funds**
**Reconciliation**
**of funds:**
Total funds
brought forward
Net movement in
funds
**Total funds**
**carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**194,791**
**1,194,502**
**194,791**
**1,389,293**|**Restricted**
**funds**
**2024**
**£**
**16,866**
**5,868**
**16,866**
**22,734**|**Endowment**
**funds**
**2024**
**£**
**-**
**12,000**
**-**
**12,000**|**Continuing**
**operations**
**2024**
**£**
**218,423**
**1,177,394**
**218,423**
**1,395,817**|**Discontinued**
**operations**
**2024**
**£**
**(6,766)**
**34,976**
**(6,766)**
**28,210**|**Total**
**funds**
**2024**
**£**
**211,657**
**1,212,370**
**211,657**
**1,424,027**|_Continuing_
_operations_
_2023_
_£_
_(194,561)_
_1,371,955_
_(194,561)_
_1,177,394_|_Discontinued_
_operations_
_2023_
_£_
_(15,523)_
_50,499_
_(15,523)_
_34,976_|_Total_
_funds_
_2023_
_£_
_(210,084)_
_1,422,454_
_(210,084)_
_1,212,370_|
|---|---|---|---|---|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 30 to 58 form part of these financial statements.
Page 24
## **AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024**
|**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 asset**
Defined benefit pension scheme asset
22
**Total net assets**
**Group funds**
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
**Total funds**|**165,515**
**412,822**
**578,337**
**(503,685)**|**2024**
**£**
**111,873**
**802,502**
**914,375**
**74,652**
**989,027**
**989,027**
**435,000**
**1,424,027**
**12,000**
**22,734**
**1,389,293**
**1,424,027**|_212,058_
_890,659_
_1,102,717_
_(955,226)_|_2023_
_£_
_127,640_
_705,239_|
|---|---|---|---|---|
|||||_832,879_
_147,491_|
|||||_980,370_|
|||||_980,370_
_232,000_|
|||||_1,212,370_|
|||||_12,000_
_5,868_
_1,194,502_|
|||||_1,212,370_|
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.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 25
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Mary Burd** Chair
Date: 11-12-24
The notes on pages 30 to 58 form part of these financial statements.
Page 26
## **AGE UK CAMDEN LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01969975**
## **CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024**
|**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 asset**
Defined benefit pension scheme asset
22
**Total net assets**
**Charity funds**
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
**Total funds**|**165,515**
**392,431**
**557,946**
**(513,690)**|**2024**
**£**
**111,873**
**802,502**
**914,375**
**44,256**
**958,631**
**958,631**
**435,000**
**1,393,631**
**12,000**
**-**
**1,381,631**
**1,393,631**|_276,594_
_440,384_
_716,978_
_(621,292)_|_2023_
_£_
_127,640_
_705,239_|
|---|---|---|---|---|
|||||_832,879_
_95,686_|
|||||_928,565_|
|||||_928,565_
_232,000_|
|||||_1,160,565_|
|||||_12,000_
_-_
_1,148,565_|
|||||_1,160,565_|
The Charity's net movement in funds for the year was _£_ 233,066 _(2023 - £(69,501))_ .
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.
Page 27
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2024**
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
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** Chair
Date: 11-12-24
The notes on pages 30 to 58 form part of these financial statements.
Page 28
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**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
Proceeds from sale of investments
Purchase of investments
**Net cash (used in)/provided by 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**
The notes on pages30 to 58form part of these financial statements|**2024**
**£**
**(497,425)**
**19,588**
**-**
**-**
**-**
**19,588**
**(477,837)**
**890,659**
**412,822**|_2023_
_£_
_(1,729,122)_
_17,343_
_(1,304)_
_54,810_
_(60,581)_
**10,268**
**(1,718,854)**
_2,609,513_
_890,659_|
|---|---|---|
Page 29
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 68 Parkway, London, NW1 7AH. 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.
As noted in the Trustees' Report on page 15 and in note 27 on page 57, a decision was taken during a prior year 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. As a result, the financial statements of PSIC have prepared on the basis that PSIC 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. The activities of PSIC are shown as discontinued operations in these financial statements.
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 of budgets, cashflow forecasts, reserves, cash balances, and future plans of the Charity. The Trustees have determined 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.
Page 30
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 31
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 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.
## **2.8 Tangible fixed assets and depreciation**
Tangible fixed assets costing £1,000 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
Page 32
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.9 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.
## **2.10 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.
## **2.11 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.
## **2.12 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.
## **2.13 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.
## **2.14 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.
Page 33
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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
Critical accounting estimates and assumptions:
Pension - the valuation of the pension liability and associated assumptions are significant accounting estimates. For detail on the assumptions see note 22.
Income recognition - the Charity, and the Group, receives income from contracts and performance grants. These agreements include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these contracts and performance grants.
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
82,232
Legacies
29,232
Grants
40,950
152,414
_Total 2023_
_244,923_|**Restricted**
**funds**
**2024**
**£**
2,500
-
-
2,500
_35,073_|**Total**
**funds**
**2024**
**£**
**84,732**
**29,232**
**40,950**
**154,914**
_279,996_|_Total_
_funds_
_2023_
_£_
_146,598_
_78,052_
_55,346_
_279,996_|
|---|---|---|---|
|||||
Page 34
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
Resource Centres
620,384
Volunteer & Community Services
283,265
Advice & Support
790,221
Good Practice Mentor
-
Cost of raising funds
41,603
PSIC
-
AUCOL
-
1,735,473
_Total 2023_
_1,697,171_|**Restricted**
**funds**
**2024**
**£**
-
131,706
203,922
50,127
-
-
53,025
438,780
_265,396_|**Total**
**funds**
**2024**
**£**
**620,384**
**414,971**
**994,143**
**50,127**
**41,603**
**-**
**53,025**
**2,174,253**
_1,962,567_|_Total_
_funds_
_2023_
_£_
_519,332_
_340,340_
_911,880_
_38,672_
_20,000_
_77,262_
_55,081_
_1,962,567_|
|---|---|---|---|
|||||
## **6. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Interest income
9,466
Investment income - local cash
122
9,588
_Total 2023_
_22,094_|**Total**
**funds**
**2024**
**£**
**9,466**
**122**
**9,588**
_22,094_|_Total_
_funds_
_2023_
_£_
_22,062_
_32_
_22,094_|
|---|---|---|
||||
Page 35
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **7. Other incoming resources**
|Sales of donated goods
Rental income
Other income
AUCoL
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
103,553
780
30,000
-
134,333
_119,837_|**Total**
**funds**
**2024**
**£**
**103,553**
**780**
**30,000**
**-**
**134,333**
_119,837_|_Total_
_funds_
_2023_
_£_
_83,664_
_3,330_
_27,843_
_5,000_
_119,837_|
|---|---|---|---|
|||||
## **8. Analysis of expenditure by activities**
|Resource Centres
Volunteer & Community
Services
Advice & Support
Good Practice Mentor
Generating Funds
ODL
PSIC
AUCoL
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
567,928
357,849
743,678
51,503
-
-
-
66,386
1,787,344
_1,748,152_|**Grant**
**funding of**
**activities**
**2024**
**£**
-
-
-
-
-
-
-
-
-
_62,797_|**Support**
**costs**
**2024**
**£**
164,134
103,419
212,034
14,884
-
-
7,315
4,990
506,776
_660,198_|**Total**
**funds**
**2024**
**£**
**732,062**
**461,268**
**955,712**
**66,387**
**-**
**-**
**7,315**
**71,376**
**2,294,120**
_2,471,147_|_Total_
_funds_
_2023_
_£_
_843,357_
_237,155_
_1,059,434_
_66,030_
_7,901_
_125,841_
_80,928_
_50,501_
_2,471,147_|
|---|---|---|---|---|---|
|||||||
Page 36
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
Other staff costs
Premises costs
Transport
Project costs
Supplies and services
Supplies and services -
governance
Grants payable
_Total 2023_|**Resource**
**Centres**
**2024**
**£**
75,210
330
14,471
27,909
-
664
45,550
-
-
164,134
_213,844_|**Volunteer &**
**Community**
**Services**
**2024**
**£**
47,389
208
9,118
17,586
-
418
28,700
-
-
103,419
_134,816_|**Advice &**
**Support**
**2024**
**£**
97,160
426
18,694
36,054
-
858
58,842
-
-
212,034
_265,932_|**Good**
**Practice**
**Mentor**
**2024**
**£**
6,820
30
1,312
2,531
-
60
4,131
-
-
14,884
_17,091_|**PSIC**
**2024**
**£**
-
-
-
-
-
-
6,315
1,000
-|
|---|---|---|---|---|---|
||||||7,315|
||||||_3,000_|
Page 37
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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
Grants payable
_Total 2023_|**AuCOL**
**2024**
**£**
928
-
-
-
-
-
1,062
3,000
-
4,990
_4,383_|**Total**
**funds**
**2024**
**£**
**227,186**
**994**
**32,595**
**84,118**
**4,766**
**2,135**
**144,768**
**7,214**
**3,000**
**506,776**
_660,198_|_Total_
_funds_
_2023_
_£_
_366,581_
_8,641_
_39,514_
_48,278_
_5,430_
_4,640_
_182,129_
_1,985_
_3,000_
_660,198_|
|---|---|---|---|
|||||
## **9. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £18,000 ( _2023_ - _£24,000_ ).
## **10. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Operating costs of defined benefit pension
schemes|**Group**
**2024**
**£**
**1,639,096**
**156,128**
**68,774**
**21,000**
**1,884,998**|_Group_
_2023_
_£_
_1,840,620_
_165,569_
_39,137_
_32,000_
_2,077,326_|**Charity**
**2024**
**£**
**1,608,841**
**153,208**
**66,972**
**21,000**
**1,850,021**|_Charity_
_2023_
_£_
_1,764,850_
_163,499_
_37,210_
_32,000_
_1,997,559_|
|---|---|---|---|---|
Page 38
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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
Ageing Better in Camden
PSIC
AU City|**Group**
**2024**
**No.**
**5**
**13**
**10**
**18**
**5**
**1**
**-**
**1**
**53**|_Group_
_2023_
_No._
_6_
_15_
_27_
_7_
_16_
_-_
_2_
_1_
_74_|**Charity**
**2024**
**No.**
**5**
**13**
**10**
**18**
**5**
**1**
**-**
**-**
**52**|_Charity_
_2023_
_No._
_6_
_15_
_27_
_7_
_16_
_-_
_-_
_-_|
|---|---|---|---|---|
|||||_71_|
The average headcount expressed as full-time equivalents was:
|Cost of generating income
Resource centres
Volunteer & community service
Advice
8
Ageing Better in Camden
PSIC
AU City|**Group**
**2024**
**No.**
**2.6**
**9.4**
**7.8**
**14.9**
**5.7**
**0.9**
**-**
**0.8**
**42.1**|_Group_
_2023_
_No._
_4.0_
_9.9_
_23.2_
_4.8_
_12.4_
_-_
_1.0_
_0.8_
_56.1_|**Charity**
**2024**
**No.**
**2.6**
**9.4**
**7.8**
**14.9**
**5.7**
**0.9**
**-**
**-**
**41.3**|_Charity_
_2023_
_No._
_4.0_
_9.9_
_23.2_
_4.8_
_12.4_
_-_
_1.0_
_-_|
|---|---|---|---|---|
|||||_55.3_|
Page 39
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|
|---|---|---|---|
|||**2024**|_2023_|
|||**No.**|_No._|
|In the band £80,001|- £90,000|**1**|_-_|
During the year, key management personnel were identified as being the CEO, Head of Operations, Finance Director, Director of Fundraising, and Head of HR and Central Services. Remuneration, including employer's NI and pension contributions, totalled £200,424 (2023: £281,315).
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £nil)_ .
During the year ended 31 March 2024, expenses totalling _£_ nil were reimbursed or paid directly to 0 Trustee _(2023 - £nil to_ 0 _Trustee)_ . There were also expenses of £nil in relation to trustee recruitment advertisements, nominal thank you gifts and a trustee vision day in the year (2023: £216 trustee recruitment advertisements).
Page 40
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 April 2023
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Long-term**
**leasehold**
**property**
**£**
**243,643**
**-**
**243,643**
**119,104**
**13,468**
**-**
**132,572**
**111,071**
_124,539_|**Office**
**equipment**
**£**
**61,265**
**(7,134)**
**54,131**
**58,164**
**2,299**
**(7,134)**
**53,329**
**802**
_3,101_|**Total**
**£**
**304,908**
**(7,134)**
**297,774**
**177,268**
**15,767**
**(7,134)**
**185,901**
**111,873**
_127,640_|
|---|---|---|---|
Page 41
**AGE UK CAMDEN LTD**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Tangible fixed assets (continued)**
## **Charity**
|**Cost or valuation**
At 1 April 2023
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Long-term**
**leasehold**
**property**
**£**
**243,643**
**243,643**
**119,104**
**13,468**
**132,572**
**111,071**
_124,539_|**Office**
**equipment**
**£**
**54,131**
**54,131**
**51,030**
**2,299**
**53,329**
**802**
_3,101_|**Total**
**£**
**297,774**
**297,774**|
|---|---|---|---|
||||**170,134**
**15,767**
**185,901**|
||||**111,873**|
||||_127,640_|
Page 42
**AGE UK CAMDEN LTD**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Fixed asset investments**
|**Group and Charity**
**Cost or valuation**
At 1 April 2023
Revaluations
At 31 March 2024|**Listed**
**investments**
**£**
**705,239**
**97,263**|
|---|---|
||**802,502**|
Listed investments comprise equities and bonds, traded in quoted public markets both in the UK (44.42%) and outside of the UK (55.58%). 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
Prepayments and accrued income|**Group**
**2024**
**£**
**60,219**
**-**
**105,296**
**165,515**|_Group_
_2023_
_£_
_88,842_
_-_
_123,216_
_212,058_|**Charity**
**2024**
**£**
**60,219**
**-**
**105,296**
**165,515**|_Charity_
_2023_
_£_
_88,842_
_64,536_
_123,216_|
|---|---|---|---|---|
|||||_276,594_|
Page 43
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15. Creditors: Amounts falling due within one year**
|Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods|**Group**
**2024**
**£**
**31,949**
**-**
**44,887**
**229,597**
**197,252**
**503,685**
**Group**
**2024**
**£**
**207,573**
**77,425**
**(207,573)**
**77,425**|_Group_
_2023_
_£_
_18,926_
_-_
_38,656_
_584,436_
_313,208_
_955,226_
_Group_
_2023_
_£_
_175,788_
_207,573_
_(175,788)_
_207,573_|**Charity**
**2024**
**£**
**31,949**
**22,108**
**44,887**
**228,097**
**186,649**
**513,690**
**Charity**
**2024**
**£**
**204,241**
**71,078**
**(204,241)**
**71,078**|_Charity_
_2023_
_£_
_18,926_
_-_
_38,656_
_227,000_
_336,710_
_621,292_
_Charity_
_2023_
_£_
_37,438_
_204,241_
_(37,438)_
_204,241_|
|---|---|---|---|---|
Deferred income relates to grant and contract income received in advance of the Group/Charity having entitlement to the income due to the related service not yet being provided or not all performance conditions attached to grant being met at the balance sheet date.
Page 44
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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**
**2024**
**£**
**802,502**
**932,041**
**1,734,543**
**Group**
**2024**
**£**
**381,373**|_Group_
_2023_
_£_
_705,239_
_1,282,061_
_1,987,300_
_Group_
_2023_
_£_
_481,997_|**Charity**
**2024**
**£**
**802,502**
**911,648**
**1,714,150**
**Charity**
**2024**
**£**
**397,725**|_Charity_
_2023_
_£_
_705,239_
_896,322_|
|---|---|---|---|---|
|||||_1,601,561_|
|||||_Charity_
_2023_
_£_
_378,395_|
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 £412,822 (2023: £890,659) at Group level and £392,429 (2023: £440,384) at Charity level..
Other financial liabilities measured at amortised cost comprise include trade creditors, accruals and other creditors.
Page 45
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds**
**Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Fixed asset fund
- Great Croft
IT replacement
fund
**General funds**
General Funds
Pension Fund
AUCoL
PSIC
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Endowment
Fund
**Restricted**
**funds**
Other
Volunteering &
Community
Advice &
Support|**Balance at 1**
**April 2023**
**£**
**86,204**
**10,000**
**96,204**
**820,361**
**232,000**
**10,961**
**34,976**
**1,098,298**
**1,194,502**
**12,000**
**-**
**-**
**-**|**Income**
**£**
**-**
**-**
**-**
**1,984,196**
**-**
**47,063**
**549**
**2,031,808**
**2,031,808**
**-**
**2,500**
**131,706**
**203,922**|**Expenditure**
**£**
**-**
**-**
**-**
**(2,104,747)**
**-**
**(32,732)**
**(7,315)**
**(2,144,794)**
**(2,144,794)**
**-**
**(2,500)**
**(131,706)**
**(203,922)**|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**(2,486)**
**-**
**-**
**-**
**(2,486)**
**(2,486)**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**107,263**
**203,000**
**-**
**-**
**310,263**
**310,263**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**86,204**
**10,000**
**96,204**|
|---|---|---|---|---|---|---|
|||||||**807,073**
**435,000**
**22,806**
**28,210**
**1,293,089**|
|||||||**1,389,293**|
|||||||**12,000**|
|||||||**-**
**-**
**-**|
Page 46
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds (continued)**
## **Statement of funds - current year (continued)**
|Good Practice
Mentor
AUCoL
**Total funds**|**Balance at 1**
**April 2023**
**£**
**-**
**5,868**
**5,868**
**1,212,370**|**Income**
**£**
**50,127**
**53,025**
**441,280**
**2,473,088**|**Expenditure**
**£**
**(50,127)**
**(38,645)**
**(426,900)**
**(2,571,694)**|**Transfers**
**in/out**
**£**
**-**
**2,486**
**2,486**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**310,263**|**Balance at**
**31 March**
**2024**
**£**
**-**
**22,734**
**22,734**|
|---|---|---|---|---|---|---|
|||||||**1,424,027**|
Page 47
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. 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.
Pension fund - funds set aside in relation to the pension scheme balance.
General funds
Included within general funds are amounts of £nil (2023: £34,976) and £30,398 (2023: £16,829) relating to Personalisation of Support in Camden and Age UK City of London respectively. The remaining balance in general funds relates to Age UK Camden.
## **Restricted funds**
Other - donation received for specific purposes.
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) / Good Practice Mentor - 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.
AUCoL - Contains any unspent funding provided to Age UK City of London for specific purposes and is ringfenced as a result.
Page 48
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
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
Advice &
Support|_Balance at_
_1 April 2022_
_£_
_86,204_
_262,000_
_10,000_
_358,204_
_968,883_
_(262,000)_
_706,883_
_1,065,087_
_12,000_
_-_
_-_
_-_|_Income_
_£_
_-_
_-_
_-_
_-_
_2,084,025_
_-_
_2,084,025_
_2,084,025_
_-_
_24,051_
_66,752_
_139,972_|_Expenditure_
_£_
_-_
_-_
_-_
_-_
_(2,530,324)_
_44,000_
_(2,486,324)_
_(2,486,324)_
_-_
_(24,051)_
_(66,752)_
_(139,972)_|_Transfers_
_in/out_
_£_
_-_
_(262,000)_
_-_
_(262,000)_
_414,163_
_-_
_414,163_
_152,163_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_(70,449)_
_450,000_
_379,551_
_379,551_
_-_
_-_
_-_
_-_|_Balance at_
_31 March_
_2023_
_£_
_86,204_
_-_
_10,000_
_96,204_|
|---|---|---|---|---|---|---|
|||||||_866,298_
_232,000_
_1,098,298_|
|||||||_1,194,502_|
|||||||_12,000_|
|||||||_-_
_-_
_-_|
Page 49
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|Ageing Better in
Camden
Good Practice
Mentor
ODl - community
services
AUCoL
**Total funds**|_Balance at_
_1 April 2022_
_£_
_155,669_
_-_
_162,012_
_27,686_
_345,367_
_1,422,454_|_Income_
_£_
_-_
_38,673_
_-_
_31,021_
_300,469_
_2,384,494_|_Expenditure_
_£_
_-_
_(67,714)_
_(162,012)_
_(27,304)_
_(487,805)_
_(2,974,129)_|_Transfers_
_in/out_
_£_
_(155,669)_
_29,041_
_-_
_(25,535)_
_(152,163)_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_379,551_|_Balance at_
_31 March_
_2023_
_£_
_-_
_-_
_-_
_5,868_
_5,868_|
|---|---|---|---|---|---|---|
|||||||_1,212,370_|
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
111,873
Fixed asset investments
802,502
Current assets
543,603
Creditors due within one year
(503,685)
Provisions for liabilities and charges
435,000
**Total**
1,389,293|**Restricted**
**funds**
**2024**
**£**
-
-
22,734
-
-
22,734|**Endowment**
**funds**
**2024**
**£**
-
-
12,000
-
-
12,000|**Total**
**funds**
**2024**
**£**
**111,873**
**802,502**
**578,337**
**(503,685)**
**435,000**
**1,424,027**|
|---|---|---|---|
Page 50
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_127,640_
_705,239_
_1,081,517_
_(951,894)_
_232,000_
_1,194,502_|_Restricted_
_funds_
_2023_
_£_
_-_
_-_
_9,200_
_(3,332)_
_-_
_5,868_|_Endowment_
_funds_
_2023_
_£_
_-_
_-_
_12,000_
_-_
_-_
_12,000_|_Total_
_funds_
_2023_
_£_
_127,640_
_705,239_
_1,102,717_
_(955,226)_
_232,000_
_1,212,370_|
|---|---|---|---|---|
## **19. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Decrease in creditors
**Net cash used in operating activities**|**Group**
**2024**
**£**
**(1,343)**
**15,767**
**(97,263)**
**(9,588)**
**46,543**
**(451,541)**
**(497,425)**|_Group_
_2023_
_£_
_(692,557)_
_25,901_
_57,790_
_(22,094)_
_256,913_
_(1,355,075)_
_(1,729,122)_|
|---|---|---|
Page 51
## **AGE UK CAMDEN LTD**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**Group**
**2024**
**£**
**412,822**
**412,822**|_Group_
_2023_
_£_
_890,659_|
|---|---|---|
|||_890,659_|
## **21. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1 April**
**2023**
**£**
**890,659**
**890,659**|**Cash flows**
**£**
**(477,837)**
**(477,837)**|**At 31 March**
**2024**
**£**
**412,822**
**412,822**|
|---|---|---|---|
Page 52
**AGE UK CAMDEN LTD**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **22. Pension commitments**
The Group operates a defined benefit pension scheme.
The Group and Charity operate defined contribution pension schemes.
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 £66,972 (2023: £37,210) and £68,774 (2023: £39,137) by the Group. At the balance sheet date, £10,153 (2023: £2,223) was included in creditors as owed by the Charity and 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 2022.
Page 53
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **22. Pension commitments (continued)**
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2024**|_2023_|
||**% pa**|_% pa_|
|Discount rate|**4.8**|_4.75_|
|Actual and total return on scheme assets|**9.8**|_-3.8_|
|Future salary increases|**3.3**|_3.5_|
|Future pension increases|**2.8**|_3_|
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2024**|_2023_|
||**Years**|_Years_|
|Mortality rates (in years)|||
|- for a male aged 65 now|**20.5**|_20.7_|
|- at 65 for a male aged 45 now|**22.4**|_22.5_|
|- for a female aged 65 now|**23.9**|_24.1_|
|- at 65 for a female aged 45 now|**25.6**|_25.8_|
## **Sensitivity analysis**
||**At**|**31 March**|_At 31 March_|
|---|---|---|---|
|||**2024**|_2023_|
|||**£**|_£_|
|Discount rate -0.1% (2023: -0.1%)||**44,000**|_45,000_|
|CPI rate +0.1% (2023: +0.1%)||**42,000**|_43,000_|
|Salary increase rate +0.1% (2023: +0.1%)||**3,000**|_3,000_|
We use future longevity improvements assumptions in line with the latest Continuous Mortality Investigation (CMI) results, namely the CMI 2022 model, with a 25% weighting of 2022 data, a 0% weighting of 2021 (and 2020 data), standard smoothing (Sk7), initial adjustment of 0.25% and a longterm rate of improvement of 1.5% p.a. for both females and males.
Page 54
**(A Company Limited by Guarantee)**
## **AGE UK CAMDEN LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **22. Pension commitments (continued)**
The Group's share of the assets in the scheme was:
|Equities
Corporate bonds
Property
Cash and other liquid assets
**Total % of assets**|**At 31 March**
**2024**
**%**
**59**
**23**
**15**
**3**
**100**|_At 31 March_
_2023_
_£_
_59_
_20_
_17_
_4_|
|---|---|---|
|||_100_|
The actual return on scheme assets was £187,000 _(2023 - £-259,000)_ .
The amounts recognised in the Consolidated Statement of Financial Activities are as follows:
|Current service cost
Past service cost
Interest cost
**Total amount recognised in the Consolidated Statement of Financial**
**Activities**|**2024**
**£**
**21,000**
**(11,000)**
**11,000**
**21,000**|_2023_
_£_
_32,000_
_(83,000)_
_7,000_|
|---|---|---|
|||_(44,000)_|
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**|**2024**
**£**
**3,617,000**
**5,000**
**165,000**
**(318,000)**
**(3,000)**
**21,000**
**(111,000)**
**(20,000)**
**116,000**|
|---|---|
|||
||**3,472,000**|
Page 55
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **22. Pension commitments (continued)**
Movements in the fair value of the Group'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**|**2024**
**£**
**3,849,000**
**176,000**
**5,000**
**8,000**
**(318,000)**
**(3,000)**
**3,000**
**187,000**|
|---|---|
|||
||**3,907,000**|
## **23. Operating lease commitments**
At 31 March 2024 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**
**2024**
**£**
**144,300**
**381,300**
**338,800**
**864,400**|_Group_
_2023_
_£_
_136,536_
_430,701_
_354,243_
_921,480_|**Charity**
**2024**
**£**
**144,300**
**381,300**
**338,800**
**864,400**|_Charity_
_2023_
_£_
_136,536_
_430,701_
_354,243_|
|---|---|---|---|---|
|||||_921,480_|
## **24. Members' liability**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
Page 56
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **25. List of subsidiaries**
As at the balance sheet date Age UK Camden Ltd had the following subsidiary charities which have been included within these consolidated financial statements:
## **Personalisation Support In Camden (PSiC)**
Company Registered Number: 09075447 Charity Registered Number: 1157537 Registered Office: 68 Parkway, London, NW1 7AH Country of Incorporation: United Kingdom
Results for the year:
|Results for the year:|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Gross Income:|549|80,166|
|Expenditure:|(35,525)|(95,689)|
|Net Surplus (Deficit)|(34,976)|(15,523)|
|Net funds|0|34,976|
## **Age UK City Of London (AUCoL** )
Company Registered Number: 07279153 Charity Registered Number: 1158981 Registered Office: 68 Parkway, London, NW1 7AH Country of Incorporation: United Kingdom
Results for the year:
|Results for the year:|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Gross Income:|100,088|57,430|
|Expenditure:|(86,519)|(56,649)|
|Net Surplus (Deficit)|13,569|781|
|Net funds|30,398|16,829|
All subsidiary charities are consolidated based on Age UK Camden having 100% control of those subsidiaries noted above.
Page 57
**AGE UK CAMDEN LTD (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **26. Related party transactions**
During the year Age UK Camden paid Radfield Homecare £29,816 (2023: £3,674) for the provision of care services. Age UK Camden received £600 (2023: £nil) from Radfield Homecare in rental income. Age UK Camden trustee Glyn Clarke is a Director and the majority shareholder of Eden Independent Living Ltd trading as Radfield Home Care.
During the year, the following transactions took place between Personalisation of Support in Camden ("PSIC") and its parent charity, Age UK Camden Ltd:
- Central management costs of £28,209 (2023: £14,761), which include charges for CEO, HR manager, finance support and also software usage
The outstanding balances with Age UK Camden at the balance sheet date were:
- Amounts owed by PSIC to Age UK Camden: £nil (2023: £35,000)
During the year, the following transactions took place between Age UK City of London ("AUKCoL") and its parent charity, Age UK Camden:
- Central management costs of £15,144 (2023: £6,148), which include charges for CEO, HR manager, finance support and also software usage.
- Expenses paid on behalf of AUKCoL by Age UK Camden Limited £43,434 (2023: £48,848)
- Project support charges of £18,572 (2023: £nil)
The outstanding balances with Age UK Camden at the balance sheet date were:
-
- Amounts owed to AUKCoL by Age UK Camden £22,108 (2023: £64,536 owed to Age UK Camden)
## **27. Discontinued operations**
In December 2021, the decision was taken by the Trustees of one of the Charity's subsidiaries, Personalisation of Support in Camden ("PSIC"), that PSIC would not seek renewal of its contract with Camden Council and as such decided to wind down the Charity, This was originally planned for 2022 but has since been delayed until late 2024. During the year, PSIC contributed a deficit of £34,976 (2023: £15,523 deficit) before consolidation adjustments. The net assets at 31 March 2024 were £nil (2023: £34,976).
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 late 2024, 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.
Page 58