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2025-03-31-accounts

Registered number: 01969975 Charity number: 293446

AGE UK CAMDEN LTD

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 - 15
Independent Auditors' Report on the Financial Statements 16 - 19
Consolidated Statement of Financial Activities 20 - 21
Consolidated Balance Sheet 22 - 23
Charity Balance Sheet 24 - 25
Consolidated Statement of Cash Flows 26
Notes to the Financial Statements 27 - 53

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Mary Burd, Chair Glyn Clark Marika Freris (resigned 20 May 2025) Charles Hardie (resigned 28 January 2025) Bonny Ho Alison Kelly Rabia Khan (appointed 1 January 2025, resigned 1 June 2025) Samantha Margo (appointed 20 May 2025) Rachel Palin Jennifer Pemberton (appointed 1 January 2025) Paul Webster (appointed 3 July 2025)

Company registered number

01969975

Charity registered number

293446

Registered office

Henderson Court 102 Fitzjohn’s Avenue London NW3 6NS

Chief executive officer

Ross Diamond (appointed 1 June 2025)

Independent auditors

Goodman Jones LLP Statutory Auditors 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

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AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Bankers

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

Natwest 250 Bishopsgate London EC2M 4AA

Solicitors

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

Solicitors

Rradar 6 Beacon Way Hull HU3 4AE

Investment Managers

Adam & Co 40 Princes Street Edinburgh EH2 2BY

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025. 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

The objects of the Charity are to promote the following purposes for the benefit of the public and/or older people within the area of benefit:

Our Mission: To work with and for older people in Camden, to improve their wellbeing and quality of life through the provision of outstanding and sustainable services and enable them to stay active, connected and empower later life.

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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AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 (in Kings Cross) and Henderson Court (in Hampstead) offer daily care and support for those aged 60+ in the borough of Camden.

Good Practice Mentoring: The Good Practice Mentor (GPM) programme builds on the Ageing Better in Camden project. It is a collaborative initiative focused on reducing social isolation and loneliness in people aged over 50 through bespoke practical training, mentoring, and support.

Volunteering: We would not be able to support older people the way we do without our fantastic team of volunteers. In 2024-25 our wonderful volunteers gave 12,980 hours. They play an integral role in service delivery and maximizing the organisation’s impact. Corporate volunteers also continue to give time and expertise through their organisations.

You can read more about the services provided by Age UK Camden in our 2024/25 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 2025

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 provided by Age UK Camden (HR, Finance, Governance, Comms and Fundraising, Line Management) and has the opportunity to joint bid with Age UK Camden for funding e.g. Digital Inclusion Services within the City of London area.

Age UK City of London works in the borough providing:

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 Plan is also available on the website.

e. Website Addresses

Age UK Camden – www.ageukcamden.org.uk Age UK City of London – www.ageuk.org.uk/cityoflondon

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Context | Challenges | Activities | Achievements | April 2024 – March 2025

a. Context

2024-2025 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 affecting our clients as well as our staff and volunteers.

These economic pressures not only increased reliance on our services but also adversely affected key funding streams, including public sector agencies and charitable trusts. Furthermore, reductions in donations and intensified competition for grants and other income sources continued to challenge our financial position.

Financial Overview

Age UK Camden reported an operating surplus of £175,323 for the year ended 31 March 2025, which includes £227,000 of funds received from Camden Council in respect of the refurbishment work at Henderson Court. The work at Henderson Court was carried out, after the year end, in the summer of 2025. An adjusted trading deficit of £(51,677) provides a clearer picture of the Charity’s year end position. AUC has set a deficit budget for financial year 2025-26 which will lead to some challenging decisions being taken during the year as pressures on income and costs continue to rise.

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 & 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 and art therapy etc. Both centres provide a fresh, hot lunch and enable clients to make friends and get involved in a range of activities. In 2024-25, 115 people were supported across both sites.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Context | Challenges | Activities | Achievements | April 2024 – March 2025 (continued)

c. Information and Advice

This 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 scams 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 2024-2025 we supported 1,852 clients, with staff securing £2,595,564 in benefits and debt relief.

d. Community Engagement

Community engagement is central to our work. We partner with local organisations to create welcoming spaces where people can connect, enjoy activities, and take part in community life across Camden.

The Book Group held monthly at the British Library brings people together for lively discussions, this hopes to increase wellbeing and reduce social isolation. The Book Group now runs once a month at the British Library.

We continued our partnership with the National Portrait Gallery to deliver accessible, age-friendly art sessions. Work produced by our members was showcased in a public exhibition titled ‘A Gallery of People by People’.

Hampstead Theatre launched a programme of writing workshops and offered free tickets to performances. Members took part in a 12-week project to write their own play, which was performed by professional actors in the theatre’s studio space to an audience of over 70 people.

Older People's Advisory Group meets monthly at the British Library to share experiences, hear from guest speakers, and influence the design of local services for older people in Camden.

Community meet-ups are also held at social venues in the borough to enable older people to stay connected, make friends and access 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 and Voluntary Action Camden jointly deliver the service. We work with Camden Council, and the NHS in North Central London to develop and deliver 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 1,964 clients 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:

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Context | Challenges | Activities | Achievements | April 2024 – March 2025 (continued)

f. Good Neighbours Scheme/Telefriends

The Good Neighbours Service (GNS) continues to provide a befriending service for those in Hampstead and Primrose Hill. Our team match volunteers, and older people based on their personality and interests. A personalised approach is taken, ensuring that a long-term friendship and connection can be made. The GNS scheme supports those who are housebound with a weekly in-person visit, whilst Telefriends supports people with a weekly phone call. The Telefriends service is an important part of GNS and covers the whole borough. The service inclusive of Telefriends supported 157 clients via coordinated matches with volunteers in the area.

g. Digital Inclusion/Computer Training

Bridging the digital divide continues to be important an service to isolated clients. The service offers help with access to support and resources online. The service has developed so that all staff are able to address simple issues within their delivery of other services, whilst the more complex or discrete issues are managed directly by the Digital Inclusion Team. The team supported clients face to face, on-line or by telephone with services such as email support, social activities and tablet support. This includes online support as well as face to face 1:1 and group sessions. The service has also sourced and distributed equipment & learning material.

h. Dementia Wellbeing and Befriending

The specialist dementia services supported 89 people under the dementia wellbeing service and in addition supported 97 people under the dementia befriending service. Our dedicated staff dealt with 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.

Good Practice Mentoring: The Good Practice Mentor (GPM) programme builds on the Ageing Better Camden project that worked to reduce social isolation and loneliness in people aged over 50 through bespoke practical training, mentoring, and support enables organisations to address common challenges. During 2024/25 over support sessions were provided attended by over 700 people.

i. Good Practice Mentoring

The Good Practice Mentor (GPM) programme builds on the Ageing Better Camden project that worked to reduce social isolation and loneliness in people aged over 50 through bespoke practical training, mentoring, and support enables organisations to address common challenges. During 2024/25 over support sessions were provided attended by over 700 people.

j. Corporate Accreditations

The organisation holds the following quality marks:

Page 8

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 Age UK City of London.

During the year ended 31 March 2025, Group income increased from £2,473,088 to £2,765,793 and expenditure increased from £2,571,694 to £2,590,470.

Age UK Camden :

Without changes in the value of investments or actuarial gains, Age UK Camden ended the year with an operating surplus of £175,323 (2024: £98,606 deficit). This surplus includes £227,000 of income received from Camden Council in respect of the refurbishment works at Henderson Court. The work at Henderson Court was carried out, after the year end, in the summer of 2025. An adjusted trading deficit of £(51,677) provides a clearer picture of the Charity’s year end position. The investment portfolio made a £7,310 unrealised loss (2024: £97,263 unrealised gain) 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.

A ge UK City of London :

Age UK City of London recorded a surplus of £33,796 (2024: £13,567) for the year.

c. Reserves policy

Total reserves of the Group were £1,986,040 (2024: £1,424,027) at the balance sheet. This was made up of endowment funds of £12,000 (2024: £12,000), restricted funds of £310,803 (2024: £22,734), general unrestricted funds of £1,663,237 (2024: £1,389,293) including pension reserve funds of £843,000 (2024: £435,000), and designated funds of £96,204 (2024: £96,204). The Board currently aims to hold 3 months expenditure (c. £550k) as free reserves after disregarding fixed assets and pension designation/liability. Free reserves at the balance sheet date were c. £722k and the policy was met.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 has struggled to deliver its core purpose of generating income, largely as a result of the changes to the area in which it based. The shop does, however, continue to increase awareness of the charity and provides space for other service activities. It has an on-line presence and offers goods for sale through internet shopping sites and we are increasing our focus on this area of work, whilst exploring the potential to move the shop to a more appropriate part of the borough.

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 2024-25. 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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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 renewed in 2021. The Board of Trustees of Age UK Camden governs its affairs. Trustees are also the Directors of the company. 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

c. Management

The day-to-day management of the Charity is delegated to the Chief Executive Officer who works with the Head of Operations, the Head of Human Resources and Central Services and the Finance Director to fulfil the Charity's objectives. The Chief Executive Officer 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 Age UK and Age UK London including by providing case studies and arranging for local older people and staff to act as spokespeople on national topics and support local engagement on national and regional campaigns. Staff and trustees attend a range of regional and national meetings to help set the direction of the federation of inter- dependent charities and to share best practice and ideas.

The Senior Management Team continues as a highly functioning, effective team delivering the Mission and Strategic Objectives 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.

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

d. Membership

In 2024-2025 we had 10 Members, of whom 4 are life members and 6 annual members.

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 reviews risk regularly with consideration of incidents and near misses at each meeting. The Board conducts regular reviews of a Strategic Risk Register which includes the major risks to which the Charity is subject and identifies and tracks the actions required and taken to mitigate identified risks.

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

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(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

g. Our Subsidiary Charities

Age UK Camden hosts and supports one subsidiary charity: Age UK City of London. It provides Age UK City of London 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), Imogen Clark (resigned 30 September 2025), Jane Carr, Maureen Childs, John Foley, Miranda Quinney, Anne Page, Bonny Ho (from February 2025).

Senior Manager : Alice Westlake

Personalisation Support in Camden was a wholly-owned subsidiary charity until 1 April 2025 when it was dissolved at Companies House, having been dormant since 2024.

Charity Number: 1157537 | Company Number: 09075447

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 2025 was 10 (2024 - 11). Members of the Board are members of the Charity, but this entitles them only to voting rights.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 continue to receive specialist effective services. We will be developing a range of communication forums to ensure that we are providing safe and effective services to our clients and 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 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.

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AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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

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

Disclosure of information to auditors

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

Auditors

The auditors, Goodman Jones LLP, 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: 17-12-25

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

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

Opinion

We have audited the financial statements of Age UK Camden Ltd (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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AGE UK CAMDEN LTD (A Company Limited by Guarantee)

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

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

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

Page 17

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

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

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

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

Page 18

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

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

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants Statutory Auditor 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Date: 17-12-25

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

Page 19

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 2025

Note
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net (expenditure)/income
before net (losses)/gains on
investments
Net (losses)/gains on
investments
Net (expenditure)/income
Transfers between funds
17		 Unrestricted
funds
2025
£
145,781
1,813,691
35,248
101,261
2,095,981
243,744
1,939,646
2,183,390
(87,409)
(7,310)
(94,719)
(27,337)		 Restricted
funds
2025
£
10,200
659,612
-
-
669,812
-
407,080
407,080
262,732
-
262,732
27,337		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
-		 Continuing
operations
2025
£
155,981
2,473,303
35,248
101,261
2,765,793
243,744
2,346,726
2,590,470
175,323
(7,310)
168,013
-		 Total
funds
2025
£
155,981
2,473,303
35,248
101,261
2,765,793
243,744
2,346,726
2,590,470
175,323
(7,310)
168,013
-		 Continuing
operations
2024
£
154,914
2,174,253
9,039
134,333
2,472,539
277,574
2,286,805
2,564,379
(91,840)
97,263
5,423
-		 Discontinued
operations
2024
£
-
-
549
-
549
-
7,315
7,315
(6,766)
-
(6,766)
-		 Total
funds
2024
£
154,914
2,174,253
9,588
134,333
2,473,088
277,574
2,294,120
2,571,694
(98,606)
97,263
(1,343)
-

Page 20

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 2025

Note
Net movement in funds
before other recognised
gains/(losses)
Other recognised
gains/(losses):
Actuarial gains - defined
benefit pension
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
(122,056)
394,000
271,944
1,389,293
271,944
1,661,237		 Restricted
funds
2025
£
290,069
-
290,069
22,734
290,069
312,803		 Endowment
funds
2025
£
-
-
-
12,000
-
12,000		 Continuing
operations
2025
£
168,013
394,000
562,013
1,424,027
562,013
1,986,040		 Total
funds
2025
£
168,013
394,000
562,013
1,424,027
562,013
1,986,040		 Continuing
operations
2024
£
5,423
213,000
218,423
1,177,394
218,423
1,395,817		 Discontinued
operations
2024
£
(6,766)
-
(6,766)
34,976
(6,766)
28,210		 Total
funds
2024
£
(1,343)
213,000
211,657
1,212,370
211,657
1,424,027

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

The notes on pages 27 to 53 form part of these financial statements.

Page 21

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

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
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		 176,163
310,191
486,354
(255,872)		 2025
£
97,749
815,809
913,558
230,482
1,144,040
1,144,040
842,000
1,986,040
12,000
310,803
1,663,237
1,986,040		 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

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

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

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

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

Page 22

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

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: 17-12-25

The notes on pages 27 to 53 form part of these financial statements.

Page 23

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

CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
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		 115,533
303,629
419,162
(252,872)		 2025
£
97,749
815,809
913,558
166,290
1,079,848
1,079,848
842,000
1,921,848
12,000
293,251
1,616,597
1,921,848		 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

The Charity's net movement in funds for the year was £ 528,217 (2024 - £233,066) .

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 24

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025

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: 17-12-25

The notes on pages 27 to 53 form part of these financial statements.

Page 25

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash 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 pages 27 to 53 form part of these financial statements		 2025
£
(137,879)
35,248
35,248
(102,631)
412,822
310,191		 2024
£
(497,425)
19,588
19,588
(477,837)
890,659
412,822

Page 26

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 Henderson Court, 102 Fitzjohn's Avenue, London, NW3 6NS. 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.

A decision was taken during a prior year by the Trustees of one of the Charity's subsidiairies, Personalisation of Support in Camden ("PSIC"), that PSIC would not seek renewal of its contract with Camden Council and as such has taken the decision to wind down the Charity. All operations ceased in the prior year with PSIC being dormant for the entire current reporting period and so is not included in the consolidation. PSIC was formally dissolved at Companies House on 1 April 2025.

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.

The Trustees of Age UK City of London have identified a material uncertainity regarding going concern. The Trustees acknowledge the competitive fundraising environment and the Charity is waiting to hear the outcome of various funding applications which will not be known until after these financial statements are approved. Therefore, the Trustees have concluded that, whilst the Charity has adequate resources to continue to operate for the immediate future, there is uncertainty regarding going concern.

Page 27

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 28

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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:

Page 29

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 30

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 receive 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 and Group to have entitlement to the funds. The Charity and Group make various assumptions in determining the stage of completion of these contracts and performance grants.

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
44,869
Legacies
1,912
Grants
99,000
145,781
Total 2024
152,414		 Restricted
funds
2025
£
10,200
-
-
10,200
2,500		 Total
funds
2025
£
55,069
1,912
99,000
155,981
154,914		 Total
funds
2024
£
84,732
29,232
40,950
154,914

Page 31

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from charitable activities

Unrestricted
funds
2025
£
Resource Centres
667,983
Volunteer & Community Services
261,892
Advice & Support
871,772
Good Practice Mentor
271
Cost of raising funds
-
AUCOL
11,773
CIL - Henderson Project
-
1,813,691
Total 2024
1,735,473		 Restricted
funds
2025
£
-
146,350
217,311
50,624
-
18,327
227,000
659,612
438,780		 Total
funds
2025
£
667,983
408,242
1,089,083
50,895
-
30,100
227,000
2,473,303
2,174,253		 Total
funds
2024
£
620,384
414,971
994,143
50,127
41,603
53,025
-
2,174,253

6. Investment income

Unrestricted
funds
2025
£
Interest income
35,239
Investment income - local cash
9
35,248
Total 2024
9,588		 Total
funds
2025
£
35,239
9
35,248
9,588		 Total
funds
2024
£
9,466
122
9,588

Page 32

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Other incoming resources

Sales of donated goods
Rental income
Other income
Total 2024		 Unrestricted
funds
2025
£
84,253
5,650
11,358
101,261
134,333		 Total
funds
2025
£
84,253
5,650
11,358
101,261
134,333		 Total
funds
2024
£
103,553
780
30,000
134,333

8. Analysis of expenditure by activities

Resource Centres
Volunteer & Community Services
Advice & Support
Good Practice Mentor
PSIC
AUCoL
CIL - Henderson Project
Total 2024		 Activities
undertaken
directly
2025
£
595,760
326,361
827,934
49,555
-
15,677
7,199
1,822,486
1,787,344		 Support
costs
2025
£
147,375
89,287
224,329
13,559
-
49,690
-
524,240
506,776		 Total
funds
2025
£
743,135
415,648
1,052,263
63,114
-
65,367
7,199
2,346,726
2,294,120		 Total
funds
2024
£
732,062
461,268
955,712
66,387
7,315
71,376
-
2,294,120

Page 33

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2024		 Resource
Centres
2025
£
66,901
197
9,444
25,459
-
212
43,960
1,202
-
147,375
164,134		 Volunteer &
Community
Services
2025
£
48,152
108
5,173
13,946
-
116
21,134
658
-
89,287
103,419		 Advice &
Support
2025
£
120,977
272
12,998
35,039
-
292
53,097
1,654
-
224,329
212,034		 Good
Practice
Mentor
2025
£
7,312
16
786
2,118
-
18
3,209
100
-
13,559
14,884		 PSIC
2025
£
-
-
-
-
-
-
-
-
-
-
7,315

Page 34

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2024		 AuCOL
2025
£
36,265
-
1,062
2,455
-
3,500
6,408
-
-
49,690
4,990		 Total
funds
2025
£
279,607
593
29,463
79,017
-
4,138
127,808
3,614
-
524,240
506,776		 Total
funds
2024
£
227,186
994
32,595
84,118
4,766
2,135
144,768
7,214
3,000
506,776

9. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £19,000 ( 2024 - £18,000 ).

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Operating costs of defined benefit pension
schemes		 Group
2025
£
1,675,956
155,250
68,498
8,000
1,907,704		 Group
2024
£
1,639,096
156,128
68,774
21,000
1,884,998		 Charity
2025
£
1,639,691
152,008
66,542
8,000
1,866,241		 Charity
2024
£
1,608,841
153,208
66,972
21,000
1,850,021

Page 35

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
AU City		 Group
2025
No.
4
11
9
19
5
-
1
49		 Group
2024
No.
5
13
10
18
5
1
1
53		 Charity
2025
No.
4
11
9
19
5
-
-
48		 Charity
2024
No.
5
13
10
18
5
1
-
52

The average headcount expressed as full-time equivalents was:

Cost of generating income
Resource centres
Volunteer & community service
Advice
Support
Ageing Better in Camden
AU City		 Group
2025
No.
3.0
9.0
8.0
16.0
5.0
-
1.0
42.0		 Group
2024
No.
2.6
9.4
7.8
14.9
5.7
0.9
0.8
42.1		 Charity
2025
No.
3.0
9.0
8.0
16.0
5.0
-
-
41.0		 Charity
2024
No.
2.6
9.4
7.8
14.9
5.7
0.9
-
41.3

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

Group Group
2025 2024
No. No.
In the band £80,001 - £90,000 1 1

During the year Key Management Personnel for the parent charity were identified as being CEO, Head of Operations, Finance Director and Head of HR and Central Services. Remuneration, including employer's NI and pension contributions, totalled £232,419 (2024: £200,424).

Page 36

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, expenses totalling £ NIL were reimbursed or paid directly to 0 Trustee (2024 - £nil to 0 Trustee) .

12. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Long-term
leasehold
property
£
243,643
243,643
132,572
13,467
146,039
97,604
111,071		 Office
equipment
£
54,131
54,131
53,329
657
53,986
145
802		 Total
£
297,774
297,774
185,901
14,124
200,025
97,749
111,873

Page 37

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
13.
Fixed asset investments
Group and Charity
Cost or valuation
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025		 Long-term
leasehold
property
£
243,643
243,643
132,572
13,467
146,039
97,604
111,071		 Office
equipment
£
54,131
54,131
53,329
657
53,986
145
802		 Total
£
297,774
297,774
185,901
14,124
200,025
97,749
111,873
Listed
investments
£
802,502
632,617
(581,106)
(38,204)
815,809

Listed investments comprise equities and bonds, traded in quoted public markets both in the UK (58.7%) and outside of the UK (41.3%). Investments are managed by Adam & Company in accordance with the Charity's investment policy and risk profile.

Page 38

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Debtors

Group
2025
£
Due within one year
Trade debtors
2,000
Amounts owed by group undertakings
-
Other debtors
64,526
Prepayments and accrued income
109,637
176,163
Creditors: Amounts falling due within one year
Group
2025
£
Trade creditors
117,856
Amounts owed to group undertakings
-
Other taxation and social security
37,022
Other creditors
12,649
Accruals and deferred income
88,345
255,872
Group
2025
£
Deferred income at 1 April 2024
77,425
Resources deferred during the year
-
Amounts released from previous periods
(77,425)
-		 Group
2024
£
60,219
-
-
105,296
165,515
Group
2024
£
31,949
-
44,887
229,597
197,252
503,685
Group
2024
£
207,573
77,425
(207,573)
77,425		 Charity
2025
£
2,000
3,740
156
109,637
115,533
Charity
2025
£
117,856
-
37,022
12,649
85,345
252,872
Charity
2025
£
71,078
-
(71,078)
-		 Charity
2024
£
60,219
-
-
105,296
165,515
Charity
2024
£
31,949
22,108
44,887
228,097
186,649
513,690
Charity
2024
£
204,241
71,078
(204,241)
71,078

15. Creditors: Amounts falling due within one year

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 39

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
2025
£
815,809
1,230,717
2,046,526
Group
2025
£
218,850		 Group
2024
£
802,502
932,041
1,734,543
Group
2024
£
381,373		 Charity
2025
£
815,809
1,159,785
1,975,594
Charity
2025
£
215,850		 Charity
2024
£
802,502
911,648
1,714,150
Charity
2024
£
397,725

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 £310,191 (2024: £412,822) at Group level and £303,629 (2024: £392,431) at Charity level.

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

Page 40

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Fixed asset fund
- office
Fixed asset fund
- Great Croft
General funds
General Funds
Pension Fund
AUCoL
PSIC
Total
Unrestricted
funds
Endowment
funds
Endowment
Fund
Restricted
funds
Volunteering and
Community
Good Practice
Mentor
AUCoL		 Balance at 1
April 2024
£
86,204
10,000
96,204
807,073
435,000
22,806
28,210
1,293,089
1,389,293
12,000
-
-
22,734		 Income
£
-
-
-
1,963,198
22,000
110,783
-
2,095,981
2,095,981
-
146,350
50,624
18,327		 Expenditure
£
-
-
-
(2,125,700)
(8,000)
(49,690)
-
(2,183,390)
(2,183,390)
-
(150,836)
(63,114)
(15,676)		 Transfers
in/out
£
-
-
-
11,234
-
(8,361)
(28,210)
(25,337)
(25,337)
-
4,486
12,490
8,361		 Gains/
(Losses)
£
-
-
-
(7,310)
394,000
-
-
386,690
386,690
-
-
-
-		 Balance at
31 March
2025
£
86,204
10,000
96,204
648,495
843,000
75,538
-
1,567,033
1,663,237
12,000
-
-
33,746

Page 41

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued) Statement of funds - current year (continued)

Information and
Advice
CIL - Henderson
Court
Other
Total funds		 Balance at 1
April 2024
£
-
-
-
22,734
1,424,027		 Income
£
217,311
227,000
10,200
669,812
2,765,793		 Expenditure
£
(170,255)
(7,199)
-
(407,080)
(2,590,470)		 Transfers
in/out
£
-
-
-
25,337
-		 Gains/
(Losses)
£
-
-
-
-
386,690		 Balance at
31 March
2025
£
47,056
219,801
10,200
310,803
1,986,040

Page 42

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 is an amount of £53,392 (2024: £16,954) relating to Age UK City of London. The remaining balance in general funds relates to Age UK Camden.

Restricted funds

Other - donation received for specific purposes.

Volunteering and 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), and the Befriending Scheme including Telefriends Service.

Information and Advice - 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.

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.

CIL Henderson Court - funding received for refurbishment works on these premises. Work was carried out after the year end in Summer 2025.

AUCoL - Contains any unspent funding provided to Age UK City of London for specific purposes and is ringfenced as a result.

Page 43

(A Company Limited by Guarantee)

AGE UK CAMDEN LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

Statement of funds - prior 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 and
Community
Central Costs		 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 44

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

Statement of funds - prior 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

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
97,749
Fixed asset investments
815,809
Current assets
163,551
Creditors due within one year
(255,872)
Provisions for liabilities and charges
842,000
Total
1,663,237		 Restricted
funds
2025
£
-
-
310,803
-
-
310,803		 Endowment
funds
2025
£
-
-
12,000
-
-
12,000		 Total
funds
2025
£
97,749
815,809
486,354
(255,872)
842,000
1,986,040

Page 45

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2024
£
111,873
802,502
543,603
(503,685)
435,000
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

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

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Decrease in creditors
Non-cash investment charges
Net cash used in operating activities		 Group
2025
£
168,013
14,224
(7,310)
(35,248)
(10,648)
(247,813)
(19,097)
(137,879)		 Group
2024
£
(1,343)
15,767
(97,263)
(9,588)
46,543
(451,541)
-
(497,425)

Page 46

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
310,191
310,191		 Group
2024
£
412,822
412,822

21. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2024
£
412,822
412,822		 Cash flows
£
(102,631)
(102,631)		 At 31 March
2025
£
310,191
310,191

Page 47

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 £66,542 (2024: £66,972) and £68,498 (2024: £68,774) by the Group. At the balance sheet date, £1,741 (2024: £10,153) 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 48

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Pension commitments (continued)

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

At 31 March At 31 March
2025 2024
% pa % pa
Discount rate 5.8 4.8
Actual and total return on scheme assets 4.4 9.8
Future salary increases 3.3 3.3
Future pension increases 2.8 2.8
At 31 March At 31 March
2025 2024
Years Years
Mortality rates (in years)
- for a male aged 65 now 20.4 20.5
- at 65 for a male aged 45 now 22.3 22.4
- for a female aged 65 now 23.9 23.9
- at 65 for a female aged 45 now 25.5 25.6

Sensitivity analysis

At 31 March At 31 March
2025 2024
£ £
Discount rate -0.1% (2023: -0.1%) 35,000 44,000
CPI rate +0.1% (2023: +0.1%) 35,000 42,000
Salary increase rate +0.1% (2023: +0.1%) 1,000 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 49

AGE UK CAMDEN LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
2025
%
58
28
12
2
100		 At 31 March
2024
%
59
23
15
3
100

The actual return on scheme assets was £(17,000) (2024 - £187,000) .

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		 2025
£
20,000
(12,000)
21,000
29,000		 2024
£
21,000
(11,000)
11,000
21,000

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		 2025
£
3,472,000
5,000
161,000
(240,000)
(3,000)
20,000
(371,000)
(6,000)
(34,000)
3,004,000

Page 50

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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		 2025
£
3,907,000
182,000
5,000
9,000
(240,000)
(3,000)
3,000
(17,000)
3,846,000

23. Operating lease commitments

At 31 March 2025 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
2025
£
109,900
278,100
246,100
634,100		 Group
2024
£
144,300
381,300
338,800
864,400		 Charity
2025
£
109,900
278,100
246,100
634,100		 Charity
2024
£
144,300
381,300
338,800
864,400

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 51

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. List of subsidiaries

As at the balance sheet date Age UK Camden 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 Voluntarily struck off - 01 April 2025 Country of Incorporation: United Kingdom

Results for the year:

Results for the year:
2025 2024
£ £
Gross Income: 0 549
Expenditure: (0)
 (35,525)
Net Surplus (Deficit) (0) (34,976)
Net funds 0 0

Age UK City Of London (AUCoL )

Company Registered Number: 07279153 Charity Registered Number: 1158981 Registered Office: Henderson Court, 102 Fitzjohn's Avenue, London, NW3 6NS Country of Incorporation: United Kingdom

Results for the year:

Results for the year:
2025 2024
£ £
Gross Income: 129,100 100,088
Expenditure: (95,314) (86,519)
Net Surplus (Deficit) 33,796 13,569
Net funds 64,192 30,396

All subsidiary charities are consolidated based on Age UK Camden having 100% control of those subsidiaries noted above, although PSIC is not included in the results for current period on account of being dormant for the entire year.

Page 52

AGE UK CAMDEN LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

26. Related party transactions

During the year Age UK Camden paid Radfield Homecare £22,812 (2024: £29,816) for the provision of care services. Age UK Camden received £2,400 (2024: £600) 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 Age UK City of London ("AUKCoL") and its parent charity, Age UK Camden:

Central management costs of £15,600 (2024: £15,144), which include charges for CEO, HR manager, finance support and also software usage.

Expenses paid on behalf of AUKCoL by Age UK Camden Limited £66,289 (2024: £43,434).

Project support charges of £19,040 (2024: £18,572)

The outstanding balances with Age UK Camden at the balance sheet date were:

Amounts owed to AUKCoL by Age UK Camden £3,740 (2024: £22,108 owed to Age UK Camden)

27. Discontinued operations and post balance sheet events

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. PSIC was formally dissolved at Companies House on 1 April 2025.

During the year, PSIC contributed an amount of £nil (2024: £34,976 deficit) before consolidation adjustments. The net assets at 31 March 2025 were £nil (2024: £nil).

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