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2021-03-31-accounts

AGE EXCHANGE

(Limited by Guarantee)

COMPANY NO.: 01929724

CHARITY NO.: 326899

REPORT AND ACCOUNTS

for the year ended 31 March 2021

Age Exchange

Status: Company limited by guarantee no. 01929724
Charity registration no. 326899
The company's governing document is its memorandum and
articles of association adopted on 17 January 2017. These were
amended by special resolution on 14 June 2018.
Secretary and Rebecca Packwood
registered office: 11 Blackheath Village,
London SE3 9LA
Council of Trustees: Bridget Prentice - (Chair)
Carolyn Denne - (Treasurer)
Amanda de Ryk
Senior management team: Rebecca Packwood (Chief Executive Officer)
David Savill (Artistic director)
Marion Moore (Finance Manager)
Gemma Bell-Catnott (Community Hub and Volunteer Manager)
Auditors: BDO
Chartered Accountants and Registered Auditors
3 Hardman Street
Spinningfields
Manchester M3 3AT
Bankers: Barclays Bank PLC
16 Tranquil Vale,
London SE3 0AZ
Solicitors: Dodd Lewis
18 Tranquil Vale
London SE3 0AZ
Investment advisers: Cazenove Capital Management
12 Moorgate
London EC2R 6DA

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Age Exchange

Trustees' report for the year ended 31 March 2021

The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

On 26[th] July 2018 Age Exchange became a subsidiary of Community Integrated Care (charity registration 519996). Age Exchange retains its name, board of Trustees and Charity and company registrations.

Structure, Governance and Management

Age Exchange ('the charity') is a registered charity and a company limited by guarantee governed by its Memorandum and Articles of Association. All trustees are directors of the company.

The sole member of the company is Community Integrated Care (‘CIC’).

Recruitment and appointment of new Trustees

Recruitment of Trustees is based on looking at the current make-up of the existing trustees, identifying gaps in skills, knowledge and experience and taking account of the diversity of the Board in order to reflect the communities that we wish to serve.

Trustees are appointed by the CIC Board who may also specify the term of office of each trustee it appoints by giving written notice to the charity. The CIC Board also has the power to remove trustees from office. The company's Articles require there to be between 3 and 12 Trustees.

Induction and training of Trustees

Newly appointed Trustees have a one to one meeting with the Chair of the Board and the Chief Executive. As part of their ongoing induction and development they are invited to attend events and view project sessions to learn more about the work of the charity.

Organisational structure

The charity is governed by its Trustees who meet as Council 4 times a year. A member of CIC’s Executive Team also attends Council meetings.

Day to day management is devolved to the Chief Executive who heads the Senior Management Team. The Chief Executive meets with the Chair on a regular basis.

The Chief Executive is a member of CIC’s Senior Leadership Team and reports additionally to the CIC Managing Director (South).

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Age Exchange

Trustees' report for the year ended 31 March 2021

Objectives and activities

Our mission is to transform lives through reminiscence, improving health and wellbeing. Our goals are to:

Our activities include the provision of:

•The Caring Together Service to support people with dementia or other long-term conditions living in the community and their family, friend or staff carers using a variety of Reminiscence Arts techniques that improve well-being and reduce feelings of isolation and anxiety.

•Reminiscence projects with partner organisations including residential care homes, mental health and long stay care units within hospitals and the wider community including day care and sheltered accommodation.

•Inter-generational projects with older age and schoolchildren to enhance social and cultural cohesion. Work includes workshops in schools and creation of film, theatre and other artistic outputs. •Training programmes for professional care workers, family carers, museum staff and others who work with older people to use reminiscence creatively.

• The running of a Community hub at Number Eleven, comprising a library and not for profit café. The Exchange provides support for older people who are suffering social exclusion and loneliness; a range of creative and cultural activities; volunteering opportunities; and a platform for old and young to come together in mutually beneficial activities that promote greater understanding between generations and increased self-esteem.

All these charitable activities focus on improving the well-being of participants (old and young), particularly focussing on combatting loneliness and isolation and hence further the trust’s commitment to provide public benefit. Most activities are free or provided at minimal cost to participants.

The Trustees review the charity’s aims, objectives and activities each year to ensure that it is providing services that support the people it was set up to help. In this task, they draw on the information contained in the Charity Commission’s general guidance on public benefit.

Impact of the COVID-19 pandemic on activities

By mid-February 2020 the management team had prepared a Covid risk register and business continuity plan which put them in a good place to spring into action when it became clear that there would have to be drastic measures taken to save lives in the UK.

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Age Exchange

Trustees' report for the year ended 31 March 2021

As the pandemic hit Age Exchange took the decision to close services on 17th March 2020 which led to the immediate end of all face to face and group contact for carers and people living with a dementia diagnosis. Within 5 hours the team had developed a Virtual Day Care service which provides meaningful connection to people living with dementia, those that care for them, and older people experiencing loneliness and/or isolation. The service fosters companionship and support, whilst enabling creativity. We are very proud of how the team responded, focusing on service users whilst trying to deal with their own changing circumstances.

On the financial front we quickly realised that our ability to grow our own income would be hugely impacted. Our café was closed, space hire ended and the efforts of our local fundraising group ‘Friends of Age Exchange’ were impacted as they are largely an event based fundraising group.

In response to the financial impact we launched an on-line appeal a week before the first official lockdown and raised £12,000 showing us how much our work is valued. Some staff were put on furlough, a 12 month break was taken on the mortgage and a we launched on-line fundraising events and opened an on-line shop to sell some of the products we were making to support service users.

The staff that remained working relocated to work from home and have largely remained working like that for most of the year. As in person services resume a small number of staff are in the office every day.

The cafe and some in-person services restarted in May 2021 and numbers have gradually increased but we continue to keep infection control measures in place and monitor the local and national situation closely so we are able to react appropriately.

Volunteers

Age Exchange’s volunteers remain the backbone of the organisation and an invaluable resource of the charity. Prior to the pandemic the charity had a team of over 140 AE recruited, trained and managed volunteers who range in age from 14 to 94 (including 24 Duke of Edinburgh volunteers in the year). Volunteer opportunities have been curtailed during the pandemic when the Community Hub including the café and library were shut for significant periods of time. Many of the volunteers are over 70 so were shielding for periods of the year, they were supported by weekly newsletters to keep them connected for which some wrote articles and submitted poetry.

By providing volunteering opportunities, the charity is encompassing the idea of “Active Ageing” and enabling younger and older volunteers to work together. Volunteering has also been a stepping stone to employment for some volunteers in the past. Volunteers have told us this year how much they miss volunteering at Age Exchange;

During the pandemic I really missed coming to Age Exchange and seeing everyone it was like a big hole was in your life. It was so lovely to come back and be under that big family umbrella again and have friends and customers to chat with us. - Jeanette

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Age Exchange

Trustees' report for the year ended 31 March 2021

New volunteering opportunities have been developed and over the last year volunteers have helped with:

In the year volunteers provided 3,748 hours of time to Age Exchange (2020: 10,654 hours).

Achievements and performance

Awards 2020 - 2021

• Finalists in the Dementia Care Awards – Outstanding Dementia Care Resource for the Reminiscence Arts Activity Boxes created as a response to the pandemic.

Caring Together Service

This service is for carers and people with dementia and other long-term health conditions. Reminiscence Arts Practitioners (RAPs) run each session and plan a dynamic and stimulating programme of activity each week, tailoring themes, resources and techniques to suit the needs of group members, paying close attention to interests, experiences and personal histories.

Group members enjoy a range of creative interventions to explore these themes, including; dance and movement, mime and embodied memory, visual arts and writing, performance and song. Socialisation is an integral element to our groups, and time allocated for sharing and listening to one another and to develop networks and peer support.

As a result of the Covid 19 pandemic Age Exchange remodelled its services on 17[th] March 2020 to provide a virtual day care service in which we tried to replicate the benefits of attending the groups. We aimed to give people opportunities for stimulating activities to improve mood and engagement and to provide both carers and the person living with dementia with emotional support. The Virtual Day Carre Service comprised of:

• Reminiscence Arts activity boxes and music and movement DVD’s which were delivered to the homes of service users with dementia and their carers on a monthly basis. The boxes and DVD’s aim to provide people with stimulating and creative activity.

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Age Exchange

Trustees' report for the year ended 31 March 2021

The weekly groups resumed for a period of six weeks in September 2020 under strict Covid-19 guidelines but had to close again due to increasing infection rates in the UK. They restarted again in May 2021.

Evaluation is carried out at six monthly intervals using a combination of the Warwick Edinburgh mental wellbeing scale and the Health Innovation Networks ‘I’ statements. The results of the evaluation of the service in 2019/20 showed;

• 63% of Carers reported an improved sense of wellbeing

These figures represent a decline on the previous year which is unsurprising given that the majority of the service users spend large parts of the year shielding without the normal social interactions that would help them to maintain their wellbeing.

The people we support have told us how important the service is to them;

I genuinely look forward to coming out and meeting everybody. It was the highlight of my week before the pandemic.

It helps a lot. Since my husband died last year, I felt I got the help I needed if I felt all alone. They talk me through things when things are bad. I have dark moods, they help me.

The thought, imagination and content put into the boxes, the quizzes unlocked so many memories. Then followed Aga’s exercise DVD. Aga appreared with her cheery greeting and it was ready, set go!

The virtual service has not suited everyone, we are finding it much more difficult across all our services to integrate new referrals during the pandemic. It has shown us how important face to face contact is in the first instance to integrate people with dementia and their carers into services. Referral numbers have also been impacted by the delays in diagnosis of dementia within the health care service. Diagnosis services were closed during the first lockdown and there are significant delays since they reopened. Across the UK diagnosis rates have seen a decline during the pandemic, with rates in England, dropping from 67.6% in February 2020 to 63.2% in July 2020 this represents over 30,000 people who would have received a diagnosis between February and July not receiving one.

In 2020-21 Age Exchange:

• Provided over 109,000 minutes of support calls to our Caring Together and day care services users throughout the course of the pandemic to over 150 people living with dementia and their carers.

• Provided 1747 hours of support through zoom groups and face to face groups in the periods they were able to meet.

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Age Exchange

Trustees' report for the year ended 31 March 2021

Virtual Art Gallery

Thanks to the generosity of the Arts Council we have been able to develop a virtual art gallery. The gallery displays the wonderful art works the many participants of our services have created since March 2020 when the pandemic hit.

The art works in our gallery have been created by older service users living with dementia and their carers, as well as service users living with young onset dementia and their carers. We have been inspired by the beautiful and moving art works they have created during such a challenging time for each of “ ” them. We have called our exhibition Lockdown . The different galleries reflect the different activities and interventions we created to support people at home during the pandemic, including for a brief period in response to the reintroduction of face-to-face sessions back at Age Exchange.

Profit for Good

Over the last six years we have had amazing support from the Rank Foundation through their grant scheme, Time to Shine programme and more recently the Profit for Good Scheme. As the pandemic hit we had to change our plans for marketing our new activity toolkits, luckily the profit for good scheme had enabled us to research how to set up an on-line shop and we were able to get this up and running quickly. We have used it throughout the pandemic to sell activity boxes, DVD’s, tickets for on-line fundraising events. Our Profit for Good project raised £2,524 in on-line sales during 2020-21.

Reminiscence and intergenerational Projects

Community based reminiscence projects have been the hardest hit by the pandemic but we have been pleased to be able to start a new project partnership with The Tower Hamlets Carers Centre and the Diamond Club in Catford and to have continued to have made progress with the Combat Stress 100 project.

Combat Stress 100

In May 2019 Age Exchange joined with the military mental health charity Combat Stress to create a nationwide programme to mark its centenary with funding from the Heritage Lottery Fund. Combat Stress 100 has aimed not only to share the remarkable history of Combat Stress but to engage with veterans and their families, enabling them to share their own story. All those who have taken part have done so because they want the public to understand how military service related PTSD impacts on those who serve on the front line and on those closest to them. Along with raising the profile of Combat Stress in its centenary year veterans and families have bravely come forward to share often painful and harrowing experience in order to further the cause of destigmatising mental illness.

Combat Stress 100 has been a veterans led project in every sense. It began with Age Exchange training eight veteran volunteers to the project (back in May/June 2019), in oral history interview technique, using film cameras and sound equipment, as well as digitising archive materials. In total 75 interviews were filmed with veterans, their families and Comat Stress staff, which amounted to over 45 hours of filmed interview material.

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Age Exchange

Trustees' report for the year ended 31 March 2021

The interviews were carried out by eight Combat Stress veterans who received training from Age Exchange in interview and filming techniques, and who travelled the country meeting veterans like themselves. This unique approach contributed to all the interviewees speaking candidly about their experiences. Many of the veterans had never before told their story in public. The interviews took place across the UK in locations ranging from Queen’s University, Belfast to the St. Helen’s Rugby League Club in Merseyside.

The film started to tour in February 2020; as a result of the pandemic many of the screenings went online. The feedback has been really positive;

Wow just watched the @CombatStress 100 film @BodminKeep the stories were so evocative and emotive. Thank you to all the veterans and volunteers who contributed to the film. As a mental health nurse & veteran I am so grateful for you opening up the #trauma discussion so candidly.

An incredibly powerful and moving film that will stay with me for a long time. It will be a really valuable resource for our students and for others with lived experience. The fact that it was veteran led made it all the more impactful. Taking time for quiet reflection.

A series of podcasts have also been produced and aired in October and November 2020 and has been listened to over 4,900 times.

The final stage of the project is in partnership with 4 secondary schools, veterans are involved in sharing their story face to face with students, supported also by interview edits from other veteran’s interviews from the project. The students are creating a series of art works, spoken word, and film, in response to what they learn from Combat Stress veterans. This will result in a special sharing day at The National Army Museum- date to be announced.

‘This Happy Place’

In collaboration with The Tower Hamlets Carers Centre and The Diamond Club in Catford we have been working with sixty of their service users to provide them with monthly activity boxes over a six month period and to provide weekly reminiscence zoom sessions. The theme of “This Happy Place” is about sharing your family story with each other and memories of favourite places in their lives these stories will be helped to come to life through art, music and movement. The aim of the project is to support the resilience of service users and help them in the process of transitioning from shielding during the pandemic to reengaging with the outside world post pandemic. The project started in January 2021 and will continue until the end of July 2021, resulting in books for individual participants about their lives.

All Aboard

All Aboard is a one-year project funded by the Esmee Fairburn and Museum Association’s sustaining Engagement with Collections fund and in partnership with Age Exchange. The project has been developed in response to the COVID 19 pandemic and the increased isolation experienced by those living with dementia as well as their carers.

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Age Exchange

Trustees' report for the year ended 31 March 2021

The project is inspired by the travel journal collection at Royal Museum’s Greenwich (RMG) which will be the stimulus for creative workshops to incite memories and creative responses on the themes of travel and holidays. A large number of journals will be digitised at the beginning of the project in order to develop resource boxes for project participants. A national call-out will also be conducted with over 65s and those living in isolation to collect memories that connect to the journal entries and feed into updated catalogue entries.

Age Exchange is the key partner in the project and will work with RMG to develop their skills in reminiscence arts in order to create 40 bespoke resource boxes as well as deliver 40 workshops for people living with dementia and their carers. The project will engage with a range of different groups including: over 65s and those living in isolation; those living with dementia isolated with their family carers; young carers feeling increasingly invisible; and people with young onset dementia. RMG will also develop a young carers support network that will be run online for one year. The project will culminate in a number of displays showcasing the outcomes and creative responses from participants that will be located in the National Maritime Museum and care centres and parks local to participants. The project will demonstrate the benefits that can be achieved through partnership working for the Heritage and Health sectors.

In 2020-21 the development, planning and training elements of the project have taken place, the remainder of the work will take place in the next financial year.

Training & Consultancy

Age Exchange introduced two new on-line training courses during 2020-21;

Virtual training has also been delivered to the Imperial War Musueums network, Royal Museum Greenwich and The Centre for Social Innovation in Poland, Goldsmiths University, Herts County Council, South London and Maudsley NHS Trust.

The Exchange

Public Library

Due to the pandemic the library has been shut for the whole of the financial year. It reopened with limited hours and restrictions on numbers of users in June 2021.

Cafe and shop

Like all hospitality venues in the UK it has been a very challenging year for the café. For the main part it has been shut and staff have been on furlough. The café reopened between July and December in 2020 with a break in November for the lockdown. The café team have diversified what they sell expanding to a shop with second had goods and books. Café volunteers designed and made high quality masks in the summer of 2020 and have raised over £2,000 towards the charity over the last 12 months.

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Trustees' report for the year ended 31 March 2021

Age Exchange

Centre-based activities

This is another area which has been hugely impacted by the pandemic with just one short period when a couple of the classes such as seated Pilates was able to return.

Friends of Age Exchange

Friends of Age Exchange is the local supporter organisation of Age Exchange and exists to promote the work of the charity alongside raising funds and encouraging people of all ages to use The Exchange and engage in the activities offered.

The number of Friends now stands at over 420 with the majority renewing their annual membership subscription. Regular events usually include monthly second hand book sales and lunchtime concerts given by students from Trinity Laban . Other planned events included the annual quiz night, Friends Christmas Lunch, the Blackheath Christmas Fair and Santa's Grotto as part of Village Day in Blackheath. All these events had to be cancelled with the exception of a small number of booksales.

Friends introduced an on-line lecture series on bouncing back from the pandemic led by a leadership coach and psychologist and were able to run a small number of book sales. Despite challenging circumstances, Friends of Age Exchange were still able to raise £19,000 although this was a considerable drop on the previous year of £32,000.

Environmental

In 2016 Age Exchange undertook an eco-audit to benchmark performance and drive continuous improvement in environmental management. As a result we have increased environment wellbeing in the following ways in the last three years:

• Energy carbon footprint has reduced from 24.2 to 22.4 e.g. through installing a timer on the boiler, turning the heating setting to frost protection on staircases, replacing halogen lights with energy efficient LED lights and replacing the back door to improve heat efficiency.

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Age Exchange

Trustees' report for the year ended 31 March 2021

Plans for growth

In 2018 Age Exchange partnered with one of the UK’s leading social care charities, Community Integrated Care (charity of the year 2019 in the Charity Times Awards), with a vision of scaling the impact of Blackheath across Britain. In joining forces with Community Integrated Care we have found the perfect partner to make this goal a reality. Working from Aberdeen to Portsmouth, the charitywhich supports almost 4,000 people a year and turns over more then £120m per year, has the connections, infrastructure and skills to take Age Exchange to the next level.

Like many our plans for growth have been scaled down as a result of the pandemic and we need to spend some of our efforts on rebuilding income streams, supporting service users to get out and about the restore some of the capacity they have lost during the pandemic. However, we are still committed to expansion and are exploring projects to widen our geography including bidding for some contracts.

With our partners at Community Integrated Care we are planning to expand the use of our reminiscence arts methodology to work with people with learning disabilities, autism and mental health problems, helping them to live their Best Lives Possible.

Serious incidents reported to the Charity Commission

The charity has had to report two serious incidents to the Charity Commission during the year

Data breach

The charity uses a supporter database owned by Blackbaud who provide services to many charities and universities both in the UK and abroad. In July 2020 Blackbaud notified the charity about a criminal attack on Blackbaud's servers in May 2020, meaning that some details of our supporters were likely to have been accessed (but not financial or banking details). The charity was one of more than 125 charities and academic institutions that were affected.

We reported the attack to the Information Commissioner's Office within 24 hours in addition to filing an incident report with the Charity Commission. We wrote to all our supporters to inform them of the breach. The Information Commissioner and Charity Commission have confirmed that we took appropriate action at the time and no further action was required of us.

Threat to staff and trustee

An individual has made threats against charity staff and trustees following an earlier incident involving abuse of staff and volunteers resulting in a ban from the premises. The ban was upheld on appeal following the charity's processes. The police are involved and the incident reported to the Charity Commission in March 2021.

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Age Exchange

Trustees' report for the year ended 31 March 2021

Financial Review

Financial performance during the year

Both income and expenditure were significantly impacted by the pandemic and its effects on Age Exchange’s operations during the year.

Income from charitable activities, fundraising and trading fell by 58% due to the sustained closure of the centre and loss of income from space hire and the café, together with loss of fundraising events, particularly the Friends Christmas Fair.

Restricted income also fell by 28%, reflecting the restriction of existing activities and delays and difficulties in beginning new projects. We are extremely grateful to existing funders who allowed their funding to support our virtual Caring Together service.

These income losses were mitigated by

As a result the total fall in income was only 10% (£693,815 down to £621,044).

Major funders in the year were the National Community Lottery Fund (for the Caring Together service and core costs), the Heritage Lottery fund (for Combat Stress 100), the Rank Foundation (3 separate grant programmes), Arts Council England, the London Community Response Fund, Lambeth CCG and the London Borough of Lewisham.

Total expenditure was £579,344, a decrease of 19% from the previous year. Expenditure on charitable activities fell by £109,980 as the closure of the café and lack of in-person services led to major falls in non staff costs. The charity engages a variety of freelance artists to deliver its Caring Together service and reminiscence projects alongside paid staff, and these activities were the most severely impacted by the pandemic.

Costs of raising funds were £75,072, falling by £29,208 mainly due to lower costs relating to the buildings which are leased or hired reflecting the lack of hires. The charity does not use fundraising agencies.

Support costs fell by £27,659, principally relating to core staff, premises and volunteer costs all reduced due to the centre closure for long periods.

The charity made an operating surplus of £41,700 (prior year deficit of £24,717) which after accounting for the gain on the investment portfolio resulted in an overall increase in funds of £60,217 (prior year decrease of £36,566).

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Age Exchange

Trustees' report for the year ended 31 March 2021

Financial position at the year end

At the end of the financial year the charity had reserves of £1,274,520. Endowment and restricted funds comprised £194,144 leaving £1,080,376 as unrestricted funds. The amount represented by tangible fixed assets less loans secured against the charity’s freehold property was £1,098,731, thus free unrestricted reserves were in deficit by £18,355 (prior year: deficit of £95,105).

Investment policy

The charity has an endowment fund created in 2010 as a special trust following a fundraising campaign. The fund has 3 Trustees, all of whom are also Trustees of Age Exchange itself. At the year end the value of the fund was £112,498. The funds are invested with Cazenove, principally in the Schroder Charity Multi-Asset fund. The aim of the portfolio is to maintain capital value and provide an income for the charity’s general purposes. The Trustees reviewed the investment aims during the year and decided they continue to meet the requirements of the fund. Income of £4,192 was earned during the year, representing a rate of return of 3.7% which Council regards as satisfactory.

The value of the fund fell sharply in March 2020 reflecting general market concern over the pandemic. However, over the current financial year the value of the fund has recovered and now stands a little greater than it was in January 2020.

Reserves policy

Council has reviewed the charity’s requirements for reserves in light of the main risks to the organisation. It has set a target for free reserves of £50,000 to £70,000 which represents around 3 months’ worth of expenditure on core activities. Free reserves at the balance sheet date were in deficit and therefore significantly below the target level. The charity continues to seek further sources of unrestricted income both in terms of fundraising and paid-for services in order to increase free reserves to the target level.

The merger with CIC is anticipated to bring benefits to the charity including integration of some back office functions leading to lower support costs and opportunities to scale operations. However in the interim there have been some additional staff costs and the pandemic has slowed both charities’ ability to make progress on integration and expansion.

In addition, the charity owns substantial tangible fixed assets, principally two freehold buildings valued at £1.6m. If circumstances required, one of these buildings could be sold without significantly curtailing the charity’s activity.

Risk Management

Council reviews each year the major risks to which AE is exposed and maintains an analysis of these risks and the steps designed to manage them in a formal Risk Register. Thus systems and procedures have been established and are updated to ensure the charity takes steps to mitigate the risks it faces.

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Age Exchange

Trustees' report for the year ended 31 March 2021

This work has identified that financial stability is the major financial risk for the charity. A key element is the diversification of funding streams alongside strong scrutiny of financial management at Board level.

The successful merger has provided the assurance of support.

Attention has also been focussed on non-financial risks arising from our work with vulnerable adults and the safety of people who use our community hub. These risks are managed by ensuring up to date policies, procedures and training for both staff and volunteers.

Future plans

The charity has developed a strategic plan with an emphasis on 3 areas: growth: opening new Age Exchange hubs, developing and expanding services, increasing income and moving to surplus

impact: continuing to develop evidence of impact across services, apply for awards sustainability: maintain Blackheath hub as a showcase, look for cost savings and increased earned income, raising awareness of the charity.

Going concern

While the COVID-19 pandemic has had a significant effect on activities and services, we were able to secure additional funding to cover all our anticipated income shortfall in 2020-21.

Some of these support measures are still in place for the first part of 2021-22; we continue to make claims through the furlough scheme and have received a further grant for businesses in the hospitality sector. We have also taken steps to reduce our expenditure including making 4 staff redundant.

The centre re-opened on 4[th] May (for outside service only until 17[th] May) but continues to operate at a reduced capacity and with reduced income. Our forecasts are based on income gradually recovering through the year but never reaching quite the levels seen immediately pre-pandemic. The outlook remains uncertain but our experience over the last year gives us confidence that we can react swiftly to changing circumstances, always considering our service users’ needs.

The funding needs of the charity for the next 12 months from the signing date of the financial statements have been assessed, including on a reasonable worst case basis. The worst case basis demonstrates a requirement for support and has been discussed with the charity's parent CIC, who have confirmed their intention to support in the form of a letter of support. However, it is not anticipated that the support will be required on current forecasts as the trustees are expecting to receive the anticipated income levels for the period.

Having taken account of the current information available to them, the trustees remain confident in the charity's ability to continue its operations as a going concern.

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Age Exchange

Trustees' report for the year ended 31 March 2021

Statement of Trustees' responsibilities in relation to the financial statements

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

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charities SORP;

c) make judgments and estimates that are reasonable and prudent;

d) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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

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

This report, which has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, was approved by the Board on and signed on its behalf.29 September 2021

________ Bridget Prentice Trustee and Chair of Council

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGE EXCHANGE

Opinion

In our opinion, the financial statements:

• give a true and fair view of the state of the Charitable Company’s affairs as 31 March 2021 and of its incoming resources and application of resources 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 Companies Act 2006.

We have audited the financial statements of Age Exchange (“the Charitable Company”) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related 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 and 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.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report, other than the financial statements and our auditor’s report thereon.

16

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Other Companies Act 2006 reporting

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

• the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors’ Report, which are included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report or the Trustee’s report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, 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 determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

17

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

As a part of our audit in accordance with United Kingdom Generally Accepted Accounting Practice; and requirements of the Companies Act 2006 we exercise professional judgement and maintain professional scepticism throughout the audit. Based on our understanding and accumulated knowledge of the Charity and the sector in which it operates we considered the risk of acts by the Charity which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the Charities SORP 2019, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) the UK Companies Act 2006 and those that relate to the payment of employees. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries, management bias in accounting estimates and improper revenue recognition associated with year-end cut-off. Our audit procedures included, but were not limited to:

• Agreement of the financial statement disclosures to underlying supporting documentation;

• Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to recoverability of debtors and valuation and completeness of deferred revenue;

• Revenue year end cut-off procedures;

• Identifying and testing journal entries, in particular any journal entries posted with specific unusual narrative, manual journals to revenue and cash, and review of journals posted to least used accounts;

18

• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Charity’s internal control; and

• Evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Hamid Ghafoor (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Manchester, UK Date: 07 October 2021

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

19

Age Exchange

Statement of financial activities and Income and expenditure account for the year ended 31 March 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Outreach activities
Caring Together service
Theatre and education
Training
Centre-based activities
Organisational development
Core staff furlough
Café and shop
Community library
Total expenditure
6/7
Net gains/(losses) on investments
11
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Endowment

fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,517
18,517
-
18,517
93,981
112,498		 Unrestricted
funds
£
226,937
43,156
69,432
4,192
343,717
75,072
947
4,176
484
2,824
14,254
33,841
95,130
10,235
236,963
-
106,754
(50,218)
56,536
1,023,840
1,080,376		 Restricted
funds
£
277,327
-
-
-
277,327
-
67,007
253,541
-
-
21,833
-
-
-
-
342,381
-
(65,054)
50,218
(14,836)
96,482
81,646		 Total
funds
2021
£
504,264
43,156
69,432
4,192
621,044
75,072
67,954
257,717
484
2,824
21,833
14,254
33,841
95,130
10,235
579,344
18,517
60,217
-
60,217
1,214,303
1,274,520		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(11,849)
(11,849)
-
(11,849)
105,830
93,981		 Unrestricted
funds
£
35,027
162,417
107,244
4,577
309,265
104,280
10,619
4,584
-
21,486
4,263
18,792
-
146,235
27,437
337,696
-
(28,431)
-
(28,431)
1,052,271
1,023,840		 Restricted
funds
£
384,550
-
-
-
384,550
-
148,922
187,981
1,296
-
26,224
16,413
-
-
-
380,836
-
3,714
-
3,714
92,768
96,482		 Total
funds
2020
£
419,577
162,417
107,244
4,577
693,815
104,280
159,541
192,565
1,296
21,486
30,487
35,205
-
146,235
27,437
718,532
(11,849)
(36,566)
-
(36,566)
1,250,869
1,214,303

20

Age Exchange

Company no. 01929724

Balance sheet

as at 31 March 2021

Fixed assets
Tangible assets
Investments
Total fixed assets
Current assets
Stock
Debtors
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
Net assets
The funds of the charity:
Friends Endowment Fund
Restricted funds
Unrestricted funds:
- General funds
- Property revaluation fund
Total unrestricted funds
Total charity funds		 Note £
£
1,426,559
112,498
1,539,057
1,206
25,759
120,576
147,541
(95,851)
51,690
1,590,747
(316,227)
1,274,520
112,498
81,646
506,106
574,270
1,080,376
1,274,520
2021		 £
£
1,446,668
93,981
1,540,649
2,273
31,924
39,562
73,759
(266,623)
(192,864)
1,347,785
(133,482)
1,214,303
93,981
96,482
449,570
574,270
1,023,840
1,214,303
2020		 £
£
1,446,668
93,981
1,540,649
2,273
31,924
39,562
73,759
(266,623)
(192,864)
1,347,785
(133,482)
1,214,303
93,981
96,482
449,570
574,270
1,023,840
1,214,303
2020
10
11
12
13
14
16
15		 £
1,206
25,759
120,576
147,541
(95,851)
506,106
574,270		 £
2,273
31,924
39,562
73,759
(266,623)
449,570
574,270
1,540,649
(192,864)
1,347,785
(133,482)
1,214,303
93,981
96,482
1,023,840
1,214,303

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The accounts were approved and authorised for issue by the trustees on 29 September 2021 and signed on their behalf by:

Bridget Prentice, Director and Trustee

21

Age Exchange

Company no. 01929724

Statement of Cash Flows for the year ended 31 March 2021

Cash provided by/(used in) operating activities
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Cash provided by investing activities
Cash flows from financing activities
New loan
Repayment of borrowing
Cash provided by/used in financing activities
Increase/(decrease) in cash and cash equivalents
in the year
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
Analysis of changes in net debt
Cash
Loans falling due within one year
Loans falling due after more than one year		 Note
18
At start
of year
£
39,562
(212,988)
(133,482)
(306,908)		 2021
2020
£
£
80,464
(5,822)
4,192
4,577
-
(3,928)
4,192
649
-
20,000
(3,642)
(21,691)
(3,642)
(1,691)
81,014
(6,864)
39,562
46,426
120,576
39,562
Reclassification
Cashflows
(see note 13)
£
£
81,014
-
(714)
187,101
4,356
(187,101)
84,656
-		 At end
of year
£
120,576
(26,601)
(316,227)
(222,252)

22

Age Exchange

Notes to the accounts for the year ended 31 March 2021

1 Statutory information

Age Exchange is a private company limited by guarantee with no share capital, domiciled in England and Wales, registration number 01929724. In the event of the charity being wound up, the liability in respect of the guarantee is restricted to £5 per member of the company.

2 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(i) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Age Exchange 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 note(s). The presentation currency is £ sterling.

(ii) Preparation of the accounts on a going concern basis

The financial statements have been prepared on a going concern basis. The Trustees consider that this is appropriate because:

The funding needs of the charity for the next 12 months from the signing date of the financial statements have been assessed, including on a reasonable worst case basis. The worst case basis demonstrates a requirement for support and has been discussed with the charity's parent CIC, who have confirmed their intention to support in the form of a letter of support. However, it is not anticipated for the support to be required on current forecasts as the trustees are expecting to receive the anticipated income levels for the period.

23

Age Exchange

Notes to the accounts for the year ended 31 March 2021

2 Accounting policies (cont'd)

(ii) Preparation of the accounts on a going concern basis (continued)

Taking the above information into account, the charity has adequate resources to continue in operational exsitence for at least 12 months from the date of approval of these financial statements. For this reason the trustees have adopted the going concern basis of accounting in preparing the annual financial statements.

(iii) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

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

Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Endowment funds are held within a special trust. The capital must be retained; income from the funds may be used for the general purposes of the charity.

(iv) Income recognition

Income is recognised and included in the accounts when all of the following criteria are met:

The following specific policies are applied to particular categories of income:

(v) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

24

Age Exchange

Notes to the accounts for the year ended 31 March 2021

2 Accounting policies (cont'd)

(v) Expenditure (continued)

are allocated directly, others are apportioned on an appropriate basis using a combination of premises area and staff time.

(vi) Fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. The cost of minor additions or those costing below £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life. The rates used are as follows:

office equipment 33%
fixtures and fittings 20%
freehold buildings 1%

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

(vii) Pensions

The charity's employees are able to make contributions into a defined contribution pension scheme. Eligible employees are automatically enrolled unless they have exercised their right to opt out of scheme membership. Employees may choose to contribute 4% or 5% of their salary and this is matched by the charity.

(viii) Stocks

Stock is included at the lower of cost or net realisable value.

(ix) Debtors

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

(x) Cash at bank and in hand

Cash at bank and cash 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.

(xi) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(xii) Financial instruments

The trust 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.

25

Age Exchange

Notes to the accounts for the year ended 31 March 2021

3 Income from donations and legacies

Unrestricted
funds
£
London Borough of Lewisham
-
Local Assembly funds
168
Royal Borough of Greenwich
-
Merchant Taylors Charitable
-
Trust
Building Communities
-
National Community Lottery
-
Fund
Heritage Lottery Fund
-
Childwick Trust
-
Rank Foundation
30,000
Lambeth CCG
-
Notting Hill Housing
-
Mercers
-
Rayne Foundation
-
Edward Gostling Foundation
-
Hu-Shen charitable trust
-
HMRC CJRS
70,610
RBG COVID hospitality support
39,143
London Community Response
-
Arts Council England
-
NLCF COVID
30,000
Garfield Weston
15,000
Other trusts
3,350
Friends subcriptions
6,065
Other grants and donations
32,601
Total
226,937		 Restricted
funds
£
24,750
-
-
-
21,160
60,530
31,020
-
20,653
33,000
-
17,289
-
-
1,000
-
-
25,870
34,255
-
-
5,120
-
2,680
277,327		 Total
2021
£
24,750
168
-
-
-
21,160
60,530
-
31,020
-
50,653
33,000
-
17,289
-
-
1,000
70,610
39,143
25,870
34,255
30,000
15,000
8,470
6,065
35,281
504,264		 Unrestricted
funds
£
-
396
-
-
-
-
-
-
-
-
-
-
-
-
-
2,101
-
-
-
-
-
-
9,565
22,965
35,027		 Restricted
funds
£
25,705
32,900
10,580
56,015
74,453
57,450
12,000
39,293
24,750
3,500
16,950
17,000
5,000
3,000
-
-
-
-
-
-
5,570
-
384
384,550		 Total
2020
£
25,705
396
32,900
10,580
56,015
74,453
57,450
12,000
39,293
24,750
3,500
16,950
17,000
5,000
3,000
2,101
-
-
-
-
-
5,570
9,565
23,349
419,577

4 Income from charitable activities

Outreach
Caring Together service
Theatre and education
Training
Café and shop
Other		 Total
2021
£
2,010
6,080
816
4,990
15,006
14,254
43,156		 Total
2020
£
12,383
4,585
5,722
22,588
110,009
7,130
162,417

All income from charitable activities relates to unrestricted funds.

26

Age Exchange

Notes to the accounts for the year ended 31 March 2021

5 Income from other trading activities

Friends events
Sponsorship
Fundraising trading
Other fundraising events
Rental income and lettings		 Total
2021
£
8,646
774
4,794
23,100
32,118
69,432		 Total
2020
£
17,806
2,250
13,824
6,106
67,258
107,244

All income from trading activities relates to unrestricted funds.

6 Expenditure allocation

Charitable activities
Outreach activities
Caring Together service
Theatre and education
Training
Centre-based activities
Organisational development
Core staff furlough
Café and shop
Community library
Raising funds
Generate voluntary income
Fundraising
Premises letting
Governance
Premises costs
General support costs
Total		 Staff
costs
£
29,783
94,125
325
850
11,584
14,254
33,841
64,832
389
249,983
13,133
20,443
2,117
35,693
2,664
10,226
120,294
133,184
418,860		 Other direct
costs
£
12,579
57,105
(6)
1,500
-
-
-
10,270
81,448
16
3,012
-
3,028
8,713
34,420
32,875
76,008
160,484		 Support
costs
£
25,592
106,487
165
474
10,249
-
-
20,028
9,846
172,841
8,228
18,147
9,976
36,351
(11,377)
(44,646)
(153,169)
(209,192)
-		 Total
funds
2021
£
67,954
257,717
484
2,824
21,833
14,254
33,841
95,130
10,235
504,272
21,377
41,602
12,093
75,072
-
-
-
-
579,344		 Total
funds
2020
£
159,541
192,565
1,296
21,486
30,487
35,205
-
146,235
27,437
614,252
66,552
6,430
31,298
104,280
-
-
-
-
718,532

27

Age Exchange

Notes to the accounts for the year ended 31 March 2021

Expenditure allocation - previous year

Charitable activities
Outreach activities
Caring Together service
Theatre and education
Training
Centre-based activities
Organisational development
Café and shop
Community library
Raising funds
Generate voluntary income
Friends events
Premises letting
Governance
Premises costs
General support costs
Total		 Staff
costs
£
59,165
54,305
38
2,825
10,869
31,139
65,641
4,889
228,871
31,814
-
6,596
38,410
1,814
24,263
117,340
143,417
410,698		 Other direct
costs
£
56,424
76,186
1,240
15,760
4,780
343
42,663
1,079
198,475
9,495
6,430
-
15,925
5,705
45,136
42,593
93,434
307,834		 Support
costs
£
43,952
62,074
18
2,901
14,838
3,723
37,931
21,469
186,906
25,243
-
24,702
49,945
(7,519)
(69,399)
(159,933)
(236,851)
-		 Total
funds
2020
£
159,541
192,565
1,296
21,486
30,487
35,205
146,235
27,437
614,252
66,552
6,430
31,298
104,280
-
-
-
-
718,532

28

Age Exchange

Notes to the accounts for the year ended 31 March 2021

7 Support costs

Staff costs
Amounts payable to auditor:
statutory audit
Payroll services
Legal & Professional
Staff training
Office costs
IT and website
Depreciation
Utilities
Loan interest
Other finance costs
Maintenance and other premises costs
Irrecoverable VAT
Volunteer costs
Other costs
Support costs - previous year
Staff costs
Amounts payable to auditor:
statutory audit
Amounts payable to independent examiner:
independent examination
payroll services
Legal & Professional
Office costs
IT and website
Depreciation
Utilities
Loan interest
Other finance costs
Maintenance and other premises costs
Irrecoverable VAT
Volunteer costs
Other costs		 Governance
£
2,664
7,500
1,213
-
-
-
-
-
-
-
-
-
-
-
11,377
Governance
£
1,814
6,000
-
-
13
-
-
-
-
-
-
-
-
-
(308)
7,519		 Premises
£
10,226
-
-
-
-
-
-
16,399
4,776
7,854
-
5,391
-
-
-
44,646
Premises
£
24,263
-
-
-
-
-
-
16,399
8,512
10,201
-
10,024
-
-
69,399		 General
support
£
120,294
-
280
-
3,303
9,254
10,866
-
-
-
1,574
4,607
982
2,009
153,169
General
support
£
117,340
-
-
-
-
10,472
10,287
2,400
-
-
2,713
-
5,393
9,368
1,960
159,933		 Total
2021
£
133,184
7,500
280
1,213
3,303
9,254
10,866
16,399
4,776
7,854
1,574
5,391
4,607
982
2,009
209,192
Total
2020
£
143,417
6,000
-
-
13
10,472
10,287
18,799
8,512
10,201
2,713
10,024
5,393
9,368
1,652
236,851		 Total
2020
£
143,417
6,000
-
13
-
10,472
10,287
18,799
8,512
10,201
2,713
10,024
5,393
9,368
1,652
236,851

29

Age Exchange

Notes to the accounts for the year ended 31 March 2021

8 Staff and trustee remuneration

Staff and trustee remuneration
Staff costs were as follows:
Salaries and wages
Social Security costs
Employer's contribution to defined contribution pension schemes
Redundancy costs
Total		 2021
£
372,176
24,697
14,239
7,748
418,860		 2020
£
369,558
26,776
14,364
-
410,698

The number of employees whose total employee benefits (excluding employer pension costs) for the year were more than £60,000 was:

more than £60,000 was:
£60,000 to £70,000 2021
No.
1		 2020
No.
1

The average number of employees during the year was 18 on a headcount basis and 12.10 on a full-time equivalent basis (2020: 18 and 12.9 respectively).

None of the Trustees have been paid any remuneration or received any other benefits from employment with the charity or a related entity (2020: £nil) neither were they reimbursed for expenses during the year (2020: £nil).

The key management personnel of the charity comprise the Trustees, the Chief Executive Officer, Artistic Director, Finance Manager and Community Hub and Volunteer Manager. The total employee benefits of the key management personnel of the charity were £184,622 (2020: £182,466).

30

Age Exchange

Notes to the accounts for the year ended 31 March 2021

9 Related party transactions

The aggregate amount of donations received from related parties in the year was £740 (2020: £302).

There were no other related party transactions with natural persons (2020: none).

Transactions with the charity's parent, Community Integrated Care (CIC) during the year were as follows:

Charges borne by the charity to be recharged to CIC
part CEO staff costs
Charges paid by CIC on behalf of the charity
Audit fee for 2019-20
Telephone and broadband
IT equipment
Electricity
Maintenance
Health & safety supplies
Travel and delivery
VAT as part of VAT group
Interompany account reconciliation
Balance due from CIC at 1 April 2020
Recharged to CIC as above
Paid by CIC on behalf of AE as above
Paid by CIC
Amount outstanding at 31 March 2021		 2021
£
14,254
7200
785
145
470
140
882
9,622
5,891
14,254
(9,622)
(7,130)
3,393		 2020
£
7,130
909
294
36
1,239
-
7,130
(1,239)
5,891

As disclosed in note 14, in December 2019 the charity accepted an interest-free loan of £20,000 from CIC, repayable in instalments over 5 years. At the year end the balance outstanding was £15,000.

31

Age Exchange

Notes to the accounts for the year ended 31 March 2021

10 Tangible fixed assets

Tangible fixed assets
Cost or deemed cost
At 1 April 2020
Additions
Disposals
At 31 March 2021
Accumulated depreciation
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
land and
buildings
£
1,639,901
-
-
1,639,901
198,251
16,399
-
214,650
1,425,251
1,441,650		 Equipment
£
43,821
(716)
43,105
38,803
3,710
(716)
41,797
1,308
5,018		 Furniture,
fixtures and
fittings
£
10,584
-
(300)
10,284
10,584
-
(300)
10,284
-
-		 Total
£
1,694,306
-
(1,016)
1,693,290
247,638
20,109
(1,016)
266,731
1,426,559
1,446,668

The freehold land and building comprising 11 Blackheath Village London SE3 9LA was professionally valued on 29 July 2013. The valuation was performed by Len Stow FRICS of Sinclair Jones Chartered Surveyors.

The freehold land and building comprising the property known as the 'The Old Bakehouse', rear of 11 Blackheath Village, London SE3 9LA was professionally valued on 30 June 2014. The valuation was performed by Mark Jones of Sinclair Jones Chartered Surveyors. The valuations were performed in accordance with the RICS Statement of Asset Valuation and Guidance Notes.

As permitted by FRS102 the Trustees have chosen to adopt the values of the buildings at the date of transition as their deemed cost.

Both properties are mixed use properties held partly to earn rentals and partly for the charity's own purposes.

Loans are secured against both properties as described in note 14.

32

Age Exchange

Notes to the accounts for the year ended 31 March 2021

11 Investments

At 1 April
Unrealised gain/(loss) on investments
Charges
Market value at 31 March
Consisting of:
Global investments
Sterling investment account		 2021
£
93,981
18,517
-
112,498
112,310
188
112,498		 2020
£
105,830
(11,849)
-
93,981
93,793
188
93,981

The investments are held in the Age Exchange Endowment Fund which was set up by Deed of Trust on 31 December 2010. The income accruing from the fund is to be applied for the purpose and charitable objectives of Age Exchange.

12 Debtors

Trade debtors
Prepayments and accrued income
Intercompany account
Other debtors
Total		 2021
£
8,789
7,536
3,393
6,041
25,759		 2020
£
5,596
4,813
5,891
15,624
31,924

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Bank loans
Intercompany loan
Trade creditors
Taxation and social security
Other creditors
Deferred income
Accruals
Total		 2021
£
22,601
4,000
8,237
6,756
6,596
24,474
23,187
95,851		 2020
£
208,988
4,000
9,301
9,773
7,419
12,940
14,202
266,623

In April 2020 capital repayment holidays of 12 months were agreed with both providers of the charity's bank loans as support due to the COVID-19 pandemic.

At 31 March 2020, the charity was in breach of its loan covenant on one of its loans. This loan was therefore required to be reclassified into creditors falling due within one year. A waiver for this breach was obtained in December 2020. At 31 March 2021 the charity was not in breach of any covenants.

33

Age Exchange

Notes to the accounts for the year ended 31 March 2021

13 Creditors: amounts falling due within one year (continued)

Deferred income

Deferred income
Balance at beginning of year
Amounts released to income
Amounts deferred in the year
Balance at the end of the year		 2021
£
12,940
36,550
48,084
24,474		 2020
£
24,150
47,001
35,791
12,940

Income is deferred when it has been invoiced or received in advance of the relevant activity being carried out or (in the case of grant income) when performance-related conditions have not yet been met.

14 Creditors: amounts falling due after more than one year

Loan
One to five years - intercompany loan
One to five years - bank loans
More than five years - bank loans		 2021
£
11,000
93,758
211,469
316,227		 2020
£
15,000
27,346
91,136
133,482

In October 2010 a new loan was negotiated in order to repay the existing two loans and to raise a further £30,000 for the refurbishment of the courtyard. The loan is repayable within 21 years with an option to renegotiate. The loan is secured on the charitable company's freehold property 11 Blackheath Village London SE3 9LA.

In July 2015 an additional loan was negotiated in order to provide funds for investment in the charity's ability to ensure its long-term financial sustainability. The loan is repayble within 20 years. The loan is secured on the charitable company's freehold property 'The Old Bakehouse', rear of 11 Blackheath Village London SE3 9LA.

In December 2019 a loan of £20,000 was obtained from the charity's parent company to provide support for working capital. The loan is unsecured, repayable within 5 years and is interest free.

34

Age Exchange

Notes to the accounts for the year ended 31 March 2021

15 Movements in funds

Movements in funds
Endowment Fund
Restricted funds:
London Borough of Lewisham
Merchant Taylors Company Almshouses
Picture This
Caring Together service (Blackheath)
Eachstep club
Lambeth Dementia service
Combat Stress 100
Rank Foundation
ABC Nursery
Assembly funds
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Revaluation Reserve
Total funds		 At 1 April
2020
£
93,981
-
21,758
4,251
42,152
6,558
570
(1,579)
19,506
411
2,855
96,482
449,570
449,570
574,270
1,214,303		 Incoming
resources
£
18,517
24,750
141,924
23,980
35,000
31,020
20,653
277,327
343,717
343,717
-
639,561		 Outgoing
resources
£
(21,833)
(281)
(178,829)
(37,321)
(37,389)
(32,436)
(34,292)
(342,381)
(236,963)
(236,963)
-
(579,344)		 At 31 March
Transfers
2021
£
-
112,498
3,485
6,402
-
21,477
-
4,251
24,299
29,546
6,783
-
7,068
5,249
2,995
-
5,588
11,455
-
411
-
2,855
50,218
81,646
(50,218)
506,106
(50,218)
506,106
-
574,270
-
1,274,520

35

Age Exchange

Notes to the accounts for the year ended 31 March 2021

15 Movements in funds (Cont'd)

Movements in funds - previous year

Movements in funds - previous year
Endowment Fund
Restricted funds:
London Borough of Lewisham
Merchant Taylors Company Almshouses
Picture This
Carers' service
Daycare service
Eachstep club
Lambeth Dementia Service
Combat Stress 100
Rank Foundation
ABC Nursery
Assembly funds
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Revaluation Reserve
Total funds		 At 1 April
2018
£
105,830
-
17,491
4,768
19,913
18,785
-
-
-
25,019
2,642
4,150
-
92,768
478,001
478,001
574,270
1,250,869		 Incoming
resources
£
-
25,705
10,580
0
102,980
64,277
56,015
24,750
57,450
39,293
3,500
-
-
384,550
309,265
309,265
-
693,815		 Outgoing
resources
£
(11,849)
(25,705)
(6,313)
-517
(71,787)
(92,016)
(49,457)
(24,180)
(59,029)
(44,806)
(5,731)
(1,295)
-
(380,836)
(337,696)
(337,696)
-
(730,381)		 At 31 March
Transfers
2020
£
-
93,981
-
-
-
21,758
-
4,251
(8,954)
42,152
8,954
-
6,558
-
570
-
(1,579)
-
19,506
-
411
-
2,855
-
-
-
96,482
449,570
-
449,570
-
574,270
-
1,214,303

Endowment Fund : to generate regular interest payments of 4% annually to support the work of Age Exchange. A transfer from this fund to unrestricted funds has been made in the year. This represents interest on the fund relating to previous years which had not previously been transferred to unrestricted funds.

Purposes of Restricted Funds:

London Borough of Lewisham : to fund work at Number Eleven and across the borough supporting health and well-being.

Merchant Taylors Company : funding for arts and health projects at their almshouses in Lewisham.

Picture This : funded by Awards for All, two courses enabling people to tell their family stories in a tangible format.

Caring Together service : groups to support family carers and the person cared for, advice for carers and one to one sessions for carers or the person cared for.

36

Age Exchange

Notes to the accounts for the year ended 31 March 2021

15 Movements in funds (Cont'd)

Eachstep Club : funded by the Building Connections fund, an extension of the daycare service based at Eachstep Blackley extended care setting in North Manchester.

Lambeth dementia service : funded by SE London CCG to deliver a community-based service providing 10 hours per week of support to people with dementia in Lambeth.

Combat Stress 100 : funded by the Heritage Lottery Fund, a partnership project with Combat Stress (charity providing mental health support to armed forces veterans) to mark their 100th anniversary.

Rank Foundation : support for a Development officer, Time to Shine internship and 'Profit for Good' scheme

ABC Nursery : intergenerational project involving children at a nursery school and an elder care setting

Assembly funds : awarded by Blackheath Assembly for community engagement projects.

Transfers have been made between projects with related activity where appropriate. In 2020-21 transfers have also been made from unrestricted funds, relating to the support received via grants for core costs.

16 Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2021		 Endowment
fund
£
-
112,498
-
-
-
112,498		 Unrestricted
funds
£
852,289
-
65,895
(95,851)
(316,227)
506,106		 Revaluation
fund
£
574,270
-
-
-
-
574,270		 Restricted
Total
funds
funds
£
£
-
1,426,559
-
112,498
81,646
147,541
-
(95,851)
-
(316,227)
81,646
1,274,520

37

Age Exchange

Notes to the accounts for the year ended 31 March 2021

16 Analysis of net assets between funds - previous year

Tangible fixed assets
Investments
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2020		 Endowment
fund
£
-
93,981
-
-
-
93,981		 Unrestricted
funds
£
872,398
-
(22,723)
(266,623)
(133,482)
449,570		 Revaluation
fund
£
574,270
-
-
-
-
574,270		 Restricted
Total
funds
funds
£
£
-
1,446,668
-
93,981
96,482
73,759
-
(266,623)
-
(133,482)
96,482
1,214,303

17 Guarantees and other financial commitments

Operating lease commitments due:
within one year
between two to five years		 2021
£
10,260
750
11,010		 2020
£
5,932
560
6,492

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

Net income/(expenditure) for the reporting year
(as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains)/losses on investments
Interest income from investments
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2021
£
60,217
20,109
(18,517)
(4,192)
1,067
6,165
15,615
80,464		 2020
£
(36,566)
22,509
11,849
(4,577)
(906)
18,597
(16,728)
(5,822)

38

Age Exchange

Notes to the accounts for the year ended 31 March 2021

19 Parent company

Age Exchange is a subsidiary of Community Integrated Care (CIC), a charitable company.

CIC is registered as a company limited by guarantee in England and Wales, no. 02225727 and as a charity with the Charity Commission no. 519996 and as a Scottish charity with OSCR no. SC039671. Its registered office is at 2 Old Market Court, Miners Way, Widnes, Cheshire, WA8 7SP. Copies of the consolidated accounts of the CIC group may be obtained from that address or the company's website www.c-i-c.co.uk.

CIC's principal purpose is to help those in need because of age, ill-health or disability and to provide care and support services to vulnerable adults through the promotion and delivery of independent living, residential and nursing care across the United Kingdom.

CIC is the sole member of Age Exchange and has the power to appoint its trustees.

20 Events after the end of the year

The community hub, which had been closed since mid December 2020, reopened to the public on 4th May 2021.

39