Age Exchange IA Company Limited by Guarantee) ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Charity Re8lStration Number,. 326899 Company Registration Number.. 01929724 'ADFTTQIK' 1311112024 COMPANIES HOUSE A7 Age exchange Financial Year Ending 31" March 2024 ABe Exchange- Year ended 31 March 2024 Report and Financial Statements l. Trustees Report 2. Objective5 and Activities 3. Achievements and Performance and Plans for the Future. 4. Financlal review Risk management Going concern and statutory statements. 5. Reference and administration details 6. Structure, governance, and management 7, Statement of Trustees responsibilities 8. Independent Examiner's Report 9. Financial Statements Statement of f inancial activities lincludin8 income and expenditure account) Balance sheet Statement of cash flows Notes to the accounts Age Exchange Financial Year Ending.31" March 2024 l. Trustees, Report The Trustees afe pleased to present their annual Trustees, report together with the financial statements of the charity for the year ending 31 March 2024, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purpose5. Age Exchange Is a subsidiary of Communlty Integrated Care Icharity registration 519996 and company registration 022257271. 2. Objectives and Activities Key Statisti¢s Durln8 202312024 Age Exchange has.. Delivered 1,072 hours of active support Via 467 classes plus I:1 sessions and telephone befriending Supported by 124 current active volunteer5 Who gave 8,595 volunteers hours Charltable Objects Age Exchange exSsts to use the power of art, creativity, and social connectSon to empower and support people and carers, and to help shape a more inclusive and enabling society- locally and nationallv. We are proudly part of Community Integrated Cafe. one of the UK'5 largest and most successful social care charities. This gives u5 the unique status of being the only dedicated arts and creativity organisation embedded within a social care provider. With this connectlon, we have an exceptional platform to create and deliver innovative pro8rammes and share our specialist knowled8e to deliver impact at scale. We also have deep roots in our Blackheath home community, providlng a thriving community hub that offers important services for disabled people, gives people the chance to contribute to their community through volunteering and social action programmes, and makes local life more vibrant and fun, with our café and excitlng range of public-facing programmes. Our core beneflclarles are: People living with dementia. including people with early-onset dementia. People who have learning disabilities and avtism. Family carers and paid social care workers. Socially excluded individuals who need an opportunity to share or develop their skills, develop relationship5 and enjoy a life with purpose. We have a range of extended beneticièries who are positively impacted by our work, including families. artists. sector partners and members of the Lewisham and Greenwich public. Our artivities include,. Age Exchange Financial Year Ending 31$1 March 2024 Deliverin8 innovative arts and reminiscence-based day services and support pro8rammes. Designing arts, activity, and social connection solutions for social care settings. including learning and development programmes, toolkits, and direct activity delivery. Facilitating ond delivering arts club5 and educatlon for people who draw on 50cial care. Partnering with leadin8 orBanisations, including museums, universitie5, Sporting, cultur31 and heritage organisations to support and empower them to use creativity, arts and narrative to enhance the lives of people who acce55 care and support. Providing well-bein8 servlces- such as bereavemept programmes and specialist support 8roups. for example working with people who have*arly-onset dementia. Hosting supported volunteerin8 placements that give people the chance to contribute and develop their skills in a welcoming communitv. Purpose- Servlce Delivery Our services use arts, creativity and social connection to empower and support the self.expression. wellbeing, and personal growth of people who require support in their daily lives. Our work a150 recognises the essential role of both paid and family carer5, providing them with respite, 8uidance and support. Our work is also rooted in our unique, evidence-led and academically validated model- RADIQL. RADIQL synthesises several artistic methods to h'nd the most person.centred way lo connect with and promote creative expression. Working with people who have signilicant Cognitive challenge5, we use art to unlock creative expression. empowerment and well-being. In 2016, RADIQL was independently evaluated by Royal Holloway Unlversity of London as Increasing wellbeing in dementia by 42% and improvin8 positive behaviours by 25%. Our adaption of this model across other settings has shown equally impressive results. Purpose- Our Communlty Hub Our Blackheath hub welcomes more than 184,000 visitors every year. We strive to serve as the beatin8 heart of our local community- a place for people to come together. make friend5, and find and give support. We achieve this by delivering a wide range of high-quality support programmes for people who access care and support and their loved ones - such as our 'Caring Together, day services. This work Is furthered by our efforts to create opportunitt'es for local people to be included In and support their community through volunteering and social action - these experiences often have as significant an impact on the individual 8ivin8 their time as they do on our charity, offering people a supportr.ve and welcoming community in which they are valued. Arts, culture, and creativity are at the heart of all we do- and this provides It5 Own social value and impact. Our building and our services give artists of all backgrounds- Including people who draw on care and 5upport- the chance to develop, express and share their talents, and bring the joy of arts into our local community. Our wider offers - such as our café, diverse range of social and health focussed groups, and community library. provide an essential local service and help generate investment to support our social purpose. Age Exchange Financial Year Ending 31° March 2024 3. Achievements, Performance and Plans for the Future The year has seen Age Exchange develop and deliver strategic aims to create a sustainable base and Structure to allow it to thrive. The appointment of Rebekah Adey as CEO Iformerly Regional Managing Director at Community Integrated Carel achieved the aim of closer working between the two organisations. creating a range of efficiencies and enhanced impacts in core functions. The board of trustees changed with a number of trustees stepping down at the end of their terms and new trustees recruited, adding diversity. experh'se and passion to our team. A8e Exchange put on retord its thanks to Bridget Prenttte, Amanda DeRyk and Carolyn Dynne, our former trustees, for their dedicated service and impacts during their tenures. A new strategy was approved by Trustees that offered exciting opportunltie5 to build Age Exchange's social impact. sustainability and stability, aligned to our charitable purpose. The board has closely monitored this plan throughout the year and supported the team in its successful delivery. putting the charity in a stable and sustainable position al the end of the fi'nancial year. Programme Delivery Age Exchange delivers Its charitable objects set out above and continues to maintain its track record of delivering exceptlonal projects and formlng high-quality partnershlps. This includes.. Para Swimmln World Cham ion5hi s 2023 & World Taekwondo Cham ionshi 2023 Age Exchange enjoyed further excitr'ng commissions with our parent Charity. Community Integrated Care, including being appointed as the arts delivery partner for their partnerships with the World Para Swimming Championships and World Taekwondo Grand Prix. Artworks created by parts'cipant5 In these 8roups were presented as part of the prize giving ceremonies and to the sports people taklng part demonstratlng the value of the art created. This has raised the proh.le of our work and enabled excitlng new networks. This work represented a major milestone in Age Exchange's Strategic aim of having a national reach and influence. Save Our Wild Isles A8e Exchange was commlssloned, in partnership with Community Integrated Care, to be a key partner in the Save Our Wild Isles Campaign. Working Wlth the WWF, National Trust and RSPB, we contributed a campai8n to bring a greater appreciation of Britain's ecosystem and to inspire environmental action, inspired by Sir David Attenborough's acclaimed BBC documentary series. Thls program saw Age Exchange develop a special nature-inspired arts activity and reminiscence toolkit, which was shared with social care services across the UK, including through system partner5 such as the National Care Forum. A8e Exchange Financial Year Ending 31" March 2024 Cham ionin art In socia are The charity has been proud to lead a number of programmes and campaigns that help develop skills and understanding of the application of arts and creativity in the social care sector. Thi5 includes being a key partner in 'Creativity In Care, _ a national workshop for leadeis in learnlng disability social care with the Association for Real Change and working nationally with Community Integrated Care on programs that explored sensory arts. Creatlve Care- National Lotte Communit Fund This 4-year programme came to an end in January having provided a much.needed alternative approach to day care services for people living with dementia and their carers in Greenwich, Blèckheath, Lewi5ham and Lambeth, where local authority funded day care services in the area are only able to be offered to around 6% of those livin8 Wlth dementr'a. Age Ex¢han8e provSded svpport to over 125 people a week through Tuesday Day Care, Kaleidoscope Café, Lambeth groups and one to one support at home, facilitating creative care with people at all levels of their dementia journey - from recent diagnosis through to late stage and non-verbal. The group5 were a place where vulnerable and isoloted people with demenda and, where present, their carers/partners or children, felt safe, seen and heard, growing in confidence whllst exploring and expressing reminiscence through all art forms and building new friendships within our caring community. These groups became a network of peer support for those who took part- made possible by our skllled practitioners supported by experienced, trained volunteers many of whom are themselves former carers or participants in our services. Participants got to learn to use quality art materia15 and work with professional artists, dancers. musicians, enabling opportunitie5 for participants to develop and grow. to feel proud of thebr own lifelon8 learnlng experience. These parts'cipants have successfully transitioned to new projects which ¢ontlnue to positively impact their lives, and the Ilves of their loved ones. est Lives Posslble - Dra eis Llve & Willlam Halcllff Best Life5 Possible is a"dance project for older adults with a learning disability including for those living with dementia. Inspired by the 2022 Community Integrated Care roadshow of the same name, our aim was to create a new and much needed creats've proEramme supporting the well-being of older adults livin8 Wlth a learnin8 disability, dementia and other complex needs including physical disability. The project ran for 3S weeks working with 12 participants with 12 supportin8 carers and culminated in a Joyful dance created for an end of project event. This project was funded by the Drapers Livery Company & William Hatcliffe and delivered in conjuncfjon with Lewisham Mencap with support from Nick O'sheo from18nition Brewery. Good Com Brentwood 8orou and 8rentwood Theatre h Councll Essex Count Council Orchestras Live Green Candle Age Exchange Financial Year Ending 31. Maich 2024 A reimagined day care programme with partner5 Orchestras Live, Green Candle Dance, Alzheimer's Essex ènd Brentwood 8orough Council had a pilot early in the year that concluded with a public sharing day at Brentwood Theatre for NHSIICB managers and policy makers, as well as a public audience and family and friends. The evaluation from participants as well as University of Essex has been extremely positive and already helped lead to additional NHS funding for two new project5 running February to July 2024. Recto Court Followin8 an 18-month programme with the residendal home, we delivered Rectory Court Heritage Club, l..Is and trainin8 for Cinnamon Housing. This was a privately funded project with a new group programme for residents attending weekly Heritage Club and more one to one Reminiscence Arts Practitr'oner sessions for residents who are living Wlth dementia and other complex needs and thus needing individual support. Age Exchange has now worked in the home for almost three years and Its services continue to be hugely popular with residents and staff. Our Development Officer delivered reminiscence arts training to over 50 staff members as part of the award. Meetln ID No Man'5 Land The book of memories from our WWI projects has been published in Munich, and was funded by the 8avarian State Ministry of Education. The book is going to all secondary schools across Southern Germany to promote the study of history and the Impact of war on famS1ies. The book was launched in Munich in Autumn 2023. The Frlda Clu Age Exchange continued to deliver a programme of reminiscence. visual arts, music, and movement actlvitbes for people Ilvin8 Wlth dementia and their carers in Finchley, meeting weekly at Finchley Memorial Hospital. The programme is Funded by G8 Partnershlps who were able to extend the fundin8 for a further 12 weeks in 2023. Merchant Ta lor5. Com an Christo her Boones Court Pro ect Age Exchange has been funded to support people who live in Merchant Taylors, homes since 2010. We have conilnued the delivery of a number of programmes including a choir and brt club. Or anisational im rovements This work has been supported by wider opdmisatlon of our core buslness. A comprehensive systems review took place with a number of key changes: Hallmaster was implemented to create an online booking and involcing system for space hire resulting in a 35% increase within the fi'rst 6 months. Sumup was selected as the new electronic point of Sale system IEPOSI ft)r the Community Hub. Implemented in 2023 this provides full and up to the minute access to detailed sales data. The stock management element will be implemented in 24125 Age Exchange Financial Year Ending 31, March 2024 and data from the fifst quarter will be invaluable in determining menu and pricing changes moving forward. View5 has replaced Upshot as the monitoring and evaluats'on system for the charitv. 80th a better optr'on linancSally and in reporting terms. this allows the charity to produce a wider range of reports on the impact of activity for current and potential funders. Organic changes in staffi'n8 at the end of the fi'nanclal year has brought dlfferent sklll sets to the team with a new Operations Manager ofthe Blackheath site ènd Community Hub Manager. Both have joined with a wealth of experience in the sector and a plethora of ideas to support the development plans for the Blackheath site that continue into 24125 with the key obje¢tr'ves being.. Increase footfall by making Ourselves more visible to the consumer market. with more overt, enticing me55agin8. Appeal to a wider, more diverse audlence. by ensurin8 our Image is contemporary and inclusive. Secure repeat business, by creating a space that is inviting, relevant and gives people what they want and need. Enhance the profi'le of the charity, by showca51ng our work and emphasisln8 our mi5slon in the look and feel of the building. Generate more revenue for the organisation, not only through a larger numbers of visitors, but also through clearer fundraising opportunitt'es. Create a place that embodies and radiates our core value5 and belief5 from the Inslde out- from cultivating a more mixed volunteer pool, to selling quality mer¢handi5e designed by our creative participants. Plans for the Future Building on the achievements of 23124, organisafjonal development will focus on structure and marketr'ng to contlnue to 5UPPOrt strate8y delivery. Marketin8 activities will include a new website and branding with a comprehensive communication and engagement plan to build our reach and impact both nah'onal and local communlties. The alm is to create engagement with project5, Showcase the work of groups and indlvlduals as well a5 sharin8 actlvitles In Blackheath, making the hub a thriving creative arts venue for a diverse local audience reflecring the wider actlvlty of the charitv. Age Exchange has an exciting pipeline of national and regional pro8rammes to look forward in the comin8 linancial year. Further funding ha5 been secured for a range of projects including a reimagined dementt"a group in Blackheath and a dementia choir in addition to the Ongoing arts and dance groups, with the charity continuin8 Its joint working with the Partnerships & Communities and operatr'onal leadership at Community Integrated Care. This includes ongoing work with major cultural organisations and programmes that use arts and creativity to empower health, wellbeing and happiness. A project gfOUP is developin8 bids for grant funding for major projects buildin8 on the achlevements of the National Lottery funded activity which ended in January 2023. The purpose being to take the social and health benefit5 of arts intervention5 to a wider audience using the national footprint of Age Exchange Financial Year Endin8 31° March 2024 the parent charity. Additr"onally, this group is developing a 'best in class, programme to support those living with dementia to live better and healthier lives, working with strategic partners to reach communities and deliver life changing SUPPOrt. 4. Financial Review Income was £564k12023-. £532k) an increase of £32k. Whilst charitable income, investment income and tradin8 income improved by £65k, this improvement was partly diminished by a reduction in donations by £33k compared to prior year. Total expenditure was £51k lower for 2024 at £S68k12023.' £619kl following a full review of the staff Costs resulting In reduction in the support staff cost base. The charlty made a surplus of £2k12022: E94kl. Financial position at ihe year end At 31" March 2024 the charlty had reserves of £1,174k12023., £1,172kl Endowment and restricted funds comprised £173k12023.. £223kl leaving £l.OOOk12023.. E949kl as unrestricted funds. Investment policy The Charity has the power to make investments which the Board deems to be appropriate in meeting its charitable objectives. The charity has an endowment fund Created in 2010 as a special trust following a fundraising campaign. At the year end the value of the fund was £113k12023.. £107kl. The funds are invested wilh Cazenove in the Schroder Charity Multi.A55et fund. The 8oard's objectr've for the Investment portfolio is a combination of capital growth and investment income. Income of £6k 12023.. £2kl was earned during the year. Following a change in the Charily Commissions CC14 guidance Ilnvesting Charity money.. guidance for trustees) we sought advice from Cazenove to suggest any amendments to our investments policy. Charity trustees have discretion to choose what investment approach is in the best interest5 of the charity, provided it furthers the charity's purposes. Resep4e$ poll¢y The Trustees reviewed the charity's requirements for reserves in li8ht of the main risks to the organisation. It has set a target for free reseNes of £SOk which represents around 3 months, worth of expenditure on core activities to provide sufficient time for an orderly wind down of activitie5 if ihe Charity was no longer able to deliver it5 objectives. The charitW5 free reserves as at 31 March 24 stood at E-121k12023- £-162kl. Thi5 is cal¢ulated as the unrestricted reserves of £l,OOOk12023.' £949kl less the carrying value of tan8ible lixed assets not secured by loans of £1,121k12023.'1.Illkl. The charity continues to seek further 50ur¢es of unrestricted income both in term5 of fundraising and paid-for services to increase free reserves to the target level, Age Exchange Financial Year Ending 31, March 2024 Risk Management The Trustees review the major risks to which Age Exchanged is exposed and maintains an analysis of these rlsks 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 mltigate the risks it faces. Below are details of the main risks and mitigating controls.. Risk Mitigation measures taken Insufficient new funds are generated to secure financial vlability Develop an over dependency on existing income sources Ensure portfolio of programmes is ambitlOU5. quality and market.relevant. Financial position is monitored rigorously Joint bidding for granis with Community Inte8rated Care Stralegic plan agreed Commercial strategy agreed and bein8 implemented KPIS set and monitored at monthly SLT meetin8S Individual tar8ets are set and monitored throu8h performance reviews Close working relationship developed with Finance colleague5 Effectively manage our relationships to help key stakeholders understand our vision. ambitions and need for chan8e. Good comrnunications is maintained with key funders, financial supporters and beneficiaries Complaints are Investigated appropriately and any corrective action taken Support from Community Integrated Care Communications team Safeguarding alerts reported and dealt with quickly. Key legal and charlty regulatory requirements are identified Compliance procedures put In place with responsibilities assigned & monitored at board meetin85 GDPR training and compliance in place Government and Charity Commission policy proposals are monitored for any likely effect Age Exchange effectively draw5 upon the integration with Community Integrated Care's in.house legal team to develop robust processes. Ch3n8e management is robust and leads us to remodel and modernise the charity and effectively communicated to and supported by all stakeholders Failure to comply with relevant legislative nd charity requirements Age Exchange Financial Year Endin8 31" March 2024 Abuse of vulnerable service users leading to personal harm ènd severe damage to Age Exchange's reputation DBS checks for all staff and volunteers working with vulnerable beneficiaries in place Policies for protection of vulnerable users in place and regularly reviewed New OBS provider secured with qulcker on.line checks Safeguarding alerts reported quicklv Training volunteers in all aspects of Dementia Safeguarding policy reviewed and updated Contingency plan5 in place to deal with a major unplanned incident or widespread illness Fire risk assessment undertaken Contracts for fire & security maintenance reviewed Health and Safety audit completed and actlons implemented Remote access software, ability for most staff to use browser-based system5 and work from home Rlsk assessments for servlce Ilnes In place and regularly reviewed Health and Safety policy in place and compliance reviewed Premises assessed regularly for likelihood of rlsks to personal safetv Staff and volunteers trained to deal with any health and safety Issues Introduction of lone working policy Health and Safety audit completed Health and Safety action5 implemented with on oin review Server is backed up to the cloud daily Technical support in place via Community Integrated Care Use of systems which are browser based Ioffice 365, etapestry, Hallmasterl Views implemented for improved impact reporting All data backed up including cloud storage IT fully integrated and managed by Community Integrated Care IT department Regular reminders to Staff around vigilance Included in Community Integrated Care IT Phising attack training & testing Major incident such as building fire, widespread illness affectin8 Staff and volunteers etc, Health and safety failures cause injurv/damage to staff. volunteers or members of the public using our services IT systems fail resultin8 in loss of data and service interruptlons or no longer meet operational needs Cyberattack results in f inancial and/or personal daia loss io Age Exchange Financial Year Ending 31" March 2024 Weaknesses in financial control result in poor practices and weak financial discipline Standing Financial Instructions in place Financial management processes integrated into CIC Finance Department Staff trained in financial process Budgets regularly monitored, reviewed in detail at monthly SLT meetings and corrective action taken Going Concern The strategy in 2024125 continues to focus on delivering relevant and impactful services which are commercially sustainable. To consider the appropriatene55 of the 80ing concern basis, forecasts have been prepared to 30 September 2025. With a nearly breakeven cash position forecast on 30 September 2025. Our parent company continues to provide a very low level of flnancial support and the Trustees consider that Age Exchange is a Going Concern without the need for any formal support arrangement with Community Integrated Care. The support of our parent charity Community Integrated Care will 3llow us to leverage further opportunitles Identlfied by the Trustees from both a buslness and financSal standpolnt should the Trustees identify opportunities which we may not have been able to on our own. Having taken account of the current information available to them, the trustees remain confident in the charity's ability to contlnue its operations as a 80in8 concern and the Trustees believe there are no material uncertainties re8ardin8 the Charity's abllity to continue as a going concern. 5. Reference and Administration Detalls Board of Trustees: 8rid8et Prentlce (Chairl (Resigned 31. Au8USt 20231 Danielle Kathryn Chan Amonda De Ryk (resigned 30 June 20231 Carolyn Denise Denne Iresigned 30 June 20231 Jayakanthan Muthvsubramanian Sean Richard Harri55 lappolnted 26 July 20231, (Appointed Chair 31, August 20231 Chief Executive Officer: Rebekah Adey Registered Offi¢e Address: Prin¢ip•l Bankers: Age Exchange I l Blackheath Village London SE3 9LA Barclays 8ank PLC 6 Tranquil Vale London SE3 OAZ li Age Exchange Financial Year Ending 31" March 2024 Auditors: MHA 2 London Wall Place London Soliciiors: Dodd Lewis 18 Tranquil Vale London EC2Y SAU SE3 OAZ Internal Auditors: RSM Risk As rance Services LLP Festival Way Festival Park Stoke-on-Trent STI 588 Investment Managers: Cazenove Capital Mana8ement 2 London Wall Place London EC2Y SAU 6. Structure• governance and management Age Éxchange I'the chaflty'l is a registered charity (registration no 326899 Charities Commission England & Wales) and a company limited by guarantee Iregistration no 01929724 Companies House England & Walesl. The charity's governing document is its memorandum and article5 of association adopted on 17th Jènuary 2017. These were amended by a special resolutr.on on 14th lune 2018. AII trustees of the charity are directors of the company. The sole member of the company is Communlty Integrated Care. Public Benefit Age Exchange is a public benefi't entity that throughout the year has delivered 467 classes with a combined 1072 hours of active support in delivery of it5 charitable purpose. The Board of Trustees has had due regard to the Charity Commission's public beneflt guidance when exercisin8 any powers or duties to which the guidance is relevant. Recruitment and appointment ol new Trustees Recruitment15 based on looking at the current make-up of the exSsting trustees, Identifylng gaps in skills, knowledge and experience and taking account the diversity of the Board to reflect the communities that we wish to serve. Trustees are appointed by the Community Integrated Care 8oard which may also specify the term of office of each trustee it appoints by 8ivin8 written notice to the charity. The Community Integrated Care Board also has the power to remove trustees from office. The company's Artr"cles require there to be between 3 and 12 Trustees. Inductlon and trainin8 of Trustees Existing and newly appointed Trustees have a one-to-one meeting with the Chair of the Board and the Chief Executive. A5 part of their ongoing induction and development they are invited to attend events and vlew project sessions to learn more about us Organisational structure 12 Age Exchange Flnan¢ial Year Ending 3151 March 2024 The charity is governed by its Trustees who meet as Council four times a year. A member of Community Integrated Care's Executive Team also attends. Day to day management is devolved to the Chief Executive who leads the Senior Management Team. The Chief Executive meets with the Chair on a regular basis. The Chief Executive is a member of Community Integraled Care's Senior Leadership Team and reports additionally to the Community Integrated Care Director of Partnerships and Communities. When setting pay and remuneration for key management positions, roles are evaluated using both internal and external benchmarking. External benchmarking uses Cornferry pay data that 15 then li8ned wSth internal benchmarkin8 to ensure that we make fair decisions that reflect the roles, slze and level of accountability. The Trustees have the benefi't of trustee indemnity insurance as part of the Group policy held by the parent company, Community Integrated Care. 7. Statement of Trustees, respon51bllltles In relation to the financial statements The trustees Iwho are also directors of the charitable company for the purposes of company lawl are responsible for preparln8 the Trustees, annual report and the financial statement5 in accordance with appllcable law and Unlted Kin8dom Accounting Standards Iunited Kin8dom Generally Accepted Accounting Practice). Company law requires the TrLJ5tees to prepare financial statements for each financial year which 8ive a true and fair view of the stale of affairs of the charitable company and of the incomin8 resovrce5 and application of resources, including the income and expenditure of the charitable company for that period. In preparin8 these financial statement5, the Trustees are required to.. I select suitable accounting policies and apply them consistently,. bl observe the methods and principles in the Charities SORP; cl make judgments and estimates that are reasonable and prudent: dl state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements,. el prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate 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. ststement as to dlsclosure of Information to auditors 13 Age Exchange Financial Year Ending 31" March 2024 In so far as the Trustees are aware at the time of approving the Tru5tees' Annual Report: al there is no relevant information, being information needed by the auditor in connection with preparing the report, of which the group's auditor is unaware- and bl the Trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken all steps that helshe is obliged to take as a director to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maSntenance and inte8rity of the corporate and flnancial 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 relatin8 to companies subject to the small companies re8ime within Part IS of the Companle5 Act 2006, was approved by the Board on 219124 and si8ned on it5 behalf. Sean Harrlss Trustee and ChaSr of Council 14 AGE EXCHANGE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of Age Exchange ('the Charity,) I report lo the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance wilh the requirements of Ihe Charities Act 2011 {'Ihe 2011 Act'}. I report in respect of my examination of the Charity's accounts ¢arried out under se¢lion 145 of the 2011 Act and in carrying out my examination I have followed the 8pplicable Directions given by the Charity Commission under section 145(5)(bl of the 2011 Act. Ind•pendent Examinerfs Statement Since the Charity's gross income exceeded £250,000 your 8xaminer must be a marnber of a body listed In section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. Your attention 15 drawn to the fact Ihal the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicabl8 lo charilles preparing their accounts in accordance with the Financi81 Reporting Standard applicablé in the UK and Republic of Ireland {FRS 1021 in preference lo the Accounting and Reporting by Chaflties.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and lair view in accordance with the Generally Accepted A¢¢ounling Practice effective for reporting periods beginning on or after 1 January 2015. I have Completed my examinalion. I confirm that no mallers have come lo my attention in connèction with the examlnation giving me cause to believe that in any material respecl: accounting records w8r8 nol kept in respect of the Charity as required by seclion 130 of the 2011 Act., or 2. the accoLtnls do not accord with those records,. or 3. the accounts do not Gomply with the appli¢able requirements concerning the form and content of accounts sel oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in ¢onneclion with the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: 3011012024 Stuart McKay 8Sc FCA DChA MHA, 6th Floor, 2 London Wall Place, London, EC2Y SAU 15 A e Exchan loi thè YÈar Ènded 31 March 2034 Endowrnont lund Uniestllrttd fvn Atstrided lunds Éndgwffipnt Uniistrtdtd fvnds 2023 Not• fvnds In(pm•froffl'. DonoiiQDS and1eycie5 J4,067 39,108 26J.095 S1,OD5 10.195 188.992 1.165 279.961 310,966 39.108 It8,992 Inyvtment Incomi 6.145 6.)4S Tot￿1￿CoM• 3￿,561 263.095 563,661 251.357 179.961 532.318 l¥penthtuie pTr'. 198.421 198,421 191.464 192.464 65,444 176,123 65.444 27,803 47,674 ?5.4?7 C8rlniTc8ether 5er¥ke YheJtre JThY educJtlon Tr4inhi J.267 3.184 1.285 2,8S9 13.602 IZ,183 3.184 12,447 11.484 2.859 11,447 13.M2 Tot•1 •ip•ndltur• 214,356 354.114 568,470 236,694 382,408 619.102 Inviim•nl iilns 15.663 N•tl4insllloss•sl oninvestmtnts 6.530 6.530 16,9111 N•t Incom•ll•xp•hd1t￿1•j 6,510 16,9811 15,663 Tr•nslefsbetwetn lunds Is 34,S29 1157.1981 157.198 Not mO¥•m•￿¢ In luttds 6,530 51,683 1,722 54,751 TLit•lfund5 brDuiht foTw4rd Tot•1 urilel for1￿rd IU6,874 113,004 948,537 I,WO.220 116.4A7 59,956 1.090.072 948.537 61,696 116.447 1.265.623 16 106.874 A e Exchan Company no. 01929724 Balance sheet as at 31 March 2024 Note Z024 20Z3 Fixed a55e15 Tangible a55ets Investments io li 1.389.304 113.404 1,502,708 1,394.2 18 106,874 1,501,092 Total fixed assets Current assets Stock Debtors Cash at bank and in hand Total turrent assets 1,170 85,288 184,631 271,089 1,170 28,874 123,103 153,147 12 Credltors: amounts tallSni due within one year 13 1354,2621 1218,620) Net current {15abilltSes1 183, 1731 165,4731 Total assets less current liabilltle5 1,419.535 1,435,619 Creditors.. amount5 fallln8 due after more than one year 14 1245,9551 1263,7611 riet assets 16 1,173,580 1,171.858 The fund5 of the charitv: Friends Endowment Fund Restrlcted funds Unrestricted funds.. General funds Property revaluation fund Tolal vnrestricted funds 113,404 59,956 106,874 116.447 425,950 574,270 374,267 574,270 1,000,220 948,537 Total charlty funds 15 1,173,580 1,171,858 These accounts are prepared in accordance wlth the special provisions of Part I'S of the Companie5 Act relatin8 t0 5rnall companie5 and constitute the annual accounts required by the Companies Act 2006 and are for circulation to membefs of the company. The charity is eligible to take advantage of the audit exemption under company law,. the members of the charity have not required an audit of its accounts for the year and the trustees acknowledge their responsibilities for complying with the 2006 Act with respect to accounting records and preparation of acounts. The accounts were approved and èuthorised for Issue by the trustees on 219124 by.. nd signed on their behalf Sean Harriss, Direttor and Trustee 17 A e Exchan Comp•ny no. 01929724 Statement of Cash Flows for the year ended 31 March 2024 Note 2024 2023 Cash piovlded byllused In) operating actlvltles 18 87,516 115,5001 Cash flow5 from investin8 activities Investment income 6,145 2,165 Purchase of tangible fixed assets 113.3271 11,7641 Cash provlded by Investlng artlvltles 17,1821 401 Cash flows fram linancing activitles Repayment of borrowing 118,8061 126,2431 Cash lused In) flnancin8 actlvitles 118,8061 126,2431 In¢rèasellDecreasel in cash and co5h equivalents in the year 61,528 141,3421 Cash and cash equlvalents at the staft of the year 123,103 164,445 Cash and cash equSvalenls at the end of the year 184,631 123,103 Analysis of changes in net debt At slart of At end Cashflows Cash Loans falling due within one year Loans falling due after more than one year 123,103 126,0001 1263,7611 61,S28 I,ooo 17.806 184,63 1 125.0001 1245,9551 1166,6581 80,333 186,3241 18 e Exchan Notes to ihe accounts for the year ended 31 March 2024 I Statutory Information Age Ex£hange is a prfvate company limited by guarantee with no shart Capital. domiciled in En8land and Wales, registration number 01929724. ITh the event of the charlty belng wound up. the liability in respect of the guarantee 15 iesirlcted to £5 per rnember of the company. 2 A¢¢ounilni poll¢les The prlnclpal ac) 172.761 263,761 L57.955 245.955 In October 2010 a new loan was negotiated with Tridos in order to repay the existing two loans and to raise a further £30.WO for the refurbishment of the courtyard. The loan Is repayable withln 21 years with an option lo renegotiate. The loan is secured on the thariiable company's fieehold property li 8lackheath Vllla8e London SE3 9LA. The interest rate Is variablè at 2.1% above the Bank ol En8land b•se raie. ln July 2015 an additional loan was ne8Qtlated wlih Barclays in order to provide fund5 for investrnent in the charity's ability io ensure its long-rerm financial sustainability. The loan is repèyable withln 20 years. The loan is secured on the Charitable Company's freehold property'The Old Bakehou5e'. rear ol 11 Blackheath Village london SE3 9LA. Interest 15 calculated on the 8ank ol EThgland base rate basis. In Oecemtser 1019 • loan ol £20.OX was obtained from the Charity's parent compafiy to provide support for working capitol. The I￿rt is unsecured. repayable within S years ènd is interest free. 28 e Exchan Notes to the aCCOLJnts for the year ended 31 March 2024 15 Movements In funds At l April 2023 In