## **Age Exchange**
(A Company Limited by Guarantee)
**TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025**
Charity Registration Number: 326899 Company Registration Number: 01929724
1
Age Exchange Financial Year Ending 31[st] March 2025
## **Age Exchange – Year ended 31 March 2025 Report and Financial Statements**
1. Trustees Report
2. Objectives and Activities
3. Achievements and Performance and Plans for the Future.
4. Financial 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 financial activities (including income and expenditure account)
- Balance sheet
- Statement of cash flows
- Notes to the accounts
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Age Exchange Financial Year Ending 31[st] March 2025
## **Trustees’ Report**
The Trustees are pleased to present their annual Trustees’ report together with the �nancial statements of the charity for the year ending 31 March 2025, which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes, taking into account the exemp�ons that are available to small companies.
Age Exchange is a subsidiary of Community Integrated Care (charity registra�on 519996 and company registra�on 02225727).
## **1. Objec�ves and Ac�vi�es**
## **Key Sta�s�cs**
During 2024/2025, Age Exchange has:
- Delivered 1,121 hours of ac�ve crea�ve support
- Facilitated 543 group sessions, alongside 1:1 support and telephone befriending
- Engaged over 80 ac�ve volunteers, contribu�ng approximately 5,000 volunteer hours
- Increased café foo�all by 15% and expanded income-genera�ng ac�vi�es
- Delivered an average of 185 venue hires per month, increasing venue income by 32%
- Welcomed more than 184,000 visits to our Blackheath community hub
## **Charitable Objects**
Age Exchange exists to use the power of art, crea�vity and social connec�on to enable people to express themselves, connect with others and shape a more inclusive society – locally and na�onally.
Our work centres the voices of people who are o�en marginalised or excluded, including those living with demen�a, learning disabili�es, au�sm and long-term health condi�ons, as well as carers and community members with lived experience. We do not simply deliver arts projects; we create the condi�ons in which people lead, grow and in�uence the systems that support them.
We are proudly part of Community Integrated Care, one of the UK’s largest and most progressive social care chari�es. This gives Age Exchange a unique pla�orm as the only arts organisa�on embedded within a na�onal care provider. Through this connec�on, we are transforming how crea�vity is used in care, modelling inclusive, user-led prac�ce and sharing our learning to shape na�onal conversa�ons.
Our roots in Blackheath remain central to who we are. We are home to a thriving community hub that brings people together through inclusive programmes, volunteering, social ac�on and crea�vity. Our building is more than a venue; it is a space where people from all walks of life can build rela�onships, access support and experience the social, emo�onal and cultural value of the arts.
## **Our core bene�ciaries are:**
- People living with demen�a, including those with early-onset and those in later or nonverbal stages.
- People with learning disabili�es and au�s�c people.
- Family carers and paid social care workers, whose wellbeing and support are central to our
3
Age Exchange Financial Year Ending 31[st] March 2025
- work.
- Individuals who experience social exclusion, marginalisa�on or isola�on, and who may not otherwise have access to crea�ve expression, community connec�on or meaningful opportuni�es to contribute.
We also have a wider group of extended bene�ciaries who are posi�vely impacted by our work, including family members, volunteers, crea�ve prac��oners, partner organisa�ons, researchers and members of the public across Lewisham, Greenwich, Lambeth, Newham, Waltham Forest, Brentwood and Rayleigh, as well as those reached through our na�onal partnerships and training programmes
## **Our ac�vi�es include:**
- Co-producing crea�ve support programmes and day services that embed arts, reminiscence and cultural iden�ty into everyday care for people living with demen�a, learning disabili�es and other complex needs.
- Designing and delivering sector-leading learning and development programmes, toolkits and resources that support social care providers to embed crea�ve, inclusive and person-led approaches.
- Facilita�ng inclusive arts clubs, educa�on opportuni�es and progression pathways for people who draw on care and support, helping them to lead, share their talents and shape their own crea�ve journeys.
- Partnering with cultural and academic organisa�ons, including museums, universi�es and heritage bodies, to support them in embedding crea�ve care prac�ce, narra�ve and coproduc�on into their work.
- Providing specialist wellbeing services, including bereavement programmes, early-onset demen�a groups and targeted support for people facing isola�on, loss or transi�on.
- Hos�ng supported volunteering placements that value lived experience and provide people with the opportunity to connect, contribute and grow within a welcoming and inclusive community.
## **Our Purpose – Service Delivery**
At the heart of our work is a belief in the transforma�ve power of the arts. We use crea�ve prac�ce - across visual arts, music, movement, storytelling and reminiscence - to support people who draw on care to express themselves, explore their iden�ty, and build con�dence and connec�on.
Our programmes are co-produced with par�cipants and rooted in lived experience. They are designed to be inclusive, culturally relevant and person-centred. We also recognise the essen�al role of both paid and family carers, o�ering them space for respite, opportuni�es for crea�ve expression, and prac�cal support.
Our delivery is underpinned by RADIQL, our evidence-led and academically validated model of crea�ve care. RADIQL integrates mul�ple art forms to create highly personalised pathways into communica�on, especially for people with cogni�ve challenges or later-stage demen�a. Independent evalua�on by Royal Holloway University of London found the model increased wellbeing by 42% and improved posi�ve behaviours by 25%. Its adapta�on across new se�ngs con�nues to show las�ng and meaningful impact.
This is not just about access to ac�vity. It is about embedding the arts as a powerful, rights-based tool for inclusion, wellbeing and system change - making crea�vity a central part of how we care.
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Age Exchange Financial Year Ending 31[st] March 2025
## **Our Purpose – Community Hub**
Our Blackheath hub welcomes more than 184,000 visitors every year and con�nues to serve as the heart of our local community. It is a place where crea�vity, care and community meet; a home for people to connect, contribute and �nd belonging.
We deliver a wide range of inclusive and high-quality support programmes for people who draw on care and their loved ones. This includes services like our Caring Together day support, demen�a and mental health groups, bereavement sessions and wellbeing ac�vi�es. These are complemented by opportuni�es for local people to engage through supported volunteering and social ac�on, which not only support the charity but also create space for con�dence, skills and social bonds to �ourish.
Arts, culture and crea�vity run through everything we do. Our building supports people of all backgrounds, including those who use care services, to explore and develop their ar�s�c prac�ce through exhibi�ons, performances and commissions. Alongside this, our café, community library and public events provide vital services that reduce isola�on, promote inclusion and generate income to support our wider social mission.
The hub embodies our belief that everyone has the right to create, connect and belong. It is a living expression of our values, rooted in community, co-produc�on and care.
## **2. Achievements, Performance and Plans for the Future**
2024/2025 has been a year of steady progress and deepened impact, as Age Exchange con�nued to deliver against the strategic aims set by the Board in the previous year. The strategy, designed to grow our social value, strengthen our sustainability, and reinforce our iden�ty as a user-led crea�ve care organisa�on, has been closely monitored by Trustees throughout the year.
The Board has supported the leadership team in achieving key milestones, including a 30% increase in venue hire income, an expanded programme of public events and community exhibi�ons, and the implementa�on of building improvements that have signi�cantly enhanced the accessibility and safety of our hub.
Under the ongoing leadership of CEO Rebekah Adey, Age Exchange has strengthened its collabora�on with Community Integrated Care, further aligning shared values and opera�onal e�ciencies. This year also saw the appointment of Yvonne Roye as Opera�ons Manager and Catrin Rees Ferreira as Charity Support Manager, bringing addi�onal capacity in �nance, communica�ons and administra�on, alongside internal promo�ons such as Jen DeMendonca stepping into the role of Café Manager. These developments have supported increased income genera�on and boosted team morale.
Trustees have also championed the organisa�on’s commitment to inclusion and co-produc�on, welcoming the growth of intergenera�onal volunteering programmes and new partnerships with local schools, NHS providers and cultural ins�tu�ons.
As Age Exchange looks ahead, the Board has begun early discussions around scaling the charity’s in�uence and sharing its crea�ve care model more widely across the social care and health sectors. The Board o�ers its thanks to all sta�, volunteers, partners and par�cipants for their dedica�on, and remains con�dent in the charity’s direc�on and resilience.
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Age Exchange Financial Year Ending 31[st] March 2025
## **Programme Delivery**
At Age Exchange, crea�vity is more than expression; it is connec�on, con�dence and change. Our work enables people living with demen�a and other complex needs, as well as their carers and communi�es, to feel seen, heard and valued. Through co-produced programmes rooted in cultural iden�ty, we help people lead their own crea�ve journeys, build peer networks and shape the future of social care. From long-standing partnerships to new collabora�ons, every project this year has been about enabling people to thrive and about in�uencing the systems around them. Whether in Blackheath, Brentwood, Lambeth or Newham, our crea�ve care model con�nues to show that arts and reminiscence are powerful tools for inclusion, wellbeing and las�ng impact.
Alongside individual transforma�on, our programmes are ac�vely in�uencing how care is delivered. Through workforce development, cross-sector partnerships and tested new models, Age Exchange is helping shape a more inclusive and crea�ve future for health and social care. We believe that by embedding lived experience, cultural iden�ty and crea�ve expression into support services, we are contribu�ng to meaningful, long-term system change.
## **Crea�ve Demen�a Care – Blackheath**
For 48 weeks of the year, Age Exchange supports three crea�ve groups for people living with demen�a and their carers at our Bakehouse Theatre. These include **Tuesday Club** (arts, cra�s and reminiscence), **Joyful Voices** (our demen�a choir), and **Dance for Health** (chair-based dance and movement).
Each group uses a person-centred crea�ve approach shaped around individual needs, interests and cultural heritage. Our skilled arts prac��oners and trained volunteers work with par�cipants across all stages of the demen�a journey, including people with recent diagnosis through to late stage and non-verbal.
More than weekly sessions, these groups form a peer network rooted in friendship, empathy, trust and mutual care. Par�cipants not only grow in con�dence but also take pride in the art, music and movement they create with quality materials and professional ar�sts, which this year has been showcased in public performances and exhibi�ons. These programmes enable isolated and marginalised individuals to explore iden�ty, express experience and lead crea�ve lives in a safe, inclusive space.
## **South East London NHS (ICB) – Lambeth Programme**
Commissioned by the ICB, our Lambeth programme supports people living with demen�a and their carers through four weekly crea�ve groups. Sessions have taken place at **West Norwood Picturehouse and Library** (arts and music), **Brixton Library** (Dance for Health), and **The Kia Oval** , in partnership with **Surrey County Cricket Club** .
The special partnership with the Club has o�ered all of our par�cipants the chance to a�end cricket matches together, strengthening community bonds. From April 2025, we will launch a new weekly group at Long�eld Hall in Loughborough Junc�on, ensuring year-round access to crea�ve support.
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Age Exchange Financial Year Ending 31[st] March 2025
Across these groups, par�cipants co-create artworks, music, movement and song inspired by their memories, cultures and life stories. This programme is about more than arts ac�vity. It supports cultural iden�ty, builds con�dence, and o�ers a crea�ve alterna�ve to clinical models of care.
## **Good Company – Brentwood and Essex**
Good Company reimagines day care as a space for co-crea�on and public celebra�on. Developed with **Brentwood Borough Council, Essex County Council, Orchestras Live, Green Candle Dance** and **Brentwood Theatre** , the programme invites people with demen�a and their carers to join not a service, but a produc�on company. Together they co-create music, movement and reminiscence theatre rooted in their own lives and experiences.
To date, �ve programmes have taken place in Brentwood and Rayleigh, reaching over 150 par�cipants and resul�ng in performances that challenge s�gma and celebrate voice. Evaluated by the **University of Essex and Orchestras Live** , the programme has received mul�ple awards and is in�uencing how local government and the NHS approach inclusive crea�ve care.
Par�cipants are not passive recipients. They are ar�sts, storytellers and collaborators. This work ac�vely challenges exclusion and reframes what people with demen�a can achieve when their crea�vity and leadership are supported. We are now in discussion with partners to expand Good Company to other regions.
## **Rectory Court – Cinnamon Housing**
Our work at **Rectory Court,** a residen�al home in Blackheath, concluded in September 2024 following an 18-month programme funded privately. Through weekly Heritage Club sessions and one-to-one reminiscence support, we enabled residents -including those at end of life - to connect with their memories, cultural iden��es and crea�vity.
Our Development O�cer also delivered reminiscence training to over 50 sta� members, embedding crea�ve care into the daily rhythm of the home. This legacy ensures that our values live on beyond direct delivery, suppor�ng sustainable culture change in how care is experienced.
## **Charabancs and Cadillacs – Waltham Forest and Newham**
Charabancs and Cadillacs is a partnership heritage and reminiscence project with **Waltham Forest Community Transport (WFCT)** , focused on amplifying the voices of older people in care and supported living across Newham.
Themes of travel, migra�on, work and childhood provided a founda�on for shared storytelling. WFCT volunteers trained by Age Exchange gathered one-to-one and group reminiscences, which informed crea�ve outputs including a giant mobile exhibi�on trunk �lled with memorabilia, recorded audio and a par�cipant-made quilt.
We also led heritage trails across the borough, with minibus tours visi�ng sites of community history. These journeys became spaces for shared re�ec�on and cultural exchange, supported by oral history, �lm and photography. The project is now being archived digitally and developed into podcasts. In June 2025, we will meet with WFCT to explore expanding this model to other boroughs as a vehicle for cultural memory, inclusion and crea�ve care.
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Age Exchange Financial Year Ending 31[st] March 2025
## **Christopher Boones Court – Merchant Taylors’ Company**
Our longstanding partnership with the **Merchant Taylors’ Company** con�nues to support the wellbeing and crea�ve lives of residents at Christopher Boones Court in Lewisham. This year, weekly sessions included art, choir, yoga, Tai Chi and theatre lectures.
Residents led two public choir performances and two exhibi�ons of original artwork, sharing their stories and talents with wider audiences. The crea�ve output re�ects the diverse histories and perspec�ves of par�cipants and reinforces the value of ar�s�c contribu�on at every age. We are now in discussions with the Merchant Taylors’ Company to develop a documentary for their 750th anniversary, exploring their legacy through the eyes of the people they con�nue to support.
## **Organisa�onal Improvements**
In 2024/25, we made signi�cant strides in enhancing our infrastructure, strengthening our community o�er, and embedding our values across every aspect of opera�ons.
## **Café Growth and Community Use**
- Café foo�all increased by 25% compared to the previous year.
- Introduced improved sta�ng and supplier systems to streamline day-to-day opera�ons.
- Trialled new income-genera�ng ac�vi�es, including corporate bookings and seasonal a�ernoon teas.
- Themed café weeks (e.g. Demen�a Awareness, Black History Month) a�racted new and diverse audiences.
- Preparing the café for evening and event use to support long-term �nancial sustainability.
## **Building and Space Improvements**
- Oversaw essen�al works to improve safety, accessibility, and user experience: - Li� and wall repairs
- Upgraded ligh�ng and electrics
- New boiler installed
- Further improvements planned for the external environment and signage to improve visibility and welcome.
## **Digital and Opera�onal Systems**
- Transi�oned to SumUp for electronic point-of-sale, enabling accurate sales tracking and menu planning.
- Adopted Views for monitoring and evalua�on – improving value and enhancing our ability to report on impact.
## **Volunteers**
- 80+ ac�ve volunteers contributed approximately 5,000 hours of support across the organisa�on.
- Roles included:
- Demen�a group support
- Informa�on Desk Café service
- Café service
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Age Exchange Financial Year Ending 31[st] March 2025
- Library and book sales
- Gardening and admin
- Training expanded to support reten�on and build con�dence.
## **Sta� and Leadership**
- Welcomed a new Opera�ons Manager to grow both the o�ering at Blackheath and contribu�on to suppor�ng the wider impact of the charity and Charity Support Manager to lead on �nance, communica�ons and administra�on.
- Internal promo�ons, including a new Café Manager, brought fresh ideas and stability.
- Ongoing focus on morale, communica�on and values-based leadership across departments.
## **Public Events and Community Engagement**
- Relaunched and expanded key community events: - Christmas Fair
- Book sales and seasonal ac�vi�es
- Community exhibi�ons
- Introduced new inclusive events, such as Pride Month celebra�ons and Volunteer Apprecia�on ac�vi�es.
## **Strategic Partnerships and Visibility**
- Built new rela�onships with local schools and organisa�ons to support intergenera�onal volunteering.
- Played an ac�ve role in local strategy and policy conversa�ons around libraries, demen�a services and inclusion.
- Strengthened connec�ons with councils and businesses – genera�ng new sponsorship and fundraising opportuni�es.
## **Plans for the Future**
## **Strategic Partnerships and Visibility**
- Expansion of Lambeth demen�a groups with a new weekly session launching at Long�eld Hall, Loughborough Junc�on from April 2025.
- Further development of the Good Company programme into other areas of East and South East England, following success in Essex.
- New borough-level delivery of the Charabancs and Cadillacs project beyond Newham, in partnership with WFCT (discussions planned for June 2025).
- Poten�al documentary project to celebrate the 750th anniversary of the Merchant Taylors’ Company, linked to Christopher Boones Court programming.
- In line with our commitment to inclusion and community-led development, Age Exchange is proud to have signed the Armed Forces Covenant. As part of this pledge, we will be marking Armed Forces Day and exploring new ways to support veterans and their families. Our ambi�on is to establish a dedicated local support group, crea�ng space for connec�on, crea�vity and shared experiences. This will form the founda�on for wider engagement and partnership work with the armed forces community in the future.
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Age Exchange Financial Year Ending 31[st] March 2025
## **Opera�ons and Organisa�onal Development**
- Evening and event use of the café being prepared to generate new income.
- External improvements to the Blackheath building and signage planned to improve visibility and community appeal.
- Implementa�on of stock management through SumUp for be�er café menu and pricing decisions.
- Con�nued rollout of Hallmaster and Views systems to improve bookings, evalua�on, and planning.
- Expansion of intergenera�onal volunteering and local school partnerships.
- Focused e�orts to grow venue hire, par�cularly in response to the 35% increase seen from new systems.
- Development of themed public events and increased use of the space for community celebra�ons and exhibi�ons.
## **Strategic and Structural**
- Ongoing implementa�on of the 2024 organisa�onal strategy focused on long-term social impact, sustainability, and growth.
- Con�nued collabora�on with Community Integrated Care to deepen Age Exchange’s in�uence and innova�on within the care sector.
- Explora�on of new fundraising and enterprise opportuni�es, including working with local councils and businesses.
## **Thank you to our partners, collaborators and supporters**
We are deeply grateful to the many partners and funders who have supported our work this year.
Thank you to our colleagues and partners at Community Integrated Care, who help enable the sustainability, success and impact of Age Exchange. We are proud to be the only arts organisa�on embedded within a social care charity.
We are grateful to our funders, partners and project hosts, including South East London NHS (ICB), Brentwood Borough Council, Essex County Council, the Merchant Taylors’ Company, Orchestras Live, Green Candle Dance, Brentwood Theatre, Surrey County Cricket Club, Waltham Forest Community Transport, West Norwood Picturehouse and Library, Brixton Library, The Kia Oval, Long�eld Hall and the University of Essex.
Special thanks go to the Friends of Age Exchange and our dedicated volunteers, whose fundraising, �me and ideas help make Age Exchange a truly special charity.
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Age Exchange Financial Year Ending 31[st] March 2025
## **4. Financial Review**
Total income was £605k (2024: £564k) an increase of £41k. Donations, charitable income, investment income and trading income improved by a total of £90k driven by new donors in the year offsetting some of the loss of historic donor and grant funding. This improvement was partly diminished by a reduction in charitable activities by £29k compared to prior year.
The total income of £605k performed favourably against the forecast for the year at £523k. The actual and forecasted income from donations and legacies were £343k and £230k respectively.
The charity continues to diversify its sources of fundraising through both private and institutional donors and fundraising events. The Trustees continue to look to diversify and increase fundraising to enable charitable aims to be met.
The charity performs all its fundraising in house and does not engage any third-party fundraisers nor commercial participators. Fundraising activities are performed in line with internal policies which are designed to ensure that vulnerable people and other members of the public are protected during such activities. No complaints were received during the year with respect to the charity’s fundraising activities.
Total expenditure was £87k higher for 2024 at £655k (2024: £568k driven by an increase in café & shop costs and expenditure used to generate income.
The charity made an operating deficit of £50k (2024: £5k) which after accounting for the loss on the investment portfolio resulted in a total deficit of £52k (2024: £2k surplus).
The deficit is driven by the overall economic environment including cost pressures and wage increases. The charity remains positive that these pressures will ease allowing it to return to an operating surplus.
## **Financial position at the year end**
At 31[st] March 2025 the charity had reserves of £1,122k (2024: £1,174k). Endowment and restricted funds comprised £165k (2024: £173k) leaving £957k (2024: £1,000k) as unrestricted funds. The charity continues to have the support of its parent charity, Community Integrated Care, to assist with any short-term solvency issues.
## **Investment policy**
The Charity has the power to make investments which the Board deems to be appropriate in mee�ng its charitable objec�ves. 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 £111k (2024: £113k). The funds are invested with Cazenove in the Schroder Charity Multi-Asset fund. The Board’s objec�ve for the Investment por�olio is a combina�on of capital growth and investment income. Income of £6k (2024: £6k) was earned during the year. Whilst there was a loss on investment value in the year due to global events it is the expecta�on that investment performance will improve as global markets se�le.
## **Reserves policy**
The Trustees 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 £50k which represents around 3 months’ worth of
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Age Exchange Financial Year Ending 31[st] March 2025
expenditure on core activities to provide sufficient time for an orderly wind down of activities if the charity was no longer able to deliver its objectives.
The charity’s free reserves as at 31[st] March 25 stood at £-185k (2024: £-121k). This is calculated as the unrestricted reserves of £957k (2024: £1,000k) less the carrying value of tangible �xed assets not secured by loans of £1,142k (2024: £1,121k).
The charity continues to seek further sources of unrestricted income both in terms of fundraising and paid-for services to increase free reserves to the target level. Our strategic objective is to identify new fundraising and enterprise opportuni�es, including working with local councils and businesses in order to build reserves.
## **Risk Management at Age Exchange:**
The Trustees of Age Exchange review the major risks to which Age Exchange 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.
Work is underway to review the current risk register for Age Exchange and update it to meet the standards currently required by Community Integrated Care, which themselves are being matured.
The standards currently required within Community Integrated Care are detailed below:
## **Risk Management at Community Integrated Care:**
The Charity’s approach to risk management is based on the principle that risk management capability must be embedded across all areas of the Charity to be effective. The Charity has a Risk Management Framework (RMF) and operates a ‘Three Lines of Defence’ model, through which the roles and responsibilities for managing risk are made clear. This is supported by a system of internal controls and regular assessments which are undertaken by second and third lines to confirm the effectiveness of the risk and control frameworks in relation to both the current and emerging risk profile. The Board’s Audit and Risk Committee is responsible for oversight of the corporate risks and for the escalation of issues to the wider Board of Trustees.
Central to the risk culture is the safety and soundness of the Charity, the high-quality support and care provided to the people we support and meeting obligations to stakeholders, including commissioners, regulators, the families of the people we support, colleagues and the communities in which the Charity operates. The Board of Trustees and senior management team are responsible for setting and clearly communicating a strong risk culture through their actions and words and proactively addressing any identified areas of weakness or concern.
The Risk Management Framework states:
‘The Charity identifies and manages risk using the RMF. It demonstrates the process of which Community Integrated Care monitors and addresses strategic risks that may prevent the Charity from achieving its strategic objectives. The RMF includes the systems, structures, policies, processes and people that identify, measure, evaluate, control, mitigate, monitor and report all internal and external sources of material risk. The control effectiveness statement provides assurance that risks are managed in accordance with the agreed Risk Management Framework. This is prepared annually by Internal Audit for review by the Audit and Risk Committee and the Board
The risks are linked to strategic objectives which exist at different levels:
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Age Exchange Financial Year Ending 31[st] March 2025
- Strategic Risks/Corporate Risks – these are the risks that impact Community Integrated Cares ability to deliver the strategy or function as a charity as a whole. These risks are documented on the Corporate Risk Register
- Departmental risks – these risks are related to the delivery of the departmental operations. These are documented on departmental Risk Registers
- Project risks – these are associated usually with time limited activities and medium to long term delivery of benefits.’
In addition, the Risk Team, supported by the RMF:
- ensures all risks are identified and assessed;
- ensures risk appetite is clearly articulated and influences the Charity’s strategic plan;
- embeds a clearly defined risk culture which emphasises risk management throughout all areas of the business while maintaining independent oversight;
- provides ongoing analysis of the environment in which the Charity operates to proactively address potential risk issues as they arise; and
- provides support for commercial decisions, colleagues and the people we support with appropriate risk processes, systems and controls.
## **Below are details of the main risks and mitigating controls for Age Exchange which are in the process of being reviewed and updated to meet Community Integrated Care Risk Management Standards:**
|**Risk**|**Mitigation measures taken**|
|---|---|
|Insufficient new funds are
generated to secure financial
viability
Develop an over dependency on
existing income sources|•
Financial position is monitored rigorously
•
Joint bidding for grants with CIC
•
Strategic plan agreed
•
Commercial strategy agreed and being implemented
•
Cat Codes in place for effective closer monitoring of projects
•
KPIs set and monitored at monthly SLT meetings
•
Individual targets are set and monitored through performance
reviews
•
Close working relationship developed with Finance colleagues|
|Change management is robust
and leads us to remodel and
modernise the charity and
effectively communicated to and
supported by all stakeholders|•
Effectively manage our relationships to help key stakeholders
understand our vision, ambitions and need for change.
•
Good communications 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.|
|Failure to comply with relevant
legislative and charity
requirements|•
Key legal and charity regulatory requirements are identified
•
Compliance procedures put in place with
responsibilities assigned & monitored at board meetings
•
GDPR training and compliance in place
•
Government and Charity Commission policy proposals are
monitored for any likely effect|
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Age Exchange
Financial Year Ending 31[st] March 2025
|Abuse of vulnerable service users
leading to personal harm and
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 DBS provider secured with quicker on-line checks
•
Safeguarding alerts reported quickly
•
Training volunteers in all aspects of Dementia
•
Safeguarding policy reviewed and updated|
|---|---|
|Major incident such as building
fire, widespread illness affecting
staff and volunteers etc.|•
Contingency plans 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 actions implemented
•
remote access software, ability for most staff to use browser-
based systems and work from home
•
risk assessments for service lines in place and regularly
reviewed|
|Health and safety failures cause
injury/damage to staff, volunteers
or members of the public using
our services|•
Health and safety policy in place and compliance reviewed
•
Premises assessed regularly for likelihood of risks to personal
safety
•
Staff and volunteers trained to deal with any health and safety
issues
•
Introduction of lone working policy
•
Health and Safety audit completed
•
H&S actions implemented with ongoing review|
|IT systems fail resulting in loss of
data and service interruptions or
no longer meet operational needs|•
Server is backed up to the cloud daily
•
Technical support in place via CIC
•
Use of systems which are browser based (Office 365,
eTapestry, Hallmaster)
•
Views implemented for improved impact reporting|
|Cyberattack results in financial
and/or personal data loss|•
All data backed up including cloud storage
•
IT fully integrated and managed by CIC IT department
•
Regular reminders to staff around vigilance
•
included in CIC IT Phising attack training & testing|
|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|
14
Age Exchange Financial Year Ending 31[st] March 2025
## **Going Concern**
The strategy in 2025/26 continues to focus on delivering relevant and impactful services which are commercially sustainable.
To consider the appropriateness of the going concern basis, forecasts have been prepared to 30 November 2026. With a nearly breakeven cash position forecast on 30 November 2026.
Our parent company continues to provide a very low level of financial 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 allow us to leverage further opportunities identified by the Trustees from both a business and financial standpoint 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 continue its operations as a going concern and the Trustees believe there are no material uncertain�es regarding the Charity’s ability to con�nue as a going concern.
## **5. Reference and Administration Details**
## **Board of Trustees:**
Sean Richard Harriss (Chair) Danielle Kathryn Chan Jayakanthan Muthusubramanian
## **Chief Executive Officer:**
Rebekah Adey
## **Registered Office Address:**
## **Principal Bankers:**
Age Exchange 11 Blackheath Village London SE3 9LA
Barclays Bank PLC 16 Tranquil Vale London SE3 0AZ
## **Auditors:**
MHA 2 London Wall Place London EC2Y 5AU
## **Solicitors:**
Dodd Lewis 18 Tranquil Vale London SE3 0AZ
## **Investment Managers:**
Cazenove Capital Management 1 London Wall Place London EC2Y 5AU
15
Age Exchange Financial Year Ending 31[st] March 2025
## **6. Structure, governance and management**
Age Exchange ('the charity') is a registered charity (registra�on no 326899 Chari�es Commission England & Wales) and a company limited by guarantee (registra�on no 01929724 Companies House England & Wales). The charity’s governing document is its memorandum and ar�cles of associa�on adopted on 17th January 2017. These were amended by a special resolu�on on 14th June 2018. All Trustees of the charity are Directors of the company. The sole member of the company is Community Integrated Care.
## **Public Bene�t**
Age Exchange is a public bene�t en�ty that throughout the year has delivered 467 classes with a combined 1,072 hours of ac�ve support in delivery of its charitable purpose. The Board of Trustees has had due regard to the Charity Commission's public bene�t guidance when exercising any powers or du�es to which the guidance is relevant.
## **Recruitment and appointment of new Trustees**
Recruitment is based on looking at the current make-up of the exis�ng Trustees, iden�fying gaps in skills, knowledge and experience and taking account the diversity of the Board to re�ect the communi�es that we wish to serve. Trustees are appointed by the Community Integrated Care Board which may also specify the term of o�ce of each Trustee it appoints by giving wri�en no�ce to the charity. The Community Integrated Care Board also has the power to remove Trustees from o�ce. The company's Ar�cles require there to be between 3 and 12 Trustees.
## **Induc�on and training of Trustees**
Exis�ng and newly appointed Trustees have a one-to-one mee�ng with the Chair of the Board and the Chief Execu�ve. As part of their ongoing induc�on and development they are invited to a�end events and view project sessions to learn more about us
## **Organisa�onal structure**
The charity is governed by its Trustees who meet as Council four �mes a year. A member of Community Integrated Care’s Execu�ve Team also a�ends. Day to day management is devolved to the Chief Execu�ve who leads the Senior Management Team. The Chief Execu�ve meets with the Chair on a regular basis. The Chief Execu�ve is a member of Community Integrated Care’s Senior Leadership Team and reports addi�onally to the Community Integrated Care Director of Partnerships and Communi�es.
When se�ng pay and remunera�on for key management posi�ons, roles are evaluated using both internal and external benchmarking. External benchmarking uses Korn Ferry pay data that is then aligned with internal benchmarking to ensure that we make fair decisions that re�ect the roles, size and level of accountability.
16
Age Exchange Financial Year Ending 31[st] March 2025
The Trustees have the bene�t of Trustee indemnity insurance as part of the Group policy held by the parent company, Community Integrated Care.
## **7. Statement of Trustees' responsibili�es in rela�on to the �nancial 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 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.
## **Statement as to disclosure of information to auditors**
In so far as the Trustees are aware at the time of approving the Trustees’ Annual Report:
- a) 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
- b) 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 he/she 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 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.
17
Age Exchange Financial Year Ending 31[st] March 2025
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.
**----- Start of picture text -----**
____________________
**----- End of picture text -----**
## **Sean Harriss**
Trustee and Chair of Council 17 September 2025
18
**AGE EXCHANGE**
## **8. INDEPENDENT EXAMINER’S REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Independent Examiner's Report to the Trustees of Age Exchange ('the Charity')**
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true 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 connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: : Dated: 27/11/2025
Stuart McKay BSc FCA DChA
MHA Audit Services LLP, 6th Floor, 2 London Wall Place, London, EC2Y 5AU
19
|**Total**|**funds**|**2024**|||297,162|39,108|221,247|6,145|563,662||198,421||65,444|276,223|1,267|3,184|12,447|11,484|568,470||(4,808)|6,530|1,722|-|1,722||1,171,858|1,173,580|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Restricted**|**funds**|||263,095|-|-|-|263,095||-||65,444|276,223|-|-|12,447
|-|354,114||(91,019)|-|(91,019)|34,529|(56,491)||116,447|59,956|
||**Unrestricted**|**funds**|||34,067|39,108|221,247|6,145|300,567||198,421||-|-|1,267|3,184|-|11,484|214,356||86,211|-|86,211|(34,529)|51,683||948,537|1,000,220|
||**Endowment**|**fund**|||-|-|-|-|-||-||-|-|-|-|-|-|_-_||-|6,530|6,530|-|6,530||106,874|113,404|
|**Total**|**funds**|**2025**|**£**||343,199|850|254,628|5,927|604,604||271,862||68,282|278,172|1,330|4,220|16,015|14,813|654,694||(50,090)|(1,626)|(51,716)|-|(51,716)||1,173,580|1,121,864|
||**Restricted**|**funds**|**£**||282,654|-|-|-|282,654||-||68,282|278,172|-|-|16,015|-|362,469||(79,815)|-|(79,815)|72,632|(7,183)||59,956|52,773|
||**Unrestricted**|**funds**|**£**||60,545|850|254,628|5,927|321,950||271,862||-|-|1,330|4,220|-|14,813|292,225||29,725|-|29,725|(72,632)|(42,907)||1,000,220|957,313|
||**Endowment**|**Note**
**fund**|**£**||3
-|4
-|5
-|-|-||-||-|-|-|-|-|-|6/7
_-_||-|11
(1,626)|(1,626)|15
-|(1,626)||113,404|16
111,778|
|||||**Income from:**|Donations and legacies|Charitable activities|Other trading activities|Investment income|**Total income**|**Expenditure on:**|Raising funds|Charitable activities|Outreach activities|Caring Together service|Theatre and education|Training|Centre-based activities|Community library|**Total expenditure**|**Net income/(expenditure) before**|**investment gains**|Net (losses)/gains on investments|**Net income/(expenditure)**|**Transfers between funds**|**Net movement in funds**|**Reconciliation of funds**|Total funds brought forward|**Total funds carried forward**|
20
## **Age Exchange**
## **Company no. 01929724**
Balance sheet
||Balance sheet
**Company no. 01929724**|Balance sheet
**Company no. 01929724**||||
|---|---|---|---|---|---|
||as at 31 March 2025|||||
||**Note**|**2025**||**2024**||
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|10||1,389,229||1,389,304|
|Investments|11||111,778||113,404|
|**Total fixed assets**|||1,501,007||1,502,708|
|**Current assets**||||||
|Stock||1,169||1,170||
|Debtors|12|32,171||85,288||
|Cash at bank and in hand||132,741||184,631||
|**Total current assets**||166,081||271,089||
|**Creditors: amounts falling due**||||||
|**within one year**|13|(319,597)||(354,262)||
|**Net current (liabilities)**|||(153,516)||(83,173)|
|**Total assets less current liabilities**|||1,347,491||1,419,535|
|Creditors: amounts falling due||||||
|after more than one year|14||(225,627)||(245,955)|
|**Net assets**|16||1,121,864||1,173,580|
|**The funds of the charity:**||||||
|Friends Endowment Fund|||111,778||113,404|
|Restricted funds|||52,773||59,956|
|Unrestricted funds:||||||
|- General funds||383,043||425,950||
|- Property revaluation fund||574,270||574,270||
|Total unrestricted funds|||957,313||1,000,220|
|**Total charity funds**|15||1,121,864||1,173,580|
For the year ending 31/03/2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
- The members have not required the charity to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006,
- The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 17 September 2025 and signed on their behalf by:
**Sean Harriss,** Director and Trustee
21
## **Age Exchange**
## **Company no. 01929724**
## Statement of Cash Flows for the year ended 31 March 2025
|**Cash provided (used in)/by operating activities**
**Cash flows from investing activities**
Investment income
Purchase of tangible fixed assets
**Cash provided by investing activities**
**Cash flows from financing activities**
Repayment of borrowing
**Cash (used in) financing activities**
(Decrease)/Increase 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**
**£**
184,631
(25,000)
(245,955)
(86,324)||**2025**
**£**
(14,984)
5,927
(19,505)
(13,578)
(23,328)
(23,328)
(51,890)
184,631
132,741
**Cashflows**
**£**
(51,890)
3,000
20,328
(28,562)|||**2024**
**£**
87,516|
|---|---|---|---|---|---|---|
||||||||
|||||||6,145
(13,327)|
|||||||(7,182)|
|||||||(18,806)|
|||||||(18,806)|
|||||||61,528
123,103|
|||||||184,631|
|||||||**At end**
**of year**
**£**
132,741
(22,000)
(225,627)|
|||||||(114,886)|
22
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **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 is 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
To consider the appropriateness of the going concern basis, forecasts have been prepared to 31 March 2026. Net current liabilities have increased in the year however the company remains in a solvent position. Our parent company continues to provide a very low level financial support and the Trustees consider that Age Exchange is a going concern without the need for any formal support arrangements with Community Integrated Care.
The support of our parent charity Community Integrated Care will allow us to leverage opportunities from both a business and financial standpoint which we would 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 continue its operations as a going concern and do not believe there to be any material uncertainties over the charity's ability to continue as a going concern.
23
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
- **2 Accounting policies (cont'd)**
(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 and income is therefore included within unrestricted funds. The endowment fund is an unrestricted permanent endowment fund.
## (iv) Income recognition
Income is recognised and included in the accounts when all of the following criteria are met:
- the charity has entitlement to the funds
- receipt of the income is considered probable
- the amount can be measured reliably.
The following specific policies are applied to particular categories of income:
- Donated goods, services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
- Government grants are recognised when receivable unless performance-related conditions apply to them; in which case they are recognised when the performance-related conditions are met.
- Legacy income is recognised when the charity is entitled to the income and the receipt is probable and can be measured reliably.
- • Investment income is recognised on an accruals basis.
- Income received in advance of the charity becoming entitled to it is deferred until such time as the services have been provided.
## (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.
- Costs of raising funds comprise the costs associated with attracting voluntary income and activities for generating funds.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
- All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis using a combination of premises area and staff time.
24
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **2 Accounting policies (cont'd)**
## (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.
(xiii) Redundancy and termination benefits
It is the Charity's policy to recognise termination benefits when they become committed, by legislation, by contractual or other agreements with employees or their representatives. The payments do not provide the Charity with future economic benefits therefore they are recognised immediately as an expense.
(xiv) Judgements in applying accounting policies and key sources of estimation of uncertainty
In preparing these financial statements the directors have made judgements where appropriate. Key sources of estimation uncertainty include depreciation of tangible fixed assets and impairment. Tangible fixed assets are depreciated over their useful lives taking into account residual lives, where appropriate. The actual lives of the assets and residual lives are assessed annually and may vary.
25
## **Age Exchange**
## Notes to the accounts for the year ended 31 March 2025
## **3 Income from donations and legacies**
|Edward Gostling Foundation
Lambeth CCG
Other grants and donations
Legacy donation
London Borough of Lewisham
Orchestras Live
Merchant Taylors
Rectory Court
Gift Aid
Friends subscriptions
Hu-Shen charitable trust
Society of Horners
Dyers Co. Charitable Trust
Weinstock Foundation
National Community Lottery Fund
Essex County Council
North London Estates
Rushey Green Time Bank
Bellrock Property
Total|**Unrestricted**
**funds**
**£**
-
-
42,755
-
-
-
-
-
9,500
7,803
-
-
-
487
-
-
-
-
-
60,545||**Restricted**
**funds**
**£**
100,000
56,572
-
39,081
32,990
22,733
10,794
10,000
-
-
4,484
4,000
2,000
-
-
-
-
-
-
282,654||**Total**
**2025**
**£**
100,000
56,572
42,755
39,081
32,990
22,733
10,794
10,000
9,500
7,803
4,484
4,000
2,000
487
-
-
-
-
-
343,199|**Unrestricted**
**funds**
**£**
-
-
18,062
-
-
-
-
-
-
9,080
-
-
-
6,925
-
-
-
-
-
34,067||**Restricted**
**funds**
**£**
-
63,323
-
-
19,000
10,825
38,531
20,419
-
-
2,000
4,000
1,001
-
83,020
12,850
5,876
250
2,000
263,095||**Total**
**2024**
**£**
-
63,323
18,062
-
19,000
10,825
38,531
20,419
-
9,080
2,000
4,000
1,001
6,925
83,020
12,850
5,876
250
2,000|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||297,162|
Government grants included above support Age Exchange in delivering its charitable objects and delivering exceptional projects. These are included in restricted funds. There were no unfulfilled conditions as at the year-end.
## **4 Income from charitable activities**
|Training
Caring Together service||**Total**
**2025**
**£**
850
-
850||**Total**
**2024**
**£**
934
38,174|
|---|---|---|---|---|
|||||39,108|
All income from charitable activities relates to unrestricted funds.
26
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **5 Income from other trading activities**
|Friends events
Fundraising trading
Other fundraising events
Café and shop
Rental income and lettings||**Total**
**2025**
**£**
1,254
21,697
713
157,360
73,604
254,628||**Total**
**2024**
**£**
8,470
21,173
4,260
138,222
49,122|
|---|---|---|---|---|
|||||221,247|
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
Community library
**Raising funds**
Generate voluntary income
Friends
Premises letting
Café and shop
Governance
Premises costs
General support costs
Total|**Staff**
**costs**
**£**
21,457
41,401
1,082
-
598
-
64,538
22,463
-
-
89,144
111,607
1,794
19,626
151,039
172,459
348,604|**Other direct**
**costs**
**£**
8,327
76,584
-
3,507
-
-
88,418
18,777
-
-
56,668
75,445
5,400
104,697
32,129
142,226
306,089||**Support**
**costs**
**£**
38,498
160,187
248
713
15,417
14,813
229,876
12,377
27,298
15,007
30,128
84,810
(7,194)
(124,323)
(183,168)
(314,685)
-||**Total**
**funds**
**2025**
**£**
68,282
278,172
1,330
4,220
16,015
14,813|
|---|---|---|---|---|---|---|
|||||||382,832|
|||||||53,617
27,298
15,007
175,940|
|||||||271,862|
|||||||-
-
-|
|||||||-|
||||||||
|||||||654,694|
27
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **6 Expenditure allocation - previous year**
|**Expenditure allocation - previous year**|||||||
|---|---|---|---|---|---|---|
|**Charitable activities**
Outreach activities
Caring Together service
Theatre and education
Training
Centre-based activities
Organisational development
Community library
**Raising funds**
Generate voluntary income
Friends
Premises letting
Café and shop
Governance
Premises costs
General support costs
Total|**Staff**
**costs**
**£**
27,675
84,478
1,074
-
495
-
-
113,722
7,530
11,600
1,221
65,921
86,271
1,484
26,109
98,579
126,172
326,165|**Other direct**
**costs**
**£**
7,922
67,555
-
2,631
-
-
-
78,108
8,229
-
-
38,169
46,398
3,308
93,567
20,923
117,798
242,304||**Support**
**costs**
**£**
29,847
124,190
193
553
11,952
-
11,484
178,219
9,595
21,164
11,635
23,358
65,752
(4,792)
(119,676)
(119,502)
(243,970)
-||**Total**
**funds**
**2024**
**£**
65,444
276,223
1,267
3,184
12,447
-
11,484|
|||||||370,049|
|||||||25,354
32,763
12,856
127,448|
|||||||198,421|
|||||||-
-
-|
|||||||-|
||||||||
|||||||568,469|
28
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **7 Support costs**
|**Support costs**||||||||
|---|---|---|---|---|---|---|---|
|Staff costs
Amounts payable to auditor:
independent examination
Legal & Professional
Office costs
IT and website
Depreciation
Utilities
Loan interest
Other finance costs
Maintenance and other premises costs
Volunteer costs
Other costs|**Governance**
**£**
1,794
2,760
2,640
-
-
-
-
-
-
-
-
-
7,194||**Premises**
**£**
19,626
-
-
-
-
19,578
15,914
26,151
-
29,564
13,491
-
124,323||**General**
**support**
**£**
151,039
-
1,680
10,434
7,357
-
-
-
-
-
-
12,658
183,168||**Total**
**2025**
**£**
172,459
2,760
4,320
10,434
7,357
19,578
15,914
26,151
-
29,564
13,491
12,658|
||||||||314,685|
## **Support costs - previous year**
|Staff costs
Amounts payable to auditor:
statutory audit
Legal & Professional
Staff training
Office costs
IT and website
Depreciation
Utilities
Loan interest
Other finance costs
Maintenance and other premises costs
Volunteer costs
Other costs|**Governance**
**£**
1,484
2,700
608
-
-
-
-
-
-
-
-
-
-
4,792||**Premises**
**£**
26,109
-
-
-
-
-
16,764
13,720
17,701
4,888
29,569
10,925
-
119,676||**General**
**support**
**£**
98,579
-
-
-
6,305
5,813
-
-
-
-
-
-
8,805
119,502||**Total**
**2024**
**£**
126,172
2,700
608
-
6,305
5,813
16,764
13,720
17,701
4,888
29,569
10,925
8,805|
|---|---|---|---|---|---|---|---|
||||||||243,970|
29
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **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||**2025**
**£**
307,560
25,460
9,511
6,072
348,603||**2024**
**£**
293,440
22,490
10,236
-|
|||||326,166|
No employee received total employer benefits (excluding employer pension costs) in excess of £60,000 in either the current or prior year.
The number of employees, calculated on a monthly average basis, was 14 (2024: 15).
None of the Trustees have been paid any remuneration or received any other benefits from employment with the charity or a related entity (2024: £nil) neither were they reimbursed for expenses during the year (2024: £nil).
Redundancy costs of £6,072 (2024: £nil) comprise contractual payments as compensation for loss of employment.
The key management personnel of the charity comprise the Trustees, the Chief Executive Officer, Artistic Director The total employee benefits of the key management personnel of the charity were £113,059 (2024: £138,714).
## **9 Related party transactions**
The aggregate amount of donations received from related parties in the year was £nil (2024: £nil).
## Community Integrated Care
During the year Community Integrated Care paid costs of behalf of Age Exchange of £561k (2024: £536k). Age Exchange repaid £628k of the costs back owed to Community Integrated Care. Age Exchange repaid £3k of the loan back owed to Community Integrated Care. At the end of the year, Age Exchange owed Community Integrated Care £218k (2024: £288k).
As disclosed in note 14, in December 2019 the charity accepted an interest-free loan of £20,000 from Community Integrated Care, repayable in instalments over 5 years. At the year end the balance outstanding was £nil.
30
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **10 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
|**_Cost or deemed cost_**
At 1 April 2024
Additions
At 31 March 2025
**_Accumulated depreciation_**
At 1 April 2024
Charge for the year
At 31 March 2025
**_Net book value_**
At 31 March 2025
At 31 March 2024||**Freehold**
**land and**
**buildings**
**£**
1,639,901
-
1,639,901
263,846
16,401
280,247
1,359,654
1,376,055|**Equipment**
**£**
35,905
16,701
52,606
35,905
2,621
38,526
14,080
-|**Furniture,**
**fixtures and**
**fittings**
**£**
25,375
2,805
28,180
12,126
558
12,684
15,496
13,249|**Total**
**£**
1,701,181
19,505|
||||||1,720,686|
||||||311,877
19,580|
||||||331,457|
||||||1,389,229|
||||||1,389,304|
The freehold land and building comprising 11 Blackheath Village London SE3 9LA and 'The Old Bakehouse', rear of 11 Blackheath Village, were professionally valued on 8 May 2025. The valuation was performed by Peter Kenny FRICS of Peter Kenny Property Management and 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.
Loans are secured against both properties as described in note 14.
## **11 Investments**
|At 1 April
(Loss)/gain on investments
Market value at 31 March
Consisting of:
Global investments
Sterling investments||**2025**
**£**
113,404
(1,626)|
|---|---|---|
|||111,778|
|||83,470
28,308|
|||111,778|
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. The historic cost of the investments held at year end is £92,979 (2024: £92,979).
31
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **12 Debtors**
|Trade debtors
Prepayments and accrued income
Other debtors
Total
**Creditors: amounts falling due within one year**
Bank loans
Intercompany loan
Trade creditors
Taxation and social security
Other creditors
Deferred income and accruals
Amounts due to parent
Total
**Deferred income**
Balance at beginning of year
Amounts released to income
Amounts deferred in the year
Balance at the end of the year
Deferred income above relates to rental income invoiced in advance.|**2025**
**£**
13,209
16,541
2,422
32,171
**2025**
**£**
22,000
-
5,354
19,441
16,532
38,464
217,806
319,597
**2025**
**£**
2,865
(2,865)
6,295
6,295||**2024**
**£**
53,119
25,055
7,114|
|---|---|---|---|
||||85,288|
||||**2024**
**£**
22,000
3,000
4,917
11,126
13,532
14,602
285,085|
||||354,262|
||||**2024**
**£**
2,865
(2,865)
2,865|
||||2,865|
|||||
## **13 Creditors: amounts falling due within one year**
**14 Creditors: amounts falling due after more than one year**
|**Loan**
One to five years - bank loans
More than five years - bank loans|**2025**
**£**
88,000
137,627
225,627||**2024**
**£**
88,000
157,955|
|---|---|---|---|
||||245,955|
In October 2010 a new loan was negotiated with Triodos 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. The interest rate is variable at 2.1% above the Bank of England base rate.
In July 2015 an additional loan was negotiated with Barclays in order to provide funds for investment in the charity's ability to ensure its long-term financial sustainability. The loan is repayable 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. Interest is calculated on the Bank of England base rate basis.
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 and interest free, repayable within 5 years. This was fully repaid at the year end.
32
## **Age Exchange**
## Notes to the accounts for the year ended 31 March 2025
## **15 Movements in funds**
|**Movements in funds**||||||||||
|---|---|---|---|---|---|---|---|---|---|
|**Endowment Fund**
**Restricted funds:**
London Borough of Lewisham
Merchant Taylors Company Almshouses
Caring Together service (Blackheath)
Rectory Court
Total restricted funds
**Unrestricted funds:**
**General funds**
Unrestricted funds
Property Revaluation Fund - unrestricted
**Total unrestricted funds**
**Total funds**
**Movements in funds - previous year**
**Endowment Fund**
**Restricted funds:**
London Borough of Lewisham
Merchant Taylors Company Almshouses
Caring Together service (Blackheath)
Rectory Court
Assembly funds
Total restricted funds
**Unrestricted funds:**
**General funds**
Unrestricted funds
Property Revaluation Fund - unrestricted
**Total unrestricted funds**
**Total funds**|**At 1 April**
**2024**
**£**
**113,404**
35,798
24,159
-
-
**59,956**
425,950
**425,950**
**574,270**
**1,000,220**
**1,173,580**
**At 1 April**
**2023**
**£**
**106,874**
29,245
28,403
58,799
-
**116,447**
374,267
**374,267**
**574,270**
**948,537**
**1,171,858**||**Incoming**
**resources**
**£**
**-**
32,990
10,794
228,870
10,000
**282,654**
321,950
**321,950**
**-**
**321,950**
**604,604**
**Incoming**
**resources**
**£**
**-**
19,000
38,531
185,145
20,419
**263,095**
300,567
**300,567**
**-**
**300,567**
**563,662**||**Outgoing**
**resources**
**£**
**-**
(16,015)
(35,444)
(278,172)
(32,838)
**(362,469)**
(292,225)
**(292,225)**
**-**
**(292,225)**
**(654,694)**
**Outgoing**
**resources**
**£**
**-**
(12,447)
(42,775)
(276,223)
(22,668)
**(354,114)**
(214,356)
**(214,356)**
**-**
**(214,356)**
**(568,470)**|**Investment**
**gains/(losses)**||**Transfers**
**-**
-
492
49,302
22,838
**72,632**
(72,632)
**(72,632)**
-
**(72,632)**
**-**
**Transfers**
**-**
-
-
32,279
2,249
**34,529**
(34,529)
(34,529)
-
(34,529)
**-**|**At 31 March**
**2025**
**£**
**111,778**|
|||||||**£**
**(1,626)**
-
-
-
-
-
**-**
-
**-**
**-**
**-**
**(1,626)**
**Investment**
**gains/(losses)**||||
||||||||||52,773
-
-
-|
||||||||||**52,773**|
||||||||||383,043|
||||||||||**383,043**|
||||||||||**574,270**|
||||||||||**957,313**|
||||||||||**1,121,864**|
||||||||||**At 31 March**
**2024**
**£**
**113,404**|
|||||||**£**
**6,530**
-
-
-
-
**-**
-
**-**
-
-
**6,530**||||
||||||||||-
35,798
24,159
-
-
-|
||||||||||**59,956**|
||||||||||425,950|
||||||||||**425,950**|
||||||||||**574,270**|
||||||||||**1,000,220**|
||||||||||**1,173,580**|
33
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **15 Movements in funds (Cont'd)**
**Endowment Fund** : to generate regular interest payments of 4% annually to support the work of Age Exchange. The fund is a permanent endowment fund, the income generated by which is unrestricted.
## 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.
**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.
**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.
**Hu Shen Charitable Trust:** supporting the weekly provision of dance and movement chair based activity sessions.
**Assembly funds** : awarded by Blackheath Assembly for community engagement projects.
## **16 Analysis of net assets between funds**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2025|**Endowment**
**fund**
**£**
-
111,778
-
-
-
111,778|**Unrestricted**
**funds**
**£**
1,389,229
-
113,308
(319,597)
(225,627)
957,313|**Restricted**
**funds**
**£**
-
-
52,773
-
-
52,773|**Total**
**funds**
**£**
1,389,229
111,778
166,081
(319,597)
(225,627)|
|---|---|---|---|---|
|||||1,121,864|
## **Analysis of net assets between funds - previous year**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2024|**Endowment**
**fund**
**£**
-
113,404
-
-
-
113,404|**Unrestricted**
**funds**
**£**
1,389,304
-
211,133
(354,262)
(245,955)
1,000,220|**Restricted**
**funds**
**£**
-
-
59,956
-
-
59,956|**Total**
**funds**
**£**
1,389,304
113,404
271,089
(354,262)
(245,955)|
|---|---|---|---|---|
|||||1,173,580|
34
## **Age Exchange**
Notes to the accounts for the year ended 31 March 2025
## **17 Guarantees and other financial commitments**
|Total operating lease commitments due analysed by lease expiry category:-
within one year
between two to five years
More than 5 years||**2025**
**£**
2,077
5,990
-
8,067||**2024**
**£**
2,595
8,126
806|
|---|---|---|---|---|
|||||11,527|
The value of operating lease payments recognised as expenditure in the year is £2,595 (2024: £2,595).
## **18 Reconciliation of net movement in funds to net cash flow from operating activities**
|Net (expenditure)/income for the reporting year
(as per the statement of financial activities)
**Adjustments for:**
Depreciation charge
Losses/(gains) on investments
Interest income from investments
Decrease in stock
Decrease/(increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by/(used in) operating activities||**2025**
**£**
(51,716)
19,580
1,626
(5,927)
1
53,117
(31,665)
(14,984)||**2024**
**£**
1,722
18,241
(6,530)
(6,145)
-
(56,414)
136,642|
|---|---|---|---|---|
|||||87,516|
## **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.
35