Financial statements

As a charity we need to clearly show how we have used our money and how this has furthered our aims.

Our Vision
Every older person will be treated with dignity and respect and have the opportunity to live a fulfilled life.  

Our Mission
To support older people especially those in need due to physical or mental frailty, isolation or poverty.


In the past year we merged with TLC Care Services, a fantastic charity who supports older people in the East End of London. We took this opportunity to change our year end date to 31 March, this means that the report covers an 18 month period for FotE with TLCs figures included from July 2012.

Financial review
The figures for 2013 reflect an 18 month period, which makes it difficult to compare with the 2010/11 figures which covered a 12 month period.

The year’s total incoming resources were £29,220,304 (2011: £16,934,193), and the outgoing resources expended were £30,846,061 (2011: £16,982,802). These figures include TLC Care Services from 30th June 2012.

The net impact of the income and expenditure figures was an operating deficit of £1,625,757 (2011: operating deficit of £48,609).

After the realised gains on sale of fixed assets and the investment gains for the period, this turned the deficit into a net positive movement of £538,920 (2011: net negative movement of £301,291)

The results reflect:

  • A budgeted deficit for the period of approximately £250,000
  • The closure of Selkirk Nursing Home, Coulsdon resulting in significant closure costs and operating losses
  • Costs connected with the merger with TLC Care Services
  • A contribution of £93,000 to the closed final pension salary scheme
  • Gains on sale of asses of £207,749
  • The value of the investment portfolio rose by 18.5%

For detailed information please download our Report and Financial Statements 11-13

The financial review uses information taken from the full financial statements for the period ended 31 March 2013, prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2005 and applicable accounting standards and which received in unqualified audit opinion.

This financial information may not contain sufficient information to enable a full understanding of the financial affairs of Friends of the Elderly. For further information the full Report and Financial Statements and the independent Auditor’s Report can be obtained from Friends of the Elderly, 40-42 Ebury Street, London SW1W 0LZ. The full Report and Financial Statements were approved by members of the Governing Council on 18th July 2013 and have been submitted to the Charity Commission and the Registrar of Companies.

Previous years' reports:

Annual Report and Accounts 10-11

Annual Report and Accounts 09-10

Annual Report and Accounts 08-09

Annual Report and Accounts 07-08

Annual Report and Accounts 06-07

Annual Report and Accounts 05-06

Annual Report and Accounts 04-05