The five times sit-to-stand test (FTSS) is an established functional test, used clinically as a measure of lower-limb strength, endurance and falls risk. We report a novel method to estimate and classify cognitive function, balance impairment and falls risk using the FTSS and body-worn inertial sensors. 168 community dwelling older adults received a Comprehensive Geriatric Assessment which included the Mini-Mental State Examination (MMSE) and the Berg Balance Scale (BBS). Each participant performed an FTSS, with inertial sensors on the thigh and torso, either at home or in the clinical environment. Adaptive peak detection was used to identify phases of each FTSS from torso or thigh-mounted inertial sensors. Features were then extracted from each sensor to quantify the timing, postural sway and variability of each FTSS. The relationship between each feature and MMSE and BBS was examined using Spearman’s correlation. Intraclass correlation coefficients were used to examine the intra-session reliability of each feature. A Poisson regression model with an elastic net model selection procedure was used to estimate MMSE and BBS scores, while logistic regression and sequential forward feature selection was used to classify participants according to falls risk, cognitive decline and balance impairment. BBS and MMSE were estimated using cross-validation with low root mean squared errors of 2.91 and 1.50, respectively, while the cross-validated classification accuracies for balance impairment, cognitive decline, and falls risk were 81.96, 72.71, and 68.74%, respectively. The novel methods reported provide surrogate measures which may have utility in remote assessment of physical and cognitive function.