2023-07-31-accounts - The Universities And Colleges Admissions Service

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THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE

Consolidated and charity statements of financial activities (incorporating an income and expenditure account) for the year ended 31 July 2023

		Unrestricted Funds	Unrestricted Funds	Unrestricted	Funds
		2023	2022	2023	2022
	Notes	£'000	£'000	£'000	£'000
Income from charitable activities:
Provider and applicant fees	3	31,502	32,224	31,502	32,224
Other income	3	539	536	6,001	5,662
Raising funds:
Income from trading activities	3	21,276	20,836	-	-
Gift Aid		-	-	-	1,614
Investment income	3	722	226	695	220
Total income		54,039	53,822	38,198	39,720
Expenditure
Raisingfunds	4	(20,473)	(19,261)	(45)	(28)
Charitable activities	4	(32,067)	(29,430)	(36,477)	(34,556)
Total expenditure		(52,540)	(48,691)	(36,522)	(34,584)
Net (loss) on investments	9	(765)	(418)	(765)	(418)
Net income		734	4,713	911	4,718
Other recognised (losses)/gains:
Remeasurements of defined benefit
obligation	18	(820)	5,638	(820)	5,638
Net movement in funds		(86)	10,351	91	10,356
Reconciliation offunds:
Total funds brought forward		49,545	39,194	50,250	39,913
Totalfundscarriedforward		49,459	49,545	50,341	50,250

THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE

Consolidated and charity statements of financial position for the year ended 31 July 2023

|||||Group||Charity|| |---|---|---|---|---|---|---| ||||2023|2022|2023|2022| ||Notes||£'000|£'000|£'000|£'000| |Fixed assets||||||| |Goodwill|7||124|164|124|164| |Other intangible assets|7||11,276|9,005|9,335|7,944| |Total intangible assets|||11,400|9,169|9,459|8,108| |Tangible assets|8||7,770|7,883|7,746|7,844| |Investments|9||9,685|9,120|9,685|9,120| |Investment in subsidiaries|10||-|-|1,026|1,026| ||||28,855|26,173|27,916|26,098| |Current assets||||||| |Debtors- falling due withinoneyear|11||10,200|9,100|7,295|7,353| |Cash atbankand in hand|||22,886|25,948|22,504|24,749| ||||33,086|35,048|29,799|32,102| |Current liabilities||||||| |Creditors amounts falling due within one year|12||(10,016)|(8,809)|(4,909)|(5,083)| |Net current assets|||23,070|26,239|24,890|27,019| |Creditors: amounts fallingdue aftermorethan||||||| |one year||||||| |Depositfrom property tenant|||(80)|(80)|(80)|(80)| ||||(80)|(80)|(80)|(80)| |Net assets excluding pension scheme liability|||51,845|52,332|52,727|53,037| |Deduct:||||||| |Defined benefit pension scheme liability|18||(2,386)|(2,788)|(2,386)|(2,788)| |Net assets|||49,459|49,544|50,341|50,249| |Funds||||||| |Unrestricted funds: designated|45||15,184|13,643|15,184|13,643| |Unrestricted funds: general|16||36,661|38,689|37,542|39,393| |Pension scheme liability|18||(2,386)|(2,788)|(2,386)|(2,788)| |Called up share capital|||-|-|1|1| |Totalfunds|||49,459|49,544|50,341|50,249|

The financial statements on pages 32 to 63 were approved by the Board of Directors, and authorised for issue on 07 December 2023.

Signed on behalf of the Board

ra 4 /, Trudy Norris-G rdy Chair

[>vacsa]

THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE

Notes to the Financial Accounts for the year ended 31 July 2023

e UCAS Group Stakeholder Pension Plan (2007), and UCAS Group Stakeholder Pension Plan (2014), are defined contribution schemes with associated life assurance attachment. The employer liability towards these schemes is limited to the contributions made on a regular monthly basis. These are subject to an upper limit, graduated on the option made by the employee to the scheme. These contributions are charged to the Statement of Financial Activities as they become due.

Further details of the accounting adopted for these schemes is detailed in note 18 to these accounts.

Fund accounting

General funds are unrestricted funds that are available for use at the discretion of the Directors, for the general objectives of the Group, and which have not been designated for other purposes.

Designated funds comprise unrestricted funds set aside by the Directors for specific purposes.

2. Staff numbers and costs

The average monthly number of employees during the year was as follows:

	2023	2022	2023	2022
	No.	No.	No.	No.
Application services	447	396	447	396
Commercial management	4	3	-	-
Sales and commercial administration	95	81	-	-
	546	480	447	396

The aggregate payroll costs of these persons were as follows:

	2023	2022	2023	2022
	£'000	£'000	£'000	£'000
Salaries	23,598	19,618	16,950	12,689
Social security costs	2,595	2,197	2,107	1,840
Defined contribution pension cost	1,354	1,076	1,097	832
Pensions costs - multi-employer DB scheme	639	654	600	654
	28,186	23,545	20,754	16,015
Capitalised	(1,865)	(1,574)	(1,865)	(1,574)
	26,321	21,971	18,889	14,441
Restructure costs	11	19	11	19
	26,332	21,990	18,900	14,460

THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE

Notes to the Financial Accounts

for the year ended 31 July 2023

4. Expenditure
Group:	Direct staff	Direct	Brand	Other support	Total	Total
	costs	costs	and data	costs	2023	2022
	£'000	£'000	£'000	£'000	£'000	£'000
Raising funds
Cost of investments	-	45	-	-	45	28
Commercial activities	6,282	8,508	3,407	2,231	20,428	19,233
	6,282	8,553	3,407	2,231	20,473	19,261
Charitable activities
Admissions service	12,002	3,576	(3,407)	9,609	21,780	22,237
Special projects	1,206	3,452	-	2,403	7,061	4,530
Analysis and research	1,812	195	-	1,219	3,226	2,663
	15,020	7,223	(3,407)	13,231	32,067	29,430
Total expenditure ofthe
group	21,302	15,776	-	15,462	52,540	48,691
				Analysis
	Raising	Admissions	Special	&	Total	Total
Analysis ofsupport costs	funds	service	projects	research	2023	2022
	£'000	£'000	£'000	£'000	£'000	£'000
Governance	103	684	-	-	787	716
Finance	528	1,650	-	18	2,196	2,052
Human resources	431	753	335	167	1,686	1,576
Information technology	1,142	4,690	1,648	824	8,304	8,974
Facilities	-	1,494	420	210	2,124	2,240
General management	27	338	-	-	365	378
Total support costs	2,231	9,609	2,403	1,219	15,462	15,936
Analysis ofgovernance costs	Total	Total
	2023	2022
	£'000	£'000
Internal audit	82	89
External audit	60	53
Legal & professional consulting	455	427
Trustees	80	53
Othergovernance costs	110	94
Totalgovernancecosts	787	716

THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE

Notes to the Financial Accounts for the year ended 31 July 2023

ee

5. Taxation

	2023	2022	2023	2022
	£'000	£'000	£'000	£'000
Current tax
UK corporation tax	°	-	-	-
Factors affecting the taxcharge forthe year:
	2023	2022	2023	2022
	£'000	£'000	£'000	£'000
Net income fortheyear before tax	734	4,713	911	4,718
Tax on income at standard CT rate of 19%	140	895	173	896
Effects of:
Income not taxable fortax purposes	(140)	(895)	(173)	(896)
Totalcurrenttaxcharge	-	-	-	-

6. Net income for the year is stated after charging

	2023	2022	2023	2022
	£'000	£'000	£'000	£'000
Depreciation oftangible fixed assets	789	444	774	421
Amortisation of intangible assets	2,621	2,669	2,206	2,381
Impairment of intangible assets	336	-	336	-
Operating lease costs	7	3	7	3
Auditor's remuneration - audit fees	61	58	42	48
Auditor's remuneration - taxation compliance services	6	8	4	6
Internal auditor's remuneration	82	89	82	89
And after crediting:
Interest on deposits receivable	520	57	493	51
Dividendsreceivableoninvestmentportfolio	202	169	202	169