. 

## 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|



32 



## 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 

33 

[>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|



42 



THE UNIVERSITIES AND COLLEGES ADMISSIONS SERVICE 

## Notes to the Financial Accounts 

for the year ended 31 July 2023 

|4.<br>Expenditure|||||||
|---|---|---|---|---|---|---|
|Group:|Direct<br>staff|Direct|Brand|Other<br>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|||||



45 



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|



47