Company registration number - CE015658 Charity registration number - 1180769
University of the Third Age in Cambridge (CIO)
Annual Report and Financial Statements
31 December 2021
University of the Third Age in Cambridge (CIO) Contents
| Reference and Administrative Details | 1 to 2 |
|---|---|
| Strategic Report | 3 to 5 |
| Trustees' Report | 6 to 7 |
| Statement of Trustees' Responsibilities | 8 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 to 18 |
University of the Third Age in Cambridge (CIO) Reference and Administrative Details
Council Members (Trustees)
Susan Honeyford, Chair Tim Ewbank, Chair Margaret Kerry, Treasurer Penny Carter, Secretary Maggie Balshaw, Director of Studies (Courses) Alastair Breward, Director of Studies (Lectures) John Abbott Michael Atkinson Sheila Bennett David Burgess Sue Cox Michael Gibbs Jane Stevens Geoffrey Tamulonis Stella Weeds Colin Whitworth
Term of Office Until March 2021 Until March 2024 Until March 2024 Until March 2022 Until March 2023 Until March 2023 Until March 2024 Until March 2023 Until March 2024 Until March 2022 Until March 2021 Until March 2024 Until March 2024 Until March 2024 Until March 2024 Until March 2024
Principal Office First Floor 27-28 Bridge Street Cambridge CB2 1UJ Company Registration Number CE015658 Charity Registration Number 1180769
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University of the Third Age in Cambridge (CIO) Reference and Administrative Details
Bankers
The Co-Operative Bank PLC PO Box 101 1 Balloon Street Manchester M60 4EP Cambridge and Counties Bank Limited Charnwood Court 5B New Walk Leicester LE1 6TE Lloyds Bank plc 25 Gresham Street London EC2V 7HN The Cambridge Building Society 4 St Andrew's Street Cambridge CB2 3AX
Solicitors
Investment Managers
HCR Hewitsons 50-60 Station Road Cambridge CB1 2JH CCLA Senator House 85 Queen Victoria Street London EC4V 4ET
Independent Examiner
Websters Cambridge Limited 10 Wellington Street Cambridge CB1 1HW
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University of the Third Age in Cambridge (CIO)
Strategic Report
The trustees, who are directors for the purposes of company law, present their Strategic Report for the year ended 31 December 2021 in compliance with s414C of the Companies Act 2006.
Achievements and performance
The University of the Third Age in Cambridge (U3AC) faced an exceptionally challenging year in 2021 on two fronts: the expiry of its current lease in June 2021, and the ongoing Covid-19 pandemic. With respect to the latter, the organisation continued to build on the expertise and experience in remote learning acquired during 2020 and was able to fulfil its objects. In addition, the contribution it was able to make to the mental well-being of many members during the periods of lockdown is worthy of mention. The only significant casualty of Covid during the year was the unavoidable postponement of the usual programme of social and cultural events apart from the carefully organised and well attended Christmas lunch.
It had been hoped that January 2021 might see the resumption of face to face classes, but this was not possible during the spring and summer terms. However, it was a tribute to the office staff, the Courses Committee and the volunteer tutors and Zoom hosts that it proved possible to run an average of 185 courses digitally (on Zoom or email) with over 3000 course attendances during those terms. Most fitness courses were able to start again in May, with appropriate Covid protocols in place in line with government regulations or guidance. The Wednesday Lecture series continued on Zoom throughout the year, with some attracting record audiences of over 200 members. The Norah Boyce lectures resumed, on Zoom, in May, and also attracted record audiences. As an additional benefit, recordings of the majority of lectures from both series were subsequently made available to members via the U3AC website.
Early in the year, thought was given to how courses should be delivered in the academic year October 2021–June 2022. In a significant innovation, it was agreed that, in addition to courses delivered on Zoom or (it was hoped) face to face, ‘hybrid’ courses would be introduced, with some members participating in person and others remotely via Zoom. This required a steep learning curve for all the active participants, particularly the volunteer tutors who agreed to present hybrid courses and the member of the office staff who willingly took on the principal responsibility for their induction into this new way of teaching.
The Programme of Courses for 2021–2022 was redesigned in the new house style established in 2020, and it was possible once again to mail it to members, though the PDF version was also available on the website. It included a total of 347 courses of which 74 were hybrid. Feedback on this development, giving members a choice of medium, has been very positive and it will now be a standard offering.
Only 6 tutors are being paid for their work in the academic year 2021–2022 (6 in 2020–2021). The remainder are volunteers, of whom 43 are non-members (56 in 2020–2021).
Courses were able to resume face to face in October, and considerable preparations were made to ensure as far as possible the safety of U3AC’s staff and members. The Covid risk assessment undertaken at the beginning of the pandemic was regularly reviewed in the light of changing government regulations and guidance, and clear Guidance for staff and members on Covid precautions were published and posted on site in September 2021 and were also regularly reviewed.
The other significant challenge faced by U3AC was the expiry of the lease on its Bridge Street premises in June 2021. Towards the end of 2020, the landlord Magdalene College proposed that the lease might be extended to cover not only the first floor occupied by U3AC but also the second floor, which was shortly to be vacated. This was agreed by Council to be U3AC’s best option, and negotiations with Magdalene were concluded in March 2021 led by U3AC’s solicitor. The new lease, providing security of tenure until October 2025, was signed in May (the protracted period a result of a delay in the receipt of the Deed of Surrender from the vacating tenant).
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University of the Third Age in Cambridge (CIO)
Strategic Report
A detailed specification for the refurbishment of the extended premises, drawn up by the premises working party, ensured that the key requirements of U3AC’s members (established by a survey in 2019) were met. That specification was further developed by a professional office refurbishment service so that a detailed package could be put out to tender to three contractors. The contractor selected by Council was commissioned under the terms of a JCT – Minor works contract and began work in May. The works were successfully completed in August approximately on time and on budget. Every effort was made to ensure value for money and sensitivity to the environment. The response of the membership to the expanded and refurbished premises has been overwhelmingly positive.
Throughout the four-month period of the refurbishment office staff continued to work on site, observing Covid precautions and moving their workstations between floors to meet the needs of the contractors. It is to their great credit that the timetabling of courses went ahead in the usual way and the Programme of Courses was distributed on schedule.
The refurbished premises have excellent ventilation, with much more spacious circulation and social spaces – essential during the pandemic and equally valuable going forward. There are now six better sized classrooms, all with natural light and opening windows, and equipped with hearing loops and new AV equipment.
Whilst the refurbishment meant that it was not possible to hold the usual Summer School, two meetings for new members did take place in the new premises at the beginning of August, and comments on the space and the facilities were very encouraging.
Throughout the year, U3AC’s quarterly Newsletter was mailed to members and its weekly Bulletin was delivered to members by email. The Bulletin continues to be a valuable information resource, including information on any new courses being offered and details of the week’s lecture(s) with the relevant Zoom link(s).
Not unexpectedly, membership has not yet recovered to its pre-pandemic level (2,908 end December 2019), but has improved on that for last year (2,164 end December 2020), standing at 2,359 at the end December 2021. 11 members on pension credit qualified for the reduced rate of 20% of the full subscription rate. Approximately 1,360 members live in the City of Cambridge, 755 in other parts of Cambridgeshire and the remainder elsewhere. Publicity surrounding the fortieth anniversary of the founding of U3AC in March 2022, together with other marketing initiatives next year, should help to ensure that membership returns to its pre-pandemic level within the next few years.
Financial review
The accounts for the year ended 31 December 2021 appear on pages 10 to 18. These show:
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A deficit in the movement of funds before gains and losses of £16,363 (2020 - £62,206 surplus)
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An increase of £66,136 (2020 - £37,506) in the value of investments
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The members' subscriptions are the largest source of funding for the charity's objectives.
Policy on reserves
Council has established a policy of keeping sufficient reserves to meet future foreseeable costs, cover possible reductions in income and to generate income.
Council approved policies are as follows:-
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An adversity reserve of 3 months running costs £88,000
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A working capital reserve of £40,000 (in addition to money kept on deposit)
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Cessation reserve of £40,000
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Premises reserve of £250,000 to provide for new premises at the end of the current lease in October 2025
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Total reserves £418,000
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Lowest figure to which reserves should drop £168,000
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University of the Third Age in Cambridge (CIO)
Strategic Report
The Strategic Report was approved by the Trustees of the charity on 22 February 2022 and signed on its behalf by:
Tim Ewbank Chair
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University of the Third Age in Cambridge (CIO) Trustees' Report
The Trustees present the annual report, together with the financial statements of the Charity for the period from 1 January 2021 to 31 December 2021.
Objectives and activities
Objects and aims
The University of the Third Age in Cambridge (U3AC)'s objects are:
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For the public benefit to advance the education of those not or no longer in full-time employment through courses of study in academic and artistic disciplines. In furtherance of the above, the trustees may from time to time pursue and publish research.
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The provision of facilities for leisure time and recreational activities with the object of improving the conditions of life for the above persons in the interest of their social welfare
In pursuance and continuation of these objects, U3AC organises academic, artistic, fitness and leisure courses, two regular series of lectures on a variety of topics, an annual conference and social and cultural activities.
Public benefit
The activities undertaken by the charity to further public benefit are the provision of education for those no longer in full-time employment and fitness and leisure facilities to improve conditions of life for the aforementioned individuals.
The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management Nature of governing document
The University of the Third Age in Cambridge (CIO) ("U3AC") is a Charitable Incorporated Organisation governed by a Constitution registered on 20th November 2018 and recognised as a charity by the Charity Commission for England and Wales in accordance with the provisions of the Charities Act 2011.
Council, Trustees and Management
U3AC is managed by its Trustees, who form Council, and supervised by its Officers, who are appointed by Council from amongst its members. Members of the Council are elected by the Annual General Meeting for a period of three years, after which time they are eligible for election for a further period of three years. The Chair is elected by the Annual General Meeting for one term of three years. In the event of a vacancy, Council may co-opt a Trustee until the next Annual General Meeting. The maximum number of Council members is 15. The day to day administration is undertaken by two full-time employees (one of whom was on a short term contract commencing on 4 October 2021 and terminating on 17 December 2021) and two part-time employees together with a freelance bookkeeper.
As a result of the Covid pandemic, the Annual General Meeting for 2019–20 scheduled for 18 March 2020 had to be postponed, although members were given notice and nominations requested to fill the five forthcoming vacancies for Trustees in the usual way. (The Annual Report and Financial Statements were filed as normal.) Since no nominations were received a number of Trustees were co-opted by Council until the AGM could take place. It was subsequently rescheduled as a Zoom meeting on 17 March 2021 to precede the AGM for 2020–21 on the same date.
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University of the Third Age in Cambridge (CIO) Trustees' Report
At the AGM four co-opted Trustees were confirmed by members for the usual three-year term (the fifth had stood down in September 2021).
The business of the 2020-21 AGM followed the normal agenda. Attendance at both AGMs (more than 200 members) was substantially higher on Zoom than when they had taken place face to face.
Induction and training of Trustees
The induction process for Council members includes providing them with copies of the Constitution, the latest Annual Report and Financial Statements, guidance for Trustees published by the Charity Commission for England and Wales and details of U3AC's policies and procedures.
Financial Instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Credit risk
The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The annual report was approved by the Trustees of the charity on 22 February 2022 and signed on its behalf by:
Tim Ewbank Chair
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University of the Third Age in Cambridge (CIO) Statement of Trustees' Responsibilities
The trustees (who are also the directors of the University of the Third Age in Cambridge (CIO) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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 hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 22 February 2022 and signed on its behalf by:
Tim Ewbank Chair
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University of the Third Age in Cambridge (CIO) Independent Examiner's Report to the Trustees of University of the Third Age in Cambridge (CIO)
I report on the accounts of the charity for the year ended 31 December 2021 which are set out on pages 10 to 18.
Respective responsibilities of trustees and examiner
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gary Eves FCCA Association of Chartered Certified Accountants
Websters Cambridge Limited A tax, legal and accountancy firm 10 Wellington Street Cambridge CB1 1HW
22 February 2022
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University of the Third Age in Cambridge (CIO) Statement of Financial Activities for the year ended 31 December 2021
| Notes Income and Endowments from: Donations and legacies 2 Charitable trading income 3 Investment income 4 Total income Expenditure on: Costs of generating funds Teaching costs 5 Charitable activities Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Gains/(losses) on listed investment assets revaluations Gains/(losses) on listed investment assets sale |
General Designated £ £ 82,337 - 210,582 116 16,610 - 309,529 116 (144,459) (387) (181,162) - (325,621) (387) 4,595 - 66,136 - 54,639 (271) 703,338 3,874 757,977 3,603 Unrestricted funds |
Total 2021 £ 82,337 210,698 16,610 309,645 (144,846) (181,162) (326,008) 4,595 66,136 54,368 707,212 761,580 |
Total 2020 £ 56,069 221,476 18,535 296,080 (112,817) (121,057) (233,874) - 37,506 99,712 607,500 707,212 |
|---|---|---|---|
All of the charity's activities derive from continuing operations.
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University of the Third Age in Cambridge (CIO) Company registration number - CE015658 Balance Sheet as at 31 December 2021
| Notes Fixed assets Tangible assets 11 Listed investments 12 Current assets Other current assets 13 Cash at bank and in hand 14 15 Net current assets Net assets Funds of the charity: Unrestricted funds General 16 Designated Total funds Creditors: amounts falling due within one year Total assets less current |
40,665 206,146 246,811 (217,435) |
2021 £ 171,746 560,458 732,204 29,376 761,580 761,580 757,977 3,603 761,580 |
2020 £ 6,104 602,727 608,831 24,863 253,915 278,778 (180,396) 98,382 707,213 707,213 703,338 3,874 707,212 |
|---|---|---|---|
For the financial year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 10 to 18 were approved by the Trustees, and authorised for issue on 22 February 2022 and signed on their behalf by:
Tim Ewbank Chair
Margaret Kerry Treasurer
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University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 2015) - (Charities SORP (FRS 102)) and the Companies Act 2006.
Basis of preparation
University of the Third Age in Cambridge (CIO) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised as historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Subscriptions and gift aid
Subscriptions received in the period July to December are split proportionally between the current and subsequent financial years, with 5 months treated as received in the current year and 7 months in the next. The same procedure applies to gift aid received.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
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 directly allocated to such activities and those costs of an indirect nature necessary to support them.
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University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and Trustees' meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class Furniture and equipment Administrative system Alterations 27/28 Bridge Street |
Depreciation method and rate |
|---|---|
33% straight line 25% straight line Straight line over 5 years |
Investments
Investments comprise investments in equity instruments which are measured at fair value. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party ot the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
| 2 Income from donations and legacies Donations and legacies: Donations Gross covenanted gifts and gift aid Grants |
General Designated £ £ 41,852 - 40,485 - - - 82,337 - Unrestricted |
Total 2021 £ 41,852 40,485 - 82,337 |
Total 2020 £ 5,739 40,330 10,000 56,069 |
|---|---|---|---|
The total income from donations and legacies was £82,337 (2020 - £56,069) all of which was unrestricted general.
| 3 Charitable trading income Subscriptions Enrolment fees Class/teaching fees Charges/specialist tuition Special events Bird Club income Cultural and Social Committee income Miscellaneous |
General Designated £ £ 198,017 - 1,157 - 7,648 - 968 - 1,516 - - 116 - - 1,276 - 210,582 116 Unrestricted |
Total 2021 £ 198,017 1,157 7,648 968 1,516 116 - 1,276 210,698 |
Total 2020 £ 206,400 465 10,567 99 874 108 900 2,063 221,476 |
|---|---|---|---|
The total income from charitable activities was £210,698 (2020 - £221,476), of which £210,582 (2020 - £220,468) was unrestricted general and £116 (2020 - £1,008) was designated.
| 4 Investment income Income from investments; Dividends and interest Interest receivable and similar income; Gross bank interest |
General Designated £ £ 15,922 - 688 - 16,610 - Unrestricted |
Total 2021 £ 15,922 688 16,610 |
Total 2020 £ 17,352 1,183 18,535 |
|---|---|---|---|
The total investment income was £16,610 (2020 - £18,535) all of which was unrestricted general.
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University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
| 5 | Expenditure on raising funds | Unrestricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|---|
| General | Designated | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Teaching provisions | ||||||
| Accommodation - Bridge Street | 104,465 | - | 104,465 | 87,906 | ||
| Accommodation - other costs | 28,344 | - | 28,344 | 12,783 | ||
| Teaching costs | 8,888 | - | 8,888 | 7,680 | ||
| Bird Club expenditure | - | 387 | 387 | 100 | ||
| Cultural and Social Committee expenditure | - | - | - | 394 | ||
| Special events | 1,501 | - | 1,501 | 763 | ||
| Miscellaneous | 1,261 | - | 1,261 | 3,191 | ||
| 144,459 | 387 | 144,846 | 112,817 | |||
| The total expenditure on raising funds was £144,459 | (2020 - £112,817) of which | £144,459 (2020 - £112,323) was | ||||
| unrestricted general and £387 (2020 - £494) was designated. | ||||||
| 6 | Expenditure on charitable activities | Unrestricted | Total | Total | ||
| Governance and support costs | 7 | General £ 181,162 |
Designated £ - |
2021 £ 181,162 |
2020 £ 121,057 |
|
| 181,162 | - | 181,162 | 121,057 | |||
| 7 | Analysis of governance and support costs | Unrestricted | Total | Total | ||
| Office salaries | 8 | General £ 76,363 |
Designated £ - |
2021 £ 76,363 |
2020 £ 67,043 |
|
| Printing, postage and stationery | 21,947 | - | 21,947 | 8,822 | ||
| Telephone and IT | 24,298 | - | 24,298 | 34,366 | ||
| Depreciation | 45,260 | - | 45,260 | 2,661 | ||
| Legal and professional fees | 5,634 | - | 5,634 | 3,666 | ||
| Accountancy | 1,266 | - | 1,266 | 1,220 | ||
| Cleaning | 3,004 | - | 3,004 | 404 | ||
| Bank charges g |
3,390 | - | 3,390 | 2,875 | ||
| 181,162 | - | 181,162 | 121,057 |
The total expenditure on governance and support costs was £181,162 (2020 - £121,057) all of which was unrestricted general.
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University of the Third Age in Cambridge (CIO) Notes to the Accounts
for the year ended 31 December 2021
8 Staff costs
The average number of staff employed during the year was:
| The average number of staff employed during the year was: Full time Part time Wages and salaries Social security costs Employer's pension contributions Staff costs included in the financial statements are broken down as: |
Total 2021 2 2 4 Total 2021 £ 70,989 430 4,944 76,363 |
Total 2020 1 2 3 Total 2020 £ 61,676 733 4,634 67,043 |
|---|---|---|
No employees receiving employee benefits (excluding employer pension costs) received more than £60,000 in the current year.
9 Trustees remuneration and expenses
No Trustees, nor any person connected with them, have received any remuneration from the charity during the year.
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 1 January 2021 Additions at cost At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 1 January 2021 At 31 December 2021 12 Listed investments Listed other shares |
Furniture & Equipment £ 2,270 3,590 5,860 1,468 1,812 3,280 802 2,580 |
Admin System £ 7,621 1,611 9,232 2,319 2,308 4,627 5,302 4,605 |
Alterations 27/28 Bridge St. £ - 205,701 205,701 - 41,140 41,140 - 164,561 2021 £ 560,458 |
Total £ 9,891 210,902 220,793 3,787 45,260 49,047 6,104 171,746 2020 £ 602,727 |
|---|---|---|---|---|
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University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
| 13 Other current assets Prepayments 14 Cash at bank and in hand Main fund: Co-operative Bank - main Co-operative Bank - number 2 Cambridge and Counties Bank - savings Cambridge Building Society CCLA - COIF charities deposit fund Designated fund: Bird Club - treasurers accounts Bird Club - business bank instant Cultural and Social Committee - main Cash and stamps in hand 15 Creditors: amounts falling due within one year Other creditors Accruals Subscriptions in advance Gift aid in advance Pre-paid course fees Provision for dilapidation Provision b/fwd g y |
2021 £ 40,665 40,665 2021 £ 41,541 2,000 31,133 84,815 40,135 497 - 3,107 2,918 206,146 2021 £ 4,974 4,375 131,521 20,880 8,325 47,360 217,435 |
2020 £ 24,863 24,863 2020 £ 35,630 907 51,678 72,592 86,206 768 - 3,107 3,027 253,915 2020 £ 1,982 3,827 104,076 16,427 6,724 47,360 180,396 |
|---|---|---|
17
University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2021
16 Funds
| Unrestricted general Designated: Bird Club Cultural and Social Committee Total funds Unrestricted general Designated: Bird Club Cultural and Social Committee Total funds |
Balance at 01/01/2021 £ 703,338 767 3,107 3,874 707,212 Balance at 01/01/2020 £ 604,140 759 2,601 3,360 607,500 |
Income £ 309,529 116 - 116 309,645 Income £ 295,072 108 900 1,008 296,080 |
Expenditure £ (325,621) (387) - (387) (326,008) Expenditure £ (233,380) (100) (394) (494) (233,874) |
Gains/ (Losses) £ 70,731 - - - 70,731 Gains/ (Losses) £ 37,506 - - - 37,506 |
Balance at 31/12/2021 £ 757,977 496 3,107 3,603 761,580 Balance at 31/12/2020 £ 703,338 767 3,107 3,874 707,212 |
|---|---|---|---|---|---|
Designated
The designated funds are made up of the Bird Club and the Cultural and Social Committee which each raise money from their respective users and retain this in separate bank accounts managed by these clubs. These funds are in place to arrange events and visits on behalf of the charity. The accounts of these clubs are kept separate and consolidated in the financial statements.
17 Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
General Designated £ £ 732,204 - 243,208 3,603 (217,435) - 757,977 3,603 Unrestricted |
Total £ 732,204 246,811 (217,435) 761,580 |
|---|---|---|
18 Related party transactions
There were no related parties or related party transactions during the year ended 31 December 2021.
18