OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Company registration number - CE015658 Charity registration number - 1180769

University of the Third Age in Cambridge (CIO)

Annual Report and Financial Statements

31 December 2023

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) Term of Office Tim Ewbank, Chair Until March 2024 Kevin Holmes, Treasurer Until March 2025 Penny Carter, Secretary Until March 2025 John Procter, Director of Studies (Courses) Until March 2025 Philip Stott, Director of Studies (Lectures) Until March 2026 John Abbott Until March 2024 Sheila Bennett Until March 2024 Vanessa Connolly Until March 2025 Ralph Ecclestone Until March 2025 Michael Gibbs Until March 2024 Ian Hunter Until March 2026 Sally Livesey Until March 2025 Mark Sanderson Until March 2026 Geoffrey Tamulonis Until March 2024 John Tyson Until May 2023

Council Members (Trustees)

Principal Office 27-28 Bridge Street Cambridge CB2 1UJ Company Registration Number CE015658 Charity Registration Number 1180769

1

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 HCR Hewitsons 50-60 Station Road Cambridge CB1 2JH Investment Managers CCLA One Angel Lane London EC4R 3AB Independent Examiner Fairway Tax and Accounting Limited 11C Alma Road Snettisham King's Lynn PE31 7NY

2

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 2023 in compliance with s414C of the Companies Act 2006.

Achievements and performance

The University of the Third Age in Cambridge (U3AC) looked forward in 2023 to building on the previous year’s performance, when there was already evidence of a tangible recovery from the ‘Covid years’, particularly with respect to the number of courses and social and cultural activities offered to members.

The Strategic Review working groups appointed in 2022 went on to engage in wide-ranging discussions about how U3AC should position itself going forward. As the year progressed, however, it became clear that ensuring the resilience and sustainability of the financial position was of overriding importance. It was therefore agreed to focus (a) on exploring additional sources of income and (b) on increasing membership among our traditional demographic, rather than expanding elsewhere or introducing different membership categories, though this might be reconsidered in the longer term. Given the focus on increasing membership, Council nevertheless took the difficult but unavoidable decision to increase the subscription to £105 for the 2023-4 academic year. Any adverse effect of crossing the £100 barrier, which was perceived as a possible risk, did not, however, materialise, and membership grew to 2,507 at the end of the year, as compared to 2,360 in 2022 (a 6% increase). Though still below the pre-pandemic level, there was reason to believe that this upward trend would continue.

This growth was attributable to a number of factors, but notably to a much more proactive approach to marketing and publicity. The wider community was targeted with strategically placed advertisements in local publications; a presence at selected outside events; the relaunch of U3AC’s Facebook page, which has seen a steady increase in its followers over the year; and an exceptionally well organised Open Day in July, which attracted around 230 prospective members, as opposed to around 100 in pre-Covid days. Action was also taken that simply made it easier for members to register and subscribe: by introducing a direct debit facility and by replacing Paypal with the more user friendly Stripe system for online payments.

The possibility that U3AC might be able to generate additional income by hiring out its classrooms when not in use in the summer became a probability at the beginning of the year, when an agreement was signed with the language school Select English to take over the classrooms in July/August 2023. (At the end of the year, a similar agreement for 2024 was negotiated with Stafford House, the value of which is roughly equivalent to registering 100 new members.) This meant that it was not possible to run the Summer School, but members were offered a varied programme of events at outside locations, which proved popular and will be expanded in 2024.

Members continued to benefit from an exceptional range of courses and activities in 2023 (375 at the time of allocation, up from 361 in 2022), offering an increased number of places (7,268, cf. 7,032 in 2022). Course delivery continued to be face to face, by Zoom or in a hybrid format, reflecting as far as possible the preferences of tutors and the expectations of members. The Courses Committee continued actively to encourage new tutors to offer their services and to provide support for all tutors through the Tutor Forums, the mentoring service, etc., as well as analysing member feedback on courses and the high level data it accessed during the year. Some members are inevitably disappointed when the course they particularly wanted is oversubscribed - however course allocation data in 2023 showed that over 95% of members were offered their first choice of course.

A detailed membership satisfaction survey was undertaken in February (the first since 2019), in which the greatest activity satisfaction was recorded for ‘Tutored courses in class’, with over 90% satisfied, followed by ‘Sports/art/leisure groups’ with 88% satisfaction.

3

University of the Third Age in Cambridge (CIO)

Strategic Report

U3AC’s two lecture series once again offered members a distinguished roster of speakers and a rich variety of subjects. Members could choose to attend the Wednesday lectures in person or via Zoom; the Norah Boyce lectures were normally via Zoom only. The increasing number of lectures posted on the website provides an exceptional archive for members to enjoy at their leisure. The Ron Gray conference, ‘Rewilding Britain: practical environmental management or romantic dream?’ led by Jake Fiennes, roused the interest of many members and attracted a capacity audience.

The Cultural and Social Activities Committee was able to organise more events during the year, and members enjoyed visits to the Cambridge Mosque, the Rennie Mackintosh house and Northampton Museum, Bomber Command and Lincoln Cathedral. Members of the Committee are all volunteers, and make an invaluable contribution to U3AC’s achievements. Throughout the year, every opportunity was used to publicise the fact that U3AC’s ongoing success depends on the active participation of its members and to encourage new volunteers – as trustees, receptionists, Zoom hosts and caterers; not to mention the tutors and organisers who, with only 5 exceptions, are all unpaid volunteers, and the invited lecturers who also give their time freely.

Volunteers are also able to take on routine administrative tasks in support of our Office staff. The fixed term appointment in December 2022 to the new role of part-time Administrative Co-ordinator also provided our three long-serving members of staff with much needed support and ensured better continuity in the event of absences. On the expiry of the Administrative Co-ordinator’s term in December 2023, Council took the unanimous decision to make the role a permanent one, which will manifestly benefit work colleagues, particularly by reducing stress and enabling them to take their full holiday entitlement. The present role holder also has professional marketing expertise which contributed, during the year, to raising U3AC’s local profile.

Enhancements to the administration database, to facilitate membership payments, etc., led to additional IT expenditure during the year. In September, Cambridge Kinetics, who had developed U3AC’s bespoke software and continued to manage it, gave notice that, in view of their internal staff changes, they could not continue to do so. Alternatives were urgently explored, and it was finally agreed that Granite 5, the developer and manager of U3AC’s website and a trusted supplier, would also take over the management of the administration system. The transfer proved to be straightforward and was completed by the end of the year. Nevertheless, it is likely that plans will need to be put in place to replace the bespoke software in the longer term.

Several of U3AC’s achievements in 2023 developed initiatives begun late in the previous year. Notable among these was the development of the (password protected) Trustees homepage on the website to provide a central ‘live’ resource and archive of the material required in order to properly fulfil the Trustee role. By year end 2023 this included, for example, key Charity Commission publications for Trustees; the Induction programme for new Trustees, introduced for Trustees appointed in March 2023; the Notes for prospective Trustees, now routinely distributed to members who express an interest in standing for election; Roles of officers; Procedures for the appointment of Officers, a systematic procedure introduced in 2023; Terms of reference and membership of U3AC Committees; and Council meeting papers.

In addition, the Trustees homepage also provides a comprehensive list of U3AC’s formal policies. As need dictates, and with the approval of Council, policies are replaced (in 2023 the Communications policy) or new policies introduced (the Social media policy). All policies are reviewed according to an agreed timetable to ensure that they are up to date, accord with current legislation or guidelines and continue to meet the needs of U3AC, and are then amended as necessary (seven in the course of 2023).

4

University of the Third Age in Cambridge (CIO)

Strategic Report

An important initiative that began in January 2023 was the proposal essentially to replace and build on U3AC’s Risk Register, last reviewed in 2019, but set aside in view of the pandemic, etc. In March, Council approved the terms of reference of a new working group to be called the Risk Audit Group (RAG), its main aim being ‘to review the strategic management of risk within U3AC and to make recommendations to Council for mitigating significant risks; as part of this role RAG will establish a Risk Management Register and Mitigations Plan for U3AC’. In the course of the year the group made significant progress, focusing first on the risks associated with the (lack of) necessary skills among the trustees, health and safety and succession planning. As a result, a number of potential risks were identified and mitigations proposed. These were largely approved by Council and have now been implemented or will be shortly. The work of the group is ongoing.

One significant risk that Council has recognised is the possibility of seeking alternative premises for when U3AC’s current lease expires in October 2025. The Chair and the Vice-Chair approached Magdalene College, U3AC’s landlord, at the end of the year, to ask about an extension of the current lease, but this certainly cannot be assumed, and at the same time plans were being made to establish a working group to explore alternative possibilities.

In spite of this uncertainty on the horizon, 2023 was a year of optimism for the future that witnessed a number of important initiatives. These have already made, and will continue to make, U3AC a stronger organisation in terms of its governance and the benefits that it can offer to its community. Once again, U3AC has demonstrated that it continues to embrace and respond effectively to challenge and change.

Financial review

The accounts for the year ended 31 December 2023 appear on pages 10 to 18. These show:

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:-

The Strategic Report was approved by the Trustees of the charity on 20 February 2024 and signed on its behalf by:

Tim Ewbank Chair

5

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 2023 to 31 December 2023.

Objectives and activities

Objects and aims

The University of the Third Age in Cambridge (U3AC)'s objects are:

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 one full-time employee and three part-time employees (one of whom transferred to a permanent contract when her one-year fixed-term contract ended on 6 December 2023), together with a freelance professional bookkeeper.

The Annual General Meeting for 2022-2023 took place on 22 March 2023 in the McCrum Lecture Theatre, Corpus Christi College, Cambridge, with attendance in excess of the quorum of members required. Four nominations had been received for new Trustees. There were four vacancies arising at the AGM, and the nominees were therefore all duly elected. For personal reasons, one of the new Trustees stood down on 21 May 2023.

6

University of the Third Age in Cambridge (CIO) Trustees' Report

Induction and training of Trustees

Beginning in 2023, U3AC members who express an interest in standing as a Trustee are sent detailed notes with preparatory information. A more formal Induction programme for elected Trustees was also introduced. The induction programme signposts Trustees to the Constitution and the Annual Reports and Accounts on the U3AC website, and directs them to familiarise themselves thoroughly with the (password protected) Trustees homepage. This resource provides, among other fundamental information, links to key Charity Commission publications for Trustees; Council meeting papers; and a comprehensive list of U3AC current policies and procedures.

Further training includes attendance at one of the sessions organised for new Trustees by the Cambridge Council for Voluntary Service. In addition, an experienced U3AC Trustee is nominated to give support and advice. An overview of the administrative operation is provided by the Office Manager and the Treasurer offers an introduction to U3AC finances.

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 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 20 February 2024 and signed on its behalf by:

Tim Ewbank Chair

7

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:

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 20 February 2024 and signed on its behalf by:

Tim Ewbank Chair

8

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 2023 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:

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:

have not been met; or

Gary Eves FCCA

Association of Chartered Certified Accountants

Fairway Tax and Accounting Limited Chartered Certified Accountants 11C Alma Road King's Lynn PE31 7NY

20 February 2024

9

University of the Third Age in Cambridge (CIO) Statement of Financial Activities for the year ended 31 December 2023

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
£
£
58,554
-
283,919
20,912
20,386
-
362,859
20,912
(216,775)
(23,784)
(211,060)
-
(427,835)
(23,784)
-
-
45,512
-
(19,464)
(2,872)
685,941
6,714
666,477
3,842
Unrestricted funds		 Total
2023
£
58,554
304,831
20,386
383,771
(240,559)
(211,060)
(451,619)
-
45,512
(22,336)
692,655
670,319		 Total
2022
£
96,007
260,523
16,275
372,805
(199,263)
(177,296)
(376,559)
-
(65,171)
(68,925)
761,580
692,655

All of the charity's activities derive from continuing operations.

10

University of the Third Age in Cambridge (CIO) Company registration number - CE015658 Balance Sheet

as at 31 December 2023

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		 41,516
252,696
294,212
(249,500)		 2023
£
84,808
540,799
625,607
44,712
670,319
670,319
666,477
3,842
670,319		 2022
£
129,609
495,287
624,896
41,702
252,593
294,295
(226,536)
67,759
692,655
692,655
685,941
6,714
692,655

For the financial year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 20 February 2024 and signed on their behalf by:

Tim Ewbank Kevin Holmes Chair Treasurer

11

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

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.

12

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

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 to 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.

13

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

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		 General
Designated
£
£
9,087
-
49,467
-
58,554
-
Unrestricted		 Total
2023
£
9,087
49,467
58,554		 Total
2022
£
50,213
45,794
96,007

The total income from donations and legacies was £58,554 (2022 - £96,007) 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
Botany Group income
Miscellaneous inc. premises hire		 General
Designated
£
£
244,990
-
1,747
-
14,195
-
1,310
-
3,916
-
-
5,672
-
9,532
-
5,708
17,761
-
283,919
20,912
Unrestricted		 Total
2023
£
244,990
1,747
14,195
1,310
3,916
5,672
9,532
5,708
17,761
304,831		 Total
2022
£
228,084
1,495
13,454
1,182
4,573
3,246
2,695
1,096
4,698
260,523

The total income from charitable activities was £304,831 (2022 - £260,523), of which £283,919 (2022 - £253,486) was unrestricted general and £20,912 (2022 - £7,037) was designated.

4
Investment income
Income from investments;
Dividends and interest
Interest receivable and similar income;
Gross bank interest		 General
Designated
£
£
14,846
-
5,540
-
20,386
-
Unrestricted		 Total
2023
£
14,846
5,540
20,386		 Total
2022
£
14,789
1,486
16,275

The total investment income was £20,386 (2022 - £16,275) all of which was unrestricted general.

14

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

5
Expenditure on raising funds
Teaching provisions
Accommodation - Bridge Street
Accommodation - other costs
Teaching costs
Bird Club expenditure
Cultural and Social Committee expenditure
Botany Group expenditure
Special events
Miscellaneous		 General
Designated
£
£
136,259
-
62,645
-
8,164
-
-
8,259
-
9,299
-
6,226
4,262
-
5,445
-
216,775
23,784
Unrestricted		 Total
2023
£
136,259
62,645
8,164
8,259
9,299
6,226
4,262
5,445
240,559		 Total
2022
£
137,429
43,500
7,494
657
2,691
578
4,284
2,630
199,263

The total expenditure on raising funds was £240,559 (2022 - £199,263) of which £216,775 (2022 - £195,337) was unrestricted general and £23,784 (2022 - £3,926) was designated.

6
Expenditure on charitable activities
Governance and support costs
7
7
Analysis of governance and support costs
Office salaries
8
Printing, postage and stationery
Telephone and IT
Depreciation
Legal and professional fees
Accountancy
Cleaning
Bank charges		 General
Designated
£
£
211,060
-
211,060
-
General
Designated
£
£
74,348
-
23,818
-
46,718
-
45,100
-
6,012
-
1,050
-
9,501
-
4,513
-
211,060
-
Unrestricted
Unrestricted		 Total
2023
£
211,060
211,060
Total
2023
£
74,348
23,818
46,718
45,100
6,012
1,050
9,501
4,513
211,060		 Total
2022
£
177,296
177,296
Total
2022
£
66,540
25,014
23,537
45,469
5,386
1,110
6,744
3,496
177,296

The total expenditure on governance and support costs was £211,060 (2022 - £177,296) all of which was unrestricted general.

15

University of the Third Age in Cambridge (CIO) Notes to the Accounts

for the year ended 31 December 2023

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
2023
1
3
4
Total
2023
£
69,457
-
4,891
74,348		 Total
2022
1
3
4
Total
2022
£
61,239
1,035
4,266
66,540

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 2023
Additions at cost
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 1 January 2023
At 31 December 2023
Listed investments
Listed other shares		 Furniture &
Equipment
£
9,192
299
9,491
5,301
2,065
7,366
3,891
2,125		 Admin
System
£
9,232
-
9,232
6,935
1,895
8,830
2,297
402		 Alterations
27/28
Bridge St.
£
205,701
-
205,701
82,280
41,140
123,420
123,421
82,281
2023
£
540,799		 Total
£
224,125
299
224,424
94,516
45,100
139,616
129,609
84,808
2022
£
495,287

12 Listed investments

16

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

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
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		 2023
£
41,516
2023
£
68,020
269
11,468
87,135
78,884
499
3,344
3,077
252,696
2023
£
12,912
1,679
155,005
23,919
8,625
47,360
249,500		 2022
£
41,702
2022
£
35,234
1,419
1,274
85,392
120,661
3,085
3,111
2,417
252,593
2022
£
10,221
3,906
135,188
20,977
8,884
47,360
226,536

17

University of the Third Age in Cambridge (CIO) Notes to the Accounts for the year ended 31 December 2023

16 Funds

Unrestricted general
Designated:
Bird Club
Cultural and Social Committee
Botany Group
Total funds
Unrestricted general
Designated:
Bird Club
Cultural and Social Committee
Botany Group
Total funds		 Balance at
01/01/2023
£
685,941
3,085
3,111
518
6,714
692,655
Balance at
01/01/2022
£
757,977
496
3,107
-
3,603
761,580		 Income
£
362,859
5,672
9,532
5,708
20,912
383,771
Income
£
365,768
3,246
2,695
1,096
7,037
372,805		 Expenditure
£
(427,835)
(8,259)
(9,299)
(6,226)
(23,784)
(451,619)
Expenditure
£
(372,633)
(657)
(2,691)
(578)
(3,926)
(376,559)		 Gains/
(Losses)
£
45,512
-
-
-
-
45,512
Gains/
(Losses)
£
(65,171)
-
-
-
-
(65,171)		 Balance at
31/12/2023
£
666,477
498
3,344
-
3,842
670,319
Balance at
31/12/2022
£
685,941
3,085
3,111
518
6,714
692,655

Designated

The designated funds are made up of the Bird Club, the Cultural and Social Committee and Botany Group which each raise money from their respective users and retain this in separate bank accounts managed by these clubs (excluding Botany Group). 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
£
£
625,607
-
290,370
3,842
(249,500)
-
666,477
3,842
Unrestricted		 Total
£
625,607
294,212
(249,500)
670,319

18 Related party transactions

There were no related parties or related party transactions during the year ended 31 December 2023.

18