Company registration number- CEO15658 Charity registration number- 1180769 University of the Third Age in Cambridge (CIO) Annual Report and Financial Statements 31 December 2024 FAIRWAY Ttsx and Aceouftling Unlver81ty of the Thlrd Age Sn Cambridge {ClOI Contgnts Reference and Administrative DelaiL8 1to2 Stratogic Report 3to5 Trusle¥$' Rgport 6t07 Statement of Trustees, Responsibilrties Independent Examiner's Report Statèment of Finanaal Actiwties 10 Balanc& Sheèt 11 Not¢s lo th& Financkl Stat•m6nts 121018 Uniyerslty of the Thlrd Age in Cambridge {ClOI R•f•ren¢e Ind Admlnistrative Detalls Council Membws (fN¥tée¥l Term ofOffi¢* T#n Ewbank, Ch8 ithtil Mar¢h 2024 Ph'lip Stott. Chair From March 2024 Ichael &bbs, WKe£h8ir Kevin Hdmes, Tre8surer Penny Carter. S8o-etary Vntl March 2024 Salty LEve8ey. Secre18ry From March 2024 John Pro¢teT, DhwlorolSIutWès (CoLWS8sI Suzan Griffrths, D￿￿￿OIS1￿￿￿&s (Lecturns) From March 2024 Nlthdas Russell. Dtrécl￿orstl￿￿S (L6Ctures) From March 2024 Jehn Atèott Until March 2024 Sheik Bonnett Lknb"l March 2024 V•ne55a Connolty Untr"l October 2024 Ralph Ett￿stone Lkntil November 2024 Susan Honeyford Fr¢m Dac8mb6r 2024 lan Hunter Rachd Meller From March 2024 Jeremy Nwlon From March 2024 Mgrk sar￿ersOn Geoffrey Tamuk*ni$ Until Wr¢h 2024 Prlnclpal Offlc 27-28 Bridge Street Cambri&Je CB2 1UJ Company Reg18trndon Number CE015658 Charlty R•g18tYatlon Nurnbor 1180789 Univerdity of the Thlrd Age In fambridge ICIOI Roference and AdmInistra￿Ve D•tsl 8&nker8 The CtrOper81Ne Bank PLC 1 Balkon Str8et IAan¢hes¢gT M4 4BE Cambridge and Counties Bank Limrted Charnwood Court 58 Naw Walk LeKester LE16TE Uoyds B￿k pk 25 Gresham Streot London EC2V 7HN The Cambridge Building Socaety 4 Sl Andrew's Stre81 Cambr￿ge CB2 3A SolScltors HCR H8wltson¥ 50*0 Stat￿n Road Cambrhl98 CB12JH Invostmont Manwger8 CCLA One kngel Lane London EC4R In*ndpnt Examin•r Fairway Tax athl Accounlng Limited 11C Mma Rtrad Snetti5ham Kng'5 Lynn PE31 7NY Unlyerslty of the Thlrd Age In Cambridge ICIOI Strateglc Roport The Trustees, are directors for the purpDses ol eompany law. present their Strategic Report for the ye8r ended 31 Dec8rnb8r 2024 in complianco with s414C of th8 Companies A¢t 2006. Achievemerts andperform•nce Thè University of the Third Age in Carnbridgg IU3ACI looked forward in 2024 to buSlding on the prèwous years ￿rfOrn￿nce in t8rns of increasing our rnemb8rship numbers to be doser to the 'pre40￿d years,. The upward trend of the previous year continued and by the oryj of the year the membership numbèr totalled 2.554. This growth was attributsble to a numb8r of factors but, as in 2023, notably, to a much more proactive approach to marketing and pu￿1c1ty. Given th8 focus on increasing membetship, Counul nevertheless took the difficult but unavThdable decision to increase the subscnption again to £110 for the 202425 academic year. D8SPite 50rnè expects*"ons to ihe contrary. thi5 inciea58 in subs¢riptK)n did not reduce the amount received from voluntary donations . in fact quite the opposite. Such t*)nations are very much appreciated and also add to the sum on which we can daim Gift Aid. tt 15 a positfvo measwe of how hvJhly our memb&rs value their membership of U3AC and the v8riOU5 benefits it provides. As ever. we Iso ¢onsid8r8d furth8r andloi continued othar income4enerating options and were eased with th8 Outcome of letting Bridge Stroet preriiise5 to a language school during the JulylAugUSt period. This was particularty successful in 2024 and had the additional benefit ol providing moro flexibilty for stsff working and taking 5thnè holiday ovor that perifxl. To provkle sorne alternative continuity of acti￿l￿.es for rnembers there was 8 goDd prOgraMr￿ of off4ite Summer acts"vth"es organis8d wth the help of volunts8r5, which was popular and is likely to set pattern for futurè summer programmes. Members continued to bènefit from a good, range ol courses anol acti*it￿5 in 20241391 atth8 me of allocation, up from 375 in 20231, offeriw an Inc￿aSed number of plac8s17,598 cf. 7,268 in 20231. Course delivery continued to be face-to-face, by Zoom or In a hybrid format. r8flecting a5 far as po$sib1e th¢ prgt8rences of tutors and thtr axpectations of members. Tha Courses Comrnitt88 continued actively to encourage new tutor5 to offer their to prO￿lde support for all tutors through Tutor Forums, the mentoring $eNi¢&. ete.. As wdl as analysing men*gr feedback on courses and the high-18vel data it accèssaé during the year. Some mernbers are inevilably disappointed when the cours8 they p8rticularfy want 15 oversubscribe£l. but al the initsal allwAts'on 96.8% of members secured their first choiee. U3AC's trjo lectu￿ senes once again offered rnembets a dlsb'ngui$hed roster ol speakers an¢J a rich variety of subjects. Meml)ers could choose to attend the W8dn&sday l¢¢tures in person or Zoom, but at the moment the Norah BO￿ lectures are usually Zccrn. The incrtasing number of lactures posted on the website provides an exceptional archive for mambfrrs to enjoy at thglr 18isure. We apweciate that the U￿c is very fortunato to be able to invite such a Gcnsistently wde range of local expert speakers a￿ bmlliro to gNe their time to expand ￿ kn￿￿e¢39e and 188ming opportunitie5 of our membèrs. The fomiat for the Ron Gray Conf8rencè was Changed from p￿V￿)uS years. It was an alklay meety'ng and was held at Ernrnanuel College, Whe￿ Ron Gray was a fellow. as well as bein9 U3AC lecturer. We were very lucky io have Piofès50r Bill Randall. Emeritus Professor ol Gerontology, from St Thomas University, Canada, join u5 while he was a visrting fellow at Emmanuel College. Bill put together 8 day of talk5 and workshops Dn the subject of natrative gerontology. titled 'Ageing as Adventure., Rairnagining Later Life,. Wa had good attendance. and our member5 We￿ treated to 8 series ol lectures and work8hcp5 given by ￿rturerS from the UK, Canada, USA and Norway. Llniversity of the Thlrd Age In Cambridge {ClOI Strat8gkc Report It is very clear from the surv8ys we havè undertaken over the years, that members value highly the Social inter8ttion that mèmbarship prowdès. The cs)portunities lor this have Increased in recent year5 With the piovTrson of a designated Social arèa. with coffee machino. and an oulsKle terrace al our Bridge Street premises. We know that this Is used largely by those who attend the many dasses on site 8ndlor those wishing to m88t fri8nd5 andlor briThJ a snack lunch whilst betsvoen dasses or shopping elc. However. U3AC rents olher local prernises 29 in total for actiw118$ vthKh Cannot realistically be accommodated in Bridge Street, such as art and crart clas585, spoiting actMtie$ and walking groups. Some sm*ler classes also tak8 place in memb8rs' hous85. Such activities include a vafued inherent social ci)mponent However. Tru$lee$ decided to ty to Increase awareness of the Bridge St facilities by appointing a Trustee wrth this weryfic responsibility. This initiativ8 is in rts early stag8s and will n•8(I to bo ￿￿Owed during 2025. Our Cultural and Social Actiwlies Committee organisad a very wide varkety of w5its. ranging Ircm the Ashmolean Museum in Oxford for a Bruegel and Rubens eKhibition providing 8 rare treat to ew fragile. rarely seen drawings. to visiting KeSvedon Hatch Secret Bunker thorou9hly recornmended and Ihought*rovoking visit. Other visits included the National Stud in Newrnarket. Down House In Kent and Spenc4r House and Tate Britain. Al such visits are well siJpport¥d and gr8aly appraciatsd by our mgmbgr5. As part of our regular bu1￿1r@ rnaintenance prcgramma, wa wore informed in October109.30 am Thursday moming, 17th October) that there was an outbreak of Leg￿￿ella in the water system el the gndge Street premises. The Chair of the Trustees, in con8ultstion with the Secr8tsry and thè TreaSU￿r. look the Immediate deusion to close the premises until further notice, which Meant no f&e-to-face Classes could continue the￿. The Chair Immediately informed all U3AC members of the $ituats"on. As this element of the building infra$tru¢lure is the prime responsibility of the Landlord, Magdalene C￿lege. thrO￿h its Agent Icheffinsl. several meebngs took place with the Agent, and a numbèr of measur6s were put In pla¢e lo rectify siluats"on. These indud*l.. treatrnent of the wat&T, rtgular flushing of the system. temperatu￿ ¢he¢k$.' replacing old and ill. structured pipework., investh"gating the 5tsto of tho tsnks. along wrth several other general checks.. and establishing a rnore regular t8Sting regime of the 5ySteFn for the future. The premises we closed for a total of three weeks. and re-opened, following an Erner9ency Counul Meeting, on Wednesday, 6th November. 2024, at 9.30 am. During the elosure, many cla$$as wora undèrtaken onjine or in altemativa premises, sometimes a￿anged by lh8 da$s M￿nbe[S themselv89. Th6 Trustees are most grateftjl to the staff. tLrtors and 311 the other voluriteers, who wothed so hard to keep the classes going and to gnsure tho prernises could b8 made available agaiTI as soon as possiblo. ThroughouL members were updated regularfy by the Chair who received several apprecith.ve messages ol support In response. It was an important leaming exp&r￿n¢$ which tèsted our ability and systems to keep the business going during this loss of premise$. We continue to revw thi5 emergency Incident. and, on the whole. have ¢oncluded that the .10$$ of business. was minimised, bec8use 5tsff. Trustees and voluntsers all moved into action and followed the rel8vanl procadure5. However. there is no room lor compLgcenty about such unexpected and serious situats'on5, and a small Working Group h85 been established under the Mte-chair of Ihe Council lo examine, with the Agents. Cheffins, the main lessons to be learned. There hav8 b88n a number ol teftsr8neè$ abovts to the Vatious U3AC volunteers, without W￿)M we could not function. There ar8 many way5 in which mernbers can and do voluntoor as tutors, group leaders. wothing on th8 reception d8sk. caterirrfj for th8 variou5 Social events, Zoom hosts. Trustegs and those who offer to step in when an appeal for practical help 15 made. We also realise how fortunate we are to èe alle to Inwte non4nember experts trom within our local area. who give their b.me to both our lecture series. Unlversty of the Thlrd Age in Cambridge ICIOI Strateglc Rtrport The lease of our Br￿ge Street premises has been under ¢onsiyear break-point clause, the Chair of ihe Counul has set up a Vvorking Group to develop 0 10-Year Strategic Pl for U3AQ which hop85 to report by the summer 012025. Financial review The accounts lor the year ended 31 D￿rnber 2024 ap￿ar on pages 10 to 18. These show.. A d&fictt in the movement of fuTrJs before gains and10sses of £2,73312023- £67.8481 The deficit is the di￿[￿nce be￿een tota income of £459,532 12023 £383,771) and totsi expenditure of £462,26512023- £451,6191 A increase of £12,21712023- £45,512) In the value ol Investr)ents Th¢ rnwnÈers' subscriptions are the largest support offunding for the chariV$ Objecti￿$, Policy on reserve5 Council has established a pdicy of keerAng sufficient restnfes to m6&t future foreseeable costs. cover possible reduetsons in income and to genèrate incomè. Council approval poliries are as follows:_ AD adversty reserve of 3 months, running costs £g6.000 A workino capital reserwe of £45.000 lin addibon to mon8y kspt on d8posItI Cessation reseNe ol £S4.000 Premises reserve of É300,OCK) to provhaa for aéw premi$a$ at Ihg of the current lease in October 2025 Totsl reserves £495.000 Lowest fyure to which ￿9￿rveS should drop £195,000 The Strategic Report was a on its behalf by.. ved by the Trus￿9 of the charity on 20 February 2025 and $19ned Erneribjs Professor Philip Stott Chair (since 27th March 20241 University of the Third Age in Cambridge (CIO) Trusts08' Report The Trustees present the annual report, togèthèr ￿ the financial statements of the charty for the period from 1 January 2024 to 310ecember 2024 Objectives and activities Obje¢ts and affms The University of the Third Age in Cambridge IU3ACI's objects 8r&'. F?r the public bènefrt to adv8nce the education of those not or no longer in fulktime employrnenl through courses of study in acadèmic and artistic disaplines. In furtherance of the above. the Tru5tg95 may from lThe to time pursue and publish research. Th8 pfow$K)n of facil￿8$ for lei$ur¥ limè and racrèational ath"vitios with the object of irnproving the conditions of life for thè above pwsons in Iha intarèst of thair social welfare. In pursuance and ¢onlinu8lK)n of these objeds, U3AC organises academic. artist￿, fitness and leisure courses. ￿ regular series of lectures on a variety of topl&%, an annual ¢onference and social and cultural acb'vities. Publlc b•n•fft The actiwties undertaken by the charity lo further publ￿ benefrt are the prow5ion of education for those no longer in full-time empbymenl and filne5s and leisure lacililie5 10 irnprove conditions of life for Ihe aforementioned indiwiduals. The Tnjstees confirm that they have complied wilh the rgquirémènts of sédion 4 of tha Charitl&s Act 2011 to have due regard lo the publK benefit guidance published by the Chaiity Cornmission for England and Wales. Structure, governance and managernent platU￿ ofgoveming do¢umenl The Universty of the Third Age in Cambridge ICIOI IU3AC} is a Charrtable Incorporated Organisation governed by a Constitution regislered on 20th November 2018 and recognised as a Charity by the Charity Commissh)n for England and Wales in accordance with the proMsion5 of thè Chari*es Act 2011. Councll, Tmste•s andmana9wnent U3AC is managed by its Trustees, who form Councl, and supervised by its Officers. who are appointed by Council from among51 its members. Members of the Council are elected by the Annual General Meeting for a PÈFiod ol thrè8 yè8rs, after which time thèy are 21￿ible for election for a further pgriod of three years. The Chair is eleetèd by the Annual Gonèral Meeting for one term of three years. ln the 8venl Of a vacancy. Counal may e￿opt a Tnjstaè until tho next Annual General Meeting. The maximum number of Counal rnember5 15 15. Oay-to-day operations a￿ managed by one lulklime ern￿oYee and three part-tirne ernployees lone of whom transferred to a permanent contract when their one-ye8r fixed-lerm Contrad ended on 6 D￿ember 20231, together with freelance professional bookkeeper. The Annual General Meeting for 2023-2024 took placè on 27 March 2024 the Mccrum Lecture Theatre. Corpu5 Christi Gollege. Carnbr￿ge. Attendancè exc88ded thè required quorum of rnernbers. Four nominations were received for new Trusteès, and ￿th fivé vacancies at the AGM, all norninees were duly elected. In 2024, there were two additional Trustee rèsignations, and one new Trustee was c¢xJpled in Decernber 2024. Universty of the Thlrd Age In Cambrldge ICIO} Trustees. Rgport Induetion and training of Tn￿ree$ Beginning in 2023. U3AC members who express an intere51 in slanth'ng a8 a Twusletr aro Sent detailed notes vAth preparatory information. A more formal lThYuclion programme for elected Trustse$ was also Introduced. The Inductlon programrne signposts Trustees lo the Con5tilLation and e Annu81 Raports and Accounts on the U3AC websrte, and directs Ihern lo farnliarise themselves thoroughly with the (password proteetedl Trustees, homepage. This resource prO￿deS. among other fundamental Infomiation. links to key Charity Commission publications for Trustees.. CounrJl meeb.ng p8p&r$,' and a comprehensive list of U3AC uJrent policies and pr(￿AdUreS. Further training irTrcludes attendance at one of the sessions organised for new TTUStees by the Cambridge Council for Voluntary Service. In addil*)n. an experienced U3AC Trustee 15 nominated to gwe support And advice. An oveNew of Ihe administrative operation 16 provided by the oifi¢e Manager and the Troa$uror offers an 1ntr¢)ductic￿ lo U3AC finances. Financlal Instnjments ObJ8cllves andpollcles The charit15 actMII*s expose it to a number of financial risks induding credit risk. cash flow ri$k and liquidity iisk. Thè charity do&s not us6 dorivative [￿anCial instruments for 3peculatsv8 purpos•s. Credit iisk The charity's prIn￿paI fnan¢i41 assets are b8nk balances and ￿h, trade and oiher receivawes. and investments. The credit risk on liquid funds and dèrivative financial instruments is limited because the counierpartie5 are banks wrth high credlt ratings assigned by intemakn'onal credit rating 8gendes. The charty h85 no signffieAnt ￿)n(￿ntratIon of credil risk. wlh exFKJsure spread over a large numbar of counterparties and ¢uslomers. Tha annual report was approved by the Trustees of the ¢h8rfty on 20 F*bru8ry 2025 and slgned on Its bahaK by.. Emer1￿$ Professor Philrp Stott Chair (since 2nh March 20241 Unlverslty of the Thlrd Age In Cambrldge (CIO) Statement of Trust•e¥' Re$ponslblllties The Trustees (who are 8150 the directors of the Unive15ty of the Third Age in Cambridge ICIOI for the purposes of cornpany lawl are responsib￿ ft>r prèparing the Trustees, report and the financAal statements in accordance with the Unil¢d Kingdom Accounting Standards Iunited Kingdom Generally Accepted AccountiTrJ PT¥ctiixl and appli¢8bl¥ law and ragulati￿s. Cornpany law requires the Trustee5 to prepare financial staternÈnts for each financial year. Under company law Ihe Trustees must not approve the financial 5tatetnents unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable corrTrpany aThJ of its incoming resources and application of resources, including its income and èxpgnditure, for that pertod. In preparing these financial statements. the TTUStees are requirèd to". select suitabla a¢countlng polldes and thgn apply Ihgm consistently, observe the methods and principles in the Charities SORP.. make jthgements and estirnates that ara raasonabla and prudent., stsle whether 8ppli¢8ble UK Accountlng Standards have been followed. subiect lo any material departures di5cIos8d and èxplainèd in Ihe financial slatemenls,. and prèpare the financlal statements on the going concern basis vnless rt 1$ inapproprfate to prnsume that the charity will continue in business. The Tw5tees are responsible for keèpin9 adequate accounting records that are sufficient to show and explain Ihe char￿table companws transacts.ons and disclose with reasonable accuracy at any time the financial postbon gf the ch81itable company and enable Ihern to ensure thal the financial 51atement$ comply with thè Companiès Act 20(￿. Thay are also responsible for safeguarding the ass8t5 (rf the charit8b18 company and hence taking reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by the Trustees oftha charity on 20 Fobruary 2025 and signed on sts behalf by.. Emeritus Professor Philip Stott Chair Isin¢e 27th March 20241 University of the Third Age In Cambridge ICIOI Indapandont Examlngrfs Roport to thg TruBtws of Unlversity of tho Thlrd Ago In Cambrldge Total expenditure 1432,381 (29,8841 1462,265 4S1.6191 GainsllJossg$1 on listod invt$tm0nt assets sale G8insll1055esl on listed investment assels r8valuation8 12,217 12.217 45.512 Net nTr)vernent in lunds 7,470 2,014 22.33ei Reconcillatoon of funds Total funds brought foThvard e66,477 3.842 670,319 692.6SS Totsl fvnds carried foThYard 673.947 5.856 679.803 670.319 All of the charitys activi￿eS derfve from eontlnuing operafjons. 10 Univorsity of tho Third Ago in Cambridge ICIOI Company registration number- CE015658 Balanco Shoot as at 31 December 2024 Notes 2024 2023 Fixtd a85•ts Tangible assets Listed Investrnent5 45,682 553,01 598,698 84,808 540,799 625,607 12 Current a¥80ts Other ojrrent ass&t5 Cash al bank and in hand 43,147 299.739 41,516 252,696 14 Cr•dltorn.' amounts falllng due withln om yèar 15 1261,7811 1249,5001 Net ¢urr•nt assets 81,105 44,712 Total a8set8 leso current 679.803 670,319 Not assets 679,803 670,319 Funds of the charlty.. Unrestrictsd funds General Designated 16 673,947 5,856 666,477 3,842 Total funds 679,803 670,319 For Ihe financkql yèar endlng 31 December 2024 Ihe charity was entitled lo exernption frorn audit undar section 477 of the Companies Act 2006 relaling to Small cornpanies. Directors, responsibilities.. The member5 have not requI￿d the charty to obtain an audit of its accounts for the year in qkte5tion in accordance wth section 476., and The directors ackfi￿edge their responsibilities for comptying the requirements of the Ad *ilh respect to accounlng racords and the preparation of the accounts. These accounts have been prepared in ac(x)rdance wlh the provi￿On$ applicable lo companies subiert to the small eompanies regimè. The financial statements on pages 10 to 18 We￿ approved by the Tru5tses, and authorised lor issue on 20 February 2025 and signed on their bèh811 by.. Emefitus Professor Philip Stott Chair18ince 27th March 20241 Kèvin Holmes Treasurer 11 Unlvernlty ofthe Thi￿ Age In Cambridge ICIOI Nots$ to th• A¢¢otsnts fof th8 yoar endod 31 D8Comb8r 2024 1 A¢¢ownVr¥J pollcl•4 Summ*ry of $lgnJficant a¢¢ouniin9 poll¢l•s k•y a¢¢ounUng •stlmai•• The prmdp81 a¢¢ouniing polldes applled h the pr6paralion of these fin8Thual stalern¢nts are out below. Thtrso pdltyes have been C41SLStertly appl￿￿ to ￿1 the years presented, clher*ise staled. Stat•m•ntof ¢ompll•nt• The financial si8￿Monts hav8 been wepaled In accord8nce kcrA*itlrwJ Reporbry by ¢1￿￿e5.. Stalernenl of Ré¢ommondÉd Practlce appItsb￿ to charfUe5 proparfng their accounts In acc0Tdan￿ the Finartial R8p¢rtln9 Standard appI￿able In the UK and Republic of Irdand IFRS 1021 leffedi¥e 1 Januaty 20151- (Ch8ri1￿$ SORP IFRS 1021} and Ctynpani6sAd2{￿. Bagls of pr•pArdtlon University of th2 Thrd Age in Cambridge ICIOI m8ets Ihe of a putll¢ benefrt 8nUty undw FRS 102. Assets and lillbiltt￿￿ are In￿alY recryThaad as lis1or*￿ cost or tr&w8cbon value urless Slaw in kne rekvant ac¢owllng pol￿ note$. Ex05Wn from pr•p*rlng a c#h flow st¥t•m•nt The Chartty wed 10 earfy adopt BuI￿lIn 1 pl￿18￿8d on 2 Febnw 2016 and havo IhèFèfor& not Induded a rA5h n st81ornenl in Ih968 finan￿￿ statern￿l6. Goln9 COIIC•Th The Ttuslee$ tOn5KJerthal Ihern ar• rn matedal l￿tertai￿leS aboutt￿￿ 8biltyto ¢onllnue a¥ a corKern Jr any s￿n￿¢•￿1 ore•$ of wcertainly Ihal affect the Girryiw vlue of assets held by the tharity. ltt¢om• •*dowm•Nts Voluntary In¢om8 dowllons, gms. legado8 and grants that provlJg coTr fundirB or ar¢ of a gener￿ natwe recognised when the chadty has entiuement lo in￿rne, 11 Is prtbable that the Income ¥￿11 b* rec4¥￿ and the amount can be measured wrfh Sulfi￿nI r£thabikty. Donations ar* hgades ar• r•rngni&od on a rK9fvab￿ basis when receipt is probabltr and th& amount can b8 rel8bty* rneasured. Inv•sfmwJtkwom• Inle¥esl on funds he￿ on deposit is inthded when reCa¥ab￿ and the arnounl rAn be measured rdiably by the ¢h8rity'. ttus is nortnauy upon nolffiGalvm of Inierosl pald or payable by Iho bank. DI￿dendS are recognised ance the dl¥Sd8nd ha$ been de￿ared nob"ficats￿ h•5 recelved ofthe due. Sutscrlpllons olftald subS￿P110nB r•t8fved in th6 parfod Juty lo De￿n￿￿ ple $FArt proporbrAvUy b•tr480n th• curr•nt and 5LthB4uBnt fowdal ye•r8. ¥￿th 5 months I￿ated os recel¥ed kn Ihe wrent year Bnd 7 rrKJnths in the next The $amtr procadure applies lo gift aKI rerEived. Exp••dK¥ JI •xpondlIu￿ 1$ recognl$od once there Is a 10931 ar Cons1n￿¥2 lo thal expenditure, il Is prcii*l& tuement is required wnount can te rnVaS￿*d rdiabty. AJI Costs artr alocatsd 10 Ihe •pr4lc•b* oxpendknrg hèading thai aggr8gaie Simi￿r costs to Ihal catOg4ry. Wh8rn Costs cannot be dlredy 8ttrlbutad lo p8rbcular headings Ihoy h8¥e been alocaied on a basks consislenlwNh the use ol resouices. wnh ￿ntral staft cos15 alloGaled on ihè basls ol trme spenl. deprecwlion charyes alk)caled tho pNb"on of thè aw&81's uss. Olhor swport eo$ls althal based on the spread of staff Gos15. Ch•riiabl• •¢llvllhs charitab￿ expenditure compdses those costs InCUr￿d by the (Xarity ITr the ¢eW¥*ry of actiwties 4nd ser%ices for its benef￿a￿e5 tt Ind￿125 both cosls that r￿n be dlreclly *located 10 and those costs Of an irKllre¢i na￿ra ne￿55￿ryt0 support them. 12 Untvèrslty of the Thlrd Age In Carnbrtdy ICIOI Nots5 to Iho Ac¢our lor the yoar ond8d 31 Docembor 2024 Gov•rTh•nu costs These indude the Go$ls attributab￿ to the chtriV$ Compli¥￿ wrth ¢onsiiuUon818rO st•￿1•ry re1yr￿ents. audit. strategic m*llagemerrt TNstee$' meebws reimtywsed expen$es. Taxavo The charty is con5Klered lo pa5& ihe tesl$ ￿ OUI In Pawraph I Schoduh 6 of the Finance Act 2010 and th2refore il meets definilkjn 4f a ¢h•thable ¢¢mp•ny for UK CO￿Or•I￿ lax purFrtises. Accordin4y. charity Is pulenllalty ex*npi from 18xallcn in respect of in¢¢me or Gapilal gains re￿IVed WItt￿ll cateooii85 covered by Chapter 3 Part 11 of Ihg CorporalKJn Tax Act 2010 or Secbon 256 Of the Taxabon of Chargo8bl• Galns Aci 1992, to the exlenl that suth income orgoins 4rE applied exdusivety to dwtit8Ue pu￿088S. T•nglbh fix•d 4$8• Individual nxed ass9ts c05tr8 É100.1X) or more are iotyjrded at Cost. loss *)y $ubsequ•Dt ￿Mu191ed dweclatbn and subsequent aCCurnLlal￿ impaimentloss8S. Dèpr•¢l&tlon amortl84tlon DOpreco￿On is pr￿ed on langl￿e r￿ed a55ets so a3 lo wtite off Ihe c081 or waluatson. ￿9$ sny oslimated re$￿al value. overlheirex•d useful ecDnLYnic1rf6 as fdlowg". Fumrture and 8q￿nt AdmiDistrabve system terBiion5 27126 Br*e Slreet 33% straight line 25% 5traighl I￿e Stravahl QVBr 5 Inv•stmgnts Inve$lmenL8 comprfgo In¥astrnen15 in q￿ty Inslrwr￿￿ls wNth ale m8asured at r* v8lw. Changes In tsir value are recognised h profrtorloss. ¢i•h and c•sh aqufv•knts Cash and Gash equDfalents conv[￿ cash on hand and call der*)$￿. ond other short-term hyhly IquKI Ir￿trne￿ that are raadly ¢onv8rVN• 10 ¥ krowD arnount of cR5h aTrJ are subject lo an nsvJrNTthnl risk of Chawe in Fund 8tru¢turt Unre¥lricted incomo funds are ger*r￿ fund¥ that &re avrdlable far al the Tm¥*e$' disrthc*) In fwther8fKe olthe b¥t5 of Ihe charfty. FInan¢￿1 th¥trunvJDts Clwmlcallon FInana￿ 4s$els fiMrrial labllths 8r& recc¥JN*J Wh￿ the chothy bacun95 a party to thè pro￿6[¢￿$ of the insirumenl. Finan￿￿ li•tilibes and equity inslrum2nls cla8sffied a￿ordiN ID the substsnce Of the contr8Glual 8rrangeTr*nts ered into. An equty in51wment is any conlr8¢t that evidences a residual interest in Ihe asse15 of thtr ¢haiity aftar d¥J￿tir¥J al of Its fi8tiNlle¥. R•eognAllon 4ndmoaStir•nrgnt All fin&nrAal assets and labil11￿¥ are in￿81￿ maaswed al trar68c*kJn lirKludlrrfJ transaction casts), excapt for those fnanrAal as$*$ das$ifi&d as al far vahje thrimh proftt or10ss. which a￿ inibally measured ai ralrvaluo Iwhlch is nomi81ty the transAction p￿￿ exdudirg tran51ction Ctsstsi. wlsss the ariaroomert con$tlul¢s a fnBnthg Irans8Ction. If dn arron9emenl combiutes afinarting tr8ns8Ctlon, the financial 8s¥el or financ￿1 Irdbi&tyi8 measurEd at the preswlvaluE of Ihp fuiuft paym8nts dixounled al 8 markel rate of interestfora sitnilardebl in8twm￿L Finana￿ a55et$ orty oftset In st8tsrnent of fin&nuo1 position orly ￿￿Th there exists s galy enforceabkg iitht lo sel off the rectyniBed amounts and tharity intends eIt￿rt0 $6ttk on a net bas￿, ortg ali48 Ihe a5sel Sefi￿ the liabllkysimuhan2DUS1y. Flnontsd assets are dereeogni8ed whon and orly ¥¥tten al the contractual ruhls lo IhB cash lltr*s from thè finan￿ 88881 expS1o or aro seiifed, bl Ihe tharity transfers lo anothèr party substsni5￿iY of the rfsk$ and rewards of owrerS￿P ¢f the financial asset, or cl tharity. deSPitO hI￿n9 r8ialned $rm8, but mt all 5iynificanl rf$kts *VJ Tewards of ownership, hastra￿leYred ¢(￿trol of Ihe agsetto anDther party. Flnantha Ii*ilibes are dew09n￿ed ¥*thÈn tho rkntgatian speuf*d in the contrao d18th8rg8d. Cancel￿ cr ¥pir89. 13 01 th• Thlvd A9• kn C*mbrldgè ICIOI Notss to the Accounts lor the year8ndBd 31 Dg¢tmbtr 2024 Invesknents lThve3trnBnls in plefvrence shares and rKJwdt8ble ordinary QT prefe[a￿e 6hartrs Iwhertr shares ar8 put11￿Y traded or Ihe1r far value is relia￿ rrOaSurab￿} are measured at lair value ihr4uuh profrt or lo￿. Whern fa value cannot be measured rel1￿y, investments are measuré# ai Cost kss irnp81m￿nl. Invè$knwts In $ubsldiarios and asswatss gr• rr*asurod at cosl less Impairrrth. For investments in 6ubsldiart96 8cquSred foi eon8hler8Uon induding the issue of sh&res quHlfyhllg for rnerger rdlef. cost 1$ measured by r8fer•n¢8 to IM value ¢f the shares ￿Gued plus fall vabJÉ of Olher Cons￿eral4¢n. Any premLum 1$ *nored. Falrv•ftstmoasuvem¥41 The bèst évidgnca of fair value * a quoted pnc4 for idenlul assth in an adi¥* market. Ihlhen quded pricfj$ are Un￿Bilable, the Pri￿ of a recenl tr￿sathDTr for an idtnts'¢al 88$81 Pfowd68 ewd8n¢e oftslr as as there hds not bEen a swnifiLxnl changè in ￿nOMIc ¢if¢Urn$t8n￿ or a Sign￿￿nI18pse of1Sme slnce the IransaLtsn look pla￿. 11 the matkei is not active recent transactions of an klentic4 assel on their are not a good 8Sllmate of falr Value, v8lue i4 ejtimthd by ￿8￿9 a valulllion le￿n￿U2. 2 Ih¢om• fr•m donatl•rrf and b9A¢J UnroBlvlrtod G￿￿ra1 Dwllnatod Tot41 2024 T•t•l 2023 DM8t10￿ and kg8cies'. Donabons Gross eo¥enant8d gllls aA1 grft 29,833 55.489 85.302 29,833 55.469 85.302 g.087 49.467 The toll In￿MetrOM don•Oons 4nd WAS £85,30212023- £58,554)￿1 ofwhkhY4a$ unresifictod generaL 3 Ch•rlt•W• tradlng Incom• Unr•si￿ctsd Dgslgn•l•d Tot•1 SubsGriptions En[￿t￿nI f•è$ ClasgrteA¢hing fees chargesl3pec￿1l5l luibon speci￿ even rd Club Ir￿orne cul￿r& arvj soc￿1 Committèe intome Botany Group In¢oN M*c6lLgneous in¢. prerfges hire 272.608 2.243 1S,095 1,120 8.3?5 272,808 2.243 15.095 1,120 6.335 12,175 12,759 6,964 22.397 351 6$8 244,99J 1.747 14,195 1,210 3,916 5,6T 9,532 5.708 17,761 304.831 12,175 12,759 22.357 319,798 The tol•l IDcom¢ from choiitabk act￿￿leS was rJ51,8* {2023- £304,8311. of which £319.79812023- £263.9191 was unreslricted general and £31.89812023- £20,912) was d￿lynated. 4 Invo•tswrt In¢om• UnNtsiTl¢tsd G•th•rnl DMlgn*t•d T¢l41 2024 TotAI 2023 Incame from In￿S1rnents,. d8nd5 and *rteresl Interest ro¢elv8bb and simitaf Incorng,. Gro$s bsnk Internst 15,054 15.054 14.848 7,480 5.540 22,534 20.386 The tolal inweskn*nt income was £22.$3412023- £20,3861 all of whichwa$ unre51rlcted gener¥l. 14 UnNer8ity ol tho Third Ag9 in C•Ththridg• ICIOI Nolos to th• Accounts for tho yoar eDdgd 31 D•com￿l 2024 6 Expendknr• on val¥ln9 lund• Unwtrlcted G•n•ral Dqslonat•d Total 2024 Totsi Teachlng provblon¥ Ac¢ommodab"on- Bridge Street Accornmodation-oth2rcosls Teaching ¢osis Bifd Club expenditure Cullural and SorAal Commmtst txpenditt¥e 84tsnyGroup expendiiwe Swtyal events Mi4cellaneou¥ 147.941 73.404 7.442 147.941 73.404 7.442 11,586 ?2.393 5.905 6.84$ 5,47Z 270.988 196,2Sg 62,645 8,164 8,259 9.299 6.226 4.262 5.445 240.559 11.586 12.393 6.845 5.472 241.104 29,664 The lotFJ expendibjre 4n raisin9 fvnds wa$ £270,988 12023 - E240.5591 ot whKh £241,104 12023- E216.7751 w88 unre51llthd gBnpial aThJ £29.88412023- £23.7841 wa5 de5wnaled. 6 Exp•ndlbJrn on ¢harltabl• *¢iMth• UnreEtrkted Genvrnl Dwlynat•d Total 2Q24 Total 2023 Govemance and ÈUPPtsrt to&1& 191,277 191.277 191.277 191,277 211,(60 211.060 7 ot80￿rnI￿cQ and 8UPPOrtco¥ts UnMsirf¢t•d G*n•T•I Do¥￿￿￿ted rotal 2024 Total offl¢8 58fades Pnntin9. POBiap and staiLb)Ory TelephDntr and IT Depredation Legal and profess￿nal fees A¢¢ouni•n¢y Cleanir 8ank charges 80.390 21.4S1 25.578 44,258 5.851 1.050 80,390 21.451 25,578 44,258 5,851 1.050 7,525 5.174 191.277 74,348 23.818 46.728 45.100 6.012 1.Q50 9.501 4.513 211,(60 5.174 19t27T Thtrlo￿ expandrturo on go¥em8n¢e gUPPttt costs was £191,277 {2023- £211.OSOI all ofwhich w8s un￿trthd gener81. 15 Unfv8rn1ty otth• Thlrd Ag1 in C•mbrldge ICIOI Nots$ to th• Accourbts for th• yoar ended 31 Dacombor 2024 Staff The average numberof5taftern￿QYed durrLg fv yearwas.. Yolal 2024 Total ZDZJ Full On Part bff• Staff costs ￿thded in the firAnL?al 3talem2nl5 are broken down as. Total 2024 Total 2023 Wages and 6aLgde$ Swal ge¢urity ¢08ts Ern￿OYe￿$ pension r4rtritrwty¢*is 75.130 69.457 5.260 80.390 4.891 74.348 No ern￿01*￿5 re￿￿￿￿ ern￿oyee benefrts lexdutsiy emPhyerpen￿0n costs) recd%%d rnore knan £eO,000 in the cuffenl s*ar. TruBt•V and •xp•ns•• TrJ$ltros. nw8nypBrton connec￿d them. hav8 r8C8l¥*d any remU￿rat￿)n fmm tharlfy durfNJ the wr. 10 T•x•¥on The ¢harfty * a rag￿tered Chanty*￿ 8￿Pt rrom taK8Oon. 11 Tan9*Jb• ffix•d •its•ts Furnttur• & E4ulpm•nt Admln 27128 Brfd90 SL Toial At l Jantsary 2024 d￿On& al COBI 9.491 5.132 14.623 9232 205.701 224,424 5,132 229,5 At 31 Oecembor2024 205.701 Depr•¢l&tion At I J•N8ry 2024 chaigo for1￿ year At 31 Decembor2024 7.366 2.716 10.082 8.830 402 123.420 41.140 164.560 139,618 44,258 183.874 9.232 N•t bookvalu At 1 January 2024 At 31 Decomber2024 2.125 4.541 402 82.281 41.141 84,808 45,662 12 Llst•d onv••tn￿nty 2024 2023 U8ted othorshwes 553.016 540.799 16 Llnivèrsity of th• Third Ag• In Cambridgo ICK)) Not08 to Iho Accounts forth8 year8nded 31 D•c8mber 2024 13 Oth•r¢umhi*¢s•ts 2024 202$ Pr6paymert$ 43.147 41.516 14 C**h atb•n* and h•nrf 2024 2023 Main fuThJ." Co-op8ralNe &•nk- main Ctsoperalwe Bank- numLw2 Cambridge coL￿leY B4nk- saMrrfJ¥ Cambridge Bulkllry Society CCLA- COIF charit* dqp0sitfv￿j Designated fund-. Blrd Cknb- weasurer5 accounts ¢uNural and Soual Committqe- malll Cash and stsmpE in hand 21,809 679 11,985 18.550 239,465 68,020 11.460 87,135 78,884 1.087 1.791 4.353 299.739 499 3.344 3.077 252.e96 15 Cr•dl¢orn'. amounts failtn9 dup whhln on•y•ar 2024 2023 J2.941 12.912 1.679 155,1)DS 23.919 8,625 AcLTua Sub$¢r*bonB ￿ advarKe Gifl In advance Prn-pald course f•85 Prow6knn lordilap￿3tr0n Prows￿1￿ bllwd 184.645 28,5n 8.743 47, 261.781 47.360 24$ SOO 17 Univer¥ity of the Third Age in ¢•mbridg• l¢lOI Nots$ to tho Accounts for the year •Ddgd 31 D•¢qrnb&r 2024 18 Futhds Balance at 0110112D24 G•ln81 Bthn¢q at 3111212024 lth¢om• Exp•ndltUf• Unreslri¢ted gereral 686,4TI 427,634 1432,3811 12,217 673.947 D8$ignat8d". Club c￿Ural and Socval Cornwittée Botany GIOLP 49B 12.175 12,759 6.964 31,898 111,58ei 1,087 3,710 1,D59 5,856 3.842 129,8841 Totsi funds 870.319 4S9.532 462,265 12,217 879,803 Balance at G•1 ILoM•sl Balath¢e at 3111W2023 0110112023 In¢om• Exp•hdhr• UrpnbGtrhGtsd 98r*ral 685.941 362.859 1427.6351 45.512 e66,477 D8*naled'. Bird CK Cuhural and SO￿11 Conynittèe Botany Gro 3.085 5,672 9,532 5,708 20,912 18.259) 19.2991 496 518 6,714 123.7841 3.842 Total 692,855 383,771 451,619 45,512 670,379 The designated fwds are made up oflhe Bird Chjb, the Cuttwal and Soual CDmrnittee and 8olany Group whth each r*se money fmrn ttsir respedwe users and relain Ihis in separate bank aGcoullls managed by Ihese dubs lexLluding Botsny Group and some mon*5 reiatsd to thè Cuhural Ind Soual Commitieel. TVLese funds are ￿ pla¢¢ lo grraroe ovènts and W￿$￿$ on bahaw of Iho ch•rtty. accounis of Ihese dubs are kepl Separate and con501ftlaled in the financ4al siaign*rt6. 17 An•tyJls of n•t a#•ts b•tsv•on funds Gg0gvI Dg¥lgnatod Total F￿ed assats Current ass81¥ Currenl lidbilrtL¢5 598.698 940,W8 598.698 342.886 1261.781 679.803 2.878 2.878 18 R•l*d paty trnnM¢Uon• were no rel￿ed pllrbes orTe￿ted party IMnsocbon$ dufing Ihe Year•￿*d 31 De¢emtw2024.