Company registration number- CE015658 Charity registration number- 1180769 Universty of the Third Age in Cambridge (CIO) Annual Report and Financial Statements 31 December 2025 FAIRWAY Tox and Aecounllng
Unlverslty of the Third Age in Cambridgo (CIO) Contents Reference and Administrative Details 1102 strategic Report 3to6 Trustees. Report Statement of Trustees. Responsibilities Independent Examinerf5 Report Statwnent of Financial Adivities 10 Balance Sheet 11 Notes lo the Financial Statements 12to18
Univorslty of the Third Age in Cambridge (CIO) Reference and Admlnlstratlve Dgts11s ¢oun¢ll Members ITru$tsesl Temi ol Offi Philip Siott, Chair Michael Gbbs, Vice-chair K8vin Holmes, Tmasurer Sally Livesey, Secretary Untsl March 2025 Tony Poojey. Secretary From March 2025 Secrnlary from June 2025 John Procter. Direclorof Slud$ (Coursesj Until March 2025 Suzan HoneyfoTd, Dirgclor of Studies (COU@$) Frorn April 2025 Suzan Grfffiths, DKectorof Stud8 (Lecturgsl Nicholas Russell. Direclorof Sluth'es (Le¢tLires) Pati1a Fara Frun March 2025 Jonathan Gill Frn March 2025 lan Hunter Until March 2025 Rachal Melr Jererny Newton Sue Rhodes From Marth 2025 Mark Sanderson Jane Williams Fr¢)m MarG* 202S Principal Office 27-28 Bridge Street Cambridge CB2 1UJ ¢omp•ny Registration Nurnber CE015658 Charfty Regiatration Number 1180769
University of the Third Age in Cambrldge ICIOI Referencè and Admlnistratlve Details Banker• The ClperatIve Bank PLC 1 Balloon Street Manchester M4 4BE C8mbrKlge and Count8 Bank Limited Chamwood Court 5B New Walk Le[Ster LE18TE Uoyds Bank plc 25 G$harn stet London EC2V 7HN The Cambrid9e 8uilding Society 4 St Andrew's Street Cambridge C82 3AX Solicitor8 HCR Hewitson$ 5040 Statn Road Cambridge CB12JH Inve$knent Managers CCLA One Angel Lane London EC4R 3AB Independent Examlner Fasrway Tax and A¢¢ounting Limited 11C Alma Road Snettisharn "ng's Lynn PE31 7NY
Unlverslty of the Thlrd Age in Cambridge (CIO) SlrategiG Report The Trustees, who are directors for the purposes of company law, present their Strategic Report for the year ended 31 Oecernber 2025 in compliance w¢th s414C of the Companies Act 2006. Membership. cours and A¢tlvltlÈs The upward trend in U3AC'$ membership numbers seen over the previous four years ¢ontinued in 2025. By the end of the year we had 2.665 members. up 4.40A on thg corrasponding point in 2024. As in previous years. word of mouth was the principal means by which people become aware of U3AC. However, IhioughoLrt the year we pursued an active and Successful policy of adverb'sing a(x055 various channels, including soc¢al rnedia. We alsu enjoyed a succgssful Open Day al the start of July with a total of 259 people attending. Many of the attendees then went on lo become U3AC members. One of the key drivers attracting new members and keeping existing members is the ability lo offer a large number of diverse course5 and acliwlies. The programme for 202>2026 ¢omprised almost 350 courses and activities across 27 drfferent subjects. The success of U3AC and the ability lo offer such a wide range of high-quality courses are directly attributable lo the contributions of our tutors and course leaders. who commit so much of their time voluntarily. At the Start of thè 2025- 2026 academlc year there were a total of 322 tulorslcourse leaders. This included 39 tutors new lo the organisation to whom we offer a wam w8l¢ome. Unfortunately, there were 49 tutors who decided lo slop running ¢ours8s during 2025. This is a similar number lo prewous years and, as before, people decided to stop for a variety of lusually personall reasons not related directly to U3AC. To those lulorslcourse leadèrs who have left. the Council wishes lo express its sincere thank5 for the wntribution they have mado to U3AC, often over many years. We also wish lo thank Ih(>se tutorslcourse leaders who are continuing lo share their knowledge and expeTien¢e with the rest of the rnembership. In addition to the range of courses on offer, U3AC members ¢onlinu& to be able lo take part in a variety of leisure and social activthes. Duiing 2025 these included a cyding group, a film group, a lunch club. an onvironmental group and inveslrnent clubs. U3AC'5 programTne of weèkly Wgdnesday lectures has been 8 5uwessful feature for many year5 and this continued to be the case in 2025. Over the year a total of 24 lectures took place, using a hybrid fomial whereby people could attend either in person or via Zoorn. As usual. the range ol topic5 covered was highly diverse and induded Life al the end of the Earth, The Art of Laundry. Into the Doughnut and Gliding over the Andes. Typically, each lecture attracted full 8udien¢es attending in person and Zoom audiences ranging from 65 to 100. The Council is very grateful to each lecturer for the lime and effort they cornmitted lo facilitate this important aspect of U3AC's activities. The fortnighdy Norah Boyce Science Lectures continued to be well received during 2025. A total of 12 lecture5 took place. During thè y8ar, Ron Laskey, John Rallison and Lesley Dickinson decided to step down from organising these lectures. We are grateful for the excellent work they have dtsnè over the past eight years. In their place we arè pl&ased to welcome John Ctsok and Jack Price. Together, they have had an immèdiatg and very positive irnpa¢t helping to organise seven lectures during the Autumn torm. U3AC's Curtural and Social Acimties Committee continued to organise a wide variety of visits throughout the year. These included Chariwell, Windsor Caslle, Hatfield House and Bletchley Parf(.
Unlversity of the Third Age in Cambridgo ICIOI Slrateglc Roport For the second year running. we undertook a survey ol membefs who h8d completed their first y¢ar of membership. Some of the key highlights of the survey were.. 92•A of respondenls1202478•hl first lèam8d about U3AC by word of nwjuth 96°A of respondenls1202491.hl said that rnembership had mel or exceeded their expectations 7S% of respondents 1202447%) said that accessing courses was the primary motlvalion for becoming a U3AC membeT 100¢h ol Spondents12024-s6°Al would recommend U3AC membership lo other people 96% of respondents12024-900hl said they plan lo renew their membership Premises and IT Systems Al the start of Novernber. we signed a new 15-year lease on our premises al Brid9e Street which 8150 Includes an option for U3AC to terminate its tenancy after 11 years li.e. in 20361 should it wish to do so. The Council believes the security of tenure al Bridge Street provided by the new lease is 8 key part of U3AC's long term strategy, which Is dIu$$ed more fully below under the section headed The Future. As part of the negots81ions on the new lease, the Bridge Street premises had lo close from June 16th until October 3rd to allow the landlord to undertake building works on the roof and water infrastructure. To ensure we weie able lo ¢ontinue to mgel the neèds of our members, we arranged for the U3AC office team to move to temporary office space for these three months. The cost of this short-teTm relocation was mslly mel by Ihe Bridge Street landlord and $0 did not havè a major impact on U3AC's nel incomè lor thè yaar. However, as a result of the dosure, we were unable to su&let the Bridge Street premises lo Stafford House Language School so Ihgre was som6 consequent loss ol income. Another key development in 2025 whlch has important implications for U3AC's long-lerni strategy was th8 decision to upgrade our adrninislration system. This 5yslem underpins so much of the operational activities of U3AC, bul it 15 about 10 years old and based on a custom build that is no longer supported by the Company that developed it. Consequently, ils shortcomings were becoming increasingly obvious. Following an extensive review ol the options open lo us. includin9 looking at off-Ihe-5helf produc15 that could be ¢tJslomiseil to our nèeds as wèll as the commissioning of a bespoke $yslem, thè Council deaded the best route was lo lake step5 to extend and enhance the life of the current system. This was a more viable, secure and c051-effective approach than purchasing a completely new system. The initial focus has beèn on steps to enhance the system's lunctionality and robustness, including providing increased levels of cybersecurity (see below). Good progress wa5 made in both these area5 in 2025. and further work will tske placè during 2026. This will include consideration of how to refreshlrebuild the U3AC websrte. The irnport8nce ol h8ving strong ¢yberseeurity protocols was highlighted in SeptembeT when our count at our &mail seNce provider, Mailchimp, was compromised. The data held within Mailchirnp is limited lo names and email addre55es and no addrtion81 personal information is stored. We are confident that no mèmbèrs, data was compromised because ol the incident. However, PTompUy upon becoming aware of Ihe incident we asked our database company, Granitè 5, to undertake a forensic review of oui systems. Based on Ihoir raeommèndation, we have made several changès to our systèms to further enhance securty. This is an area that will remain a high priority for the Council going forward.
Unlvorslty of the Thlrd Age in CambTidgo (CIO) Strateglc Report Council Members, Other Volunt•tr8. Office Staff A5 referred to e8rfier. we welcomed five new trustees to the Gouncxl during the year. With this, the Council considers that it now has a full complement of Iruslees with an appropriate mix of skills and experience lo manage all U3AC's aclivilies. in¢ludin9 Its ongoing legallregulalory compliance and the implemenlalion of its long-lgrm strategy. which is discussed mole fully in the section below. The success of U3AC is dependent on Ihosa m&mb8rs who give up so much of their time to support the organisation, be it as tutors. actiirity leaders, working on the ceptIOn desk or helping lo providè catering al events throughout the year. The Council wishes lo express ils thanks to each of you for your contribution5. The Council would also like to expres5 ts heartfell thanks to the entire U3AC office stsff for their tireless work Ihroyghtsul the year. Their support ensures our Courses run smoothly and helps members 9et the very best from their membership. We were sad to say goodbye lo a long serving member of staff who retired 81 the end of 2025, but delighted lo welcome Ih&ir successor Into the learn. The Futur• During 2025 the Council conduded a major rewew of the organisation's lonlem strategy. The aim wa5 to build on U3AC's past success and ensure that il stays w8lkplaced to continue to rneel thè objectives detaId in dau5e 3 of its constitution and referred to above at the stsrt of the Trustees, Report. The Council has derided to adopt 8 '1iving strategy, for the medium to long lem. Pul simply, this means we will ensure we have a dynamic approach lo man89ing U3AC's activities. Such an approach should mean we are better placed to adapt to changes in our operating environment, more easily meèt new cha116ngès thal the organisalion may face and tske advantago of new OppOrtune$ that rnay arise. As part of this limng strategv, the Council intends to pursLè thrae long-term strategic prioribes. These are.. Continued growth in membership. Ini118lly wè plan IOT a largel increase of 2Vr3% p.a. in net rnembership numbèrs. i.e., after considering rnernbers who do not renew their membership. Financial resiliènce. We have consideied what 15 a suitable level of financial resilience given U3AC's size and self-funded structure. where the primary income stream continues lo comè from member subs¢riPtions. For us, as with other organisalions, financial rasilièncè means having capacity to withstand a reasonable level of financial shocks le.g., a sharp drop in membership numbers or a sudden and unèxpected rise in costs) whrle still meeting the organi5alion's aims. This will require us to keep appropriate levels of reserves, have efficient cost controls and continue to have strong goveman¢e. Maintaining 8 lèvel of operational resilience that is right for U3AC's size and structure. This means having suffiuent systems and processes in place that will enable the organis81ion lo respond to potential disruplTrons l¢aused either by exteTnal events or developmfrnls within U3AG) and Continue lo prode a reasonable level of seNce for its members.
Univgrsity Of the Third Age in Cambridge (CIO) Slrateglc Report To ensure we achieve these stratègic priorities, the CouncAI will pursue a range of specific management ath'ons. Each action has a timescale for irnplemenlab'on, a named "owner. and reporting requirements by which the Council wlll regulady che¢k perfomance against goals. Consislenl th a "livlng strategy. the Counryl will amend management actions and the associated goals. if it considers it necessary lo do so in order lo respond lo changes in U3AC's operating environment. The renewal of the lease on Bridge Street referred lo earlier in this report is a kèy factor bn tèm)s ol ensuring that U3AC has the rneans neeéssary to achiève each of the above-mentioned strategic piioritias. Similarly, thè ongoing work to upgrade U3AC's administration syslerns and web511e are important steps in helping to ensure operational resilience and in sUPPOrting the planned growth in rnembership. Finan¢ial Review The accounts for the year ended 31 Dacèmb8r 2025 appear on pages 10 to 18. These show.. A deficit in the movement of funds belofe 98insAts5sÈs on invèstmants of £34,620 12024 £2,733) The d8ficit is the diffèr8nc8 btheen total income of £494,364 12024 £459,532) and total expenditure of £528.98412024 - £462,2651 A decrease of £26,47212024- in¢rease of £12,217) in the value of investments Thè mèmbèrs, subscriptions are the largest source of funding to achieve the charity's objectives PolScy on Reserves With the signing of a new lease, an updated reserves poli¢y will be brought to Council for their approval in 2026. The Council approvèd policy in 2025 Is as follows'.- An adversity ieserve of 3 months, running costs Gf £96.000 A working capital resèrvè of £45,000 lin addition to money kept on deposf(I Cessation reserve of £54,000 A premises re5etve of £300.000 to provide for th8 potanlial fit-out of new premises upon expiry of the existing lease in October 2025 Total re5erve5 £495.CHJO Lowèst figure lo which reserv&s should drop £195,000 The Strategic Report was approved by the TTusl8ès of th8 charity on 19 February 2026 and signed on its bghalf by.. Emaritus Professor Philip Stott Chair
University of the Thlrd Age In Cambridge {ClOI Tru¥tg9s' Report The Trustees. who are also directors of The University of thè Third Age in Cambridge IU3ACI for the purp058s ol the Companiès Act 20C6, present the annual report, together with the financial ststgmanls of the charity for the year ending 31 Decernber 2025. U3AC's Objectives U3AC is a Charitable Incorporated Organisalion ICIOI registered with the Charty Commission, Charity Registration Nurnber 1180769. Under thè tems of its Constitution dated 20 Novèmber 2018. the Charity's principal object is to111 advance the education of those not or no longer in full- time employment through courses of study in a¢ademic and artistic disciplines and 121 proide facilities for leisure lime and re¢realional aclivities, with the object of improving the conditions of life for the abovè persons in interest of their social Wea. U3AC's Constitution allows the organizalion lo raise fund5 and lo undertake a wide range of other activities that 5UPPOrt or are ancillary to its principal object. Public Benefit While exercising theiT powws and duties, the Trustees have complied wlh their obligatson to have due regaid to the guidance on public benefit published by the Charity Commission. They have a150 complied with the requiremen15 of Section 4 of the Charities Act 2011. The Strategic Report sèction below provides examples of the actNities the Charty has carried out for Ihe public benefit, and in a¢eordance with its constitution. in the last year. Manag•ment and Governance U3AC is managed by its Trustee5. who collectilY are referred to as the Council. Trustees are elected by the Annual General Meeting {AGMI for a period of three years, after which time they are eligible for election for a further three years. The Chair is elected by the AGM for one teTm of Ihr8e year5. If a vacan¢y arises among elected trustees. the Council may co-opt a member of the CIO to serve until the next AGM. The minimum number of Counul members is three and the maximum Is fifteen. The Constitution rUirèS U3AC to appoint suitable indiwduals from arnong elected trustees to sèrvè as Designated Officers ol the organization. Currently, in addition to the Chair, these Designated Officers ale Treasuier, Company Secretary, Director of Studies (Courses} and Director of Studiès (Lectures). Since 2024, the Council has also appointed a vIchaIr. The specrfic responsibilitie5 of each role are documented and rewewed regularty. U3AC's Council is responsible for organi5alional policy making and planning, financial decision-making, and the overall operation ol the Charity. Day-to-day operation5 are deleged to team made up of onè fulk*'m6 empbyee, three part-time enployees and a freelance professional bookkeeper. U3AC has a full range of policies and a$so¢iated procedure5. all of whi¢h are reviewed regularly lo ensure the organisation acts in compliance with relevant law and follows good practsce. The Council mee15 al least every two months and an AGM of the memberg of the CIO Is held usually in March. At the meeting on 26 March 2025 five new Iruslees were elected to the Council, bringing the total number of elected trustees up to fourteen. The annual report was approved by thè Trustees of the charity on 19 February 2026 and signed on ils behalf by.. Emeritu5 Professor Philrp Stott Chair
Unlverslty of the Thlrd Age in Cambridge (CIOI Statement of Trustees, Responsibilities The Trustees {who are a150 the directors of the Universrty of the Third Age in Cambnd9e ICIOI for the purposes of company lawl are responsible for preparing the Trustees. report and the financial stalernenls in accordance with the United Kingdom A¢counting Standards (United Kingdom Generalty Accepted Accounting PTactice} and applicable law and regulations. Company law require$ the Trustees to pr8paTe financial stalemgnts 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 slate of affairs of the charitable company and of ts incoming resources and appIallOn of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select surtable a¢counting policies and then apply them consistently, observe the methS and principles in the Charities SORP., make judgements and eslimales that are rgasonable and prudent., slate whether applicable UK Accounting Standards have been follow, subject to any material departures disclosed and explained in the financial statements.. and prepare the financtal statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Trustees ar8 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 chari(able company and hence taking reasonable steps for the prevention and detection of fraud and other IrTegularilies. Approved by the Trustees of the Charty on 19 February 2026 and signed on ils behalf by.. Emeritus Professor Philip Stdt Chair
University of the Third Age in Cambridge (CIO) Independent Examine9 Report to the Trustees of University of the Thlrd Age In Cambridge {ClO) I report on the a¢untS of the chaTty for the year ended 31 December 2025 which are sel out on pages 10t0 18. Rospectlv¢ re$ponsibllltles of TrUStS and examiner The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under sectyon 144121 of the Char(ties Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified lo undertake the examinab.on by being a qualifi&d member of the Association of Chartered Certified A¢¢ounlants. Having satisfied mysall that the charrty is not subject to audit under company law and is eligible for independent examin*ion. il is my responsibility lo.. examine the accounts under section 145 of the 2011 A¢t,' to follow the procedures laid down in the gener81 Directions given by the Charity Commission under section 145{5jlbl of the 2011 Act., and lo state whèther parbcular matters have come to my attention. Basis of independent examlner's report My examination was carried out in accordance Nmlh the general Directions given by the Charty Commission. An examination indudes a review of the accounting records kept by the charity and a comparison of the accounts presented wlh those records. 11 also includes consideratit)n of any unusual items or di3c105ures 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 'lrue and fair vie%V and the report is limited Ic• those matters set out in the statement below. Independent 9xamIneS statement In connecbon wlh my examination, no matter has come lo my attention.. 111 vthich gives me reasonable cause lo believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006.. and lo prepare accounts vknich accord wlh the accounting Tecord5 and compty wth the accounting requirements of section 396 of the Companies Act 2006 and with the melhodg and prinaples of the Statement of Recommended Practicg.. AOUntIng and Reporting ty Charities have not been met., or 121 to which, in my oplnlon, attenllon should be diawn in order to enable a proper understsnding of the accounts lo be reached. Gary Eves FCCA Association of Chartered Certified Accountants Faitwdy Tax and Accounting Limited Chartered Certified Accountants 11 C Alma Road King's Lynn PE317NY 19 February 2026
University ofthe Third Age In Cambridge (CIO) Statement of Financial Activities for the year ended 31 December 2025 Notes Unrestrl¢tod funds General D•$lgnated Totsl 2025 Total 2024 Income and Endowmonts from: Donations and legacies Charitsble trading income Investment in¢ome 78,087 7,666 24,187 78,087 392,090 24,187 BS,302 351,696 22,534 24.424 Total income 489,940 24,424 494,364 459,532 Exponditur¢ on: osls of generating fvnds Teaching costs 1269,2521 122,312) I291,4> 1270,988) Charitable aclNili8s Charitable aclivilie5 1237,420 1237,4201 £191,277) Total expenditure IS06,8721 122,3121 {528,9841 {462,2651 Gainsll105sesl on listed investment assets sale Gainslllosse$l on listed investment assets valuationS 126,4721 126,4721 12,217 Net movement in funds -(63,204 2.112 .161,0921 9,484 Roconciliation of funds Total funds brought forward 673,947 5,856 679,803 670,319 Transfers between fvnd$ 609 {6091 Total funds carri¢d fotvArd 611 352 7,359 618.711 679,803 All of the charitys activities derive from ¢ontinuing operations. 10
Universlty of the Thlrd Age In Cambridge ICIOI Company rogistration number- CE015658 Balance Shoot as at 31 December 2025 Notes 2025 2024 Flxed assets Tangible assets Listed investments 86,286 526.544 592.830 45,682 553,016 598,698 12 Current assets Other current assets Cash at bank and in hand 13 14 46.888 247.534 294,402 43,147 299,739 342,886 Creditors,. amounts falllng due within one year 15 1268,521} (261,7811 Net current a$sots 25,881 81,105 Total assets less current 618,711 679.803 Not assets 618,711 679,803 Funds of the charlty: Unrestricted funds General Designated 16 611,352 7,359 673,947 5,856 Total funds 618,711 679,803 For the financial year ending 31 December 2025 the Charity was enlilèd to exemption from audit und8r section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. The members have not required the charty lo obtain an audit of its accounts for the year in question in accordance with seth'on 476-, and Thg directors acknovAedge their responsibilities for mPlyIng With the requirernents of the Act wth respect lo accounting records and the preparation Df the accounts. These accoun15 have been preparod in accordance with the provisions applicable lo companies SLtbje lo the small companies regime. The financial statements on pages 10 10 18 were approved by the Trustees, and authorised for is$ug on 19 February 2026 and signed on their behalf by.. Emeritus Professor Philip Slott Chair Kevin Holmes Treasurer
Unlverslty of the Third Age In Cambridg• ICIOI Notes to the Accounts for the year erlded 31 09Mber 202S 1 Accountlng policles Summary of Sign¢an1 accountlng polkles and kty a¢tountlng estlmatss The principal accountin9 poliCS aPpld in the preparglion of these financial Statements are sat out ts81. Th•se li¢$ have bean con8f&tendy aPpld to al the years PTesenied. unless otherwse stated. Statgmènt of compllanco The financial statement$ have been prepared in 8ccordanca wth Acceuntiny Reporting by Charit$." Statement of Recomrnended Pra¢lit£ 8pphCab lo charilyds preparing their accounts in accordance wrth Financial Reporting Standard applKabJe in the UK and Républic of Ireland IFRS 102118ffective 1 January 20151- (Charities SORP IFRS 10211 and the Companie5 Act 2006. Bas16 ot preparatlon Unwersty of tha Third Age in Carnbittlge ICIOI mee15 Ihe thfinthon of a p11¢ b8nefil entity under FRS 102. Assets and liab1lits are inrttally recognised 35 hi5torral cost or IransaGtian value unless olherwse staled in the relevant acGvunliw policy nolg¥. Exernptlon from pr8parfng a cash Ilow statement The charity opted 10 early adopi èulletin 1 publi8hed on 2 Febwary 2D18 and have trfore not Included a cash now statemenl in IhBse financlal statement8. Golng concern The Trustees consvjer thai I1e are no mater1 uncertaInt$ about the char5 abilty to Gonlinue as a 9tsin9 concern rYJr any spJnrfKanl area5 of uncertainty that affect the carrwng value of assets hehg by the charty. Income and endowmonts Volunlary income ti)claIn9 donation5. gifts, legac5 and grants Ihat provKle core funding or are of a general nalure is re¢oynised %hen Ih? charity has entillemenl lo the inGome. rt is probabl8 that the income will received and the amount can measured wlh suifiuenl reliathl'ty. Oon8tiOJS 8ndlegacl8s Donations and legac8 are recogni5ed on a recewabk basis when receipt is Probab and the amount can be relkqb asured. Investrnent Income Interest on fund$ héld on deposrt indud8d when recvab and the #mount ¢an be measured relkqbty ty the charty., Ihis is norrnalty upon nolificatn of the inieresl paid or payable by the bank. DivKlend$ are recognised once the dividend h95 been de¢lared and notifLcalion has b8en roceived of Ihe di¥ideTKI due. Subscrfptlon5 andglftald Subscription5 recewed in the p8riod Juty to December are splrt proportiona b8N¥een the cutrent and $vb$equent nnanaal year5, Wrth 6 months treated ¥$ re¢ewed in the cuffenl yaar and 6 months in the next. The 5arne procédurè apples lo gift aid received. Exp8nd6turo All expenditure L8 recognised once lhe is a gaI or Gon$ttu¢tNe oblwJalion to that eXnrture, it is probgble sèttlement is required and the amount can be measured reliably. Al costs are allocated lo the applKable expenditure IEatling that aggregate similar costs lo that category. Where costs ¢annol be directty attributed lo particular heading5 they have been allocated on a basis consis16nl with the use of re50urce5. With onlral 51aff costs alkJcated on the ba515 of lime $peni. and depreaation charges aNocated on the portKin ol the asset's use. Other support costs are allocated based on the spread of $laff costs. Ch*lt8ble8cllvltles charitab expenditure ccrnpri5es those costs inGurred by the charty in the d81wery of ils activitS and servres for rts beneficiar$. 11 Indudes both costs Ihal can be direGtty alk)¢aled to such actNrtk and thoBO Costs of an indrect natur necessary lo support them. 12
Unlversity of the Third Age in Cambridge ICIO} Notes to the Accounts for the year ended 31 December 2025 Govovnanco costs These inrjude the costs attributab lo the charitys comnCe with constitutional and $talutory iequirwnls, including aydil, $trat¢9ic monogement and Truslee8' meetings and reimbursed exp8n50S. Taxatlon The charity is ronsidered to pass the te$l$ set out in Paragraph I Schedule 6 of the Finante Act 2010 arnl th&refor&11 meets the definition of a charilabk company for UK corporation lax purp058s. Accordiroty, the rharity 1$ potential 8xempt from taxaln in respect of in¢ome or ¢apllal gain$ recenied within categories covered by Chapter 3 Part 11 of the Cowration Tax Acl 2010 or Secth)n 256 of Ihe Taxation of Chargeable Gains Act 1992. to the eent that $u¢h income or gain5 are appld exdu5wely to charitable purposes. Tanglble Thxed as88t8 Individual fix8d assets costing £100.00 or more are inilkqlly re¢orded at ca$1, 18ss any subsequ8nt accumulat• depreciation and subsequent accumulated impalmnI bsses. Depreciation and amorusatlo Depreciation Is provided on tangib ftted assets se as lo wrle off Ih? c05t or valuation. $$ any eslimaled residual Value. over their expe¢ted usel e¢onomic life as folknws.. Furniture and equipment Adrninislrative $y5tern Aheralions 27128 8rKlge Street 33. slrai9hl line Strayhl line over 11 years VOStmer InvestrntS cornpe inveslments in equrty inslrum8nts which are measured al fair Value. chare5 in falr v¥lue a recognksed in or1055. Cash and cash 04ufv41gnts Cash and cash equwalenls comprise ¢a$h on hand arnl ill deposlls, and other short-term hwhly IKIUKI inveStrnlS Ihal are readity convertiNe lo a kno1 amount of cash and are subject to an insignificanl risk of change in value. Fund structure UnreStrted irKome funds are general lunds that arn availabb for use at the Tiu5tees' dis¢reiion in furtheran¢e of thè objectives ef the ¢harily. Financial instwmer Classlflcallon Financial assets and finanual liabiithe$ #re re¢ognised the charity bacomes a party lo the contraGtual provi$i(m$ of the insliumenl. Financial liabilityas and equity instrumen15 are ¢la$s[rd accofdhg te the substance of the contractual 3rrangtmÈTrts entered Into. An equty instrument 15 any contract Ihal evidences a residual interest in tho assets of the charity after deducting all of its likni18s. Reeagnltlon and measurement All financial a$sei$ and Ilabilit$ ara inthalty measured al transaction prKg linGludir¥J Iransactlon costs), except for Ihose finariGial assets classrfd as al fair value through profil or1055, whith are inlllally measured at fair value IwhKh 15 norynalty the Iran$adion pricé excluding transactn costs), unless the arrangement constitutes a finanrj transaction. If an arrangemenl constitutes a financiThJ transaction, the finanaal asset or finanual liabilty is measured at the present value olthe future payments disceunled al a mathel rate of interest for a $imilar debt instrument. Financial a81$ and liahililKg5 are off5el in the $talemént of financlal posllion ¥then only when there exisLs a gamy enforceabte ri9ht lo set off the recogned amoun1$ and V)e ¢hanty mtend¥ ether to settkry on a net ba$L%, Of to realise the asset and s8ffle the liability simuttaneou5ty. Financial assets are derecognised when and onty when al Ihe contraGlual righls ltr th8 cash flowd flcffi the financkql Isset expirt or are $ettled. bl lh8 charity transfers lo another paty 5ub5tsnlialty all of th& risks and iewards of ownership of Ihe finan¢rdl a$$el. or cl the charity, despite hayiw retald $ome, but not 1, synrfKant risks and rewards of Ow[shIp. ha$ tran$ferred conlrol ofthe asset lo anolhor party. Financial li8bilitBs are derecogni58d onty when Il oblvJati¢n specified in the conlract is discharFd. Gan¢elled or expiras. 13
Unlversity of the Thlrd Ag• In Cambrldgè ICIOI Note3 to the A¢¢ourtts for the year ended 31 D¥¢¢ml 2025 thvesknvnts Investments in nOn-conVertb prefeTEnR Sha$ and nonwuttob tsrdinary or praference 5h8res (WIre $haTOS aro publicty traded or their fair value is reliabfy mea$ura)kl are mea$ufed al fair vakne thrOh profrt or1055. Where fai¥ value cannot b8 measured reliabty. investments gre measured al ¢ost le$$ impalmient. Invesiments In 8ubskliorfo$ and associates are measured at cost kns impamieni. F¢r inve$tm8nts in subsidiaTi88 8cquir for consideTalion includiw the issue of shares qualrfyin9 for rger rellef. M$t L8 m8a$ured by reference 10 th& nominal value of the shares issued plus fair value of olher con5Kleration. Any premium 1$ ¥Jnored. Falr value me3sureffl¢nt The b8sl evidence of fair value B a quoled prire foT an idEnlical assel in an active market. When quoted prire3 are unavaiLqble. the price of a recent transaGtion for an Klenlical asset prO¥eS evidence of fair value as a5 there has not been a SjnlC8nt change in economic cir¢umsian¢e$ or a $ionrfi¢anl k2pse of time since the traTh8aclion place. Ir the market is nol active and recent Iran5action5 Of an EntiCal assel gn their th¥n are not a good estimate of fair valug. the fwrvalu8 i8 estimated by using a valuat teGhniiue. 2 Incom• from donations and legacle8 Unrestrfcted General Do5ignated Totsl 2025 Total 2024 Donat$ antl kgades". Oonations Gro$$ ¢(>venanted and g.rft a" 11,044 87,043 11,044 67.043 78.087 29,833 $5,469 85,302 The tolal Inco from donal10 and k9#¢$ was £78,OB712024- £85,302) au of which was unre5triied general. 3 Charttable tradln9 income Unre8td¢ted General DeBlgnat8d Total 2025 2024 Subscriptions Enrolmenl fee5 Cla551teaching fees Chargeslspecli5t lurtKin Special evenl$ Bird Club income Cuhural and SoGial Committee inGorne Botany Group income Mk8celL8neou8 nc. premrJes hire 326,477 1.975 14,969 1,757 16,894 326.477 1.975 14.969 1,757 16.894 952 17,743 4,406 6,917 392.090 272.608 2.243 15.095 1.120 6.335 12.175 12.759 952 17,743 4,406 1.323 24,424 5.594 367,666 22,397 351.696 The total inceme from ch8rdabSa xtfvilies was £392.09012024. £351.6961, of wh1¢h £367,66612024- £319,7981 was unrestrfcled general and £24.424 12024- £31.8981 wa5 designated. 4 Imf¢5tmont In¢om Unrestrlet General Designated rotal 2025 Total 2024 IncoTh from inveslmenls., Dfvklends and Interest Inl8re5t recenffab and sinilar in¢ome." Gr05s bank inteffjst 15,460 15.460 15,054 8,727 8.727 7,480 24,187 24.187 22,534 The total investment incom?wa5 £24,18712024- £22.5341 all of which %¥0$ wreslnctsd general. 14
Unlverslty of the Thlrd Age In Cambridy ICIOI Notes to the Accounts lor the year •nded 31 December 2025 S Exp8ndlture on ralslng funds Unrestdcted Gerttrnl D¢signot¢d Total 2025 Totsl 2024 T¢a¢hing provislons A¢¢ommodalion- Bridge Slreot AGGommodalion- other costs Te¥hing costs Bird Club expendttu Cullural and Social Committee eXnditure Botsny GrDUP expenditure Special events MLscellanetsus 162.395 72.418 8,137 162,395 72,418 8,137 750 14.723 6,125 16,429 10.587 291,564 147.941 73,404 7.442 11,586 12.393 5,905 6,845 5.472 270,988 750 14.723 6.125 18,429 9,873 269.252 714 Th8 total expendrtuwe on ra19 fund$ wos £291,564 12024 - £270,988) of whith £269.252 12024 - £241,104) wa& unieslricted general and £22.31212024- £29,884) was dasignalad. e Expendituro on charitable activltlvs Unrestricted G8n8ral Oesl9natod Totol 2025 2024 Governance and 5UPWrt C0515 237,420 237,420 237,420 237,420 191,277 191,277 7 Anatysl$ ol #oveman and support ¢08ts Vnrestrfct•d Gen8ral D•sign•d Total 2025 Total 2024 Office SOr*S Printing, postage and 8talh)nery Tehone and IT DÈpreciabon Legal and professlonal fees A¢¢¢untan¢y Can1Th9 Bank charges 86,913 25.490 39,497 57.718 14.944 1.1D4 5.937 5.817 86,913 25.490 39,497 57.71B 14,944 1.1Q4 5,937 5,817 237,420 80,390 21.451 25.578 44.258 5.851 1.050 7.525 5.174 191,277 The total expenditure on governance and support costs was £237,42012024. £191.2771 au of which wa8 unrestricted general. 15
University ot the Thlrd Ag• In Caml)rldge ICIOI No18$ to the Accounts for the year ended 31 O•eambor 2025 Staff ¢osts The average ol staffempY8d during tha yearwas.. Total 2026 Total 2024 Full lime Part lime Staff costs included in Ihe finarKi315talernenl$ are broken as. Total 2025 Total 2024 Wages and salarv38 Soaal $8cunty costs Employe¢$ pension cenlnbutions 80,877 375 5,fj61 86,913 75,130 5,260 8Q,390 No employee5 receiving empbyee benefrts lexdL*1ing employer nSIon Gostsl rec•iv¥J more than £80.LX)0 ln the ¢ent year. 9 Trust805 remunera0 and expensos No Trusle8s, nor any person connected wilh them. have reGewed any omuneralion from the charty during the year. 10 Taxatio The cmarty a regkslered ¢harty artl 1$ therefo exempt tr¢m tsxatjn. 11 TanglbFe Ilxed a¥sots Alieratlon8 27128 Brldge St. FmItUr8 & Èquipmènt Arfmln System Total Cost At 1 January 2025 Additions al cost 14.623 6,452 21.07S 9,232 40.782 $0,014 205,701 31,088 229.556 78.322 307 878 At 31 December 2025 D8preclatlorb Al 1 January 2025 Charge forthe year Al 31 December 2025 10.082 3.557 13.639 9,232 10.195 19.427 164,560 43.966 208,526 183.874 57,718 241,592 N•t bookval Al 1 January 2025 At 31 0&embtrr 2025 4.541 7.436 41.141 28,263 45,682 66,286 30.587 12 Llstad In¥èstm•nts 2025 2024 Listed olh8rshare$ 526.544 553.016
Unlverslty of the Thlrd Age In Cambrldge ICIOI Notès to the Accounts for tho yr ènded 31 December 2025 13 Other curront as80ts 202S 2024 PpayMen1$ 46,868 43,147 14 Qsh ot bank and In hand 2025 2024 Main fund". CwperaiDie Bank- main C(wperalDie Bank- number 2 Cambridgè and Counties Bank. savings Cambridue Buikliny Sotiety CCLA- COIF charitE5 depo$il fund De5vJTTraled fund. Bird Club- treqsurer$ a¢¢ount$ Cumural and SO¢1 Commlttee- maln Cash and 5tarnps in hand 35,758 1.948 12.461 18.962 172.756 21.809 679 11.965 18.550 239,485 1.285 1,087 1,791 4,353 299,739 3.228 247,$34 15 Cfedkor5- amounts falllng duo wlthln ono yvar 2025 2024 Other creditors AcGruaKs Subscriptions in advant> Gift aKI in ad¥aD¢e Pre-pa ¢OUTse fee$ Provi$ion for dilapidation Provi$ion bifwd 28,037 1.213 159,722 24,579 9,610 12,941 1,519 164,645 26.573 8,743 47,360 268 521 47,360 261.781 17
Unlverslty of thè Thlrd Age In Cambrldge ICIOI Nots¥ to the A¢¢ounts for the year ended 31 Dècember 2025 16 Funds Baianco at 0110112025 Balènce at 3111212025 InG¢)m• Expandlture T5fr$ Unrestricted general 673,947 469,940 1533.1441 611.352 08signaled.. 8ird Club Cultural and Social Comrnittee Botany Group Olher Small One Off Events 1.087 3.710 1.059 952 17.743 4,406 1,323 24,424 17501 114.7231 16.1251 17141 122.3121 1,289 6.730 16601 16091 18091 7.359 Total funds 679.803 494,364 818711 BalaDGe at alance at 3111212024 0110112024 Incom• Expendtturo Transf•rs Unrestricted pner81 666.477 427,634 1420.1641 673,947 Oe5ignated" eird Club ural and Soaal Committee Botsny Group 498 12,175 12,759 111,5e61 112.3931 15.9051 129,8841 1,087 3,710 1,059 5,856 3,842 31.898 Total futKIs 67Q 319 459.532 450.J48 679,803 The designated fund5 are madé w of the Bird Club. the Cultural and So¢ial committee, 8olany Group and Olhei Sm1 one off evenl$ which each Mse money from their respective u5et5 and reta this separate bank account$ managèj by these club5 le¥¢lutlirvJ Botany Group, other Small one off eveD15 and sM)e Mon1 related lo the CuRural and Social Commitleel. These funds are in p&ce to arrange events and vi5it5 on ihaW of th8 charty. The arLounts or these dubs are kept separate and consolhJat8d in the financial slalements. 17 Anaty818 of net assets botsYo¢n lunds Unr¢strlctèd Gonèral D6slgnat8d Total Fixed assets uttenl assets Curnl liabilities 592,830 287,043 L268:5211 611352 592,830 294,402 1268.5211 618.711 7,359 7.359 18 Rolated paty transactfio Thgréwere no relaied parties er related party transact0$ during the ar ended 31 Decemter 2025. 18