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2025-08-31-accounts

TRUSTEES’ ANNUAL REPORT

AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Registered charity No. 288434

Company No. 01752272

Page 1

U3A IN LONDON

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS Pages
Charity and company information 3
Trustees’ annual report 4 - 7
Objectives and activities 4
Public benefit 4
Achievements and performance 4
Financial review 5
Structure, governance and management 6
Future developments 7
Independent auditors’ report 8 - 10
Financial statements 11 - 20
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 20

Page 2

U3A IN LONDON

CHARITY AND COMPANY INFORMATION

Executive Committee Officers Richard Arthur (Chairman)
(Trustees and directors) Gill Korgaonkar (Vice chairman)
Anthony Sober (Treasurer)
Other members
Stephen Barry
Rob Heaton
* Hazelanne Lewis
Eugene Moshan
Richard Sisson (Assistant treasurer)
Graham Smith
Barbara Stevens
Maureen Tilford
* = co-opted member
Company Secretary Mushtak Macci
Registered charity number 288434
Company number 01752272
Registered in England
Registered office Old Town Hall
213 Haverstock Hill
London NW3 4QP
Independent auditors Knox Cropper LLP
Chartered Accountants
65 Leadenhall Street
London EC3A 2AD
Solicitors Bates Wells & Braithwaite London LLP
10 Queen Street Place
London EC4R 1BE
Bankers CAF Bank Ltd
25 Kings Hill Avenue
West Malling ME19 4JQ

Page 3

U3A IN LONDON

Registered charity number: 288434 Company number: 01752272 - registered in England

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Executive Committee of U3A in London (which is referred to below as ‘the charity’ or ‘the company’) presents its annual report for the year ended 31 August 2025. This report includes the directors' report required by company law.

Administrative details of the charity, its Executive Committee and its advisers are given on page 3.

Objective and activities

The charity’s stated objective is to advance the education of the public, and in particular older men and women, in the Greater London area.

The charity seeks to achieve this objective by the provision of study groups and leisure activities.

The annual membership subscription entitles members to attend all study groups and Monday talks without further charge. Members participating in other activities pay a charge to help defray the costs.

U3A in London is a member of The Third Age Trust, which is the co-ordinating body for U3As throughout the United Kingdom.

‘U3A’ is an acronym for ‘University of the Third Age’. A U3A is not a university in the current sense of a body which awards degrees but in the original sense of a community of people both engaged in learning and learning from each other. It offers no certificates or degrees and its members study for the pleasure of learning. The leaders of study groups are called co-ordinators, rather than teachers or lecturers, because learning is seen as a co-operative process.

U3A in London has no employees and all its activities ─the leading of study groups and the administration of the study groups, other activities and the charity itself ─are carried out by members (including the trustees) on a voluntary basis.

Reasonable steps are taken to meet the needs of members who are or become disabled: the premises from which the charity operates has disabled access and, where needed, personal carers can, without charge, accompany members participating in study groups. The charity has established a policy for the protection of members who may be regarded as physically or mentally vulnerable, while attending activities both on the charity’s premises and outside them.

While the charity’s stated objective refers, in particular, to older men and women and to the Greater London area, there is no age limit in practice nor restriction by area. However, the charity does not take active steps to recruit members living in areas primarily served by other U3As.

A substantially reduced subscription is available for members in receipt of welfare benefits.

Achievements and performance

Membership

During the summer term 2025 (and before members were invited to renew their subscriptions for the following year) 1575 members were registered ─158 more than in the previous year. They included 415 (2023/24: 440) who had joined within the previous 12 months.

Recruitment of new members is primarily by word of mouth, through the charity's website and having a presence at local community events such as the Hampstead Summer Fair.

Study groups

In the year under review the charity arranged study groups on subjects that included history, science, languages, literature, art, music, physical fitness and bridge. We currently provide over 150 different classes. Most of the study groups were provided weekly for three academic terms, from September to July. Talks were given on each Monday of term by outside speakers on topics of general interest, and additional talks were provided by members and outside speakers during the summer vacation.

Many lectures are now being given by Zoom as well as in person.

Other benefits for members

During the summer vacation, some lectures were arranged on most days, via Zoom.

Public benefit

The Executive Committee has given careful consideration to the Charity Commission’s guidance on public benefit. Membership of the charity is open to all, without regard to age, colour, race, ethnicity, religion, gender, sexual orientation or disability.

By enabling its members to meet together, the charity helps to mitigate the danger of social isolation for older people, and this benefit has been continued by the creation of Zoom chat groups.

Page 4

Changes during the year

During the year to 31 August 2023 we celebrated our 40th anniversary by reducing our annual subscription to £40 per member. In the ensuing years we continued to subsidise the subscription, which for the year to 31 August 2025 was £50. Our total regular income is below our running costs with the shortfall met from legacies received and our reserves.

During the year to 31 August 2025 we have continued our weekly email Update, which was introduced during the period of Covid, so that members can keep up to date with changes to our class timetables and other administrative matters.

Income and expenditure

Income was £88,000 less than in the previous year. This was mainly because we received less in legacies from deceased members totalling £1,000 (2023/24: £99,000).

The charity’s principal source of recurring income is subscriptions from members, supplemented by income tax recovered under Gift Aid. In 2024/25 this income increased by £13,000 compared with the previous year.

In order to provide study groups and to administer them and its other activities, the charity incurs substantial rent and similar accommodation and other costs. Expenditure during 2024/25 was £5,000 more than in the previous year.

Accommodation

Balance sheet

The charity occupies rooms at the Old Town Hall in Haverstock Hill, London NW3. Rooms are leased until 30 June 2040 currently at an annual rent of £151,000 plus VAT if appropriate (with a quinquennial review). This gives U3A security of tenure for a further 20 years from 30 June 2020.

At 31 August 2025, the charity's total assets exceeded its liabilities by £2,271,000 (2024: £2,396,000).

The balance sheet on page 12 and the notes on pages 17 to 20 provide details of the assets and liabilities.

During the year to 31 August 2025 there was £1,000 of capital expenditure.

Financial review Income and expenditure

Our investments, which are all with CCLA, an investment house which acts exclusively for charities and local authorities, decreased in value during the year by £76,000 (2023/24 increase of £161,000).

Debtors and prepayments increased by £4,000.

Summary

Income
Expenditure
Net income
Investment gains
Net income		 2024
/25
£000
157
205
(49)
(76)
(125)		 2023
/24
£000
245
200
45
161
206

As a result of the foregoing, at the end of the year the charity's balances of cash at bank and in hand amounted in total to £233,000 (2024: £282,000). A statement of the cash flows for the year is given on page 13.

Details are given on page 11 and in the notes on pages 14 to 20

Page 5

Reserves and reserves policy

Details of the charity’s funds (its reserves) are provided in note 16 on page 19.

There are no restricted funds.

The charity's policy is to set aside as a designated fund the reserves needed to help secure the charity's needs for accommodation in future years, to cover unforeseen circumstances and to provide income to supplement the charity's membership income and thus help cover the charity's running costs without relying on legacies and exceptional donations, the incidence of which is always uncertain: without significant amounts of investment income, subscription rates would have to be increased substantially.

The balance of the designated funds at 31 August 2025 totalled £1,450,000 (2024: £1,450,000).

The remaining £821,000 (2024: £946,000) of the funds of the charity is regarded by the Executive Committee as a free reserve.

Investment policy

The charity's policy is to invest monies not required in the short term for the charity's operations in common investment funds established in accordance with the Charities Act 2011. Investments have previously been made in both fixed-interest and equity-based units in order to balance the risks of fluctuations in the market value of investments against the need for a higher income than would be available from bank deposits.

Structure, governance and management

U3A in London was incorporated on 12 September 1983 as a company limited by guarantee. It is a registered charity.

As a company, it is governed by its Articles of Association and in accordance with the Companies Act 2006; the former are as amended by a special resolution of the members of the company on 23 March 2015.

Management and trustees

The Executive Committee of the charity is responsible for determining the policy of the charity and for making major decisions regarding its operations.

The trustees receive no remuneration and pay subscriptions and for events on the same basis as all other members.

Day to day responsibility for the operations of the charity rests with its officers, three of whom (the chairman, vicechairman and treasurer) are elected by the trustees from among the members of the Executive Committee immediately after each year’s annual general meeting. A fourth officer may be so elected at any time.

A number of trustees are made responsible for individual activities, and report to the chairman and to the meetings of the Executive Committee.

Appointment of trustees

The appointment of trustees is governed by the company’s Articles of Association. All trustees must be members of the company. Up to twelve trustees are elected by the members of the company at each year’s annual general meeting for a term of one year. If an elected trustee has served for four years in succession, he or she is not eligible for re-election for a period of two years. If there is a casual vacancy among the elected trustees, it is filled by the unsuccesful candidate who received the next highest number of votes at the previous annual general meeting.

The elected trustees may co-opt up to six additional trustees, together with another one or two if the number of elected trustees falls below twelve or eleven respectively. All co-opted trustees serve until the conclusion of the next year’s annual general meeting.

Serving trustees

The names of the trustees at the date of this report are listed on page 3. All served throughout the year under review except for Rob Heaton, Jane Fawcett, Eugene Moshan and Graham Smith who were elected at the AGM on 31 March 2025.

Gail Levy resigned on 11 October 2024. Marie-Ange King, Sue Kwok, Shafeeq Siddiqui and Peggy Wylie resigned as trustees at the AGM on 31 March 2025. Jane Fawcett resigned on 23 September 2025

The members of the Executive Committee are the trustees of the charity for the purposes of charity law. They are also the directors of the company for the purposes of company law.

Page 6

Recruitment and training of trustees

In order to recruit new trustees, requests for members to come forward are made in newsletters, at annual general meetings and by approaching members who are active in the charity’s activities. All the members of the charity are formally invited each year to nominate candidates for election as trustees at the annual general meeting.

Potential trustees are called on to complete a questionnaire to establish their suitability to hold office having regard to the requirements of H M Revenue and Customs and the Charity Commission.

Newly elected or co-opted trustees are provided with the Charity Commission's published guidance on trustees’ responsibilities, and with further information at their request.

Additional training for the trustees is provided when it appears necessary.

• state whether applicable accounting standards have been followed ─ subject to any material departures that are disclosed and explained in the financial statements; and

Auditors

The trustees confirm that they have made appropriate enquiries to determine all the relevant audit information and have made available all the information and explanations that the auditors required for the purposes of their audit. They are not aware of any relevant audit information of which the auditors are unaware.

A resolution will be proposed at the annual general meeting that Knox Cropper LLP be re-appointed as independent auditors.

Future developments

Financial controls

The Executive Committee is responsible for keeping proper accounting records which disclose the financial position of the charity with reasonable accuracy at any time and which enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Appropriate internal control procedures continue to be in place to these ends.

Trustees' responsibilities

The Executive Committee have continued to provide some classes over the internet. Membership numbers are returning to pre-Covid levels.

■ Our lease provided for a rental increase in June 2025 and the level of future subscription will have to take this into account. In the light of substantial legacies received in recent years the Executive Committee is hopeful of continuing to subsidise the annual subscription in future years, but the decisions on this will be taken on a year-by-year basis.

■ The number of members at 31 December 2025 was 1407 of whom 427 were new members. (The corresponding figure a year earlier was 1,395 of whom 438 were new members.)

The Executive Committee is required to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for the year.

The charity makes up its financial statements up to 31 August in each year.

In preparing the financial statements, the Executive Committee must:

This report was approved by the Executive Committee on 30 January 2026 and signed on its behalf by:

Mushtak Macci

(Secretary)

Page 7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF U3A IN LONDON

Opinion

We have audited the financial statements of U3A in London (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF U3A IN LONDON (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF U3A IN LONDON (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shoaib Arshad (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD

Date: ..... 30 January 2026 ..........

Page 10

U3A IN LONDON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 (including income and expenditure account)

Note
Income
Membership income
2
Donations and legacies
3
Investment income
4
Charitable activities
5
Total
Expenditure
Raising funds
6
Charitable activities
Study groups
7
Events and sundry income
8
Total
9
Net gains/(losses) on investments:
Realised
Unrealised
Net income for the year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
2025
funds
funds
Total
£000
£000
£000
87
-
87
2
-
2
68
-
68
157
-
157
-
-
-
157
-
157
8
-
8
195
-
195
3
-
3
198
-
198
206
-
206
(49)
-
(49)
-
-
-
(76)
-
(76)
(125)
-
(125)
2,396
-
2,396
2,271
-
2,271		 2024
Total
£000
74
104
67
245
-
245
8
192
-
192
200
45
-
161
206
2,190
2,396

All amounts recorded comprise unrestricted funds

The notes on pages 14 to 20 form part of these financial statements.

Page 11

U3A IN LONDON

BALANCE SHEET AT 31 AUGUST 2025

Note
Fixed assets
Tangible fixed assets
10
Investments
11
Current assets
Debtors and prepayments
12
Cash at bank and in hand
13
Current liabilities:
Creditors payable within one year
14
Net current assets
Total assets less current liabilities
Creditors payable after more than one year
Net assets
15
Representing:
The income funds of the charity
Unrestricted funds:
16
General fund
Designated funds
Restricted funds		 2025
£000
23
2,027
2,050
21
233
254
33
221
2,271
-
2,271
821
1,450
2,271
-
2,271		 2024
£000
27
2,103
2,130
17
282
299
33
266
2,396
-
2,396
946
1,450
2,396
-
2,396

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

Registered charity No: 288434 - Company No: 01752272

Approved by the trustees on 30 January 2026 and signed on their behalf by:

Anthony Sober Treasurer

The notes on pages 14 to 20 form part of these financial statements.

Page 12

U3A IN LONDON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities		 2025
£000		 2024
£000
Net income for the year
as shown in statement of financial activities on page 10
Adjustments for:
Distributions and interest from investments
4
Depreciation charges
10
Net (gains)/losses on investments
11
(Increase)/decrease in income tax recoverable
12
(Increase)/decrease in legacy receivable
12
(Increase)/decrease in other debtors and prepayments
12
(Decrease)/increase in subscriptions in advance
14
Increase/(decrease) in commitment under property agreement
14
Increase/(decrease)in other creditors and accruals
14		 (125)
(68)
5
76
-
-
(4)
-
-
-		 206
(67)
9
(161)
-
182
-
-
-
(1)
Net cash provided by / (used in) operating activities
Cash flows from investing activities		 (116) 168
Distributions and interest from investments
4
Purchase of tangible fixed assets
10
Sales/(purchases)of investments
11		 68
(1)
-		 67
(20)
-
Net cash provided by /(used in) investing activities
Cash flows from financing activities		 67 47
Repayments of borrowing - -
Net cash (used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
13		 -
(49)
282
233		 -
215
67
282
The notes on pages 14 to 20 form part of these financial statements.

Page 13

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(a) Basis of preparation of the financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), '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 2019)' with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and with the Companies Act 2006. The functional currency is pound sterling.

A summary of the more important accounting policies is set out below.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor a significant risk that uncertainty over estimates made for the purpose of these financial statements may cause a material adjustment to the carrying value of assets and liabilities.

The charity is a public benefit entity.

(b) Income

Subscription income and the related recoverable income tax are accounted for in the year to which they relate, income tax recoverable on donations in the year the donations are received, legacies when their receipt by the charity can be measured with reasonable certainty, income from events when the event takes place and income distributions on investments when the price becomes 'ex div'. Other incoming resources are accounted for when they are received.

(c) Expenditure

Expenditure is allocated between costs of generating funds and costs of charitable activities. The amount allocated comprises those costs which are directly attributable to each category together with an allocation of support costs.

Support costs are those costs that are not directly attributable to a single category but provide the necessary organisational support for all the charity's activities. They include an apportionment, based on relative floor areas, of the rent and other expenses of the leased premises and governance costs (see below). Support costs are allocated in proportion to the aggregates of the income (other than legacies and investment income) and the directly attributable expenditure of each of the categories referred to above.

Governance costs comprise the costs of external and internal audit, legal advice for the trustees on corporate matters and those associated with constitutional and statutory requirements.

Page 14

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies (continued)

(d) Tangible fixed assets

Tangible fixed assets costing less than £500 are written off in the statement of financial activities in the year in which the expenditure is incurred. The cost of other tangible fixed assets is capitalised and depreciated over the estimated useful lives of the assets. Until 31 August 2013, all classes of assets were depreciated over five years. Thereafter, the estimated useful life of each class of assets has been as follows:

Leased office equipment 4 years
Computer equipment 7 years
Other equipment and furniture 10 years

The resulting net book values are reviewed at each balance sheet date and additional amounts are written off if appropriate.

(e) Investments

Investments are stated at the managers' swing prices for units.

(f) Liabilities

Liabilities are recognised when goods and services have been delivered or when there is considered to be a reasonable probability that a contingent liability will crystallise.

(g) Finance leases

Finance leases are those where substantially all the benefits and risks of ownership of the leased assets are assumed by the charity. Assets acquired through such leases are capitalised as tangible fixed assets and depreciated over the shorter of the term of the lease and their estimated useful lives as stated in note 1(d).

The finance charges included in each rental payment are caculated to spread the cost over the lease term according to the amounts outstanding. Obligations under finance leases are included in creditors net of the finance charges relating to future periods.

2 Membership income
Subscriptions
Income tax recovered
3 Donations and legacies
Donations
Income tax recovered
Legacies
4 Investment income
Bank and other interest
Income distributions		 Unrestricted
Restricted
2025
2024
funds
funds
Total
Total
£000
£000
£000
£000
75
-
75
64
12
-
12
10
87
-
87
74
1
-
1
5
-
-
-
-
1
-
1
99
2
-
2
104
10
-
10
10
58
-
58
57
68
-
68
67

Page 15

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5 Income from charitable activities
Events and sundry income:
Easter conference
Outings and concerts
Sundry income
6 Costs of raising funds
Payments to other charities (see note 19)
Publicity
Support costs ─ see note 9(d)
7 Costs of study groups
Accommodation
Other direct costs
Support costs ─ see note 9(d)
8 Costs of events and of sundry income
Easter conference
Outings and concerts
Sundry income
Support costs ─ see note 9(d)
9 Total expenditureincluded:
(a) Rent and licence fees payable
Leased accommodation
Licensed accommodation
Additional accommodation
(b) Professional charges
Payable to the auditors
Comprising charges in connection with:
Independent audit		 Unrestricted
Restricted
2025
2024
funds
funds
Total
Total
£000
£000
£000
£000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
-
-
-
1
8
-
8
8
8
-
8
15
134
-
134
125
29
-
29
22
32
-
32
31
195
-
195
178
-
-
-
-
-
-
-
-
-
-
-
3
-
3
-
3
-
3
-
141
133
-
-
-
-
141
133
5
3
-
-
-
-
-
-
8
-
8
-
134
-
29
-
32
-
195
-
-
-
-
-
-
3
-
3
-

Page 16

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

(c) Remuneration and expenses

The trustees received no remuneration.

No expenses were paid to or on behalf of trustees or persons connected with them (2023: £0).

The charity has no employees and paid no salaries or wages; all its activities are carried out voluntarily by its members.

(d) Support costs
Office accommodation
Depreciation of office furniture and equipment
Communications
National affiliation fees
Governance costs:
Audit fee
Other governance costs
Other support costs
Allocated as follows─see note 1(c):		 2025
2024
Total
Total
£000
£000
20
19
-
-
5
4
6
6
5
3
-
2
7
5
43
39
8
8
32
31
3
-
43
39

Raising funds
Study groups
Events and sundry income

10 Tangible fixed assets

Cost
Brought forward
Disposals in year
Additions in year
Depreciation
Brought forward
Disposals in year
Charge for year
Net book value
at 31/08/2025
Net book value
at 31/08/2024		 Computer
Other
2025
2024
equipment
equipment
Total
Total
and furniture
£000
£000
£000
£000
50
28
78
108
-
-
-
(50)
-
1
1
20
50
29
79
78
24
27
51
92
-
-
-
(50)
4
1
5
9
28
28
56
51
22
1
23
27
26
1
27
16

Fully depreciated assets no longer in use have been eliminated from the accounts

Page 17

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10 Tangible fixed assets - continued

No further expenditure on tangible fixed assets had been authorised by the trustees at 31 August 2025 (2024: nil).

Tangible fixed assets with an aggregate cost of £27,000 had been fully depreciated but remained in use at 31 August 2025 (2024: £27,000).

Investments
Cost
Sold in year
Additions
Gains/(losses)
Market value		 2025
2024
£000
£000
2,103
1,942
-
-
(76)
-
161
2,027
2,103

11 Investments

The investments comprised units in the COIF Charities funds listed below.

The changes in market value over the year were as follows:

Brought Purchased/ Realised Unrealised Carried
forward (sold) in year gain/(loss) gain/(loss) forward
£000 £000 £000 £000 £000
Ethical Fund 207 - - (8) 199
Investment Fund 1,896 - - (68) 1,828
2,103 - - (76) 2,027
2024 1,942 - - 161 2,103
**12 ** Debtors and prepayments
Income tax recoverable
Other debtors
Prepayments
13 Cash at bank and in hand
Current accounts and cash in hand
Demand deposit
14 Creditors payable within one year
Membership subscriptions received in advance
Other creditors and accruals		 -
-
-
-
21
17
21
17
17
-
216
282
233
282
28
28
5
5
33
33

13 Cash at bank and in hand

Page 18

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15 Analysis of net assets between funds

Unrestricted funds
General fund
Designated funds
Restricted funds
.		 Tangible
Invest-
Net current
Finance
fixed assets
ments
assets
lease
£000
£000
£000
£000
23
577
221
-
-
1,450
-
23
2,027
221
-
-
-
-
-
23
2,027
221
-		 Total
2025
£000
821
1,450
2,271
-
2,271

16 Movements in unrestricted funds

General fund
Designated funds
See below
General fund
Designated funds
Designated funds		 Balance at
Income
Expenditure
Gains on
Transfers
Balance at
31 August
investments
between
31 August
2024
funds
2025
£000
£000
£000
£000
£000
£000
946
157
(206)
(76)
-
821
1,450
-
-
-
1,450
2,396
157
(206)
(76)
-
2,271
2023
2024
740
245
(200)
161
-
946
1,450
-
-
-
-
1,450
2,190
245
(200)
161
-
2,396

An amount of £1,450,000 (2024: £1,450,000), has been set aside from the general unrestricted fund to help secure the charity's needs for accommodation in future years. It also provides income to supplement membership income and thus help cover the charity's running costs without relying on legacies and exceptional donations, the incidence of which is always uncertain: without significant amounts of investment income, subscription rates would have to be increased substantially. This designated fund further acts as a reserve in case of unforeseen circumstances.

Page 19

U3A IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17 Commitment under non-cancellable operating lease

~~The charity has a non-cancellable lease starting on 1 July 2020 for 20 years. A rent review in June 20~~ 25 increased the annual rent to £151,524 plus Value Added Tax if appropriate. This is subject to 5 yearly upward reviews. At 31 August 2025 the aggregate of such commitments, excluding the upward reviews, is £2,727,000 (2024: ~~£2,128,000).~~

18 Taxation

The charity is exempt from taxation on its income and capital gains to the extent that they are applied for exclusively charitable purposes.

19 Payments to other charities

The following payments were made to local charities, who agreed to advertise or otherwise promote the name and activities of U3A in London (see note 6):

The Keats Community Library
The Primrose Hill Community Association
Maggie's Cancerkin		 2025
2024
£000
£000
0
2
0
2
0
2
0
6

20 Related Party Transactions

The Charity had no related party transactions in the years to 31 August 2024 and 31 August 2025.

Page 20