## **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
- prepare the financial statements on the goingconcern basis unless it is inappropriate to presume that the charity will continue in operation.
## **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)
- select suitable accounting policies and then apply them consistently;
- make judgments and estimates which are reasonable and prudent;
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:
- Give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in The UK and the Republic of Ireland’; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- ●the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- ●the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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.
- We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- ●adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- ●the financial statements are not in agreement with the accounting records and returns; or
- ●certain disclosures of trustees’ remuneration specified by law are not made; or
- ●we have not received all the information and explanations we require for our audit; or
- ●the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing 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:
- ●The charitable company is required to comply with both company law and charity law as applicable in England and Wales and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
- ●We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.
- ●The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- ●Our approach was to check that all income was properly identified, which included cut-off at the year end and any donor restrictions.
- ●We carried out both substantive and analytical testing on expenditure to ensure that it was valid and appropriate and in line with our knowledge of the organisation.
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 expenditure**included:
**(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**
- **9 Total expenditure** (continued):
## **(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