Registered Number:04170975
UAG LTD
(A Company Limited by Guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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UAG LTD
(A Company Limited by Guarantee)
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COMPANY INFORMATION
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J Thorn (resigned 19 August 2022)
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R Farace (resigned 15 February 2024)
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University of East Anglia
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UAG LTD
(A Company Limited by Guarantee)
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CONTENTS
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Notes to the Financial Statements
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UAG LTD
(A Company Limited by Guarantee)
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their report and the financial statements for the year ended 31 July 2023.
The company is limited by guarantee and was incorporated on 1 March 2001 by a group of 37 British Universities. It was established to carry on the business of selection and appointment of advertising agents and management of contracts placed with such agents. Each of these existing original full members (now 35 in total) hold an entitlement to any future profit from the company's operations. The company is funded by subscriptions paid by the Universities within its membership. It should be noted that there are two classes of members within UAG Limited: 35 full members who benefit from an interest in jobs.ac.uk and other media advertising arrangements; and 3 Associate members who benefit only from other media advertising arrangements negotiated by UAG Limited for the total membership. The 35 full (original) members hold a "Golden Share" interest in jobs.ac.uk which means that the venture cannot be sold without the involvements and agreement of these 35 original UAG members.
The subscription rate of £800 for full members has been maintained during the financial year, with associate members paying a subscription rate of £500, and these rates have been agreed until July 2024.
In addition, during this financial year we were pleased to announce the launch of our re-tendered (National) Education Recruitment Advertising and Resourcing Services (NERARS) Framework to members. Led by Southern Universities Purchasing Consortium (SUPC) and tendered in conjunction with the UAG, the framework has been extended to include student recruitment marketing. The retendered agreement provides a compliant and responsible route for universities to procure recruitment advertising and student marketing services.
Offering a cost-effective procurement option with access to eleven reputable, specialist suppliers in advertising, recruitment and marketing, we expect in excess of £60m in university and public sector spend throughout the four-year framework. The agreement will run from 8 March 2023 until 7 March 2027.
With the complex and changing nature of staff recruitment at home and internationally, there has been a growing focus on recruitment campaigns and initiatives for many years and this looks set to continue. As universities compete to create the most engaging experiences possible for prospective students – and the fee income this can attract when done well – support is needed to make the most of digital journeys and media promotion. The new NERARS framework will help institutions make informed choices about their investment in advertising and marketing activities from trusted suppliers.
The directors who served during the year were:
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J Thorn (resigned 19 August 2022)
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R Farace (resigned 15 February 2024)
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UAG LTD
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 25 March 2024 and signed on its behalf.
- 2 -
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UAG LTD
(A Company Limited by Guarantee)
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UAG LTD
FOR THE YEAR ENDED 31 JULY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UAG Ltd for the year ended 31 July 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of UAG Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of UAG Ltd and state those matters that we have agreed to state to the Board of Directors of UAG Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UAG Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that UAG Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of UAG Ltd. You consider that UAG Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of UAG Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Scrutton Bland
Chartered Accountants
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
26 March 2024
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UAG LTD
(A Company Limited by Guarantee)
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
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Profit for the financial year
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The notes on pages 6 to 8 form part of these financial statements.
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UAG LTD
(A Company Limited by Guarantee)
REGISTERED NUMBER:04170975
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BALANCE SHEET
AS AT 31 JULY 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2024.
The notes on pages 6 to 8 form part of these financial statements.
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UAG LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
UAG Limited is a private company limited by guarantee, incorporated in England and Wales, registration number 04170975. The address of the registered office is University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors consider that the company is a going concern and have continued to prepare the financial statements on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The turnover shown in the profit and loss account represents subscription income receivable for the year.
The company is treated for corporation tax purposes as being mutally trading and is not liable to UK corporation tax on its trading profits.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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UAG LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the year was 8 (2022 - 9).
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The amount of £115,932 (2022: £93,991) is owed by the University of East Anglia, which acts as banker to UAG Limited.
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Creditors: Amounts falling due within one year
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Included within other creditors is a balance of £20,849 (2022: £20,849) which is an amount due to the members.
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UAG LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Related party transactions
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All of the original remaining 35 full members of the Universities Advertising Group (now UAG Limited) are deemed to be related parties due to the fact that they are stakeholders in the company. In addition, 3 associate members remain who have joined UAG Limited since 1 August 2002 and they are also deemed to be related parties as associate members of UAG Limited. The company is wholly owned by its members.
The University of East Anglia, a member institution, acts as the financial advisor to the company. This service is provided on normal commercial terms. A small amount of administrative time was suffered by the University on behalf of the company. The cost of this time is not quantifiable. The balance due from the University of East Anglia is disclosed in note 4 of the financial statements.
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