2024-03-31-accounts - University Of The Third Age (Dacorum)

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Registered Charity Number - 1012612

UNIVERSITY OF THE THIRD AGE (DACORUM)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

UNIVERSITY OF THE THIRD AGE (DACORUM)

ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

Contents	Pages
Trustees Annual Report
Reference and Administrative Details of the Charity, its Trustees and Advisors	1
Structure, Governance and Management	2
Financial Review	2
Objectives and Activities	3
Achievements and Performance	3
Trustees' Responsibilities	4
Report of the Independent Examiner	5
Statement of Financial Activities	6
Balance sheet	7
Statement of Cash Flow	8
Notes to the Accounts	9-11

UNIVERSITY OF THE THIRD AGE (DACORUM)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Name of Charity: University of the Third Age (Dacorum) Also known as U3A Dacorum Charity Registered Number: 1012612 Official address: 368 High Street Berkhamsted Herts HP3 8PX Trustees: The Trustees who served during the year are as follows: Pamela Stonebrook (Chairman) resigned 10th August 2023 Peter Bolton (Vice-Chairman) resigned 18th May 2023 Jane Campbell (Vice-Chairman) elected 7th August 2023 Ellen Duffy (Secretary) elected 1st August 2022 Peter Marshall (Treasurer) elected 2nd August 2021 John Dodkins (Digest Editor) elected 7th September 2020 Lee Pace (Groups Secretary) elected 7th August 2023 Jean Sniders (Membership Secretary) resigned 7th August 2023 Terry Thirlwell (Equipment) resigned 7th August 2023 Harvey Collyer (Without portfolio) co-opted 1st September 2023 Henry Wallis (Without portfolio) co-opted 2nd February 2024 Carolyn Wallis (Without portfolio) co-opted 2nd April 2024 Independent Examiner: Jane M E Seymour Orchard Villa 2B Regent Street Stotfold Hitchin Herts SG5 4ED Banker: Metro Bank Limited One Southampton Row London WC1B 5HA

UNIVERSITY OF THE THIRD AGE (DACORUM) TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

U3A Dacorum is an unincorporated association whose governing Document is the Constitution adopted at a Special General Meeting held on 6 Dec 2021. It became a registered Charity (No. 1012612) on 3rd July 1992.

APPOINTMENT OF TRUSTEES

Officers and members elected to the committee are all trustees of the charity. All trustees are elected annually at the Annual General Meeting (AGM). All trustees must be paid up members of The Charity. A trustee can be re-elected at an AGM, provided they have not held any specific officer position or been an ordinary (non-officer) trustee for a continuous period in excess of 3 years without an interval of at least one year between periods of service. No one may serve as a trustee for more than 9 years.

A maximum of 12 members may be elected as trustees at the AGM; an additional 3 may be co- opted during the year. The latter shall also have full voting rights and tenure until the next AGM. The number of trustees shall be not less than 5 and not more than 15.

Nominations for trustees are to be submitted to the Secretary 21 days before the AGM. In the event of more nominations than vacancies, a ballot shall be held.

FINANCIAL REVIEW

The Balance Sheet as at 31 March 2024 shows Total Funds (Reserves) of £17,650 (2023: £26,233). The Statement of Financial Activities for the year ended 31 March 2024 shows a deficit of £8,583 (2023: a deficit of £3,085).

U3A Dacorum requires funds only for the achievement of its Objects. This includes the lease or purchase of equipment and the ability to publish books, pamphlets and other instructional matter. It also includes the power to organise or participate in conferences, seminars and courses.

The trustees have decided on a level of reserves to be held equal to at least six months membership subscriptions (around £9,000) for the following:

a) to cover unexpected events (i.e. contingency fund).
b) to enable the purchase of equipment, either new items or the replacement of old items.
c) to provide a buffer against seasonal fluctuations in the bank balance.

The level of reserves at 31 March 2024 was more than twice the target value. The Trustees have agreed to take steps to reduce the reserves towards the target level over a period of 5 years covering the period 2022/3 to 2026/7. For a second year charges for group meetings have been dropped for the last quarter of the year and monthly meetings have continued to be free. A further step for 2024/25 has been to pay for the cost of the Third Age magazine for those who receive it. For 2024/25 subscriptions have been maintained at the lower rate of £12 per member, first introduced for 2023/24.

The Trustees acknowledge the risks of member numbers falling and of high inflation and believe that they are managing the reserves in a suitably cautious manner.

Fundraising activities

The charity does not carry out formal fundraising activities and no professional fundraisers are used. The charity is not bound by any schemes for regulated fundraising as no regulated activities have taken place.

UNIVERSITY OF THE THIRD AGE (DACORUM) TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

OBJECTIVES

In setting the charity's objectives and planning its aims and objectives and future activities the Trustees have given consideration to the Charity Commission's general guidance on public benefit.

The objects of the Charity are to develop and extend the education of older residents (mainly over 55) who are not in full-time gainful employment in Dacorum and its surrounding locality.

The aim is to provide facilities for leisure, recreation and to keep us all active, to aid our well being and social interaction into our "Third Age".

ACTIVITIES

The Trustees continue to work to support and grow the U3A Dacorum by:

1 - Taking the opportunity to make meetings free of charge for the first 3 months of 2024 to all members.

2 - Sustaining good speakers for our monthly meetings.
3 - Continuing to promote both face to face and hybrid meetings.
4 - Developing a number of policies to guide the Trustees when dealing with any difficult circumstances that may come to light.
5 - Continuing to publish our quarterly Digest with material submitted by our members and Group Coordinators.
6 - Participating in local events, not only to raise our profile locally but also to attract new members and potential Group Co-ordinators.

7 - Putting plans into place to improve the communication between the Trustees and the membership/Group Co-ordinators.

ACHIEVEMENTS AND PERFORMANCE

Our regular monthly meetings have continued and are growing from strength to strength. Numbers have continued to increase, and we have developed the expertise to run them as hybrid meetings.

We have grown the membership of Dacorum u3a back to pre-pandemic levels and continue to offer a wide diversity of educational and leisure opportunities to our target audience.

We have developed and published a financial policy to ensure that we continue to follow best practice and comply with all relevant legislation.

CHALLENGES

At the 2022/23 AGM, only six trustees were elected and one of these resigned shortly after. This left only five trustees which is the minimum needed under our constitution. The failure to attract new trustees has caused difficulties with maintaining and expanding our activities. Fortunately, several former trustees carried on supporting the committee in key roles and this has been highly valued. During the year we co-opted three further trustees who have put their names forward for election at the AGM. However a key challenge continues to be the finding of new people to be trustees to support the work of the committee in maintaining our activities and improving u3a Dacorum.

UNIVERSITY OF THE THIRD AGE (DACORUM)

TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES' RESPONSIBILITIES

The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of its profit or loss for that period. In preparing those accounts the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether the policies adopted are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (effective January 2015), FRS102 and with applicable accounting standards, subject to any material departures disclosed and explained in the accounts;
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011 and Regulations made thereunder. The Trustees are 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.

Signed on behalf of the Trustees:

Jane Campbell (Vice-Chairman)

Ellen Duffy (Secretary)

On 2 July 2024

UNIVERSITY OF THE THIRD AGE (DACORUM) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE UNIVERSITY OF THE THIRD AGE (DACORUM) FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of the Charity for the year ended 31 March 2024 as set out on pages 6 to11.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act
to follow the procedures laid down in the general Directions given by the Charity Commission section 145(5)(b) of the 2011 Act: and
whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 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 to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act and FRS 102

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Jane M E Seymour Orchard Villa 2B Regent Street Stotfold Hitchin Herts SG5 4ED

Date: 2 July 2024

UNIVERSITY OF THE THIRD AGE (DACORUM)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes INCOME AND EXPENDITURE Incoming Resources Subscriptions Interest Received Group Activities - Meetings - TAM Postage Trips Gift Aid Miscellaneous Donations Total Incoming Resources Resources Expended Postage, Stationery, Telephone etc Newsletter - Digest Third Age Trust TAM Affiliation Fees Miscellaneous Expenses General Meetings Group Activities - Hall Hire - Other Trips Examination Fee 3 Total Resources Expended Net Outgoing Resources Balance brought forward Balance carried forward	Funds £ 14,815 150 16,155 903 7,221 1,507 - 48 40,799 271 6,568 1,030 5,232 3,374 1,429 24,583 181 6,289 425 49,382 (8,583) 26,233 17,650 Unrestricted	Total 2024 £ 14,815 150 16,155 903 7,221 1,507 - 48 40,799 271 6,568 1,030 5,232 3,374 1,429 24,583 181 6,289 425 49,382 (8,583) 26,233 17,650	Total 2023 £ 17,626 - 14,033 934 5,996 1,812 555 24
			40,980
			348 5,640 1,562 5,416 2,850 781 20,206 1,480 5,257 525
			44,065
			(3,085) 29,318 26,233

UNIVERSITY OF THE THIRD AGE (DACORUM)

BALANCE SHEET AS AT 31 MARCH 2024

Notes FIXED ASSETS Tangible fixed assets 4 CURRENT ASSETS Debtors 5 Cash at bank and in hand 9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS	£ £ 16 16 1,479 28,460 29,939 (12,305) 17,634 17,650 17,650 17,650 17,650 2024	£ £ 16 16 3,747 37,171 40,918 (14,701) 26,217 26,233 26,233 26,233 26,233 2023	£ £ 16 16 3,747 37,171 40,918 (14,701) 26,217 26,233 26,233 26,233 26,233 2023
			26,233
			26,233
			26,233
			26,233

Approved by the Trustees on 2 July 2024 and signed on their behalf by

Jane Campbell (Vice-Chair)

Ellen Duffy (Secretary)

UNIVERSITY OF THE THIRD AGE (DACORUM)

CASH FLOW STATEMENT AS AT 31 MARCH 2024

Note Cash flows from operating activities: Net cash provided by (used in) operating activities 9 Cash flows from capital expenditure & investing activities: Dividends, interest and rents from investments Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period	2024 £ (8,711) - - (8,711) 37,171 - 28,460	2023 £ (7,160) -
		- (7,160) 44,331 -
		37,171

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

UNIVERSITY OF THE THIRD AGE (DACORUM)

1 ACCOUNTING POLICIES

Basis of preparation

These Accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting by Charities (SORP 2015 restated where applicable) and in compliance with the Charities Act 2011.

Incoming resources

Subscriptions and other incoming resources are included in the year in which they are receivable.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:-

Equipment 4 years on cost

2 TRANSACTIONS WITH TRUSTEES

Trustees received no remuneration or expenses during the year (2023 - Nil)

Trustee Indemnity insurance for all trustees is provided as part of this charity's membership of the Third Age Trust

3 FEES FOR EXAMINATION OF THE ACCOUNTS

Independent examiner's fee for reporting on the accounts	2024 2023 £ £ 425 525 425 525

UNIVERSITY OF THE THIRD AGE (DACORUM)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

4 TANGIBLE FIXED ASSETS

Opening cost 1st April 2023 Additions Closing cost 31st March 2024 Opening depreciation 1st April 2023 Charge for year Closing depreciation 31st March 2024 Opening net book value 1st April 2023 Closing net book value 31st March 2024 5 DEBTORS Other debtors and prepayments 6 CREDITORS Accruals and income prepayments	Equipment £ 6,536 - 6,536 6,520 - 6,520 16 16 2024 £ 1,479 1,479 2024 £ 12,305 12,305	Total £ 6,536 -
		6,536
		6,520 -
		6,520
		16
		16
		2023 £ 3,747
		3,747
		2023 £ 14,701
		14,701

7 FUNDS

General Fund

The General Fund represents the unrestricted funds which the Trustees are free to use in accordance with the charitable objects.

8 EMPLOYEES' REMUNERATION

No staff are employed by the charity

UNIVERSITY OF THE THIRD AGE (DACORUM)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

9 NOTES TO THE CASH FLOW STATEMENT

Reconciliation of net expenditure to net cash flow from operating activities 2024 £ Net expenditure for the year (8,583) Adjustments for: Dividends, interest and rents from investments - (Increase)/decrease in debtors 2,268 Decrease in creditors (2,396) Net cash used by operating activities (8,711) Analysis of net cash resources 2024 £ Cash in hand 28,460 10 VOLUNTEERS Volunteer information is as follows: Activity Number of Volunteers Total Hours 2024 Trustees 12 1980 Administration 4 320 Meeting Coordinators 90 5400 Digest Production 2 640	2023 £ (3,085) - (1,018) (3,057)
	(7,160)
	2023 £ 37,171 Total Hours 2023 2,520 320 5,100 640

Reconciliation of net expenditure to net cash flow from operating activities
2024
£
Net expenditure for the year
(8,583)
Adjustments for:
Dividends, interest and rents from investments
-
(Increase)/decrease in debtors
2,268
Decrease in creditors
(2,396)
Net cash used by operating activities
(8,711)
Analysis of net cash resources
2024
£
Cash in hand
28,460
10 VOLUNTEERS
Volunteer information is as follows:
Activity
Number of
Volunteers
Total
Hours
2024
Trustees
12
1980
Administration
4
320
Meeting Coordinators
90
5400
Digest Production
2
640

2023
£
(3,085)
-
(1,018)
(3,057)

(7,160)

2023
£
37,171
Total
Hours
2023
2,520
320
5,100
640