Charity Registration No. 1026617
PETERBOROUGH UNIVERSITY OF THE THIRD AGE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PETERBOROUGH UNIVERSITY OF THE THIRD AGE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Alan Locke - Chairman Mary McCarthy - Treasurer Christopher Wareham - Secretary Terence McCarthy Resigned 16 January 2021 Penelope Aldred Jan Bearman-Brown Lynda Brimmell Shirley Chilvers Patrica Dangerfield Co-opted 10 February 2021 Ian Gray Joy Green Bryan Goodayle Elected 16 January 2021 Hilary Keegan Gillian Parsons Resigned 16 January 2021 Louis Verdegem Conny Yarwood Resigned 16 January 2021 Charity number 1026617 Principal address 11 Lidgate Close Peterborough United Kingdom PE2 7ZA Independent examiner Mark Jackson FCA DChA Azets Ruthlyn House 90 Lincoln Road Peterborough Cambridgeshire United Kingdom PE1 2SP
PETERBOROUGH UNIVERSITY OF THE THIRD AGE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
PETERBOROUGH UNIVERSITY OF THE THIRD AGE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report and financial statements for the year ended 31 July 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution , the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objects of Peterborough University of the Third Age (PU3A) are the advancement of education and, in particular, the education of older people and those who are retired from full-time work by all means, including associated activities conducive to learning and personal development, primarily but not exclusively for those residing in the City of Peterborough and its surrounding area.
The charity is a self-help organisation providing educational, social and leisure opportunities for retired and semi-retired people. The policies adopted in furtherance of these objects are of public benefit and, apart from a review of financial policies, there has been no change in them during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a unincorporated entity. Its governing document is its constitution as revised and adopted at the AGM on 16 January 2021. The charity is an association consisting of over 2,100 members.
The trustees who served during the year and up to the date of signature of the financial statements were: Alan Locke - Chairman
Mary McCarthy - Treasurer Christopher Wareham - Secretary Terence McCarthy Resigned 16 January 2021 Penelope Aldred Jan Bearman-Brown Lynda Brimmell Shirley Chilvers Patrica Dangerfield Co-opted 10 February 2021 Ian Gray Joy Green Bryan Goodayle Elected 16 January 2021 Hilary Keegan Gillian Parsons Resigned 16 January 2021 Louis Verdegem Conny Yarwood Resigned 16 January 2021
Co-opted 10 February 2021
The Trustees are appointed annually from among the membership at the AGM which this year was held online in January because of coronavirus restrictions.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
The PU3A is run by a committee of 14 members (including the officers). They are the Trustees of the charity and meet at least once a month. The constitution allows the creation of subcommittees and during the year there were two of these, dealing with financial and membership matters respectively. Temporary working groups were also established to look at communication and publicity issues and constitutional matters, including a possible change in status to an Association Charitable Incorporated Organisation. All committee members give their time voluntarily and receive no remuneration or other benefits.
The PU3A is a member of the Third Age Trust (the national organisation overseeing the University of the Third Age movement in the UK) who provide help and advice on running the organisation.
Review of the year
In normal circumstances the main activities undertaken in relation to the objects are the 160 or so groups organised for PU3A members, which cover a wide variety of subjects including foreign languages, sports activities (indoors and out), science and technology, art, crafts, history and music. Most of these meet either weekly, fortnightly or monthly, although some such as the travel, theatre and day visit groups operate on an ad hoc basis. In addition there are regular members’ meetings with speakers on different subjects and occasional social activities such as a quiz night or barn dance. In organising these activities the Trustees have regard to the guidance issued by the Charity Commission on public benefit.
All of these activities are organised by members of the PU3A on a voluntary basis, and the organisation is greatly indebted to them for their time and efforts. Many other members help with the running of the organisation and its activities in different ways.
The main achievements in 2020-21 were:
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Dealing with the effects of the coronavirus pandemic which at times required a complete cessation of activities
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Managing the limited resumption of some activities in line with guidance from the government, the Third Age Trust and national sports organisations
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Encouraging those groups able to find alternative ways of continuing activities using computer technology
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Starting a number of new groups although some existing groups have closed for various reasons
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Using computer technology to facilitate members’ meetings and the administration of the charity
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Developing programmes aimed at improving efficiency by reducing the administrative workload and costs while bearing in mind the small but significant number of members who do not have access to a computer or who are not computer literate
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Minimising the reduction in the level of membership due to the effects of the pandemic
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Production of 3 editions of a newsletter for members and a monthly online news bulletin
Financial review
At the end of the year the PU3A’s Charity Account unrestricted reserves that had not been designated stood at £21,488. The Trustees have decided that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 6 months expenditure on the Charity Account, which at current levels would be about £20,000. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue with the charity’s current activities while consideration is given to ways in which additional funds could be raised. The reserves are also held in order to meet any significant unforeseen expenditure.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
The organisation is funded solely by members’ subscriptions, which go primarily towards the costs of running the organisation (eg the website, the newsletter and membership of TAT). Individual groups are expected to be self-financing.
The trustees' r eport was approved by the Board of Trustees.
Alan Locke - Chairman
Dated: 21 September 2021
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PETERBOROUGH UNIVERSITY OF THE THIRD AGE
I report to the trustees on my examination of the financial statements of Peterborough University of the Third Age (the charity) for the year ended 31 July 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Azets
Ruthlyn House 90 Lincoln Road Peterborough Cambridgeshire PE1 2SP United Kingdom
Dated: 24 September 2021
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 23,362 | 36,344 |
| Charitable activities | 4 | 13,770 | 145,705 |
| Investments | 5 | 26 | 582 |
| Total income | 37,158 | 182,631 | |
| Expenditure on: | |||
| Charitable activities | 6 | 44,763 | 179,985 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (7,605) | 2,646 |
|
| Fund balances at 1 August 2020 | 46,138 | 43,492 | |
| Fund balances at 31 July 2021 | 38,533 | 46,138 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
BALANCE SHEET
AS AT 31 JULY 2021
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Income funds Unrestricted funds Designated funds 13 General unrestricted funds |
2021 £ 1,980 45,189 47,169 (8,636) 16,864 21,669 |
2020 £ £ 10,974 49,750 60,724 (14,586) 38,533 19,540 26,598 38,533 38,533 |
£ 46,138 46,138 46,138 |
|---|---|---|---|
The financial statements were approved by the Trustees on 21 September 2021
Alan Locke - Chairman Trustee
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
Charity information
Peterborough University of the Third Age is a not for profit entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received , specifically income on the social fund is recognised when the activity takes place.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Costs comprise direct expenditure including direct staff costs attributable to the activity. Administration and management costs are allocated in the same way. Other costs are allocated in proportion to income generated by the activity.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory examinations and legal fees. Support costs are allocated to charitable activities when relevant.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted funds 2021 £ Membership income 19,946 Gift aid reclaim 3,416 23,362 Charitable activities General fund Accommodation Social Total 2021 2021 2021 2021 £ £ £ £ Sales within charitable activities 107 876 12,787 13,770 |
Total 2020 £ 31,644 4,700 36,344 Total 2020 £ 145,705 |
|---|---|
4 Charitable activities
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Interest receivable | 26 | 582 |
6 Charitable activities
| Third Age Trust subscription Accommodation Printing Website Refreshments Speakers Storage Activities day Miscellaneous expense Postage, telephone and stationery Photocopiers and printers Social Bank charges Share of governance costs (see note 7) |
General Accommodation fund 2021 2021 £ £ 7,315 - - 1,693 - - 685 - - - 200 70 1,712 - - - 617 - 6,593 - 9,017 - - - 169 79 26,308 1,842 2,110 - 28,418 1,842 |
Social 2021 £ - - - - - - - - - - - 14,405 98 14,503 - 14,503 |
Total 2021 £ 7,315 1,693 - 685 - 270 1,712 - 617 6,593 9,017 14,405 346 42,653 2,110 44,763 |
Total 2020 £ 9,794 37,593 11,597 649 200 535 1,651 329 335 6,240 - 106,729 2,223 177,875 2,110 179,985 |
|---|---|---|---|---|
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
7 Support costs
| Support costs Governance costs £ £ Accountancy - 2,110 - 2,110 Analysed between Charitable activities - 2,110 |
2021 Support costs Governance costs £ £ £ 2,110 - 2,110 2,110 - 2,110 2,110 - 2,110 |
2020 £ 2,110 2,110 2,110 |
|---|---|---|
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
There were no employees during the year.
| 10 Debtors Amounts falling due within one year: Prepayments and accrued income 11 Creditors: amounts falling due within one year Notes Deferred income 12 Trade creditors Accruals |
2021 £ 1,980 2021 £ 5,686 248 2,702 8,636 |
2020 £ 10,974 2020 £ 12,388 - 2,198 14,586 |
|---|---|---|
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
12 Deferred income
| Deferred membership income Deferred social activities |
2021 £ (6,469) 12,155 5,686 |
2020 £ (67,433) 79,821 12,388 |
|---|---|---|
13 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement | in funds | Movement | in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | ||
| 1 | August 2019 | resources | expended 1 |
August 2020 | resources | expended | 31 July 2021 | |
| £ | £ | £ | £ | £ | £ | £ | ||
| Accommodation | 11,124 | 37,317 | (37,214) | 11,227 | 877 | (1,842) | 10,262 | |
| Social | 9,051 | 107,424 | (108,162) | 8,313 | 12,792 | (14,503) | 6,602 | |
| 20,175 | 144,741 | (145,376) | 19,540 | 13,669 | (16,345) | 16,864 |
The Accommodation fund relates to local activities run by the charity.
The Social fund relates to trips organised by the charity.
14 Analysis of net assets between funds
| Unrestricted funds Designated funds 2021 2021 £ £ Fund balances at 31 July 2021 are represented by: Current assets/(liabilities) 21,669 16,864 21,669 16,864 |
Total 2021 £ 38,533 38,533 |
|---|---|
15 Related party transactions
The trustees participate in the activities of the charity on the same basis as other members.
16 Analysis of changes in net funds
The charity had no debt during the year.
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