Charity registration number 1026617
PETERBOROUGH UNIVERSITY OF THE THIRD AGE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
PETERBOROUGH UNIVERSITY OF THE THIRD AGE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ian Gray - Chairman Louis Verdegem - Vice Chairman Mary McCarthy - Treasurer Brenda White - Secretary Lynda Brimmell Shirley Chilvers Patricia Dangerfield Stepped down 22 October 2022 Janice Dickin Elected 22 October 2022, resigned 8 November 2022 Joy Green Connie Hunt Co-opted 9 November 2022 Adrienne Just Co-opted 9 November 2022 Hilary Keegan Alan Locke Elaine Locke Ann Ritchie Co-opted 9 November 2022 Chris Wareham Terry Young 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 2023
The trustees present their annual report and financial statements for the year ended 31 July 2023.
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 there has been ongoing review and, where appropriate, revision. In some instances, such revision has simply been the consolidation of various policies into single ones. Other than that, there has been no substantial change of note 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 have 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 2,300 members.
The trustees who served during the year and up to the date of signature of the financial statements were: Ian Gray Chairman (22 Oct 2022 onward, previously Vice-Chair) Louis Verdegem Vice Chairman (22 Oct 2022 Onward) Mary McCarthy Treasurer Brenda White Secretary (co-opted 9 November 2022) Lynda Brimmell Shirley Chilvers Patricia Dangerfield (stepped down 22 October 2022) Janice Dickin (elected 22 October 2022, resigned 8 November 2022) Joy Green Connie Hunt (co-opted 9 November 2022) Adrienne Just (co-opted 9 November 2022) Hilary Keegan Alan Locke (Chairman July – Oct 2022) Elaine Locke Ann Ritchie (co-opted 9 November 2022) Chris Wareham Secretary (July – Oct 2022) Terry Young
The Trustees are appointed annually from among the membership at the AGM.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023
The PU3A is run by a committee of up to 14 members (including the officers), plus any additional members coopted by committee decision. They are the Trustees of the charity and meet at least once a month. The constitution allows the creation of sub-committees and during the year there were two of these, dealing with financial and membership matters respectively. Various short-term working groups have been organised to consider and address various ad hoc matters. 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 approximately 136 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, which have been successfully relaunched under new branding, ‘Tea&Talk’ and relocated to the Fleet Centre. Attendance has grown significantly, with very positive feedback from those attending. There are also 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. Other members help with the running of the organisation and its activities in different ways.
The main achievements in 2022-23 were:
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The production of a new draft constitution to bring PU3A up to date with the latest advice from the Third Age Trust, which following approval from them, will be put to the October 2023 AGM for adoption.
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A healthy growth in both groups and their members, although some groups ceased when new leaders could not be found to replace those stepping down.
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Ongoing review of all policies in a timely manner to ensure their relevance and legality
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Continuing to use IT technology to improve the efficiency of the administration of the charity by reducing
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the workload and costs while keeping in mind the small but significant number of members who do not have access to a computer or who are not fully computer-literate
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Successfully introduced the new single membership tariff at minimum disruption to the renewal process
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Continuing to develop Pulse, our monthly digital newsletter, which now enjoys an average of almost
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1500 ‘on-line reads’ each month
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Celebrating the 30th anniversary of PU3A with events and a special edition newsletter
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Launching a volunteer scheme to seek support from members to help with PU3A events, administrative
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tasks and potentially IT support for members.
Financial review
At the end of the year the PU3A’s Charity Account balance stood at £18,965. 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 2023
The organisation is funded mainly by members’ subscriptions, which go primarily towards the costs of running the organisation. Individual groups within the organisation are expected to be self-financing. The trustees' report was approved by the Board of Trustees.
Louis Verdegem - Vice Chair
Dated: 12 October 2023
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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 2023.
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: 13 October 2023
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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 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 28,707 | 31,097 |
| Charitable activities | 4 | 80,860 | 64,897 |
| Investments | 5 | 173 | 106 |
| Total income | 109,740 | 96,100 | |
| Expenditure on: | |||
| Charitable activities | 6 | 102,883 | 86,217 |
| Net income for the year/ | |||
| Net movement in funds | 6,857 | 9,883 | |
| Fund balances at 1 August 2022 | 48,416 | 38,533 | |
| Fund balances at 31 July 2023 | 55,273 | 48,416 |
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 2023
| 2023 Notes £ Current assets Debtors 11 15,347 Cash at bank and in hand 67,078 82,425 Creditors: amounts falling due within one year 12 (27,152) Net current assets Income funds Unrestricted funds Designated funds 14 18,521 General unrestricted funds 36,752 |
2022 £ £ 5,766 65,361 71,127 (22,711) 55,273 13,658 34,758 55,273 55,273 |
£ 48,416 |
|---|---|---|
| 48,416 | ||
| 48,416 |
The financial statements were approved by the Trustees on 12 October 2023
Louis Verdegem - Vice Chairman Trustee
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 amounts 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 2023
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 payments 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 2023
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 2023 £ Membership income 25,291 Gift aid reclaim 3,416 28,707 |
Total 2022 £ 26,397 4,700 |
|---|---|
| 31,097 |
4 Charitable activities
| General | Accommodation | Social | Total | Total | |
|---|---|---|---|---|---|
| fund | 2023 | 2022 | |||
| 2023 | 2023 | 2023 | |||
| £ | £ | £ | £ | £ | |
| Sales within charitable activities | 778 | 44,493 | 35,589 | 80,860 | 64,897 |
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 173 | 106 |
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
6 Charitable activities
| Third Age Trust subscription Accommodation Website Refreshments Speakers Storage Miscellaneous expense Postage, telephone and stationery Photocopiers and printers Social Bank charges Share of governance costs (see note 7) |
General Accommodation fund 2023 2023 £ £ 8,944 - 2,958 41,513 775 - 520 - 690 612 1,281 - 3,166 - 1,207 - 5,693 - - - - 63 25,234 42,188 2,400 - 27,634 42,188 |
Social 2023 £ - - - - - - - - - 33,061 - 33,061 - 33,061 |
Total 2023 £ 8,944 44,471 775 520 1,302 1,281 3,166 1,207 5,693 33,061 63 100,483 2,400 102,883 |
Total 2022 £ 8,796 39,395 671 370 650 958 2,769 1,336 2,316 26,078 1,028 |
|---|---|---|---|---|
| 84,367 1,850 |
||||
| 86,217 |
7 Support costs
| Support costs | |||
|---|---|---|---|
| Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,400 - 2,400 - 2,400 |
2023 £ 2,400 2,400 2,400 |
2022 £ 1,850 |
| 1,850 | |||
| 1,850 |
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.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Debtors
| 11 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Prepayments and accrued income 12 Creditors: amounts falling due within one year Notes Deferred income 13 Trade creditors Accruals 13 Deferred income Deferred membership income Deferred social activities |
2023 £ 15,347 2023 £ 16,383 4,018 6,751 27,152 2023 £ 1,718 14,665 16,383 |
2022 £ 5,766 |
| 2022 £ 11,908 5,259 5,544 |
||
| 22,711 | ||
| 2022 £ 1,452 10,456 |
||
| 11,908 |
14 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 2021 | resources | expended 1 |
August 2022 | resources | expended | 31 July 2023 | |
| £ | £ | £ | £ | £ | £ | £ | ||
| Accommodation | 10,262 | 36,732 | (39,511) | 7,483 | 44,505 | (42,188) | 9,800 | |
| Social | 6,602 | 26,044 | (26,471) | 6,175 | 35,607 | (33,061) | 8,721 | |
| 16,864 | 62,776 | (65,982) | 13,658 | 80,112 | (75,249) | 18,521 |
The Accommodation fund relates to local activities run by the charity.
The Social fund relates to trips organised by the charity.
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PETERBOROUGH UNIVERSITY OF THE THIRD AGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023
| 15 Analysis of net assets between funds Unrestricted funds Designated funds 2023 2023 £ £ Fund balances at 31 July 2023 are represented by: Current assets/(liabilities) 36,752 18,521 36,752 18,521 |
Total 2023 £ 55,273 |
|---|---|
| 55,273 |
16 Related party transactions
The trustees participate in the activities of the charity on the same basis as other members.
17 Analysis of changes in net funds
The charity had no debt during the year.
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