Charlty reglstration number 1026617 PETERBOROUGH UNIVERSITY OF THE THIRD AGE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
PETERBOROUGH UNIVERSITY OF THE THIRD AGE CONTENTS Trustees. report Independent examinerfs report Statement of finanoal actlvlties Balance sheet Notes to the financial statements 7-12
PETERBOROUGH UNIVERSITY OF THE THIRD AGE LEGAL AND ADMINISTRATIVE INFORMATION Trustees lan GTay- Chaimian Louis Verdegem - Vice Chairman Tery Young - Treasurer Brenda White - Secretary Norman Bell Lynda Brimmell Shirley Chilvers Joy Green Maureen Goodyear Connie Hunt Adrienne Just Hilary Keegan Alan Locke Elaine Locke Ann Ritchie Coryopted 14 August 2024 Co-opted 14 August 2024 Charity number 1026617 Independent examiner Mark Jackson FCA DChA Azels Westpoint Lynch Wood Pelerborough Cambridgeshire United Kingdom PE2 6FZ
PETERBOROUGH UNIVERSITY OF THE THIRD AGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JUL Y 2024 The trustees present their annual report and financial statements for the year ended 31 July 2024. 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 chartvs Cnstitution, the Charities Act 2011 and "AGGounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their actounts in accordan with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102>- (as amended for accounting periods commencing from 1 January 2016) Objedlves and activitles The obj'ects 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 conduave to leaming and petsonal deveFopment, 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 leisu 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, reviSn. 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 whal ad1vitS 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, govemance and management The charty is a unincorporated entity. Its goveming document is its constituts'on as revised and adopted at the AGM on 28 Ckniber 2023. The charity is an assoaation with over 2,300 members. The trustees who served during the year and up to the date of signature of the financral statements were: lan Gray Chairman Louis Verdegem VI Chaimian Mary Mccarthy Treasurer (resigned 28 October 2023) Terry Young Treasurer (from 28 October 2023) Brenda White Secretary Lynda Brimmell Shirley Chilvers Joy Green Connie Hunt Adrienne Just Hilary Keegan Alan Locke Elaine Locke Ann Ritchie Maureen Goodyear Norman Bell Chfis Wareham Co-opied 14 August 2024 Cmpted 14 August 2024 (resigned 28 October 2023) The Trustees are appointed annually from among the membership at the AGM.
PETERBOROUGH UNIVERSITY OF THE THIRD AGE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 The PU3A is Nn by a committee of up to 15 members (induding the officers). this may include up to 3 COryOPtees. 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-temi wolking 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 organisalion overseeing the University of the Third Age movem8nt in th8 UK) who provide h81p and advi on running the organisation. Review of the year The main activities undertaken in relation to the objects are the approximately 140 groups organised for PU3A members, which cover a wide variety of subjects including foreign languages, sports activities (indoors and out), Scien and technology. art. Cfafts, history and music. Most of these meet either weekly, fortnightly or monthly, although some suth 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 suwts. now established under the 'Tea &Talk' branding at the Fleet Centre. Attendance has grown signfficantly, typically averaging 80plus. with very positive feedback from those attending. There are also owsional social activities such as a quiz night or bam danc& In organÉsing these actlvities 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 2023-24 We.. Planning and delivering additional new events. such as a First Aid course, a Craft Fair and a 60s170s disco evening. - Creating new voluntary roles, in support of the Committee, with members drawn from the newly named Really Useful Group (RUGS), for the rneeting and greeting of new and potential members. refreshments servers, car parking stewards arKI a roving reporter, amongst others. - A healthy growth in both groups and their members, although some groups aSed when new leaders could not be found to reptace those stepping down. Ongoing review of all policies in a timely manner to ensure their relevance and legality Continuing to use IT technology to improve the efficiency of the administration of the charity by rajucing 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-ltterate Introducing a new, web4)ased telephone system to improve direct access to key committee members, and to better manage call flows. - Extensive forward planning to better future-proof the committee, by seeking to introduce 'understudy' posts for key committee roles. Flnancial rèvlew At the end of the year unrestricted reserves that had not been designated stood at £41,993. The Trustees have decided that unrestricted funds which have not been designated for a specffsc use should be mainlained at a level equiVanI to 6 nKJnths operating expenditure which at Current levels would be about £15,000. An amount of £19,255 has been placed in a separate reserve bank account to support this reserves policy. The remaining unrestricted funds are maintained in an operating bank account to cover day to day expenditure. 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 wtth the charity's current activities while consideration is given to ways in which addih'onal funds could be raised. The reserves are also held in order to meet any significant unforeseen expenditure.
PETERBOROUGH UNIVERSITY OF THE THIRD AGE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 The organisation is funded mainly by members, subscfiption& which go primarily towards the costs of wnning the organisalion. Individual groups within the organisation are expected to be self-financing. The Trustees. Report was approved by the Board of Trustees. The trustees, report was approved by the Board of Trustees. lan Gray - Chaim)an Dated".
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 charty) for the year ended 31 Ju5y 2024. Responslbllltles and basls of rèport 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 Ihe charity's financial sL*ements carried out under section 145 of the 2011 Act. In carying out my examination I have followed all the applit2ble Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Your atlenlion is drawn to Ihe fact that the charity has prepared financial slatements in aCCordare with Accounting and Reporting by Charilies pparing their accounts in accordance with the Finaniial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) in preference to ihe Accounting and Reporting by Charities: Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the extsnt regulations but has now been withdrawn. l 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: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act: or the financial statements do not accord with those records", or the financial statements do not comply with the applicable requirements concerning the fom) 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 COnrnS 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. Westpoint Lynch Wood Peterborough Cambridgeshire PE2 6FZ United Kingdom Dated: i•
PETERBOROUGH UNIVERSITY OF THE THIRD AGE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrestrlcted Unrestricted funds funds 2024 2023 Notes Donations and legacies Charitable activities Investments 26,421 87.417 355 28,707 80.860 173 Total income 114.193 109.740 Charitable activities 105,037 102.883 Net income for the yearl Net movement in funds 9,156 6,857 Fund balances at 1 August 2023 55.273 48,416 Fund balances at 31 July 2024 64,429 55,273 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PETERBOROUGH UNIVERSITY OF THE THIRD AGE BALANCE SHEET ASAT 31 JULY2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 11 18,095 65,088 15.347 67,078 83.183 82,425 Creditors: amounts falling due wlthln one year 12 (18,754) (27,152) Net current assets 64,429 55.273 Income fvnds Designated funds General unrestricted funds 14 22,436 41,993 18,521 36,752 64,429 55.273 64.429 55,273 The financial statements were approved by the Trustees on ...... lan Gray- Chaimia Trustee
PETERBOROUGH UNIVERSITY OF THE THIRD AGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accountlng poll¢les Charity Infomlatlon Petelborough University of the Third Age is a not for profit entity. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charrty's goNeming docum8nt. the Charities Ad 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 ol Recommended practi app5icable to charities preparin9 their accounts in accordance wilh 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 Ststement of Recommended Practice for charities applying FRS 102 rather Ihan the version of the Statement of Recommended Practice which is referred to in the Regulalions but which has since been withdrawn. The financial statements are prepared in sterling. which is the fundional cuencY of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £. The financial stalements have been ppared under the historical cost conventton. modified to indude the revaluatton of freehold properties and to include investment properties and certain financial instrlrnents at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial statements. the twstees 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 concem basis of accounting in preparing the financial statements. 1.3 Charbtable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance ol their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purp)ses and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incoming resources Income is recognFsed when the charity is legally entitled to it after any performanco (Xjnditions have been met, the amounts can be measured reliably, and it is probable that income will be reIved. specifically income on the social fund is recognised vthen the activity takes place. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require defe31 of the amount. Income tax recoverable in relalion 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 dislribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingenl asset.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constnjctive 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 Ihe obligalion 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 comprtse direct expenditure including direct staff costs attributabl8 to the activity. Administration and management costs are allooted in the same way. Other msts are allocated in proportion lo income generated by the activity. Support (x)sts are those functions that assist the work of the tharty but do not directy undertake charitable activities. Govemance costs involving the publtc accountability of the charity and its compliance with regulation and good practice. These costs indude cosls related to ststutory examinations and legal fees. Support costs are allocated to charitable activities when relevant. 1.6 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short4efm liquid investments with original maturities of Ihree 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 re(x)gnise(l in the charitys balance sheet when the charity becomes party to the contractual provistons of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforable 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 inrtialty measured at transaction price induding transaction costs and are subsequently carrFed at amortised cost using the effective InteSt method unless the arrangement o)nstitutes a ffnancing 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 ceiVable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction Pri unless the arrangement constitutes a financing transaclion, 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 inslNments are subsequendy rArried at amortised cost, using the effective interest rate method. Trade creditors a obligations to pay for goods or services that have been acquired in the Ordin course of operalions 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 recniSed inttially at transaction price and subsequently measured at amortised cost using the effective interest method.
PETERBOROUGH UNIVERSITY OF THE THIRD AGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies (Continued) Oerecognltlon of flnancial liabilities Financial liabilities are derecognised when the charity's contradual obligations expire or are discharged or cancelled. Critical accounting estlmates 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 assoGiated 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 vieWed on an ongoing basis. Revisi)ns to accounting estimates are recogntsed in the period in which the estimate is revised where the reviston affects cnly that period. or in the period of the revisicjn and future periods where the revision affects both current and futu periods. Donations and legacies Unrestricted funds Total 2024 2023 Membership income Gift aid reclaim Donations 22.482 3,737 202 25.291 3.416 26,421 28.707 Charitable activities General A¢¢offlmodation fund 2024 Social Total 2024 Total 2023 2024 2024 Sales within charitable activities 1,722 45,819 39,876 87,417 80,860
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Investments Unrestrlcted Unrestrl¢ted funds funds 2024 2023 Interest receivable 355 173 Charitable actlvlties General Accommodation fund 2024 Social Total Totsl 2024 2024 2024 2023 Third Age Trust subscription Accommodation Website Refreshments Speakers Storage MislIaneOUS expense Postage, telephone and stationery Magazine costs Social Bank charges 3.013 4,952 325 14 410 911 3.073 1.641 6.628 3,013 46.301 325 14 1,375 911 3,073 1,641 6,628 39,476 8,944 44,471 775 520 1,302 1,281 3,166 1,207 5,693 33,061 63 41.349 965 39,476 20.967 42,314 39,476 102,757 100,483 Share of govemance costs (see note 7) 2,280 2,280 2.400 23,247 42,314 39.476 105,037 102,883 Support costs Support GovemanGe costs costs 2024 2023 Accountancy 2,280 2.280 2.400 2,280 2,280 2.400 Analysed between Charitable aclivities 2,280 2,280 2,400 10-
PETERBOROUGH UNIVERSITY OF THE THIRD AGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity durtng the year. Employees There were no employees during the year. 10 Taxation The charity is exempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains kt 1992 to the extent that these are applied to its charitable objects. 11 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 18,095 15,347 12 Creditors: amounts falling due within one year 2024 2023 Notes Deferred income Trade creditors Accruals 13 9,172 4,049 5,533 16.383 4,018 6,751 18,754 27.152 13 Deferred income 2024 2023 Deferred membership income Deferred social activities 1.472 7,700 1,718 14,665 9,172 16,383 11
PETERBOROUGH UNIVERSITY OF THE THIRD AGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 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 Incoming Resources Balart at resourcos expended l August 2023 Movement in funds Incomin9 Resources 8alanc• at resourc•$ expended 31 July 2024 Balano at l August 2022 Accommodation Social 7,483 6,175 44,505 35,607 (42,1881 (33.0611 9.800 8,721 45.829 39,876 (42,314) {39.476) 13,315 9,121 13,658 80,112 (75.249} 18,521 85,705 (81.790) 22,436 The A¢commodalion fund relates to local activities run by the charity. The Social fund relates to trips organised by the charity- 15 Analysis of net assets between funds Unrestricted Designated funds funds 2024 2024 Total 2024 Fund balances at 31 July 2024 are represented by: Current assetsl(liabilities) 41,993 22.436 64,429 41,993 22,436 64,429 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 fvnds The charily had no debt during the year. 12-