Financial Review
Firstly, I would like to thank Pauline Keyne, who has stepped in as our Examiner / Auditor for this year.
We are a not-for-profit organisation.
Our main source of funds is our member’s annual subscriptions and, as a registered charity, we also receive Gift Aid repayment on a proportion of these subscriptions. We do not normally receive any grants or donations from sources other than our members.
Our funds are held in current and deposit accounts regulated by the Financial Services Compensation Scheme. We do not have any other investments.
Reserves are needed to ensure continuity of the U3A in the event of a sudden drop in income, to cope with unexpected and unplanned increases in expenditure, to replace assets, to cover future equipment demands, and to deal with emergency situations. They provide a contingency for expenditure over and above day-to-day commitments and other planned outgoings. Our aim is to maintain reserves sufficient to cover 4 – 8 months of future operating costs after setting aside £2,000 for capital purchases, and an amount to cover the specific liability for Affiliation Fees due to the Third Age Trust. The remaining general reserves may include previously received funds ring-fenced for activities for specific groups.
Treasurers Report.
Our accounts and balance sheet for the year show a loss (-£1,853.34) was recorded on total income of £27,664. The accumulated reserves carried forward therefore now total £20,199. After deducting £2,000 for capital spending, £1,640 for future Affiliation Fees and £2,926 for ring-fenced group activity funds per our reserves policy, ‘free’ reserves of £13,633 are available for future operating costs.
Operating costs in the year ended 31[st] March 2024 were £14,448 which includes Affiliation Fees (£1,664) and capital depreciation costs (£0), the day to day costs were £12,784. Our free reserves are therefore above our target reserves policy of 4 to 8 months of operating expenditure. This is consistent with our target reserves policy.
We are currently holding £2,926 cash on behalf of groups for their planned future activities.
South Bucks U3A 31 IAuch 2024 YMrto P•thxl 12 IIA•r 24> Yoar kn P•rlod 12 23) Sul)eP Glft Akl Redakn Ctwue PaYfflt Fee 10.979. 1.673.84 11.0).{x) 1.837.28 156.10 aH.77 14M522 Group Athvty IrKomo ml8collane0 Inc 19.If21AS 1,658.50 A. +? I haveexamlnedthe Profft& LossAcccArtand Balm sheetfortheyended31mar¢h 2024wKlfoundthem ta
N.B. The Trroflt & Losg Account is wesented on a cash accounting basis togettrw1th a Balance SheeL Assets are wrltten off in the year of acquisition. There was no Capital Expenditure thls year. Affiliation Fees of £1,664 are based on £4 per member and on the maximum membershFP durin8 the prior year. arKI payable to the Third Age Trust for National Offi serv1$. Funds colletted by convenoTS and excursion organisers are not held in a separate bank accounL but expenditure of these monles for gmupg actlvities is adminlstered bythe Treasurer and overseen by the Committee. Fund5 collected by any individual group are only made avallable for use bythat group for a specific activity consistent wlth our constltution. Mlnor surpluses/deficits arising from past activities and pr&payments for future artlvitles £2.926 are shown in the income statement separatety as Group Attivty Income and Expenditure whtch conform to updated requirements from the Charlty Commissioner and the Third Age TriJ5L South Bucks U3A 31 IAar¢h 2024 Y&•r to P•riod 12 (IAar 24) Year to Perlod 12 (Mar 23) Net Book Value Current Assets Sundry Debtors HSBC CurrentAlc 91372912 HSBC Deposii Alc 91372920 Pety Cash 23.00 5,853.51 16.146.29 19,491.06 20.199.46 22.052.80 20.199.46 22.052.80 20.199.46 22,052.80 Financed By. Shareholders Funds Profft & Loss Account Retalned Earni6 (1,853.34) 22.052.80 (156.56) 22.209.36 20.199.46 22,052.80 20,199.46 22,052.80