REGISTERED CHARITY NUMBER: 1057461
Report of the Trustees and Unaudited Financial Statements
for the Year Ended 31 December 2022
for
Leek U3A
Bennett Brooks (Leek) Ltd Cherry Tree Court Cross Street Leek Staffordshire ST13 6BL
Leek U3A
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Leek U3A
Report of the Trustees for the year ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Leek u3a was established in 1995 and is a registered charity with its own constitution approved by the national u3a Third Age Trust to which it is affiliated.
Nationally the u3a was established 40 years ago and there are now over 1,000 u3a's in the UK with total membership in excess of 400,000.
The u3a's primary objectives are to encourage and promote the benefits of lifelong learning together with a full and active social life by providing the framework for educational, creative, leisure and sporting/keep fit activities for people in the 3rd age of their lives.
The main membership stipulation is that members should no longer be in full time employment.
Beyond these organised activities there is a social dimension to u3a membership which is especially relevant to members from single person households.
The u3a motto is "Learn, Laugh, Live".
Activities in 2022
2022 saw Leek u3a begin to recover from the impact of Covid although some members were still nervous about interacting socially as much as they had before Covid.
By the end of the year most of our 70+ groups were meeting again, mainly weekly and our membership had recovered to nearly our 1,000 pre-Covid level.
In April we held our AGM which included the election of new Committee members.
For 2023 the committee made the decision to return annual membership to our previous price of £15 and to increase session fees to £1.50 in a bid to both recover losses suffered during the 3 years of Covid and also in preparation for increased accommodation costs likely to be suffered due to energy cost rises.
Financially we were still seeing the effects of Covid during the year and although tight control over expenditure was maintained we suffered our third loss in as many years. Despite this we still hold a sufficient cash reserve.
Public benefit
The Trustees have complied with the duty in Section 4 of 2006 Act to have due regard to public benefit guidance published by the Charity Commission.
FINANCIAL REVIEW
Investment policy and objectives
The charity does not have an investment policy. Reserves are held in interest bearing bank accounts when available.
Reserves policy
The charity maintains a contingency reserve, currently standing at £22,000, to cover expenditure should funding not be available.
The results for the year are shown in the Statement of Financial Activities.
Income for the year has increased by £20,402 to £43,030, with an increase in expenditure to £46,559. This has resulted in net expenditure for the year of £3,529 and leaves total funds at 31 December 2022 of £30,001, £2,000 of which is restricted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
Leek U3A
Report of the Trustees for the year ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
Leek U3A has a committee made up of nine people, including a Treasurer and Secretary. Members of the committee are elected for three years by members at the Annual General Meeting. Up to four extra members can be co-opted onto the committee. All major decisions are taken at full committee meetings, held monthly.
The Treasurer and Chair are able to authorise group spending of up to £50. Sums above this need to be approved at a full committee meeting.
Each activity group is autonomous and is led by a group leader. There is a Group Co-ordinator on the committee who liaises closely with the leaders and significant issues are brought to the full committee. The leaders are a key part of Leek U3A and their valuable contributions add significantly to the growing success of the organisation.
Our main base is at Norton House where we have a locked office. We also use the Norton House annexe, the Watson Centre. For both of those we pay an annual rent and have a renewable lease. Norton House Trustees keep U3A informed of latest fire and safety regulations and occasionally we have a fire drill while groups are in session. We are fully insured. We also hire other accommodation in the town, such as the Leisure Centre, where we rely on the Health and Safety regulations of the appropriate body. We have had no negative Health and Safety events this year. Groups going on visits and trips inform the Chair and all monies are paid through the U3A accounts, except for holidays arranged through ABTA insured companies.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1057461
Principal address Norton House Fynney Street Leek Staffordshire ST13 5LF
Trustees
I Smith A Baxter I Cantrill C Bogie (resigned 20.4.22) D Thomas K Jones S Abbott C Sheldon R Roche (appointed 31.10.22)
Independent Examiner
Bennett Brooks (Leek) Ltd Cherry Tree Court Cross Street Leek Staffordshire ST13 6BL
Approved by order of the board of trustees on 19 April 2023 and signed on its behalf by:
I Smith - Trustee
Page 2
Independent Examiner's Report to the Trustees of Leek U3A
Independent examiner's report to the trustees of Leek U3A
I report to the charity trustees on my examination of the accounts of Leek U3A (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
Mrs YAO Wood
Bennett Brooks (Leek) Ltd Cherry Tree Court Cross Street Leek Staffordshire ST13 6BL
19 April 2023
Page 3
Leek U3A
Statement of Financial Activities for the year ended 31 December 2022
| Unrestricted Restricted funds fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,735 - Charitable activities Learning services 41,168 - Investment income 2 127 - Total 43,030 - EXPENDITURE ON Raising funds 1,268 - Charitable activities Learning services 45,291 - Total 46,559 - NET INCOME/(EXPENDITURE) (3,529) - RECONCILIATION OF FUNDS Total funds brought forward 31,530 2,000 TOTAL FUNDS CARRIED FORWARD 28,001 2,000 |
2022 2021 Total Total funds funds £ £ 1,735 1,440 41,168 21,077 127 111 43,030 22,628 1,268 881 45,291 24,975 46,559 25,856 (3,529) (3,228) 33,530 36,758 30,001 33,530 |
|---|---|
The notes form part of these financial statements
Page 4
Leek U3A
Balance Sheet 31 December 2022
| Unrestricted Restricted funds fund Notes £ £ FIXED ASSETS Tangible assets 5 1,900 - CURRENT ASSETS Debtors 6 367 - Cash at bank and in hand 34,727 2,000 35,094 2,000 CREDITORS Amounts falling due within one year 7 (8,993) - NET CURRENT ASSETS 26,101 2,000 TOTAL ASSETS LESS CURRENT LIABILITIES 28,001 2,000 NET ASSETS 28,001 2,000 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 1,900 367 36,727 37,094 (8,993) 28,101 30,001 30,001 28,001 2,000 30,001 |
2021 Total funds £ 2,100 178 38,423 38,601 (7,171) 31,430 33,530 33,530 31,530 2,000 33,530 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19 April 2023 and were signed on its behalf by:
I Cantrill - Trustee
The notes form part of these financial statements
Page 5
Leek U3A
Notes to the Financial Statements for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Voluntary income received by way of grants, donations and gifts is included in full when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources when they are sold.
Income from investments is included in the year in which it is receivable.
Expenditure
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 cost 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Deposit account interest | 127 | 111 |
Page 6
continued...
Leek U3A
Notes to the Financial Statements - continued for the year ended 31 December 2022
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
4.
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | fund | funds | |
| £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 1,440 | - | 1,440 |
| Charitable activities | |||
| Learning services | 21,077 | - | 21,077 |
| Investment income | 111 | - | 111 |
| Total | 22,628 | - | 22,628 |
| EXPENDITURE ON | |||
| Raising funds | 881 | - | 881 |
| Charitable activities | |||
| Learning services | 24,975 | - | 24,975 |
| Total | 25,856 | - | 25,856 |
| NET INCOME/(EXPENDITURE) | (3,228) | - | (3,228) |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 34,758 | 2,000 | 36,758 |
| TOTAL FUNDS CARRIED FORWARD | 31,530 | 2,000 | 33,530 |
| TANGIBLE FIXED ASSETS | |||
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 1 January 2022 | 15,304 | ||
| Additions | 158 | ||
| At 31 December 2022 | 15,462 | ||
| DEPRECIATION | |||
| At 1 January 2022 | 13,204 | ||
| Charge for year | 358 | ||
| At 31 December 2022 | 13,562 | ||
| NET BOOK VALUE | |||
| At 31 December 2022 | 1,900 | ||
| At 31 December 2021 | 2,100 |
continued...
Page 7
Leek U3A
Notes to the Financial Statements - continued for the year ended 31 December 2022
| 6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE | YEAR | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £ | £ | |||||
| Other debtors | 367 | 178 | ||||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Other creditors | 8,993 | 7,171 | ||||
| 8. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 1.1.22 | in funds | 31.12.22 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 9,530 | (3,529) | 6,001 | |||
| Contingency fund | 22,000 | - | 22,000 | |||
| 31,530 | (3,529) | 28,001 | ||||
| Restricted funds | ||||||
| Capital expenditure fund | 2,000 | - | 2,000 | |||
| TOTAL FUNDS | 33,530 | (3,529) | 30,001 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 43,030 | (46,559) | (3,529) | |||
| TOTAL FUNDS | 43,030 | (46,559) | (3,529) | |||
| Comparatives for movement in funds | ||||||
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1.1.21 | in funds | funds | 31.12.21 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 34,758 | (3,228) | (22,000) | 9,530 | ||
| Contingency fund | - | - | 22,000 | 22,000 | ||
| 34,758 | (3,228) | - | 31,530 | |||
| Restricted funds | ||||||
| Capital expenditure fund | 2,000 | - | - | 2,000 | ||
| TOTAL FUNDS | 36,758 | (3,228) | - | 33,530 |
continued...
Page 8
Leek U3A
Notes to the Financial Statements - continued
for the year ended 31 December 2022
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 22,628 | (25,856) | (3,228) |
| TOTAL FUNDS | 22,628 | (25,856) | (3,228) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.21 | in funds | funds | 31.12.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 34,758 | (6,757) | (22,000) | 6,001 |
| Contingency fund | - | - | 22,000 | 22,000 |
| 34,758 | (6,757) | - | 28,001 | |
| Restricted funds | ||||
| Capital expenditure fund | 2,000 | - | - | 2,000 |
| TOTAL FUNDS | 36,758 | (6,757) | - | 30,001 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 65,658 | (72,415) | (6,757) |
| TOTAL FUNDS | 65,658 | (72,415) | (6,757) |
The general fund represents the free funds of the charity which have not been designated for a particular purpose.
The contingency fund represents monies held by the charity to cover unexpected expenditure and cashflow should alternative funding not be available.
The capital fund comprises funding towards the purchase of equipment and materials. The balance on the fund represents monies not yet spent and depreciation not charged against the fund.
continued...
Page 9
Leek U3A
Notes to the Financial Statements - continued for the year ended 31 December 2022
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 10
Leek U3A
Detailed Statement of Financial Activities for the year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 696 | 731 |
| Gift aid | 1,039 | 709 |
| 1,735 | 1,440 | |
| Investment income | ||
| Deposit account interest | 127 | 111 |
| Charitable activities | ||
| Fundraising | 279 | 53 |
| Events | 3,052 | 891 |
| Class fees | 28,925 | 12,262 |
| Membership fees | 8,912 | 7,871 |
| 41,168 | 21,077 | |
| Total incoming resources | 43,030 | 22,628 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising costs | 1,268 | 881 |
| Charitable activities | ||
| Rent and room hire | 34,952 | 18,089 |
| Printing and stationery | 47 | 41 |
| Management and administration | 873 | 1,058 |
| Repairs and maintenance | 100 | 146 |
| Catering | 745 | 248 |
| Teaching | 882 | 190 |
| Class expenses | 436 | 152 |
| Visits | 3,052 | 891 |
| U3A affiliation fees | 3,264 | 3,238 |
| Depreciation of tangible fixed assets | 358 | 382 |
| 44,709 | 24,435 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 582 | 540 |
| Total resources expended | 46,559 | 25,856 |
| Net expenditure | (3,529) | (3,228) |
This page does not form part of the statutory financial statements
Page 11