## MALVERN U3A
# TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
Registered Charity number 1069591
ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Contents
## MALVERN U3A
|ReferenceandAdministrative Details|1|
|---|---|
|Trustees’ Report|2-3|
|Structure, Governance and Management|4-5|
|Report ofthe Independent Examiner|6|
|Statement of Financial Activities|ri|
|Balance Sheet|8|
|NotestotheFinancialStatements|9-13|
## MALVERN U3A
ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Reference and Administrative Details
## Registered Charity
## 1069591 (registered in England)
## Trustees
William Culshaw Chair Richard Phillips Secretary David Oliver Treasurer David Street Helen O’Donnell Wendy Mondy Aidan Lawrence Chris Churchill Appointed 29 November 2022 Anthony Swindell Appointed 29 November 2022 Roy Atkins Appointed 29 November 2022 Tessa Hartog Retired 29 November 2022 Roger Hunt Retired 29 November 2022 Linda Scott Retired 29 November 2022 John Price Retired 29 November 2022 Peter Corfield Retired 29 November 2022
## Principal Address
## independent Examiner
## Website
5 Vines Court, 7 Ellerslie Drive, Malvern, WR14 3PH
Christopher Boyd, Chartered Accountant, 20 Sansome Walk, Worcester, WR1 1LR
## www.malvernu3a.org.uK
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Trustees’ Report
The Trustees are pleased to present their report and the financial statements for the year ended 31 August 2023.
The Financial Statements have been prepared in accordance with 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 (‘SORP”), applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
## Objectives and Activities
The Malvern u3a (“the Charity”) is a member of The Third Age Trust (charity number 288007) and represents its principles in Malvern, Worcestershire and the surrounding areas. The charitable purpose of The Malvern u3a is 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 in Malvern and its surrounding locality.
## Achievements and Performance
Membership, which fell significantly during the Covid 19 period, has stabilised at just over 1,500 members. There has been a small increase on the 2022 membership numbers. The Malvern u3a was able to offer over 100 different interest groups to its members at the 2023 Group Fair which represents an increase on last year.
A fully live programme of monthly lectures by external guest speakers also took place during the year; this included a visit by the Vice Chair of The Third Age Trust, Allan Walmesley and the Chief Executive, Sam Mauger. Sam Mauger gavea talk in which she gave a much broader insight into the wider u3a movement, the various facilities available to all members and support for Group Leaders.
The Malvern u3a held two social events for members. In November 2022 the u3a’s 40" anniversary was celebrated with an indoor picnic held at the Edinburgh Dome in Malvern. A second event, a midsummer outdoor picnic was held in Priory Park in Malvern. Music at both events was provided by a combination of members and local musicians. The Charity has spent some time improving its website and administration systems. This included a rehaul of the subscription process and payment capture methods. The website was also streamlined and the navigation process improved. The intention is to make life easier for the organisation going forward.
The Charity has continued to issue online monthly bulletins of activities for its members as well as an Autumn newsletter.
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Trustees’ Report (Cont.)
The Trustees secured a much sought-after outdoor exhibition spot along the busy Church Walk in central Maivern. The exhibition should bring to a wider audience the function and ethos of the Charity and demonstrate the breadth and diversity of its activities. The exhibition consists of 25 posters. 23 of these have been designed by interest groups whilst the first and last contain general information, including contact details, of the Malvern u3a. The exhibition should raise the profile of the u3a locally and also provides an excellent platform for the members to express their individuality.
## Financial Review
lhe Malvern u3a madea surplus for the year ended 31 August 2023 of £12,217.
The surplus principally reflects the increased receipt of venue fees from members attending face-to-face meetings at rented venues. This was higher than anticipated and reflects an increased confidence in members to gather together.
The vast majority of hired venues have increased their hire charges during the course of the year. We therefore anticipate a much smaller surplus in 2024.
The Charity had reserves brought forward of £24,392 at 31 August 2022. Reserves at 31 August 2023 (excluding prepaid subscriptions for 2024) amount to £36,609. The Charity therefore foresees no need to increase the £15 subscription fee or the £2 venue fee at hired venues in 2024.
## Principal Funding Sources
On an ongoing basis, the Charity’s principal funding sources have and will continue to be subscription fees from members and a venue fee charged to members who attend meetings at paid third party venues.
## Risks
The impact of Covid-19 on the Charity has been significant with membership numbers still below their pre-pandemic levels (over 1,700).
The Charity is dependent on members volunteering to be Group Leaders and Trustees. It has been difficult to secure new Trustees. This is reflected in Trustees having to double-up roles and the inability to secure replacements for resigning Trustees. Only one printed newsletter was published this year due to a replacement for the Newsletter Editor not being found.
The Trustees will carefully monitor income and costs to determine whether the annual subscription fee (currently £15) is adequate. This follows the increase in the annual capitation fee paid to The Third Age Trust and proposals to increase this further.
The Trustees will continue to seek new ways to engage with the membership.
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Structure, Governance and Management
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©
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## Governing Document
The Charity is an unincorporated members’ association and is a member of The Third Age Trust. It is registered as a charity (number 1069591). The association was established under a constitution which contains the objects and powers of the association.
## Recruitment and Appointment of the Trustees
The Trustees of the Charity form a Management Committee. The Trustees of the Malvern U3A are required to manage the Charity in accordance with its constitution. The Trustees have a duty to ensure the Charity meets its objectives.
Under the requirements of the constitution, Trustees are elected from within the membership of the association at an Annual General Meeting (“AGM”) and hold office for one year, after which they must be re-elected at an AGM. New Trustees can be co-opted during the year by the Management Committee. Their term runs up to the next AGM when they need to be elected if they wish to remain as a Trustee. Trustees are able to serve for five consecutive years, with the exception of the Chair who can only serve up to three years. Members are circulated with invitations to nominate Trustees prior to the AGM.
The Trustees are responsible for preparing the annual Report of the Management Committee and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial period, which give a true and fair view of the state of the affairs of the Charity and of its incoming resources and application of resources of the Charity for that period. In preparing those financial statements the Trustees are required to
- Select suitable accounting policies and apply them consistently;
Observe the methods and principles of the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements;
- Prepare the Financial Statements on a going concern basis unless it is inappropriate to assume that the Charity will continue on that basis.
The Trustees are responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011 (Accounts and Reports) Regulations 2008 and the provisions of the constitution.
The Trustees are also responsible for safeguarding the assets of the Charity and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
Structure, Governance and Management (Cont.)
## Independent Examiner
The independent examiner is approved by the membership at the Annual General Meeting.
The attached accounts for the year ended 31 August 2023 were approved by the Trustees on 22 September 2023 and signed on their behalf by:
W Culshaw Chair
D Oliver
Treasurer
Page 5
## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Report of the Independent Examiner
| report to the Trustees on my examination of the accounts of the Malvern u3a for the year ended 31 August 2023.
## Responsibilities and Basis of Report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act.
## Independent Examiner’s Statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
- e accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
- e the accounts do not accord with the accounting records;
| 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.
Signed ....... AMIE Boge... Date ..o! Otubey 2023 Christopher Boyd MA BFP FCA
Chartered Accountant
20 Sansome Walk
Worcester
WR1 1LR
Page 6
## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Siatement of Financial Activities (Incorporating Income and Expenditure Account)
||||2023||2022|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||Funds|Funds|Total|Total|
||Notes|=|£|£|£|
|Incoming Resources||||||
|Donations and legacies|2|26,020|0|26,020|26,319|
|Charitable activities|2|41,349|8,472|49 821|34,608|
|Investment income||284|0|284|9|
|||67,653|8,472|76,125|60,936|
|Resources Expended||||||
|Raising funds|3|219|0|219|119|
|Charitable activities|3|55,469|8,220|63,689|51,660|
|Total||55,688|8,220|63,908|51,779|
|Netmovement in funds||11,965|252|12,217|9,157|
|Total funds brought forward||23,451|941|24,392|18,235|
|Totalfundscarriedforward||35,416|1,193|36,609|24,392|
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Balance Sheet
||||2023||2022|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
||Notes|Funds|Funds|Total|Total|
|||£|£|fo|£|
|Current Assets||||||
|Fixed Asset|4|169|0|169|225|
|Debtors and prepayments||5,217|0|5,217|3,983|
|Cash at bank and in hand|5|41,358|1,521|42,879|37,111|
|||46,744|1,521|48 265|41,319|
|Creditors: amounts||||||
|Falling duewithin 1 year|6|11,328|328|11,656|16,927|
|Total net assets or liabilities||35,416|1,193|36,609|24,932|
|Funds of Charity||||||
|Restricted income funds||0|1,193|1,193|941|
|Unrestricted income funds||35,416|0|35,416|23,451|
|Totalfunds||35,416|1,193|36,609|24,392|
Approved by the trustees on 22 September 2023 and signed on their behalf by:
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W Culshaw Chair
D Oliver Treasurer
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Notes to the Financial Statements
|
## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
:
1. Accounting Policies
## Income
|
## Basis of Preparation
These financial statements have been prepared on the basis of historical cost in accordance with Accounting and Reporting by Gharities: Statement of Recommended Practice, (SORP 2005) and with Accounting Standards. There has been no change in the accounting policies.
## Fund Structure
Unrestricted income funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objective of the Charity.
## Income
All income is included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
## Incoming Resources and Related Expenditure
Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the accounts.
## Tax Reclaim on Donations and Gifts
Incoming resources from tax reclaims are included in the Statement of Financial Activities when they are received.
## Investment Income
This is included in the accounts when receivable.
## Expenditure and Liabilities
## Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the Charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## Deferred Income
Deferred income represents subscriptions received in respect of the following year.
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ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## MALVERN U3A
## Notes to the Financial Statements (Cont.)
## Assets
## Tangible Fixed Assets
These are capitalised if they can be used for more than one year and cost at least £250.
## Prepayments
Prepayments arise when the Charity pays for certain expenses in advance, but the benefit is received in a later period.
## Creditors and Provisions
Creditors are measured at settlement amounts less any trade discounts. A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
|2.
Incoming Resources||2023||2022|
|---|---|---|---|---|
||Unrestricted|Restricted|||
||Fund|Fund|Total|Total|
||£|£|£|£|
|Donations and Legacies|||||
|Subscriptions|22,868|0|22,868|22,585|
|Gift Aid recovered|2,618|0|2,618|3,462|
|Matched Giving|534|0|534|272|
||26,020|0|26,020|26,319|
|Charitable Activities|||||
|Group income|41,156|0|41,156|29,119|
|Sub-Group income|0|8,472|8,472|5,175|
|U3A News|192|0|192|245|
|Other|1|0|1|69|
||41,349|8,472|49,821|34,608|
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Notes to the Financial Statements (Cont.)
|3.
Resources Expended|3.
Resources Expended|2023||2022|
|---|---|---|---|---|
||Unrestricted|Restricted|||
||Fund|Fund|Total|Total|
||£|£|£|£|
|Room hire|40,675|0|40,675|32,369|
|Sub-Group expenditure|0|8,220|8,220|4,992|
|Capitation fees|6,048|0|6,048|5,776|
|Speakers|680|0|680|491|
|Directories|2,418|0|2,418|2,665|
|U3A News|0|0|0|346|
|Newsletters|693|0|693|1,092|
|Printing and postage|280|0|280|448|
|Transaction fees|586|0|586|398|
|Repairs and equipment|470|0|470|381|
|Depreciation|56|0|56|75|
|Independent Examiner’s fees|360|0|360|360|
|Raising Funds|219|0|219|119|
|GroupFairDay|1,329|0|1,329|820|
|Other administrative|1,874|0|1,874|1,447|
||55,688|8,220|63,908|51,779|
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Notes to the Financial Statements (Cont.)
|4.|Tangible Fixed Assets|||||
|---|---|---|---|---|---|
||||Furniture and|||
|||||_||
||||Equipment||Total|
||||£||£|
|Cost|.|||||
|At 31|August2022||300||300|
|At 31|August 2023||300||300|
|Depreciation||||||
|At 31|August 2022||75||75|
|Charge forthe year|||56||56|
|At 31|August 2022||131||131|
|Net book value||||||
|At 31|August 2022||225||225|
|At 31|August 2023||169||169|
|5.|Cash at Bank and in Hand|2023|||2022|
|||£|||£|
|Shortterm|term deposits|26,881|||19,116|
|Cash|at bank and on hand|||||
|-
Unrestricted||14,477|||16,606|
|-
Restricted||1,521|||1,389|
|||42,879|||37,111|
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## MALVERN U3A
## ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
## Notes to the Financial Statements (Cont.)
## 6. Creditors: amounts falling due within 1 year
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|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|E|
|Accruals|and|deferred|income|9,144|10,995|
|Other|creditors|-|restricted|328|448|
|Other|creditors|-|unrestricted|2,184|5,484|
|11,656|16,927|
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Deferred income represents subscriptions received in advance in respect of the following year.
## Movement in deferred income account
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Balance|at|the|start|of|the|reporting|period|10,995|9,927|
|Amounts|added|in|current|period|9,144|10,995|
|Amounts|released|to|income|from|previous|
|periods|(10,995)|(9,927)|
|Balance|at|the|end|of the|reporting|period|9.144|10,995|
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