**Charity registration number: 1164448**
## **Southport U3A**
## **FINANCIAL STATEMENTS AND TRUSTEES REPORT**
**FOR THE YEAR ENDED 31 AUGUST 2023**
https://www.southportu3a.org.uk/
## **Southport U3A**
## **INDEX TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
||**Page**|
|---|---|
|Legal and administrative information|1|
|Trustees' report|2 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 13|
## **Southport U3A**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
**Trustees:** Ms Elizabeth Fryer - appointed 2 February 2023 Mr Ian Homewood Ms Christine Howarth (Vice chair) Mr Peter Lawler Mr James Marshall Lyle Hay Mrs Paddy McNeish (Chair) Mr Brian Muddiman Ms Dawn Oldfield Mrs Vivienne Pulman - resigned 2 February 2023 **Treasurer:** Mr Peter Lawler **Secretary:** Mr Brian Muddiman **Charity Number:** 1164448 **Charity Address:** 63 Queens Road Southport PR9 9JF **Charity Website:** https://www.southportu3a.org.uk/ **Independent Examiners:** JA Fell and Company 40 Hoghton Street Southport PR9 0PQ **Bankers:** NatWest 130 Lord Street Southport PR9 0AE
Page 1 of 13
## **Southport U3A**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
The trustees submit their annual report and financial statements for the year ended 31 August 2023. The financial statements follow the requirements of the revised Charities Statement of Recommended Practice (FRS 102) (second edition - October 2019) – 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).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The organisation is a Charitable Trust which was registered on 17 November 2015 and is governed by its Trust Deed dated 3 February 2022.
## **Recruitment and appointment of the trustees**
The board seeks to achieve a balance of skills and experience amongst the trustees. In order to maintain this, the board reviews its skill and experience mix each year and seeks to recruit new trustees when necessary.
In accordance with the Trust Deed, the board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
In appointing trustees due consideration is given to ensuring that the trustees have, between them, the skills and experience necessary to manage the charity effectively and in accordance with charity law.
## **Trustee induction and training**
The current board of trustees will provide any new trustee with an overview of the timetable of board meetings, copies of the recent minutes of meetings, the recent reports and accounts and explains their general and specific responsibilities which are included within an induction process.
Ongoing training is provided by the board of trustees as and when the need arises.
## **Risk management**
The trustees review the major risks which the charity faces on a regular basis and believe that the charity holds sufficient reserves to provide adequate resources to meet its obligations in the event of adverse conditions.
Page 2 of 13
## **Southport U3A**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **OBJECTIVES AND ACTIVITIES**
## **Objects of the charity**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future
The purpose of the charity is the advancement of education and in particular the education of people not in full time gainful employment who are in the third age (being the period of time after the first age of childhood dependence and the second age of full time employment and/or parental responsibility) residing in Southport, Merseyside and its surrounding locality.
## **ACHIEVEMENTS AND PERFORMANCE**
Throughout the year the chairty continued to hold multiple activities and events bringing together the educational and social support for its members including combatting loneliness for some. The trustees believe that through these activities they fulfil the requirements of the Charity Commission's general guidance on public benefit.
## **FINANCIAL REVIEW**
During the year the charity generated income of £192,234 (2022 - £171,851) and spent £182,306 (2022 - £166,654). This resulted in a surplus of £9,928 (2022 - £5,197).
## **Principal funding sources**
The major source of income for the charity has come from group meetings and events.
## **Reserves policy**
The Charity’s policy on reserves is to generate and maintain a balance which is sufficient to cover at least six months operational expenditure. The trustees consider that a level of six months is sufficient to meet its expected commitments both with regard to its fundraising activities and charitable expenditure.
As at 31 August 2023, six months expenditure was calculated to be £91,153, whilst the amount held in reserves was £60,173. The trustees appreciate that this level is not up to the full six months expenditure but is deemed acceptable as surpluses are being made each year to increase the reserves and in difficult circumstances events can be cancelled which would quickly curtail the ongoing costs of the charity. The trustees keep the balance held in reserves under review.
## **Remuneration of Trustees**
All trustees act in a voluntary capacity and receive no remuneration or other material benefits from their services to the Charity.
Out-of-pocket expenses necessarily and reasonably incurred by trustees in promoting the purposes of the Charity are reimbursed at cost.
Page 3 of 13
## **Southport U3A**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **PLANS FOR FUTURE PERIODS**
## **General plans**
The charity will continue its operations throughout the year, with a view to further its objectives by holding events that provide education and social support for its members.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- a. select suitable accounting policies and apply them consistently;
- b. observe the methods and principals in the Charities SORP;
- c. make judgements and estimates that are reasonable and prudent;
- d. state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- e. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They 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.
This report was approved by the board of trustees on …................. and signed on its behalf by:
……………………………… **Mr Peter Lawler - Trustee**
Page 4 of 13
## **Southport U3A**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHPORT U3A**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
I report on the financial statements of the charity for the year ended 31 August 2023, which are set out on pages 6 to 13.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- (i) examine the accounts under section 145 of the Charities Act,
- (ii) to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- (iii) to state whether particular matters have come to our attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- a) which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**O J Grills FCA (Independent Examiner)**
**Dated:** ….........................
**for and on behalf of JA Fell and Company**
**40 Hoghton Street, Southport, PR9 0PQ**
Page 5 of 13
## **Southport U3A**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
|**Notes**
**INCOME**
Income from generated funds:
Charitable activities:
Income from members
**3**
Miscellaneous income
**3**
Investment income:
**4**
**TOTAL INCOME**
**EXPENDITURE**
Charitable activities:
**5**
Governance:
**6**
**TOTAL EXPENDITURE**
Fund balances at 1 September 2022
Fund balances at 31 August 2023
**NET INCOME FOR THE YEAR**|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
29,763
161,298
**191,061**
978
-
**978**
195
-
**195**
30,936
161,298
**192,234**
22,419
158,897
**181,316**
990
-
**990**
23,409
158,897
**182,306**
7,527
2,401
**9,928**
27,382
22,863
50,245
34,909
25,264
**60,173**|**Total**
**funds**
**2022**
**£**
170,467
1,374
10
**171,851**
165,472
1,182
**166,654**
**5,197**
45,048
**50,245**|
|---|---|---|
The notes on pages 8 - 13 form part of these financial statements.
Page 6 of 13
## **Southport U3A**
## **BALANCE SHEET**
## **AS AT 31 AUGUST 2023**
|**Notes**
**CURRENT ASSETS**
Cash at bank and in hand
Debtors and prepayments
**8**
**9**
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**FUNDS**
Unrestricted funds
Restricted funds
**TOTAL FUNDS**
Approved and signed on behalf of the board on ….........................
**CURRENT LIABILITIES: AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
**10 & 11**|**Total**
**funds**
**2023**
**£**
73,217
6,184
79,401
19,228
60,173
**60,173**
34,909
25,264
**60,173**
. by:|**Total**
**funds**
**2022**
**£**
52,374
2,800
55,174
4,929
50,245
**50,245**
27,382
22,863
**50,245**|
|---|---|---|
……………………………… **Mr Peter Lawler - Trustee**
The notes on pages 8 - 13 form part of these financial statements.
Page 7 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **1 ACCOUNTING POLICIES**
## **a Basis of preparation**
The financial statements have been prepared in accordance with "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 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 whole £.
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.
## **b 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.
## **c Fund accounting**
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements where relevant.
## **d Income**
All incoming resources are included in the SOFA when the charity is legally entitled to the income and can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. No amounts are included in the financial statements for services donated by volunteers.
Page 8 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **1 ACCOUNTING POLICIES (continued)**
## **e Expenditure**
All 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 the resources.
Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management costs. Management and administration costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
## **f Fixed assets and depreciation**
Tangible fixed assets costing more than £500 are capitalised and included at cost including and incidental expenses of acquisition.
## **g Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **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.
Page 9 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **3 INCOME FROM CHARITABLE ACTIVITIES**
|**Income from members:**
Annual subscriptions
Christmas meal
Closed groups
Committee meal
Gift aid refund
Group meetings and events
**Miscellaneous income:**
Book sales
Flower show
Sundry income
Visitors|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
27,306
-
**27,306**
-
2,784
**2,784**
-
1,605
**1,605**
-
-
**-**
2,457
-
**2,457**
-
156,909
**156,909**
29,763
161,298
**191,061**
220
-
**220**
650
-
**650**
49
-
**49**
59
-
**59**
978
-
**978**
30,741
161,298
**192,039**|**Total**
**funds**
**2022**
**£**
17,954
4,560
-
343
1,945
145,665
**170,467**
199
1,050
84
41
**1,374**
**171,841**|
|---|---|---|
## **4 INVESTMENT INCOME**
|Bank interest received|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
195
-
**195**|**Total**
**funds**
**2022**
**£**
**10**|
|---|---|---|
Page 10 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **5 COSTS OF CHARITABLE ACTIVITIES**
|**Activity costs:**
Christmas party / hampers
Christmas meal
Committee meal
Flower show
Gifts / retirement presentation
Group assistance
Group leaders day
Group meetings and events
Magazine
New group setup
New members meeting
Refreshments
Speakers
Sundry expenses
U3A capitation fee
Venue hire
**Support costs:**
Computer bureau service
Paypal fees
Printing, stationery and post
Simple membership software
Software
Website costs|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
833
-
**833**
-
2,345
**2,345**
-
-
**-**
678
-
**678**
169
-
**169**
952
-
**952**
940
-
**940**
3,488
156,552
**160,040**
2,715
-
**2,715**
-
-
**-**
145
-
**145**
8
-
**8**
850
-
**850**
99
-
**99**
4,315
-
**4,315**
1,560
-
**1,560**
16,752
158,897
**175,649**
855
-
**855**
1,256
-
**1,256**
1,731
-
**1,731**
1,600
-
**1,600**
110
-
**110**
115
-
**115**
5,667
-
**5,667**
22,419
158,897
**181,316**|**Total**
**funds**
**2022**
**£**
550
4,676
907
1,284
137
522
1,139
138,808
3,597
85
124
269
465
346
8,046
1,815
**162,770**
610
208
1,665
-
181
38
**2,702**
**165,472**|
|---|---|---|
**6 GOVERNANCE COSTS**
|Independent examination|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
990
**990**
990
-
**990**|**Total**
**funds**
**2022**
**£**
1,182
**1,182**|
|---|---|---|
Page 11 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **7 TRUSTEES REMUNERATION**
No trustee received any remuneration throughout the year.
## **8 DEBTORS**
|Gift aid recoverable
Prepayments
Events paid in advance
**9**
Trade creditors
Accruals
Income received in advance
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**2023**
**£**
-
-
6,184
**6,184**
**2023**
**£**
3,239
1,050
14,939
**19,228**|2022
£
1,945
855
-
2,800
2022
£
1,437
3,492
-
4,929|
|---|---|---|
## **10 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Current assets
Current liabilities|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
54,137
25,264
**79,401**
(19,228)
-
**(19,228)**
34,909
25,264
**60,173**|**Total**
**funds**
**2022**
**£**
55,174
(4,929)
**50,245**|
|---|---|---|
Page 12 of 13
## **Southport U3A**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2023**
## **11 RESTRICTED FUNDS**
|Group events and meetings|**Balance at**
**1 Sept 2022**
**Income**
**Expenditure**
**£**
**£**
**£**
22,863
161,298
158,897|**Balance at**
**31 Aug 2023**
**£**
25,264|
|---|---|---|
Restricted funds represent the balances on each of the different events and activities undertaken in the year where funds were received specifically for an event by members and not fully spent by the year end date.
## **12 RELATED PARTY TRANSACTIONS**
There were no known disclosable related party transactions during the year (2022 - none).
Page 13 of 13