Southport U3A TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees submit their annual report and financial statements for the year ended 31 August 2024. The financial statements follow the requirements of the revised Charities Statement of Recommended Practice (FRS 102) (second edition - October 2019) - A¢counting and Reporting by Charities.. Stalemenl of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The organisation is a Charilable Trust vthich was registered on 17 November 2015 and is governed by its Trust Deed dated 4 October 2012 as amended on 3 February 2022. Recruitment and appolnlment of tho trusto•$ The board se8ks to achieve a balance of skills and experience amongst the twstees. In order to maintain this, the board reviews its skill and experience mix each year and seeks lo recruit new trustees when necessary. In accordance with the Trust D8ed, the board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. In appointing twstees due consideration is given to ensuring that th8 trustees have, between them, the skills and exp8fience necessary to manag• the charrty effectively and in accordance with charity law. Trustee induction and tralnlng The current board of trustees will provide any new twstee with an oveNiew of the timetable of board meetings, copies of th8 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. Rlsk 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.
Southport U3A TRUSTEES. REPORT (¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Objects of the charity The trustees have referred to the guidance contained in the Charity Commission's general guidance on public nefit when reviewng the charity's aims and objectives and in pEanning future activities. The purpose of the charity is the advancemerrt 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 firsl age of childhood dependen and the second age of full time employment andlor parental responsibility) residing in Southport. Merseyside and its surrounding localty. ACHIEVEMENTS AND PERFORMANCE Throughout the year the chaity continued to hold muftiple activities and events bringing together the educational and soual support for its members including combatting loneliness for some. The trustees believe that through these activthès they fulfil the reqU1ments of the Charity Commission's genefal guidance on public benefft. FINANCIAL REVIEW During the year the charity generated income of £242.*2 {2023 - £192,234) and Spent £221,187 12023 - £182,306). This resulted in a surplus of £21,775 {2023 - £9,928). Principal funding sources The major source of income for the charity has come from group meetings and events. Reserves policy The Chattty'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 rts expected commitments both Wth regard to its fundraising activities and charitable expenditure. As at 31 August 2024, months expenditLFre was calculated to be £110.593. whilst the amount held in reserves was £81,948. The Irustees appreciale that this level 1$ not up to the full six months expenditure but is deemed acceptable as surpluses are being made each year to increase the reseNe$ and in difficult circumstances evenls can be cancelled which would quickly curtail the ongoing costs of the charty. The trustees keep the balance held in reserves under review. Remuneratlon of Trnstees All trustees act in a voluntary capacty and receive no remuneration or other material benefits from their services to the Charity. outf-poCket expenses necessarity and reasonabty ineurred by trustees in promoting the purposes of the Charty are reimbursed at cost.
Southport U3A TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 PLANS FOR FUTURE PERIODS Goneral plans The charily will continue tts operations throughout the year, wth a view to further tts 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 stslements for each financial year which give a true and fair view of the ¢harity's financial activities during the period and of its financial position at the end of the period. In preparing financial stalements giving a true and fair view. the trustees should follow best practice and.. select suitable accounting policies and apply them consistently,. observe the methods and principals in the Charities SORP., make judgements and estimates that are reasonable and prudent., 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., prepare the financial statements on a going concem basis unless it Is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate acxounting re¢ords 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.. MrP r Lawler- Trustee
g8u*hporl U2A STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Notes INCOME Income from generated funds.. Charitable activities.. Income from members 32,966 206.468 239,434 191.061 Miscellaneous income 3,024 3,024 978 Investment income.. 195 TOTAL INCOME 36,493 206,468 242,962 192,234 EXPENDITURE Charitable activ(ties= 25,570 194,571 220.141 181,316 Govemance: 1,046 990 TOTAL EXPENDITURE 26,616 194.571 221.187 182,306 NET INCOME FOR THE YEAR 9,877 11,898 21,775 9,928 Fund balan$ at 1 September 2023 34,909 25.264 60.173 50,245 Fund balances at 31 August 2024 44,786 37,162 81,948 60,173 The notes on pages 8 - 13 form part of these financial ststements.
Southport U3A BALANCE SHEET AS AT 31 AUGUST 2024 Total funds 2024 Total funds 2023 Notes CURRENT ASSETS Cash al bank and in hand Debtors and prepayments 100,219 4,693 104.912 73,217 6,184 79,401 CURRENT LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS 81,948 60,173 TOTAL NET ASSETS 81,948 60,173 FUNDS Unrestricted funds Restricted funds 10&11 44.786 37.162 34,909 25,264 TOTAL FUNDS 81,948 60,173 Approved and signed on behatf of the board on ....... ..................... by: Mr Peter Lawler- Trustee The notes on pages 8 - 13 fom part of these financial statements.
Southport U3A NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES a Basis of preparatlon 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 chanty is a Public Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Updale Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which 18 the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest vthole £. 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 OLrt below. b Golng concern At the time of approving the financial Statements, the trustees have a reasonable expe¢tation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounting in preparing the financial statements. C Fund accounting Unrestricted funds are funds whith are available for use at the discretion of the trustees In furtherance of the general objectives of the chajity and vthi¢h have not been designated for other purposes. Restricted funds are funds vthich a to be used in accordance with SFeafic restriction8 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 reslricted fund is set out in the notes to the finanrAal statements where relevant. d Income All incoming resources are included in the SOFA when the charity 1$ legally entitled lo the income and can be quantified with aSOnable 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.
Southport U3A NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES (continued) 8 Expenditure All expenditure is accounted for on an accruals basis and has been classrfied undèr headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to a¢tivitses 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 proje management costs. Management and administration costs are those incurred in connection with the administration of the chanty and compliance with constitutional and statutory requirements. f Fixed assets and depreciation Tangible fixed assets costing more than £500 are caprtalised and induded at cost including and incidental expenses of acquisition. g Cash and cash equivalents Cash and cash equivalents in¢lude cash in hand, deposits held at call wtth banks, other short- term liquid investments with original maturities of three months Of less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charivs accounting poliaes. 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 SoUrs. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. A¢tual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates a 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.
Southport U3A NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 3 INCOME FROM CHARITABLE ACTNITIES Unrestricted Restri¢ted funds funds 2024 2024 Total funds 2024 Total funds 2023 Income from members: Annual subscriptions Christmas m8al Closed groups Committee meal Gift aid refund Group meetings and events 27,945 27,945 27,306 2,784 1,605 889 4.132 4.132 206,468 239,434 2,457 156,909 191,061 2C6,468 206,468 32, Miscellaneous income: Book sales Flower show Sundry income Visitors 176 2.5Cx) 315 33 3,024 176 2,500 315 33 3,024 220 650 49 59 978 35,989 2C6,468 242,458 192,039 4 INVESTMENT INCOME Unrestricted Restricted funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Bank interest reoived 504 504 195 10
Southport U3A MOYEQ TO TUE FIMAMeiAL gTATEUEIJTQ1è6nlinudl FOR THE YEAR ENDED 31 AUGUST 2024 S COSTS OF CHARITABLE ACTIVITIES Unrestrict•d Restrlcted funds funds 2024 2024 Totsl funds 2024 Totsl fund$ 2023 Actlvlty costs: Christma¥ paty i hampers Christmas me•1 Committee mgal Equipment Flower show Gifts I reliromonl pr88¢ntalion Group assistance Group leaders day Group rneelings and events Magazin• New group setup New members me¢ling Refreshment$ Speakers Short Story Compethion Sundry gxpen$es U3A capllalion fee Venu6 hire 1.253 1.263 833 2.345 122 2,591 293 122 2,591 293 678 169 952 940 160.040 2,715 1,220 1.220 194.671 3,606 194.571 230 230 145 835 62 31 835 62 31 6,696 1,685 213,196 850 99 4,315 1,560 176.649 6,6 1,685 18,624 194.571 Support colts: Bank Charges Computer bureau $¢rM¢e Paypal f0•8 Printing, stslionery and p)st Simple membership software Sothre Website ¢osl$ 2,082 85S 1,258 1,731 1,600 110 115 6.667 1.971 1,971 1.800 109 120 1,600 109 120 25.S70 194,571 220,141 181.316 6 GOVERNANCE COSTS Total lunds 2024 Totsl fvnd3 2023 funds 2024 funds 2024 Independent examination 990 11
Southport U3A NQTEI TQ THE flNhNGIAL IThTEMENTI fGontinuGd) FOR THE YEAR ENDED 31 AUGUST 2024 7 TRUSTEES REMUNERATION No trustee received any remuneration throughout the year. 8 DEBTORS 2024 2023 Oebtors Prepayments Events paid in advance 1,000 3,693 6,184 4,693 6.184 9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accruals Income received in advance 8,890 2,532 11,542 3,239 1,050 14.939 22,964 19.228
ANALYSIS OF NET ASSETS BEfwEEN FUNDS
Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Current assets Current liabilities 47.407 (2,621) 57.505 (20,343) 104,912 {22,964) 79,401 (19,228) 44.787 37,162 81,948 60,173 12
Southport U3A NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 11 RESTRICTED FUNDS Balance at 1 Sept 2023 Balance at 31 Aug 2024 Income Expenditure Group events and meetings 25.264 206,468 194.571 37,162 Restricted funds repr&sent the balantss on each of the drfferent events and activities undertaken in the year where funds were received spectfiGally for an event by members and not fully spent by the year end date. 12 RELATED PARTY TRANSACTIONS There were no known disGlosable related party transactions during the year12023 - none). 13
Southport U3A INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF so1HPORT U3A FOR THE YEAR ENDED 31 AUGUST 2024 I report on the financial statements of the charlty for the year ended 31 August 2024. which are set out on pages 6 to 13. Respective responsibilities of trustees and exarniner The charity's trustees are responsible for the preparation of Ihe accounts. The charity's trustees consider Ihat an audtt is not required for this year under section 144 of the Chariti-es Act 2011 (the Charities Act) and that an independent examination is need&J. It is my responsibilty to: (il examine the accounts under sectK)n 145 of the Charities Act. (ill to follow the procedures laid down in the general Directions given by the Charty Commission (under section 145(5)(b} of the Charities Act. and lili) to state whether particular matters have come to our attention. Basis of independent examineVs statement My examination was carried out in accordance wth general directions given by the Charity Commission. An examination includes a review of the accounting records kept by Ihe charity and a comparison of the accounts presented wth those records. It also includes consideration of arry 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 consequenlty no opinion is given as lo whether the accounls present a 'true and fai view and the report is limited to those matters set ¢)ut in the statement below. Independent exarnineVs ststement In connection wth my examination, no matter has come to my attenth)n: al whh gives me reasonable Cause to believe that in. any material respect, the requirements= to keep acts)unting records in )rdance with section 130 of the Chartties A¢t,' and to prepare accounts which accord wth 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 accounls to be reached. O J Grills FCA Ilndependent Examiner) forand on behalf gf JA F8118nd Cornpany 40 Hoghton Strort South[L PR9 OPQ