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2022-04-30-accounts

Stanway

Registered Charity No. 1171008

Annual Reports & Financial Statements 2021-2022

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CONTENTS

PAGE TRUSTEES REPORT FOR MEMBERSHIP YEAR 2021-22 3 TREASURERS REPORT FOR YEAR ENDED 30 APRIL 2022 5 FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2022 7

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ON BEHALF OF THE TRUSTEES OF STANWAY U3A

During the 2021-22 period under review, for the first quarter of the membership year, COVID-19 remained a defining feature. However, the Governments Pathway out of lockdown, coupled with heightened defence against the virus through the booster campaigns, enabled us to plot a cautious route towards normality by the summer.

With Risk Assessments and Covid-safe protocols in place, many of our outdoor sport/exercise groups were able to adapt to changing regulations as early as late Spring, but we delayed our careful return to Monthly Meetings until August. Forty-four valiant members gathered in the Tollgate Hall, duly masked, sanitized and socially distanced, for a talk on canal boating, no teas, but what joy to see familiar faces again, with feelings of elation palpable, at last we were emerging from that long dark tunnel of enforced isolation.

Following that initial tentative gathering, your committee resolved to return to the normal schedule of meetings, asking that members conduct their own risk assessment to make a personal decision on whether attending was right for them at that time, depending on their individual circumstances. Attendance is yet to return to pre-Covid numbers, but has continued to grow steadily month on month.

Our industrious Social Sub-Committee re-introduced the programme of monthly Social Xtra events in January 2022. These events, which take place on the 4th Friday of each month, provide an eclectic mix of social gatherings, emphasizing the Laugh & Live elements of our strapline. The trip to Thriplow Daffodil Festival, originally planned for March 2020, finally took place on a wonderful Spring day in March 2022 when two coaches packed with Stanway members headed to the delightful Cambridgeshire village.

Our indoor activity Groups had been hardest hit by restrictions during the pandemic, but many were able to resume regular face to face sessions in September. It is healthy to see a steady evolution in the list of our interest groups. While some have decided to close or are currently ‘resting,’ other groups have come to the fore and several new activities are proving to be immensely popular. These include Canasta, additional Rummikub & Mah jong sessions, Book Worms, Needles n Pins and two Exercise for Seniors groups.

Executive Committee meetings have continued on Zoom as they have proved effective, while reducing the travel time for members.

We have continued our efforts to raise the profile of Stanway u3a to cement our status as a valuable community asset. The Publicity Team have taken every available opportunity to showcase our organisation at local and Colchester community focused events.

We did not emerge entirely unscathed. Prior to the pandemic, our membership numbers had reached a record high of 940, but due to Covid restrictions, for 18 months our activities were severely curtailed which directly impacted membership renewals.

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Stanway u3a Membership
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Despite discounted subscription charges for year 2021-

22, we saw a 30% decline in membership over the 2-year period from April 2020 to April 2022, when we recorded 651 members. However, on a more positive note, as I prepare this review, amid growing

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confidence that we are learning to live with Covid, we have seen an increase in both lapsed and new member applications, bringing our number to 779.

As can be seen from our financial statement we continue to be financially sound. This position is particularly comforting as last year we reduced our membership renewal fee by 50% in recognition of member loyalty and the reduced activities available. The lost income was managed successfully despite there being no reduction in our fixed costs paid to the Third Age Trust which currently represent over 57% of the standard single subscription.

In fact, at the height of the pandemic, the Trust sought to increase the affiliation fee levied on u3as to £4 per capita, which became effective this year, together with increased charges for the Third Age Matters magazine.

Mindful of the challenging economic times we all presently face, Stanway u3a Trustees are determined to ensure that membership of Stanway u3a remains affordable and accessible for all our members. To this end we have sought to review subscription charges for membership year 2023-24. At our AGM 2022, our members will have the opportunity to vote on a series of proposals which if approved, will make the basic Membership Subscription of Stanway u3a the most reasonably priced in the East of England Region.

Generally, we have enjoyed a good year and there is much to look forward to in the year ahead. We are an organisation whose core ethos is about members contributing, sharing their enthusiasm, experience, expertise, and zest for life, and we have seen plenty of evidence in the past year to show this happening. I look forward to our u3a continuing to develop and grow in the year ahead, and to all of us embracing our strap line of Learning, Laughing, Living!

Thank you all for your continued support.

Heather Wragg

Chair Stanway u3a

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TREASURER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022

This financial year has been dominated by the gradual recovery from the devastating impact of Covid 19.

The accounts which have been prepared on a receipts and payments basis for the year ended 30 April 2022 are attached.

BALANCE SHEET

The balance sheet records the year end position on all bank accounts and fixed assets held to support member activities.

I would draw your attention to Subscriptions Received in Advance of £7,750 (2021: £3,680) which is being used to fund our operating costs for the year end 30 April 2023. The lower figure for 2021 reflects the Covid 19 discounted fees mentioned below.

This has been extraordinary year resulting in a Deficit of £1,530 (2021: £3,390 Surplus) which has been funded from Available Reserves arising from Surpluses in previous years.

RECEIPTS AND PAYMENTS ACCOUNT

Membership Subscriptions have fallen by £5,322 to £4,990 (2021: £10,312) following the decision to allow members renewing their subscriptions to pay 50% of prior year fee levels. This was to recognise that loyal members had paid a full year subscription the previous year but were not able to take part in many activities due the Covid 19 lockdown.

The main changes in overhead payments during the year were as follows: -

Gift Aid receipts have increased by £580 to £2,574 (2021: £1,994) following an additional one-off claim made during the year. Previously Gift Aid has been claimed in the year after subscriptions have been received but following improvements made to the accounting records, we have been able to move to a current year basis which improves our cash flow. A Gift Aid claim will now be submitted for the year ended 30 April 2023 on subscriptions received during that year and the same timing will apply for subsequent years.

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CASH FLOW STATEMENT

Control of the overall cash flow is based on the use of segregated bank accounts held with the CoOperative Bank. The cash flow report shows a positive cash flow from all these accounts after allowing for the £10,000 transfer from No 1 Account to the Deposit Account and are briefly explained as follows: -

Your committee is keenly aware of the pressures caused by the current cost of living crisis and particularly for members who rely on pensions income. Accordingly, reductions have been proposed to Membership Fees for next year to ensure that your u3a continues to provide good value for money during these difficult times.

John Staplehurst TREASURER

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BALANCE SHEET AS AT 30 APRIL 2022
CURRENT ASSETS - CORE ACTIVITIES
Number 1 Bank Account
Deposit Bank Account
Subscriptions Bank Account
CURRENT ASSETS - INTEREST GROUPS
Number 2 Bank Account
CURRENT ASSETS - SOCIAL ACTIVITIES
Number 3 Bank Account
TOTAL CO-OPERATIVE BANK BALANCES
TOTAL CURRENT ASSETS
FIXED ASSETS
Book Value as at 1 May 2021
Additions
Loss on Sale
Depreciation
TOTAL FIXED
ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Subscriptions Received in Advance
Funds Received in Advance of Future Events
TOTAL CURRENT LIABILITIES
RESERVES
Balance as at 1 May 2021
Surplus/ (Deficit) for the
Year:-
Core Activities
Social Activities
AVAILABLE RESERVES
RING FENCED GROUP BALANCES
TOTAL RESERVES
TOTAL LIABILITIES AND RESERVES		 2022
£
7,865
13,095
46
21,006
9,157
3,894
34,057
34,057
215
199
0
(149)
265
34,322
7,750
136
7,885
19,139
(1,530)
(329)
17,280
9,157
26,437
34,322		 2021
£
15,356
3,093
68
18,517
7,296
4,327
30,140
30,140
222
187
(53)
(141)
215
30,355
3,680
240
3,920
15,242
3,990
(93)
19,139
7,296
26,435
30,355

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RECEIPTS AND PAYMENTS - CORE ACTIVITIES YEAR ENDED 30 APRIL 2022

RECEIPTS
Membership Subscriptions
Deposit Account Interest
TOTAL RECEIPTS
PAYMENTS
Lecture Meeting Expenses
Interest Groups Income and Expenses
Postage, Stationery and Printing Costs
IT Expenses
Miscellaneous Expenses
Independent Examiner Fee
U3A Trust Membership Fees
Third Age Matters Magazine
Loss on Sale of Fixed Asset
Fixed Asset Depreciation
OPERATING (DEFICIT)/ SURPLUS
Gift Aid
TOTAL (DEFICIT)/ SURPLUS		 2022
£
£
4,990
2
4,992
1,295
137
2,498
166
288
300
2,727
1,537
0
149
9,096
(4,104)
2,574
(1,530)		 2022
£
£
4,990
2
4,992
1,295
137
2,498
166
288
300
2,727
1,537
0
149
9,096
(4,104)
2,574
(1,530)		 2021
£
£
10,312
3
10,315
620
0
2,415
236
34
0
2,987
1,833
53
141
8,319
1,996
1,994
3,990		 2021
£
£
10,312
3
10,315
620
0
2,415
236
34
0
2,987
1,833
53
141
8,319
1,996
1,994
3,990
4,992
9,096		 10,315
8,319
(4,104)
2,574		 1,996
1,994
(1,530) 3,990
CASH FLOW YEAR ENDED 30 APRIL 2022
CO-OPERATIVE BANK - NUMBER 1 ACCOUNT
IN
OUT
Members Subscriptions and Related Expenses
1,312(7,653)
Lecture Meetings Receipts and Expenses
Members Subscriptions 2022/23
Fixed Asset
Purchase
Transfer from Subscriptions Bank Account
Transfer to Deposit Account
Gift Aid Receipts
Balance Brought Forward
BALANCE CARRIED FORWARD		 2022
2021
£
£
SURPLUS/(DEFICIT)
(6,341)
(2,843)
(1,295)
(620)
4,358
1,629
(199)
(187)
3,412
1,971
(10,000)
0
(10,065)
(50)
2,574
1,994
(7,491)
1,944
15,356
13,412
7,865
15,356
(50)
1,994
1,944
13,412
15,356

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CO-OPERATIVE BANK - DEPOSIT ACCOUNT
Interest Received
Transfer from Number 1 Bank Account
Balance Brought Forward
BALANCE CARRIED FORWARD
CO-OPERATIVE BANK - NUMBER 2 ACCOUNT
Interest Groups (Ring Fenced)
Balance Brought Forward
BALANCE CARRIED FORWARD
CO-OPERATIVE BANK - NUMBER 3 ACCOUNT
Prepaid at 1 May 2021
Social Activities During Year
Prepaid at 30 April 2022
Balance Brought Forward
BALANCE CARRIED FORWARD
CO-OPERATIVE BANK - SUBSCRIPTIONS ACCOUNT
Membership Subscriptions Received
Transfer to Number 1 Bank Account
Balance Brought Forward
BALANCE CARRIED FORWARD		 2
10,000
3,093
13,095
1,861
7,296
9,157
(240)
(329)
136
(433)
4,327
3,894
3,376
(3,412)
68
46		 3
0
3,090
3,093
877
6,419
7,296
(32)
(385)
292
(125)
4,452
4,327
2,039
(1,971)
0
68

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