2022-06-30-accounts

Annual Report 2022

Covid caused a significant reduction in our membership numbers and we remain significantly below pre Covid levels. Pre Covid we had approx 1100 members, we now have around 800. Fortunately, we were successful in obtaining two grants in 2022; we received £9000 from the National Lottery and £5000 from the Dorset Community Foundation Fund. This has been a great help to us and we continue to look for similar grants until we, hopefully, get back to a more secure financial position.

The committee and volunteers worked hard to advertise our u3a last year, using the money we received from the grants. We had a stall at a weekend festival, plus another stall at a local Fayre during the summer. We also paid for quite a large advertisement in a local Post Office, hoping to attract new members. This was in addition to promotional events held at local libraries. We also challenged our members to spread the word to try and recruit friends and family. We added a question to our Membership Application Form ‘where did you hear about us’ and found the latter to be the most successful! Accommodation for our Groups is by far our largest cost and the main area where we can make significant savings. We currently run over 100 Groups and finding appropriate accommodation at a cost we can afford remains a challenge. We successfully negotiated a contract with our main venues for 2021/2022, however, securing these venues at a favourable cost in future remains a major challenge to us.

Our Chair, Pat Ley, resigned at the AGM due to personal reasons. Two Committee members also resigned due to a change in their personal circumstances. Fortunately we have managed to replace them, leaving us with a strong Committee to lead us through 2023.

Maggie Brown

Chair – Bournemouth u3a

BOURNEMOUTH U3A

	2020/21 7,298.00 - - 1,203.75 16.90 - - 695.00 - 17.48 - £9,231.13	RECEIPTS Membership Fees 2019/20 Deferred Income Short Tennis/Badminton/Computer Gift Aid Repayment Miscellaneous Income Monthly Meetings Grants Donations Other Events Bank Interest Social Events		2021/22 37,919.40 14,118.00 839.01 6,870.18 - - 14,000.00 2,302.00 - 159.05 4,796.40 £81,004.04		2020/21 - 135.00 2,833.06 2,260.50 1,039.74 - - - - - 253.40 2,478.00 - - - 231.43 £9,231.13 1,370.25 786.11 230.23 357.05 226.60 - 2,970.24	EXPENDITURE Accommodation Publicity Newsletter/Brochures-Printing/Post Ofce Costs IT Costs Monthly Meetings Gala Group Leaders Other Events Travel Annual Fees U3A Head Ofce Membership Equipment Capital Equipment Social Events Surplus (Receipts less Expenditure) Analysis - Ofce costs Ofce Rent 1,844.25 Telephone 865.68 Photocopier 186.35 Ofce Sundries 525.70 Postage 396.00 Donation - Total Ofce Costs 3,817.98	EXPENDITURE Accommodation Publicity Newsletter/Brochures-Printing/Post Ofce Costs IT Costs Monthly Meetings Gala Group Leaders Other Events Travel Annual Fees U3A Head Ofce Membership Equipment Capital Equipment Social Events Surplus (Receipts less Expenditure) Analysis - Ofce costs Ofce Rent 1,844.25 Telephone 865.68 Photocopier 186.35 Ofce Sundries 525.70 Postage 396.00 Donation - Total Ofce Costs 3,817.98		2021/22 40,256.53 831.78 4,740.10 3,817.98 1,624.68 - - - 85.59 - 397.30 3,112.00 50.26 211.76 4,256.85 21,619.21
									£81,004.04
								3,817.98

BOURNEMOUTH U3A

BALANCE SHEET at 30th JUNE 2022

2020/21	ASSETS		2021/22		2020/21	LIABILITIES	LIABILITIES			2021/22
5,343.59	1Barclays Current Account	10,496.83			445.50	5Accruals				-
35,141.42	1Barclays Savings Account	35,144.95
	1Restricted Income	13,466.44				Restricted Income b/f			-
2,190.01	1Social Fund	3,739.56				Surplus/( Defcit)		13,466.44
129.74	1Petty Cash	135.04				Balance	carried forward			13,466.44
42,804.76	Total Bank & Cash		62,982.82
500.00	2plus Advance payments		812.50		31,643.58	Balance	brought forward	31,875.01
43,304.76			63,795.32		-	T/F from	Social Fund		-
12,964.25	3less income in advance		10,895.10		231.42	Surplus/( Defcit)		8,152.77
30,340.51			52,900.22		31,875.01	Balance	carried forward			40,027.78
1,980.00	4Stock Postage stamps		594.00
32,320.51			53,494.22		32,320.51					53,494.22
	Prepared by Rod Jackson	FCCA Treasurer			Audited by Robert	Hucklesby C.I.M.A.
		Funds at	Accruals/ Deferrals	Surplus/	Funds at
Note 1	Bank and Cash	1/7/2021	Transfers	(Defcit)	30/6/2022	Note 3	Deferred Income
	Current Account	5,343.59	(3,391.65)	8,544.89	10,496.83		2021/22 Advance Subscription			10,035.10
	Savings Account	35,141.42		3.53	35,144.95		2021/22 Social Advance	Receipts		860.00
	Restricted Funds	0.00		13,466.44	13,466.44		2020/21 Gift Aid Refund
	Social Account	2,190.01	1,010.00	539.55	3,739.56					10,895.10
	Petty Cash	129.74		5.30	135.04
	Balance 30/6/17	42,804.76	(2,381.65)	22,559.71	62,982.82	Note 4	Stock
	Postage Stamps	1,980.00		(1,386.00)	594.00		Postage stamps	900@66p		594.00
	Accruals/Deferrals	(12,909.75)	2,381.65	445.50	(10,082.60)
		31,875.01	0.00	21,619.21	53,494.22
Note 2	Advance Payments

Rent in advance Social Deposit Manston	462.50 350.00
	812.50

Bournemouth U3A

AGM Treasurer's Report

For the Year Ending 30th June 2022

• The Full Year results show a healthy surplus of £21,619 which is £21,388 beter than last year. However the underlying financial position is less positive. £14,118 of the surplus was deferred income from 2019/20, £14,000 from grants (£9,000 from the Lottery Fund and £5,000 from the Dorset Community Fund) and £2,302 from generous donations from U3A members.

• Without these adjustments our underlying fnancial positon shows a defcit of £8,801 in the year. - On a more positive note the grants and donations have improved our reserve position to £53,494 although £13,466 are restricted funds which are controlled by the details of the grants. This should secure Bournemouth U3A's future for the next year or two until we are able to grow membership back to pre-covid levels.

• Comparison to prior year is not partcularly meaningfull as due to Covid no face to face Interest Groups ran during 2020/21.

• Total Income for the full year totalled £81,004 compared to only £9,231 in 2020/21.

• Membership income for the full year totalled £37,919. 750 full paying members renewed, with a further 17 paying £17 for the

• Summer term . With Group Leaders there were 826 members at the year end. This compares to the 725 members who paid £7,298 in 2020/21. This compares to the 1,028 full paying members prior to Covid. - Deferred Income of £14,118 brought forward from 2019/20 is included in the Accounts.

• Donatons & Grants of £16,302 has been received including the Lottery Grant of £9000, the Dorset Community Grant of £5,000

• and members' donations of £2302. This compares to donations of £695 in 2020/21. - A Gif Aid refund of £6,870 was received which compared to £1,204 in 2020/21. - Club/Event and Meetngs income of £839 has been received. - Social Events - Income from Social events run in the year totalled £4,796. There was no income in 2020/21. The surplus from social events totalled £540 including £289 from the concerts.

• Total Expenditure for the year totalled £59,385, whereas only £9,000 was incurred in year ending 30th June 2021. - Accommodaton costs of £40,257, have been incurred with no costs in 2020/21.

• Full year Publicity expenditure of £832 was incurred of which £482 was charged against Grant restricted funds.

• Printng & Postage for the Newsletter and Brochures totalled £4,740 in the year compared to £2,833 in 2020/21 when no

• brochure was published.

• Ofce Costs totalled £3,818 in the year, £1,557 more than previous year when we had a rent holiday.

• IT costs of £1,625 were incurred in the year £585 more than the previous year.

• • Annual fees of £397 were incurred, £237 of which was PAT testing. - Head Ofce membership of £3,112 was incurred which covers 778 at £4 per members. This compared to the £2,478 (708 @ £3.50) in 2020/21.

• Only £86 was spent on Events, as the GLs' lunch and Gala were cancelled.

• Capital Equipment totalled £212 including £178 on a new printer.

• Social Event - Full year expenditure totalled £4,257 with a further £350 paid in advance for the Marston trip- see below. There was

• no Social event expenditure in 2020/21

Year End Funds

• Year End Reserves totalled £53,494 at 30th June 2022 of which £13,466 are restricted funds and £40,028 general reserves.

• Restricted Funds - £2,000 of the Lottery Grant is reserved for marketing and promotion and £2,000 fot IT costs with the balance

• of £5,000 to subsidise accommodation costs for Interest Groups running at a deficit. The balance of £4,466 from the Dorset Community Fund is to encourage more local residents to join our groups to help alleviate loneliness and combat depression.

• Bank and Cash Balances plus stamps at 30th June 2022 total £63,577, as £10,035 2022/23 online membership subscriptions had been paid into the bank before 1st July.

2022/23 and Future Prospects

• Our current full year forecast for 2022/23 shows a defcit of £15,542, £2,774 worse than budget.

• Our hoped for bounce back in membership from the 826 in 2021/22 to the budget of 900 in 2022/23 and the 1100+ prior to Covid looks difficult to achieve although membership at 30th September is up by 32. However we will be advertising in the local media and online, using Grant funding, to try to boost membership.

• Reserves at the 30th June 2023 at the end of 2022/23 are forecast at £37,521

Future Prospects

• There is continued pressure from our venues to increase charges to cover their own inflationary costs. It is likely therefore that our deficits will increase in future years if we are unable to grow our membership. This obviously is not an acceptable situation.

• Thanks to the support from the Dorset Community Foundaton and Lotery Fund we can however be confdent that we have sufcient reserves to cover us to the end of 2023/24.

Bournemouth U3A

AGM Treasurer's Report

For the Year Ending 30th June 2022

• The Full Year results show a healthy surplus of £21,619 which is £21,388 beter than last year.

• Membership fees represented 47% of income, Grants & donatons 20%, Deferred Income 17%, Gif Aid 8%, Social 6%, Other 2%

Deferred Income £14,118 from 2019/20 Grants - Dorset Community Fund £5,000 Lottery Fund -£9,000 Members Donations £2,302 Thanks to the singing groups for profits from 2 concerts and legacies and donations from members from £10 to £1,000.

• Special thanks to Pat Ley who was instrumental in obtaining the two grants which have assured Bournemouth U3A's future for another year.

• Without these adjustments our underlying fnancial positon in 2020/21 showed a defcit of £8,801.

• Membership income for the 2021/22 totalled £37,919. (equivalent to 758 full paying members)

This compares to the 725 members who paid £10 in 2020/21 and the 1,028 paying £48 prior to Covid in 2019/20. Current year forecast for 2022/23 is 774 a loss of 25% of our membership.

• Total Expenditure amounted to £59,385 of which

Accommodation costs were 68%, H.O. membership 5%, Social events 7% and other costs 20%

• Year End Reserves totalled £53,494 at 30th June 2022 of which £13,466 are restricted funds and £40,028 general reserves.

2022/23 Forecast and 2023/24 Predicton

• A Defcit of £15,543 is forecast for the current year and a loss of £19,411 is predicted for 2023/24.

• Reasons for the expected defcits

• Failure of membership to bounce back to pre-covid levels.

• Venues increasing Accommodation charges due to inflationary pressures.

• Reserves are forecast to reduce to £38,000 by 30th June 2023 and to £18,000 by the following year.

Suggested actons required to combat losses

• Increase membership - Advert to be placed in Echo & online for new members - This month

• Introduce a £40 membership fee for the 2 Spring and Summer terms.

• Obtain Grant Funding

• Persuade leaders running small uneconomic groups to run from home where possible.

• Discontinue groups with significant deficits

• Introduce termly Direct debit mandates from those finding £60 in one go too expensive?

• A Chair and shadow Chair are urgently required

• A fundraiser is required to fnd and apply for grants and look out for other ways to raise funds

• Many thanks to:

Dorothee Merton (Secretary) and Robin Dalziel (Accommodaton) who have joined the Commitee.

Tina Reidy and Peter Craven who are assistng the Treasurer with book-keeping & Gif Aid

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