Registration number N1041287 U3A Foyle Company limlted by guarantee Financial Statements and Trustees, Report for the Year Ended 31 March 2024
U3A Foyle Company limited by guarantee Contents Page Legal and Administrative Information Trustees. Report Independent Examiner's Report Statement of Financial Aclivilies for the year ended 31 March 2024 Statement of financial position as at 31 March 2024 9-10 Notes to the Accounts
U3A Foyle Company limlted by guarantee Legal and Admlnistrative Information Status . The organisation is a charitable company limited by guarantee, incorporated on 28 August 2001 and is recognised as a charity by the Inland Revenue. The governing document is a Memorandum and Articles of Association. Dire¢tors . Tommy Dunbar (Chairperson) Martin McDaid Geraldine Kelley Gail Hutchman David Hill Orla Quigley Richard Smith Niall Smyth Michael McDaid Avfil Alexander Rose Marie Bradley Company Secretary . Geraldine Kelley Accountanls . Fergus McAleer & Co. Chartered Accountants 31133 Clarendon Street Derry BT48 7ER Main Bankers . First Trust Bank Meadowbank Strand Road Derry Solicitors Mccartney & Casey 3 Castle Slreet Derry Registered Office . Pascal McDonald House Gran5ha Park Derry BT47 6TG Company Number . N1041287 Charity Cornmlsslon for Northern Ireland Number: NIC100018 Page 1
U3A Foyle Trustees. Annual Report for the Year Ended 31 March 2024 Report of the trustees for the year endlng 31 March 2024 The Directors are pleased lo present their annual report together with the financial statements of the Charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a Directors. report and accounts for Companies Act purposes. The financial statements comply wilh the the Charities AGt {Nll 2022, Companies Act 2006. the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019.1 The company is governed by a Memorandum and Articles of Association dated 08108101. The company number is Nl 41287 and the registered office is Pascal McDonald House. Gransha Park, Dery. BT47 6TG. The company is a ragisterad Northern Ireland charity- reference NIC 100018. Dlrectors and trustees The directors of the charitable company Ithe Charity) are the trustees for the purpose of Charity Law. The Directors during the year end at the 31 March 2024 were as follows.. Tommy Dunbar (Chairperson) Martin McDaid Geraldine Kelley (Secretary) Gail Hutchman David Hill Orla Quigley Richard Smith Niall Smyth Michael McDaid Avril Alexander Rose Marie Bradley Helen McNicholl (Resigned 2510312023) Chair's report On behalf of the Board of Directors I can report that this past year has been another good year for U3A Foyle but we have had some challenges with the financial impacts of rising costs. This did not stop Lts from delivering a full prospectus of activities lo members and succeeding in raising our membership numbers from 848 last year lo 927 this year. Fundraising & Funding Members carried out fundraising lo help with soaring utility costs in the building and raised in the order of £12,780 through Donations and Fundraising activities. This was a huge effort by all membefs and is hugely appreciated. Page 2
U3A Foyle Trustees. Annual Report for the Year Ended 31 March 2024 Revlew of Actlvlties We delivered all our Core Activities this year with goi)d numbers in all groups especially in our Physical Activity and Language classes. We added Archery sessions, Stretch Classes, Danderball & Walking Cricket to the Physical Activities on offer. We also offered a new monthly Slorytelling group this year bringing renowned Storytellers from all over Ireland lo the group. Our Ukulele Group- The D'ukes of Gransha - hil the Regional news when it became the sound of the 'Chat Tea Train Outings, in conjunction with WHSCT encouraging older people to gel out onto the trains, meet new people and have some fun and music. The Ukes also played at the Summer Walled City Market & some of the Folk Club members played al the Annual Craft Fair in the Guildhall. We worked closely with the University of Ulster this year with several lectures and events. Twenty students from their Sports Science Department delivered a Filness Trial Session to 28 members, working with them on their present fitness and giving guideline5 on possible improvements. This event will be embedded into future delivery as it was recorded as very beneficial for both members and the students. Our Manager, Christine addressed events this year keeping the profile of U3A Foyle high. One event was in Ulster University as an expert in her field who champions the Older People's demographic across Northern Ireland. The second event was representing U3A Foyle in Cork as part of an International Learning Cities Event sharing best practice. Going foard, we will continue to work with all agencies that enhance the lives and experiences of our members. U3A Boafd I musl pay thanks to the U3A Foyle Board Members who give their lime and expertise willingly through the year lo ensure thal the organisation meets the needs of the U3A members and meets all our statutory regulations. Board Members met every month for a full Board M&eling and then also for further individual committee meetings as well. We produce and work lo an annual Operational Plan each year derived from our 5-year Strategic Plan. To help deliver on these plans there are several committees in place, each chaired by a Board member. Staff Thanks again this year for the enormous contfibution made by our small number of permanenl staff. Chrisline, Angelina and Mervyn have once again this year worked hard to keep the U3A members informed and connected. busy and engaged, fit and healthy. We thank them most sincerely all for their hard work and the extra miles they go for us every year. Our thanks also 90 Out lo all our wonderful Tutors, Facilitalors, visiting Lecturers and Group Lea¢Jers who also deliver a first-class service lo U3A Foyle members. Page 3
U3A Foyle Trustees. Annual Report for the Year Ended 31 March 2024 Our Purposes and Actlvltles The purpose of U3A Foyle is to encourage older people in the city and district and surrounding areas. who are no longer in full time employment, to engage in lifelong learning. We offer accessible and first-class activities and continuous learning opportunities. Our mission is lo encourage members to enjoy a fuller life in retirement by embracing Active Living - this encompasses educational programmes., languages.. recreation and sporting activibes.. social events and health projecls., lectures & talks. Each year over three terms and throughout the summer months, we compile a comprehensive prospectus detailing various classes. courses and activities. This prospectus focuses very much on supporting our members to keep active. engaged. fil and healthy in Iheir later years. The emphasis within U3A is on inclusion and on enjoyment. Wider research has shown that members reported major benefits from being part of a U3A Community in terms of Confidence, feeling supported. learning new skills, combatting loneliness. and feeling valued and enjoying life. People in later life are particularly vulnerable to loneliness which can reduce quality of life and well-being. Keeping connected with others and especially one's peers has also personal benefit as people in strong social relalionships are more likely to remain healthy and independent. In shaping our objectives for the year and planning our activities, the directors have considered the Charity Commission's guidance on public benefit requirement IPBR11. We endeavour to encourage a wide range of retirees to take advantage of our expertise and encourage all retirees within our community to make use of our services. Our Volunteers To keep our U3A vibrant and strong it is particularly important that members are involved not only as the participants in classes and activities - but also by using their experience and lalents to give something back to the organisation. This could be in the form of ideas for new activits'es, by leading groups, joining committees, volunteering for office work, or helping with the many tasks which are necessary lo keep our U3A running smoothly. We have so many members who work tirelessly in volunleer roles for the benefit of the organisation and ils development. and we are extremely grateful for all their hard work and thank them most sincerely. Achievements and performance This pasl financial year (April 2023 to March 20241 saw us back to full time in the building after a staggered end to the previous year. Our records of attendance for the past year are as follows.. From April 2023 to March 2024 ther8 were 104,258 hours of sorvice provision provided for members with 8.761 actual participant places recorded. Page 4
U3A Foyle Trustees, Annual Report for the Year Ended 31 March 2024 Flnanclal revlew During the year income of £211,036 was received. Total costs for the y&ar were £237,231 includlng depreciation of £45,893. Costs excluding depreciation were £191.338. This resulted in a cash surplus for the year of £19,698. Al the year end net current assets increased lo £127.719. The unrestricted nel current assets at the year-end increased to £127.918 including reserves which the directors have ring fenced for fulure designated capital spending. The directors had looked at ways of increasing income sotJrc8s and the membèrs fundraised to an exceptional level this year and as such they are happy wilh the results of the year. Reserves policy and going concern Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergenGy costs. Due to the nature of the activities of the Charity no malerial unplanned c051s are expected. The major costs are wages and programme costs but funding is in place to cover most of these Costs. The Directors consider that a salisfaclory level of unreslricled reserves is six months administration costs and salaries which would currently be in the region of £62,500. The financial review above shows unrestricted reserves of £127,918 including reserves the directors have ring fenced reserves for future designated capital spending. The Directors have reviewed the circumstances of the Charity and consider that th8se reserves are adequate lo fund activit18s for th8 fores8eable future. The directors are of th8 Vi8W that the Charity is a going concern. Plans for future perlods Our future plans for 2024 and beyond are lo continue lo plan for new aclivili8s. classes & courses. We hope to continue lo recruit new members and remain a strong centre for Older people in the City & District encouraging lifelong learning and activity. We will encourage continued fundraising within the membership and continue as a Board to apply for any relevant funding. Page 5
U3A Foyle Trustees, Annual Report for the Year Ended 31 March 2024 Statement of Trustees. Responslbllltles The Charity Trustees (who are also the directors of the U3A Foyle for the purposes of company lawl are responsible for preparing a Trustees, Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Truslees to prepare financial statements for each financial year which give a tru8 and fair view of the state of affairs of the charitable company and of the profit or loss of the company for that year. In preparing these the Trustees are required to.. selecl suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prud8nt', 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 the going concern basis unless il is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and lo enable them to ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking r8asonable steps for the prevention and detection of fraud and other irregularities. The r8POrt has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006. The report was approved by Ihe board on 14 May 2024 and signed on ils behalf by Mr Martin McDaid Director 14 May 2024 Page 6
U3A Foyle Company limited by guarantee Independent Examiner's report to the Charity Trustees of U3A Foyle Year ended 31 March 2024 We report solely to the Charity Trustees on our examination of the accounts for the year ended 31 March 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U3A Foyle and ils Trustees as a body for our work or for this report. As a practising member firm of Chartered Accountants Ireland, we are subject to ils ethical and other professional requirements which are detailed at www.charteredaccountants.ie. Respective responsibilities of charity trustees and examiner As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremenls of the Companies Act 2006 and Ihe Charities Act (Northern Ireland) 2008. Having satisfied ourselves that the charity is not subject to an audit under company law, and is eligible for independent examination, il is our responsibility to.. -examine the accounts under section 65 of the Charities Act. -follow the procedures laid down in general directions given by the Charily Commission for Northern Ireland under section 6519)Ib) of the Charities Act. -state whether particular matters have come to our attention. Basis of independent examinerfs report We have examined your Charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by Ihe Charity Commission for Northern Ireland under section 6519){bl of the Charities Act. The examination included a review of the accounting records kept by the Charity and a comparison of the acGount5 presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Charity Trustees concerning any such malters. OLJr role is to slate whether any material matters have come lo our attention giving us concem lo believe,. 1. that accounting records were nol kept as required by wilh section 386 of the Companies Act 2006 and section 63 of the Charities Act,. 2. that the accounts do not accord with those accounling records., 3. Ihat the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006, the Charities Act and with methods and principles of the Charilies Statemenl of Recommended Practise applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland. 4. that there is further information needed for a proper understanding of the accounts lo be reached. Independent examinerfs slatement We have completed our examination and have no concèrns in respect of the matters11) to14) above and, in connection with following the directions of the Charity Commission for Northern Ireland, we have found no matters thal require drawing to your attention. Fergu McAtèer & Co. Chartered AGGountants 31133 Clarendon Street Derry BT48 7ER tHARTERED 1 4 MAY 2024 ACCOUNTANTS 14 May 2024 Page 7
U3A Foyle Company Ilmited by guarantee Stslement of Financial Activities for the Year Ended 31 March 2024 Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Notes Incomin Resources Donations, legacies and similar incoming resourc8S 5,342 5,342 5,587 Income from activities of furtherance of charitable objects 48,122 1,790 49,912 53,764 Income from activities for generating funds 154,348 154,348 138.892 Investment income 1,434 1,434 217 Total incoming resources 209.246 1,790 211,036 198.460 Resources Ex ended Charitable expenditure.. Furtherance of charitable activities 125.986 5.455 131.441 122.892 Management and administration 59,347 550 59,897 53,969 Depreciation 4.086 41,807 45,893 46,618 Total resources expended 189.419 47,812 237,231 223,479 Net movement in funds 19,827 {46,022) 126,195) (25,019) Tota5 funds brought fOard at 1 April 2023 127.976 400,529 528,505 553,524 Total funds carried forward at 31 March 2024 147,803 354,507 502,310 528,505 There are no gains or losses other than th8 Drofit or loss for the abovè two finaneial yaars. Page 8
U3A Foyle Company limited by guarantee Balance Sheet as at 31 March 2024 Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Notes Fixed Assets Tangible Assets 19.885 354.706 374,591 419,940 Current Assets Debtors Cash al bank and in hand Total curr8nt assets 1.517 127,682 129,199 156.884 156,884 {199) (199) 156,685 156,685 Creditors: amounts falllng due within one year (28,966) (28,966) (20.634) Net current assets 127,918 (199) 127,719 108,565 Total assets less current liabilities 147,803 354,507 502,310 528,505 Creditors: amounts falling due after one year Nel assets 147,803 354,507 502.310 528,505 Financed b Funds 147,803 354,507 502,310 528.505 For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.. The directors acknowledge their responsibilities for complying wrth the requirements of the Act with fespect to accounting records and the preparation of financial stalemenls. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Page 9
U3A Foyle Company limited by guarantee These financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024, and are signed on behalf of the Board by., Mrma Direc n McDaid Company Registration Numbor . N1041287 Page 10
U3A Foyle Company Ilmited by guarantee Notes lo thè financial statements Year ended 31 March 2024 General Inforniatlon The Charity is a charilable private company limited by guarantee. registered in Northern Ireland. The address of the registered office is Pascal McDonald House, Gransha Park. D8rry. Accountlng pollcies Basls of preparatlon The financial slatemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeclive 1 January 2019) - (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. U3A FoOe meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or trans8clion value unless otherwise stated in the relevant accounting policy note(s). Turnover Turnover represents the lolal value of grants received and receivable as well as other income arising from other operating and fundraising activities during the year. Grants are recognised in the Profil and Loss account when the condition5 for their receipt have been Complied with and there 15 reasonable assurance that the grant will b8 received. Tanglble assets Tangible assets are initially recorded al cost, and are subsequently slated at cost less any accumulated depreciation and impairment losses. Depreclatlon Depreciation is calculaled so as to write off the cost or valuation of an asset, less its residual value, over the us8ful @conomic life of that asset as follows.. Freehold property Plant and machinery Fittings fixtures and 8quipment straight line reducing balance reducing balance 20°/0 200 Page11
U3A Foyle Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2024 Flnancial Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recogni5ed at the transaction price. unless the arrangement conslitules a financing transaction, where il is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured al amortised cost. Where investments in non-convertible preferenc8 shares and non-puttable ordinary shares or preference shares are publicly traded or Iheir fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounled at a market rate of interest for a similar débt instrument. Other financial inslfuments are subsequently measured at fair value, with any changes recognised in profil or loss, wilh the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairmenl al the end of each reporting date. If there is objective evidence of impairmenl, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any revèrsals of impaimient are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount ol the financial asset that exceeds what the carrwng amount would have been had the impairment not previously been recognised. Funds Unrestricted Revenue Funds - Gompri5e those revenue funds which the management committee are free to use in accordance with the company objectives. Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projects. Limited by guarantee U3A Fowe is a registered charity limited by guarantee without a share capital. HMRC Charity Reference Number'.XR 40623 Charity Commission of Northern Ireland Number= NIC100018 Page 12
U3A Foyle Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2024 S. Incoming Resouces Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Donations le acies and Similar incomin resources Donations 5,342 5.342 5,342 5,587 Income from activites of furtherance of charitable ob. ecls Income from WHSCT DHC (CLEAR Project) Derry City & Strabane Council PHA Positive Ageing Grant Community Foundation ASDA Waterside Credit Union Sundry Grants 48,122 48,122 800 550 440 46,551 800 550 440 763 5,000 950 500 48,122 1,790 49,912 53,764 Income from activities eneratin funds Member contributions Course income Social functions Rental income Fundraising Other income Total 52,590 78,031 4,200 1,810 7.438 10,279 154.348 52,590 78,031 4,200 1,810 7,438 10,279 154.348 46,522 74,883 4,008 660 7,742 5,077 138,892 Investment and other income Interest Received 1,434 1.434 1,434 1,434 217 217 Total incoming resources 209,246 1,790 211,036 198,460 Page 13
U3A Foyle Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2024 Resources expended Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Furtherance of charitable acllvities Social functions Provision of courses Items for resale Capitation fee Wages and salaries Staff training Travel expenses Total 2.772 40.020 2,060 3,360 77,423 75 276 125,986 119 5.336 2,891 45,356 2,060 3,360 77,423 75 276 131,441 4,943 40,289 596 3,060 73,951 36 17 122,892 5,455 Mana ement and administration costs Light, heat, cleaning & securily Insurance Repairs and maintenance Advertising, lelephone & computef Costs Accountancy fees Bank charges General expenses Total 30.628 2,987 15.445 5.972 1.680 2,409 226 59.347 550 31,178 2,987 15.445 5.972 1,680 2,409 226 59.897 36,453 3,076 6,194 3.793 1,380 2,584 489 53,969 550 De rèciation Depreciation of tangible assets 4,086 4,086 41,807 41,807 45,893 45,893 46,618 Total resources expended 189,419 47,812 237,231 223.479 Staff costs The average number of persons employed by the company during the year was 3 (2023.. 31. No remuneration was paid and no expenses reimbursed to the dir@ctors during the year. Page 14
U3A Foyle Company limited by guarantee Notes to the financial statements (contlnuedl Year ended 31 March 2024 Tanglble assets Freehold Plant and Fixtures, property machinery fittings and 8quipm8nt Total Cost At 1 April 2023 Additions 1,101,504 72.181 544 64,277 1,237,942 544 At 31 March 2024 1,101,504 72,705 64,277 1,238,486 Deprèciation Al 1 April 2023 Charge for the year 684,474 44,060 71,831 465 61,697 1,368 818.002 45.893 At 31 March 2024 728,534 72,296 63,065 863,895 Carrying amount At 31 March 2024 372,970 409 1,212 374.591 Al 31 March 2023 417,030 330 2,580 419,940 Credltors: amounts falling due withln one year 2024 2023 Trade creditors Other creditors 28,057 909 19,607 1.027 28,966 20,634 10. Contingent assets and liabilities The company has receiv8d substantial government and public grant assistance over a number of year5. The payment of these grants is made subject lo certain conditions being fulfilled by the company. The Sports Council for Northern Ireland Tla Sport Northern Ireland has a charge over the ompany premises covering possible repayment of grants received. The directors consider that all grant conditions will be satisfactorily fLslfilled and the likelihood of having to rep8y any grants is remote. Page 15
U3A Foyle Company limited by guarantee Notes to tho financial statements {¢ontinued> Year ended 31 March 2024 11. Analysls of charltable funds Analysis of movements In unrestrlcted funds Balance al IncomlngResources 1 Aprll 2023 Resources Expended Transfers Funds at 31 March 2024 General Fund 127,976 209,246 (189,419) 147,803 127,976 209,246 {189,419) 147,803 Name of unrestricted fund Description of the Fund General Funds Funds which the Charity is able lo apply freely in pursuit of its own charitable objectives and related purposes. Analysls of movements in restricted funds Balanc8 at IncomlngResources 1 April 2023 Resources Expended Transfers Funds al 31 March 2024 Restricted Fund 400,529 1.790 147,8121 354.507 400.529 1,790 (47,8121 354,507 Name of restricted fund Restricted Fund Description of the Fund Funds which the Charity applies for particular purposes and projects in pursuit of its charitable objectives. Analysis of net assets between funds General Restrlcted Fund Fund 19.885 354,706 Total 374,591 Fixed Assets Debtors Cash at bank and in hand Creditors 156,884 (28,966) {1991 156,685 (28,966) Total 147,803 354,507 502,310 Page 16