Financial
U3A TREASURER’S REPORT
YEAR 1ST MARCH 2010 – 28TH FEBRUARY 2011-02-28
This has been a vital year for the finances of your U3A. Thanks to you, your commitment and your support we have seen a huge surge in membership numbers, which has shown up the need to review our working methods and ensure that we have systems and security in place to deal with this doubling of activity.
Perhaps at first this was a little like stirring up a hornet’s nest, and the committee took the views of all the members on board when making the changes needed to increase our professionalism. The auditors, James and Terry have now confirmed that we now have in place accounting practises which keep tight control over our valuable resources whilst at the same time, making any fraud virtually impossible. As Treasurer, I now have a job description which conforms to our amended Constitution, and my activities are closely monitored by the Committee and the auditors – exactly as they should be! All this has come at a price, but this is a one-off price which gives us a legal and secure system designed to handle all future increases in membership.
A full Statement of Accounts can be seen on the board and will eventually be available on the website.
In essence –
We started the year with 5231.78 euros, and have ended with 6,695.34 euros, For the mathmeticians here, that is an increase of getting on for 1500€. In addition, we have made our first comprehensive list of equipment owned by our organisation. Thanks for this must go to both Harry Roskoff, Assistant Group Coordinator and Eve Fisk, my Assistant Treasurer. The Inventory total adds up to nearly 1800 euros. This includes equipment in the hands of the various groups, as well as items such as these tables and the sound system which are used at each monthly meeting.
It may seem as if we are cash-rich at the moment, and we are. However please bear in mind that you have just renewed your annual membership, and this money has to last us all year! Membership fees have been reduced to an annual 10€, but the budget still allows for the usual help for all groups who apply for input from Central Funds to augment their own kitties when items need to be bought.
I have to complement all the committee members who work so hard to keep working costs down. Because of their shrewd negotiating, we have very little to pay in terms of rents for all our venues, unlike many of our fellow U3A’s in the area. However, we must not forget that we are relying on the goodwill of local councils to provide these venues, and these are councils which are facing their own difficult times. We must always have enough money in hand to deal with any sudden unexpected bills for previously uncharged-for services.
Thank you for your faith in my book-keeping and cash-handling abilities. Should I be nominated for a further year I shall do my best to see that you get good value for money starting today.
View the detailed accounts by clicking below: