Forest Of Dean

Latest News

11 July 22

The Chairman
Forest of Dean U3A

Audit the Forest of Dean U3A - Annual Accounts 1 May 21 - 30 Apr 22

As instructed I have conducted an audit of the financial activities carried out by the Forest of Dean U3A during the period of 1 May 21 - 30 Apr 22. I am therefore able to report that the financial records submitted for the period of audit represent a true and accurate picture of the funds transaction and bank and cash holdings. Holdings as at 22 Apr 22 area as follows bank £5,824.60 cash £166.67.

However an area that I feel needs to be addressed is the accountability for the membership account float, current practice is that the £30 float is paid directly from the membership account and paid back within the membership fees. My recommendation being is that this practice be discontinued and that the float should now be paid directly from petty cash, this will enable a clearer accountability.

I would also like to offer some advice regarding your current year end profit statement which shows a profit of £1,086. Although correct it does not show a true reflection of your funds trading over the year. Your actual profit was only £86. The inflated profit is attributed to the £1,000 Gloucester City Council Build Back Better donation. To explain, currently your fund is running at a very fine threshold between a profit or a loss, your current income less the £1,000 donation is £3,383 less expensed of £3,297 means you are only showing a profit of £86. This profit can currently be attributed to your extremely low overheads in areas such as speaker and room hire. Unfortunately if these overheads were to increase this very fine balance will tip and a loss incurred. Net result an ongoing decreasing bank balance unless additional income is found.

Yours sincerely

William Russell
Appointed Auditor

This Audit report is to be discussed at the AGM on Wednesday 20th July 2022.

Chairman FOD U3A