You will have seen from our Annual Accounts, presented to the AGM, that our u3a is in a healthy financial position. We made a surplus in 22-23 of more than £8K, and our membership numbers continue to increase which also increases the likelihood of a surplus for 23-24.
This situation has come about because Trustees have been pro-active in managing u3a finances. The recent review of group fees which ensured that group losses were more carefully managed, and the relatively recent increase in annual membership fee to £12, have also contributed to this surplus. The annual membership fee increase took place at a time of huge uncertainty because of Covid. We expected membership numbers to fall substantially and venue costs to increase. That uncertainty is now behind us, most venue costs have increased by less than we anticipated, and the rapid recovery in our membership numbers has beaten national trends for membership organisations of all types. Thanks go to the hard work of our Group leaders for this welcome recovery.
The Third Age Trust policy on reserves states that our reserves should cover the amount needed to function effectively for at least the next six months and fulfil any financial obligations during that period. Your Committee has always ensured that this policy is met. However the recent surplus in our accounts means that our reserves are greater than they need to be.
We are a self-funding organisation and Trustees have no wish to retain more in reserves than necessary. The Committee has discussed various ways of reducing this surplus and have concluded that the fairest way to do so is to reduce the annual membership fee for 2024–2025 to £6.00, to be reviewed for 2025–2026 at the end of this financial year.
Invitations to renew your membership will be sent out as usual in June via email or letter. The revised rate will apply to new members joining after April 1st.