| Page | |||
|---|---|---|---|
| Legal and Administrative | Information | ||
| Report ofthe Directors | 2to 8 | ||
| Strategic Report | |||
| Statement of Directors' Responsibilities | |||
| Independent Auditor's |
Report | 9to11 | |
| Statement of Financial | Activities | 12 | |
| Balance Sheet | 13 | ||
| Cash Flow Statement | |||
| Notes to the Financial | Statements | 15to 28 |
| Risk | Miti | ation | |||||||
|---|---|---|---|---|---|---|---|---|---|
| The potential | impact ofUSS pension | ~ | Deficit recovery plans in place at scheme level |
||||||
| scheme deficits | ~ | Ensuring pension scheme provisions remain |
appropriate | ||||||
| ~ | Targeting a 5% annual surplus to maintain |
appropriate | |||||||
| level ofreserves | |||||||||
| The potential | failure to meet planned | ~ | Investing in new business and service |
development | |||||
| financial targets | including the launch of new and larger-scale |
products | |||||||
| ~ | Strengthening ofcore staff capabilities, supplemented |
by | |||||||
| a growing pool ofassociate consultants |
|||||||||
| ~ | Close monitoring of financial performance |
and | cashflow | ||||||
| a ainst bud ets and forecasts |
|||||||||
| Universities | ceasing membership | as | ~ | Focus on efficiencies and target operating model |
services | ||||
| all university | costs | come under | to generate savings for members |
||||||
| increased | scrutiny | given the | ~ | Member relationship management with increased |
remote | ||||
| challenging | economic climate | en a ement |
| Unrestricted | Restricted | Total Funds | Total Funds | |||||
|---|---|---|---|---|---|---|---|---|
| Note | Funds 8 |
Funds E |
2022 f |
2021 f |
||||
| Income: | ||||||||
| income from Charitable | activities | |||||||
| Subscription income |
1,664,594 | 1,684,594 | 1,497,676 | |||||
| Consulting income |
908,139 | 908,139 | 550,786 | |||||
| Event income | 44,723 | 44,723 | 24,449 | |||||
| Grant income | 1,995 | 1,995 | 2,520 | |||||
| Other income | 16,231 | 16,231 | 6,875 | |||||
| Marketing premium |
retained | 447,184 | 447,184 | 373,256 | ||||
| Investment income |
5,969 | 5,969 | 3,533 | |||||
| Total income | 3 | 3,108,840 | 1,995 | 3,108,835 | 2,459,097 | |||
| Expenditure on: |
||||||||
| Expenditure on charitable |
activities: | |||||||
| Travel and meeting | costs | 43,092 | 43,092 | 1,308 | ||||
| Professional staff and consultants |
1,667,323 | 1,667,323 | 1,336,103 | |||||
| Pension provision |
441,111 | 441,111 | (10,231) | |||||
| Administration costs |
771,786 | 1,995 | 773,781 | 677,896 | ||||
| Premises | 70,000 | 70,000 | 69,287 | |||||
| Governance | 123,249 | 123,249 | 124,695 | |||||
| Total expenditure | 4 | 3116,561 | 1,995 | 3,118,556 | 2,199,058 | |||
| Net (expenditure)/income | and net | |||||||
| movement in funds |
for | the year | (9,721) | (9,721) | 260,038 | |||
| Reconciliation offunds | ||||||||
| Total funds brought | forward | 1,536,380 | 1,538,380 | 1,278,342 | ||||
| Total funds carried | forward | 15 | 1,528,659 | ' 1,528,659 | 1,538,380 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | E | E | |||
| Fixed assets | |||||
| Tangible assets | |||||
| Current assets | |||||
| Debtors | 8 | 1,832,222 | 1,519,610 | ||
| Investments: short-term |
|||||
| investments | 9 | 1,046,342 | 793,563 | ||
| Cash at bank and in hand | 804,311 | 735,605 | |||
| 3,682,875 | 3,048,778 | ||||
| Creditors | |||||
| Amounts falling due within one year |
15 | ~1.451,577 | 1,233,870 | ||
| Net current assets | 2,191,298 | 1,814,908 | |||
| Creditors | |||||
| Amounts falling due aRer one year |
(662,639) | (276,528) | |||
| Total net assets | 16 | 1,528,659 | 1,538,380 | ||
| The funds ofthe charity: | |||||
| Unrestricted funds |
|||||
| General funds | 1,528,659 | 1,354,380 | |||
| Designated funds |
184,000 | ||||
| Restricted funds | |||||
| Total charity funds | 16 | 1,528,659 | 1,538,380 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | 8 | K | |||||
| Operating Activities |
|||||||
| Cash used in operations | 19 | 415,596 | 176,322 | ||||
| Investing Activities |
|||||||
| Interest received | 5,969 | 3,533 | |||||
| Net cash used in Investing | Activities | 5,969 | 3,533 | ||||
| Financing Activities |
|||||||
| Movements in investments Movements in monies held |
by University | of Reading | (252,779) ~155555 |
163,662 17674 |
|||
| Net cash used in Financing | Activities | ~352.553 | 181,536 | ||||
| Change in cash and cash equivalents |
in | the year | 68,706 | 361,391 | |||
| Cash and cash equivalents | at beginning | ofthe year | 735,605 | 374,214 | |||
| Cash and cash equivalents | at end ofthe | year | 804,311 | 735,605 |
| . Net income/(expend |
itu | re) for the year isstat |
ed after charging: | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| E | |||||
| Depreciation oftangible |
assets | ||||
| Operating lease costs |
63,059 | 64,399 | |||
| Trustee liability insurance* |
600 | 500 | |||
| Auditor's remuneration |
for: | ||||
| - External audit | 8,960 | 7,500 | |||
| -Taxation -compliance | services to the charitable | company |
| . Income by activi |
ty | |||||
|---|---|---|---|---|---|---|
| 2022 | SUMS E |
SUPC f |
PSS E |
Total 2022 f |
||
| Incoming resources | from charitable | activities | ||||
| Subscription income |
1,049,436 | 635,158 | 1,684,594 | |||
| Consulting income |
869,158 | 1,110 | 37,871 | 908,139 | ||
| Event income | 44,723 | 44,723 | ||||
| Grant income | 1,995 | 1,995 | ||||
| Other income | 8,781 | 7,450 | 16,231 | |||
| Marketing premium |
retained | 447,184 | 447,184 | |||
| Investment income | 5,969 | |||||
| TOTAL INCOME | 1,927,375 | 1,083,452 | 37,871 | 54,168 | 3,108,S35 | |
| 2021 | SUMS 6 |
SUPC E |
PSSf | M&C 6 |
Total 2021 E |
|
| Incoming resources | from charitable | activities | ||||
| Subscription income |
875,909 | 621,767 | 1,497,676 | |||
| Consulting income |
447,913 | 102,875 | 550,788 | |||
| Event income | 24,449 | 24,449 | ||||
| Grant income | 2,520 | 2,520 | ||||
| Other income | 800 | 6,075 | 6,875 | |||
| Marketing premium |
retained | 373,256 | 373,256 | |||
| Investment income | 3,533 | |||||
| TOTAL INCOME | 1,323,822 | 995,823 | 102,875 | 33,044 | 2,459,097 |
| Staffcosts f |
Otherf | Depreciation f |
Depreciation f |
Total 2022 f |
Total 2022 f |
Total 2021 f |
Total 2021 f |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Expenditure on charitable |
activities | ||||||||||
| Travel and meeting costs | 43,092 | 43,092 | 1,308 | ||||||||
| Professional staff &consultants |
1,158,678 | 508,645 | 1,667,323 | 1,336,103 | |||||||
| Pension provision |
441,111 | 441,111 | (10,231) | ||||||||
| Administration costs |
504,986 | 266,800 | 771,786 | 675,376 | |||||||
| Premises | 70,000 | 70,000 | 69,287 | ||||||||
| Governance | 115,149 | 8,100 | 123,249 | 124,695 | |||||||
| 1,778,813 | 1,337,749 | 3,116,562 | 2,196,538 | ||||||||
| nalysis oftotal expenditure | by | activity | |||||||||
| Activity based 2022 | SUNIS | SUPC f |
PSSf | M&Cf | Central f |
Total 2022 f |
|||||
| Expenditure on charitable |
activities | ||||||||||
| Travel &meeting costs | 20,969 | 4,155 | 16,623 | 1,345 | 43,092 | ||||||
| Professional staff & |
|||||||||||
| consultants | 434,381 | 24,874 | 108 | 1,667,323 | |||||||
| Pension provision |
441,111 | 441,111 | |||||||||
| Administration costs |
193,135 | 934 | 163,080 | 386,522 | 773,782 | ||||||
| Premises | 70,000 | 70,000 | |||||||||
| Governance | 27,529 | 49,291 | 123,249 | ||||||||
| TOTAL EXPENDITURE | 1,305,469 | 659,200 | 25,808 | 179,811 | 948,269 | 3,118,556 | |||||
| Activity based 2021 | SUMS f |
SUPCf | PSSf | Nl&Cf | Central f |
Total 2021 f |
|||||
| Expenditure on charitable |
activities | ||||||||||
| Travel & meeting costs | 101 | (172) | (270) | 1,649 | 1,308 | ||||||
| Professional staff & |
|||||||||||
| consultants | 844,939 | 405,046 | 72,795 | 13,323 | 1,336,103 | ||||||
| Pension provision |
(10,231) | (10,231) | |||||||||
| Administration costs |
15,207 | 195,679 | 833 | 122,786 | 343,392 | 677,896 | |||||
| Premises | 69,287 | 69,287 | |||||||||
| Governance | 35,403 | 24,889 | 64,404 | 124,695 | |||||||
| TOTAL EXPENDITURE | 895,650 | 625,442 | 73,358 | 137,758 | 466,851 | 2,199,058 |
| acement for a University o |
f Reading student at SUMS. | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | K | ||
| Incoming resources | |||
| Grant income | 1,995 | 2,520 | |
| Total incoming resources | 1,995 | 2,520 | |
| Outgoing resources |
|||
| Administration costs |
1,995 | 2,520 | |
| Total outgoing resources |
1,995 | 2,520 | |
| Net movement in funds |
in the year | ||
| Staffcosts and numbers | |||
| 2022 | 2021 | ||
| Staff costs were as follows: | 8 | 8 | |
| Salaries and wages | 1,443,446 | 1,210,463 | |
| Employer's national insurance costs |
152,876 | 124,903 | |
| Employer's pension costs |
184,487 | 172,201 | |
| 1,780,808 | 1,507,567 |
| mployers national insurance contributions) in the follow |
ing ranges was: |
|
|---|---|---|
| 2022 | 2021 | |
| F60,001 to 870,000 | 2 | 3 |
| 670,001 to f80,000 | 1 | 2 |
| 880,001 tof90,000 | 3 | 1 |
| 690,001 to 6100,000 | 1 | 0 |
| K100,001 toF110,000 | 0 | 2 |
| 6110,001 to8120,000 | 2 | 0 |
| f120,001 to 8130,000 | 0 | 0 |
| 6130,001 to6140,000 | 0 | 0 |
| Fixed assets | ||||
|---|---|---|---|---|
| IT Equipment | Fixtures & Fittings |
Total | ||
| E | ||||
| Cost: | ||||
| At 1 August 2021 | 800 | 4,833 | 5,633 | |
| Disposals | ||||
| At 31 July 2022 | 800 | 4,833 | 5633 | |
| Accumulated Depreciation: |
||||
| At 1 August 2021 | 800 | 4,633 | 5,633 | |
| Charge for the year | ||||
| Disposals | ||||
| At 31 July 2022 | 800 | 4,833 | 5,633 | |
| Net book value at 31 July 2022 | ||||
| Net book value at 31July 2021 | ||||
| Debtors | ||||
| 2022 | 2021 | |||
| E | 8 | |||
| Trade debtors | 562,052 | 721,414 | ||
| Other debtors | 612,374 | 240,481 | ||
| Money held on trust by the University | of Reading | 657,796 | 557,715 | |
| 1,832,222 | 1,519,610 |
| Trade | debtors | |
|---|---|---|
| Other | debtors | |
| Money | held on trust by the University | of Reading |
| 2022 | 2021 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| E | |||||||||||||
| Trade creditors | 149,331 | 137,744 | |||||||||||
| Accruals | 117,668 | 103,689 | |||||||||||
| Deferred income | 473,005 | 372,887 | |||||||||||
| Other creditors (VAT due | to HMRC) | 139,744 | 205,246 | ||||||||||
| Funds received as agent | 611,829 | 414,304 | |||||||||||
| 1,491,577 | 1,233,870 | ||||||||||||
| 11. Creditors: amounts | falling due after one | year | |||||||||||
| 2022 | 2021 | ||||||||||||
| E | E | E | |||||||||||
| Provision b/fwd |
276,528 | 286,759 | |||||||||||
| Employer contributions |
relating to the | ||||||||||||
| recovery plan |
(17,044) | (13,312) | |||||||||||
| Unwinding ofthe discount |
|||||||||||||
| rate | 2,406 | 2,093 | |||||||||||
| Impact ofthe change in |
assumptions | 400,749 | 988 | ||||||||||
| Net movement | 386,111 | (10,231) | |||||||||||
| Provision cifwd |
662,639 | 276,528 | |||||||||||
| The above provision relates |
to the requirement | under | charity SORP | that charities | must | recognise | as a | ||||||
| liability the present value | offuture contributions | relating | to | the funding | ofa pension | deficit. | |||||||
| 12. Deferred income |
|||||||||||||
| Deferred income comprises | advance | membership | and | consultancy. | |||||||||
| Balance as at 1 August 2021 | 372,887 | ||||||||||||
| Amount released to income | earned from charitable | activities | (372,887) | ||||||||||
| Amount deferred in year |
473,005 | ||||||||||||
| Balance as at 31 July 2022 | 473,005 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| E | E | |||||
| Opening balance |
1 August | 414,304 | 434,534 | |||
| Received during | the year | 1,577,186 | 1,123,337 | |||
| Rebate income retained | (447,184) | (373,256) | ||||
| Paid out during the year | 932,477 | 770,311 | ||||
| Total funds held | as agent | at 31July | 611,829 | 414,304 | ||
| 4. Operating leases |
||||||
| he total offuture minimum |
lease payments | under non-cancellable | operating | leases for the following | ||
| eriods are: | ||||||
| 2022 | 2021 | |||||
| E | E | |||||
| Under 1year |
31,580 | 31,580 | ||||
| Later than 1 year |
and not later than 5years | |||||
| Later than 5years |
| Unrestricted funds |
Unrestricted funds |
2022 | 2022 | 2022 |
|---|---|---|---|---|
| General | Designated | Total | ||
| Balance | at 1 August 2021 | 1,354,380 | 184,000 | 1,538,380 |
| Incoming | resources | 3,106,840 | 3,106,840 | |
| Outgoing | resources | 2,932,561 | 184,000 | 3,116,561 |
| Balance | 31 July 2022 | 1,528,659 | 1,528,659 |
| Unrestricted funds |
Unrestricted funds |
2021 | 2021 | 2021 |
|---|---|---|---|---|
| General | Designated | Total | ||
| Balance | at 1 August 2020 | 1,096,342 | 182,000 | 1,278,342 |
| Incoming | resources | 2,456,576 | 2,456,576 | |
| Outgoing | resources | 2,198,538 | 2,000 | 2,196,538 |
| Balance | 31July 2021 | 1,354,380 | 184,000 | 1,538,380 |
| Restricted funds | 2022 | 2021 | ||
| K | E | |||
| Balance | at 1 August | |||
| Incoming | resources | 1,995 | 2,520 | |
| Outgoing | resources | 1,995 | 2,520 | |
| Balance | 31 July |
| 2022 | ||||
|---|---|---|---|---|
| Creditors: | ||||
| Fixed assets |
Net current assets |
Amounts due after |
Total | |
| f | E | one year E |
f | |
| Unrestricted | 2,191,298 | (662,639) | 1,528,659 | |
| Restricted | ||||
| Total net assets | 2,191,298 | 662,639 | 1,528,659 | |
| 2021 | ||||
| Creditors: | ||||
| Fixed assets |
Net current assets |
Amounts due after |
Total | |
| one year | ||||
| E | 8 | E | ||
| Unrestricted | 1,814,908 | (276,528) | 1,538,380 | |
| Restricted | ||||
| Total net assets | 1,814,908 | 276,528 | 1.538,380 |
| 2022 | 2021 | ||
|---|---|---|---|
| E | E | ||
| Room | hire and catering | 1,730 | |
| ITand | telecommunications | 2,115 | 3,650 |
| Printing | and postage services | 1,579 | 5 |
| Rent and maintenance | 65,423 | 66,624 | |
| Professional fees | 36,887 | 36,420 | |
| 107,734 | 106,700 |
| es and other income | received from the University of R |
eading are set out below: | |
|---|---|---|---|
| 2022 | 2021 | ||
| 6 | E | ||
| SUMS membership | fee | 35,900 | 35,400 |
| SUPC membership | fee | 11,900 | 11,750 |
| Consulting income |
25,870 | ||
| Grant income | 1,995 | 2,520 | |
| 49,795 | 75,540 |