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||||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|
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|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||||
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||||||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|
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|.
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|
##
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##
|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|
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|||||||||||||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|||||||
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|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||||
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|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|
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