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2021-07-31-accounts

Page
Report ofthe Trustees 1to 12
Report ofthe independent
Auditors		 13to 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Cash Flow Statement 20
Notes to the Financial Statements 21to 33

Unrestricted Restricted Total Tata I
funds funds 2021 2020
Notes 6 E f f
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 1,223,895 1,223,895 1,329,154
Other trading activities 158,950 158,950 287,546
income from investments 294 294 833
Charitable
activities		 8,228 5,215 13,443 182,505
Other income 24,161 26,489 50,650 43,167
Total income 1,415,528 31,704 1,447,232 1,843,205
EXPENDITURE ON
Raising funds 50,633 50,633 79,058
Charitable
activities		 1,287,260 36,008 1,323,268 1,593,550
Total 1,337,893 36,008 1,373,901 1,672,608
Net income/(expenditure) 77,635 (4,304) 73,331 170,597
Other recognised
gains/(losses)
Acturial gains/(losses)
on defined		 benefit
schemes 22 (42,391) (42,391) (218,711)
Net movements
in funds		 35,244 (4,304) 30,940 (4$,114)
ReconciTiation offunds
Total funds brought forward (1,013,128) 96,970 (916,158) (868,044)
Total funds carried forward (977,884) 92,666 (8$5,218) (916,158)

Group Group Charity Charity
2021 2020 2021 2020
Notes E'000 6'000 6'000 6'000
Fixed assets
Tangible assets 14 25,093 38,203 25,093 38,203
Investments 13 1 1
Total fixed assets 25,093 38,203 25,094 38,204
Current assets
Stocks 15 52,349 53,346
Debtors 16 60,300 30,433 127,520 139,538
Cash at bank and in hand 7D7,68S 691,615 68D,228 633,401
Total current assets 820,337 775,394 807,748 772,939
IJabilitl es
Creditors
falling due within one year		 17 (144,772) (S6,706) (132.184) (84,252)
Net current assets/(liabilities) 675.565 688.688 675,564 688,687
Total assets less current liabilities 700.658 726.891 700,658 726,891
Provisions for liabilities 22 (1,585,876) (1,643,049) (1,585,876) (1,643,049)
hlet (liabilities)/assets (885,218) (916,15S) (885,218) (916,158)
Funds
Pension deficit (1,585,876) (1,643,049) (1,585,876) (1,643,049)
General funds 607,992 629,921 607,992 629,921
Unrestricted
funds		 20 (977,884) (1,013,128) (977,884) (1,013,128)
Restricted funds 92,666 96,970 92,666 96,970
Total chadity funds (885,218) (916,158) (885,218) (916,158)

Group Group Charity Charity
2021 2020 2021 2020
Notes E E E E
Net income for the reporting
period		 (as per the statement offinancial activities)
Cash generated
from operations		 1 15,779 14,407 46,533 24,115
Net cash provided
by (used in) operating		 activities 15,779 14,407 46,533 24,115
Cash flows from investing
activities
Interest income 294 833 294 833
Purchase oftangible
fixed assets
Cash provided
by (used in) investing		 activities 294 833 294 833
Change
in cash and cash equivalents		 in the
reporting
period		 16,073 15,240 46,827 24,948
Cash and cash equivalents
at the beginning		 691,615 676,375 633,401 608,453
ofthe reporting
period
Total cash at the end ofthe year 707p688 691,615 680,228 633,401

Group Group Charity Charity
2021 2020 2021 2020
f f
Net income for the reporting period (as per the
statement
offinancial activities)		 30,94D (48,114) 30,940 (48,114)
Adjustments
for:
Depreciation
charges		 13,110 15,609 13,110 15,609
Interest income (294) (833) (294) (833)
Finance cost ofpension
deficit		 42,391 218,711 42,391 218,711
Pension deficit repayments (99,564) (99,564)
Decrease/(increase) in stocks 997 (2,621)
(increase)/decrease in debtors (29,867) 18,339 12,D18 (34,536)
Increase/(decrease) in creditors 58,066 (186,684) 47,932 (126,722)
Net cash provided by (used in) operating activities 15,779 14,407 46,533 24,115
2)Analysis ofchanges in net debt
Group At 1.4.20 Cash flow At31,3,21
f f f
Net cash
Cash at bank and in hand 691,615 16,073 707,656
691,615 16,073 707,656
Company At 1.4.20 Cash flow At 31.3.21
f f
Net cash
Cash at bank and in hand 633,401 46,827 680,228
633,401 46,827 680,228

2021 2020
f E
Block grant received 1,122,803 1,247,554
BAME grant received 19,492
Donated Facilities 81,600 81,600
1,223,895 1,329,154

2021 Z020
f f
Income from trading subsidiary
Commercial partnerships 53,337 152,393
Retail Income 96,302 118,071
Other income 9,311 17,082
158,950 287,546
4 Income from investments
2021 2020
f E
Bank deposit interest 294 833
294 833
5 Income from charitable activities
2021 2020
Development -Group mcome 13,443 182,505
13,443 182,505
6 Other Income
2021 20ZO
f E
Grant Income 26,489 38,098
Other income 24,161 5,069
50,650 43,167

Charitable
activi		 ties costs Support
Direct costs
Costs
f		 (note 8)
f		 Totals
f
Development 41,636 343,182 384,818
Representation 159,439 355,385 514,824
Welfare 32,982 343,182 376,164
Other charitable activities 47,462 47,462
234,057 1,089,211 1,323,268

Central Governance
Operations Costs Totals
E E
Development 343,124 58 343,182
Representation 355,327 58 355,385
Welfare 343,124 58 343,182
Other chantable
activities		 20,348 27,114 47,462
1,061,923 27,288 1,089,211
Support costs have been apportioned on a basis that is consistent with use ofresources.
Support costs, included in the above, are as follows:
Central Operations
2021 2020
Total Total
activities activities
Salaries and training 766,033 805,908
Strategic development 1,011
Membership
engagement		 49,035 71,318
Central admin and overheads 227,223 196,412
NUS Affiliation 28,632
Irrecoverable VAT 6,522 13,570
Centra! depreciation 13,110 15,609
1,061,923 1,132,460
Governance
costs
2021 2020
Total Total
activities activities
Audit 11,321 10,836
Central Admin 4,335 6,644
Ivianagement accounts 11,485 12,950
Training & development
Trustee Expenses 147
27,288 31,074

Fort Fort Fort he ye ar ended 31 July 202 1
9 Raising funds expenditure
2021 2020
E E
Other actiwties 50,633 79,058
10 Net income/(expenditure)
Net income/(expenditure) isstated after charging/(crediting):
2021 2020
E E
Auditors'
remuneration		 -current auditors audit fees 11,321 12,950
Depreciation
-owned		 assets 13,110 15,609
24,431 28,559
11 Staff costs
2021 2020
E E
Wages and salaries 875,381 887,442
Social security costs 63,739 67,562
Other pension costs ?2,636 21,185
961,756 976,189
The average monthly number ofemployees during the year for the group was as follows
2021 2020
60 68
There average number ofemployees with emoluments (excluding employer
pension costs)		 above
E60,000 in this or the preceding year is as follows:
2020 2019
E60,001 - 670,000 1 1

The summary financial performance financial performance financial performance ofthe chanty alone is:
2021 Z020
f 6
Turnover 1,396,599 1,762,404
Expenditure on charitable activities (1,323,268) (1,591,807)
Other recognised gains/{ losses) l(42,391) (218,711)
Net Income 30,940 (48,114)
Total funds brought forward (916,158) (868,044)
Total funds carried forward
Represented by:
Unrestncted funds
General Funds 607,992 629,921
Pension Deficit (1,585,876) (1,643,049)
Restricted funds 92,666 96,970
(885,Z18) (916,158)

The summary financial perform ance
ofthe		 subsidiary alone is:
2021 2020
6 6
Turnover 158,950 287,152
Cost ofsales and administration costs (50,773) (80,942)
Management charges (86,814) (136,861)
21,363 69,349
Gift aid payment to UPSlJ (21,363) (69,349)
Net profit
Retained
in subsidiary
The assets and liabilities ofthe Portsmouth Students' Union Trading Company Limited were:
2021 2020
6
Total assets 110,833 133,316
Total liabilities (110,832) (133,315)
Total net assets

Group Group Charity Charity
2021 2020 2021 2020
E f E
Trade creditors 6,373 9,909 6,341 9,909
Social security and other taxes 15,128 16,986 15,128 16,986
Accruals and deferred income 112,615 54,953 105,445 47,216
Other creditors 5,601 4,667 4,440 4,667
VAT payable 5,055 189 830 5,474
144,772 86,704 132,184 84,252

Group Group Charity Charity
2021 20ZO 2021 2020
E E f f
Balance as at 1August 202D 104,043 104,043
Amount released to incoming resources (104,D43) (104,043)
Amount deferred in year
Balance as at 31 July 2021
Analysis ofnet assets between funds - Group
2021 2020
Unrestncted Restricted Tata I Tota
I
fund fund funds funds
f f f
Fixed assets 25,093 25,093 38,203
Current assets 727,671 9Z,666 820,337 775,394
Current liabilities (144,772) (144,772) (86,706)
Pension deficit (1,585,876) (1,585,876) (1,643,049)
(977,884) 92,666 (885,218) (916,158)

Movement
in fund		 s - Group
Net
movement
At 1.8.20 in funds Transfers At 31.7.21
E f E E
Unrestricted
funds
Pension deficit (1,643,049) (42,391) 99,564 (1,585,876)
Generalfunds 629,921 77,635 (99,564) 607,992
Totalunrestricted funds (1,013,128) 35,244 (977,884)
Restricted funds
Sports and societies 94,678 (4,304) 90,374
Ring fenced funds 2,292 2,292
Total restricted
funds		 96,970 (4,304) 92,666
TOTAL FUNDS (916,158) 30,940 (885,718)
Net movement
in funds, included		 in the above are as follows:
incoming Resources Acturial Gains Movement
resources expended / (Losses) in funds
f E E E
Unrestricted
funds
Pension deficit (42.391) (42,391)
General funds 1,415,528 (1,337,893) 77,635
Restricted funds
Sports and societies 5,215 (9,519) (4,304)
Ring fenced funds
Coronavirus
Job Retention		 Scheme 26,489 (26,489)
1,447,232 (1,373,901) (42,391) 30,940
Comparative
for movement		 in funds - Group
Net
rnovernent
At 1.8.19 in funds At 31.7.20
f f
Unrestricted
funds
Pension deficit (1,424,338) (218,71'I) (1,643,049)
General funds 448,204 181,717 629,921
Total unrestdicted funds (976,134) (36,994) (1,013,128)
Restricted funds
Sports and societies 105,798 (11,120) 94,678
Ring fenced funds 2,292 2,292
Total restricted funds 108,090 (11,120) 96,970
TOTALFUJJDS (868,044) (48,114) (916,158)

Comparatwe
net movement		 in funds, included funds, included in the above are as follows: in the above are as follows:
incoming Resources Actuarial Gains Movement
resources expended /(Losses) in funds
E f f f
Unrestricted
funds
Pension deficit II218,711) (218,711)
General funds 1,709,338 (1,527,621) 181,717
Restricted funds
Sports and societies 133867 (144987) (11,120)
Ring fenced funds 38,098 (38,098)
1,881,303 (1,710,706) (218,711) (48,114)
Pension Commitments
The charisy operates a defined contnbution scheme. The total contnbutions paid into the scheme by the Union
in respect of eligible employees for the year under review was 622,636(2020:f21,185).
Provision for liabilities
2021 2020
E f
Provisions 1,881,876 1.641.648

2021 ZDZD
E f
Provision at start of the period 1,643,049 1,424,338
Effect ofunwinding discount and changes in rate 42,391 218,711
Deficit contribution paid (99,564)
Provision
at the end		 ofthe period 1,585,876 1,643,049
Income and expenditure impact
Effect of unwinding discount and changes in rate 42,391 218,711
42,391 218,711
Assumptions
31.07.21 31.07.20
%per annum %per annum
Rate of discount 2.58% 2.58%

Group Group
2021 2020
E'000 E'000
Expiring:
Within one year 2,080
Between one and five years
2,080