||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| ##