2022-07-31-accounts - University Of Portsmouth Students Union

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	Page
Report ofthe Trustees	1to 13
Report ofthe Independent Auditors	14to 17
Statement ofFinancial Activities	18
Balance Sheet
Cash Flow Statement	20
Nates to the Cash Flow Statement	21
Notes tothe Financial Statements	22 to 34

			The		University ofPortsmouth Student's	University ofPortsmouth Student's	University ofPortsmouth Student's	Union
						Report of	the Trustees
					for	the Year Ended 31July 2022
REFERENCE AND ADMINISTRATIVE			DETAILS
Full-time (Elected) Officer		Trustees
Welfare Officer			Natasha		Layley	(appointed	1stJuly 2021)
Learning Experience	Officer		Jade Underwood (appointed				1st July 2021)
Development Officer			Micheal	Kiddell		(appointed	1stJuly 2020, resigned	on 16th May 2022)
Development Officer			Temidayo		Dosunmu (appointed on 1st July 2022)
Academic Representation		Officer	Sapphire		Rance	(appointed	1stJuly 2021,resigned	on 30th June 2022)
Academic Representation		Officer	Ayoola Johnson			(appointed	1st July 2022)
Democracy and Campaigns		Officer	Dominic		Owen (appointed		1stJuly 2021)
Student Trustees
Non-Portfolio			Ayoola Johnson			(appointed	14th August 2020, resigned on		30th June 2022)
Non-Portfolio			Ternidayo		Dosunmu (appointed 1st August 2021,resigned				30th June 2022)
Non-Portfolio			Bill Gunayon (appointed 20th April 2021.resigned					on 31st	July 2022)
University Nominated	Trustee
Non-Portfolio			Mary Williams (appointed 21st April 2020)
External Trustees
Non-Portfolio			Baldev Singh Gill (Appointed				24th October 2018,resigned		on 31stJuly 2022)
Non-Portfolio			Victoria Turner			(Appointed	on 29th January 2019)
Non-Portfolio			lan Robinson (Appointed on 29th January 2019)
Company Secretary			Jade Underwood			(appointed	1stJuly 2021,resigned	on 30th lune 2022)
			Temidayo		Dosunmu (appointed on 1stJuly 2022)
Chief Executive			Anna Clodfelter
Registered Office
Student Union Building
Cambridge Road
Portsrnouth
Hants
PO1 2EF
Registered Company	Number
03934555

				Unrestricted	Restricted	Total	Total
				funds	funds	2022	2021
			Notes	f	f	f	f
INCOME AND ENDOWMENTS		FROM
Donations and legacies				1,349,151		1,349,151	1,223,895
Other trading activities				310,007		310,007	158,950
Income from investments				356		356	294
Charitable actiwties				22,501	22,133	44,634	13,443
Other income				5,552		5,552	50,650
Total income				1,687,567	22,133	1,709,7DO	1,447,232
EXPENDITURE ON
Raising funds			9	108,491		108,491	50,633
Charitable activities			7	1,434,486	46,014	1,480,500	1,323,268
Total				1,542,977	46,014	1,588,991	1,373,901
Net income/(expenditure)				144,590	(23,881)	120,709	73,331
Other recognised gains/(losses)
Acturial gains/(losses)	on defined benefit
schemes			22	(40,915)		(40,915)	(42,391)
Net movements in funds				103,675	(23,881)	79,794	30,940
Reconciliation offunds
Total funds brought forward				(977,884)	92,666	(885,218)	(916,158)
Total funds carried forward				(874,209)	68,785	(805,424)	(885,218)

				Group	Group	Charity	Charity
				2022	2021	2022	2021
	Notes			6'000	f'000	6'000	f'000
Fixed assets
Tangible assets	14			12,000	25,D93	12,000	25,093
Investments	13					1
Total Axed assets				12,000	25,093	12,001	25,094
Current assets
Stocks				47,627	52,349
Debtors				56,255	60,300	108,564	127,520
Cash at bank and in hand				790,411	707,688	772,427	68D,228
Total current assets				894,293	820,337	880,991	S07,748
Liabilit(es
			'
Creditors falling due within one year	17			(206,666)	(144,772)	(193,365)	(132,184)
Net current assets/(liabilities)				687,627	67S,56S	687,626	675,564
Total assets less current liabilities				699,627	700,658	699,627	7D0,658
		'
Prov)stuns far liabilities	22			(1,505,051)	(1,585,876)	(1,505,051)	(1,585,876)
Net (liabilities)/assets				(805,424)	(885,218)	(BDS,424)	(BSS,21S)
Funds
Pension deficit				(1,505,051.)	(1,585,876)	(1,505,051)	(1,585,876)
General funds				630,842	607,992	630,842	607,992
Unrestricted funds	20			(874,209)	(977,884)	(874,209)	(977,884)
Restricted funds				68,785	92,666	68,785	92,666
Totalcharityfunds				(805,424)	(885,218)	(805,424)	(885,218)

			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes	8		f
Net income forthe reporting period	(as per the statement		offinandal	activities)
Cash generated from operations			82,367	15,779	91,843	46,533
Net cash provided by (used in) operating		activities	82,367	15,779	91,843	46,533
Cash flows from investing activities
Interest income			356	294	356	294
Purchase oftangible fixed assets
Cash provided by [used in) investing	activities		356	294	356	294
Change in cash and cash equivalents	in the
reporting period			82,723	16,073	92,199	46,827
Cash and cash equivalents atthe beginning			707,688	691,615	680,228	633,401
ofthe reporting penod
Total cash at the end ofthe year			790,411	707,688	772,427	680,228

					Group	Group	Charity	Charity
					2022	2021	2022	2021
					E	E	E	E
h!et income for the	reporting		period (as	per the
statement offinancial		activities)			79,794	30,940	79,794	30,940
Adjustments for:
Depreciation charges					13,093	13,110	13,093	13,110
Interest income					(356)	(294)	(356)	(294)
Finance cost of pension		deficit			40,915	42,391	40,915	42,391
Pension deficit repayments					(121,740)	(99,564)	(121,740)	(99,564)
Decrease/(increase)	in	stocks			4,722	997
(Increase)/de«rease	in	debtors			4,045	(29,867)	18,956	12,018
Increase/(decrease)	in	creditors			61,894	58,066	61,181	47,932
Net cash provided	by (used in) operating			activities	82,367	15,779	91,843	46,533

Group		At 1.4.21	Cash flow	At 31.3.22
		E	E	E
Net cash
Cash at bank and	in hand	707,656	82,723	790,379
		707,656	82,723	790,379
Company		At1.4.21	Cash flow	At 31.3.22
		E	E	E
Net cash
Cash at bank and	in hand	680,228	92,199	772,427
		680,228	92,199	772,427

					2022	2022		2021
						E
	Income from	trading	subsidiary
	Commercial	partnerships				164,220		53,337
	Retail income					144,987		96,302
	Other income						800	9,311
						310,007		158,950
4	Income from	investments
					2022			2021
						E		E
	Bank deposit	interest					356	294
							356	294
5	Income from	charitable		activities
					2022			2021
	Development	—Group income				44,634		13,443
						44,634		13,443
6	Other Income
					2022			2021
						E		E
	Grant income							26,489
	Other income					5,552		24,161
						5,552		50,650
	The charitable	company		received grants from the Government	amounting	to ENIL		(2021:f26,489)


Chadtable	activi	ties costs		Support
			Direct	costs
			Costs	(note 8)	Totals
			E	E	E
Development			94,281	372,675	466,956
Representation			171,229	386,803	558,032
Welfare			34,124	372,675	406,799
Other chantable		activities		48,713	48,713
			299,634	1,180,866	1,480,500

					Central	Governance
				Operations		Costs	Totals
							6
Development					372,583	92	372,675
Representation					386,711	92	386,803
Welfare					372,583	92	372,675
Other charitable activities					19,828	28,885	48,713
					1,151,705	29,161	1,180,866
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
						2022	2021
						Total	Tote I
						activities	activities
Salaries	and training					809,234	766,033
Strategic development
Membership engagement						44,460	49,035
Central	admin and overheads					281,129	227,223
NUS Affiliation
Irrecoverable VAT						3,789	6,522
Central	depreciation					13,093	13,110
						1,151,705	1,061,923
Governance costs
						2022	2021
						Total	Total
						activities	activities
Audit						10,948	11,321
Central	Admin					6,650	4,335
Management accounts						11,314	11,485
Training	& development
Trustee	Expenses					249	147
						29,161	27,288

	The University ofPortsmouth Student's Notes to the Financial Statements For the year ended 31July 2022	The University ofPortsmouth Student's Notes to the Financial Statements For the year ended 31July 2022	Union
9	Raising funds expenditure
			2022	2021
			E	E
	Other activities		108,491	5D,633
10	Net income/(expenditure)
	Net income/(expenditure)	is stated after charging/(crediting):
			2022	2021
			E	E
	Auditors' remuneration	-current auditors audit fees	10,948	11,321
	Depreciation -owned assets		13,D93	13,110
			24,041	24,431
11	Staff costs
			2022	2021
			E	E
	Wages and salaries		947,141	875,381
	Social security costs		69,244	63,739
	Other pension costs		21,859	22,636
			1,038,244	961,756

2022	2021
72	6D

		2022	2021
E60,001	- E?0,000		1
E70,001	- E80,000

The summar	y fina	n	cial per	formance ofthe charity alone is:
					2022	2021
					6	E
Turnover					1,601,209	1,396,599
Expenditure	on charitable			activities	(1,480,500)	(1,323,268)
Other recognrsed		gains/(losses)			(40,915)	(42,391)
Net Income					79,794	30,940
Total funds	brought		forward		(885,218)	(916,158)
Total funds	carried		forward		(805,424)	(885,218)
Represented	by:
Unrestricted	funds
	General		Funds		630,842	607,992
	Pension		Deficit		(1,505,051)	(1,585,876)
Restricted funds					68,785	92,666
					(805,424)	(885,218)

The summary	financial perform	ance of the	subsidiary	alone is:
					2022	2021
					f	f
Turnover					310,007	158,950
Cost ofsales and administration		costs			(108,631)	(50,773)
Management	charges				(137,270)	(86,814)
					64,106	21,363
Gift aid payment to UPSU					(64,106)	(21,363)
Net profit
Retained in subsidiary
The assets and	habdities ofthe	Portsrnouth	Students'	Union Trading Company	Limited were:
					2022	2021
					E	f
Total assets					92,001	110,833
Total liabilities					(92,000)	(110,832)
Tota I net assets
Aggregate share capital and reserves

					Fixtures &
					fittings	Total
					f	f
	Cost
	At 1August 2021				215,248	215,248
	Additions
	Disposals
	At 31July 2D22				215,248	215,248
	Depreciation
	At 1August 2021				190,155	190,155
	Charge for year				13,093	13,093
	On dispnsals
	At 31July 2022				203,248	203,248
	Net book value
	At 31July 2022				12,000	12,000
	At31July 2021				25,093	25,093
15	Stocks
					2D22	2D21
					f	f
	Stocks				47,627	52,349
16	Debtors
			Group	Group	Charity	Charity
			2022	2021	2022	2021
			f	f	f
	Trade debtors		24,964	33,510	498	2,486
	Prepayments	and accrued income	25,491	22,377	18,516	22,377
	Other debtors		5,800	4,413	5,800	11,413
	Intercompany				83,750	91,244
			56,255	60,300	108,564	127,520

		Group	Group	Charity	Charity
		2022	2021	2022	2021
		E	E	f	f
Trade creditors		39,936	6,373	30,747	6,341
Social security and other taxes		17,907	15,128	17,907	15,128
Accruals and deferred	income	140,351	112,615	135,889	105,445
Other creditors		7,424	5,601	7,424	4,440
VAT payable		1,048	5,055	1,398	830
		206,666	144,772	193,365	132,184

				Group	Group	Charity	Charity
				2022	2021	2022	2021
				f	f	E	E
Balance	as at 1August 2021
Amount	released	to incoming	resources
Amount	deferred	in year		50,000		50,000
Balance	as at 31	July 2022		50,000		50,000

				2022	2021
		Unrestricted	Restricted	Total	Total
		fund	fund	funds	funds
		f	E	f	f
Fixed assets		12,000		12,000	25,093
Current	assets	825,508	68,785	894,293	820,337
Current	liabilities	(206,666)		(206,666)	(144,772)
Pension	defiat	(1,505,051)		(1,505,051)	(1,585,876)
		(874,209)	68,785	(805,424)	(885,218)

Iylovement in fund	s - Gr	oup
							Net
							movement
						At 1.8.21	in funds	Transfers		At 31.7.22
							f	f		E
Unrestricted funds
Pension deficit						(1,585,876)	(40,915)	121,740		(1,505,051)
General funds						607,992	144,590	(121,740)		630,842
Total unrestricted	funds					(977,884)	103,675			(874,209)
Restricted funds
Sports and societies						90,374	(23,881)		2,534	68,027
Ring fenced funds						2,292		(1,534)		758
Total restricted funds						92,666	(23,881)			68,785
TOTALFUNDS						(885,218)	79,794			(805,424)
Net movement in funds,		included		in	the above	are as follows:
						Incoming	Resources	Acturi a I	Gains	Movement
						resources	expended	/ (Losses)		in funds
						f	f	E		f
Unrestricted funds
Pension deficit								(40,915)		[40,915)
General funds						1,687,567	(1,542,977)			144,590
Restricted funds
Sports and sacieties						22,133	(46,014)			(23,881)
Ring fenced funds
						1,709,700	('1,588,991)	(40,915)		79,794
Comparative for movement			in funds		—Group
							Net
							movement
						At 1.8.20	in funds	Transfers		At 31.7.21
						f	E	f		f
Unrestricted funds
Pension deficit						(1,643,049)	(42,391)	99,564		(1,585,876)
General funds						629,921	77,635	(99,564)		607,992
Total unrestricted	funds					(1,013,128)	35,244			(977,8S4)
Restricted funds
Sports and societies						94,678	(4,304)			90,374
Ring fenced funds						2,292				2,292
Tatal restricted funds						96,970	(4,304)			92,666
TOTALFUNDS						(916,158)	30,940			(885,218)

Comparative	net movemen	t in funds, inclu	ded in the above are	as follows:
			Incoming	Resources	Actuarial	Gains	Movement
			resources	expended	/ (Losses)		in funds
			E	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

2022	2021
f	E
1,505,051	1,585,876

					2022	2021
					f
Provision at start of	the	period			1,585,876	1,643,049
Effect of unwinding	discount		and changes	in rate	40,915	42,391
Deficit contribution	paid				(121,740)	(99,564)
Provision at the end	ofthe period				1,505,051	1,585,876
income and expenditure		impact
Effect of unwinding	discount		and changes	in rate	40,915	42,391
					40,915	42,391
Assumptions
					31.07.22	31.07.21
					%per annum	%per annum
Rate ofdiscount					2.58%	2.58%

Group	Group
2022	2021
E'000	E'000