| 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 |
| Total | reserves | (1,004,075) |
|---|---|---|
| Less: | Restricted reserves | (71,904) |
| Add: | Pension deficit | 1,724,263 |
| Less; | Fixed assets | 0 |
| 648,284 |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | |||
| Notes | E | 6 | E | E | ||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
1,649,156 | 1,649,156 | 1,349,151 | |||
| Other trading activities |
289,302 | 289,302 | 310,007 | |||
| Income from investments | 1,785 | 1,785 | 356 | |||
| Charitable activities |
18,191 | 25,799 | 43,990 | 44,634 | ||
| Other income | 7,749 | 7,749 | 5,552 | |||
| Total income | 1,966,183 | 25,799 | 1,991,982 | 1,709,700 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 9 | 75,750 | 75,750 | 108,491 | ||
| Charitable activities |
7 | 1,745,167 | 22,680 | 1,767,847 | 1,480,500 | |
| Tota I | 1,820,917 | 22,680 | 1,843,597 | 1,588,991 | ||
| Net income/(expenditure) | 145,266 | 3,119 | 148,385 | 120,709 | ||
| Other recognised gains/(losses) | ||||||
| Acturial gains/(losses) on defined benefit |
||||||
| schemes | 22 | (347,036) | (347,036) | (40,915) | ||
| Net movements in funds |
(201,770) | 3,119 | (198,651) | 79,794 | ||
| Reconciliation offunds |
||||||
| Total funds brought forward |
(874,209) | 68,785 | (805,424) | (885,218) | ||
| Total funds carried forward | (1,075,979) | 71,904 | (1,004,0751 | (805,424) |
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||
| Notes | 6'000 | 6'000 | 6'000 | 6'000 | |
| Fixed assets | |||||
| Tangible assets | 14 | 12,000 | 12,000 | ||
| Investments | 13 | 1 | 1 | ||
| Total fixed assets | 12,000 | 1 | 12,001 | ||
| Current assets | |||||
| Stocks | 15 | 63,426 | 47,627 | ||
| Debtors | 16 | 48,277 | 56,255 | 132,391 | 108,564 |
| Cash at bank and in hand | 732,774 | 790,411 | 693,659 | 772,427 | |
| Total current assets | 844,477 | 894,293 | 826,050 | 880,991 | |
| Liabilities | |||||
| Creditors falling due within one year | 17 | (124,289) | (206,666) | (105,863) | (193,365) |
| Net current assets/(liabilities) | 720,188 | 687,627 | 720,187 | 687,626 | |
| Total assets less current liabilities | 720,188 | 699,627 | 720,188 | 699,627 | |
| Provisions for liabilities | 22 | (1,724,263) | (1,505,051) | (1,724,263) | (1,505,051) |
| Net (liabilities)/assets | (1,004,075) | (805,424) | (1,004,075) | (805,424) | |
| Funds | |||||
| Pension deficit | (1,724,263) | (1,505,051) | (1,724,263) | (1,505,051) | |
| General funds | 648,284 | 630,842 | 648,284 | 630,842 | |
| Unrestricted funds |
20 | (1,075,979) | (874,209) | (1,075,979) | (874,209) |
| Restricted funds | 71,904 | 68,785 | 71,904 | 68,785 | |
| Total charity funds | (1,004,075) | (805,424) | (1,004,075) | (805,424) |
| Group | Group | Charity | Charity | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Notes | f | 6 | 6 | 6 | ||
| Net income for the reporting period |
(as per the statement | offinancial | activities) | |||
| Cash generated from operations |
1 | (59,422) | 82,367 | (80,553) | 91,843 | |
| Net cash provided by (used in) operating |
activities | (59,422) | 82,367 | (80,553) | 91,843 | |
| Cash flows from investing activities |
||||||
| Interest income | 1,785 | 356 | 1,785 | 356 | ||
| Purchase oftangible fixed assets | ||||||
| Cash provided by (used in) investing |
activities | 1,785 | 356 | 1,785 | 356 | |
| Change in cash and cash equivalents |
in the | |||||
| reporting period |
(57,637) | 82,723 | (78,768) | 92,199 | ||
| Cash and cash equivalents at the beginning |
790,411 | 707,688 | 772,427 | 680,228 | ||
| ofthe reporting period |
||||||
| Total cash at the end ofthe year | 732,774 | 790,411 | 693,659 | 772,427 |
| Group | Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||
| f | 6 | 6 | 6 | ||||
| Net income for the | reporting | period (as | per the | ||||
| statement offinancial activities) |
(198,651) | 79,794 | (198,651) | 79,794 | |||
| Adjustments for: |
|||||||
| Depreciation charges |
12,000 | 13,093 | 12,000 | 13,093 | |||
| Interest income | (1,785) | (356) | (1,785) | (356) | |||
| Finance cost of pension deficit | 347,036 | 40,915 | 347,036 | 40,915 | |||
| Pension deficit repayments | (127,824) | (121,740) | (127,824) | (121,740) | |||
| Decrease/(increase) | in stocks | (15,799) | 4,722 | ||||
| (Increase)/decrease | in debtors | 7,978 | 4,045 | (23,827) | 18,956 | ||
| Increase/(decrease) | in creditors | (82,377) | 61,894 | (87,502) | 61,181 | ||
| Net cash provided | by (used in) operating | activities | (59,422) | 82,367 | (80,553) | 91,843 |
| Group | At 1.4.22 | Cash flow | At31.3.23 |
|---|---|---|---|
| 6 | 6 | 6 | |
| Net cash | |||
| Cash at bank and in hand | 790,411 | (57,637) | 732,774 |
| 790,411 | (57,637) | 732,774 | |
| Company | At 1.4.22 | Cash flow | At31.3.23 |
| 6 | 6 | 6 | |
| Net cash | |||
| Cash at bank and in hand | 772,427 | (78,768) | 693,659 |
| 772,427 | (78,768) | 693,659 |
| Motor vehicles | 25'Yo on cost |
|---|---|
| Fixtures and fittings | 10%and 20%on cost |
| AU Equipment | 33'Yoon cost |
| Donations | and legacies | ||
|---|---|---|---|
| 2023 | 2022 | ||
| 6 | 6 | ||
| Block grant received | 1,297,556 | 1,247,551 | |
| Additional | grants received | 270,000 | 20,000 |
| Donated | Facilities | 81,600 | 81,600 |
| 1,649,156 | 1,349,151 |
| 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| f | f | ||||||||
| Income from | trading | subsidiary | |||||||
| Commercial | partnerships | 164,971 | 164,220 | ||||||
| Retail Income | 123,531 | 144,987 | |||||||
| Other income | 800 | 800 | |||||||
| 289,302 | 310,007 | ||||||||
| 4 | Income from | investments | |||||||
| 2023 | 2022 | ||||||||
| f | f | ||||||||
| Bank deposit | interest | 1,785 | 356 | ||||||
| 1,785 | 356 | ||||||||
| 5 | Income from | charitable | activities | ||||||
| 2023 | 2022 | ||||||||
| f | f | ||||||||
| Development | - | Group | income | 43,990 | 44,634 | ||||
| 43,990 | 44,634 | ||||||||
| 6 | Other Income | ||||||||
| 2023 | 2022 | ||||||||
| f | f | ||||||||
| Other income | 7,749 | 5,552 | |||||||
| 7,749 | 5,552 | ||||||||
| 7 | Charitable activities costs |
Support | |||||||
| Direct | costs | ||||||||
| Costs | (note 8) | Totals | |||||||
| f | f | f | |||||||
| Development | 77,918 | 467,554 | 545,472 | ||||||
| Representation | 195,875 | 479,898 | 675,773 | ||||||
| Welfare | 26,085 | 467,554 | 493,639 | ||||||
| Other charitable | activities | 52,963 | 52,963 | ||||||
| 299,878 | 1,467,969 | 1,767,847 |
| Central | Governance | |||
|---|---|---|---|---|
| Operations | Costs | Totals | ||
| E | E | E | ||
| Development | 467,443 | 111 | 467,554 | |
| Representation | 479,787 | 111 | 479,898 | |
| Welfare | 467,443 | 111 | 467,554 | |
| Other charitable | activities | 23,478 | 29,485 | 52,963 |
| 1,438,151 | 29,818 | 1,467,969 |
| Central Oper | a | tions | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Total | Total | |||
| activities | activities | |||
| Salaries and | training | 1,012,947 | 809,234 | |
| Membership | engagement | 42,825 | 44,460 | |
| Central admin | and overheads | 366,617 | 281,129 | |
| Irrecoverable | VAT | 3,762 | 3,789 | |
| Central depreciation | 12,000 | 13,093 | ||
| 1,438,151 | 1,151,705 | |||
| Governance | costs | |||
| 2023 | 2022 | |||
| Total | Total | |||
| activities | activities | |||
| Audit | 12,350 | 10,948 | ||
| Central Admin | 6,465 | 6,650 | ||
| Management | accounts | 10,682 | 11,314 | |
| Trustee Expenses | 321 | 249 | ||
| 29,818 | 29,161 |
| 9 | Raising funds expenditur | e | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| f | f | |||
| Other activities | 75,750 | 108,491 | ||
| 10 | Net income/(expenditure) | |||
| Net income/(expenditure) | is stated after charging/(crediting): | |||
| 2023 | 2022 | |||
| E | E | |||
| Auditors' remuneration |
-current auditors audit fees | 12,350 | 10,948 | |
| Depreciation —owned assets |
12,000 | 13,093 | ||
| 24,350 | 24,041 | |||
| 11 | Staff costs | |||
| 2023 | 2022 | |||
| E | E | |||
| Wages and salaries | 1,210,890 | 947,141 | ||
| Social security costs | 84,453 | 69,244 | ||
| Other pension costs | 25,190 | 21,859 | ||
| 1,320,533 | 1,038,244 |
| 2023 | 2022 |
|---|---|
| 101 | 72 |
| 2023 | 2022 |
|---|---|
| 1 | 1 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| E | E | |||||
| Turnover | 1,916,232 | 1,601,209 | ||||
| Expenditure | on charitable | activities | (1,767,847) | (1,480,500) | ||
| Other recognised | gains/(losses) | (347,036) | (40,915) | |||
| Net Income | (198,651) | 79,794 | ||||
| Total funds | brought | forward | (805,424) | (885,218) | ||
| Total funds | carried | forward | (1,004,075) | (805,424) | ||
| Represented | by: | |||||
| Unrestricted | funds | |||||
| General | Funds | 648,284 | 630,842 | |||
| Pension | Deficit | (1,724,263) | (1,505,051) | |||
| Restricted funds | 71,904 | 68,785 | ||||
| (1p004p075) | (805p424) |
| The summ | ary | financial performa |
nce ofthe subsidiary alone is: |
||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| E | E | ||||
| Turnover | 289,302 | 310,007 | |||
| Cost ofsales | and administration | costs | (75,369) | (108,631) | |
| Management | charges | (139,553) | (137,270) | ||
| 74,380 | 64,106 | ||||
| Gift aid payment to UPSU | (74,380) | (64,106) | |||
| Net profit | |||||
| Retained | in | subsidiary |
| The | a | sset | s and liabilities ofthe Portsmouth Students' Union Tr |
ading Company Limited were: |
|
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| E | E | ||||
| Total | assets | 123,226 | 97,402 | ||
| Total | liabilities | (123,225) | (97,401) | ||
| Tota | I | net | assets | ||
| Aggregate | share capital and reserves |
| Fixtures & | |||||
|---|---|---|---|---|---|
| fittings | Total | ||||
| g | 6 | ||||
| Cost | |||||
| At 1August 2022 | 215,248 | 215,248 | |||
| Additions | |||||
| Disposals | |||||
| At 31July 2023 | 215,248 | 215,248 | |||
| Depreciation | |||||
| At 1August 2022 | 203,248 | 203,248 | |||
| Charge for year | 12,000 | 12,000 | |||
| On disposals | |||||
| At 31July 2023 | 215,248 | 215,248 | |||
| Net book value | |||||
| At 31July 2023 | |||||
| At 31July 2022 | 12,000 | 12,000 | |||
| Stocks | |||||
| 2023 | 2022 | ||||
| 6 | 6 | ||||
| Stocks | 63,426 | 47,627 | |||
| Debtors | |||||
| Group | Group | Charity | Charity | ||
| 2023 | 2022 | 2023 | 2022 | ||
| 6 | 6 | 6 | 6 | ||
| Trade debtors | 21,623 | 24,964 | 938 | 498 | |
| Prepayments | and accrued income | 26,654 | 25,491 | 26,654 | 18,516 |
| Other debtors | 5,800 | 5,800 | |||
| Intercompany | 104,799 | 83,750 | |||
| 48,277 | 56,255 | 132,391 | 108,564 |
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||
| 6 | f | 6 | 6 | ||
| Trade creditors | 8,460 | 39,936 | 4,703 | 30,747 | |
| Social security and other taxes | 17,907 | 17,907 | |||
| Accruals and deferred | income | 107,610 | 140,351 | 95,572 | 135,889 |
| Other creditors | 5,664 | 7,424 | 4,472 | 7,424 | |
| VAT payable | 2,555 | 1,048 | 1,116 | 1,398 | |
| 124,289 | 206,666 | 105,863 | 193,365 |
| Group | Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||
| 6 | f | f | 6 | ||||
| Balance | as at 1August 2022 | 50,000 | 50,000 | ||||
| Amount | released | to incoming | resources | (50,000) | (50,000) | ||
| Amount | deferred | in year | 50,000 | 50,000 | |||
| Balance | as at 31 | July 2023 | 50,000 | 50,000 | |||
| Analysis | ofnet assets between | funds - Group | |||||
| 2023 | 2022 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| fund | fund | funds | funds | ||||
| f | f | f | f | ||||
| Fixed assets | 12,000 | ||||||
| Current | assets | 772,573 | 71,904 | 844,477 | 894,293 | ||
| Current | liabilities | (124,289) | (124,289) | (206,666) | |||
| Pension | deficit | (1,724,263) | (1,724,263) | (1,505,051) | |||
| (1,075,979) | 71,904 | (1,004,075) | (805,424) |
| Movement in fu |
nd | s - Group | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net | ||||||||||
| movement | ||||||||||
| At | 1.8.22 | in funds | Transfers | At 31.7.23 | ||||||
| f | f | f | ||||||||
| Unrestricted funds |
||||||||||
| Pension deficit | (1,505,051) | (347,036) | 127,824 | (1,724,263) | ||||||
| General funds | 630,842 | 145,266 | (127,824) | 648,284 | ||||||
| Total unrestricted | funds | (874,209) | (201,770) | (1,075,979) | ||||||
| Restricted funds | ||||||||||
| Sports and societies | 68,027 | 3,119 | 71,146 | |||||||
| Ring fenced funds | 758 | 758 | ||||||||
| Total restricted | funds | 68,785 | 3,119 | 71,904 | ||||||
| TOTAL FUNDS | (805,424) | (198,651) | (1,004,075) | |||||||
| Net movement | in funds, included | in the above | are as | follows: | ||||||
| Incoming | Resources | Acturial | Gains | Movement | ||||||
| resources | expended | /(Losses) | in funds | |||||||
| 6 | 6 | 6 | ||||||||
| Unrestricted funds |
||||||||||
| Pension deficit | (347,036) | (347,036) | ||||||||
| General funds | 1,966,183 | (1,820,917) | 145,266 | |||||||
| Restricted funds | ||||||||||
| Sports and societies | 25,799 | (22,680) | 3,119 | |||||||
| Ring fenced funds | ||||||||||
| 1,991,982 | (1,843,597) | (347,036) | (198,651) | |||||||
| Comparative for movement |
in funds - Group | |||||||||
| Net | ||||||||||
| movement | ||||||||||
| At | 1.8.21 | in funds | Transfers | At 31.7.22 | ||||||
| 6 | 6 | 6 | 6 | |||||||
| 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) | 1,534 | 68,027 | ||||||
| Ring fenced funds | 2,292 | (1,534) | 758 | |||||||
| Total restricted | funds | 92,666 | (23,881) | 68,785 | ||||||
| TOTAL FUNDS | (885,218) | 79,794 | (805,424) |
| Comparative net movement in fund |
s, included in the above are |
as follows: | |||
|---|---|---|---|---|---|
| Incoming | Resources | Actuarial | Gains | Movement | |
| resources | expended | / (Losses) | in funds | ||
| E | E | E | |||
| Unrestricted funds |
|||||
| Pension deficit | (40,915) | (40,915) | |||
| General funds | 1,687,567 | (1,542,977) | 144,590 | ||
| Restricted funds | |||||
| Sports and societies | 22,133 | (46,014) | (23,881) | ||
| Ring fenced funds | |||||
| 1,709,700 | (1,588,991) | (40,915) | 79,794 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| E | E | ||||
| Provision at start of | the | period | 1,505,051 | 1,585,876 | |
| Effect of unwinding | discount and changes | in rate | 347,036 | 40,915 | |
| Deficit contribution | paid | (127,824) | (121,740) | ||
| Provision at the end | ofthe period | 1,724,263 | 1,505,051 | ||
| Income and expenditure | impact | ||||
| Effect of unwinding | discount and changes | in rate | 347,036 | 40,915 | |
| 347,036 | 40,915 | ||||
| Assumptions | |||||
| 31.07.23 | 31.07.22 | ||||
| JEper annum | N per annum | ||||
| Rate ofdiscount | 5.10ys | 2.587E |