||Page|
|---|---|
|Report ofthe Trustees|1to 12|
|Report ofthe Independent<br>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|





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|Total|reserves|(1,004,075)|
|---|---|---|
|Less:|Restricted reserves|(71,904)|
|Add:|Pension deficit|1,724,263|
|Less;|Fixed assets|0|
|||648,284|





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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|2023|2022|
|||Notes|E|6|E|E|
|INCOME AND ENDOWMENTS|FROM||||||
|Donations<br>and legacies|||1,649,156||1,649,156|1,349,151|
|Other trading<br>activities|||289,302||289,302|310,007|
|Income from investments|||1,785||1,785|356|
|Charitable<br>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<br>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)<br>on defined benefit|||||||
|schemes||22|(347,036)||(347,036)|(40,915)|
|Net movements<br>in funds|||(201,770)|3,119|(198,651)|79,794|
|Reconciliation<br>offunds|||||||
|Total funds brought<br>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<br>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)|





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||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
|||Notes|f|6|6|6|
|Net income for the reporting<br>period|(as per the statement||offinancial|activities)|||
|Cash generated<br>from operations||1|(59,422)|82,367|(80,553)|91,843|
|Net cash provided<br>by (used in) operating||activities|(59,422)|82,367|(80,553)|91,843|
|Cash flows from investing<br>activities|||||||
|Interest income|||1,785|356|1,785|356|
|Purchase oftangible fixed assets|||||||
|Cash provided<br>by (used in) investing|activities||1,785|356|1,785|356|
|Change<br>in cash and cash equivalents|in the||||||
|reporting<br>period|||(57,637)|82,723|(78,768)|92,199|
|Cash and cash equivalents<br>at the beginning|||790,411|707,688|772,427|680,228|
|ofthe reporting<br>period|||||||
|Total cash at the end ofthe year|||732,774|790,411|693,659|772,427|





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|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2023|2022|2023|2022|
|||||f|6|6|6|
|Net income for the|reporting|period (as|per the|||||
|statement<br>offinancial activities)||||(198,651)|79,794|(198,651)|79,794|
|Adjustments<br>for:||||||||
|Depreciation<br>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|





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|Motor vehicles|25'Yo on cost|
|---|---|
|Fixtures and fittings|10%and 20%on cost|
|AU Equipment|33'Yoon cost|



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|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|





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|||||||||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<br>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|





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|||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|





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|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'<br>remuneration|-current auditors audit fees|12,350|10,948|
||Depreciation<br>—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|





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||||||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<br>performa|nce<br>ofthe subsidiary<br>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<br>Portsmouth<br>Students'<br>Union Tr|ading Company<br>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|





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|||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|



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|||||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)|





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|Movement<br>in fu|nd|s - Group|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Net||||
||||||||movement||||
||||||At|1.8.22|in funds|Transfers||At 31.7.23|
||||||f|||f||f|
|Unrestricted<br>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<br>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<br>for movement|||in funds - Group||||||||
||||||||Net||||
||||||||movement||||
||||||At|1.8.21|in funds|Transfers||At 31.7.22|
||||||6||6|6||6|
|Unrestricted<br>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)|





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|Comparative<br>net movement<br>in fund|s, included<br>in the above are|as follows:||||
|---|---|---|---|---|---|
||Incoming|Resources|Actuarial|Gains|Movement|
||resources|expended|/ (Losses)||in funds|
|||E|E||E|
|Unrestricted<br>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|



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|||||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|





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