2020-07-31-accounts - The University Of Nottingham Students' Union

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Trustees, Senior Staff, Governance	Committees	and Professional	Advisors
Trustees' annual report				3 —14
Independent auditor's report				15 —17
Group statement offinancial activities				18 —19
Group and charity Balance sheet				20
Group cash flow statement				21
Principal Accounting Policies				22 —24
Notes to the financial statements				25 —38

Chair
J Pheasey		appointed	12July 2019;resigned		17July 2020
M Fox		appointed	20 July 2020
Officer Trustees
C Ufrich		appointed	12October 2018;resigned			17July 2020
J Collier		appointed	16July 2019;resigned		17July 2020
M Doherty		appointed	16July 2019;resigned		17July 2020
D Lelin		appointed	20 July 2020
JJessop		appointed	20 July 2020
5 Thomas		appointed	20 July 2020
E Coleman		appointed	6October 2020
5 Hawkins		appointed	6October 2020
R Craven		appointed	6October 2020
A Ahmed		appointed	6October 2020
Lay Trustees
C Harvey		resigned	31 December 2020
D Ellis
R Munton
J Colenso		appointed	20 February 2020
Student Trustees
5 Saleem		resigned	17July 2020
J Lim		resigned	15August 2019
E Millinger		appointed	21 June 2019;resigned		17July 2020
C Gill		appointed	21 June 2019
E Salami		appointed	20 February 2020
A Hacon		appointed	15October 2020
5 Martin		appointed	15October 2020
Principal	Address	Portland	Building
		University	Park
		Nottingham
		NG7 2RD
Company	Number	07229624		Charity Number			1136986
Company	Secretary	D Goodacre
Auditor		Cooper Parry Group Ltd		Bankers			NatWest Corporate
		Sky View,	Argosy Road				8-10Great Tower Street
		Castle Donington					London
		Derby					EC3P 3HX
		DE74 2SA
Solicitors		Browne Jacobson
		44 Castle	Gate
		Nottingham
		NG1 7BJ

This year	also saw the results ofthe most recent triennial	also saw the results ofthe most recent triennial	also saw the results ofthe most recent triennial	also saw the results ofthe most recent triennial	valuation for the SUSS pension scheme released.	valuation for the SUSS pension scheme released.	valuation for the SUSS pension scheme released.	valuation for the SUSS pension scheme released.
This scheme is still significantly in deficit, which			has	increased to f141m, and the annual			cost to the union
to close our share ofthe deficit will be		increasing again. The impact of the revaluation					is an additional	cost
to UoNSU off496k, and although this		will crystallise		over several years, the annual		deficit recovery
payments	to SUSS remain a significant	legacy	cost.
					2020		2019
					E		f
	Core (deficit)/surplus				(140,855)		27,815
	Unrealised investment gain/(loss)				(75,258)		39,987
	Impact of pension scheme	triennial	valuation		(495,917)
	Movement in unrestricted	funds			(712,030)		67,802
	Movement in restricted (student) funds				306,440		50,648
	Net movement in funds				(405,586)		118,450

			Unrestricted	Restricted	31July	31 July
			funds	funds	2020	2019
INCOMING RESOURCES		Note	6	E	6	f
Donations and grants		2	3,603,304		3,603,304	3,561,617
Incoming resources from
generated funds
Other trading activities			3,289,986		3,289.986	4,540,179
income from investments			45,565		45,565	46,965
Income from Charitable	activities
Operation of Student Umon			16,140	2,468,410	2,484,550	3,475,037
Total group incoming resources			6,954,995	2,468,410	9,423,405	11,623,798
RESOURCES EXPENDED
Expenditure on raising funds			3,240,540		3,240,540	4,041,885
Expenditure on Charitable
activities			3,752,665	2,161,966	5,914,631	7,400,806
Pension deficit charge		17	495,917		495,917
Interest on pension fund deficit			102,645		102,645	102,644
Taxation
Total resources expended			7,591,767	2,161,966	9,753,733	11,545,335
Net income / (expenditure)			(636,772)	306,444	(330,328)	78,463
Unrealised (loss) / gain on
investment			(75,258)		(75,258)	39,987
Net movement in funds			(712,030)	306,444	(405,586)	118,450
Total funds brought forward			(988,600)	1,046,245	57,645	(60,805)
Total funds carried forward		18/19	(1,700,630)	1,352,689	(347,941)	57,645

			Unrestricted	Restricted	31July
			funds	funds	2019
INCOMING RESOURCES		Note	6		6
Donations and grants		2	3,561,617		3,561,617
Incoming resources from generated
funds
Other trading activities			4,540,179		4,540,179
Income from investments			46,965		46,965
Income from Charitable activities
Operation of Student Union			71,177	3,403,860	3,475,037
Total group incoming resources			8,219,938	3,403,860	11,623,798
RESOURCES EXPENDED
Expenditure on raising funds			4,041,885		4,041,885
Expenditure on Charitable	activities		4,047,594	3,352,212	7,400,806
Interest on pension fund deficit			102,644		102,644
Taxation
Total resources expended			8,192,123	3,352,212	11,545,335
Net income / (expenditure)			27,815	50,648	78,463
Unrealised gain on investment			39,987		39,987
Net movement in funds			67,802	50,648	118,450
Total funds brought forward			(1,056,402)	995,597	(60,805)
Total funds carried forward		18/19	(988,600)	1,046,245	57,645

						Charity
				31July	31July	31 July	31 July
				2020	2019	2020
							2019
			Note				5
Fixed assets
Tangible fixed assets			10	97,451	153,606	69,719	107,622
Investments			11	1,623,913	1,669,829	1,923,913	1,969,829
				1,721,364	1,823,435	1,993,632	2,077,451
Current assets
Investments				112,691	112,569	112,691	112,569
Stocks			12	93,254	92,370
Debtors			13	324,788	248,181	172,136	224,199
Cash at bank	and	in
hand				1,251,480	1,467,715	527,767	276,993
				1,782,213	1,920,835	812,594	613,760
Creditors: amounts
falling due within		one
year			14	(1,03'1,600)	(1,303,004)	(631,057)	(803,473)
Net current	assets			750,613	617,831	181,537	(189,713)
Total assets	less
current liabilities				2,471,977	2,441,266	2,175,169	1,887,738
Creditors falhng due
outside one	year		15	(2,819,918)	(2,383,621)	(2,819,918)	(2,383,621)
Net assets			19	(347,941)	57,645	(644,749)	(495,883)
Income funds
Unrestricted	funds		18	(1,700,630)	(988,600)	(1,997,476)	(1,542,128)
Restricted funds			18	1,352,689	1,046,245	1,352,727	1,046,245
				(347,941)	57,645	(644,749)	(495,883)

			Group	Group
			31 July	31 July
			2020	2019
		Note	6	5
Net cash provided by (used
by) operating activities		20	(194,634)	(58,800)
Cash flows from investing
actlvitles
Purchase offixed assets		10	(37,625)	(94,594)
Proceeds from the sale of			238.963	219,087
investments
Purchase of investments			(268,306)	(264,873)
Investment income			45,565	46,965
			(21,525)	(93,415)
Net cash provided by (used in)
financing activities
Change in cash and cash
equivalents in the reporting
period			(216,235)	(152,215)
Cash and cash equivalents	at the
beginning ofthe year			1,467,715	1,619,930
Cash and cash equivalents	at the
end ofthe year			1,251,480	1,467,715

UNU refurbishments	3 —10years
Clubs JCR	3years
SRS motors &others	3years
Equipment computers	3years
Union refurbishment	3 —10years

	Donations	and grants
				Unrestricted	Restricted	2020	2019
				Total	Total	Funds	Funds
				6	6	6	E
	Block grant	from Unwersity		2,409,273		2,409,273	2,559,271
	ICR grant from University			283,039		283.039	448,560
	Other grants and donations			375,956		375,956	18,750
	Donations in kind			535,036		535,036	535,036
				3,603,304		3,603,304	3,561,617
3	Trading turnover
	Retail			2,019,059		2,019,059	2,761,806
	Catering/Restaurants			782,857		782,857	1,159,650
	Print shop			124,260		124,260	130,317
	Events &Advertising			363,810		363,810	488,406
				3,289,986		3,289,986	4,540,179
4	Income from charitable		activities
	Societies				748,735	748,735	1,008,305
	Medics				129,235	129,235	208,760
	Sutton Bonnington				285,153	285,153	383,017
	ICR				121,566	121,566	422,387
	SRS				127,174	127,174	155,897
	Volunteering				42,112	42,112	55,490
	Sports				991,849	991,849	1,161,665
	Associated	Bodies			22,586	22.586	8,339
	Other			16,140		16.140	71,177
				16,140	2,468,410	2,484,550	3,475,037

			Cost of	Cost of	Staff Costs	Other Costs	2020Total	2019
			Sales					Total
				6		6	6	6
(a) Costs ofgenerating	funds
Retail			1,438,098		432,141	176,118	2,046,357	2,636,360
Catering/Restaurants			252,01	5	447,988	89,595	789,598	925,129
Print			49,398		83,671	18,169	151,238	146,578
Events Br Advertising			123,606		93,686		217,292	310,922
UNU Services Limited overheads						36,055	36,055	22,896
			1,863,117		1,057,486	319,937	3,240,540	4,041,885
(b) Charitable activities		Staff Costs	Direct Costs		Support	In kind	2020Total	2019Total
					Costs	costs
					6	6	6	6
Unrestricted funds
Student advice and support		234,005	3,453		3,396	29,084	269,938	260,773
Representation and campaigns		121,132	69,373		503	29,084	220.092	251,024
Student activities		1,839,849	682,551		247,595	476,867	3,246,862	3,519,080
Governance costs					15,773		15,773	16,717
		2,194,986	755,377		267,267	535,035	3,752,665	4,047,594
Other student activity spend
Restricted funds: student	activities		2,161,966				2,161,966	3,353,212
		2,194,986	2,917,343		267,267	535,035	5,914,631	7,400,806

				Cost of Sales	Staff Costs	Other Costs	2019Total
				6	6	6	6
(c) Costs ofgenerating		funds
Retail				1,971,023	396,243	269,094	2,636,360
Catering/Restaurants				378,249	398,851	148,029	925,129
Pnnt				47,429	78,386	20,763	146,578
Events 8t Advertising				232,862	78,060		310,922
UNU Services Limited overheads						22,896	22,896
				2,629,563	951,540	460,782	4,041,885
(d) Charitable activities			Staff Costs	Oimct Costs	Support	In kind costs	2019Total
					Costs
					6
Unrestricted funds
Student advice and support			222,353	6,246	3,090	29,084	260,773
Representation and campaigns			140,581	79,492	1,867	29,084	251,024
Student activities			1,939,862	879,935	222,417	476,866	3,519,080
Governance costs					16,717		16,717
Pension scheme revaluation
			2,302,796	965,673	244,091	535,034	4,047,594
Other student activity	spend
Restricted funds:	student			3,353,212			3,353,212
activities
			2,302,796	4,318,885	244,091	535,034	7,400,806

Support	Costs
				Premises	Legal si	Other	2020	2019
				Cost	Prof	Costs
				6	f	6	6	6
Student	advice	and	support		1,323	2,073	3,396	3,090
Representation		and	campaigns	28		475	503	1,800
Student	activities			121,430	18,808	107,357	247,595	222,484
Governance						15,773	15,773	16,717
				121,458	20,131	125,678	267,267	244,091
Support	Costs	for	prior year
				Premises	Legal st	Other	2019
				Cost	Prof	Costs
				6	8	6	6
Student	advice	and	support			3,090	3,090
Representation		and	campaigns			1,800	1,800
Student	activities			105,167	31,743	85,574	222,484
Governance						16,717	16,717
				105,167	31,743	107,181	244,091

	2020	2019
	6	f
Salary costs	2,740,432	2,582,037
Social security	182,608	183,985
Pensions	188.892	186,371
	3,111,932	2,952,393

Monthly	paid	101	99
Casual Student Staff and Coaches		156	158
		257	257

ceeded f60,	000 were as f
31 July	31 July
2020	2019
Number	Number

		VNU		SRSMotors 8i	Equipment
Group		Refurbishment	Clubs JCR	Others	computers	Total
		6	6	6	6	6
Cost
At 1 August 2019		271,844	394,383	17,933	44,675	728,875
Additions		10,500	27,125			37,625
Disposals			(786)			(786)
At 31 July 2020		282,384	420,722	17,933	44,675	765,714
Depreciation
At 1 August 2019		225,900	286,761	17,933	44,675	574,484
Charge for the
year		28,751	64,967			93,718
Disposals
At 31 July 2020		254,652	351,003	17,933	44,675	668,263
Net book value
At 31 July 2020		27,732	69,719			97,451
Net book value
At 31 July 2019		45,984	107,622			153,606
			SRS	Motors 8i	Equipment
		Clubs JCR		Others	computers	Total
		6		6	6	6
Cost
At 1 August 2019		394,383		17,933	44,675	456,991
Additions		27,125				27,125
Disposals/write	off	(786)				(786)
At 31 July 2020		420,722		17,933	44,675	483,330
Depreciation
At 1 August 2019		286,761		17,933	44,675	348,644
Charge for the year		64,967				64,967
Disposals
At 31 July 2020		351,003		17,933	44,675	413,611
Net book value
At 31 July 2020		69,719				69,719
Net book value
At 31 July 2019		107,622				107,622

					2020	2019
(a)	Profit and loss	account
	Sales				3,289,986	4,537,884
	Cost of sales				(2,920,604)	(3,527,725)
	Gross profit				369,382	1,010,160
	Administrative	expenses			(319,937)	(514,197)
	Operating profit/(loss)				49,445	495,963
	Interest Receivable				2,135	2,304
	Other income				238,281
	Profit/(loss) on	ordinary	activities before taxation		289,861	498,267
	Taxation
	Distribution of	reserves			(546,543)	(397,229)
	Profit/(loss) for	the period transferred		to reserves	(256,682)	101,038

(b)	Balance sheet
	Fixed assets					27,732	45,980
	Current assets
	Stocks					93,254	92,369
	Debtors					160,110	106,709
	Investments
	Cash at bank and in	hand				723,713	1,190,715
						977,077	1,389,793
	Creditors: amounts	falling due within one year				(408,001)	(582,283)
	Net current assets					569,076	807,510
	Net assets					596,808	853,490
	Capital and reserves
	Called up share capital					300,000	300,000
	Profit and loss account					296,808	553,490
	Shareholders'funds					596,808	853,490
12	Stocks
				Group			Charity
				31July	31 July	31July		31 July
				2020	2019	2020		2019
				6	6		6	6
Finished goods and goods for resale				93,254	92,370
13	Debtors
				Group			Charity
				31July	31 July	31 July		31 July
				2020		2020		2019
					2019
					6
Trade debtors				102,006	117,380	28,962		52,870
Amounts owed by subsidiary			undertakings					82,814
Prepayments				217,239	130,801	137,631		88,515
VAT	debtor			5,543		5,543
				324,788	248,181	172,136		224,199

				Group		Charity
				31 July	31 July	31July	31 July
				2020	2019	2020	2019
				6	E	6	E.
Trade	creditors			494,415	495,830	369,619	370,613
Other	taxation		and social	security	26,375		26,375
Amounts		owed	to group	undertaking		22,870
Accruals/other			creditors	537,185	780,799	238,568	406,485
				1,031,600	1,303,004	631,057	803,473
15	Creditors;		amounts	falling due after one year
				31 July	31 July	31 July	31 July
				2020	2019	2020	2019
				6	E	6	E
Pension fund				2,819,918	2,383,621	2,819,918	2,383,621
				2,819,918	2,383,621	2,819,918	2,383,621

s follows:
			Group		Charity
			2020	2019	2020	2019
			f	f	f	f
Buildings
Less than 1 year			50,000	56,500
Greater than	1 year and not later than 5 years		282,500	345,000
			332,500	401,500
Print Shop
Less than one		year		12,157
Greater than	1 year and not later than 5 years
				12,157
			332,500	413,657

					Movement	in resources
			At 31					At 31
			July			Gains/(losses)		July
			2019	Incoming	Outgoing	/transfers		2020
			6	6	6		6	6
Restricted funds
Societies			399,752	748,735	(757,552)			390,935
Medics			58,542	129,235	(124,423)			63,354
Sutton	Bonington		78,195	285,153	(286,798)			76,550
JCR			206,882	121,566	(48,923)			279,525
SRS			14,650	127,174	(113,294)			28,530
Volunteering			83,704	42,112	(49,290)			76,526
Sports			175,905	991,849	(760,035)			407,719
Associated		Bodies	8,597	22,585	(13,973)			17,209
Derby Students			8,783	1	770			9,554
NMA			(1,203)		2,850			1,647
Physio	Br Rehab		872		268			1,140
Association
Other			11,566		(11,566)
			1,046,245	2,468,410	(2,161,966)			1,352,689
Unrestricted		Funds
General	fund		(988,600)	6,954,995	(7,667,025)			(1,700,630)
			57,645	9,423,405	(9,828,991)			(347,941)

		At 31				At 31
		July			Gains/(losses)	July
		2018	Incoming	Outgoing	/transfers	2019
		6	6	6	5	6
Restricted funds
Societies		359,552	1,008,305	(968,105)		399,752
Medics		37,683	208,760	(187,901)		58,542
Sutton Bonington		82,072	383,017	(386,894)		78,195
JCR		120,637	422,387	(336,142)		206,882
SRS		19,243	155,897	(160,490)		14,650
Volunteering		84,903	55,490	(56,689)		83,704
Sports		228,620	1,161,664	(1,214,379)		175,905
Associated	Bodies	9,649	8,339	(9,391)		8,597
Derby Students		201	1	8,581		8,783
NMA		220		(1,426)		(1,203)
Physio & Rehab Association		(40)		912		872
Other		52,857		(41,288)		11,569
		995,597	3,403,860	(3,353,212)		1,046,245
Unrestricted	Funds
General fund		(1,056,402)	8,219,938	(8,192,123)	39,987	(988,600)
		(60,805)	11,623,798	(11,545,335)	39,987	57,645

Group			Tangible		Lang-term
			fixed	Net current	assets/	Fund
			assets	assets	liabilities	balances
			6	6	6	6
Restricted	funds			1,352,689		1,352,689
General unrestricted		funds	97,451	(602,113)	(1,195,968)	(1,700,630)
			97,451	750,576	(1,195,968)	(347,941)
Group —prior year			Tangible		Long-term
			fixed	Net current	assets/	Fund
			assets	assets	liabilities	balances
			6	5	6	5
Restricted	funds			1,046,245		1,046,245
General unrestricted		funds	153,606	(428,414)	(713,792)	(988,600)
			153,606	617,831	(713,792)	57,645

20 Reconciliation	ofnet movement	ofnet movement	in funds to net cash inflow from operating	in funds to net cash inflow from operating	activities
					Group	Group
					2020	2019
					6	E
Net movement in funds for the		period		(405,586)		118,450
Interest receivable					(45,565)	(46,965)
Depreciation charge					93,718	132,295
Loss on sale of fixed assets
(Increase) / Decrease	in stocks				(884)	3,320
(Increase) / Decrease	in debtors				(76,607)	184,943
(Decrease) in creditors due within one			year	(271,404)		(358,967)
Increase / (Decrease)	in creditors due after one year				436,436	(51,889)
Net fair value losses/gams recognised					75,258	(39,987)
Net cash provided by/(used		in)
operating activities				(194,634)		(58,800)