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2021-06-30-accounts

Members
of		 the Board and Professional Advisors Advisors
Trustees
Report (incorporating
the strategic		 report)
Report ofthe Independent
Auditor		 20
Consolidated Statement of Financial
Activities		 23
Consolidated Balance Sheet 24
Consolidated Statement
of Cashf lowe		 25
Accounting Policies 26
Notes to the Accounts

As Restated
Note Unrestricted Restricted
Funds Funds Total Funds Total Funds
2021 2021 2021 2020
f 8 6
incomin
Resources
Incoming
resources
from		 generating funds
Income from donations 2,033,551 247,384 2,280,935 1,948,521
Income from other trading activities 1,796,529 1,796,529 3,132,344
Investment
income		 7,376
Income from charitable
activities		 151,787 151,787 302,502
Total incoming resources 3,981,867 247,384 4,229,251 5,390,743
Resources Ex enditure
Costs ofgenerating
funds
Costs ofraising funds (1,751,841) (247,384) (1,999,225) (3,063,333)
Expenditure
on charitable		 activities (1,938,934) 348 1,939,282 2,320,609)
Total resources expended (3,690,775) (247,732) (3,938,507) (5,383,942)
Net (outgoing)lincoming resources 291,092 (348) 290,744 6,801
Other recognised
gains/losses
Actuanal
gains/losses
on		 defined benefit
scheme 17 149,000 (149,000 274,000
Net movement
in funds		 142,092 (348) 141,744 (267,199)
Reconciliation
of Funds
Total funds brought
forward		 20 912,302 895 913,197 1,180,397
Total funds carried forvrard 1,054,395 547 1,054,942 913,197

As Restated As Restated
Note 2021 2021 2020 2020
Group Company Group Company
g 6 g
Fixed Assets
Intangible
Fixed Assets		 10 282,780 282,780 377,040 377,040
Tangible Assets 11 803,168 523,243 738,220 394,022
Investments
in subsidiaries		 12 500,004 4
1,085,948 1,306,027 1,115,260 771,066
Current Assets
Stock 63,730 66,982
Debtors 13 375,203 530,763 304,669 809,017
Cash at bank and in hand 1,652,331 356,984 1,227,558 445,417
2,091,262 887,747 1,599,209 1,254,434
Creditors: Amounts falling due within one year 14 (815,269) (340,474) (595,272) (341,791)
Net current assets 1,275,993 547,273 1,003,937 912,643
Total Assets Less Current Liabilities 2,361,942 1,853,300 2,119,197 1,683,710
Creditors: Amounts falling due after one year 15 (250,000) (350,000) (50,000)
Pension
Liability		 17 (1,057,000) (1,057,000) (856,000) (856,000)
Net assets 1,054,942 796,300 913,197 777,710
The Funds ofthe Chari
~estricted
reserves		 547 547 895 895
Unrestricted
funds		 952,971 694,329 716,618 581,131
Revaluation
reserve		 20 101,424 101,424 195,684 195,684
Total charity funds 1,054,942 796,300 913,197 777,710

As Restated
Note 2021 2020
Group Group
6 8
Cash flows from operation
activities
Net Cash income/
(expenditure)		 141,744 ( 290,603 )
Adjustments
to cashflows
from non-cash		 items:
Depreciation 11 287,215 253,023
Amortisation 10 94,260 94,260
Investment
income		 5 ( 7,376 )
FRS102Actuarial
adjustment		 52,000 77,000
575,219 126,304
Working capital adjustments
Decrease/
(increase)
in stocks		 3,252 13,894
Increase
in debtors		 13 (70,533) (50,987)
Increase/ (decrease)
in creditors		 14 219,997 (28,220)
Decrease/
(increase) retirement		 benefit obligation net of
actuarial changes 17 149,000 274,000
Net cash flows from operating activities 876,936 334,991
Cash flows from investing
activities
Interest receivable
and similar income		 5 7,376
Purchase oftangible
fixed assets		 11 (352,163) (131,415)
Sale oftangible fixed assets 9,750
Net cash flows from investing activities (352,163) (114,289)
Cash flows from financing
activities
Loans introduced
in the penod		 15 150,000
Repayment
of loans and borrowings		 15 (100,000) (200,000)
Net cash flows from financing activities 100,000 50,000
Net increase
in cash and cash		 equivalents 424,773 170,702
Cash and cash equivalents
at 1 July		 1,227,558 1,056,856
Cash and cash equivalents
at30June		 1,652,331 1,227,558

As Restated As Restated
2021 2021 2020 2020
f Group Company
f		 Group
f		 Company
f
Depreciation 287,215 123,027 253,023 103,573
Amortisation 94,260 94,260 94,260 94,260
Auditors
remuneration
- audit ofthe financial statements 15,750 7,500 12,000 5,000
- non-audit
services		 4,000 2,000 9,250
As Restated
3
Income from Donations		 and Legacies 2021 2020
Unrestricted Restricted Total Total
f f f f
Donations 45,113
Government grants 448,598 448,598 332,671
University
of		 Lincoln - Block Grant 1,480,104 1,480,104 1,484,686
Other grants 64,849 247,384 312,233 26,051
Gifts in Kind 40,000 40,000 60,000
2,033,551 247,384.00 2,280,935 1,948,521

4 I ncome fro m Other Trading Activities As Restated
2021 2021 2021 2020
Unrestricted Restricted Total Total
f f f
Trading income
Sales ofgoods and services 1,796,529 1,796,529 3,132344
1,796,529 1,796,529 3,132,344
5 Investment Income As Restated
2021 2021 2021 2020
Unrestricted Restricted Total Total
f
Interest on short term deposits 7,376
Interest on loan to subsidiary
7,376

8 Income from Charitable Activities
As Restated
2021 2021 2021 2020
Unrestricted
f		 Restricted
f		 Totalf Totalf
Activities 27,375 27,375 19,159
Other 8,111 8,111
Groups and societies 116,301 116,301 283,343
151,787 151,787 302,502

Fundraising Fundraising trading costs of goods sold and other costs: As Restated
2021 2021 2021 2020
Unrestricted Restricted Total Total
f f
Trading subsidiary costs including staff 1,587,652 247,384 1,835,036 2,913,887
Depreciation, amortisation and other similar costs 164,188 164,188 149,446
1,751,841 247,384 1,999,225 3,063,333

FOR THE YEAR ENDED 30J FOR THE YEAR ENDED 30J UNE 2021
Expenditure on Charitable Activities (Group) As Restated
2021 2020
Support
Direct Costs Support Costs Total Direct Costs Costs Total
E f. E E E E
Breakdown ofCosts of
Charitable Activities
Activities 105,137 739,511 844,648 257,460 498,578 756,038
Advice 126,190 554,633 680,823 104,340 298,865 403,205
Employabibty 53,495 53,495 140,560 298,865 439,425
Student Voice 95,359 184,878 280,237 163,137 298,865 462,002
Societies 80,079 80,079 259,939 259,939
460,260 1,479,022 1,939,282 925,436 1,395,173 2,320,609

Premises Premises
costs Other
Governance Finance Administration including support
costs costa Staff costs costs depreciation costs Total 2021 Total 2020
E E E E E E E E
Activities 12,219 345 478,861 22,211 137,802 88,073 739,511 498,578
Advice 9,165 259 359,146 16,658 103,351 66,055 554,633 298,865
Employability 298,865
Student Voice 3,055 86 119715 5,553 34450 22,019 184878 298 865
24,439 690 957722 44,422 275 603 176,146 1,479023 1 395173
Support costs are allocated based on staff numbers employed for each charitable activity
Analysis ofgovernance and support costs
As Restated
2021 2020
Unrestricted
funds Total Total
E p. E
Auditor's remuneration —audit fees 9,500 9,500 12,000
Pension valuation fees 9,250 9,250
Legal Fees 5,689 5,689 9,735
24439 24439 21 735

10
Intangible		 Fixed Assets (Group)
Intangible
Assets		 Total
Cost
At 1 July 2020 471,300 471,300
Additions
Disposals
At 30June 2021 471,300 471,300
Depreciation
At 1 July 2020 94,260 94,260
Charge for the Year 94,260 94,260
Eliminated
On Disposals
At 30 June 2021 188,520 188,520
Net BookValue at 1 July 2020 377,040 377,040
Net Book Value at 30June 2021 282,780 282,780
Intangible Fixed Assets (Company)
Intangible Total
assets
Cost 6
At 1 July 2020 471,300 471,300
Additions
Disposals
At 30June 2021 471,300 471,300
Depreciation
At 1 July 2020 94,260 94,260
Charge for the Year 94,260 94,260
Eliminated
On Disposals
At 30June 2021 188,520 188,520
Net Book Value at 1 July 2020 377,040 377,040
Net Book Value at 30June 2021 282,780 282,780

Fixed Assets (Group)
Fixtures,
Fittings &
Equipment		 Computer
Equipment		 Club
Equipment		 Total
Cost f
At 1 July 2020 1,378,451 45,328 8,550 1,432,329
Additions 352,163 352,163
Disposals
At 30 June 2021 1,730,614 45,328 8,550 1,784,492
Depreciation
At1 July2020 640,231 45,328 8,550 694,109
Charge for the Year 287,215 287,215
Eliminated
On Disposals
At 30 June 2021 927,446 45,328 8,550 981,324
Net Book Value at 1 July 2020 738,220 738,220
Net Book Value at 30June 2021 803,168 803,168

Fixed Assets (Company)
Fixtures,
Fittings &
Equipment		 Club
Equipment		 Total
Cost 6 8
At 1 July 2020 582,869 8,550 54,086
Additions 252,248 252,248
Disposals
At 30June 2021 835,117 8,550 306,334
Depreciation
At 1 July 2020 188,847 8,550 23,393
Charge for the Year 123,027 123,027
Eliminated
On Disposals
At 30 June 2021 311,874 8,550 146,420
Net Book Value at 1 July 2020 394,022 394,022
Net Book Value at 30June 2021 523,243 523,243

capital ar e as foll ows:
Aggregate
Profit i(Loss) Amount of
Subsidiary Country of in the Period Capital and
Undertakin Incor oration Princi al Activi (6) Reserves (6)
Organisaition
of		 events to
Lincoln Students' generate income for the benefit of
Union Trading United University of Lincoln Students'
Limited Kingdom Union. 116,329 600,352
Provision and development of
systems management software to
Students' Union generate income for the benefit of
Management United University of Lincoln Students'
Systems Limited Kingdom Union. 43,727 143,728
Provision and development of
ordering software to generate
Student Orders United income for the benefit of University
Limited Kingdom of Lincoln Students' Union. 12,552 12,553
Lincoln Students' Accomodation
management		 to
Union generate income for the benefit of
Accomodation United University of Lincoln Students'
Services Limited Kingdom Union 2,013 2,014
Charity
Subsidiary
Undertakings		 Total
Cost 6 6
At 1 July 2020 4
Additions 500,000 500,000
Disposals
At 30June 2021 500,004 500,004
13 Debtors As Restated As Restated
2021 2021 2020 2020
Group Charity Group Charity
6 6 F 6
Trade Debtors 183,949 329,552 77,224 96,521
Amounts
owed by group		 members 173,064 149 661,641
Other Debtors 8,250 9,152 170,161 40,081
Prepayments 51,965 18,994 53,010 10,774
Accrued income 131,039 4,125
375,203 530,763 304,669 809,017

14
Creditors		 14
Creditors		 As Restated As Restated As Restated
2021 2021 2020 2020
Amounts
falling due		 within one year: Group
f		 Charity
f		 Group Charity
f
Trade Creditors 104,047 67,465 109,117 30,585
Amounts
owed to group members		 77,523
Other Creditors 294,146 39,170 133,211 25,544
VAT grant repayable 86,459 86,459
Taxation and Social Security 148,674 139,953 36,166 25,638
Accruals 249,164 93,685 222,511 95,843
Deferred income 19,239 200 7,809 200
815,269 340,474 595,272 341,791
As Restated As Restated
2021 2021 2020 2020
Deferred Income Group
f		 Company
f		 Group
f		 Company
f
Deferred income at 1 July 2020 7,809 200 38,750 200
Resources deferred in the period 19,239 7,609
Amounts
released
from previous
penods
Deferred income at 30June 2021		 ( 7,809 )
19,239		 200 ( 38,550 )
7,809		 200
15
Creditors		 As Restated As Restated
2021 2021 2020 2020
Amounts
falling due		 after more than one year: Group
f		 Company
f		 Groupf Company
f
Bankloans 50,000 150,000 50,000
Otherloans 200,000 200,000
250,000 350,000 50,000
16
Employees		 As Restated
2021 2020
The aggregate
payroll		 costs for the year were: Groupf Group
f
Wages and salaries 1,797,546 2,298,007
Social security costs 132,788 163,871
Pension costs 150,054 182,769
2,080,388 2,644,647
During the year, the group made redundancy payments which totalled f80,259(2020:f48,294) ofwhich
f37,315represented statutory redundancy and f42,944 pay in heu ofnotice.
The monthly
average		 of persons (including senior management team) employed by the group during
the year was:
As Restated
2021 2020
Group Group
Sabbatical
Officers		 4 5
Management
&Administration		 38 60
Bar staff 7 9
Part-time
officers		 30 33
Student staff 64 119
143 226

activities as an expense was f1 27,0 00 (2 020 f144,000).
As Restated
Princi
al assum
tions		 2021 2020
Discount rate 1.85% 1.50%
Pension increase rate 2 80% 2.10%
Salary increase rate 3.70% 3.00%
Post retirement
mortalit
assum		 tions 2021 2020
Current
UK pensioners
at retirement		 age- male 21.0 years 21.0 years
Current
UK pensioners
at retirement		 age- female 23.7 years 23.0 years
Future
UK pensioners
at retirement		 age- male 22.2 years 22.0 years
Future
UK pensioners
at retirement		 age- female 25.5 years 25.0 years
Amounts
reco nised
in the Accounts		 2021 2020
f
In the Statement
of Financial
Position
Fair value of Plan Assets 1,482,000 1,195,000
Present value of Obligations (2,539,000) (2,051,000)
Pension
Liability		 (1,057,000) (856,000)
Defined Benefit Obli
ation
Changes
in the defined benefit		 obligation are as follows: 2021
Present Value at 1 July 2020 2,051,000
Current service cost 114,000
Interest cost 32,000
Actuarial
gains and losses		 25,000
Contributions
by schemes
participators		 317,000
Present Value at 30June 2021 2,539,000
Fair Value ofSchemes Assets
Changes
in the fair value ofscheme		 assets are as follows: 2021f
Fair value ofassets at beginning ofthe year 1,195,000
Interest income 19,000
Participants
contributions		 25,000
Employer
contributions		 75,000
Actuarial
gain/loss
on assets		 168,000
2;(fg(7

17
 Pension Commitments
-continued
A~li fA As Restated
The major categories ofscheme assets are as follows: 2021
f		 2020
Cash and cash equivalents 44,460 48,000
Equity instruments 1,007,760 825,000
Property 163,020 143,000
Bonds 266,760 179,000
1,482,000 1,195,000
Return on Scheme Assets 2021f 2020f
Return on scheme assets 187,000 (14,000

Group Other
Balance at Prior Year Incoming Resources recognised Balance at
1 July 2020 Adjustment Resources Expended lains/(losses) 30June 2021
f f f f
Unrestncted funds 546,954 3,865,566 (3,516,436) (149,000) 747,084
Designated funds 146,261 23,404 116,301 (80,079) 205,887
Revaluation Reserve 195,684 (94,260) 101,424
Total unrestricted funds 888,899 23,404 3,981,867 (3,690,775) (149,000) 1,054,395
Restricted reserves 895 — 247,384 247,732) 547
Total funds 889,794 23,404 4,229,251 (3,938,507 149,000 1,054,942
Other As Restated
Balance at Prior Year Incoming Resources recognised Balance at
1 July 2019
f		 Adjustment Resources
f		 Expended
f		 lains/(losses)
f		 30June 2020
f
Unrestricted funds 744,192 5,106,349 (5,029,587) (274,000) 546,954
Designated funds 146,261 283,343 (259,939) 169,664
Revaluation Reserve 289,944 94,260 195,684
Total unrestricted funds 1,034,136 146,261 5,389,692 (5,383,786) (274,000) 912,302
Restricted reserves 1,051 (156) 895
Total funds 1,034,136 146,261 5,390,743 5,383,942) (274,000 913,197
Charity Other
Balance at Prior Year Incoming Resources recognised Balance at
1 July 2020
f		 Adjustment
f		 Resources
f		 Expended
f		 lains/(losses)
f		 30June 2021
f
Unrestricted funds 411,466 2,051,690 (1,825,714) (149,000) 488,442
Designated funds 146,261 23,404 116,301 (80,079) 205,887
Revaluation Reserve 195,684 94260 101424
Total unrestricted funds 753,411 23,404 2,167,991 (2,000,052) (149,000) 795,753
Restricted reserves 895 - — (348) 547
Total funds 754,306 23,404 2,167,991 (2,000,400 149,000 796,300
Other As Restated
Balance at Prior Year Incoming Resources recognised Balance at
1 July 2019 Adjustment
f		 Resources
f		 Expended
f		 lains/(losses)
f		 30June 2020
f
Unrestricted funds 530,576 2,207,682 (2,052,792) (274,000) 411,466
Designated funds 146,261 283,343 (259,939) 169,665
Revaluation Reserve 289,944 (94,260 195,684
Total unrestricted funds 820,520 146,261 2,491,025 (2,406,991) (274,000) 776,815
Restricted reserves 1,051 (156 895
Totalfunds 820,520 146,261 2,492,076 (2,407,147) (274,000) 777,710

2021 2020
F 6
Within 1-2years 95,000
Within 2-3 years 95,000
Within 4-5 years 15,000
Over 5 years 11,576 11,576
121,576 106,576
2021 2020
f E
Within 4-5 years 15,000
Over 5 years 11,576 11,576
28,597 13,596