##
|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||||
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#
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##
|||||||||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|
##
##
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##
#
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##
##
##
##
|||||||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|
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||||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|
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