2022-06-30-accounts - University Of Lincoln Students Union

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Members ofthe Board and Professional	Advisors
Trustees Report (incorporating the strategic	report)
Report ofthe Independent Auditor		21
Consolidated Statement of Financial Activities		24
Consolidated Balance Sheet		25
Consolidated Statement of Cashflows		26
Accounting Policies		27
Notes to the Accounts		30

				Note	Unrestricted	Restricted
					Funds	Funds	Total Funds	Total Funds
					2022	2022	2022	2021
						F	F	F
Incomin Resources
Incoming resources from	generating		funds
Income from donations					1,490,577		1,490,577	2,280,935
Income from other trading	activities				3,727,009		3,727,009	1,796,529
Investment income					1,375		1,375
Income from charitable activities					377,690		377,690	151,787
Total incoming resources					5,596,651		5,596,651	4,229,251
Resources Ex enditure
Costs ofgenerating funds
Costs of raising funds				7	(3,140,431)		(3,140,431)	(1,999,225)
Expenditure on charitable	activities			8	2,774,666)		2,774,666	1,939,282
Total resources expended					(5,915,097)		(5,915,097)	(3,938,507)
Net (outgoing)/incoming	resources				(318,447)		(318,446)	290,744
Other recognised gains/losses
Actuarial gains/losses on	defined	benefit
scheme				17	1,480,000		1,480,000	(149,000
Net movement in funds					1,161,553		1,161,554	141,744
Reconciliation of Funds
Total funds brought forward				20	1,054,395	547	1,054,942	913,197
Total funds carried forward					2,215,948	547	2,216,496	1,054,942

				Note	2022	2022	2021	2021
					Group	Company	Group	Company
					E		E	E
Fixed Assets
Intangible Fixed Assets				10	188,520	188,520	282,780	282,780
Tangible Assets				11	648,564	430,448	803,168	523,243
Investments in subsidiaries				12		500,004		500,004
					837,084	1,118,972	1,085,948	1,306,027
Current Assets
Stock					52,175		63,730
Debtors				13	419,678	792,155	375,202	530,763
Cash at bank and	in	hand			1,843,175	553,737	1,652,331	356,984
					2,315,028	1,345,892	2,091,263	887,747
Creditors: Amounts		falling due within one year		14	(1,035,131)	(589,988)	(815,269)	(340,474)
Net current assets					1,279,897	755,904	1,275,993	547,273
Total Assets Less		Current	Liabilities		2,116,981	1,874,876	2,361,942	1,853,300
Creditors: Amounts		falling due after one year		15	(241,485)	-	(250,000)	0
Pension Liability				17	341,000	341,000	(1,057,000)	(1,057,000)
Net assets					2,216,496	2,215,876	1,054,942	796,300
The Funds ofthe	Chari
Restricted reserves					547	547	547	547
Unrestricted funds					2,208,785	2,208,165	952,971	694,329
Revaluation reserve				20	7,164	7,164	101,424	101,424
Total charity funds					2,216,496	2,215,876	1,054,942	796,300

				Note	2022	2021
					Group	Group
					F	E
Cash flows from operation activities
Net Cash income/ (expenditure)					1,161,554	141,744
Adjustments to cashflows from non-cash		items:
Depreciation				11	274,066	287,215
Amortisation				10	94,260	94,260
Investment income				5	( 1,375 )
FRS102Actuarial adjustment					82,000	52,000
					1,610,505	575,219
Working capital adjustments
Decrease/ (increase) in stocks					11,554	3,252
Increase in debtors				13	(44,476)	(70,533)
Increase/ (decrease) in creditors				14	219,862	219,997
Decrease/(increase) retirement	benefit obligation		net of
actuarial changes				17	1,480,000)	149,000
Net cash flows from operating	activities				317,445	876,935
Cash flows from investing activities
Interest receivable and similar income				5	1,375
Purchase oftangible fixed assets				11	(119,461)	(352,163)
Sale oftangible fixed assets
Net cash flows from investing	activities				118,086)	352,163
Cash flows from financing activities
Loans introduced in the period				15
Repayment of loans and borrowings				15	(8,515)	(100,000)
Net cash flows from financing	activities				8,515	(100,000)
Net increase in cash and cash	equivalents				190,844	424,772
Cash and cash equivalents at 1 July					1,652,330	1,227,558
Cash and cash equivalents at 30June					1,843,174	1,652,330

				2022	2022	2021	2021
				Group	Company	Group	Company
				F		F	F
Depreciation				274,066	137,077	287,215	123,027
Amortisation				94,260	94,260	94,260	94,260
Auditors remuneration
- audit ofthe	financial	statements		21,295	6,475	15,750	7,500
- non-audit services				4,000	2,000	4,000	2,000
3 Income	from Donations		and Legacies			2022	2021
				Unrestricted	Restricted	Total	Total
						F	f
Donations
Government	grants			10,473		10,473	448,598
University of	Lincoln - Block Grant			1,480,104		1,480,104	1,480,104
Other grants							312,233
Gifts in Kind							40,000
				1,490,577		1,490,577	2,280,935

4	In	come from Other Trading Acti	vities
			2022	2022	2022	2021
			Unrestricted	Restricted	Total	Total
			F	F
Trading		income
Sales	ofgoods and services		3,727,009		3,727,009	1,796,529
			3,727,009		3,727,009	1,796,529
5	Investment Income
			2022	2022	2022	2021
			Unrestricted	Restricted	Total	Total
Interest		on short term deposits
Interest		on loan to subsidiary	1,375		1,375
			1,375		1,375

			2022	2022	2022	2021
			Unrestricted f.	Restncted E	Total f.	Totalf
Activities			57,613		57,613	27,375
Other			1,609		1,609	8,111
Groups	and	societies	318,468		318,468	1'l6,301
			377,690		377,690	151,787

						2022	2022	2022	2021
						Unrestricted	Restricted	Total	Total
							E		E
Trading	subsidiary		costs	including	staff	3,003,443		3,003,443	1,835,037
Depreciation,		amortisation		and other similar costs		136,988		136,988	164,188
						3,140,431		3,140,431	1,999,225

										FOR THE YEAR E	FOR THE YEAR E	FOR THE YEAR E	FOR THE YEAR E	ND	ED 30	JUNE 2022
		Expenditure			on Charitable					Activities (Group)
														2022				2021
																		Support
										Direct Costs f			Support Costs f			Total	Direct Costs f	Costs f	Total f
Breakdown	ofCosts of Charitable
Activities
Opportunities												222,813		887,049		1,109,862	158,632	739,511	898,143
Support and	Advice											62,696		332,644		395,340	126,190	554,633	680,823
Sustainability															73,920	73,920
Accomodation												57,555		295,684		353,239
Rep~esentatio~												159,131		332,644		491 775	95359	184,878	280 237
Societies												350,531				350,531	80,079		80,079
												852,726		1,921,940		2,774,666	460,260	1,479,022	1,939,282
The total exenditure		on charitable			activities attributable							to unrestricted		funds was		f2,774,667 (2021:f1,394,825) and		to restricted	funds was
fnil (2021:f348).
		Analysis		of	Governance				and		Support Costs
		Support	Costs			Allocated				to	Charitable		Activities
																Premises
																costs	Other
		Governance				Finance							Administration			including	sUpport
		costs f					costs f			Staff costs f				costs f		depreciation f	costsf Total 2022 f		Total 2021 f
Opportunities			10,017				1,039					629,281		26,537		120,084	100,091	887,049	739,511
Support and	Advice			3,756				389				235,980			9,952	45,032	37,534	332,643	554,633
Sustainability				834				87				52,440			2,211	10,007	8,341	73,920
Accomodation				3,339				346				209,761			8,846	40,028	33,364	295,684
Representation				3,756				389				235,981			9,952	45,032	37,534	332,644	184,878
			21,702				2,250				1,363,443				57,498	260,183	216,864	1,921,940	1,479,022
Support costs are allocated based					on	staff numbers					employed		for each charitable			activity.
		Analysis		of	governance				and		support costs
																	2022		2021
																	Unrestricted
																	funds	Total	Total
																	f	f
		Auditor's		remuneration				-	audit			fees					8,475	8,475	9,500
		Pension		valuation			fees										10,000	10,000	9,250
		Legal Fees															3,227	3,227	5,689
																	21,702	21,702	24,439

10 Intangible	Fixed Assets (Group)
		Intangible Assets	Total
Cost
At 1 July 2021		471,300	471,300
Additions
Disposals
At 30June 2022		471,300	471,300
Depreciation
At 1 July 2021		188,520	188,520
Charge for the Year		94,260	94,260
Eliminated On Disposals
At 30 June 2022		282,780	282,780
Net Book Value at 1 July 2021		282,780	282,780
Net Book Value at 30June 2022		188,520	188,520
Intangible	Fixed Assets (Company)
		Intangible assets	Total
Cost
At 1 July 2021		471,300	471,300
Additions
Disposals
At 30 June 2022		471,300	471,300
Depreciation
At 1 July 2021		188,520	188,520
Charge for the Year		94,260	94,260
Eliminated On Disposals
At 30June 2022		282,780	282,780
Net Book Value at 1 July 2021		282,780	282,780
Net Book Value at 30June 2022		188,520	188,520

Fixed Assets (Group)
	Fixtures, Fittings & Equipment	Computer Equipment	Club Equipment	Total
Cost	f.
At 1 July 2021	1,730,614	45,328	8,550	1,784,492
Additions	119,461			119,461
Disposals
At 30June 2022	1,850,075	45,328	8,550	1,903,953
Depreciation
At 1 July 2021	927,446	45,328	8,550	981,324
Charge for the Year	274,066			274,066
Eliminated On Disposals
At 30June 2022	1,201,512	45,328	8,550	1,255,390
Net Book Value at 1 July 2021	803,168			803,168
Net Book Value at 30June 2022	648,564			648,564

Fixed Assets (Company)
	Fixtures, Fittings & Equipment	Club Equipment	Total
Cost	E	E	E
At 1 July 2021	826,567	8,550	835,117
Additions	44,282		44,282
Disposals
At 30June 2022	870,849	8,550	879,399
Depreciation
At 1 July 2021	303,324	8,550	311,874
Charge for the Year	137,077		137,077
Eliminated On Disposals
At 30June 2022	440,401	8,550	448,951
Net Book Value at 1 July 2021	523,243		523,243
Net Book Value at 30June 2022	430,448		430,448

													Aggregate
												Profit l(Loss)	Amount of
		Subsidiary			Country of							in the Period	Capital and
		Undertakin			Incor	oration		Princi al Activi				(F)	Reserves (F)
							Organisaition of events to
		Lincoln Students'					generate		income for	the benefit of
		Union Trading			United		University		of Lincoln	Students'
		Limited			Kingdom		Union.					(158,046)	411,923
							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.					(42,627)	64,621
							Provision		and development		of
							ordering		software to	generate
		Student Orders			United		income	for the benefit of University
		Limited			Kingdom		of Lincoln		Students'	Union.		5,216	4,717
		Lincoln Students'					Accomodation management				to
		Union					generate		income for	the benefit of
	Accomodation				United		University		of Lincoln	Students'
		Services	Limited		Kingdom		Union.					19,864	19,365
	Charity
												Subsidiary Undertakings	Total
	Cost											F.
	At 1 July		2021									500,004	500,004
	Additions
		Disposals
	At 30June			2022								500,004	500,004
13		Debtors
									2022		2022	2021	2021
								Group			Charity	Group	Charity
									F		F	E	F
Trade	Debtors							353,511			512,100	183,949	329,552
Amounts		owed by		group	members						257,526		173,064
Other	Debtors								3,746		1,066	8,250	9,152
Prepayments								39,755			21,463	51,965	18,995
Accrued		income						22,666				131,039
								419,678			792,155	375,202	530,763

14 Creditors
				2022	2022	2021		2021
Amounts falling due	within one year;			Group f	Charity f	Group f		Charity f
Trade Creditors				392,332	177,119	104,047		67,465
Amounts owed to group members
Other Creditors				177,687	197,057	294,146		39,170
VAT grant repayable
Taxation and Social	Security			122,338	97,433	148,674		139,954
Accruals				290,835	103,746	249,164		93,685
Deferred income				51,939	14,633	19,238		200
				1,035,131	589,988	815,269		340,474
				2022	2022	2021		2021
Deferred Income				Group f	Company f	Group f	Company f
Deferred income at 1 July 2021				19,239	200	7,809		200
Resources deferred	in the period			51,739	14,433	19,239
Amounts released from previous		periods		19,039		7,809
Deferred income at 30June 2022				51,939	14,633	19,239		200
15 Creditors
				2022	2022	2021		2021
Amounts falling due	after more than one year:			Group f	Company f	Group f	Company f
Bank loans				39,166		50,000
Other loans				202,319		200,000
				241,485	—	250,000
16 Employees
						2022		2021
The aggregate payroll costs for the year were:						Group		Group f
Wages and salaries						2,354,136		1,797,546
Social security costs						185,490		132,788
Pension costs						293,644		150,054
						2,833,270		2,080,388
During the year, the fnil (2021:f37,315)	group made represented	redundancy payments which totalled fnil (2021:f80,259) statutory redundancy and fnil (2021:f42,944) pay in lieu					ofwhich of notice.
The monthly average	ofpersons	(including	senior management		team) employed	by the group		during the year was:

			2022	2021
			Group	Group
Sabbatical	Officers		5	4
Management		8 Administration	41	38
Bar staff			11	7
Part-time	officers		32	30
Student staff			56	64
			145	143

fell	within	the	following	bands	was:
					2022	2021
					No	No
					1	1
						1

Princi al assum tions						2022	2021
Discount rate						3.85%	1.85%
Pension increase rate						2.65%	2.80%
Salary increase rate						3.55%	3.70%
Post retirement mortalit	assum		tions			2022	2021
Current UK pensioners	at retirement			age- male		20.8years	21.0 years
Current UK pensioners	at retirement			age- female		23.5 years	23.7 years
Future UK pensioners	at retirement			age-	male	22.0years	22.2 years
Future UK pensioners	at retirement			age-	female	25.3years	25.5years
Amounts reco nised in	the Accounts					2022	2021
						F	E
In the Statement of Financial		Position
Fair value of Plan Assets						1,549,000	1,482,000
Present value of Obligations						(1,208,000)	2,539,000)
Pension Liability						341,000	(1,057,000)
Defined Benefit Obli ation
Changes in the defined	benefit		obligation		are as follows:		2022
							p
Present Value at 1 July	2021						2,539,000
Current service cost							153,000
Interest cost							49,000
Actuarial gains and losses							30,000
Contributions by schemes participators							(1,563,000
Present Value at 30June 2022							1,208,000
Fair Value ofSchemes	Assets
Changes in the fair value ofscheme				assets are as follows:			2022
							E
Fair value ofassets at	beginning		ofthe year				1,482,000
Interest income							29,000
Participants contributions							30,000
Employer contributions							91,000
Actuarial gain/loss on assets							83,000

17 Pension Commitments -continued	17 Pension Commitments -continued
Anal sis ofAssets
The major categories of scheme assets are as follows:		2022	2021
		E
Cash and cash equivalents		15,490	44,460
Equity instruments		1,146,260	1,007,760
Property		154,900	163,020
Bonds		232,350	266,760
		1,549,000	1,482,000
Return	on Scheme Assets	2022	2021
		F	f.
Return	on scheme assets	54,000	187,000

Funds
Group							Other
			Balance at	Prior Year	Incoming	Resources	recognised	Balance at
			1 July 2021	Adjustment	Resources	Expended	gains/(losses)	30June 2022
			f	f		f	f	f
Unrestricted	funds		747,084		5,278,183	(5,470,306)	1,480,000	2,034,961
Designated	funds		205,887		318,468	(350,531)		173,824
Revaluation	Reserve		101,424			(94,260		7,164
Total unrestricted		funds	1,054,395		5,596,651	(5,915,097)	1,480,000	2,215,949
Restricted	reserves		547					547
Total funds			1,054,942		5,596,651	(5,915,097	1,480,000	2,216,496
							Other
			Balance at	Prior Year	Incoming	Resources	recognised	Balance at
			1 July 2020	Adjustment f	Resources F	Expended F	gains/(losses) f	30June 2021 F
Unrestricted	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
Charity							Other
			Balance at	Prior Year	Incoming	Resources	recognised	Balance at
			1 July 2021 F	Adjustment F	Resources F	Expended F	gains/(losses) f	30June 2022 f
Unrestricted	funds		488,442		2,428,964	(2,363,065)	1,480,000	2,034,341
Designated	funds		205,887		318,468	(350,531)		173,824
Revaluation	Reserve		101,424			(94,260		7,164
Total unrestricted		funds	795,753		2,747,432	(2,807,856)	1,480,000	2,215,329
Restricted	reserves		547					547
Total funds			796,300	-	2,747,432	(2,807,856	1,480,000	2,215,876
							Other
			Balance at	Prior Year	Incoming	Resources	recognised	Balance at
			1 July 2020 f	Adjustment	Resources f	Expended f	gains/(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	116,300	(80,078)		205,887
Revaluation	Reserve		195,684			(94,260)		101,424
Total unrestricted		funds	753,411	23,404	2,167,990	(2,000,052)	(149,000)	795,753
Restricted	reserves		895			(348		547
Total funds			754,306	23,404	2,167,990	2,000,400	149,000	796,300

			2022	2021
Within		1-2 years		95,000
Within		2-3 years	16,063
Within		4-5 years	113,751	15,000
Over	5	years		11,576
			129,814	121,576

			2022	2021
			E	F
Within		2-3 years	11,576	15,000
Within		4-5 years		11,576
Over	5	years
			11,576	26,576