2022-06-30-accounts - Nus Students' Union Charitable Services

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

							Page
Charity Information
Trustees' Report.
Statement of	Trustees'		Responsibilities.			..	13
Independent	Auditor's		Report on	the	Financial Statements.		14
Consolidated	Statement		of Financial		Activities ...		18
Consolidated	Balance	Sheet					19
Charitable Company		Balance Sheet.					20
Consolidated	Statement		of Cash	Flows			21
Notes to the	Financial	Statements		.			22

Income and E 3une 2022	xpen	diture	Account	) for t	he year	ended	30
							Total funds
	Notes	Unrestricted	Restricted	Total funds	Unrestricted	Restricted	2021
		funds f	funds f	2022	funds	funds	As restated f
Income from:
Donations and legacies			447,671	447,671	199,841	320,900	520,741
Charitable activities	4	228,360		228,360	127,243		127,243
Other Income	5	643,850		643,850	599,565		599,565
Trading income	6	2,194,026		2,194,026	1,489,590		1,489,590
Total income		3 066 236	447 671	3 513907	2 416239	320 900	2 737 139
Expenditure on:
Charitable activities	7	1,666,989	452,571	2,119,560	1,034,533	507,119	1,541,652
Trading expenditure		1,343,192		1,343,192	1,040,005		1,227,054
Interest costs		47,963		47,963	62,293		62,293
Total ex enditure		3 058 144	452 571	3 510 715	2 136831	507 119	2 643 950
Net income / (expenditure)
before other recognised
gains		8,092	(4,900)	3,192	279,408	(186,219)	93,189
Actuarial gain on defined benefit pension scheme	18	475,069		475,069
Tax in respect of trading	9	(593,635)		(593,635)	(3,631)		(3,631)
Net movement in funds		110474	4 900	115374	275 777	186219	89 558
Funds brought forward		3,899,295	13,881	3,913,176	3,623,518	200,100	3,823,618
Funds carried forward		3 788 821	8 981	3 797 802	3 899 295	13881	3913176

							2022		2021
									As restated
						Notes
Fixed Assets
Intangible assets								16,608		68,271
Tangible assets						12		167,555		220,233
Investments						13		20		20
								184,183		288,524
Current Assets
Stock							1,317		2,342
Debtors						14	1,673,899		1,408,709
Cash at bank and		in	hand				7 270 383		7 560 381
							8,945,599		8,971,432
Creditors
Amounts falling	due		within		one year	15	(3,033,173)		(2,437,861)
Net Current Assets							5 912426		6 533 571
Creditors
Amounts falling	due		in over one year			18	(2,298,807)		(2,908,919)
Total net assets								3,797,802	3,913,176
Funds
Restricted funds						20		8,981		13,881
Unrestricted funds								7 093		342 636
Total charity	funds							16,074		356,517
Trading funds —majority					interest			3,602,326	3,391,015
Trading funds —minority				interest				179,402		165,644
Total trading	funds							3,781,728	3,556,659
Total Funds						20 21		3 797 802	3	913176

|||||||2022||202||| |---|---|---|---|---|---|---|---|---|---| ||||||Notes||||| |Fixed Assets|||||||||| |Intangible
assets|||||||16,608||68,271| |Tangible assets|||||12||167,555||220,233| |Investments|||||13||277 460||277 460| ||||||||461,623||565,964| |Current Assets|||||||||| |Debtors|||||14|1,263,393||379,932|| |Cash at bank and||in hand||||3 054 289||3 064 262|| |||||||4,317,682||3,444,194|| |Creditors|||||||||| |Amounts
falling|due within|||one year|15|(4,007,665)||(3,653,641)|| |Net Current assets/|||liabilities||||310017||209 477| |Total net assets|||||||771 640||356 517| |Charity Funds|||||||||| |Restricted
funds|||||||8,981||13,881| |Unrestricted
funds|||||||762,659||342,636| |Total Funds|||||||771 640||356 517|

nded	303une 2	0		22
							2022	2021
								As restated
						Notes		f.
Cash flows from operating				activities		22	(287,248)	872,142
Cash flows from investing			activities
Purchase	of fixed assets						2 750
Net cash (used in) investing				activities			2 750
Change	in cash and cash	equivalents			in the year		(289,998)	872,142
Cash and	cash equivalents	at the beginning ofthe
ear							7 560 381	6 688 239
Cash and cash equivalents				at the end	ofthe year		7 270 383	7 560 381

.Gran	ts,	donations and legacies
			2022		2021
				As	restatedf
Grants	and	donations	447,671		520,741

		2022f	2021f
Events and	conferences	130,265	80,455
HR support	unit	98,095	46,788
		228,360	127,243

303une 2022 (continu .Other income	ed)
	2022	2021
Membership	548,132	515,389
Surveys	64,400	47,844
Other	31,318	36,332
	643,850	599,565

		2022	2021
			As restatedf
Trading	support	2,194,026	1,480,835
Sales of	oods		8 755
		2 194026	1 489 590

		Events 2022 f.	Other 2022 f.	Support Costs 2022 f.	Total 2022
Staff costs			909,543	257,128	1,166,671
Legal and professional			410,159	127,617	537,776
Bad debt			174,480		174,480
Venue costs		17,801	145,120		162,921
Travel and subsistence		291	29,006	260	29,557
Printing and	stationery		(176)	854	678
Recharges			(651,365)	(167,799)	(819,164)
Sundry		109	173,849	66,458	240,416
Marketing			30,036	3,930	33,966
Recruitment	and training		145,740	5,810	151,550
IT costs			43,695	183,162	226,857
Subscriptions		4,507	43,331	58,923	106,761
Amortisation			17,290	34,373	51,663
Depreciation			55,428		55,428
		22,708	1,526,136	570,716	2,119,560

		Events 2021 E	Other 2021 E	Support Costs 2021 E	Total 2021 E
Staff costs			910,745	257,691	1,168,436
Legal and professional		1,875	271,039	79,176	352,090
Venue costs		180	206,373		206,553
Travel and subsistence			526		526
Printing and	stationery		(992)	1,009	22
Recharges			(638,116)	(188,614)	(826,730)
Sundry		314	5,359	9,717	15,390
Marketing		14,468	4,300	1,245	20,013
Recruitment	and training		34,858	1,108	35,966
IT costs			12,688	184,182	196,870
Subscriptions		3,422	30,748	137,828	171,998
Grants			264, 565		264, 565
Amortisation			21,876	103,286	125,162
Depreciation			55,642		55,642
Exceptional			(244,851)		(244,851)
		20,264	934,760	586,628	1,541,652

.Net incom his is stated	e/(expenditure) for the year after charging:
		2022f	2021f
Auditors' remuneration:
Audit fees		16,775	16,200
Accountancy	fees	9,415	6,200
De reciation	and amortisation	107091	180804

303une 2022 .Taxation	(c	ontin	ued)
				2022	2021
					As restated
Corporation tax
Current tax on profits for the year
Ad ustments in res ect	of	revious	eriods	6 365	93 013
Total current tax				6 365	93 013
Deferred tax
Ori ination and reversal	of timin		difference	600 000	96 644
Total deferred tax				600 000	96 644
Taxation on rofit on	ordinar		activities	593 635	3 631

							2022	2021
							E
								As restated
Profit on ordinary	activities		before	tax			3,192	93,189
Profit on ordinary	activities		multiplied		by standard	rate of
corporation tax in	the UK	of	19%	(2021 - 19%)			606	17,706
Effects of:
Deferred tax adjustment		(Note 17)					600,000	96,644
Non-taxable income less		expenses		not	deductible	for tax purposes	(93,977)	8,535
Adjustment in relation to Other adjustments		previous		periods			80,890 6,116	(93,013) (26,241)
Total tax char e	for the		ear				593,635	3,631

				2022	2021
				f.	f.
Staff costs	comprise:
Wages and	salaries			1,480,401	1,544,805
Social security costs				134,658	139,434
Pension costs				92,176	104,080
				1,707,235	1,788,319
he average	monthly	head count during	the year was as follows:
				2022	2021
				f.	f.
Management				4	4
Administration				45	38
				49	42

uring the year, no Trustees received any remuneration or uring the year ended 30june 2022, no Trustee expenses 1.Intangible assets -group and charity	other benefits (2021 —fnil). have been incurred (2021 —anil).
	Website
	Development
	f.
Cost
At 1 jul 2021 and 30 june 2022	242 939
Amortisation
At 1 july 2021	174,668
Charge for the year	51,663
At 30june 2021	226,331
Net book value
At 30june 2022	16,608
At 30june 2021	68,271

	Leasehold	Fixtures	Total
	Improvements	and
		Fittings
		f.
Cost
At 1 july 2021	221,655	54,220	275,875
Additions		2,750	2,750
At 30june 2022	221,655	56,970	278,625
Depreciation
At 1july2021	44,066	11,576	55,642
Charge for the year	44,066	11,362	55,428
At 30june 2022	88,132	22,938	111,070
Net book value
At 30june 2022	133,523	34,032	167,555
At 30june 2021	177,589	42,644	220,233

roup
		Investments	in
		Associate
		Companies
			f.
Cost or	valuation
At 1 jul	2021 and 30 june 2022		20
Charity
Net book value
At 1 jul	2021 and 30 june 2022	277	460

he following were subsidiary unde	rtakings ofth	e Charity:
Name	Com an	Number	Princi al	Activit
NUS Services Limited	01639519		Wholesale
NUS Holdings Limited	01158893		Dormant	company
Student Discount Cards Limited	08873775		Discount	cards
Class ofShares	Class ofShares		Holding
NUS Services Limited	Ordinary A	and Bshares	97%
NUS Holdings Limited	Ordinary shares		97% (held indirectly)
Student Discount Cards Limited	Ordinary A	and Bshares	100%

022
Name			Income	Expenditure	Profit/(Loss)	Net Assets/
			and gains			(Liabilities) K
			f.
NUS Services		Limited	2,556,577	(1,855,551)	701,026	3,124,548
NUS Holdings		Limited		(2,195)	(2,195)	179,074
Student	Discount Cards		112,520	(144,735)	(32,215)	12,461
Limited
021
Name			Income	Expenditure	Profit/(Loss)	Net Assets/
			f.			(Liabilities) K
NUS Services		Limited	6,739,644	(979,897)	5,759,747	3,638,326
NUS Holdings		Limited	8,755	(12,501)	(3,746)	181,269
Student	Discount Cards		74,048	(113,531)	(39,483)	44,676
Limited

4.Debtors
						Group		Charity
					2022	2021	2022	2021
						As restated
Trade debtors					1,183,517	527,749	66,593	196,307
Amounts owed		by	group	undertakings	230,925	1,326	986,491	1,326
Other Debtors					47,620	91,890
Other taxation		and social		security	65,819	59,514	65,819	54,069
Deferred taxation			(Note 16)			600,000
Prepayments	and		accrued	income	146,018	128,230	144,489	128,230
					1,673,899	1,408,709	1,263,393	379,932

5.Cred	itors:	amounts falling due	within one yea	r
				Group		Charity
			2022	2021	2022	2021
				As restated
			f.	f.	f.	f.
Trade creditors			500,628	365,150	244,026	201,375
Amounts	owed	to group undertakings		71,230	3,366,690	3,169,575
Other taxation		and social security	191,497	78,639	37,554	34,529
Other creditors			2,122,919	1,795,654	141,266	129,333
Deferred	income (Note 17)		96,100		96,100
Accrua Is			122 029	127 188	122 029	118829
			3 033 173	2 437 861	4 007 665	3 653 641

			2022	2021
			f.	f.
At 1 july	2021
Amount	released	to income
Amount	deferred	in the year	96,100
At 30june 2022			96,100

roup
		2022	2021
		f.
At beginning	ofyear	600,000	696,644
Char ed to	rofit or loss	600 000	96 644
At end of	ear		600 000
		Group 2022	Group 2021
		f.
Pension deficit			600 000

Present	value of	provision	provision				2022	2021
							f.	f.
SUSS Pension scheme							2 481 795	3 081 487
Shown as:
Creditors:	amounts	falling	due within		one year		182,988	172,568
Creditors:	amounts	fallin	due on more than one			ear	2 298 807	2 908919
							2,481,795	3,081,487
Reconciliation of		opening		and closing provision				2022
								f.
Provision	as at 30june 2021							3,081,487
Unwinding	of discount factor							47,982
Deficit contributions		paid						(172,587)
Movement	in net	resent	value calculation					475 069
Closin	rovision	as at	30	3une 2022				2481813

Start	End	Year	Annual	Annual	Monthly
			Increase	contributions	Payment
jul-22	Oct-22	2021	8%	59,028	14,757
Nov-22	Oct-23	2022	5%	185,938	15,495
Nov-23	Oct-24	2023	5%	195,235	16,270
Nov-24	Oct-25	2024	5%	204,997	17,083
Nov-25	Oct-26	2025	5%	215,246	17,937
Nov-26	Oct-27	2026	5%	226,009	18,834
Nov-27	Oct-28	2027	5%	237,309	19,776
Nov-28	Oct-29	2028	5%	249,175	20,765
Nov-29	Oct-30	2029	5%	261,633	21,803
Nov-30	Oct-31	2030	5%	274,715	22,893
Nov-31	Oct-32	2031	5%	288,451	24,038
Nov-32	Oct-33	2032	5%	302,873	25,239
Nov-33	Oct-34	2033	5%	318,017	26,501
Nov-34	Oct-35	2034	5%	333,918	27,826
ssumptions
			2022	2021	2020
			0/o	~/o	~/o
Rate of discount			3.70	1.50	1.50

		2022	2021
		f.	f.
Expiry	date:
Within	one year	144,664	70,532
Between one and five years		164,564	152,814
		309,228	223,346

Statement	Statement	offunds	offunds	- current year	- current year
(Group)				Balance at 30	Income	Expenditure	Gains	Transfers in/out E	Balance at 30
				3une					3une
				2021					2022
				E
Unrestricted
funds:
Designated			funds
100year				100,000				(100,000)
anniversary
General	funds
General	funds		—all	3,799,295	3,066,236	(3,651,779)	475,069	100,000	3,788,821
funds
Total
Unrestricted				3,899,295	3,066,236	(3,651,779)	475,069		3,788,821
funds
Restricted		funds:
Horizon					22,080	(22,080)
Spirit of	AMSU			8,981					8,981
Scottish	Funding				205,271	(205,271)
Council
Student	Mental				84,820	(84,820)
Health
NUS Wales					60,000	(60,000)
Effective	SU's
Apprentice		funding		4,900	75,500	(80,400)
				13,881	447,671	(452,571)			8,981
Total offunds				3,913,176	3,513,907	(4,104,350)	475,069		3,797,802

Statement offunds	—prior	year
Group
		Balance at 30		Income E	Expenditure E	Transfers in/out f	Balance at 30
			3une				3une
			2020f				2021f
Unrestricted funds:
Designated funds
100year anniversary			100,000				100,000
General funds
General funds —all funds		3,523,518		2,416,239	(2,140,462)		3,799,295
Total Unrestricted	funds	3,623,518		2,416,239	(2,140,462)		3,899,295
Restricted funds:
Apprentice cards			191,119		(191,119)
Spirit of AMSU			8,981				8,981
Scottish Funding Council				188,208	(188,208)
Student Mental Health				87,792	(87,792)
NUS Wales Effective	SU's			40,000	(40,000)
Apprentice funding				4,900			4,900
			200,100	320,900	(507,119)		13,881
Total offunds		3,823,618		2,737,139	(2,647,581)		3,913,176

				Unrestricted
				Funds	Restricted	Total Funds
				2022	2022	2022
				E	E	E
Tangible	fixed assets			167,555		167,555
Intangible	fixed assets			16,608		16,608
Investments				20		20
Current assets				8,936,618	8,981	8,945,599
Creditors	due within	one	year	(3,033,173)		(3,033,173)
Creditors	due after one		ear	2 298 807		2 298 807
Total				3 788 821	8 981	3 797 802

djustment	is	as fol	lows:
						Group 2021	Group Adjustment	Group 2021
								As restated
								f.
Total trading		funds				3,378,490	16,525	3,393,015
Stock							2,342	2,342
Debtors:	amounts		falling	due within	one year	1,437,582	(28,873)	1,408,709
Cash at bank		and	in hand			7,487,613	72,768	7,560,381
Creditors:	amounts		falling	due within	one year	2 406 129	31732	2 437 861