##
||||||||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|
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|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|
##
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##
|.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|