2023-07-31-accounts - University of Lancashire Students' Union

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CONTENTS		PAGE
Trustee Board and Union Information
Report ofthe Trustees
Independent Auditors'	Report to the Members	22
Statement of Financial	Activities	26
Balance Sheet		27
Cash Flow Statement		28
Notes to the Financial	Statements	29

Board Members	Trustee Category		Meetings attended
			%Attendance
Raham Odjegba	Officer - Union President		5 (of5)(100%)
Nikita Patel	Officer - Vice President	Education	4 (of5)(80%)
Katie Sandison	Officer - Vice President	Activities	1 (of2)(50%)
Nitam Mehta	Officer - Vice President	Welfare	3 (of5)(60%)
Emma Sims	External		3 (of5)(60%)
Jill Wells	External		1 (of 1)(100%)
Geoff Birch	External		5(of5)(100%)
Nicola Mason Jose Sedano-Martinez	External External		5(of5)(100%) 4 (of5)(80%)
Dana Hemsley	Student		0 (of4)(0%)
Aicha Khan	Student		3 (of4)(75%)
Anita Muathe Rufus Onetufo	Student Student		0 (of3)(0%) 0 of3 0%

			2023		2022
		Restricted	Unrestricted	Total	Total
	Note	E	6		6
INCOME FROM:
Voluntary income			1,359,636	1,359,636	1,324,495
Grants and other funding
Charitable activities		759,310	600,416	1,359,726	1,020,424
Other trading activities			3,066	3,066	6,101
Investments			1,700	1,700	926
Income from Operations		759,310	1,964,818	2,724,128	2,351,946
EXPENDITURE ON:
Charitable activities:
Membership services	7,9	700,862	1,283,949	1,984,811	1,769,805
Primary purpose trading	7,9	64,589	598,374	662,963	477,009
Expenditure from Operations	7-9	765,451	1,882,323	2,647,774	2,246,814
Pension Discount Unwinding Cost	1121	73,621		73,621	(172,497)
Exceptional Expenditure			23,210	23,210	6,150
Total Expenditure		839,072	1,905,533	2,744,605	2,080,467
Net Operating Result for the year - Surplus/(Deficit)		(6,141)	82,495	76,354	105,132
Net Result for the year Surplus/(Deficit)		(79,762)	59,285	(20,477)	271,479
Total funds brought forward		(1,202,904)	217,378	(985,526)	(1,257,005)
Reserves Transfer	20	84,439	(84,439)
Total funds carried forward		(1,198,227)	192,224	(1,006,003)	(985,526)

Company No: 076239 31JULY 2023
				31/07/2023	31/07/2022
			Note	6 f	6
FIXEDASSETS
Tangible fixed assets			13	26,422	20,420
Investments			14	1	1
CURRENT ASSETS				26,423	20,421
Stock			15	22,658	20,217
Debtors			16	81,780	57,654
Cash at bank and in hand				287,539	325,650
				391,977	403,521
CREDITORS:
Amounts due within one year			17	(249,567)	(212,109)
NET CURRENT ASSETS				142,410	191,412
Total assets less current		liabilities		168,833	211,833
CREDITORS:
Amounts due after more NET ASSETS	than one year		18 20,24	~1,174,836 ~3850853	103579. ~985.520
FUNDS
Restricted funds
- Pension Deficit Reserve - Students' Societies 8 Club Funds - Total Restricted Funds				(1,270,614) 72,387 ~1,198,227	(1,288,210) 85,306 ~1,202,904
Unrestricted funds
- General Funds				135,922	173,019
- Designated Funds				56 302	44,359
- Total Unrestricted	Funds			192224	217,378
TOTAL FUNDS			20	~3556083	~080,526

							2023	2022
Net cash (oufflow)/inflow			from		operating
activities						26	77,716	173,346
Investin	activities
Payments	to acquire	tangible			fixed assets		(26,308)	(6,321)
Net cash	flow from	investing			activities		(26,308)	(6,321)
Finanein	activities
Repayment	ofPension		Deficit				(91,219)	(85,756)
Interest received							1 7oo	926
Net cash activities	flow from/(used			in) financing			(89,519)	(84,830)
Increase/(Decrease)		in	cash	and cash
equivalents							(38,111)	82,195
Cash and	cash equivalents			at	start ofyear		325,650	243453
Cash and	cash equivalents			at	end ofyear		287 539	325648

				Restricted	Unrestricted	Total
						2023
						8
Voice				261,291	5,020	266,311
Life
Community				433,429	57,496	490,925
Membership	Services			694,720	62,516	757,236
Primary Purpose Trading Activities				64,590	537,900	602,490
Total				759,310	600,416	1,359,726
Charitable activities
Direct Income	from charitable		activities		600,416	600,416
Benefit in kind—
Accommodation		&Service		587,172		587,172
Clubs and Societies - Income				172138		172,138
				759,310	600,416	1,359726
				Restricted	Unrestricted	Total
						2022
				8		8
Voice				129,164	7,180	136,344
Life				129,164	(1,251)	127,913
Community				289,382	39,845	329,227
Membership Services				547710	45,774	593484
Primary Purpose Trading Activities				43,055	383,885	426,940
Total				590765	429,659	1 020,424
Charitable activities
Direct Income	from charitable		activities		429,659	429,659
Benefit in kind—
Accommodation		&Service		430,548		430,548
Clubs and Societies - Income				160,217		160217
				590,765	429,659	1,020,424

YE	AR ENDED 31JULY 202	AR ENDED 31JULY 202	AR ENDED 31JULY 202	AR ENDED 31JULY 202	3
6.	OTHER TRADING INCOME
						Restricted		Unrestricted		Total
										2023
							6		6	6
	Marketing							1,338		1,338
	Digital Income							555		555
	Commission							1,173		1 173
								3,066		3,066
						Restricted		Unrestricted		Total
										2022
									6	f
	Marketing							5,268		5,268
	Profit on sale oftangible			fixed assets					833	833
								6,101		6 101
7.	EXPENDITURE ON CHARITABLE ACTIVITIES
	Restricted and Unrestricted				Expenditure	by Theme
						Restricted	Unrestricted			Total
										2023
										6
	Membership	Services
	Voice					261,291		739,014		1,000,305
	Community					436,789		544,781		981,570
	Projects					2,782		154		2,936
						700,862		1,283,949		1,984,811
	Primary Purpose Trading			Activities		64,589		598,374		662,963
						765,451		1,882,323		2,647,774
	Direct Costs	Plus Benefit		in	Kind
	Direct expenditure							1,882,323		1,882,323
	Clubs and Societies - Expenditure					175,497				175,497
	Benefit in Kind —Accom		&	Services		587,172				587,172
	Projects in membership		services			2,782				2,782
						765,451		1,882,323		2,647,774
						Restricted		Unrestricted		Total
										2022
	Nlembership	Services
	Voice					129,164		694,053		823,217
	Life					129,164		137,491		266,655
	Community					291,067		388,662		679,729
	Projects					204				204
						549,599		1,220,206		1,769,805
	Primary Purpose Trading			Activities		43,055		433,954		477 009
						592,654		1,654,160		2,246,814

EXPENDITURE ON CHARITABLE ACTI	VITIES (continued	)
Direct Costs Plus Benefit in Kind
Direct expenditure on charitable
activities		1,654,160	1,654,160
Clubs and Societies - Expenditure	161,902		161,902
Benefit in Kind —Accom &Services	430,548		430,548
Projects in membership services	204		204
	592,654	1,654,160	2,246,814

Direct &	Sup	port Expenditure by Them	e
			Activities
			undertaken	Support
			directly	costs	Total 2023
				6
Membership		Services
Voice			861,743	138,562	1,000,305
Life &Community			843,008	138,562	981,570
projects			2,936		2,936
			1,707 687	277,124	1,984,811
Primary	Purpose Trading Activities		828,712	34,251	682,963
Total			2,336,399	311,375	2,647,774
			Activities
			undertaken	Support
			directly	costs	Total 2022
			6
Membership		Services
Voice			733,917	89,300	823,217
Life			177,355	89,300	266,655
Community			590,428	89,301	679,729
Projects			204		204
			1,501,904	267,901	1,769,805
Primary	Purpose Trading Activities		447,242	29,767	477,009
Total			1,949,146	297,668	2,246,814

Charitable expe	nditure by cost	type
			Primary
			Purpose	Central
		Membership	Trading	Support	Total
		Services	Activities	Costs	2023
		f	6	6	f
Cost of Sale/Activity	Costs	49,787	239,296	203	289,286
Wages & Salaries		748,698	247,336	177,115	1,173,149
Training and Subsistence		10,195	2,354	11,623	24,172
Other employment	costs	3,605	62	22,065	25,732
NUS Affiliation Fee		32,196			32,196
Club 8 Society Support		83,601	124	6,537	90,262
Administration		8,363	372	25,739	34,474
Insurance		5,944		18,295	24,239
Repairs and Maintenance		32	7,893	2,609	10,534
Essential Materials		5,177	22,469		27,646
Equipment and software		15,526	13,013	6,408	34,947
Motor Costs
Advertising &Promotions		11,291	8,078		19,369
Financial Costs		3,135	17,041	1,691	21,867
Professional Fees		34,718	974	18,298	53,990
Benefit in Kind - Accommodation		510,840	58,717	17,615	587,172
&Services
Depreciation —Building Costs		3,383	5,597		8,980
Depreciation —Fixtures &		2,763	5,386	3,177	11,326
Equipment
Restricted Project Costs		2,782			2,782
Restricted Club and	Society Costs	175,651			175,651
		1,707,687	628,712	311,375	2,647,774
Central Support Cost Allocation		277,124	34,251	f311,375)
		1,984,811	662,963		2,647,774
Total

Charitable expenditu	re by cost	type
			Primary
			Purpose	Central
		Membership	Trading	Support	Total
		Services	Activities	Costs	2022
			6	6	f.
Good for Resale		25,330	201,049		226,379
Salaries &Wages		751,608	155,944	176,351	1,083,903
Training, Development	&Travel	9,500		6,941	16,441
Other Employment Costs		1,433		28,011	29,444
NUS Affiliation		29,782			29,782
Clubs and Societies —Transport,
Facilities &Affiliation		71,255	165	7,766	79,186
Insurance		4,134		20,933	25,067
Buildings —Repairs and	Cleaning		10,646	2,437	13,083
Essential Materials		1,855	10,157	1,695	13,707
Equipment and Software		19,439	6,778	7,831	34,048
Minibus Expenditure		8,517			8,517
Advertising and Marketing		7,988	628		8,616
Finance Expenses		2,819	11,996	1,650	16,465
Professional Expenses		5,540	1,543	17,760	24,843
Administration Charges		13,242	(184)	4,090	17,148
Depreciation —Building	Costs	8,644	689	812	10,145
Depreciation —Fixtures	&
Equipment		4,135	9,082	4,169	17,386
Benefit in kind - Accommodation
and Services		374,577	38,749	17,222	430,548
Restricted Club and Society Costs		161,902			161,902
Restricted Project costs		204			204
		1,501,904	447,242	297668	2,246814
Central Support Cost Allocation		267 901	29,767	297,668
Total		1 769805	477,009		2246 814

OVERNANCE COSTS
	Total	Total
	2023	2022
Audit	8,500	8,500
Insurance	1,445	1333
Travel Expenses	96
Board away day	400	832
Board expenses	41	1,047
Gifts	28
Training events	10,470	8,365
Software		5,797
Civil Subscription	3,608	4,500
	24,588	30,374

		Restricted	Unrestricted	Total
				2023f
Long Term Sickness			16,800	16,800
Redundancies			3,910	3,910
Old Invoices —Trading Services			2,500	2,500
SUSS Pension	Unwinding/Revaluation	73,621		73,621
		73,621	23210	96831

		Restricted	Unrestricted	Total
				2022f
Salary fraud			1,378	1,378
Stock write off			4,772	4,772
SUSS Pension	Deficit Discount
Unwinding		172,497		172,497
		172,497	6,150	166,347

STAFF	COSTS AND NUMBERS
		Total	Total
		2023	2022
		6	6
Wages	and salaries	1,007,817	925,861
National	insurance	78,314	75,368
Pension	costs	87218	82674
		1173,149	1 083903

				2023	2022
				No.	No.
	Full time staff			36	37
	Student staff			40	35
				76	72
13.	FIXEDASSETS
		Building	Fixtures &
		costs	Equipment	Total
		6	6	6
	Cost
	As at 1 August 2022	1,054,667	556,197	1,610,864
	Additions	23,523	2,785	26,308
	Disposals
	As at 31 July 2023	1,078,190	558,982	1,637,172
	Accumulated depreciation
	As at 1 August 2022	1,051,284	539,160	1,590,444
	Charge for the year	8,980	11,326	20,306
	On Disposals
	As at 31 July 2023	1,060,264	550,486	1,610,750
	Net book value
	31 July 2023	17,926	8,496	26,422
	31 July 2022	3,383	17,037	20,420

		2023	2022
		6	6
Trade creditors		64,633	45,189
Social security and other taxes		20,488	21,311
Other creditors		49,796	35,927
Accruals and deferred	income	18,873	18,830
Pension liability		95,777	90,852
		249567	212,109

	2023	2022
	6	6
Pension liability	1 174,836	1,197359
	1,174,836	1 197359
Repayment due as follows:
Due 1-2 Years Due 2-5 Years Due 5+Years	195,556 449,307 529 973	186,245 315,763 695351
	1 174836	1197359

						2023	2022
						K	6
Financial	liabilities	measured	at	present	value:
Pension	deficit					1,270,614	1,288,211
						1278614	1288211

	At 1 August 2022	Incoming resources	Resources expended	Transfers	At 31July 2023
Restricted Funds
Pension Deficit Fund Benefit in kind— Accommodation and Service	(1,288,211)	587,172	(73,621) (587,172)	91,218	(1,270,614)
Clubs and Societies	75,690	166,559	(175,497)	(6,779)	59,973
Student Union Projects	9,617	5,579	2,782		12,414
Total Restricted Funds	1,202,904	759,310	839,072	84,439	1 198227
Unrestricted Funds
Accumulated General Fund	173,019	1,asa,soo	1,90s,379	91,218	135,922
Total General Funds	173019	1,959,500	1,905379	91,218	135,922
Designated funds
Film and arts designated
fund	5,113				5,113
Sport Ball funds Clubs and Societies bidding	4,717		(154)		4,563
reserve	22,412				22,412
Clubs and Societies archived	12,417			8,779	19,196
Homes for Students	(300)	300
Development Sport		5,018			5,018
Total Designated Funds	44,359	5,318	154	6,779	56302
Total Unrestricted Funds	217,378	1 964818	1,905,533	84,439	192224
Total Funds	985,526	2724 128	2,744,605		1 006003

		At 1 August 2021	incoming resources	Resources expended	Transfers	At 31July 2022
Restricted Funds
Pension Deficit Fund Benefit in kind— Accommodation and Service		«1,546,464)	430,548	172,497 (430,548)	85,756	(1,288,211)
Clubs and Societies		91,003	152,049	(161,902)	(5,460)	75,690
Student union projects			8,168	204	1,653	9617
Total Restricted Funds		1,455,461	590,765	420,157	81949	1,202,904
Unrestricted Funds
Accumulated General	Fund	157904	1 761,181	1660310	85,756	173 019
Total General Funds		157,904	1 761,181	1,660310	85756	173019
Designated funds
Film and arts designated
fund		5,113				5,113
Sport Ballfunds		4,717				4,717
Clubs and Societies bidding
reserve		23,177			(765)	22,412
Clubs and Societies archived		6,945			5,472	12,417
Homes for students		600			900	300
Total Designated Funds		40,552			3,807	44,359
Total Unrestricted Funds		198,456	1,781,181	(1,660,3101	81,949	217,378
Total Funds		(1,257,005)	2,351,946	(2,080,467)		(985,526)

ET ASSETS BYFUNDS
	Restricted	Unrestricted	Total
			2023
		F
Tangible Fixed Assets		26,422	26,422
Investments		1	1
Net Current Assets	(23,391)	165,801	142,410
Liabilities due after more than one year	(1,174,835)		(1,174,836)
Total Funds	(1,198,227)	192,224	(1,006,003)
Available Reserves	72,387	192,224	264,611
Accounting Reserves	(1,270,614)		(1,270,614)
Total Reserves	(1,198,227)	192,224	(1,006,003)
	Restricted	Unrestricted	Total
			2022
		6
Tangible Fixed Assets		20,420	20,420
Investments		1	1
Net Current Assets/(Liabilities)	(5,545)	196,957	191,412
Liabilities due after more than one year	(1,197,359)		(1,197,359)
Total Funds	(1,202,904)	217,378	(985,526)
Available Reserves	85,307	217,378	302,685
Accounting Reserves	(1,288,211)		(1,288,211)
Total Reserves	(1 202 904)	217,378	(985,526)

ECONCILIATION OF OPERATING CASH	FLOW
		2023	2022
		6	6
Cash flows from operating activities
Surplus for the financial year		(20,477)	271,479
Adjustments to reconcile profit forthe year to net cash from
operating activities
Interest received		(1,700)	(926)
Depreciation		20,306	27,531
(Increase)/decrease in inventories		(2,441)	6,003
Decrease in trade and other debtors		(24,126)	44,114
Increase in trade and other creditors		32,533	(2,358)
Add back Pension Discount Unwinding	Costs	73,621	(172,497)
Cash generated from operating activities		77,716	173,346