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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|
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|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%|
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||||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)|
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|Company
No: 076239
31JULY 2023|17||||||
|---|---|---|---|---|---|---|
||||||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|
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||||||||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|
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|||||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|
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|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|
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|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|
##
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|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||||||
##
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|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|
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|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|
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|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||
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|||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|
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|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||K|6|
|Financial|liabilities|measured|at|present|value:|||
|Pension|deficit|||||1,270,614|1,288,211|
|||||||1278614|1288211|
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||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|
##
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|||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)|
##
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|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)|
##
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|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|
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