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2020-07-31-accounts

REGISTERED CHARITY NUMBER: 1143960

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

FOR

CRANFIELD STUDENTS' ASSOCIATION

CRANFIELD STUDENTS' ASSOCIATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 31
Detailed Statement of Financial Activities 32 to 34

CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

The Trustees present their report with the financial statements of the charity for the year ended 31 July 2020. The Trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice for charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP 2019 (FRS 102) effective 1 January 2019).

Page 1

CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

OBJECTIVES AND ACTIVITIES

Cranfield Students' Association's (CSA) objects are the advancement of education of Students at Cranfield University for the public benefit by

(i) Promoting the interests and welfare of Students at Cranfield University during their course of study and representing, supporting and advising Students;

(ii) Being the recognised representative channel between Students and Cranfield University and any other external bodies; (iii) Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

The CSA fulfils these objects through a wide range of projects and activities based upon the needs and wishes of its members.

Success is in achieving these objectives is measured by levels of student engagement in the widest sense. This includes numbers of officers and course representatives elected and their attendance at committees, the impact of campaigns, numbers of students organising and taking part in student activities and feedback provided through the University's student satisfaction surveys.

The objectives are practically fulfilled by operating a bar, café and shop for the benefit of the students. The President and Executive Officers liaise with the students in order to provide effective representation.

The charity also supports and facilitates a broad range of clubs and societies. It does this through the reasonable use of CSA's resources and facilities in the form of administrative and organisational support, use of relevant equipment owned by CSA and monies to the extent of the society's budget and available CSA funds.

Grant Making Policy

Shrivenham Policy

i) Grants of up to £100 may be made to registered students of Cranfield Defence & Security to support their studies. ii) A student may only have one grant in any academic year / year of study.

iii) Grants may only be awarded for study travel, fieldwork, conferences and similar activities.

iv) Grants are awarded at the discretion of the CSA Shrivenham Executive Committee.

Due to the impact of Covid-19, eligibility was extended for a limited period to other areas of academic study assessed on a case-by-case basis.

Clubs & Societies Policy

i) Grants may be awarded to any properly constituted CSA club or society in line with the CSA bye-laws. ii) Applications for grants must be made to the Clubs & Societies Committee prior to meetings of that committee. iii) The Clubs & Societies Committee is elected at a meeting to which all Presidents, Captains or other lead organisers are invited. iv) Grants of over £100 are awarded at the discretion of the clubs & societies committee.

v) The Clubs & Societies Committee may draw up guidelines as principles for the awarding of grants as they see fit in any year. vi) the CSA bye-laws 15.17 - 15.25 apply.

Public Benefit

The Trustees have regard to Charity Commission guidance on public benefit in Section 4 of the Charities Act.

CRANFIELD STUDENTS' ASSOCIATION AND COVID-19

Follow guidelines issued by HM Government and specific instructions from Cranfield University, the CSA ceased all operations involving physical contact on 23rd March 2020. In practice, this meant ending all sporting and similar group activities and closing of the on-site office, bar, cafe and shop operations, although the shop did continue a very low level of on line sales. All staff directly employed by the CSA were immediately furloughed under the government's job retention scheme. Staff employed by Cranfield University were furloughed on a rota basis.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

A small number of activities continued on-line, managed by Officers and staff working from home, and these are described in the relevant sections.

Cranfield University and the CSA re-opened in late September 2020, in order to welcome the new intake of students in October. Safe working systems were implemented to enable services to be provided in safe form to students for the academic year 2020-21.

The national lockdown in November resulted in a reduction in service, and the potential for future lockdowns has been considered by management.

Management has considered the consequences of COVID-19 as well as other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the CSA’s ability to continue to operate as a benefit to students of Cranfield University and the wider community.

The currently known impacts of COVID-19, on the CSA, are that:

Although there was a significant drop in revenue for the period the CSA ceased operations, management do no not believe this causes a material uncertainty for the CSA's ability to continue as a going concern. This is due to the fact that the CSA is an essential service of Cranfield University, and therefore should be supported by the University while the CSA is unable to operate a full capacity.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

ACHIEVEMENT AND PERFORMANCE Representation, welfare and support

Promotion of the interests of students of Cranfield University is an important role of the CSA. During the course of the year, a number of issues were raised on behalf of students, with some notable successes.

A vital part of this progress was the continued improvement in student representation within the University. The recruitment, training and engagement with Course Representatives continues to be reviewed in partnership with the University. 2019-20 was one of the best years for Course Representatives and engagement levels were high. Student representation following relocation of Cranfield Defence and Security Forensic Courses to the Cranfield Campus continued to be discussed as it was recognised that the CSA will need to be flexible during a period of change.

CSA Officers and staff continued to sit on most University committees, providing an important student voice at all levels of the University. Most notably, the CSA continued engagement with the Student Experience PSU of the University and Student Experience Committee.

CSA Officers and staff visited individual schools as part of an outreach programme to engage with members at a local level. A number of issues were raised and taken forward to the University, and at the end of the year feedback supplied to students.

For a ninth year, the CSA organised the Student Led Teaching Awards (SLTA) / Student Choice Awards (SCA) to allow students to recognise those members of staff who made outstanding contributions to learning and support. The nomination process was truncated by the Covid-19 impact, but winners were still determine and awards made, although there could not be an awards ceremony this year.

On an individual basis, the CSA Officers and/or staff represented students in their appeals or other complaints to the University with the aim of obtaining the best practical outcome for the individual concerned in each case. The year was again challenging as a number of complex and time-consuming cases were addressed. This work is dependent upon the maintenance of strong and trusting relationships with University staff, whilst continuing to act as an independent body.

Despite being a small University, the CSA continued to help students to have a voice at a national level, whether by students attending NUS events or the organisation as a whole taking part in campaigns and consultation wherever relevant.

As ever, numerous small initiatives made improvements to the student experience in response to member needs and requests.

Social and recreational activities

As both campuses of Cranfield University are small, and all students are postgraduate and time limited, the role of the CSA in providing social activities is vital.

The numbers of cultural, interest-based and sporting clubs & societies has now reached the maximum number that can be properly supported. New groups were established, often with great success, and others disbanded as student demands changed. Ongoing groups continued to provide diverse and vibrant opportunities. Following the previous two years' success, the CSA continued to fund external coaches for some sports teams to reduce the burden on student organisers. This initiative led to proposals for the on-going funding of sport at the University and a number of options were put forward, and are still being considered by the University. Capital investment for clubs & societies was on a minor scale as Covid-19 intervened before the normal capital grant request period started.

In addition, one-off events targeted particular groups of students, as well as being of general appeal, to ensure that there was something for everyone over the course of the year and address under engagement. These included a children's Christmas party, firework display, International Week, Cranfield sports day and children's bouncy fun day. Coach trips to places of interest in the UK continued to be an important element of the programme, being of both social and educational benefit.

The CSA and University worked together to produce a successful social programme for pre-Masters English language students over the summer. The programme is of particular importance as it welcomes students who are arriving at Cranfield as most cohorts are close to leaving the University.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

The CSA at Shrivenham organised its most extensive and diverse programme of activities for many years. There was an increase in student engagement and satisfaction. These events remain vital to the social cohesion of a small community, and will continue to do so following the move of Forensic Science to Cranfield campus.

The CSA continued to provide a range of opportunities for its members to enhance their personal development. These included organising clubs and societies, managing individual events, providing entertainment by bands and DJs and various media roles, as well as work opportunities in the CSA bar, cafe and shop and acting as Executive Officers and/or Trustees.

Other Activities

The CSA continues to support a policy of the provision of services to students, rather than with the intent of making significant profits. However, any surpluses are reinvested into the pursuit of the organisation's objectives. In 2019-20, the planned capital spend on infrastructure was relatively low following a few years of high investment. However, even this was cancelled due to the CSA closure the last five months of the year.

FINANCIAL REVIEW

Financial position

The year 2019-20 clearly split into two parts. Until the end of February, non-commercial income and expenditure were as expected, and trading surpluses were slightly ahead of budget in all areas. At this point there was strong confidence that the CSA would roughly break even on the year. Starting at the beginning of March students started to leave campus, and eventually the CSA closed its building on 23rd March. At which point the CSA's sole source of significant income was the University grants, whilst expenditure continued although to a reduced extent. The government job retention scheme enabled staff to be retained, although not working, through the summer, but some staff expenditure was still necessary. Therefore, the year was neither typical nor a true reflection of the overall state of the organisation, and it is to be expected that this situation will continue into 2020-21. The immediate impact was that the CSA had to use funds from its strong reserves to fund itself through this difficult time.

The CSA's gross income for the year 2019-20 from all sources was £723,992 (2019: £921,180). This included continued support from Cranfield University in the form of grants totalling £215,173 (2019: £223,524). Expenditure totalled £742,136 (2019: £919,537) creating an overall deficit for the year of £18,144 (2019: surplus £1,643). This included depreciation of assets totalling £18,108 (2019: £17,165), suggesting an operating cash deficit of £36 (2019: £18,808).

The CSA encourages strong and active clubs & societies at Cranfield University. To support these groups, the CSA holds their funds for safekeeping within its own accounts. At present, these funds total £26,464. This is slightly higher than previous years, due to the fact that clubs & societies were unable to operate for the last few months of the 2020 year as a result of the COVID-19 pandemic. This resulted in a decrease in expenditure and therefore a larger amount held by the CSA on behalf of the clubs & societies.

The block grant from Cranfield University for 2020-21 has been set at £198,408. In addition, a grant has been set for clubs & societies of £17,222 respectively. It should be noted that the CSA and University agreed that the previous Shrivenham-specific grant would be subsumed into the general grant, reflecting the move of Forensic Science to Cranfield campus from 2020-21. It is predicted that net commercial income and surplus will remain stable on the year, although absolute levels of both income and expenditure will fall due to the lack of trading during the early months. Therefore, it is the view of the trustees that the CSA has sufficient funds to meet its obligations.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

FINANCIAL REVIEW Reserves policy

The reserve policy of Cranfield Students' Association (CSA) is:

  1. The CSA maintains a financial reserve of unrestricted funds.

  2. The reserve protects the CSA against unexpected events, either significant changes in income or expenditure required in an emergency to protect the CSA's operations.

  3. The size of the unrestricted reserve is reviewed annually by the CSA Trustees at the time of the presentation of the annual accounts. This figure is based upon income and expenditure, but is mitigated by the CSA's mutually supportive relationship with the University.

  4. The size of the reserve may be varied to allow the CSA to accumulate funds for specified future expenditure.

  5. It is the intention that the CSA should operate on a zero-budget on an annual basis with no significant surplus or deficit.

  6. The Trustees may either authorise additional expenditure or require operational savings in any year to maintain the reserve at the required amount.

  7. This policy is reviewed every three years, or sooner at the Trustees' discretion.

There was a change in the value of fixed assets to £58,574 (2019: £72,567). Total funds stand at £283,535 (2019: £301,679) of which £259,458 are unrestricted (2019: £286,932) and £24,077 restricted (2019: £14,747). This presents a good cash flow situation based on strong and appropriate reserves in line with our reserve policy.

Principal Risks and Uncertainties

Risks are dealt with in the CSA Risk Management document, however the major risks that affect financial performance are as follows.

i) The University cuts CSA funding due to its own financial challenges or priorities (either in absolute or real terms). Examples might include the University's development of the University beacon facility or concentration of resources on MK:U. ii) The CSA commercial services fail to satisfy the needs of students, leading to overall dissatisfaction, a reduction in engagement and a fall in revenue.

iii) Inability to set and achieve reasonable budgets threatens the financial viability of the CSA.

iv) External fraud or theft or uncollectable bad debts result in significant financial loss to the CSA. These would be exacerbated if the CSA had weak financial controls.

However, these have now been overtaken by the possible impacts of the Covid-19 virus, both directly on the CSA and through the impact on the University as a whole. Particular concerns are the overall numbers of students, both on and off campuses, the degree of engagement of those students and the necessity for revised operating procedures and expenditure. The situation remains under continual review by the Trustees, Officers and staff of the CSA.

Major risks as a result of Covid-19 are as follows:

i) Decreased footfall of students around campus leads to a reduction in engagement and a fall in revenue. ii) Facilities are forced to close as a result of Government rules.

iii) The University requests that the CSA cease operation of its Bar & Café.

The major risks that could impact the CSA were reviewed by the Trustees and procedures agreed to mitigate those risks. These risks are monitored and mitigated by an annual management strategy meeting and the maintenance of adequate reserves.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

FINANCIAL REVIEW

Going concern

The financial statements have been prepared on a going concern basis.

The Trustees, having considered the ongoing viability of the CSA during and post this pandemic and having looked at a number of scenarios, are satisfied that it remains viable for the next 12 months and indeed on an ongoing basis. In addition the University has offered some support during this difficult time and the Trustees believe it therefore sees the CSA as an integral part of University life.

Having considered the consequences of COVID-19 and other events and conditions, the Trustees have determined that there are no material uncertainties that cast doubt upon the entity’s ability to continue as a going concern.

FUTURE PLANS

The CSA will continue to respond to the requirements of the University's structures to ensure that there is effective and appropriate representation of student views. In particular, this will address student representation on committees and further development and support for the Course Representative system. Continuing University development of the Student Experience Committee and the relocation of Cranfield Defence and Security will require input from CSA Officers and staff.

In addition to its direct responsibilities, the CSA is likely to be required to continue to contribute staff time on a unpaid consultancy basis to the MK:U (Milton Keynes University) Project. The CSA undertakes this work to ensure that students at the new university receive a good experience, and that the interweaving of MK:U and Cranfield University student experience activities are implemented to the benefit of Cranfield students.

The postponement of the University Beacon project to create a new hub on campus suggests that this will not be significant to CSA activities for the coming year, but remains a project that will require input in the future.

Further developments of the social programmes at both campuses will aim to ensure that events and activities are provided to engage with the maximum numbers of students. This is particularly important tin an uncertain environment, and the CSA recognises that activities and priorities will change as a result.

In light of the Government's COVID-19 Spring 2021 Response to ease the restrictions on the third national lockdown, the CSA will gradually reopen its commercial activities in the coming weeks and months but then to reduce them again in August until mid-September when students return to campus for the new academic year. This should allow us to flex the commercial operations in line with student demand and so offer the best outcome for the CSA during these difficult times.

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charter and Statutes of Cranfield University establish an Association of Students as a constitutional body of the University. The University has agreed that this shall be known as The Cranfield Students' Association (CSA). The governance of the Association is subject to the Charter, Statutes and Ordinances of the University.

Cranfield Students' Association was approved as an independent charity by the Charity Commission on 23rd September 2011. The CSA's charity number is 1143960.

CSA is a students' union within the meaning of the Education Act 1994, and is devoted to the educational interests and welfare of its Members (students).

Under the Education Act 1994, Cranfield University has a statutory duty to ensure that the CSA operates in a fair and democratic manner and is held to proper account for its finances. The CSA therefore works alongside Cranfield University in ensuring that the affairs of the CSA are properly conducted and that the educational and welfare needs of its Members are met.

CSA seeks to:

i) ensure that the diversity of its membership is recognised and that equal access is available to all Members of whatever origin or orientation;

ii) pursue its aims and objectives independent of any political party or religious group; and iii) pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society.

Two of the Officer Trustees are paid as part time Officers of the CSA. The President is a half time sabbatical post, working for the CSA alongside their studies. The Vice President (Shrivenham) is paid for 10 hours per month. Neither is paid for working as Trustees, and all other Trustees give their time voluntarily. These arrangements are in accordance with Charity Commission and NUS guidance on employment of trustees.

The trustees determine the overall strategic direction and development of the CSA. The Trustees delegated day-to-day power to the General Manager, until his resignation in April 2020. In the interim of an appointment of a General Manager, the day-to-day power has been delegated to the Director of Campus Services.

The Executive Committees represent the students of Cranfield University and their viewpoint to the Cranfield Students' Association trustees, management and various University operational committees. The opinions of the Executive Committees are prioritised by the CSA's operational managers when planning activities.

Training of both Trustees and Officers continues to be developed to reflect their responsibilities. This is an on-going process as the CSA works to ensure that its Trustees and Executive Officers have the greatest possible opportunity to succeed in their roles.

The general manager retired on 30th April 2020. Due to the Covid-19 situation, the recruitment process was postponed until reasonable confidence in receiving quality applications was restored. Martin Davey returned to work for the CSA on a casual employment basis after a one month hiatus to provide necessary managerial direction. This arrangement will continued until Martin Davey's departure on 20th November 2020.

There were no other changes made to the managerial staff or structure during the year.

The general manager was employed by Cranfield University who set pay and remuneration scales for this position, until his retirement on 30th April 2020. Upon the general managers return to work in June 2020, he was employed directly by the CSA, until his departure on 20th November 2020.

Appointment of Trustees

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

Officer and Student Trustees are elected by the student body as described in the CSA bye laws: Student Trustees every two years and Officer Trustees annually. External Trustees are recruited by the CSA Appointments Committee and confirmed by students at a general meeting as described in the CSA constitution and bye-laws. No external body may appoint a Trustee. All External Trustees must be approved by students at a general meeting before taking up their appointment, and they then serve for three years. All Trustees receive induction training, supported by documentation provided by the Charity Commission; further training may be provided by the University.

The Board of Trustees has authority to manage the affairs of CSA in a professional manner. The Members enjoy the right to elect a proportion of the Trustees and to dismiss all of the Trustees. The Board of Trustees gives the utmost consideration to the views of Members.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1143960

Principal address Building 114 Cranfield University Cranfield Bedford Bedfordshire MK43 0AL

Trustees

Joanna Flood External Trustee Stewart Oates External Trustee Maren Dangut External Trustee (appointed 25/11/2020) Anne Granger External Trustee Osas Ehigiator President (resigned 1/5/2020) Ben McIlwaine Vice-President (Cranfield) (resigned 22/4/2020) Ben McIlwaine Student Trustee (appointed 25/11/2020) Sarah Gosling Vice-President (Shrivenham) (resigned 22/4/2020) Alexslis Nyuyfoghan Maindeze Student Trustee (resigned 24/10/2019) Francesco Mastropierro Student Trustee (resigned 31/5/2020) Adedayo Ajayi Student Trustee (appointed 24/10/2019) Xi Lu President (appointed 1/5/2020) Dominic Thomas Vice-President (Cranfield) (appointed 22/4/2020) Federico Persico Vice-President (Shrivenham) (appointed 22/4/2020)

General Manager

Martin Davey - resigned 30th April 2020

Auditors

Wright Connections Limited, Statutory Auditor Bedford I-Lab Priory Business Park Stannard Way Bedford MK44 3RZ

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CRANFIELD STUDENTS' ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

REFERENCE AND ADMINISTRATIVE DETAILS Bankers

Natwest plc 49 High Street Woburn Sands Buckinghamshire MK17 8YX

Bankers

Natwest plc 49 High Street Woburn Sands Buckinghamshire MK17 8YX

During the year the following people served on the Executive Committee, together with the Presidents and Vice Presidents:

Cranfield Campus

Ester Edun International Officer Princewill Moh International Officer Zixin Wan Green Officer Naomi Sandford-DeQuincey Green Officer Jesus Lucero Residences & Services Officer Xi (Lucy) Lu Events Officer Temitope Ogunfusika Events Officer Sherifdeen Babalola SWEE Education Representative Carol Nandozi SWEE Education Representative Harirat Yakubu SWEE Research Representative Eduarda Giffoni SWEE Research Representative Sarang Sharma SATM Education Representative Ankit Gupta SATM Education Representative Esther Edun SATM Research Representative Xiaomeng Liu SATM Education Representative Krishnanjani Velivela SATM Education Representative Udo Ubachukwa SATM Research Representative

Shrivenham Campus

Encina Gutierrez Carazo Social Officer Emily Arnold Social Officer Marleen Vetter Publicity Officer Sammie Davies Publicity Officer Charlotte Loy Secretary / Welfare Officer Marleen Vetter Secretary / Welfare Officer Dan Powell Secretary / Welfare Officer

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CRANFIELD STUDENTS' ASSOCIATION

Opinion

We have audited the financial statements of Cranfield Students' Association (the 'charity') for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 12

REPORT OFTHE INDEPENDEiYf AUDITORS TO THE TRUSTEES OF Jn preparing th¢ financi￿ th¢ at¢ rwli >k for ass¢s8ing th¢ Clwitys ability to ￿0¢inUe as a going cottc disclosiD& as appli¢abl¢, matter5 ￿lated to going Concern a￿1 using thE going concern basis of aCQJUDtin8 vnie5s the tnL8tees either itttend to liquidate the ¢barity or to C¢￿ 0paatio￿ Orba￿ no realistic alternati￿ but to thy so. Ollr responsibiMtleJ for tbe udft of the fillanetsl stttmeDts Wc have b¢eTh appointed as auditor ut)der seaiott 145 of the C￿itieS Act 2011 afyl report ID x¢A)rd￿ with regulations made or h&ving effe¢t thcttthundcr xcetion 154 0fth￿ AeL Our objcctiv&s ar¢ to obtsin T¢wnable a￿]r￿n￿ alxjut whether the state[n￿ts as a whole are fre¢ from rnrial rnisstatemenl wbether due to frawl or erNY. ard to issw¢ an auditor's rryjort that includes our opiniott. ReaS0t￿b]e assuraDce is a bigh level of assur￿. but is a guaraDe thar all audit ¢oThlucted ID ac¢ordaDce with ISA$ (UK) will always detect a material mis5tatemcnt whcD It CXi5ts. MissiaicnThts can aTiSC frorn fThud or error and are considered ￿￿terIal 1£ iDdividually or ID the ag8regate, itrq could re&sothly bc ex￿trd to infiu¢w¢ th¢ economic thisioo8 of us¢ts taken on th¢ basis ofth¢s¢ fiDaDcial stat¢ments. A fi]rtber de5CriPtion of our reSpO￿51b111II&￿ for & a￿lit of thE 15 ILKated on the Fill￿￿￿al R¢porbng CouD¢iI's wtbsite at Www.fr.or&uklauditor￿￿1>llItIG￿. This dc5cription for[t￿part of ow Rq￿ of thc Jndwenknt Auditors. Use of report Thi5 report is made solely to the eb#riWs trusrees. as a t￿ty. in a¢cordaL¢e with Part 4 of the c1￿Ill￿ {Accounts and Reports) Regulations 2008. Our audit work has been Undert￿ell so that we rnight ststc to the charitys tnL8tees those rnatt¢rs we are requir•1 to stat¢ to them ill att audiiors, rtp)rt atml for other PUryKe. To the fullest extent permirta by law. we do not aGccpt or assume resp)nsI￿111ty to anyone otber than the ¢lJan"ty aod the cbwitys tsNste¢s as a body. for ow audit worl for this rem or for the opinions we bave formed Wright Conllectio￿ Limited. Ststufory Auditor Eli8ible to act as an auditor in ternL8 of Sedion 1212 of the compa￿ Act 21 Bedford l-lab Pri¢)ry Busittess Park Stannard Way B¢dford Tr￿￿44 3RZ 9 Mat¢b 2021 Page 13

CRANFIELD STUDENTS' ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
107,990
Charitable activities
5
Social & welfare
235,114
Other trading activities
3
227,938
Investment income
4
381
Total
571,423
EXPENDITURE ON
Raising funds
6
152,544
Charitable activities
7
Representation, social & welfare
446,353
Total
598,897
NET INCOME/(EXPENDITURE)
(27,474)
RECONCILIATION OF FUNDS
Total funds brought forward
286,932
TOTAL FUNDS CARRIED FORWARD
259,458		 Restricted
funds
£
125,347
27,222
-
-
152,569
-
143,239
143,239
9,330
14,747
24,077		 2020
Total
funds
£
233,337
262,336
227,938
381
723,992
152,544
589,592
742,136
(18,144)
301,679
283,535		 2019
Total
funds
£
199,031
391,871
329,875
403
921,180
227,986
691,551
919,537
1,643
300,036
301,679

The notes form part of these financial statements

Page 14

BALAI¥CE SHErr 31 JULY 2020 2020 Total 2019 Total FIXED ASSETS Tatlgible assets 14 74 74 72.567 CURRENT ASSETS Stocks Debtors Cash at bank alld iti Iwld 15 16 26J06 5.436 234 31,359 11.476 257 331 5A36 210 242307 24O77 300.166 CREDTfORS Amounts falling ￿]n one year 17 (41 J23) (41J23) (71,054) NET CURJiENT ASSETS 224 229.112 TOTAL ASSETS LESS CURRE￿ LIABIUTIES 259A58 283W5 301.679 NET A&SETS 159 283 301679 FUNDS Unrestricted funds R¢strict¢d fiwds 19 259,458 286,932 TOTAL FUNDS 283 301679 Th¢ financial were by th¢ Bwd of Trust¢¢5 aTKi autl¥Jrisal for iw on 9 March 2021 were sigwl on i¢s behalf by.. XiLu.Tn Stcwdrt Oates. Tr￿￿tre Pag¢ 15

CRANFIELD STUDENTS' ASSOCIATION

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2020
2020
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(19,256)
Net cash (used in)/provided by operating activities
(19,256)
Cash flows from investing activities
Purchase of tangible fixed assets
(4,114)
Interest received
381
Net cash used in investing activities
(3,733)
Change in cash and cash equivalents in the
reporting period
(22,989)
Cash and cash equivalents at the beginning of
the reporting period
2
257,331
Cash and cash equivalents at the end of the
reporting period
2
234,342		 2019
£
18,443
18,443
(70,550)
403
(70,147)
(51,704)
309,035
257,331

The notes form part of these financial statements

Page 16

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents at the end of the reporting period not
available for charitable purposes as held as agent		 2020
£
(18,144)
18,108
-
(381)
4,853
6,040
(29,732)
(19,256)
2020
26,464		 2019
£
1,643
17,165
393
(403)
1,376
(5,603)
3,872
18,443
2019
19,954

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/19 Cash flow At 31/7/20
£ £ £
Net cash
Cash at bank and in hand 257,331 (22,989) 234,342
**257,331 ** (22,989) 234,342
Total **257,331 ** (22,989) 234,342

The notes form part of these financial statements

Page 17

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Cranfield Students' Association is an un-incorporated charity. It's address and aims and activities can be found in the Report of the Trustees.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared on a going concern basis under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.

Donated services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Income from trading activities includes income earned from events and other trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Grant Income from the Government Coronavirus Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relate. The payroll liability has been incurred by the CSA, and it has therefore met the conditions to claim for that payroll accounting period.

continued...

Page 18

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES - continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Costs are allocated based on their relevance to the activity.

Grants payable to third parties are within the charitable objectives. Grants to institutions are to individual clubs and societies. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

The fixed assets are measured at cost and depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Cost includes costs directly attributable to making the asset capable of operating as intended.

Improvements to property -straight line over ten years Fixtures and fittings -25% on cost

Fixed assets are capitalised if they can be used for more than 1 year and cost at least £500. They are valued at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and Creditors receivable/payable within 1 year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Taxation

The charity is a not for profit organisation and is not subject to Corporation Tax

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.The cost of administering such funds are charged against the specific fund.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 19

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES - continued

Going concern

The financial statements have been prepared on a going concern basis as the Trustees have determined that there are no material uncertainties, including those as a result of COVID-19, that cast doubt upon the entities ability to continue in the foreseeable future.The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

2. DONATIONS AND LEGACIES

Donations
Donated Services
University grants
Clubs and societies reverted funds
Coronavirus Grants		 2020
£
125
125,347
62,604
-
45,261
233,337		 2019
£
-
136,023
60,781
2,227
-
199,031

Donated services consist of the wages and associated costs of the general manager, finance manager and CSA co-ordinator, who are all employed by Cranfield University but work full time on behalf of the association.

See note 23 for further details on reverted funds.

3.

OTHER TRADING ACTIVITIES

Shop income
Private events
Machine sales
Photo booth commission
Hanco commission
Room hire
NUS Extra
Marketing-Promotion/Adverts
Events
Sundry income		 2020
£
183,501
31,396
131
344
69
3,580
1,477
600
6,840
-
227,938		 2019
£
273,166
31,054
456
493
340
5,026
7,324
1,042
10,472
502
329,875

continued...

Page 20

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

4. INVESTMENT INCOME

Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Bar income
Cafe income
Grants
Grants received, included in the above, are as follows:
Shrivenham Campus
Clubs & societies
RAISING FUNDS
Other trading activities
Purchases
Staff costs
Space charges
Telephone
Maintenance
Sundries
Stock take
Light and heat		 2020
£
381
2020
Social &
welfare
£
86,021
149,093
27,222
262,336
2020
£
10,000
17,222
27,222
2020
£
120,784
24,139
3,237
150
197
1,395
548
2,094
152,544		 2019
£
403
2019
Total
activities
£
148,778
216,373
26,720
391,871
2019
£
10,000
16,720
26,720
2019
£
192,517
26,938
3,237
142
695
258
548
3,651
227,986

5. INCOME FROM CHARITABLE ACTIVITIES

6. RAISING FUNDS

continued...

Page 21

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

7. CHARITABLE ACTIVITIES COSTS

Representation, social & welfare
8.
GRANTS PAYABLE
Representation, social & welfare
The total grants paid to institutions during the year was a
Grants to individual clubs and societies
The total grants paid to individuals during the year was a
Grants to individual students on the Shrivenham campus
9.
SUPPORT COSTS
Representation, social & welfare
Support costs, included in the above, are as follows:
Bank charges
Wages
Social security
Sundries
Training
Executive Costs
Auditors' remuneration
Accountancy and legal fees		 Direct
Costs
£
419,629
s follows:
s follows:

Finance
£
**13,491 **		 Grant
funding of
activities
Support
(see note
costs (see
8)
note 9)
£
£
2,846
167,117
2020
£
2,846
2020
£
1,643
2020
£
1,166
Governance
Other
costs
£
£
146,065
7,561
2020
Representation,
social &
welfare
£
13,491
16,661
286
1,973
1,798
125,347
5,039
2,522
167,117		 Totals
£
589,592
2019
£
11,206
2019
£
9,308
2019
£
1,898
Totals
£
167,117
2019
Total
activities
£
14,742
14,629
267
1,717
1,963
137,891
7,250
1,512
179,971

continued...

Page 22

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

10. TRUSTEES' REMUNERATION AND BENEFITS

President 2020 2019
N Subramanian £0 £9,560
O Ehigiator £7,821 £869
Xi (Lucy) Lu £2,660 £0
Vice President (Shrivenham)
A Nuwal £0 £600
S Gosling £900 £300
F Persico £300 £0

The President is paid as a part time officer of the CSA which is a half time sabbatical post alongside their studies. The Vice President (Shrivenham) is paid for 10 hours per month. Neither is paid for working as Trustees.

All other Trustees give their time voluntarily. These arrangements are in accordance with Charity Commission and NUS guidance on employment of trustees.

Trustees' expenses

Expenses for travel and subsistence totalling £100 (2019: £1,232) were reimbursed to or paid on behalf of trustees. The total number of trustees who claimed or incurred expenses during the financial year was one. (2019: four)

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2020
£
196,411
8,122
2,776
207,309		 2019
£
195,182
7,124
2,006
204,312

The average monthly number of employees during the year was as follows:

Administration
Shop
Officers
Bar/Cafe		 2020
1
4
6
17
28		 2019
1
5
5
21
32

No employees received emoluments in excess of £60,000.

Staff costs include £11,682(2019: £11,329) paid to trustees.

In addition to the above, the general manager, finance manager and CSA co-ordinator are employed by Cranfield University but work full time on behalf of the association. Their salaries and related costs of £125,347 (2019: £136,023) are included as part of services provided in kind, not staff costs.

continued...

Page 23

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2020

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 60,781 138,250 199,031
Charitable activities
Social & welfare 365,151 26,720 391,871
Other trading activities 329,875 - 329,875
Investment income 403 - 403
Total 756,210 164,970 921,180
EXPENDITURE ON
Raising funds 227,986 - 227,986
Charitable activities
Representation, social & welfare 520,291 171,260 691,551
Total 748,277 171,260 919,537
NET INCOME/(EXPENDITURE) 7,933 (6,290) 1,643
RECONCILIATION OF FUNDS
Total funds brought forward 278,999 21,037 300,036
TOTAL FUNDS CARRIED FORWARD 286,932 14,747 301,679
13. NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR
Net incoming/(outgoing) resources is stated after charging/(crediting):
2020 2019
£ £
Audit fee 5,000 5,000
Accountancy 1,560 1,040
Depreciation 18,108 17,165
Operating lease payments 1,671 1,387

continued...

Page 24

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2020

14. TANGIBLE FIXED ASSETS

14.
TANGIBLE FIXED ASSETS
Improvements
to
property
£
COST
At 1 August 2019
257,008
Additions
-
Disposals
-
At 31 July 2020
257,008
DEPRECIATION
At 1 August 2019
204,621
Charge for year
7,825
Eliminated on disposal
-
At 31 July 2020
212,446
NET BOOK VALUE
At 31 July 2020
44,562
At 31 July 2019
52,387
15.
STOCKS
Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments		 Fixtures
and
fittings
£
138,432
4,114
(1,150)
141,396
118,252
10,282
(1,150)
127,384
14,012
20,180
2020
£
26,506
2020
£
593
418
4,425
5,436		 Totals
£
395,440
4,114
(1,150)
398,404
322,873
18,107
(1,150)
339,830
58,574
72,567
2019
£
31,359
2019
£
6,065
764
4,647
11,476

Page 25

continued...

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors
Clubs & societies
Accrued expenses		 2020
£
464
6,098
-
26,464
8,297
41,323		 2019
£
23,987
6,113
2,795
19,954
18,205
71,054

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2020
£
1,537
3,073
4,610		 2019
£
1,537
3,458
4,995

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Clubs & Societies
Shrivenham Campus
TOTAL FUNDS		 Net
movement
At 1/8/19
in funds
£
£
286,932
(27,474)
11,810
11,473
2,937
(2,143)
14,747
9,330
301,679
(18,144)		 At
31/7/20
£
259,458
23,283
**794 **
24,077
283,535

Page 26

continued...

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2020

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Clubs & Societies
Shrivenham Campus
University Grants
TOTAL FUNDS		 Incoming
resources
£
571,423
17,221
10,001
125,347
152,569
**723,992 **		 Resources
Movement
expended
in funds
£
£
(598,897)
(27,474)
(5,748)
11,473
(12,144)
(2,143)
(125,347)
-
(143,239)
9,330
(742,136)
(18,144)

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Clubs & Societies
Shrivenham Campus
TOTAL FUNDS		 Net
movement
At 1/8/18
in funds
£
£
278,999
7,933
14,643
(2,833)
6,394
(3,457)
21,037
(6,290)
300,036
1,643		 At
31/7/19
£
286,932
11,810
2,937
14,747
301,679

continued...

Page 27

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2020

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Clubs & Societies
Shrivenham Campus
University Grants
TOTAL FUNDS
A current year 12 months and prior year 12 months combined position is a
Unrestricted funds
General fund
Restricted funds
Clubs & Societies
Shrivenham Campus
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
756,210
(748,277)
7,933
18,948
(21,781)
(2,833)
9,999
(13,456)
(3,457)
136,023
(136,023)
-
164,970
(171,260)
(6,290)
921,180
(919,537)
1,643
s follows:
Net
movement
At
At 1/8/18
in funds
31/7/20
£
£
£
278,999
(19,541)
259,458
14,643
8,640
23,283
6,394
(5,600)
794
21,037
3,040
24,077
300,036
(16,501)
283,535

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,327,633 (1,347,174) (19,541)
Restricted funds
Clubs & Societies 36,169 (27,529) 8,640
Shrivenham Campus 20,000 (25,600) (5,600)
University Grants 261,370 (261,370) -
317,539 (314,499) 3,040
TOTAL FUNDS 1,645,172 (1,661,673) (16,501)

continued...

Page 28

20. EMPLOYEE BENEFIT OBLIGATIONS

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

19. MOVEMENT IN FUNDS - continued

Restricted Funds

The restricted funds are made up of the following:

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £2,776 (2019: £2,006).

21. RELATED PARTY DISCLOSURES

The trustees O Ehigiator & X Lu also acted as trustees for Cranfield University during the year.

The association made sales of £37,218 (2019: £41,798) to the university and made purchases from the university of £55,238 (2019: £66,265) The association also received core grant income and donated services in kind of £187,951 (2019: £196,804) from the university. The association also received a university departmental grant of £10,000 (2019: £10,000) specifically for the Shrivenham campus and a university restricted grant of £17,222 (2019: £16,720) specifically for student clubs and societies. The amount due from the university at the year end, which is included in trade debtors, is £575 (2019: £5,886). The amount due to the university at the year end, which is included in trade creditors, is £387 (2019: £1,746).

The student body operates various clubs and societies for which the CSA holds monies. The balance held at the year end is £26,464 (2019: £19,954) and the consequential liability is shown at note 17.

The association gave grants to various individual clubs and societies amounting to £1,680 (2019: £9,308).

The amount due from the Rugby Club at the year end, which is included in other debtors, is nil (2019: £496).

22. POST BALANCE SHEET EVENTS

As a result of the third national lockdown, the CSA was forced to close the CSA closed the bar and café in line with National lockdown: Stay at Home policy published 4 January 2021. These will re-open as when permitted. As a result of having to close these facilities, a deficit is predicted for the 2021 year end.

23.

FINANCIAL INSTRUMENTS

The carrying amounts of the charity's financial instruments are as follows:

2020 2019
£ £
Financial assets
Debt instruments measured at amortised cost:
Trade Debtors 593 6,065
Other Debtors 4,843 5,411
--------------- ---------------
5,436 11,476
Financial Liabilities
Debt instruments measured at amortised cost:
Trade Creditors 463 23,987
Other Creditors 0 2,795

continued...

Page 29

CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

23. FINANCIAL INSTRUMENTS - continued

VAT 6,098 6,113
Funds Held As Agent 26,464 19,954
-------------- ---------------
33,025 52,849

24. FUNDS HELD AS AGENT

Other creditors includes funds held on behalf of the individual student clubs & societies under Bye Law 15 para 21.

These payments and receipts only reflect transactions made and or received by CSA on behalf of the clubs and societies.

Under Bye Law 15 para. 24 balances held on account may be carried forward to following years. If a club or society does not re-register for two years, then all money in their accounts, however raised, reverts to the general CSA's funds. Monies during the year reverting to CSA under this Bye Law amounted to £0 (2019: £2,227).

Under Bye Law 15 Para 28 the individual clubs and societies are responsible for maintaining their own accounting records and preparation of relevant statutory accounts. As such the amounts paid and received by CSA on behalf of the clubs may not necessarily reflect all of the transactions of every club and society.

CSA acts as agent for these amounts paid and received during the year are as follows:

B/Fwd Received Paid Reverted Funds C/Fwd
19,954 15,524 9,014 0 26,464

The balance held by CSA on behalf of each club and society at the year end is:

Club/Society 2020 2019
£ £
Aeronautical Society 758 555
African Caribbean Society 120 140
Badminton Club 1,461 1,838
Basketball Club 1,951 1,686
Boardgames & Role Playing 165 250
BUCS 269 236
Catholic Society 101 0
CFD Society 37 90
Chess Club 66 66
Christian Union 26 1
Circuit Training 5,019 3,969
Consulting Society 170 170
CranSEDS 1,429 476
Cricket 356 831
Cycling Club 75 75
Dance Society 239 239
Debate Society 18 18
Energy (SEEM) 11 55
Entrepreneurship Society 135 135
Finance Society 113 113
Football Club 1,590 1,121
Futsal 158 158
Greek Society 40 40
Handball Club 563 343
Horticultural Society 48 48

continued...

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CRANFIELD STUDENTS' ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2020

24. FUNDS HELD AS AGENT - continued

Indian Society
Indonesian Society
Latin American Society
Libyan Society
Malaysian Society
Motorsports Club
Musicians Society
Nigerian Society
Photography Society
Robotics Society
Rugby Club
Rugby Tickets - Linked to rugby club
Running Society
Saudi Society
Squash Club
Snowsports Club
Table Tennis Club
Tennis Club
Touch Rugby Club
Ultimate Frisbee Club
Unmanned & Intelligent Systems Society
Volleyball Club
Walking Society
Women in Leadership
Yoga
Total		 304
50
284
32
40
1,075
1,299
0
202
15
1,944
948
182
12
174
110
816
1,423
139
182
707
558
868
0
178
26,464		 704
50
74
32
40
1,075
773
0
138
15
0
0
182
12
174
110
631
1,013
139
182
850
504
425
0
178
19,954

Page 31

CRANFIELD STUDENTS' ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Donated Services
University grants
Clubs and societies reverted funds
Coronavirus Grants
Other trading activities
Shop income
Private events
Machine sales
Photo booth commission
Hanco commission
Room hire
NUS Extra
Marketing-Promotion/Adverts
Events
Sundry income
Investment income
Deposit account interest
Charitable activities
Bar income
Cafe income
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Purchases
Wages
Social security
Space charges
Carried forward		 2020
£
125
125,347
62,604
-
45,261
233,337
183,501
31,396
131
344
69
3,580
1,477
600
6,840
-
227,938
381
86,021
149,093
27,222
262,336
723,992
120,784
23,799
340
3,237
148,160		 2019
£
-
136,023
60,781
2,227
-
199,031
273,166
31,054
456
493
340
5,026
7,324
1,042
10,472
502
329,875
403
148,778
216,373
26,720
391,871
921,180
192,517
26,753
185
3,237
222,692

This page does not form part of the statutory financial statements

Page 32

CRANFIELD STUDENTS' ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2020

Other trading activities
Brought forward
Telephone
Maintenance
Sundries
Stock take
Light and heat
Charitable activities
Wages
Social security
Pensions
Space charges
Light and heat
Telephone
Office costs
Purchases
Equipment rental
Repairs and maintenance
Cleaning
Sundry expenditure
Stock take
Security
Entertainment
Room hire
Insurance
Subscriptions
Individual C&S Expenditure
Improvements to property
Fixtures and fittings
Loss on sale of tangible fixed assets
Grants to individual clubs and societies
Travel grants to Shrivenham students
Support costs
Finance
Bank charges
Other
Wages
Social security
Carried forward		 2020
£
148,160
150
197
1,395
548
2,094
152,544
155,951
7,496
2,776
16,547
7,934
160
7,501
126,313
2,213
11,189
14,812
38
1,996
1,344
19,720
2,974
10,620
7,852
4,085
7,825
10,283
-
1,680
1,166
422,475
13,491
16,661
286
16,947		 2019
£
222,692
142
695
258
548
3,651
227,986
153,800
6,672
2,006
16,279
10,234
286
8,184
178,528
2,507
14,763
21,550
369
2,576
1,288
31,437
3,728
7,848
8,288
12,473
7,825
9,340
393
9,308
1,898
511,580
14,742
14,629
267
14,896

This page does not form part of the statutory financial statements

Page 33

CRANFIELD STUDENTS' ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020

Other
Brought forward
Sundries
Training
Travel and subsistence
Student Led Teaching Awards
Administrative services provided in kind
Governance costs
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net (expenditure)/income		 2020
£
16,947
1,973
1,798
-
-
125,347
146,065
5,039
2,522
7,561
742,136
(18,144)		 2019
£
14,896
1,717
1,963
1,232
636
136,023
156,467
7,250
1,512
8,762
919,537
1,643

This page does not form part of the statutory financial statements

Page 34