2022-07-31-accounts - University Of Manchester Students' Union

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				Page
Reference and Administrative Details ofthe Charity,			its Trustees and Advisers	1-2
Trustees' Report				3-18
Independent	Auditor's Report			19-23
Consolidated	Statement of Financial Activities			24
Consolidated	Income and Expenditure	Account		24
Consolidated	Balance Sheet			25
Company Balance Sheet				26
Consolidated	Statement of Cash Flows			27
Notes to the	Financial Statements			28-49

Indicator			Target met	Comment
Reserves	in	line with	Yes	The minimum required	reserves was f514k,	the general funds
policy				balance as at 31stJuly	2022 was f939k which exceeds the
				minimum
Commercial		surpluses	Yes	The commercial areas	returned an operating	surplus of8725k
				an improvement against	budget ofE196k
Year-end	operating		Yes	Ihe Union changes the	KPI to an operating	surplus, i.e.
surplus				before depreciations, following the transfer ofthe pension
				deficit. The Union achieved the target making a surplus of
				f639k before depreciation
Spend in	line	with		The Union approved an	operating budget of	F457,403 (loss of
budget				8108,538 after deprecialion) the Union has		exceeded this
				target with a net surplus	of670,013

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Note	2022 f	2022 6	2022	2021
Income from:
Donations and legacies			2	2,562,448	120,874	2,683,322	2,588,278
Charitable activities			3	98,561		98,561	341,868
Trading activities			4	4,174,132		4,174,132	1,056,960
Total income				6,835,141	120,874	6,956,015	3,987,106
Expenditure on:
Trading activities			5	4,552,190		4,552,190	1,855,686
Charitable activities			6	2,188,984	144,828	2,333,812	2,089,688
Other expenditure			7				(66,167)
Total expenditure			8	6,741,174	144,828	6,886,002	3,879,207
Net income /(expenditure)		before
investment gains				93,967	(23,954)	70,013	107,899
Net gains on investments							334,272
Net income / (expenditure)		before other
recognised gains and losses				93,967	(23,954)	70,013	442,171
Transfer of pension	obligation		23	7,166,401		7,166,401
Net movement In funds				7,260,368	(23,954)	7,236,414	442,171
Reconciliation offunds:
Total funds brought	forward			(2,537,496)	50,427	(2,487,069)	(2,929,240)
Total funds carried	forward			4,722,872	26,473	4,749,345	(2,487,069)

				Total	Total
				funds	funds
			Note	2022 F	2021 f
Gross income	in the reporting	period		6,956,015	4,321,378
Less: Total expenditure				6,886,002	540,883
Net income for	the financial year		19	70,013	1,050,906
The notes on pages 28 to 49form part ofthese financial statements.

					Note		2022f			2021f
Fixed assets
Tangible assets					12		2,727,004			2,583,408
Investments					13		909,085			1,083,243
							3,636,089			3,666,651
Current assets
Stocks					14	80,290			45,195
Debtors					15	843,374			626,509
Investments					16	183,885			183,885
Cash at bank and	in	hand				2,653,957		2,074,220
						3,761,506		2,	929,809
Creditors: amounts		falling		due within one
year					17	(2,648,250)		(1,997,518)
Net current assets							1,113,256			932,291
Total assets less	current			liabilities			4,749,345			4,598,942
Creditors: amounts		falling		due after more
than one year					18					(7,086,011)
Net assets/(liabilities)							4,749,345			(2,487,069)
Charity Funds
Restricted funds					19		26,473			50,427
Unrestricted funds					19		4,722,872			(2,537,496)
Total funds/(deficit)							4,749,345			(2,487,069)
The financial statements				were approved	and authorised	for issue	by the Trustees	on		and
signed on their behalf,			by
Samantha Bronheim,			General Secretary

					COMPANY BALANCE SHEET	COMPANY BALANCE SHEET	COMPANY BALANCE SHEET
					AS AT 31	JULY 2022
					Note		2022 6		2021f
Fixed assets
Tangible assets					12		2,727,004		2,583,408
Investments					13		909,101		1,083,259
							3,636,105		3,666,667
Current assets
Stocks					14	80,290		45,195
Debtors					15	1,524,261		817,510
Investments					16	183,885		183,885
Cash at bank and	in	hand				1,451,987		1,633,039
						3,240,423		2,679,629
Creditors: amounts		falling due within one
year					17	(2,173,549)		(1,838,352)
Net current assets							1,066,874		841,277
Total assets less	current			liabilities			4,702,979		4,507,944
Creditors: amounts		falling due after more
than one year					18				(7,086,011)
Net assets/(liabilities)							4,702,979		(2,578,067)
Charity Funds
Restricted funds							26,473		50,427
Unrestricted funds							4,676,506		(2,628,494)
Total funds/(deficit)							4,702,979		(2,578,067)
The financial statements				were approved	and authorised	for issue by	the Trustees	on	and
signed on their behalf,			by:
Samantha Bronheim,			General Secretary

					2022	2021
				Note	6
Cash flows from operating		activities
Net cash	(used in)/provided	by operating	activities	21	(6,048,050)	994,295
Cash flows from investing		activities:
Purchase	offixed assets				(712,789)	(21,347)
Proceeds	from sale of investments				174,175
Net cash	used in Investing	activities			(538,614)	(21,347)
Cash flows from financing		activities:
Transfer	of pension deficit				7,166,401
Net cash	provided by financing activities				7,166,401
Change	in cash and cash	equivalents	in the year		579,737	972,948
Cash and	cash equivalents	brought forward			2,258,105	1,285,157
Cash and cash equivalents		carried forward		22	2,837,842	2,258,105

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022f	2022f	2022 6	2021 5
Other voluntary		income		120,874	120,874	90,930
University	Block	Grant	2,562,448		2,562,448	2,497,348
Total donations		and legacies	2,562,448	120,874	2,683,322	2,588,278
Total 2021			2,497,348	90,930	2,588,278

Income from donations	Unrestricted	Restricted	2021
	funds	funds	6
Other voluntary income		90,930	90,930
University Block Grant	2,497,348		2,497,348
Total	2,497,348	90,930	2,588,278

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022 F	2022f	2022 6	2021f
Membership		support	50,093		50,093	(3,925)
Education	&	Advocacy	3,794		3,794	8,940
Communications			33,161		33,161	27,615
Other			11,513		11,513	309,238
			98,561		98,561	341,868
Total 2021			341,293	575	341,868

			Unestricted Fundsf	Restricted Fundsf	2021f
Membership		support	(3,925)		(3,925)
Education	8	Advocacy	8,645	295	8,940
Communications			27,615		27,615
Other			308,958	280	309,238
Total			341,293	575	341,868

Trading	activities
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022	2022	2022	2021
				F
Bars			660,922		660,922	161,504
Catering	&Retail		241,333		241,333	76,331
Job shop			6,222		6,222	13,812
Turnover	from trading	subsidiaries	3,260,334		3,260,334	770,076
Visitor services			5,321		5,321	35,237
			4,174,132		4,174,132	1,056,960
Total 2021			1,056,960		1,056,960

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2022	2022	2022	2021
					6	F
Bars				253,623		253,623	50,565
Catering	&	retail		123,316		123,316	5,542
Job Shop				2,431		2,431	360
Visitor services				892		892
Expenditure		of trading	subsidiaries	1,615,930		1,615,930	24,293
Allocated	support costs			556,994		556,994	591,899
Pay Costs				1,511,407		1,511,407	694,076
Depreciation		& FA write offs		487,597		487,597	482,951
				4,552,190		4,552,190	1,855,686
Total 2021				1,855,686		1,855,686

Analysis o	f	expenditure on cha	ritable activities
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022	2022 6	2022 6	2021f
Membership		support	956,390		956,390	938,319
Education	&	Advisory	1,173,068		1,173,068	1,068,852
Grant funded		projects	7,256	144,828	152,084	82,517
Governance		costs	52,270		52,270
			2,188,984	144,828	2,333,812	2,089,688
Total 2021			2,011,918	77,770	2,089,688

	Analysis of	expenditure	Unrestricted	Restricted	2021
			funds	fundsf	F
	Membership	support	938,319		938,319
	Education 8	Advisory	1,068,852		1,068,852
	Grant funded	projects	4,747	77,770	82,517
	Total		2,011,918	77,770	2,089,688
7.	Other expenditure
			Unrestricted	Total	Total
			funds	funds	funds
			2022 F	2022f	2021f
	SUSS Pension Movement				(66,167)
	Total 2021		(66,167)	(66,167)

Analysis of	Analysis of	Expenditure	by expenditure	type
			Staff costs	Depreciation	Other costs	Total	Total
			2022 F.	2022 E	2022 E	2022 F	2021f
Expenditure		on trading
activities			1,511,407	487,597	2,553,186	4,552,190	1,855,686
Costs of raising funds			1,511,407	487,597	2,553,186	4,552,190	1,855,686
Membership		support	485,436	43,208	427,746	956,390	938,319
Education	&	Advisory	754,574	36,762	381,732	1,173,068	1,068,852
Grant funded		projects	127,329		24,755	152,084	82,517
Governance		costs	39,317	1,586	11,367	52,270
Charitable	activities		1,406,656	81,556	845,600	2,333,812	2,089,688
SUSS Pension Cost							(66,167)
			2,918,063	569,153	3,398,786	6,886,002	3,879,207
Total 2021			2,451,167	645,256	782,784	3,879,207

Analysis of type 2021	Expenditure	Expenditure	Staff costs f	Depreciation E	Other costs F	2021f
Expenditure	on trading	activities	1,016,758	483,496	355,432	1,855,686
Costs of raising funds			1,016,758	483,496	355,432	1,855,686
Membership	support		590,656	93,132	254,531	938,319
Education &	Advisory		768,777	68,628	231,447	1,068,852
Grant funded	projects		74,976		7,541	82,517
Charitable activities			1,434,409	161,760	493,519	2,089,688
SUSS Pension Cost					(66,167)	(66,167)
Total			2,451,167	645,256	782,784	3,879,207

				2022	2021f
Depreciation oftangible		fixed assets:
-owned by the charitable			group	569,193	646,087
Auditor's	remuneration	-audit		27,000	10,800
Auditor's	remuneration	-other services		1,500	1,500
Operating	lease rentals			15,808	12,640

					2022	2021
						8
Wages and	salaries				2,644,696	2,198,731
Social security costs					190,217	169,801
Other pension costs					83,150	82,635
					2,918,063	2,451,167
The average	number	of persons employed		by the company	during the year was as follows:
					2022	2021
					No.	No.
Student Voice					20	19
Overheads					12	12
Venues & Front of House					10	10
Union Commercial Services					10	10
Membership	Services				10	fo
Marketing &	Communications				7	7
Media Sales					3	3
Governance					1	1
					73	72
The number	of higher	paid employees	was:
					2022	2021
					No.	No.
In the band 660,001 -		670,000			2	2

Intangible fixed assets
	Licences
Group and Company
Cost
At 1 August 2021 and 31 July 2022	32,540
Amortisation
At 1 August 2021 and 31 July 2022	32,540
Carrying amount
At 31 July 2022
At 31July 2021

Tangible fixed assets
	Leasehold	Academy	Fixtures and	Union
Group and Company	property	Refurb f	fittings f	Refurbf	Totalf
Cost
At 1 August 2021	1,247,798	3,989,220	1,452,010	3,261,870	9,950,898
Additions			608,128	104,661	712,789
At 31 July 2022	1,247,798	3,989,220	2,060,138	3,366,531	10,663,687
Depreciation
At 1 August 2021	1,089,279	3,110,235	1,369,217	1,798,759	7,367,490
Charge for the year	22,646	203,941	90,661	251,945	569,193
At 31 July 2022	1,111,925	3,314,176	1,459,878	2,050,704	7,936,683
Net book value
At 31 July 2022	135,873	675,044	600,260	1,315,827	2,727,004
At 31Ju/y 2021	158,519	878,985	82,793	1,463,111	2,583,408

Fixed asset investments
	Unlisted
	securities
Group	8
Market value
At 1 August 2021	1,083,243
Disposals	(174,158)
At 31 July 2022	909,085

2022	2021
5
909,085	1,083,243

Further details about th included in note 27.	e shareholdings, financial performance and	position of the group un	dertakings are
			Unlisted
			securities
Company			E
Market value
At 1 August 2021			1,083,259
Disposals			(174,158)
At 31 July 2022			909,101
Company Investments	at market value comprise:
		2022 8	2021f
Unlisted investments		909,101	1,083,259

Stocks
				Grou		Com an
			2022f	2021	2022 F	2021f
Finished	goods and goods for resale		80,290	45,195	80,290	45,195
Debtors
				Grou		Com an
			2022 f.	2021	2022	2021f
Trade debtors			406,990	416,584	196,242	277,462
Amounts	owed by group undertakings				981,318	388,799
Other debtors			251,153	6,112	251,153	6,107
Prepayments		and accrued income	185,231	203,813	95,548	145,142
			843,374	626,509	1,524,261	817,510
Current	asset investments
				Grou		Com an
			2022f	2021f	2022 F	2021f
Unlisted	investments		183,885	183,885	183,885	183,885

Creditors: Amounts	falling due within	one year
			Grou		Com an
		2022	2021	2022f	2021
Trade creditors		815,358	153,503	641,026	154,250
Other taxation and social security		61,767	131,645	47,024	114,682
SUSS pension			396,725		396,725
Other creditors		1,433,597	1,074,513	1,294,038	1,038,129
Accruals and deferred	income	337,528	231,132	191,461	134,566
		2,648,250	1,997,518	2,173,549	1,838,352

18. Creditors:	Amounts	falling due aft	er more th	an one year
							Grou		Com an
				2022f			2021f	2022 f.	2021
SUSS pension (see		note 24)				7,086,011			7,086,011
Creditors	include amounts not wholly		repayable	within 5years		as	follows:
							Grou		Com an
				2022f			2021f	2022	2021f
Repayable	by instalments					5,113,009			5,113,009
19. Statement	offunds
Statement offunds - current year
		Balance at							Balance at
		1 August					Transfers	Gains/	31July
		2021f	Income f	Expenditure	f		in/out f.	(Losses) f	2022 f
Designated funds
Fixed asset reserve		2,583,408		(568,973)			707,020		2,721,455
Investment reserve		1,083,260					(174,156)		909,104
Robert Armitage	Trust	35,253	25,000	(7,156)					53,097
Student funds		100,000							100,000
		3,801,921	25,000	(576,129)			532,864		3,783,656
General funds
General Funds		1,143,319	6,810,141	(6,165,045)			(849,199)		939,216
SUSS pension deficit		(7,482,736)					316,335	7,166,401
		(6,339,417)	6,810,141	(6,165,045)			(532,864)	7,166,401	939,216
Total Unrestricted	funds	(2,537,496)	6,835,141	(6,741,174)				7,166,401	4,722,872
Restricted funds
Restricted projects		50,427	120,874	(144,828)					26,473
Total offunds		(2,487,069)	6,956,015	(6,886,002)				7,166,401	4,749,345

		Balance at
		1August			Transfers	Gains/	Balance at
		2020f	income f	Expenditure f	in/outf	(Losses) f	31Ju/y 2021 f
Designated funds
Fixed asset reserve		3,283,609		(721,548)	21,347		2,583,408
Investment reserve		865,093			(116,105)	334,272	1,083,260
Robert Armitage	Trust	40,000		(4,747)			35,253
Student funds					100,000		100,000
		4,188,702		(726,295)	5,242	334,272	3,801,921
General funds
General Funds		762,840	3,895,601	(3,141,309)	(373,813)		1,143,319
SUSS pension deficit		(7,910,748)	-	66,167	361,845		(7,482,736)
Total Unrestricted	funds	(2,959,206)	3,895,601	(3,801,437)	(6,726)	334,272	(2,537,496)
Restricted funds
Restricted projects		29,966	91,505	(77,770)	6,726		50,427
Total offunds		(2,929,240)	3,987,106	(3,879,207)		334,272	(2,487,069)

Analysis	of net assets between funds - current year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2022 F	2022f	2022f
Tangible	fixed assets	2,727,004		2,727,004
Fixed asset investments		909,085		909,085
Current	assets	3,735,038	26,473	3,761,511
Creditors	due within one year	(2,648,255)		(2,648,255)
		4,722,872	26,473	4,749,345
Analysis	of net assets between funds - prior year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2021 f	2021 f	2021f
Tangible	fixed assets	2,583,408		2,583,408
Fixed asset investments		1,083,243		1,083,243
Current	assets	2,879,382	50,427	2,929,809
Creditors	due within one year	(1,997,518)		(1,997,518)
Creditors	due in more than one year	(T,086,011)		(7,086,011)
		(2,537,496)	50,42T	(2,487,069)

						Grou
					2022f	2021f
Net income	for the year (as per Statement			of Financial Activities)	70,013	442,171
Ad]ustment	for:
Depreciation	charges				569,193	645,087
(Loss) on investments						(218,151)
Loss on the	sale offixed assets					75,461
(Increase)/decrease		in stocks			(35,095)	24,257
Increase in	debtors				(216,865)	(37,962)
(Decrease)/increase		in creditors			(6,435,296)	121,675
Revaluation	ofSUSS pension		liability			(59,243)
Net cash (used in)/provided			by operating	activities	(6,048,050)	994,295

Analy	sis ofcash and cash equivalents
			Grou
		2022f	2021
Cash	in hand	2,653,957	2,074,220
Notice	deposits (less than 3 months)	183,885	183,885
Total		2,837,842	2,258,105

Group		2022	2021f
Amounts	payable:
Within 1	year	12,640	12,640
Between	1 and 5years		25,280
Total		12,640	37,920

Company
Amounts	payable:
Within 1 year		12,640	12,640
Between	1 and 5years		25,280
Total		12,640	37,920

Financial	instruments
				2022 5	2021f
Financial	assets measured	at amortised	cost	3,244,832	2,674,689
Financial	liabilities measured	at amortised	cost	2,586,483	1,469,148