#
##
##
|||||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|and legacies 2021|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|on charitable|activities 2021|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|by 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|
##
##
|17.|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|
##
##
##