ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
FINANCIAL STATEMENTS AND ACCOUNTS
CONSOLIDATED POSITION
FOR THE FINANCIAL YEAR ENDING 31[ST] JULY 2020
CONTENTS
| Accountant’s Report | …………………………….. | Page 2 |
|---|---|---|
| SU Executive Committee’s Report | …………………………….. | Page 2 |
| Income and Expenditure Account | …………………………….. | Page 3 |
| Balance Sheet | …………………………….. | Page 4 |
| Notes to the Accounts | …………………………….. | Page 5 |
| Schedule of Expenditure | …………………………….. | Page 6 |
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
ACCOUNTANT’S REPORT TO THE DIRECTORS ON THE ACCOUNTS OF MADSU LIMITED & ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION
You are responsible for the preparation of the accounts for the year ended 31[st] July 2020 and you consider that the Company is exempt from an audit. In accordance with your instructions, we have compiled these accounts in order to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.
Davies Williams
Chartered Accountants
21 St Andrew’s Crescent
Cardiff CF10 3DB
STUDENTS’ UNION EXECUTIVE COMMITTEE REPORT
Committee Members Responsibilities
The Education Act 1994 requires the Students’ Union to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Union and of the surplus or deficit of income over expenditure of the Union for that year. In preparing these financial statements, the committee members are require to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the organisation will continue in business.
I am responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Union. I am also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Board of Trustees will ultimately approve theses accounts in preparation for submission to the Charity Commission.
Nia Thomas
Officer Trustee/Director
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31st JULY 2020 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31st JULY 2020 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31st JULY 2020 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31st JULY 2020 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31st JULY 2020 | ||||
|---|---|---|---|---|---|---|---|---|
| Consolidated 2020 | SU 2020 | Consolidated 2019 | SU 2019 | |||||
| INCOME | ||||||||
| RWCMD,BlockGrant | 35,049 | 35,049 | 35,049 | 35,049 | ||||
| TradingIncome | 2,648 | 2,648 | 9,380 | 9,380 | ||||
| ShopReceipts | 13,127 | - | 26,710 | - | ||||
| CollegeBar Receipts | 102,489 | - | 136,070 | - | ||||
| Summer Production | - | - | 14,198 | - | ||||
| RetroNUSReceipts | 3,702 | - | 1,654 | - | ||||
| NUSExtra | - | - | 386 | - | ||||
| Other Income | 4,875 | - | - | - | ||||
| GrantIncome | 9,894 | - | - | - | ||||
| 171,784 | 37,697 | 223,447 | 44,429 | |||||
| EXPENDITURE | ||||||||
| Administration | 3,770 | 1,726 | 6,547 | 5,505 | ||||
| Conference andAffiliations | 3,946 | 3,548 | 6,119 | 6,119 | ||||
| Events andEntertainments | 4,109 | 4,109 | 5,937 | 5,937 | ||||
| Finance /BankCharges | 4,543 | 1,764 | 6,520 | 1,752 | ||||
| Miscellaneous | 67,275 | 67,275 | 12,978 | 12,978 | ||||
| Shop Cost ofSales | 13,704 | - | 18,580 | - | ||||
| CollegeBarCost ofSales | 42,683 | - | 59,482 | - | ||||
| Summer Production Event/BarCosts | - | - | 18,060 | - | ||||
| Salaries,Pension,PAYE&NI | 50,202 | - | 47,597 | - | ||||
| Depreciation | 1,845 | 1,787 | 5,985 | 2,231 | ||||
| 192,077 | 80,209 | 187,805 | 34,522 | |||||
| SURPLUS(+)/DEFICIT(-) FOR YEAR | 20,293 - |
42,512 - |
35,642 | 9,907 |
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU SU BALANCE SHEET AS AT 31st JULY 2020
| **UNDEBM ** | **UNDEBM ** | **YFYRWYRCOLEGB ** | REN | **HINOLCERDD AD ** | RAM | ACYMRU | |||
|---|---|---|---|---|---|---|---|---|---|
| SU BALANCE SHEET AS AT31st JULY 2020 | |||||||||
| Note | Consolidated 2020 | SU 2020 | Consolidated 2019 | SU 2019 | |||||
| Fixed Assets | 1 | 7,205 | 7,147 | 9,050 | 8,934 | ||||
| Current Assets | |||||||||
| Debtors | - | - | - | - | |||||
| Prepayments and Other Debtors | 849 | 849 | 761 | 761 | |||||
| MadsuLimited | 42,242 - |
42,242 - |
37,103 - |
37,103 - |
|||||
| RWCMDStudents Union | 42,242 | - | 37,103 | - | |||||
| Customs &Excise | - | - | - | - | |||||
| Cash in Bank | 2 | 247,394 | 78,624 | 285,594 | 114,247 | ||||
| Stock | 3 | 3,929 | - | 8,629 | - | ||||
| 252,172 | 37,231 | 294,984 | 77,905 | ||||||
| Creditors | |||||||||
| Amounts duewithinone year | 4 | 2,773 | 463 | 27,137 | 412 | ||||
| Net Current (Liabilities) / Assets | 249,399 | 36,768 | 267,847 | 77,493 | |||||
| Total Assetsless CurrentLiabilities | 256,604 | 43,915 | 276,897 | 86,427 | |||||
| Creditors | |||||||||
| Amountsfalling due afterone year | - | - | - | - | |||||
| Net(Liabilities) / Assets | 256,604 | 43,915 | 276,897 | 86,427 | |||||
| Reserves | |||||||||
| Called Up Share Capital | 2 | - | 2 | - | |||||
| AccumulatedFunds broughtforward | 276,895 | 86,427 | 241,253 | 76,520 | |||||
| Surplus / (deficit)forthe year | 20,293 - |
42,512 - |
35,642 | 9,907 | |||||
| 256,604 | 43,915 | 276,897 | 86,427 | ||||||
| Thesefinancialstatementswere approved by the | Committee | ||||||||
| ON BEHALFOF THESTUDENTS' UNION AND THE EXECUTIVECOMMITTEE | |||||||||
| _Officer Trustee & Director _ | |||||||||
ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED31st JULY 2020 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED31st JULY 2020 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED31st JULY 2020 | ||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated 2020 | SU 2020 | Consolidated 2019 | SU 2019 | |||||
| 1. Fixed Assets | ||||||||
| Costs | 54,831 | 35,749 | 54,831 | 35,749 | ||||
| Depreciation | 47,626 | 28,602 | 45,781 | 26,815 | ||||
| NetBook Value | 7,205 | 7,147 | 9,050 | 8,934 | ||||
| 2.Cash at Bank | ||||||||
| CurrentAccount (after Reconciliation) | 195,698 | 78,624 | 260,248 | 114,247 | ||||
| Petty Cash | 51,696 | - | 25,346 | - | ||||
| 247,394 | 78,624 | 285,594 | 114,247 | |||||
| 3. Stock | ||||||||
| Shop Stock | 2,643 | - | 3,893 | - | ||||
| BarStock | 1,286 | - | 4,736 | - | ||||
| 3,929 | - | 8,629 | - | |||||
| 4.Creditors | ||||||||
| Accruals | 2,768 | 463 | 1,653 | 412 | ||||
| Customs andExcise | 87 | - | 370 | - | ||||
| Trade Creditors | 52 | - | 25,749 | - | ||||
| PAYEControl | 306 - |
- | 795 - |
- | ||||
| NetWage Control | - | - | - | - | ||||
| PensionControl | 172 | 160 | ||||||
| 2,601 | 463 | 26,977 | 412 | |||||
| 5. Accounting Policies | ||||||||
| The principalaccounting policies adoptedinthe preparationofthefinancialstatements are set out belowandhaveremained unchangedfromthe | ||||||||
| previous year, and alsohave beenconsistently appliedwithinthe same accounts. | ||||||||
| Basis of Preparation of Financial Statements | ||||||||
| These accountshave beenprepared underthehistoricalcost convention. |
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| SCHEDULEOF S.U. EXPENDITURE FOR THE YEAR ENDED31st JULY 2020 | SCHEDULEOF S.U. EXPENDITURE FOR THE YEAR ENDED31st JULY 2020 | SCHEDULEOF S.U. EXPENDITURE FOR THE YEAR ENDED31st JULY 2020 | SCHEDULEOF S.U. EXPENDITURE FOR THE YEAR ENDED31st JULY 2020 | SCHEDULEOF S.U. EXPENDITURE FOR THE YEAR ENDED31st JULY 2020 | ||||
|---|---|---|---|---|---|---|---|---|
| Consolidated 2020 | SU 2020 | Consolidated 2019 | SU 2019 | |||||
| 1. Administration | ||||||||
| Minibus andmotoring expenses | 30 | 30 | 1,928 | 1,928 | ||||
| Telephone | 1,196 | 1,196 | 1,326 | 1,326 | ||||
| Postage, stationery, printing, advertising | - | - | - | - | ||||
| AccountancyFee | 1,500 | 500 | 830 | 400 | ||||
| LegalandProfessional Fees | - | - | ||||||
| CompaniesHouseFee &Penalty | - | - | ||||||
| Administration& Computer Expenses | 1,033 | 612 | ||||||
| TradeExpenses | 11 | - | 1,851 | 1,851 | ||||
| 3,770 | 1,726 | 6,547 | 5,505 | |||||
| 2. Affiliation and conference fees | ||||||||
| ConferenceFees | 341 - |
739 - |
4,078 | 4,078 | ||||
| Officer Honoraium | 4,000 | 4,000 | 700 | 700 | ||||
| NUSAffiliation | 287 | 287 | 1,341 | 1,341 | ||||
| 3,946 | 3,548 | 6,119 | 6,119 | |||||
| 3. Hire of Equipment | ||||||||
| Photocopier | - | - | - | - | ||||
| External Hires | - | - | - | - | ||||
| - | - | - | - | |||||
| 4. Events and entertainment | ||||||||
| Social Events | 3,774 | 3,774 | 5,937 | 5,937 | ||||
| Extra Curricular | 335 | 335 | - | |||||
| 4,109 | 4,109 | 5,937 | 5,937 | |||||
| 5. Finance | ||||||||
| Insurance | 1,685 | 1,685 | 1,683 | 1,683 | ||||
| Interest onOverdueTaxation | - | 500 | ||||||
| BankCharges | 331 | 79 | 2,228 | 69 | ||||
| Acquiring Charges | 2,527 | - | 2,109 | - | ||||
| 4,543 | 1,764 | 6,520 | 1,752 | |||||
| 6. Miscellaneous | ||||||||
| Welfare, advice andleaflets | 3,400 | 3,400 | 7,255 | 7,255 | ||||
| Sundry (Contingency) | 60,652 | 60,652 | 1,259 | 1,259 | ||||
| Communication(SKYSubscription) | 3,223 | 3,223 | 4,464 | 4,464 | ||||
| 67,275 | 67,275 | 12,978 | 12,978 |
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