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 2021
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 2021 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:
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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 2019-2021
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
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INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st JULY 2021
Consolidated 2021 SU 2021 Consolidated 2020 SU 2020
INCOME
RWCMD, Block Grant 36,465 36,465 35,049 35,049
Trading Income 5,901 5,901 2,648 2,648
- -
Shop Receipts 8,705 13,127
- -
College Bar Receipts 16,638 102,489
Summer Production - - - -
- -
Retro NUS Receipts 1,561 3,702
NUS Extra - - - -
Other Income 1,875 - 4,875 -
Grant Income 46,641 30,000 9,894 -
117,786 72,366 171,784 37,697
EXPENDITURE
Administration 5,740 3,039 3,770 1,726
Conference and Affiliations 3,301 3,301 3,946 3,548
Events and Entertainments 2,702 2,702 4,109 4,109
Finance / Bank Charges 4,035 1,518 4,543 1,764
Miscellaneous 28,504 28,504 67,275 67,275
- -
Shop Cost of Sales 6,911 13,704
- -
College Bar Cost of Sales 12,064 42,683
Summer Production Event/Bar Costs - - - -
- -
Salaries, Pension, PAYE & NI 50,110 50,202
Depreciation 1,589 1,429 1,845 1,787
114,956 40,493 192,077 80,209
SURPLUS (+)/DEFICIT (-) FOR YEAR 2,830 31,873 - 20,293 - 42,512
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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 2021
| SU BALANCE SHEET AS AT 31st JULY 2021 | SU BALANCE SHEET AS AT 31st JULY 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | Consolidated 2021 | SU 2021 | Consolidated 2020 | SU 2020 | |||||
| Fixed Assets | 1 | 6,027 | 5,718 | 7,205 | 7,147 | ||||
| Current Assets | |||||||||
| Debtors | - | - | - | - | |||||
| Prepayments and Other Debtors | 716 | 716 | 849 | 849 | |||||
| Madsu Limited | 70,092 - |
70,092 - |
42,242 - |
42,242 - |
|||||
| RWCMD Students Union | 70,092 | - | 42,242 | - | |||||
| Customs & Excise | - | - | - | - | |||||
| Cash in Bank | 2 | 249,314 | 139,912 | 247,394 | 78,624 | ||||
| Stock | 3 | 4,488 | - | 3,929 | - | ||||
| 254,518 | 70,536 | 252,172 | 37,231 | ||||||
| Creditors | |||||||||
| Amounts due within one year | 4 | 1,111 | 466 | 2,773 | 463 | ||||
| Net Current(Liabilities) / Assets | 253,407 | 70,070 | 249,399 | 36,768 | |||||
| Total Assets less Current Liabilities | 259,434 | 75,788 | 256,604 | 43,915 | |||||
| Creditors | |||||||||
| Amounts falling due after one year | - | - | - | - | |||||
| Net(Liabilities) / Assets | 259,434 | 75,788 | 256,604 | 43,915 | |||||
| Reserves | |||||||||
| Called Up Share Capital | 2 | - | 2 | - | |||||
| Accumulated Funds brought forward | 256,602 | 43,915 | 276,895 | 86,427 | |||||
| Surplus / (deficit) for the year | 2,830 | 31,873 | 20,293 - |
42,512 - |
|||||
| 259,434 | 75,788 | 256,604 | 43,915 | ||||||
| These financial statements were approved by the Committee | |||||||||
| ON BEHALF OF THE STUDENTS' UNION AND THE EXECUTIVE COMMITTEE | |||||||||
| Nia Thomas - President 2020/21 | |||||||||
ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2021 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2021 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2021 | ||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated 2021 | SU 2021 | Consolidated 2020 | SU 2020 | |||||
| 1. Fixed Assets | ||||||||
| Costs | 55,242 | 35,749 | 54,831 | 35,749 | ||||
| Depreciation | 49,215 | 30,031 | 47,568 | 28,602 | ||||
| Net Book Value | 6,027 | 5,718 | 7,263 | 7,147 | ||||
| 2. Cash at Bank | ||||||||
| Current Account (after Reconciliation) | 192,821 | 106,996 | 195,698 | 78,624 | ||||
| Petty Cash | 23,577 | - | 51,696 | - | ||||
| 216,398 | 106,996 | 247,394 | 78,624 | |||||
| 3. Stock | ||||||||
| Shop Stock | 3,251 | - | 2,643 | - | ||||
| Bar Stock | 1,237 | - | 1,286 | - | ||||
| 4,488 | - | 3,929 | - | |||||
| 4. Creditors | ||||||||
| Accruals | 2,269 | 466 | 2,768 | 463 | ||||
| Customs and Excise | 5,533 - |
- | 87 | - | ||||
| Trade Creditors | 7,392 | - | 52 | - | ||||
| PAYE Control Net Wage Control |
3,017 - - |
- - |
306 - |
- | ||||
| - | - | |||||||
| Pension Control | - | 172 | ||||||
| 1,111 | 466 | 2,601 | 463 | |||||
| 5. Accounting Policies | ||||||||
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the | ||||||||
previous year, and also have been consistently applied within the same accounts. |
||||||||
| Basis of Preparation of Financial Statements | ||||||||
| These accounts have been prepared under the historical cost convention. |
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2021 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2021 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2021 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2021 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated 2021 | SU 2021 | Consolidated 2020 | SU 2020 | ||||||
| 1. Administration | |||||||||
| Minibus and motoring expenses | 387 | 387 | 30 | 30 | |||||
| Telephone | 1,302 | 1,302 | 1,196 | 1,196 | |||||
| Postage, stationery, printing, advertising | - | - | - | - | |||||
| Accountancy Fee | 1,800 | 450 | 1,500 | 500 | |||||
| Legal and Professional Fees | 900 | 900 | - | ||||||
| Companies House Fee & Penalty | - | - | |||||||
| Administration & Computer Expenses | 1,340 | 1,033 | |||||||
| Trade Expenses | 11 | - | 11 | - | |||||
| 5,740 | 3,039 | 3,770 | 1,726 | ||||||
| 2. Affiliation and conference fees | |||||||||
| Conference Fees | 50 | 50 | 341 - |
739 - |
|||||
| Officer Honoraium | 2,280 | 2,280 | 4,000 | 4,000 | |||||
| NUS Affiliation | 971 | 971 | 287 | 287 | |||||
| 3,301 | 3,301 | 3,946 | 3,548 | ||||||
| 3. Hire of Equipment | |||||||||
| Photocopier | - | - | - | - | |||||
| External Hires | - | - | - | - | |||||
| - | - | - | - | ||||||
| 4. Events and entertainment | |||||||||
| Social Events | 1,534 | 1,534 | 3,774 | 3,774 | |||||
| Extra Curricular | 1,168 | 1,168 | 335 | 335 | |||||
| 2,702 | 2,702 | 4,109 | 4,109 | ||||||
| 5. Finance | |||||||||
| Insurance | 1,527 | 1,527 | 1,685 | 1,685 | |||||
| Interest on Overdue Taxation | - | - | |||||||
| Bank Charges | 326 | 9 - |
331 | 79 | |||||
| Acquiring Charges | 2,182 | - | 2,527 | - | |||||
| 4,035 | 1,518 | 4,543 | 1,764 | ||||||
| 6. Miscellaneous | |||||||||
| Welfare, advice and leaflets | 26,624 | 26,624 | 3,400 | 3,400 | |||||
| Sundry (Contingency) | 20 | 20 | 60,652 | 60,652 | |||||
| Communication (SKY Subscription) | 1,860 | 1,860 | 3,223 | 3,223 | |||||
| Donations | - | - | - | - | |||||
| 28,504 | 28,504 | 67,275 | 67,275 | ||||||
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