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 2022
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 2022 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 required 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.
Natalie Roe
Officer Trustee & Director 2022/23
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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 2022
Consolidated SU Consolidated SU
2022 2022 2021 2021
INCOME
RWCMD, Block Grant 37,194 37,194 36,465 36,465
-
Trading Income 5,901 5,901
- -
Shop Receipts 24,475 8,705
- -
College Bar Receipts 93,254 16,638
Summer Production - - - -
Retro NUS Receipts 41 - 1,561 -
NUS Extra - - - -
Other Income 20,320 - 1,875 -
Grant Income 9,000 9,000 46,641 30,000
184,284 46,194 117,786 72,366
EXPENDITURE
Administration 4,360 2,324 5,740 3,039
Conference and Affiliations 8,014 8,014 3,301 3,301
Events and Entertainments 7,858 7,858 2,702 2,702
Finance / Bank Charges 14,657 1,486 4,035 1,518
Miscellaneous 23,181 23,181 28,504 28,504
- -
Shop Cost of Sales 20,233 6,911
- -
College Bar Cost of Sales 69,514 12,064
Summer Production Event/Bar Costs - - - -
- -
Salaries, Pension, PAYE & NI 72,997 50,110
Depreciation 1,714 1,143 1,589 1,429
222,528 44,006 114,956 40,493
SURPLUS (+)/DEFICIT (-) FOR YEAR - 38,244 2,188 2,830 31,873
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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 | |||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| Note | 2022 | 2022 | 2021 | 2021 | ||||
| Fixed Assets | 1 | 6,186 | 4,575 | 6,027 | 5,718 | |||
| Current Assets | ||||||||
| Debtors | 26,683 | - | - | - | ||||
| Prepayments and Other Debtors | 858 | 858 | 716 | 716 | ||||
| Madsu Limited | 50,778 - |
50,778 - |
70,092 - |
70,092 - |
||||
| RWCMD Students Union | 50,778 | - | 70,092 | - | ||||
| RWCMD College | 286 | |||||||
| Cash in Bank | 2 | 226,104 | 123,816 | 249,314 | 139,912 | |||
| Stock | 3 | 8,273 | - | 4,488 | - | |||
| 262,204 | 73,896 | 254,518 | 70,536 | |||||
| Creditors | ||||||||
| Amounts due within one year | 4 | 47,200 | 495 | 1,111 | 466 | |||
| Net Current(Liabilities) / Assets | 215,004 | 73,401 | 253,407 | 70,070 | ||||
| Total Assets less Current Liabilities | 221,190 | 77,976 | 259,434 | 75,788 | ||||
| Creditors | ||||||||
| Amounts falling due after one year | - | - | - | - | ||||
| Net(Liabilities) / Assets | 221,190 | 77,976 | 259,434 | 75,788 | ||||
| Reserves | ||||||||
| Called Up Share Capital | 2 | - | 2 | - | ||||
| Accumulated Funds brought forward | 259,432 | 75,788 | 256,602 | 43,915 | ||||
| Surplus / (deficit) for the year | 38,244 - |
2,188 | 2,830 | 31,873 | ||||
| 221,190 | 77,976 | 259,434 | 75,788 | |||||
| These financial statements were approved by the Committee | ||||||||
| ON BEHALF OF THE STUDENTS' UNION AND THE EXECUTIVE COMMITTEE | ||||||||
| Natalie Roe - Officer Trustee and Director |
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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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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2022
Consolidated SU Consolidated SU
2022 2022 2021 2021
1. Fixed Assets
Costs 57,115 35,749 55,242 35,749
Depreciation 50,929 31,174 49,215 30,031
Net Book Value 6,186 4,575 6,027 5,718
2. Cash at Bank
Current Account (after Reconciliation) 212,033 123,816 192,821 106,996
- -
Petty Cash 14,071 23,577
226,104 123,816 216,398 106,996
3. Stock
- -
Shop Stock 4,521 3,251
Bar Stock 3,752 - 1,237 -
- -
8,273 4,488
4. Creditors
Accruals 3,783 495 2,269 466
Customs and Excise 2,422 - - 5,533 -
Trade Creditors 45,701 - 7,392 -
PAYE Control - 5,030 - - 3,017 -
- - - -
Net Wage Control
Pension Control 324 -
46,876 495 1,111 466
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 2022 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2022 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2022 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2022 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2022 | ||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| 2022 | 2022 | 2021 | 2021 | |||||
| 1. Administration | ||||||||
| Minibus and motoring expenses | 332 | 332 | 387 | 387 | ||||
| Telephone | 1,542 | 1,542 | 1,302 | 1,302 | ||||
| Postage, stationery, printing, advertising | - | - | - | - | ||||
| Accountancy Fee | 1,130 | 450 | 1,800 | 450 | ||||
| Legal and Professional Fees | - | - | 900 | 900 | ||||
| Administration & Computer Expenses | 1,356 | 1,340 | ||||||
| Trade Expenses | - | - | 11 | - | ||||
| 4,360 | 2,324 | 5,740 | 3,039 | |||||
| 2. Affiliation and conference fees | ||||||||
| Conference Fees | 1,000 | 1,000 | 50 | 50 | ||||
| Officer Honoraium | 5,060 | 5,060 | 2,280 | 2,280 | ||||
| NUS Affiliation | 1,954 | 1,954 | 971 | 971 | ||||
| 8,014 | 8,014 | 3,301 | 3,301 | |||||
| 3. Hire of Equipment | ||||||||
| Photocopier | - | - | - | - | ||||
| External Hires | - | - | - | - | ||||
| - | - | - | - | |||||
| 4. Events and entertainment | ||||||||
| Social Events | 6,715 | 6,715 | 1,534 | 1,534 | ||||
| Extra Curricular | 1,143 | 1,143 | 1,168 | 1,168 | ||||
| 7,858 | 7,858 | 2,702 | 2,702 | |||||
| 5. Finance | ||||||||
| Insurance | 1,446 | 1,446 |
1,527 | 1,527 | ||||
| Interest on Overdue Taxation | - | - | ||||||
| Bank Charges | 552 | 40 | 326 | 9 - |
||||
| Acquiring Charges | 12,659 | - |
2,182 | - | ||||
| 14,657 | 1,486 | 4,035 | 1,518 | |||||
| 6. Miscellaneous | ||||||||
| Welfare, advice and leaflets | 15,045 | 15,045 | 26,624 | 26,624 | ||||
| Sundry (Contingency) | 3,510 | 3,510 | 20 | 20 | ||||
| Communication (SKY Subscription) | 4,626 | 4,626 | 1,860 | 1,860 | ||||
| Donations | - | - | - | - | ||||
| 23,181 | 23,181 | 28,504 | 28,504 |
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