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 2023
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 2023 and you consider that the Company is exempt from an audit. In accordance with your instructions, we have compiled these accounts to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.
Davies Williams
Tudor House 16 Cathedral Road Cardiff
CF11 9LJ
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:
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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.
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 2023
Consolidated SU Consolidated SU
2023 2023 2022 2022
INCOME
RWCMD, Block Grant 37,195 37,195 37,194 37,194
-
Trading Income 31,314 31,314
- -
Shop Receipts 65,414 24,475
- -
College Bar Receipts 180,481 93,254
Summer Production 17,979 - - -
Retro NUS Receipts 1,945 - 41 -
NUS Extra - - - -
Other Income 20,092 - 20,320 -
Grant Income - 9,000 9,000
354,420 68,509 184,284 46,194
EXPENDITURE
Administration 4,464 1,997 4,360 2,324
Conference and Affiliations 6,988 6,988 8,014 8,014
Events and Entertainments 14,283 14,283 7,858 7,858
Finance / Bank Charges 7,102 1,258 14,657 1,486
Miscellaneous 19,323 19,323 23,181 23,181
- -
Shop Cost of Sales 36,420 20,233
- -
College Bar Cost of Sales 62,930 69,514
Summer Production Event/Bar Costs 23,966 - - -
- -
Salaries, Pension, PAYE & NI 80,695 72,997
Depreciation 2,749 1,918 1,714 1,143
258,920 45,767 222,528 44,006
SURPLUS (+)/DEFICIT (-) FOR YEAR 95,500 22,742 - 38,244 2,188
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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 2023 | SU BALANCE SHEET AS AT 31st JULY 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| Note | 2023 | 2023 | 2022 | 2022 | ||||
| Fixed Assets | 1 | 9,487 | 7,666 | 6,186 | 4,575 | |||
| Current Assets | ||||||||
| Debtors | 25,614 | - | 26,683 | - | ||||
| Prepayments and Other Debtors | 1,110 | 970 | 858 | 858 | ||||
| Madsu Limited | 58,934 - |
58,934 - |
50,778 - |
50,778 - |
||||
| RWCMD Students Union | 58,934 | - | 50,778 | - | ||||
| RWCMD College | - | 286 | ||||||
| Cash in Bank | 2 | 308,127 | 151,515 | 226,104 | 123,816 | |||
| Stock | 3 | 10,050 | - | 8,273 | - | |||
| 344,901 | 93,551 | 262,204 | 73,896 | |||||
| Creditors | ||||||||
| Amounts due within one year | 4 | 37,698 | 499 | 47,200 | 495 | |||
| Net Current(Liabilities) / Assets | 307,203 | 93,052 | 215,004 | 73,401 | ||||
| Total Assets less Current Liabilities | 316,690 | 100,718 | 221,190 | 77,976 | ||||
| Creditors | ||||||||
| Amounts falling due after one year | - | - | - | - | ||||
| Net(Liabilities) / Assets | 316,690 | 100,718 | 221,190 | 77,976 | ||||
| Reserves | ||||||||
| Called Up Share Capital | 2 | - | 2 | - | ||||
| Accumulated Funds brought forward | 221,188 | 77,976 | 259,432 | 75,788 | ||||
| Surplus / (deficit) for the year | 95,500 | 22,742 | 38,244 - |
2,188 | ||||
| 316,690 | 100,718 | 221,190 | 77,976 | |||||
| These financial statements were approved by the Committee | ||||||||
| ON BEHALF OF THE STUDENTS' UNION AND THE EXECUTIVE COMMITTEE | ||||||||
| Natalie Roe, President 2022/23 |
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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 2023 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2023 | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| 2023 | 2023 | 2022 | 2022 | |||||
| 1. Fixed Assets | ||||||||
| Costs | 63,165 | 40,758 | 57,115 | 35,749 | ||||
| Depreciation | 53,678 | 33,092 | 50,929 | 31,174 | ||||
| Net Book Value | 9,487 | 7,666 | 6,186 | 4,575 | ||||
| 2. Cash at Bank | ||||||||
| Current Account (after Reconciliation) | 284,681 | 151,515 | 212,033 | 123,816 | ||||
| Petty Cash | 23,446 | - | 14,071 | - | ||||
| 308,127 | 151,515 | 226,104 | 123,816 | |||||
| 3. Stock | ||||||||
| Shop Stock | 6,472 | - | 4,521 | - | ||||
| Bar Stock | 3,578 | - | 3,752 | - | ||||
| 10,050 | - | 8,273 | - | |||||
| 4. Creditors | ||||||||
| Accruals | 3,201 | 499 | 3,783 | 495 | ||||
| Customs and Excise | 3,277 | - | 2,422 | - | ||||
| Trade Creditors | 34,353 | - | 45,701 | - | ||||
| PAYE Control | 3,717 - |
- | 5,030 - |
- | ||||
| Net Wage Control | - | - | - | - | ||||
| Pension Control | 584 | - | 324 | |||||
| 37,114 | 499 | 46,876 | 495 | |||||
| 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 2023 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2023 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2023 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2023 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2023 | ||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| 2023 | 2023 | 2022 | 2022 | |||||
| 1. Administration | ||||||||
| Minibus and motoring expenses | - | 332 | 332 | |||||
| Telephone | 1,547 | 1,547 | 1,542 | 1,542 | ||||
| Postage, stationery, printing, advertising | - | - | - | - | ||||
| Accountancy Fee | 1,105 | 450 | 1,130 | 450 | ||||
| Administration & Computer Expenses | 1,801 | - | 1,356 | |||||
| Trade Expenses | 11 | - | - | - | ||||
| 4,464 | 1,997 | 4,360 | 2,324 | |||||
| 2. Affiliation and conference fees | ||||||||
| Conference Fees | 650 | 650 | 1,000 | 1,000 | ||||
| Officer Honoraium | 5,000 | 5,000 | 5,060 | 5,060 | ||||
| NUS Affiliation | 1,338 | 1,338 | 1,954 | 1,954 | ||||
| 6,988 | 6,988 | 8,014 | 8,014 | |||||
| 3. Hire of Equipment | ||||||||
| Photocopier | - | - | - | - | ||||
| External Hires | - | - | - | - | ||||
| - | - | - | - | |||||
| 4. Events and entertainment | ||||||||
| Social Events | 12,762 | 12,762 | 6,715 | 6,715 | ||||
| Extra Curricular | 1,521 | 1,521 | 1,143 | 1,143 | ||||
| 14,283 | 14,283 | 7,858 | 7,858 | |||||
| 5. Finance | ||||||||
| Insurance | 1,198 | 1,198 | 1,446 | 1,446 | ||||
| Bank Charges | 607 | 60 | 552 | 40 | ||||
| Acquiring Charges | 5,297 | - | 12,659 | - | ||||
| 7,102 | 1,258 | 14,657 | 1,486 | |||||
| 6. Miscellaneous | ||||||||
| Repairs and maintenance | 218 | 218 | ||||||
| Welfare, advice and leaflets | 9,952 | 9,952 | 15,045 | 15,045 | ||||
| Sundry (Contingency) | 3,740 | 3,740 | 3,510 | 3,510 | ||||
| Communication (SKY Subscription) | 5,413 | 5,413 | 4,626 | 4,626 | ||||
| Donations | - | - | - | - | ||||
| 19,323 | 19,323 | 23,181 | 23,181 |
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