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 2024
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 2024 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.
Antigone Blackwell Officer Trustee & Director 2024/25
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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 ENDED 31st JULY 2024 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st JULY 2024 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st JULY 2024 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st JULY 2024 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st JULY 2024 | ||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| 2024 | 2024 | 2023 | 2023 | |||||
| INCOME | ||||||||
| RWCMD, Block Grant | 37,195 | 37,195 | 37,195 | 37,195 | ||||
| Trading Income | 9,257 | 9,257 | 31,314 | 31,314 | ||||
| Shop Receipts | 73,289 | - | 65,414 | - | ||||
| College Bar Receipts | 159,224 | - | 180,481 | - | ||||
| Summer Production | 28,252 | - | 17,979 | - | ||||
| Retro NUS Receipts | 8,954 | - | 1,945 | - | ||||
| External Hire | 21,838 | - | ||||||
| NUS Extra | - | - | - | - | ||||
| Other Income | 22,325 | - | 20,092 | - | ||||
| Grant Income | - | - | ||||||
| Interest Received | 967 | - | ||||||
| 361,301 | 46,452 | 354,420 | 68,509 | |||||
| EXPENDITURE | ||||||||
| Administration | 7,015 | 3,498 | 4,464 | 1,997 | ||||
| Conference and Affiliations | 11,418 | 11,278 | 6,988 | 6,988 | ||||
| Events and Entertainments | 9,000 | 9,000 | 14,283 | 14,283 | ||||
| Finance / Bank Charges | 7,800 | 2,205 | 7,102 | 1,258 | ||||
| Miscellaneous | 19,771 | 19,771 | 19,323 | 19,323 | ||||
| Shop Cost of Sales | 51,286 | - | 36,420 | - | ||||
| College Bar Cost of Sales | 77,088 | - | 62,930 | - | ||||
| Summer Production Event/Bar Costs | 29,418 | - | 23,966 | - | ||||
| External Hire | 33,225 | - | ||||||
| Salaries, Pension, PAYE & NI | 78,387 | - | 80,695 | - | ||||
| Depreciation | 2,364 | 1,533 | 2,749 | 1,918 | ||||
| 326,772 | 47,285 | 258,920 | 45,767 | |||||
| SURPLUS(+)/DEFICIT(-) FOR YEAR | 34,529 | 833 - |
95,500 | 22,742 |
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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 2024 | SU BALANCE SHEET AS AT 31st JULY 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | |||||
| Note | 2024 | 2024 | 2023 | 2023 | ||||
| Fixed Assets | 1 | 7,123 | 6,133 | 9,487 | 7,666 | |||
| Current Assets | ||||||||
| Debtors | 1,936 | - | 25,614 | - | ||||
| Prepayments and Other Debtors | 1,013 | 884 | 1,110 | 970 | ||||
| Madsu Limited | 38,944 | 38,944 | 58,934 - |
58,934 - |
||||
| RWCMD Students Union | 38,944 - |
- | 58,934 | - | ||||
| RWCMD College | - | - | ||||||
| Cash in Bank | 2 | 342,487 | 54,704 | 308,127 | 151,515 | |||
| Stock | 3 | 9,123 | - | 10,050 | - | |||
| 354,559 | 94,532 | 344,901 | 93,551 | |||||
| Creditors | ||||||||
| Amounts due within one year | 4 | 10,463 | 780 | 37,698 | 499 | |||
| Net Current(Liabilities) / Assets | 344,096 | 93,752 | 307,203 | 93,052 | ||||
| Total Assets less Current Liabilities | 351,219 | 99,885 | 316,690 | 100,718 | ||||
| Creditors | ||||||||
| Amounts falling due after one year | - | - | - | - | ||||
| Net(Liabilities) / Assets | 351,219 | 99,885 | 316,690 | 100,718 | ||||
| Reserves | ||||||||
| Called Up Share Capital | 2 | - | 2 | - | ||||
| Accumulated Funds brought forward | 316,688 | 100,718 | 221,188 | 77,976 | ||||
| Surplus / (deficit) for the year | 34,529 | 833 - |
95,500 | 22,742 | ||||
| 351,219 | 99,885 | 316,690 | 100,718 | |||||
| These financial statements were approved by the Committee | ||||||||
| ON BEHALF OF THE STUDENTS' UNION AND THE EXECUTIVE COMMITTEE | ||||||||
| Antigone Blackwell - President 2024/25 |
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ROYAL WELSH COLLEGE OF MUSIC AND DRAMA STUDENTS’ UNION UNDEB MYFYRWYR COLEG BRENHINOL CERDD A DRAMA CYMRU
| UNDEBMYFYRWYRCOLEGBRE | UNDEBMYFYRWYRCOLEGBRE | UNDEBMYFYRWYRCOLEGBRE | NH | INOLCERDD ADRA | M | ACYMRU | ||
|---|---|---|---|---|---|---|---|---|
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2024 | ||||||||
| Consolidated | SU | Consolidated | SU | |||||
| 2024 | 2024 | 2023 | 2023 | |||||
| 1. Fixed Assets | ||||||||
| Costs | 63,165 | 40,758 | 63,165 | 40,758 | ||||
| Depreciation | 56,042 | 34,625 | 53,678 | 33,092 | ||||
| Net Book Value | 7,123 | 6,133 | 9,487 | 7,666 | ||||
| 2. Cash at Bank | ||||||||
| Current Account (after Reconciliation) | 90,210 | 54,704 | 284,681 | 151,515 | ||||
| Capital Holding Account | 250,967 | - | ||||||
| Petty Cash | 1,310 | - | 23,446 | - | ||||
| 342,487 | 54,704 | 308,127 | 151,515 | |||||
| 3. Stock | ||||||||
| Shop Stock | 5,825 | - | 6,472 | - | ||||
| Bar Stock | 3,298 | - | 3,578 | - | ||||
| 9,123 | - | 10,050 | - | |||||
| 4. Creditors | ||||||||
| Accruals | 3,290 | 780 | 3,201 | 499 | ||||
| Customs and Excise | 4,971 | - | 3,277 | - | ||||
| Trade Creditors | - | - | 34,353 | - | ||||
| PAYE Control | 1,598 | - | 3,717 - |
- | ||||
| Net Wage Control | - | - | - | - | ||||
| Pension Control | 604 | - | 584 | |||||
| 9,859 | 780 | 37,114 | 499 | |||||
| 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 2024
| SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2024 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2024 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2024 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2024 | SCHEDULE OF S.U. EXPENDITURE FOR THE YEAR ENDED 31st JULY 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated | SU | Consolidated | SU | ||||||
| 2024 | 2024 | 2023 | 2023 | ||||||
| 1. Administration | |||||||||
| Minibus and motoring expenses | 1,840 | 1,840 | - | - | |||||
| Telephone | 1,163 | 1,163 | 1,547 | 1,547 | |||||
| Postage, stationery, printing, advertising | - | - | - | - | |||||
| Accountancy Fee | 1,533 | 495 | 1,105 | 450 | |||||
| Administration & Computer Expenses | 2,479 | - | 1,801 | ||||||
| Trade Expenses | - | - | 11 | - | |||||
| 7,015 | 3,498 | 4,464 | 1,997 | ||||||
| 2. Affiliation and conference fees | |||||||||
| Conference Fees | 6,084 | 5,944 | 650 | 650 | |||||
| Officer Honoraium | 4,000 | 4,000 | 5,000 | 5,000 | |||||
| NUS Affiliation | 1,334 | 1,334 | 1,338 | 1,338 | |||||
| 11,418 | 11,278 | 6,988 | 6,988 | ||||||
| 3. Hire of Equipment | |||||||||
| Photocopier | - | - | - | - | |||||
| External Hires | - | - | - | - | |||||
| - | - | - | - | ||||||
| 4. Events and entertainment | |||||||||
| Social Events | 9,000 | 9,000 | 12,762 | 12,762 | |||||
| Extra Curricular | - | - | 1,521 | 1,521 | |||||
| 9,000 | 9,000 | 14,283 | 14,283 | ||||||
| 5. Finance | |||||||||
| Insurance | 2,132 | 2,132 | 1,198 | 1,198 | |||||
| Bank Charges | 457 | 73 | 607 | 60 | |||||
| Acquiring Charges | 5,201 | - | 5,297 | - | |||||
| Interest on Overdue Taxation | 10 | - | - | - | |||||
| 7,800 | 2,205 | 7,102 | 1,258 | ||||||
| 6. Miscellaneous | |||||||||
| Repairs and maintenance | 6,995 | 6,995 | 218 | ||||||
| Welfare, advice and leaflets | 3,559 | 3,559 | 9,952 | 9,952 | |||||
| Sundry (Contingency) | 3,615 | 3,615 | 3,740 | 3,740 | |||||
| Communication (Subscription) | 5,602 | 5,602 | 5,413 | 5,413 | |||||
| Donations | - | - | - | - | |||||
| 19,771 | 19,771 | 19,105 | 19,323 | ||||||
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