2022-07-31-accounts - Queen Mary University Of London Students' Union Limited

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CONTENTS			Page
Legal and Administrative		Information
Trustees' Annual Report
Statement of	Trustees' Responsibilities		13
Independent	Auditors' Report		14
Consolidated	Statement	of Financial Activities	17
Consolidated	and Union	Balance Sheets
Consolidated	Cash Flow	Statement	19
Notes to the	Accounts		20
Appendix			(i) - (xvii)

Strategic	Objective
Aims
Theme 1	Student Voice	—We will make sure students' voices are heard,		valued	and acted
	upon.
Theme 2	Education and	Welfare —We will	support students' education	and welfare, so		each
	student has the	o ortunit to fulfil	their otential.
Theme 3	Opportunities	and Communities	—We will create and support,	social,	cultural	and
	recreational activities so that students feel art ofa community.
Theme 4	Student Futures —We will empower students to shape their own futures.
Theme 5	Enablers —We	will build a strong	and efticient Union that is ready to deliver for			students.

payable are as ind	payable are as ind	icated:
Organisation				Subscription
National	Union of	Students	(NUS)	f37,500
British	Universities	and Colleges Sports (BUGS)		F8,732
London	Nightline			F1,946.
Student	Radio Academy			L'0
UK Cou	ncil for Int	ernational	Student Affairs (UKCISA)	Free

					General	Designated	Restricted	Total	Total
					funds	funds	funds
				Notes	2022 6	2022 6	2022 E	2022 E	2021f
INCOME FROM
Charitable Activities
Student Activity				6	65,847	359,528	28,859	454,234	156,438
Grant income				3	2,433,100		247,936	2,681,036	2,399,133
Other trading
Sponsorship and Marketing Income				4	2,067			2,067	593
Subsidiary Company	Income			5	2,979,667			2,979,667	1,417,667
Investment Income					1,287			1,287	201
Total income					5,481,968	359,528	276,795	6,118,291	3,974,032
EXPENDITURE ON
Raising Funds Communication and Marketing					198,150			198,150	173,308
Subsidiary Company	Expenditure				2,810,976			2,810,976	1,512,741
					3,009,126			3,009,126	1,686,049
Charitable Activities
Student Activity				6	1,490,141	414,509	237,246	2,141,896	1,584,935
Student Media				8	23,431			23,431	16,034
Volunteering					87,761			87,761	56,607
Student Representation Communication		&		10	792,968			792,968	681,059
					2,394,301	414,509	237,246	3,046,056	2,348,635
Total expenditure					5,403,427	414,509	237,246	6,055,182	4,034,684
Movement in fair value Investments		of		17	(2,496)			(2,496)	9,120
Transfers				20			(4,986)	(4,986)
NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS			&		76,045	(54,981)	34,563	55,627	(51,532)
Reserves Brought'Forward					(306,786)	368,966	193,464	255,644	307,176
RESERVES CARRIED FORWARD				20	(230,741)	313,985	228,027	311,271	255,644

		Consolidated		Union
		2022	2021	2022	2021
		F	6	6	6
FIXEDASSETS	16	181,205	218,490	12,834	26,793
INVESTMENTS	17	33,216	35,712	33,217	35,712
CURRENT ASSETS
Stock		49,860	40,105
Debtors and Prepayments	18	194,980	208,376	104,122	137,456
Cash at Bank and in Hand		727,247	388,366	447,604	273,847
		972,087	636,847	551,727	411,303
CREDITORS
Due within one year	19	(875,237)	(635,405)	(641,600)	(404,566)
NET CURRENT ASSETSILIABILITIES		96,850	1,442	(89,873)	6,737
NET ASSETSI (LIABILITIES)		311,271	255,644	(43,823)	69,242
FINANCED BY:
FUNDS
Restricted Funds		228,027	193,464	228,027	193,464
Unrestricted Funds
General Reserve		(230,741)	(306,786)	(585,835)	(493,188)
Designated Funds		313,985	366,966	313,985	368,966
	20	311,271	255,644	(43,823)	69,242

			Notes		2022f		2021f
NET CASH INFLOW/(OUTFLOW)
FROM OPERATING ACTIVITIES			23		362,490		80,977
CASH FLOWS FROM INVESTING		ACTIVITIES
Investment Income				1,287		201
Payments to acquire tangible	fixed	assets	16	(24,896)		(17,010)
					(23,609)		(16,809)
CASH FLOWS FROM FINANCING		ACTIVITIES
Increase/(Decrease) in Cash					338,881		64,168
Cash and cash equivalents at	start	ofyear			388,366		324,198
Cash and cash equivalents at	end	ofyear			727,247		388,366

3.Grant Income	3.Grant Income	3.Grant Income
				2022	2022	2022	2022	2021
				Unrestricted	Designated	Restricted	Total	Total
				6		6	6
Queen	Mary	University of
London
Total Revenue		Grants		2,387,999		247,936	2,635,935	2,797,175
Allocated to Subsidiary				(466,850)			(466,850)	(803,229)
Charity	Revenue		Grants	1,921,149		247,936	2,169,085	1,993,946
Donated Services Facilities			and	511,951			511,951	405,187
				2,433,100		247,936	2,681,036	2,399,133
4. Sponsorship			and Marketing	Income
							2022	2021
								6
Sponsorship		and	Marketing				2,067	593
							2,067	593
5. QIISU Services Limited
							Total	Total
					Income 6	Expendituref	2022f	2021 6
Trading	Activities
Gym					601,305	(307,268)	294,037	110,119
Bars					801,125	(535,094)	266„031	11,195
Retail					834,298	(713,939)	120,359	(61,462)
Cafes					605,653	(372,411)	233,242	56,535
Entertainments					65,802	(29,477)	36,325	20,702
Services Marketing					50,359	(33,567)	16,792	32,003
Other					21,125	(23,642)	(2,517)	180,912
					2,979„667	(2,015,398)	964,269	350,004
Total Administrative Costs						(795,578)	(795,578)	(445,078)
					2,979,667	(2,810,976)	168,691	(95,074)

6. Student Activity
					2022	2021
Income					6	F
Students' Events Income					43,348	77,923
Recreational Sport Income					8,006	3,892
Other Income					14,493	9,429
Student Activity Groups Income					359,528	53,408
RAG Income					28,859	11,786
					454,234	156,438
Expenditure Events Direct Costs						37,107
Student Activity Groups			Grant funded		150,369	27,027
			Self-generated	funds	414,509	47,287
Wages and Salaries	(Note 12)				445,565	407,608
Insurance					9,616	8,349
Training					1,588	3,753
Affiliation Fees					9,640	9,991
Other Expenditure					2,584	6,677
Donated Services and Facilities					337,891	267,423
Support Costs					532,612	515,220
Costs charged against Restricted Funds-
Pathway to Sport and Community		(Note 13)			10,000	10,000
Student Experience	Volunteering	(Note 13)			30,000	30,000
QM Skills & Employability (Note 13)					10,000	10,000
Community Building	Events (Note 13)				10,000	10,000
International Student Experience		(Note 13)			15,000	15,000
Employability Annual Fund (Note		13)			15,000	15,000
Degree Apprentice	Grant (Note 13)					10,883
Executive Diversity					20,000	20,000
Sports Development					10,000	10,000
Club Sport Funding					10,000	10,000
Community Campus						24,003
QM Annual Fund					17,084	21,595
Employability					1,163
Student Experience					99	10,599
Depreciation of Equipment					11,056	11,111
RAG Costs and Donations					10,316	2,949
Westfield Trust					18,774	19,188
Other Grant					6,262	13,166
FA Hub					3,161	260
Co-op					2,458	20
					2,104,747	1,574,216

Brought Forward					2,104,747	1,574,215
BLSports Funding					27,139	6,683
Drapers					1 723	258
Club Sport					8,287	3,778
					2,141,896	1,584,935
Student Activity Groups are listed			in Appendix	1
7. Communication		&Marketing	Expenditure
					2022	2021
					6	5
Staff Salaries and Wages (Note 12)					163,967	120,181
Freshers' Fair					8,234
Publicity & Marketing					6,887	1,164
Depreciation on Equipment					1,034
Other Expenditure					6,541	38,494
Information Technology					11,487	12,358
					198,150	173,308
8. Student Media		Expenditure
					2022	2021
					6	5
Radio &Media					262	472
Student Development					813	757
Events					3,831	3,490
Support Costs (Note		13)			4,247
Donated Services and Facilities					14,278	11,305
					23,431	15,034
9.Volunteering	Expenditure
					2022	2021
					6
Salaries &Wages (Note 12)					38,462	21,788
Volunteering Expenses					97	95
Other Expenditure					18
Donated Services and Facilities					14,898	11,791
Support Costs (Note		13)			34,286	32,932
					87,761	66,507

10. Student Representation	10. Student Representation		&Communication	Expenditure
					2022	2021
Staff Salaries and Wages (Note 12)					252,358	199,463
Affiliation Fees					43,471	47,561
Student Development					495
Printing &Stationery					1,825	1,131
Cleaning (excluding	staff costs)				31,190	2,225
Depreciation on Buildings		&Equipment			2,137	1,870
Finance Charges					4,797	3,610
Equipment					300	88
Hospitality					66	14
Other Expenditure					6,486	8,939
Donated Services and Facilities					144,884	114,658
Support Costs (Note	13)				304,959	301,490
					792,968	681,059
11. Governance Costs
					2022	2021
Salaries &Wages (Note 12)					475,023	359,441
Legal and Professional					250	1,950
External Audit					18,684	21,450
Staff Training					200	101
Board Meeting and Trustee			Expenses		829	213
Other					978	821
Hospitality					347	42
Recruitment					300
Depreciation					76	76
Affiliations						35
					496,687	384,147
Governance Costs declared			in the Financial	Statements as follows:
Charity					392,216	355,300
Subsidiary Company					104,471	28,847
					496,687	384,147

12. Staff Costs
						2022	2021
Permanent staff
Gross Salaries						1,807,124	1,672,884
Employers N.l.						167,084	154,012
Employers Pension						262,726	246,546
Apprenticeship Levy						8,424	7,885
Sabbatical Officers
Gross Salaries						167,654	162,571
Employees Nl						15,951	13,725
Employees' Pension						4,703	24,734
Part Time Students
Gross Salaries						719,944	403,244
Employees Nl						5,971	3,792
Employees' Pension						32,926	17,610
Apprenticeship Levy						3,329	1,820
Total Staff Costs						3,195,836	2,708,803
Allocated as Follows:
Communication & Marketing		(Note 7)				163,967	120,181
QMSU Services I imited	Total					1,534,163	1,127,603
QMSU Services Limited	included		in Governance		Costs (Note 11)	(104,471)	(28,847)
Student Activity (Note 6)						445,565	407,808
Volunteering (Note 9)						38,462	21,788
Student Representation	&Communication			(Note	10)	252,358	199,463
Governance (Note 11)						475,023	359,441
Support Staff Costs (Note 13)						390,769	501,566
						3,195,836	2,708,803

		2022
		6
Adi Sawalha		34,981
Bilge Kacmaz		30,591
Muneer	Hussein	30,535
Radhika	Thiagarajan	30,672
Robert	Leo Tucker	30,873
Saynab	Sharif	30,655
		188,307

13.Support Costs
						2022	2021
						6	F
Governance (Note 11)						496,687	384,147
Salaries and Wages (Note 12)						390,769	501,566
Irrecoverable VAT						37,169	54,524
Depreciation on Buildings		&Equipment				37,060	33,741
Information Technology						11,298	1,081
Finance Charges						36,248	10,674
Staff Training						4,548	1,420
Printing &Stationery						2,788	2,593
Telephone &Postage						1,471	1,845
Event Expenses						53,141
Hospitality						528	346
Insurance						40,371	34,106
Operational Costs						55,742	32,456
Recruitment						1,060
Licences						36,895	8,693
Security Costs						73,505	2,817
Lease & Rentals						105,382	103,721
Cleaning						219,048	124,043
Equipment						10,357	4,586
Publicity &Marketing						8,188	3,801
Maintenance						44,165	86,621
Other Expenditure						5,262	2,722
						1,671,682	1,395,603
Support Costs are declared			in the Financial Statements as follows:
Charity						876,104	950,525
Subsidiary Company	(Note 5)					795,578	445,078
						1,671,682	1,395,603
Charity Support Costs		are apportioned		to Charitable	Activities as
follows:
Student Activity (Note	6)					532,612	616,103
Volunteering (Note 9)						34,286	32,932
Student Media (Note	8)					4,247
Student Representation		&Communication		(Note 10)		304,959	301,490
						876,104	950,525

					General	Designated	Restricted	Total
					funds	funds	funds
				Notes	2021	2021	2021	2021
					6	6	6	F
INCOME FROM
Charitable Activities
Student Activity				6	91,244	53,408	11,786	156,438
Grant income				3	2,179,796		219,337	2,399,133
Other trading
Sponsorship and Marketing Income					593			593
Subsidiary Company	Income			3,5	1,417,667			1,417,667
Investment Income					201			201
Total income					3,689,501	53,408	231,123	3,974,032
EXPENDITURE ON
Raising Funds
Communication and Marketing					173,308			173,308
Subsidiary Company	Expenditure				1,512,741			1,512,741
					1,686,049			1,686,049
Charitable Activities
Student Activity					1,283,156	47,287	254,492	1,584„935
Student Media					16,034			16,034
Volunteering					66,607			66,607
Student Representation Communication		&		10	681,059			681,059
					2,046,856	47,287	254,492	2,348,635
Total expenditure					3,732,905	47,287	254,492	4,034,684
Movement in fair value Investments		of		17	9,120			9,120
NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS			&		(34,284)	6,121	(23,369)	(51,532)
Reserves Brought Forward					(272,502)	362,845	216,833	307,176
RESERVES CARRIED FORWARD				20	(306,786)	368,966	193,464	255,644

16. Fixed Assets
Consolidated	Building	Trading	Union	Total
	Works f	Equipment 5	Equipment 5
Cost:
As at 1 August 2021	2,422,284	852,320	144,611	3,419,215
Additions		22,304	2,592	24,896
Disposals	(6,880)	(75,865)	(19,232)	(101,977)
At 31st July 2022	2,415,404	798,759	127,971	3,342,134
Depreciation:
As at 1 August 2021	(2,348,446)	(710,288)	(141,991)	(3,200,725)
Charge for the year	(18,354)	(39,651)	(4,176)	(62,181)
Disposals	6,880	75,865	19,232	101,977
At 31 July 2022	(2,359,920)	(674,074)	(126,935)	(3,160,929)
Net BookValue:
At 31st July 2022	55,484	124,685	1,036	181,205
At 31 July 2021	73,838	142,032	2,620	218,490
Fixed Assets	Building	Trading	Union	Total
Union	Works	Equipment	Equipment
	5	E	5
Cost:
As at 1 August 2021	1,261,674	119,597	144,611	1,525,882
Additions			2,592	2,592
Disposals			(4,709)	(4,709)
At 31st July 2022	1,261,674	119,597	142,494	1,523,765
Depreciation:
As at 1 August 2021	(1,242,531)	(114,567)	(141,991)	(1,499,089)
Charge for the year	(7,345)	(5,030)	(4,176)	(16,551)
Disposals			4,709	4,709
At 31st July 2022	(1,249,876)	(119,597)	(141,458)	(1,510,931)
Net BookValue:
At 31stJuly 2022	11,798		1,036	12,834
At 31stJuly 2021	19,143	5,030	2,620	26,793

Investments	Investments
				2022	2021	2022	2021
				Consolidated	Consolidated	Union	Union
				6	F	F	E
Listed	Investments		at fair value
Brought	Forward			35,712	26,592	35,712	26,592
Movements investments		in fair value of		(2,496)	9,120	(2,496)	9,120
At 31st	July	2022		33,216	35,712	33,216	35,712
Unlisted	investments		at cost
				33,216	35,712	33,217	35,713

Debtors		2022	2021	2022	2021
		Consolidated	Consolidated	Union	Union
		6			F
Trade Debtors		36,581	30,663	21,001	29,459
Queen Mary University	of London	50,089	34,363	8,547	23,881
Prepayments		73,206	113,155	39,480	55,600
Tax and social security		33,023	27,811	33,023	27,811
Other Debtors		2,081	2,384	2,071	705
		194,980	208,376	104,122	137,456
Creditors: Amounts	falling due	2022	2021	2022	2021
within 1year		Consolidated	Consolidated	Union	Union
					f
Trade Creditors		113,194	31,060	53,653	21,332
Queen Mary University	of London	570,703	429,403	221,914	177,473
QMSU Services Limited				317,566	117,253
Accruals		172,732	152,753	32,109	66,560
Other Creditors		18,608	22,189	16,358	21,948
		875,237	635,405	641,600	404,566

20. Reserves		August				At 31st July
		2021	Income	Expenditure	Transfers	2022
		f		f		f
~Cn
Restricted
Capital Grants		10,784		(10,780)
RAG		20,524	28,859	(10,316)		39,067
Drapers Fund		1,469	3,948	(1,723)		3,694
Campus Community	Fund	4,439			(4,439)
Association Fund		13,134	16,163	(99)		29,198
FA HUB Innovation		547			(547)
FA HUB		1,184	8,998	(3,161)		7,021
Co-op		9,143		(2,458)		6,685
Club Sport		21,350	12,061	(8,287)		25,124
Executive Diversity			20,000	(20,000)
Sports Development			10,000	(10,000)
Club Sport Funding			10,000	(10,000)
Pathway to sport 8 Comm			10,000	(10,000)
Student Exp &Volunteering			30,000	(30,000)
QM Skills & Employability			10,000	(10,000)
Community Building	Events		10,000	(10,000)
Int'I Student Experience			15,000	(15,000)
Employability Annual	Fund		15,000	(15,000)
BLSports Fund		4,455	28,566	(27,139)		5,882
QM Annual Fund		52,326	6,751	(17,084)		41,993
Westfield Trust Fund		14,667	29,178	(18,774)		25,071
Employability Fund		1,500		(1,163)		337
Other Grant		37,942	12,271	(5,262)		43,951
Total Restricted		193,464	276„795	(237,246)	(4,986)	228,027
Designated
Student Activity Groups		368,955	359,528	(414,509)		313,985
Total Designated		368,966	359,528	(414,509)		313,985
General Reserve		(306,786)	5,481,968	(5,405,923)		(230,741)
Total		255,644	6,118,291	(6,057,678)	(4,986)	311,271

20. Reserves (continued)	20. Reserves (continued)
		At 1stAugust					At 31st	July
		2021 6	Income 5	Expenditure f		Transfers f	2022 6
~Cn ~li
Restricted
Capital Grants			10,784			(10,780)
			20,524	28,859		(10,316)		39,067
Drapers Fund			1,469	3,948		(1,723)		3,694
Campus Community	Fund		4,439				(4,439)
Association Fund			13,134	16,163		(99)		29,198
FA HUB Innovation			547				(547)
FA HUB			1,184	8,998		(3,161)		7,021
Co-op			9,143			(2,458)		6,685
Club Sport			21,350	12,061		(8,287)		25,124
Executive Diversity				20,000		(20,000)
Sports Development				10,000		(10,000)
Club Sport Funding				10,000		(10,000)
Pathway to sport &Comm				10,000		(10,000)
Student Exp &Volunteering				30,000		(30,000)
QM Skills & Employability				10,000		(10,000)
Community Building	Events			10,000		(10,000)
Int'I Student Experience				15,000		(15,000)
Employability Annual	Fund			15,000		(15,000)
BLSports Fund			4,455	28,566		(27,139)		5,882
QM Annual Fund			52,326	6,751		(17,084)		41,993
Westfield Trust Fund			14,667	29,178		(18,774)		25,071
Employability Fund			1,500			(1,163)		337
Other Grant			37,942	12,271		(6,262)		43,951
Total Restricted
			193,464	276,795		237,246)	(4,986	228,027
Designated
Student Activity Groups			368,966	359,528		(414,509)		313,985
Total Designated			368,966	359,528		(414,509		313,985
General Reserve			(493,188)	3,056,783	(3,149,428)			(585,833)
Total			69,242	3,693,106	(3,801,183)		(4,986)	(43,823)

24.	Net Cash Inflow f	rom	O	perating Activities
										2022	2021
									Note
	Net income/(expenditure)									55,627	(51,532)
	Depreciation								16	62,181	61,252
	Investment income									(1,287)	(201)
	Change in market	value		ofinvestments						2,496	(9,120)
	(Increase)/Decrease in		stock							(9,755)	13,308
	Decrease/(Increase) in		Debtors						18	13,396	635,854
	Increase/(Decrease) in		Creditors due within		1 year				19	239,832	(568,564)
										362,490	80,977
25.	Net Funds
										2022	2021
	Cash									727,247	388,366
	Net Funds at 31"July 2022									727,247	388,366
26.	Net Assets between			Funds
					Unrestricted				Designated	Restricted	Total
							funds		funds	funds
								6	5
	Consolidated
	Fund balances	at 31		July 2022 are represented		by:
	Tangible fixed	assets				181,205					181,205
	Investments					33,216					33,216
	Current assets					429,875			313,985	228,027	971„887
	Creditors: amounts one year		falling due within			(875,037)					(875,037)
						(230,741)			313,985	228,027	311,271
					Unrestricted				Designated	Restricted	Total
							fundsf		funds 6	funds 5
	Consolidated
	Fund balances	at 31		July 2021 are represented		by:
	Tangible fixed	assets				218,490					218,490
	Investments						35,712				35,712
	Current assets						74,417		368,966	193,464	636,647
	Creditors: amounts one year		falling due within			(635,405)					(635,405)
						(306,786)			368,966	193,464	255,644