2022-07-31-accounts - University Of Sunderland Students' Union

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

			Page
Trustees'	report		1-16
Auditors'	report		17—20
Statement	offinancial	activities	21
Balance sheet			22
Statement	ofcash flows		23
Notes to the financial		statements	24- 36

Auditors				Haines Watts North	Haines Watts North	East Audit LLP	East Audit LLP
				17Queens	Lane
				Newcastle	upon Tyne
				NE1 6SU
Bankers				NatWest
				Sunderland	Branch
				52 Fawcett	Street
				Sunderland,	SR1 1SB
Advisers				Counterculture Partnership LLP Unit 115
				Ducie House
				Ducie Street
				Manchester	M1 2JW
				DAC Beachcroft LLP
				3 Hardman	Street
				Manchester	M3 3HF
Key Management		Personnel
The Union employs a Chief Executive ofthe charity as head ofa management				to work closely with the Trustee Board and ensure effective man team asfollows:
Chief Executive (8 Company			Secretary)			Colina Wright (to 11February 2022)
Head ofStudent Engagement						Katherine Cooper (from 11February 2022) Cass Winlow
HR and Operations		Manager				Louise Dixon
Finance Manager						Lynne Gordon
Marketing	and Communications		Manager			Katherine Cooper (to 11 February 2022)
Student Voice Manager						Frank Sverha (from 11 February 2022) Nicola Edwards
Student Opportunities		Manager				Sarah Redman		(to 8April 2022)
						Vicki Okatch	(from 8April 2022)

				Unrestricted	Designated	Restricted	Total	Total
				Funds	Funds	Funds	2022	2021
			Notes		F	F	E	F
Income from:
Donations				1,064,587		440,000	1,504,587	1,340,000
Charitable activities				172,191			172,191	104,507
Investment income				1,061			1,061	267
Government grants								3,679
				1,237,839		440,000	1,677,839	1,448,453
Expenditure on:
Charitable activities				1,055,689	13,709		1,069,398	1,029,584
Unwinding of pension		liability		(395,581)			( 395,581 )	127,147
				660,108	13,709		673,817	1,156,731
Net movement	in funds before transfers			577,731	( 13,709 )	440,000	1,004,022	291,722
Transfers			17	( 517,826 )	677,015	( 159,189 )
Net movement	in funds			59,905	663,306	280,811	1,004,022	281,722
Reconciliation	offunds
Fund balances	brought	forward		179,364	( 2,618,486 )	219,262	( 2,219,860 )( 2,511,582 )
Fund balances	carried forward			239,269	( 1,955,180 )	500,073	( 1,215,838 )	( 2,219,860 )

					2022			2021
								As restated
		Notes				f
Fixed assets
Tangible assets		13			11,144			10,058
Current assets
Stocks			6,712			4,628
Debtors		14	47,696			138,656
Cash at bank and in hand			1,145,462			692,860
			1,199,870			836,144
Liabilities
Creditors: amounts	falling
due within one year		15	( 306,130	)		( 379,124	)
Net current assets					893,740			457,020
Total assets less current liabilities					904,884			467,078
Creditors: amounts	falling
due after one year
Pension liability		16			( 2,120,722 )		(	2,686,938 )
Net assets					( 1,215,838 )		(	2,219,860 )
Funds
Unrestricted funds					239,269			240,346
Designated funds					336,144			166,626
Restricted fund					500,073			361,000
Pension reserve				(	2,291,324 )		(	2,987,832 )
		17		(	1,215,838 )		(	2,219,860 )

					2022	2021
				Notes	E	F
Cash used in operating	activities			21	454,986	313,550
Cash flows from investing		activities
Interest income					1,061	267
Purchase oftangible fixed	assets				( 3,445 )	( 7,562 )
Cash provided by (used	in)investing		activities		( 2,384 )	( 7,295 )
Change in cash and cash		equivalents	in	the year	452,602	306,255
Cash and cash equivalents		at the beginning		ofthe year	692,860	386,605
Cash and cash equivalents		at the end	of	the year	1,145,462	692,860
Cash and cash equivalents		consist of:
Cash at bank and in hand					1,145,462	692,860

				Unrestricted	Designated	Restricted		Total	Total
				Funds	Funds	Funds		2021	2020
			Notes		f			f
Income from:
Donations				982,679		361,000		1,343,679	987,519
Charitable activities				104,507				104,507	98,005
Investment income				267				267	2,115
				1,087,453		361,000		1,448,453	1,087,639
Expenditure on:
Charitable activities				1,022,585	6,999			1,029,584	984,147
Recalculation	of pension	liability			127,147			127,147	909,457
				1,022,585	134,146			1,156,731	1,893,604
Net movement	in funds	before transfers		64,868	( 134,146 )	361,000		291,722	( 805,965 )
Transfers			17	( 68,545 )	210,283	( 141,738	)
Net movement	in funds			(3,677)	76,137	2"l9,262		29'1,722	(805,965)
Reconciliation	offunds
Fund balances	brought forward			183,041	( 2,694,623 )	-	(2,511,582)(1,705,617)
Fund balances carried		forward		179,364	( 2,618,486 )	219,262	(	2,219,860 )(2,511,582 )

4.	Donations
					2022	2021
					E	F
	University of	Sunderland
	Block grant				1,032,350	934,000
	Pension deficit		grant (restricted)		440,000	361,000
	Other				32,237	45,000
	Government	grants				3,679
					1,504,587	1,343,679
	The government		grants received relates	to the JRSclaim.
5.	Incoming resources from charitable			activities
					2022	2021
	Student services		income		90,471	89,706
	Commercial	income			76,406	14,801
	Other Income				5,314
					172,191	104,507

8.	Support Costs	Support Costs
						2022	2021
	Finance					4?,831	52,578
	Administration					196,113	250,163
	Human Resources						5,340
	Information Technology					296	192
	Governance	(note 9)				5,600	5,175
						249,840	313,448
	Support costs are allocated			based on the overall expenditure	ofthe activities.
9.	Governance
						2022	2021
	Audit fee					5,600	5,175
						5,600	5,175
10.	Net income/(expenditure)			for the year
	This is stated	after charging:				2022	2021
	Depreciation	oftangible fixed assets:
	-owned by the charity					2,359	1,549
11.	Auditors' remuneration
						2022	2021
						F
	Fees payable	to the charity's		auditors for the audit
	ofthe charity's	annual	accounts			5,600	5,450

					2022	2021
					F
Wages and salaries					620,389	594,266
Social security costs					51,637	51,653
Other pension	costs				33,074	30,209
					705,100	676,128
The average	monthly	number	ofemployees	during the year was as follows:
					2022	2021
					Number	Number
Direct					3	3
Administration					17	18
Management					4	4
					24	25

		2022	2022	2021	2021
		Number	E	Number	F
Travelling	expenses		1,216

13
.	Tangible fixed asse	ts		Fixtures,
				Fittings &
				Equipment
	Cost
	At 1 August 2021			81,354
	Additions			3,445
	Disposals
	At 31 July 2022			84,799
	Depreciation
	At 1 August 2021			71,296
	Charge for the period			2,359
	Disposals
	At 31 July 2022			73,655
	Net book value
	At 31 July 2022			11,144
	At 31 July 2021			10,058
14.	Debtors		2022	2021
			F
	Trade debtors		28,845	93,339
	Other debtors		7,263	10,256
	Prepayments and accrued income		11,588	35,061
			47,696	138,656
15.	Creditors: amounts	falling due within one year
			2022	2021
				as
				restated
				F
	Trade creditors		35,569	77,516
	Taxes and social security		18,489	18,640
	Other creditors		15,817	17,098
	Accruals and deferred	income	65,653	106,714
	Pension liability		170,602	159,156
			306,130	379,124

16.	Creditors: amounts	Creditors: amounts	falling due more than one year	falling due more than one year	falling due more than one year	falling due more than one year
									2022	2021
										As
										restated
										F
	Pension deficit payment			plan liability				2,	120,722	2,686,938
17.	Analysis offunds
	Year ended 31Jul		2022		Brought					Carried
					forward	Income	Expenditure		Transfers	forward
							F
	Unrestricted fund
	General fund				179,364	1,237,839	( 660,108	)	( 517,826 )	239,269
	Designated funds
	Capital fund				10,058		(2,359	)	3,445	11,144
	Pension payment		fund		200,000				100,000	300,000
	Pension deficit			(	2,846,094 )				554,770	( 2,291,324 )
	Staff development		fund		4,550				10,450	15,000
	Freshers' Week IT Fund				8,000		(8,000	)
	Website Development			Fund	5,000		(3,350	)	8,350	10,000
	Restricted funds
	Pension fund 2023				219,262				( 159,189 )	60,073
	Pension fund 2026					440,000				440,000
				(2,219,860 )		1,677,839	(673,817	)		( 1,215,838 )
	Year ended 31Jul		2021		Brought					Carried
					forward	Income	Expenditure		Transfers	forward
					F	F	F
	Unrestricted fund
	General fund				183,041	1,087,453	(1,022,585	)	( 68,545 )	179,364
	Designated funds
	Capital fund				4,044		(1,549	)	7,563	10,058
	Pension payment	fund			152,018				47,982	200,000
	Pension deficit			( 2,860,685 )			( 127,147	)	141,738	( 2,846,094 )
	Staff development		fund		10,000		(5,450	)		4,550
	Freshers' Week IT Fund								8,000	8,000
	Website Development			Fund					5,000	5,000
	Restricted funds
	Pension fund					361,000			( 141,738 )	219,262
				(2,511,582 )		1,448,453	( 1,156,731	)		( 2,219,860 )

Year ended 31Jul	2022	Unrestricted	Designated	Restricted	Total
		Fund	Fundf	Fund	Fund
Tangible assets			11,144		11,144
Cash and current investments		320,389	325,000	500,073	1,145,462
Other current assets		54,408			54,408
Current liabilities Creditors more than	one year	( 135,528 )	( 170,602 ) ( 2,120,722 )		( 306,130 ) ( 2,120,722 )
		239,269	( 1,955,180 )	500,073	( 1,215,838 )
Year ended 31Jul	2021	Unrestricted	Designated	Restricted	Total
		Fund	Fund	Fund	Fund
		F		E	F
Tangible assets			10,058		10,058
Cash and current investments		224,042	249,556	219,262	692,860
Other current assets		143,284			143,284
Current liabilities		( 187,962 )	( 159,153 )		( 347,115 )
Creditors more than	one year		( 2,718,947 )		( 2,718,947 )
		179,364	(2,618,486 )	219,262	( 2,219,860 )

					2022	2021
						F
Net income for the year					1,004,022	291,722
Interest received					(1,061 )	(267 )
Depreciation oftangible fixed assets					2,359	1,549
Decrease/(increase)	in stock				(2,084 )	1,363
Decrease/(increase)	in debtors				90,960	(114,846 )
(Decrease)/increase	in creditors	including	pension	liabilities	( 639,210 )	134,029
Net cash in operating	activities				454,986	313,550

						As previously	Adjustment	As restated
						reported
						F
Creditors:	Amounts	falling	due	within	one year	347,115	32,009	379,124
Creditors:	Amounts	falling	due	after	one year	2,718,947	( 32,009 )	2,686,938
						3,066,062		3,066,062