IMPERIAL COLLEGE UNION Registered charity 1151241
TRUSTEES’ ANNUAL REPORT & FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 JULY 2021
1
Imperial College Union Trustees’ Annual Report and Financial Statements for the year ended 31 July 2021
WELCOME
Thank you for taking the time to read about our year at Imperial College Union. 2020-21 has been an incredibly challenging year for the Higher Education sector following the devastating impact of the pandemic. Students have lived through significant disruption to their teaching and learning, with many changes to their study programmes, pausing of key services and inability to engage fully with their university experience. This period has affected students’ unions hugely, with many opportunities to engage, interact and build relationships with members significantly reduced.
At Imperial College Union, we began a complex strategic review last year in order to address failings and a lack of organisational performance. This review was instigated by our Board of Trustees and culminated in the development of an improvement plan to enable us to tackle some of our most critical challenges. Despite the many challenges we faced relating to the pandemic, we have made enormous progress this year in addressing the issues which in the past prevented us from becoming a healthy, sustainable and successful organisation. We are now in the process of making fundamental changes to our staffing structure, have negotiated a new financial model with our major funder, created a new organisational strategy and are increasing our provision in the areas that matter most to our members.
To help you understand a bit more about this year and our future plans, the Trustees’ Annual Report section has been split into the following key sub sections:
-
B1. Our response to COVID-19: how we have continued to respond to the challenges of the pandemic, the work we have done to support staff and students and the changes we have made to our services throughout the academic year.
-
B2. Our impact: where we have had a positive impact on Imperial students including the areas we recognise we need to do better.
-
B3. Our future transformation plans: progress against our long-term change programme, creation of our new strategic plan and what we have planned for the future.
We hope you enjoy reading about our year. We’re excited for what the future holds at Imperial College Union.
Dr Lloyd James (Union President) Jill Finney (Chair of the Board of Trustees) Dr Tom Flynn (Managing Director)
Imperial College Union
2
Trustees Annual Report and Financial Statements for the year ended 31 July 2021
CONTENTS
| Section | Content | Pages |
|---|---|---|
| A | Structure, Governance & Management | 4 |
| B | Trustees’Annual Report | 8 |
| B1 | Our Response to COVID-19 | 8 |
| B2 | Our Impact | 11 |
| B3 | Our Future Transformation Plans | 16 |
| C | Financial Review (including Union affiliations and donations) |
19 |
| D | Independent Auditors'Report | 23 |
| E | Statement of Financial Activities | 27 |
| F | Balance Sheet | 28 |
| G | Cashflow Statement | 29 |
| H | Notes to the Financial Statements | 30 |
| I | Appendices to the Financial Statements | 41 |
Imperial College Union
3
Trustees Annual Report and Financial Statements for the year ended 31 July 2021
SECTION A: STRUCTURE, GOVERNANCE & MANAGEMENT
A1. Charitable Objects & Public Benefit
Imperial College Union is an unincorporated association and a registered charity (number 1151241). The Union’s objects are the advancement of education of students at Imperial College London for the public benefit by:
-
i. Promoting the educational interests and welfare of students at Imperial College London during their course of study and representing, supporting and advising students.
-
ii. Being the recognised representative channel between students and Imperial College London and any other external bodies.
-
iii. Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.
A2. Democratic Structure
ICU is a membership organisation that is governed by a written constitution and via democratic structures detailed within it. Students at Imperial College London automatically become members of ICU as soon as they enrol at the College. Students have the right (under the Education Act 1994) to opt-out of Union membership; once their student status at Imperial College ends, they lose their membership of ICU. They can however apply to join as associate members, with some of the rights to services but none of the democratic rights of full members.
The Union's constitution is reviewed at least every five years and contains the provision for various democratic structures and processes including:
-
i. The establishment of Policy that reflects the collective opinion of Imperial College Union and its members via referenda.
-
ii. The election of student leaders in a wide range of leadership and representational roles across the organisation.
-
iii. The establishment of a Union Council (with various different subcommittees), that serves as forum to debate, discuss and decide on issues relating to the Union and student interests.
-
iv. The establishment of Constituent Unions to ensure the effective democratic representation and engagement of students within their academic unit or cohort.
-
v. The establishment of Management Groups to ensure the effective democratic engagement and management of clubs, societies and projects.
-
vi. The direct election of seven student members and appointment of a further three to the Board of Trustees, meaning two third membership of the body is made up of students.
Our Union Council organogram can be seen below:
----- Start of picture text -----
Union Council
Clubs & Services & Education &
Governance & Community & Constituent
Societies Sustainability Representation
Identity Board Welfare Board Unions
Project Board Board Board
----- End of picture text -----
Imperial College Union
4
Trustees Annual Report and Financial Statements for the year ended 31 July 2021
| Phase | ExpectedPeriod | Description |
|---|---|---|
| One | August2020to | TacticalchangedrivenbytheCOVID-19pandemic,requiringICU |
| October2020 | totemporarilyshrinktoacoreoperatingmodel.Continuationof | |
| 'businessasusual'undersocialdistancingandotherassociated | ||
| regulations. | ||
| Two | October2020to | Majorstrategicconsultationandengagementperiod,lookingatthe |
| April2021 | futureofICUandbuildingasharedvisionthatresonateswithallour | |
| stakeholders. | ||
| Three | May2021 | Theplanningandcommencementofanagreedtransformation |
| onwards | programmebasedonanewstrategicplanthatwillinclude | |
| significantchangestotheoperatingmodeloftheorganisation. |
rplus. |
|
|---|---|
| £'000 | |
| Totalnetexpenditureperfinancialstatements | (2,926) |
| Add:depreciationchargeinyear | 3,222 |
| Add:restructuringcosts | 168 |
| Less:gainsoninvestments | (22) |
| Less:proceedsonassetdisposal | (66) |
| Operatingsurplus | 376 |
| Ofwhichrestricted: | (247) |
| Unrestrictedoperatingsurplus: | 129 |
| AFFILIATIONS | DONATIONS | |||
|---|---|---|---|---|
| £ | ||||
| BritishUniversities&CollegesSport | 17,179 | RightToPlayUK | 7,000 | |
| WembleySailingClub | 4,320 | OceanStarsTrust | 5,000 | |
| EalingGolfClubltd | 3,255 | IslamicReliefUK | 3,176 | |
| LashamGlidingSociety | 2,225 | ManithaNeyam | 3,000 | |
| EnglandBasketball | 1,196 | TheRahulaTrust | 1,000 | |
| BritishRowing | 989 | WorldVision | 1,000 | |
| UnitedHospitalsCricketClub | 900 | BirminghamWomen'sandChildren'sHospitalChari | 370 | |
| ErasmusStudentNetworkUK | 570 | TheAgainstMalariaFoundation | 237 | |
| Toastmasters | 463 | SchistosomiasisControlInitiativeFoundation | 237 | |
| BritishCanoeUnion | 419 | FashionRevolutionFoundation | 150 | |
| StColumba'sTennisClub | 380 | Hannah'sWillberyWonderPonyCharity | 100 | |
| UnitedHospitalsHockeyClub | 300 | HemkuntFoundation | 25 | tl |
| NationalRifleAssociation | 258 | 21,296 | ||
| AdviceUK | 258 | |||
| BritishCavingAssociation | 245 | |||
| BritishUniversitiesSailingAssociation | 230 |
|||
| BritishMountaineeringCouncil | 184 | |||
| ArcheryGB | 170 | |||
| SurreyRifleAssociation | 160 | |||
| EnglandHockey | 157 | |||
| King'sBusinessClub | 151 | |||
| SwimEngland | 106 | |||
| VolleyballEngland | 95 | |||
| StudentWindsurfingAssociation | 91 | |||
| UKCinemaAssociation | 63 | |||
| FootballAssociation | 53 | |||
| LondonBoxing | 50 | |||
| BritishFencing | 45 | |||
| EastAnglianRocketrySociety | 38 | |||
| MddlesexCountyArcheryAssociatior | 36 | |||
| EnglandHandballAssociation | 25 | |||
| BritishKendoAssociation | 20 | |||
| 34,629 |
| 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2020 | ||||||
| General | Designated Funds |
Student Activities/ Halls |
Capital Grants |
Total Funds |
Total Funds |
|||
| Note | £ |
£ |
£ |
£ |
£ |
£ |
||
| Incomeandendowments | ||||||||
| Donationsandlegacies | ||||||||
| BlockGrant | 1907612 | 1907,612 | 1.897.212 | |||||
| ServicedAccommodation8Support | ||||||||
| Services | 2 | 1.241.467 | 1.241,467 | 1,315,939 | ||||
| Charitableactivities | ||||||||
| SocialEnterprise | 3 | 992.758 | - | 992,758 | 2098,098 | |||
| StudentActivitiesandDevelopment | 5 | 38.921 | 928,973 | 967.894 | 2,469,454 | |||
| StudentVoice | 6 | - | 3,913 | |||||
| Othertradingactivities | ||||||||
| RoomHire | 36.810 | 36,810 | 113,512 | |||||
| Investments | 10,489 | 10,489 | 49232 | |||||
| Other | 4 | 388,984 | 388,984 | 386,995 | ||||
| Totalincomeandendowments | 4,617,041 | 928,973 | 5,546,014 | 8,334,355 | ||||
| Expenditure | ||||||||
| Charitableactivities | ||||||||
| SocialEnterprise | 3 | (2115,642) | (397168) | (632,503) | (3,145.313) | (3.783.854) | ||
| StudentActivitiesandDevelopment | 5 | (1,663,695) | (683.359) | (681,815) | (1,280.766) | (4,309635) | (4,454,675) | |
| StudentVoice | 6 | (810324) | (83.622) | (550) | (144,100) | (1,038596) | (805.181) | |
| Totalexpenditure | (4,589,661) | (1,164,149) | (682,365) | (2,057,369) | (8,493,544) | (9,043,710) | ||
| NetGains/(losses)oninvestments | 12 | 21,790 | 21,790 | (54,164) | ||||
| Netincome4expenditure) | 49,170 | (1,164,149) | 246,608 | (2,057,369) | (2,925,740) | (763,519) | ||
| Transfersbetweenfunds | 66,206 | (66,206) | ||||||
| Netmovementsinfunds | 115,376 | (1,230,355) | 246,608 | (2,057,369) | (2,925,7401 | (763,51a | ||
| , | ||||||||
| Reconciliationoffunds | ||||||||
| Totalfundsbroughtforward | 386,579 | 1,398.644 | 1.712,148 | 2,157,036 | 5,654,407 | 6,417,926 | ||
| Totalfundsearnedforward | 501,955 | 188.289 | 1.958,756 | 99,667 | 2,728.667 | 5.654407 |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | E | ||||
| TangibleFixedAssets | 11 | 192,008 | 3.441.009 | ||
| investments | 12 | 1,534,516 | |||
| CurrentAssets | |||||
| Stocks | 13 | 206.685 | 269,794 | ||
| Debtors&Prepayments | 14 | 156,107 | 324,669 | ||
| Cashandbankbalances | 15 | 3,055,644 | 776,612 | ||
| 3,418,436 | 1,371075 | ||||
| Creditors:Amountsfallingduewithin | 16 | ||||
| oneyear | (728,459) | (544,674) | |||
| NetCurrentAssets | 2689.977 | 826,401 | |||
| Creditors:Amountsfallingdueafter | 16 | (153,318) | (147,519) | ||
| morethanoneyear | |||||
| TotalNetAssets | 2,728,667 | 5,654,407 | |||
| RepresentedBy: | 19 | ||||
| RestrictedFunds | |||||
| CapitalGrants | 99,667 | 2,157.036 | |||
| StudentActivities/Halls | 1958,756 | 1,712,148 | |||
| 2,058,423 | 3.869.184 | ||||
| UnrestrictedFunds | |||||
| DesignatedFunds | 168,289 | 1,398.644 | |||
| GeneralReserve | 501.955 | 386,579 | |||
| 670244 | 1,785,223 | ||||
| 2,728,667 | 6,6541407 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Cashflowsfromoperatingactivities | ||||
| Netmovementoffundsfortheperiod | (2,925,740) | (763519) | ||
| Adjustmentsfor. | ||||
| Depreciationcharges | 3.221.518 | 497,488 | ||
| (Gains)/lossesoninvestments | (21.790) | 54,164 | ||
| Incomereceivedfrominvestments | (10,489) | (49.232) | ||
| Lossf(profit)onsalesoffixedassets | 17.066 | 759 | ||
| Decreasef(increase)instock | 63,109 | (12.416) | ||
| Decrease/(increase)indebtors | 168,562 | 132.127 | ||
| Increaset(decrease)increditors | 189,584 | (1,081,339) | ||
| Netcashprovidedbyoperating | ||||
| activities | 701,820 | (1,221,968) | ||
| Cashflowsfrominvestingactivities | ||||
| Incomereceivedfrominvestments | 10,489 | 49,232 | ||
| Paymentstoacquirefixedassets | (75.559) | |||
| Proceedsfromsalesoffixedassets | 10,417 | |||
| Purchaseofinvestments | (48.307) | |||
| Proceedsfromsaleofinvestments | 1,556.3.6 | 41,654 | ||
| Netcashprovidedbyinvesting | ||||
| activities | 1,577,212 | (32,980) | ||
| Changeincashandequivalentsinthe | 2.279,032 | (1.254,948) | ||
| period | ||||
| Cashandequivalentsatthestartofthe | 776.612 | 2.031.560 | ||
| period | ||||
| Cashandequivalentsattheendofthe | 3,055,644 | 776,612 | ||
| period | ||||
| Analysisofchangesinnetdebt | ||||
| Atstartofyear | Cash.flows | Atendofyear | ||
£ |
£ |
£ |
||
| Cash | 776.612 | 2.279.032 | 3.055.644 | |
| Total | 776,612 | 2,279,032 | 3,055,644 |
capitalisationis£3,000andtheusefullife |
foreachassetisde |
|---|---|
| Freeholdproperty | 50years |
| Buildingimprovements(major) | 10years |
| Buildingimprovements(minor) | 5years |
| Fixturesandfittings | 5years |
| ITEquipment | 3years |
| 2 | DonatedServices | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| ServicedAccommodation | 1,079,837 | 1,079,837 | 1,080,372 | 1,080,372 | ||||||
| HRandPayroll | 99,103 | 99,103 | 158,523 | 158,523 | ||||||
| ITServices | 47,777 | 47,777 | 66,344 | 66,344 | ||||||
| AuditFees | 14,750 | - | 14,750 | 10,700 | 10,700 | |||||
| 1,241,467 | - | 1,241,467 | 1,315,939 | 1,315,939 |
| 3 | SocialEnterprise | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Sales | 992,758 | - | 992,758 | 2,098,098 | 2,098,098 | |||||
| CostofSales | (455,439) | - | (455,439) | (794,922) | - | (794,922) | ||||
| GrossProfit | 537,319 | - | 537,319 | 1,303,176 | - | 1,303,176 | ||||
| StaffSalaries&Wages | 7 | (554,685) | - | (554,685) | (1,328,429) | - | (1,328,429) | |||
| OtherDirectCosts | (240,384) | - | (240,384) | (387,543) | - | (387,543) | ||||
| SupportCosts | 8 | (1,262,302) | (632,503) | (1,894,805) | (1,201,357) | (71,603) | (1,272,960) | |||
| (1,520,052) | (632,503) | (2,152,555) | (1,614,153) | (71,603) | (1,685,756) |
| 5 | StudentActivities&Development | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Income | 38,921 | 928,973 | - | 967,894 | 55,493 | 2,365,018 | 48,943 | 2,469,454 | ||
| DirectCosts | (268,703) | (625,113) | (8,777) | (902,593) | (460,030) | (2,103,861) | (5,120) | (2,569,011) | ||
| StaffSalaries&Wages | 7 | (238,969) | (56,702) | (295,671) | (287,391) | (41,281) | (328,672) | |||
| SupportCosts | 8 | (1,839,382) | (1,271,989) | (3,111,371) | (1,412,996) | (143,996) | (1,556,992) | |||
| (2,308,133) | 247,158 | (1,280,766) | (3,341,741) | (2,104,924) | 219,876 | (100,173) | (1,985,221) |
| 6 | StudentVoice | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Income | - | - | 313 | 3,600 | 3,913 | |||||
| DirectCosts | (10,228) | (550) | - | (10,778) | (12,353) | (12,353) | ||||
| StaffSalaries&Wages | 7 | (70,677) | - | (70,677) | (133,944) | - | (133,944) | |||
| SupportCosts | 8 | (813,041) | - | (144,100) | (957,141) | (642,571) | (16,313) | (658,884) | ||
| (893,946) | (550) | (144,100) | (1,038,596) | (788,555) | 3,600 | (16,313) | (801,268) |
| 7 | StaffSalaries&Wages | 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | ||
| £ | £ | £ | £ | £ | £ | £ | £ | ||
| Salaries&Wages | (1,963,413) | (47,684) | (2,011,097) | (2,826,151) | (33,470) | (2,859,621) | |||
| EmployersNationalInsuranceCosts | (138,298) | (3,222) | (141,520) | (177,048) | (2,978) | (180,026) | |||
| PensionCosts | (220,275) | (5,597) | (225,872) | (256,666) | (4,679) | (261,345) | |||
| ApprenticeshipLevy | (7,433) | (199) | (7,632) | (10,164) | (154) | (10,318) | |||
| (2,329,419) | (56,702) | (2,386,121) | (3,270,029) | (41,281) | (3,311,310) | ||||
| Allocatedto: | |||||||||
| SocialEnterprise | (554,685) | (554,685) | (1,328,429) | _ | -(1,328,429) | ||||
| StudentActivities&Development | (238,969) | (56,702) | (295,671) | (287,391) | (41,281) | (328,672) | |||
| StudentVoice | (70,677) | (70,677) | (133,944) | - | (133,944) | ||||
| Administration&FinanceCosts | (1,382,958) | -(1,382,958) | (1,423,882) | -(1,423,882) | |||||
| Governance | (82,130) | (82,130) | (96,383) | - | (96,383) | ||||
| (2,329,419) | (56,702) | -(2,386,121) | (3,270,029) | (41,281) | -(3,311,310) |
| 8 | SupportCosts | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Premises&EquipmentCosts | (2,132,155) | (2,048,592) | (4,180,747) | (1,172,668) | (231,912) | (1,404,580) | ||||
| Administration&FinanceCosts | (1,538,667) | (1,538,667) | (1,751,592) | - | (1,751,592) | |||||
| Governance | 9 | (97,023) | (97,023) | (107,797) | - | (107,797) | ||||
| HumanResources&Payroll | (99,103) | - | (99,103) | (158,523) | (158,523) | |||||
| ITServices | (47,777) | (47,777) | (66,344) | (66,344) | ||||||
| (3,914,725) | (2,048,592) | (5,963,317) | (3,256,924) | (231,912) | (3,488,836) | |||||
| Apportionedto: | ||||||||||
| SocialEnterprise | (1,262,302) | - | (632,503) | (1,894,805) | (1,201,357) | - | (71,603) | (1,272,960) | ||
| StudentActivities&Development | (1,839,382) | - | (1,271,989) | (3,111,371) | (1,412,996) | - | (143,996) | (1,556,992) | ||
| StudentVoice | (813,041) | - | (144,100) | (957,141) | (642,571) | - | (16,313) | (658,884) | ||
| (3,914,725) | - | (2,048,592) | (5,963,317) | (3,256,924) | - | (231,912) | (3,488,836) | |||
| 9 | Governance | 2021 | 2020 | |||||||
| Unrestricted | Restricted | Capital | Total | Unrestricted | Restricted | Capital | Total | |||
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Audit | (14,750) | (14,750) | (10,700) | (10,700) | ||||||
| StaffSalaries&Wages | 7 | (82,130) | (82,130) | (96,383) | (96,383) | |||||
| TrusteesExpenses | (143) | (143) | (714) | (714) | ||||||
| (97,023) | (97,023) | (107,797) | (107,797) | |||||||
| Apportionedto: | ||||||||||
| SocialEnterprise | (29,107) | (29,107) | (32,339) | (32,339) | ||||||
| StudentActivities&Development | (29,107) | (29,107) | (32,339) | (32,339) | ||||||
| StudentVoice | (38,809) | (38,809) | (43,119) | (43,119) | ||||||
| (97,023) | (97,023) | (107,797) | (107,797) |
| Pay | Pension | Total | |
|---|---|---|---|
| £ | £ | £ | |
| President | 33,286 | 5,326 | 38,612 |
| DPCS | 33,286 | 5,326 | 38,612 |
| DPFS | 33,442 | 5,351 | 38,793 |
| DPE | 33,286 | 5,326 | 38,612 |
| DPW | 33,286 | 5,326 | 38,612 |
| 11 | TangibleFixedAssets | Building Refurbishment |
Fixtures, Fittings& Equipment |
Total |
|---|---|---|---|---|
| £ | £ | £ | ||
| Costasat31July2020 | 6,785,668 | 2,859,923 | 9,645,591 | |
| Additions | ||||
| Disposals | (421,573) | (421,573) | ||
| Costasat31July2021 | 6,785,668 | 2,438,350 | 9,224,018 | |
| AccumulatedDepreciationasat31July2020 | 3,628,411 | 2,576,171 | 6,204,582 | |
| Depreciation | 3,079,804 | 141,714 | 3,221,518 | |
| Disposals | - | (394,090) | (394,090) | |
| AccumulatedDepreciationasat31July2021 | 6,708,215 | 2,323,795 | 9,032,010 | |
| NetBookValueasat31July2020 | 3,157,257 | 283,752 | 3,441,009 | |
| NetBookValueasat31July2021 | 77,453 | 114,555 | 192,008 |
| 12 | Investments | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Rathbones | 1,534,516 | ||
| 1,534,516 | 1,534,516 | ||
| Rathbones | |||
| Marketvalueat1August | 1,534,516 | 1,582,027 | |
| Additionalcapitalinvested | 48,307 | ||
| Capitalreturned | (1,556,306) | (30,000) | |
| InvestmentManagementFees | (11,654) | ||
| Gain/(Loss)inMarketValue | 21,790 | (54,164) | |
| Marketvalueat31July | 1,534,516 | ||
| 13 | Stock | 2021 | 2020 |
| £ | £ | ||
| Stock | 206,685 | 269,794 | |
| 206,685 | 269,794 |
| 14 | DebtorsandPrepayments | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| TradeDebtors | 30,530 | 201,553 | |
| CreditNoteProvision | - | (4,200) | |
| OtherDebtors | 5,156 | 43,063 | |
| ProvisionforBadDebts | (16,469) | (60,698) | |
| Prepayments | 122,140 | 69,554 | |
| AccruedIncome | 14,750 | 40,970 | |
| VAT | - | 34,427 | |
| 156,107 | 324,669 | ||
| 15 | CashandBankBalances | 2021 | 2020 |
| £ | £ | ||
| BankAccounts | 3,054,350 | 775,318 | |
| CashFloats | 661 | 661 | |
| PettyCash | 633 | 633 | |
| 3,055,644 | 776,612 |
| 16 | Creditors | 2021 | 2020 | |
|---|---|---|---|---|
| £ | £ | |||
| Duewithinoneyear | ||||
| TradeCreditors | 92,176 | 65,207 | ||
| CreditNoteProvision | (20,043) | |||
| OtherCreditors | 38,841 | 46,933 | ||
| ImperialCollegeCreditor | 286,423 | 173,228 | ||
| VAT | 16,217 | |||
| Accruals | 222,903 | 223,946 | ||
| DeferredIncome | 17 | 14,386 | ||
| Staffbenefitsaccrued | 35,072 | 48,481 | ||
| PensionSchemesDeficitProvision | 18 | 22,441 | 6,922 | |
| 728,459 | 544,674 | |||
| Dueafteroneyear | ||||
| PensionSchemesDeficitProvision | 18 | 153,318 | 147,519 | |
| 881,777 | 692,193 |
| 17 | DeferredIncome | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| OpeningBalance | - | 64,991 | |
| IncomeReceived | 14,386 | ||
| IncomeUtilised | - | (64,991) | |
| ClosingBalance | 14,386 |
| 18 | DefinedBenefitsPensionSchemesDeficitProvision | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Openingbalance | 154,441 | 280,586 | |
| Additionalstaffcosts | 20,191 | (121,712) | |
| Interestpayable | 1,127 | (4,433) | |
| 175,759 | 154,441 |
| 19 | Funds | Opening Balance |
Income | Expenditure | Transfers | Revaluations | Closing Balance |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | ||
| RestrictedFunds | |||||||
| StudentActivities/Halls | 1,712,148 | 928,973 | (682,365) | 1,958,756 | |||
| CapitalGrants | 2,157,036 | (2,057,369) | 99,667 | ||||
| TotalRestrictedFunds | 3,869,184 | 928,973 | (2,739,734) | 2,058,423 | |||
| DesignatedFunds | |||||||
| FixedAssetsFund | 1,283,973 | (1,164,149) | (27,483) | 92,341 | |||
| InvestmentRevaluationReserve | 38,723 | (38,723) | |||||
| CapitalPlanDesignatedFunds | |||||||
| StudentActivitiesDesignatedFunds | 75,948 | 75,948 | |||||
| TotalDesignatedFunds | 1,398,644 | (1,164,149) | (66,206) | 168,289 | |||
| GeneralReserve | 386,579 | 4,617,041 | (4,589,661) | 66,206 | 21,790 | 501,955 | |
| TotalReserves | 5,654,407 | 5,546,014 | (8,493,544) | 21,790 | 2,728,667 |
| Analysisofassetsbetweenfunds | ||||
|---|---|---|---|---|
| Restricted | Funds | |||
| CapitalGrants | Student Activities |
Unrestricted Funds |
TotalFunds | |
| £ | £ | £ | £ | |
| TangibleFixedAssets | 99,667 | 92,341 | 192,008 | |
| Investments | - | - | - | _ |
| CurrentAssets | - | 1,958,756 | 1,459,680 | 3,418,436 |
| Creditors | - | - | (881,777) | (881,777) |
| 99,667 | 1,958,756 | 670,244 | 2,728,667 |
| 25 | ComparitiveSOFAfor2020 | 2020 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||
| General | Designated Funds |
Student Activities/ Halls |
Capital Grants |
Total | ||
| Incomeandendowments | £ | £ | £ | £ | ||
| Donationsandlegacies | ||||||
| BlockGrant | 1,897,212 | - | 1,897,212 | |||
| ServicedAccommodation&SupportServices | 1,315,939 | 1,315,939 | ||||
| Charitableactivities | ||||||
| SocialEnterprise | 2,098,098 | 2,098,098 | ||||
| StudentActivitiesandDevelopment | 55,493 | 2,365,018 | 48,943 | 2,469,454 | ||
| StudentVoice | 313 | 3,600 | 3,913 | |||
| Othertradingactivities | ||||||
| RoomHire | 113,512 | 113,512 | ||||
| Investments | 49,232 | 49,232 | ||||
| Other | 386,995 | 386,995 | ||||
| Totalincomeandendowments | 5,916,794 | 2,368,618 | 48,943 | 8,334,355 | ||
| Expenditure | ||||||
| Charitableactivities | ||||||
| SocialEnterprise | (3,712,251) | (71,603) | (3,783,854) | |||
| StudentActivitiesandDevelopment | (2,160,417) | (2,145,142) | (149,116) | (4,454,675) | ||
| StudentVoice | (788,868) | (16,313) | (805,181) | |||
| Totalexpenditure | (6,661,536) | (2,145,142) | (237,032) | (9,043,710) | ||
| NetGains/(losses)oninvestments | (54,164) | (54,164) | ||||
| Netincome/(expenditure) | (798,906) | 223,476 | (188,089) | (763,519) | ||
| Transfersbetweenfunds | 288,763 | (288,763) | ||||
| Netmovementsinfunds | (510,143) | (288,763) | 223,476 | (188,089) | (763,519) | |
| Reconciliationoffunds | ||||||
| Totalfundsbroughtforward | 896,722 | 1,687,407 | 1,359,971 | 2,577,037 | 6,521,138 | |
| TotalFundscarriedforward | 386,579 | 1,398,644 | 1,583,447 | 2,388,948 | 5,757,619 |
| 1 | Clubs,Societies&Projects | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Arts&EntertainmentsSector | |||||||
| Income | 2,987 | 46,944 | 49,931 | 1,821 | 200,263 | 202,084 | |
| Expenditure | (13,167) | (51,332) | (64,499) | (31,856) | (197,689) | (229,545) | |
| (10,180) | (4,388) | (14,568) | (30,035) | 2,574 | (27,461) | ||
| CGCU(City&GuildsCollege) | |||||||
| Income | 160 | 156,787 | 156,947 | (2,335) | 406,926 | 404,591 | |
| Expenditure | (11,464) | (67,097) | (78,561) | (10,974) | (300,431) | (311,405) | |
| (11,304) | 89,690 | 78,386 | (13,309) | 106,495 | 93,186 | ||
| CommunitySector | |||||||
| Income | 249 | 29,225 | 29,474 | 267 | 75,538 | 75,805 | |
| Expenditure | (218) | (10,330) | (10,548) | (1,476) | (102,970) | (104,446) | |
| 31 | 18,895 | 18,926 | (1,209) | (27,432) | (28,641) | ||
| CultureSector | |||||||
| Income | 204 | 39,350 | 39,554 | 280 | 243,821 | 244,101 | |
| Expenditure | (34) | (31,631) | (31,665) | (771) | (219,094) | (219,865) | |
| 170 | 7,719 | 7,889 | (491) | 24,727 | 24,236 | ||
| GSU(GraduateStudents'Union) | |||||||
| Income | 16,397 | 16,397 | |||||
| Expenditure | (200) | (200) | (94) | (15,400) | (15,494) | ||
| (200) | (200) | (94) | 997 | 903 | |||
| ICSMSU(SchoolofMedicine) | |||||||
| Income | 4,671 | 151,026 | 155,697 | 3,344 | 353,877 | 357,221 | |
| Expenditure | (12,683) | (154,181) | (166,864) | (60,090) | (318,746) | (378,836) | |
| (8,012) | (3,155) | (11,167) | (56,746) | 35,131 | (21,615) | ||
| KnowledgeSector | |||||||
| Income | 246 | 39,028 | 39,274 | 163 | 45,921 | 46,084 | |
| Expenditure | (751) | (17,699) | (18,450) | (1,997) | (45,948) | (47,945) | |
| (505) | 21,329 | 20,824 | (1,834) | (27) | (1,861) | ||
| NAI(NewActivitiesIncubator) | |||||||
| Income | 140 | 1,097 | 1,237 | 40 | 4,636 | 4,676 | |
| Expenditure | (638) | (638) | (2,456) | (2,456) | |||
| 140 | 459 | 599 | 40 | 2,180 | 2,220 | ||
| RCSU(RoyalCollegeofScience) | |||||||
| Income | 1,005 | 57,636 | 58,641 | 60 | 110,330 | 110,390 | |
| Expenditure | (429) | (48,032) | (48,461) | (1,412) | (82,318) | (83,730) | |
| 576 | 9,604 | 10,180 | (1,352) | 28,012 | 26,660 | ||
| RecreationSector | |||||||
| Income | 5,494 | 37,975 | 43,469 | 7,496 | 99,661 | 107,157 | |
| Expenditure | (34,833) | (18,731) | (53,564) | (57,422) | (107,646) | (165,068) | |
| (29,339) | 19,244 | (10,095) | (49,926) | (7,985) | (57,911) | ||
| RSM(RoyalSchoolofMines) | |||||||
| Income | 780 | 9,722 | 10,502 | 40 | 56,953 | 56,993 | |
| Expenditure | (104) | (7,631) | (7,735) | (7,199) | (53,350) | (60,549) | |
| 676 | 2,091 | 2,767 | (7,159) | 3,603 | (3,556) | ||
| Silwood(SilwoodPark) | |||||||
| Income | 52 | 52 | |||||
| Expenditure | (1,770) | (427) | (2,197) | (3,631) | (756) | (4,387) | |
| (1,770) | (427) | (2,197) | (3,631) | (704) | (4,335) | ||
| SportsSector | |||||||
| Income | 9,728 | 118,624 | 128,352 | 12,084 | 521,859 | 533,943 | |
| Expenditure | (26,251) | (102,295) | (128,546) | (146,084) | (488,085) | (634,169) | |
| (16,523) | 16,329 | (194) | (134,000) | 33,774 | (100,226) | ||
| AllClubs,Societies&Projects | |||||||
| Income | 25,664 | 687,414 | 713,078 | 23,260 | 2,136,234 | 2,159,494 | |
| Expenditure | (101,704) | (510,224) | (611,928) | (323,006) | (1,934,889) | (2,257,895) | |
| (76,040) | 177,190 | 101,150 | (299,746) | 201,345 | (98,401) |
| 2 | StudentHalls | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Restricted | Restricted | ||||||
| Income | Expenditure | Total | Income | Expenditure | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Belt | 16,024 | (10,069) | 5,955 | 21,851 | (19,531) | 2,320 | |
| ChapterIslington(Paragon) | 11,319 | (11,377) | (58) | - | |||
| Falmouth&Keogh | 6,902 | (6,326) | 576 | 12,818 | (13,582) | (764) | |
| Gabor | 8,691 | (4,844) | 3,847 | 17,714 | (18,776) | (1,062) | |
| KempPorter | 39,164 | (36,990) | 2,174 | ||||
| Linstead | 8,078 | (7,723) | 355 | 10,893 | (12,609) | (1,716) | |
| Parsons | 2,233 | (4,178) | (1,945) | 4,204 | (3,191) | 1,013 | |
| Pembridge | 5,498 | (5,494) | 4 | 8,122 | (9,363) | (1,241) | |
| Selkirk | 5,664 | (6,235) | (571) | 8,640 | (7,558) | 1,082 | |
| SilwoodHalls | 9,670 | (8,555) | 1,115 | 7,805 | (11,894) | (4,089) | |
| Tizard | 4,918 | (4,865) | 53 | 11,732 | (10,976) | 756 | |
| Wilkinson | 8,673 | (4,019) | 4,654 | 13,993 | (13,570) | 423 | |
| WilsonHouse | 23,259 | (22,275) | 984 | 31,734 | (26,487) | 5,247 | |
| WoodwardHall | 39,091 | (31,433) | 7,658 | 67,095 | (49,749) | 17,346 | |
| Xenia | 8,405 | (7,208) | 1,197 | 12,866 | (12,967) | (101) | |
| 197,589 | (171,591) | 25,998 | 229,467 | (210,253) | 19,214 |
| Premises&EquipmentCosts | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Capital | Total | Unrestricted | Capital | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cleaning | (21,106) | (21,106) | (58,867) | (58,867) | ||
| BuildingRedevelopmentDepreciation | (1,031,212) | (2,048,592) | (3,079,804) | (33,429) | (231,912) | (265,341) |
| ServicedAccommodation | (1,079,837) | (1,079,837) | (1,080,372) | (1,080,372) | ||
| (2,132,155) | (2,048,592) | (4,180,747) | (1,172,668) | (231,912) | (1,404,580) | |
| Apportionedto: | ||||||
| SocialEnterprise | (658,303) | (632,503) | (1,290,806) | (362,061) | (71,603) | (433,664) |
| StudentActivities&Development | (1,323,874) | (1,271,989) | (2,595,863) | (728,120) | (143,996) | (872,116) |
| StudentVoice | (149,978) | (144,100) | (294,078) | (82,487) | (16,313) | (98,800) |
| (2,132,155) | (2,048,592) | (4,180,747) | (1,172,668) | (231,912) | (1,404,580) |
| 4 | Administration&FinanceCosts | 2021 | 2020 |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| £ | £ | ||
| BadDebtExpense | 56,771 | (130,084) | |
| BankCharges | (2,598) | (5,407) | |
| DepreciationofFixtures,Fittings&Equipment | (28,734) | (27,243) | |
| IrrecoverableVAT | (13,325) | (22,730) | |
| OfficeEquipment | (50,045) | (43,107) | |
| OfficerTraining | (4,362) | (4,005) | |
| OtherStaffCosts | (11,653) | (32,841) | |
| Printing,Stationery&Postage | (10,840) | (28,511) | |
| StaffSalaries | (1,382,958) | (1,423,882) | |
| TelephoneandFax | (7,065) | (3,751) | |
| Training | (4,529) | (17,752) | |
| Miscellaneous | (71,421) | (119,526) | |
| Pensionschemedeficitexpense | (21,317) | 126,146 | |
| Staffbenefitsaccrued | 13,409 | (18,899) | |
| (1,538,667) | (1,751,592) | ||
| Apportionedto: | |||
| SocialEnterprise | (497,123) | (679,065) | |
| StudentActivities&Development | (451,070) | (600,445) | |
| StudentVoice | (590,474) | (472,082) | |
| (1,538,667) | (1,751,592) |
| 5 | HumanResources&Payroll | 2021 | 2020 |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| £ | £ | ||
| HRRate/FTE | (2,489) | (2,568) | |
| FTEs(includingcasualworkers) | 39.82 | 61.73 | |
| (99,103) | (158,523) | ||
| Apportionedto: | |||
| SocialEnterprise | (54,925) | (95,157) | |
| StudentActivities&Development | (22,608) | (34,302) | |
| StudentVoice | (21,570) | (29,064) | |
| (99,103) | (158,523) | ||
| 6 | ITServices | 2021 | 2020 |
| Unrestricted | Unrestricted | ||
| £ | £ | ||
| ITRate/FTE | (1,410) | (1,417) | |
| FTEs(excludingcasualworkers) | 33.89 | 46.82 | |
| (47,777) | (66,344) | ||
| Apportionedto: | |||
| SocialEnterprise | (22,844) | (32,734) | |
| StudentActivities&Development | (12,723) | (17,790) | |
| StudentVoice | (12,210) | (15,820) | |
| (47,777) | 66,344 | ||
| 7 | TradeDebtors | 2021 | 2020 |
| Unrestricted | Unrestricted | ||
| £ | £ | ||
| Debtorcontrol | 24,112 | 187,350 | |
| Debtorswithcreditbalances | 6,418 | 14,203 | |
| 30,530 | 201,553 | ||
| 8 | TradeCreditors | 2021 | 2020 |
| Unrestricted | Unrestricted | ||
| £ | £ | ||
| Creditcontrol | (24,039) | (100,335) | |
| Creditorswithdebitbalances | 109,797 | 59,620 | |
| Debtorswithcreditbalances | 6,418 | 14,203 | |
| 92,176 | (26,512) |