Roglstered numbar: 08497016 Charity number: 1152067 ASTON STUDENTS. UNION IA Company Ilmited by guarnntse) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
ASTON STVDENTS, UNION (A company Ilmlted by guardnts8} CONTENTS Pe Ref8rnnGg ond admintstrntive detalls ofthe Union, its Trustegs and adviseTS Trustoes. report Independent audltorfs report on the financial stat8m8nts ststemant of financlal actlvltles 2-10 15 Balance sheet 16-17 statam8nt of cash flow5 18 Nots$ to tho flnanclal statsmfrnts 19-38
ASTON STUDE1S. UNION A company Ilmited ty guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022 Trustses K Baker S Hansen M Pritehard (resigned 21 Junè 20221 B Purewal (resigned 30 Juno 2022} A Schwarz A Rana lappoinled 1 Juty 20221 K Wong lappointaj 1 July 20221 S Yardley Patd (resigned 21 June 2(Y221 C Roberts A Mazhar {resigned 30 June 2022) P Dawson Iresigned 30 June 2022) Ysingh Iwigned 30 June 2022) A Mazhar {apwnted 1 Juty 2022) S Azhar {appointed 1 Juty 20221 Company rgglstergd number 08497016 Charity rngistorèd number 1152C67 Roglst8rod offlco 8 Coleshill Street Bimiingham B4 7BX Chièf Exocutivè Officèr Max McL¢JJghlln Independent auditor Crowe U.K. LLP Black County House Rounds Green Road Oldbury West Midknds B69 2E Bankers National Weslminster Bank PLC Birmingham West MidL3fKIs 83 2PP Page 1
ASTON STUDENTS. UNION (A company Ilmlted by guarnntep) TRUSTEES. REpoirr FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual reFrf)rt tC¥Jether wryth the audited financial statements of the Union for the 1 August 2021 to 31 July 2022. The Anftual report serves thé purposes of both a Trustees, rèport and a director8, port under comp8ny I, The Trustees confimi that the Annual report and financial statements of the charitable company compty the current statutory wuirements, the requirents of the charitable cornpanls governing dUment and the prowsions of the Staternent OF Recomfftended prti ISORP} applicable to charities preparing their accounts in accordance with the Financral Reporting Standard applicable in the UK and Republi¢ of Irèland IFRS1021 lefferANe 1 January 2019). Since the Union qualifies as small under se¢tion 382 of the Comp8nie8 Act 2006, the Slrat&Jic report Uired of medium and large companies under the cpan Acl 2C(fj (Strategic Report and Dirxtors, Report) Regulatn$ 2013 has been omtLt8d. Structurn. governance and management a. Constitutlon The company is registered a5 a charitable ¢ompany limited by guaranlee and is govemed by rts Articles of Assc¢iation dated 19 April 2013. Trade commenced on 1 August 2013 with the transf8r of trade and assets from Aston Students, Guild (Charity no 1144169). Th8 company is con8t(tuted under a men[andum of Assc¢iation dated 19 April 2013 and is a registered tharty number 1152067. The princip81 objecl of the company is to.. Provide advancement of education of students at AS1 Univ8rsty forth8 public b8nefit by.. PronTh)ting th& interests and welfare of students at Aston UnNersty during their course of study and reprèsenting, supportiro and admsing students. Being the recognised representstNe channel between students and Aston Universty. Providing sla1. cUural. spcrting and recreational axivtbes. forums. di8cussion8, debate for the personal development of r(s slud8nts. b. Methods of appointmènt or eloctlon of Tntstees The management of the company is lh& responsibilty of the Trustees who are elected ar co-opted under the lemis of the Articles of Ass(lat)n. The four fu114ime Executive Officer posts of President, Vice Fresident Education, Vice Pre*ent Student Activtkn'es and Vice President welfa and Community are full t•me posts th8t make up the Executivo ccxmmittee and are remunerated as authorTsed by the Education Act. The post holders annot exceed more than two years in office. The Trustee Board is further made up of a number of StLthnL Extemal and Alumni Trustees to the Union. External and Alumni Trustee are appointed for 8 tem of four y8ars and can stand for re-818Ction for a maximum of tsvo terms. Student Trustees are apky)inted for up to years. New appointsnenls are made by an appointsnenl committee. Training and inducb.on is pffjded when requir. For trje avoidance of doubl the four Full Time Executive Office(s 8Ct as Charity trustees. Page 2
ASTON STUDENTS. UNIOM (A company Ilmlted by guarantso} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Structure• govemance and management Icontinued c. Organlsatlonal structure and decisionrnaking policies Aston Students Union Structu supports and facilitates sludenl-led deci5i9n making and leadership. The majority of students who engage in the Union are volunteers, running and supporting various ev8nts and opportunities for the wder publ benefft of the student membetship at Aston University. Thesè volunteers are supportad by a number of lull time staff. which are a(xounlabk to the Unh)n's senK)r staff member ICEOI for the perfornants of their duties. The Board of Trustees is ultimalety responsible fr)r the efftIVe governan Imanagem8nt and admini51ration) of the organisalion. with key responsibilities delegated to either, elected offirS, key staff mgmbers or via an effective ¢ommittee structure. The Unn prides itself on being dCeratiC in nature and its abilty to 8UPPOrt and encourage studen14eadership. d. Pollcl8s adopted for the Inductlon and tralning of Trustgos During their inductK)n the Executive offi[3 received trustee tsaining from an extemal consultant INith Smith Consultancy). training and support from the NUS, the UnNersty and the Students, Unitsn's own staff team. During their temi of tsff they havè access lo on-going training ar 8UFWrt as required including an extgrn8lly falItated personal development programme and 36(kdegree carried out by the organi5ation Koreo. The training is curated lo ensure Officers have a thorough knowledge of both charity law and th8ir specific remit and administrdlive re8ponsibilitses. e. Pay policy for kay management personnel The Trustee Lx)atd VEW pay across the organIsa on an annual basis. The factors to be taken into cSIderatIon include the University agreed pay scales and infi81ionary increases, individual performance, contractU81 obligations and lh& Union s ffnancial positi.on a5 of 1st of August each year. Salary increases afft at the discret of the Trustee Board a1 are not a guaranteed outconR of the annual review prOs. l. Trustegs. Indemnltlos In aLrdanCe with nom1 pracb'ces the Students. Uni)n has purchased insurance to protect governors and officers from claims arising from rneglent acts. errors or (Knissions occurring whilst on Student Unwjn business. The insuranc8 policy provides cover up to £2,000.OLK) and the cost for the year ended 31 2022 was £1,665. g. Risk manag&m•nt The Trustees hav8 assessed the major risks to which the rAThpany is e4Josed, in particular those related lo the operations and finances of the corr¢)any. arKI are satisfied that systems and prLwlures are in Pla lo mitigate exposure Its the major risks. Page 3
ASTON STUDE1fft8' UNION IA company Ilmlted by guarantee) TRUSTEES. REPORT {coKfiNUEDI FOR THE YEAR ENDED 31 JULY 2022 Objectlves and actlvlties a. The Unlon's strateglc plan During the year the org8nis*ion embarked ¢)n a new Strateg pknrking process. The prewu8 plan had reached its natural end, the SU had moved inio a buikling and the Board were keen the new stmlegic direction reflects the needs and wants of the student Mernr p)st pandemic. The plan was infomi8d by our Annual SU Sutvey that was completed by 1054 students, various online facilitated sessions with students. officers and staff, desk-based research and a $8ri8s of Board meetings that focused solely on the devéloFxment and inception of the plan. In setting the objeciives and pLqnning aCtNIt9, the Trustees have 51d9red the Charity CommissKJn'$ ag1 guidan on public b&nefrt. The TnJsta8s have concluded that as a registed ch8rtty and Students, UThn its work directty benefits and supports 15.000 students registered to study at Aston UnNersity. Tr Trustees ensura that outcomes and outputs are of direct benefrt lo current members. Thi8 ne•V plan was in place by the end of the year. VISION To be an SU for everyone Everyone shou know the SU E for them and can makg a posibve difference lo their time al Aston MISSION A8 we transition back into a way of lrfe, we want yvu tt> have Ihe student experien you deserve VALUES Enhancing student leadetship and potential to cr8ale change. Equality 1$ core lo our seivices and OpportunitS, making them divetse and inclusNe for all Empow8ring students, votces as the heart of eVeing we do SupportirwJ students throughout theirAston joumeJ3 b. Strateglc objectives Student E ement Delivering èxceptional opportunitiès and serv$ for student engagement & support Academic Interests Representing all aspts of students. academ interests Student Communities Growing. creating, and developing studerrt lMune$ Ambitious Futures Equipping students for their ambilious )lJtures Am lified Aston Life Developing sustainable commerual servtss to amplfy your Aston life Page 4
ASTON STUDENTS. UN1014 IA company Ilmit8d by guarantee TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2022 Objectlves and actlvltlos {contlnuodl c. Enabllng obJ8ctlveg le Our people, our finances, our spxe, and our governance wll be managed sustainabty and effectwely to allow everyone lo make a positive impact Communications and D- Our communication will be clear. and our digital Sp will be a kay part of our SeN1 delivery Partnershi S 8nd Collaboratio The Union is stronger and achieves mor8 for sIdentS when wJrking with others AGhlavgm•nts and perforrnancg a. ReviEW of actlvltles At the start of the year the Board had to agree a deficrt budget. as our Block Grdnt had not been agreed. Various conversations were taking place betsveen the students, union and Universty and in November the University announced it W8s lo award the students. unK)n with a lump sum of £5CQ,000 in recognitb)n of the last two years of hard work during the pandernic and based on the business pLgns submitt41.. they $ugge$ted the Organi110n use this fvnding as a reboot lo r8engineer how we do things. With the injecti¢Jn of fUrIng and an infftase in the b1(k grant the organisatwjn has developed nèws roles in HR & Govemance, FinanrA, Mark&ting, Advice, Wln9, IntematKJnal Student Support. Many of these roles started towards thè end of the year and we are hopeful they make a positive IMpt on the sludenl experience. Indeed wi(h these roles funded via the injection of funding, the Sus abilty lo monitor and evaluate their effectiveness over the next tsvo years is of param(iunt Nnportanee. as in 2024-2025 we will require a further injection of funding to maintain the roles and tev8L8 of Se that studenis will come lo expecL Tha roles that were developed within wellbeing arKI intemational support demnslrales an acute strategic awareness by the Trustee Boaré of urKoming priorrbes, as for the followng year 12D22-2023) the universty recorded its highest ever intake of intemational students and student wellbeing has rightly escaladed important on university campuses and may be iude as a Met in the future National Slud8nl Survey. We recrui(ed the new HR. G0veMan and Admin CorKdinator to support the grovAh of the organisalion an improve the eftiency of the HR processes and pr¢xedure8. Befo this role many HR functions (such a5 recruitmenll were cascaded to the managers. but now this prrLess can centralised. Not only should this drive consistency and quality, bul it creates extfB Capauly ¥h1n departmental managers remit. This was parti¢ularfy important during the earfy stsges of the year th a high numbèrs of recruilment mPaign$ acros5 all departments. Tha Green enjoyed a relativety stable year in 2022-2023. Foll0Yng two years of turmil du6 to the pandemic and th9 almost constant 'will they, wont they sh¢)v up. for prospective residents. This year PToved to be r8lalively steady, not only that but the staff team was cOnsldated wrth a new Accommodation Manager and Deputy Manager. Most of the rcr)ms on offer have benefitted from decorative irllprovements over the last years and the next stago in The Green evoluticsn will be to mc¥Jémise hchv the prgperties are managed, although nol yet installed the Staff team are planning to install 8 new online prop&ty management system for the coming year. Moreover the increase in intemational students: has meant the medium to long tefm wability of The Green is secured, as the intemaknonal students want lo seek the accommodation that offer5 them the best value for m(eY. The telative secure rental pi¢Xure has allcwed communty initiatNes lo become part of The Green offer for students, with pumping ¢aMng and tree planlirKJ being such events designed and organised to bring Page S
ASTON STUDENTS. UNION IA company limlted by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2022 A¢higvoments and perforniance (contlnuedl pewle together. student Athee continues to deliver for students on an IrKIK1uaI 1 Ihts year. often supporting sludenl$ who are al Ihair lowest ebb. During the year we eroaged just shy of 700 such students. A significant dEffer8nce this year was th8 University rUlationS nn9 back to their pre-comd stsn¢e on issue such as exams and mitigating circumstances. Some students, having not had a traditnal oxam for several years find the swtch challenging arKI as such a disproportionate amount of ts'me $ tsking up by our advisors SUPPOrt th9S8 Stvdenls, many faced with lack of progression frn one year to the next or expUl8n from th8 University. This year we worked hard at changing the branding of stud8nl voice, we wanted to make Student VCe a core part of the wder student experien. being a student rep shoukj be seen as a prNi1e and representing your course peers to the University should be gNen the 8eriousne5s which it deserves. It was particularly important this year as blended leaming la¢emic delivery taking place on campus and online} was an integral part of the academic experience. The Union W0ed parknujlarty hard at se¢uring a strong IurnoLrt for the Speak Week campaign and aayS m8ée sure that students reps attended arKI vi8w Union Senate as a key vehle for raising their v0e to students lo the Universty's seftior kadership team. The strategy paid diwdends over th& y8ar wilh exlIent attendance at m88tings, 1 DOS cA)mpleting the Speak Week survey and ultimately an improved National Student Survey 2022 Score, increasing by 4% to 5TrA and talknng the SU ave the national bènchmatk for students for th8 first tim8 Since lh& pandern. Th8 Students, Union were ab to reset its commercial operabons in 2021-2022. Al the end of the prevFou8 year new managers were recruited with significant experience in th8 student hospitality sector and the SU was confident of a strong year. To supwjrt the leam the operations. start-up the Union decided on an inveslm8nl plan for the commercÈal p(thlio,' rather than ewting a quick tumaround of fortune and instantsneous proffts the mature decision was to COgnIse rt can tske years to see genuino profil8 from the hospitality sector and the board agreed to S81 aside up lo £12D,000 over 8 three-y8ar petit>J to subsKli5e the services. Hence ralhgr than taiking about losses from day one, the narratNe was atx)ut h(hv we can build on what we have learned. Tem one went well. with a new mènu in both The Lounge and Good pla and a focus on branded goods in the retail shop with sales of X,Y 2nd Z respeLfulty. Encouraging students lo use the building was nel a baleT to success, but did lead lo one of the biggest chaInges.. should alkxv students use of all tha commercial spe8 to consum8 food and drink they had bought 8[e? InallY we decided we would not, and asked students to 'move on, but f( because clear very quickly thrs was the wrong (JecisKJn and a few days later we allowed all students to use the whole build1r as they wished. ccKnmercialW w8$ the wrong decision. il me8nt tables that should have been serving our own fw(l and drink We n9 used lo eat 8 local takeaway or a supemarket meal deal. It was a tough decision financKally. bul in temis of the student expTrenCe. il was absolutely th@ best one, we had spent Ihe summor telling students to come and use the SU building, it was only right they gol to use it as they saw fft. Temi Iwo did not fare as well, and the Omicron outbreak of Covid over the winter break look the mL¥nentum OUL of the sales and the w86kty rUr8S rt8ver malch8J those of the first lemi. The figures were LoLrnge.' X Good pl.. Y Retail". Z. There w8re plans and expectations that 18rn1 three would be fruiiful, as the SU COU become place to celebrate the end of exams but the Unwersity decision to keep all exams online for the summw meonL very fw students were on MpuS after the Easter break. Commercial revenues were h(rwever supplemented by extemal hire and in particular the usè of the students, union building by the Univefsty for Graduations. Previously the UnNersity have hired a MarqLe lo h051 students whilst on campus. For many tears we have suggested the use of the SU buih#ing for this year our offer was accepted. We fdt it made for a better experience and also general a degree of income dunng tha mora traditional quieter months. Other notablè external use of the building including hosting the inaugural Bimiingham Race Imp3 Summit aThJ supporting the citys c0mmorweah Games effort. by allowing the pOle use of some of th8 space. Pago6
ASTON STUDENTS. UNION IA Gompany limited by guaranlo9 TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY 2022 AGhigvemonts and rfornIance {¢ontlnuedl Our officers, campaigns for the years were far reaching and ground-breaking. We had heart felt examples of living with MS and its Ireaknent cycle. we reted )$VelY to the that of studènt spiking in the city, luming around a c8mpawJn, information, and advi in a few hours at the end of the year we rdn an excilrTrg 'What's Next?. employ8bilty campaign. Mental Heatth conb.nued to be a major cause of concerns for our rnemborship, and we tackled this at various levels,, at the start of the years we conducted our largest ever weware survey of Aston students, this provides a foinatIng in$ight into the wellbeing of our rnembers and wa$ used to lèverage further support and funds from the Unwersty. The pr8sident Welfare ran an exCelnI offic8r18d pampaign in May. help to get the Student body talking abcmjt their mentsl heaKh and by the end of the year we had a recruited a new Wellbeing Coordinator to support the work of the VP Wdfare and create leg¥ the welling being and student support inf(i8tives. Clubs and Soci81ies continued to be a key part of the student experience, folk)wing two very disrupted years all the student-led groups were lookirvJ forwa lo getting baok to nomial. Sports teams were excited to be back playing ¢ompelitive sport in the Wednesday aftemc)n BUCS leagues. In total we had 4451 members of clubs and sociati8s Tha achievemerts of these amazing groups and volunteers were celebrated at the end of year SU Awards. 11 had been three year5 snce the L451 in-person celebration event. Over 15 awards were gniing out to Clubs and Societies and 1QDs of individual awards to stLKlent volunteers. for their efforts ovor the year. The election process fell like we w8re bk to prwandemic days, wpth many candKlates and in person I fa to fa canvassing allowed since 2020 - and this had a posf(Ne impact on the number of students voting,. the final election lumoul was 17%, an increase from 12% the year èefore. It was genuinely great to see students around the building and campus canvassing for votes and an iwerson elections announcement event. Marketing continued to play a cntical TO wrthirs the organisation. helping to both deliver online experience and promote the work and campaigns of cAhers. B&knd functb)nalty improvements was made lo the website and, as expected video and Instagram continued to be a key driver of dwJital engagement. Inslagram Reels were sucsSJ1 last year wih a combined wewership of 393,620 for Ihe year, reaching students and beyond, an average of 4,300 per red. With the pandemic over find student housing once again b8cause a key theme for many of student m8mb&rs. Aston Student Homes (ASH} is own&1 and manag&J by Aston Studt5. Union and is endorsed by Aston Unive[. ASH is the official StrJdents' UnK)n accommojalion support service set up for the rnulual benefit of private landlordslagents and Aston students. The service had a particularty succgssful year, with f-tO-faCe housing fairs being organi¥ed again and many housing provmjers wanting to be part of the paid advertisiro service - the serwce enjoy ils first yearwhere rt contributed lo the organisatr)ns bottom line Other exciling projects that look pl&e during the year indud8". An eX(lent Black History montr wdeo campaign wrth p• frcyn Aston Villa and our own Men's and Women's team taking and shanng their experiences We have produced a Trdlo ve10n of our Str*gic Plan. that tyjdines in simply detail our plans for thè year We have created a new Sexual HarassmenVAssautt reporting wlicy that is now on the wgbsite. We commissioned a whol&sc21e rewew and rewnte of our bYeW$. The prevh)us version was in need a rethink with out-of-date18nguage and klea and mthns trKJlted on 8h year, the new set are cleaner and understandable and can hopefulty enable and irKrea8e student engagement, r81her than be view8 as red tape by some of our members We continued to take part in the NUS Slaff Engagemert Survey and returned a resFectable 88'A score. This was down on our score from the previous year of but was still highly commendable by the organisalion. The staff and offir team were keen and quick to come back to the student's un¥)n building as and when Covid restriction were lrfted Page 7
ASTON sTUDEPS. UNION (A company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Achlfrvements and pgrformancg {contlnuodl Th8 annual student survey had a complete fraiftIhis year, with a phoneased 8urvey to make accessibility as easy as possible. Over 9(K) students complete the suNey that invaluablè feedback on their eXpernces. Oiher ncrtable suryws in th8 ye8r induded the Spoak Week Campaign that attracted 4 students The helped students cdebrate in styi8 for the first tirrE in three years. 450 attended the AU Ball at The EastSKle Rooms with 100 and 180- attendees at the Academic and Union Awards respectively Mission Diverse delNered scthe excellent Ra Equrty for most of our 8tsff and officer team, helping the SU understand its impact and role in &%klirvJ this strand of the EDI agernda We reoryanised our offi1 handover and trainiThJ this year. Followng years of online training and working from home, we were keen to wsit how inducted new officers into Ihe students, union a wid9r student movement, a key part of thi$ process 1$ the offfr ltsming log. that was designèd to track the officers leaming and understand as exh w88k passed. The achievement that sums vp the entire year was ts Whatuni Student Choice Awards where we improved our reputsIn as a leading stué8nts' union in country. pkcing a very respectable eighth. Back in 2020 we moved from 84th to tenth and lo maintain this top len p0Son. after the pandemic, when the entire staff, officer and volunteer team were all adaptiny lo 'new normal blended Ming, and 'dynamic working. was an incredibl& achievement. b. Flnanc85 The year was a sound one financialty for the studenls, union. As the organisation transitioned out of thg pandemic and the studenl exp8rience settled into a new nomial, the organisation was keen to grow and develop to achieve it5 mission to gwe students the exyience they éeserve. A key objective of this strategy was lo grow our funding to grow our staff base. A substantial blc¢k grant application was made, including a presentation from the SU Executive to the Universty Ex8CUtiV& S88kirKJ arOUr £300Kpa increase in ndIng to support all areas of the stULlenls' union and in particular increase our student supp)rt and wellbeing initiatNes. The final decision of the University was lo award the students, unTrDn a lump surll of £500.000. This helF)ed fund the proiecled deficit for the year and of course enabled our reserves to grow. I9re0ver il alltyved. towards the end of the year for new roles lo be advertised including a cr(tscal role in Finance to support the various proc8sses and cr8ation of the monthly m8nag8menl accounts, a new Wellbeing Ccthinator and an thditKJnal Student Advh80r. Governancè The Trustee Board devdowd ils subcommitt88 mr*Jel in this year, ensuring the Finance & Risk sUbMmIttee and Good Govemance Subcommf(lee met as and vthen they were required to. The Good Governan group played a key r(Aé in reviewiro and recOffmerat10n the adoption of a nth¥ set of byelaws for the following year. A key decision at the end of the 8ar was to mov8 to a model of an extemal member as Chair of the Board. Sin ASU become an independent charity, the President had taken up this role. bul the board fell that for the efficient running of the meetings, and to hold the CEO to account the Chaii should be an extemal tru51ee with tha President acting as Vice Chair. . Going concern After m8king appropriate enquiries, the Trustees have a reasonable expectatv)n that the wmpany has adequate rèsources to continue in operational eStenCe for the foreseeab ftrture. For this reason th8y continue lo adopt th8 going concem basis in preparing the financkgl statements. Further details regarding the adoption of the going concem basis can be found in the Ac¢ounting Policias. Pag8 6
ASTON STUDEKfs' UNION IA company limited by guaranteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Flnancial reviow a. Rèserv88 pollcy At the balance sheet dote th8 Union £1.184,352 (2021: £782.9291 in reserves, which the Trustees deemed to be appropriatg gNen the size and nature of the charity. thK¥ wa$ reviewed and ¢onfimied by the Finance and Risk Sub Committee in February 2022 and further agr88d by the Trusl8e Board. The L¥)ard agreed lo hold at least £500.000 in reserves. This is an appropri8te amount and relates lo either four months of total co818 or six-seven months of c#)sts (total costs indudgs rent and utilities and core ver$ staffing and operations). The board agreed to keep in reseNes up to £120,000 to invest in ts cornmercial services over the next years whilst the services recover from the pan¢Jemic and kd(down. It has been forecast that £60.000 will be 811ocaled in 2021-2022 and £40,000 in 2022-2023. The reserv8S at 31 Juty 2022 COSe8. Restricted funds of£230,55212021.. £207,257) Unrestricted funds of £545,50112021.' £84,742) Designated funds of £408,29912021.. £490,930) Designated funds include Aston Brook Green funds of £247,50412021." £239,247}. The free reserves of Aston Students. Union are £953,81XI al 31 July 2022 {2r)21.. £513,273) including the arUnt in de5ign*ed funds. Stalgment of Trustees, responsibilities The Truslees (who are also the directorn of the Unn for the purposes of company law) are responsible for preparing the Trustees, report and the finanrAal Statements in accordan wilh 8ppIic8ble law and Unffed Kingdom Accounting Standards {UniloJ lQngdom GeneraltyAeeepted Aeeounting Praciice). Company law requires the Trustees to prepare finarKial statements for each financial . Under company law, the Trustees must not approve the financial Statements unless they are satisffi that they give a true and fair Mew of the slate of affairs of the Union and of its incoming resoUe$ and appIltiOn of resources, induding ils in¢fJne and expenditu, for that peri(wJ. In preparing these finanaal stslements, the Trustee5 ar8 required to: select suitable accounting lieS and then apply them cSiStenY observe the methods and prinpIeS of the Charilies SORP {FRS 1021; make juégments ond auNtIng estimates that are reasonab and prdent,. stale whether applicabk UK Accounting Standards (FRS 1021 have been followed, subjeet to any material departuras disclosed and explained in the financial statements.. prepare the financial statements on the going cteM basis unless it is inappropriate to pre$urrÉ that the Union will continue in bUness. The Trustees are re)nSIble for keeping adaquale accounting record8 that are Sufficient to 8how and explain the Unh)n's transactions and disclose with wsonable aura at any time the financial posib'on of the UnK)n and enab them to ensure that the financi81 StatentS comply with the Companies Act 2006. They are also responsible for safeguarding th8 assets of the Union arvj hen for taking reasonable steps for the preventK)n and detection of fraud and other irregukgritses. Page g
ASTON STUDENTS, UNION IA company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Disclosure of information to audltor Each of the persons who are Trustees al the lime TNhen this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audrt information of which the charity's auditor is unaware. and that Trustee has iaken all the steps that ought lo have been tsken as a Trustee in order lo be aware of any relevant audit infomialion and to establish that the charity's aud(tor is aware of that information. Audltor The auditor. Crowe U.K. LLP. has indicated his willingness lo continue in office. The designated Trustees will propose a motion rèappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their beha5f by.. A Rana Ichair of Trustees) Dale.. Page 10
ASTON STUDENTS. UNION IA company Ilrn11od by guarantsel INDEPENDENT ALIDITOR'S REPORT TO ThE MEMBERS OF ASTON STUDENTS. UNION OnIon We have audited the finarKial ststemenls of Aston Students, Union (the 'union'l for the year ended 31 July 2022 which comprise the Statement of finan¢ial adtmties, the Balance sheet, the Statement of cash flows and the related notes, including a summary of signrficant aco)unting policies. The financial reporting framewDrk th81 has been applied in their preparation is 8pplicabla law and United Kir¥Jdom AccounliNJ Staftdards, including Financial Reporting Standard 102 The Financial RtwtiThJ Standard apPIable in the UK and R8public ol Ireland. {United Kingdom GeneraltyAcceptod Acccwnting Practice). In tsur opinion the financNg1 Ststents= gwe a true fair vw of the state of the charitable companys affairs as 8t 31 Juty 2022 and of its incoming re8ouree8 and applicatft of r&stsJrees. includirvJ its income ancj expendriur8 for the year thon ended., have been propety prepartrj in a)rdance with Unf(ed Kingdom Gen6rally Accepted Accounting Practice., and have been prepared in accordance wilh th8 requirements of the Coryanie5 Act 2006. 8asis for oplnlon We conducted our audit in accordanc8 With Intemational Standards on Auditing IUIQ IISAS IUKII and applicable law. Our reswnsibilities under those standards are further descritr*d in the Auditors sponSIbl1111eS for the audit of the financial slalements secaion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the finaneAI slalemenls in Ihe United Kingdom, including the Financial Reporting Courril's Elhscal Standard, and we have fulfi'lled our other ethical responsibilities in accordance with these requirements. We belIe that the audit eviden we have obtained is sufficient and appropriate to provide a basr6 foT our ¢)pinion. Conclusions relafjng lo golng concfrm In auditing the financial statements, we have concluded that the Trustees, use cl th8 going concem basis of accounting in the preparation of the financial statements is arpropriate. Based the work we have perf¢)med, we have not identTfEd any material uncertaintie5 relating to events or conditions that. indiwdualty or colwivety. may cast significant doubt on the charitablo companls ability to continue as a going concem for a period of at least iwelve month5 from when the financial statéments are authorised for issue. Our sponSibl11t1eS and the responsibilitses of the Trustees with respect to going concern are described in the rel&vant sections ol this report. Page 11
ASTON STUDENTS. UNION IA company limited by guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS. UNION ICONTINUEDI Other Inforniafjon The other infonnation comprises the infomiath)n indude(l in the Annu81 report other than the financial statements and our Auditorts report thereon. The Truste8s ar8 responsible for the other infomialion contained within the Annual report. Our opinion on the financial statemnts does not cover Ihe other information and, except lo the extent otherwise explicttly staled in our r8POrt. we do not express any frjmi of assurance conclusion theregn. Our responsibility is to read the other infornn arKI. in doing so: ¢Oftser whether thè other infomialion is materially inconsistent wlh thé financial statements ty our kncffiwl8dg8 obtained in the COUT5e of the audrt, or olheTh¥ise appears lo b8 maerially misstated. IF we Klentrfy such material inconsistencies or appaMI material misstatements, we are required lo detemine whether thks gNes rise to a material mi961alement in the financial statements themsefves. If. based on the woth we have performed, we conclude that there 1$ a material misslalement of this other infcwmation, we * r4uired to report th fact. W8 have nothing lo repLYI in this regard. Oplnlon on other mattgrs prgscribed by the Companl8s Acl 2006 In our opinion, based on the wot undertaken in the of the audit.. the Inforrrt10n given in the Trustees. Report for the finartid for which the financial statements are prepared 1$ consistent wih the financial slalemerrts. the Trustees. Report has been prepared in xcordance wrth applicable I81 wuiremènts. Maitsrn on whlch we are requir8d to roport by exceptÈon In the light of our knowledge and understanding of the charitable company and tis envÉronment obtsined in the course of the audft, we have not idenb.fied material misstatements in the Trustees, Report. We have nothing to report in reSpt of the folkjwing matters in relatk)n to whkh Companies Act 2006 requires us to report to you rf: in our opinion: adequate accounting record5 have not been W. or retums adequate for our audf( have not bn received from branches not visited by us.. or the financial statements are not In agreement with the 8ccounting records and retums., or certain disclosures of Trust88s' remuneration specffied by law are not made,. or we have not reNed all Ihg Infomatic and explanalpJns we requits for our audit., or the Trustees We not entitled to prepare th& financial ststements in accordance with the small companies regime arKI lake advantage of the small companEs' exemptions in preparing the Trustees, Report and from the requirerrent lo prepare a strateg ReporL Page 12
ASTON STUDENTS. UNION {A Company limited by guardnteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS. UNION ICONTINUEDI Responslbllltles ot trustees As explained more fulty in the Trustees, resFX)nsibilities stateMt, the Trustee8 (who are also the directors of th8 chantable company for th8 purposes of company law} are responsible for the preparation af the financial st&temenls and lor being satisfied that they give a true and fair Mew. and for such internal ctsntr¢l as the Trustees dètermine is necessary to enable the preparalion of fin8nc4al Slalements that are free from material misslalemenl, whether due to fraud or emr. In preparing the financi81 statements, the Trustees are sponsible for assessing the charitable compan1$ abilty to ntinUe as a going ¢on¢em. disclosing. a8 applub. matters related to going concern and using the going concern basis of aCuntIng unless the Trustees either intend to IKiuidale the charitable company or to cease operations, or have no realistic altemative bul to do so. Audltorfs responsibilities for the audlt of the financlal statements Our otiectives are to cJtain reasonable assuran about whether tho financial stalefflents as a whole are f from material misstatement, whether due to fraud or error. and to issue an Aud¢torfs repDrt that indud8s our opinion. Reasonable assuran is a huh 1 of assurance. but is rTrol a guardnlee that an audr( conducted in accordance with ISAS (UK) w¢ll alway3 detect a material misstatement vthen rt exists. Misslatemenls can arise frorn fraud or etror and are considered material rf, individualty or in the aggregate, they could reasonab be expethd to infiuen¢e the econemic decisions of users taken on the basi8 of these financial 8ts1ements. Irfftgulariiies, including Ud, are instances of n-cOMplyan with laws and regulations. We design procedures in line wlh our responsibilities, outlin} above. to detect m8terial misslalements in respecl of irregularilies, including fraud. The extent to whith our prOlureS are Capablè of dateeting irregularities, including fraud is detailed below.. We obtsined an understanding of the al and regulatory framewo8 within which the ch8rit8ble company operates, focusing on those laws regulations that have a direct effed on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this contexi were the Charrties Act 2011 together with the CharTbes SORP IFRS 1021 and the Companies Act 2N6. We assesseé the required compliance with these and reguLatiorrs as part of our audit procedures on the related financial statement riems. In addttion, we considered provisions of other W and regulations that do not have a direct effect on the financial staternen18 but Complian with whrh might be ftjndamenlal lo the charitable companls ability lo operate or lo avoid a material penalty. We also considered the opportunrties and incentives that may exist within the charitabl8 company for fraud. The key Lews and reguLgtions we considered in this context were General Data Protection Regulation, health and safety legisktion and employee *islalion. Auditing standards limit the required audit procedures lo identify non-compliance wih thege18ws and regulations to enquir& of the Trustees and other management and inspection of regulatory and legal correspondence, if any. W8 i(Sentified the greatest risk of material impaGt on the finanual statements from IrregularitS, including fraud, lo be within the timing and completeness of lettings income reeognition and the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management and the Board about their (JNn idenlificatvjn and assessment of Ihe risks of irregularrties. sample testing on the posting of joumals, sample testing on letlinos income streams. rernwng accounting estimates for biases and reading mlnutes of meetings of those charg&1 with g¢)vernan. Page 13
ASTON STUDEpifs' UNION (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS, UNION ICONnNUEDI Owing to tho inherent limitations of an audit. Ihere an Unadable risk that we may not have detected 80me material mi8slatemenls in the financial statements, even though we have properly PThed and perftsmed our aud(t in accoidance with aud(ting Stsra[s. Fcf examp, the ftJrth8r removed non-compliance with laws and regulations {irregularicies} is frcffi the events and transxlions reflected in the financial statements, the less likely the inherently limited procedure8 required by aud(ting standards woulj identfy it. In addition, a$ wth any audit, there remained a higher risk of non4election of irregularities. as th8sa may involve collusion, forgory, intentional omissions, misrepresentations. or the override of inlemal controls. We are not responsib for preventing non compliance and canTh)t be expected to detect n0nwcompl1an wrth all and regulations. A further descrption of our respon5ibilrties for the audit of the financial stat8m8nts is Iated on th8 Financial Reporting Councifs website at.. W4.frc.OT .ukJaudrtors bilities. This description fom8 Part of our Auditorf8 report. Usa of our roport This rgport is made solely to the charitable companVs members, 88 a b&ly. in accordance with Chapl8r 3 of Part 16 of the Companies Act 26. Our audit wotk has been undertaken so that Mh1 slal8 lo th8 charitable company's members those matters we are required to stale to th in an Audilorfs report and for no Other purpose. To the fUlst extent pemtited by Lgw, we do nc* aCpt or assume responsibilty to anyone other than the charitable company and its members. as a t. for ¢xtr audit work, for this repor( or for the opinions we ha fomied. Helen Drew (Sonlor stalutory audFtor) for and on behalf of rowg u.li LLP Statutory Auditor Black Country House Round5 Green Road Oldbury West Midland8 869 2DG Date.. 29 March 2023 Paoe 14
ASTOM STUDENTS. UNION (A MpanY limÈted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2022 Total funds 2022 Total funds 2021 funds 2022 funds 2022 Incomè from: Donations and legac5 Charitable actDlities Other trading activities Inv8slm8nts other income 2,189,900 930.815 74.433 2,189,900 1,229.695 74.433 408 1, 733,400 693,300 25,374 48 298,880 42.420 42.420 26,296 Total Income 3,237,976 298.880 3,536,856 2,478,418 Expendlture on: Charitable xtivilieg 2.859.848 275.585 3.136A33 2,240,933 Total expondlture 2,859,848 275,585 3,135,433 2.240,933 Net movement in funds 378,128 23,295 401,423 237,485 Reconclllation of funds: Total funds brought forward Net movemerrt in fvnds 575.672 378.128 207.257 23,295 782.929 401,423 54&444 237,485 Total funds carrlad forward 953.80D 230.552 1.184.352 782.929 The Statement of Financial Athities includes all gains and losses rwni50d in th@ year. The notes on pages 19 to 38 fomi part of these financaal statements. P8ge 15
ASTON STUDEKfs' UNION (A COTnpany limrted by guarantee) REGISTERED NUMBER: 08497016 8ALANCE SHEEr ASAT 31 JULY 2022 2022 2021 Flxed assets Intangible assets Tangible a88et8 14 16 953 70.876 1,429 60,970 71,828 62.399 Current a88ets Stocks Debtors Cash at bank and in hand 16 17 42,347 286.513 1,101,962 44,957 149,308 740,782 1A30.822 935.047 Cffjditors.. arrtsjunts f811ing due within or year 18 1318,2981 (214,517) Net current assets 1,112.624 720,530 Total assets less currnnt liabilit18S 1,184,352 T82,929 Total net assets 1.184.352 781929 Charlty funds Reslricled funds Unrestricted funds 19 230.5S2 207,257 Designated funds General funds 19 19 408.299 545,501 490,930 84, 742 Total unrestricted funds 19 953,800 575,672 Total ftjnds 1,184,352 782,929 Page 16
ASTON STUDENTS. UNION IA company Ilmited by guarantee) REGISTERED NUMBER: 08497016 BALANCE SHEET ICONTINUEDI AS AT 31 JULY 2022 The Trustees aCknoWle their SPonSibl1(tIes for complying with the requirements of the Act with respect lo accounting records and preparation of financial stalemenls. The financial statements have been prep8red in accordance with the provisions applicable to enlilies subje¢l lo the small companies regime. The financial slalements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. }Il .IlJ" A Rana Ichair of Trusleesl Date.. The notes on pages 19 to 38 form part of these financial stslements. Page17
ASTON STUDETrtrs' UNION IA company Ilmlted by guarnntsèl STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Cash flows from oporatlng actsvioes N8t cash used in oping activit 393,108 287,290 Cash flows from Investlng 8Ctlvlties Purchas& of tangib fLxed assets 131,9281 (37,227) Nat cash used in financlng activitios 131.9281 137,227) Chang• In cash and cash equlvalents in the year Cash and cash oquivaleth$ at the baginning of thè Jear 361,180 740,782 250,063 490,719 ash and Gash equlvalents at the end of the year 23 1.101.962 740, 782 The notes on pages 19 to 38 fomi p8rt of th858 financial sLements Page18
ASTON STUDEKfs' UNION IA compary Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 G8n8ral infomiatlon Aston Stud8nls', un 15 a company limited by guarantee (company number 084g70161 reg181ered in England and Wales and a Tegistered chanty with the Charity Commission (charlty number 11520671. Its registered address and principal pkqce of business is Cdeshill Street. Bimingham. West Midlands, United lfjngdom, B4 7B Its principal actNty is the OPeratn of a Students. Union. It ts a publ benefit entty. Accounting pollcle8 2.1 Basls of preparntion of flnanclal ststements The financial stslemenls have been prepared in accordance with the Charrties SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Prydctice applicable lo charities preparing their accounts in accordance with the Finawl Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 leffecttve 1 January 20191. th8 Financial Reporbng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Aston Students. Union meets the (lefinition of a public b8nefft entity under FRS 102. Assèts and liabilities are initially reccgnised at historical c05t or transaction value unless otherwise sl*ed in the relevant accounting polry. 2.2 Going concern The Union has cash resour$ and has no reqUirent for ext8mal funding. The trustees have reasonable expectations that the chanty has wjequate resources to continue in operational existen for the foreseeable future. They continue to bdieve that the going concern tX8is of accounting Is appropriale in prepanng the annual financial slatomenls and believe there are no rterial uncertainties which frffKt the Union's abilty to ltinue as a going concem. 2.3 Income All income is recognis&J once the Union has entrtlerrent to the income. it is probable that the income will be received and the amount of income r6vth can b8 m8asured reliabty. Donated Servi or facilitw are recognised when the Union ha8 entitment lo the income, it 18 probable that the incomé 11 be r&eived and th8 amount of income receivabk can be measured reliably. On receipL donated profession81 serwces donated flItieS are recogni$ed on thè basis of th8 value of the gift to the Unton whh ig the amount the Union would have be8n willirkg lo pay to obtain services or facilities of equNalent economic berEfft on the open market.. a corresponding amount is then recognised in expendrture in the pericKI of rlpt. Other incerfne is rec(KJnised in the Feri¢>J in vthith it is receivable and to the extent the goods have been provided or on cTh)pleln ofthe Serv4. Page 19
ASTON STUDEPn' UNION (A Company Ilmltod by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounllng poli¢i8s Icontlnuad} 2.4 Expèndlture Expenditure is reccgni88d once there is 8 I81 or nstrU1Ve obly*k)n to transfer economic b8n8frt to a Ihird party, it is probable thal a transfer of economic benefrts will be required in settment and the amount of the obligation can be measurej reliabty. Expenditure is cla5srfied by activrf(y. The c08t8 of each activity are made up of the total of direct ¢osts and shared costs, including support costs invoKfed in undertaknng each aetiMty. Direct costs attributable to a single activity are allocated directly to that actNty. Shared costs whh contribute to more than one actNity and support eosts which are not attributablè lo a Sing actiwty are apportioned beeeft those actNrties on a basis consistent wrth the use of resources. Central staff costs are on the basis of time swnt, and depreciation charges lOCated on the portb)n of the asset's use. Expanditur8 on charitable actwibes is incurred on directly undertaking ts 8Ctiv'rties which further the Union's objectives. as well as any associaled support costs. 2.5 Government grants Gov8mment grants are credite(I to the consolid8ted statement of financial actNiti8s as the related expendf(ure is incurred. 2.6 Taxatlon No promston is made in these accounts for corForation tsx as the Guild is exempt fr( such taxes as a resu of having deriva its charrtable sL21us Irom its parent governing body, Aston UnNèrsty. 2.7 Intanglblo assets and amortisatlon IntsngIb assets Costing £1,000 or mor8 are caprtalised and recconised when fvture economic benefrts are probable arKI the c051 or value of Ihe asset can be measured reliabty. Intangible assets are in81 recogni1 at cost. After rwnition. under the cost model, inlanglble assets are measured at Lxlst any AMulated amort18atn and any accumu181ed impaimient losses. knottisalM)n is promded the folltrwing basis: Soknre 20 % SIght line Page 20
ASTON STUDElm' UNION IA company Ilmit•d by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accountlng pollclgs (continued) 2.8 Tanglble fixed as80ts and deprnciatlon Tangible fixed assets costing £1.fy)O or more are capitali5e•J and recOJned when future economi beneffts are probable and the $1 or value of the asset can be measured reliably. Tangibl8 fixed assets a initk8lly rnISed at cost After retsjgnition. under the cost model, tangible frAed a88ets are measured at cost less uMUlated deprecialh?n and any accumulated impaimi8nt losses. All costs incurred to bring a tangib fixed asset into its intended working ndIon should be included in the measurement of cost. Al each reporbng date the Union assesses whdher there is any Indicat)n of impairnenl. If such indication exists, the reCOvebIe amount of the asset is detem)ined lo be the higher of fcs fair value less costs to sell and ts value in use. An impaimiant loss is recognised where the carrwng amount eXcetrs the recoverable amount. Depreciation is charged so as to alkcaie th8 cost of tangible fixed assets less iheir residual valu8 OV8r Ihoir estimated usefvl lives, using the straigh14ine method. Depreciath)n is provided on the follcr•VitvJ bases: PL4nl and mh1nY Motor vehicle5 Fixtures and ffttings offi equipmerrt - 2f>33.3% annum straighl lin8 16.6% p&r annum straight line 16.6-25% per annum straight line 25% per annum straight line 2.9 Stocks Stocks are valued at the Ich¥er of cost and net reolisable value after making due allowanc@ for obsolete and slow-moving stc¢k¥. 2.10 Flnancial instruments The Union ClY enters into basic finanaal instruments that resull in the recognriion of financial assets and liabilities such as Irwle and other debtors and credrtors. D8btors Short-term debiots are measured at transactK*n prtce. any ImpalmnL ash Cash al bank and in harKI includes cash and short terni highly liquid investm8nts wf(h a short matL5rity f three rnonlhs or less from the date of acquisition or c4)ening of the deposit or similar account. Creditors Short-term credrtors are measured at the transaction PrTr. Olher financial liabilities are measured inrtially at fair value. ngt of tran5adion costs. and are measured subsequently at arFKJrti5ed cosl using elfethe interest methc#J. 2.11 Panslons The Union operates a defined contribulion pension scheme and Ihe p8nsion charge represents the amounts payable by the Union to the furKi in respect of the year. Page 21
ASTON STUDETrrrs' UNION (A company limlt8d by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2022 Gountlng polioies Icontlnuedl 2.12 Fund accounllng Ggneral funds are unrestricted lunds whKh ar8 avatable for use at th8 discretion of the Trustees in furtherance of the general objectNe8 of the Union and whh havo not beon designated for other purp08es. Designated fvnds comprise unrestrictwj funds that have been set aside by the Trustees for partlcular purposes. The aim and use of èach dwnated fur is set out in the notes lo tho financial statements. Restricted fund8 are funds which are io be uwj in accordance wf£h splf restrictions imposed by donors or which have been raised by the Union ftsr partieuL8r purposes. The costs of raising and ministering such funds are charged ayainsl the specific fund. The aim and use of each restricted fund Is Set out in the notes to the financial ststements. Investment income, gains and kwes a 811¢xated to the wropriate fiJrKI. Crltlcal accountlng estlmates and argas of Judgment Est'mates and judgments are ¢(tinU?1 evaluated and are bawj on historical experience 8nd other factors, induding exp*tK)ns of future events that are telieved to be reaSCab1e under the circumstsnces. Critt¢al a¢counting estimates and assumpknns: The Union makes estimates and assumptson5 concerning th8 future. The resufting accounti eslirnales and assumptions will. by deffini(ion, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a malarial adjustment to the carrying amounts of asselg and liabili(ies wlhin the n8xk financial year. Page 22
ASTON STUDENTS. UNION (A company limited by guarant¢e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Income from donatlons and legaclfjs Unrestricted funds 2022 Total funds 2022 B1k grant 2,189.900 2,189,900 unstCtOd funds 2021 Total fvnds 2021 Block grant Govemment grants 1, $47,204 86, 196 1.647,204 86, 196 1,733,400 1, 733,400 The govemment grants figure consists of £nil {2021.. £86,196) relating to a Coronavirus Job Retention Scheme ICJRSI Granl from the governmerrt. The CJRS grant was set up to cover the costs of staff placed on furlough duè to the Covtd19 restricbcffl and this amount represents the costs whKh can be claimed under CJRS. Income from charltable activities Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Incom8 from charitable ttle$- Membership Serv (Support} Income from charitable activiUes- MberShIP se$ (Activitses) Income from charitable actswlw- Commercial Services Income from charitable 'Viti.eS- Support Services Incom8 from charitable activib'es- Clubs and Sccieties 514,160 614.160 2,C65 322.620 91,970 2,065 322.620 91.970 298,880 298.880 930,815 29S,880 1,229,695 Page 23
ASTON STUDENTS. UNION (A company Ilmttgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Income from charitable actlvltles {continuedl unSInCe Restricted fiinds funds 2021 2021 Total funds 2021 Income from charitable &tivrties- Membership Se8 (Support) Iorne frcqn charitable ¥tivitÈs- MemLwship Serybces IAGtiwtie81 Income from charitable aclmt- COErCial Servi Income from charitable &tNities - Supwrt Seryi Income from charitable ath1t- Clubs and Sociebe8 519,222 519,222 286 61,961 19,750 92.081 61.961 19.7 9Z081 601,219 92.081 693,300 Incom• from othertrading actlvltl8s Incomè from non charftablg trading activltles Unrestrict8d funds 2022 Total funds 2022 Rotvm hire 74,433 74,433 UnSti7ct8d nds 2021 Tolal lunds 2021 Room hire 25,374 25,374 Page 24
ASTON STUDENTS. UNION (A company Ilmttod by guarant99) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Investrnent Income Unrestri¢tsd funds 2022 Totsl funds 2022 Investment income 408 Unrestnct8d funds 2021 Total funds 2021 Investment incc*ne Other Incoming rasourc8s Unrestrlcted funds 2022 Total funds 2022 Miscellanaous income 42,420 42,420 Unrwtricted funds 2021 Total funds 2021 Miscellaneous income 26,296 26,296 Page 25
ASTON STUDENTS. UNION {A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 JULY 2022 Analy8ls of expenditure on charitable actlvitbeg Summary by fund type Unrestricted Restrlcted funds funds 2022 2022 Total 2022 Membership Services (Supporti Membership Services {ActNilies) Membership Services (Representstic) Commercial Services Clubs and Swteties 981.363 ,192 531,742 782.551 981.363 564.192 531,742 782.561 275.585 27S,585 2,859.848 275,585 3.135,433 Unl1cled Restricted funds funds 2021 2021 Tot 2021 Membership Serwces (Supwrtl Membership SeNces IActNTtiesl Membership Serwces (Representation) Commercial Servi Clubs and Soci8ts'8S 911,S35 387,518 458,476 439.355 9t1.535 387,518 458,476 439.355 44,049 44,049 2, 196,884 44,049 2,240,933 P4e 26
ASTON STUDENTS. UNION {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. Anaty818 of oxpendlture by activltles Activitles undertakgn directly 2022 Support costs 2022 Toial fund$ 2022 Membership Services Isupkknl Membership Services IActMlie8) Membership Service5 (Representstion) Commercial Services Clubs and Societies 687.746 270,575 238,126 488.934 275,585 293,617 293.617 293,616 2,617 981.363 564.192 531,742 782.551 275,585 1.960,966 1,174,467 3,135.433 Actmties undertaken ditsclly 2021 Support costs 2021 Total fvnds 2021 Membership Semces (Supporti Membership SeNices (Activttiesl Membership Se$ {Repres]0n) Commefclal SeNices Clubs and Socièties 651, 1 127. 162 198. 121 178.999 H,049 260,355 26Q,356 260.355 260.356 911,535 387,518 458,476 439,355 44,049 1. 199,511 1,041.422 2,240,933 Page 27
ASTON STUDENTS. UNION IA company Ilmfted by guaftntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. Analysi8 of expendliure lyj actlvlties Icontinu8d 2022 2021 support Costs Trading costs Bank charges Computer costs Hire of quipmerrt Licenses Repairs and maintenan Depreciation Security Social media Training I Staff devdopment I Staff Subs Transport Other ovorheads Aston UnNersity recharged o)sls Wages and sakries 1.312 2,932 4,999 65 1,918 17,120 203 2,887 3.249 3.087 1. 191 5,178 44,635 7,685 6.014 1,805 55,207 743.519 261.000 22,894 12,963 100 7,049 1.989 118, 765 674,240 199,202 13,959 9,839 Pension 1,185,913 1,041,422 11. Auditorfs rèmunerntlon 2022 2021 Fees payabl8 to the Union's audtts for the audit of the Union's annu81 a¢wunts 1458S 13.4QO Fees payablé lo th6 Unbjn's audrtor in respect ot. All non-audf( seNices not included above 1.315 610 Page 28
ASTON STUDENTS, UNION {A company Ilmit8d by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. Staff costs 2022 Wages and 8alarie8 Social seeurrity ¢o$ts Contributijn to defined contribution pension schemes 947,174 67,831 43,272 681,390 43,836 27, 130 1.058,277 T52,356 The avewe number of persons employed by the Unh)n during the year was as follows.. 2022 2021 No. Total employees 61 41 The number of employees lthose gmpbyee benefts (excluding employer pension costs) exceeded £60.000 was.. 2022 2021 No. In the band £70,001- £80:C Key manement personnel are consider1 to anyCe who has authrtY and responsibilty for planning. directing arKI controlling the MtIeS of the Union. During the year key rnanagement personn81 received remuneration and beneffts tclalling £225,15512021: £169,4%1. Page 29
ASTON STUDEpifs' UNION IA company Ilmlted by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. Trustees. remunerallon and expen During the y8ar 8nded 31 Jvly 2022, expenses lotalling £74 were reimburswj or paid diredy to 1 Trustee (2Q21- £46 to l Trnstee) in respect of travel expenses incurred. Trustees, remuneratlon During the year: oné or more Trustees has been paKJ remungration or has received other benefits from an employment with the Unijn. Tr wdlue crf Trustees. remunerath)n and other benefits was a8 foll¢yws.' 2022 2021 Y Singh P Dawson A Rana K Wong A M8zhar A M82har H Sheppard B Purewal M Ahmad SAhmed S Azhar 18,453 16,761 1,8 1.8fy) 17.069 1,800 1.678 2,732 1,552 17,417 19,094 17,417 17,417 18,327 1,946 77,307 Page 30
ASTON STUDENTS. UNION {A company Ilmltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. Intanglble assets 8oftwarè Cost Al 1 Augu¥l 2021 2,382 At 31 July 2022 2,382 Amortlsatlon At 1 August 2021 Charge for the year 9S3 476 At 31 Juty 2022 1,429 Net book valuo At 31 July 2022 953 At31 Ju21 1,429 Page 31
ASTON STUDENTS. UNION (A compaThy Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. Tangible flxed assets Plant and machln8ry Motor Flxtures and vehlcle5 flttSngs Offlc8 aqulpment Total C08t or valuatlon Al 1 August 2021 Ad(fitions 39,761 17.947 54,126 303N62 13,981 52.210 449,659 31.928 At 31 July 2022 57.708 54,126 317A43 52.210 461.487 Depreclatlon At 1 August 2021 Charge for the year 3&192 46.715 2.169 261,024 14,453 45.658 388,589 22.023 At 31 July 2022 40.593 48,884 275.477 45.658 410,612 Not book value Al 31 Juty 2022 17.116 41,966 6.SS2 70.875 At 31 July 2021 4.569 7.411 42,438 6,552 60,970 16. Stocks 2022 2021 Raw materials and consumables 42,347 44,957 17. Debtors 2022 2021 Due wlthln one year Tr>Je debtors Other debtors Prepayments and accrued income 87.496 1,047 197,971 11,722 1,523 136,063 288,513 149,308 Page 32
ASTON STUDENTS. UNION (A company Ilmltod by guarantoè) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDeD31 JULY 2022 18. Credllors: Amounts falllng due within one year 2022 2021 Trdde creditors Amounts owed to 8sscaates Other laxalion and social security Other credttors Accruals and deferred inco 120,869 100,701 18,512 10,846 67.370 44,601 68,932 4,991 5, 761 90,232 318,298 214,517 2022 2021 Deferred income at 1 August 221 Resourc88 deferred during the year Amounts rebased from prevh)us perioJs 33,711 13.816 (33,7111 33,711 (129) 13,816 33,71t D&ferred income relate8 to renlal inCe, NUS card saks income, and income from the sale of markeling staS during Ihe 2022 freshers fair recewed in &lvance. Page 33
ASTON STUDENTS. UNION (A ¢ompany Ilmlted by guardnteg NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. Statement of funds ststemgnt of funds- currgnt y¥ar Balance at 1 August 2021 Balance at Income Exp8nditurn 31 July 2022 De61gnated funds DesvJnated Funds Aston Brc*Jk Green Commercial Serv8 Set Up Costs IT Equipment Commercial Services Bu$in8ss Deve)ment SO.122 239,247 30.888 10.673 160.000 50,122 247.604 S12,024 {303,7671 130,8881 10,673 100.000 160,LMK)I .930 512.024 1594.6SS} 408.299 Unrestrlcted funds General Fund8- all funds B4,742 2.n5.952 {1265.1931 545.501 Tt)tal Unrestrfctsd funds 57&872 3.237.976 {2.859.848 953,800 Restricted fund5 Hardship fund Clubs and societies Alumni grant for equipment 6A37 198.325 2.495 6,437 221,620 2,495 29880 1275,58S) 207,257 298.880 {275,5861 230,562 Total of funds 782.929 3.536.856 13.135.433) 1.184.352 Restricted funds consists of monies held on behaff of dubs and Societies, for hardshp support and funding clubs actNf(ies. The designated funds have been set aside for the promsion of continued Se15 to members of a non- eapital nature and to cover th8 pot&ntial wind up Costs of the Green. Pe 34
ASTON STUDENTS. UNION IA company Ilmlied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. Statamont of funds Icontlnued) ststement of funds- prlor year Balancg al l August 2020 TnSfe Balance al in/Thrt 31 July 2021 Income Expenditu Unrestrfcted funds Designated funds Designated Funds Aston Brook Green Commercial Services Set Up Costs IT Equipment Commercial Services Business Development 50, 122 228,938 50, 122 239.247 519.407 (5LYJ.098) 30,888 10,673 30,888 10.673 160,000 I.0{KI 219,060 519.407 (509.098) 201,561 490,930 Unrestricted funds General Funds- all funds 107, 759 1,866,930 (1,687, 786) (201.56iJ 84,742 Total Unr8strlcted funds 386,219 2,386,337 (2. 196.884J 575,672 Restricted funds Hardship fund Clubs and scLieties Alumni grant for UIpment 6,437 1XI,293 2.495 5,437 198,325 2.495 92,081 (44,049) 159.225 92.081 (44,049) 207,257 Totsl of funds 545,444 2,478,418 R,240,933) 72,929 The transfer between the Designated Funds and Unrest[ted Funds rdates to amourts lo be expended tNards the improvement of the bar and catering facilTiies of £30,888. staff computar equipmènt of £10,673 and amounts lo be expended in respe(* of devebpmenl of c(xnmerc1 services of £160,0(K). Page 35
ASTON STUDENTS. UNION (A company Ilrnrtad ty guaranloo NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 JULY 2022 20. summary of funds Summary of funds- current year Balance at 1 August 2021 Balance at Income Expendlture 31 Juty 2022 Designated fijnds General funds Restricted funds 490.930 84,742 207,257 512,024 {594,6551 2.725,962 (1265.1931 298.880 {275,5851 408,299 645.501 230,552 782,929 3,536,856 13.135A331 1.184,362 8ummary offund5- priorytsr Balae at 1 August 2020 Trae 8*ance al in/oul 31 July 2021 InGom& Expenditul Designated fuThJs General funds Restricted funds 2T9,CfO 107, 159 159.225 519,407 (&)9,098) 1.866.930 (1, 687, 786) 92,081 (44,049) 201,561 f201,561J 490,930 84, 742 207,257 444 2.478,418 (2.240,933) 782,929 21. Anatysis of net assgts between fvnds Analysis of net assets bet4veen funds- current year Unrestrieted Restrictod funds funds 2022 2022 Total fundg 2022 Tangibl& frxed ass81s Intangible fixed assets Crnt assets Creditor5 due wrthin one year 70.875 953 1,2rJ),270 (318.298) 70,875 953 1,430,822 1318,298 230,552 Totsl 953,800 230.552 1.184.352 Page 36
ASTON STUDENTS. UNION (A MpanY limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 21. Anatysis of net assets betweèn funds (¢ontinuod} Analysls of net assets between funds- prlor year UnTrstri¢ted ftjnds 2021 R8slncl&J funds 2021 To181 fvnds 2021 Tangible h'xed assets Intangible fixed assels Current assets Crgditors due within ¢Me year 60,970 1,429 727,790 (214.517) 60,970 t,429 935,047 (214,517) 207.257 Total 575,672 207,257 782,929 22. Reconclllatlon of net movement in funds lo net cash flow from op8ratlng activlties 2022 2021 Net income forthe year {as per Statement of Financial Acliviliesl 401,423 23T,485 Adjustrnents for: Depreciation charges AmortiBation charges Decrease in st(Kks Decreasellincrea8e} in debtors IncSe in Gredrtors 22,023 476 2,610 1137,2051 103.781 18,821 477 11,419 9,952 9, 136 Net cash provlded by oper*ing activities 393,108 287,290 Analy51s of cash and cash equivalents 2022 2021 Cash in hand 1.101.962 740, 782 Page 37
ASTON STUDENTS. UNION (A company limited by guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. Analysls of changes In nel debt At 1 August 2021 Cash fio At 31 July 2022 Cash at bank and in hand 740,782 361,180 1,101,962 25. Pen3ton commltments The Union ha$ contributed to the pens)n scheme8 operated by The People8 Pension. Pension costs paid in the year anUnted to £43.272 {2021.. £27,129). 26. Opèratlng lease commltments At 31 Juty 2022 the Union had ¢ommitnnts lo make fijture minimum lease p8yments under non- cancellable oper81ing leases as follows.. 2022 2021 Not later than 1 year Laler than 1 year and not kter than 5 years Later than 5 ye8r5 470.400 470.400 352.800 470.4C 470,4LKI 823.200 1.293,600 1, 764,000 27. Rolate¥l paty transactlons The Union received a grdnl fr¢)m the parent t. Aston UnNersty, of £2,189,orx) 12021: £1,647.2041. The Union recharged £1.822.65 (2021.. £1.446,747) of 8XP8nses relating to r8pairs arml rnainl8nanc8, cleaning, rental and payroll. Within creditors is an amount of £100.701 (2021". £68,932) due to Aston University. Controlling party The Union is controlled by the Executwe Comrniliee which is subject to democratic election by the voting membership of the Union. The Umate control of the Union is vested under the constitution in the mernbership in General meeting. As such no Sing porson or entty contro15 Ihe Union as d&fin8d by Financial Reporting Standard 102. P8g8 38