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2020-07-31-accounts

REGISTERED CHARITY NUMBER: 1152400

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

ARTS UNIVERSITY BOURNEMOUTH STUDENTS'

UNION

Schofields Chartered Accountants 5th Floor Waverley House 115 - 119 Holdenhurst Road Bournemouth Dorset BH8 8DY

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 July 2020

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 19
Detailed Statement of Financial Activities 20 to 21

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

REPORT OF THE TRUSTEES

For The Year Ended 31 July 2020

The trustees present their report with the financial statements of the charity for the year ended 31 July 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Arts University Bournemouth Students' Union's principle aims are set out in the Constitution as follows:

The Union's objects are the advancement of education of Students at Arts University Bournemouth for the public benefit by:

a) promoting the interests and welfare of Students at Arts University Bournemouth during their course of study and representing, supporting and advising Students;

b) being the recognised representative channel between Students and Arts University Bournemouth and any other external bodies; and

c) providing social, cultural, sporting and recreational activities and forums for discussion and debate for the personal development of its Students.

Significant activities

According to the Constitution, the Union may, for the betterment of the student body; carry out campaigning activities; seek to influence public opinion; and make representations to and seek to influence governmental and other bodies and institutions regarding the reform, development and implementation of appropriate policies, legislation and regulations, provided that all such activities shall be confined to the activities which an English and Welsh charity may properly undertake and provided that the Union complies with the Education Act and any guidance published by the Charity Commission.

The Union also provides extra-curricular activities for the students, such as: sports clubs and societies; volunteering opportunities; evening and daytime social events and activities; and awareness events and campaigns in the interest of the student body. The aim of these is to enrich students' time at university and provide them with additional services to maintain and improve their health physically, emotionally and mentally whilst also encouraging their personal development.

The Union represents the student voice in matters concerning their university experience. This includes giving advice on appealing academic marks, making complaints related to their course, dealing with housing situations, improving their time at university, and lobbying the University for improvements. The Sabbatical Officers sit on many University Boards and Committees to ensure that the student voice is heard at every level.

Public benefit

In undertaking the activities of the last twelve months, the Trustees continue to pay due regard to the Charity Commission's guidance on public benefit through their oversight of the activities of the Arts University Bournemouth Students' Union. Through adherence to the objectives and activities undertaken in the year, the Students' Union continued to fulfil its obligations on behalf of the student body.

ACHIEVEMENT AND PERFORMANCE

Charitable and fundraising activities

In 2019-20, the Students' Union has continued to develop its outreach and range of activities. In particular, the Sabbatical Trustees and Union focused on increasing our activity to support marginalised communities at AUB, particularly BAME students.

The Sabbatical Trustees also concentrated on improving student wellbeing, leading to a very successful event in January as part of the long-term 'Small Things Matter' campaign.

The Union continued essential environmental work in collaboration with the University and begun by previous Trustee teams.

2020 saw the start of the coronavirus pandemic's impact on Union activity and resulted in a challenging year.

Despite this, AUBSU adapted well in transferring its main activities online, with a particular focus on wellbeing, factual clarity, and community connections.

Successfully operating online, the Union's particular achievements include; hosting an online awards event; maintaining contact and the smooth operation of online governance meetings; significant development of online communication between SU staff to ensure cohesive working; and maintaining the positive and transparent relationship between the Union and University.

All activities during the year were in keeping with the' Union's Strategic Plan, benefitting the student body in a variety of essential ways.

The Union had a several-month gap in the staff team during the resignation and recruitment of the Digital Media Assistant role. The role's basic responsibilities were covered in the short-term by existing staff members.

Page 1

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

REPORT OF THE TRUSTEES

For The Year Ended 31 July 2020

FINANCIAL REVIEW

Financial position

AUBSU's gross income: £304,613 (2019 - £314,318). Block grant: £259,033 (2019 - £258,224) Total Expenditure: £277,476 (2019 - £316,744) Surplus: £27,137 (2019: Deficit £2,426)

The principle source of funding for AUBSU is the block grant given by the University of £259,033 (2019: £258,224).

The next significant source of income was raised from clubs and societies totalling £11,187 (2019: £6,161)

. The University provides the Students' Union with an office, storage facilities, utilities and accounting services for no charge. As recommended by the Charities SORP, the estimated value of these services and provisions in-kind is valued at £12,750 and has been included in the accounts. The Trustees believe that this support will continue from the University for the foreseeable future.

The major item of expenditure related to personnel of £185,819 (2019: £178,494)

Reserves policy

The Accounting and Reporting for Charities' Statement of Recommended Practice defines reserves as income which becomes available to AUBSU and is to be spent at the Trustees' discretion in furtherance of any of the AUBSU objects, but which is not yet spent, committed or designated. This definition of reserves therefore excludes restricted and designated funds and income funds that could only be realised by disposing of fixed assets held for Union use.

At 31July 2020, AUBSU has total unrestricted reserves of £81,855 with funds remaining in respect of the Give it a Go grant of £3,104.

The Trustee unrestricted core reserves policy is to retain three to four months' activity, estimated at around £80,000. The level of unrestricted reserves currently is consistent with AUBSU policy.

FUTURE PLANS

The Students' Union will be focusing on the Sabbatical Officers' manifesto points throughout the year, including: creating a Student's Union space; higher food quality, capping prices & reducing waste; alumni support; new attitudes towards staff & student mental health; giving information on fundraising & charity work; encouraging inclusivity, diversity & equal representation of cultures.

The pandemic continues to affect the Union's activities, although adaption to online provision has been smooth and effective. The Union will continue abiding by the relevant government regulations in its activities and campaigns.

The Democracy Coordinator has overseen the training of Course Reps and the Executive Committee and encouraging engagement in democratic processes such as the elections. With the updated By-Laws, it will be logistically possible for the Union to hold an effective Student Council meeting.

With a full complement of staff, the Union can organise and host more activities and events; and represent and support a greater variety of students than before. The AUBSU Strategic Plan 2020-23 was launched in January 2020 and, along with the Sabbatical Officers and Trustees, will guide the Union's direction for the next 3 years.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Arts University Bournemouth Students' Union (AUBSU) is a charity registered with the Charities Commission since 12 June 2013 and is an unincorporated entity. It is governed by its Constitution, which outlines the ideals and aims of the Union and how these are overseen by the Board of Trustees. It was updated during the year to reflect changes in expenditure controls.

The Board of Trustees is responsible for directing the strategic and financial activities of the organisation, ensuring that any actions are in line with the current Strategic Plan and fall within the definition of charitable purpose. The Board may exercise all the powers of the Union, subject to the Education Act, Constitution and By-Laws.

Recruitment and appointment of new trustees

The Sabbatical Officer positions of Students' Union President and Vice-President are ex-officio Trustees and are elected by the student body every year by secret ballot, to serve a one-year term. They may be re-elected for a further one-year term. The remaining trustees are either students or external members of the public. The composition of the Board is as follows:

No more than two Sabbatical Trustees No more than four Student Trustees No more than four External Trustees

Page 2

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

REPORT OF THE TRUSTEES

For The Year Ended 31 July 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Trustees are required to hold a minimum of three meetings per academic year at which they agree the broad strategy and areas of activity for the Union and oversee its performance and finances, The Board consider themselves to be the only key management.

The executive committee

The Executive Committee consists of students elected to represent their cohorts. Its responsibilities include oversight of the Students' Union finances and approval of expenditure above £2,500 and below £5,000; organisation of student-led campaigns and events; representation of relevant cohorts; and development of the Union's strategic aims.

The members of the Committee are as follows: The President The Vice-President Clubs and Societies Officer Communications Officers (up to two) Gender Equalities Officer Green Officer International Officer LGBT+ Officers (up to two) Mature and Postgraduate Officer Race Equalities Officer Raising and Giving Officer Students with Disabilities Officer Volunteering Officer

Induction and training of new trustees

All trustees are provided with a one-to-one meeting and an induction pack, which includes a copy of the Trustee Handbook and the current Strategic Plan. New Trustees are provided with support from staff and current Trustees. In particular, incoming Sabbatical Trustees are given a handover by the outgoing Sabbatical Trustees and AUBSU staff.

All Trustees are asked to fill out a Skills Matrix and Register of Interest upon their appointment, to establish the skills and abilities of the Board as a whole. This in turn facilitates the identification of relevant training, events and conferences to aid their development as members of the Board.

Students' Union staff are always on-hand to provide relevant information and support for Trustees including understanding meeting papers and reports, and advice regarding their role and responsibilities.

Wider network

AUBSU is currently a member of the National Union of Students, a voluntary membership organisation that confederates 600 Students' Unions nationally.

Risk management

The Students' Union utilises University staff as advisors in order to ensure that operations remain within the policies and procedures of the University.

For all relevant activities and events held by AUBSU, risk assessments are carried out and safety measures put in place to reduce any risk of damage to property, reputation or stability of the organisation.

Financial risks are reduced by having effective controls in place. This includes a limit in expenditure approval as follows:

The Union receives a monthly financial report in order to continuously monitor income and expenditure, An overview of this report is included in the papers for meetings of the Board of Trustees.

The petty cash is checked and reconciled monthly by the Union's financial contact in the AUB Finance department. All cash payments taken by the Union are delivered to, checked, and paid in by the Union's financial contact.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1152400

Page 3

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ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 July 2020

Unrestricted
Restricted
fund
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
271,783
-
Charitable activities
4
Student societies and clubs
-
11,187
Give it a go
-
10,980
Student led activities
123
-
NUS extra
1,018
-
Campaigns
944
-
Other trading activities
3
8,578
-
Total
282,446
22,167
EXPENDITURE ON
Raising funds
19,341
-
Charitable activities
5
Student societies and clubs
-
37,308
Give it a go
-
29,056
Student led activities
45,803
-
NUS extra
6,962
-
Democracy and representation
51,641
-
Student experience
43,577
-
Campaigns
43,788
-
Total
211,112
66,364
NET INCOME/(EXPENDITURE)
71,334
(44,197)
Transfers between funds
17
(47,301)
47,301
Net movement in funds
24,033
3,104
RECONCILIATION OF FUNDS
Total funds brought forward
57,822
-
TOTAL FUNDS CARRIED FORWARD
81,855
3,104		 2020
2019
Total
Total
funds
funds
as restated
£
£
271,783
270,974
11,187
6,161
10,980
2,497
123
1,281
1,018
8,663
944
399
8,578
24,343
304,613
314,318
19,341
43,986
37,308
36,128
29,056
32,353
45,803
49,258
6,962
14,401
51,641
52,119
43,577
45,052
43,788
43,447
277,476
316,744
27,137
(2,426)
-
-
27,137
(2,426)
57,822
60,248
84,959
57,822

The notes form part of these financial statements

Page 6

.4RI-S I7411'ERSITI' BOiIRNEIIOITH STI'DENTS. IIEET 31J 2020 Totyl funds 2019 Total hjnds % restaitd Ilnrestri¢d fund R¢stri¢d funds Nolts FtXED A&SETS TaD8iblt tscts 13 3,059 3.059 5.016 C'I'RREYT ASSETS Stocks Debtyrs Cash ai bank and tn hand 1,402 41.796 39.999 1.402 41.796 4.1.lQ3 1,014 3,104 8A301 63.061 CREDfTORS Amounis falling due ￿lthi￿ Ime ye4T 16 {4.401 14.401) 110.285) T4ET ClniREYf ASSETS 78.796 3.104 81.91X 52.776 TOTAL.4SSETS LLSS cifRRE%T LIABILTTIES 81.855 3,104 84,959 57.822 NET.4SSETS 81.855 3.104 84.959 57.822 FITMS Unrc51rickd fund5 Restricted ¥1.855 57,822 TOT.4L FIIYI DS 84.959 The tinancial S¢ateme￿tS were awrovcd by the BtranlofTTus¢ees and utt%rised fo iwue on.............. ...... by.. .. ￿ were signedon its beh￿1. l.ouise Il&ill Trll%tec The fomi p&rt ofthe rttwi¢ial statements Page 7

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 July 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The charity is registered in England and Wales and is unincorporated. The address of the principle office is Arts University Bournemouth, Wallisdown, Bournemouth, Dorset, BH12 SHH.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donated services or facilities are recognised when the Union has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from any use of the Union of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value to the Union which is the amount that the Union would have paid on the open market to obtain the services or facilities; a corresponding amount is then recognised in expenditure in the period of receipt.

The Union acts as a banker for its sports clubs and societies, including the Raise and Give (RAG) society. Whilst those student groups activities are operated with a high degree of autonomy, ultimately the Trustees have control over those activities. Therefore, the contributions from the sports and society members are recongised as restricted income in the Statement of Financial Activities on a receivable basis. Funds that are raised for charity by student groups that are deposited with the Union are not recognised as income, as the Union is acting only as an agent; such funds are held within other creditors until paid over to the recipient charities.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

All fixed assets are initially measured at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 8

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 July 2020

1. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

The Union has cash resources and no requirement for external funding. The Trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

Financial instruments

All financial assets and liabilities are recognised as basic financial instruments which are initially recognised at transaction value and subsequently measured at their settlement value

Change in presentation

Charitable activity income of £399, previously presented within Other trading activities has been represented within Charitable activity income in accordance with the nature of the income.

Charitable activity income previously presented within the charitable activity student support and welfare of £18,602 has been represented within the following Charitable Activities:

Student societies and clubs
Give it a go
Student led activities
NUS Extra		 £
6,161
2,497
1,281
8,663
18,602

Charitable activity expenditure resented within the charitable activity student support and welfare of £278,922 has been represented as follows:

Raising Funds
Charitable Activities
Student societies and clubs
Give it a go
Student led activities
NUS Extra
Democracy and representation
Student experience
Campaigns
 £
6,164
36,128
32,353
49,258
14,401
52,119
45,052
43,447
278,922

continued...

Page 9

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Unrestricted
Restricted
funds
funds
£
£
Donated services and facilities
12,750
-
AUB Block grant
259,033
-
271,783
-		 2020
2019
as restated
Total
Total
funds
funds
£
£
12,750
12,750
259,033
258,224
271,783
270,974
270,974

All income from donations and legacies is unrestricted in both the current and previous year.

3. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
2020 2019
as restated
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Fundraising events 8,100 - 8,100 16,679
Merchandise sales 478 - 478 7,664
8,578 - 8,578 24,343

All income from other trading activities is unrestricted in both the current and previous year.

4. INCOME FROM CHARITABLE ACTIVITIES

Student Student
societies Give it a led
and clubs go activities
£ £ £
NUS extra cards - - -
Grants - 9,791 -
Activities 912 127 -
Membership 8,404 1,030 -
Equipment and resources 1,080 - -
Competitions and other income 791 - 37
Advertising - 32 -
Events - - 86
11,187 10,980 123
2020 2019
as restated
Total Total
NUS extra Campaigns activities activities
£ £ £ £
NUS extra cards 1,018 - 1,018 8,663
Grants - - 9,791 -
Activities - - 1,039 765
Membership - - 9,434 7,711
Equipment and resources - 674 1,754 232
Competitions and other income - - 828 -
Advertising - - 32 -
Events - 270 356 1,630
1,018 944 24,252 19,001

Total income from charitable activities amounted to £24,252 (2019: £19,001) of which £2,085 (2019: £10,343) was unrestricted and £22,167 (2019: £8,658) was restricted revenue funds.

continued...

Page 10

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

4. INCOME FROM CHARITABLE ACTIVITIES - continued

Grants received, included in the above, are as follows:

Grants received, included in the above, are as follows:
2020 2019
as restated
£ £
ESC Lottery Fund 9,791 -

5.

CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 6)
note 7)
£
£
Student societies and clubs
26,263
11,045
Give it a go
18,014
11,042
Student led activities
28,135
17,668
NUS extra
5,859
1,103
Democracy and representation
26,242
25,399
Student experience
21,491
22,086
Campaigns
21,702
22,086
147,706
110,429		 Totals
£
37,308
29,056
45,803
6,962
51,641
43,577
43,788
258,135

Total costs of charitable activities were £258,136 (2019: £272,758) of which £191,771 (2019: £204,277) was unrestricted and £66,365 (2019: £68,481) was restricted revenue funds.

6.

DIRECT COSTS OF CHARITABLE ACTIVITIES

Trustees' remuneration etc
Staff costs
Equipment
Membership
Activities and events
Competition Entry
Venue hire
Coaching and instructors
Miscellaneous
Advertising
Printing
Travel and subsistence
Student Union President costs
Student Union Vice President costs
Race equalities costs
Students with disabilities costs
Hospitality
Conferences and events
Training
Webhosting
Affiliation fees		 2020
2019
as restated
£
£
31,405
30,201
75,961
73,469
10,942
12,478
3,994
-
1,370
1,459
2,885
1,378
4,530
7,127
5,197
4,457
1,041
3,112
1,501
682
2,252
-
979
9,386
172
549
116
543
100
-
65
103
61
535
40
759
393
191
202
202
4,500
11,968
147,706
158,599		 2020
2019
as restated
£
£
31,405
30,201
75,961
73,469
10,942
12,478
3,994
-
1,370
1,459
2,885
1,378
4,530
7,127
5,197
4,457
1,041
3,112
1,501
682
2,252
-
979
9,386
172
549
116
543
100
-
65
103
61
535
40
759
393
191
202
202
4,500
11,968
147,706
158,599
158,599

continued...

Page 11

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

7. SUPPORT COSTS

Management
£
Student societies and clubs
9,535
Give it a go
9,535
Student led activities
15,258
NUS extra
954
Democracy and representation
21,934
Student experience
19,072
Campaigns
19,072
95,360
Resources
£
Student societies and clubs
133
Give it a go
133
Student led activities
213
NUS extra
13
Democracy and representation
306
Student experience
266
Campaigns
266
1,330		 Training
Information
and
Finance
technology
networking
£
£
£
41
843
36
41
842
36
66
1,347
57
4
84
4
95
1,937
82
83
1,684
71
83
1,684
71
413
8,421
357
Governance
Other
costs
Totals
£
£
£
11
446
11,045
12
443
11,042
19
708
17,668
1
43
1,103
27
1,018
25,399
24
886
22,086
24
886
22,086
118
4,430
110,429
Activity Basis of allocation
Management Based on time spent
Finance Based on time spent
Information technology Based on time spent
Training and networking Based on time spent
Resources Based on time spent
Other Based on time spent
Governance costs Based on time spent

Support costs, included in the above, are as follows:

8.

TRUSTEES' REMUNERATION AND BENEFITS

TRUSTEES' REMUNERATION AND BENEFITS
2020 2019
as restated
£ £
Trustees' salaries 43,949 42,118
Trustees' pension contributions to money purchase schemes 916 1,027
44,865 43,145

During the year the charity paid the following trustees' remuneration:

Pension Pension
Gross Pay Contributions Gross Pay Contributions
2020 2020 2019 2019
£ £ £ £
Giorgia Garancini President Academic Year 18/19 19,391 463
Chloe Harty Vice President Academic Year 18/19 19,254 459
Jordan Verdes President Academic Year 19/20 19,841 409 1,736 52
Stella Kajombo Vice President Academic Year 19/20 20,242 421 1,706 52
Louise Hall President Academic Year 20/21 1,933 42 - -
Kamila Dowgiert Vice President Academic Year 20/21 1,933 42 - -

continued...

Page 12

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

8. TRUSTEES' REMUNERATION AND BENEFITS - continued

The President and Vice President, as elected during the year, were the only Trustees to receive any remuneration and this was for their representation, campaigning support, managerial and operational work and distinct from their Trustees responsibilities and as authorised by the AUBSU governing document.

No other Trustees received remuneration for their services. The Board of Trustees consider themselves to be the Key Management Personnel. The remuneration of Key Management Personnel totalled £44,865 (2019: £43,145).

Trustees' expenses

The reimbursement of Trustees expenses was as follows:

9.

Equipment
Travel and subsistence
Events
STAFF COSTS
Wages and salaries
Other pension costs		 2020
No.
1
-
-
1		 2019
No.
-
1
1
1		 2020
2019
£
£
27
-
10
-
273
27
283
2020
2019
as restated
£
£
184,903
177,467
916
1,027
185,819
178,494		 2020
2019
£
£
27
-
10
-
273
27
283
2020
2019
as restated
£
£
184,903
177,467
916
1,027
185,819
178,494		 2019
£
10
273
178,494

Included above are recharged costs for salaries, employers national insurance and pension costs of £131,883 (2019: £126,524) for staff who are employed by Arts University Bournemouth (AUB) but utilised by AUBSU for events, sports and office assistance. The average number of staff employed through AUB but used by AUBSU is 7 (2019: 6).

The average monthly number of employees during the year was as follows:

2020 2019
as restated
Trustees 2 2

No employees received emoluments in excess of £60,000.

continued...

Page 13

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
fund funds funds
as restated
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 270,974 - 270,974
Charitable activities
Student societies and clubs - 6,161 6,161
Give it a go - 2,497 2,497
Student led activities 1,281 - 1,281
NUS extra 8,663 - 8,663
Campaigns 399 - 399
Other trading activities 24,343 - 24,343
Total 305,660 8,658 314,318
EXPENDITURE ON
Raising funds 43,986 - 43,986
Charitable activities
Student societies and clubs - 36,128 36,128
Give it a go - 32,353 32,353
Student led activities 49,258 - 49,258
NUS extra 14,401 - 14,401
Democracy and representation 52,119 - 52,119
Student experience 45,052 - 45,052
Campaigns 43,447 - 43,447
Total 248,263 68,481 316,744
NET INCOME/(EXPENDITURE) 57,397 (59,823) (2,426)
Transfers between funds (50,332) 50,332 -
Net movement in funds 7,065 (9,491) (2,426)
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 52,338 7,910 60,248
Prior year adjustment (1,581) 1,581 -
As restated 50,757 9,491 60,248
TOTAL FUNDS CARRIED FORWARD 57,822 - 57,822

continued...

Page 14

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

11. PRIOR YEAR ADJUSTMENT

Support costs previously recognised within Unrestricted Funds have been re-presented (refer to the Changes in presentation note) by activity resulting in the following allocations to Restricted Funds:

Previously
Represented reported Adjustment
£ £ £
Student societies and clubs
- Expenditure 36,128 (12,963) 23,165
Give it a go
- Expenditure 32,353 (18,208) 14,145
68,481 (31,171) 37,310

Consequently, transfers between funds, which represents unrestricted funds covering restricted fund deficits, increased by £37,310 from £13,022 to £50,332. There has been no impact to the net movement in funds.

12. INDEPENDENT EXAMINERS FEES

Independent Examiners fees for the examination of the financial statements
Independent Examiners fees - Other financial services
Predecessor Auditor fees - Taxation services		 2020
£
3,720
420
144
4,284		 2019
£
3,600
-
612
4,212

13. TANGIBLE FIXED ASSETS

Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 August 2019 and 31 July 2020
4,945
12,164
DEPRECIATION
At 1 August 2019
2,076
9,987
Charge for year
431
1,556
At 31 July 2020
2,507
11,543
NET BOOK VALUE
At 31 July 2020
2,438
621
At 31 July 2019
2,869
2,177		 Totals
£
17,109
12,063
1,987
14,050
3,059
5,046

continued...

Page 15

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

14. STOCKS

Merchandise for resale
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
The Arts University Bournemouth
Other debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 2020
2019
as restated
£
£
1,402
1,014
2020
2019
as restated
£
£
40,322
33,020
1,074
-
400
2,047
41,796
35,067		 2020
2019
as restated
£
£
1,402
1,014
2020
2019
as restated
£
£
40,322
33,020
1,074
-
400
2,047
41,796
35,067
35,067
Social security and other taxes
Other creditors
Accruals and deferred income		 2020
2019
as restated
£
£
-
894
254
454
4,147
8,937
4,401
10,285		 2020
2019
as restated
£
£
-
894
254
454
4,147
8,937
4,401
10,285
10,285

Deferred income comprises monies received in advance for events to be held in the next financial year as follows:

Balance at 1 August 2019
Events held in the year
Amounts deferred in year
Balance at 31 July 2020		 £
3,328
(3,328)
-
-

17. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.8.19 in funds funds 31.7.20
£ £ £ £
Unrestricted funds
General fund 57,822 71,334 (47,301) 81,855
Restricted funds
Social Sporting Activities - (18,076) 21,180 3,104
Clubs and Societies - (26,121) 26,121 -
- (44,197) 47,301 3,104
TOTAL FUNDS 57,822 27,137 - 84,959

continued...

Page 16

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 282,446 (211,112) 71,334
Restricted funds
Social Sporting Activities 10,980 (29,056) (18,076)
Clubs and Societies 11,187 (37,308) (26,121)
22,167 (66,364) (44,197)
TOTAL FUNDS 304,613 (277,476) 27,137

Comparatives for movement in funds

Prior Net Transfers
year movement between At
At 1.8.18 adjustment in funds funds 31.7.19
£ £ £ £ £
Unrestricted funds
General fund 52,338 (1,581) 57,397 (50,332) 57,822
Restricted funds
Social Sporting Activities 7,910 1,581 (29,855) 20,364 -
Clubs and Societies - - (29,968) 29,968 -
7,910 1,581 (59,823) 50,332 -
TOTAL FUNDS 60,248 - (2,426) - 57,822

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 305,660 (248,263) 57,397
Restricted funds
Social Sporting Activities 2,497 (32,353) (29,856)
Clubs and Societies 6,161 (36,128) (29,967)
8,658 (68,481) (59,823)
TOTAL FUNDS 314,318 (316,744) (2,426)

continued...

Page 17

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.8.18 in funds funds 31.7.20
£ £ £ £
Unrestricted funds
General fund 52,338 128,731 (97,633) 83,436
Restricted funds
Social Sporting Activities 7,910 (47,932) 41,545 1,523
Clubs and Societies - (56,088) 56,088 -
7,910 (104,020) 97,633 1,523
TOTAL FUNDS 60,248 24,711 - 84,959

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 588,106 (459,375) 128,731
Restricted funds
Social Sporting Activities 13,477 (61,409) (47,932)
Clubs and Societies 17,348 (73,436) (56,088)
30,825 (134,845) (104,020)
TOTAL FUNDS 618,931 (594,220) 24,711

Restricted Funds represent:

Give it a go -A programme funded by the National Lottery through the English Sports Council with the aim of increasing participation in sport to those who do not regularly participate in sport, through free or subsidised sessions.

Clubs and societies -Represents student group balances held by individual societies are are spent at their discretion subject to the Union's rules.

Transfers between funds

Transfers from unrestricted funds to the Social Sporting Activities and Clubs and Societies restricted funds were made during the financial year to cover the deficits arising on the respective activities.

18. RELATED PARTY DISCLOSURES

AUBSU is in receipt of a block grant from the Arts University Bournemouth (AUB) of £259,033 (2019 - £258,224). Of the grant £127,150 (2019 - £131,700) was physically received with the residual £131,883 (2019: £126,524) retained to cover recharged costs for salaries, employers national insurance and pension costs where the staff are employed though AUB but used by AUBSU for various events, sports and assistance.

AUBSU occupies the Arts University Bournemouth building on a rent free basis under an informal arrangement. The Trustees have valued the donated rent and accounting services with reference to market rents and costs at £12,750 (2019: £12,750).

At 31 July 2020 the Arts University Bournemouth owed the charity £40,322 (2019 - £33,020). The debt is unsecured, interest free and repayable on demand.

continued...

Page 18

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 July 2020

19. CONTROLLING PARTY

The Union is controlled by the Executive Committee which is subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. There is no single controlling party.

20. FINANCIAL INSTRUMENTS

The carrying amounts of the charity's financial instruments are as follows:

Financial assets
Debt instruments measured at amortised cost:
- The Arts University Bournemouth
- Other debtors
- Prepayments and accrued income
Financial liabilities
Measured at amortised cost
- Social security and other taxes
- Other creditors
- Accruals and deferred income		 2020
£
40,322
1,074
400
41,796
-
254
4,147
4,401		 2019
£
33,020
-
2,047
35,067
894
454
8,937
10,285

Page 19

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 July 2020

For The Year Ended 31 July 2020
2020 2019
Unrestricted Restricted Total Total
funds funds funds funds
as restated
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies
Donated services and facilities 12,750 - 12,750 12,750
AUB Block grant 259,033 - 259,033 258,224
271,783 - 271,783 270,974
Other trading activities
Fundraising events 8,100 - 8,100 16,679
Merchandise sales 478 - 478 7,664
8,578 - 8,578 24,343
Charitable activities
NUS extra cards 1,018 - 1,018 8,663
Grants - 9,791 9,791 -
Activities - 1,039 1,039 765
Membership - 9,434 9,434 7,711
Equipment and resources 674 1,080 1,754 232
Competitions and other income 37 791 828 -
Advertising - 32 32 -
Events 356 - 356 1,630
2,085 22,167 24,252 19,001
Total incoming resources 282,446 22,167 304,613 314,318
EXPENDITURE
Raising donations and legacies
Merchandising costs 1,414 - 1,414 7,520
Fundraising events 17,927 - 17,927 36,466
19,341 - 19,341 43,986
Charitable activities
Trustees' salaries 28,265 3,140 31,405 30,201
Wages 35,402 40,559 75,961 73,469
Equipment 5,941 5,001 10,942 12,478
Membership - 3,994 3,994 -
Activities and events 419 951 1,370 1,459
Competition Entry - 2,885 2,885 1,378
Venue hire 753 3,777 4,530 7,127
Coaching and instructors - 5,197 5,197 4,457
Miscellaneous 378 663 1,041 3,112
Advertising 1,396 105 1,501 682
Printing 2,252 - 2,252 -
Travel and subsistence 887 92 979 9,386
Student Union President costs 172 - 172 549
Student Union Vice President costs 116 - 116 543
Race equalities costs 100 - 100 -
Students with disabilities costs 65 - 65 103
Carried forward 76,146 66,364 142,510 144,944

This page does not form part of the statutory financial statements

Page 20

ARTS UNIVERSITY BOURNEMOUTH STUDENTS' UNION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 July 2020

For The Year Ended 31 July 2020
2020 2019
Unrestricted Restricted Total Total
funds funds funds funds
as restated
£ £ £ £
Charitable activities
Brought forward 76,146 66,364 142,510 144,944
Hospitality 61 - 61 535
Conferences and events 40 - 40 759
Training 393 - 393 191
Webhosting 202 - 202 202
Affiliation fees 4,500 - 4,500 11,968
81,342 66,364 147,706 158,599
Support costs
Management
Trustees' salaries 12,544 - 12,544 11,917
Trustees' pension contributions 916 - 916 1,027
Wages 64,993 - 64,993 61,880
Donated rent and services 12,750 - 12,750 12,750
Advertising 791 - 791 240
Licences 1,055 - 1,055 3,238
Trustee and committee meetings 326 - 326 771
Insurance - - - 190
Fixtures and fittings 430 - 430 506
Computer equipment 1,555 - 1,555 2,333
Loss on sale of tangible fixed assets - - - 169
95,360 - 95,360 95,021
Finance
Bank charges 413 - 413 620
Information technology
Website costs 8,421 - 8,421 8,100
Training and networking
Travel and subsistence - - - 1,733
Training and conferences 357 - 357 2,605
357 - 357 4,338
Resources
Office equipment 732 - 732 580
Postage and stationery 598 - 598 346
1,330 - 1,330 926
Other
Sundries 118 - 118 456
Governance costs
Independent examiners fees 4,140 - 4,140 3,600
Predecessor non audit fees 144 - 144 612
Trustee and committee meetings 146 - 146 486
4,430 - 4,430 4,698
Total resources expended 211,112 66,364 277,476 316,744
Net (expenditure)/income 71,334 (44,197) 27,137 (2,426)

This page does not form part of the statutory financial statements

Page 21