**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: - Amounts up to £2,500 shall be approved by two signatories of the Union, where at least one signature must be by a Sabbatical Officer. - Amounts above £2,500 and below £5,000 shall be approved by the Executive Committee, reflected in the minutes of the meeting and signed off by Union signatories. - Amounts above £5,000 shall be approved by the Board of Trustees, reflected in the minutes of the meeting and signed off by Union signatories. 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 ART% I'.NII-FRSiTI' BOI-.RNF.IIOITH.STI'DENTS' REPORT OF THE TRI'STEES fr'or I'bt I"t*r Tr'Adtd JI Juh. 202• Principal *ddru5 Arts unli¢￿1ry BouTr*mouth Fcm BaTrn Wallisdo* Poolc Dorsei BF1125HH Trnsiets Dan￿) Osullivan Adrian Cornia¢k Siephanie Barton JoTdRn VeTde5 (resigned 10.7.20201 Stella Kai)mkn ITesi8n¢d 10.7.20201 Louise Hall (app)iNted 29.6.20?0 Megan He￿iSon lapwinLed 18.10.20191 Emma Jo)'¢¢ iaprx)intrd 18.10.20191 KaTnilla Dow8ieT% {aptM>in*d 29.6.2020 .hofields Charfftd 5th FlrK)f Waverkv TIou5¢ 115- 119 Holdtnhuth Road BouTnemDuth Dor5ei BH8 8DY Banktrs Lliiyds Banki*g Group pl¢ 45147 Old Chrisichurch Road Bournetnouth BHI IED Advisus Durithg the rep)rting ended 31 Juty 2019. the following were ads"i50rsto AUBSU.. Emrna Hunt. lJni%'¢TSity AdvisA)r Isi Jattuary 20181 Eltzakth Hult*n- FiRanLk*l AdvisoriftDm 9th July 20191 Mary O"SulltNYn- Financial Advi50r B.4C.KGROIIN'D INFOR%I.4TIO Organisation aLg) LrK)ii￿ as.. AUBSU Apptoved by onler of the iK)ard of trustees on . ano sig[￿ on irs ￿lf by.. iL¢uis¢ Hall. Trns*L" Page 4 ENT EN.4IIINER' REPORT T .¥kT5 I NII"ER tTh- BOI"RNEIIOI TH sTI'DE*Ts' -'rEES OF InJrptndc¥bl fxRtrbiutr's ri'porl to iht IrusiÈe$ of 4rt5 l-ni%ersitr" Bournttnouth Students, L-ni•N Ro5ponsibiliii¢5 basis ofrtport the charitt- Llli¥ieei Lil-the Ti-a:-i are rebwiisiblt lor Iht raiion of lh¢ acLOUllls Ill 3LLordJnc= ii'iih ¥lie re4uireinenés ol-th¢ ChariEieb_4LI 101 I I'ihe.A¢t'l. rewrk iii respIL￿ C)t'tni eian3ination ot'the TruSE'S aiiOUnlS Larriéd outuDdeFsec(ion 145 0l'ih¢.4LI wid 111 iarrn-illg oui iiii. examinaliok) 1114Ne tolltsiitd 'Iblt DirecTlOllS gll'*i b! tlte Cliarip Lommiision under ieilloll 14%1.-Iibl ol'the.4cr. lttdcptndehi e¥aminer's $141¢mtnt Since I"0￿r clillnn" i gro.55 eK¢eeded £?iO.Oial t.0￿ e1￿Miller mu5r bt a meniber of 3 115ted bod!. I can confirm that T am qu&lified to und¢rtok¢ the examirtaiioi? beeau>¢ T ani a re8islered m' maEerial re..'pect'. accouniinu recordi ii".¢r¢ kepi in TespeLi of the Tru51 as re4tsiTed b} se¢riort 130 of the.4a." or tlie aLiounts do lloi aiLord i1-51h lho￿ r¢iords' OT the accouttts do not co£npli N%'ithTie applicabl¢ requirtments COllLetnill8 the tomi and conieiii of •ecowiis set out iti tlie Charities IAccounss and Rrports) Rtgiilaiions 7008 otlier ThaN an4. s¢quir¢ment that the arcounts give a tsUE tair i jeii" iihich is iiot a matter consid¢r¢d as part ot'akTr i5kdependent examTrnation. I haNe COALems and hal'e ¢ome across no oiher Wfters in connecrion ii.ith the e¥3minJtion to wbich atrention should be this iepox order TO enable s proper understa￿dill8 ot ihe ae¢¥unts ￿ bt reached. 5chofield Ic_4EU" Schofields CliJri¢r¢d ALCOllJlI)nis ih Floor '31'erleJ Houie I li - 119 Holdenhiitsr Road BouTntiiiouth Dorset BH8 8DY Dale.. PaBr **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. - Fixtures and fittings 15% on reducing balance Computer equipment - 25% on cost 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