## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **FINANCIAL STATEMENTS**
**for the year ended 31 July 2021**
**Registered Charity Number: 1153002**
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **CONTENTS**
||Page|
|---|---|
|**Trustees' and Union Information**|1 - 2|
|**Trustees' report including Statement of Trustees' responsibilities**|3 - 8|
|**Independent Auditors' report to the members**|9 - 11|
|**Statement of Financial Activities**|12|
|**Balance sheet**|13|
|**Cash flow statement**|14|
|**Notes to the financial statements**|15 - 23|
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021**
## **Officer Trustees (Remunerated)**
## **Elected 1[st] August 2020 to 31[st] July 2021**
President VP Treasurer VP Activities and Campaigns VP Welfare VP Representation and Communications
Quentin Wedmore Sam Fenton Jacques Taffinder Ellie Bayne Georgia Buck
## **Student Trustees**
Equality and Diversity Officer Camden Officer International Officer Post Graduate Officers Vet Nurse Liaison Officer
Olivia Craddock
- Jessica Tang Victoria Lindsay / Gareth Jones Emma Thomas
## **Officer Trustees (Remunerated)**
## **Elected 1[st] August 2021**
President VP Treasurer VP Activities and Campaigns VP Welfare VP Representation and Communications VP Camden
Sam Fenton Chantelle Woodward-Iles Matty Clarkson Hasita Dodhia Danielle Golds Priya Toor
## **Student Trustees**
## **Elected 1[st] August 2021**
Equality and Diversity Officer International Officer Post Graduate Officers Vet Nurse Liaison Officer Entertainment Officer Environment Officer Undergraduate Sciences Officer
Anantha Kumarvel Gigi de Fort-Menares Lee Victoria Lindsay / Gareth Jones Alex Richardson Seb Miller Ester Rodriguez Riley Eleanor Irvine
**General Manager** Dave Sherlock-Jones
**SU Finance and Shop Manager** Willow Gibson
**SU Office and Finance Administrator** Fuchsia Stocker
Page 1
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021**
## **Principal office**
The Royal Veterinary College Students’ Union Hawkshead Lane North Mymms Hatfield Hertfordshire AL9 7TA
## **Auditors**
Crowe U.K. LLP Statutory Auditor 49-51 Blagrave Street Reading Berkshire RG1 1PL
## **Bankers**
Metro Bank One Southampton Row London WC1B 5HA
Page 2
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021**
**27/9/2011 16:55is draft produced on 27/9/2011 16:55**
The Trustees of The Royal Veterinary College Students’ Union (“the Union”) present their annual report for the year ended 31 July 2021 under the Charities Act 2011, together with the audited financial statements for that year.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
The Royal Veterinary College Students’ Union is a Charitable Incorporated Organisation (CIO) and a registered charity number 1153002. Its office address is as shown in the accounts.
The present Trustees, and any past Trustees who served during the year, are given in the accounts together with the names of the senior executive staff. The name of the President is also given along with the external advisers of the Charity.
## **KEY MANAGEMENT PERSONNEL**
The Royal Veterinary College Students’ Union employs a General Manager, a Finance and Shop Manager and SU Office and Finance Administrator to work closely with the Trustees and ensure effective management of the charity.
General Manager - Dave Sherlock-Jones. Finance and Shop Manager – Willow Gibson SU Office and Finance Administrator – Fuchsia Stocker
The remuneration of key management personnel is set by the college, according to national bargaining agreements and agreed scales through HERA.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Union is governed by its Constitution adopted on 1 August 2013.
## **TRUSTEE BOARD**
The Trustee Board is responsible for the overall governance of the Union and comprise of the President / Chair, four Vice-Presidents and six elected part time officer trustees.
As a very small students’ union in terms of staff, the role of the part time officers continues to contribute significantly to our success. To increase the effectiveness of the Trustees’ roles and responsibilities, each has portfolio interests which require an understanding and a responsibility for specific aspects of the Union’s work.
Due to the nature of the courses and ongoing placements in summer the handover and induction of officers is undertaken on a case by case basis by the officers themselves, whenever they can coordinate to meet up. Further training is also offered through the NUS and during training sessions with the Executive throughout the year. In the coming year we also plan to work with other small and specialist SU’s in our region to develop more relevant training for officers in this specialised environment.
The Board delegates the exercise of certain powers in connection with the management and administration of the Union as set out below. This is controlled by requiring regular reporting back to the Board, so that all major decisions made under delegated powers can be ratified by the full Board in due course.
## **UNION COUNCIL**
Union Council acts as a consultative committee and policy forum being an important link between the management of the Union and its student members. Union Council comprises the eleven officer trustees and several members elected democratically including course representatives.
## **DEMOCRATIC GOVERNANCE**
As a member driven democratic organisation the health of our democratic accountability is of paramount concern to us and we are currently reviewing our constitution and regulations. Constitutional review is also one of the key parts of our Strategic Plan for the year with a working group already meeting to look at ways of making if a better fit to the organisation, shorter and with plainer English where possible.
Page 3
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **GENERAL MANAGER (CEO)**
The General Manager (GM) is responsible for the day to day management of the Union’s affairs and for implementing policies agreed by the Board of Trustees. The GM is assisted by a Finance and Shop Manager and a SU Finance and Office Administrator and an excellent team of part time student staff, ranging from bar managers to website managers and sports support staff.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES AND CORPORATE GOVERNANCE**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for that period. In preparing these financial statements, the trustees are required to:
- ensure that the most suitable accounting policies are established and applied consistently;
- make judgements and estimates which are reasonable and prudent;
- state whether the applicable accounting standards and statement of recommended accounting practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on a ‘going concern’ basis unless it is inappropriate to presume that the Union will continue in operation.
The Trustees have overall responsibility for ensuring that the Union has appropriate systems and controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Union and enable them to ensure that the financial statements comply with the 2011 Charities Act. They are also responsible for safeguarding the assets of the Union and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- the Union is operating efficiently and effectively;
- all assets are safeguarded against unauthorised use or disposition and are properly applied;
- proper records are maintained and financial information used within the Union, or for publication, is reliable;
- the Union complies with relevant laws and regulations.
## **CORPORATE GOVERNANCE**
Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored and that appropriate management information is prepared and reviewed regularly by both the executive management and the Board of Trustees. The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include:
- an annual budget approved by the Trustees;
- regular consideration by the Trustees of financial results, variances from budgets, non-financial performance indicators and benchmarking reviews;
- delegation of day-to-day management authority and segregation of duties; and identification and management of risks. This is detailed in the Union’s Constitution.
Page 4
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **DEVELOPING AND STRENGTHENING**
The Royal Veterinary College Students’ Union is an independent, dynamic and thriving membership organisation. Our primary purpose is to make life better for students at the Royal Veterinary College both inside and outside of the two main campuses. We have developed strongly in the past year due to the great work of our staff and officers, especially the President and four Vice-Presidents.
This coming year we are launching our first ever Strategic Plan aimed at strengthening the SU in certain areas, initially focusing on developing our services and visibility on the Camden Campus.
## **RISK MANAGEMENT**
The Union is developing a risk management process to highlight issues early and report them to the board, currently this is on a case by case basis but we believe the continued implementation of a digital finance package and better support for the GM and Treasurer will help deliver a more formal risk management process. The college has employed a full time Students’ Union Finance and Shop Manager and Part-Time Finance Administrator to support the General Manager and Board. The Board has continued to update their corporate risk register during this academic year working closely with the college Governance Team to develop a register that is relevant to the SU.
## **PRINICIPAL RISKS AND UNCERTAINTIES**
The Board reviews the Union’s current and planned future activities in the light of any major risks arising from time to time and the effectiveness of systems and procedures designed to manage them. The principal risks and uncertainties are included in our current risk register but the main ones currently facing the Union are considered to be:
- The possible reduction in funding by the University caused by:
- Their own financial health including their heavy investment in infrastructure over the last three years which is continuing on at the Hawkshead Campus
- Their perception of the value of the role of the Union
- Changes in how education is funded
- The financial health of the University is itself dependent on HEFCE funding, which in turn is susceptible to factors beyond the control of the Union, including:
- Popularity of the Academic offering
- Popularity as a result of Academic standards
- Popularity as a result of the attractiveness of the campus and its facilities
- Popularity driven by affordability and fee levels
- Other Demographics
- Reputational damage in the unlikely event of a high profile activity by a student
- Reputational damage in the unlikely event of a high profile activity by a trustee
- A pandemic which could seriously affect the way University are funded in the UK
- The world wide pandemic causing massive disruption in the education sector
- • Problems associated with Brexit
Our plans and strategies for managing risk include maintaining effective internal controls, a risk register, incidentreporting and monitoring systems and insurance cover wherever appropriate.
## **FUNDRAISING**
The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
Page 5
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE UNION**
The objects of the Union are the advancement of education of Students at the Royal Veterinary College for the public benefit by:
- Promoting the welfare and interests of the Students of the Royal Veterinary College;
- Representing the student body of the Royal Veterinary College to external bodies and to the management, committees and Council of the Royal Veterinary College; and
- Encouraging the personal development of the Students of the Royal Veterinary College through providing social, cultural, educational and recreational activities organised in clubs, societies, symposiums and discussion groups and through developing and maintaining appropriate facilities to accommodate such activities.
The Union will seek at all times to encourage and support diversity in the student body through ensuring the Union’s decision making and service provision are solely to advance the above objects, and are made independently and without discrimination with regard to race, age, gender, sexual orientation, religious beliefs, disability, medical conditions, or political beliefs.
The Trustees confirm that they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance concerning the operation of public benefit published by the Charity Commission.
Our principal activities to achieve these Objects are campaigning, representation, provision of social activities and, the organisation of sporting and recreational activities and opportunities. The objectives of those activities for the year, and the Union’s achievements against them, are discussed below.
## **OUR MISSION**
- to improve the quality of life and learning for students at the RVC
To achieve our vision, The Royal Veterinary College Students’ Union was starting the second year of a fiveyear Strategic Plan. Unfortunately, due to the pandemic we put the plan on hold for a year and we are now in the process of restarting it. This year 2 will focus on developing engagement in the Camden Campus, reviewing our governance and constitution and providing a business case for new staff. We will work hard to show members the value of deeper engagement with The Royal Veterinary College Students’ Union through the scope of our activities and leadership opportunities. Additionally, we will identify valuable new opportunities for all our members and provide a robust platform on which they can create more opportunities for each other and improve the quality of life and learning for all students at the RVC.
Over the years the RVC Students’ Union has consistently evolved to meet its mission statement of representing the student body and maximising the student experience at the RVC by any means it deems necessary.
The last year has been extremely difficult for everyone, in our SU this has meant very difficult lines of communication, isolated staff and officers and team members coming in and out due to illness. This has obviously hampered all our operations and shut down most activities, we have endeavoured to build community online and face to face in a very limited way.
Throughout lockdown the entire team have worked very hard to represent our membership and deliver in exceptional circumstances, we have started up using our new constitution and have a VP Camden and an Under Graduate Bioscience officer to better represent Camden students. The SU is now in the process of recruiting an Alumni Trustee and a non-officer student trustee.
.
## **RVCSU President and Chair – Quentin Wedmore 2020/21**
Page 6
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **FINANCE, BARS, SHOPS AND ENTERTAINMENT**
There have been no face to face events or sport over the entire year and the bars have been shut throughout. We did persevere providing supplies for our students through the shop, when allowed on campus, this obviously ran at a loss, but we couldn’t leave our students without the correct equipment.
## **AFFILIATIONS**
During the year the Union affiliated to the following organisations in order to support its core objectives:
|The National Union of Students (NUS)
British Universities & Colleges Sports Association
British Veterinary Association
Association of Veterinary Students
**Total**|**2021**
**£**
**3,750**
**2,247**
**-**
**2,870**
**8,867**|_2020_
_£_
_7,980_
_5,059_
_9,900_
_2,870_
_25,809_|
|---|---|---|
Page 7
## **THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **FINANCIAL SUMMARY**
During the year the Union received £171,500 _(2020: £213,000)_ in direct grant funding from the College.
The Union overall made a surplus of £49,396 _(2020: £22,094)_ in the year of which a surplus of £15,603 _(2020: £10,611)_ was from restricted funding spent by sports teams and societies and surplus of £33,793 _(2020: £11,483)_ from the Main fund. This was after transfer of £33,463 were made from the Main fund to restricted funds.
Free reserves at the year-end were £83,318 _(2020: £48,048)._
The closing fund balances in the restricted funds was £74,546 _(2020: £58,943)_ and in the unrestricted funds was £89,963 _(2020: £56,170)._
## **RESERVE POSITION**
As the General Manager, President and four VP’s are paid directly by the College, the SU has not yet developed a full reserves policy, this will change as the SU develops but currently our target for reserves is £30,000, this will not be achievable in one year but a plan to accrue this needs to start being put in to action.
The SU settled on £30,000 as a guide figure to cover the costs of our NUS affiliation, six months costs funding our clubs and societies and underwriting our funding of the shop and the SU bars. Working with such a small amount of money for a block grant always means it is difficult to build up such reserves. We are looking at ways of diversifying income and assigning any surplus from this to a reserve fund.
## **FUTURE PLANS**
As the campuses are coming back to life are priorities are returning them back to normal life. We have initially opened up both bars in a limited way and intend to open them up fully as restrictions are relaxed.
The next step is to start up our Strategic Plan and concentrate on Camden Campus for this academic year, we actually have two officers who directly represent Camden students and two other officers that are based there this year. To this end we are having regular meetings and intend to push strategy to develop student relations in Camden and between courses.
Additionally, as part of our Strategy we are now looking to recruit an alumni trustee and a non-officer student trustee to make our governance more rigorous.
We are also starting to talk with the college about developing the Buttery Bar and better facilities in general at the Hawkshead Campus to align with their next phase of building.
## 26th October 2021
This report was approved by the Trustees on ………………………………. and signed on their behalf by:
Sam Fenton
## **President and Chair of the Board of Trustees**
Page 8
## **Crowe U.K. LLP**
_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY OF THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **Opinion**
We have audited the financial statements of the Royal Veterinary College Students’ Union for the year ended 31 July 2021 which comprise the statement of financial activities, balance sheet, cash flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 July 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
> Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.
Page 9
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY OF THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION (continued)**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 10
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY OF THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION (continued)**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and Charities SORP (FRS102) 2019.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognised in the accounts, reviewing accounting estimates for biases and reviewing board meeting minutes for any issues we need to be aware of.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed
## **Crowe U.K. LLP**
Statutory Auditor
Reading
## **Date: 24 November 2021**
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 11
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021**
|Notes
**_Income_**
**Donations:**
- College Grant
4
**Charitable activities for students:**
- Bars, Shops and Catering
- Events and Entertainments
- Societies and clubs
**Other income**
5
**Total income**
**_Resources expended_**
**Charitable Activities for students:**
- Campaigns, Advice and Representation
- Bars, Shops and Catering
- Events and Entertainments
- Societies and clubs
**Total expenditure**
6–8
**Net incoming resources for the year**
Transfer between funds
**Net incoming resources for the year after**
**transfers**
Brought forward
**Fund balances carried forward**||**Unrestricted**
**Funds**
**£**
430,283
83,848
-
-
6,245
520,376
33,526
369,484
50,110
-
453,120
67,256
(33,463)
33,793
56,170
89,963||**Restricted**
**Funds**
**£**
-
-
-
36,741
-
36,741
-
-
-
54,601
54,601
(17,860)
33,463
15,603
58,943
74,546||**Total**
**2021**
**£**
**430,283**
**83,848**
**-**
**36,741**
**6,245**
**557,117**
**33,526**
**369,484**
**50,110**
**54,601**
**507,721**
**49,396**
**-**
**49,396**
**115,113**
**164,509**||_Total_
_2020_
_£_
_462,213_
_116,176_
_128,899_
_72,853_
_16,601_
_796,742_
_78,492_
_287,851_
_303,680_
_104,625_
_774,648_|
|---|---|---|---|---|---|---|---|---|
||||||||||
||||||||||
||||||||||
|||||||||_22,094_
_-_|
|||||||||_22,094_
_93,019_
_115,113_|
||||||||||
The statement of financial activities includes all gains and losses recognised in the year. All amounts derive from continuing activities.
The notes on pages 15 to 23 form part of these accounts.
Page 12
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **BALANCE SHEET AS AT 31 JULY 2021**
|Notes
**Fixed Assets**
Tangible fixed assets
10
**Current Assets**
Stocks
11
Debtors and prepayments
12
Cash at bank and in hand
**Current Liabilities**
Creditors: Amounts due within one year
13
**Net Current Assets**
**Total Assets less Current Liabilities**
**The funds of the charity:-**
**Restricted Income Funds**
Students’ Societies and Club Funds
16
Other restricted funds
16
**Unrestricted Income Funds**
Accumulated Fund
16
**Total Funds**
16|**2021**
**£**
**£**
6,645
22,054
22,314
139,260
183,628
(25,764)
157,864
164,509
49,716
24,830
74,546
89,963
164,509|_2020_
_£_
_£_
_8,122_
_13,605_
_19,304_
_119,397_
_152,306_
_(45,315)_
_106,991_
_115,113_
_57,378_
_1,565_
_58,943_
_56,170_
_115,113_|_2020_
_£_
_£_
_8,122_
_13,605_
_19,304_
_119,397_
_152,306_
_(45,315)_
_106,991_
_115,113_
_57,378_
_1,565_
_58,943_
_56,170_
_115,113_|
|---|---|---|---|
||||_106,991_|
||||_115,113_|
||||_58,943_|
||||_56,170_|
||||_115,113_|
These financial statements were approved by the Trustees on 26th October 2021 and are signed on their behalf by:
Sam Fenton **President and Chair of the Board of Trustees**
The notes on pages 15 to 23 form part of these accounts.
Page 13
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021**
|**Cash flows from operating activities:**
Net incoming resources
Depreciation
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
**Net cash used in operating activities**
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash used in financing activities**
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
**Total cash and cash equivalents at the end of the**
**year**
**Analysis of Changes in Net Debt**
At start of year
£
Cash
119,397|**2021**
_2020_
**£**
_£_
**49,396**
_22,094_
**4,611**
_4,296_
**(8,449)**
_6,216_
**(3,010)**
_(12,206)_
**(19,551)**
_(211,390)_
**22,997**
_(190,990)_
**(3,134)**
_(2,204)_
**(3,134)**
_(2,204)_
**19,863**
_(193,194)_
**119,397**
_312,591_
**£**
**139,260**
_£_
_119,397_
Cashflows
At end of year
£
£
19,863
139,260|_2020_
_£_
_22,094_
_4,296_
_6,216_
_(12,206)_
_(211,390)_
_(190,990)_|
|---|---|---|
|||_(2,204)_
_(2,204)_|
The notes on pages 15 to 23 form part of these accounts
Page 14
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **1. Charity Information**
The principal activities are campaigning, representation, provision of social activities and, the organisation of sporting and recreational activities and opportunities.
The Royal Veterinary College Students’ Union is a charitable incorporated organisation with charitable status. (Charity registration no. 1153002). The address of the principal office is The Royal Veterinary College Students’ Union, Hawkshead Lane, North Mimms, Hatfield, Hertfordshire, AL9 7TA.
## **2. Accounting Policies**
## (a) **Accounting convention**
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland”, and the 2015 Charities Statement of Recommended Practice based thereon – the Charities SORP.
The accounts (financial statements) have been prepared to give a true and fair view and have departed from the _Charities (Accounts and Reports) Regulations 2008_ only to the extent required to provide a true and fair view. This departure has involved following _Accounting and Reporting by Charities_ , preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the _Accounting and Reporting by Charities: Statement of Recommended Practice_ effective from 1 April 2005, which has since been withdrawn.
The Royal Veterinary College Students’ Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## (b) **Going Concern**
The charity has cash resources and is supported by The Royal Veterinary College. The Trustees have also considered how COVID-19 could affect the accounting policies that underlie these financial statements, and have reviewed income budgets and made assessments regarding possible uncertainties and the adequacy of disclosures. Following this review the trustees consider that there are sufficient reserves at 31 July 2021 to manage any foreseeable downturn in the UK and global economy and that there is a reasonable expectation the Charity has adequate resources to continue in operational existence for the foreseeable future and for this reason, the Trustees continue to adopt the ‘going concern’ basis in preparing the accounts.
## (c)
## **Income and endowments**
All income and capital resources are recognised in the accounts when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty.
The College grant of free serviced accommodation on the campus is accounted for as income and expenditure of the year at an estimated value to The Royal Veterinary College Students’ Union by reference to the alternatives available on the commercial market.
Donated services or facilities are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Grants are accounted for under the performance model as permitted by the Charity SORP. Job retention scheme grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.
Page 15
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **2. Accounting Policies (continued)**
## (d) **Resources expended**
Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for trustees. The value of free serviced campus accommodation and other central overhead costs are apportioned to charitable and other projects/activities on a cost basis, pro rata to the total costs of each project or activity undertaken.
## (e) **Tangible fixed assets**
Fixed assets are stated at cost less accumulated depreciation. Assets are not capitalised below £500 cost per item/set. Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:-
Office equipment - 3 years straight line Other equipment - 5 years straight line
Full year of depreciation in the year of acquisition.
## (f) **Pension costs**
The permanent staff of the Union are employees of The Royal Veterinary College and as such are covered by the defined benefit pension scheme operated by that body. As a consequence no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102, in these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.
## (g) **Leased assets**
Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.
## (h) **Debtors**
Short term debtors are measured at transaction price, less any impairment.
(i) **Financial Instruments** The company holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost.
## (j) **Creditors**
Short term creditors are measured at the transaction price.
## (k)
## **Stock**
Stock is valued at the lower of the cost and its net realisable value.
## **Cash at bank and in hand**
(l) **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.
Page 16
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **2. Accounting Policies (continued)**
## (m) **Fund accounting**
- The Royal Veterinary College Students’ Union administers and accounts for a number of charitable funds, as follows:-
- (i) **Unrestricted Funds** representing unspent income which may be used for any activity/purpose at the Executive Committee’s own discretion;
- (ii) **Restricted funds** raised and administered by The Royal Veterinary College Students’ Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor.
## (n) **Taxation**
- No provision is made in these accounts for corporation tax as the union is exempt from such taxes as a result of its charitable status.
## **3. Areas of judgement and estimated uncertainty**
There are no significant areas of judgement required in the preparation of these financial statements.
## **4. Donations and Grant Income**
|Block grant
University grant in kind for rent
Other grants|**2021**
**£**
**171,500**
**89,161**
**169,622**
**430,283**|_2020_
_£_
_213,000_
_89,161_
_160,052_|
|---|---|---|
|||_462,213_|
## **5. Other Income**
|Job retention scheme
All other income|**2021**
**£**
**-**
**6,245**
**6,245**|_2020_
_£_
_13,864_
_2,737_|
|---|---|---|
|||_16,601_|
Page 17
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **6. Charitable and Other Activity Costs**
|**Charitable Activities for**
**students:**
- Campaigns, Advice &
Representation
- Bars, Shops and Catering
- Events and Entertainments
- Societies and clubs
**Total costs**
**_Prior year_**
**_Charitable Activities for_**
**_students:_**
_- Campaigns, Advice &_
_Representation_
_- Bars, Shops and Catering_
_- Events and Entertainments_
_- Societies and clubs_
**_Total costs_**|**Cost of**
**Sales**
**£**
8,506
71,654
12,713
_-_
92,873
_Cost of_
_Sales_
_£_
_40,040_
_102,703_
_154,911_
_-_
_297,654_|**Staff**
**costs**
**£**
12,965
164,967
19,378
-
197,310
_Staff_
_costs_
_£_
_19,875_
_117,022_
_76,896_
_-_
_213,793_|**Rent &**
**Services**
**£**
6,597
72,704
9,860
-
89,161
_Rent &_
_Services_
_£_
_10,445_
_38,305_
_40,411_
_-_
_89,161_|**Other**
**Costs**
**£**
5,458
60,159
8,159
54,601
128,377
_Other_
_Costs_
_£_
_8,132_
_29,821_
_31,462_
_104,625_
_174,040_|**2021**
**Total**
**£**
**33,526**
**369,484**
**50,110**
**54,601**|
|---|---|---|---|---|---|
||||||
**507,721**|
||||||_2020_
_Total_
_£_
_78,492_
_287,851_
_303,680_
_104,625_|
||||||
_774,648_|
Included in the above other costs is the gross annual audit fee of £10,500 _(2020: £10,200)_ and accounts preparation fees of £3,400 _(2020: £4,250)._
## **7. Central Overhead Costs included in Note 6**
|**Charitable Activities for**
**students:**
- Campaigns, Advice &
Representation
- Bars, Shops and Catering
- Events and Entertainments
**Totals**
**_Prior Year_**
**_Charitable Activities for_**
**_students:_**
_- Campaigns, Advice &_
_Representation_
_- Bars, Shops and Catering_
_- Events and Entertainments_
**_Totals_**|**Usage**
**Staff**
**Rent &**
**Services**
**Other**
**£**
**£**
**£**
7.40%
12,965
6,597
5,458
81.54%
142,881
72,704
60,159
11.06%
19,378
9,860
8,159
175,224
89,161
73,776
_Usage_
_Staff_
_Rent &_
_Services_
_Other_
_£_
_£_
_£_
_11.80%_
_19,875_
_10,445_
_8,132_
_42.55%_
_72,888_
_38,305_
_29,821_
_45.65%_
_76,896_
_40,411_
_31,462_
_169,659_
_89,161_
_69,415_||**2021**
**Total**
**£**
**25,020**
**275,744**
**37,397**|
|---|---|---|---|
||||**338,161**|
||||
_2020_
_Total_
_£_
_38,452_
_141,014_
_148,769_
_328,235_|
|||
||
Page 18
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **8. Staff Costs**
|**taff Costs**|||
|---|---|---|
|Wages and salaries
Social security
Pension costs|**2021**
**£**
**164,658**
**11,266**
**21,386**
**197,310**|_2020_
_£_
_190,251_
_10,374_
_13,168_|
|||_213,793_|
1 employee earned remuneration between the band £60,000 - £70,000 _(2020: 0)._ The key management personnel of the union comprise the Trustees and the General Manager. The aggregate employee benefits of the 6 _(2020: 6)_ key management personnel was £100,911 _(2020: £106,522)_ . The average staffing was as follows:-
|Full time
Part time student officers
Students – term time only|**2021**
**£**
**3**
**5**
**15**
**23**|_2020_
_£_
_3_
_5_
_36_|
|---|---|---|
|||_44_|
## **9. Trustees’ Remuneration and Expenses**
The President received £6,120 _(2020: £6,120)_ and four Vice-Presidents received a total of £16,320 _(2020: £17,000)_ as authorised by the Students’ Union’s Governing Documents and agreed as a change in the ByLaws, for the representation, campaigning and support work undertaken as distinct from their trustee responsibilities. This was paid in 12 monthly payments throughout the year. The total salary and NI costs for the Officer Trustees amounted to £22,440 _(2020: £23,132),_ which is included under Staff Costs in the SOFA.
There were no other trustee-benefits for the year.
No members of the Trustee Board were reimbursed expenses in the year in respect of personal travel and subsistence. _(2020: £784)._
Page 19
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
## **10. Tangible Fixed Assets**
|**COST**
As at 1 August 2020
Additions
Disposals
At 31 July 2021
**DEPRECIATION**
As at 1 August 2020
Charge for the year
Disposals
At 31 July 2021
**NET BOOK VALUE**
At 31 July 2021
At 31 July 2020
**11.**
**Stocks**
Stock
**12.**
**Debtors**
Trade debtors
Prepayments
Other debtors|**Office**
**Equipment**
**£**
9,729
1,308
(3,449)
**7,588**
8,259
1,171
(3,449)
**5,981**
**1,607**
_1,470_|**Office**
**Equipment**
**£**
9,729
1,308
(3,449)
**7,588**
8,259
1,171
(3,449)
**5,981**
**1,607**
_1,470_||**Other**
**Equipment**
**£**
15,932
1,826
-
**17,758**
9,280
3,440
-
**12,720**
**5,038**
_6,652_
**2021**
**£**
**22,054**
**2021**
**£**
**5,163**
**15,631**
**1,520**
**22,314**||**Total**
**£**
25,661
3,134
(3,449)
**25,346**
17,539
4,611
(3,449)
**18,701**
**6,645**
_8,122_
_2020_
_£_
_13,605_
_2020_
_£_
_538_
_1,628_
_17,138_
_19,304_|
|---|---|---|---|---|---|---|
||||||||
||
**5,981**||||||
||**1,607**||||||
||_1,470_||||||
||||||||
||||||||
Page 20
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
|**13.**
**Creditors: Amounts due within one year**
Trade creditors
Social security and other taxes
Accruals and deferred income
Other creditors|**2021**
**£**
**2,361**
**-**
**20,971**
**2,432**
**25,764**|_2020_
_£_
_16,807_
_-_
_21,368_
_7,140_
_45,315_|
|---|---|---|
## **14. Operating lease commitments**
At 31 July 2021 the Union had total commitments under non-cancellable operating leases as follows:-
|**EXPIRY DATE**
Within 1 year
Between 2 and 5 years
More than 5 years|**2021**
**£**
**8,601**
**34,776**
**1,496**|_2020_
_£_
_-_
_-_
_-_|
|---|---|---|
Lease payments recognised as an expense in the year were £Nil _(2020: £5,164)_
## **15. Financial instruments**
|**inancial instruments**|||
|---|---|---|
|**Financial assets**
Financial assets measured at amortised cost
**Financial liabilities**
Financial liabilities measured at amortised cost|**2021**
**£**
**145,943**
**25,764**|_2020_
_£_
_136,535_|
|||_39,775_|
Financial assets measured at amortised cost comprise trade debtors, other debtors and cash.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.
Page 21
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021**
|**16.**
**Fund Analysis**
**Unrestricted Funds**
**Restricted Funds**
Clubs and Societies
Other restricted funds
**Total Funds**|_As at 31_
_July_
_2020_
_£_
_56,170_
_57,378_
_1,565_
**_115,113_**|**Incoming**
**resources**
**£**
520,376
17,815
18,926
**557,117**|**Resources**
**expended**
**£**
(453,120)
(27,614)
(26,987)
**(507,721)**|**Transfers**
**£**
(33,463)
2,137
31,326
**-**|**As at 31**
**July**
**2021**
**£**
**89,963**
**49,716**
**24,830**
**164,509**|
|---|---|---|---|---|---|
## **Clubs and Societies:**
Refers to the fundraising balances held on behalf of student run clubs or societies which are part of The Royal Veterinary College Students’ Union.
## **Other Restricted Funds:**
Refers to the funds held in relation to the Association of Veterinary Students (AVS), Final Year Review (FYR), International Veterinary Students Association (IVSA), Student American Veterinary Medical Association (SAVMA), Alumni, Vet Nursing and Animal Aspirations (AA) in the Students Union.
## **17. Analysis of Net Assets between Funds**
|Fixed Assets
Net current assets|Unrestricted
Funds
£
6,645
83,318
**89,963**|Restricted
Income Funds
£
-
74,546
**74,546**|**Total**
**£**
**6,645**
**157,864**|
|---|---|---|---|
||||**164,509**|
## **18. Control Relationship**
The union is controlled by the Trustee Board which is in part 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 the General meeting.
## **19. Related Party Transactions**
The following are considered to be related parties for the reasons stated. The transactions with these related parties are set out below:-
## **The Royal Veterinary College Students’ Union**
The Union is in receipt of a recurrent grant from the College of £171,500 _(2020: £213,000)_ .
At the year-end, included in trade creditors is an amount of £1,308 _(2020: £Nil)_ owed by the Union to the College in relation to services provided.
All Union salaries are paid through the College. The College has invoiced the Union for £27,689 through the year _(2020: £53,742)._ The amount owing at 31 July 2021 is £2,432 _(2020: £5,541)._
The Union received rent in kind from the College of £89,161 _(2020: £89,161)_ and also received salaries in kind from the College of £169,622 _(2020: £160,052)._
The Union’s general manager was owed expenses of £365 _(2020: £365)_ at the year end.
Page 22
**THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020**
|**_Income_**
**Donations:**
- College Grant
**Charitable activities for students:**
- Bars, Shops and Catering
- Events and Entertainments
- Societies and clubs
**Other income**
**Total income**
**_Resources expended_**
**Charitable Activities for students:**
- Campaigns, Advice and Representation
- Bars, Shops and Catering
- Events and Entertainments
- Societies and clubs
**Total expenditure**
**Net incoming resources for the year**
Transfer between funds
**Net incoming resources for the year after**
**transfers**
Brought forward
**Fund balances carried forward**||**Unrestricted**
**Funds**
**£**
462,213
116,176
128,899
-
16,601
723,889
78,492
287,851
303,680
-
670,023
53,866
(42,383)
11,483
44,687
56,170||**Restricted**
**Funds**
**£**
-
-
-
72,853
-
72,853
-
-
-
104,625
104,625
(31,772)
42,383
10,611
48,332
58,943||**Total**
**2020**
**£**
**462,213**
**116,176**
**128,899**
**72,853**
**16,601**
**796,742**
**78,492**
**287,851**
**303,680**
**104,625**
**774,648**
**22,094**
**-**
**22,094**
**93,019**
115,113|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||
||||||||
||||||||
Page 23