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2022-07-31-accounts

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

FINANCIAL STATEMENTS

for the year ended 31 July 2022

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 2022

Officer Trustees (Remunerated)

Elected 1[st] August 2021 to 31[st] July 2022

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

Equality and Diversity Officer Camden Officer International Officer Post Graduate Officers Vet Nurse Liaison Officer Undergraduate Sciences Officer

Anantha Kumarvel Priya Toor Gigi de Fort-Menares Lee Victoria Lindsay / Gareth Jones Alex Richardson Ellie Irvine

Officer Trustees (Remunerated)

Elected 1[st] August 2022

President VP Treasurer VP Activities and Campaigns VP Welfare VP Representation and Communications VP Camden

Legend Thurman Chantelle Woodward-Iles Lauren Crayton Rhian Hill Priya Toor Dana Yun

Student Trustees

Elected 1[st] August 2022

Equality and Diversity Officer International Officer Post Graduate Officers Vet Nurse Liaison Officer Environment Officer Undergraduate Sciences Officer Alumni Trustee External Trustee

Praavie Kona Allyson Pace Gareth Jones / Pak Kan Tang Flora Foxx James Roe Caoimhe Abdul-Wahab / Victoria Body Jade Urquhart – Gilmore Olivia Biluck

General Manager Dave Sherlock-Jones

SU Finance and Shop Manager Willow Gibson

SU Office & 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 2022

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

Metrobank Borehamwood Herts WD6 4PR

Page 2

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022

The Trustees of The Royal Veterinary College Students’ Union (“the Union”) present their annual report for the year ended 31 July 2022 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 Stoker

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 2022

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:

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:

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:

Page 4

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022

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.

RISK MANAGEMENT

The Union has developed a risk management process to highlight issues early and report them to the board over the past few years. The Risk register has been discussed at Trustee board meetings, currently this is on a case by case basis as situations arise.

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:

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 2022

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:

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 achieve our vision, The Royal Veterinary College Students’ Union has come to the end of the 5-year Strategic plan and implemented many of the recommendations from that report.

Unfortunately, due to the pandemic and absence of General Manager due to health reasons, the full implementation of the plan has been delayed. With that being said, the Students’ Union has managed to review our governance and constitution and has developed engagement in the Camden Campus by introducing a paid VP Camden Role and Under Grad Bio Science officer role.

We will work hard to show members the value of deeper engagement with The Royal Veterinary College Students’ Union through our activities and valuable new opportunities for all of our members, such as employment. We hope this will 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 some 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 has recruited an Alumni Trustee, and this has worked well.

RVCSU President and Chair – Legend Thurman 2022/23

Page 6

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022

FINANCE, BARS, SHOPS AND ENTERTAINMENT

Face to face events have started again in late 2021 and the bars opened as well. The SU shop continued through-out the restrictions, as essential equipment was needed.

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		 2022
£
3,750
2,380
-
-
6,130		 2021
£
3,750
2,247
-
2,870
8,867

* BVA and AVS now paid by the College.

FINANCIAL SUMMARY

During the year the Union received £219,000 (2021: £171,500) in direct grant funding from the College.

The Union overall made a surplus of £13,465 (2021: £49,396) in the year of which a surplus of £16,264 (2021: £15,603) was from restricted funding spent by sports teams and societies and deficit of £2,794 (2021: £33,793 surplus) from the Main fund. This was after transfer of £204 (2021: £33,463) were made from the Main fund to restricted funds.

Free reserves at the year-end were £77,644 (2021: £83,318).

The closing fund balances in the restricted funds was £90,810 (2021: £74,546) and in the unrestricted funds was £87,164 (2021: £89,963).

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 so we are looking at ways of diversifying income and assigning any surplus from this to a reserve fund.

FUTURE PLANS

Students and staff have now been able to come back on campus and in-person events have started to resume, with some restrictions still in place.

We delivered an excellent in-person Freshers Fair, as a completely virtual event the year before, thanks to all the hard work of officers and staff alike. Halloween and Christmas events have been planned but due to the current restrictions, we are not sure if these will go ahead at the same scale as pre-pandemic times.

We have completed a Constitution and Byelaws review which was formally confirmed by the College Council in November 2020 and submitted to the Charity Commission in 2021

Page 7

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022

We have had discussions with the college about running a summer event and successfully completed our first RVC Students’ Union May Ball, the first one in 10 years. This was held on College ground and we hope to do a similar event in the coming spring, as this was very popular with the study body and college staff.

We will continue to work hard to support our membership through on line resources and the start-up of in-person events and try to make the year as good as is possible for all our students, and staff.

This report was approved by the Trustees on 23 July 2023 and signed on their behalf by:

Legend Thurman

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 2022 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:

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. 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:

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).

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: 25 July 2023

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 2022

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
£
492,232
170,268
24,509
-
35,397
722,406
34,087
413,280
211,184
66,450
725,001
(2,595)
(204)
(2,799)
89,963
87,164		 Restricted
Funds
£
-
-
-
183,107
-
183,107
-
-
-
167,047
167,047
16,060
204
16,264
74,546
90,810

Total
2022
£
492,232
170,268
24,509
183,107
35,397
905,513
34,087
413,280
211,184
233,497
892,048
13,465
-
13,465
164,509
177,974		 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




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 2022

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
Other restricted funds
16
Unrestricted Income Funds
Accumulated Fund
Total Funds
16		 2022
£
£
4,903
22,697
4,726
190,520
217,943
(44,872)
173,071
177,974
63,592
31,835
95,427
82,547
177,974		 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

These financial statements were approved by the Trustees on 24 July 2023 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 2022

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
139,260		 2022
2021
£
£
13,465
49,396
6,044
4,610
(643)
(8,449)
17,588
(3,010)
19,108
(19,551)
55,562
22,996
(4,302)
(3,134)
(4,302)
(3,134)
51,260
19,863
139,260
119,397
£
190,520
£
139,260
Cashflows
At end of year
£
£
51,260
190,520

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 2022

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 the 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 2022 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 2022

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.

(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 2022

2. Accounting Policies (continued)

(m) Fund accounting

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
Other Income
Job retention scheme
All other income		 2022
£
219,000
89,161
184,071
492,232
2022
£
-
35,397
35,397		 2021
£
171,500
89,161
169,622
430,283
2021
£
-
6,245
6,245

5. Other Income

Page 17

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

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
£
15,131
131,038
93,742
-
239,911
Cost of
Sales
£
8,506
71,654
12,713
-
92,873		 Staff
costs
£
10,433
178,906
64,638
-
253,977
Staff
costs
£
12,965
164,967
19,378
-
197,310		 Rent &
Services
£
4,615
55,954
28,592
-
89,161
Rent &
Services
£
6,597
72,704
9,860
-
89,161		 Other
Costs
£
3,908
47,382
24,212
233,497
308,999
Other
Costs
£
5,458
60,159
8,159
54,601
128,377		 2022
Total
£
34,087
413,280
211,184
233,497
892,048
2021
Total
£
33,526
369,484
50,110
54,601
507,721

Included in the above other costs is the gross annual audit fee of £11,750 (2021: £10,500) and accounts preparation fees of £3,700 (2021: £3,400).

7. Central Overhead Costs included in Note 6

Usage
Charitable Activities for
students:
- Campaigns, Advice &
Representation
5.17%
- Bars, Shops and Catering
62.76%
- Events and Entertainments
32.07%
Totals
Prior year
Usage
Charitable Activities for
students:
- Campaigns, Advice &
Representation
7.40%
- Bars, Shops and Catering
81.54%
- Events and Entertainments
11.06%
Totals		 Staff
Rent &
Services
£
£
10,433
4,615
126,494
55,954
64,638
28,592
201,565
89,161
Staff
Rent &
Services
£
£
12,965
6,597
142,881
72,704
19,378
9,860
175,224
89,161		 Other
£
3,908
47,382
24,212
75,502
Other
£
5,458
60,159
8,159
73,776		 2022
Total
£
18,956
229,830
117,442

366,228

2021
Total
£
25,020
275,744
37,397

338,161

Page 18

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

8. Staff Costs

Wages and salaries
Social security
Pension costs		 2022
£
208,316
12,511
33,078
253,905		 2021
£
164,658
11,266
21,386
197,310

One employee earned remuneration between the band £60,000 - £70,000 (2021: 1). The key management personnel of the union comprise the Trustees and the General Manager. The aggregate employee benefits of the 7 (2021: 6) key management personnel was £109,797 (2021: £100,911) . The average staffing was as follows:-

Full time
Part time student officers
Students – term time only		 2022
£
3
6
38
47		 2021
£
3
5
15
23

9. Trustees’ Remuneration and Expenses

The President received £6,212 (2021: £6,120) and four Vice-Presidents received a total of £20,797 (2021: £16,320) 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 £27,009 (2021: £22,440), which is included under Staff Costs in the SOFA.

3 members of the Trustee Board were reimbursed expenses in the year in respect of personal travel and subsistence totalling £364 (2021: £nil)

Page 19

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

10. Tangible Fixed Assets

COST
As at 1 August 2021
Additions
Disposals
At 31 July 2022
DEPRECIATION
As at 1 August 2021
Charge for the year
Disposals
At 31 July 2022
NET BOOK VALUE
At 31 July 2022
At 31 July 2021
11.
Stocks
Stock
12.
Debtors
Trade debtors
Prepayments
Other debtors		 Office
Equipment
£
7,588
4,302
-
11,890
5,981
2,604
-
8,585
3,305
1,607		 Office
Equipment
£
7,588
4,302
-
11,890
5,981
2,604
-
8,585
3,305
1,607		 Other
Equipment
£
17,758
-
-
17,758
12,720
3,440
-
16,160
1,598
5,038
2022
£
22,697
2022
£
2,298
1,694
734
4,726		 Total
£
25,346
4,302
-
29,648
18,701
6,044
-
24,745
4,903
6,645
2021
£
22,054
2021
£
5,163
15,631
1,520
22,314
11,890

5,981
2,604
-
8,585

3,305

1,607

Page 20

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

13.
Creditors: Amounts due within one year
Trade creditors
Social security and other taxes
Accruals and deferred income
Other creditors		 2022
£
23,074
-
18,348
3,450
44,872		 2021
£
2,361
-
20,971
2,432
25,764

14. Operating lease commitments

At 31 July 2022 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		 2022
£
10,770
32,308
-		 2021
£
8,601
34,776
1,496

Lease payments recognised as an expense in the year were £11,667 (2021: £Nil)

15. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2022
£
193,552
44,872		 2021
£
145,943
25,764

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 2022

16.
Fund Analysis
Unrestricted Funds
Restricted Funds
Clubs and Societies
Other restricted funds
Total Funds		 As at 31
July
2021
£
89,963
49,716
24,830
164,509		 Incoming
resources
£
722,406
117,283
65,824
905,513		 Resources
expended
£
(725,001)
(103,511)
(63,536)
(892,048)		 Transfers
£
(204)
104
100
-		 As at 31
July
2022
£
87,164
63,592
27,218
177,974

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
£
4,903
82,261
87,164		 Restricted
Income Funds
£
-
90,810
90,810		 Total
£
4,903
173,071

177,974

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 £219,000 (2021: £171,500) .

At the year-end, included in trade creditors is an amount of £19,461 (2021: £1,308) 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 £69,905 through the year (2021: £27,689). The amount owing at 31 July 2022 is £nil (2021: £2,432).

The Union received rent in kind from the College of £89,161 (2021: £89,161) and also received salaries in kind from the College of £184,071 (2021: £169,622).

The Union’s general manager was owed expenses of £365 (2021: £365) at the year end.

Page 22

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022

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

Page 23