OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

FINANCIAL STATEMENTS

for the year ended 31 July 2023

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 2023

Elected 1[st] August 2022 to 31[st] July 2023

Officer Trustees (Remunerated)

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

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

Elected 1[st] August 2023 to 31[st] July 2024

Officer Trustees (Remunerated)

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

Ezrie Prideaux Rahat Chowdhury Thomas Smith Claudia Murphy Vanessa Ng Hannah Slater

Student Trustees

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

Alexis Cooper Allyson Pace Anju Loveridge and Bonnie Man Victorija Sitnikaite Tom Ellis and Fran Gallina

General Manager

Dave Sherlock-Jones (until 18 August 2023) - currently vacant post

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 2023

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 2023

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 2023 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 2023

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 2023

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 2023

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, due to ill health and absence of our SU General Manager. This has caused delays in SU operation and decision making at a higher management level.

Our SU team has persevered and managed to achieve a lot during the year, despite these challenges.

RVCSU President and Chair – Ezrie Prideaux

Page 6

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2023

FINANCE, BARS, SHOPS AND ENTERTAINMENT

The Bars and Shop are doing well and running again at full capacity again, post covid restrictions.

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 (BVA)
Association of Veterinary Students (AVS)
Total*		 2023
£
3,750
2,219
-
3,520
9,489		 2022
£
3,750
2,247
-
2,870
8,867

* BVA now paid by the College.

FINANCIAL SUMMARY

During the year the Union received £206,000 (2022: £219,000) in direct grant funding from the College.

The Union overall made a deficit of £19,010 (2022: £13,465 surplus) in the year of which a surplus of £16,740 (2022: £16,264) was from restricted funding spent by sports teams and societies and deficit of £35,750 (2022: £2,794) from the Main fund. This was after transfer of £458 (2022: £204) were made from the Main fund to restricted funds.

Free reserves at the year-end were £41,344 (2022: £77,644).

The closing fund balances in the restricted funds was £107,550 (2022: £90,810) and in the unrestricted funds was £51,414 (2022: £87,164).

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 has been achieved and as a minimum buffer, but the SU aims to maintain a level more like £50,000 to secure us against unforeseen circumstances more robustly.

The SU initially 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 are now back on campus and in-person events have fully resumed, with all cohorts back on campus.

We delivered an excellent in-person Freshers Fair again this year, which turned out to be a very successful event. Halloween and Christmas events have been planned as well.

We have had out first council and trustee meeting and have started to review our by-laws again. A Constitution and Byelaws review was formally confirmed by the College Council in November 2020 and submitted to the Charity Commission in 2021.

Page 7

THE ROYAL VETERINAR Y COLLEGE STUDENTS, UNION TRUSTEES. REPORT leontinued) FOR THE YEAR ENDED 31 JULY 2023 We have successfully completed another very successful FIVC Students, Unlon May Ball again this year, which has taken over as a flagship, in place of our large Christmas 8all event. This was held on College ground and we hope to carry on doing. as this was very popular wrth the study body and college staff. This report was approved by the Trus18es on . O'l . 11 13 and signed on their behaw by: Ezrie Prideaux President and Chalr of the Board of Trustees Page 8

J» Crowe

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 2023 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. 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, 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: 15 November 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 2023

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		 Unrestricte
Funds
£
518,238
185,312
127,583
-
808
831,941
40,465
399,794
386,878
40,096
867,233
(35,292)
(458)
(35,750)
87,164
51,414		 Unrestricte
Funds
£
518,238
185,312
127,583
-
808
831,941
40,465
399,794
386,878
40,096
867,233
(35,292)
(458)
(35,750)
87,164
51,414		 Restricted
Funds
£
-
-
-
204,901
-
204,901
188,619
188,619
16,282
458
16,740
90,810
107,550		 Total
2023
£
518,238
185,312
127,583
204,901
808
1,036,842
40,465
399,794
386,878
228,715
1,055,852
(19,010)
-
(19,010)
177,974
158,964		 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

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 2023

2023 2022
£ £ £ £
Notes
Fixed Assets
Tangible fixed assets 10 10.080 4,903
Current Assets
Stocks 11 35,062 35,062 22,697
Debtors and prepayments 12 6,086 6,086 4,726
Cash at bank and in hand 163 547 190.520
204,695 217,943
Current Liabilities
Creditors: Amounts due within one year 13 (55,811) (44,872)
Net Current Assets 148,884 173,071
Total Assets less Current Liabilities 158,964 _177974 _
The funds of the charity:-
Restricted Income Funds
Students' Societies and Club Funds 59,085 63,592
Other restricted funds 48.465 31,835
16 107,550 95,427
Unrestricted Income Funds
Accumulated Fund 51 414 82,547
Total Funds 16 J5S,a64
Se=		 med l Z.Z., oe

These financial statements were approved by the Trustees on 13 November 2023 and are signed on their behalf by:

Ezrie Prideaux 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 2023

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
190,520		 2023
2022
£
£
(19,010)
13,465
6,696
6,044
(12,365)
(643)
(1,360)
17,588
10,939
19,108
(15,100)
55,562
(11,873)
(4,302)
(11,873)
(4,302)
(26,973)
51,260
190,520
139,260
£
163,547
£
190,520
Cashflows
At end of year
£
£
(26,973)
163,547		 2022
£
13,465
6,044
(643)
17,588
19,108
55,562
(4,302)
(4,302)

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 2023

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 2023 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 2023

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.

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 2023

2. Accounting Policies (continued)

(m) Fund accounting

(n) Taxation

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
Other income		 2023
£
219,231
98,679
200,328
518,238
2023
£
808
808		 2022
£
219,000
89,161
184,071
492,232
2022
£
35,397
35,397

5. Other Income

Page 17

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2023

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
£
19,991
135,629
191,130
-
346,750
Cost of
Sales
£
15,131
131,038
93,742
-
239,911		 Staff
costs
£
10,820
168,783
103,448
-
283,051
Staff
costs
£
10,433
178,906
64,638
-
253,977		 Rent &
Services
£
4,828
47,696
46,155
-
98,679
Rent &
Services
£
4,615
55,954
28,592
-
89,161		 Other
Costs
£
4,826
47,686
46,145
228,715
327,372
Other
Costs
£
3,908
47,382
24,212
233,497
308,999		 2023
Total
£
40,465
399,794
386,878
228,715
1,055,852
2022
Total
£
34,087
413,280
211,184
233,497

892,048

Included in the above other costs is the gross annual audit fee of £14,650 (2022: £11,750) and accounts preparation fees of £4,500 (2022: £3,700).

7. Central Overhead Costs included in Note 6

Usage
Charitable Activities for
students:
- Campaigns, Advice &
Representation
4.9%
- Bars, Shops and Catering
48.3%
- Events and Entertainments
46.8%
Totals
Prior Year
Usage
Charitable Activities for
students:
- Campaigns, Advice &
Representation
5.2%
- Bars, Shops and Catering
62.8%
- Events and Entertainments
32.1%
Totals		 Staff
Rent &
Services
£
£
10,820
4,828
106,901
47,696
103,448
46,155
221,169
98,679
Staff
Rent &
Services
£
£
10,433
4,615
126,494
55,954
64,638
28,592
201,565
89,161		 Other
£
4,826
47,686
46,145
98,657
Other
£
3,908
47,382
24,212
75,502		 2023
Total
£
20,474
202,283
195,748
418,505

2022
Total
£
18,956
229,830
117,442

366,228

Page 18

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2023

8. Staff Costs

taff Costs
Wages and salaries
Social security
Pension costs		 2023
£
240,996
14,678
27,377
283,051		 2022
£
208,316
12,511
33,078
253,905

One employee earned remuneration between the band £60,000 - £70,000 (2022: 1). The key management personnel of the union comprise the Trustees and the General Manager. The aggregate employee benefits of the 7 (2022: 7) key management personnel was £100,785 (2022: £100,797) . The average staffing was as follows:-

Full time
Part time student officers
Students – term time only		 2023
£
3
5
49
57		 2022
£
3
6
38
47

9. Trustees’ Remuneration and Expenses

The President received £6,304 (2022: £6,212) and four Vice-Presidents received a total of £8,406 (2022: £20,797) 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 £14,706 (2022: £27,009), 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 £1,241 (2022: £364)

Page 19

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2023

10. Tangible Fixed Assets

COST
As at 1 August 2022
Additions
Disposals
At 31 July 2023
DEPRECIATION
As at 1 August 2022
Charge for the year
Disposals
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022
11.
Stocks
Stock
12.
Debtors
Trade debtors
Prepayments
Other debtors		 Office
Equipment
£
11,890
11,873
-
23,763
8,585
5,828
-
14,413
9,350
3,305		 Office
Equipment
£
11,890
11,873
-
23,763
8,585
5,828
-
14,413
9,350
3,305		 Other
Equipment
£
17,758
-
-
17,758
16,160
868
-
17,028
730
1,598
2023
£
35,062
2023
£
1,038
3,107
1,941
6,086		 Total
£
29,648
11,873
-
41,521
24,745
6,696
-
31,441
10,080
4,903
2022
£
22,697
2022
£
2,298
1,694
734
4,726
23,763
8,585
5,828
-
14,413
9,350
3,305

Page 20

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2023

13.
Creditors: Amounts due within one year
Trade creditors
Social security and other taxes
Accruals and deferred income
Other creditors		 2023
£
4,387
1,988
20,250
29,186
55,811		 2022
£
23,074
3,450
18,348
-
44,872

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		 2023
£
10,770
21,538
-		 2022
£
10,770
32,308
-

Lease payments recognised as an expense in the year were £10,770 (2022: £11,667)

15. Financial instruments

inancial instruments
Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2023
£
165,125
53,823		 2022
£
193,552
44,872

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 2023

16.
Fund Analysis
Unrestricted Funds
Restricted Funds
Clubs and Societies
Other restricted funds
Total Funds		 As at 31
July
2022
£
87,164
63,592
27,218
177,974		 Incoming
resources
£
831,941
96,766
108,135
1,036,842		 Resources
expended
£
(867,233)
(100,966)
(87,653)
(1,055,852)		 Transfers
£
(458)
(307)
765
-		 As at 31
July
2023
£
51,414
59,085
48,465
158,964

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
£
10,080
41,334
51,414		 Restricted
Income Funds
£
-
107,550
107,550		 Total
£
10,080
148,884
158,964

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 £219,231 (2022: £219,000) .

At the year-end, included in trade creditors is an amount of £29,490 (2022: £19,461) 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 £82,773 through the year (2022: £69,905). The amount owing at 31 July 2023 is £nil (2022: £Nil).

The Union received rent in kind from the College of £98,679 (2022: £89,161) and also received salaries in kind from the College of £200,328 (2022: £184,071).

The Union’s general manager was owed expenses of £365 (2022: £365) at the year end.

Page 22

THE ROYAL VETERINARY COLLEGE STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

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

Page 23