Company number 06967378 Charity number 1153426
UNIVERSITY OF SUFFOLK STUDENTS' UNION
( COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2021
GMS FC Chartered Certified Accountants Statutory Auditors
1 LONDON ROAD IPSWICH, SUFFOLK, IP1 2HA
UNIVERSITY OF SUFFOLK STUDENTS' UNION
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021
| INDEX | Pages |
|---|---|
| Company information | 1 - 2 |
| Trustees report | 3 - 6 |
| Auditors' report | 7 - 8 |
| Statement of financial activities - | |
| ( incorporating an Income and expenditure account) | 9 |
| Conslidated Balance sheet | 10 |
| Company Balance sheet | 11 |
| Notes to the financial statements | 12 - 19 |
| Consolidated Statement of cash flows | 20 |
Company number 06967378
UNIVERSITY OF SUFFOLK STUDENTS' UNION
COMPANY INFORMATION AS AT 31 JULY 2021
COMPANY NUMBER
06967378 Registered in England & Wales
TRUSTEES AND DIRECTORS
Ms. Jennifer Mackness Mrs. Caroline Waters Ms. Lou Chiu Mr. Andrew Crowe Mr. Daniel Gouldborn Mr. Mauro Cardoso Ms Megan Wright Mr. Alex Gooch Mr. Daniel Betts
resigned July 2021 resigned October 2020
resigned June 2021 resigned June 2021 appointed 1st July 2021 appointed 1st July 2021
COMPANY SECRETARY
Ms. Sarah Jane Tattersall
EXECUTIVE COMMITTEE 2020/21 appointed July 2020
Mr. Daniel Gouldborn
Mr. Mauro Cardoso Ms, Amber Atkinson Mr. Darragh Briscomb Mr. Alex Medcalf Mr. Christopher Weedon Mr. Jay Chandler Ms. Rose Gant Mr. Daniel Betts Mr. Shauna Mcardle Ms Vilyana Velichkova Ms. Stephanie Nye
President President Liberation Officer: Womens Liberation Officer: LGBT+ Liberation Officer: Students with Caring Postgraduate Officer BAME Officer East School Officer Business School Officer Bury Oficer East Coast College Officer Health and Life Sciences School Officer
Page 1
UNIVERSITY OF SUFFOLK STUDENTS' UNION
COMPANY INFORMATION AS AT 31 JULY 2021
PRINCIPAL AND REGISTERED OFFICE
University of Suffolk Students' Union, Library Building, Neptune Quay, Ipswich, IP4 1QJ.
CHARITY NUMBER
1153426
SENIOR STATUTORY AUDITOR: Christopher Smith FCA , ACCA
AUDITORS
GMS FC Chartered Certified Accountants & Statutory auditors 1 London Road Ipswich Suffolk IP1 2HA
SOLICITORS
Bates Wells & Braithwaite London LLP 2 - 6 Cannon Street London EC4M 6YH
BANKERS
Barclays Bank plc, Princes Street, Ipswich, IP1 1PB.
WEBSITE
www.uosunion.org
Page 2
Company number 06967378
UNIVERSITY OF SUFFOLK STUDENTS' UNION
TRUSTEES REPORT FOR THE PERIOD ENDED 31 JULY 2021
The Trustees present their thirteenth report along with the financial statements of the Company for the year ended 31 July 2021. The financial statements have been prepared in accordance with the accounting polices set out in note 1 to the accounts and comply with the Company's constitution document, the Charities Act 2011, the statement of recommended practice: Accounting and Reporting by Charities 2015 (FRS 102) and the requirements of the Companies Act 2006.
The Trustees, who are also directors of the company who served during the period are shown on page 1.
Trustees are appointed in the following ways:
Sabbatical Trustees - up to two sabbatical trustees may be appointed by the secret ballot of the members to act for a term of not exceeding two years.
Student Trustees - up to two student trustees may be elected by majority vote of the Student Council from such persons as have been nominated by the Appointments Committee.
External Trustees - may be appointed by simple majority vote of the Student Council from persons nominated by the Appointments Committee to act for a term of three years with re-election possible for further three years. The maximum term of office is six years.
Structure, Governance and Management
The Union is a company limited by guarantee having no share capital, formed by its constitution document the Memorandum and Articles of Association, under the Companies Acts 1985 to 2006. The Union is a registered charity (Charity number: 1153426), registering on 15 August 2013. The Charity was established to serve the members, being the students for the time being of the University of Suffolk Limited.
The Trustee Board have responsibility for the financial and legal affairs of the Union. The Executive Committee are responsible for the day to day running of the activities of the Union in conjunction with staff members. Those who served on the Executive Committee are shown on page 1 and are elected annually by secret ballot of the members.
Objectives and Activities
The objectives of the Union are the advancement of Education of Students at the University of Suffolk for the public benefit by:
Promoting the interests and welfare of students at the University of Suffolk during their course of study and representing, supporting, and advising students
Being the recognised representative channel between students and the University of Suffolk and any other external bodies; and Providing social, cultural, sporting, and recreational activities and forums for discussion and debate for the personal development of its students
Page 3
Company number 06967378
TRUSTEES REPORT FOR THE PERIOD ENDED 31 JULY 2021
UNIVERSITY OF SUFFOLK STUDENTS' UNION
Activity
Following the lifting of some national COVID restrictions, the SU returned to campus in a limited way in September 2020, providing some services to students including social sports, wellbeing activity, advice and guidance and online events for new and returning students. These activities were subsequently interrupted by the return to lockdown from January 21-March 21 at which point all events were cancelled. From March 21 limited outdoor events took place. We were unable to run a range of our planned face to face activity this year – for example the Summer Ball, Freshers, BUCS sport. We continued to improve access and take up of some services online (for example SU Advice, student council, campus wide events) and face to face interaction where possible. Our student leadership and staff team supporting a socially distanced ‘walk through graduation’ for the class of 2020.
The SU commissioned a strategic review to take place from July 21 onwards to reimagine the vision post-pandemic. This work, and the purchase of a 9-seater minibus was made possible due to the general underspend due to the impact of the pandemic on activity.
The SU continues to receive a block grant from the University as its primary source of funding. Part of this grant is linked to targets related to the student experience. In addition to this, during this period it generated limited marketing income and project based external funding (for example from BUCS and the University’s giving fund).
Shop SU and the social space
Shop SU was unable to open for much of the year, though we did return in a limited way from April 21 to offer a service to students using the campus. The University supported SUSL with an additional £15,000 in January 2021 to reflect the value of Shop SU as a student service. Work on the University’s East building has continued and is due for completion April 22 which offers the Shop an opportunity to benefit from increased student numbers this side of campus from April 22
SU Representation
Our lack of campus visibility detrimentally impacted our elections turnout and the number of candidates standing. Seventeen candidates stood against 27 in 2020 and 2019. Voter turnout was 672 individual voters against 910 in 2020. Candidates, did, however; score the support from the SU as the same or higher than last year. Following the low turnout we reviewed the elections period in full and believe that the number of voters and candidates will increase significantly in 2022. Meg Wright and Alex Gooch were elected as Presidents from 01 July 2021.
SU Opportunities
Limited coaching (football, netball) and social sports where restrictions permitted have been ongoing and finished for the year at the end of May. Where possible, we continued to run these sessions due to the impact on student wellbeing. Societies continued to meet online throughout the period to June 21 with 350 students holding membership.
Page 4
Company number 06967378
TRUSTEES REPORT FOR THE PERIOD ENDED 31 JULY 2021
UNIVERSITY OF SUFFOLK STUDENTS' UNION
SU Communications and Events
Our Facebook and Instagram engagement held firm throughout the year, with students using these platforms to contact us and find out about the activities we run. The second online student awards (previously an in-person celebration of the achievements of our students and the contribution they make to our learning community) was well received, with 70 nominations made across nine categories
We were unable to hold an in-person Freshers’ Fair in September 2020 but held a series of events online to support new students, including ‘just brew it’ coffee events which will become a regular event. We also offered Freshers packs with welcome materials and freebies sent out to students. We did not hold a summer ball in May 2021 as planned due to the lockdown restrictions but did support the University’s ‘walk through’ graduation (called ‘marking your achievement’) with photo opportunities and staffing available to the class of 2020.
SU Advice and Information
The Advice Service continued to offer online only appointments, the vast majority of which are academic appeals or academic misconduct. We recorded 350 cases, with Ipswich cases decreasing as a percentage of total cases (due to the new partnerships with organisations in London, Birmingham and worldwide whose students have become members of the SU). Academic appeals continued to be the key area that we supported students with.
Financial Review
Management Accounting was undertaken throughout the year on a monthly basis, made available to trustees online and presented to the Trustee Board at each meeting.
Gross income of the union totaled £406,723 made up of the University's grant contribution (£383,801) in addition to income generated by our Marketing function, sports and societies and the sale of NUS extra cards. These amounts were lower than previous years as we were unable to host a Freshers fair in September 2020.
Expenditure of the Union was £392,719 leaving a net position of £14,004 before adjustments were made as outlined in these accounts.
As at the 31 July 2021, the amount owed to the SU by Suffolk Union Services (SUSL) was £15,000.
Page 5
Company number 06967378
TRUSTEES REPORT FOR THE PERIOD ENDED 31 JULY 2021
UNIVERSITY OF SUFFOLK STUDENTS' UNION
Statement of Trustees responsbilities in relation to the financial statements
The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Union and of the Surplus or deficit of income over expenditure for that period. In preparing those accountsthe Trustees are required to follow best practice and:
. select suitable accounting policies and apply them consistenly;
. make judgements and estimates that are reasonable and prudent;
. state whether the policies adopted are in accordance with the Statement of Recommended Practice relating to charities and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its operations.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with Charities Act 2011, the Statement of Reccomended Practice: Accounting and Reporting by Charities 2015 (FRS 102) and the requirements of the Companies Act 2006 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far the Trustees are aware:
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Auditors
GMS FC were appointed as auditors of the company in accordance with section 485 of the Companies Act 2006 and a resolution proposing their reappointment will be put to the annual general meeting.
Small company provision
This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to smaller companies.
Approved by the Trustees on 5th April 2022 and signed on their behalf by
Ms. Lou Chiu Trustee
Page 6
UNIVERSITY OF SUFFOLK STUDENTS' UNION
INDEPENDENT AUDITORS REPORT
Report of the Auditors to the Trustees & Members of the University of Suffolk Students' Union
Opinion
We have audited the financial statements of the University of Suffolk Students' Union (the 'Charitable company') set out on pages 9 to 19, prepared in accordance with the policies set out on page 12 for the year ended 31 July 2021 and which comprise the statement of financial activities (incorporating a income and expenditure account), the balance sheet and related notes. 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 charitable company's affairs as at the 31 July 2021 and of its incoming resources and application of resources, including it's income and expenditure for the 31 July 2021 then ended.
-
have been properly prepared in accordance wuth United Kindgom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006 and statement of recommended practice: accounting and reporting by charities (SORP 2015 (FRS102)).
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 Auditors responsibilities for the audit of financial statements section of our report. We are independent of the charitable company 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 course of the audit or otherwise appears to be materially mistated. If we identify such material inconsistencies or apparent material mistatements, we are required to determine whether this gives rise to a material mistatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mistatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustee's report, which includes the directors report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors report included within the trustees report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees report.
Continued over…………………..
Page 7
UNIVERSITY OF SUFFOLK STUDENTS' UNION
INDEPENDENT AUDITORS REPORT (CONTINUED)
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion : . adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or . the parent company financial statements are not in agreement with the accounting records and returns; or . certain disclosures of trustees' remuneration specified by law are not made; or . we have not received all the information and explanations we require for our audit; or . the trustees were not entitled to prepare the financial statements in accordance with the small companies regime
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 6 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements 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. Extent of Procedures to detect irregularities
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being a significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements including operating licences, environmental and health & safety legislation
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: Inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same about any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journals, and the performance of an analytical review to identify unexpected movements in account balances that may be indicative of fraud.
No instances of material non-compliance were identified. However the likelihood of detecting irregularities including fraud is limited by the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities the result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and conducted in line with ISA’s (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Christopher Smith FCA (Senior Statutory Auditor) for and on behalf of GMS FC
Chartered Certified Accountants and Statutory Auditors
1 London Road Ipswich Suffolk IP1 2HA
Date
Page 8
UNIVERSITY OF SUFFOLK STUDENTS' UNION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JULY 2021
| Note INCOMING RESOURCES Voluntary income: University grants 14 Most active students - partner funding Donated facilities 1e Retail turnover Activities for generating funds: Rent and fees charged to trading subsidiary Freshers fair event NUS extra card income Incoming resources from activities: Sports & Societies income Most active students Other Income: HMRC Employment allowance Marketing fees Total incoming resources RESOURCES EXPENDED Costs of generating funds: Commercial activities Freshers fairevent Cost of activities: Sports & societies expenditure 11 Most active students Other activities 12 Rent and fees charged to trading Sundry direct costs Governance costs: Staff costs 3 Support costs: Donated facilities 1e General office expenditure 13 Executive Committee expenses 13 Trustee Board expenses 13 Marketing Department 12 NUS Extra 12 Corporation tax Suffolk Union Services loan write off Depreciation & other costs: Depreciation of office equipment 5 Total outgoing resources Net incoming/(outgoing) resources Transfers between funds Fund balances brought forward Fund balances carried forward 16 |
Unrestricted Restricted Total Funds Funds Funds 2021 £ £ £ 383,801 - 383,801 - - - 12,550 - 12,550 2,927 2,927 399,278 - 399,278 - - - - - - 828 - 828 828 - 828 - 2,258 2,258 - - - - 2,258 2,258 1,629 1,629 2,730 - 2,730 4,359 - 4,359 404,465 2,258 406,723 1,581 1,581 - - - 1,581 - 1,581 - 18,338 18,338 - - - 20,339 - 20,339 - - 20,339 18,338 38,677 275,978 - 275,978 12,550 12,550 60,997 - 60,997 2,101 - 2,101 - - - - - - - - - 835 - 835 352,461 - 352,461 374,381 18,338 392,719 30,084 (16,080) 14,004 (16,080) 16,080 129,806 - 129,806 143,810 - 143,810 |
Total Funds 2020 £ 365,758 - 12,550 46,793 |
|---|---|---|
| 425,101 | ||
| 6,450 1,399 |
||
| 7,849 | ||
| 18,552 - |
||
| 18,552 | ||
| - 8,550 |
||
| 8,550 | ||
| 460,052 | ||
| 34,884 - |
||
| 34,884 | ||
| 28,062 - 22,385 - - |
||
| 50,447 | ||
| 289,698 12,550 60,852 676 - - - - - 836 |
||
| 364,612 | ||
| 449,943 | ||
| 10,109 119,697 |
||
| 129,806 |
The statement of financial activities (incorporating an income and expenditure account) includes all gains and losses in the period and therefore a statement of total recognised gains and losses has not been prepared. All amounts relate to continuing operations.
Page 9
UNIVERSITY OF SUFFOLK STUDENTS' UNION
CONSOLIDATED BALANCE SHEET Company registration number 06967378 AT 31 JULY 2021
| Notes £ £ Tangible Fixed Assets 5 837 Fixed Asset Investments 6 - 837 Current Assets Retail stock 1,989 Debtors 7 20,281 Bank and cash 157,524 179,794 Creditors: Amounts falling due within one year 8 36,821 Net Current Assets 142,973 143,810 Creditors: Amounts falling due after one year - Net Assets 143,810 Financed by fund balances: Unrestricted funds General fund 16 143,810 Restricted funds 16 - 143,810 2021 |
£ £ 1,671 - 1,671 1,961 9,129 139,919 151,009 22,874 128,135 129,806 - 129,806 129,806 - 129,806 2020 |
£ £ 1,671 - 1,671 1,961 9,129 139,919 151,009 22,874 128,135 129,806 - 129,806 129,806 - 129,806 2020 |
|---|---|---|
| 1,671 128,135 |
||
| 151,009 22,874 |
||
| 129,806 - |
||
| 129,806 | ||
| 129,806 - |
||
| 129,806 |
These accounts have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 and the Statement of Recommended Practice 2015 (FRS 102).
The financial statements were approved by the Trustees on 5th April 2022 and signed on their behalf by:
…………………………….
Ms. Lou Chiu TRUSTEE
The notes on pages 12 to 19 form part of these financial statements
Page 10
UNIVERSITY OF SUFFOLK STUDENTS' UNION
COMPANY BALANCE SHEET AT 31 JULY 2021
Company registration number 06967378
| Notes £ £ Tangible Fixed Assets 5 837 Fixed Asset Investments 6 1 838 Current Assets Debtors 7 31,608 Bank and cash 147,278 178,886 Creditors: Amounts falling due within one year 8 27,235 Net Current Assets 151,651 Creditors: 152,489 Amounts falling due after one year - Net Assets 152,489 Financed by fund balances: Unrestricted funds General fund 16 152,489 Restricted funds 16 - 152,489 2021 |
£ £ 1,671 1 1,672 19,660 135,542 155,202 12,179 143,023 144,695 - 144,695 144,695 - 144,695 2020 |
£ £ 1,671 1 1,672 19,660 135,542 155,202 12,179 143,023 144,695 - 144,695 144,695 - 144,695 2020 |
|---|---|---|
| 1,672 143,023 |
||
| 155,202 12,179 |
||
| 144,695 - |
||
| 144,695 | ||
| 144,695 - |
||
| 144,695 |
These accounts have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 and the Statement of Recommended Practice 2015 (FRS 102).
The financial statements were approved by the Trustees on 5th April 2022 and signed on their behalf by:
…………………………….
Ms. Lou Chiu TRUSTEE
The notes on pages 12 to 19 form part of these financial statements
Page 11
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021
1. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared under the historic cost convention, and in accordance with applicable United Kingdom standards, the Statement of Recommended Practice : Accounting and Reporting by Charities SORP 2015 (FRS 102) issued in January 2015 and the Companies Act 2006.
(b) Incoming resources
All income is recognised once the organisation has entitlement to the income. All income, unless received for a specific or restricted use has been credited to a general accumulated fund.
(c) Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Union to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
(d) Governance costs
Governance costs comprise the costs associated with the governance arrangements of the Union which relate to the general running of the organisation as opposed to to those cost associated with with fundraising or charitable activity.
(e) Donated services and facilities
University of Suffolk provides the Union with office space and sports facilities at no charge. As required by SORP 2015 (FRS 102), the donation of these facilities is included as an incoming resource and a matching outgoing resource within the statement of financial activities at the trustees' estimate of their value to the Students Union.
(f) Irrecoverable VAT
Irrecoverable VAT is charged against the category of expenditure to which it relates.
(g) Tangible fixed assets and depreciation
Expenditure on fixed assets is capitalised and valued at historic cost. Depreciation is charged on capital expenditure and is written off at 25% per annum straight line on cost over the estimated useful life of the asset.
(h) Pension costs
Employees of the Company are invited to join a defined contribution to a money purchase scheme.
There was £144 (£144 - 2020) outstanding contributions at the year end. See note 8.
(i) Investments
Investments are stated at the lower of cost and net realisable value. All are held in the UK.
(j) Taxation
The company meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is exempt from taxation to the extent that such income or gains are applied exclusively to charitable purposes.
The trading subsidiary is subject to the normal taxation rules.
(k) Operating leases
The cost of operating leases are charged as a cost in the statement of financial activities as these costs are incurred over the period of the lease.
(l) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Union and which have not been designated for any other purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or raised by the Union for particular purposes. The cost of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the accounts to financial statements.
Page 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021
UNIVERSITY OF SUFFOLK STUDENTS' UNION
2. Turnover
The total income of the company for the period has been derived from its principal activity wholly undertaken in the UK.
The grant income of £300,000 (£300,000 - 2020) received in the year was paid by the University of Suffolk.
3.
| 2021 2020 Analysis of staff costs £ £ Salaries and wages 242,532 252,541 Social security costs 19,468 18,471 Pension cost 8,749 9,861 Staff training costs 5,229 8,825 275,978 289,698 Average number of employees - administrative staff 8 8 sabbatical officer 2 2 retail staff and managers - 0 10 10 Trustees Included in the staff costs are payments to the following trustees for their roles as sabbatical officers: |
2021 2020 Analysis of staff costs £ £ Salaries and wages 242,532 252,541 Social security costs 19,468 18,471 Pension cost 8,749 9,861 Staff training costs 5,229 8,825 275,978 289,698 Average number of employees - administrative staff 8 8 sabbatical officer 2 2 retail staff and managers - 0 10 10 Trustees Included in the staff costs are payments to the following trustees for their roles as sabbatical officers: |
2020 £ 252,541 18,471 9,861 8,825 |
|---|---|---|
| 289,698 | ||
| M Cardoso D Gouldborn |
2021 £ 18,948 18,948 37,896 |
2020 £ 19,402 19,402 |
| 38,804 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| M Cardoso | 18,948 | 19,402 |
| D Gouldborn | 18,948 | 19,402 |
| 37,896 | 38,804 |
No employee earned remuneration of over £60,000.
No expenses were paid to Trustees during the period under review.
4.
Auditors remuneration
| Audit | 2021 £ 3,525 3,525 |
2020 £ 3,000 |
|---|---|---|
| 3,000 |
Page 13
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021
| **Company number ** | **Company number ** | 06967378 |
|---|---|---|
| Tangible Fixed Assets | ||
| Office | Total | |
| equipment | ||
| £ | £ | |
| COST: | ||
| Balance at 01 August 2020 | 3,343 | 3,343 |
| Additions | - | - |
| Disposals | - | - |
| Balance at 31 July 2021 | 3,343 | 3,343 |
| DEPRECIATION: | ||
| Balance at 01 August 2020 | 1,671 | 1,671 |
| Charge for period | 835 | 835 |
| Disposals | - | - |
| Balance at 31 July 2021 | 2,506 | 2,506 |
| NET BOOK VALUE: | ||
| Balance at 31 July 2021 | 837 | 837 |
| Balance at 01 August 2020 | 1,672 | 1,672 |
| Fixed Asset Investment | ||
| Subsidiary | Total | |
| undertaking | ||
| £ | £ | |
| Balance at 01 August 2020 | - | - |
| Additions | - | - |
| Disposals | - | - |
| Balance at 31 July 2021 | - | - |
| Subsidiary undertaking - Suffolk Union Services Limited - Company number 07316145 | ||
| Percentage shares owned - 100% | ||
| Objects - commercial activity on the University of Suffolk Campus site. | ||
| %age | ||
| holding | ||
| Class of shares - ordinary £1 | 100 | |
| 2021 | 2020 | |
| £ | £ | |
| Aggregate capital and reserves | (11,669) | (14,889) |
| Profit/(Loss) for the year | 3,220 | (10,687) |
5. Tangible Fixed Assets
6.
Page 14
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021
| 7. Analysis of debtors Amount due from subsidiary undertaking - licence fee Amount due from subsidiary undertaking - trade debtor balance Trade debtors Prepayments Sundry debtor VAT account Analysis of debtors due after one year Amount due from subsidiary undertaking - loan Aggregate amounts 8. Analysis of creditors Amounts falling due within one year: Amount due to subsidiary undertaking - (creditor) Trade creditors Social security & other taxes Staff pension scheme Other creditors Deferred income (grants 2016/17) Hardship fund Corporation tax Accruals 9. Leasing commitments Commitments within 1 year 10. Company limited by Guarantee |
Group 2021 2020 £ £ - - - - 14,050 5,774 - - - - 6,231 3,355 20,281 9,129 - - 20,281 9,129 2021 2020 £ £ - - 12,292 11,398 6,389 872 144 144 9,746 2,210 2,000 2,000 750 750 - - 5,500 5,500 36,821 22,874 |
Company 2021 2020 £ £ - - - - 14,050 452 - 6,129 - - 360 360 14,410 6,941 15,000 11,399 29,410 18,340 2021 2020 £ £ - - 3,689 1,686 6,406 889 144 144 9,746 2,210 2,000 2,000 750 750 - - 4,500 4,500 27,235 12,179 2021 2020 £ £ - - |
Company 2021 2020 £ £ - - - - 14,050 452 - 6,129 - - 360 360 14,410 6,941 15,000 11,399 29,410 18,340 2021 2020 £ £ - - 3,689 1,686 6,406 889 144 144 9,746 2,210 2,000 2,000 750 750 - - 4,500 4,500 27,235 12,179 2021 2020 £ £ - - |
|---|---|---|---|
| 6,941 | |||
| 11,399 | |||
| 18,340 | |||
| 2020 £ - 1,686 889 144 2,210 2,000 750 - 4,500 |
|||
| 12,179 | |||
| 2020 £ - |
|||
Company limited by Guarantee
The company has no share capital but every member at the time being undertakes to contrbute £1 to the company's assests in the event of a winding up.
There is no ultimate controlling party.
Page 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
UNIVERSITY OF SUFFOLK STUDENTS' UNION
11. Sports & Societies costs
| Sports & societies general 12. Other activity costs Other costs: Mini bus & travelling Professional fees Marketing Printing & photocopying Freshers week Computer software Equipment Sundry expenses Total for year ended 31 July 2021 Total for year ended 31 July 2020 |
Equipment, Travelling Affiliation Insurance Sundry Total venue & fees expenses 2021 officials fees £ £ £ £ £ £ 8,459 2,045 - 3,315 4,482 18,301 Total Student Elections Democracy trips & campaigns & represntn £ £ £ £ 1,020 - - - 6,591 - - 5,331 520 - - 420 232 - - 146 5,858 - - - 758 - - - 833 - - 833 4,527 - - 1,995 20,339 - - 8,725 22,385 - - 5,526 |
Total 2020 £ 28,062 |
|---|---|---|
| Other costs: Mini bus & travelling Professional fees Marketing Printing & photocopying Freshers week Computer software Sundry expenses Total for year ended 31 July 2021 Total for year ended 31 July 2020 |
Advice Marketing NUS service department Extra £ £ £ 27 993 - - 1,260 - 20 80 - 55 31 - - 5,858 - 758 - 1,479 1,053 - |
|---|---|
| 1,581 10,033 - |
|
| 1,833 15,026 6 |
Page 16
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
13. Office staff & administrative costs
| Office staff & administrative costs | |
|---|---|
| Support costs: Travel & subsistence expenses Advertising & marketing costs Freshers week Legal and professional fees General office costs: Insurance Telephone & communications Printing & photocopying Computer software Office statIonery Repairs & renewals Sundry expenses Total for year ended 31 July 2021 Total for year ended 31 July 2020 |
Total General Executive Trustee 3,880 3,551 329 - 4,919 3,656 1,263 - 0 - - - 20,936 20,936 - - 3,616 3,616 - - 186 186 - - 177 - 177 - - - 11,440 11,440 - - 14,085 13,576 509 - - - - - 4,208 4,208 - - |
| 63,098 60,997 2,101 - |
|
| 61,528 60,852 676 - |
14. Grant funding
The charity receives an annual block grant from the University of Suffolk for general use in the conduct of Union activities.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Grant received | 300,000 | 300,000 |
Page 17
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
15. Restricted Funds
| Income Sports income Total for year ended 31 July 2021 Total for year ended 31 July 2020 Support costs: Equipment, kit, venue hire & official fees Travel & subsistence expenses Marketing Insurance Telephone & communications Subscriptions Hospitality Sundry expenses Total for year ended 31 July 2021 Total for year ended 31 July 2020 |
Total Most Sports active and students Societies £ £ £ 2,258 - 2,258 |
|---|---|
| 2,258 - 2,258 |
|
| 18,552 - 18,552 |
|
| 8,459 - 8,459 2,045 - 2,045 26 - 26 3,315 - 3,315 - - - 250 - 250 1,886 0 1,886 2,530 - 2,530 |
|
| 18,511 0 18,511 |
|
| 26,440 - 26,440 |
Page 18
UNIVERSITY OF SUFFOLK STUDENTS' UNION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
16(a). Analysis of net assets between funds
| Fixed assets Net current assets Analysis of net movement in funds Restricted funds: Most active student and General sports Unrestricted funds: General fund Total funds |
Total funds brought forward £ - |
2021 2020 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 837 - 837 1,671 142,973 - 142,973 128,135 |
|---|---|---|
| 143,810 - 143,810 129,806 |
||
| Total Total Transfers Total funds incoming resources between carried resources expended funds forward £ £ £ £ 2,258 (18,338) 16,080 - |
||
| - | 2,258 (18,338) 16,080 - |
|
| 129,806 | 404,465 (374,381) 16,080 - 143,810 |
|
| 129,806 | 404,465 (374,381) 16,080 - 143,810 |
|
| 129,806 | 406,723 (392,719) - 143,810 |
16(b). Analysis of net movement in funds
Sports and societies funds are usually unrestricted except for a general sports society grant specifically donated to sports. The grant was not fully utilised during the year and and the balance of £80,029 has been transferred to the General Fund.
General funds are available for the futherance of any of the students' union objects.
17 Related parties
Other than disclosed at note 3, there were no related party transactions during the period under review.
Page 19
UNIVERSITY OF SUFFOLK STUDENTS UNION (A company limited by guarantee) REGISTERED NUMBER: 06967378 CHARITY NUMBER: 1153426
CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 JULY 2021
| Note CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities Table 1 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets Net cash provided by (used in) investing activities CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at 1 August 2020 CASH AND CASH EQUIVALENTS AT 31 JULY 2021 TABLE 1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income/(expenditure) for reporting period as per statement of financial activities Adjustments: Disposal of fixed assets Depreciation (Increase)/Decrease in stock (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash provided by (used in) operating activities |
2021 £ (10,402) (0) (0) (10,402) 131,621 121,219 (14,004) - 835 (28) (11,152) 13,947 (10,402) |
2020 £ (4,149) |
|---|---|---|
| (0) | ||
| (0) | ||
| (4,149) 135,770 |
||
| 131,621 | ||
| (10,109) (0) 836 - (3,249) (3,547) |
||
| (4,149) |
Page 20
Issuer GMS FC Ltd Document generated Tue, 5th Apr 2022 17:58:39 BST Document fingerprint 18ef285280e2fecddc42146515a3919c
Parties involved with this document
Document processed
Party + Fingerprint
Wed, 6th Apr 2022 11:14:38 BST Ms. Lou Chiu - Signer (a2e6b41995ecb2b783e664ba43eef92e) Audit history log Date Action Wed, 6th Apr 2022 11:14:38 BST The envelope has been signed by all parties. (18.132.124.34) Wed, 6th Apr 2022 11:14:38 BST Ms. Lou Chiu signed the envelope. (18.132.124.34) Wed, 6th Apr 2022 11:08:33 BST Ms. Lou Chiu viewed the envelope. (18.132.124.34) Tue, 5th Apr 2022 18:09:17 BST Document emailed to party email (18.130.171.250) Tue, 5th Apr 2022 18:09:17 BST Sent the envelope to Ms. Lou Chiu for signing. (81.147.70.186) Tue, 5th Apr 2022 18:06:01 BST Ms. Lou Chiu has been assigned to this envelope (81.147.70.186) Tue, 5th Apr 2022 18:05:00 BST Document generated with fingerprint 06a5902483b83192bc8fdf305c91026a (81.147.70.186) Tue, 5th Apr 2022 17:59:12 BST Document generated with fingerprint 18ef285280e2fecddc42146515a3919c (81.147.70.186) Tue, 5th Apr 2022 17:58:39 BST Envelope generated by GMS FC (81.147.70.186)