**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)