| Page | |
|---|---|
| Report ofthe Trustees | 1 to 6 |
| Report ofthe Independent Auditors |
7to 8 |
| Statement of Financial Activities | |
| Balance Sheet | 10 |
| Cash Flow Statement | |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13to 21 |
| FUTURE PLANS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Develop strong sustainable and satisfying relationships with our |
stakeholders | whilst ensuring | that the Union | |||||
| actively engaging its stakeholders in setting |
strategy and operational plans. |
|||||||
| Continually improve what the Union does whilst equipping staff, |
officers and | volunteers | with | the skills and | ||||
| knowledge they need to achieve the Union's |
Vision. | |||||||
| Achieve financial stability through robust financial management, |
reviewing existing |
practices | and | investing | in the | |||
| Union's services to students. | ||||||||
| Ensure that the Union's systems, policies and procedures add value, enable |
greater student | engagement | and are | |||||
| easy to understand. | ||||||||
| Plans to deal with Covid-19: | ||||||||
| Ensure all buildings are Covid secure in line |
with Government guidelines. |
|||||||
| Health and safety training, with an emphasis |
on Covid-19, to be | delivered to |
all staff. | |||||
| On-line ordering developed and implemented |
for food and beverages, to be |
used | in the | pub | and | coffee shop. | ||
| Three team rota to be developed to minimise |
the amount oftime | on campus, | along with | minimum | face-to-face | |||
| contact. | ||||||||
| Provide PPE to all staff. | ||||||||
| Ensure daily 'fogging' ofall areas, paying particular attention to toilets and shop. |
||||||||
| Ensure staff have appropriate IT equipment, |
where required, to facilitate home working. | |||||||
| Maintain weekly meetings with the University. |
||||||||
| Remain cognisant ofsector practise and ensure parity with this. |
||||||||
| Remain up-to-date with Welsh Government |
and UK Government | guidance. |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Total | |||||
| funds | funds | |||||
| Notes | f | |||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
1,346,273 | 1,232,611 | ||||
| Charitable activities |
||||||
| General | 908,430 | 1,179,220 | ||||
| Other trading activities |
261,914 | 355,542 | ||||
| Investment income |
224 | 636 | ||||
| Total | 2,516,841 | 2,768,009 | ||||
| EXPENDITURE ON | ||||||
| Costs ofother trading | activities | 190,611 | 230,780 | |||
| Charitable activities |
||||||
| General | 2,225,905 | 2,505,929 | ||||
| Total | 2,416,516 | 2,736,709 | ||||
| Actuarial loss/Unwinding provision |
ofpension scheme | ~803.769) | ~74,898) | |||
| NET INCOME/(EXPENDITURE) | (703,444) | (43,598) | ||||
| RECONCILIATION OF |
FUNDS | |||||
| Total funds brought forward | (2,252,142) | (2,208,544) | ||||
| TOTAL FUNDS CARRIED FORWARD | ~2,955,586) | ~2,252, 142) |
| 2020 | 2019 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | E | E | |
| FIXEDASSETS | |||
| Tangible assets | 15 | 49,617 | 53,959 |
| CURRENT ASSETS | |||
| Stocks | 16 | 60,286 | 56,684 |
| Debtors | 17 | 34,536 | 44,362 |
| Cash at bank and in hand | 179,493 | 74,626 | |
| 274,315 | 175,672 | ||
| CREDITORS | |||
| Amounts falling due within one year |
18 | (337,381) | (273,464) |
| NET CURRENT ASSETS/(LIABILITIES) | ~63,066) | ~97,792) | |
| TOTAL ASSETSLESSCURRENT LIABILITIES | (13,449) | (43,833) | |
| CREDITORS | |||
| Amounts falling due after more than one year |
19 | (100,000) | (23,857) |
| PENSION LIABILITY | 23 | (2,842,137) | (2,184,452) |
| NET ASSETS/(LIABILmES) | ~2,955,586) | ~2.252,142) | |
| FUNDS | 22 | ||
| Unrestricted general funds Pension liability |
(113,449) ~2,842.737) |
(67,690) ~2,784452) |
|
| Unrestricted funds |
(2,955,586) | (2,252,142) | |
| TOTAL FUNDS | ~2,955,586) | ~2,252,142) |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| Cash flows from operating activities: Cash generated from operations |
42,256 | ~45,305) | |||
| Net cash provided by (used in) operating activities |
42,256 | ~45,305) | |||
| Cash flows from investing activities: |
|||||
| Purchase oftangible fixed assets Sale offixed asset investments |
(5,783) | (33,095) 2 |
|||
| Interest received | 224 | 385 | |||
| Dividends received |
251 | ||||
| Net cash provided by (used in) investing activities |
~5,559) | ~32.457) | |||
| Cash flows from financing activities: |
|||||
| New loans in year Loan repayments in year |
100,000 ~31,530) |
~43,462) | |||
| Net cash provided by (used in) financing activities |
68,170 | ~43.462) | |||
| Change in cash and cash equivalents reporting period |
in the | 104,867 | (121,224) | ||
| Cash and cash equivalents atthe beginning the reporting period |
of | 74,626 | 195,850 | ||
| Cash and cash equivalents at the end reporting period |
ofthe | 179,493 | 74,626 |
| RECONCILIATION OF |
NET | INCOME/(EXPENDITURE) | INCOME/(EXPENDITURE) | TO | NET | CASH | FLOW FROM |
OPERATING | |
|---|---|---|---|---|---|---|---|---|---|
| ACTIVITIES | |||||||||
| 2020 | 2019 | ||||||||
| Net income/(expenditure) offinancial activities) |
for the reporting | period (as per | the | statement | (703,444) | (43,598) | |||
| Adjustments for: Depreciation charges Unwinding ofpension scheme Interest received |
10,125 803,769 (224) |
18,602 74,898 (385) |
|||||||
| Dividends received |
(251) | ||||||||
| (Increase)/decrease in stocks Decrease in debtors |
(3,602) 9,826 |
674 9,735 |
|||||||
| Increase in creditors |
71,890 | 34,709 | |||||||
| Difference between pension charge and cash contributions |
(146,084) | (139,689) | |||||||
| Net cash provided by (used in) |
operating | activities | 42,256 | ~45,305) | |||||
| 2. | ANALYSIS OF CHANGES | IN NET FUNDS | |||||||
| At | 1/7/19 | Cash flow | At 30/6/20 | ||||||
| P | |||||||||
| Net cash | |||||||||
| Cash at bank and in hand | 74,626 | 104,867 | 179,493 | ||||||
| Debt | |||||||||
| Debts falling due within one year Debts falling due after one year |
(40,676) ~23,857) |
7,973 ~76 143) |
(32,703) (100,000) |
||||||
| ~64,533) | ~68,170) | (132,703) | |||||||
| Total | 10,093 | 36,697 | 46,790 |
| 6. | INCOME FROM C | HARITABLE ACT | IVITIES | ||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| Shop income Bar income |
377,886 314,272 |
470,836 435,731 |
|||
| Catering income ENTS department |
income | 158,201 58,071 |
204,954 67,699 |
||
| 908,430 | 1,179,220 | ||||
| 7. | COSTS OF OTHER TRADING ACTIVITIES | ||||
| Other trading activities | |||||
| 2020 | 2019 | ||||
| F | F | ||||
| Staff costs —Travel | and employment | service | 138,117 | 135,047 | |
| Other costs - Travel and employment | service | 52,494 | 95,733 | ||
| 190,611 | 230,780 |
| Direct costs | Support costs | Totals | |||||
|---|---|---|---|---|---|---|---|
| (See note 9) | (See note 10) | ||||||
| F | F | ||||||
| General | 1,397,712 | 828,193 | 2,225,905 | ||||
| 9. | DIRECT COSTS OF CHARITABLE | ACTIVITIES | |||||
| 2020 f |
2019 F |
||||||
| Staff costs | 478,298 | 524,634 | |||||
| Hire ofplant and machinery | 1,763 | 13,741 | |||||
| Rent - Campus Centre |
168,975 | 172,833 | |||||
| Bar expenditure | 177,110 | 233,003 | |||||
| Shop expenditure Catering expenditure |
282,725 82,786 |
363,601 86,597 |
|||||
| ENTS department | expenditure | 81,883 | 86,499 | ||||
| SU Sport expenditure Clubs &societies expenditure |
96,451 | 111,180 33,411 |
|||||
| Letting agency costs | 18,401 | ||||||
| Irrecoverable VAT |
27,721 | 32,821 | |||||
| 1,397,712 | 1,676,721 | ||||||
| 10. | SUPPORT COSTS | ||||||
| Governance | |||||||
| Salaries | Management | Depreciation | costs | Totals | |||
| F | F | ||||||
| General | 576,347 | 150,770 | 10,125 | 90,951 | 828,193 |
| Net income/( | expenditure) is stated after charging/(crediting): |
||
|---|---|---|---|
| 2020 | 2019 | ||
| F | |||
| Auditors' remuneration |
12,868 | 11,440 | |
| Depreciation | -owned assets | 10,125 | 18,602 |
| Hire ofplant | and machinery | 1,763 | 13,741 |
| There w | ere four trustees (2019:four) who received re | muneration in the year totalling F72,101(201 |
9:F69,071) |
|---|---|---|---|
| Gross Pay | Pension | ||
| F | |||
| Mishan | Wickremasinghe | 17,501 | |
| Oliver Banks | 18,198 | ||
| Shannon | Lee | 18,198 | |
| Lois Jones | 18,198 | ||
| 72,101 |
| STAFF COSTS | ||||
|---|---|---|---|---|
| 2020 | 2019 | |||
| F | ||||
| Wages and salaries Social security costs |
1,135,334 61,089 |
1,152,166 62,690 |
||
| Other pension costs | 73,463 | 71,697 | ||
| 1,269,886 | 1,286,553 | |||
| The average monthly |
number ofemployees | during the year was as follows: | ||
| 2020 | 2019 | |||
| 128 | 139 |
| 15. | TANGIBLE FIXEDASSETS | TANGIBLE FIXEDASSETS | ||
|---|---|---|---|---|
| Office fixtures | ||||
| 8 fittings | ||||
| COST | ||||
| At1 July2019 Additions |
217,688 5,783 |
|||
| At 30June 2020 | 223,471 | |||
| DEPRECIATION | ||||
| At 1 July 2019 Charge for year |
163,729 10,125 |
|||
| At 30June 2020 | 173,854 | |||
| NET BOOK VALUE | ||||
| At 30June 2020 | 49,617 | |||
| At 30June 2019 | 53,959 | |||
| 16. | STOCKS | |||
| 2020 | 2019 f |
|||
| Stocks | 60,286 | 56,684 | ||
| 17. | DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
| 2020 | 2019 | |||
| P | F | |||
| Trade debtors | 10,459 | 31,518 | ||
| Prepayments and accrued |
income | 24,077 | 12,844 | |
| 34,536 | 44,362 | |||
| 18. | CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||
| 2020 | 2019 | |||
| Bank loans and overdrafts Trade creditors |
(see note 20) | 32,703 144,218 |
40,676 75,389 |
|
| Social security and other taxes VAT |
9,910 7,634 |
15,007 4,731 |
||
| Other creditors | 52,389 | 55,781 | ||
| Accruals and deferred income | 90,527 | 81,880 | ||
| 337,381 | 273,464 | |||
| 19. | CREDITORS: AMOUNTS | FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2020 | 2019 | |||
| F | ||||
| Bank loans (see note 20) | 100,000 | 23,857 |
| LOANS | ||
|---|---|---|
| An analysis ofthe maturity ofloans is given below: | ||
| 2020 f |
2019 f |
|
| Amounts falling due within one year on demand: Bank loans |
32,703 | 40,676 |
| Amounts falling between one and two years: |
||
| Bank loan | 100,000 | 23,857 |
| Minimum | leas | e payments | unde | r n | on-cancellable operating leases |
fall due as foll | ows: | |
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||||
| f | f | |||||||
| Within one year Between one and five years |
168,000 | 168,889 42,000 |
||||||
| 168,000 | 210,889 | |||||||
| MOVEMENT | IN FUNDS | |||||||
| Net movement | ||||||||
| At 1/7/1 9 f |
in funds f |
At 30/6/20 | ||||||
| Unrestricted | funds | |||||||
| General | fund | (2,252,142) | (703,444) | (2,955,586) | ||||
| TOTAL | FUNDS | ~2,252,142) | ~703,444) | ~2,955,586) | ||||
| Net movement | in funds, | included | in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement in |
|||||
| resources f |
expended | losses | funds f |
|||||
| Unrestricted | funds | |||||||
| General | fund | 2,516,841 | (2,416,516) | (803,769) | (703,444) | |||
| TOTAL | FUNDS | 2,516,841 | ~2,416.516) | ~803,769) | ~703,444) | |||
| Comparatives | for movement | in | funds | |||||
| Prior year | Net movement | |||||||
| At 1/7/1 8 | adjustment f |
in funds | At 30/6/1 9 f |
|||||
| Unrestricted | Funds | |||||||
| General | fund | (2,369,341) | 160,797 | (43,598) | (2,252, 142) | |||
| TOTAL | FUNDS | ~2,369,341) | 160,797 | ~43.598) | ~2,252, 142) |
| The charit | y has the | following financial liabilities measure |
d at fair value: |
|
|---|---|---|---|---|
| 2020 | 2019 | |||
| Financial | liabilities | |||
| Provision | - pension | liability | 2,842,137 | 2,184,452 |
| 2,842,137 | 2,452,236 |