||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|
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|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.|||||||
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||||||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|
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|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||
##
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|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|
##
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|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)|
##
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##
##
|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|