Company registration number: 09103924 Charity registration number: 1157951
## Trinity Saint David Students' Union
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 July 2022
HSJ Audit Limited Severn House Hazell Drive Newport South Wales NP10 8FY
## **Trinity Saint David Students' Union**
## **Contents**
|Trustees' Report|1 to 10|
|---|---|
|Independent Auditors' Report|11 to 13|
|Statement of Financial Activities|14 to 15|
|Balance Sheet|16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18 to 33|
## **Trinity Saint David Students' Union**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 July 2022.
## **Chairperson’s statement**
Financial year 21/22 was another year where the world continued to be impacted by COVID. The students’ union was no different.
We were pleased to be able to deliver COVID safe Welcome fairs across Carmarthen, Lampeter and Swansea. We were also able to deliver a variety of events and sessions over the Welcome period that gave students a bit of the experience of being back on campus.
Staff start a phased return to the campus offices in January 22 with COVID restrictions still in place. Staff adapted quickly to the new rosters and way of working and the SU supported them through this transition.
In December 2021 the Union received funding from HEFCW via the Winter of Wellbeing project. This allocated funds to each Student Union to support students during the difficulties of COVID. The project had a short delivery timeframe but the hard work of staff meant the SU was able to deliver a number of different aspects of this project including :
-the refurbishment of the Carmarthen Night Club to create a space that was aesthetically pleasing for students to use
-Study aid packs for students
-Give a Go sessions- low cost low commitment trips and activities to allow students to opportunity to see new places and experience new things, included trip to Tenby, North Wales, Zip wiring and a trip to Comicon.
-Preventative support packages for students including: Pet therapy dogs on campus, meditation classes, and yoga sessions
## -Period product dispensers giving students free access to products
During this same period, the Union was involved in the Myf Cymru Welsh Language Mental Health support project with Bangor University. This project employed a member of staff for a period of 6 months to support the development of Welsh mental health resources and included the provision of trips and activities for students whilst promoting the Welsh Language.
As was reflective of the sectors, recruitment presented a number of challenges with many roles not being filled despite being advertised several times.
Over the course of the second semester the Students’ Union saw several staff leave the organisation. As a result, existing staff took on board additional responsibilities to enable the SU to continue its delivery of services.
We continued to provide a raft of support and services on our Birmingham and London campuses with the successful and well received introduction of Skills Weeks in which we welcome guest speakers and provided students with careers support and the opportunity to have professional head shots taken.
A major piece of work completed in November 21 was the Student Written Submission for the 2022 QAA Quality Enhancement Review which is a 6 yearly requirement to complete. The Quality Enhancement Review focuses on the quality of academic provision at UWTSD, including library and learning resources. To provide the QAA’s review team with an understanding of the student academic experience at UWTSD for the 2022 review, the Students’ Union produced a report, known as the Student Written Submission which included an analysis of 6 years worth of student data. The full report is available to read on our website.
Page 1
## **Trinity Saint David Students' Union**
## **Trustees' Report**
Despite considerable work to create an exciting itinerary of events in the Carmarthen Y Lloft Bar space, the venue did not achieve the antipcated level student engagement meaning venue fell below expectations. The decision was taken in December 21 not to reopen the venue in 2022 with the room to review in June 22.
In February 2022, the external suppliers that had been running the night club venue in Carmarthen were asked to leave and the SU took over the running of this space. As referenced above, this required a huge makeover of the space. The planned reopen in September 2022 met with an extremely positive response from students and the venue has reached a break even position as at the end of November 22.
Lampeter bar continued to attract a number of students despite reduced numbers on campus. Events were held for Welcome and throughout the term. We were delighted to be able to reopen the Xtension area of the bar and this was met with a very positive response from students with great engagement towards the end of year.
Historic pension contributions continue to remain a challenge for the organisation, and have a significant effect on the overall financial position as presented by these accounts. The Board note that the annual payments are set to rise on an annual basis and will continue to positively engage with the Trustees of the pension scheme to ensure that it is effectively managed. On a positive note, due to the improved performance of the SU balance sheet, the levy charged to protect the pension payments remained at the rate of £8k.
This years adjustment has resulted in an actuarial gain on the pension of £236,459 and is a direct result of increased interest rates.
## **Looking Forward**
We are excited to be planning for the 2022/23 academic year and hope that the challenges faced in 21/22 will now have passed on with regard to COVID and allow us to provide a complete on campus experience from September 2022.
We are delighted that we will be utilising a mixture of reserves and surplus funding to provide a Give it a Go project with a dedicated member of staff to run events and activities across all campuses as well as increasing the capacity in the Advice Service with a new Student Adviser position.
We have brought forward deferred and allocated funds in 22/23 one of which is a funding pot of £30,000 from the University to provide Bicentenary events to the year end 23. This will employ 3 student interns and provide a range of activities to help celebrate this prestigious year for UWTSD.
We will bring on board new staff recruited in July 22 to bring us back to close to a full team. Some posts will be re-advertised and we look forward to developing our delivery in London and Birmingham with new support posts.
We will be recruiting in excess of 20 Sustainability interns in conjunction with the University to deliver their sustainability and inspire programmes.
## For more details about our work please visit: www.uwtsdunion.co.uk
Finally, I’m sad to say that I leave my position as Chair of the Board of Trustees. My time at UWTSD SU over the last 7 years has been extremely enjoyable and I continue to be in awe of the creativity, resilience, and determination of the team to deliver to students despite the challenges they face. I wish the SU every success going forward and know they continue to nurture the relationship with the University and all external stakeholders.
## **R Whitty, Chair of the Board of Trustees, 2022**
Page 2
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Objectives and activities**
## **Policies and objectives**
The purpose and charitable objects of Trinity Saint David’s Students’ Union are defined in the organisation’s Articles of association as:
Trinity Saint David’s Students’ Union (the “Union”) is a students’ union within the meaning of the Education Act 1994. The Union is devoted to the educational interests and welfare of its Student Members.
The Union will seek at all times to:
Ensure that the diversity of its Student Membership is recognised and that equal access is available to all Student Members of whatever origin or orientation;
Pursue its aim and objectives independent of any political party or religious group; and
Pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society.
The Union’s objects are the advancement of education of Students at the University of Wales Trinity Saint David for the public benefit by:
Promoting the interests and welfare of Students at the University of Wales Trinity Saint David during their course of study and representing, supporting and advising Students;
Being the recognised representative channel between Students and the University of Wales Trinity Saint David and any other external bodies; and
Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.
The student union will be reviewing their Strategic plan in the new academic year.
## **Organisational Mission:**
We are your Students’ Union and we are here to enable you to make the most of your education and your time at University.
## **Our promise to you …**
We’re alongside you for the duration of your University experience, making it fun and helping you out when times are tough. We’ll talk to you, stand up for you, and empower you. You’ll challenge us to keep evolving and improving, we’ll challenge you to get involved, have your say and create your own experience. Together we will improve UWTSD students’ lives.
Page 3
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Our Vision:**
We want to be the Students’ Union that you deserve. We know that being a student can be a life-changing experience and can also be hard work. We want you to know that we are here with you every step of the way.
We will aim to:
- a. Strengthen your influence over decisions that affect you Ensure that you understand your rights and have help when you need
- b. it Invest in activities and opportunities to enable you to develop your
- c. skills
- d. Campaign for a fairer and more inclusive society e. Make it easy for you to direct our work and resources
## **Our Values:**
Our Values shape all of the work we do. We believe:
- a. That education should be shaped by students. b. That a University experience is more than a degree. That University and Students’ Union activities and services should be accessible to
- c. all.
- d. In challenging inequality.
- e. In student leadership.
## **Our Behaviors:**
In delivering our Vision and Values we will:
|a.|Act sustainably, with a commitment to reducing our impact on natural resources and inspiring and
supporting our members to do likewise.|
|---|---|
|b.|Work bilingually, celebrating and promoting the Welsh Language within the University and beyond.|
||Resource responsibly, effectively managing our people and finances; achieving our organisational|
|c.|aims, meeting our statutory reporting requirements, and ensuring the continuation of the Students'|
||Union.|
||Decide transparently, making it easy for our members to understand how to become involved in|
|d.|debates and discussions, how they can make and query decisions and hold decision-makers to|
||account.|
|e.|Communicate widely, reaching out to all of our students and making them feel part of the Students
'Union.|
|f.|Think creatively, embracing opportunities, trying new things and creating a fun, lively and engaging
campus culture.|
Page 4
## **Trinity Saint David Students' Union**
## **Trustees' Report**
Under the guidance of the Trustee Board, four strategic themes have been developed for the organisation. These are on the following themes:
- a. Knowing and Reaching Our Members
- b. Growing Our Opportunities Amplifying and Strengthening Student
- c. Voice
- d. Making the Most of Our Resources
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **Review of activities**
In terms of activities and achievements over the last year, the Trustees are pleased to report on progress in the following areas of activity:
## **Student Opportunities**
2021-22 was another year impacted by COVID and the delivery of activities to students was stilted due to this. Opportunities staff worked with students to create new groups and societies but sports societies did not get off the ground again. Many students were still cautious even in the environment of some lifted COVID restrictions. A few clubs and societies made a resurgence with Snowsports being a strong group putting on some activities and sessions.
The Student voice team worked hard to present inductions on the Student union to as many lectures and campuses as possible, delivering over 100 sessions.
We were delighted to present the Give it a go programme of activities which provided a range of opportunities to students that they may not of otherwise been able to engage in. We were able to offer the activities for free and engagement was immense.
We managed 10 INSPIRE interns to deliver sustainability projects throughout the year from greener transport links across campuses to engaging in campaigning activity to change hearts and minds of other students but also decision-makers.
We were pleased to continue to offer students employment in our two bar venues and other student staff posts to support students to gain skills and earn a wage whilst doing so.
## **Financial Review**
We are delighted to report a surplus in the year ending July 2022. The year has seen us able to defer funds into 22/23 from grant funding, including the Bicentenary, and we have also allocated our surplus to fund two posts, Student adviser to support the increase in student cases in which they need SU support, and a Give it a Go Co-ordinator to create an itinerary of events into the new academic year.
The Trustees believe that the organisation has continued to display effective financial control and planning during this reporting period. In February 22 the student Union took back the running of the Carmarthen Club from the previous external contractors. The bar underwent a refurbishment in preparation for opening in September 22.
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## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Going concern**
The trustees have reviewed the circumstances of Trinity Saint David Students' Union and consider that adequate resources continue to be available to fund the activities of the Students' Union for the foreseeable future.
The trustees are of the view that the Students' Union is a going concern, and in particular thank the University for their adoption of the new three-year rolling funding model which enables the Board to arrive at a judgement. The trustees are aware that the lack of free reserves, together with the economic backdrop, historical pension deficit, and a reliance on the University as the principal funder, will provide a challenging environment in the year to come.
## **Reserves policy**
Reasonable reserves are needed to provide security for the organisation and provide access to additional project finance in order to respond to external events. The Trustees have adopted a Reserves Policy which set the long-term ambition of £115,000 in reserves.
The general fund balance at 31 July 2022 was £172,634. The amount tied up in fixed assets is £55,044 leaving free reserves of £177,590.
## **Financial risk management objectives and policies**
The trustees have established a risk management process which comprises:
- a. Quarterly discussion of the organisational Risk register at Board meetings;
- b. Quarterly discussion of the organisational Risk register at Board sub-committee meetings;
- c. Delegation of the operational management & reporting of Risk to the Chief Executive; and
- The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
- d.
This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is an acknowledgement that the relationship between the Students' Union and the University is crucial as the University is the principal funder. This has led to the Students' Union identifying key projects where the interests of the University and the Students' Union align in order to emphasise the impact of the Students' Union's work. Attention has also been focused on increasing the Students' Union's additional funding income through small-scale commercial activity.
Page 6
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Structure, governance and management**
## **Governing Document**
Trinity Saint David Students' Union is a company limited by guarantee without share capital governed by its Memorandum and Articles of Association dated 25 June 2015. It is registered as a charity with the Charity Commission.
## **Methods of appointment or election of Trustees**
The process for appointing trustees is set out in the Articles of Association (Article 24; 27 & 28). Sabbatical Trustees and two Student Trustees are elected by secret ballot in a cross-campus election in line with the requirements of the 1994 Education Act (Part ii - Students' Unions). Two further Student Trustees are appointed following a recruitment process including application and interview, this is to ensure a diversity of candidates and assist the Board in representing the diverse membership of the student body. External Trustees are appointed by a simple majority vote of the Trustee Board following a recruitment process including application and interview by a panel appointed by the Governance, Nominations, and Appointment Committee.
Trustees are recruited according to their skills and experience and to a role and person description set by the Board which identifies desirable skills.
## **Organisational structure and decision-making policies**
The board of trustees, which can have up to 13 members, administering the charity. The board normally meets quarterly and there are sub-committees covering human resources, nominations, governance and appointments, finance and remuneration, health and safety, and risk and audit which normally meet quarterly between Board meetings. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority for operational matters including finance, employment, and project management activity.
## **Policies adopted for the induction and training of Trustees**
In June each year the Students' Union holds Board training and induction event for its new trustees. This event is externally facilitated by a governance professional and covers basic trustee induction to the role, as well as a discussion about Board priorities.
Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Pay policy for key management personnel**
Details of Trustees' expenses and related party transactions are disclosed in note 12 to the accounts. The pay of the senior staff is set by the Board via the HR and Remuneration committee. August 2021 was the last year of the agreed budget with the University and negotiations for the 22/23 budget were finalised, allowing for an increase in staff salaries of 6% from August 22. It was felt this was necessary in the light of the cost of living crisis and to allow the SU to attract candidates to vacant posts.
## **Related party relationships**
Three of our trustees currently receive remuneration for their work with the charity as they also fulfil the role of elected Sabbatical Officers. No other trustee receives remuneration or any other benefit from their work with the charity. Trustees sign a disclosure document to identify any relevant connected persons, groups or organisations and additionally declare any conflicts of interest at the beginning of each Board meeting.
Page 7
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Other important relationships**
The charity has a close relationship with the University of Wales Trinity Saint David, which acts as the principle funder and an additional regulator under the terms of the 1994 Education Act. The Students' Union affiliates to both the National Union of Students and British Universities and Colleges Sport for the purpose of enhancing student voice and campaigning, and competing in national sporting competition respectively.
## **Plans for future periods**
We are delighted to receive funding from the University to develop our teams at both the London and Birmingham campuses. We are in the process of recruiting for new staff and aim to intergrade new staff in the new academic year.
The Y Clwb in Carmarthen has returned to the management of the Student Union and is due to reopen in September 2022 with a wide range of new and exciting Welcome events.
The Student Union Democracy review will take place in 2022 academic year with student-wide consultation and the support of external consultants, Atkinsons.
In addition to the Student Union is reviewing all its HR policies to ensure they are robust and work for our growing and diverse workforce.
The union has reached the end of its 3 year strategic plan. Due to the upcoming confederated approach to University delivery, the Student Union will be developing its new strategy once the confederation has taken place to ensure we have the structure in place to deliver services to a potentially wider audience.
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: R Whitty V E Liverpool A Storer-Smith M W Bleasdale T Gibbons (appointed 30 June 2022) C Reardon-Davies (appointed 1 July 2022) B Kirk (appointed 30 June 2022) B Forewaker M Curtis (appointed 1 July 2022)
Senior Management / Leadership Steve Ralph Team: Michelle Viccars
Page 8
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Reference and Administrative Details**
|Charity Registration Number:|1157951|
|---|---|
|Company Registration Number:|09103924|
||The charity is incorporated in Wales.|
|Registered Office:|Llys Glas|
||1 Alexandra Road|
||Swansea|
||SA1 5AJ|
|Auditor:|HSJ Audit Limited|
||Severn House|
||Hazell Drive|
||Newport|
||South Wales|
||NP10 8FY|
|Bankers:|HSBC|
||Portland street|
||Swansea|
||SA1 3DF|
Page 9
## **Trinity Saint David Students' Union**
## **Trustees' Report**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Trinity Saint David Students' Union for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 16 February 2023 and signed on its behalf by:
Page 10
## **Trinity Saint David Students' Union**
## **Independent Auditor's Report to the Members of Trinity Saint David Students' Union**
## **Opinion**
We have audited the financial statements of Trinity Saint David Students' Union (the 'charity') for the year ended 31 July 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Page 11
## **Trinity Saint David Students' Union**
## **Independent Auditor's Report to the Members of Trinity Saint David Students' Union**
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion 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 Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- 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 our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 10), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 12
## **Trinity Saint David Students' Union**
## **Independent Auditor's Report to the Members of Trinity Saint David Students' Union**
## **Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We coroborated our enquiries of management by review of correspondence with HMRC and Companies House and other regulatory bodies.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.
Based on the results of our risk assessment we designed our audit procedures to identify and address material misstatements in relation to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Auditor
Severn House Hazell Drive Newport South Wales NP10 8FY
17 February 2023
Page 13
## **Trinity Saint David Students' Union**
## **Statement of Financial Activities for the Year Ended 31 July 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Total income
**Expenditure on:**
Charitable activities
5
Total expenditure
Net income/(expenditure)
Transfers between funds
**Other recognised gains and losses**
Actuarial gains on defined benefit pension
schemes
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
849,000
43,262
892,262
(791,067)
(791,067)
101,195
(2,667)
236,459
334,987
(1,055,776)
(720,789)|**Restricted**
**funds**
**£**
200,312
-
200,312
(201,556)
(201,556)
(1,244)
2,667
-
1,423
48,062
49,485|**Total**
**2022**
**£**
1,049,312
43,262|
|---|---|---|---|
||||1,092,574|
||||(992,623)|
||||(992,623)|
||||99,951
-
236,459|
||||336,410
(1,007,714)|
||||(671,304)|
The notes on pages 18 to 33 form an integral part of these financial statements. Page 14
## **Trinity Saint David Students' Union**
## **Statement of Financial Activities for the Year Ended 31 July 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Total income
**Expenditure on:**
Charitable activities
5
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
712,614
15,365
727,979
(647,015)
(647,015)
80,964
80,964
(1,136,740)
(1,055,776)|**Restricted**
**funds**
**£**
60,000
-
60,000
(29,086)
(29,086)
30,914
30,914
17,148
48,062|**Total**
**2021**
**£**
772,614
15,365|
|---|---|---|---|
||||787,979|
||||(676,101)|
||||(676,101)|
||||111,878|
||||111,878
(1,119,592)|
||||(1,007,714)|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 17.
The notes on pages 18 to 33 form an integral part of these financial statements. Page 15
## **Trinity Saint David Students' Union**
## **(Registration number: 09103924) Balance Sheet as at 31 July 2022**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
14
**Creditors: Amounts falling due within one year**
15
**Net current assets**
**Total assets less current liabilities**
**Provisions**
16
**Net liabilities**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
17|**2022**
**£**
55,044
22,400
354,474
376,874
(111,022)
265,852
320,896
(992,200)
(671,304)
49,485
(720,789)
(671,304)|**2021**
**£**
72,994
45,214
239,481|
|---|---|---|
|||284,695
(68,190)|
|||216,505|
|||289,499
(1,297,213)|
|||(1,007,714)|
|||48,062
(1,055,776)|
|||(1,007,714)|
The financial statements on pages 14 to 33 were approved by the trustees, and authorised for issue on 16 February 2023 and signed on their behalf by:
**----- Start of picture text -----**
.........................................
R Whitty
Trustee
**----- End of picture text -----**
The notes on pages 18 to 33 form an integral part of these financial statements. Page 16
## **Trinity Saint David Students' Union**
## **Statement of Cash Flows for the Year Ended 31 July 2022**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
**Working capital adjustments**
Decrease/(increase) in debtors
13
Increase/(decrease) in creditors
15
Decrease (increase) in retirement benefit obligation net of actuarial
changes
Net cash flows from operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
12
**Cash flows from financing activities**
Repayment of loans and borrowings
15
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 July|**2022**
**£**
336,410
27,405
363,815
22,814
40,145
(305,013)
121,761
(9,455)
2,687
114,993
239,481
354,474|**2021**
**£**
111,878
22,220|
|---|---|---|
|||134,098
(26,597)
(3,660)
(17,935)|
|||85,906
(41,001)
2,915|
|||47,820
191,661|
|||239,481|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 18 to 33 form an integral part of these financial statements. Page 17
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **1 Charity status**
The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Llys Glas 1 Alexandra Road Swansea SA1 5AJ
These financial statements were authorised for issue by the trustees on 16 February 2023.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Trinity Saint David Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The financial statements have been prepared on a going concern basis.
The Student Union has seen improved results in 2022 as activities return following the Covid 19 pandemic. The Student Union's prime funding in the form of a grant from the University has been recured for this financial year and the the financial year to 31 July 2023 and management are operating to budgets which operate within the funding available enabling the Student Union to continue providing essential services to students. The Trustees assessment is that the Student Union has the financial resilience to continue to operate as it approaches a new academic year with increased optimism.
Page 18
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **Key sources of estimation uncertainty**
A key area of judgement in these financial statements is the discount rate used in calculating the present value of the pension provision. This is based upon the latest actuarial valuation of the pension Students' Union superannuation Scheme and the recovery plan in place which runs to 2035. The value of the pension provision has been calculated using a discount rate of 3.29% (2021: 0.95%) (based on yields of high quality corporate bonds) and is shown seperately in the notes to the accounts. The carrying amount is £992,200 (2021 -£1,297,213).
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donated services or facilities are recognised when the Students' Union has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Students' Union of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' Report for more information about their contribution.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Students' Union which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Page 19
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £500.00 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Short-term leasehold property|10% straight line|
|Fixtures and fittings|20% straight line|
|Computer equipment|33.3% straight line|
## **Stock**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 20
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Provisions**
Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 21
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## **3 Income from donations and legacies**
|**Unrestricted**
**General**
**£**
Grants, including capital grants;
Grants from other agencies
849,000
849,000
**4**
**Income from other trading activities**
Trading income;
Sales of purchased goods
Bar income
Student activities|**Restricted**
**£**
200,312
200,312
**Unrestricted**
**General**
**£**
1,196
24,770
17,296
43,262|**Total**
**2022**
**£**
1,049,312
1,049,312
**Total**
**2022**
**£**
1,196
24,770
17,296
43,262|**Total**
**2021**
**£**
772,614|
|---|---|---|---|
||||772,614|
||||**Total**
**2021**
**£**
-
407
14,958|
||||15,365|
Page 22
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **5 Expenditure on charitable activities**
|**Note**
Student activities
Bar
Allocated support costs
6
Governance costs
6|**Unrestricted funds**
**Designated**
**£**
**General**
**£**
16,224
127,894
-
33,692
2,280
525,408
-
85,569
18,504
772,563|**Restricted**
**funds**
**£**
177,550
10
23,996
-
201,556|**Total**
**2022**
**£**
321,668
33,702
551,684
85,569
992,623|**Total**
**2021**
**£**
131,955
7,178
468,926
68,042|
|---|---|---|---|---|
|||||676,101|
In addition to the expenditure analysed above, there are also governance costs of £85,569 (2021 - £68,042) which relate directly to charitable activities. See note 6 for further details.
Page 23
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **6 Analysis of governance and support costs**
## **Support costs allocated to charitable activities**
|**Basis of allocation**
Staff costs
A
Depreciation
B
Bank charges
A
I.T. costs
A
Training & recruitment
A
Travel & subsistence
A
Printing, postage &
stationery
A
Insurance
A
Miscellaneous costs
A
Repairs and maintenance
A
Professional services
A
Telephone
A
Marketing
A
Cleaning
A
Finance charge / credit on
SUSS pension provision
A|**Finance**
**costs**
**£**
-
-
78
-
-
-
-
-
-
-
-
-
-
-
5,591
5,669|**Information**
**technology**
**£**
-
-
-
7,688
-
-
-
-
-
-
-
-
-
-
-
7,688|**Staff costs**
**£**
**Administration**
**costs**
**£**
429,772
-
-
-
-
-
-
-
16,895
-
-
-
-
535
-
10,950
-
-
-
-
-
30,783
-
439
-
-
-
-
-
-
446,667
42,707|**Premises**
**costs**
**including**
**depreciation**
**£**
-
27,405
-
-
-
-
-
-
-
-
-
-
-
1,298
-
28,703|**Other**
**support**
**costs**
**£**
-
-
-
-
-
12,623
-
-
3,785
-
-
-
3,842
-
-
20,250|**Total**
**2022**
**£**
429,772
27,405
78
7,688
16,895
12,623
535
10,950
3,785
-
30,783
439
3,842
1,298
5,591
551,684|**Total**
**2021**
**£**
321,185
22,220
176
3,200
20,037
989
469
10,778
4,257
599
28,185
1,295
4,722
728
50,086|
|---|---|---|---|---|---|---|---|
||||||||468,926|
Page 24
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **Basis of allocation**
**Reference Method of allocation** A 100% of non bar and student services costs allocated. B 100% of annual cost allocated
## **Governance costs**
|Staff costs
Wages and salaries
Audit fees
Audit of the financial statements
Other fees paid to auditors
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
74,312
6,500
-
4,757
85,569|**Total**
**2022**
**£**
74,312
6,500
-
4,757
85,569|**Total**
**2021**
**£**
58,389
6,500
2,635
518|
|---|---|---|---|
||||68,042|
Page 25
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **7 Auditors' remuneration**
|**7**
**Auditors' remuneration**|||
|---|---|---|
|Audit of the financial statements
**Other fees to auditors**
All other non-audit services
**8**
**Net incoming/outgoing resources**
Net incoming resources for the year include:
Audit fees
Other non-audit services
Depreciation of fixed assets|**2022**
**£**
6,500
-
**2022**
**£**
6,500
-
27,405|**2021**
**£**
6,500|
|||2,635|
|||**2021**
**£**
6,500
2,635
22,220|
## **9 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **V E Liverpool**
V E Liverpool received remuneration of £21,032 (2021: £2,375) during the year.
## **B Kirk**
B Kirk received remuneration of £5,273 (2021: £Nil) during the year.
## **T Gibbons**
T Gibbons received remuneration of £2,286 (2021: £Nil) during the year.
## **10 Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2022**
**£**
523,385
44,511
11,825
**579,721**|**2021**
**£**
402,070
31,914
9,149|
|---|---|---|
|||**443,133**|
Page 26
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2022**||**2021**||
|---|---|---|---|---|
||**No**||**No**||
|Union staff||30||26|
26 (2021 - 21) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £11,825 (2021 - £9,149).
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £167,971 (2021 - £146,833).
Page 27
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **11 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **12 Tangible fixed assets**
|**Cost**
At 1 August 2021
Additions
At 31 July 2022
**Depreciation**
At 1 August 2021
Charge for the year
At 31 July 2022
**Net book value**
At 31 July 2022
At 31 July 2021
**13 Debtors**
Trade debtors
Prepayments
Other debtors
**14 Cash and cash equivalents**
Cash at bank|**Land and**
**buildings**
**£**
71,170
-||**Furniture and**
**equipment**
**£**
89,697
9,455
99,152
56,996
20,500
77,496
21,656
32,701
**2022**
**£**
848
16,595
4,957
22,400
**2022**
**£**
354,474|**Furniture and**
**equipment**
**£**
89,697
9,455
99,152
56,996
20,500
77,496
21,656
32,701
**2022**
**£**
848
16,595
4,957
22,400
**2022**
**£**
354,474|**Total**
**£**
160,867
9,455
170,322
87,873
27,405
115,278
55,044
72,994
**2021**
**£**
26,816
10,864
7,534|
|---|---|---|---|---|---|
||71,170||99,152|||
||30,877
6,905||56,996
20,500|||
||37,782||77,496|||
||33,388||21,656|||
||40,293||32,701|||
||||**2022**
**£**
848
16,595
4,957
22,400
**2022**
**£**
354,474|||
||||||45,214|
||||||**2021**
**£**
239,481|
Page 28
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **15 Creditors: amounts falling due within one year**
|**15 Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other loans
Other taxation and social security
Other creditors
Accruals|**2022**
**£**
27,858
23,858
9,986
2,786
46,534
111,022|**2021**
**£**
8,430
21,171
10,072
2,017
26,500|
|||68,190|
## **16 Provisions**
|**16 Provisions**|||
|---|---|---|
|At 1 August 2021
Credited to the statement of recognised gains and losses
Decrease due to passage of time and change in discount rate
At 31 July 2022|**Pension**
**contributions**
**provision**
**£**
(1,297,213)
68,554
236,459
(992,200)|**Total**
**£**
(1,297,213)
68,554
236,459|
|||(992,200)|
The Union is part of a multi-employer defined benefit pension scheme, Students' Union Superannuation Scheme. The provision, noted above, relates to the present value at the year end of the future payments of the agreed recovery plan.
The total deficit contributions paid to the Scheme by the Union for the year ended 31 July 2022 amount to £68,835 (2021: £59,595). At the balance sheet date, the Union had commitments to pay deficit funding contributions of £5,973 per month, scheduled to increase by 5% with effect from October 2022 until August 2035.
Page 29
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **17 Funds**
|**Unrestricted funds**
**_General_**
General unrestricted fund
**_Designated_**
Bar refurbishment fund
Pension fund
Recruitment & Development fund
Welcome fund
GIAG
**Total unrestricted funds**
**Restricted funds**
Restricted grant fund
Winter of Wellbeing
Welsh Language MH
INSPIRE Project
Bi-centenary Project|**Balance at 1**
**August 2021**
**£**
184,437
5,000
(1,297,213)
15,000
20,000
17,000
(1,240,213)
(1,055,776)
48,062
-
-
-
-
48,062|**Incoming**
**resources**
**£**
892,262
-
-
-
-
-
-
892,262
-
130,784
29,528
10,000
30,000
200,312|**Resources**
**expended**
**£**
(772,563)
(1,999)
(281)
-
(16,224)
-
(18,504)
(791,067)
(50,729)
(119,302)
(22,370)
(6,860)
(2,295)
(201,556)|**Transfers**
**£**
(131,502)
7,000
68,835
25,000
10,000
18,000
128,835
(2,667)
2,667
-
-
-
-
2,667|**Other**
**recognised**
**gains/(losses)**
**£**
-
-
236,459
-
-
-
236,459
236,459
-
-
-
-
-
-|**Balance at 31**
**July 2022**
**£**
172,634
10,001
(992,200)
40,000
13,776
35,000|
|---|---|---|---|---|---|---|
|||||||(893,423)|
|||||||(720,789)|
|||||||-
11,482
7,158
3,140
27,705|
|||||||49,485|
Page 30
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **Total funds**
|**Balance at 1**
**August 2021**
**£**
(1,007,714)|**Incoming**
**resources**
**£**
1,092,574|**Resources**
**expended**
**£**
(992,623)|**Transfers**
**£**
-|**Other**
**recognised**
**gains/(losses)**
**£**
236,459|**Balance at 31**
**July 2022**
**£**
(671,304)|
|---|---|---|---|---|---|
Page 31
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
|**Unrestricted funds**
**_General_**
General unrestricted fund
**_Designated_**
Bar refurbishment fund
Pension fund
Recruitment & Development fund
Welcome fund
GIAG
**Total unrestricted funds**
**Restricted funds**
Restricted grant fund
**Total funds**|**Balance at 1**
**August 2020**
**£**
148,408
30,000
(1,315,148)
-
-
-
(1,285,148)
(1,136,740)
17,148
(1,119,592)|**Incoming**
**resources**
**£**
727,979
-
-
-
-
-
-
727,979
60,000
787,979|**Resources**
**expended**
**£**
(596,928)
-
(50,087)
-
-
-
(50,087)
(647,015)
(29,086)
(676,101)|**Transfers**
**£**
(95,022)
(25,000)
68,022
15,000
20,000
17,000
95,022
-
-
-|**Balance at 31**
**July 2021**
**£**
184,437
5,000
(1,297,213)
15,000
20,000
17,000|
|---|---|---|---|---|---|
||||||(1,240,213)|
||||||(1,055,776)
48,062|
||||||(1,007,714)|
Page 32
## **Trinity Saint David Students' Union**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **18 Analysis of net assets between funds**
|**18 Analysis of net assets between funds**||||
|---|---|---|---|
|Tangible fixed assets
Current assets
Current liabilities
Provisions
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Provisions
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
55,044
-
228,612
98,777
(111,022)
-
-
(992,200)
172,634
(893,423)
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
72,994
-
179,633
57,000
(68,190)
-
-
(1,297,213)
184,437
(1,240,213)|**Restricted**
**funds**
**£**
-
49,485
-
-
49,485
**Restricted**
**funds**
**£**
-
48,062
-
-
48,062|**Total funds at**
**31 July**
**2022**
**£**
55,044
376,874
(111,022)
(992,200)|
||||(671,304)|
||||**Total funds at**
**31 July**
**2021**
**£**
72,994
284,695
(68,190)
(1,297,213)|
||||(1,007,714)|
Page 33