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 2024
HSJ Audit Limited Severn House Hazell Drive Newport South Wales NP10 8FY
Trinity Saint David Students' Union
Contents
| Trustees' Report | 1 to 9 |
|---|---|
| Independent Auditors' Report | 10 to 12 |
| Statement of Financial Activities | 13 to 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 to 32 |
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 2024.
Chairperson’s statement
2023/24 has proved to be a another very positive year for UWTSD Students’ Union with a lot of challenges but a great deal of achievement in many areas.
UWTSD (the University) Welcomed a new Vice Chancellor Professor Elwen Evans KC in September 23, closely followed by the recruitment of the Chief Operating officer, Peter Manion as well as several other members of staff joining the Senior Leadership Team.
The University was quickly subject to a complex and in depth review of its services with a swiftly executed budget review and business planning process across the whole organisation and a robust strategic direction set.
In February 2024 the SU began its own internal budgeting process that was aligned with that of the University. We are requested to submit a one year budget (24/25) to the university for consideration. A zero based budgeting methodology was adopted with input from all SU managers who were given autonomy to determine what level of activity and funding they required. The budget was submitted to robust scrutiny by the University and was approved almost in its entirety in June 24.
The Students’ Union CE, Steve Ralph was an integral part of the newly formed Professional Senior Leadership Team, a new steering group to guide the direction of the University. The SU is proud to be working so closely with the University and hopes that the continued relationship will help ensure that the voices of students are heard whilst being mindful of the challenges that they University faces going forward.
The year started with another successful round of Welcome Fairs on our Welsh Campuses. A new approach across all campuses meant that all students visited the fairs on the induction day, ensuring that we, as an SU, could guarantee footfall to external stall holder. A further example of the partnership working between the university and students’ union.
Both Lampeter and Carmarthen Venues continued to experience reduced attendance figures and increasing deficit figures throughout the year leading to an internal review. It was agreed to continue with the venues to the end of 24/25 at which time a full assessment would take place to determine their future. The condition of the premises continues to decline and the SU is not currently in a position to invest.
Our work with Students on our Cardiff campus continues to go from strength-to-strength. The presence of the onsite Student Opportunities Co-ordinator has been a great addition to our team and had enhanced relationships with students and our ability to gain feedback.
In November 2023 the Student Union received a grant of £40k from HEFCW via the University. This funding was used to support students through the cost of living crisis across our campuses and these were diligently expended on items such as sanitary products and mini hygiene items.
During the year we were able to allocate funds to our hugely successful GIAG programme which continued to prove popular with our students, providing low-cost low-commitment activities in which they can engage, meet new people, and try new things.
The year saw us welcome new staff and say goodbye to others. This presented a great challenge for us in terms of having to devote a lot of resources to recruitment throughout the year. We were particularly pleased to welcome our new Head of Membership services, Geraldine Smits in August 23, she has proved an invaluable member of the team and reduced pressure on the other members of SMT.
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Trinity Saint David Students' Union
Trustees' Report
Our accounts will note the significant positive direction of our Experian Credit Score and reduction in pension protection levy payments as part of the historic pension scheme. We would like to thank a moment to thank our Head of Business & Finance for their work in reaching this milestone.
Work at our Birmingham and London Campuses continues to grow and become more integral to the University and students’ union service delivery. The London Campus moved to new premise in May 2024 in Canary Wharf. The new premises has enhanced facilities and a great central location. We are delighted to have an almost full compliment of staff at both Birmingham and London sites. Our Group President also works from the London site giving us great England coverage.
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 for a 4th consecutive year we saw our insurance levy reduce due to an improved Experian Credit score.
This years adjustment has resulted in an actuarial loss on the pension of £22,394 and is a direct result of increased interest rates.
Looking Forward
We are excited to be planning for the 2024/25 academic year.
The SU has allocated funds to support the Governance and Administration role to the end of July 25. In addition surplus has been allocated to Welcome ‘24.
The Board agreed to allocate £10k to the continued running of the Lampeter and Carmarthen Venues. This was due to the removal of the funding by the University in the latest robust round of budget negotiations.
In relation to the budget for 24/25, we were delighted to secure a small uplift to allow us to continue with a full time Wales Advice post. We were also able to service a small scaled pay rise for staff within the budget uplift.
The year will have a strong focus on reinvigorating and restructuring the course rep system. This vital network is one that the SU is committed to strengthening over the next year to create new training and ensuring that the members feel valued as representatives.
The Democracy review remains very much in the forefront of our considerations and this is linked to how the University responds to the challenges in the sector. This is the same for the SU strategy which will be informed by that of the University’s strategy.
UWTSD Board was delighted to Welcome two new external members in June 28, Kate Davies and Graham Armstrong.
It has been a pleasure to work with the SU team over the last year and the quality and skills of the board has allowed more flexibility and informed responses to the changing sector environment.
John Wallace, Chair of the Board of Trustees, 2024
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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.
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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:
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a. Strengthen your influence over decisions that affect you Ensure that you understand your rights and have help when you need
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b. it Invest in activities and opportunities to enable you to develop your
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c. skills
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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:
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a. That education should be shaped by students.
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b. That a University experience is more than a degree.
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That University and Students’ Union activities and services should be accessible to
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c. all.
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d. In challenging inequality.
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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. |
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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:
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a. Knowing and Reaching Our Members
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b. Growing Our Opportunities
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c. Amplifying and Strengthening Student Voice
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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
2023-24 saw the Student Union continue to put a tremendous amount of work into reviving student activities including clubs and societies. We continued worked closely with the newly created University Academy of Sport to ensure that the BUCS sporting program would work and our teams have been extremely successful.
We welcomed new members to our Student voice and adviser team which gave us a greater capacity to support students and bring their voice to the forefront.
The Give it a go programmed continued with great uptake and reviews for this low cost, low commitment programme of events.
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 along with roles as SU crew and champions.
Financial Review
We are delighted to report a surplus in the year ending July 2024. The year has seen us able to defer funds into 24/25 we have also allocated our surplus to fund the continuation of the Governance and Administration post.
The Trustees believe that the organisation has continued to display effective financial control and planning during this reporting period.
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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 £150,000 in reserves. We are currently considering adding a provision for redundancies purely based on a prudent approach.
The general fund balance at 31 July 2024 was £163,244. The amount tied up in fixed assets is £51,901 leaving free reserves of £111,343.
Financial risk management objectives and policies
The trustees have established a risk management process which comprises:
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a. Quarterly discussion of the organisational Risk register at Board meetings;
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b. Quarterly discussion of the organisational Risk register at Board sub-committee meetings;
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c. Delegation of the operational management & reporting of Risk to the Chief Executive; and
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The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
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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.
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.
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Trinity Saint David Students' Union
Trustees' Report
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 9 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.
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.
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Trinity Saint David Students' Union
Trustees' Report
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: A Storer-Smith C Reardon-Davies M Curtis J Wallace D Priddy M Dinu (appointed 28 June 2024) R G Grant (appointed 28 June 2024) K Davies (appointed 23 August 2024) A Mercy (appointed 28 June 2024) G Armstrong (appointed 28 June 2024) K Woodhouse (appointed 12 December 2024) L Wilson N Beard
The following Trustees have served during the year end and resigned by the date of completion: M Bleasdale (resigned 24 June 2024) and T Gibbons (resigned 24 June 2024).
Senior Management / Leadership Steve Ralph Team: Michelle Viccars
Reference and Administrative Details
Charity Registration Number: 1157951 Company Registration Number: 09103924 The charity is incorporated in Wales. Registered Office: Dylan Thomas Centre 6, Somerset Place Swansea SA1 1RR Auditor: HSJ Audit Limited Severn House Hazell Drive Newport South Wales NP10 8FY Bankers: HSBC Portland street Swansea SA1 3DF
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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:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 12 February 2025 and signed on its behalf by:
......................................... J Wallace Chairman and Trustee
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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 2024, 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 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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.
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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
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In our opinion, based on the work undertaken in the course of the audit:
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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
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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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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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 9), 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.
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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
13 February 2025
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Trinity Saint David Students' Union
Statement of Financial Activities for the Year Ended 31 July 2024 (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 £ 1,111,056 54,815 1,165,871 (1,055,810) (1,055,810) 110,061 11,121 (22,394) 98,788 (617,969) (519,181) |
Restricted funds £ - - - (4,389) (4,389) (4,389) (11,121) - (15,510) 15,510 - |
Total 2024 £ 1,111,056 54,815 |
|---|---|---|---|
| 1,165,871 | |||
| (1,060,199) | |||
| (1,060,199) | |||
| 105,672 - (22,394) |
|||
| 83,278 (602,459) |
|||
| (519,181) |
The notes on pages 17 to 32 form an integral part of these financial statements. Page 13
Trinity Saint David Students' Union
Statement of Financial Activities for the Year Ended 31 July 2024 (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 £ 1,068,045 71,568 1,139,613 (1,093,435) (1,093,435) 46,178 (3,296) 59,938 102,820 (720,789) (617,969) |
Restricted funds £ 30,281 752 31,033 (68,304) (68,304) (37,271) 3,296 - (33,975) 49,485 15,510 |
Total 2023 £ 1,098,326 72,320 |
|---|---|---|---|
| 1,170,646 | |||
| (1,161,739) | |||
| (1,161,739) | |||
| 8,907 - 59,938 |
|||
| 68,845 (671,304) |
|||
| (602,459) |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 17 to 32 form an integral part of these financial statements. Page 14
Trinity Saint David Students' Union
(Registration number: 09103924) Balance Sheet as at 31 July 2024
| 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 |
2024 £ 51,901 15,386 322,252 337,638 (106,500) 231,138 283,039 (802,220) (519,181) - (519,181) (519,181) |
2023 £ 42,221 20,230 299,660 |
|---|---|---|
| 319,890 (106,666) |
||
| 213,224 | ||
| 255,445 (857,904) |
||
| (602,459) | ||
| 15,510 (617,969) |
||
| (602,459) |
The financial statements on pages 13 to 32 were approved by the trustees, and authorised for issue on 12 February 2025 and signed on their behalf by:
......................................... J Wallace Chairman and Trustee
The notes on pages 17 to 32 form an integral part of these financial statements. Page 15
Trinity Saint David Students' Union
Statement of Cash Flows for the Year Ended 31 July 2024
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Depreciation Working capital adjustments Decrease in debtors 13 Decrease in creditors 15 Decrease (increase) in retirement benefit obligation net of actuarial changes Increase in deferred income 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/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 August Cash and cash equivalents at 31 July |
2024 £ 83,278 11,672 94,950 4,844 (4,875) (55,684) - 39,235 (21,352) 4,709 22,592 299,660 322,252 |
2023 £ 68,845 30,661 |
|---|---|---|
| 99,506 2,170 (11,595) (134,296) 6,500 |
||
| (37,715) (17,838) 739 |
||
| (54,814) 354,474 |
||
| 299,660 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 17 to 32 form an integral part of these financial statements. Page 16
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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: Dylan Thomas Centre 6, Somerset Place Swansea SA1 1RR
These financial statements were authorised for issue by the trustees on 12 February 2025.
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 2024 as activities continue to grow. 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 2025 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 17
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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 3.95% (2023: 4.10%) (based on yields of high quality corporate bonds) and is shown seperately in the notes to the accounts. The carrying amount is £802,220 (2023 -£857,904).
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.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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.
Page 18
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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.
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.
Page 19
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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.
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.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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 20
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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
| Grants, including capital grants; Grants from other agencies |
Unrestricted General £ 1,111,056 1,111,056 |
Total 2024 £ 1,111,056 1,111,056 |
Total 2023 £ 1,098,326 |
|---|---|---|---|
| 1,098,326 |
4 Income from other trading activities
Unrestricted
| Trading income; Sales of purchased goods Bar income Student activities Events income; Other events income |
Designated £ - - - 2,112 2,112 |
General £ 2,063 21,737 28,903 - 52,703 |
Total 2024 £ 2,063 21,737 28,903 2,112 54,815 |
Total 2023 £ 845 40,476 25,875 5,124 |
|---|---|---|---|---|
| 72,320 |
Page 21
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
5 Expenditure on charitable activities
| Note Student activities Bar Staff costs Allocated support costs 6 Governance costs 6 |
Unrestricted funds Designated £ General £ 18,984 153,634 - 22,645 - 626,567 - 157,997 - 75,983 18,984 1,036,826 |
Restricted funds £ 361 - 4,028 - - 4,389 |
Total 2024 £ 172,979 22,645 630,595 157,997 75,983 1,060,199 |
Total 2023 £ 249,817 34,282 620,240 178,241 79,159 |
|---|---|---|---|---|
| 1,161,739 |
Page 22
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
6 Analysis of governance and support costs
Support costs allocated to charitable activities
| Basis of allocation Depreciation B Bank charges A I.T. costs A Training & recruitment A Travel & subsistence A Printing, postage & stationery A Insurance A Miscellaneous costs A Professional services A Telephone A Marketing A Cleaning A Finance charge / credit on SUSS pension provision A |
Finance costs £ - 62 - - - - - - - - - - 3,060 3,122 |
Information technology £ - - 7,197 - - - - - - - - - - 7,197 |
Staff costs £ Administration costs £ - - - - - - 30,537 - - - - 248 - 11,326 - - - 16,850 - - - - - - - - 30,537 28,424 |
Premises costs including depreciation £ 11,672 - - - - - - - - - - 1,330 - 13,002 |
Other support costs £ - - - - 64,028 - - 5,885 - - 5,802 - - 75,715 |
Total 2024 £ 11,672 62 7,197 30,537 64,028 248 11,326 5,885 16,850 - 5,802 1,330 3,060 157,997 |
Total 2023 £ 30,661 64 7,046 49,403 37,947 278 12,751 10,017 17,001 2 5,588 877 6,606 |
|---|---|---|---|---|---|---|---|
| 178,241 |
Page 23
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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
Unrestricted
Staff costs Wages and salaries Audit fees Audit of the financial statements Other governance costs
| funds General £ 66,426 6,650 2,907 75,983 |
Total 2024 £ 66,426 6,650 2,907 75,983 |
Total 2023 £ 61,703 6,500 10,956 |
|---|---|---|
| 79,159 |
Page 24
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
| 7 Auditors' remuneration Audit of the financial statements 8 Net incoming/outgoing resources Net incoming resources for the year include: Audit fees Depreciation of fixed assets 9 Trustees remuneration and expenses During the year the charity made the following transactions with trustees: B Kirk B Kirk received remuneration of £Nil (2023: £19,231) during the year. T Gibbons T Gibbons received remuneration of £Nil (2023: £20,943) during the year. |
2024 £ 6,650 2024 £ 6,650 11,672 |
2023 £ 6,500 |
|---|---|---|
| 2023 £ 6,650 32,500 |
||
V E Liverpool V E Liverpool received remuneration of £Nil (2023: £28,806) during the year. M Dinu M Dinu received remuneration of £3,140 (2023: £Nil) during the year. R G Grant R G Grant received remuneration of £2,774 (2023: £Nil) during the year.
N Beard N Beard received remuneration of £21,996 (2023: £2,502) during the year. L Wilson L Wilson received remuneration of £19,375 (2023: £2,502) during the year.
10 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2024 £ 638,071 44,781 14,169 697,021 |
2023 £ 616,988 51,982 12,973 |
|---|---|---|
| 681,943 |
Page 25
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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:
| Union staff | 2024 No 35 |
2023 No 34 |
|---|---|---|
23 (2023 - 30) of the above employees participated in the Defined Contribution Pension Schemes.
The number of employees whose emoluments fell within the following bands was:
| £60,001 - £70,000 | 2024 No 1 |
2023 No 1 |
|---|---|---|
The total employee benefits of the key management personnel of the charity were £178,031 (2023 - £170,157).
Page 26
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Tangible fixed assets
| Cost At 1 August 2023 Additions At 31 July 2024 Depreciation At 1 August 2023 Charge for the year At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 13 Debtors Trade debtors Prepayments Other debtors 14 Cash and cash equivalents Cash at bank |
Land and buildings £ 71,170 - |
Furniture and equipment £ 116,990 21,352 138,342 101,040 4,555 105,595 32,747 15,950 2024 £ 1,147 11,097 3,142 15,386 2024 £ 322,252 |
Furniture and equipment £ 116,990 21,352 138,342 101,040 4,555 105,595 32,747 15,950 2024 £ 1,147 11,097 3,142 15,386 2024 £ 322,252 |
Total £ 188,160 21,352 209,512 145,939 11,672 157,611 51,901 42,221 2023 £ 3,446 16,784 - |
|
|---|---|---|---|---|---|
| 71,170 | 138,342 | ||||
| 44,899 7,117 |
101,040 4,555 |
||||
| 52,016 | 105,595 | ||||
| 19,154 | 32,747 | ||||
| 26,271 | 15,950 | ||||
| 2024 £ 1,147 11,097 3,142 15,386 2024 £ 322,252 |
|||||
| 20,230 | |||||
| 2023 £ 299,660 |
Page 27
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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 Deferred income Deferred income at 1 August 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2024 £ 23,888 29,306 12,859 4,985 28,962 6,500 106,500 2024 £ 6,500 - (6,500) - |
2023 £ 27,674 24,597 13,562 4,836 29,497 6,500 |
| 106,666 | ||
| 2023 £ - 6,500 - |
||
| 6,500 |
16 Provisions
| At 1 August 2023 Credited to the statement of recognised gains and losses Decrease from fair value adjustments At 31 July 2024 |
Pension contributions provision £ (857,904) 78,078 (22,394) (802,220) |
Total £ (857,904) 78,078 (22,394) |
|---|---|---|
| (802,220) |
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 2024 amount to £78,376 (2023: £74,358). At the balance sheet date, the Union had commitments to pay deficit funding contributions of £6,584 per month, scheduled to increase by 5% with effect from October 2024 until August 2035.
The Union's cash commitment to this Scheme for the year to 31 July 2024 stands at £82,297 (2023: £78,078). The total remaining balance, before re-statement to net present value stands at £1,191,662 (2023: £1,270,038).
Page 28
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
17 Funds
| Unrestricted funds General General unrestricted fund Designated Bar refurbishment fund Pension fund Recruitment & Development fund Welcome fund GIAG Other Mental Health Wellbeing Venues External HR Student Voice Admin Total unrestricted funds |
Balance at 1 August 2023 £ 151,989 7,946 (857,904) 61,509 8,491 10,000 (769,958) - - - - - (617,969) |
Incoming resources £ 1,163,759 - - - - 2,112 2,112 - - - - - 1,165,871 |
Resources expended £ (1,036,826) - - - (14,730) (4,254) (18,984) - - - - - (1,055,810) |
Transfers £ (115,678) - 78,078 - 6,239 - 84,317 11,482 10,000 6,000 15,000 42,482 11,121 |
Other recognised gains/(losses) £ - - (22,394) - - - (22,394) - - - - - (22,394) |
Balance at 31 July 2024 £ 163,244 7,946 (802,220) 61,509 - 7,858 |
|---|---|---|---|---|---|---|
| (724,907) | ||||||
| 11,482 10,000 6,000 15,000 |
||||||
| 42,482 | ||||||
| (519,181) |
Page 29
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
| Restricted funds Winter of Wellbeing INSPIRE Project Bi-centenary Project Total funds |
Balance at 1 August 2023 £ 11,482 4,028 - 15,510 (602,459) |
Incoming resources £ - - - - 1,165,871 |
Resources expended £ - (4,028) (361) (4,389) (1,060,199) |
Transfers £ (11,482) - 361 (11,121) - |
Other recognised gains/(losses) £ - - - - (22,394) |
Balance at 31 July 2024 £ - - - |
|---|---|---|---|---|---|---|
| - | ||||||
| (519,181) |
Page 30
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
| Unrestricted funds General General unrestricted fund Designated Bar refurbishment fund Pension fund Recruitment & Development fund Welcome fund GIAG Total unrestricted funds Restricted funds Winter of Wellbeing Welsh Language MH INSPIRE Project Bi-centenary Project Rhyng Gol Total funds |
Balance at 1 August 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 (671,304) |
Incoming resources £ 1,105,241 - - - - 34,372 34,372 1,139,613 - - 24,840 - 6,193 31,033 1,170,646 |
Resources expended £ (974,226) (2,055) - (40,000) (17,782) (59,372) (119,209) (1,093,435) - (8,844) (23,952) (27,705) (7,803) (68,304) (1,161,739) |
Transfers £ (151,660) - 74,358 61,509 12,497 - 148,364 (3,296) - 1,686 - - 1,610 3,296 - |
Other recognised gains/(losses) £ - - 59,938 - - - 59,938 59,938 - - - - - - 59,938 |
Balance at 31 July 2023 £ 151,989 7,946 (857,904) 61,509 8,491 10,000 |
|---|---|---|---|---|---|---|
| (769,958) | ||||||
| (617,969) | ||||||
| 11,482 - 4,028 - - |
||||||
| 15,510 | ||||||
| (602,459) |
Page 31
Trinity Saint David Students' Union
Notes to the Financial Statements for the Year Ended 31 July 2024
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 £ 51,901 - 217,843 111,937 (106,500) - - (802,220) 163,244 (690,283) Unrestricted funds Restricted General £ Designated £ funds £ 42,221 - - 216,434 87,946 15,510 (106,666) - - - (857,904) - 151,989 (769,958) 15,510 |
Total funds at 31 July 2024 £ 51,901 329,780 (106,500) (802,220) |
| (527,039) | ||
| Total funds at 31 July 2023 £ 42,221 319,890 (106,666) (857,904) |
||
| (602,459) |
Page 32