| Index | ||
|---|---|---|
| Page | ||
| Executive and Union Information | 3-4 | |
| Annual Report | ||
| Trustee Report | 57 | |
| Structure Governance and Management | 5 | |
| Relationship with the University of East Anglia | 6 | |
| Charitable Objects | 6 | |
| Trustee Board Responsibilities | 6-7 | |
| Strategic Report | 8-14 | |
| Review of achievements and performance | 8-10 | |
| Financial Review and results | 10-12 | |
| Reserves Policy | 11 | |
| Principle risks and uncertainties | 12 | - 13 |
| Future Plans | ||
| Independent Auditors report | 14 | -17 |
| Statement of Financial Activities for the year to 31 July 2020 | 18 | |
| Balance Sheet as at 31 July 2020 | 19 | |
| Consolidated Cash Flow Statement | 20 | |
| Notes to the Consolidated Cash Flow Statement | 21 | |
| Notes to the Accounts | 22-40 | |
| including | ||
| Accounting Policies | 22-24 | |
| Financial Performance of the Union | 25 | |
| Incoming Resources from activities to generate funds | 26 | |
| Analysis of expenditure on charitable activities | 27 | |
| Central Overhead Costs | 28 | |
| Analysis of staff costs | 29 | |
| Tangible Fixed Assets | 32 | |
| Analysis of Charitable Funds | 35 | - 36 |
| 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| Individual votes | 1,977 | 2,750 | 2,140 | 1815 |
| LUnique votes | 9,560 | 16,733 | 14,902 | 10,750 |
| [Engagement score | 4.84 | 6.08 | 6.96 | 6.0 |
| - | |||
|---|---|---|---|
| £‘OOO | £‘OOO | ||
| Unrestricted reserves | (1,792) | ||
| Add back | long term pension liabilities | 2,595 | |
| Long term loans | 886 | ||
| liability for advanced tickets (normalised) | 400 | ||
| Less | NBV of tangible fixed assets | (4,683) | |
| excluding assets from restricted funds | 3,625 | ||
| (1,058 | |||
| Free Reserves | 1,031 |
uea���
Annual Report and Accounts for the year ended 31[st ] July 2022 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNION OF UEA STUDENTS LIMITED (CONTINUED)
testing a sample of income across the year to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w .frc.orq.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 members, 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 Charitable Company's members 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 the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce
Senior Statutory Auditor For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Reading
Date: 23 March 2023
17
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Restricted | Total | Year ended | ||
| Notes | Funds | Building | Funds | Funds | 31 July | |
| projects | Other | |||||
| £‘OOO | £‘OOO | £‘OOO | £‘OOO | E’OOO | ||
| Income and Endowments | ||||||
| from: | ||||||
| Donations | ||||||
| University Grants | 880 | - | - | 880 | 530 | |
| Provision of accommodation | 438 | - | - | 438 | 788 | |
| Compensation for transferred | 4 | 494 | - | - | 494 | 597 |
| businesses | ||||||
| Other funding from University | 109 | - | - | 109 | 214 | |
| Charitable activities for | ||||||
| students | ||||||
| Contributions from Club & | ||||||
| society members | 4 | - | - | 717 | 717 | 217 |
| Commercial trading operations | 5 | 5,445 | - | - | 5,445 | 2,258 |
| Income from Govt. support | ||||||
| schemes and Insurance claims | 6 | 34 | - | - | 34 | 1,546 |
| Other operating income | 39 | - | - | 39 | 26 | |
| Total Income | 7,439 | - | 717 | 8,156 | 6,176 | |
| Expenditure on Resources | ||||||
| Charitable activities for | ||||||
| students | 8 | (1,442) | - | - | (1,442) | (1,204) |
| Club & Society expenses | - | - | (729) | (729) | (165) | |
| Expenditure against grants | (320) | (1) | (321) | (335) | ||
| Commercial Trading Operations | 4/5 | (5,418) | - | - | (5,418) | (4,804) |
| Total Expenditure | (6,860) | (320) | (730) | (7,910) | (6,508) | |
| Decrease in Pension deficit | 403 | - | - | 403 | 42 | |
| Net income I (Expenditure) | 982 | (320) | (13) | 649 | (290) | |
| Funds brought forward at 31 | (2,775) | 4,006 | 389 | 1,620 | 1,909 | |
| July 2021/ (2020) | ||||||
| Fund balances at 31 July | (1,793) | 3,686 | 376 | 2,269 | 1,620 | |
| 2022 /2021 |
| Group | Union | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||
| Note | £‘OOO | £‘OOO | £‘OOO | £‘OOO | |
| FIXED ASSETS: | |||||
| Tangible assets | 16 | 4,683 | 5,144 | 3,661 | 3,997 |
| Investments | 13 | - | - | 750 | 750 |
| 4,683 | 5,144 | 4,411 | 4,747 | ||
| CURRENT ASSETS | |||||
| Stocks | 17 | 65 | 54 | - | - |
| Debtors | 18 | 278 | 492 | 1,853 | 404 |
| Cash at bank and in hand | 2,065 | 1,335 | 134 | 457 | |
| 2,408 | 1,881 | 1,987 | 861 | ||
| CURRENT LIABILITIES | |||||
| Amounts falling due within one year | 19 | (1,340) | (1,510) | (961) | (476) |
| NET CURRENT ASSETS | 1,068 | 371 | 1,026 | 385 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 5,751 | 5,515 | 5,437 | 5,132 | |
| LIABILITIES FALLING DUE AFTER | |||||
| MORE THAN ONE YEAR | |||||
| Bank Loans | 20 | (227) | (292) | (227) | (292) |
| Loans from University | 20 | (659) | (394) | (659) | (394) |
| UUEAS Pension deficit | 20 | (22) | (30) | (22) | (30) |
| SUSS Pension deficit | 20 | (2,574) | (3,179) | (2,574) | (3,179) |
| TOTAL NET ASSETS | 2,269 | 1,620 | 1,955 | 1,237 | |
| RESTRICTED FUNDS | |||||
| Club and Society Funds | 21 | 350 | 362 | 350 | 362 |
| Other Grant funding | 26 | 27 | 26 | 27 | |
| Capital Projects funded by Grant | 3,686 | 4,006 | 3,686 | 4,006 | |
| UNRESTRICTED FUNDS | |||||
| Accumulated Funds | (1,793) | (2,775) | (2,107) | (3,158) | |
| 2,269 | 1,620 | 1,955 | 1,237 |
| Consolidated Cash Flow Statement | |||
|---|---|---|---|
| Year ended | Year ended | ||
| 31.7.22 | 31.7.21 | ||
| Notes | £‘OOO | £‘OOO | |
| Net Cash Flow from operating activities | A | 589 | (15) |
| Returns on investments and servicing of finance | B | 212 | 639 |
| Capital Expenditure | B | (71) | (91) |
| Increase in cash in the period | 730 | 533 | |
| Reconciliation of net cash flow to movement in | net funds | ||
| Increase in cash in the period | C | 730 | 533 |
| Decrease / (increase) in Bank Loans in period | 53 | (245) | |
| Net funds at 31 July 2021/ (31 July 2020) | 990 | 702 | |
| Net Funds at 31 July 2022 / (31 July 2021) | 1,773 | 990 |
| Notes to the consolidated cash flow statement | |||
|---|---|---|---|
| Year ended | Year ended | ||
| 31.7.22 | 31.7.21 | ||
| Note A | |||
| Reconciliation of operating profit to net cash inflow from operating activities | |||
| £‘OOO | £‘OOO | ||
| Total net income I (expenditure) on ordinary activities | 649 | (290) | |
| Interest received | (-) | (-) | |
| Net Income / (Expenditure) | 649 | (290) | |
| Add back depreciation charges | 532 | 553 | |
| Loss on disposal of Fixed assets | - | 8 | |
| (Increase) / Decrease in stocks | (11) | 60 | |
| (Increase) / Decrease in debtors | 214 | (353) | |
| Increase/ (Decrease) in creditors | (180) | 259 | |
| (Decrease) in long term liabilities | (615) | (252) | |
| Net cash inflow/ (outflow) from unrestricted activities | 589 | (15) | |
| Note B | |||
| Analysis of cash flows for headings netted in the cash flow statement | |||
| £‘OOO | £‘OOO | ||
| Returns on investments and servicing of finance | |||
| Bank Loans acquired | - | 350 | |
| Bank Loans repaid Loans from University |
( 53) 265 |
(105) 394 |
|
| Interest received | - | - | |
| Net Cash inflow on investments and servicing of finance | 212 | 639 | |
| Capital expenditure | |||
| Purchase of tangible fixed assets — unrestricted funds | (71) | (91) | |
| Purchase of tangible fixed assets — restricted | funds | - | - |
| Net cash outflow for capital expenditure | (71) | (91) | |
| Note C | |||
| Analysis of changes in net funds | |||
| 1.8.21 | Cash Flow | 31.7.22 | |
| £‘OOO | E’OOO | £‘OOO | |
| Net Cash | 1,335 | 730 | 2,065 |
| Bank Loans | (345) | 53 | (292) |
| Total | 990 | 783 | 1,773 |
| Analysed in balance sheet | |||
| Cash at bank and in hand | 1,335 | 2,065 | |
| Creditors within 1 year | (53) | (65) | |
| Creditors falling due after more than 1 year | (292) | (227) | |
| 990 | 1,773 |
| depreciated over its exp | ected useful life, as follows: | ||
|---|---|---|---|
| New Building | 2% straight line | ||
| Property Improvements | — Union House, SUS (EA) Ltd | 5 | - 10% straight line |
| Property Improvements | — Waterfront SUS Ltd | 20% straight line | |
| Motor Vehicles | 25% straight line | ||
| Fixtures, Fittings and Equipment | 10 | - 25% straight line | |
| Computers and IT. | 25% straight line |
| The summary financial performance of the Union alone is: | ||
|---|---|---|
| Year ended | Year ended | |
| 31.7.22 | 31.7.21 | |
| £‘OOO | £‘OOO | |
| Incoming resources | ||
| University Block grant | 739 | 363 |
| Grant for repairs and utilities | 167 | 167 |
| Grant for/ donation of accommodation | 438 | 788 |
| Payments in respect of transferred business | 494 | 597 |
| INTO and Easton College fees | - | - |
| Income from catering operations commercial trading | - | 222 |
| Income from Covid Support schemes | 20 | 787 |
| Other operating income | 39 | 16 |
| Gift aid payable from subsidiaries | 110 | - |
| Other UEA departmental grants | 109 | 214 |
| 2,090 | 3,154 | |
| Contributions from Club and Society members | 717 | 217 |
| Rent & service charges from subsidiary companies | 724 | 712 |
| 3,531 | 4,083 | |
| Expenditure on charitable activities | (1,443) | (1,308) |
| Expenditure from catering operations commercial trading Expenditure recharged to subsidiary companies |
(-) (724) |
(324) (712) |
| Furloughed wages of casual staff Club and Society expenses |
(-) (729) |
(626) (165) |
| Restricted fund expenditure against capital grants | (320) | (335) |
| (Increase) /Decrease in pension deficit (UEASSS) | 403 | 42 |
| Write down in value of Investment | - | (1,100) |
| Net Incoming / (Outgoing) resources | 718 | (444) |
| Total funds brought forward | 1,237 | 1,681 |
| Total funds carried forward | 1,955 | 1,237 |
| Represented by | ||
| Restricted funds | 4,062 | 4,395 |
| Unrestricted funds | (2,107) | (3,158) |
| 1,955 | 1,237 |
| The summary financial performance of the subsidiary com | panies is: | |||
|---|---|---|---|---|
| Year ended | Year ended | |||
| 31.7.2022 | 31.7.2021 | |||
| SUS | WF | SUS | WF | |
| £‘OOO | £‘OOO | £‘OOO | E’OOO | |
| Turnover | 3,904 | 1,541 | 1,901 | 135 |
| Cost of Sales and Administrative Costs | (3,342) | (1,467) | (2,625) | (412) |
| Rent and Service Charges allocated from the Union | (649) | (76) | (667) | (45) |
| Interest receivable | ||||
| Other income from Covid Support schemes | 116 | 12 | 343 | 426 |
| Profit for the year | 29 | 10 | (1,048) | 104 |
| Brought forward | 709 | 325 | 1,757 | 221 |
| Payments under gift-aid to the Union | - | (110) | - | |
| Retained in subsidiary companies | 738 | 225 | 709 | 325 |
| The assets and liabilities of the companies were: | ||||
|---|---|---|---|---|
| 31 | July 2022 | 31 July 2021 | ||
| SUS | WF | SUS | WF | |
| £‘OOO | £‘OOO | £‘OOO | £‘OOO | |
| Fixed Assets | 851 | 169 | 949 | 197 |
| Current Assets | 2,182 | 710 | 611 | 835 |
| Current Liabilities | (2,195) | (652) | (751) | (707) |
| Long term liabilities | - | - | - | - |
| 838 | 227 | 809 | 325 | |
| Aggregate share capital and reserves | 838 | 227 | 809 | 325 |
| he Group received income in the form of grants, support pa ompensate for the impact of Covid-19 |
yments and insurance recoveries in | the year to |
|---|---|---|
| 2021/22 | 2020/21 | |
| £‘OOO | £‘OOO | |
| Furlough Scheme | 26 | 1,009 |
| Arts Council England grants (Venues) | 2 | 264 |
| Insurance recoveries | - | 200 |
| Local Authority grants | 6 | 69 |
| Other | - | 4 |
| Total | 34 | 1,546 |
| 8. Analysis of expenditure on charitable activities | ||
|---|---|---|
| Year ended | Year ended | |
| 31.7.22 | 31.7.21 | |
| £‘OOO | E’OOO | |
| Representation & governance | ||
| Employment costs | 387 | 371 |
| Internal democracy | 5 | 4 |
| Postgraduate activities | 6 | 7 |
| Volunteer Scheme | - | 2 |
| Conferences | 5 | - |
| NUS affiliation | 13 | 12 |
| Schools I teaching awards | - | - |
| Campaigns | 5 | 2 |
| Central overhead costs | 250 | 223 |
| 671 | 621 | |
| Student support services | ||
| Employment costs | 164 | 134 |
| Miscellaneous expenses | 2 | 1 |
| Subscriptions | 12 | 12 |
| Stationery & telephone | - | - |
| Professional fees | - | - |
| Central overhead costs | 114 | 57 |
| 292 | 204 | |
| Sports Association, Clubs and Societies | ||
| Employment costs | 239 | 214 |
| Individual clubs & societies | 63 | 53 |
| Postgraduate activities | 7 | 6 |
| Central overhead costs | 169 | 106 |
| 478 | 379 | |
| Total Expenditure on charitable activities | 1,442 | 1,204 |
| 2022 | % | Staff | Premises | Other | Total |
|---|---|---|---|---|---|
| costs | costs | costs | |||
| £‘OOO | £‘000 | £‘OOO | £‘OOO | ||
| Representation | 47.1 | 141 | 57 | 53 | 251 |
| Student Support Services | 21.3 | 64 | 26 | 24 | 114 |
| Sports Association, Clubs & Societies | 31.6 | 95 | 39 | 35 | 169 |
| Catering operations | - | - | - | - | - |
| Recharged to subsidiary companies | 243 | 407 | 74 | 724 | |
| 543 | 529 | 186 | 1,258 | ||
| 2021 | % | Staff | Premises | Other | Total |
| costs | costs | costs | |||
| £‘OOO | £‘OOO | £‘OOO | E’OOO | ||
| Representation | 50.7 | 130 | 40 | 54 | 224 |
| Student Support Services | 13.0 | 33 | 10 | 14 | 57 |
| Sports Association, Clubs & Societies | 24.1 | 62 | 19 | 26 | 106 |
| Catering operations | 12.2 | 31 | 10 | 13 | 54 |
| Recharged to subsidiary companies | 220 | 430 | 67 | 719 | |
| 476 | 509 | 174 | 1,159 |
| The total resources exp | e | nded includes the following expenses | ||
|---|---|---|---|---|
| Year ended | Year ended | |||
| 31.7.22 | 31.7.21 | |||
| £‘OOO | £‘OOO | |||
| Depreciation | 532 | 553 | ||
| Auditors Remuneration | — | Consolidated accounts | 8 | 7 |
| Subsidiary companies accounts | 15 | 10 | ||
| Tax and other services | 4 | 6 |
Annual Report and Accounts for the year ended 31[st] July 2022 Notes to the Accounts, continued
11. Analysis of Staff Costs
| 11. Analysis of Staff Costs | |
|---|---|
| Year ended | Year ended |
| 31.7.22 | 31.7.21 |
| £’000 | £’000 |
| Group | |
| Salaries and Wages 2,813 | 2,977 |
| Social Security Costs 171 | 171 |
| Pension Costs 163 | 210 |
| Union | |
| Salaries and Wages 966 | 1,745 |
| Social Security Costs 85 | 91 |
| Pension Costs 96 | 117 |
The average number of employees in the year was 492 (2021 - 524). This splits between salaried staff and staff on short term contracts, the majority of whom are students who work varying hours according to demand and availability and are generally limited to 15 hours per week. The average numbers employed across the year in each category were as follows:-
| Group | Union | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Career Staff | 72 | 81 | 38 | 44 | ||
| Staff on short-term contracts | 420 | 443 | 39 | 66 | ||
| Total | 492 | 524 | 77 | 110 |
The Union has identified as key management personnel the 5 full time sabbatical officers and the senior management team, comprising the Chief of Staff, Director of HR and Shared Services, and Assistant Directors of Social Enterprise, Advocacy and Finance.
The combined remuneration, including payments in lieu of notice, employer’s N.I. and pension costs, accrued holiday and severance of these key management personnel was £409,000 in the year to July 2022 (2021: £385,000)
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| The number of higher paid employees in the Union and the group at | ||
| the end of the period under review was: | ||
| Total emoluments band | ||
| £60,001- £70,000 | 1 | 1 |
| £70,001-£80,000 | - | - |
| £80,001-£90,000 | - | - |
| £90,001-£100,000 | - | - |
| £100,001-£110,000 | - | - |
The above employees were members of a defined contributions pension scheme and group contributions during the period were £9,764 (2021: £8,492)
29
Annual Report and Accounts for the year ended 31[st] July 2022 Notes to the Accounts, continued
12. Trustees’ Remuneration and Expenses
The full time officers elected in March 2021 took office from 1[st] July 2021. Each of the 5 full-time officers in office for the period 1[st] July 2021 to 31[st] June 2022 received a basic salary of £20,433 p.a. (2021: £20,130) and participated in the Union’s salary sacrifice defined contribution scheme.
Their salaries are for the representation, campaigning and support work they undertake, as authorised by the Union’s Constitution. The total salary costs for the full-time officers was £117,000 (2021: £107,000), plus cost of pension contributions £4,000 (2021, £6,000) which includes a period of overlap between incoming and outgoing officers. Expenses were reimbursed to 2 Trustees (2021, 1) in relation to travel and accommodation costs.
13. Investments
| 13. Investments | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Students’ Union Services (East Anglia) Limited | 750,000 | 750,000 |
| Waterfront Student Union Services Limited | 4 | 4 |
14. Control
The Board of Trustees is responsible for the management and administration of the Union (as described in section 57 of the Constitution). The Trustees are appointed and may be removed by Union Council, which consists of representatives elected by the membership.
15. Pensions
SUSS Pension
The Union of UEA Students participates in the Students’ Union Superannuation Scheme (SUSS), which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.
The most recent available valuation of the scheme was carried out as at 30 June 2019 and showed that the market value of the scheme’s assets was £119,103,000 with these assets representing 46% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £140,907,000.
The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.
The following assumptions applied at 30 June 2019:-
The investment return would be 4.0% per annum before retirement and 2.0% per annum after retirement.
Pensions accruing on the CARE basis would revalue at 3.7% per annum.
Present and future pensions would increase at rates specified by scheme rules with appropriate assumptions where these are dependent on inflation.
30
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
The 2019 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 13 years and 10 months and will increase by at least 5% each year, with an additional increase on a specific employer by employer basis at October 2021. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. These rates applied with effect from 1 October 2020 and will be formally reviewed following completion of the next valuation due with an effective date of 1 July 2022. Surpluses or deficits which arise at future valuations will also impact on Union of UEA Students’ future contribution commitment. In addition to the above contributions, Union of UEA Students also pays its share of the Scheme’s levy to the Pension Protection Fund.
The decrease in the liability in the year relates to the annual review of the discount factor used to value the future contributions. The discount factor used at 31 July 2022 was 3.7% (2021 – 1.8%)
Contributions under the 2019 Valuation apply with effect from October 2021 at a rate of £198,756 p.a., increasing by 10.6% p.a, with an additional increase of 5.0% for the year commencing October 2023.
UEASSS Pension
The Union also participates in the University of East Anglia Staff Superannuation Scheme, (UEASSS). Benefits in respect of service accrue on a “final salary” basis.
Under the latest triennial valuation, dated 31 July 2018, contributions continued at the previous rate for the year ended 31 July 2019 with a revised schedule of contributions to be put into effect from August 2019 until 31 December 2022.
At 31 July 2022, the value of the deficit was £31,000 (2021 - £41,000). The value of the deficit has not been discounted over the period of repayment.
The Union now has one active member of the scheme. The contribution rate during the period ended 31 July 2022 applicable to this Union remained at 8.0% of Earnings for the employee and 27.4% of Earnings for the Union (35.4% in aggregate). In future, employer contributions will increase to 35.7% of salary.
The contributions excluding deficit paid into the scheme in respect of eligible employees for the period ended 31 July 2022 amounted to £7,012 (2021 - £5,501).
31
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
16. Tangible Fixed Assets
| Group Cost At 1 August 2021 Additions Transfer Disposals At 31 July 2022 Depreciation At 1 August 2021 Charge for the year Transfer Eliminated on disposal At 31 July 2022 Net Book Value At 31 July 2022 At 31 July 2021 Union Cost At 1 August 2021 Additions Transfer Disposals At 31 July 2022 Depreciation At 1 August 2021 Charge for the year Transfer Eliminated on disposal At 31 July 2022 Net Book Value At 31 July 2022 At 31 July 2021 |
New Property £’000 1,000 - - - |
Property Improve- ments Fittings, Equipment & I.T. Motor Vehicles Totals £’000 £’000 £’000 £’000 7,957 - - - 2,474 71 - - - - - 11,431 71 - - 7,957 2,545 - 11,502 3,824 404 - - 2,123 108 - - - - - - 6,287 532 - - - 4,228 2,231 - 6,819 3,729 314 - 4,683 4,133 351 - 5,144 Property Improve- ments Fittings, Equipment & I.T. Motor Vehicles Totals £’000 £’000 £’000 £’000 5,462 - - - 876 5 - - - - - - 6,338 5 - - |
|---|---|---|
| 1,000 | ||
| 340 20 - - |
||
| 360 | ||
| 640 | ||
| 660 | ||
| 5,462 881 - 6,343 |
||
| 1,693 278 - - 648 63 - - - - - - 2,341 341 - - |
||
| 1,971 711 - 2,682 |
||
| 3,491 170 - 3,661 |
||
| 3,769 228 - 3,997 |
Transfers amend historical classification of refurbishment between property improvements and fixtures and fittings.
32
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
| 17. Stocks | Group | Union | Union | ||
|---|---|---|---|---|---|
| 31.7.22 | 31.7.21 | 31.7.22 | 31.7.21 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Goods for resale | 65 | 54 | - | - | |
| _____ | ____ | _____ | _____ |
Goods for resale 65 54 - -
18. Debtors: Amounts falling due within on year
| Group | Union | Union | |||
|---|---|---|---|---|---|
| 31.7.22 | 31.7.21 | 31.7.22 | 31.7.21 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Trade debtors | 84 | 43 | 68 | 29 | |
| Amounts due from group undertakings | - | - | 1,747 | - | |
| Prepayments and Accrued Income | 194 | 449 | 38 | 375 | |
| _____ | _____ | _____ | _____ | ||
| 278 | 492 | 1,853 | 404 | ||
| _____ | ____ | _____ | _____ |
19. Creditors: Amounts falling due within one year
| Group | Union | Union | |||
|---|---|---|---|---|---|
| 31.7.22 | 31.7.21 | 31.7.22 | 31.7.21 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Trade Creditors | 185 | 116 | 106 | 28 | |
| VAT | 115 | 64 | 115 | 64 | |
| Taxes and Social Security Costs | 12 | 12 | 12 | 12 | |
| Bank Loans | 65 | 53 | 65 | 53 | |
| Accruals and Deferred Income | 745 | 1,059 | 168 | 70 | |
| Pension Deficit contributions | 218 | 206 | 218 | 206 | |
| Amounts owed to group undertakings | - | - | 277 | 43 | |
| _____ | _____ | _____ | _____ | ||
| 1,340 | 1,510 | 961 | 476 | ||
| _____ | _____ | _____ | _____ |
Deferred Income represents ticket sales for events in the nightclubs and venues paid for in advance prior to the year end and income received in advance from stallholders and sponsors in respect of Welcome Week.
| Group | 31.7.21 | Released | Additions | 31.7.22 |
|---|---|---|---|---|
| in year | in year | |||
| £’000 | £’000 | £’000 | £’000 | |
| Net advanced tickets sales for future events | 762 |
(762) | 492 | 492 |
| Income and outlet vouchers for Welcome week | 10 | (1) | 5 | 14 |
| _____ | _____ | _____ |
_____ | |
| Total Deferred Income | 772 | (763) | 497 | 506 |
| _____ | ____ | _____ | _____ |
33
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
| Deferred Income | ||||
|---|---|---|---|---|
| Union | 31.7.21 | Released | Additions | 31.7.22 |
| in year | in year | |||
| £’000 | £’000 | £’000 | £’000 | |
| Income for Welcome week | 9 | - | - |
9 |
20. Creditors: Amounts falling due after one year
| 20. Creditors: Amounts falling due | after one year | ||||
|---|---|---|---|---|---|
| Group | Union | ||||
| 31.7.22 | 31.7.21 | 31.7.22 | 31.7.21 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Bank Loans | 227 | 292 | 227 | 292 | |
| Loans from university | 659 | 394 | 659 | 394 | |
| SUSS Pension Deficit | 2,574 | 3,179 | 2,574 | 3,179 | |
| UEASSS Pension Deficit | 22 | 30 | 22 | 30 | |
| _____ | _____ | _____ | _____ | ||
| 3,481 | 3,895 | 3,481 | 3,895 | ||
| _____ | _____ | _____ | _____ |
Bank Loans represent CBIL loans taken out in June 2021 and payable over 6 years. Interest charges were met by the Government for the first 12 months.
| Group | Union | Union | |||
|---|---|---|---|---|---|
| 31.7.22 | 31.7.21 | 31.7.22 | 31.7.21 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Bank Loan ageing | |||||
| Due within one year | 49 | 53 | 49 | 53 | |
| Within two to five years inclusive | 242 | 234 | 242 | 234 | |
| Greater than five years | - | 58 | - | 58 | |
| _____ | _____ | _____ | _____ | ||
| 291 | 345 | 291 | 345 |
Bank Loans represent CBIL loans taken out in June 2021 and payable over 6 years. Interest charges were met by the Government for the first 12 months. A debenture is held in the name of Union of UEA Students Limited, incorporating a fixed and floating charge over the assets of the company, including a cross company guarantee between the Union of UEA Students Limited, Waterfront-Student Union Services Limited and Students’ Union Services (East Anglia) Limited.’
During the year, an additional loan was provided by the University as part of the historical funding arrangements. This loan of £265,000 is interest free and repayable in 10 years. The £394,000 loan from the previous year is repayable when the reserves position of the Union allows.
The liability for SUSS is payable in increasing instalments over 13 years. The liability is discounted at a factor of 3.7% p.a. (2021: 1.8%)
The liability for UEASSS is payable in equal instalments over 3 years. The liability is not discounted
34
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
21. Analysis of charitable funds
Analysis of movements in unrestricted funds of the Union
| UNION | Balance | Incoming | Resources | Funds at |
|---|---|---|---|---|
| 1.8.21 | resources | expended | 31.7.22 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current year movements on ordinary activities | (3,159) | 2,814 | (2,164) |
(2,509) |
| Movement on long term pensions deficit | 403 | - | 403 | |
| Current year movement on Fund |
(3,159) | 3,217 | (2,164) | (2,106) |
| Analysis of movements in unrestricted funds of the Group | ||||
| GROUP | Balance | Incoming | Resources | Funds at |
| 1.8.21 | resources | expended | 31.7.22 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current year movements on ordinary activities | (2,775) | 7,439 | ( 6,860) |
(2,196) |
| Movement on long term pensions deficit | - | 403 | - | 403 |
| Current year movement on Fund |
(2,775) | 7,842 | (6,860) | (1,793) |
| Analysis of movements in restricted funds of Group – current year | ||||
| Balance | Incoming | Resources | Funds | |
| 1.8.21 | resources | expended | 31.7.22 | |
| £’000 | £’000 | £’000 | £’000 | |
| Clubs and Societies Funds | 362 | 717 | ( 729) | 350 |
| Capital assets funded by specific grants | ||||
| Union House refurbishment | 4,006 | - | ( 320) | 3,686 |
| Other assets funded by specific grants | 27 | (1) | 26 | |
| _____ | _____ | ______ | ______ | |
| 4,395 | 717 | (1,050) | 4,062 | |
| _____ | _____ | __ | ______ | |
| Analysis of movements in restricted funds of Group – prior year | ||||
| Balance | Incoming | Resources | Funds | |
| 1.8.20 | resources | expended | 31.7.21 | |
| £’000 | £’000 | £’000 | £’000 | |
| Clubs and Societies Funds | 310 | 217 | ( 165) | 362 |
| Capital assets funded by specific grants | ||||
| Union House refurbishment | 4,340 | - | ( 334) | 4,006 |
| Other assets funded by specific grants | 27 | - | 27 | |
| _____ | _____ | ______ | ______ | |
| 4,677 | 217 | ( 499) | 4,395 | |
| _____ | _____ | __ | ______ |
35
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
The Clubs and Society funds can only be expended by the elected committee of the club or society for the benefit of the members of that club or society in accordance with the club or society aims.
Assets funded by capital grants are matched against specific non-discretionary funding and not available for general expenditure. As these assets are for long-term use, they are recorded as fixed assets in the balance sheet and the resources expended represents the depreciation charge to the SOFA in the period.
22 Net Assets of the Funds
The Net assets of the UNION at 31.7.22 belong to the various funds as follows
| Fixed | Investments | Net | Long | Funds | |
|---|---|---|---|---|---|
| Assets | Current | Term | Balance | ||
| Assets | Liabilities | ||||
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Restricted Funds | |||||
| Club and Society Funds | - | - | 350 | - | 350 |
| Capital Assets Funded by specific grants | 3,625 |
- | 61 | - | 3,686 |
| Other assets funded by specific grants | - | - | 26 | - | 26 |
| Unrestricted funds | |||||
| General funds | 36 | 750 | 588 | (3,482) | (2,107) |
| _____ | _____ | _____ | _____ | _____ | |
| Union | 3,661 | 750 | 1,026 | (3,482) | 1,955 |
| _____ | _____ | _____ | _____ | _____ | |
| The Net assets of theGROUP at 31.7.2022belong | to the various funds as follows | ||||
| Fixed | Investments | Net | Long | Funds | |
| Assets | Current | Term | Balance | ||
| Assets | Liabilities | ||||
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Restricted Funds | |||||
| Club and Society Funds | - | - | 350 | - | 350 |
| Capital Assets Funded by specific grants | 3,625 |
- | 61 | - | 3,686 |
| Other assets funded by specific grants | - | - | 26 | - | 26 |
| Unrestricted funds | |||||
| General funds | 1,058 | - | 632 | (3,482) | (1,793) |
| _ | _ | _ | _ | _____ | |
| Group | 4,683 | - | 1,068 | (3,482) | 2,269 |
| _ | _ | ______ | ______ | _____ |
36
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
23. Leasing Commitments
At 31 July 2022, the Union and its subsidiary companies had future minimum lease payments under noncancellable operating leases as detailed below:-
cancellable operating leases as detailed below:- |
||
|---|---|---|
| 31.7.22 | 31.7.21 | |
| £’000 | £’000 | |
| Other operating assets | ||
| Due within one year | 77 | 77 |
| Within two to five years inclusive | 227 | 293 |
Waterfront Student Union Services Limited occupies premises leased from Norwich City Council. A new Lease was signed in March 2021 for a term of 6 years ending in August 2026. Rent paid under the lease in the year was £73,000.
24. Capital Commitments
The service lift at the Waterfront Venue has been identified as requiring replacement and options for the work are being investigated. The capital commitment in relation to this for year to July 2022 is expected to be £30,000 - £40,000 (2021, £30,000 - £40,000).
25. Related Party Transactions and Ultimate Controlling Party
The Union of UEA Students owns 100% of the issued share capital of Students Union Services (East Anglia) Limited, company no. 01524381 and Waterfront - Students Union Services Limited, company no. 02834353, which are companies incorporated in England & Wales. During the year, the Union entered into the following transactions:-
ansactions:- |
|||||
|---|---|---|---|---|---|
| Student Union Services |
Waterfront | ||||
| 2022 | 2021 | 2022 | 2021 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Provision of staff | 1,451 | 1,196 | 549 | 207 | |
| Management charges | 321 | 342 | 78 | 44 | |
| Rent on Union House and retail unit | 325 | 325 | - | - | |
| Covenanted payment in respect of | - | - | - | - | |
| taxable profits |
The ultimate controlling party of the Union is its Trustee Board. The directors of the subsidiary companies are also directors of the Union and members of the Trustee Board.
The Union and its trading subsidiary, Student Union Services (East Anglia) Limited engages in a number of transactions with the University of East Anglia. In addition to the block grant of £880,000 the University provided additional grants and funding for Joint initiatives and clubs & society grants of £97,000 (2021, £196,000).
Under the funding arrangement an additional grant of £474,000 was paid in compensation for the transfer of the Union’s retail and catering operations.
The Union owes the University £394,000 in respect of unpaid rent d on Union House uring the first Covid-19 lockdown and completed a further loan of £265,000 in August 2021. Both Loans are held as long-term liabilities on the Balance Sheet.
The Union paid rent on the use of Union House of £438,000 (2021, £438,000), which was funded by a corresponding grant payment. In addition the Union paid £89,000 for utilities (2021, £79,000), £3,000 for repairs and maintenance (2021, £17,000), £25,000 for IT equipment and licences (2021, £5,000), £38,000 in relation to capital expenditure (2021, £7,000) and £7,000 for use of other campus services and facilities (2021, £11,000). In addition, the Union made deficit contributions into the UEASSS pension scheme of £11,000 (2021, £16,000).
37
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
The Union and its subsidiary, Students Unions Services (EA) limited, made sales relating to venues and security services of £1,000 to the University (2021, £89,000)
26. Affiliations
The Union, on behalf of the generality of the students, is currently affiliated to, and paid affiliation fees during the year to, the following external organisations:
year to, the following external organisations: |
||
|---|---|---|
| £’000s | ||
| Advice UK | 1 | |
| National Union of Students | 13 | |
| __ | ||
| 14 | ||
| 27. Financial Instruments. | ||
| 31.7.22 | 31.7.21 | |
| £’000 | £’000 | |
| Group | ||
| Financial assets measured at amortised cost |
2,149 |
1,378 |
| Financial liabilities measured at amortised cost | (942) | (1,186) |
| Financial assets measured at fair value | - | - |
| Financial liabilities measured at fair value | (3,858) | (3,948) |
| The group’s income, expense, gains and losses in respect of financial instruments are summarised below: | ||
| 31.7.22 | 31.7.21 | |
| £’000 | £’000 | |
| Interest income and expense | ||
| Total interest income for financial assets held at amortised cost | - | - |
| 31.7.22 | 31.7.21 | |
| £’000 | £’000 | |
| Union | ||
| Financial assets measured at amortised cost | 201 | 486 |
| Financial liabilities measured at amortised cost | (2,148) | (153) |
| Financial assets measured at fair value | 750 | 750 |
| Financial liabilities measured at fair value | (3,743) | (3,895) |
| The Union’s income, expense, gains and losses in respect of financial instruments are summarised below: | ||
| 31.7.22 | 31.7.21 | |
| £’000 | £’000 | |
| Interest income and expense | ||
| Total interest income for financial assets held at amortised cost | - | - |
| - |
Included within financial instruments held at amortised cost are trade debtors, intercompany balances, cash at bank and in hand, trade creditors, accruals, other creditors and social security and other taxes and bank loans.
Included within financial instruments held at fair value are investments and pension scheme liabilities.
38
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
28. Contingent liabilities
HMRC is currently challenging the application of the catering concession by Students Unions if they consider the establishment to be a pub or bar. Whilst the Union believes it has complied with the concession in good faith, the subjective nature of the interpretation of the concession could mean that HMRC take a different view. No contingent liability has been quantified.
39
Annual Report and Accounts for the year ended 31[st] July 2022
Notes to the Accounts, continued
29. Comparative 2021 Statement of Financial Activities
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | Unrestricted Funds |
Restricted Building projects |
Restricted Funds Other |
Total Funds |
Year ended 31 July |
|
| £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Income and Endowments from: |
||||||
| Donations University Grants Provision of accommodation Compensation for transferred businesses Other funding from University Charitable activities for students Contributions from Club & society members Commercial trading operations Income from Govt. support schemes and Insurance claims Other operating income |
4 4/5 6 |
530 788 597 214 2,258 1,546 26 |
- - - - - - |
- - - - 217 - - - |
530 788 597 214 217 2,258 1,546 26 |
521 788 - 68 647 6,475 714 44 |
| Total Income | 5,959 | - | 217 | 6,176 | 9,257 | |
| Expenditure on Resources | ||||||
| Charitable activities for students Club & society expenses Expenditure against grants Commercial Trading Operations |
8 4/5 |
(1,204) - (4,804) |
- - (335) - |
- (165) - - |
(1,204) (165) (335) (4,804) |
(1,674) (568) (639) (7,482) |
| Total Expenditure | (6,008) | (335) | (165) | (6,508) | (10,363) | |
| (Increase) / decrease in Pension deficit |
42 | - | - | 42 | (1,177) | |
| Net income / (Expenditure) | (7) | (335) | 52 | (290) | (2,283) | |
| Funds brought forward at 31 July 2020/ (2019) |
(2,768) | 4,340 | 337 | 1,909 | 4,192 | |
| Fund balances at 31 July 2021 /2020 |
(2,775) | 4,005 | 389 | 1,620 | 1,909 |
40