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2021-07-31-accounts

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

Charity Registration No. 1165619

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 JULY 2021

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Contents

Legal and Administrative Information 3
Trustees' Annual Report 4
Independent Auditors’ Report 12
Statement of Financial Activities for the Year Ended 31 July 2021 17
Balance Sheet as at 31 July 2021 18
Statement of Cash Flows 19
Notes to the Financial Statements 20

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Legal and Administrative Information

Registered Charity Name University For The Creative Arts Students' Union

Registered CharityName UniversityFor The Creative Arts Students' Union UniversityFor The Creative Arts Students' Union UniversityFor The Creative Arts Students' Union UniversityFor The Creative Arts Students' Union UniversityFor The Creative Arts Students' Union
Charity Number 1165619
Trustees Admire Ncube Resigned 14 June 2021 }
Stefan Gutierrez Yildirim Resigned 4 February 2021 Sabbatical Officers
Sol Gjoines Appointed 15 June 2021
Gaebriel Wilson Appointed 15 June 2021
Karabo Magooa Resigned 29 June 2021 }
Julia Seco Lopez de Ávila Resigned 29 June 2021 Student Trustees
Aaliyah Khan Appointed 4 June 2020
Julia Pentz Appointed 4 June 2020
Sabina Otelea Appointed 30 June 2021
TifanySahili Appointed 30 June 2021
Amanda Francis Appointed 30 June 2021 }
Andrew Fisher Appointed 31 January2019 External Trustees
Roosevelt Avi Appointed 31 January2019
Chief Executive Andy Squire
Principle office UCA Students' Union
Farnham Campus
Falkner Road
FARNHAM
GU9 7DS
Independent Auditors Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Bankers National Westminster Bank Plc
39 The Borough
Farnham
Surrey
GU9 7NR

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Trustees' Annual Report

The trustees present their annual report for the year ended 31 July 2021 under the Charities Act 2011, together with the audited financial statements for the year.

University for the Creative Arts Students! Union (UCASU) is an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 3 of the financial statements.

THE TRUSTEES

The trustees who served the charity during the period are noted on page 3.

KEY MANAGEMENT PERSONNEL

UCASU employs a Chief Executive to work closely with the Executive Officers and ensure effective management of the charity as head of a senior management team as follows:-

Chief Executive Andy Squire Deputy Chief Executive (Membership Engagement) Sophie Jackson

Throughout the year 2020-2021, UCASU!s senior management team consisted of just these two individuals.

STRUCTURE, GOVERNANCE AND MANAGEMENT

UCASU is constituted under the Education Act 1994 as a charity, with internal regulations or Rules approved by the governing body of the University for the Creative Arts (the University). UCASU’s charitable objectives are:

The Full Time Officers are elected annually by cross-campus secret ballot of the UCASU membership. These are President Kent and President Surrey. The Full Time Officers began their term of office on 15 June 2020. These roles are full-time posts remunerated as authorised by the Education Act 1994 and cannot exceed two years duration for each holder. The two full-time, five volunteer Student Trustees and two volunteer External Trustees are regarded as the charity Trustees of UCASU for the purposes of the Charities Act. The External Trustees may serve a term of two years, with an opportunity for their term to be renewed for an additional two years.

All Sabbatical Officer Trustees are elected via a cross campus ballot in our election. This is according to the election regulations set out in the Education Act 1994. Student Trustees are appointed by Sabbatical Officer Trustees with ratification by the full Board of Trustees.

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All External Trustees are selected by the Union!s Sabbatical Trustees. To ensure continuity, we appoint up to four External Trustees on a two-year term with an option for an additional two years (maximum four years per Trustee). Our current external Trustees, Andrew Fisher and Roosevelt Avi have served on the board since January 2019. There is a system in place to recruit new Trustees to ensure continuity of board make up for the future.

ORGANISATIONAL MANAGEMENT

The structure for 2020-2021 was that the Executive Committee and Sabbatical Officers were responsible for suggesting and approving the general policy of the Union.

The Board of Trustees meets quarterly to receive reports from individual Sabbatical Officers and the Chief Executive, to review the charity’s performance and administration generally, and to decide policy issues arising. UCASU also employs a number of non-student full-time staff for the sake of continuity in the management of its many activities. Those staff are accountable to the Chief Executive for the performance of their duties. The staff team consists of 10 full-time staff (not including the paid Sabbatical Trustees), including and led by the Chief Executive.

The charity has a wider network within the National Union of Students, who we affiliate to as a national body, and provide us with support and training to support staff in their role.

The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union's success.

We currently do not have any exemptions from disclosure. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other Unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope to be rewarded for excellence. Delivery of the Union's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

RELATIONSHIP WITH UNIVERSITY FOR THE CREATIVE ARTS

The relationship between the University and UCASU is established in the Regulations of the University and detailed in UCASU Rules approved by both organisations. UCASU receives a Block Grant from the University that is agreed annually. UCASU part-occupies buildings owned by the University, which also pays for utilities, caretaking and cleaning staff. This non-monetary support is intrinsic to the relationship between the University and UCASU. Although UCASU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University’s support.

The Trustees consider it reasonable to anticipate that this or equivalent support from the University will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board reviews the Union's current and planned future activities in the light of any major risks arising from time to time and the effectiveness of systems and procedures designed to manage them. The Board of Trustees takes reasonable steps to be informed of, and assess in order to mitigate, the strategic and

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operational risks that face UCASU, and is responsible for maintaining a risk register that has allocated risk owners alongside them. The principal risks and uncertainties currently facing the Union are considered to be;

Our current financial position places heavy reliance on the university's block grant given to us. In challenging economic times, it is a risk to place such emphasis on one source of income. We are therefore working to diversify our income streams in order to support our financial position. The success of these new income streams will affect our position and performance going forward.

With these risks being considered, the Trustees considered that there are no principal uncertainties for the charity as a going concern.

AIMS, OBJECTIVES AND ACTIVITIES

The Board of Trustees have identified the following as the mission, vision and values of the union. This is part of the Union’s strategic plan that was agreed from July 2020.

AIMS

Change the world

We will enable and inspire our members to make a positive impact on the creative industries and the world around them.

Students owning their experience

We will amplify the student voice at every opportunity to cultivate an inclusive and transformative learning experience.

Development

We will provide every member with opportunities that develop them as individuals and creatives, prepared and excited for their futures.

Relevance

We will be viewed as relevant and trustworthy by every member, playing an active and diverse role in their lives.

Community and wellbeing

We will foster a sense of belonging within our members and an environment of empowerment, collaboration, and support.

VISION

We will be recognised as the heart of the student experience at UCA, enabling our members to make a positive impact on the world around them.

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MISSION

We will create extraordinary experiences and celebrate individuality, amplifying the student voice and fostering a sense of belonging.

VALUES

Shaped by Students Empathy Sustainable Radical Vibrant

The following are themes and objectives as part of the main strategy;

Theme 1 – Change the world: We will enable and inspire our members to make a positive impact on the creative industries and the world around them.

Objectives:

We will take action to lessen our impact on the environment and use our influence to encourage sustainable behaviour on and off campus.

We will work to make UCA campuses a place where all members feel safe, respected, and valued.

We will respond quickly to emerging issues and matters that affect students.

We will enable students to support our campaigns.

Theme 2 – Students owning their experience: We will amplify the student voice at every opportunity to cultivate an inclusive and transformative learning experience.

Objectives:

We will ensure representatives are equipped to communicate and stand up for students’ interests and views at every level of the university structure. UCASU will ensure 100% attendance at University committees it sits on, and Course Reps will take a greater role in the improvement of the learning experience.

We will work with the university to ensure that every student has fair and equal access to high quality provision and are able to fully support themselves through their academic journey.

We will provide high quality and caring support to students by improving the referral processes within the University and attaining a high level of engagement with online triage materials.

Our elections and other democratic activities will be representative of our membership and achieve strong engagement, resulting in all positions being contested and healthy turnout.

We will provide a strong and clear platform for the student voice within the University but publishing a Student Voice report with the input of 25% of the student population.

Theme 3 – Development: We will provide every member with opportunities that develop them as individuals and creatives, prepared and excited for their futures.

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Objectives:

We will run events that provide opportunities for students to collaborate, show, or sell their work, such as Makers Markets, Crafts Fairs, and a Creative Collaboration Club.

We will build our relationship with community groups and organisations, guided by a Community Engagement Stategy and linking with at least one community group per campus.

We will create a process that aids our work to improve paths of engagement with our activities by writing engagement plans for all activities.

We will ensure our student employees consider their work with us as developmental, while experiencing support and respect at work. 85% will say they are more employable as a result of working at UCASU and would recommend working with UCASU to a friend.

We will provide opportunities for students to take a lead on the delivery of our work within clubs, societies, communities, campaigns, and the representative model. This will be achieved by having over 150 students taking a leading role, with three-quarters feeling as though they have developed skills and would recommend the experience to a friend.

Theme 4 – Relevance: We will be viewed as relevant and trustworthy by every member, playing an active and diverse role in their lives.

Objectives:

We will increase our relevance to our members and students will say they know what UCASU is doing and how they can participate.

We will undertake research to have a comprehensive understanding of student experiences, providing UCASU the context in which its members live and study.

We will create a series of strategies that underpin our work to provide support, opportunities and activities to all students. Specifically, this will produce strategies focusing on community engagement, marketing, and student leader development.

We will ensure Glasshouse events reflect the membership of the students’ union and appeal to a diverse range of students.

We will position ourselves so students feel they know and can relate to us. This will be achieved by establishing a brand personality that communicates our beliefs and values.

Theme 5 – Community and wellbeing: We will foster a sense of belonging within our members and an environment of empowerment, collaboration, and support.

Objectives:

We will have active identity communities on each campus, comprising LGBTQ+, BAME, Women and Disabled students.

We will build our relationships with pre-degree and International students.

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We will observe key assigned months and days associated with identity and faith relevant to our members.

We will ensure students at all campuses have SU-run activities they can participate in.

We will work to ensure that Rochester students are not disadvantaged as a result of the 2023 campus closure.

FUTURE PLANS

UCASU introduced a new strategy in summer 2020, which creates an Annual Plan each Spring that supports the overall Aims of the Union. This will allow the Union to be more responsive to the needs and interests of its members and avoid tying student representatives and future Boards to the priorities of previous members.

The dominant factor affecting our activity over 2021/22 will be enhancing the student experience following the effects of the coronavirus Covid-19 pandemic. This is a challenge we are ready for and will endeavour to provide a safe and inclusive experience for all students, sensitive to the realities of students’ experiences during remote learning and an isolated social life.

New commercial streams have been set up to support the Union’s development, and a 13.5% increase to our block grant will help provide more and better activities for students at all campuses.

Our Freshers activities will improve in quality of offer, building on the foundation of commercial reconfiguration started in 2016. Following this, we will continue to create opportunities within the local community, through which at least 50 members will contribute to building links between students and the campus town or city.

Our work to represent marginalised or under-represented groups will expand, making our activity in this area more visible and impactful.

When things aren’t going to plan, we will provide a supportive hand to students who need it. Our advice service is key to this and will assist over 200 students through the year.

FINANCIAL REVIEW

UCASU has completed the 2020-21 financial year with a £8.6k surplus against a budgeted surplus of £6.2k. Income has remained relatively static in the year, with total income of £442k (2020: £453k). Total expenditure was £433k (2020: £459k) which is the main reason for the surplus generated in the year, compared to a deficit in 2020.

Commercial income fell to its lowest figure in recent history, with our largest commercial activity unable to operate due to Covid regulations. UCA supported our activity during the year with additional funding, and we made use of the Covid Job Retention Scheme (furlough) to protect the Union against financial loss.

The Trustees have asked management to aim for balanced budgets over coming periods, building on the investment made particularly in clubs and societies and capital expenditure for events to ensure financial sustainability in future budgets.

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RESERVES POLICY

Reserves of unrestricted funds stood at £112,860 at the year-end (compared to £104,463 at year-end 2019-20. The Trustees agreed in 16-17 a reserves policy for three months of the Union!s budgeted income so it is necessary that spending remains under close control.

Our restricted funds level stands at £19,640 (compared to £19,402 at year-end 2019-20) and these restricted funds are used for our clubs and societies accounts.

CUSTODIAN ACTIVITIES: CLUBS' & SOCIETIES' FUNDS AND THE ANNUAL RAG

UCASU is custodian of the annual RAG proceeds from fundraising events organised by the students under UCASU auspices for distribution to the intended charities. We currently do not have a RAG programme and therefore no funds have been raised under RAG for 2020-21.

POLICY ON GRANT MAKING

UCASU has made no grants in 2020-21 and currently has no plans to in the future. We therefore do not have a grant making policy. UCASU does not engage external professional fundraisers or commercial participators to undertake any fundraising activities and has received no complaints about fundraising practices in the year of review or subsequently.

POLICY ON SOCIAL INVESTMENT INCLUDING PROGRAM RELATED INVESTMENT

UCASU has no social investments as defined by the Charity SORP.

CONTRIBUTION MADE BY VOLUNTEERS

The charity relies heavily on the work of our volunteers in order to drive the student experience. Our volunteers are made up entirely from the student body and we have over 5% of our student population who are active volunteers within our core activities such as course reps, clubs and societies, campaigners and democratic engagement. We are greatly appreciative of all of the hard work undertaken by our volunteers and without their work, we would not be able to operate effectively as a student led organisation.

STATEMENT OF TRUSTEE RESPONSIBILITIES

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and

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the provisions of the Student's Union Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularitie5. Approved by the Board of Trustees and signed on its behalf bv Sol Gjoines Date.. 04 104 12022 Page 11 Doc ID.. 4569ae0978c6f79e1df78149e9c4def46be3bf25

Independent Auditors’ Report To The Trustees Of The University For The Creative Arts Students’ Union

Opinion

We have audited the financial statements of The University for the Creative Arts Students' Union for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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’s 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 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 financial statements are 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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Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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 themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determines 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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Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

James Saunders (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory auditor

Devonshire House 60 Goswell Road London EC1M 7AD

Date:

Moore Kingston Smith LLP is eligible to act as auditor in terms of 1212 of the Companies Act 2006.

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Statement of Financial Activities for the Year Ended 31 July 2021

Notes Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Income from:
Charitable activities 2 367,500 - 367,500 415,130
Other trading activities 3 - - - 953
Investments 4 10 - 10 161
Other income 5 73,877 238 74,115 36,688
Total Income 441,387 238 441,625 452,932
Expenditure on:
Other expenditure 6 45,915 - 45,915 57,504
Charitable activities 7 387,075 - 387,075 401,369
Total Expenditure 432,990 - 432,990 458,873
Net (expenditure)/income and net
movement in funds		 8,397 238 8,635 (5,941)
Reconciliation of Funds
Fund balances brought forward at
1st August 2020		 104,463 19,402 123,865 129,806
Fund balances carried forward at
31st July 2021 16 112,860 19,640 132,500 123,865

All amounts related to continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes on pages 20 to 30 form part of these financial statements.

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS, UNION Balance Sheet as at 31 July 2021 Notes 2021 2021 2020 2020 Fixed Assets Tangible assets Intangible asset5 io 11,794 12,014 3,870 15,884 li 11,794 Current Assets Stocks Debtors Cash at bank and in hand 3,144 11,829 141,221 156,194 5,107 12,110 118,392 135,609 12 Creditor5: Amounts falling due within one year 13 135,4881 127,6281 Net Current Assets 120,706 132,500 107,981 123,865 Net Assets Represented by: Funds of the Charity Restricted funds Unrestricted funds 15 19,640 112,860 19,402 104,463 15 132,500 123,865 The financial 5tatement5 were approved and authori5ed for issue by the Trustees and were signed on their behalf by.. Sol Gjoines Trustee 04104/LJ22 Date The notes on pages 20 to 30 form part of these financial statements. Page 18 Doc ID.. 4569ae0978c6f79e1df78149e9c4def46be3bf25

Statement of Cash Flows

Statement of Cash Flows
Notes 2021 2020
£ £
Cash generated from operating activities:
Net cash provided by operating activities see below 28,937 26,903
Cash flows from investingactivities:
Gain on disposal of fixed assets 272
(6,380)
-		 -
(4,036)
(3,870)
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Net cash provided by/ (used in) investing activities (6,108) (7,906)
Change in cash and cash equivalents in the reporting period 22,829 18,997
Cash and cash equivalents at the beginning of the reporting
period		 118,392 99,395
Cash and cash equivalents at the end of the reporting period 141,221 118,392
Reconciliation of net surplus to net cash flow from operating
activities
2021 2020
£ £
Net deficit(per the income and expenditure account) 8,635 (5,941)
Adjustments for:
Depreciation charges 10,198 4,001
(Increase)/decrease in debtors 281 30,352
(Increase)/decrease in stocks 1,963 3,046
(Decrease)/increase in creditors 7,860 (4,555)
Net cash provided by operating activities 28,937 26,903
Analysis of cash and cash equivalents
2021 2020
£ £
Openingbalance 118,392 99,395
Cash flows 22,829 18,997
Closing balance 141,221 118,392

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION Notes to the Financial Statements

1 Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) including Update Bulletin 2, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

University for the Creative Arts 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern Basis

The trustees have assessed whether the use of going concern is appropriate and made this assessment for a period of at least one year from the date of the approval of these financial statements.

The trustees have given due consideration for the effects of the Covid-19 outbreak, which occurred before these financial statements were signed. The charity is largely sheltered from the expected effects of this due to its major income stream being a block grant from the University of Creative Arts. Although the total amount of this grant for 2022/23 and the timing of its receipt has not been formally approved by the University at the date of signing these financial statements, the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another and therefore the Trustees are confident of its receipt. Events and society programmes that were expected to take place throughout the 2022/23 financial year will be affected, although it is anticipated that whilst these income streams will fall they will be offset by a fall in associated expenditure.

The Trustees are therefore confident that the charity will continue to meet its obligations as they fall due and that the financial statements are prepared on a going concern basis continues to be appropriate.

Income

All income is recognised when there is evidence of entitlement, the receipt is probable and the amount can be measured reliably.

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

Income from trading, including merchandising, retailing and entertainment services, is derived from the Students Union's primary purpose trading activities. Income is recognised as receivable excluding VAT.

1 Accounting Policies (continued)

Grants, where entitlement is conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Subvention grant

The subvention grant represents the block grant receivable from the university for the year and is reviewed annually. It is recognised in the period for which it falls due.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Students' Union.

Governance costs, included within support costs, relate to those costs incurred in connection with the administration of the Students' Union and compliance with statutory and constitutional matters.

Fixed assets

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

1 Accounting Policies (continued)

Depreciation

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases:

Commercial & charity equipment - between 25% and 50% straight line Computers and office equipment - 25% straight line Intangible assets - 50% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs

The Union operates a defined contribution scheme for certain of its employees. The assets of the scheme are held separately from those of the Union. The annual contributions payable are charged to the income and expenditure account.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Restricted funds represent monies held on behalf of the Clubs and Societies of the union, who have discretion to spend the funds they have raised at their discretion.

Investment income and gains and losses are allocated to the appropriate fund.

1 Accounting Policies (continued)

Basic Financial instruments

The charity only holds basic financial instruments as defined by FRS 102. Financial instruments receivable or payable within one year of the reporting date are carried at their transaction price.

Cash and Cash Equivalents

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Critical accounting estimates and areas of judgement

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the opinion of the trustees in applying the accounting policies adopted, there are no judgements or estimates they consider to have a significant effect on the amounts recognised in the financial statements, nor do any estimates or assumptions made carry a significant risk of material adjustments in the next financial year.

2 Income from charitable activities Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Subvention grant 369,000 369,230
Entertainment income (1,500) 23,155
Entertainment fundraising income - 22,745
367,500 415,130
There were no restricted funds included in income from charitable activities in 2021 and 2020.

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION
3 Other tradingactivities Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Amusement machine income - 953
- 953

There were no restricted funds included in income from 'other trading' in 2021 and 2020.

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION
3 Other tradingactivities Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Amusement machine income - 953
- 953
There were no restricted funds included in income from 'other trading' in 2021 and 2020.
4 Investment income Unrestricted Unrestricted
Funds Funds
£ £
2021 2020
Bank interest receivable 9 161
5 Other Income Unrestricted Restricted Total
Funds Funds 2021
£ £ £
Advertising income 110 - 110
Merchandising 2,601 - 2,601
Market stalls 1,297 - 1,297
Membership income 456 - 456
Clubs and societies subscriptions - 238 238
Other income 69,413 - 69,413
73,877 238 74,115
Unrestricted Restricted Total
Funds Funds 2020
£ £ £
Advertisingincome 5,449 - 5,449
Merchandising 1,345 - 1,345
Market stalls 5,209 - 5,209
Membership income 1,306 - 1,306
Clubs and societies subscriptions - 11,523 11,523
Other income 11,856 - 11,856
25,165 11,523 36,688

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~~UNIVERSITY FOR THE CREATIVE A~~ RTS STUDE ~~N~~ TS’ UNION
6 Cost of other tradingactivities Unrestricted Restricted Total
Funds Funds 2021
£ £ £
Fundraising 216 - 216
Commercial services 45,158 - 45,158
Entertainment 540 - 540
45,915 - 45,915
Unrestricted Restricted Total
Funds Funds 2020
£ £ £
Bars and fundraising 903 - 903
Commercial services 15,140 - 15,140
Entertainment 41,461 - 41,461
57,504 - 57,504
7 Costs of charitable activities byactivitytype Unrestricted Restricted Total
Funds Funds 2021
£ £ £
Students' Union 370,976 - 370,976
Support costs 16,099 - 16,099
387,075 - 387,075
Unrestricted Restricted Total
Funds Funds 2020
£ £ £
Students' Union 382,422 497 382,919
Support costs 18,450 - 18,450
400,872 497 401,369
Total
2020
£
9,800
9,800
8 Auditors remuneration Total Total
2021 2020
£ £
Audit Fee 9,800 9,800
9,800 9,800

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

9 Staff costs and emoluments 2021 2020
£ £
Wages and salaries 278,784 275,127
Social securitycosts 15,614
9,452		 17,235
13,662
Otherpension costs
303,850 306,024
The average number of staff employed during the year was: 2021
No
11		 2020
No
8

Total staff

No employee received emoluments of £60,000 or above in the year to 31st July 2021 (2020: nil).

Key management personnel include the Trustees, Chief Executive and senior staff reporting directly to the Chief Executive. The total employee benefits of the charity's key management personnel were £76,929 (2020: £81,992). The salaries of sabbatical officers (who are also Trustees) are not included in this total and are disclosed below.

Trustees' Expenses

Expenses for travel, subsistence and accommodation amounting to £0 (2020: £2,032) were reimbursed to £nil (2020: two) trustees during the year.

Four Trustees (2020: four) received remuneration totalling £32,032 (2020: £26,160) as permitted by the Constitution and By-Laws for services as sabbatical officers in the period.

At the year end, nil Trustees were owed a total of £nil (2020: nil Trustees £nil).

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

10 Tangible fixed assets
Computer
and office
equipment		 Charity &
commercial
equipment		 Total
£ £
Cost
At 1 August 2020 35,539 13,966 49,505
Additions 6,380 - 6,380
Disposals (14,051) - (14,051)
At 31 July 2021 27,868 13,966 41,834
Depreciation 17249 5,903 23,152
At 1 August 2020 31,028 6,463 37,491
Charge for theyear 2,753 3,575 6,328
On disposals (13,779) - (13,779)
At 31 July2021 20,002 10,038 30,040
Net Book Value
At 31 July2021 7,866 3,928 11,794
At 1 August 2020 4,511 7,503 12,014

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION
11 Intangible fixed assets
Online
Platform		 Total
£ £
Cost
At 1 August 2020 3,870 3,870
Additions - -
Disposals - -
At 31 July2021 3,870 3,870
Amortisation
At 1 August 2020 - -
Charge for theyear 3,870 3,870
On disposals - -
At 31 July 2021 3,870 3,870
Net Book Value
At 31 July 2021 - -
At 1 August 2020 3,870 3,870
12 Debtors
Trade debtors
Other debtors
Prepayments and accrued income
13 Creditors: Amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income		 2021
£
1,982
4,626
5,221
11,829
2021
£
7,726
13,646
4,116
10,000
35,488		 2020
£
5,785
4,626
1,699
12,110
2020
£
8,897
8,341
390
10,000
27,628

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

14 Pension commitments

The union operates a defined contribution pension scheme for certain of its employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the union to the fund and amounted to £10,845 (2020: £13,662) during the year. Pension contributions totalling £2,688 (2020: £2,936) were payable to the fund at the balance sheet date and are included in creditors.

There were no pension payments made in respect of the Trustees for the year (2020: £Nil).

15 Analysis of Funds
Balance Balance
Brought Carried
1/8/2020 Income Expenditure Transfers 31/7/2021
£ £ £ £ £
Unrestricted
General 104,463 441,386 (432,990) - 112,860
Total unrestricted 104,463 441,386 (432,990) - 112,860
Restricted
Clubs and Societies 19,402 238 - - 19,640
19,402 238 - - 19,640
Balance Balance
Brought Carried
1/8/2019 Income Expenditure Transfers 31/7/2020
£ £ £ £ £
Unrestricted
General 121,430 441,409 (458,376) - 104,463
Total unrestricted 121,430 441,409 (458,376) - 104,463
Restricted
Clubs and Societies 8,376 11,523 (497) - 19,402
8,376 11,523 (497) - 19,402

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UNIVERSITY FOR THE CREATIVE ARTS STUDENTS’ UNION

16 Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds
Tangible &
Intangible
fixed		 Net
current		 2021
assets assets Total
£ £ £
Unrestricted 11,794 101,066 112,860
Restricted - 19,640 19,640
11,794 120,706 132,500
Tangible &
Intangible
fixed		 Net
current		 2020
assets assets Total
£ £ £
Unrestricted 15,884 88,579 104,463
Restricted - 19,402 19,402
15,884 107,981 123,865

17 Related party transactions

During the year ended 31 July 2021, the Union received a subvention grant totalling £369,000 (2020: £369,230) from the University for the Creative Arts (UCA).

As at 31 July 2021 UCA owed the Union £Nil (2020: £Nil).

18 Controlling party

The ultimate control of the Student Union rests with its membership, represented by the Board of Trustees.

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