**REGISTERED COMPANY NUMBER: 10111959 (England and Wales) REGISTERED CHARITY NUMBER: 1168132** ## REPORT OF THE TRUSTEES AND ## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022 ## FOR ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED M. D. Coxey and Co. Limited Chartered Accountants and Statutory Auditors 25 Grosvenor Road Wrexham LL11 1BT WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|8| |Report of the Independent Auditors|9|to|12| |Statement of Financial Activities||13|| |Balance Sheet||14|| |Cash Flow Statement||15|| |Notes to the Cash Flow Statement||16|| |Notes to the Financial Statements|17|to|26| |Detailed Statement of Financial Activities|27|to|28| WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st July 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** WGSU is governed by our Memorandum and Articles of Association, the objects of which are: 1. Promoting the interests and welfare of Students at Glyndwr University during their course of study and representing, supporting and advising Students 2. Being the recognised representative channel between Students at Glyndwr University and any other external bodies; and 3. Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students. ## **Public benefit** The trustees have referred to the Charity Commission's general guidance on public benefit. In pursuit of their objects for the public benefit, WGSU will ensure the diversity of its membership is recognised, valued and supported, and that there are systems in place for use by its members. This includes but is not limited to the WGSU Advice Centre, its Representation and Democracy services, sports teams and societies, reception/information point, entertainment activities and online offerings. The elected sabbatical officers also sit on University committees including but not limited to Academic Board, Vice Chancellors Board and the University Board of Governors. Page 1 WREXHAM GLYNDWR STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 ## **ACHIEVEMENT AND PERFORMANCE Charitable activities** ## **WGSU's Impact 2021 - 2022** In 2021, WGSU launched its new strategy, Roadmap to 2025. This was developed in partnership with students and key stakeholders and will steer the work of the organisation over the next four years. We set objectives based on three commitments that we made to help students: ## **1. Have Fun and Be Well** When you start studying Glyndwr you join a proud and unique community and we want you to remember your time for more than just your academic successes. We will help you connect to other students, make memories, and feel at home at Glyndwr. We know that our students have complex lives on and off Campus and that there might be times where you need support to be your best self. We will be here to help you get back to you again and able to squeeze every last drop out of your university experience. ## **2. Achieve Their Goals** Getting to University is a huge achievement, but we know the work does not stop there. WGSU will always be on your side if and when you ne ed support to achieve the education you deserve. You also told us that you want the opportunity to build skills and experiences whilst at university that will help you with your life beyond Glyndwr. We're committed to helping you leave University with the ability to articulate what additional skills you have gained through your involvement with your Students' Union. ## **3. Change Things** Democratic decision making is our backbone. Students lead the work that we do, and we know the potential that our membership has to change the world. We commit to empowering students at Glyndwr to shape the future of the University, the local community and the world. We will listen to our students' ideas for change and channel our resources into making them become a reality. We will act on feedback and we will be ready to shift our focus to the most pressing needs for change. In order to achieve this, we developed three enabling strategies with the aim to: ## **1. Empower Our People** Our people are what make the SU great. We are a flexible, approachable and dedicated team and as we grow as an organisation we will continue to invest more in our staff and Officers. ## 2. Extend Our Reach Every student at Glyndwr is automatically a member of the Students' Union when they become a student, but we know that not all students know what we have to offer. We will change this by communicating more, ensuring we stay relevant and keeping students at the heart of the decisions we make. ## **3. Embed Sustainability and Inclusivity** Our students care about the future they are heading into. They are enthusiastic about societal change and are consistently telling us that they care deeply about sustainability and inclusivity. We have an opportunity to lead the way in these two key areas with pioneering policies, changes in our practices and a commitment to continual learning. This report outlines our achievements against the Roadmap to 2025 over the academic year 2021-2022. It will outline key successes and challenges, whilst providing an overview of key targets for the next academic year. ## **1. Have Fun and Be Well** **We will offer an allocated week within the academic year to host sessions such as, relaxation, mindfulness, nutrition etc.** Due to funding from HEFCW we were able to provide a Winter of Wellbeing which included: - Provided wellbeing hampers to those staying in halls over the Christmas period (60 hampers) - Delivered a Wellbeing week which included giving out wellbeing packs, mindfulness sessions, therapy dogs on campus, complimentary massages for students, free healthy smoothies, introducing Sky and BT Sports in our bar - Provided Wrexham Students Village with TV monitors for the foyers - Supported the funding of Problem Share Page 2 WREXHAM GLYNDWR STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 - Extended our Period Dignity Campaign to Regent Street and Northop Campus - Gave anti spiking products to students and promoted drinking alcohol responsibly ## **Provide a full activities package for Welcome Week 2021** Welcome week was planned with a hybrid approach with a number of online events as well as events on campus. Ensure a package of events at Glyn's Bar and Lounge throughout the academic year Freshers' week saw the venue full of students each night (capacity 180), with 5 sets of entertainment each evening and daytime activities such as coffee morning, live music at full capacity. The venue was extremely busy with fortnightly quizzes, pool competitions and general day to day hours. This was up until mid - December when Covid crept back in and we had to close. Events up untll Christmas included Comedy Night, Halloween Party Night, live drag act, wellbeing week. There were over 12 private events booked in this year (likely to rise and see much more for the next academic year), including students and staff booking the venue. ## **Encourage students to participate in Sporting activities post pandemic** Encouraging students to participate in the sports teams proved difficult despite our best efforts to promote through Freshers Fayre and all our communication channels. Our only staff member leading on Sports and Societies left the organisation and their replacement has only been in post three months but has a clear plan for the next academic year to increase participation working with the Sports department. Last year saw 4 Sports teams with roughly 40 members. This is significantly low compared to numbers pre pandemic. ## **Encourage students to join or set up a Society** 2021-2022 saw societies back on campus. Through the Society Development Grant, we were able to fund 4 external trips for our societies. Ascertaining active societies proved difficult with receiving no communication back when we reached out to students. However, working from the ground up, our new Student Opportunities Coordinator has worked tirelessly to meet and train the 9 Society committee members that we already have and we plan to increase the number of societies over the next academic year. ## **2. Achieve Your Goals** ## **Advocacy Module** Sadly only 10 enrolled onto the Advocacy Module with 8 completing. ## **Advice** During the latter months of the year, we supported a significant amount of international students studying on the computing programmes with Academic Appeals and Academic Integrity cases. This included facilitating a session at Glyn's lounge between the University and nearly 60 International students in order to explain the process in more detail. We also supported the University to ensure communication to students were written in a way that students could understand. We welcomed the opportunity to meet with key members of the University during this process to ensure that we were consistent in the way we supported these students. During the academic year of 2021-2022 we advised 171 students with the majority of these being Academic Appeals and Extenuating Circumstances. Last year saw an increase of delivering advice to students at partners and online students which is testament to the commitment we gave in last year's report to expand our communications to our harder to reach students. ## Students' Union Awards The SU Awards were held in person for the first time since the pandemic. 134 were in attendance and 23 Awards were distributed to staff and students. ## **3. Change Things** ## Course Reps 215 course reps were elected via Unitu. An online training module was offered to course reps through the Unitu platform. Of the 215, 85 course reps undertook the module. ## **Unitu - online student voice platform** Page 3 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 Unitu was rolled out fully in 2021 (excluding those at partners). To date over 2,000 students have activated their accounts; 197 staff members have activated their accounts and 215 Course reps have activated their accounts. Mid way through the year, a focus group was held with Students, including Associate Deans where students were able to feedback on the platform itself and recommend any developments to the system A key concern for academic staff was the ability for students to post anonymously. However, only a small portion of students have posted anonymously compared to the sector. There have been 192 posts by students. Of these 13% was praise given by students, 14% were ideas from students, 21.6% were questions asked by students and 51.3% of posts were issues raised. There were 23,144 views on Unitu, 899 votes and 800 comments left. ## **Student Council** The election saw a 5% voter turnout with 1378 votes cast and 341 individual voters. Of the 16 positions available only 6 position had candidates standing. Theses were: President; Vice President; Women's Officer; Sustainability Officer; Postgraduate Officer and LGBT+ Officer. No motions were filed by Council in 2021-2022. ## **Students' Union President Achievements** Our President worked tirelessly to continue representing the student voice over the past year, without the presence of a second officer and later a permanent CEO. Below are some of their notable achievements from the past year. - Led the recruitment process in appointing a new CEO, including writing a welcome pack, taking part in candidate shortlisting, interviews and the final appointment decision. - Absorbed the extra workload that became inevitable as a result of being the sole sabbatical officer, prioritising student representation at University committees as much as possible. - Created a Facebook Group, MateSpace, targeting new and returning students at Glyndwr in September. The group peaked in engagement over Freshers' and helped students connect with one another. - Organised a Welcome Week that would be both safe and enjoyable for students. We were able to host events on each day of Freshers', including the Freshers' Fayre, Casino Night and Comedy Night to name a few highlights. - Organised a Christmas Ball in direct response to a request by students, and hired a live DJ for the event. - Met with North Wales Police to discuss safety at night in light of an increase in spiking cases. Introduced our own anti-spiking campaign on the back of this, where we introduced new protocols in our bar similar to the 'Ask Angela' campaign, put up signage and handed out anti-spiking toppers to students. - Worked together with Wrexham AFC to promote Stonewall's Rainbow Laces campaign in support of the LGBTQIA+ community. - Lobbied the University to host a graduation festival to celebrate the achievements of the 2020 and 2021 graduates in light of formal ceremonies being unable to take place. - Encouraged the University to implement a self-certification policy to benefit students unable to meet deadlines for reasons outside of their control without the stress of having to obtain evidence for short-term ailments. - Organised workshops for suicide prevention and emotional resilience training for both staff and students with funding allocated from HEFCW. - Re-introduced the Period Dignity (formerly Period Poverty) campaign, ensuring that there are sanitary products available in all bathrooms across our campuses. - Worked closely with the University's Director of Operations to ensure that catering facilities opened in line with student teaching locations and timetabling. Due to the lack of footfall on campus, catering facilities were unable to open at 'normal' times. To avoid falling into further financial deficit, we had to reach a compromise in offering students limited opening hours that would be of the least possible inconvenience to them. - Met with Aramark to address complaints from students regarding the vending machines, extra checks were carried out to make them all fit for purpose. - Assisted the University by helping to engage students with the HEFCW social prescribing project. - Arranged fundraising events such as the Danceathon and Movember quiz in Glyn's Bar, securing donations to charities such as Cancer Research, Mind and Movember UK. - Celebrated the achievements of both staff and students at our Annual SU Awards Night, where we had a full house of 150 attendees and several award winners. - Worked with the University to ensure that our Wellbeing Weeks are fully collaborative in future years, rather than being two separate events. ## **Challenges** Page 4 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 2021 -2022 was a challenging year for WGSU in terms of staff resignations and the resignation of the President at the start of the academic year. At this point, we were unable to run another election and so Lauren Hole stepped up as President with the Vice President position becoming vacant for the remainder of the year. In addition, the following staff positions became vacant: - Chief Executive Officer - Student Activities Manager (Sports and Societies) - Student Activities Assistant - Advice Centre Manager Also, during this period our Finance and Retail Manager was on maternity leave. During this period, the organisation received interim CEO support from Scott Farmer, Coole Insight Ltd and accountancy support from Haswells Ltd. The Head of Membership Services, Marc Caldecott became responsible for managing Sports and Societies and supporting the Student Adviser to meet the demand of students seeking advice appointments. The focus at this point was to recruit new members of staff which also gave us an opportunity to change the structure in order to meet the needs of the organisation and so the following changes were implemented: - The Advice Centre Manager position was removed from the structure - Membership Project Coordinator was introduced to support the three areas of membership - Student Activities Manager and Student Activities Assistant was removed from the structure and replaced with Student Opportunities Coordinator ## **FINANCIAL REVIEW** ## **Financial position** In 2021-22,WGSU's total income for the year totalled £625,711. If we exclude our pension deficit calculation, our total expenditure was £619,729 on the wide ranging student benefits we provide leaving a surplus for the year of £5,982 (approximately £12,144 in cash terms when fixed assets are removed). This has been an adequate year and has allowed us to maintain an adequate level of reserves. Our pension deficit though has been calculated to £100,000 this year so on our balance sheet it does not leave the situation as positive as it might otherwise be. ## **Reserves policy** WGSU Board of Trustees passed a reserves policy in July 2016 which was reviewed again in April 2021. This policy stipulates the following: 1. Three months operating costs should ideally be held in reserves by WGSU. The average operation costs per three months for WGSU as of 2021/22 is £85,000 2. WGSU should aim to have no less than £70,000 and no more than £100,000 in reserves at any one time 3. Reserves may go above four months operating costs only if there is a specific capital project or investment in assets or services which has been approved by the Board for which funds need saving for, in which case, they will be considered 'designated reserves' 4. When reserves are above the minimum level, the Board should plan to use these within three years 5. If the pension liability is excluded, WGSU have exceeded the minimum threshold for reserves at the year end with £106,409. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** WGSU is a registered charity and a company limited by guarantee (not having a share capital) and is governed by its Memorandum and Articles of Association. The Trustees are Company Law members and the liability of each Company Law Member in the event of winding up is limited to £1. ## **Charity constitution** WGSU is overseen by its Board of Trustees of which there are ten spaces; two officer trustees, four student trustees and four lay trustees. The two officer trustees who are elected each year in accordance with the 1994 Education Act are remunerated for their time in office and cannot exceed two years in post. The Lay trustees are recruited for their expertise in relevant areas of business and the student trustees are recruited to ensure effective representation from across the University. Page 5 WREXHAM GLYNDWR STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** Trustees are appointed on the Board's recommendation following website or open advertising, with a view to ensuring that the Board has the appropriate skill set to discharge its duties. ## **Organisational structure** The Board of Trustees has delegated day to day running of the organisation to the CEO. The Board receives regular reports from the CEO and are responsible for the performance, appraisal and support of the individual. The Board ensures that the CEO has clear objectives, bi-annual performance review meetings, considers development opportunities and ensures the individual is properly remunerated on mutual terms. The Board of Trustees meets quarterly and receives reports from the Officer Trustees as well as the CEO. The Board reviews the performance of WGSU, ensures strategic planning is in place, reviews any risks, ensures there are procedures in place for the health, safety and wellbeing of staff, and decides on operational policy issues. For the sake of continuity, WGSU also employs a number of full time career staff for the management of its many activities. These staff are accountable to the CEO for their performance in carrying out their duties. WGSU also has a Student Council, made up of students elected from a range of demographics and academic areas of the University along with the two elected Officer Trustees. Student Council approves general policy of the Union and seeks to represent the voice of students at the University. ## **Induction and training of new trustees** The Officer Trustees receive an induction to their legal and administrative responsibilities which an ongoing training programme during their term in office. ## **Risk management** The Board of Trustees discusses risks to the organisation at its meetings, ensuring financial risks are managed through its Financial Regulations and Procedures and that procedures and risk assessments are in place for health and safety. In terms of risks associated with the running of a Students' Union specifically, WGSU has a formal risk register for the organisation which includes the areas: premises; governance; finance; staffing; legal; reputation and activities. Systems are put in place to mitigate these risks and the register is reviewed at least annually. ## **Relationship with the University** The relationship between WGSU and the University is established by the Memorandum of Agreement and the Relationship Agreement which is approved by both parties and reviewed annually. The University provides WGSU with an annual Block Grant. The University also take care of utilities related to the Students' Union including IT, health and safety, telecoms and supplies WGSU with a building to operate from. Although WGSU brings in some supplementary funding, it will always be dependent on the University's support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 10111959 (England and Wales) ## **Registered Charity number** 1168132 ## **Registered office** Wrexham Glyndwr University Plas Coch Mold Road Wrexham LL11 2AW Page 6 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2022 ## **Trustees** N J Atkin (resigned 18.2.22) A M Mahmood E L Perrin C W Williams (resigned 13.9.21) L E Hole Sabbatical Officer T E Brierly-Sollis Graduate Teaching Assistant (resigned 1.8.22) A J Rowley Sabbatical Officer (appointed 1.7.22) K E Little (appointed 8.8.22) WGSU employs a Chief Executive Officer (CEO) to ensure effective management of the charity. Stefanie Hartley was appointed as such from 29th July 2019 and left the organisation on 28th January 2022. Interim cover was provided by Scott Farmer between January and August. Kate Little was appointed as the permanent CEO from 8th August 2022. ## **Auditors** M. D. Coxey and Co. Limited Chartered Accountants and Statutory Auditors 25 Grosvenor Road Wrexham LL11 1BT ## **Bankers** Santander Bridle Road Bootle Merseyside L30 4GB ## **Solicitors** Wrigleys Solicitors LLP 19-21 Cookridge Street Leeds LS2 3AG ## **Bankers** Santander Bridal Road Bootle Merseyside L30 4GB ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees (who are also the directors of Wrexham Glyndwr Students' Union Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 7 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## REPORT OF THE TRUSTEES ## FOR THE YEAR ENDED 31ST JULY 2022 ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## **AUDITORS** The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ L E Hole - Trustee Page 8 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## **Opinion** We have audited the financial statements of Wrexham Glyndwr Students' Union Limited (the 'charitable company') for the year ended 31st July 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31st July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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. ## **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 Report of the Independent Auditors 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 this gives rise to 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 9 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## **Our 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 a Report of the Independent Auditors 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and management; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 11 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## **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 auditors' 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 charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. A J Lewis (Senior Statutory Auditor) for and on behalf of M. D. Coxey and Co. Limited Chartered Accountants and Statutory Auditors 25 Grosvenor Road Wrexham LL11 1BT Date: ............................................. Page 12 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## STATEMENT OF FINANCIAL ACTIVITIES ## (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2022 |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
560,672
**Charitable activities**
Charitable activities
58,368
Investment income
4
394
Other income
6,277
**Total**
625,711
**EXPENDITURE ON**
**Charitable activities**
6
Student welfare
650,527
Other
63,202
**Total**
713,729
**NET INCOME/(EXPENDITURE)**
(88,018)
**Other recognised gains/(losses)**
Actuarial gains/(losses) on defined benefit
schemes
358,000
**Net movement in funds**
269,982
**RECONCILIATION OF FUNDS**
Total funds brought forward
(263,573)
**TOTAL FUNDS CARRIED FORWARD**
6,409|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
551
551|31.7.22
Total
funds
£
560,672
58,368
394
6,277
625,711
650,527
63,202
713,729
(88,018)
358,000
269,982
(263,022)
6,960|31.7.21
Total
funds
£
562,199
13,456
119
300
576,074
565,786
99,445
665,231
(89,157)
(31,000)
(120,157)
(142,865)
(263,022)| |---|---|---|---| The notes form part of these financial statements Page 13 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## BALANCE SHEET 31ST JULY 2022 |Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
12
35,033
**CURRENT ASSETS**
Stocks
13
5,955
Debtors
14
3,675
Cash at bank and in hand
90,518
100,148
**CREDITORS**
Amounts falling due within one year
15
(28,772)
**NET CURRENT ASSETS**
71,376
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
106,409
**PENSION LIABILITY**
17
(100,000)
**NET ASSETS/(LIABILITIES)**
6,409
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
-
551
551
-
551
551
-
551|31.7.22
Total
funds
£
35,033
5,955
3,675
91,069
100,699
(28,772)
71,927
106,960
(100,000)
6,960
6,409
551
6,960|31.7.21
Total
funds
£
40,298
8,170
13,771
68,897
90,838
(8,158)
82,680
122,978
(386,000)
(263,022)
(263,573)
551
(263,022)| |---|---|---|---| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. L E Hole - Trustee The notes form part of these financial statements Page 14 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ||CASH FLOW STATEMENT||| |---|---|---|---| |FOR|THE YEAR ENDED 31ST JULY 2022||| |||31.7.22|31.7.21| ||Notes|£|£| |**Cash flows from operating activities**|||| |Cash generated from operations|1|22,675|(21,372)| |Net cash provided by/(used in) operating activities||22,675|(21,372)| |**Cash flows from investing activities**|||| |Purchase of tangible fixed assets||(897)|(2,222)| |Interest received||394|119| |Net cash used in investing activities||(503)|(2,103)| ||||| |**Change in cash and cash equivalents in**|||| |**the reporting period**||22,172|(23,475)| |**Cash and cash equivalents at the**|||| |**beginning of the reporting period**||68,897|92,372| |**Cash and cash equivalents at the end of**|||| |**the reporting period**||91,069|68,897| ||||| The notes form part of these financial statements Page 15 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST JULY 2022 ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Difference between pension charge and cash contributions
**Net cash provided by/(used in) operations**|31.7.22
£
(88,018)
6,162
(394)
2,215
10,096
20,614
72,000
22,675|31.7.21
£
(89,157)
7,111
(119)
(283)
(485)
(8,439)
70,000
(21,372)| |---|---|---| ## 2. **ANALYSIS OF CHANGES IN NET FUNDS** |At 1.8.21
Cash flow
At
£
£
**Net cash**
Cash at bank and in hand
68,897
22,172
68,897
22,172
**Total**
68,897
22,172|31.7.22
£
91,069
91,069
91,069| |---|---| The notes form part of these financial statements Page 16 WREXHAM GLYNDWR STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022 ## **1. STATUTORY INFORMATION** The charity is a a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member. The charity's registered numbers and registered office address can be found on page 5. The presentation currency of the financial statements is the pound sterling (£). ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Going concern** The Students' Union receives a block grant from Wrexham Glyndwr University and occupies part of a University building. Although the Students' Union continues to generate funds from various trading activities, it will always be dependent on University support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future and the financial statements have therefore been prepared on the going concern basis. ## **Significant judgements and estimates** In the application of the charity's accounting policies, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The key assumptions and other sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: ## Local Government Pension Scheme The present value of the local Government Pension Scheme defined benefit liability depends on a number of factors determined on an actuarial basis using a variety of assumptions, including discount rate. Any changes in these assumptions will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pension liability at 31 July 2021. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. ## Donation of Facilities by Wrexham Glyndwr University The Students' Union occupies its buildings on a rent-free basis from Wrexham Glyndwr University. In accordance with the Charities SORP FRS 102, the Union has valued the benefit it receives from occupying this space, which jas been estimated at a comparable market rent in the area, as £102,800 including utility costs. In addition, the Students' Union receives general maintenance, campus and IT services for which no fee is charged. The value of the donation of these services has been estimated at £17,200 based on amounts charged to third parties for similar services. continued... Page 17 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued ## FOR THE YEAR ENDED 31ST JULY 2022 ## **2. ACCOUNTING POLICIES - continued** ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Sports equipment - 15% on reducing balance Office equipment & furniture - 15% on reducing balance Bar equipment & furniture - 15% on reducing balance Fixed assets are stated at cost less accumulated depreciation. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **Pension costs and other post-retirement benefits** The Union contributes to the local authority pension scheme (LGPS), a defined benefit scheme. The LGPS is a funded scheme and the assets are held separately from those of the Union in separate trustee administered funds. Actuarial valuations are obtained at least every three years. The amounts charged to the Statement of Financial Activities are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. Actuarial gains and losses are recognised in other recognised gains and losses. The charity also operates a defined contribution pension scheme. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 18 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 ## **2. ACCOUNTING POLICIES - continued** ## **Donated goods and services** Donated facilities are included as "income from donations and legacies" at their estimated value to the Union which is the amount the Union would be willing to pay on the open market to obtain equivalent services or facilities. At the same time a corresponding amount is recognised under the appropriate expenditure heading. ## **3. DONATIONS AND LEGACIES** **----- Start of picture text -----**
|||| |---|---|---| |31.7.22|31.7.21| |£|£| |Donated services and facilities|120,000|119,000| |University block grant|385,000|371,000| |Job retention scheme|-|21,376| |HEFCW Students wellbeing grant|55,672|50,823| |560,672|562,199| |4.|INVESTMENT INCOME| |31.7.22|31.7.21| |£|£| |Deposit account interest|394|119| |5.|INCOME FROM CHARITABLE ACTIVITIES| |31.7.22|31.7.21| |Charitable|Total| |activities|activities| |£|£| |Sports memberships|-|29| |NUS extra income|636|1,851| |Freshers stalls & events|3,502|-| |Students' Union awards tickets|1,215|-| |Shop income|11,282|4,221| |Sponsorships|2,650|1,500| |Varsity T shirt sales|-|10| |Bar income|39,083|5,845| |58,368|13,456| **----- End of picture text -----**
**6. CHARITABLE ACTIVITIES COSTS** **----- Start of picture text -----**
||||| |---|---|---|---| |Support| |Direct|costs (see| |Costs|note 7)|Totals| |£|£|£| |Student welfare|590,101|60,426|650,527| **----- End of picture text -----**
continued... Page 19 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 ## **7. SUPPORT COSTS** **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Digital,| |design &|Governance| |Management|Finance|communications|costs|Totals| |£|£|£|£|£| |Other resources expended|-|852|-|62,350|63,202| |Student welfare|21,213|12,104|27,109|-|60,426| |21,213|12,956|27,109|62,350|123,628| **----- End of picture text -----**
## **8. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): **----- Start of picture text -----**
|||| |---|---|---| |31.7.22|31.7.21| |£|£| |Auditors' remuneration|7,000|5,700| |Depreciation - owned assets|6,162|7,111| |Hire of plant and machinery|2,827|2,439| |Other operating leases|82,000|82,000| **----- End of picture text -----**
## **9. TRUSTEES' REMUNERATION AND BENEFITS** C W Williams, E Banks, L E Hole and A Rowley, the executive committee sabbatical officers, received remuneration for their services, including contributions to the defined contribution pension scheme of £2,223 (2021: £18,653) , £nil (2021: £17,081), £19,346 (2021: £1,994) and £1,582 (2021: £nil) respectively. This remuneration is authorised by the Union's governing document. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st July 2022 nor for the year ended 31st July 2021. ## **10. STAFF COSTS** **----- Start of picture text -----**
|||| |---|---|---| |31.7.22|31.7.21| |£|£| |Wages and salaries|248,969|290,177| |Social security costs|14,985|17,956| |Other pension costs|98,377|93,467| |362,331|401,600| |The average monthly number of employees during the year was as follows:| |31.7.22|31.7.21| |Administration & support staff|2|2| |Management|1|1| |Student welfare|6|7| |9|10| **----- End of picture text -----**
No employees received emoluments in excess of £60,000. The total remuneration paid to key management personnel for services to the charity was £19,161 (2021: £37,000). continued... Page 20 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 |**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
562,199
**Charitable activities**
Charitable activities
13,456
Investment income
119
Other income
300
**Total**
576,074
**EXPENDITURE ON**
**Charitable activities**
Student welfare
565,786
Other
99,445
**Total**
665,231
**NET INCOME/(EXPENDITURE)**
(89,157)
**Other recognised gains/(losses)**
Actuarial gains/(losses) on defined benefit
schemes
(31,000)
**Net movement in funds**
(120,157)
**RECONCILIATION OF FUNDS**
Total funds brought forward
(143,416)
**TOTAL FUNDS CARRIED FORWARD**
(263,573)|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
551
551|Total
funds
£
562,199
13,456
119
300
576,074
565,786
99,445
665,231
(89,157)
(31,000)
(120,157)
(142,865)
(263,022)| |---|---|---| continued... Page 21 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued ## FOR THE YEAR ENDED 31ST JULY 2022 ## **12. TANGIBLE FIXED ASSETS** |**12.**|**TANGIBLE FIXED ASSETS**|||||| |---|---|---|---|---|---|---| |||||Office|Bar|| |||Sports|equipment||equipment|| |||equipment|&|furniture|& furniture|Totals| |||£||£|£|£| ||**COST**|||||| ||At 1st August 2021|31,069||35,484|8,852|75,405| ||Additions|-||106|791|897| ||At 31st July 2022|31,069||35,590|9,643|76,302| ||**DEPRECIATION**|||||| ||At 1st August 2021|14,640||18,136|2,331|35,107| ||Charge for year|2,464||2,581|1,117|6,162| ||At 31st July 2022|17,104||20,717|3,448|41,269| ||**NET BOOK VALUE**|||||| ||At 31st July 2022|13,965||14,873|6,195|35,033| ||At 31st July 2021|16,429||17,348|6,521|40,298| |**13.**|**STOCKS**|||||| ||Shop stock||||31.7.22
£
5,955|31.7.21
£
8,170| |**14.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||| ||Trade debtors||||31.7.22
£
2,675|31.7.21
£
1,991| ||Other debtors||||-|780| ||Prepayments and accrued income||||1,000|11,000| ||||||3,675|13,771| |**15.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE**||**YEAR**|||| ||Trade creditors||||31.7.22
£
20,931|31.7.21
£
522| ||Other creditors||||-|319| ||Accruals and deferred income||||7,841|7,317| ||||||28,772|8,158| |||||||| continued... Page 22 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 ## **16. MOVEMENT IN FUNDS** |At 1.8.21
£
**Unrestricted funds**
General fund
(263,573)
**Restricted funds**
Charitable collections
205
Societies funds
346
551
**TOTAL FUNDS**
(263,022)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
625,711
(713,729)
**TOTAL FUNDS**
625,711
(713,729)
**Comparatives for movement in funds**
At 1.8.20
£
**Unrestricted funds**
General fund
(143,416)
**Restricted funds**
Charitable collections
205
Societies funds
346
551
**TOTAL FUNDS**
(142,865)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
576,074
(665,231)
**TOTAL FUNDS**
576,074
(665,231)|Net
movement
At
in funds
31.7.22
£
£
269,982
6,409
-
205
-
346
-
551
269,982
6,960
Gains and
Movement
losses
in funds
£
£
358,000
269,982
358,000
269,982
Net
movement
At
in funds
31.7.21
£
£
(120,157)
(263,573)
-
205
-
346
-
551
(120,157)
(263,022)
Gains and
Movement
losses
in funds
£
£
(31,000)
(120,157)
(31,000)
(120,157)| |---|---| continued... Page 23 ## WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 ## **16. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Charitable collections
Societies funds
**TOTAL FUNDS**|At 1.8.20
£
(143,416)
205
346
551
(142,865)|Net
movement
in funds
£
149,825
-
-
-
149,825|At
31.7.22
£
6,409
205
346
551
6,960| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,201,785
(1,378,960)
**TOTAL FUNDS**
1,201,785
(1,378,960)|Gains and
Movemen
losses
in funds
£
£
327,000
149,825
327,000
149,825| |---|---| ## **17. EMPLOYEE BENEFIT OBLIGATIONS** The Union is an admitted body to the Clwyd Pension local government pension scheme (LGPS). The LGPS is a funded defined benefit scheme with assets held in separate trustee-administered funds. The total contribution made for the year ended 31st July 2022 was £35,000 (2021:£37,000), of which employers contributions totalled £22,000 (2021:£24,000) and employees contributions totalled £13,000 (2021;£13,000). The agreed contribution rates for future years are 8% for employers and between 5.5% and 6.5% for employees. The amounts recognised in the Statement of Financial Activities are as follows: |Current service cost
Net interest from net defined benefit
asset/liability
Past service cost
Administration expenses|Defined benefit
pension plans
31.7.22
31.7.21
£
£
87,000
88,000
9,000
6,000
-
-
1,000
2,000| |---|---| ||97,000
96,000| |Actual return on plan assets|3,000
2,000| continued... Page 24 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued ## FOR THE YEAR ENDED 31ST JULY 2022 ## **17. EMPLOYEE BENEFIT OBLIGATIONS - continued** Changes in the present value of the defined benefit obligation are as follows: |Opening defined benefit obligation
Current service cost
Contributions by scheme participants
Interest cost
Remeasurements:
Actuarial (gains)/losses from changes in
financial assumptions
Experience (gain)/loss|Defined benefit
pension plans
31.7.22
31.7.21
£
£
584,000
419,000
87,000
88,000
13,000
13,000
9,000
6,000
(406,000)
70,000
47,000
(12,000)
334,000
584,000| |---|---| Changes in the fair value of scheme assets are as follows: |Opening fair value of scheme assets
Contributions by employer
Contributions by scheme participants
Interest on plan assets
Administration expenses
Return on plan assets (excluding interest
income)|Defined benefit
pension plans
31.7.22
31.7.21
£
£
198,000
134,000
22,000
24,000
13,000
13,000
3,000
2,000
(1,000)
(2,000)
(1,000)
27,000
234,000
198,000| |---|---| The amounts recognised in other recognised gains and losses are as follows: |Actuarial (gains)/losses from changes in
financial assumptions
Experience (gain)/loss
Return on plan assets (excluding interest
income)|Defined benefit
pension plans
31.7.22
31.7.21
£
£
406,000
(70,000)
(47,000)
12,000
(1,000)
27,000
358,000
(31,000)| |---|---| continued... Page 25 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2022 ## **17. EMPLOYEE BENEFIT OBLIGATIONS - continued** The major categories of scheme assets as a percentage of total scheme assets are as follows: ||Defined benefit|Defined benefit|Defined benefit| |---|---|---|---| ||pension|plans|| ||31.7.22|31.7.21|| |Equities|20%||20%| |Other bonds|31%||37%| |Property|6%||6%| |Other|43%||37%| ||100%||100%| ||||| Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages): ||31.7.22|31.7.21| |---|---|---| |Discount rate|3.50%|1.60%| |Future salary increases|3.85%|3.85%| |Future pension increases|2.70%|2.70%| A full actuarial valuation of the pension scheme was carried out at 31st March 2019 by a qualified actuary. The major assumptions are shown above. Defined contribution scheme The pension cost charge includes contributions payable by the charity of £1,023 (2021: £1,248). ## **18. RELATED PARTY DISCLOSURES** The Union occupies premises provided by Wrexham Glyndwr University. During the year, donated services were received from Wrexham Glyndwr University for rent, IT services, maintenance, utilities and other campus services in the sum of £120,000 (2021: £119,000). A recurrent block grant of £385,000 (2021: £371,000) was also received to cover salaries and overheads. During the year, the Union purchased other goods and services from Wrexham Glyndwr University for £10,993 (2021: £2,619). At the year-end an amount of £4,691 (2021: £nil) was due from the University which is shown in Debtors: amounts falling due within one year. At the year-end an amount of £nil (2021: £32) was due to the University which is shown in Creditors: amounts falling due within one year. Page 26 WREXHAM GLYNDWR STUDENTS' UNION LIMITED ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2022 ||31.7.22|31.7.21| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donated services and facilities|120,000|119,000| |University block grant|385,000|371,000| |Job retention scheme|-|21,376| |HEFCW Students wellbeing grant|55,672|50,823| |**Investment income**|560,672|562,199| |Deposit account interest|394|119| |**Charitable activities**||| |Sports memberships|-|29| |NUS extra income|636|1,851| |Freshers stalls & events|3,502|-| |Students' Union awards tickets|1,215|-| |Shop income|11,282|4,221| |Sponsorships|2,650|1,500| |Varsity T shirt sales|-|10| |Bar income|39,083|5,845| |**Other income**|58,368|13,456| |Other income|6,277|300| |**Total incoming resources**|625,711|576,074| |**EXPENDITURE**||| |**Charitable activities**||| |Wages|193,967|210,441| |Social security|9,561|10,577| |Pensions|98,377|93,467| |Hire of plant and machinery|2,827|2,439| |Other operating leases|82,000|82,000| |Insurance|6,101|6,232| |Light and heat|20,800|20,000| |Postage and stationery|698|432| |Marketing|2,948|955| |Sundries|29|893| |NUS|17,156|15,923| |Subscriptions|3,123|3,048| |Advice UK|1,339|2,224| |Elections & campaign material|271|1,782| |Course rep resources|951|6,642| |SU awards|7,750|3,743| |Carried forward|447,898|460,798| This page does not form part of the statutory financial statements Page 27 WREXHAM GLYNDWR STUDENTS' UNION LIMITED |DETAILED STATEMENT OF FINANCIAL ACTIVITIES||| |---|---|---| |FOR THE YEAR ENDED 31ST JULY 2022||| ||31.7.22|31.7.21| ||£|£| |**Charitable activities**||| |Brought forward|447,898|460,798| |Societies|778|(92)| |BUCS|3,380|2,332| |Other sports costs|1,860|1,724| |Transport hire|7,865|-| |Freshers entertainment & material|3,595|4,683| |General entertainment|2,386|163| |Bar & shop purchases|23,545|11,693| |Repairs & renewals|257|-| |Travelling|3,747|628| |Staff training & conferences|4,162|3,912| |Sabbatical training & conferences|9,662|4,976| |IT services|4,600|4,500| |Maintenance|3,600|3,500| |Campus services|9,196|9,324| |Students wellbeing|51,952|50,534| |Unitu costs|5,455|-| |Depreciation of sports equipment|2,464|2,899| |Depreciation of office equipment|2,582|3,061| |Depreciation of bar equipment|1,117|1,151| |**Support costs**|590,101|565,786| |**Management**||| |Wages|19,161|37,000| |Social security|2,052|3,891| |**Finance**|21,213|40,891| |Wages|10,970|19,093| |Social security|1,134|1,425| |Bank charges|852|302| |**Digital, design & communications**|12,956|20,820| |Wages|24,871|23,643| |Social security|2,238|2,063| |**Governance costs**|27,109|25,706| |Auditors' remuneration|7,000|5,700| |Accountancy fees|9,870|4,079| |Legal & professional fees|45,480|2,249| ||62,350|12,028| |Total resources expended|713,729|665,231| |**Net expenditure**|(88,018)|(89,157)| |||| This page does not form part of the statutory financial statements Page 28