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2023-07-31-accounts

REGISTERED COMPANY NUMBER: 10111959 (England and Wales) REGISTERED CHARITY NUMBER: 1168132

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

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 2023

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 29
Detailed Statement of Financial Activities 30 to 32

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2023

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 2023. 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 these 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 Chancellor's Board and the University Board of Governors.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

ACHIEVEMENT AND PERFORMANCE Charitable activities

WGSU's Impact 2022-23

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 at 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 need 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.

Introduction

Welcome to the Wrexham Glyndwr Students' Union (WGSU) Impact Report for the academic year 2022/23. This year was particularly exciting as we ran our first restriction-free Welcome Week since 2019. We also welcomed a new CEO and two new full-time staff members to fill the vacancies we managed in the year prior. One of these roles is the result of a restructure from our previous Advice Centre Manager role, and this role is the Membership Project Coordinator. This person has been extremely effective working across all areas of membership services in Advice, Student Voice and Student Opportunities, offering us more flexibility on how we staff our projects throughout the year.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2023

This year truly felt like the student life on campus had been restored. We saw a considerable increase in student engagement for on-campus activity and delivered the most face-to-face meetings and social activities since 2019. Our digital engagement has followed suit here, too, and the need to consistently promote our offer and engage students online in order to keep them well informed helps drive our continued ambition to make the student experience the best it can be.

This did not come without its challenges; the cost-of-living crisis continues to apply more pressure on students than ever before to seek full-time employment and work longer hours whilst trying to manage their studies. The knock-on effect on mental health alongside students' abilities to meet deadlines has therefore led to an inevitable increase in the use of our services. WGSU is extremely proud of its swift reaction to the crisis and the programme delivered to support students during this difficult time, whether it be via the Advice Centre or our campaigns. We are grateful for the partnerships we have built with the University, local businesses, and other key stakeholders.

2022/23 was also our second year of delivering our strategy, 'Roadmap to 2025'. We are pleased to report significant progress and successes against our objectives, and will continue to remain focused on our offering to students and their understanding of the role that we play in every aspect of their student lives.

This report will demonstrate the impact that WGSU has had on the overall student experience whilst identifying challenges faced and ways in which we reshaped our approach to overcome these. It captures the impact achieved which is testament to the hard work and dedication of our volunteers, officers and staff.

Student Voice

After piloting the online platform, UNITU in 2021-2022, we were delighted to have delivered a full roll out in 2022-2023. This is also being rolled out to our students at partner institutions in 2023-2024. We are delighted to have 41% of students activated on the platform and a total of 203 staff members. The platform has been utilised very well by both staff and students demonstrating a strengthened partnership through the 'Together we changed' section. Due to the success of UNITU within its first year, WGSU was selected as a case study to support other institutions on how to effectively engage students to use the platform.

As a result of student feedback on UNITU, the following has been changed:

Catering

Campus Facilities

I.T

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2023

Learning and Teaching

Democracy

The aim of this year's election was to increase voter turnout and to encourage more students to nominate themselves from different demographics, particularly those students who are harder to reach. For the first time in 10 years, an international student ran for a full time officer position and on campus campaigning was more visible than pre pandemic times. Voter turnout increased by 2% and there was an increase in the number who attended the election results night, creating an exciting and vibrant campus.

The nomination period was open for one month and enabled us to heavily promote it across all our campuses. Information sessions were held where potential candidates could find out more information and gain support in running a campaign. Targeted communications were delivered to over 8,000 students across all campuses and partner institutions.

WGSU worked closely with the University's careers department to ensure that the full and part time roles were advertised to students accessing the service. The election campaign was advertised on television screens across campuses as well as through large banners. Students who voted in our elections were incentivised by being entered into a prize draw to win a free tablet.

Advice

In the last year, the advice centre has seen an increase in students seeking support across the board. More students from partner institutions overseas and in the UK have sought advice and there was an increase in International Students seeking support. Over the course of the year we received 2782 enquiries and provided 237 hours worth of appointments. Submitting Extenuating Circumstances was the most prominent area where students required support with academic issues coming a close second.

We have also had opportunity to meet with different University Departments such as Mental Health and Student Services to explain our services in greater detail, resulting in a new referral system used by WGU student support navigators. This system is working well and we are now reaching more students. It is enabling us to offer advice and guidance to students that we may not have been able to reach as easily before.

Societies

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2023

The past academic year saw a strong resurgence in course-based societies, particularly those related to the Allied Health Professions. Great initiative has been shown by the Physiotherapy Society, who won Society of the Year at the 2023 WGSU Awards; they have maintained consistent communication with their members through regular newsletters and events such as virtual guest speakers, and professional development opportunities (Makaton, Sports Massage, and BSL courses). The Psychology Society was re-established and they have been working with programme staff to implement activities related to research. New society affiliations include: Sports Injury & Rehabilitation, Speech and Language Therapy (SALT), Nutrition & Dietetics, Uni Boob (in partnership with Coppa Feel),Pool League, Alumni (in partnership with WGU Careers), and most recently the Paramedic Society.

Sports

The 2022-23 year was critical for rebuilding sports after the pandemic; it was the first year with a full sense of normalcy in this area. A new system was put in place to make it easier for students to join a sports team and a promising baseline for continuing to develop sports at WGU was established with a 68% increase in Team Glyndwr Membership. The introduction of the Glyndwr Games proved to be a success with students who were not a part of Team Glyndwr participating! The day was filled with staff and students participating in a number of sporting activities followed by an awards ceremony and after party!

We have also been able to extend team training until the end of June, beyond the BUCS season, enabling teams to participate in friendlies with teams in the Wrexham community. It has also enabled teams to provide taster sessions for students who are thinking of joining next year. In addition, we have opened the Team Glyndwr Membership for 2023-2024 in June 2023 so returning and new students are able to join a team prior to the new academic year.

Campaigns

Help Yourshelf

In summer 2022, the WGSU Sustainability Committee launched their 1st campaign in response to the Cost of Living Crisis in the UK. The Campaign proved popular during the first semester and was originally dependent on staff donations. As the Campaign grew, we started raising funds through raffles and competitions. The local MP visited the SU in January 2023 also making a donation and we highlighted the campaign through the local news and eventually ITV Wales news picked up the story and interviewed staff and students. We recently secured funding so we can continue this campaign for as long as it is required.

Period Dignity

Period Dignity is the new name for the Award Winning campaign originally called Period Poverty. This Campaign is now fully funded by the SU and all campuses are included. Period Products are available on all campuses for students who require them. In 2022-2023 we have achieved the following:

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

Wellbeing Week

Wellbeing Week was hosted the week commencing 13th March. Students mostly engaged with the Wellbeing Fair held on the Wednesday where charities and University Departments joined us to promote the services they have available for Students along with a visit from Nation Wide Therapy Dogs and massage therapists offering free massage for students. We participated in the BRIT challenge and held an event in our communal garden.

Sustainability

Glyn's Bar and Events

Glyn's Bar and lounge has gone from strength to strength since being re- branded from the Lazy Lion and this academic year has been no exception. Straight from the off during Welcome Week we saw a packed week of events where students were able to come and meet each other in a safe and sociable environment. There was something for everyone from comedy, casino nights, casual meets and Welsh coffee mornings to get the students welcomed in pure WGSU style.

Building on from this throughout the year, there were regular social events such as quiz nights, themed events including the Diwali light festival and of course our first ever summer World Cup which enabled us to celebrate an international event together with students during academic term time. There has been a rise in societies using the venue and hosting their own events such as the criminology quizzes, Psychology dog therapy sessions and of course our brand new society - The Pool Society, who have led the way in hosting weekly events and special one off events such as The Pool Olympics. This has seen students not only come to participate but also to enjoy the company of their companions and relaxing in an environment that is so much more than just a bar.

Glyn's has also hosted on several occasions to the University and been utilised as a base for events welcoming in potential future students, university staff groups such as LGBT+ network and also partnered with Theatr Clwyd on occasions to assist in holding events. The local community has seen the benefit from Glyn's venue with over 30 private events throughout the year such as local girls grass roots football teams, hosting their awards and celebrations here, Wrexham Pension department as well as a local church group who have hired the venue over the summer.

The Glyn's Bar and Lounge brand is growing fast and is certainly a hit amongst students, whether they wish to use it for events, somewhere to grab a coffee, slice of pizza or simply somewhere to get away and chill out during their free time. It serves as the base for sports teams and societies to meet, mingle and develop together and also offers employment to current students behind the bar, kitchen and during special events.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

SU Awards

The annual WGSU Awards Ceremony took place in May, recognising and celebrating the outstanding achievements and contributions of individuals and teams at Wrexham Glyndwr University. It was an evening filled with excitement, appreciation, and acknowledgement of the remarkable work of students and staff.

The William Aston Hall was adorned with elegant gold lights and glistening decorations, setting the stage for a memorable evening. The two-hour ceremony celebrated excellence in various categories, from exceptional academic support to remarkable contributions made in extracurricular activities seen in student society groups and sports teams.

FINANCIAL REVIEW

Financial position

In 2022-23,WGSU's total income for the year totalled £684,651. If we exclude our pension calculation, our total expenditure was £700,192 on the wide ranging student benefits we provide, leaving a deficit for the year of £15,541 (approximately £9,628 in cash terms when fixed assets are removed). Our pension surplus has been calculated to £12,000 this year so on our balance sheet it does leave the situation more positive than it might otherwise be. Given the substantial increase in University grant agreed for 2023/24 (21%), the Union's operating costs have grown and the focus for the next few years will need to be on building reserves to the appropriate level.

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 surplus is excluded, WGSU have exceeded the minimum threshold for reserves at the year end with £90,849. At this date, restricted funds not available for the general purposes of WGSU were £570.

The Reserves Policy was updated in October 2023 to reflect the increasing operating costs of our growing organisation. The focus for 2023/24 and beyond will be to generate surpluses and grow our commercial income to build up reserves.

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.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

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 is an ongoing training programme during their term in office. New Lay Trustees this year received a full induction alongside the Officer Trustees.

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 are 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

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

Trustees

A M Mahmood (resigned 31.7.23) E L Perrin (resigned 31.7.23) L E Hole Sabbatical Officer (resigned 30.6.23) T E Brierly-Sollis Graduate Teaching Assistant (resigned 1.8.22)

A J Anglesea Sabbatical Officer

K E Little Chief Exective Officer (appointed 8.8.22)

J Russ Director (appointed 17.4.23)

S I Temple-Farmer Director (appointed 17.4.23)

M J Head Sabbatical Officer (appointed 1.7.23) J A H Simpson (appointed 1.8.23) L A Thomas (appointed 1.8.23)

WGSU employs a Chief Executive Officer (CEO) to ensure effective management of the charity. Kate Little was appointed as such on 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).

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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

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:

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 11th January 2024 and signed on its behalf by:

A J Anglesea - Trustee

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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 2023 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:

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:

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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:

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.

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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:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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.

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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: .............................................

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
573,000
Charitable activities
5
Charitable activities
103,829
Investment income
4
1,211
Other income
4,802
Total
682,842
EXPENDITURE ON
Charitable activities
6
Student welfare
709,147
Other
13,255
Total
722,402
NET INCOME/(EXPENDITURE)
(39,560)
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
136,000
Net movement in funds
96,440
RECONCILIATION OF FUNDS
Total funds brought forward
6,409
TOTAL FUNDS CARRIED FORWARD
102,849		 Restricted
funds
£
-
1,809
-
-
1,809
1,790
-
1,790
19
-
19
551
570		 31.7.23
Total
funds
£
573,000
105,638
1,211
4,802
684,651
710,937
13,255
724,192
(39,541)
136,000
96,459
6,960
103,419		 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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

BALANCE SHEET 31ST JULY 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
12
33,508
CURRENT ASSETS
Stocks
13
7,041
Debtors
14
1,619
Cash at bank and in hand
58,126
66,786
CREDITORS
Amounts falling due within one year
15
(9,445)
NET CURRENT ASSETS
57,341
TOTAL ASSETS LESS CURRENT
LIABILITIES
90,849
PENSION ASSET/(LIABILITY)
17
12,000
NET ASSETS
102,849
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
570
570
-
570
570
-
570		 31.7.23
Total
funds
£
33,508
7,041
1,619
58,696
67,356
(9,445)
57,911
91,419
12,000
103,419
102,849
570
103,419		 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

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 11th January 2024 and were signed on its behalf by:

A J Anglesea - Trustee

The notes form part of these financial statements

Page 16

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JULY 2023
31.7.23 31.7.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (29,196) 22,675
Net cash (used in)/provided by operating activities (29,196) 22,675
Cash flows from investing activities
Purchase of tangible fixed assets (4,388) (897)
Interest received 1,211 394
Net cash used in investing activities (3,177) (503)
Change in cash and cash equivalents in
the reporting period (32,373) 22,172
Cash and cash equivalents at the
beginning of the reporting period 91,069 68,897
Cash and cash equivalents at the end of
the reporting period 58,696 91,069

The notes form part of these financial statements

Page 17

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JULY 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.7.23 31.7.22
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (39,541) (88,018)
Adjustments for:
Depreciation charges 5,913 6,162
Interest received (1,211) (394)
(Increase)/decrease in stocks (1,086) 2,215
Decrease in debtors 2,056 10,096
(Decrease)/increase in creditors (19,327) 20,614
Difference between pension charge and cash contributions 24,000 72,000
Net cash (used in)/provided by operations (29,196) 22,675

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22
Cash flow
At
£
£
Net cash
Cash at bank and in hand
91,069
(32,373)
91,069
(32,373)
Total
91,069
(32,373)		 31.7.23
£
58,696
58,696
58,696

The notes form part of these financial statements

Page 18

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023

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 8.

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 19

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

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. The difference between the fair value of the plan assets and the defined benefit obligation is recognised in the balance sheet as a pension asset or liability as appropriate.

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.

Actuarial valuations are obtained at least every three years.

continued...

Page 20

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

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.

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

Donated services and facilities
University block grant
HEFCW Students wellbeing grant
Sports & socs engagement grant
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Sports memberships
NUS extra income
Charitable collections
Society income
Freshers stalls & events
Students' Union awards tickets
Shop income
Sponsorships
Bar income		 31.7.23
£
163,000
400,000
5,000
5,000
573,000
31.7.23
£
1,211
31.7.23
Charitable
activities
£
4,020
475
18,998
1,416
6,318
525
12,530
1,446
59,910
105,638		 31.7.22
£
120,000
385,000
55,672
-
560,672
31.7.22
£
394
31.7.22
Total
activities
£
-
636
-
-
3,502
1,215
11,282
2,650
39,083
58,368

continued...

Page 21

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 7) Totals
£ £ £
Student welfare 616,679 94,258 710,937

7. SUPPORT COSTS

Management
£
Other resources expended
-
Student welfare
45,942
45,942		 Digital,
design &
Governance
Finance
communications
costs
£
£
£
1,366
-
11,889
18,995
29,321
-
20,361
29,321
11,889		 Totals
£
13,255
94,258
107,513

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.7.23 31.7.22
£ £
Auditors' remuneration 5,150 7,000
Depreciation - owned assets 5,913 6,162
Hire of plant and machinery 1,388 2,827
Other operating leases 123,192 82,000

9. TRUSTEES' REMUNERATION AND BENEFITS

C W Williams, L E Hole, A Anglesea and M J Head, the executive committee sabbatical officers, received remuneration for their services totalling £38,534 (2022: £23,151) including contributions to the defined contribution pension scheme of £755 (2022: £585). This remuneration is authorised by the Union's governing document.

Trustees' expenses

Travel expenses of £660 (2022:£Nil) were paid on behalf of three trustees in the year.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.7.23
£
313,705
19,756
50,950
384,411		 31.7.22
£
248,969
14,985
98,377
362,331

continued...

Page 22

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

10. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Administration & support staff
Management
Student welfare		 31.7.23

2
1
8
11		 31.7.22
2
1
6
9

No employees received emoluments in excess of £60,000.

The total remuneration paid to key management personnel for services to the charity was £41,391 (2022: £19,161).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
560,672
Charitable activities
Charitable activities
58,368
Investment income
394
Other income
6,277
Total
625,711
EXPENDITURE ON
Charitable activities
Student welfare
650,527
Other
63,202
Total
713,729
NET INCOME/(EXPENDITURE)
(88,018)
Other recognised gains/(losses)
Actuarial gains 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		 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

continued...

Page 23

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

12. TANGIBLE FIXED ASSETS

12. TANGIBLE FIXED ASSETS
Office Bar
Sports equipment equipment
equipment & furniture & furniture Totals
£ £ £ £
COST
At 1st August 2022 31,069 35,590 9,643 76,302
Additions - 2,705 1,683 4,388
At 31st July 2023 31,069 38,295 11,326 80,690
DEPRECIATION
At 1st August 2022 17,104 20,717 3,448 41,269
Charge for year 2,095 2,616 1,202 5,913
At 31st July 2023 19,199 23,333 4,650 47,182
NET BOOK VALUE
At 31st July 2023 11,870 14,962 6,676 33,508
At 31st July 2022 13,965 14,873 6,195 35,033
13. STOCKS
31.7.23 31.7.22
£ £
Shop stock 7,041 5,955
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£ £
Trade debtors 700 2,675
Prepayments and accrued income 919 1,000
1,619 3,675
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£ £
Trade creditors 470 20,931
Other creditors 270 -
Accruals and deferred income 8,705 7,841
9,445 28,772

continued...

Page 24

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
TOTAL FUNDS		 follows:
Incoming
resources
£
682,842
392
1,417
1,809
684,651		 At 1.8.22
£
6,409
205
346
551
6,960
Resources
expended
£
(722,402)
(393)
(1,397)
(1,790)
(724,192)
At 1.8.21
£
(263,573)
205
346
551
(263,022)		 Net
movement
At
in funds
31.7.23
£
£
96,440
102,849
(1)
204
20
366
19
570
96,459
103,419
Gains and
Movement
losses
in funds
£
£
136,000
96,440
-
(1)
-
20
-
19
136,000
96,459
Net
movement
At
in funds
31.7.22
£
£
269,982
6,409
-
205
-
346
-
551
269,982
6,960

Page 25

continued...

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
625,711
625,711		 Resources
expended
£
(713,729)
(713,729)		 Gains and
Movement
losses
in funds
£
£
358,000
269,982
358,000
269,982		 Gains and
Movement
losses
in funds
£
£
358,000
269,982
358,000
269,982
269,982

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.8.21 in funds 31.7.23
£ £ £
Unrestricted funds
General fund (263,573) 366,422 102,849
Restricted funds
Charitable collections 205 (1) 204
Societies funds 346 20 366
551 19 570
TOTAL FUNDS (263,022) 366,441 103,419

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
1,308,553
(1,436,131)
Restricted funds
Charitable collections
392
(393)
Societies funds
1,417
(1,397)
1,809
(1,790)
TOTAL FUNDS
1,310,362
(1,437,921)		 Gains and
Movement
losses
in funds
£
£
494,000
366,422
-
(1)
-
20
-
19
494,000
366,441		 Gains and
Movement
losses
in funds
£
£
494,000
366,422
-
(1)
-
20
-
19
494,000
366,441
19
366,441

Page 26

continued...

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

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 2023 was £31,000 (2022:£35,000), of which employers contributions totalled £20,000 (2022:£22,000) and employees contributions totalled £11,000 (2022:£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:

Defined benefit Defined benefit Defined benefit
pension plans
31.7.23 31.7.22
£ £
Current service cost 40,000 87,000
Net interest from net defined benefit
asset/liability 3,000 9,000
Past service cost - -
Administration expenses - 1,000
43,000 97,000
Actual return on plan assets 9,000 3,000

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
31.7.23
31.7.22
£
£
334,000
584,000
40,000
87,000
11,000
13,000
12,000
9,000
(219,000)
(406,000)
111,000
47,000
289,000
334,000		 Defined benefit
pension plans
31.7.23
31.7.22
£
£
334,000
584,000
40,000
87,000
11,000
13,000
12,000
9,000
(219,000)
(406,000)
111,000
47,000
289,000
334,000
334,000

continued...

Page 27

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets
Contributions by employer
Contributions by scheme participants
Expected return
Interest on plan assets
Administration expenses
Return on plan assets (excluding interest
income)		 Defined benefit
pension plans
31.7.23
31.7.22
£
£
234,000
198,000
20,000
22,000
11,000
13,000
9,000
-
-
3,000
(1,000)
(1,000)
28,000
(1,000)
301,000
234,000		 Defined benefit
pension plans
31.7.23
31.7.22
£
£
234,000
198,000
20,000
22,000
11,000
13,000
9,000
-
-
3,000
(1,000)
(1,000)
28,000
(1,000)
301,000
234,000
234,000

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
31.7.23
31.7.22
£
£
219,000
406,000
(111,000)
(47,000)
28,000
(1,000)
136,000
358,000		 Defined benefit
pension plans
31.7.23
31.7.22
£
£
219,000
406,000
(111,000)
(47,000)
28,000
(1,000)
136,000
358,000
358,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit Defined benefit
pension plans
31.7.23 31.7.22
Equities 14% 20%
Other bonds 40% 31%
Property 6% 6%
Other 40% 43%
100% 100%

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

31.7.23 31.7.22
Discount rate 5.00% 3.50%
Future salary increases 3.95% 3.85%
Future pension increases 2.80% 2.70%

continued...

Page 28

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2023

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The mortality assumptions used were as follows:

31.7.23 31.7.22
Years Years
Longevity at 65 for current pensioners
Men 20.9 22.5
Women 23.4 24.9
Longevity at 65 for future pensioners
Men 22.3 24.0
Women 25.2 26.9

A full actuarial valuation of the pension scheme was carried out at 31st March 2022 by a qualified actuary. The major assumptions are shown above.

Defined contribution scheme

The pension cost charge represents contributions payable by the company and amounted to £1,539 (2022: £1,023). Contributions totalling £270 (2022: £1,023) were payable to the scheme at the year end and are included in creditors:amounts falling due within one year.

Summary of pension costs

The total pension cost for the year was as follows:

The total pension cost for the year was as follows:
31.7.23 31.7.22
£ £
Defined contribution scheme 1,539 1,023
Defined benefit scheme 49,411 97,354
50,950 98,377

18. RELATED PARTY DISCLOSURES

The Union occupies premises provided by Wrexham University. During the year, donated services were received from Wrexham University for rent, IT services, maintenance, utilities and other campus services in the sum of £ 163,000 (2022: £120,000). A recurrent block grant of £400,000 (2022: £385,000) was also received to cover salaries and overheads. Non recurring grants received in the year totalled £28,800 (2022: £Nil).

During the year, the Union purchased other goods and services from Wrexham University for £4,854 (2022: £10,993) and made sales of £8,904 (2022:£Nil) to Wrexham University.

At the year-end an amount of £Nil (2022: £469) was due from the University which is shown in Debtors: amounts falling due within one year. A bad debt of £345 was written off in the year.

At the year-end an amount of £32 (2022: £Nil) was due to the University which is shown in Creditors: amounts falling due within one year.

Page 29

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2023

31.7.23 31.7.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donated services and facilities 163,000 120,000
University block grant 400,000 385,000
HEFCW Students wellbeing grant 5,000 55,672
Sports & socs engagement grant 5,000 -
573,000 560,672
Investment income
Deposit account interest 1,211 394
Charitable activities
Sports memberships 4,020 -
NUS extra income 475 636
Charitable collections 18,998 -
Society income 1,416 -
Freshers stalls & events 6,318 3,502
Students' Union awards tickets 525 1,215
Shop income 12,530 11,282
Sponsorships 1,446 2,650
Bar income 59,910 39,083
105,638 58,368
Other income
Other income 4,802 6,277
Total incoming resources 684,651 625,711
EXPENDITURE
Charitable activities
Wages 227,601 193,967
Social security 11,602 9,561
Pensions 50,950 98,377
Hire of plant and machinery 1,388 2,827
Other operating leases 123,192 82,000
Insurance 6,502 6,101
Light and heat 21,244 20,800
Postage and stationery 796 698
Marketing 2,645 2,948
Sundries 985 29
NUS 18,534 17,156
Subscriptions 8,763 3,123
Advice UK 276 1,339
Elections & campaign material 3,030 271
Carried forward 477,508 439,197

This page does not form part of the statutory financial statements

Page 30

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2023
31.7.23 31.7.22
£ £
Charitable activities
Brought forward 477,508 439,197
Course rep resources 368 951
SU awards 3,684 7,750
Societies 3,986 778
BUCS 3,642 3,380
Other sports costs 5,347 1,860
Transport hire 16,509 7,865
Freshers entertainment & material 5,085 3,595
General entertainment 1,380 2,386
Bar & shop purchases 37,476 23,545
Repairs & renewals 201 257
Travelling 3,718 3,747
Recruitment costs 1,071 -
Staff training & conferences 4,282 4,162
Sabbatical training & conferences 1,201 9,662
IT services 5,612 4,600
Maintenance 3,685 3,600
Campus services 9,277 9,196
Students wellbeing 4,834 51,952
Unitu costs 18,000 5,455
Sustainability 1,388 -
Bad debts 2,512 -
Depreciation of sports equipment 2,095 2,464
Depreciation of office equipment 2,616 2,582
Depreciation of bar equipment 1,202 1,117
616,679 590,101
Support costs
Management
Wages 41,391 19,161
Social security 4,551 2,052
45,942 21,213
Finance
Wages 17,771 10,970
Social security 1,224 1,134
Bank charges 1,366 852
20,361 12,956
Digital, design & communications
Wages 26,942 24,871
Social security 2,379 2,238
29,321 27,109
Governance costs
Auditors' remuneration 5,150 7,000
Carried forward 5,150 7,000

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Page 31

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

Governance costs
Brought forward
Accountancy fees
Legal & professional fees
Total resources expended
Net expenditure		 DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2023
31.7.23
31.7.22
£
£
5,150
7,000
6,648
9,870
91
45,480
11,889
62,350
724,192
713,729
(39,541)
(88,018)

This page does not form part of the statutory financial statements

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