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← Wrexham Students' Union Ltd

2024-07-31-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 2024

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 2024

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 30
Detailed Statement of Financial Activities 31 to 33

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

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 2024. 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 Wrexham University during their course of study and representing, supporting and advising Students

  2. Being the recognised representative channel between Students at Wrexham 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 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

WGSU's Impact 2023-24

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 Wrexham University 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 Wrexham University.

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 Wrexham University. 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 Wrexham University 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 Wrexham University 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 Wrexham Glyndwr Students' Union's Impact Report for 2023/2024. This report serves as a record of our achievements against the measures of our Roadmap to 2025 strategy and highlights the tremendous work of our staff and officers in supporting students through challenging times, particularly the cost-of-living crisis.

As a charity, we exist to represent and support the students of Wrexham University throughout their journey with us. We have been a critical friend to the University and have been at the forefront of decision-making processes at the highest level. Your full-time officers have sat on over 30 committees and working groups, whilst also delivering on their manifesto promises, hosting social events and campaigning on a local and national level.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2024

We are delighted to have been ranked the no.1 Students' Union in Wales for effectively representing the views of students (NSS, 2023) and as an institution, ranked no.1 for Student Voice. We attribute this to the fantastic work we have done with Unitu, our online student feedback platform. On the topic of national success, we entered a motion at the NUS National Conference that was passed. The policy is around lobbying universities to ensure better healthcare provision on our campuses.

We have played a pivotal role in the University's Campus 2025 strategy and are delighted to have been a part of shaping the design of the Learning Gateway Building, which will be the new home of the Students' Union in the next couple of years. During the next academic year, we will go through a period of change as we decant into the Catrin Finch Centre as part of the capital development projects and have a complete rebrand to align with the University's new name and rebrand. It truly is an exciting period that we are entering.

Our success has not been possible without the strong partnership we have with Wrexham University. We would like to thank them and all our stakeholders for their continued support. Finally, we would like to thank our student staff and volunteers who strive to create a difference and enhance the student experience.

Student Voice

-Course reps nominated 200 -Course reps activated on Unitu 196 -Course Reps trained 73 (37%) -Total students on Unitu Wrexham 8370 -Total students activated on Unitu 3648 (47%) -Training Hours available to course reps 20 -Staff total activated on Unitu 222 -Total activated 3829 (48%)

During the academic year there were a total of 251 posts created with 780 votes. The total views were 17,650 with 571 comments made. This year, we introduced a new feature called 'Feedback Campaigns' with four created and a total of 269 form submissions.

In collaboration with Wrexham University and SU staff, course rep elections were facilitated earlier for level 5 and 6 students (May-September 2023) so that all elected reps could complete training over the summer, easing academic pressures for students and staff.

200 course reps were elected for academic year 2023/24. These reps had access to both face-to-face and online training sessions, giving reps the chance to complete training at convenient times for them.

7 course reps showed exceptional commitment to the role and received a certificate of recognition and an award.

Our Student Voice team collaborated with University staff to facilitate 58 Student Voice Forums.

Unitu is in its second year of full roll out and has the ability to identify what progress has been made against the feedback submitted. Below are highlights of 'Together We Changed' for the year, and updates are shared with all students via Student Voice Forums and are sent as a targeted email to students on specific programs where relevant.

Catering

-Free reusable Huskcups were kindly donated to students at our Northop campus by Aramark

Campus Facilities

I.T

Learning and Teaching

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

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. Although there were fewer candidates than last year, we saw the same voter turnout. For the second time in 10 years, an international student ran for a full-time officer position and on-campus campaigning was more visible than ever before. The nomination period was open for one month and enabled us to heavily promote it across all of 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 Elections season 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. An aim moving forward is to increase engagement in Democracy and a staff member dedicated to this area will be employed for 2024/2025.

Advice

The Students' Union Advice Centre has gone from strength to strength over this past academic year; with 2987 contacts and 432 appointments with students. We have supported students in all University policies, with extenuating circumstances being the most accessed procedure. We also supported and guided students to the appropriate services with personal issues outside of their university life.

The Advice Centre has gone out and about this year, visiting all the North Wales campuses, sharing information on the support we provide; we have also supported partner institute students from all over the world, from Ireland; China;, England; Israel; South Africa; Japan and Egypt.

Our working relationship with University departments has continued to grow over this period, and we continue to engage with their teams on a regular basis, taking students' concerns and issues directly to those who make the decisions. We have been actively involved in the updating of University policies and procedures, ensuring that the voice and needs of Wrexham students are considered with any necessary changes or amendments made.

Societies

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

Sports

We have had a tremendous season in Sport this academic year! Students in sports increased by 28% from 2022-23, with a total of 87 official members. Another 23 students participated recreationally, with many looking to join a team officially next year. Eight sports memberships were granted funds from HEFCW, allowing these eight students to participate when their situation was otherwise cost-prohibitive. We also included new benefits to the Sport Membership offer to improve the value with additions like: An exclusive 10% discount from the SU shop and bar; a free place at the annual SU Awards; and development opportunities, such as coaching and officiating qualifications and inclusivity/awareness training. Training sessions offered to students covered a range of topics, from LGBTQIA+ inclusivity in sports, to sexual health and consent workshops. These were funded and organised by the Students' Union.

Our Netball 1st team had an undefeated regular season; they won 7 out of 7 games, finished 3 points clear of the second-place team, and secured promotion to a higher tier next season. Men's Volleyball has had a greatly improved season, winning 5 out of 6 games and finishing 3rd out of 9 teams in their tier! Our Men's Hockey team also secured promotion! Women's Hockey improved and now have double the number of players they had in 2022-23. They won a third of their games this season.

Four members of our Hockey team became qualified level 1 umpires, meaning they are able to officiate BUCS fixtures and certain external club matches. Two students from the Football Coaching programme were signed on to coach our Men's Football team, and one member of our Netball team has started the coaching pathway with funds from the Students' Union.

We are delighted to have secured a partnership with sports kit provider Surridge Sport and Top Mark Uniforms Ltd (a local printing and embroidery company) for new home and away kits for all teams! The colours and design reflect Wrexham University's new identity and many sports students have remarked on their high quality and comfort. These new kits will be included in the Sports Membership offer, with an option to purchase and personalise your own kit and/or training wear directly from the providers!

Campaigns

Help Yourshelf

Originally set up in the summer of 2022, the purpose of Help Yourshelf was to provide the student population at Wrexham University with food and basic essentials to support with the cost of living. Now running into it's second year, the campaign is still in high demand. Help Yourshelf stations have been installed in Wrexham, St Asaph and Bloomsbury Institute to reach a higher number of students in need. With £2k HEFCW funding secured, the Students' Union has continued efforts to reach as many students as possible with the delivery of meal kits, recipe cards, wellbeing boxes as well as the consistent replenishment of the shelves. Following a successful Lidl Community Grant bid, the team were able to treat Wrexham Student Village residents over the winter break. Upon request, 32 Elf Yourshelf Christmas packages were delivered to students. Additionally, two 'Pantry Takeovers' have taken place in Wrexham Village, with over £300 worth of breakfast foods made available for students.

Help Yourshelf featured during Go Green Week and Wellbeing Week, giving away 100 insulated lunch bags to to help save money, and the addition of a new fridge at St Asaph campus. There were also Wellbeing Boxes available during the Wellbeing Fair and 30 breakfast vouchers were purchased from Aramark for students to enjoy a hot breakfast and drink.

In March 2024, Vice President Maisie attended the NUS Wales Conference and was presented the NUS Campaign of the Year Award.

Period Dignity

Now into its sixth year, the Period Dignity Campaign is as successful as ever. Over £2000 has been made available for the campaign this year, with nearly 5000 products purchased ranging from disposable pads and tampons to re-useable bundles (all purchased from local or small businesses).

In total there are 18 Period Dignity stations across all campuses, including 4 TOTM stations which are all organic products and we have been able to introduce 2 new stations in Wrexham Student Village and the Applied Arts building at the Regent Street Campus. Period products are also available through the Help Yourshelf campaign for students to take.

This year, we teamed up with WINGS Wrexham (part of the Welsh Government Scheme - Period Proud Wales). With their donations, nearly 10,000 free products have been made available for all students this academic year.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

Wellbeing Week

The Students' Union gave Wellbeing Week 2024 a refresh with the addition of art therapy and animal therapy, alongside the return of some popular events. The Wellbeing Fair saw 250 students walk through the doors, where local charities including The British Heart Foundation, Trussell Trust and WINGS Wrexham held stalls. Our evening event, Glyngo Bingo was a clear hit with students, too, as our venue reached maximum capacity and students won some fantastic prizes. Throughout the week, members of the team visited satellite campuses highlighting the importance of student wellbeing and University services available to them. Workshops were held by professional facilitators, covering the topics of sexual safety and confidence building.

Sustainability

Wrexham Students' Union is proud to have been awarded the score of 'Excellent' in Green Impact for 2023. The scheme is assessed by Students Organising for Sustainability (SOS), and is 'designed to support environmentally and socially sustainable practice within organisations'. SOS, who've worked with over 500 organisations to date, has a history of working in a range of sectors including universities, students' unions, hospitals and councils.

The WGSU Sustainability Committee was established in August 2022 and continues to thrive. This gives University staff, Union Staff, Student Council representatives and students the opportunity to meet regularly to share ideas and initiatives to make our University Community as sustainable as possible.

We saw record levels of engagement during Go Green Week in 2024. The SU worked alongside the SHE and Estates team to deliver a week-long campaign which included a Clothing Exchange, Tree Plantathon project and Pledge-bola activity which took place at Regent Street, Plas Coch and Northop campuses.

Glyn's Bar and Events

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

This year has seen a huge increase in events and numbers through the door of the Students' Union communal area - known as Glyn's Bar & Lounge. The main points that stand out from the previous year are an increase of an extra 14 general student/staff events, 12 society/sports-led events and the introduction of Wrexham match days, which has seen a staggering 4100 customers through the doors over a period of 27 matches. Of the total events recorded, there has been an increase of 70 events overall which is an exact 100% increase from the previous year.

The introduction of opening on match days has seen our footfall increase and has also acted as a fantastic marketing tool for the University by bringing in local and international fans onto campus, who have shown to be extremely impressed with new campus developments. This has even led to the Welcome to Wrexham documentary film crew hiring the venue for their staff!

All l in all it has been an exciting year for Glyn's Bar & Lounge and the venue is now becoming vastly recognised across the local area. As always, we prioritise the venue for students and understand that we are a thriving part of Wrexham University Campus. We continue to allow students to use the space for a variety of reasons, such as study, socialising, eating, drinking and as a place to celebrate and come together. Our motto and hashtag of #NotJustABar has truly shone through and will continue to do so as we move forwards each year.

SU Awards

The annual SU Awards Ceremony took place in May, recognising and celebrating the outstanding achievements and contributions of individuals and teams at Wrexham 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 2023-24,WGSU's total income for the year totalled £809,347. If we exclude our pension calculation, our total expenditure was £803,409 on the wide ranging student benefits we provide, leaving a surplus for the year of £5,938 (approximately £11,117 in cash terms when fixed assets are removed). Our pension surplus has been calculated to £32,000 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.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

FINANCIAL REVIEW

Reserves policy

WGSU Board of Trustees passed a reserves policy in July 2016 which was reviewed again in April 2021 and again in October 2023 where Trustees amended the policy to only include cash and cash equivalents when calculating the reserves policy.

This policy now stipulates the following:

  1. Three months operating costs should ideally be held in cash reserves by WGSU. The average operation costs per three months for WGSU as of 2023/24 is £126,000

  2. WGSU should aim to have no less than £80,000 and no more than £150,000 in free reserves at any one time

  3. 75% of the cash reserves should be held in a separate "Reserve" account to that used for day-to-day banking

  4. 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'

  5. When reserves are above the minimum level, the Board should plan to use these within three years

  6. If the pension surplus is excluded, WGSU have not yet exceeded the minimum threshold for free reserves at the year end with £73,703 cash in bank. At this date, restricted funds not available for the general purposes of WGSU were £11,269.

The focus for 2024/25 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.

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.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 2024

Trustees

A J Rowley Sabbatical Officer (resigned 31.5.24) K E Little Chief Executive Officer (resigned 15.1.24)

J Russ Director

S I Temple-Farmer Director

M J Head Sabbatical Officer

J A H Simpson Sabbatical Officer (appointed 1.8.23)

L A Thomas Financial Controller (appointed 1.8.23)

F Groom (appointed 1.7.24)

WGSU employs a Chief Executive Officer (CEO) to ensure effective management of the charity. Kate Little resigned from her post in March 2024 . Marc Caldecott has been appointed as interim CEO in her place.

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

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

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:

Approved by order of the board of trustees on 17th January 2025 and signed on its behalf by:

M J Head - 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 2024 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

17th January 2025

Page 15

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
663,148
Charitable activities
5
Charitable activities
118,974
Investment income
4
2,931
Other income
3,061
Total
788,114
EXPENDITURE ON
Charitable activities
6
Student welfare
769,645
Other
19,230
Total
788,875
NET INCOME/(EXPENDITURE)
(761)
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
16,000
Net movement in funds
15,239
RECONCILIATION OF FUNDS
Total funds brought forward
102,849
TOTAL FUNDS CARRIED FORWARD
118,088		 Restricted
funds
£
19,457
1,776
-
-
21,233
10,534
-
10,534
10,699
-
10,699
570
11,269		 31.7.24
Total
funds
£
682,605
120,750
2,931
3,061
809,347
780,179
19,230
799,409
9,938
16,000
25,938
103,419
129,357		 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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 16

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

BALANCE SHEET

31ST JULY 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
12
29,339
CURRENT ASSETS
Stocks
13
6,317
Debtors
14
-
Cash at bank and in hand
73,703
80,020
CREDITORS
Amounts falling due within one year
15
(23,271)
NET CURRENT ASSETS
56,749
TOTAL ASSETS LESS CURRENT
LIABILITIES
86,088
PENSION ASSET
17
32,000
NET ASSETS
118,088
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
11,269
11,269
-
11,269
11,269
-
11,269		 31.7.24
Total
funds
£
29,339
6,317
-
84,972
91,289
(23,271)
68,018
97,357
32,000
129,357
118,088
11,269
129,357		 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

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 17th January 2025 and were signed on its behalf by:

M J Head - Trustee

The notes form part of these financial statements

Page 17

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST JULY 2024

31.7.24 31.7.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 24,355 (29,196)
Net cash provided by/(used in) operating activities 24,355 (29,196)
Cash flows from investing activities
Purchase of tangible fixed assets (2,617) (4,388)
Sale of tangible fixed assets 1,607 -
Interest received 2,931 1,211
Net cash provided by/(used in) investing activities 1,921 (3,177)
Change in cash and cash equivalents in
the reporting period 26,276 (32,373)
Cash and cash equivalents at the
beginning of the reporting period 58,696 91,069
Cash and cash equivalents at the end of
the reporting period 84,972 58,696

The notes form part of these financial statements

Page 18

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JULY 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
31.7.24 31.7.23
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 9,938 (39,541)
Adjustments for:
Depreciation charges 5,179 5,913
Interest received (2,931) (1,211)
Decrease/(increase) in stocks 724 (1,086)
Decrease in debtors 1,619 2,056
Increase/(decrease) in creditors 13,826 (19,327)
Difference between pension charge and cash contributions (4,000) 24,000
Net cash provided by/(used in) operations 24,355 (29,196)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23
Cash flow
At
£
£
Net cash
Cash at bank and in hand
58,696
26,276
58,696
26,276
Total
58,696
26,276		 31.7.24
£
84,972
84,972
84,972

The notes form part of these financial statements

Page 19

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024

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 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 surplus 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 surplus. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation has been used by the actuary in valuing the pension surplus at 31 July 2024. 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. The impact of the asset ceiling has also not been considered.

Donation of Facilities by Wrexham University

The Students' Union occupies its buildings on a rent-free basis from Wrexham University. In accordance with the Charities SORP FRS 102, the Union has valued the benefit it receives from occupying this space, which has been estimated at a comparable market rent for the area.

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 based on amounts charged to third parties for similar services.

continued...

Page 20

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

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 21

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

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
Sports Kit grant
Merchandise 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		 31.7.24
£
164,000
487,148
12,000
-
9,457
10,000
682,605
31.7.24
£
2,931
31.7.24
Charitable
activities
£
6,450
1,429
912
2,401
4,303
1,575
8,046
3,316
92,318
120,750		 31.7.23
£
163,000
400,000
5,000
5,000
-
-
573,000
31.7.23
£
1,211
31.7.23
Total
activities
£
4,020
475
18,998
1,416
6,318
525
12,530
1,446
59,910
105,638

continued...

Page 22

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

6. CHARITABLE ACTIVITIES COSTS

Student welfare
SUPPORT COSTS
Management
£
Other resources expended
-
Student welfare
59,169
59,169		 Support
Direct
costs (see
Costs
note 7)
£
£
657,338
122,841
Digital,
design &
Governance
Finance
communications
costs
£
£
£
1,715
-
17,515
9,440
54,232
-
11,155
54,232
17,515		 Totals
£
780,179
Totals
£
19,230
122,841
142,071

7. SUPPORT COSTS

8. NET INCOME/(EXPENDITURE)

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

31.7.24 31.7.23
£ £
Auditors' remuneration 6,593 5,150
Depreciation - owned assets 5,179 5,913
Hire of plant and machinery 1,246 1,388
Other operating leases 123,947 123,192

9. TRUSTEES' REMUNERATION AND BENEFITS

L E Hole, A Anglesea and M J Head, the executive committee sabbatical officers, received remuneration for their services totalling £39,911 (2023: £38,534) including contributions to the defined contribution pension scheme of £844 (2023: £755). This remuneration is authorised by the Union's governing document.

Trustees' expenses

Travel expenses of £1,115 (2023:£660) were paid on behalf of three trustees in the year.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.7.24
£
349,783
24,179
33,423
407,385		 31.7.23
£
313,705
19,756
50,950
384,411

continued...

Page 23

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

10. STAFF COSTS - continued

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

Administration & support staff
Management
Student welfare		 31.7.24

2
1
7
10		 31.7.23
2
1
8
11

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

The total remuneration paid to key management personnel for services to the charity was £52,981 (2023: £41,391).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
573,000
Charitable activities
Charitable activities
103,829
Investment income
1,211
Other income
4,802
Total
682,842
EXPENDITURE ON
Charitable activities
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		 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

continued...

Page 24

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

12. TANGIBLE FIXED ASSETS

12. TANGIBLE FIXED ASSETS
Office Bar
Sports equipment equipment
equipment & furniture & furniture Totals
£ £ £ £
COST
At 1st August 2023 31,069 38,295 11,326 80,690
Additions - 408 2,209 2,617
Disposals - - (1,607) (1,607)
At 31st July 2024 31,069 38,703 11,928 81,700
DEPRECIATION
At 1st August 2023 19,199 23,333 4,650 47,182
Charge for year 1,780 2,423 976 5,179
At 31st July 2024 20,979 25,756 5,626 52,361
NET BOOK VALUE
At 31st July 2024 10,090 12,947 6,302 29,339
At 31st July 2023 11,870 14,962 6,676 33,508
13. STOCKS
31.7.24 31.7.23
£ £
Shop stock 6,317 7,041
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£ £
Trade debtors - 700
Prepayments and accrued income - 919
- 1,619
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£ £
Trade creditors 5,330 470
VAT 8,842 -
Other creditors 336 270
Accruals and deferred income 8,763 8,705
23,271 9,445

Page 25

continued...

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
Merchandise
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
Societies funds
Sports
Merchandise
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
TOTAL FUNDS		 follows:
Incoming
resources
£
788,114
1,776
9,457
10,000
21,233
809,347		 At 1.8.23
£
102,849
204
366
-
570
103,419
Resources
expended
£
(788,875)
(1,077)
(9,457)
-
(10,534)
(799,409)
At 1.8.22
£
6,409
205
346
551
6,960		 Net
movement
At
in funds
31.7.24
£
£
15,239
118,088
-
204
699
1,065
10,000
10,000
10,699
11,269
25,938
129,357
Gains and
Movement
losses
in funds
£
£
16,000
15,239
-
699
-
-
-
10,000
-
10,699
16,000
25,938
Net
movement
At
in funds
31.7.23
£
£
96,440
102,849
(1)
204
20
366
19
570
96,459
103,419		 At
31.7.24
£
118,088
204
1,065
10,000
11,269
129,357
10,699
25,938
At
31.7.23
£
102,849
204
366
570
103,419

Page 26

continued...

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

16. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Charitable collections
Societies funds
TOTAL FUNDS		 Incoming
resources
£
682,842
392
1,417
1,809
684,651		 Resources
expended
£
(722,402)
(393)
(1,397)
(1,790)
(724,192)		 Gains and
Movement
losses
in funds
£
£
136,000
96,440
-
(1)
-
20
-
19
136,000
96,459		 Gains and
Movement
losses
in funds
£
£
136,000
96,440
-
(1)
-
20
-
19
136,000
96,459
19
96,459

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
Merchandise
TOTAL FUNDS		 At 1.8.22
£
6,409
205
346
-
551
6,960		 Net
movement
in funds
£
111,679
(1)
719
10,000
10,718
122,397		 At
31.7.24
£
118,088
204
1,065
10,000
11,269
129,357

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
1,470,956
(1,511,277 )
Restricted funds
Charitable collections
392
(393)
Societies funds
3,193
(2,474)
Sports
9,457
(9,457)
Merchandise
10,000
-
23,042
(12,324)
TOTAL FUNDS
1,493,998
(1,523,601 )		 Gains and
Movement
losses
in funds
£
£
152,000
111,679
-
(1)
-
719
-
-
-
10,000
-
10,718
152,000
122,397		 Gains and
Movement
losses
in funds
£
£
152,000
111,679
-
(1)
-
719
-
-
-
10,000
-
10,718
152,000
122,397
10,718
122,397

continued...

Page 27

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

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 2024 was £42,000 (2023:£31,000), of which employers contributions totalled £30,000 (2023:£20,000) and employees contributions totalled £12,000 (2023:£11,000). 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
pension plans
31.7.24 31.7.23
£ £
Current service cost 24,000 40,000
Net interest from net defined benefit
asset/liability - 3,000
Past service cost - -
24,000 43,000
Actual return on plan assets 16,000 9,000

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
31.7.24
31.7.23
£
£
289,000
334,000
24,000
40,000
12,000
11,000
16,000
12,000
(1,000)
(219,000)
(2,000)
111,000
338,000
289,000

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

Opening fair value of scheme assets
Contributions by employer
Contributions by scheme participants
Expected return
Administration expenses
Return on plan assets (excluding interest
income)		 Defined benefit
pension plans
31.7.24
31.7.23
£
£
301,000
234,000
30,000
20,000
12,000
11,000
16,000
9,000
(2,000)
(1,000)
13,000
28,000
370,000
301,000

continued...

Page 28

WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

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
31.7.24
31.7.23
£
£
1,000
219,000
2,000
(111,000)
13,000
28,000
16,000
136,000		 Defined benefit
pension plans
31.7.24
31.7.23
£
£
1,000
219,000
2,000
(111,000)
13,000
28,000
16,000
136,000
136,000

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

Defined benefit Defined benefit
pension plans
31.7.24 31.7.23
Equities 15% 14%
Other bonds 35% 40%
Property 4% 6%
Other 46% 40%
100% 100%

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

31.7.24 31.7.23
Discount rate 4.90% 5.00%
Future salary increases 3.85% 3.95%
Future pension increases 2.70% 2.80%

The mortality assumptions used were as follows:

31.7.24 31.7.23
Years Years
Longevity at 65 for current pensioners
Men 21.0 20.9
Women 23.5 23.4
Longevity at 65 for future pensioners
Men 22.3 22.3
Women 25.3 25.2

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 (2023: £1,539). Contributions totalling £336 (2023: £270 ) were payable to the scheme at the year end and are included in creditors:amounts falling due within one year.

Summary of pension costs

continued...

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The total pension cost for the year was as follows:

The total pension cost for the year was as follows:
31.7.24 31.7.23
£ £
Defined contribution scheme 1,630 1,539
Defined benefit scheme 31,793 49,411
33,423 50,950

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 £ 164,000 (2023: £163,000). A recurrent block grant of £486,000 (2023: £400,000) was also received to cover salaries and overheads. Non recurring grants received in the year totalled £21,457 (2023: £28,800).

During the year, the Union purchased other goods and services from Wrexham University for £7,124 (2023: £4,854) and made sales of £22,846 (2023:£8,904) to Wrexham University.

At the year-end an amount of £Nil (2023: £Nil) 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 2023.

At the year-end an amount of £3,000 (2023: £32) was due to the University which is shown in Creditors: amounts falling due within one year.

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2024
31.7.24 31.7.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donated services and facilities 164,000 163,000
University block grant 487,148 400,000
HEFCW Students wellbeing grant 12,000 5,000
Sports & socs engagement grant - 5,000
Sports Kit grant 9,457 -
Merchandise grant 10,000 -
682,605 573,000
Investment income
Deposit account interest 2,931 1,211
Charitable activities
Sports memberships 6,450 4,020
NUS extra income 1,429 475
Charitable collections 912 18,998
Society income 2,401 1,416
Freshers stalls & events 4,303 6,318
Students' Union awards tickets 1,575 525
Shop income 8,046 12,530
Sponsorships 3,316 1,446
Bar income 92,318 59,910
120,750 105,638
Other income
Other income 3,061 4,802
Total incoming resources 809,347 684,651
EXPENDITURE
Charitable activities
Wages 238,584 227,601
Social security 12,537 11,602
Pensions 33,423 50,950
Hire of plant and machinery 1,246 1,388
Other operating leases 123,947 123,192
Insurance 6,408 6,502
Light and heat 21,374 21,244
Postage and stationery 383 796
Marketing 5,831 2,645
Sundries 347 985
NUS 18,618 18,534
Subscriptions 4,523 8,763
Advice UK 2,808 276
Carried forward 470,029 474,478

This page does not form part of the statutory financial statements

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2024
31.7.24 31.7.23
£ £
Charitable activities
Brought forward 470,029 474,478
Elections & campaign material 2,511 3,030
Course rep resources - 368
SU awards 7,188 3,684
Societies 2,519 3,986
BUCS 4,028 3,642
Other sports costs 17,016 5,347
Transport hire 12,600 16,509
Freshers entertainment & material 4,486 5,085
General entertainment 6,236 1,380
Bar & shop purchases 52,728 37,476
Repairs & renewals 417 201
Travelling 2,095 3,718
Recruitment costs - 1,071
Staff training & conferences 3,450 4,282
Sabbatical training & conferences 10,710 1,201
IT services 5,647 5,612
Maintenance 3,708 3,685
Campus services 9,324 9,277
Students wellbeing 16,018 4,834
Unitu costs 18,000 18,000
Sustainability 716 1,388
Bad debts 1,250 2,512
Staff welfare 1,485 -
Depreciation of sports equipment 1,780 2,095
Depreciation of office equipment 2,421 2,616
Depreciation of bar equipment 976 1,202
657,338 616,679
Support costs
Management
Wages 52,981 41,391
Social security 6,188 4,551
59,169 45,942
Finance
Wages 8,682 17,771
Social security 758 1,224
Bank charges 1,715 1,366
11,155 20,361
Digital, design & communications
Wages 49,536 26,942
Social security 4,696 2,379
54,232 29,321
Governance costs
Auditors' remuneration 6,593 5,150
Carried forward 6,593 5,150

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WREXHAM GLYNDWR STUDENTS' UNION LIMITED

Governance costs
Brought forward
Accountancy fees
Legal & professional fees
Total resources expended
Net income/(expenditure)		 DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2024
31.7.24
31.7.23
£
£
6,593
5,150
7,271
6,648
3,651
91
17,515
11,889
799,409
724,192
9,938
(39,541)

This page does not form part of the statutory financial statements

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