Registered number: 10676070 Charity number.. 1172830 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Bishop Flerning THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Roference and administrative details of the Charlty, Its Trustees and advisers Trustees. report Trustees. responsibilities statement io Independent auditors. report on the financlal statements 11-14 Consolidated statement of financial activities 15 Consolidated balance sheet 16 Charity balance sheet 17 Consolidated statement of cash flows 18 Notes to the financlal statements 19-44 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Sabbatical Officers 2021122 (From 1 JLtly 2021 to 30 June 20221 Emili8 Dowse, President Fawziyyah Ahmed, VP Wellbeing and Diversity Charlie Atkinson, VP Education Madeleine Morton, VP Activities 2020121 (From 1 July 2020 to 30 June 20211 ChU￿udI Ezenyi, President Verity Lemm, VP Activities Faw2iyy8h Ahmed. VP Wellbeing and Diversity Emilia Dowse, VP Education Ch8des Gage Bradley Fuller Student Trustees Independent External Trustees Jane Hopkinson James Hemsley Graham Slirling Helen Cocks Company registered number 10676070 Charlty registered number 1172830 Prlnclpal Oftice Students. Union Building University of Plymouth Drake Circus Plymouth PL4 8AA Chlef Executive Sarah Gibson (resigned 23rd October 2020} Antony Blackshaw (interim. appointed 23rd October 20201 Independent audltors Bishop Flemfrng LLP Chartered Accountants Salt Quay House 4 North East Quay Sullon Harbour Plymouth PL4 08N Bankers HSBC Bank PIC PO Box 26 4 Old Town Street Plymouth PL1 10D Page 1 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Solicitors Fool Ansley Salt Quay House 4NEQuay Sullon Harbour Plymouth PL4 OBN Page 2 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2021 UPSU presents their Annual Report for the year ended 31 July 2021, including the administrative information set out on pages 3 and 4, together with the audited accounts for that year. STRUCTURE, GOVERNANCE AND MANAGEMENT UPSU is constituted under the Education Act 1994 as a charity with ils goveming document, UPSU'S Memorandum and Articles of Association being approved by the governing body of the University of Plymouth. UPSU'S charitable objects under the Act, to advance the University's educational purposes by providing representation and support for the students of the University, are supplemented by the further object of helping members to develop their own charitable activities as active participants in civil society. Sabbatical Officers The Sabbatical Officer Trustees are elected annLtally by a cross-campus ballot of all student members and are full time, rernuneraled officers, as aulhorised by the Education Act. The Sabbatical offi￿rS may seNe for a maximum of two years and receive comprehensive training on appointment. Union Council The Union Council IUCI is the political governing body of the Union and meets up to six limes per year. Accountabilty Board The Accountability Board is made up of elected Students whose role is to scrutinise the Elected Officers and student Forums Forums We have up to fifteen Forums in total which include four Liberation Forums and one Partner Institution Forum. All P2rt-time Officer Chairs are full members of UPSU elected in a secret cross-campus ballot. Trustee Board and subvcommittees The ten Trustees for the year to 31 St July 2021 were.. four elected Sabbatical OfFicer Trustees two appointed Student Trustees four appointed External Trustees The Trustee Board meets on average five times each year and is responsible for maintaining legal, fin8ncial and repulalional integrity and for setting the strategic diiection of UPSU. The Chair and a designated Extemal Trustee from the Board has delegated responsibility from the Board to monilor the Performan￿ of the Chief Executive and make recommendations to the Board relating to the Chief Executive's annual performance review. The 808rd of Tru$lees is supported by four sub-committees: Finance and Staffing Committee: 2. Audit and Risk Committee.. 3. Governance and Appointments Committee: 4. Health and Safety Committee: Page 3 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Relationship with University of Plymouth The relationship between the University and UPSU is established in a Memorandum of Understanding and UPSU receives a Block Grant from the UniveTSlty. UPSU also part-occupies three buildings owned by the University and enjoys 8 Posltive and supportive relationship with the inslilulion; this non-monetary support is intrinsic to the relationship ￿tween the University and the Union and affords many associated benefits to the student body. Although UPSU continues to generate supplementary funding from various trading activities, it is dependent on the University's financial support. UPSU is appreciative of the University's on-going inveslrnent. There is no reason lo believe that this support will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of ils student representative body. The University provides a letter of support to the Union each year confirming this continued financial support. Pay Policy for Senior Stsff Senior managers are paid in accordance with UPSU'S salary pay scales as approved by the Trustee Board,. these are allocated to each senior position in line with the level of responsibility of each post. Risk Management UPSU'S Trustee Board has ultimate responsibility for the management of the risks faced by UPSU. Detailed considerations of risk are delegated lo the heads of each department via the CEO and Senior Leadership Team. A comprehensive Risk Register has been established and is currently reviewed and updated at least Iwice per year. The Audit and Risk committee has the delegated responsibility for reviewing the Risk Register on a quarterly basis and for reporting back to the Trustee Boaid. Budgelary 2nd internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects and a comprehensive Scheme of Delegated Authority {SODAI. Procedures are in place to ensure compliance with health and safety of 8t2ff, volunteers and participants on all activities organised by UPSU. These procedures are periodically reviewed to ensure that they continue lo meet the needs of the charity. Thiough the risk management processes established by UPSU, the UPSU'S Trustee Board is salisfied that the major risks identified and reported by the Chief Executive have been adequately mitigated where necessary. OBJECTIVES AND ACTIVITIES Charitable objects UPSU exists to support the wellbeing of all the students that are studying with the University ol Plymouth. We help students have a successful, fulfilling and rewarding life when they are here and help them prepare for the future. Its objectives are the advancement of educatlon of the students of the University of Plymouth for the public benefit by: l. promoting the interests and welfare of students at the University of Plymouth during their course of study and representing, supporting and advising sludenls,. 2. being the recognised representative channel belween students and the University of Plymouth and any other external bodies,. and 3. providing social, cultura5, sporting and recreational activities and forums for discussions and debate for the personal development of its students. The Ttustees confirm that, in exercising their powers and duties, they have complied with their duty to have Page 4 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT (CONTINUED). FOR THE YEAR ENDED 31 JULY 2021 due regard to the guidance on public benefit published by Ihe Charity Commission. How UPSU achieves public benefit In pursuit of these aims for the public benefit. UPSU ensures that the diversity of ils membership is recognised, valued and supported and has established departments and seNices for use by its members and to support its work with the University and other organisalions on behalf of students. ACHIEVEMENTS AND PERFORMANCE Our Strategy UPSU introduced a three-year strategy for the 2018119 academic year, following exlensive consullation with stLtdents, staff and the University. 2020121 was the third year of delivery against the plan. The key priority for change is to ensure that. Every member believes UPSU helps students like them have a positive and successful academic experience" as well as recognising that UPSU exists to support the wellbeing of every student studying with the UniveTSrty of Plymouth. Coronavlrus (COVID-19) 2020 saw the emergence of a global pandemic in the form of Coronavirus ICOVID-191. This pandemic has had far-reaching impacts acros5 the world. In the UK. restrictions were eased in the summer of 2020 but with the increase in cases during the autumn, a full lockdown was imposed by the Government from Jan 2021. with everyone except key workers instructed lo stay at home. The impact upon the UPSU was sigr7ificant, with all commercial venues and all premises closed from the end of the first term to almost the end of the academic year. Our student representation and support continued alono with core seNices, as staff were enabled lo work from home where possible. Staff in the commercial areas of UPSU were mostly placed on furlough for the whole of this period, thus maximising the benefit of the Coronavirus Job Retention Scheme {CJRSI to assist in offsetting the commercial losses which impacted the whole year, due to reduced student numbers on campus in the early part of the academic year, and then total closure from Jan 2021. The impact of Covid-19 on student activity was significant but again, innovative programmes and support from UPSU staff meant that most areas were able to operate in some form across the year. More detail is given below. UPSU successfully tendered for the contract to operate the on-campus Coronavirus testing centre al the start of 2021. This enabled staff who would have otherwise been furloughed to return to employment and provide a valuable service to the entire campus community. This contract also provided valuable additional income in an otherwise very difficutt year. Su$tsinabillty UPSU has a hard-won and enviable reputation for our approach lo govemance, financial stability and sustainability. It is our responsibility to continue to work for the long-term benefit of our students. UPSU recognises the value our staff team bring in all that we do. Financially, it was always going to be a challenging year, as explained in detail in the Financial Overview below. Like almost every other OTganisation, we have suffered from the impacts arising from COVID-19 including significant financial losses during the Government imposed lockdown. By taking appropriate decisions on furlough and identifying allernalive sources of funding, we were successful in managing the financial challenges and ensured that we remain sustainable as an organisalion. Page 5 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION A COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 UPSU is subject to a structural deficit with a historic pension scheme as detailed below and this will continue to be an area of focus for the Trustees. Maintaining our financial sustainability is a key priority for our Trustees. OVERVIEW OF ACTIVITIES 2020121 UPSU exists to support the wellbeing of all the students that are studying with the University of Plymouth. We help students have a successful. fulfilling and rewarding life when they are here and help them prepare for the future. We do this by providing opportunities where they can learn the skills which will allow them to.. be empowered, learn and grow., be socially fulfilled., feel more financially secure and to know they are supported and cared for. Covid-19 meant th31 many of the key activities and services provided by UPSU to students were significantly affected in the year as students were away from campus and University foT most, if not all of the academic year. However, all representation and support services were providecl by UPSU IhTOLJghout the year, many of these operating in very different ways lo that which they had previously. Theme 1: Learning, growing and being empowered. We support stu¢Jents with their activities, provide them with great spaces and organise and host events. This is supported across UPSU, including the Societies team. Sports teams, Volunteering and Events Departments. Despite the enforced closure of the University 2nd the Students, Union for large parts of the academic year, UPSU continued to support club and society members and activities wherever possible. We supported 1,633 students involved in our sports clubs (3,157 in 2019120). We supported 2,631 individual students engaged in societies14.157 in 20191201. Theme 2: Being socially fulfilled. UPSU supports students with their aclivilies. provide them wrth great spaces and organise and host events. This area has been the toughest to deliver in a pandemic-hit year, with most of our venues shut for the majority of the year and very little opportunity for activitie5 such as sport and community volunteering. However, UPSU still delivered freshers activities on campus. with support from the University. Supporting student communities to connect with each other. Theme 3.. Feeling financially secure. We get the best value for students, give them financial advice and help them to get rewarding jobs. Our Advice Team support hundreds of students with financial advice every year. Our sports. societies and finance teams also help students to develop the financial acumen needed to run their clubs and societies. and these skills transfer over to their everyday lives. Through our advice ￿nITe we have supported student with financial advice that if the student followed the advice given, they would have saved £397,48012019120 - £380,983). Theme 4- Knowing you are supported and cared for. We provide advice where students need it. help them to be independent and are a community that ￿res. Across UPSU. we develop students and prepaTe them for life, whether it's through supportive employment with us, student communities, or our Advi￿ Cenlre, we are a huge part of their support network. Our Advi￿ centre continued to offer a full independent support service to students and moved its entire operation online. In the year we supported 1,255 sludents Wlth 2,445 enquiries. UPSU has over 700 volunteers in various roles including Course Reps, Sports Volunteers, Peer to Peer Trainers and Project Leaders. Page 6 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Governance As a company and a charity, UPSU operates according lo good governance principles, including following the Chaiity Goverriance Code for Students, Unions. The Code encourage8 unions lo make a statement in their annual trustees. report about how they have used the framework to improve governance. UPSU leases the UPSU Building fiom the University for an Annual Charge of £581k. A Memorandum of Understanding (MOUI is in place between UPSU and the University of Plymouth, as well as the Health and Safety Mou. Both of these documents were updated in the 2019120 financial year. A review of the Memorandum and Articles of Association was undertaken during the 2020121 year, with amended Articles being approved by the sludenl members al the Annual StLtdent Meeting. The Board of Tnjstees subsequently passed a special resolution formally adopting the changed Articles of Association and these have been lodged with both the Charities Commission and Companies House. A Review of the Terms of Reference IToR} of all of the committees of the BoaTd was also undertaken in the year and all committees are now meeting under these Tevised documents. Due lo the business risks identified 8$ a result of the Covid-19 pandemic, the Board of Trustees met monthly for the first six months of the financial year and continued to receive monthly updates on fInan￿S throughout Ihe year. Sarah Gibson left as Chief Executive of UPSU in October 2020. The Board of Trustees were keen lo ensure there was no significant gap in that post and so appointed Antony Blackshaw as interim Chief Executive. Antony started in October 2020. The pro￿$$ to appoint a permanent Chief Executive began in March 2021 and Nicky Goldthorpe was appointed to the position in July, starting with UPSU in September 2021. FINANCIAL REVIEW Financial overview For many years UPSU'S financial strategy has been lo finan￿ ils current range of activities and generate 8 sufficient accumulated surplus to enable expansion and improvement of ils existing facilities and services. Whilo this remains true. the 2020121 financial year presented financial challenges greater than any previous year. Student numbers reached their lowest level in this year, resulting in a further reduction in the block grant, which is paid on a per student basis. The impact of Covid-19 on the finances and operation of UPSU was also very ch811enging for the Board and senior team. The original budget for the year was to achieve a small deficit, bul this assumed that pandemic restrictions would be lifted by November 2020. As the year began and it became clear that this was highly unlikely, reforecasling and sustainability plans were worked on and revised as the pandemic continued into 2021. This planning enabled UPSU lo continue to opeiate many services to students throughout the year while still controlling costs. UPSU took advantage of the Government's Coronavirus Job Retention Scheme (CJRS} and look sometimes difficult decisions in regard to staffing to ensure that the union could minimise the financial impact of loss of trading revenues. This strategy put UPSU in the strongest possible position going fonmard in to 2021122 and the additional income achieved through UPSU'S wnning of the on-eampus Covid-19 Testing Centre enabled UPSU to generate an overall surplus to year-end. We present consolidated group accounts, encompassing the financial position of bolh the charity and the trading subsidiary. Our consolidated gloss income from all sources this year tolalled £3.21m {2019120 Page 7 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JULY 2021 £4.91 m1- We saw total expenditure of £3.07rn 1201 gr20 £5.47ml. The Union reported an operating surplus of £151.3k in the year. Our liquidity remained healthy throughout the year. Provision for Pension Liability UPSU is required lo adopt Financi81 Reporting Standard 102 {FRS1021- Under FRS102. a contractual agreement under a multi-employer defined benefit pension scheme to fund a past deficit should be accrued foT as a liability discounted lo net present value. During 2020r21, the total liability provision is eslimaled to have decreased by £121.3k to £1.864m. The level of the pension deficit is an ongoing concern for the UPSU and all other Students, Unions within the scheme. The Trustees are very aware of the impact of the pension liability on the profil and loss account, with annual contributions in 2020121 amounting to £89.3k, and set lo increase by 50/0 per year. Reserves policy UPSU has long believed that il is prudent to build reserves lo cover a number of possible contingencies, and has identified the following reserve classifications.. To Cover the acquisition of new fixed assets. To cover the Union's oveiheads should there be an unexpected downturn in funding or additional calls o our resources without immediately curtailing activities. estimated at between 3-months' overhead costs. To cover exceptional staff related costs. To cover the unexpected cost of the upkeep of Ihe fabric of the building. To cover short-term pension liabilities in the event of a trading downturn. The aim has therefore been to maintain designated reseNes of around £1 m. Despite the financial strictures imposed by Covid-19 on the Students, Union, we ended the year with designated reserves of £837.3k. UPSU wll continue with the current policy for 2021122 but a review will be undertaken during the year with a view to moving lo a more appropriate risk-based model for 2022123. Future funding The Trustees confirm that UPSU has sufficient funds to meet all of ils obligations. UPSUS 2021122 budget is set to generate an operating deficit of £19.5k and has been approved by our Board of Trustees and the University. UPSU continues lo meet with the Universty to ensure future funding is in line with organisalional need and to support activity in line with the strategic direction of both the University and UPSU. Going Concern The concept of going concern is particularfy relevanl in times of economic difficulties and the Covid pandemi has significantly increased going concern risks for most organisations. We have carried out a detailed going concern assessment based on the following key factors.. Ongoing support from our major funder, UnNersily of Plymouth Budgets for 2021122 and 2022123 Reserves position C8shflow forecast for 2021122 and 2022123 Contingent liabilities Based on the University's continued support and a reasonable worst-case scenario, UPSU believes it has Page 8 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 sufficient cash and tree reseNes to continue in the same form until al least July 2023. The trustees are therefore, satisfied that Union should be considered a going ￿ncern and we have, therefore. prepared the financial statements on this basis. PLANS FOR THE FUTURE The inevitable setbacks to achieving our strategic objectives over the perlod of the pandemic led the Board of Trustees to agree to exténd the Current strategic plan lo the end of the 2021122 financial year. The plan has a number of key objectives lo ensure that we deliver the highest student experience for oui members at the University of Plymouth and continue lo grow and strengthen as an effective charity. Objectives for 2021122 UPSU will continue to seek to achieve the following objectives in 2021122. Influence over Academic Oelivery Objective l.. Building strong long-tem relationships Objective 2.- Credible and robust student ￿preSentatIOn Objective 3.. Responsible and effective campaigning Sense of Belonging Objective 4.. Vibr8nl communities Objective 5.. Well-resourced and supported community16aders Objective 6.. Inclusive and democratic partlClPg1ion Readiness to Learn Objective 7." Physic81 and m8nt81 health support Objective 8.. Recognition of diverse study and life objeGtives Objeclive 9.. Making ev&ryday lrfe a little easier for those who need it FUNDS HELD AS CUSTODIAN UPSU administers funds on behalf of the Raising 8nd Giving Society, who support clubs and societies and other groups in charitable fundraising activities. These funds are identified as belonging lo the Raising and Giving Society and not UPSU. The balance held 81 the year-end was £1,428 12019120.. £9,789I which is included in other creditors. AUDITORS In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant akjdit information and lo establish Ihal the auditors are aware of that information. Trustees, Report, incorporating a strategic report, was approved by ordef of the Board of Trustees. as company directors and signed on the board's behalf by.. Emilia Dowse President Date.. Page 9 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2021 The Trustees (who are also the direelors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Trustees lo prepare financial statements for each financial . Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Chaiily and of their incoming resources and application of resources. including their income and expenditure, for that period. In preparing these financial stalemenls. the Trustees are required to-. select sijitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting eslimales that are reasonable and prudent", state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concern basis unless it is inappmpriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate awounling records that are sufficient lo show and explain the Group and the Charity's transactions and disclose with Teasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 8ssels of the Group and the Charity and hen￿ for taking reasonable steps for the prevention and delertion of fraud and other irregularities. Approved by order of the members of the Board of Trustees and signed on ils behalf by.. Emilia Dowse President Date.. l4- lil jeD-&I Page 10 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION OPINION We have audited the financial slalemenls of The University of Plymouth Students, Union Ithe 'parenl charitable company'l and its subsidiaries Ilhe 'group'l for the year ended 31 July 2021 which comprise the Consolidated statement of financial activities, the Consolidated slalemenl of financial position, the Charity statement of financi81 position, the Consolidated statement of cash flows and the related notes, including a summary of significant 2ccounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financi21 Reporting Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally Accepted Accounbng Pra¢ticel. In our opinion the financial stalemenls.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as at 31 July 2021 and of the Group's incoming resources and application of resources, including ils income and expenditure for the year then ended., have been propedy prepared in accordan￿ with United Kingdom Generally A¢￿pIed Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. 8ASIS FOR OPINION We Conduct￿ our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII 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 Group in accordance with the ethical requirements that are relevant lo our audit of the finanGial statements in the United Kingdom, including the Financial Reporting Council'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 lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financi21 slaternenls. we have concluded that the Trustees, use of the going COn￿M 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 lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable company's ability to continue as a going concem 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 lo going concern are described in the relevant sections af this report. Page11 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION {CONTINUEDI OTHER INFORMATION The other information comprises the information included in the Annual report other than Ihe financial slalemenls and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowlèdge obtained in the course of the audil. or othetwise appears to be materially misstated. If we identify such material inconsislen¢ies OT 8PP8rent material misstalemenls, we are required lo detemine whether this gives rise lo a material misstalemenl 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 lo report in this regard. OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is ¢onsislenl with the financial stalemenls. the Trustees, report has been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misststements in the Trustees, reporL We have nothing lo report in respect of the following matters in relation to which Companies Act 20[￿ requires us lo report to you if, in our opinion". the parent charitable company has not kept adequate and sufficient accounting records, or relums adequate for our audil have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the acwunting records and returns.. or certain disclosures of Trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit.. or the Trustees were not enlilled to prepare the financial slalemenls in accordance with the small companies regime and lake advantsge of the small companies, exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, responsibilities slalement. the Trustees (who are also the direclors of the charitable company for the purposes of company lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees delemiine is ne￿Ssary lo enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Group's and the parent charitsble company's ability lo continue as a going concern, disclosing, as applicable. matters related lo going concern and using the going concem basis of 8ccounling unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page12 THE UNIVERSITY OF PLYMOUTH STUDENTS. EJNION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION ICONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalement, whether due to fraud or error, and lo issue an Auditors, report th8t inctudes our opinion. Reasonable assuran￿ is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstalemenl when.il exists. Misslalements 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 finan￿81 slalÈmenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The exlenl to which our procedures are capable of detecting irregu18rities, induding fraud is detailed below.. We have considered the nature of the industry and sector, control environment and financial perfomiance., We have considered the results of enquiries with management and the directors in relation lo their own idenlificalion and assessment of the risk of irregularities within the entity., We have reviewed the documentation of key processes 8nd controls and performed walkthroughs of transactions lo confirm that the systems are operating in line with documenlalion.. and We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial slalemenls and any potential indicators of fraud. As Group auditors our assessment of matters relating to non-compliance with laws and regulations and fraud encompassed all enlilies within the Group for the period that they were part of the Group. at both component and Group level. As a result of these procedures, we have considered the opportunities and incentives that may exist within the Group and Charitable company for fraud and identified the highest of risk to be in relation to revenue recognition, with a particular risk in relation lo year-end cut-off. In common with all audits under ISAS (UK) we are also required lo perform specific procedures lo respond lo the risk of management override. We have also obtained an understanding of the legal 2nd regulatory frameworks that the Group and Charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determinalitsn of material amounts and disciosures in the financial statements, The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK lax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the frnancial statements but compliance with which may be fundamental to the Group or Charitable Company's ability lo operate or avoid a material penalty. These include, data protection legislation, health and safety regulations, environmental regulations and employment law. OUT procedures lo respond lo the risks identified included the following.. Reviewing the financial statement disclosures and testing lo supporting documentation 10 85sess Complian￿ with provisions of relevant laws and regulations described as having direct effect on the financial statements., Enquiring of management conceming actual and potential liligalion and clairns., Perforrning analytical procedures to identify any unusu21 OT unexpected relationships that may indicate risks of material misslatemenl due lo fraud-, Reviewing board meeting minutes., Perfomiing detailed Iransaclional testing in relation to the recognition of revenue with a particular fo(xJ5 around the year*nd cut off,. and In addressing the risk of fraud through management override of controls. lesling the appropriateness of journal entries. and other adjustments", assessing whether the judgements made in making accounting ests"rnates are indicative of potential bias., and evaluating the business rdlionale of any significant transactions that are unusual or outside the normal course of the business. Page 13 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION ICONTINUEDI We also communicated identified 18ws and regulations and potential fraud risks to all members of the engagement team and remained alert lo possible indicators of foud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed lo respond lo risks of material misslatemenl in the financial slalemenls, recognising that the risk of not delecling a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit prO￿dureS performed and the further iemoved non-compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we would become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al." WW￿.fre.or .uklaudilorsres onsibililies. This description forms part of OUT Auditors, report. USE OF OUR REPORT This report is made solely lo the charitable companls members, as a body, in accordance WTlh Chapter 3 of Part 16 of the Companies Act 2006, and lo the ¢haril8ble companls trustees, as a body, Part 4 of the Charities IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo slate to them in an Auditors. report and for no other purpose. To the fullest extent permilled by18w, we do not ac￿P1 or assume responsibility lo anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Pamela Tuckett FCA DChA {Seniorstatutory auditor) for and on behalf of Bishop Fleming LLP Chartered Accounlanls Stalulory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN Dale.. 12 January 2022 Page 14 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2021 Unrestrlcted - penslon Ilability 2021 Other- unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds. 2020 Note Income and endowments from: Donations and legacies Charitsble activities Other trading activities Investments Other income 283,874 201,253 2,006,110 606.853 2.289,984 808,106 2,451,859 2,375,620 68.395 9,094 3,550 4,253 108.751 4.253 108,751 Total income and endowments 485,127 2,725,967 3,211,094 4.908,518 Expenditure on: Raising funds Charitable activities 3.566 2,625.182 3,566 3,064,590 40,111 5,429,092 10 439,408 Total expenditure 439,408 2,628,748 3.068.156 5,469,203 Not incomel{expenditur e} before net gainsl{lossesl on investments 45,719 97,219 142,938 {560.6851 Net gainsl(losses) on investments 8,363 8.363 13,9241 NET INCOME I IEXPENDITUREI Transfers between funds 45,719 105.582 151,301 {564.6091 24 121,311 {121,3111 Net movement In funds 121.311 45,719 {15.7291 151,301 1564,6091 Reconciliation of funds: Total funds brought forward Net movement in funds {1.984,9741 121,311 278,698 45.719 1.324,219 (15,7291 1382,0571 151,301 182,552 1564,6091 Total funds carrled forward 11,863.663} 324,417 1,308.490 (230,756) {382,057} The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 44 form part of these financial stslements. Page 75 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE REGISTERED NUMBER:10676070 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2021 2021 2020 Note Fixed assets Tangible assets Investments 17 18 535,725 281,150 485,287 271.889 816,875 757,176 Current assets Stocks Debtors Cash al bank and in hand 19 20 90.872 105.006 1,589,523 125,944 93,516 793,140 1,785,401 1,012,600 Creditors.. amounts falling due within one year 21 1969,369} 1166.8591 Net current assets 816,032 845,741 Total assets less current liabilities 1,632,907 1,S02,917 Creditors.. amounts falling due after more than one year 22 {1,863,6631 11,984,974) TOTAL NET ASSETSI {LIABILITIESI 1230,7561 1382,057) Charity funds Unrestricted pension liability Restricted funds 24 11.863,663 324.417 1,308,490 11,984,974) 278,698 1,324,219 24 Unrestricted funds 24 Total funds 1230.7561 1382,0571 The Trustees acknow]edge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial stalemenls. The financial statements have been prepared in 8ccordance with the provisions applicable lo enlilies subject lo the sm211 companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Emilia Dowse President Dale.. The notes on pages 19 to 44 fomi part of these financial statements. Page 16 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:10676070 CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Note Flxed assets Tangible assets Investments 17 535,725 281,151 485,287 271..890 816,876 757,177 Current assets Stocks Debtors 19 20 90,872 105.351 1.589,398 125.944 122,523 764,132 Cash at bank and in hand 1,785,621 1,012.599 Creditors.. amounts falling due within one year 1969,369) 1166,8591 Net current assets 816.252 845,740 Total assets less current liabilities 1.633,128 1,602,917 Creditors.. amounts falling due after more than one year 22 11,863,663) 11,984,974) TOTAL NET ASSETSI ILIABILITIESI 1230,5351 1382.0571 Charity fund5 Unrestricted - pension liability Reslricled funds Unrestricted funds 24 11,863.663) 324,417 1,308,711 {1,984,9741 278,698 1.324,219 24 24 Total funds {230.5351 {382,0571 The Charity's net movement in funds for the year was £151,52212020- £1564,60911. The Trustees acknowledge their responsibilib'es for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial slalemenls have been prepared in 8ccordance wth the provisions applicable to entib'es subject to the sm211 companies regime. The finan¢io1 stslements were approved and authorised for issue by the Twstees and signed on their behalf by.. Emilia Dowse President The notes on pages 19 10 44 form part of these financial statements. Page 17 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Note Cash flows from operating activities Net cash provided by operating activities 27 947,277 524,333 Cash flows from investing activities Proceeds from the sale of tsngible fixed assets Purchase of tangible fixed assets Gainl Ilossl on investments Interest re￿iVed 17,083 1232,7301 13.9241 5.156 (163.5101 11,604 1,012 Net cash used in investing activltles (150.8941 1214,4151 Change in cash and cash equivalents in the year Cash and cash equiv81enls at the beginning of the year 796,383 309,918 483,222 793,140 Cash and cash equivalents at the end of the year 28 1,589,523 793,140 The notes on pages 19 10 44 form part of these financial slalemenls Page 18 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 GENERAL INFORMATION The University Of Plymouth Students, Union is a private company, limite.d by guarantee, domiciled in England and Wales, regislrats'on number 10676070. The registered office is University of Plymouth Students Union, University of Plymouth, Drake Circus. Plymouth, Devon. PL4 8AA. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordan￿ wlh the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan￿81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The University of Plymouth Students. Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated statement of financi81 position consolidate the financial statements of the Group and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of financial activities in these financial statements. 2.2 GOING CONCERN The accounts have been prepared on the going concern basis. During the year the COVID-19 pandemic resulted in the business having a period of decreased trading gctivity in ils commercial operations and a period of full closure for the Student Union building. The effects of the COVID-19 pandemic were forecast lo continue into the foreseeable future, so real-time, robust forecasting and scenario planning has been adopted by the leadership team to rapidly and effectively respond lo changes in the 50cio-economic environment and government policy. This has enabled the UPSU to create multiple 51rategies both in the short-lerm and long-lerm to adapt lo the changing conditions and varying student needs. and to overcome any effects of COVID-19 restrictions, thus maximising the potential of its resources available. The UPSU 15 in a strong cash position to wilhsland the year ahead. The UPSU'S forecasts ancl projections have taken account of the volalilily of the UPSU'S commercial and non-commercial activity levels, and clearty show that the UPSU will be able to opefftle within the level of its current resources for at least twelve months from the dale of approval of these accounts. The Union has a strong relationship with the University of Plymouth. ils principle fund provider, and engages in continuous discussions about future funding in line with University strategy. No matters have been drawn to ils attention lo suggest that future funding may not be forthcoming al budgeted levels. The Trustees have a reasonable expectation that the UPSU has adequate resour￿5 to continue in operational existence for the foreseeable future and il Is the opinion of the Directors that the UPSU will continue as a going concern. Thus the UPSU continues to adopt the going concern basis of accounting in preparing the annual financial stalemenls. Page19 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES Icontinued 2.3 COMPANY STATUS The Company is a Company limited by guarantee. The members of the Company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of these guarantee is limited to £1 per member of the Company. 2.4 INCOME All income is recognised once the Charity has enlillemenl lo the income. it is probable that the income will be received and the 8mount of income receivable can be measured reliably. As a charity UPSU receives grants from the University of Plymouth, income under the provision of haritable seNices,' public donations and sponsorship., contributions from members., income from trading activity closely associated with its charitable purposes. Income from investments is included in the year in which it is receivable. Page 20 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES {continuedl 2.5 EXPENDITURE Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third paty, il is probable that a Ir8nsfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by a¢tivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Dire¢t Costs attributable to 8 single activity are allocated directly lo that activity. Shared costs which contribute lo More than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff wsls are allocated on the basis of time spent, and depreciation charyes allocated on the portion of the asset's use. Charitable activities and Govemance costs are costs incurred on the Charity's educational operations. including support costs and costs relating lo the governance of the Charity apportioned lo charitable aclivilies. All expenditure is inclusive of irrecoverable VAT. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset Into Ils intended working condition should be included in the measurement of cost. At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the 8sset is determined lo be the higher of ils fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Dep￿cIatIon is charyed so as lo allocate the cost of tsngible fixed assets less their residual value over their eslimaled useful lives. Depreciation is provided on the followng bases.. Student union refurbishment Furniture and equipment 3-10 years straight line 3-5 years slraighl line 2.7 INVESTMENTS Fixed asset investments are a form of financial inslnjmenl and are initially recognised at their trans8¢lion cost and subsequentty measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses} on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued al cost less provision for impairment. Page 21 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES Icontinuedl 2.8 STOCKS stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all di￿¢1 costs and an appropriate proportion of fixed and variable overheads. 2.9 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 CASH AT BANK AND IN HAND Cash al bank and in hand inclucjes cash and short-term highly liquid investments with a short rN8lurity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 CUSTODIAN FUNDS Custodian funds entrusted to the Charity for safekeeping, bul not under its management's control. i.e. thtsse of the Raising and Giving Soaety. Such custodian activities are disclosed in the Annual Report but as the funds are not managed by UPSU they cannot be included in the accounts. 2.12 LIABILITIES AND PROVISIONS Liabilities are recognised when there Is an oblig2tion al the Balance sheet date as 8 result of 8 past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement ean be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the tirne value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated slalemenl of financial activities as a finance cost. 2.13 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic finanaal inslrurnents. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.140PERATING LEASES Rentals paid under operating leases are charged to the Consolidated slalemenl of financial activities on 8 slraighl line basis over the lease term. Page 22 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES {eontinuedl 2.15 PENSIONS UPSU participates in the Students, Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the Slate Second Pension. The fund is valued al least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arr8ngemenl, with contributions p8id al a centrally agreed rate. As a consequence, no share of the undertying assets and liabilities can be directly allribuled lo UPSU. Under the terms of FRS102 only the agreed future deficit contributions are included as a liability at their amort15ed cost. 2.16 FUND ACCOUNTING General fiJnds are unrestricted ftjnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slalements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The wsls of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estlm8tes and assumptions.. The Group makes estimates and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that h8ve a significant risk of ￿￿sIng a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. The Group has entered into an agreement with its pension provider that determines how the Group will nd the deficit, and as such the present value of future contributions is recognised as a liability. Assumptions and judgements have been made over the Tate of future salary increases and pension contributions, as well as the discount rate used. The discount rate used is con51Stenl with a high quality corporate bond. Page 23 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 INCOME FROM DONATIONS AND LEGACIES Restrlcted Unrestricted funds funds 2021 2021 Total funds 2021 Total runds 2020 Donations 178.000 2,026,825 247,034 University Block Grant COVID-19 CJRS Grant 2,006,110 2,006.110 283,874 283,874 TOTAL 2021 283,874 2,006,110 2.289.984 2,451,859 TOTAL 2020 247,034 2,204,825 2,451,859 INCOME FROM CHARITABLE ACTIVITIES Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Retail and other Ir2de COVID sludenl testing income Representation and Representation sponsorship Sports and Recreation Members Contributions Sports and Recreation Sponsorship Income from charitable activities- Representation Sponsorship External funding grants Clubs and societies 310,351 198,014 310.351 198.014 1,678,051 1,000 64,329 7,059 1,000 64.329 7,059 162.878 19,014 25,000 1,100 25,000 1,100 201,253 1,840 513,837 201,253. TOTAL 2021 201,253 606,853 808,108 2,375,620 TOTAL 2020 513,837 1,861,783 2,375,620 Page 24 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 INCOME FROM OTHER TRADING ACTIVITIES Income from non charitable trading activities Unrestricted funds 2021 Total funds 2021 Total funds 2020 UPSU Trading Limited 68,395 TOTAL 2020 68,395 68,395 INVESTMENT INCOME Unrestricted funds 2021 Total funds 2021 Total funds 2020 Investment income 4,253 4,253 9,094 TOTAL 2020 9,094 9,094 OTHER INCOMING RESOURCES Unrestricted funds 2021 Total funds 2021 Total funds 2020 Other inttjming resources 108.751 108,751 3,550 TOTAL 2020 3.550 3.550 This includes the profit or loss on diposal of assets, as well as one off business inleruplion insurance income as a result of COVID-19 enfOr￿d closures, Page 25 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 EXPENDITURE ON RAISING FUNDS FUNDRAISING TRADING EXPENSES Unrestricted funds 2021 Total funds 2021 Total funds 2020 Allocated centrally incurred fundraising and governance costs 3,345 3.345 OTHER TRADING EXPENSES Unrestrlcted funds 2021 Total funds 2021 Total funds 2020 Trading expenses Administration slaff costs 221 221 28,580 11,531 TOTAL 2021 221 221 40.111 TOTAL 2020 40,111 40.111 Page 26 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Retail and tslher trade Welfare Volunteering and Community Represent81ion and Representation sponsorship Sports and Recreation Sponsorship Govemance costs COVID 19 student lesling Clubs and Societies COVID-19 Grant 957.537 172,559 123,656 957,537 172,559 123,656 2,198.961 206,167 162,805 908,692 608,201 57,537 80,874 908,692 608,201 57,537 80.874 155,534 1,390.513 943,983 61.558 155,534 283.874 465,105 1283,8741 TOTAL 2021 439,408 2,625,182 3.064.590 5,429.092 TOTAL 2020 712,139 4,716,953 5,429.092 COVID-19 Gr8nt expenditure relates lo costs incurred against furlough claims. These costs were incurred across a number of Charitable activities above. Governance costs Unrestricted funds 2021 Total funds 2021 Total funds 2020 Governance Auditors. remuneration Tnjstee Board expenses Executive travel and phone expenses Support staff costs Support facilities costs 13,500 13,500 12,500 1,922 1,089 29,200 16,847 740 740 22,234 21,063 22,234 21,063 TOTAL 2021 57,537 57,537 61,558 TOTAL 2020 61,558 61,558 Page 27 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 11. STAFF & FACILITIES COSTS 2021 2020 Wages and salaries Training costs General adminstration Legal and professional Depreciation Rent Other expenses FRS102 pension liability 409,764 2,849 75,951 97,701 31.482 580,752 33,634 {31,976 541.941 15,745 116,003 33,638 51,937 580,752 44,298 931,577 1,200,157 2,315,891 Support Costs detailed above are apportioned lo projects as below". Basls of Support staff apportionment 2021 Facilities osts 2021 Total costs 2021 Total costs 2020 Retail and other trade Sports and Fecrealion Welfare Volunteering Representation Governance 20 15 88,937 66,702 31,128 22,234 213.448 22,234 151,095 113,321 52,883 37,774 362,627 37,774 240,031 180,023 84,011 60,008 576,075 60,008 694,767 347,384 115,795 115,795 995.833 46.317 48 Total costs apportioned 100 444,683 755,474 1,200,157 2.315,891 11 NET INCOME This is ststed after charging.. 2021 2020 Depreciation of tangible fixed assets Auditors, remuneration - audit Auditors, remuneration - other services Operating lease rentsls 111.741 12,030 715 133,022 11,800 700 580.752 580,752 705.238 726.274 Page 28 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 13. ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Total funds 2020 Retail and other trade Welfare Volunteering and Community Rep￿SentatIOn and Representstion sponsorship Sports and Recreation Sponsorship External funding grants . Govern8nce 714.009 87,324 62,774 243,528 85,235 60.882 957.537 172,559 123,656 2.101.204 205,949 162,648 324.225 425,555 80,874 584,467 182,646 908,692 608,201 80,874 57,537 155.534 1.389.015 943,515 57,537 161,656 465,105 Clubs and societies 155,534 1,850.295 1,214,295 3,064,590 5,429.092 TOTAL 2020 3.116,322 2,312,770 5.429,092 14. STAFF COSTS Group 2021 Group 2020 Charity 2021 Charity 2020 Wages and salaries Social security costs Contribution to defined contribution pension schemes FRS102 defined liability pension 1,417.011 94.936 1,726.020 109,106 1,417,011 94.936 1.714,489 109,106 56,812 {121,3111 63,567 931,577 58,812 1121,3111 63,567 931.577 1,447.448 2,830,270 1,447,448 2,818,739 There were total redundancy and compromise agreement payments of £26,213 12020.. £28,712) made duTing the year. Page 29 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. STAFF COSTS ICONTINUEDI The average number of persons employed by the Charity during the year was as follows-. Group 2021 No. Group 2020 No. Charity 2021 No. Charity 2020 No. Trustees Permanent Staff Student Stsff 54 66 110 66 110 87 87 145 182 145 182 No employee received remuneration amounting lo more than £60.000 in either year. Due to the nature of control by the Board. Il is deemed there are no staff who meet the definition of key management personnel. 15. TRUSTEES. REMUNERATION AND EXPENSES In 2020121 Executives Committee's sabbatical offi￿rS received £19,557. £19,056, £20,789 and £21,289. 12019120.. two received £20,789, bmo received £19,056 and one received £19,964). Further lo this, two incoming executive officers received £2,668 12019120.. three officers re￿iVed £2,538) as part of the handover period. The executive offi'cers received this as aulhoTised in UPSU'S goveming document, for the representation, campaigning and support work they undertake as dislincl from their trustee responsibilities. This work include5 voicing sludenl opinion with the institution and local community, defending and extending the rights of students through petitions, discussions with MPS and also organising and supporting sludenl volunteers and service provision for them. The lolal salary, Nl and pension cost for the sabbatical officers amounted to £95,157 {2019120. £115,139). Extemal members of the UPSU Trustee Board were reimbursed for hotel andlor travel expenses, totaling £nil12019120. £Nill within the year. In addition, the six executive officers who are also trustees were reimbursed a total of £50 {2019120.' £1951 for the year, in respect of travel and subsistence expenses, in accordan￿ with theif role as elected Executive Officers. These costs are included within Govemance costs. 16. TAXATION UPSU'S activities fall wiihin the exemptions afforded by the provisions of Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these aGGounls. Page 30 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2021 17. TANGIBLE FIXED ASSETS GROUP AND CHARITY Short-term leasehold Fixtures and property fittings Total COST OR VALUATION Al 1 August 2020 Additions Disposals 500,984 151.610 333,051 11,900 126,5371 834,035 163.510 126,5371 Al 31 July 2021 652,594 318,414 971,008 DEPRECIATION Al 1 August 2020 Charge for the year On disposals 138.363 58,935 210,385 52,806 {25.2061 348.748 111,741 {25,2061 At31 July2021 197.298 237,985 435,283 NET BOOK VALUE At 31 July 2021 455,296 80,429 535.725 Al 31 July 2020 362.621 122,666 485.287 18. FIXED ASSET INVESTMENTS Investments GROUP COST OR VALUATION At 1 August 2020 Revaluations 271.889 9,261 AT 31 JULY 2021 281,150 NET BOOKVALUE AT 31 JULY 2021 281,150 AT 31 JULY 2020 271,889 Page 31 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 18. FIXED ASSET INVESTMENTS ICONTINUEDI Investments in subsidiary Companies Investments Total CHARITY COST OR VALUATION At 1 August 2020 Revaluations 271.889 9,261 271,890 9,261 AT 31 JULY 2021 281,150 281,151 NET BOOK VALUE AT31 JULY 2021 281,150 281,151 AT 31 JULY 2020 271,889 271,890 PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking of the Charity.. Name Company number Reglstered office or prinelpal Principal activity place of business UPSU Trading Limited 09689028 University of Plymouth Students, Union, University of Plymouth, Dfftke Circus, Plymouth, Devon, PL4 8AA. Running events Class of shares Holding Ordinary The financial results of the subsidiary for the year were.. Name Expenditure Loss forthe year Net assets UPSU Trading Limited 12211 {221) 1220) Page 32 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. STOCKS Group 2021 Group 2020 Charity 2021 Charity 2020 Finished goods and goods for resale 90,872 125,944 90,872 125,944 20. DEBTORS Group 2021 Group 2020 Charity 2021 Charity 2020 DUE wrrHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 20,111 11.0281 20.135 321 43,979 40,916 11,3501 29,329 10,207 84.337 43.979 40,916 10,207 84,337 105,006 93.516 105.351 122,523 21. CREDITORS." AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 Group 2020 Charity 2021 Charity 2020 Trade creditors Other taxation and social security Other creditors 674,910 101.561 63,357 129,541 12,860 24,151 64,147 65,701 674,910 101,561 63.357 129,541 12,860 24.151 64.147 65,701 Accruals and deférred income 969.369 166,859 969,369 166,859 Group 2021 Group 2020 Charity 2021 Charity 2020 Deferred income al 1 August 2020 Resources deferred during the year Amounts released from previous periods 920 49.644 {920} 5,745 920 (5,7451 920 49,644 (9201 5,745 920 {5,745) 49,644 920 49.644 920 The Charity has deferred income balances of £49,644 relating lo funds received in advan￿ for University Freshers Funding. Page 33 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2021 Group 2020 Charity 2021 Charity 2020 Other creditors 1,863.663 1,984,974 1,863,663 1,984.974 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting dale is.. Group 2021 Group 2020 Charity 2021 Charity 2020 Payable or repayable by instalmenls 1,863.663 1.984,974 1,863.663 1,984,974 1.863,663 1,984,974 1,863,663 1,984,974 Creditors due in more than 1 year is the net present value of the agreed defial recovery plan for the defi'ned benefit pension scheme operated by the Group. For further information, see note 29. HSBC UK Bank plc holds a fixed and floating charge over the assets of the company in respect to payment and discharge of any debt becoming due. There was no such debt at the 31 July 2021. 23. FINANCIAL INSTRUMENTS Group 2021 Group 2020 Charity 2021 Charily 2020 FINANCIAL ASSETS Financial assets measured al fair value through income and expenditure 1,870,673 271,889 1,870,548 271,889 Financial assets measured al fair value through income and expenditure comprise listed investments. Page 34 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 24. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 August 2020 Transfers inlout Galnsl Balance at {Lossesl 31 July 2021 Incorne Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Capital reserves Staffing reserve Externall Matched funding Digi181 and technology fund Buildings repair fund Facilities development reseNe 737,034 23,525 {113,2411 {49,3651 11,4031 574,428 22.122 23.364 23,364 20,000 20,000 12,500 12.500 34,901 34,901 Pension deficit reserve 150.000 150,000 1,001,324 1113,2411 150,768) 837,315 GENERAL FUNDS Free reserves Trading subsidiary 322.895 2,725,967 12,515.2861 (2211 {70,5431 8,363 471,396 1221) 322,895 2,725,967 {2,515,5071 170.543) 8,363 471,175 TOTAL UNRESTRICTED FUNDS 1,324,219 2,725,967 12,628,748) 1121.3111 8,363 1,308,490 PENSION LIABILITY Pension liability {1.984,9741 121,311 {1,863,6631 Page 35 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 24. STATEMENT OF FUNDS {CONTINUEDI Balance at 1 August 2020 Transfers inlout Gainsl Balance at (Losses) 31 July 2021 Income Expenditure RESTRICTED FUNDS Club5 and societies COVID-19 Grant 278,698 201,253 283,874 1155,5341 1283,8741 324,417 278,698 485,127 1439,4081 324,417 TOTAL OF FUNDS {382.0571 3,211,094 13.068.156) 8,363 1230,756) Page 36 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 STATEMENT OF FUNL)S (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 August 2019 Transfers inlout Gainsl Balance at {Lossesl 31 July 2020 Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Capitsl reserves Staffing reserve Extem211 Matched funding Digital and technology fund Buildings repair fund Facilities development reserve 704,027 29,026 1133.0221 166,029 (5,5011 737.034 23,525 23,766 14a31 23,363 20.000 20.000 12,500 12,500 15,000 19,901 34,901 Pension deficit reserve 50.000 100.000 150,000 854,319 {133,0221 280,026 1,001,323 GENERAL FUNDS Free reserves 146,402 4,079,252 {3.647,1301 68.395 145,3351 1251,7041 123,0601 13,9241 322.896 Trading subsidiary 146,402 4.147,647 13,692.465) 1274,7641 13,9241 322,896 TOTAL UNRESTRICTED FUNDS 1,000,721 4, 147.647 (3.825,4871 5,262 13,9241 1,324,219 PENSION LIABILITY Pension liability {1,053,3971 1931,5771 11,984,974) Page 37 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 24. STATEMENT OF FUNDS {CONTINUED) Balance al 1 August 2019 Transfers inloul Gain51 Balance al (Losses) 31 July 2020 Incorne Expenditure RESTRICTED FUNDS Clubs 2nd societies 229,986 513,837 1465,105) 278.698 Active Universiliesl Sport England COVID-19 Grant 5,262 15,2621 247,034 1247,0341 235.228 760,871 1712,139) 15,2621 278.698 TOTAL OF FUNDS 182,552 4.908,518 {5,469,2031 13,924) (382,0571 Page 38 THE UNIVERsrrY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Capital Reserves The Trustees. policy is lo provide, as far as possible for the future depreciation of fixed assets al the time UPSU becomes committed lo acquiring them. The Trustees, may allow exceptions to this policy when an asset will generate increased net income. The Capital Reserve is a designated unrestricted fund. Transfers represent the increase or decrease in nel book v81ue of fixed assets covered. Staffing Reserve To cover staff training costs that will arise in future periods. Externallmatched Funding Matched funding lo cover the cost of the Active Universities programme in future years. Vehicle Reserve This is to fund the purchase of a mobile catering van. Digital and Technology Reserve This is to prepare lo meet future essential investment needed for the digital and technological enhancement of our systems and digitsl platforms. Sports Development Fund Towards the development of the sports facilities. Bulldlng Repair Fund This frjnd is to meet future repair costs. Gym Equlpment Towards the purchase of gym equipment. Facllttles Development Reserves To fund major Capital projects within the facility in the future las opposed to general repairs to the fabric of the building covered within designated funds). The aim is to build a fund of £150,000 for this purpose. Pension Deficit Reserve To cover costs of the SUSS defFCit that may arise in future years. Unrestricted Funds The Free reserves lundesignatedl are to provide working capital. Pension Liability This reserve represents the present value of the agreed future contributions towards the SUSS pension scheme as required under FRS102. Clubs and Societies Clubs and societies funds consist of the monies belonging to individual dubs and societies raised from things such as membership fees, sponsorship and fundmising. Each club manages ils own affairs by Gommittee and are financially and constitutionally separate from UPSU. UPSU does however have overall control over the money and musl approve all expenditure. On this b8SlS the income and expenditure has been included within the accounts. Active Universities - Sport England Active universities is a three year project funded by Sport England with the overall aim of increasing participation in physical activities. This project has now been completed. COVID-19 Grant This fund relates to the income and expenditure associated with furloLJgh claims made. Page 39 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 25. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 1 August 2020 Transfers inlout Gainsl Balance at {Losses) 31 July 2021 Income Expenditure Designated funds General funds Pension liability Restiicted funds 1.001.324 322,895 {1,984,9741 278,698 1113,2411 12,515,507) 150,768) 170.543) 121,311 837,315 471,175 11,863,663) 324,417 2.725,967 8,363 485,127 (439,4081 {382,0571 3,211,094 13,068.1561 8,363 1230,7561 SUMMARY OF FUNDS- PRIOR YEAR Balance al 1 August 2019 Transfers inloul Gainsl Balan￿ at IL0s5esl 31 July 2020 Income Expenditure Designated funds General funds Pension liability Restricted funds 854.319 146.402 11,053,397) 235.228 1133,0221 4,147,647 {3,692,4651 1931,5771 1712.1391 280,026 1274.7641 1,001,323 322,896 11,984,974) 278,698 13,9241 760,871 15.2621 182,552 4.908,518 15,469.2031 13,9241 1382,0571 26. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Pension Restricted Unrestricted funds funds 2021 2021 Total funds 2021 2021 Tangible fixed assets Fixed asset investments Current assets 535.725 535,725 281,150 281,150 1,785.401 2.109,818 {1.293.7861 (1,293,786) {1.863.6631 324.417 Creditors due within one year Creditors due in more than one year 11,863,663) TOTAL 11,863,663) 324,417 1,308,490 1230.756 Page 40 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 26. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unreslr4Cted pension Restricted Unrestricted fvnds funds 2020 2020 Total lunds 2020 2020 Tangible fixed assets Fixed asset investments Current assets CTeditOTS due within one year Creditors due in more than one year 485,287 271,889 733,902 {166,8591 485,287 271,889 1,012.600 1166,8591 11,984,974) 278,698 (1,984,974) TOTAL 11,984,974) 278,698 1.324,219 1382.0571 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 27. Group 2021 Group 2020 Nel incomelexpendilure for the year (as per Statement of Financial Acliviliesl 151,301 (564,6091 ADJUSTMENTS FOR: Depreciation charges (Gainsll loss on investments Interest received Profiv Ilossl on the sale of fixed assets Decreasel {inereasel in stocks Decreasel lincreasel in debtors Increasel Idecreasel in creditors 111.74q {11,604} 11.0121 11.3311 35,072 157,2101 720.320 133,022 3,924 15,1561 13,0601 4,908 14,6241 959.928 NET CASH PROVIDED BY OPERATING ACTIVITIES 947,277 524,333 Page41 THE UNIVERSITY OF PLYMOUTH STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 28. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 Group 2020 Cash in hand 1,589,523 793.140 TOTAL CASH AND CASH EQUIVALENTS 1,589,523 793,140 29. ANALYSIS OF CHANGES IN NET DEBT At l August 2020 Cash flows At 31 July 2021 Cash al bank and in hand 793,140 796,383 1,589.523 30. CAPITAL COMMITMENTS Group 2021 Group 2020 Charty 2021 Charity 2020 CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL STATEMENTS Acquisition of tangible assets 263,970 263,970 Page 42 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 31. PENSION COMMITMENTS UPSU participates in the Students, Llnion Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students, unions and related bodies throughout the country. Benefits respect of service up lo 30 September 2003 are accrued on a 'final s21ary basi5, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings ICAREI basis. With effect from 30 September 2011 the Scheme closed to future accnjal. The most recent Valuation of the Scheme was carried OLSI as at 30 June 2019 and showed that the market value of the Scheme's assets was £119m with these assets representing 460fi of the value of benefits that had accrued lo members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted lo £141 m. The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rale of return on investments and the rates of increase in salaries and pensions. The following assumption5 applied at 30 June 2019'.- The investrnenl return would be 4.00/0 per annum before retirèment and 2.OOA per annum after retirement. Pensions accruing on the CARE basis would revalue al 3.6'A per annum. Present and future pensions would increase al rates specified by Scheme rules with appropriate assumptions where these are dependent on inflation. The 2019 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 15 years and W￿11 increase by al least 5Yo in each following year. These conlTibulions also include an allowance for the cost of the origoing adrninistralive and operational expenses of running the Scheme. Surpluses or deficits which arise at future valuations will also impact on UPSU'S future contribution commitment. In addition to the above contributions, UPSU also pays its share of the Scheme's levy lo the Pension Protection Fund. The accounts include a liability for the agreed fLFlure deficit recovery payments included at their net present value as required by FRS102. 2021 2020 Brought forward On unwinding Change in assLJmptions 1,984,974 42,478 {163.7891 1,053,398 25,703 905.873 1,863.663 1,984,974 Page 43 THE UNIVERSITY OF PLYMOUTH STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 32. RELATED PARTY TRANSACTIONS The Charity has one 1000/0 subsidiary. UPSU Trading Limited. The Charity has therefore taken advantage of the exemption contained in FRS 102 not to disclose transactions or balances with entities which form part of the group. UPSU is in re￿Ipt of a recurrent Block Grant from Plymouth University of £2,006,110 {2020.. £2,026,825). UPSU occupies ils buildings under fomal lease agreement and paid rent to Plymouth Universlty of £580,752 {2020' £580,752). The Union shares the costs of decoration and maintenance with the University. 33. CONTROLLING PARTY The ultimate control of UPSU is vested under the Constitution in the members in the Annual General Meeting. As such no single person or entity controls the Union. 34. AFFILIATIONS UPSU. on behalf of the generality of the students, is currently affiliated lo, and paid affiliation lees and memberships during the year to the following external organisations.. 2021 2020 National Union of Students NUS Services membership Advice UK British Universities and Colleges Sports NASMA membership WonkHE 2,500 380 30,000 380 258 1,241 13,235 360 10,491 360 3,675 3,500 17.664 48,716 Page 44