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2023-07-31-accounts

Page
Reference and Administrative
Details ofthe Charity,		 its Trustees and Advisers 1-2
Trustees'
Report
Trustees'
Responsibilities
Statement
Independent
Auditors'
Report on the Financial Statements		 12-15
Consolidated
Statement of Financial Activities		 16
Consolidated
Balance Sheet		 17
Charity Balance Sheet 18
Consolidated
Statement ofCash Flows		 19
Notes to the Financial Statements 20-44

Sabbatical Sabbatical Officers 2023/24 (From 1 July 2023 to 30June 2024) 2023/24 (From 1 July 2023 to 30June 2024) 2023/24 (From 1 July 2023 to 30June 2024)
Tonari Arikekpar,
President
(Chair ofthe Board)
Daniella
Marley, VP Wellbeing		 and Diversity
Darcie Jones, VP Education
Isla Symons, VP Activities
2022/23 (From
1 July 2022 to 30June 2023)
Daniella
Marley, President		 (Chair ofthe Board)
Joshua
Borokinni, VP Wellbeing		 and Diversity
Tonari Arikekpar,
VP Education
Mitch Laughton,
VP Activities
Student Trustees Charles Gage (resigned 30June 2023)
Aira Ong (resigned 27 October 2022)
Oliver Smith (resigned 30 June 2023)
Vivian
Hocking MBCS (appointed
1 July 2023)
Zachary Patel (appointed 16January 2023)
Zoe Pearson
(appointed
1		 July 2023)
Harry Simpson
(appointed		 28 October 2022)
Kolawole Ogunsakin
(appointed		 28 October 2022, resigned 16Ja nuary 2023)
External Trustees Jane Hopkinson,
(Deputy		 Chair ofthe Board)
James Hemsley
Graham
Stirling (resigned		 30 June 2023)
Helen Cocks (resigned
3 April 2023)
David De-Beger (appointed 23 August 2023)
Naomi Wrigley (appointed 23 August 2023)
Company registered
number 10676070
Charity registered
number 1172830
Principal Office Students'
Union
Building
University
of Plymouth
Drake Circus
Plymouth
PL4 8AA
Chief Executive Nicky Goldthorpe
Independent auditors Bishop Fleming
LLP
Chartered
Accountants
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 OBN

The Trustees have agreed t he following
k		 ey p erf or man ce
indic		 ators:
Question Data 2022/23 Target 2023/24
Source 2023/24
% of students
agree we have a positive		 impact on Annual 79% 85%
their student
experience		 Survey
% of students
satisfied
with		 UPSU Annual 87% 90%
Surve
% of students
who
agree		 that
the
SU		 represents National 58% 65% 74.7%
students'
academic interests		 well or very well. Student
Survey
% of students
who
feel
that
they
belong		 to the Annual 68% 81%
student
communit
at Pl mouth		 Surve
%of students
agree "UPSU		 has a positive impact on Annual 75% 80%
the academic ex erience of students" Surve
%of students
agree "UPSU		 has a positive impact on Annual 71% 75%
the wellbeing
of students"		 Survey
of students
agree
"UPSU
provides		 services, Annual 82% 85%
activities and events that are entertaining and fun" Survey
% of staff who
would
positively
recommend		 UPSU Staff Survey n/a 84%
as a place to work
Free
reserves
in
line
with		 the
policy		 agreed by Line f643k 6600K
Trustees Mana er
% of students
agree
with		 the statement "UPSU is Annual 71% 75%
democratic
and accountable		 to members" Surve
% ofstudents
that say that the communications		 they Annual 74% 75%
see from the SU are interestin
/en
a
in		 Surve

Risk Theme Risk Risk Miti atin
Actions
Commercial Reduction in expected income ~ Increased
variety ofofferings
Income from commercial operations ~ Monitor competition
~ Continued
exploration
of revenue
diversification
~ Price advantage
due to NUSSL membership
~ Regular financial forecasting
Funding No increase in block grant ~ Budgeting
and forecasting
funding from University ~ Relationship
with key UoP staff
~ SU UEG meetings
~ Benchmarking
other SU block grants
~ Articulation
ofvalue for money of SU
Relationship Poor relationship with key ~ Representatives
and staff sit on key		 university
with university staff members and committees
University lack of understanding of value ~ Regular meetings
in place
of the SU to the student ~ Articulation
ofvalue for money of SU
experience ~ Presentations
and reports to university		 staff and
committees

Unrestricted
funds- Unrestricted
pension Restricted funds- Total Total
liability funds general funds funds
Note 2023
E		 2023 2023 2023f 2022
INCOME AND
ENDOWMENTS
FROM:
Donations
and legacies		 2,103,996 2,103,996 2,113,893
Charitable
activities		 766,880 2,361,934 3,128,814 2,838,139
Investments 23,056 23,056 4,017
TOTAL INCOME AND
ENDOWMENTS 766,880 4,488,986 5,255,866 4,956,049
EXPENDITURE ON:
Raising funds 54 54 60
Charitable
activities		 98,591 737,821 4,521,351 5,357,763 4,620,742
TOTAL
EXPENDITURE 98,591 737,821 4,521,405 5,357,817 4,620,802
NET INCOME/
(EXPENDITURE)
BEFORE NET
GAINS/ (LOSSES)
ON INVESTMENTS (98,591) 29,059 (32,419) (101,951) 335,247
Net gains/(losses) on
investments (7,040) (7,040) (14,014)
NET INCOME
/
(EXPENDITURE) (98,591) 29,059 (39,459) (108,991) 321,233
Transfers
between
funds 21 (11,866) 11,866
NET MOVEMENT IN
FUNDS (98,591) 17,193 (27,593) (108,991) 321,233
RECONCILIATION OF
FUNDS:
Total funds brought
forward (1,617,178) 295,151 1,412,504 90,477 (230,756)
Net movement
in funds		 (98,591) 17,193 (27,593) (108,991) 321,233
TOTAL FUNDS
CARRIED
FORWARD (1,715,769) 312,344 1,384,911 (18,514) 90,477

As restated
2023 2022
Note F E
FIXEDASSETS
Tangible assets 15 413,166 443,940
Investments 16 184,802 190,436
597,968 634,376
CURRENT ASSETS
Stocks 17 140,799 112,380
Debtors 18 130,348 118,641
Cash at bank and in hand 25 1,703,157 1,670,158
1,974,304 1,901,179
Creditors: amounts falling due within one
year 19 (875,017) (827,900)
NET CURRENT ASSETS 1,099,287 1,073,279
TOTAL ASSETS LESSCURRENT
LIABILITIES 1,697,255 1,707,655
Creditors: amounts falling due after more
than one year 20 (1,715,769) (1,617,178)
TOTAL NET ASSETS/ (LIABILITIES) (18,514) 90,477
CHARITY FUNDS
Unrestricted
-pension		 liability 21 (1,715,769) (1,617,178)
Restricted
funds		 21 312,344 295,151
Unrestricted
funds		 21 1,384,911 1,412,504
TOTAL FUNDS (18,514) 90,477
As restated
2023 2022
Note f.
FIXEDASSETS
Tangible assets 15 413,166 443,940
Investments 16 184,803 190,437
597,969 634,377
CURRENT ASSETS
Stocks 17 140,799 112,380
Debtors 18 130,372 119,551
Cash at bank and in hand 25 1,703,146 1,669,207
1,974,317 1,901,138
Creditors: amounts falling due within one
year 19 (874,696) (827,579)
NET CURRENT ASSETS 1,099,621 1,073,559
TOTAL ASSETS LESSCURRENT
LIABILITIES 1,697,590 'I,707,936
Creditors: amounts falling due after more
than one year 20 (1,715,769) (1,617,178)
TOTAL NET ASSETS/ (LIABILITIES) (18,179) 90,758
CHARITY FUNDS
Unrestricted
-pension		 liability 21 (1,715,769) (1,617,178)
Restricted
funds		 21 312,344 295,151
Unrestricted
funds		 21 1,385,246 1,412,785
TOTAL FUNDS (18,179) 90,758

As restated
2023 2022
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided
by operating
activities		 24 77,005 42,105
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale oftangible fixed assets 900
Purchase
of tangible
fixed assets		 (60,922) (49,373)
Gain/ (loss) on investments (7,040) 14,014
Interest received 23,056 4,017
NET CASH PROVIDED BY/ (USED IN) INVESTING ACTIVITIES (44,006) (31,342)
CHANGE
IN CASH AND CASH EQUIVALENTS		 32,999 10,763
Cash and cash equivalents
at the beginning		 ofthe year 1,670,158 1,659,395
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 25 1,703,157 1,670,158

Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
E F
Donations 6,736
University
Block Grant		 2,103,996 2,103,996 2,103,995
COVID-19 CJRS Grant 3,162
TOTAL 2023 2,103,996 2,103,996 2,113,893
TOTAL 2022 3,162 2,110,731 2,113,893
5. INCOME FROM CHARITABLE ACTIVITIES
Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
F
Retail and other trade 2,137,422 2,137,422 2,076,501
COVID student testing income 10,884
Representation and Representation
sponsorship 1,350 1,350 2,068
Sports and Recreation Members Contributions 201,301 201,301 137,748
Sports and Recreation Sponsorship 3,911 3,911 11,598
Income from charitable activities-
Representation sponsorship 8,000 8,000 39,395
External
funding		 grants 9,950 9,950 960
Clubs and societies 766,880 766,880 558,985
TOTAL 2023 766,880 2,361,934 3,128,814 2,838,139
TOTAL 2022 558,985 2,279,154 2,838,139

Unrestricted Total Total
funds funds funds
2023 2023 2022
F
Investment income 23,056 23,056 4,017
TOTAL 2022 4,017 4,017

Unrestricted
funds-
pension Restricted Unrestricted
liability funds funds Total Total
2023 2023 2023 2023 2022
F E f.
Retail and Other Trade 2,235,602 2,235,602 2,180,039
Welfare 208,117 208,117 195,827
Representation and
Representation Sponsorship 954,633 954,633 926,855
Societies, Sports and
Recreation
Sponsorship		 1,046,191 1,046,191 926,970
FRS102 Pension Deficit
Liability 98,591 98,591 (246,485)
COVID-19 Student Testing 1,612
Governance 76,808 76,808 73,016
Clubs and Societies 737,821 737,821 562,908
TOTAL 2023 98,591 737,821 4,521,351 5,357,763 4,620,742
TOTAL 2022 (246,485) 566,070 4,301,157 4,620,742

Unrestricted Total Total
funds funds funds
2023 2023 2022
F F
Governance Auditors' remuneration 14,800 14,800 14,300
Trustee Board expenses 796 796 384
Executive travel and phone expenses 1,164 1,164 1,246
Support staff costs 34,696 34,696 32,058
Support facilities costs 42,112 42,112 40,958
TOTAL 2023 93,568 93,568 88,946
TOTAL 2022 88,946 88,946
9. STAFF 8 FACILITIES SUPPORT COSTS
STAFF 8 FACILITIES SUPPORT COSTS
2023 2022
P F
Wages and salaries 693,958 641,162
Training costs 14,588 6,287
General adminstration 162,927 152,378
Legal and professional 47,271 39,659
Depreciation 25,215 27,591
Rent 580,752 580,752
Other expenses 11,478 12,512
1,536,189 1,460,341

Support costs d etailed above are appo rtion ed
to projects as		 below:
Basis of Support staff Facilities Total costs Total costs
apportionment 2023 costs 2023 2023 2022
0/ E E E E
Retail and other trade 30 208,188 252,669 460,857 438,103
Societies, Sports and 20 138,792 168,446 307,238 292,068
Recreation
Welfare 7 48,577 58,956 107,533 102,224
Representation and 38 263,705 320,048 583,753 554,930
Representation
Sponsorship
Governance 34,696 42,112 76,808 73,016
Total costs apportioned 100 693,958 842,231 1,536,189 1,460,341
NET INCOME
This is stated after charging:
2023f 2022
F
Depreciation
of		 tangible fixed assets 88,883 139,749
Auditors'
remuneration		 - audit 12,580 12,155
Auditors'
remuneration		 -other services 2,220 2,145
Operating
lease		 rentals 580,752 580,752
Profit/(loss)
on the sale		 offixed assets 2,813 1,409
687,248 736,210

Activities
undertaken Support Total Total
directly costs funds funds
2023 2023 2023 2022
P. E E F
Retail and Other Trade 1,774,745 460,857 2,235,602 2,180,039
Welfare 100,584 107,533 208,117 195,827
Representation and Representation
Sponsorship 370,880 583,753 954,633 926,855
Sports and Recreation Sponsorship 738,953 307,238 1,046,191 926,970
FRS102 Pension Deficit Liability 98,591 98,591 (246,485)
COVID-19 Student Testing 1,612
Governance 76,808 76,808 73,016
Clubs and Societies 737,821 737,821 562,908
TOTAL 2023 3,821,574 1,536,189 5,357,763 4,620,742
TOTAL 2022 3,160,400 1,460,342 4,620,742

Group Group Charity Charity
2023f 2022 2023
F		 2022
E
Wages and salaries 1,802,224 1,682,283 1,802,224 1,682,283
Social security costs 122,659 108,084 122,659 108,084
Contribution to defined contribution pension
schemes 62,827 55,787 62,827 55,787
Operating costs of defined benefit pension
schemes 121,119 112,749 121,119 112,749
FRS102pension deficit liability 98,591 (246,485) 98,591 (246,485)
2,207,420 1,712,418 2,207,420 1,712,418

Group Group
2023 2022
No. No.

Short-term
leasehold Fixtures and
property
F		 fittings
f		 Total
E
COST OR VALUATION
At 1 August 2022 652,594 331,211 983,805
Additions 60,922 60,922
Disposals (21,794) (21,794)
At 31 July 2023 652,594 370,339 1,022,933
DEPRECIATION
At 1 August 2022 262,425 277,440 539,865
Charge for the year 59,998 28,885 88,883
On disposals (18,981) (18,981)
At 31 July 2023 322,423 287,344 609,767
NET BOOK VALUE
At 31 July 2023 330,171 82,995 413,166
At 31 July 2022 390,169 53,771 443,940

Investments
GROUP F
COST OR VALUATION
At 1 August 2022 (as previously stated) 267,538
Prior year adjustment (77,102)
At 1 August 2022 (as restated) 190,436
Revaluations (5,634)
AT 31 JULY 2023 184,802
NET BOOK VALUE
AT 31 JULY 2023 184,802
AT 31 JULY 2022 (as restated) 190,436
Investments
in
subsidiary
CHARITY companies
E		 Investments
f		 Total
E
COST OR VALUATION
At 1 August 2022 (as previously stated) 267,538 267,539
Prior year adjustment (77,102) (77,102)
At 1 August 2022 (as restated) 190,436 190,437
Revaluations (5,634) (5,634)
AT 31 JULY 2023 184,802 184,803
NET BOOK VALUE
AT 31 JULY 2023 1 184,802 184,803
AT 31 JULY 2022
(as restated)		 1 190,436 190,437

PRINCIPAL SUBSIDIARIES SUBSIDIARIES
The following was a subsidiary undertaking ofthe Charity:
Name Company Registered office or principal Principal activity
number place of business
UPSU Trading Limited 09689028 University of Plymouth Running events
Students' Union, University of
Plymouth, Drake Circus,
Plymouth, Devon, PL4 8AA.
Class of Holding
shares
Ordinary 100%
The financial results ofthe subsidiary for the year were:
Name Expendituref Loss for the
yearf		 Net assets
f.
UPSU Trading Limited (54) (54) (334)
17. STOCKS
Group Group Charity Charity
2023 2022 2023 2022
F F F E
Finished goods and goods for resale 140,799 112,380 140,799 112,380

Group Group Charity Charity
2023 2022 2023 2022
E
DUE WITHIN ONE YEAR
Trade debtors 'I1,305 33,457 11,329 33,481
Amounts
owed		 by group undertakings 886
Other debtors 62,715 9,602 62,715 9,602
Prepayments and accrued income 56,328 75,582 56,328 75,582
130,348 118,641 130,372 119,551
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Group Charity Charity
2023 2022 2023 2022
E
Trade creditors 629,532 651,604 629,211 651,283
Other taxation and social security 96,112 39,765 96,112 39,765
Other creditors 56,308 61,170 56,308 61,170
Accruals and deferred
income		 93,065 75,361 93,065 75,361
875,017 827,900 874,696 827,579
Group Group Charity Charity
2023 2022 2023 2022
f. E E
Deferred
income at 1 August 2022		 4,780 49,644 4,780 49,644
Resources deferred during the year 4,799 4,780 4,799 4,780
Amounts
released		 from previous periods (4,780) (49,644) (4,780) (49,644)
4,799 4,780 4,799 4,780

Group Group Charity Charity
2023f 2022
F		 2023 2022
E
Other creditors 1,715,769 1,617,178 1,715,769 1,617,178
Group Group Charity Charity
2023
F		 2022
E		 2023f 2022
Payable or repayable by instalments 1,715,769 1,617,178 1,715,769 1,617,178

Balance at 1 Transfers Gains/ Balance at
August 2022 Income Expenditure in/out (Losses) 31 July 2023
E F F
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital reserves 472,939 (91,695) 31,922 413,166
Staffing reserve 38,930 38,930
External/
Matched
funding 22,663 22,663
Digital and
technology fund 30,000 30,000
Sport development
reserve 8,000 8,000
Buildings
repair
fund 12,500 12,500
Gym reserve 32,000 32,000
Facilities
development
reserve 34,901 34,901
Pension
deficit
reserve 150,000 150,000
801,933 (91,695) 31,922 742,160

Balance at I Transfers Gains/ Balance at
August 2022f Income
f		 Expenditure
f.		 in/out
f		 (Losses)
E		 31 July 2023
GENERAL FUNDS
Free reserves 610,852 4,488,986 (4,429,656) (20,056) (7,040) 643,086
Trading
subsidiary		 (281) (54) (335)
610,571 4,488,986 (4,429,710) (20,056) (7,040) 642,751
TOTAL
UNRESTRICTED
FUNDS 1,412,504 4,488,986 (4,521,405) 11,866 (7,040) 1,384,911
PENSION
LIABILITY
Unrestricted
pension
liability		 (1,617,178) (98,591) (1,715,769)
Balance at 1 Transfers Gains/ Balance at
August 2022
E		 Income
f		 Expenditure
F		 in/out (Losses)
F		 31 July 2023
E
RESTRICTED
FUNDS
Clubs and societies 295,151 766,880 (737,821) (11,866) 312,344
TOTAL OF FUNDS 90,477 5,255,866 (5,357,817) (7,040) (18,514)

Balance at
1 August Transfers Gains/ Balance at
2021 Income Expenditure in/out (Losses) 31 July 2022
E F E E F
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital reserves 574,428 6,736 (106,055) (2,170) 472,939
Staffing reserve 22,122 (3,192) 20,000 38,930
External/
Matched
funding 23,364 (701) 22,663
Digital and
technology fund 20,000 10,000 30,000
Sport development
reserve 8,000 8,000
Buildings
repair
fund 12,500 12,500
Gym reserve 32,000 32,000
Facilities
development
reserve 34,901 34,901
Pension
deficit
reserve 150,000 150,000
837,315 6,736 (109,948) 67,830 801,933

Balance at
1 August Transfers Gains/ Balance at
2021 Income Expenditure in/out (Losses) 31 July 2022
P E f. F F
GENERAL FUNDS
Free reserves 471,396 4,387,166 (4,191,209) (42,487) (14,014) 610,852
Trading
subsidiary		 (221) (60) (281)
471,175 4,387,166 (4,191,269) (42,487) (14,014) 610,571
TOTAL
UNRESTRICTED
FUNDS 1,308,490 4,393,902 (4,301,217) 25,343 (14,014) 1,412,504
PENSION
LIABILITY
Pension
liability		 (1,863,663) 246,485 (1,617,178)
Balance at
1 August Transfers Gains/ Balance at
2021 Income Expenditure in/out (Losses) 31 July 2022
E E F E
RESTRICTED
FUNDS
Clubs and societies 324,417 558,985 (562,908) (25,343) 295,151
COVID-19 Grant 3,162 (3,162)
324,417 562,147 (566,070) (25,343) 295,151
TO'TAL OF FUNDS (230,756) 4,956,049 (4,620,802) (14,014) 90,477

Balance at 1 Transfers Gains/ Balance at
August 2022 Income Expenditure in/out (Losses) 31 July 2023
F F F.
Designated
funds 801,933 (91,695) 31,922 742,160
General funds 610,571 4,488,986 (4,429,710) (20,056) (7,040) 642,751
Pension liability (1,617,178) (98,591) (1,715,769)
Restricted funds 295,151 766,880 (737,821) (11,866) 312,344
90,477 5,255,866 (5,357,817) (7,040) (18,514)
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 August Transfers Gains/ Balance at
2021 Income Expenditure in/out (Losses) 31 July 2022
E F F F F F.
Designated
funds 837,315 6,736 (109,948) 67,830 801,933
General funds 471,175 4,387,166 (4,191,269) (42,487) (14,014) 610,571
Pension liability (1,863,663) 246,485 (1,617,178)
Restricted funds 324,417 562,147 (566,070) (25,343) 295,151
(230,756) 4,956,049 (4,620,802) (14,014) 90,477

ANALYSIS O F NET ASSETS BETWEEN FUNDS - CURRENT YEAR
Unrestricted
-pension Restricted Unrestricted Total
liability funds funds funds
2023 2023 2023 2023
F F F F
Tangible fixed assets 413,166 413,166
Fixed asset investments 184,802 184,802
Current assets 312,344 1,661,960 1,974,304
Creditors due within one year (875,017) (875,017)
Creditors due in more than one year (1,715,769) (1,715,769)
TOTAL (1,715,769) 312,344 1,384,911 (18,514)
Unrestricted
- pension Restricted Unrestricted Total
liability funds funds funds
2022 2022 2022 2022
F
Tangible fixed assets 443,940 443,940
Fixed asset investments 190,436 190,436
Current assets 295,151 1,606,028 1,901,179
Creditors due within one year (827,900) (827,900)
Creditors due in more than one year (1,617,178) (1,617,178)
TOTAL (1,617,178) 295,151 1,412,504 90,477
Group Group
2023 2022
E
Net
income/expenditure
for		 the year (as per Statement of Financial
Activities) (108,991) 321,233
ADJUSTMENTS FOR:
Depreciation
charges		 88,883 139,749
(Gains)/ loss on investments 7,040 (14,014)
Interest received (23,056) (4,017)
Profit/ (loss) on the sale offixed assets (2,813) (1,409)
Decrease/ (increase) in stocks (28,419) (21,508)
Decrease/
(increase)		 in debtors (11,707) (13,635)
Increase/ (decrease) in creditors 156,068 (364,294)
NET CASH PROVIDED BYOPERATING ACTIVITIES 77,005 42,105

Group
Group As restated
2023 2022
E
Cash in hand 1,703,157 1,670,158
TOTAL CASH AND CASH EQUIVALENTS 1,703,157 1,670,158

At 1 August
2022 (as At 31 July
restated) Cash flows 2023
f E F
1,670,158 32,999 1,703,157

2023 2022
F f.
National Union of Students 7,500 7,225
NUS Services membership 380 380
Advice UK 276 263
British Universities and Colleges Sports 11,610 10,760
NASMA membership 350 420
WonkHE 3,936 3,770
24,052 22,818