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2021-07-31-accounts

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

CHARITY NO. 1177734

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1177734

Principal Address

UCB Guild of Students University College Birmingham Summer Row Birmingham B3 1JB

Trustees

Andrew Neil Parsons Chair - appointed 21.02.18 Lorraine Teague - appointed 21.02.18 Alice Young Deputy Chair - appointed 01.07.20 Blessing Osasogie - appointed 01.07.21 Kiloran Wills - appointed 16.07.21 Natalie Jordan - appointed13.07.21 Ross Loveitt Deputy Chair - appointed 21.02.18, resigned 30.06.20 Alpha Jallow Deputy Chair - appointed 01.07.19, resigned 30.06.21 Ashlea-Jayne Mallett - appointed 01.07.19 Paula Couto Rodriguez - appointed 01.07.19, resigned 30.06.21 Emma-Jane Burness - appointed 01.07.18, resigned 30.06.19 Zara Saddiq - appointed 01.07.18, resigned 30.06.19

Senior staff member

Sarah Kerton – Guild Director

Independent Examiner

Paul Bowater ACA – Birmingham Voluntary Service Council

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

The trustees present their report with the financial statements for the year ended 31 July 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, including the adoption of the amendments issued in December 2017 (FRS 102)”.

The trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity's Commission general guidance on public benefit "Charities and Public Benefit". The Trustees' Report clearly sets out the charitable objectives, our current activities and how they benefit the public.

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

3

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Deputy Chair’s Report for the Year Ended 31 July 2021

2020 - 2021 has been a year with challenges and successes like no other.

The Covid-19 pandemic hit all of us hard; however, we did all we could to power through and support our students. Throughout the year, this caused our students and ourselves uncertainty. We lobbied the government with our National Union of Students and students across the county, demanding better for our students. We secured hardship funds and helped our students get the support they needed.

In a year of uncertainty, liberation student groups thrived. We had a strong community of LGBT+ students and an incredible Disabled Students Society who were putting on online events around improving the mental health and wellbeing of our students. From this, we are very proud to say they were recognised by receiving a national award. Alongside this work on liberation, we consulted with UCB around their awarding gap action plan and gave independent advice on this, which UCB took on board.

Unfortunately, in 2020-2021, the Covid-19 outbreak was not the only thing we were fighting. Harassment and sexual misconduct have been a problem for years; however, the murder of a 33year-old woman named Sarah Everard captured the attention of our students as well as people nationally and globally. From this, we decided to build a strong campaign around ending harassment and sexual misconduct and raising awareness for this and this work still continues on within the Guild.

In a year of blended working, part in the office, part from home, we did build some fantastic relationships with UCB. We did this by being open and honest about the struggles we were facing, which meant that when we were able to put them on the table and do something about them. From our relationship building, we decided to start putting together a partnership agreement that outlined what we, UCB Guild of Students, do, what UCB do, and what we do together as we felt this would enhance our relationship even more.

We saw more and more students struggle with their mental health, and we knew this was something that needed fixing and quickly. We secured a 24/7 phone service with dedicated counsellors on the other end, ready to talk to students. This was a fantastic way to alleviate some of the pressure on our counselling service, and it meant students no longer had to wait weeks for an appointment but instead, just a couple of minutes.

We think about our lessons as we reflect, and we believe we have taken five key lessons away from 2020-2021. We can adapt when we need to, and we will continue to adapt; our experience during the pandemic has taught us we can do things differently and still succeed. Organising a community doesn't have to be so structured and complicated; we can do things that aren't expensive and still have a massive impact on students and, in most cases, a greater one. Community matters, being predominantly digital and at a distance, many students and staff in the Uni and the Guild has struggled, and so it has shown that relationships between people are hugely important. Partnership with our institution is everything, when we bring the skills together from both the Guild and UCB, amazing things happen. And last but most definitely not least, people are everything. We gave thanks, acknowledged the tough times and recognised the hard work and effort given at a time of difficulty.

4

We had some difficult struggles and some incredible successes and came out of the year stronger than ever as we became the 2nd highest student union in the region for our question in the NSS. We are proud of what we did in 2020-2021.

Alice Young Vice President 2020-21; President 2021-22

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

OBJECTIVES AND ACTIVITIES

Charitable Objects and the Advancement of Public Benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit. The Charity's objects are the advancement of the education of students at University College Birmingham for the public benefit by:

The trustees act on advice and information from the senior management team which is responsible for the day to day management of the charity.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ACHIEVEMENT AND PERFORMANCE

In what was another unprecedented year for University College Birmingham Students’ Union (the Guild of Students) and the charity sector alike, the Coronavirus created a difficult landscape to operate in.

With aspirations to deliver an increased level of face-to-face activity for our members in September 2020, the Guild of Students moved again to delivering more online-events because of social distancing and COVID19 regulations.

It was with this flexibility and creativity of approach that the Guild of Students was able to continue their development.

The Guild achieved the following outcomes in 2020-21:

Record numbers of society engagement

As we moved into September 2020, we recognised the need to shift our traditionally face-to-face society activity to primarily online delivery. We knew it was vital for our society leads to capture and engage as many new and returning students as possible for them to begin to develop community – even if they were not due to be physically on campus. In a bid to support this, the Guild of Students removed all membership fees for students and provided societies with the support needed to deliver their activity online where possible. This work led to over 600 students taking part in societies – a record for the Guild.

6

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Developed our People and Culture work

Led by our HR Subcommittee, we were able to pass and ratify all the Guild’s HR policies and procedures after what has been a two-year long project. This work has supported our continual growth as a professional organisation and is the start of us being able to evidence ourselves as an excellent place to work.

Alongside our internal policy work, we were awarded the National Union of Students Quality Students Union – Part A, a quality mark of an excellent Students’ Union recognised across the sector.

Developed innovative ways of gathering student insight

We launched new initiatives including our Speak Week – a week of online, and in-person feedback gathering focused on what the Guild of Students could do to improve student experience at UCB. As well as our, “Staff our Awesome” awards, where students can nominate a staff member. This initiative provides us with an opportunity to celebrate the staff within our community, boost morale and most importantly, gather vital data about what students value in their teaching and support staff.

Secured a student-space on campus

After hard work developing our relationships and partnerships with staff at UCB, in April 2020, we secured a space for the Guild to be based over in our Summer Row building. This marked a monumental turning point for the Guild to have a space to call home. The space did not open until September 2021, but huge amounts of logistical work was undertaken by the team, in collaboration with UCB, within the 2020-21 year.

Trialled online engagement activities for students

While delivering in a predominantly online environment was challenging for the Guild, we trialled delivering more events online and partnering with our student leaders to ensure their activity was deliverable remotely too. We were even able to continue our support for new-student groups, including our Disabled Students Society, who won a national award for “Best Society Committee” in 2021 at the National Society Awards.

In 2016 we set out our plan to deliver the below plan. 2021 marked 5 years since writing this and while Coronavirus has changed the way we have worked since 2019, we have gone above and beyond the expectations we set of ourselves as an organisation.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS, UNION ITHE GUILD OF STUDENTS) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 WE'VE COME A LONG WAY... IN 2016, WE SET OUT TO: CREATE AN INDEPENDENT CHARITY, LED AND MANAGED BY A TEAM OF ELECTED STUDENTS ENCOURAGE THE DEVELOPMENT OF STUDENT-LED SOCIETIES 28 ENSURE THAT STUDENTS, VOICES ARE HEARD AT UNIVERSITY BOARD MEETINGS AIM FOR A 10/1 TURN OUT IN GUILD ELECTIONS 29 COMMIT TO WORKING WITH THE UNIVERSITY ON INCLUSIVE LEARNING IDENTIFY NEW INNOVATE WAYS OF GAINING STUDENT FEEDBACK

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Since our last annual plan, we have:

FINANCIAL REVIEW

Overview

The financial statements presented cover the year to 31 July 2021.

The Statement of Financial Activities for the year to 31 July 2021 shows total income of £168,400.

The principal income source for the Guild on an annual basis is the block grant provided by the University. For the year to 31 July 2021 this was £148,716. This income was supplemented by our trading income of £8,811, from the sale of Guild branded clothing to students and advertising/promotional campaigns. This year our income from charity activities, specifically society membership and activity was £0, due to COVID-19.

Expenditure for the year was £96,992 on charitable activities and £76,603 costs of trading activities.

The net movement of funds in the year was -£5,196.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Reserves Policy

The Board of Trustees have approved UCB Guild’s Reserves Policy in February 2019 which determines the levels of unrestricted reserves required to enable UCB to:

The minimum unrestricted reserves required are calculated as 6 months operating costs (as defined by the annual budgeted organisational expenditure), and designated as the ‘Operating Reserve’.

Unrestricted reserves in excess of the required reserves are held as ‘free reserves’. If an amount in excess of this is held in reserve by the Guild, then the Trustees in consultation with stakeholders will draw up a plan to spend these additional funds. If reserves fall below 6 months’ operating costs for more than 6 months, the Trustees should ask management to formulate a recovery plan to be submitted to the Board for approval.

The reserves at 31 July 2021 were £108,893.

STRUCTURE, GOVERNANCE AND MANAGEMENT

University College Birmingham Students’ Union (The Guild of Students) is a charity with the ultimate decision making power vested in the Board of Trustees. The Board meet at least 3 times a year and receive reports from the Executive Team and the Guild Manager.

UCB Guild is a democratic organisation and the Board of Trustees delegate their authority to the membership through the Annual General Meeting and Student Council, subject to legal safeguards. These bodies have powers to direct the work of the charity and the organisation within its charitable objects.

The Executive Committee oversee the day to day running of the Guild and are accountable to its membership. They are responsible for ensuring Guild activities follow correct process, align with UCB Guild’s policy and annual plan, and work toward the aims and objects set out in its constitution. The Executive Committee are elected annually through a cross-campus ballot. All Executive Committee members receive full and regular training and support to enable them to successfully fulfil their duties.

Day to day management of the organisation is delegated to the Guild Director. UCB Guild also employs other non-student staff to ensure effective management of the organisations’ activities who have delegated authority within their roles through the Director.

UCB Guild also has a committee structure with delegated authority within specific fields, to ensure effective controls are in place across the organisation, namely a Finance Subcommittee and HR Subcommittee to the Board. All committees have at least one external and one officer trustee as a member.

Type of governing document

UCB Guild is governed by its Constitution dated 21 February 2018 and its supporting Bye Laws.

How the charity is constituted

UCB Guild is an unincorporated association established under the Education Act 1994 and registered with the Charity Commission (No. 1143073) since 28 March 2018.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Trustee selection methods

UCB Guild has provision for up to 12 Trustees. These trustees have a varied background, including students (members) as well as externally sourced ‘professionals’. The post holders have a varied term of office to suit the nature of the position. These are:

Trustee induction process

The Guild Director organises annual trustee training. In 2019/20 and 2020/21, this was organised with NCVO in partnership with Newman Students’ Union and Coventry Students’ Union.

Relationships with other organisations

Relationship with University College Birmingham: UCB Guild receives an annual block grant from the University, and occupies office space owned by the University. The University also supplies, free of charge, utilities, facilities such as desktop computers and printers, cleaning and caretaking services. In addition, the University provides spaces for key student group activities, including meeting rooms and a sports hall, with no charges levied. This support is intrinsic to the relationship between UCB Guild and the University. Although UCB Guild runs a small number of commercial activities, it is heavily dependent upon the support of the University. There is no reason to believe that this support will not continue for the foreseeable future as the Education Act 1994 places a duty on the institution to take such steps as are reasonably practical to ensure that the Guild operates in a fair and democratic manner, for the benefit of the membership. UCB Guild works closely with the University to provide the best possible experience of students, ensuring its affairs are properly conducted and that the needs of its members are met.

Other relationships

UCB Guild is a member of the National Union of Students to which it pays an annual affiliation fee. In return it receives support and training in a variety of areas, notably with regard to elections, executive training, governance support and inductions. UCB Guild actively works with other Students’ Unions across the sector to share best practice and offer learning and development opportunities to members and staff.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have considered major risks and have put in place appropriate measures to manage these, including regular reporting systems to ensure that necessary steps can be taken to lessen these risks. The Trustees delegate responsibility to the Finance Committee and Guild Director for monthly finance management.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees, of University College Birmingham Students’ Union (The Guild of Students) 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 Practice).

Charity law in England and Wales and UCB Guild’s constitution require us, as the charity trustees, to prepare annual finance statements giving a true and fair view of the state of affairs of UCB Guild at its financial year end and of its income and expenditure for the year then ended. In preparing those financial statements, we are required to:

We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with charity law and the particular requirements of UCB Guild and the University under the Education Act 1994.

We are also responsible for safeguarding the assets of the charity and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 3[rd] March 2022 and signed on its behalf by:

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

INDEPENDENT EXAMINERS REPORT

FOR THE YEAR ENDED 31 JULY 2021

TO THE TRUSTEES OF UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

I report to the trustees on my examination of the financial statements of University College Birmingham Students’ Union (the Guild of Students) for the year ending 31 July 2021.

Respective Responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:

Basis of Independent Examiner’s Statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters in the statement below.

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:

Paul Bowater ACA Birmingham Voluntary Service Council 138 Digbeth Birmingham B5 6DR

2022

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Notes
INCOME FROM:
Grants and Donations
2
Charitable Activities
3
Other Trading Activities
4
Other
5
Total
EXPENDITURE ON:
Raising Funds
Charitable Activities
Total
6
Net income for the year
Gross transfers between funds
NET MOVEMENT IN FUNDS AFTER TRANSFERS
9
RECONCILIATION OF FUNDS
Balance brought forward at 1 August
Balance carried forward at 31 July		 Unrestricted
Restricted
Funds
Funds
£
£
148,716
-
0
-
8,811
-
10,874
-		 Total Total
Funds
2020
£
148,716
11,569
15,024
3,388
Funds
2021
£
148,716
0
8,811
10,874
168,400
-		 178,697
168,400
76,603
-
96,992
-		 27,475
188,032
76,603
96,992
173,596
-		 215,507
173,596
-
-		 -
-
-5,196
-
114,089
-		 -36,810
150,899
-5,196
114,089
108,893
-		 114,089
108,893

All amounts relate to continuing activities.

The charity has no recognised gains and losses other than the net movement in funds for the year to 31 July 2021.

The notes on pages 14 to 23 form part of the financial statements.

14

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

BALANCE SHEET

AT 31 JULY 2021

Notes
FIXED ASSETS
Fixtures & Fittings
10
Computer Equipment
10
Investment assets
10
CURRENT ASSETS
Stock (clothing)
Debtors & other assets
11
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
12
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due
after more than one year
NET ASSETS
Represented by:
Unrestricted funds
13
Unrestricted
designated
funds:
Operating Reserve
Restricted funds
13		 2021
£
£
4,988
3,153
60.00		 2021
£
£
4,988
3,153
60.00		 2020
£
£
7,290
4,730
60		 2020
£
£
7,290
4,730
60
£
4,988
3,153
60.00
1,250
9,018
113,934		 8,201 9,072
19
116,202		 12,080
124,202
-23,510		 125,923
-23,283

102,009
100,692
114,089
-
108,893
-
114,089
108,893
13,951
100,138
-
8,755
100,138
-
-
114,089
108,893

The notes on pages 14 to 23 form part of the financial statements. Approved by the trustees of the University College Birmingham Students’ Union (The Guild of Students) on the 3[rd] March 2022.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Accounting Policies

Charity information

UCB Guild is an unincorporated association established under the Education Act 1994 and registered with the Charity Commission (No. 1143073) since 28 March 2018. The registered office is University College Birmingham, Summer Row, Birmingham, B3 1JB.

Accounting convention

The financial statements have been prepared in accordance with the charity’s constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, including the adoption of the amendments issued in December 2017 (FRS 102)” and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The charity 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 stated in the relevant accounting policy notes. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements and in spite of the ongoing Covid-19 pandemic, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Accounting Policies (continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for its expenditure. All costs have been directly attributed or proportionally charged to the functional categories of resources expended in the SOFA. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which is relates.

Expenditure on charitable activities comprises the costs of clubs and societies activities. These costs are classified as direct charitable expenses.

Governance costs comprise costs related to the governance of the charity, to allow it to operate and to generate information for public accountability. Direct costs will include independent examination fees, legal advice and costs of trustees’ meetings.

All remaining costs are classified as support costs. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and admin costs and supporting marketing costs which are allocated to activity based on the proportion of that activity’s direct costs to total costs.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values their useful lives on the following bases:

Fixtures and fittings – straight line over 4 years Computer equipment – straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Accounting Policies (continued)

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably

committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2
GRANTS AND DONATIONS
University College Birmingham – Block Grant
Total unrestricted
Restricted grant and donations
Total grants and donations
3
INCOME FROM CHARITABLE ACTIVITIES
Student Services e.g. Society memberships
Total unrestricted
Restricted grant and donations
Total income from charitable activities
4
INCOME FROM TRADING ACTIVITIES
Clothing sales
Advertising & promotion/campaigns
Total unrestricted
Restricted grant and donations
Total income from trading activities
5
OTHER INCOME
Sale of NUS cards
Bank interest
Other income
Total unrestricted
Restricted grant and donations
Total income from trading activities		 2021 2020
£
148,716		 2020
£
148,716
£
148,716
148,716 148,716
-
-
148,716
148,716
2021 2020
£
11,569
£
-
- 11,569
-
-
11,569
-
2021 2020
£
10,085
4,939
£
2,435
6,376
8,811 15,024
-
-
15,024
8,811
2021 2020
£
16
320
3,052
£
0
9
10,865
10,874 3,388
-
-
3,388
10,874

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UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2021

6 ANALYSIS OF EXPENDITURE

2021
Raising funds:
Cost of clothing sales
Cost of advertising &
promotion/ campaigns
Charitable activities:
Student services incl.
Societies
Total		 Cost of
Sales
Staff Costs
Other Direct
Costs
Gov’ce
Costs
Support
Costs
TotalT
Costs
£
£
£
£
£
£
-
-
-
-
-
-
-
-
7,996
32,562
36,076
76,603
-
64,629
3,365
13,757
15,241
96,992
-
64,629
11,331
46,318
51,317
173,596

All of the expenditure was unrestricted.

The support costs and governance costs are allocated to activity based on the proportion of that activity’s direct costs to total costs.

Governance and support costs can be further analysed as follows:

Governance:
Staff costs
Accountancy & independent examination
Trustees training & expenses
Support costs:
Staff costs
Staff recruitment, training & travel
Insurance
Guild space
Admin & finance costs
Professional fees
Total		 2021 2020
£
42,333
3,000
664.30
£
43,080
300
2,938
46,318 45,997
35,720
3,926
4,414
3,495
7,499
11,334
37,385
469
2,370
3,879
3,026
4,188
66,387
51,317

20

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2021

7 ANALYSIS OF STAFF COSTS

Salaries and wages
Social security costs
Pension costs
Total		 2021 2020
£
72,011
4,021
1,880
£
87,725
8,994
5,295
77,911
102,014

No members of staff received remuneration (excluding non-taxable benefits in kind) of more than £60,000.

The average number of employees (head count based on number of staff employed) during the year was as follows:

Raising funds
Student services
Support services
Total		 2021 2020
No.
1
4
1
No.
1
4
1
6
6

8 TRUSTEES REMUNERATION AND EXPENSES

Trustees remuneration and employer’s NI
Trustees expenses
Total		 2021 2020
£
42,333
435
£
43,080
1,328
42,768
44,408

Two sabbatical officers received a salary as authorised in the governing document of the Guild for representation, campaigning and support work they undertake as distinct from their trustee responsibilities. The work includes voicing student opinion with the University and local community, defending and extending the rights of students through petitions and discussions with local MP’s.

9 NET MOVEMENT IN FUNDS

Net movement in funds is stated after charging/(crediting):

2021
£
Accountancy & Independent Examiner Fees
300
Depreciation of owned tangible fixed assets
3,879		 2020
£
3,000
3,495

21

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2021

10 FIXED ASSET INVESTMENTS

The Guild has a holding of 60 ‘A’ shares of £1.00 in NUS Services Ltd.

TANGIBLE FIXED ASSETS

Cost or Valuation
As at 31st July 2020
Additions
0
Disposals
0
As at 31st July 2021
Depreciation
As at 31st July 2020
Charge for the year
Eliminated on disposals
As at 31st July 2021
Net book value
As at 31st July 2021
As at 31st July 2020
11
DEBTORS & OTHER ASSETS
Trade debtors
Prepayments and accrued income
12
CREDITORS (AMOUNTS FALLING DUE WITHIN ONE YEAR)
Social security and other taxes
VAT
Trade creditors
Accruals and deferred income		 Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
9,209
6,306
15,515
-
-
-
-
-
-		 Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
9,209
6,306
15,515
-
-
-
-
-
-		 Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
9,209
6,306
15,515
-
-
-
-
-
-
9,209
6,306
15,515
1,918
1,577
3,495
2,302
1,577
3,879
-
-
-
4,221
3,153
7,374
4,988
3,153
8,141
7,290
4,730
12,020
2021
2020
£
£
3,136
19
5,882
-
9,018
19
2021
2020
£
£
12,641
1,488
130
1,337
3,222
12,507
7,516
7,951
23,510
23,283
2021 2020
£
1,488
1,337
12,507
7,951
£
12,641
130
3,222
7,516
23,283
23,510

22

UNIVERSITY COLLEGE BIRMINGHAM STUDENTS’ UNION (THE GUILD OF STUDENTS)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2021

13 MOVEMENT IN FUNDS

Unrestricted funds
Unrestricted designated
funds: Operating Reserve		 Balance at 1
August 2020
Incoming
resources
Resources
expended
Transfers
Balance at 31
July 2021
£
£
£
£
£
13,951
168,400
(173,596)
8,755
100,138
100,138
114,089
168,400
(176,596)
108,893
Unrestricted funds
Unrestricted designated
funds: Operating Reserve		 Balance at 1
August 2019
Incoming
resources
Resources
expended
Transfers
Balance at 31
July 2020
£
£
£
£
£
50,761
178,697
(215,507)
-
13,951
100,138
-
-
-
100,138
150,899
178,697
-(215,507)
114,089

14 RELATED PARTIES

The following have been identified as related party transactions per the requirements of FRS 102:

15 PENSIONS

The charity operates a workplace pension to provide pension arrangements for staff and remunerated trustees that become eligible.

16 LEGAL STATUS OF THE CHARITY

The charity is an unincorporated association.

23