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2021-07-31-accounts

REGISTERED COMPANY NUMBER: 11295063 (England and Wales) REGISTERED CHARITY NUMBER: 1177930

Report of the Trustees and

Audited Financial Statements for the year ended 31 July 2021 for

Bangor University Students' Union (A Company Limited by Guarantee)

Bangor University Students' Union

Contents of the Financial Statements for the year ended 31 July 2021

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 23
Detailed Statement of Financial Activities 24 to 25

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The purpose and charitable objects of Bangor University Students' Union are defined in the organisation's Articles of Association as:

Bangor University Students' Union (the "Union") is a students' union within the meaning of the Education Act 1994. The Union is devoted to the educational interests and welfare of its Student Members.

The Union will seek at all times to:

The Union's objects are the advancement of education of students at Bangor University for the public benefit by:

Within these objects, the SU has developed an annual operational plan which sets out a range of annual targets against which it measures its impact and the advancement of these objects over the period.

Significant activities

A company limited by guarantee (Bangor University Students' Union) was incorporated with Companies House and the Charity Commission on 5 April 2018. With effect from 1 August 2018 this company became the vehicle through which Bangor University Students' Union operates. The relevant Articles of Association and Bye-Laws were passed in the October 2017 Annual Student Members' meeting. The main advantages of being a Charitable Company is the creation of a separate legal entity which provides greater protection for the Trustees.

The Charity's funding structure changed in 2013 as the University moved to a funding model of part un-restricted, and part restricted funds. This structure has supported the growth of student activities and volunteering, which met the strategic objectives of both the Union and the University. This created enhanced funds for student clubs, societies and volunteering in the form of grants, and additionally a Dragon's Den style of funding approach through which student-led activities could apply for supplementary funds to help support growth and purchase new equipment. The enhanced funding and support has led to an increase in student involvement and improvements in terms of the quality and the safety of activity.

Page 1

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

STRATEGIC REPORT Achievement and performance

Charitable activities

Our previous three-year strategy came to an end in 2019 and the Board of Trustees passed that Undeb Bangor create an interim operational plan that capture the needs of Undeb Bangor, the University and our students whilst working towards the creation of a new strategy to be launched in September 2020. Due to the Covid-19 pandemic the Board of Trustees agreed to postpone further work on the Strategy until the 2020-21 academic year in order to conduct stakeholder engagement to test ideas on the strategy with existing, and new students. Stakeholder engagement took place in November-December and the favoured and suggested Purpose, Promise and Principles, Strategic Themes & Priorities and Strategic Enablers for the Strategy were approved by the Board in the January 2021 meeting. It was also important that the Students' Union's strategy was designed to also contribute to the University strategy, with clear and defined synergy with that of the University strategy so that we can demonstrate where we can add most value. The University developed their new strategy in 2021, consideration was given to the University's Strategy, and detailed work done to develop the detail of our Strategic Themes and Priorities and the Strategy was passed at the March Board of Trustees meeting and was presented at our All-Student Meeting in April. The new Strategy for 2021-24 will launch from September 2021. The Board will ensure that progress towards the objectives outlined in the strategy are tracked through effective scrutiny of the annual operational plan and key performance indicators. This update will provide a snapshot of our activity over the last year to deliver against our operational plan and focusses on our achievements and celebrates the hard work of our students and the progress that Undeb Bangor has made during 2020-21.

Bangor University Student' Union (Undeb Bangor) have had a busy but challenging year with a huge amount of activity and work delivered by our students, our Student Officers and Staff Team. Although we have faced challenges due to the Coronavirus pandemic, we've had some fantastic activities happening and our priority has been to support students, represent their voice and offer them opportunities during this difficult time. The Sabbatical Officers have worked closely with the University to ensure that the interest of our students have been effectively represented during this pandemic, both in terms of their academic experience and key areas such as wellbeing and housing. The strong partnership work that's happened during this challenging period demonstrates the benefit of a strong and independent Students' Union working collaboratively with the University to represent the interests of all students at Bangor University.

Some successes for students include rent rebates for students in university halls of residence and a Safety Net Policy which offered a layer of protection for students to mitigate the impact of Covid-19. Wellbeing initiatives were also offered to students through the HEFCW Covid-19 funding we received, which included Emotional Resilience Training, Wellbeing Workshops, Live cooking classes and more.

In terms of activities and achievements over the last year, the Trustees are pleased to report on progress in the following areas of activity:

Union Development

Page 2

Bangor University Students' Union

Report of the Trustees

for the year ended 31 July 2021

Education, Democracy and Voice

University. In 2020-21 this is evident through ensuring that there was student consultation on the university's institutional strategies, and consultation sessions were held for students to feedback on these strategies including the Teaching and Learning Strategy, Research and Impact Strategy, Welsh and Bilingualism Strategy and the Estates Vision and Strategy.

Student Opportunities

Student Community and Sustainability

Page 3

Bangor University Students' Union

Report of the Trustees

for the year ended 31 July 2021

Student Support

Financial review

Principal funding sources

The University remain the major funder, and the continuation of this arrangement is secured by the 1994 Education Act, and recent published HEFCW guidance, the SU is primarily funded through the receipt of an annual block grant, and via the University Fee and Access Plan funding.

Reserves policy

The Bangor University Students' Union Reserves Policy was reviewed and agreed at the trustee board meeting in September 2020 and is reviewed annually.

The Union consider it necessary to maintain sufficient levels of reserves in order to provide stability for ongoing student-led activity and to safeguard its ability to meet financial commitments, £250,000 had been set as a suitable level. At the year end the Union had reserves of £631,274 (2020: £288,822) which exceeds the target and is therefore considered to be in a good position.

The Union's total incoming resources for the year were £1,592,145 (2020: £1,590,004). The block grant income increased by £27,961 and the fee plan income increased by £15,137. As in the prior year, additional grants of £128,800 were received for Brailsford and Snowdonia Watersports provisions, but these were £50,000 less then in 2019/20. Other grants received included £88,085 from HEFCW.

Total resources expended were £1,249,693 (2020: £1,548,800), giving a net surplus of £342,452 (2020: £41,204).

The Union also invested £64,231 (2020: £37,158) in new equipment (tangible fixed assets) during the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

From 1 August 2018 the charitable company, Bangor University Students' Union (Co. Number: 11295063), is governed by its Memorandum and Articles of Association as registered with Companies House and the Charities Commission.

Page 4

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The process for appointing trustees is set out in the Articles of Association (Article 22; 23 & 24). The board for 2020/21 comprised of 13 members; five elected sabbatical officer Trustees, four student trustees and four lay trustees appointed by a simple majority vote of the Appointments Committee and ratified by Student Council following a recruitment process including application and interview by a panel appointed by the Governance, and Appointment Committee. The Articles of Association outlines longer terms, of up to two and four years, for appointed Trustees in order to balance continuity with renewal.

Trustees are recruited according to their skills and experience and to a role and person description set by the Board which identifies desirable skills. In 2020 one external trustee vacancy went out to advert and an appointment made in November 2020 and 4 student trustee vacancies went out to advert at the end of the academic year and appointments made in June 2021.

Organisational structure

The Board of Trustees, which can have up to 14 members, administers the charity. The Board are responsible for the strategic direction and oversight of the Students' Union. The Board meets quarterly and must hold a minimum of four meetings a year, with provision for other meetings (or emergency meetings) if they deem necessary, and there are sub-committees including Finance, Governance and Appointments, and Health and Safety which normally meet quarterly between Board meetings and the Executive Committee that meets monthly. A Director is appointed by the trustees to manage the day-to-day operations of the charity and the Board provides direct line management to the SU Director, and the Director has delegated authority for operational matters including finance and leading the staff team in the pursuit of organisational objects and is expected to report on progress against the strategic and operational plan at each meeting of the Board. The Board delegates the representational leadership of the organisation to the SU Executive, which encompasses the major elected student officers of the Students' Union, who take direction from, and are held to account by, the student body through a variety of mechanisms including the Student Council and the Annual General Meeting.

As part of conducting a full budget review and the developing our strategy the Board have also undertaken a staffing restructure exercise. The review was designed to consider our service offering and what we want to deliver, how we deliver it and what resources and budget we need to deliver it, this included planning for a 3 year budget for 2021-2024, identifying financial savings, and looking at our organisational structure and staff roles and responsibilities across the Union adapting existing roles to better reflect the priorities of the Strategy and to ensure we can work in more effective and efficient ways to deliver for the future. The business case for change, proposed structure, and consultation documents on the proposed Undeb Bangor restructure exercise were agreed by the Board on 29th of June and issued to staff for consultation on the 14th of July 2021 and final decisions on the structure were made after July 2021.

Induction and training of new trustees

All potential Trustees receive an SU information pack prior to application. Upon appointment all trustees receive a variety of information through their induction and receive an induction pack. The Students' Union holds an annual Board training and induction event for all trustees. This training is externally facilitated by a governance professional and covers basic trustee induction to the role where trustees are briefed on their legal obligations and other trustee responsibilities, as well as a discussion about Board effectiveness and governance and priorities for the year. The Officer Trustees are new to the Board every year or two years, so they undergo a more intensive training period. This training starts after they are elected, and before they start their term of office to ensure that they are fully aware of their roles and responsibilities and can perform their duties to the best of their abilities as soon as possible. Trustees receive regular updates on progress outside of Board meetings and briefings with the SU Director to ensure they are fully informed and have the opportunity to explore areas in more depth.

Wider network

The Students' Union is an affiliate of the National Union of Students (NUS) and regularly attends events and briefings and engages in knowledge exchange and training programs within this national movement.

Page 5

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

The Students' Union is tied to Bangor University through the 1994 Education Act, Bangor University has a statutory duty to take such steps as are reasonably practicable to ensure that Bangor University Students' Union operates in a fair and democratic manner and is held to proper account for its finances, and both parties fulfil their obligations in accordance with the Act on an annual basis. Both parties agree a Relationship Agreement on an annual basis, and this provides a structure for the interaction between the Students' Union and University, as well as an ongoing commitment for funding and support - this is in line with HEFCW's Guidance on properly supported Students' Unions. The Students' Union is primarily funded through the receipt of an annual block grant, and via the University Fee and Access Plan. The University provides appropriate premises for the Union and where necessary additional storage space within the University estate and the Students' Union part-occupies a building owned by the University and a lease for the agreed space has been signed by both the University and Students' Union. The Students' Union is independent of the University, but the University undertakes to employ staff and locate them within the Students' Union in order to support, administer and assist in the management of the activities of the Union. The Union presents regular reports to the University on the Union's activities, management and financial situation. These are given to the University at various committees such as Finance and Strategy Committee, Audit and Risk Committee and University Council. Sabbatical Officers and Union staff sit on various University committees.

Other important relationships

The Union collaborates with other partners to deliver projects, particularly the local council, charities and service providers in the delivery of the community volunteering projects, and also with a range of local leisure facilities in the case of widening student access to sport and activities. The Students' Union affiliates to both the National Union of Students and British Universities and Colleges Sport for the purpose of enhancing student voice and campaigning and competing in national sporting competition respectively and regularly attends events and briefings and engages in knowledge exchange and training programs within these national organisations.

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 Students' Union maintains a comprehensive strategic risk management framework and accompanying risk register which fully details the risks facing the Students' Union. Responsibility for this sits at board level, with operational responsibility devolved to the Director and managers and users. The register is considered at each board meeting, monitored via the sub-committees, and discussed in managers' meetings.

The principal risks facing the Students' Union are in relation to the range of activities carried out by student clubs and societies, with some of these carrying a relative high risk of personal injury. Each of the clubs and societies have a specific risk assessment and set of procedures to follow. These procedures are reviewed annually, and audit measures are in place to ensure compliance by each club and society.

The Students' Union works effectively with University Health and Safety Services and calls in expertise to guide and provide expert advice when required. The Students' Union also complies with the University Risk Management Framework.

Financial risk is managed via strong internal financial procedures, regular budget and expenditure review, support from appointed professional accountants, and a robust audit process. Insurances are in place to secure the Students' Union's assets, to protect against Public Liability, and to protect the Trustees. Sufficient reserves are maintained in line with the Charity's reserve policy.

Page 6

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Plans for future periods

The Board will continue to work to implement the recommendations in the Charity Governance Code and ensure that the organisation is compliant with both the detail and the spirit of the Code.

Our previous three-year strategy came to an end in 2019 and the Board of Trustees passed that Undeb Bangor create an interim operational plan that capture the needs of Undeb Bangor, the University and our students whilst working towards the creation of a new strategy to be launched in September 2020. Due to the Covid-19 pandemic the Board of Trustees agreed to postpone further work on the Strategy until the 2020-21 academic year in order to conduct stakeholder engagement to test ideas on the strategy with existing, and new students. Stakeholder engagement took place in November-December and the favoured and suggested Purpose, Promise and Principles, Strategic Themes & Priorities and Strategic Enablers for the Strategy were approved by the Board in the January 2021 meeting. It was also important that the Students' Union's strategy was designed to also contribute to the University strategy, with clear and defined synergy with that of the University strategy so that we can demonstrate where we can add most value. The University developed their new strategy in 2021, consideration was given to the University's Strategy, and detailed work done to develop the detail of our Strategic Themes and Priorities and the Strategy was passed at the March Board of Trustees meeting and was presented at our All-Student Meeting in April. The new Strategy for 2021-24 will launch from September 2021. The Board will ensure that progress towards the objectives outlined in the strategy are tracked through effective scrutiny of the annual operational plan and key performance indicators.

As part of conducting a full budget review and the developing our strategy the Board have undertaken a staffing restructure exercise. The review was designed to consider our service offering and what we want to deliver, how we deliver it and what resources and budget we need to deliver it, this included planning for a 3 year budget for 2021-2024, identifying financial savings, and looking at our organisational structure and staff roles and responsibilities across the Union adapting existing roles to better reflect the priorities of the Strategy and to ensure we can work in more effective and efficient ways to deliver for the future. The staffing restructure will be implemented during 2021-22.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

11295063 (England and Wales)

Registered Charity number

1177930

Registered office

4th Floor Pontio Deiniol Road Bangor Gwynedd LL57 2TQ

Trustees

J R Avison C A L Cartmill (resigned 30/6/21) T I Evans (resigned 30/6/21) J P Harvey M Mcdougall (appointed 20/11/20) (resigned 30/6/21) G O Pugh (appointed 9/12/20) L M Roberts (resigned 11/9/20) I W Roberts (resigned 15/2/21) J M Slater S J Taylor K C Tew H A Williams (resigned 30/6/21) T J Bowden (appointed 1/7/21) M Dafydd (appointed 1/7/21) H J Fleming (appointed 1/7/21) E Hendsel (appointed 1/7/21) F S Fehlberg (appointed 1/7/21) S J Dickins (appointed 1/7/21)

Page 7

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Azets Audit Services Statutory Auditors Chartered Accountants Brynford House 21 Brynford Street Holywell Flintshire CH8 7RD

Bankers

NatWest Bank plc 247 High Street Bangor Gwynedd LL57 1PA

Accountants

Powell Accountants Limited Hen Dy'r Farchnad Market Street Ruthin Denbighshire LL15 1AU

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Bangor University Students' Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 8

Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2021

AUDITORS

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The report of the trustees, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 30 March 2022 and signed on the board's behalf by:

J R Avison - Trustee

Page 9

Report of the Independent Auditors to the Trustees of Bangor University Students' Union

Opinion

We have audited the financial statements of Bangor University Students' Union (the 'charitable company') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Report of the Independent Auditors to the Trustees of Bangor University Students' Union

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services Statutory Auditors Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Brynford House 21 Brynford Street Holywell, Flintshire CH8 7RD

Date: 05 April 2022.

Page 11

Bangor University Students' Union

Statement of Financial Activities for the year ended 31 July 2021

Notes
INCOME AND ENDOWMENTS FROM
Grants, donations and legacies
2
Charitable activities
5
Athletic Union
Societies
Student Volunteering
UMCB
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Athletic Union
Societies
Student Volunteering
UMCB
Academic Representation Unit
Events
Communications and Marketing
Democracy
Education
Central Services
Human Resources
Depreciation
Total
NET INCOME
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
628,560
10
-
-
2,360
8,705
52
639,687
-
-
-
3,130
3,924
-
138
15,142
66
185,442
391,871
2,896
602,609
37,078
269,089
306,167
245,928
552,095		 Restricted
funds
£
952,458
-
-
-
-
-
-
952,458
118,582
12,416
8,429
5,242
64,865
-
12,742
-
-
20,730
377,923
26,155
647,084
305,374
(269,089)
36,285
42,894
79,179		 2021
Total
funds
£
1,581,018
10
-
-
2,360
8,705
52
1,592,145
118,582
12,416
8,429
8,372
68,789
-
12,880
15,142
66
206,172
769,794
29,051
1,249,693
342,452
-
342,452
288,822
631,274		 2020
Total
funds
£
1,529,436
3,951
238
400
22,649
32,703
627
1,590,004
358,393
28,556
6,457
26,769
12,586
5,576
29,471
28,005
1,050
227,900
796,973
27,064
1,548,800
41,204
-
41,204
247,618
288,822

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 12

Bangor University Students' Union

Balance Sheet 31 July 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
1,883
CURRENT ASSETS
Debtors: amounts falling due within one year
12
149,723
Cash at bank and in hand
447,182
596,905
CREDITORS
Amounts falling due within one year
13
(46,693)
NET CURRENT ASSETS
550,212
TOTAL ASSETS LESS CURRENT LIABILITIES
552,095
NET ASSETS
552,095
FUNDS
15
Unrestricted funds
Restricted funds:
Fee Plan
TOTAL FUNDS		 Restricted
funds
£
79,179
2,928
109,926
112,854
(112,854)
-
79,179
79,179		 2021
Total
funds
£
81,062
152,651
557,108
709,759
(159,547)
550,212
631,274
631,274
552,095
79,179
631,274		 2020
Total
funds
£
45,882
57,909
363,032
420,941
(178,001)
242,940
288,822
288,822
245,928
42,894
288,822

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2022 and were signed on its behalf by:

J R Avison - Trustee

S J Taylor Trustee

The notes form part of these financial statements

Page 13

Bangor University Students' Union

Cash Flow Statement
for the year ended 31 July 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 2021
£
258,255
258,255
(64,231)
52
(64,179)
194,076
363,032
557,108		 2020
£
128,588
128,588
(37,158)
627
(36,531)
92,057
270,975
363,032

The notes form part of these financial statements

Page 14

Bangor University Students' Union

Notes to the Cash Flow Statement for the year ended 31 July 2021

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

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 2021
£
342,452
29,051
(52)
(94,742)
(18,454)
258,255		 2020
£
41,204
27,064
(627)
47,862
13,085
128,588

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/20 Cash flow At 31/7/21
£ £ £
Net cash
Cash at bank and in hand 363,032 194,076 557,108
363,032 194,076 557,108
Total 363,032 194,076 557,108

The notes form part of these financial statements

Page 15

Bangor University Students' Union

Notes to the Financial Statements for the year ended 31 July 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Bangor University Students' Union was trading as an unincorporated charity until 31 July 2018, this entity was incorporated on 1 August 2018, the net assets and liabilities of the unincorporated entity were introduced in full to the incorporated charity.

Going Concern

The Trustees consider that the Charitable Company will have sufficient funds to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. This assessment is after taking into account the ongoing impact of COVID-19 on operations and the Union's financial resources.

Bangor University has indicated to the Trustees that it intends to continue to provide funding to the Students' Union as required and to make available for use its assets.

Consequently, the financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate.

Significant estimates and judgements

There are no significant accounting estimates and judgements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

The Charity's costs have been allocated between direct costs and support costs as shown in note 6.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 25% on cost

A de minimis threshold exists for the capitalisation of assets, this is £550.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 16

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

1. ACCOUNTING POLICIES - continued

The restricted funds are as follows:

Fund accounting

Clubs and Societies

The Clubs and Societies of Bangor University Students' Union raise and spend their own funds, these monies are held in the Students' Union's bank account and ongoing balances are maintained for each Club/Society. Any unspent balances remain the property of the Clubs and Societies so are recognised as current liabilities by the Students' Union within Other Creditors, where there has been an overspend, this is recognised as a current liability within Other Debtors. No income from Clubs and Societies fundraising activities are recognised in the SOFA, nor are any corresponding expenses, however, Bangor University Students' Union recognise an expense in its SOFA for funds that are allocated by itself to the Clubs and Societies by way of grants.

Basic financial instruments

Trade and other debtors / creditors are all recognised at the transaction price.

Cash and cash equivalents comprise cash balances and call deposits. Where applicable, bank overdrafts that are repayable on demand and form and integral part of the Charity's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Charity's 'employees' are employed directly by Bangor University, not the Charity. The employment costs are recharged to the Charity by Bangor University and included in these accounts as if incurred as employment costs for completeness and transparency.

A number of the employees are members of Bangor University's Pension and Assurance Scheme. The assets of the scheme are held separately from those of the charity in independently administered funds. Payments made to this scheme during the financial year amounts to £96,086 (2020: £94,095). The scheme is defined as a defined contribution scheme for the purposes of FRS 17 - Retirement Benefits, as the Charity is unable to identify its share of the underlying assets and liabilities.

2. GRANTS, DONATIONS AND LEGACIES

GRANTS, DONATIONS AND LEGACIES
Block grant
Fee plan grant
Brailsford and Snowdonia sporting provision
Grants received
Donations in kind		 2021
£
543,775
735,570
128,800
88,485
84,388
1,581,018		 2020
£
515,814
720,434
178,800
30,000
84,388
1,529,436

Donations in kind (above) relate to services provided by Bangor University to the Students' Union without charge, the amounts included are as follows and are best estimates of the notional costs).


Rent for offices
Total donations in kind		 2021
£

84,388
84,388		 2020
£
84,388

84,388

continued...

Page 17

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

3. OTHER TRADING ACTIVITIES

Motor vehicle income
Welcome week
NUS extra card income
Other income
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Club and Society events
Athletic Union
Club and Society events
Societies
Club and Society events
Student Volunteering
Club and Society events
UMCB
6.
CHARITABLE ACTIVITIES COSTS
Athletic Union
Societies
Student Volunteering
UMCB
Academic Representation Unit
Communications and Marketing
Democracy
Education
Central Services
Human Resources
Depreciation		 Direct
Costs
£
118,582
12,416
8,429
8,372
68,789
12,880
15,142
66
62,496
477,152
29,051
813,375		 2021
£
392
-
842
7,471
8,705
2021
£
52
2021
£
10
-
-
2,360
2,370
Support
costs (see
note 7)
£
-
-
-
-
-
-
-
-
143,676
292,642
-
436,318		 2020
£
17,354
5,158
1,460
8,731
32,703
2020
£
627
2020
£
3,951
238
400
22,649
27,238
Totals
£
118,582
12,416
8,429
8,372
68,789
12,880
15,142
66
206,172
769,794
29,051		 2020
£
17,354
5,158
1,460
8,731
32,703
2020
£
627
2020
£
3,951
238
400
22,649
27,238
1,249,693

continued...

Page 18

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

7. SUPPORT COSTS

SUPPORT COSTS
Management
£
Central Services
115,897
Human Resources
-
115,897		 Finance
£
1,779
-
1,779		 Human
Governance
resources
costs
£
£
-
26,000
292,642
-
292,642
26,000		 Totals
£
143,676
292,642
436,318

8. NET INCOME/(EXPENDITURE)

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

Auditors' remuneration
Depreciation - owned assets
Other operating leases		 2021
£
14,400
29,051
90,718		 2020
£
21,182
27,064
90,718

The Auditor's remuneration for the year ended 31 July 2021 has been accrued at £14,400.

KPMG's audit remuneration for the year ending 31 July 2020 was £21,182. This was made up of an audit fee of £16,800 plus under-accrued audit fees and auditor expenses from the previous year of £4,382.

KPMG resigned as auditors following completion of the 31 July 2020 audit, and Azets have been appointed as auditors commencing with the year ending 31 July 2021.

9. TRUSTEES' REMUNERATION AND BENEFITS

During the year seven (2020: eight) of the trustees were remunerated for their roles as sabbatical officers of the Students' Union, the total cost (gross salaries, employers' NIC, pension and levy) was £90,895 (2020: £114,101). The remuneration paid to them is in accordance with the Union's constitution. No single trustee received remuneration or benefits exceeding £60,000. The remunerated trustees were:

J R Avison T J Bowden M Dafydd T I Evans H J Fleming K Tew H A Williams

Trustees' expenses

Trustees expenses during the year were £2,020 (2020: £1,329). No Trustees (2020: five) were re-imbursed for expenses. Other trustees costs were general costs not attributable to any single trustee and paid directly by the Union.

10. HUMAN RESOURCES

The Charity's 'employees' are employed directly by Bangor University, not the Charity. The employment costs are recharged to the Charity by Bangor University and included in these accounts as if incurred as employment costs for completeness and transparency.

There are no full time equivalent staff employed directly by Bangor University Students' Union, however, the average number of Bangor University employees whose main duties and responsibilities are within the Students' Union are as follows:

2021 2020
Administrative 17 18
Sabbatical 5 6

continued...

Page 19

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

10. HUMAN RESOURCES - continued

Staff costs were as follows:

taff costs were as follows:
Gross wages/salaries
Employer's national insurance
Pensions costs
Levy etc
Total		 2021
£
610,184
52,126
96,086
2,944
761,340		 2020
£
636,039
52,047
94,095
2,950
785,131

Other costs relating to human resourcing during the year, e.g. staff training, travel etc, totalled £8,454.

One employee (2020: one) received remuneration or benefits (gross salary plus employer pension) exceeding £60,000.

11. TANGIBLE FIXED ASSETS

Fixtures
and
Computer
Equipment
fittings
equipment
£
£
£
COST
At 1 August 2020
83,601
4,172
7,891
Additions
62,440
-
1,791
At 31 July 2021
146,041
4,172
9,682
DEPRECIATION
At 1 August 2020
40,707
2,964
6,111
Charge for year
26,155
668
2,228
At 31 July 2021
66,862
3,632
8,339
NET BOOK VALUE
At 31 July 2021
79,179
540
1,343
At 31 July 2020
42,894
1,208
1,780		 Totals
£
95,664
64,231
159,895
49,782
29,051
78,833
81,062
45,882

The assets, liabilities and operations of the unincorporated charity, Bangor University Students' Union, were transferred into this incorporated charity on 1 August 2018. The net book value of the fixed assets were recognised as additions acquired on 1 August 2018. Depreciation is applied on the original cost of these assets over their remaining useful life. Where assets have been transferred from the old unincorporated charity, the depreciation has not been charged on NBV as doing so would generate a lower rate of depreciation that is not realistic given the condition/useful life of the asset.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Bangor University debtor
Prepayments		 2021
£
-
2,928
147,348
2,375
152,651		 2020
£
30
3,484
52,095
2,300
57,909

The balance of £2,928 (2020: £3,484) within other debtors represents amounts due from the Clubs and Societies to Bangor University Students' Union, these are treated as restricted funds and an equal amount of the cash at bank is also treated as restricted on the balance sheet.

continued...

Page 20

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Commercial card
Accruals and deferred income
Deferred grant income		 2021
£
1,668
112,583
14,515
27,854
2,927
159,547		 2020
£
14,248
114,390
163
46,178
3,022
178,001

Other creditors of £112,583 (2020: £114,391) represent amounts due to the Clubs and Societies from Bangor University Students' Union, these are treated as restricted funds and an equal amount of the cash at bank is also treated as restricted on the balance sheet.

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2021
£
33,277
-
33,277		 2020
£
36,302
33,277
69,579

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Fee Plan
Sporting provision
TOTAL FUNDS		 Net
movement
At 1/8/20
in funds
£
£
245,928
37,078
42,894
257,242
-
48,132
42,894
305,374
288,822
342,452		 Transfers
between
funds
£
269,089
(220,957)
(48,132)
(269,089)
-		 At
31/7/21
£
552,095
79,179
-
79,179
631,274

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Fee Plan
Sporting provision
HEFCW Grants
TOTAL FUNDS		 Incoming
resources
£
639,687
735,573
128,800
88,085
952,458
1,592,145		 Resources
expended
£
(602,609)
(478,331)
(80,668)
(88,085)
(647,084)
(1,249,693)		 Movement
in funds
£
37,078
257,242
48,132
-
305,374
342,452

continued...

Page 21

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Fee Plan
Sporting provision
TOTAL FUNDS		 Net
movement
At 1/8/19
in funds
£
£
219,256
(26,708)
28,362
47,701
-
20,211
28,362
67,912
247,618
41,204		 Transfers
between
funds
£
53,380
(33,169)
(20,211)
(53,380)
-		 At
31/7/20
£
245,928
42,894
-
42,894
288,822

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

Unrestricted funds
General fund
Restricted funds
Fee Plan
Sporting provision
TOTAL FUNDS		 Incoming
resources
£
690,770
720,434
178,800
899,234
1,590,004		 Resources
expended
£
(717,478)
(672,733)
(158,589)
(831,322)
(1,548,800)		 Movement
in funds
£
(26,708)
47,701
20,211
67,912
41,204

The General fund relates to the block grant received from Bangor University and other minor sources of income which are utilised by the Student Union to provide the University students with a wide range of services.

Restricted funds

The Fee Plan fund is a specific income from the University which must be spent in order to enhance the student experience within the terms of the grant agreement, this constitutes a restricted fund.

16. RELATED PARTY DISCLOSURES

The Students' Union receives annual funding from Bangor University, total funding during the current year was £1,408,147 (2020: £1,415,049).

Bangor University Students' Union have offices in the Pontio building, which is owned by Bangor University. A rental cost of £90,718 is recognised in the accounts to 31 July 2021 (2020: £90,718). of which, £84,388 (2020: £84,388) is a notional rent with a corresponding income recognised as a 'donation in kind' from Bangor University, the balance of £6,330 was physically paid to Bangor University and the block grant income has been increased by the corresponding amount (included in the total funding figure above) to fund the rent cost.

continued...

Page 22

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2021

17. FINANCIAL INSTRUMENTS

The carrying amounts of the financial assets and liabilities include:

2021 2020
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors - 30
Bangor University debtor 147,348 52,095
Cash at bank 557,107 363,032
Financial liabilities measured at amortised cost
Trade creditors (1,668) (14,248)
Commercial card (14,515) (163)
Accruals (27,854) (46,178)
Deferred grant income (2,927) (3,022)

Page 23