2022-07-31-accounts - Bangor University Students' Union

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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 2022 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 2022

	Page
Report of the Trustees	1 to 7
Report of the Independent Auditors	8 to 10
Statement of Financial Activities	11
Balance Sheet	12 to 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 2022

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 2022. 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:

ensure that the diversity of its Student Membership is recognised, and that equal access is available to all Student Members of whatever origin or orientation;
pursue its aims and objectives independent of any political party or religious group; and
pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society.

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

promoting the interests and welfare of students at Bangor University during their course of study and representing, supporting and advising students;
being the recognised representative channel between students and Bangor University and other external bodies; and
providing social, cultural, sporting and recreational activities and forums for discussions and debates for the personal development of its students.

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.

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

STRATEGIC REPORT Achievement and performance Charitable activities

In September 2021 we rolled out a new three-year Strategy 2021-24 with 5 strategic priorities for delivery over a three-year period.

The Board 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 2021-22.

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. The focus of this past year has been on the implementation of a new strategy and organisational structure to ensure that the Students' Union is equipped to provide the support, opportunities and services required by our members. The restructure process ran throughout 2021-22 and resulted in the adoption of a new staffing structure and significant changes to our personnel and functions.

We have worked closely with the University to ensure that the interests of our students have been effectively represented this year, our partnership response and our involvement in all decisions responding to changing Covid-19 restrictions is a strong example of our partnership approach and close working relationship. 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.

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

Your Organisation

We worked with the University to agree a 3-year budget for 2021-24.
We ran a restructure process in 2021-22 which resulted in the adoption of a new staffing structure implemented in January 2022, and significant changes to our personnel and functions.
Undeb Bangor Strategy 2021-24 was launched in September 2021.
We started on the work of our 5 yearly review of the Articles and Bye-laws.
Our Vice-President Sports resigned in January 2022 and no bye-elections was held for this position.
We were very excited to be able to launch the Undeb Activities Hub above Bar Uno through the support of HEFCW capital funding to improve the student experience. The space has been transformed into a space for student groups to utilise. It provides a social hub for Undeb clubs, societies and volunteering projects, consolidating, and improving facilities for clubs and societies to meet, creating a sense of identity and place.
We have once again received the Green Impact Excellence Award for our sustainability work and initiatives. This is the eleventh consecutive year Undeb Bangor has picked up this award due to the efforts of its staff, officers, and students in addressing key sustainability and environmental issues, as well as working to embed positive sustainability changes at Bangor University.
We ranked 5th in the Students' Union of the Year WhatUni Student Choice Awards 2021-22 and ranked in the Top 20 Student Crowd league table for Best Students' Union and in the Top 10 ranking for Best Clubs and Societies , these awards are based on real student reviews, collected from campuses around the UK. We won the NUS Wales Community and Solidarity Award which recognised exceptional projects which have brought communities together, this was for our student volunteering work with the elderly and children, bringing communities together.

Your Education and Voice

We were thrilled that we scored 1st as the highest scoring Students' Union in Wales for student satisfaction in the NSS.
In 2021-22 we worked with the University to ensure that there was student consultation on the university's International, Sustainability, Employability and Widening Access and Civic Mission strategies.
Other teaching and learning partnership projects with the University included Student Experience Enhancement Events, Student Educational Attributes project and Engagement in Learning project. As part of a QAA project on Engagement, the University submitted an abstract to a conference based on the initial research, we contributed to this research, and were named on the abstract. The title is: Student engagement in learning in Higher Education: a rapid multi-strand study.
We ran a Welsh Language survey, course rep survey and end of year student survey. Data will be used to inform our work.
We partnered with Wonkhe and Pearson on a major research project exploring student academic belonging. This was launched in Semester one and we had over 1,200 students respond. We also conducted a short survey asking students about their experience regarding personal tutors.
We held focus groups with LGBTQ+ students and wrote a report based on this feedback and introduced LGBTQ+ reps to our course rep structure which launched in Semester two in 2022.
The All-Student Meeting was held on 30th March, and discussions were held about Student Safety, The Future of Teaching and Learning, Accommodation and the Ukraine Situation.
In our Sabbatical Officer elections, we had a total of 20 candidates actively standing for positions and a total of 2,077 students voted in the elections which is 16.62% of the student population.

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

The President and UMCB President are members of the University Council and sabbatical officers were represented on all University strategy groups. The President was also a full part of the VC Appointment process and other sabbatical officers were involved in stakeholder engagement as part of the process. We have been proud to make contributions to many initiatives over the year and we've also hosted Q&A sessions with members of the University Executive.

Your Student Opportunities

We held a successful Welcome Fest following covid rules, this was our first major in-person event since the start of the pandemic.
The Eisteddfod Ryng-golegol was held in Bangor and organised by UMCB and Bangor University won the Eisteddfod for the 7th consecutive year. The Eisteddfod is regarded as one of the main social and cultural events on the calendar of any Welsh student or learner studying in Wales.
We took 900 competitors and spectators down to Aberystwyth for the Bangor Vs Aberystwyth Varsity and Socs Fest, and we're thrilled to bring the trophy back to Bangor for the 6th consecutive year.
We had 182 active clubs, societies and volunteering projects, with 3,663 society members and 3,637 sports club members, and 500 volunteers.
We took 40 students on a volunteer residential to provide opportunities to network, learn and develop leadership skills.
We held numerous cultural and liberation campaigns and events including, Black History Month, Disability History Month, Cultural Week, Wythnos Shw'mae Su'mae, LGBTQ+ History Month and Women's History Month.
711 students attended our various training events, and we saw 72% Student Leaders satisfaction with the levels of support from the SU.

Supporting You

One partnership project we worked on with the University was HEFCW funded project Myf.Cymru, to improve Mental Health and Well-being support for students through the medium of Welsh, the SU Director lead and managed this project with the University during 2021-22.
We worked with the University on the review of the Student-Led Mental Health and Well-being Strategy adopting the same approach as when the strategy was created of a 'Students as Consultants' model and we have obtained student input as preparatory work to reviewing the success of the Student-Led Mental Health and Well-Being Strategy 2020 - 22.
We held a variety of health and wellbeing initiatives with the £103,605 allocation we received through the University from HEFCW, to support student well-being and health, this funding has had a very positive impact on students' well-being and health as we emerge from the Covid-19 pandemic. These activities have supported students' wellbeing in all areas from providing them with an opportunity to socialise, team build, connect with friends and new people, learn, challenge themselves physically and mentally, develop new skills and confidence.
We received a total of 111 Academic Advice cases in 2021-22, 31 cases more than the previous academic year, with 50% of service users very satisfied with the service and 40% satisfied.
79 student leaders were trained on mental health and wellbeing matters and we ran a total of 11 campaigns or events related to mental health and wellbeing.
We worked closely with the University on Student Safety and tackling Harassment.

Your Future

We held our Award Ceremonies in-person for the first time since 2019, these awards recognised outstanding achievements and contributions from our students and celebrated the hard work and dedication of our brilliant students, with 811 students nominated for the awards.
We conducted a new annual feedback survey asking students and students leaders to reflect on their skills development with 81% of students who were involved in SU activities reported that they can demonstrate the skills they have developed, and 78% of student leaders recognised that their role and training has equipped them with the skills to be effective and have helped their employability.
Our volunteering work has been recognised as part of the University Civic Mission Strategy
We introduced new student staff roles to the SU offering more paid work opportunities for students, offering students' employment opportunities, that develops student's employability and skills.

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.

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

STRATEGIC REPORT Financial review

Reserves policy

The Bangor University Students' Union Reserves Policy was reviewed and agreed at the trustee board meeting in September 2021 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 £669,469 (2021: £631,274) which exceeds the target and is therefore considered to be in a good position.

The Union's total incoming resources for the year were £1,746,607 (2021: £1,592,145). Both the Block Grant and Fee Plan income received from Bangor University remained the same as the prior year. Similarly, additional grants of £178,800 were received for Brailsford and Snowdonia Watersports provisions, these grants returning to their pre pandemic level after being reduced by £50,000 in 2020/21. Other grants received included £131,033 (2021: £88,085) from HEFCW.

Total resources expended were £1,708,412 (2021: £1,249,693), giving a net surplus of £38,195 (2021: £342,452).

The Union also invested £47,449 (2021: £64,231) 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.

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 2021/22 comprised of 13 members to begin with; 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. In January 2022 one Sabbatical Officer trustee (VP Sports) resigned from their position and as trustee. 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 2022 one external trustee vacancy went out to advert and an appointment made for October 2022 and 2 student trustee vacancies went out to advert at the end of the academic year and appointments made in June 2022.

Organisational structure

The Board of Trustees 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 twice a year or quarterly r 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.

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

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.

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

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.

In September 2021 we rolled out a new three-year Strategy 2021-24 with 5 strategic priorities for delivery over a three-year period.

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 (resigned 30/6/22) J P Harvey (resigned 1/10/22) G O Pugh J M Slater S J Taylor (resigned 31/1/23) K C Tew (resigned 30/6/22) T J Bowden (resigned 24/1/22) M Dafydd (resigned 30/6/22) H J Fleming (resigned 30/6/22) E Hendsel (resigned 30/6/22) F S Fehlberg S J Dickins S Finikin (appointed 5/10/22) H C John (appointed 1/7/22) N Lowe (appointed 1/7/22) D T Moore (appointed 5/10/22) T Q G Ngo (appointed 5/10/22) E M H Pearce (appointed 1/7/22) L Thompson (appointed 1/7/22) R L Timson-Sheppard (appointed 21/3/22)

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

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Bangor University Students' Union

Report of the Trustees for the year ended 31 July 2022

REFERENCE AND ADMINISTRATIVE DETAILS 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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

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

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on

25 April 2023 and signed on the board's behalf by:

.............................................................................. N Lowe - Trustee

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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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

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Report of the Independent Auditors to the 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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.

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

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.

Jonathan Ward (Senior Statutory Auditor) For and on behalf of 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: .............................................

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Bangor University Students' Union

Statement of Financial Activities for the year ended 31 July 2022

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/(EXPENDITURE) Transfers between funds 15 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 633,163 20,730 702 336 25,250 20,764 258 701,203 1,770 - - 30,579 5,908 - 21,590 17,531 6,783 184,216 454,556 982 723,915 (22,712) 56,709 33,997 552,095 586,092	Restricted funds £ 1,045,404 - - - - - - 1,045,404 404,980 22,716 12,457 5,866 125,558 11,194 5,456 - - 25,376 346,364 24,531 984,498 60,906 (56,709) 4,197 79,179 83,376	2022 Total funds £ 1,678,567 20,730 702 336 25,250 20,764 258 1,746,607 406,750 22,716 12,457 36,445 131,466 11,194 27,046 17,531 6,783 209,592 800,920 25,513 1,708,413 38,194 - 38,194 631,274 669,468	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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

Bangor University Students' Union

Balance Sheet 31 July 2022

Unrestricted funds Notes £ FIXED ASSETS Tangible assets 11 19,622 CURRENT ASSETS Debtors: amounts falling due within one year 12 160,344 Cash at bank and in hand 476,932 637,276 CREDITORS Amounts falling due within one year 13 (70,806) NET CURRENT ASSETS 566,470 TOTAL ASSETS LESS CURRENT LIABILITIES 586,092 NET ASSETS 586,092 FUNDS 15 Unrestricted funds Restricted funds: Fee Plan TOTAL FUNDS	Restricted funds £ 83,376 6,120 102,673 108,793 (108,793) - 83,376 83,376	2022 Total funds £ 102,998 166,464 579,605 746,069 (179,599) 566,470 669,468 669,468 586,092 83,376 669,468	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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

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

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(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 25 April 2023 and were signed on its behalf by:

............................................. N Lowe - Trustee

............................................. J M Slater - Trustee

The notes form part of these financial statements

Page 12

Bangor University Students' Union

Cash Flow Statement for the year ended 31 July 2022

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	2022 £ 69,688 69,688 (47,449) 258 (47,191) 22,497 557,108 579,605	2021 £ 258,255 258,255 (64,231) 52 (64,179) 194,076 363,032 557,108

The notes form part of these financial statements

Page 13

Bangor University Students' Union

Notes to the Cash Flow Statement for the year ended 31 July 2022

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

2.

Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Increase in debtors Increase/(decrease) in creditors Net cash provided by operations ANALYSIS OF CHANGES IN NET FUNDS	2022 £ 38,194 25,513 (258) (13,813) 20,052 69,688	2021 £ 342,452 29,051 (52) (94,742) (18,454) 258,255

	At 1/8/21	Cash flow	At 31/7/22
	£	£	£
Net cash
Cash at bank and in hand	557,108	22,497	579,605
	557,108	22,497	579,605
Total	557,108	22,497	579,605

The notes form part of these financial statements

Page 14

Bangor University Students' Union

Notes to the Financial Statements for the year ended 31 July 2022

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.

The restricted funds are as follows:

continued...

Page 15

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

Fee Plan - A grant received from Bangor University and its associated expenditure within the terms of that grant, the purpose of which is to advance the student experience at Bangor University.
Sporting Provision - Grant income received from Bangor University to be spent on sporting facilities for training, competitions etc.
HEFCW - This is grant income from the Higher Education Funding Council for Wales towards various projects, such as Covid-19 associated health and well-being support for Students, supporting the inter-university eisteddfod, creating a sensory room etc.

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 £80,357 (2021: £96,086). 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	2022 £ 543,775 735,572 178,800 136,032 84,388 1,678,567	2021 £ 543,775 735,570 128,800 88,485 84,388
		1,581,018

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	2022 £ 84,388 84,388	2021 £ 84,388
		84,388

continued...

Page 16

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

3. OTHER TRADING ACTIVITIES

3. OTHER TRADING ACTIVITIES
Motor vehicle income 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	2022 £ 12,086 339 8,339 20,764 2022 £ 258 2022 £ 20,730 702 336 25,250 47,018	2021 £ 392 842 7,471
		8,705
		2021 £ 52 2021 £ 10 - - 2,360
		2,370

6. CHARITABLE ACTIVITIES COSTS

Athletic Union Societies Student Volunteering UMCB Academic Representation Unit Events Communications and Marketing Democracy Education Central Services Human Resources Depreciation	Direct Costs £ 406,750 22,716 12,457 36,445 131,466 11,194 27,046 17,531 6,783 71,374 437,602 25,513 1,206,877	Support costs (see note 7) £ - - - - - - - - - 138,218 363,318 - 501,536	Totals £ 406,750 22,716 12,457 36,445 131,466 11,194 27,046 17,531 6,783 209,592 800,920 25,513
			1,708,413

The charity's costs are categorised by major expenditure types, based on the main departments within the Students' Union. These are further split between those costs that are directly attributed to the core functions of the charity, and those relating to more general administration costs.

continued...

Page 17

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

7. SUPPORT COSTS

SUPPORT COSTS
Management £ Central Services 111,569 Human Resources - 111,569	Finance £ 1,935 - 1,935	Human Governance resources costs £ £ - 24,714 363,318 - 363,318 24,714	Totals £ 138,218 363,318
			501,536

8. NET INCOME/(EXPENDITURE)

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

	2022	2021
	£	£
Auditors' remuneration	14,400	14,400
Depreciation - owned assets	25,513	29,051
Other operating leases	90,718	90,718

The Auditor's remuneration for the year ended 31 July 2022 has been accrued at £14,400 (2021: £14,400).

9. TRUSTEES' REMUNERATION AND BENEFITS

During the year ten (2021: seven) 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 £105,627 (2021: £90,895). The remuneration paid to them is in accordance with the Union's constitution. No single trustee received remuneration or benefits exceeding £60,000. No more than five trustees are remunerated at any specific time. The remunerated trustees were:

J R Avison T J Bowden M Dafydd S J Dickens H J Fleming E M Harvey Pearce H C John N C Lowe K Tew L J Thompson

Trustees' expenses

Trustees expenses during the year were £2,406 (2021: £2,020). Four Trustees (2021: none) 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

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:

2022 2021 Administrative 21 17 Sabbatical 5 5 Staff costs were as follows: Gross wages/salaries Employer's national insurance Pensions costs Levy etc Total	2022 £ 646,488 48,080 80,357 2,628 777,553	2021 £ 610,184 52,126 96,086 2,944 761,340

continued...

Page 18

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

10. HUMAN RESOURCES - continued

Other costs relating to human resourcing during the year, e.g. staff training, travel etc, totalled £24,517 (2021: 8,454). One employee (2021: one) received remuneration or benefits (gross salary plus employer pension) exceeding £60,000.

11. TANGIBLE FIXED ASSETS

Equipment £ COST At 1 August 2021 146,041 Additions 28,728 At 31 July 2022 174,769 DEPRECIATION At 1 August 2021 66,862 Charge for year 24,531 At 31 July 2022 91,393 NET BOOK VALUE At 31 July 2022 83,376 At 31 July 2021 79,179	Fixtures and Computer fittings equipment £ £ 4,172 9,682 17,059 1,662 21,231 11,344 3,632 8,339 500 482 4,132 8,821 17,099 2,523 540 1,343	Totals £ 159,895 47,449
		207,344
		78,833 25,513
		104,346
		102,998
		81,062

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

Trade debtors Other debtors Bangor University debtor Prepayments	2022 £ 500 6,120 157,894 1,950 166,464	2021 £ - 2,928 147,348 2,375
		152,651

The balance of £6,120 (2021: £2,928) 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 19

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other creditors Commercial card Accruals and deferred income Deferred grant income	2022 £ 18,506 108,794 19,268 27,295 5,736 179,599	2021 £ 1,668 112,583 14,515 27,854 2,927 159,547

Other creditors of £108,792 (2021: £112,583) 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	2022 £ 62,169 45,591 107,760	2021 £ 33,277 - 33,277

15. MOVEMENT IN FUNDS

At 1/8/21 £ Unrestricted funds General fund 552,095 Restricted funds Fee Plan 79,179 Sporting provision - HEFCW Grants - 79,179 TOTAL FUNDS 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	Net movement in funds £ (22,712) 64,714 3,916 (7,724) 60,906 38,194 Incoming resources £ 701,203 735,571 178,800 131,033 1,045,404 1,746,607

continued...

Page 20

Bangor University Students' Union

Notes to the Financial Statements - continued for the year ended 31 July 2022

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 1/8/20 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

Comparative 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

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.

The Sporting Provision is grant income received from Bangor University to be spent on sporting facilities for training, competitions etc.

HEFCW is grant income from the Higher Education Funding Council for Wales towards various projects, such as Covid-19 associated health and well-being support for Students, supporting the inter-university eisteddfod, creating a sensory room etc.

continued...

Page 21

Bangor University Students' Union

Notes to the Financial Statements - continued

for the year ended 31 July 2022

16. RELATED PARTY DISCLOSURES

The Students' Union receives annual funding from Bangor University, total funding during the current year was £1,458,147 (2021: £1,408,147).

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 2022 (2021: £90,718). of which, £84,388 (2021: £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.

17. FINANCIAL INSTRUMENTS

The carrying amounts of the financial assets and liabilities include:

	2022	2021
	£	£
Financial assets that are debt instruments measured at amortised cost
Trade debtors	-	-
Bangor University debtor	157,894	147,348
Cash at bank	579,605	557,107
Financial liabilities measured at amortised cost
Trade creditors	(18,506)	(1,668)
Commercial card	(19,268)	(14,515)
Accruals	(27,295)	(27,854)
Deferred grant income	(5,736)	(2,927)

Page 22

Bangor University Students' Union

Detailed Statement of Financial Activities for the year ended 31 July 2022

INCOME AND ENDOWMENTS Grants, donations and legacies Block grant Fee plan grant Brailsford and Snowdonia sporting provision Grants received Donations in kind Other trading activities Motor vehicle income NUS extra card income Other income Investment income Deposit account interest Charitable activities Club and Society events Total incoming resources EXPENDITURE Charitable activities Insurance Vehicle service Administrative wages Sabbatical officers wages Sabbatical training and expenses Staff training and expenses Staff travel Athletic Union central expenditure Societies General club grants Period poverty expenses Covid 19 support expenses Student volunteers UMCB Student voice Welcome week costs Communications and marketing Campaigns Elections NUS Subscriptions Conference fees and expenses Education Sundry expenses Depreciation of equipment Carried forward	2022 £ 543,775 735,572 178,800 136,032 84,388 1,678,567 12,086 339 8,339 20,764 258 47,018 1,746,607 12,218 58,741 308,608 105,627 10,997 10,983 1,387 406,750 7,533 15,183 3,083 7,300 12,457 36,445 121,083 11,194 27,046 1,448 85 12,895 3,103 6,783 415 24,531 1,205,895	2021 £ 543,775 735,570 128,800 88,485 84,388 1,581,018 392 842 7,471 8,705 52 2,370 1,592,145 9,833 52,250 353,996 90,895 4,032 4,368 54 118,582 7,705 4,711 37,880 50,085 8,429 8,372 4,631 - 12,880 - 748 14,190 204 66 413 26,155 810,479

This page does not form part of the statutory financial statements

Page 23

Bangor University Students' Union

Detailed Statement of Financial Activities for the year ended 31 July 2022

Charitable activities Brought forward Depreciation of fixtures and fittings Depreciation of computer equipment Support costs Management Rent Insurance Health and safety Print, post, computer and phone Repairs and maintenance Finance Bank charges Human resources Administrative wages Governance costs Trustees' expenses Auditors' remuneration Accountancy Legal and professional fees Total resources expended Net income	2022 £ 1,205,895 500 482 1,206,877 90,718 13,158 412 7,281 - 111,569 1,935 363,318 2,406 14,400 7,908 - 24,714 1,708,413 38,194	2021 £ 810,479 668 2,228 813,375 90,718 10,897 764 13,442 76 115,897 1,779 292,642 2,020 14,400 9,120 460 26,000 1,249,693 342,452

This page does not form part of the statutory financial statements

Page 24