T ' S UNIVERSITY OF SALFORD S LJ STUDENTS, UNION Enhancing Students, Lives UNIVERSITY OF SALFORD STUDENTS, UNION Trustees, Report and Accounts 16 months ended 31 July 2021 Registered charity number- Registered company number.. 1189354 12532982
UNIVERSITYOF SALFORD STUDENTS. UNION Referen¢e & administrative details Charity Name Reglstered Charlty Numb?r R•gistor8d Company Numbgr Reglstered Offlce University of Salford Students. Union 1189354 12532982 University House The Crescent Salford M5 4wr Dlrectors and Trustees I directors of the compary are aL8otrustees of the charlty. there are no other Iruste6s.Th&trust88s are.. Nam8 Abbie Sloran Akeem Adeniyi Ojelola Cynthia Onyemuwa Damilola Temidayo Falake Desrae Ogden Emma Lawton Eyad Abouelkhair F&slus Robert Lee Hull Nahoed Nazir Nell Crimes Samantha Wilkinson Walid Hammoud Appolntad 1 July 2021 1 August 2020 1 July 2021 1 July 2021 1 July 2021 1 July 2021 1 July 2021 1 July 2021 1 August 2020 1 July 2021 l August 2020 l July 2021 l Juty 2021 Posltion Chair (from 117121) Reslgnatlons The following resigned from theiT poslllon as Trustees in tho period.. Name Appolntod Reslgnfjd Po$ltlon Adedapo Onl Oluwalogbon 1 August 2020 30 June 2021 Beth Hill 1 August 2020 30 June 2021 Chris Hy8m8 l August 2020 30 June 2021 Harrison Pi¢kard 1 August 2020 30 Jun8 2021 Hop8 Bragg 1 August 2020 30 June 2021 Jessica Wilkinson 1 August 2020 30 June 2021 Mousa Yusuf 1 August 2020 30 June 2021 Shian Chaudhry 1 August 2020 30 June 2021 Stephen We8tgarth 24 IAarch 2020 30 June 2021 Deputy Chair Temiloluwa Adebayo 24 Marth 2020 30 June 2021 Chair Page l of 31
UNIVERSITY OF SALFORD STUDENTS. UNION Company Sècrètary Ed Molon8y Key Management Personnel Chlef Executive Officer Ed Moloney Deputy CEO and Dlreclor of Engagement Rhiannon Roberts Director of AdvoGacy Stevle Wise Ilo 301061211, Lauren Beckett (from 011071211 Advisors Audltors Dains LLP, Suite 2 Abion House. 2 Etruria Office Vlllage, Forge Lane, Elruria, Sloke-on Tronl, ST1 5RQ Bankers The Cooperative Bank PLC. PO Box 101, 1 Balloon Street, Manchester, M60 4EP Insurancg Endsleigh Business Insuranc8 Services, Hadley House. Shurdington Road, Chellenh8m Spa, Gloucestershire, GL51 4UE Truste8s' R8POrt The Trustees, who are directors for th& purposes of company law, present the annual report together with the financial statements and audllors. r8POrt of Ihe charitable company for the perfod end 31 July 2021. The Iruslees have adopted the provisions of the Accounting and Reporting by Charities.. Statement of Recomrnended PTrcllce applicable to charities preparing their accounts In acwrdance Wth the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 {effective 1 January 2019). Structure, Governance & Management Governlng Document The Universbly of Salford Students. Union Ilhe Union) is a students, tjnlon wlthln the meanlng of the Education Act 1994. The Union is devoted lo the educational interests and welfare of its m8mb6r8. It Is th8 ind8p8ndant reprentative b(xJy of the students at the University of Salford. During the year an important and substantial change In the conslltutlon under which the activits'es of the Union are cariiad out wa8 completed. The Trustees determined that it was In tha b8sI interests of th8 Unlon to reslnjclvre lo minimise risk to Its assets whilst enabling the Union to achieve its charitable objectives. The Union completed a prasS of incorporation by Settl up a company limited by guarantee and without shares {Company number 125329821 and cornpleled ils registralion as a charity (Charity numbèr 1189354). At Ihe close ol business on 31 July 2020 the activllies, funds, assets and liabilities of the Unson were transferred lo the naw charltsble company. The unincorporated Union was wound up in 2020121. We are govemed by Artlcles of Association effeclw8 from the 1Bt of AugL*sI 2020, a set of Bye-laws, th6 Unlversty of Salford and tha CharSly Commission. We also have a Memorandum of Understanding wllh the Untversty of Salford. The Artides of Association state the Union's prsnciple objectives as= The Union will seek al all limes to.. {il ensure that the diversity of its Student Membarshlp is recognised and that equal arL8SS IS available lo all Student Members of whatever Origin or orSentatson', {iil pursue ils airns and objectives independent of any political paty or religious groupi and {Ilil pursue equal opportunilles by taking posKive actlon wthln tho law lo facililale participation of groups dlscriminated against by society. P89• 2 of 31
UNIVERSITY OF SALFORD STUDENTS. UNION These Articles have been structured to give the Board of Trustees reasonable authority to manage the affairs of the Union in a professional manner. The Student Members enjoy tho right, which must exewsed in accordance wllh charity law, to elect a prOportn of the Trustees and to dismiss all of the Trustees. The Board of TnJste88 wlll g8 the utmost considèratlon to the views of Studènt Members. Under the Education Act 1994, the University of Salfor(J has a statutory duty lo ensure that the Union operdles in a fair and democratic manner and is held to proper aUnt for ils finances. Th8 Union therefore works abngside the University of Salford in ensuring that the affairs of the Union are properfy conducted and Ihat the educational and welfare needs of the Unlon's StULlenl Members are met.. Public Bonefit slatomont The trustees h8ve given due consider8tion lo Charity Commission published guidance on the operation of the publlc benefflt r8quSr8m8nl 8nd ar6 satlsfled that tho Chatable company meets thase requlrements. The Trustoo Board The Union is democratically controlled through the annual election of a tgam of student rgpresenlalives who form part of the Union's Board of Trustees. The mambership of the Tlustee Board is as follows: Flve elected Sabbatical Trus18es Four Student Trustees Four Lay TnJslee8 The Trustees determine polscy for all areas of Union a¢livity. The sabbatical trusloes are full limg officois of the organisalion and work for the Union for a year ether during or al tho end of thoir degree coursg to represent students on a full-time basis. The Tru8te8 Board remit can b8 summ8rised as follows.. Strategy Flnanclal Formulating, monitortng and implementing plalls Providing effective financial managamenl and ovarsighl including Ihe fornialion of bud9els Monitorin9 and evalltaling the performance of staff, services and actlvltles Line managing and support the Chlef Execub've incjuding perfom)anc8 monllorlng Ensltrlng ther8 are effsctive reportlng and monllorlng processes In place to effedvely rnanage the risks of the Unio Consultation Ensuring there is a comprehensive progrdmme of member consultation in place Involvement Promotlng the effectbve Involvement of members Trustee recruitment Ensuring the effective eleclionlseleclion, induction and appraisal of trjslee board members Considering ¢ommitlae reports P8rfomianc8 L5n8 manaoem8nt Rlsk management Reportlng Th8 Sabbatlcal Trustèes work alongsld8 the p8miananl Union staff to implement and carry out the strategy and policies sel by the Trustee Board. The permanent staff team is managed by the Chief Executlve Officer, who is diredly accountsble lo the Trustee Board for the Union's perfornian. Rlsk management statement Ri8k managom&nl is the re8ponslbillly of the Trustee Board. Th6 senior managers of the Unlon hav8 delegated authority for idenlifylng the risks fa¢Sng the organlsalion and reporting these lo the Trustees as they arise In relation lo items of business al the Board. In addition, the senior managers provide the information to enable the Tnjslees lo undertake an annual review. The Trustee Board examines the major strategSc, buslness and operational nsks which the Union faces on an annual basis. The Trustees confimi that systems have b88n established lo enable regular reports lo be produced. Rè8èrvè$ Detsils of the funds are set out below.- Pag# 3 of 31
UNIVERSITY OF SALFORD STUDENTS. UNION Itom 31 July 2021 31 July 2020 Unrestiicted funds 533.535 351,681 D8Si9nated Fixed Assets Fund- being a fund representing the nel b(x)k value of lixed assets owned by Ihg Gharitsble company 377,014 447.884 Restricted funds 403,900 80,394 Total Reserves 1,314,449 879,959 (2020 re8eNe8 are shown for the pr8dec*s8or charity for comparabilily}. Appolntmont of Tru8ts08 The Union's Articles of Assooalion states thera shall be 01 more than fiv8 SabbaticBI officer Tnjstees, 81ectod...,' not mots th8n four Sludont Trus16es. &ppointed....- &nd not more th8n four Lay Trust68S. 8ppoint8d.... Sabbaticals Up lo fwe Sabbaltcal Officer Trustees are elected by secret ballot of the Members of the Union at an election held in acLor(Sance with the Election Regulations. They remain in post for a tom of one year between the 1 July and the 30 June. They may be re-elect for 8 maximum of one further term of one year. This may be nSecutive or non-conseculive- the lotsl maximum term that can b6 served18 twenty-four rnonlhs. Each Officer Trustee must be 8 Student or an Offic8r Tnjslee al the lime of the election. An Officer Trustee becomes a member of the Union on commencement of their appointmant or roappoinlment and this membership ceases when they cease to be an officer trustee. Student trustees Up to four sludenl trustees are appointed by a panol drawn from tho Trustee Board and then ¥alifled by Sludenl Coun¢ll. Each Student Trustee musl be a student al tha tlme of their appoinlmenl. The role may be shorter or longer on 8 tr8nstbonal basis lo coincide with the alteration of the year start or end. A sludenl Iruslee may serve a maximum of Iwo years that may be conseoulive or non-conseculive. Lay Tmstee8 The trustees are r8qulred to appolnl by 8 slmple malorlty vole such pernons 88 they considèr suitablè to be Lay Trustees. The ratio of 8l&cl6d sludant Irust88S to Lay Tsle0S, with the excgplion of any period which may not exceed four months, must be greater than or equal lo Iwo lo one. Unless their appointment is tem)inaled in accordanco wth the Artides of Associ8tion, Exlemal tru$te8S remaln in office for a term of up to four years. They are eligible for re- appolntmonl by a sin)p16 rnajorily vote ofthe Truslees for a furth8r lemi of four years but are not eligible for re-appointrnenl thereafter if they have served a total maximum term of elghl years. Trustee Inductlon and Tralnlng All new Irustees engage in a comprehensive training programme whith indudes.. The key roles and responsibilit18s of the Iru8ts8 position Financial training Introductions lo key staff and other trustees Copies of the Union's key poliaes On-going training needs for Trustees are continually monitored by Éhe Chief Executive Offir and President. Poge 4 of 31
UNIVERStryOFSALFORD STUDENTS. UNION Th& Students. Unlon The Union is involved In a wlde range of activitjes. Ils core purpose is lo rewesenl students and provide activities for thetn to enhance the student experience. To that end the Union org8nlse8 c8mpalgns on issues of concem to the g8nerality of students, adminislers tho work of approximately 100 different sports teams and SOCAelies. tralns and develops over 600 sludont course represen18tlves and operates a Student Advice Centre. The Union's commeKial activitigs includes Atmosphere which incorporates a cafe and linCed premises offering a social eating and drinking space. The Union also puts on social events for members. The unlon also recolves flnancJal conmbuuons from ils relallonship wllh Chartwells, who oparala tha retall spaG8 on campus. The majorty of Union core activity is funded from the grant reIVed from the University. The 8tsff teams There is a ¢ore staff team of 35 staff and approximBtely 60 CASUBI student staff members. Union staff members work across five functional areas of the Union: Sludenl Voice Student Opportunities and Wellbeing ThAarketing and Events Commarcial soNi Finance Related PartSe8 The University of Saword is the parent institution ol the USSU. The USSU received a revenue block grant in the year from the University of Salford of £1,197.474. Objectives & Activlties Summary ot ¢harty oblectlves and actlvltSes undertaken In rèlation to th68è objects The Union's Articles of Association identifies its charitable o14eds as.. °Th8 adkffjncem8nl of eduGalion of stud8nts at univeilY of Salfotol for the public benefit by.. prornoting the interests and welfare of Students at the University of Salford during their course of study and representing, supporbng and advising Sludents.. b&ing thè recognlsed r8pr8sentatSve channel b6twean Students and the University of Salford and any other external bodles.. and Fxovidlny soclal, cullL*ral, sporting and recreational actSvVESes and forums for discussions and debale for the personal d8V81opm8nl of its Sludants, P890 S of 31
UNIVERSITY OF SALFORD STUDENTS. UNION Strategic Plan The charitable organisalion has set the following as il's strategic plan.. Our Vision We wll confn)nl and ov8rcome th8 barriers lo 18aming to 6nsur8 all Salford stud6nls are uiJ8loppable Our Mlsso We &mpowerstud8nts to make change and SUGceod Our V81ues Student-powèred: We are undenlabty focu8sed on the needs of our members Change-makers: W8 are creallve, progressive and kind stra1ght-foard.. We are open, candid and proact4.ve Effective.. We are professional and collaborative Inclusivo.. Equity is at the he8rt of everything we do. rPr lo USSU promises thBI we will.. 1. Offer something for every student 2. Make the changes students want to see wrthin three years 3. Nurture students. personal and professional development 4. Hglp students lo bo happy and healthy al University 5. Ba an outstsnding organisalion focussed on students These are our strategic themes that h8ve been developed into operational plans for each of our seNlca areas. Enable In order to be successful we will need to devolop the following enabling slialegies and frameworks.. Prioritisation Framework Impact Framowork PeLwle Strategy Finan Strategy Markets'ng and Communications St¥8te9y Pollclas ralatlng to grant maklng To apply for funding, each Sport or SocJely group completes an onllne application which outlines their planned actlvity and fundlng requirements. Each application should meet the strategic aims of the organisation and foous on dellvèring involvement, diversity, innovation, personal development and broader success to the groLSP. Application5 are received and reviewed by the Societies & Sports Slu(Jenl Exul1ve,. comprlslng ofthe Societles & Sports Voluntary officer, up to four society representslives, up lo four club sport representatives, on8 woman's sport representative and one Sabbatica5 Officer. Any student volunteer on the funding panel associated lo a particular group who have applied for budget or project funding musl declare a nflict of inlorest. Thls individual can be Snvolved In the dlscusslon regarding the application bul 1} be excluded from decislon maklng element of alkjcalion. Poqe 6 of 31
UNIVERSITY OF SALFORO STUDENTS. UNION Achievements and performance Key Performance Indicators Indicator 2021 outcome Student Officer Election lumout 11% No of sludenl representatives supported 650 No of Sports and Actiwly group membBrs 425 of students engaged in exlracurrioular activities 11% National Sludenl Surv8y- Stutlenl Satisfaction wTrth their leaming community National Student Survey- Sludenl Satisfaction with Student Voice 57% 60Q Please nol8 that ouiturn performance across many indlcators In 2021 were impacted by the Covld-19 pandemic. Relationshlp with stakeholders students The Sabbatical orricers continu8 to work closely with Course and Sch(x)l R8presentaliv&s to id8nllfy the k8y issues facing studgnls al Course and schoollgvel. The officers are then able to represent these views al high level College and Unlversily commiltees and in discussion with tho University Exe¢ulive Group. The organisatlon mak&s fLtII use of soaal media lo $01Scil opinion on a range of matlors rolating lo the student experience and enjoys a dialogue with Ihousand5 of Salford student8. The organlsatlon regularty consults wllh students as part of tts reprasentstlve fvn¢tlon, as wo11 as on seNlce staTrdards. Tho Unlversfty The Union has a strong pathershlp relalonshlp wbth the Unlversty- It acts as a 'cdllcal frlend,, providlng avidenG8 on and challenglng the Univ8rslty on key sludenl issues. As part of their represgntslional work the sabbatical officers sil on high level University Committees providlng a student voice on the issues discussed. The Union meets with the Universlty quarteyly to dlseuss the prog$9 of the Union. The Partnershlp sleen9 Group, o)-chaired by the USSU President and the University Dean of Slud8nls. meets every eight weeks to (x)- ordin8te partn¢rship working. The Sabbatical OffirS meet the Dean of Students weekly, and the President meets the Pro-Vic8 Ch8n¢ellor for Student Experfence monthly, tho Vi¢e-ChanGellor quarterly. as well as presenting to the Vicg-Chanc811orfs Executive Team (VCETI semi-annualty. The President, alongside another Sabbatical Officer. oro members of the University of Salford Council. Othèr Unions Both sabbatical officers and staff members meet wth counterparts In other Students, Unlons to share good Practi and discuss the Higher Education landscape. There is a North West ¥eglonal meetlng for stsff and offlcers whlch the Presldent. Chlef Executlve. and senlor staff are enuraged to attend. Staff m8mbgrs are also part of aleclronic dls(xJssion 9roups. Pa#e 7 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NUS The Unlon Is a memberofthe Natlonal Unlon of Students {NUSI and as part of ils annual elections the Sluden*s' Union provides students thè opportunlly to stsnd for 8 posltlon a8 a dalegale on the annual NUS conference. Local Council The Slud8nls' Unlon staff and sabbatlcal officars have regulady partiapat8d in local community meetings which have included attendance by the local council, police and local residents. The sabbatical officers discuss key student issues wth the local MP. Graaler Manchester Comblned Authorlty Mayor and other political representslives of the city. Financial R8vl8w The Union made a surplus or net movement in funds of £1,314,449 in the financial pariod {pred8cessor charity, 2020.. surplus Df £83,400). The wincipal income $ourS for the Union are the block grant provided by the University of Salford and funds generated through commercial activtty- The Union also received a orie-off transfer of funds from tho predecessor charlty of £879,959. The result for the period includ&s items which musl be shown through the slalemenl of financial activities under SORP accounting njles and which are not shown through the monthly management accounts. These items Include penslon scheme valtJ8lion adluslmanls. capts1 grants received and restricted reserves movements. Nel assets at 31 July 2021 stood 8t £1,314,449 (Predecessor chadty, 2020.. £879,959). During Ihg year. the Union reIved £119.869 of Income from the coronaruS Job Retention Scheme. The Union is alert to the possible impact of further reslriclions on ils trading activities as a result of national efforts to combat the coronavirus pandemic, bul believes that il is well plad lo address these dLte to ongolng government support schemes and support from the University of Salford. Plans for future periods Alms, key obJe¢tlve$ and planned actlvltles The Union is continuing lo embed Ils slralegio plan (see above). Investment pollcy and perfomiance The Investment Pollcy of the Union is lo hold the majority of its res¢Nes in cash, SpadIng deposits be financial inslilulions in order to mitigate Gounterparty rlsk. Cash deposits are either instant access or fixed temi with the balance belng determined by cash flow requiremonts. Wilhln the framework of managing risk, liquidFty ancs ethical standards, the highest inleF8st rates are $81ecled to maximSse investment return. Pay Pollcles for Senlor Staff The remunerydlion of key m8nagement per8onn81 18 set by the Board, wllh the policy objective of ensuring that they are provided with appropriate ineenlives lo encourage anhancad performance and ar8. In a falr and responsiblo manner, rewarded for Ihoir individual contributions lo the Uniori's success. The appropriateness and relevance of the remun$rats'on policy is reviewed regularly induding reference lo comparisons with other student organisaton$ lo ensure that the Union remains sensitive to the broader Issues of pay and employment conditions elsewherè. Page 8 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION STATEMENT OF TRUSTEES. RESPONSIBILITIES The charity Injstees Iwho are also the directors of the Union for Ihg purposes of company lawl are responsSbl8 for preparing a Iruslees. annual report and financial statements in accordan with applicable law and Unlled lfjngdom Accounllng Standards Iunlled Kingdom G8nerally A¢c¢pted Accounting Practice). Company law in England and Wales requlres the Iruslees lo prepare financial statements for eath financial year whlch glve a true and falr vlew of the stste of affairs of the charllable company and of the incomlng resources and application of resources of the cJ)arSly for the year. In preparing these financial statements, the trustees are rfjquired lo= select suitable accounting policies and then apply them conslstant¢y'. observe the methods and principles in the Charities SORP 2019 (FRS 1021., make ludgem8nls and 88timales that are reasonable and prudant.. stale whether appllcable UK AccountSng Standards have been followed, subject lo any material departures disclosed and explained in the aceounls., prepare the financial statements on the going concem basls unless11 Is 1nappropr5ale to presume that the charltable company will continue Its aclivllies. The twslees are rèsponslble for keepSng proper accounting r8¢ords that are sufficient to show and explain the charitable company's transactions and disdose with reasonable accuracy al any time the financial posiiion of the charltsble company and 8nable them to ensure that the financial statements comply th the Companles Act 2006. The tnjslees are also responslble for safeguarding the assets of tho charitable company and her) for taking reasonable sleps for the prevanlion and detection of fraud and other irregularities. The Iru8tees are responsible for the maintenance and Integrity of the charty and finandal infomialion InclLtfJed on the charitable company's website. Legislation in th8 Unltad Kingdom gov8rning the preparatKJn and dIsseminaOn of finanaal slalements may differ from18gislalion in other jurisdictior. Trustees, statement of dlscl¢surn of infom?otion to tho auditors In so far 8S the trustees are aware at the data of approval of Ihl8 report.. There is no rel8vant audit information, ofwhich Ihg Gharitable companls auditor is unaware. and Th& trusle8s have taken 811 steps that Ihoy ought lo have taken to make themselves aware of any relevant atJdil information and lo establish that the auditor is aware ol that information. Approved by tho Trustegs of the University of Salford Students, Union and signed on ts bohalf by.. Festus Robe Ch85r of the eoard of Trustees Dale.. 2411112021 Page 9 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF Univèrslty of Salford Students, Unlon (A company Ilmltod by guaranteè) Opinion We have audSted ttfinanu81 statements of Unwgty ofsaiford Students, Union {the'charitable cAJmpBnll forthe 16 fYK)nth pEriod ended 31 July 2021 which comprise the Statement of Finanual Activities, Balance Sheet, Cash Fbw statement and notes to the financial staternents. indudirvJ significAnl aca)unting pOle$, The financbal repoiting frameworf( that h&$ begn appli in their preparation ss applicable law and Unf(ed Kingdom Acts)unting Standards. Induding Financial Reportiro Stsndard 102 Th8 Financial Repong Slandard applicab in th8 UK end Republic of Irelsnd (United Kjngdom Geralty Ac(gpted AUnting PRcth(Yl. In ouroFMnlon the financd stat8m8nts: we 8 true and fairview oftha stsle of the charitabl6 compaws affai as al 31 lY 2021, and of its incDming re80urc8s and application of resources, induding fts incom8 and expenditure, for the 16 month period Ihen ended.. have been properfy prepar1 In a¢xordance whh Unlled Klngdom Generally Apted Accx)unng Practi., and have been prepaied in with the r4uirements of the Ccmpanies ACL20L. Basls for oplnlon We corKJucted our audit n aixyJrdanee wth Intemalknal Slandatrls C AudltiThJ IUK) IISAS IUKII and ap1(Able law. Our responsibilities under te standards are futher desoibed in the Audilorfs reSwnsl1IbeS for tt)e audit of the finanaal statements sgction ofourrfjporL Wg are indeFendentoflhe thaniable (xmpany in aceA)rdancewith the ethul requlr8ments that are relevant to our audit ofthe financid ststemerts in the UK, indudiru the FRC'S Ethi1 Standard, and we have fLIlled ourother elhlcal responS1rtIes in ac£ordan¢e wrth these requirements. We believe Ihalthe audf( eviden< we have obtalned Is suffident and approprfate lo prde a basls forour opSnth. Conclusions relating to going concem In auditiro the financial stements. we have rAClUdeI Ihatthe Inhstees, L8 of th8 goltYJ concfjm ba818 ofaccounlng I the preparntion oflhe finanaal statements is apFpriate. Based on the workw& have perfonred, we have not idonbfied any material unrknrtainties relating lo events or wrKliIS that, Indmdually or collecl'vely. may cast sgnfficanl doubt on the charitsble companls ablty to continue as a Jncem for a pric of al leaste1Ve monlhs from en the ffinandal statements are aUttrised for issue. (ljr r&sponslblllles and the TrSFKThibiliti8s of the trust8es respecl to Ing concem are das(. In the 8vant sections of this rep¢)rt. Other Infom)atlon The other inforTnation comprtses Ihe infomiation indudod in the tnjstee's annual report, other than the financial strdlem8nts and (xjr auditorfs reportlhereon. The tnjslees are resw)sible forthe olherinforrnation ry)ntained within Ihe annual rewrt. Our opinion on the financlal statements does not cover the other information and, except to the extent othetwse explicSUystaled in ourreFth. we clo notexpress anyform of assLrancÉ concluskx) thereon. Our responsllylty is lo read the cther infomialion and, in doing so. consider whether the other infomiation is materially Inconsistent wlh tho fmandal statements, (r our knOee obtsinod in Ihe course of the audit othernvise appears to be mth1Y misstated. Ifwe idenbfy suth frterid incxJ)sisten(aesorapparenl matsrial misststnls, we a required to determine whetherlFw's QNes ris&to a mal&id misstatement in the financial statements themselves. If, based on thaworkwe have pthm7, w8 (¥JndLtde that ther8 is a materi81 miatem9nt of thi8 olher infosTnalion, wa 6 requlrbd lo report tt)at We havo nothing to rgFQrt in this 8rd. OplnSons on other matters prescrlbed by the Ci>mpanSè5 Act 2006 In Inion, based on lh& work undertaken In Ihe course of ihe audll.. the Infom1 gwen in the trustees. report forth8 financ481 yearforthlch the finawal stateMts are prepar8d is conslstenl with ihe finanaal statements., and the twstees report has been wapared in ac(ord8nc4 with 8pplicabb leg8t wuirements. Mattors on whlch we are requlrad to rnport by ex¢•pOn In the light ofthe knedge and understandino ofthe d)aritabte (x)mpany and its envircnment obtained in Ihe c(yJrse ofthe audf(, we have id8nlnled material misstsleAn8nts Sn lh8 tnJ81e8s' r8pc¥I. Pogel00131
UNIVERSITY OF SALFORD STUDENTS. UNION We have notNng to report respfjcl of the followng matters in relatioTr to vhich the Companies ALt 20( requires us to to you W, In ouropinion.. adequate accounting recDrds have not bw ke0, retums adequate for fAJr audit have nol lJe8n re(d from brand)8s not sited by us.. the finanaal statements 8re not in agreementwith the accountiro reCOS and re¢ums,' or certain disdosures of directors, remuneration specified by taw 8re not made., or we have not rècdved all the Infumallon and explanations we require for(xJr a1. or the tnjstees were not ented to prepare the finanual stslemonts in accordan(t wlh the small companies, regime and take advantagg of the small rA)mpanies' exemplK)ns In preparfro the requirement to syepare a strategic reporL Responslbllltles oltrustees As explained more fully in the trustees. wnsibilib'8S Statement set wl orb page 9, the trustees 8re also the directors of the tharitable Mpanyf0rIhe purposes Of[ranY18Wl are reSntlef0rthe preparation ofthe financi31 statements and for satisfied thal they giv8 a tru8 and fair wew. and for suth intemal cvnlrol as the trusteos delemine necessary to enable the preparat# finan(ial state that are fre8 from malerfal mksstatemenl, vthelher due lo fraud or error. In pTrpartng th8 fin8ncl8l8t8tems, th8 Irustses are ¢Bswnsible for assessing the charItatr (x)mpanls abllty to ctinLte as a going (x)nm, di%dosing, as applicable. matters relatod to ging ¢oncem and u&ng the gixng concem basis of aeLounlirvJ unless tre tnjslees eitlier intend lo liquidats the charttable company 10 Cease OperalK$, or have no realisbc attemab've but to do so. Audltoes responsibillties forthe au(fit of the finandal stat&ments Our obiectives are to oljtsin reasonable assurance at whether the financial statements as a whole are freè from material misstatem8nL whethèr due to fraud or error, and lo Issue an auditorfs repckl that indudes our opinion. Reasonable a&surance Is a high level ofaSsUran. but Is not a guarantee that an audll conducted in 8rdance wllh ISAS IUKI wll always detect a material misstatement when il exists. IAisstatements can arise from fraud or errw and are con51dered material if, indMdualIy in the aggregate, Iheycould reasonably be expected to Infiuence the en¢ decisKns of users taken on the basis oflhese financkql statements. Irregularities, ilUding fraud, are Instan of non-compliant with laws and gLonS. We doslqn procedures in lin wth (K+r respCS1bIlltr'es, cKJNined BbDve, to delect material misstatements in pect of Irregu18r(Ues, induding fraud. Th& specffic procedutes for this engagemont and the extent tr) which thgse are capable of detecting irr8gulanties, Induding fraud is detailed below. Our approach to Identifying an(5 assesslng the risks of material misslalemenl in respact of Irregularitl8S, including fraud and non-compllanc8 ¥Mth laws and rogulations, was as follows.. the senior statutory atjditrjr ensured that the engagement team ¢0118ciively h8d the apprcsprtala competence, c8pabllltles and skllls lo Ident4fy or recognlse n0ComplIance with applicable IRWS ancl regulalions., we IdentSfied the laws and regulatsons applloable lo the charitablè company through dlscusslons wllh dlrectors and other management, and from our commercAal knowledge and experience of the sector.. we focused on speciffc laws and regulations which we conskler8d may have a direcl material effect on the financial slalements or the operations of the charitable company, including th8 financial roporting legislatn, Companies Act 2006, taxation legislation. anti-bribery, employment. and environmentsl and health and safety legislation., w& assessed the extent of compliance with the laws and regulations identified abov8 through maklng enquiries of management and Inspecting legal correspondence., and identified laws and regulations were communicated wllhln the audit team ragL¢larly and the team remained alart to instsnces of nOn-Mpli8n¢e throughout the audit. We assessed the suscepllbllity of the charitable companls financial statements to material mlsststement. Includlng oblalnlng an understanding of how fraud might occur. by.. maklng enquiries of management as to wher8 they consldered ther8 was susceplibilily to fraud, their knowledge of aGtual, SLspecled and alleged fraud., arKS conslderSng th8 Intemal controls in placa to miligato risks of fraud and nonpcompliance wllh laws and regulations. Page11 ola1
UNIVERSITY OF SALFORD STUDENTS. UNION To address th8 rlsk of fraud through management blas and overrlde of controls. we.. performed analytical procodures lo Identify any unusual or unexpected relationships., tes19d journal entries to identify unusual Iransaclions., assessed whetherjudgements and assumptions madg in determining the accounting estimates set out in Note 1 Ip) ware indicative of potential bias., and invesugated the rationale b&hind significant or unusual Iransa¢tions. In response to the risk of irregulariti88 8nd non-compliance wlth18ws and regul8On$. wa deslgned procedures which included, but were not limited to- agreelng financlal ststement disclosures to undarlying supportlng documonlalion,. raading the minutes of mèetings of those charged with govemance. enquiring of management as to actual and potential liligalion and daims,. and revI6ng correspondencgwlth HMRC, relevant rogulalors and the charitable cornpany's legal advisors. Because of the inhergnl limitations of an audit, there is a risk that we unll not det8Ct all irregularities, indLxling thcEe leadlng to a material misstslement in the financaal statements or non-complian wulation. This risk increases the more that mplianCe wth a lawor regulats'on is remov8d from the events and transactions reffiected in the finanaal statements, as we will be less likelylo bewme aware of Instsnces of non-compliance. Th6 risk is also grealerregarding irregularities octurring due to fraud rather than error, as fraud invdves intentional CxJnaIMenl, forgery, (lIus1on, omissic4) or mlsrepr8senlation. A further description of our r6sponslbS1itles is avaSlableon the Flnancial Rewiting GxJn¢il's website aL' s.'IhwMv.frc.o .ukJOur-worklAudiUAuda&awjranStand8rdarKl uthncEIStsndards-and uidanc&for- itorslAuditors-res tiOrOI sibil part of ourauditorfs reixlt Use of ourreport This reportls made Sole to the chariiable o)mp8nls members, as a bcKly, in awrdancg Chapter 3 of Part 16 of the Companies Act 2006. Our audf( work has been undertaken so that we might 8tat8 10 tt)e charit8ble companvs rnembers those matters we required lo state lo them in an 8udilorfs report and for no olher purpose. To the fullest exienl pemiitted by law, we do not apt c assurne responsibility lo anyone other than the charitable (xJrnpany and tho charitabk ¢cmpan¥s members as a body, for our audTtwork, for this report, iYfoT the (pinions we have formed. Cf-a x. This description fc Jonathan Dudley (Senior statutory auditor) For and behalf of Dains LLP ststutory Auditor Chartered Accountsnls Suite 2. Ajbion House 2 Etruria Office Village Forge Lano Stoke on Trent Staffordshire ST1 5RQ Page 12 OF 31
UNIVERSITY OF SALFORD STUDENTS. UNION STATEMENT OF FINANCIAL ACTIVITIES 16 MONTHS ENDED 31 JULY 2021 Unrestricted Funds General Deslgnated Restrlcted Funds Funds Fund$ 2021 Note Total Income from: Donations and Legau88 Charitable Activities Other Trading Acdvtlles Investments Other Income 2,077.433 241.278 94.662 4.795 35.880 60.000 300.000 42,337 2,437,433 283,615 94,662 4,795 155,749 119,869 Total Income 2,454,048 60,01)0 462.208 2,978,254 Expèndlturn on.. Ralslng Funds Charitsble A¢tiwties 80,779 1.352,466 4,742 96,187 B5,521 1.467,4B4 18,831 Total expènditura 1,433,245 100,929 18.831 1.553.005 Ngt Incomèl{èxpèndlturn) 1.020,803 140,929> 443,375 1,423,249 Transf8TS belween funds 21 {378,4681 417,943 139,4751 Actuarial loss on defined benefit pension scheme Net Movement In Funds 26 {108.794) 1108,7941 533,535 377,014 403,900 1,314A49 Reconclllatlon ot fund8: Total funds brought fonmard 21 Total funds caiTied fopward 21 533,535 377.014 403,900 1,314,449 All amounts relate to contlnulng op8rallons. All gains and losses rewgnised in the year are included above. The notes on pages 16 to 31 fomi part of the financial stst8ments. PagB 13 of 31
UNIVERSITYOF SALFORD STUDENTS, UNION BALANCE SHEET AS AT 31 JULY 2021 Notes A5at 31u1-21 FIXED ASSETS T8nglbl8 888ets 13 3TI,014 377,014 CURRENT ASSETS Stock Oebtors Inv8stmonts Cash at bank and in hand 14 15 16 10,563 93,448 183,857 763,787 1,051,656 CREDITORS Amounts falllng due wlthln one year 17 11 221 NET CURRENT ASSETS 937,435 NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 1,314,449 D8flnod bonafft pgn81on scheme liability 26 NET ASSETS 1,314,449 THE FUNDS OF THE CHARITY: Restricted Income Funds 21 403,900 Unrestricted Income Funds 21 General Fund Deslgnated Funds Flxed Asset Fund 533,535 21 377.014 1.314.449 Th8 notes on pages 16 to 31 form part of the financial statements. Approved by the tnE5ta85 of th8 Unlversty ol Salford Stijdents, Union on the 24th of November 2021. Feslus Robert Desrae Ogden Trusl8e Pag• of 31
UNIVERSITY OF SALFORD STUDENTS, UNION STATEMENT OF CASH FLOWS FOR THE 16 MONTHS ENDED 31 JULY2021 2021 Total Not8 Not cash provldad byl{usad Inl operatlng a¢tMtle$ Cash flows from investing activitles.. Purchase of fixed assets 23 544,213 30,059 Not cash provSdad by {u$od In} Invèstlng actlvities {30,059) Change In Cash and cash equlvalents In the porfod 514,154 DonatSon 12 433,490 Cash alld cash aquivalents al the beginning of the peric Cash and cash equlvalènts 8t the end of tho perlod 947.644 The notes on pages 16 10 31 form part of these fin8ncial slaloments Page 15 Of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 l Accounting Policies The Universlty of Salford Students, Union. which is a charftsble company Ilmlted by guarants8 and Ilmltsd lo £1 per member has adopted the following a¢ting policies: al Basls of accountlng Th8 financlal slat8m8nls have been prepared in accordance wSth the A¢nting and Reporting by CharitEs Statement of Recommended Practic6 applicable to charili8s preparlng their aUnts in a(uJrdance with the Financial RepothrvJ Standard applicable in the UK and Republlcoflreland IFRS 1021 effective 1 January 2019, the Fin8nii81 Repon9 Standard applicable in the United lfj'ngdom and Republi¢ of Iand IFRS 1021, the Charities Act 2011 and Generdlly Aped A£tounting Practice. The Univ6r8ity of Salford Students. Union meets the definition of a public benefit charity under FRS 102. The fin8ncl81 slat8m8nls are prepared under the historical Cost convontion or transaction value unless otherwise staled in the relevant accounting policy [te(SI. The flnanclal 5tstements are prepared in Sterling which is the functhonal CAJrrency of the ch8rltsble company and rounded to the nearest £. bl Incoming resources Incomlng resources are Included In the Statement of Flnan¢lal Actlvltles ISOFAI when the tharit8bI8 comp8ny ha8 entlllernenl to th8 funds, any p8rf(*mance conditions have bgen met, tha amount can be measured reliably and il is probsble that the Income be received. Income from charitable activities includes income received under contract or where enlillement to grant funding Is $4Jblect to speclfic performance corKllllons and Is recognised as earned. Grant Income Included In this category pn)vides funding lo support performance acts'vities and is recognisgd where there is entitlamenl. certainty of receipt and tha amount can be measured with reasonable certainly. Income received lo deliver serViS over a spectfic period covedng more than one financial year is accounted for over the specific period,. related expenditure is accounted for when incuTrod. Investment Income relates to Interest earned through holding assots on deposit. c) Donated servlces and facllftles Donated seNic8s and facllllles are recognlsed as incomfj when the charitsble company has control over the ileFll. any conditions assocAaled with the donated items have been mel. and the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 1021 the general volunteèr time is not rèeognlsed. Donated services and donated faellltles are Iecognlsed on the basls of the value of the glft to the chable Cornpany which is the amount the charitable o)mpany would havg been willin9 to pay to obtain services or facilities of equivalent benefit on the open market, a corresponding anUnt is recognised in the expenditure for the period. dl Support costs allocatlon Support c(Ists are those that asslsl the work of the charitable company bul do not dlrecily represent charitable adlvilles and Include offlce & admln costs. facilty costs and supporting matheting costs which are allocated lo activity based on the proportion of Ihal activity's direct costs lo total costs. Paga 16 of 31
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 el Govornance Costs allo¢atlon G0Veman costs are those costs related to the oovern8nc8 of the enllly, to allow It to OP8rale. and lo generate Informallon for public accountabilily. Direct costs will include audit and accountanoy, legal advice to trustees and costs of trustees meetings. fj Funds The entty has the follong funds whlch aye Shown 8epar8tely In the 8CCOtJnts'. 11 Restrlcted funds are funds that are used in a¢cordan¢g wlh specific reslri¢lions imposed by donors or that have been raised by the entity for particular purposes. The ¢osls of r8ising and administering such funds are charged against the specific fund. D8taiSs of the restricted f+Jnds held are giv8n in note 21 lo tho financial ststemenls. 11) Unrestrlcted funds are funds whlch are avallable for use al the dlscrellon of Ihg Twstees in futher8n of the objects of the entity and which have not been designated for other purposes. iii) Designated funds are unrestricted funds Ih8t are allocated for specific purposes as set out in note 2110 the financial slatsments gl Fixed assets and depreciation Fixed assets a slated al cost less accumulated depreciation. Depreclauon Is c81cul8ted so as to wrfts off the cost of an asset, less its estimated resldual value over the useful 8conomic life ol that ass8t 8s follows- Flxtures. FItNngs & Equlpment.. 10% 10 33Vo Straight line per annum Bulldlng Improvements-. 4¥0 10 10% slraighl Ilne per annum Motor Vehicles.. 33Vo Straight line per annum h) Stocks Stocks are valued atthe lowerof cost and net wlSsablevalue. aftermaklng due allowan¢eforobsolele8nd slowmong Items. l) Debtors Trade and other doblors are recognised al the settlement amount due after any trdde discoullls offered. Prepayrnents are valued at the amount prepaid net of any trade dlscoun18 due. l) Current ass•1 Invostmonts Current asset investments are short terfft highly Ilquid investments and are held al f81r v81ue. These Snclude cash on dewslt and cash equsvalents wilh a maturity ofloss than one year. k) Cash at bank and In hand Cash al bank and hand includes cash and short term hlghly liquid investments wlh a short maturity of three months or less from the date of a¢4uisIUon tsr openlng of the deposit or simllar account. Pago 17 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 11 Crgdltors and provl$lon$ Creditors and provisions are recognised where the charltsble company has a prosent oljligalion resulting from a past event that will probably result in the transfer of fijnds lo a third party and the amount due lo settl8 the obligation can be measured or eslimaled reliably. Creditors and provisions are normally reugnised al their sethemenl after allowing for any trade dlscounts duo. m} Financial instrumants The charitable company only has financial assets and finanaal liabillties of a klnd that qU811fy as basic finanoial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement valije vAth the exception of bank loans whlch are subsequently rneasud al amortised Gosl u$lng the effective interest method. n) Pension costs The Union operates defined bgnofit pension schomes for all quallfwng employees. rhg Graalgr ManGheslgr Pension fund operates on a poolfjd arrangement wlh Gontiibutions agreed centrally. As a consequence, no share of th& underlying assets and liabilili$s Can be directly atlribuled lo Ihe Union. Under the terms (rf FRS102. In these cArcumslances. cntrIbUtIOnS can be accounted as If the scheme was a deflned COnbut10n schem8 based on actual conlribullons paid throughoulthe year. The Union of Salford Students Union Pension and Lrfe Assurdnce Scheme contributions 8r8 8C(x)un18d for on 8 full actuarial valuation basis as at the year-end. Following the intmduction of auto enrolment a Natronal Employment Savings Trust INESTI has now been set tjp in order to provlde pension arrangements for any staff that now become ellglble lobholder8. o) Taxation The charltable company is an oxempl charity wlthln tho meanlng of schedule 3 of tho Charities Act 2011 and Is considered lo pass the tests set out in Paragraph 1 Sth8dul8 6 Finance Act 2010 and therefore il meets the definition of a charitable entity for UK corporation tax purposes. pl Slgnlfl¢ant ludgements and e$tlmate$ Preparation oflhe financial statements requires managomenl to make significantjudgements and estimates. The itgms in the financial stalemenis where these judgomenls and eslimales have been mad¢ in¢lude assumptions around the financial assets and118billties of nSIOn scheme (MMItmentS, and the discount rate appli&d Iherelo, and the voluation ol stock. Pag¢ 18 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 General Designated Funds Funds Restricted Fund$ 2021 2 Donatlon8 and18gacla8 Unlverslty Block Grant Univer811y Capitsl Grant Penslon Deflcll Contrfbullon Donation ieceiv (see note 121 1,197,474 1,197,474 60,000 300,000 879,959 60,000 300,000 879,959 2,077,433 60,000 300,000 2,437,433 3 Income from charitable actlvlties Bar Catering Totum Commlssion student Services e.g. Sodety Memberships Not Clubs & Socletles Incom6 SantanLler re Rafiki International Student Engagement 192,520 39,691 1,428 192,520 39,691 1.428 7,639 7.639 8,213 1,500 32,624 8,213 1,500 32,624 241,278 42,337 283,615 4 Incom8 from other trading activities Franchi88 Income Media Sales 89.800 4.862 89,800 4,862 94.662 94.662 5 Invostments Interest received from 8gnk & Bullding SocAety Accounts 4,795 4,795 4,795 4,795 6 Other Income Bl Insurance Claim Robert Stanley Armilage Trust Fund Coronavirus Job Re18nlion Scheme 10.880 25,000 10.880 25.000 119.669 119,869 35,880 119,869 155,749 Page 10 of 31
UNIVERSITYOF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 7 Analysls of Expendlture 2021 Cost of Sales Staff Cos18 other Gov'ce Costs Support Costs Total Costs Raising Funds Ch8rilabl& Activities.. Bar Calerfng Sludenl Services ind. socAelles Raliki Intemalional Sludenl Eng8gem8nt 2.887 28,859 85,521 54,214 20,081 193,966 68,194 408,724 30,510 16,884 118,318 1,500 17,331 184,543 14.964 5,646 28,299 149.566 56.436 282,850 443,221 167.242 838,191 1,600 17,331 1,467.484 74,295 670,884 48,910 488,853 718400 190 801 517713 1553 005 Of the lolal expenditure £1,534,174 was unreglricted and £18,831 was restrictefj. The support costs and governancA eA)sts ara allocated lo actlvlty based on the proportion of that activily's dir8Gt sts lo total costs. Governan and 8UPPOrt costs c8n be anatysed as follows.. 2021 Staff costs Defined Benefit Scheme Costs Slaff Recruitment, training & social costs FacS1ily Costs Office & finance costs Trdvel, subsistence & conference costs Log81, professional & consultanGy Marketingmebsite costs lffecoverable VAT Depreclatlon Sundry costs 303.034 9,704 33,945 24,837 2.229 92,125 1,338 19,681 79,609 3,008 569 510 8 Not Incomollexpendlturo) for tha ygar Thls Is staled after charging.. 2021 Depreciation Coronavirus Job Retention Scheme receip15 Bad debts incurredl(recoveredl Auditors remuneralion 100,929 {119,8691 827 Pau• 20 0131
UNIVERsif( OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 9 Analysls of staff Costs and the cost of key management personnel 2021 Stsff costs wer8 as follow8.. Salaries and wages Social Security costs Termination Payments Employerfs contribution lo a defined contribution pension Operating costs of defined benefit pension schemes Other employ8È benéfits 923,135 72,390 839 14.697 9.149 1,225 1021435 The following number of employees re1Ve employee benefits (excluding employer pension costs) during the year year betrNeen.' 2021 No £60.000 - £69,999 The total employee benefits induding pension contributions of the key management peTsonnel were £258.304. Key managemonl personnel Include the employees and trustees noted on pages 1 and 2 of the accounts. 10 Trustees, remuneration and expenses 2021 Trustees, remuneralon and employer's Nl Trustees, expenses 103,166 4,139 107,305 Each of the sabbatical officers received a salary of £1 Y,133 per anTrum as aulhorised In the Arllcles of Assoc1811on of tho Universilyof Salford Students, Union forthe representation. campaigning and support work they undertake as dislin¢t from their Iruslee responsibilities. The work includes voicing sludenl opinlon wlh the Unlvers1ty and local communlly, defending ond extending the rights of students through petitions, and diSCu10n$ with local MP'S. The trustees expenses were Incurred by 5 trustees in resp1 of travel and subsistence costs in the course of their dutie8. Pago 21 of 31
UNIVERsrrY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 11 staff Numbgrs Th8 average number of employees (hoad count based on nurnber of staff employed) drIng the year was made up a8 follows: 2021 Raising Funds Bar Catering Sludenl Services Govemanc8 Support Servlces 28.6 19.5 10.2 12 Donatlon On 31 July 2020 a donation was received from the University of Salford Students. Union ('Prede¢essor Charity). an unincorporated charity with similar objects to the Charitsble Company. The donallon comprlsed the followSng nel assets.. Tangible Fixed Assets stock Debtors Current assol investments Cash at bank 8nd in hand Creditors due within 1 year 447,884 15,128 122,264 369,486 64,004 1138.8071 879,959 The ChAritsble Company stsrted to trade on 111 ALtgust 2020. No fair value adjustments were required lo the book valu8s of the above a55ets transfeTY8d. Pjqo 22 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TOTHE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 13 Tangible Fix8d Assets Fixtures, Fittings & Equipment Building Improvements Motor Vehlclos Total Cost At 24 March 2020 Trdnsf8rr6d from Predacessor Ch8rf1y Ad(iilions Dlsposals At 31 Juty 2021 1,037,906 267,885 30,059 17,607 1.323.398 30.059 1.037.906 297,944 17,607 1,353,457 Depreclatlon At 23 March 2020 Transfeffed from Predecessor Charity Charge for the year Disposals 642.683 77.397 226.963 17.663 5.868 5,869 875,514 100,929 At31 July2021 720,080 244.626 11,737 . 976.443 Net Book Value Al 31 July2021 317,816 S3,318 5,870 371.014 Assets are only capitalised rf they have a value above £500. 14 Stock 2021 Bars Catering Coffee Cups 5,613 1,947 3.003 10.563 15 Debtors 2020 Trade debtors Other debtors Prepayments & accrued Income 6,553 6,639 80,256 93.448 Poge 23 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 2021 18 Currant Invostments Carylng value at beglnnlng of the period Transforred from PredeGessor Charity Additions io inveslm8nls at cost Disp0s818 at carrysng value 369,486 1,003,324 {1,188,953) Carrylng value al end of the peri 17 Credltors: amounts fAlllng due wlthln one year 2021 Trade credito Soci81 Securily and other taxes other creditors Accruals & deferred income 19,596 18.667 30,323 45,635 114,221 18 Doferrod Incomfj DefeTred income comprises welMe W9ek and PA insurance contributions recaived in 8dvance 2021 Carrylng value at beglnnlng of the perlod Transferred from Old Company Amounts released during the perfod 1,357 11,357) Carrylng value at end of the perSod 19 Capital Cornmltments Al 31 July 2021 the Charitable Company was committed to completing an oulslde decking 8rea to Atmosphe costing £eO,000. A down payment had been made before the year end of £33,755. The project has been funded by a capital grant recelv8d before the year end of £60,000 from the Unwerslty of Salford ich has b8en included in designated funds. Pao8 24 of 31
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 20 Flnancbal Instruments 2021 Financial 2ssels measured at amortised cost Finan¢ial assÈts measured at fair value Financi81 liabilities measured al amortlsgd cost Financial liabilities measured al fair value through the Slalement of Financial Activities 15,354 947,644 45,635 Flnanclal assals held al amortlsed cost compris8 trade debtors and other debtors excluding pr8P8ld costs. Flnancial assets measured at falr value comprise short lerm investments and cash al bank and in hand. Flnancial liabilities held at amortised cost comprise trade creditors, other credltors and accruals. Flnanclal liabllS1ies measured al fair value through the Stslemenl of Finanal Activitie8 comprise the pension defiat liabllity. The charflable comp8nV8 incoma, exp8nse, gains and losses in respect of financial Instruments are: 2021 Total interest income for finandal a8sels held al amortised cost Total interest expense for fln8fbclal Ilabllllles held at amortlsed cost 4,795 1.586 21 Statement of funds movem9nt Penslon Deficit Loss Transfer Bètwaen Funds BalanGe 31Jul 2021 24-Mar Movoment In Funds 2020 Income Expendlture Unrestrlcted funds: General Fund 2,454,048 11,433,245) (108,800) 1378,4681 533,535 Doslgnated funds: Fixed Ass8ts Fund 60,OOQ {100,929) 417,943 377,014 Restrictèd Funds: Clubs & SoGlelles funds CJRS Funds Rafi International Sluclent Engagernenl Penslon deficit conlrlbulion 8,213 119,869 1,500 32,624 300,000 80,394 {119.8691 88,607 11,500) 117,3311 15,293 300,000 TOTAL FUNDS 2.976.254 11,553.0051 {108,8001 1,314,449 Pag0 25 of a1
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 Deslgnated funds The deslgnated funds are unrestricted fijnds that are created by the tsijstees for specific purposes. The fixed asset fund is the nel book value of assets purchased with ijnrestricted funds. Restrfcted funds The restricted funds comprise.. Th8 ¢lubs & sociatigs funds represent th8 balance on the clubs & societi85 own income accounts. Th8 CJRS funds represent govemment funds rece5ved for ludoughed staff during the Coronavirus pandemic. The Rafiki fund represents funds ye)Ved from Sanlander Bank as a contribution towards tho training of volunteers for Rafiki. The Intemalh)nal Student Engagement Fund ropresgnts funding rgceived from the University and inciud8S the support of inlemalional students who were required to quarantine when arriving in the UK. The Penslon D8ficll Contdbutlon was fundlng rec8lv8d from th6 Univbrslly sp8cifically aimad al reduGing the defflcS1. Reserve transfèrs Transfers are made from general resetves to other reserves in order lo ensure that adequate funds are availabl8 in ord8r to fulfil the purpose of each fund. 22 Analysis of Nèt Assats batwaén funds Ganoral 0g$lgnated Ra$trl¢ted Fund$ Funds Funds Total Tangible Fixed Assets Cash & short tenn investrnents other nel current asselsl{liabililiesl 377,014 377,014 947,644 {10.2091 543,744 110,209) 403,9(10 533,535 377,014 403,900 1,314,449 Pau8 26 of 31
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 23 Ra¢onclllatlon of net incomel(expgndlture) to net Cash flow from oporating octivitles 2021 Net movement in fijnds Donation from predecessor charity Add back depreciatK)n charge Ilncreaseydecrease in stocks Ilncreaseydecrease in d8btors IDe(TeasellinGrease iri credrtors 1,314,449 1879,9591 100,929 4,565 28,816 {24,5861 24 Analysls of cash and cash equlvalerrts 2021 Cash In hand Current accounts Dep0811 accounts 850 763.137 183,857 947,644 25 R8latsd Party Transactlons The fotlowiro have boen idented as related party transactions per the requirements of FRS 102. The Unlversity of Salford.. In th8 year the Univ8rsily of Salford Students, Union received total grants of £1,197,474 from the University of Salford, there was £34,816 of pijrchase recharges and £30,339 of sal8s recharges. The nel year end debtor th the University, including fvnds on deposit was £100,168. Trustees of the Universty of Safford Students, Union.. see rK)te 10- Trustees, remuneration and expenses. Natsonal Union of Students Services Ltd INUSSLI.. The University of Salford Students, Union is an affiliated member of NUSSL who operate a wrchaslng consortlum wllhin the students, union movement. 26 Penslons Unlv8r81ty of Salford Students. Unlon Ponslon and Llfe Assuranco Schome The Unlon operated a defined benefit penslon Scheme whh was dosed to future accrual of serylce on 1 Aprll 2006. This is a separat8 trustee admlnlstar8d fund holding the p8nsion scheme assets to m881 long term pension liabilities. A fvll actuarial valuallon was carrled out al 31 July 2020 and updated a131 July 2021. The major assumptions used by th8 actuary ar6 shown b810w. The most rent actuarial valuation showed o funding shortfall of £895,000. However, ollowance lor the imp8cI of actual experlence from the valuatlon dale to 26 April 2021 resulted In a fundlng surplus of £46.000 8S 8126 April 2021. No recovery contributions are therefore payable from June 2021 onwards. Prior lo June 2021 recovery plari payments were payable at £86,000 per annum {p8yable monlhlyl. Increasing al 3Yo per annum wllh thè first Increasa appllèd on 1 October 2019. In addition, prior lo Jun8 2029. th8 (x)mpany paid £18.000 per annum towards expensès charged to Page 27 of J1
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 the stheme. From June 2021, the company has agreed with the trustees that it will me8t expenses ofthe Scheme and levSes lo the Pension Protsctlon Fund diroctly. The contributions pald into the stheme by the company durlng the period In respeol of eliglble employees amounted to £108,794. All disclosure infomialion below relates to the movement in the pension scheme since the donallon of all assets and liabilities lo the Union from the Predecessor Charity on 31 July 2020. Prosent valuos of dgflngd boneflt obllgatlon, falr value of assets and doflnod bBnefit asset Iliabilityl: 2021 Fair value of plan assets Present value of defined bonefit ObligaOn SurpluslldeficS11 in plan Unrecognised surplus 6,497,700 5.953,100 544,600 544.600 Reconciliation of opening and ¢10sing balan¢e5 of the definod ben•flt obllgation, $lnc8 donatlon from the Predecessor Charity.. Pertod ended 31 July 2021 Daflned benefll obllgalion at Stsrt of perlod InleFesl expense ActuarSal108S8sI{gain81 Benefits paid & expenses Lossesl{gainsl due to benefit ohangas 6.601,700 97,100 {487.800} {257,900) Oeflned benefk obllgallon at end of perlod 5 953 100 Roconci1Sation of opening and Gloslng balan¢es of the falr value of plan assets, slnce the donatlon from the Prodocessor Charlty: Perfod ended 31 July 2021 Falr value of plan assets at start of period Interest income Actuarial gainslllossesl Contributions by the Union Benefits paid & expenses 6,675.500 99,000 1127.700) 108.800 1257.900) Fair valuo of plan assets at the end of pertod 6,497,700 Pao0 28 of 31
UNIVERSITY OF SALFORD STUOENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 Thoro are no deflned nefit costs rgcognl$ed in the SOFA during thé yaar. Dafinad b9ngfit costs r8¢ognlsgd In other comprah8nslve Income: Perlod ended 31 July 2021 Retum on plan assets (excluding amounts inGluded in not interest costl_ Ilossygain Experience gains and losses arising on the plan liabilities {lossllgaln Effects of changes in th6 derritsgraphic and financi81 assumptions underlying the present value of the plan liabilities- gainl(lossl Effects of changes In the amount of surplus that Is not recoverable (excluding amounts included in nel Interest costl- gainllloss} 1127,7001 223.900 263,900 {468,900} Total amount recognlsed In other comprehenslve Income- galnlllossl (108,8001 A$$ots: 2021 UK Equities Overseas Equitias Corporate Bonds Government Bonds Alternativgs Property Cash Insured Pensioners 713,700 1,550,800 239,900 247,500 458,600 187,500 76.700 3,023.000 Total 8S88ts 6,497.700 None of the falr values of the assets shovm above Indude any direct Investments In th6 company's own financial instruments or any property occupied by. or other assets used by. the Union. Paao 29 0131
UNIVERsifY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY 2021 Assumptlons: 31 July 2021 % per annum Discounl rale Inftalion IRPI) Inftalion (CPI) Allowance for rev21ualion of deferred penslons of CPI or 50A p.a. if less Allowance for pension in payment inGreases of RPI or 5¥0 p.a. if less, minimum 3% p.a. Allowance for commutauon of penslon for cash at r81irem8nl 1.65 3.30 2.50 2.50 3.70 IOOQA of Post A Day The mortality assumptions adopted at 31 July 2021 Imply the folloikAng Ilfe 8xpeGtanci8S'. Llfe expectancy at age 62 (Yoars) Male rot1ng In 2021 Female r611ring In 2021 Male reUring in 2041 Female r8lirlng In 2041 24.1 25.9 25.5 27.5 Greater Manchester Pension Fund (GMPFI The Unlon Is 8 rnember of the GMPF, which is an externally funded defined benefit pension scheme. which is contracted out of the Stale Second Pension, where contributions payable are held in a trust separaloly from the Union. The 8cheme18 sublecl to Irlennlal valuation by Independent actuaries, the last valuation being carried out as at 31 March 2019 using the prole¢l unll credlt method In which the actuarial liability Makes allowance for projected future eamings. The following actuarial assumptions were applied.. Investment r8turn8 3.60/0 per annum Inflation 3.6% per annum Salary growth 3.10A per annum P9nsion Incr8ases 2.3% per annum Paué 30 of 31
UNIVERSITY OF SALFORD STUDENTS. UNION NOTESTO THE FINANCIAL STATEMENTS 16 MONTHS ENDED 31 JULY2021 At the last actuarial valuation date the market value of the assets of tho scherng were sufficient lo cover 102Yo of the benefils that had accru8d to members after allowing for th8 effect of futur& Increases in earnlngs. Thts common rale of conlrlbutlons payable by each employing authority as at 31 March 2019 is 19.40A of pensSonable pay. The contributions paid into the scheme in respect of 8liglb16 employees amounted to £11,725. Naonal Employm•nt Savlngs Twst INEST) Following the Student Unions 8Uto enrolment stsging date in May 2014 the NEST seh8m8 has b68n set up in order to provide pension arrangements for any staff that become eligible employee8. The contributions paid into tho schame during tha year w8r8 £34,291. 27 Contlngont Llablllty There is an ongolng HMRC VAT challenge with Students. Unions relating to the deslon by HMRC that VAT should be chargeable on catering to students from a bar. The dispute is liketyto be settled by a Judicial Review. The chBrit8ble ¢omp8ny Is not under assessment 8nd Ihetsfore11 is not possible lo quantify any potential liability that niay arise. 28 Lagal status of tho charlty The charity is a company limited by guardnlee and has no share capital. In the event of wtnding up the liability of each memb6r Is limlled lo £1. Pagè 31 of 31