2022-07-31-accounts - University Of Salford Students' Union

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Name	Appointed	Position
Amie Collier	1 July 2022
Anuoluwapo Ubikitan	1 July 2022
Apollo Walker	8July 2022
Emma Lawton	1 July 2021
Festus Robert	1 July 2021	Chair
Jedidiah Tatteh	1 July 2022
Joseph Ediae	8 July 2022
Lee Hull	1 August 2020
Massuma S.Ali	8July 2022
Samantha Wilkinson	1 July 2021
Simeon Anyalemechi	1 July 2022

wing resigned from	their posit	ion as Trustees in th	e period:	e period:
Name		Appointed	Resigned		Position
Abbie Storan		1 July 2021	30June	2022
Akeem Adeniyi Ojetola		1 August 2020	30June	2022
Cynthia Onyemuwa		1 July 2021	30June	2022
Damilola Temidayo	Faleke	1 July 2021	30June	2022
Desrae Ogden		1 July 2021	18March	2022
Eyad Abouelkhair		1 July 2021	November	2021
Naheed Nazir		1 July 2021	21 April	2022
Neil Crimes		1 July 2018	30June	2022	Deputy Chair
Walid Hammoud		1 July 2021	30June	2022

The Trustees	determine	determine	determine	policy for all areas of Union activity. The sabbatical	trustees are	full time officers of	full time officers of
the organisation		and work for the Union for a year either during or at the end			of their degree course to
represent students			on a	full-time basis. The Trustee Board remit can be summarised as		follows:
Strategy				Formulating, monitoring and implementing plans
Financial				Providing effective financial management and oversight including		the formation	of
				budgets
Performance				Monitoring and evaluating the performance of staff,	services and	activities
Line management				Line managing and support the Chief Executive including performance monitoring
Risk management				Ensuring there are effective reporting and monitoring	processes	in place to effectively
				manage the risks ofthe Union
Consultation				Ensuring there is a comprehensive programme of member consultation in place
Involvement				Promoting the effective involvement ofmembers
Trustee recruitment				Ensuring the effective election/selection, induction and appraisal		oftrustee board
				members
Reporting				Considering committee reports
The Sabbatical		Trustees		work alongside the permanent Union staff to implement and carry out the strategy
and policies set		by the Trustee Board, The permanent staff team is managed			by the Chief Executive Officer,
who is directly	accountable to the Trustee Board for the Union's performance.

		Unrestricted	Unrestricted	Funds		2022	2021
		General	Designated		Restricted
		Funds		Funds	Funds	Total	Total
Income from:
Donations and Legacies	2	1,156,974			55,000	1,211,974	2,437,433
Charitable Activities	3	882,380			62„000	944,380	306,615
Other Trading Activities	4	86,468				86,468	94,662
Investments	5	5,482				5,482	4,795
Other Income	6				2,387	2,387	155,749
Total income		2,131,304			119,387	2,250,691	2,999,254
Expenditure on:
Raising Funds		56,986		1,360		58,346	85,521
Charitable Activities		1,877,276		131,020	62,968	2,071,264	1,467,484
Other		310,103			355,000	665,103
Total expenditure	7	2,244,365		132,380	417,968	2,794,713	1,553,005
Net income/(expenditure)	8	('i13,061)		(132,380)	(298,581)	(544,022)	1,446,249
Transfers between funds	22	(82,436)		84,823	(2,387)
Actuarial loss on defined benefit pension scheme	27						(108,800)
Net Movement in Funds		(195,497)		(47,557)	(300,968)	(544,022)	1,337,449
Reconciliation offunds:
Total funds brought
forward as previously	22	533,535		377,014	403,900	1,314,449
stated
Prior Year Adjustment	12	23,000				23,000
Total funds carried forward	22	361,038		329,457	102,932	793,427	1,337,449

	Notes		As at		As at
			314ul-22		314ul-21
FIXEDASSETS
Tangible assets	14		329,457		377,014
			329,457		377,014
CURRENT ASSETS
Stock	15	14,913		10,563
Debtors	16	145,930		116,448
Investments	17	472,397		183,857
Cash at bank and in hand		93,610		763,787
		726,850		1,074,656
CREDITORS
Amounts falling due within one
year	18	262,880		114,221
NET CURRENT ASSETS			463,970		960„435
NET ASSETS EXCLUDING			793,427		1,337,449
PENSION SCHEME LIABILI'A
Defined benefit pension	27
scheme liability
NET ASSETS			793,427		1,337„449
THE FUNDS OF THE CHARIT'
Restricted Income Funds	22		102,932		403,900
Unrestricted Income Funds	22
General Fund			361,038		556,535
Designated Funds	22
Fixed Asset Fund			329,457		377,014
			793,427		1,337,449

							2022	2021
							Total	Total
						Note
Net cash provided by/(used			in) operating		activities	24	(297,438)	544,213
Cash flows from investing			activities:
Purchase	offixed assets						(85,157)	(30,059)
Sale proceeds from disposal			offixed assets				958
Net cash	provided by (used		in) investing		activities		(84,199)	(30,059)
Change	in cash and cash	equivalents		in	the period		(381,637)	514,154
Donation						13		433,490
Cash and	cash equivalents	at the beginning			ofthe period		947,644
Cash and cash equivalents			at the end	of	the period	25	566,007	947,644

					General Funds	Restricted Funds	2022	2021
2 Donations and legacies
University Block Grant					1,156,974		1,156,974	1„197,474
University Capital Grant								60,000
Pension Deficit Contribution						55,000	55,000	300,000
Donation received (see		note 12)						879,959
					1,156,974	55,000	1,211,974	2,437,433
3 Income from charitable			activities
Bar					604,477		604,477	192,520
Catering					179,989		179,989	39,691
Entertainments					12,250		12,250
Totum/Graduate Portrait			Commission		65„838		65,838	24,428
Student Services e,g. Memberships	Society				19,826		19,826	7,639
International/Cultural	Diverse Events					12,000	12.000
Student Elections Awareness						10,000	10,000
Student Survey						20,000	20,000
Lettings Agency						20,000	20,000
Net Clubs &Societies	Income							8,213
Santander re Rafiki								1,500
International Student	Engagement							32,624
					882,380	62,000	944,380	306,615
4 Income from other trading				activities
Franchise Income					71,000		71,000	89,800
Media Sales					15,468		16,468	4,862
					86,468		86„468	94,662
5 Investments
Interest received from Society Accounts	Bank			& Building	5,482		5,482	4,795
					5,482		5,482	4,795
6 Other income
Bl Insurance Claim								10,800
Robert Stanley Armitage		Trust Fund						25,000
Coronavirus Job Retention			Scheme			2,387	2,387	119,869
						2,387	2,387	155,749

2022		Cost of Sales	Staff Costs	Other Costs	Gov'ce Costs	Support Costs	T t I C
			E	E		E
Raising Funds			33,954	6,976	1,469	15,947	58,346
Charitable Activities:
Bar		179,938	274,763	185,218	22,972	249,323	912,214
Catering		67,780	69,587	22,351	5,734	62,228	227,680
Student Services incl. societies			423,534	197,682	21,717	235,708	878,641
International Student	Engagement			11,531			11,531
International/Cultural	Diverse Events		6,000				6,000
Student Elections Awareness			3,231	6,769			10,000
Student Survey				20,000			20,000
Lettings Agency				5,198			5,198
		247,718	777,115	448,749	50,423	547,259	2,071,264
Other:
Pension Scheme Payment				665,103			665,103
		247 718	811,069	1,120,828	51,892	563,206	2794713
2021		Cost of	Staff	Other	Gov'ce	Support	Total
		Sales	Costs	Costs	Costs	Costs	Costs
			E		E	E	E
Raising Funds			47,516	6,258	2,887	28,859	85,521
Charitable Activities:
Bar		54,214	193,966	30,510	14,964	149,566	443,221
Catering		20,081	68,194	16,884	5,646	56,436	167,242
Student Services incl.	societies		408,724	118,318	28,299	282,850	838,191
Rafiki				1,500			1,500
International Student Engagement				17,331			17,331
		74,295	670,884	184,543	48,910	488,853	1,467,484
		74,295	718,400	190801	51 797	517713	1 553005

									2022	2021
									F
Staff costs									238,210	303,034
Defined Benefit Scheme				Costs
Staff Recruitment,	training				&social costs				39,439	9,704
Facility Costs									31,980	33,945
Office &finance costs									19,099	24,837
Travel, subsistence		&conference				costs			8,179	2,229
Legal, professional		&	consultancy						157,362	92,125
Marketing/Website		costs							4,353	1,338
Irrecoverable VAT									25,829	19,681
Depreciation									42,071	79,609
Sundry costs									48,576	3,008
									615,098	569,510
8 Net income/(expenditure)					for the	year
This is stated after charging:
									2022	2021
										E
Depreciation									132,380	100,929
Coronavirus Job Retention				Scheme		receipts			(2,387)	(119,869)
(Profit)/loss on disposal		offixed assets							625
Bad debts incurred/(recovered)									1,561	827
Auditors remuneration									9,000	6,000
9 Analysis ofstaff costs			and the cost of key management					personnel
									2022	2021
										E
Staff costs were as follows:
Salaries and wages									950,352	923,135
Social Security costs									67,270	72,390
Termination Payments									8,790	839
Employer's contribution			to a		defined	contribution	pension		12,490	14,697
Operating costs of defined				benefit pension schemes					9,451	9,149
Other employee benefits									926	1,225
									1,049279	1,021 435

2022	2021
No	No

Trustees'	remuneration	and expenses
				2022	2021
					E
Trustees'	remuneration	and employer's	Nl	83,973	103,166
Trustees'	expenses			2,504	4,139
				86,477	107,305

The average number of employees (head count based ollows:	on number of staff employed) during the ye	ar was m
	2022	2021
	No	No
Raising Funds	1.3	3.5
Bar	35.3	28.6
Catering	4.1	3.9
Student Services	19.4	19.5
Governance	0.5	0.5
Support Services		10.2
	67.2	66.2

Tangible	Fixed Assets	Fixed Assets	447,884
Stock			15,128
Debtors			122,264
Current	asset investments		369,486
Cash at	bank and in	hand	64,004
Creditors	due within	1 year	(138,807)
			879,959

14Tangible Fixed Assets	14Tangible Fixed Assets
			Fixtures,
		Building	Fittings	Motor
		Improvements	&Equipment	Vehicles	Total
				E
Cost
At 31 July 2021		1,037,906	297,944	17,607	1,353,457
Additions			85,157		85,157
Disposals			(1,434)		(1,434)
Asset write offs			144,190		~144,190)
At 31July 2022		1,037.906	237,477	17,607	1,292,990
Depreciation
At 31 July 2021		720,080	244,626	11,737	976,443
Charge for the	year	97,488	29,023	5,869	132,380
Disposals			(1,101)		(1,101)
Asset write offs			(144,189)		(144,189)
At 31July 2022		817,568	128,359	17,606	963,533
Net Book Value
At 31July 2022		220,338	109,118	1	329,457
At 31 July 2021		317,816	53,318	5,870	377,014
Assets are only capitalised		if they have a value above F500.
15Stock
			2022f		2021 E
Bars			12,215		5,613
Catering			2,698		1,947
Coffee Cups					3,003
			14,913		10,563
16Debtors
			2022		2021
			Z		E
Trade debtors			18,202		6,553
Other debtors			18,555		6,639
Prepayments	8 accrued	income	100,087	103,256
Other taxes			9.086
			145,930	116,448

17Current	Investments
						2022	2021
							E
Carrying	value at beginning			of	the period	183„857
Transferred from Predecessor					Charity		369,486
Additions	to investments		at cost			1,904,540	1,003,324
Disposals	at carrying	value				(1,616,000)	(1,188,953)
Carrying	value at end	of	the	period		472,397	183,85'
18Creditors: amounts		falling due within one year
							2022
						2021
Trade creditors						114,852	19,596
Social Security and other			taxes			20.381	18,667
Other creditors						40,602	30,323
Accruals	8 deferred income					87,045	45,635
						262,880	114,221

			2022 f	2021 E
Carrying	value at	beginning ofthe period
Transferred from		Old Company		1,357
Amounts	released	during the period		(1,357)
Amounts	deferred	in the year	249
Carrying	valueat	end ofthe period	249

Financial	Instruments
					2022f	2021f
Financial	assets measured	at amortised	cost		87,060	38,354
Financial	assets measured	at fair value			566,007	947,644
Financial	liabilities measured	at amortised	cost		262,629	114,221
Financial	liabilities measured	at fair value	through	the
Statement	of Financial Activities

							2022	2021
							f	f
Total	interest	income	for financial	assets held at far value			5,482	4,795
Total	interest	expense	for financial	liabilities	held at amortised	cost	1,611	1,586

		Balance			Pension	Transfer	Balance
		31-Jul	Movement	in Funds	Deficit	Between	31-Jul
		2021	Income	Expenditure	Payment	Funds	2022
		E		E
Unrestricted funds:
General Fund		556,535	2,131,304	(1,934,262)	(310,103)	(82,436)	361,038
Designated funds:
Fixed Assets Fund		377,014		(132,380)		84,823	329,45?
Restricted Funds:
Clubs 8 Societies funds		88,607		(10,239)			78,368
CJRS Funds			2.387			(2,387)
International/Cultural	Diverse		12,000	(6,000)			6,000
Events
International Student Engagement		15,293		(11,531)			3,762
Student Elections Awareness			10,000	(10,000)
Student Survey			20,000	(20,0000
Lettings Agency			20,000	(5,198)			14,802
Pension deficit contribution		300,000	55,000		(355,000)
TOTAL FUNDS		1,337,449	2,250,691	(2,129,610)	(665,103)		793,427

						Pension	Transfer	Balance
		24-Mar	Movement		in Funds	Deficit	Between	31-Jul
		2020	Income	Expenditure			Funds	2021
					F	F
Unrestricted	funds:
General Fund			2,477,048		(1,433,245)	(108,800)	(378,468)	556,535
Designated	funds:
Fixed Assets	Fund		60,000		(100,929)		417,943	377,014
Restricted Funds:
Clubs 8 Societies funds			8,213				80,394	88,607
CJRS Funds			119,869				(119,869)
Raflki			1,500		(1,500)
International	Student Engagement		32,624		(17,331)			15„293
Pension deficit contribution			300,000					300,000
TOTAL FUNDS			2,999,254		(1,553,005)	(108,800)		1,337„449

nalysis	of Net Assets between funds	—current year
		General	Designated	Restricted	Total
		Funds	Funds	Funds
		f	E
Tangible	Fixed Assets		329,457		329,457
Cash 8 short term investments		463,075		102,932	566,007
Other net current assets/(liabilities)		(102,037)			(102,037)
		361,038	329,457	102,932	793,427

		General	Designated	Restricted	Total
		Funds	Fundsf	Funds
Tangible	Fixed Assets		377,014		377,014
Cash &short term investments		543,744		403,900	947,644
Other net current assets/(liabilities)		12,791			12,791
		556,535	377,014	403,900	1,337,449

					2022	2021
	Net movement in funds				(544,022)	1,337,449
	Donation from predecessor			charity		(879,959)
	Add back depreciation		charge		132,380	100,929
	Add back Profit on	disposal		offixed assets	(625)
	(Increase)/decrease	in	stocks		(4,350)	4,565
	(Increase)/decrease	in	debtors		(29,480)	5,816
	(Decrease)/increase	in	creditors		148,659	(24,586)
					297,438	544,213
25	Analysis ofcash	and	cash	equivalents
					2022	2021
						E
	Cash in hand				796	650
	Current accounts				92,8'I4	763,137
	Deposit accounts				472,397	183,857
					566,007	947,644

econcilia	tion of opening	and closing balances ofthe	defined benefit obligation:
			Year ended	Period ended
			31 July 2022	31July 2021f
Defined	benefit obligation	at start of period	5,953,100	6,601,700
Interest	expense		96,800	97,100
Actuarial	losses/(gains)		(1,350,000)	(487,800)
Benefits	paid &expenses		(173,500)	(257,900)
Losses/(gains) due to benefit changes
Defined	benefit obligation	at end of period	4,526,400	5,953,100

Reconciliatio	n ofopening and closing balances ofthe	fair value of plan assets:
		Year ended	Period ended
		31July 2022f	31July 2021f
Fair value of	plan assets at start of period	6,497,700	6,675,500
Interest income		111,300	99,000
Actuarial gains/(losses)		(1,272,700)	(127,700)
Contributions	by the Union	665,100	108,800
Benefits paid	&expenses	(173,500)	(257,900)
Fair value of	plan assets at the end of period	5,827,900	6,497,700

efined benefit cos	ts	rec	ognised	in	othe	r	com	preh	ensive income:
										Year ended	Period ended
										31July 2022	31July 2021
Return on plan assets		(excluding		amounts			included		in net	(1,272,700)	(12?,700)
interest cost) —(loss)/gain
Experience gains and		losses arising			on the		plan	liabilities		(101,500)	223,900
-(loss)/gain Effects of changes	in	the	demographic		and		financial		assumptions	1,451,500	263,900
underlying the present		value ofthe plan liabilities						—gain/(loss)
Effects ofchanges	in	the	amount	ofsurplus			that	is not		(742,400)	(468,900)
recoverable (excluding		amounts		included		in net		interest cost)—
gain/(loss)
Total amount recognised			in other	comprehensive				income —gain/(loss)		(665,100)	(108,800)
ssets:
										2022	2021
UK Equities											713,?00
Overseas Equities										563,300	1,550,800
Corporate Bonds										306,900	239,900
Government Bonds										1,650,700	247,500
Alternatives										632,900	458,600
Property										258,400	187,500
Cash										(39,100)	76,700
Insured Pensioners										2,454,800	3,023,000
Total assets										5,827,900	6,497,700

ssumptions:
			31July 2022	31July 2021
			'/e per annum	'/e per annum
Discount rate			3.50	1.65
Inflation (RPI)			3.30	3.30
Inflation (CPI)			2.50	2.50
Allowance for revaluation	ofdeferred	pensions of
CPI or 5'/0 p.a. ifless			2.50	2.50
Allowance for pension in payment increases of RPI or 5'/e p.a. ifless, minimum 3'/o p.a.			3.70	3.70
Allowance for commutation	ofpension	for cash at	100'/o of	100'/o of
retirement			Post A Day	Post A Day

			Life expectancy at age 62
			(Years)
Male retiring	in	2022	24.1
Female retiring		in 2022	26.0
Male retiring	in	2042	25.6
Female retiring		in 2042	27.6

				Unrestricted	Unrestricted	Funds		2021
				General	Designated		Restricted
				Funds		Funds	Funds	Total
Income from:
Donations and Legacies Charitable Activities			2 3	2,077,433 264,278		60,000	300,000 42,337	2,437,433 306,615
Other Trading Activities Investments			4 5	94,662 4,795				94,662 4,795
Other Income			6	35,880			119,869	155,749
Total income				2,477,048		60,000	462,206	2,999,254
Expenditure on:
Raising Funds Charitable Activities				80,779 1,352,466		4,742 96„187	18,831	85,521 1,467,484
Total expenditure			7	1,433,245		100,929	18,831	1,553,005
Net income/(expenditure)			8	1,043,803		(40,929)	443,375	1,446,249
Transfers between	funds		21	(378„468)		417,943	(39,475)
Actuarial loss on defined pension scheme		benefit	26	(108,800)				(108,800)
Net Movement in	Funds			556,535		377,014	403,900	1,337,449
Reconciliation of	funds:
Total funds brought forward			21
Total funds carried forward			21	556,535		377,014	403,900	1,337,449