## ## ## ## ## |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|Designated
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| |10|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|