2023-07-31-accounts

Reference &administrative deta	Reference &administrative deta	ils	ils
Charity Name		University		of Salford Students'	Union
Registered	Charity Number	1189354
Registered	Company Number	12532982
Registered	Office	University		House
		The Crescent
		Salford
		M5 4WT
Directors	and Trustees
All directors	ofthe company are also trustees ofthe		charity, there are no		other trustees. The trus
year were:
	Name			Appointed	Position
	Lee Hull			1 August 2020
	Samantha Wilkinson			1 July 2021
	Anuoluwapo Ubikitan			1 July 2022
	Simeon Anyalemechi			1 July 2022	Chair
	Joseph Ediae			8July 2022
	Susie Palmer-True		1	September 2022	Deputy Chair
	Conor Naughton		1	September 2022
	Adnan Sabir			1 July 2023
	Charlotte Stevenson-Stoddard			1 July 2023
	Humoud Aljassar			1 July 2023
	Karina Lurea			1 July 2023
	Mahesh Trimukhe			1 July 2023
	Rachael Idris			1 July 2023

Resignations
The following resigned	from their position as Trustees	during	the year:
Name	Appointed		Resigned	Position
Amie Collier	1 July 2022		306June 2023
Apollo Walker	8July 2022		30'"June 2023
Emma Lawton	1 July 2021		30oJune 2023
Festus Robert	1 July 2021		306June 2023	Chair
Jedidiah Tatteh	1 July 2022		306June 2023
Massuma S.Ali	8July 2022		30te June 2023

The Trustees	determine	policy for all areas of Union activity. The sabbatical trustees are full time officers ofthe	policy for all areas of Union activity. The sabbatical trustees are full time officers ofthe	policy for all areas of Union activity. The sabbatical trustees are full time officers ofthe
organisation	and work	for the Union for a year either during or at the end oftheir 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.

Item				31July 2023	31July 2022
Unrestricted funds				479,504	361,036
Designated Fixed Assets Fund —being a fund aloe offixed assets owned by the charitable		representing company	the net boo	236,326	329,457
Restricted funds				107,659	102,932
otal Reserves				823,489	793,427

FORTHE YEAR ENDED	31 JULY	2023	2023
		Unrestricted		Funds		2023	2022
		General	Designated		Restricted
	Note	Funds		Funds	Funds	Total	Total
Income from:
Donations and Legacies	2	1,181,634		22,949		1,204,583	1,211,974
Charitable Activities	3	1,045,448			81,000	1,126,448	944,380
Other Trading Activities Investments	4 5	99,493 32,496				99,493 32,496	86,468 5,482
Other Income	6						2,387
Total income		2,359,071		22,949	81,000	2,463,020	2,250,691
Expenditure on:
Raising Funds Charitable Activities		84,857 2,132,317		1,907 137,604	76,273	86,764 2,346,194	58,346 2,071,264
Other						665,103	665,103
Total expenditure	7	2,217,174		139,511	76,273	2,432,958	2,794,713
Net income/(expenditure)	8	143,897		(116,562)	4,727	30,062	(544,022)
Transfers between funds	20	(23,431)		23,431
Actuarial loss on defined benefit pension scheme	25
Net Movement in Funds		118,466		(93,131)	4,727	30,062	(544,022)
Reconciliation offunds:
Total funds brought forward as previously	20	361,038		329,457	102,932	793,427	1,314,449
stated
Prior Year Adjustment							23,000
Total funds carried forward	20	479,504		236,326	107,659	823,489	793,427

	Notes		As at		As at
			31-Jul-23		31-Jul-22
FIXEDASSETS
Tangible assets	12		236,326		329,457
			236,326		329,457
CURRENT ASSETS
Stock	13	14,237		14,913
Debtors	14	197,236		145,930
Investments	15	416,961		472,397
Cash at bank and in hand		155,286		93,610
		783,720		726,850
CREDITORS
Amounts falling due within one
year	16	~196,555		262,880
NET CURRENT ASSETS			587,163		463,970
NET ASSETS EXCLUDING			823,489		793,427
PENSION SCHEME
LIABILITY
Defined benefit pension	25
scheme liability
NET ASSETS			823,489		793,427
THE FUNDS OF THE
CHARITY:
Restricted Income Funds	20		107,659		102,932
Unrestricted Income Funds	20
General Fund			479,504		361,038
Designated Funds	20
Fixed Asset Fund			236,326		329,457
			823,489		793,427

								2023	2022
								Total	Total
						Note
Net cash	provided by/(used		in) operating		activities		22	52,620	(297,438)
Cash flows from investing			activities:
Purchase	offixed assets							(46,380)	(85,157)
Sale proceeds from disposal			offixed assets						958
Net cash	provided by (used in) investing				activities			(46,380)	(84,199)
Change	in cash and cash	equivalents		in	the period			6,240	(381,637)
Cash and cash equivalents		at the beginning			ofthe period			566,007	947,644
Cash and cash equivalents			at the end	of	the period		23	572,247	566,007

					General Funds	Designated Funds	Restricted Funds	2023	2022
					E	6
2	Donations and legacies University Block Grant Other Grants				1,174,423 7,111	22,949		1,174,423 30,060	1,156,974
	Pension Deficit Contribution								55,000
	Donation received				100			100
					1,181,634	22,949		1,204,583	1,211,974
3	Income from charitable		activities
	Bar				702,847			702,947	604,477
	Catering Entertainments				253,910 16,000			253,910 16,000	179,989 12,250
	Totum/Graduate Portrait Commission				46,691			46,691	65,838
	Student Services e.g. Memberships	Society			25,999			25„999	19,826
	Grants for staff positions						60,000	60,000
	Strike Fund						21,000	21,000
	International/Cultural	Diverse							12,000
	Events
	Student Elections Awareness								10,000
	Student Survey Lettings Agency								20,000 20,000
					1,045,448		81,000	1,126,448	944,380
4	Income from other trading			activities
	Franchise Income				71,000			71,000	71,000
	Media Sales				28,393			28,393	16,468
					99,493			99,493	86,468
5	Investments
	Interest received from Society Accounts	Bank & Building			32,496 32,496			32,496 32,496	5,482 5,482
6	Other income
	Coronavirus Job Retention								2.387
	Scheme
									2,387

2023		Cost of	Staff	Other	Gov'ce	Support	Support	Total
		Sales F	Costs f	Costs F	Costsf	Costs F.		Costs
Raising Funds			55,418	8,215	2,734		20,397	86,764
Charitable Activities:
Bar		222,729	359,010	204,138	33,765		251,908	1,071,551
Catering Student Services incl.	societies	119,866	42,639 439,278	21,956 259,313	7,925 29,616		59,127 220,949	251,513 949,156
Strike Fund				4,212				4,212
Staff Positions Funding International Student Engagement International/Cultural Diverse Events			60,000	3,763 6000				60,000 3,763 6000
		342,595	900,927	499,381	71,307		531,984	2,346,194
Other
		342 595	956346	507 596	74041		552 381	2432 958
2022		Cost of	Staff	Other	Gov'ce		Support	Total
		Salesf	Costs f	Costs F	Costs f		Costs F	Costsf
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 Student Services incl,	societies	67,780	69,587 423,534	22,351 197,682	5,734 21,717		62,228 235,708	227,680 878,641
International Student International/Cultural	Engagement Diverse Events		6,000	11,531				11,531 6,000
Student Elections Awareness			3,231	6,769				10,000
Student Survey Lettings Agency		247,718	777,115	20,000 5,198 448,749	50,423		547,259	20,000 5198 2,071,264
Other:
Pension Scheme Payment				665,103				665,103
		247 718	811069	1 120828	51	892	563,206	2,794,713

Governance and support cos	ts	can b	e analysed as	follows:
						2023	2022
						6
Staff costs						306,067	238,210
Defined Benefit Scheme	Costs
Staff Recruitment, training		&social costs				30,737	39,439
Facility Costs Office &finance costs						30,906 25,717	31,980 19,099
Travel, subsistence &conference			costs			11,250	8,179
Legal, professional &consultancy Marketing/Website costs						109,216 7223	157,362 4,353
Irrecoverable VAT						13,682	25,829
Depreciation Sundry costs						44,484 47,140	42,071 48,576
						626,422	615,098
8 Net income/(expenditure)	for the		year
This is stated after charging:
						2023	2022f
Depreciation Coronavirus Job Retention	Scheme		receipts			139,511	132,380 (2,387)
(Profit)/loss on disposal offixed assets							625
Bad debts incurred/(recovered)						167	1,561
Auditors remuneration						7,250	9,000
9 Analysis ofstaff costs and		the cost of key management			personnel
						2023	2022
						6	8
Staff costs were as follows:
Salaries and wages Social Security costs						1,152,677 84,282	950,352 67,270
Termination Payments							8,790
Employer's contribution to	a	defined contribution		pension		14,475	12,490
Operating costs of defined Other employee benefits	benefit pension schemes					9,984 994	9,451 926
						1 262 413	1 049 279

2023	2022
No	No

					2023	2022
					6	6
Trustees'	remuneration	and	employer's	Nl	116,304	83,973
Trustees'	expenses				8,146	2,504
					124,450	86,477

he average number of employees (head count based ollows:	on number of staff employed) during the ye	ar was m
	2023	2022
	No	No
Raising Funds	3.0	1.3
Bar	42.8	35.3
Catering	2.6	4.1
Student Services	21.8	19.4
Governance	1.0	0.5
Support Services	10.1	6.6
	81.2	67.2

12 Tangible Fix	ed Assets
			Fixtures
		Building	Fittings	Motor
		Improvements 6	8 Equipment	Vehicles	Totalf
Cost
At 31 July 2022 Additions		1,037,906	237,477 46,380	17,607	1,292,990 46,380
Disposals
At 31July 2023		1,037.906	283,857	17,607	1,339,370
Depreciation At 31 July 2022 Charge for the year		817,568 97,487	128,359 42,023	17,608 1	963,533 139,511
Disposals
At 31 July 2023		915,055	170,382	17,607	1,103,044
Net Book Value
At 31July 2023		122,851	113,475		236,326
At 31 July 2022		220,338	109,118	1	329,457
Assets are only	capitalised	if they have a value above 8500.
13Stock
			2023		2022
			F		F
Bars			11,241		12,215
Catering			2,996		2,698
			14,237		14,913
14Debtors
			2023		2022
			8		8
Trade debtors			79,662		18,202
Other debtors			6,820		18,555
Prepayments Other taxes	&accrued	income	110,754		100,087 9,086
			197,236		145,930

Current	Investment	s
						2023	2022
						E	E
Carrying Additions	value at beginning to investments at				ofthe period cost	472,397 1,094,564	183,457 1,904,540
Disposals	at carrying		value			(1,150,000)	(1,616,000)
Carrying	value at end		of	the	period	416,961	472,397
6Creditors: amounts			falling due within one year
						2023	2022
						E	E
Trade creditors						47,760	114,852
Social Security and		other		taxes		24.912	20,381
Other creditors						31,017	40,602
Accruals	&deferred	income				92,868	87,045
						196,557	262,880

				2023	2022
				E	E
Carrying	value at	beginning	ofthe period	249
Amount Amounts	reversed deferred	in the year in the year		(249)	249
Carrying	value at	end ofthe	period		249

Financial	Instruments
						2023	2022
							F
Financial	assets measured	at amortised	cost			129,680	87,060
Financial	assets measured	at fair value				572,247	566,007
Financial	liabilities measured	at amortised		cost		196,557	262,629
Financial	liabilities measured	at fair value		through	the
Statement	of Financial Activities

The c	haritable	compa	ny's income,	expense,	gains and losses in respect of	financial instruments	are:
						2023	2022
							F
Total	interest	income	for financial	assets held at far value		32,496	5,482
Total	interest	expense	for financial	liabilities	held at amortised cost	2,955	1,611

		Balance							Pension	Transfer	Balance
		31-Jul		Movement		in	Funds		Deficit	Between	31Qul
		2022		Income	Expenditure			Payment		Funds	2023
		L'		L			f
Unrestricted funds:
General Fund		361,038	2,359,071		(2,217,174)					(23,431)	479,503
Designated funds:
Fixed Assets Fund		329,457		22,949	(139,511)					23,431	236,326
Restricted Funds:
Clubs 8 Societies funds		78,368				(2,298)					76,070
International/Cultural Diverse Events		6,000				(6,000)
International Student Engagement		3,762			(3,762)
Strike Fund				21,000		(4,212)					16,788
Staff Positions Funding				60,000	(60,000)
Lettings Agency		14,802									14,802
TOTAL FUNDS		793,427	2,463,020		(2,432,958)						823,489
		Balance							Pension	Transfer	Balance
		31&vi		Movement			in Funds		Deficit	Between	31-Jul
		2021		Income		Expenditure			Payment	Funds	2022
								F
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	329,457
Restricted Funds:
Clubs &Societies funds		88,607					(10,239)				78,368
CJRS Funds				2,387						(2,387)
International/Cultural Events	Diverse			12,000			(6,000)				6,000
International Student Engagement		15,293					(11,531)				3,762
Student Elections Awareness				10,000			(10,000)
Student Survey				20,000			(20,000)
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

nalysis	of Net Assets between funds	—current year
		General	Designated	Restricted	Total
		Funds f	Funds f	Funds f
Tangible	Fixed Assets		236,326		236,326
Cash &short term investments		464,589		107,659	572,247
Other net current assets/(liabilities)		14,916			14,916
		479,504	236,326	107,659	823,489

	General	Designated	Restricted	Total
	Fundsf	Fundsf	Fundsf
Tangible Fixed Assets Cash &short term investments	463,075	329,457	102,932	329,457 566,007
Other net current assets/(liabilities)	(102,037)			(102,037)
	361,038	329,457	102,932	793,427

22	Reconciliation of	net	income/(expenditure) to net cash flow	from operating activities
				2023f	2022f
	Net movement in funds			30,062	(544,022)
	Donation from predecessor charity Add back depreciation charge			139,511	132,380
	Add back Profit on	disposal offixed assets			(625)
	(increase)/decrease	in	stocks	(51,306)	(4,350)
	(Increase)/decrease (Decrease)/increase	in in	debtors creditors	(66,323) 148,659	(29,480) 148,659
				52,620	297,438
23	Analysis ofcash	and	cash equivalents	2023	2022
					f.
	Cashin hand			300	796
	Current accounts			154,986	92,814
	Deposit accounts			416,961	472,397
				572,247	566,607

econcilia	tion ofopening	and closing balances ofthe	defined benefit obligation:
			Year ended	Period ended
			31July 2023	31 July 2022
			F	6
Defined	benefit obligation	at start of period	4,526,400	5,953,100
Interest Actuarial Benefits	expense losses/(gains) paid &expenses		153,500 (842,500) (281,100)	96,800 (1,350,000) (173,500)
Losses/(gains) due to benefit changes
Defined	benefit obligation	at end of period	3,556,300	4,526,400

Reconciliation of opening and closing balances ofthe f	air value of plan assets:
	Yearended	Period ended
	31July 2023	31 July 2022
		f.
Fair value of plan assets at start of period Interest income	5,827,900 197,400	6,497,700 111,300
Actuarial gains/(losses) Contributions by the Union	(1,074,400)	(1,272,700) 665,100
Employer settlement payments Benefits paid &expenses	(90,300) (281,100)	(173,500)
Fair value of plan assets at the end of period	4,579,500	5,827,900

efined benefit costs	recognised	in other	comp	rehensive income:
					Year ended	Period ended
					31July 2023	31 July 2022
Return on plan assets	(excluding	amounts	included in net		(1,074,400)	(1,272,700)
interest cost) —(loss)/gain Experience gains and losses arising on the			plan	liabilities	(98,100)	(101,500)
- (loss)/gain Effects ofchanges in	the demographic and		financial assumptions		940,600	1,451,500
underlying the present	value ofthe plan liabilities			—gain/(loss)
Effects ofchanges in recoverable (excluding	the amount amounts	ofsurplus that included in net		is not interest cost)—	322,200	(742,400)
gain/(loss)
Total amount recognised in other		comprehensive		income —gain/(loss)	90,300	(665,100)

hese amounts are not recognised in the financial urplus. ssets:	statements to the extent that the pension sch	eme remains
	2023	2022
		6
Equity Instruments Debt Instruments	2,580,500	563,300 1,957,600
Property		258,400
Cash	12,300	(39,100)
Other	1,986,700	3,087,700
Total assets	4,579,500	5,827,900

ssumptions:
					31July 2023	31July 2022
					%per annum	%per annum
Discount rate					5.25	3.50
Inflation (RPI)					3.25	3.30
Inflation (CPI)					2.45	2.50
Allowance for revaluation		ofdeferred		pensions of
CPI or 5%p.a, ifless					2.45	2.50
Allowance for pension in payment increases of RPI or 5%p.a. ifless, minimum 3%p.a.					3.70	3.70
Allowance for commutation		of pension		for cash at	100%of	100%of
retirement					Post A Day	Post A Day

		Life expectancy at age 62
		(Years)
Male retiring in Female retiring Male retiring in Female retiring	2024 in 2024 2043 in 2043	23.4 25.5 24.8 27.0

			Unrestricted	Unrestricted	Funds		2022
			General	Designated		Restricted
		Note	Funds		Funds	Funds	Total
Income from:
Donations and Legacies Charitable Activities		2 3	1,156,974 882,380			55,000 62,000	1,211,974 944,380
Other Trading Activities Investments		4 5	86,468 5,482				86,468 5,482
Other Income		6				2,387	2,387
Total income			2,131,304			119,387	2,250,691
Expenditure on:
Raising Funds Charitable Activities Other			56,986 1,877,276 310,103		1,360 131,020	62,968 355.000	58,346 2,071,264 665,103
Total expenditure		7	2,244,365		132,380	417,968	2,794,713
Net income/(expenditure)		8	(113,061)		(132,380)	(298,581)	(544,022)
Transfers between	funds	20	(82,436)		84,823	(2,387)
Net Movement in	Funds		(195,497)		(47,557)	(300,968)	(544,022)
Reconciliation of	funds:
Total funds brought forward as previously stated		20	533,535		377,014	403,900	1,314,449
Prior Year Adjustment			23,000				23,000
Total funds carried forward		20	361,038		329,457	102,932	793,427