## ## ## |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|