2021-07-31-accounts

BATH SPA UNIVERSITY STUDENTS’ UNION FINANCIAL STATEMENTS 31 JULY 2021

Charity Number 1189547

BATH SPA UNIVERSITY STUDENTS’ UNION

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

Contents	Pages
Trustees’ Annual Report	1 – 10
Reference & Administrative Information	11 – 12
Report of the Independent Auditor	13 – 16
Statement of Financial Activities	17
Balance Sheet	18
Statement of Cash Flows	19
Notes to the accounts	20 - 32

BATH SPA UNIVERSITY STUDENTS’ UNION

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JULY 2021

The Trustees present their report with the financial statements of the charity for the year ended 31 July 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Public Benefit Statement

The primary purpose of Bath Spa University Students’ Union is the advancement of education of students at Bath Spa University for the public benefit by:

• promoting the interests and welfare of students at Bath Spa University during their course of study and representing, supporting and advising students;

• being the recognised representative channel between students and Bath Spa University and any other external bodies;

• providing social, cultural, sporting and recreational activities and forums for discussion and debate for the personal development of its students.

The Union’s strategic plan 2021-22 and its resulting priorities for the year 2020-21 supported the delivery of this core purpose. The development and delivery of the strategy is overseen by the Union’s Board of Trustees, and in doing so, the Trustees have paid due regard to the guidance in the Charities Act to ensure its activities meet its obligations with regard to public benefit.

Incorporation

Bath Spa Students’ Union On 1[st] August 2021, the Union incorporated to become a Charitable Incorporated Organisation (CIO) and the assets and liabilities of the former unincorporated charity (registration number 1139037) passed to the new CIO on this date.

This Annual Report and Statement of Accounts is therefore the first report of the new CIO.

Our Strategy 2021-22

In 2019-20, we had begun work to develop our new strategic plan, through a series of consultation workshops with students and key partners.

The Board of Trustees oversaw the development of the new strategy, but took a decision to pause and reflect upon the potential longer-term impact of the pandemic to inform its future development.

Based on further feedback it was clear that the four priority themes already identified remained unchanged, but it was decided that the lifetime of the strategy would be reduced to guide the organisation through the Covid pandemic and enable it to reconsider the priorities under the four themes once the impact of the pandemic could be better understood. The new strategy 2021-22 was finally adopted in March 2021, identifying four core themes:

• Your Community

• Your Wellbeing

• Your Course

• Your Future

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TRUSTEES’ ANNUAL REPORT

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We also identified four supporting organisational principals of equality, sustainability, financial stability and communication.

Responding to the Covid pandemic

At the beginning of the financial year, we not only incorporated, but August 2020 saw the continued closure of the University’s campuses and restrictions placed on parts of our front facing commercial operations. These restrictions remained largely in place throughout the year, and although some easing between lockdowns enabled some in person services to resume at times, our gym remained closed all year and our main in person event programme, including the annual fundraising Summer Ball was cancelled for a second year.

Our shop, bar and café were able to reopen at times, but with greatly reduced capacity due to social distancing measures. This meant our capacity when open was reduced by approximately 80%.

As a result, we continued to place a significant proportion of staff on ‘furlough’ and significantly reduced our casual staff team.

Despite the continuing challenges, we continued to deliver a range of engagement activities online, including:

• Online events

• Advice services

• Representation meetings to ensure that the needs of students were central to all decision-making

• We continued to support our student led clubs and societies and networks to host activities online and when restrictions enabled, to host in person training and events. This was vital to ensuring students felt connected and engaged with their peers and the Union despite the social restrictions in place.

During this time, most of our staff team continued to work from home as much as possible.

The Board of Trustees continued to guide the work of the organisation during this time. Earlier in the pandemic a Covid Crisis Management group was established, and this continued to meet throughout the year, reporting to the full Board. The group consists of:

• Students’ Union President (and chair of the Board)

• Chair of the Finance & Resources Committee

• Chair of the Audit & Risk Committee

• CEO and Senior Management Team

• University Deputy Director of Finance

The Board of Trustees were also reassured of the continuing support of the University during the year, and in particular with additional financial support and a longer-term commitment to ensure the Union remains a stable and valued partner.

At the end of the previous financial year, our Trustees had undertaken an assessment of the impact of Covid-19 on our operations, and whether this would constitute a reportable incident. Whilst Trustees were satisfied that the move to homeworking and online services meant that we continued to deliver our charitable objectives, the Board have continued to review the impact of Covid-19 and remain confident that we have continued to fulfil our charitable objectives.

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The Trustees revised the Charity’s Risk Register, ensuring the risks associated with Covid19 were included within the Register and the accompanying Risk Management Action Plan which has been closely monitored by the Board and Senior Management Team.

Strategic Priorities and Achievements

Your Course

• We worked with the University in its response to Covid, to ensure that students were supported to continue their studies and the impact of the pandemic on their learning experience and academic outcomes was minimised

• We have been a part of a Student Voice Project Group, working with the University to look at processes for students to give feedback and raise concerns

• We began a pilot project which, by 2022, should see the Union co-ordinating module evaluations across the University, ensuring feedback is consistently sought and independently evaluated

• We recruited 314 course reps, who work on a voluntary basis to co-ordinate and provide feedback to academic staff

• We contributed to University Personal Tutor Review Group to improve the pastoral and academic support for students

• The National Student Survey results in July 2021 saw a national downturn of 3% in satisfaction in response to Question 26: The SU effectively represents students' academic interests. However, we saw a 7% increase to 61%, putting us 7.5% above the national average and in the top quartile. This follows on from a similar rise of 6% in 2020.

Your Community

• We worked to support our clubs and societies to continue throughout the pandemic and be an essential support network for students. This included working to develop enhanced risk assessments and mitigations to develop online activities and allow in person activities to take place as restrictions allowed. Although membership levels reduced, 1133 students were directly supported as members of a student group in 2020-21.

• We worked with the University to develop the Bath Spa Start programme, which from 2021 will encourage all students to join a club or society. Both the Union and University recognise that supporting students to make friends and develop new interests is an essential part of the university experience and also supports students’ wellbeing. It also recognises that as we emerge from the pandemic new students may need such additional support

• We partnered with other Unions and Native to host an online Summer Festival, with a range of events to celebrate the end of a challenging year for students

• We hosted our annual Pride event online

• We changed our support for underrepresented groups, changing from a system of elected individual representatives to Equality networks, creating a supportive framework for tackling inequality and celebrating the diversity of our members

• Ran a number of events with the University for Black History Month

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Your wellbeing

Ran campaigns which included:

• Mental Health Awareness Week

• Sustainable Eating Week

• Decolonise the Curriculum campaign

• Let’s talk about Sex campaign focussed on consent, sex positivity and included online bystander training workshops

• Supported the development of the University’s Black Leadership programme, ensuring black students are supported to realise their potential

• Worked with the University to review its processes and approach to tackling sexual harassment and misconduct

Your Future

We developed use of our new web platform to introduce the capacity from autumn 2021 to deliver online training modules for volunteers and student leaders, which in turn will support the employability of students.

Financial Review

The Union has two main sources of income:

• Charitable and Trading activities: In 2020-21 its total income from its charitable and trading activities was £225,844. The impact of Covid is evident when you compare this to our last full trading year in 2018-19 when charitable and trading income reached £851,932

• Grant funding, gift aid and donations, accounted for £732,912 income. This is largely made up from an annual block grant from the University, which in 2020-21 was £527,000 plus an additional £130,000 to support the Union through the pandemic.

The cost of providing those services which are an essential part of the wider student experience (such as representation, advice, activities and skills development) are greater than the level of block grant received and as such the Union remains reliant on the ability of its charitable trading activities to both provide services for students and support the work of other areas of activity. The additional £130,000 received from the University enabled us to continue to provide these essential services for students.

Reserves Policy

Unsurprisingly the Union has had to use some of its reserves to mitigate against the impact of the pandemic, which has left them at a much-reduced level. At 31[st] July 2021 our unrestricted reserves amounted to £693,129 which is significantly below the current policy target.

In June 2021 the Trustees examined its current commitments and risks around such low reserves and revised the Reserves Policy. The Board approved that the budget from 2021> should include provision to begin to recover the reserves and established that the target level for unrestricted reserves should be £300,000, which would represent approximately 60 days of liquidity.

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It also approved that the Reserves policy will be revised alongside the development of the Strategy 2023> to ensure that the Union can meet its longer-term ambitions.

As a values led organisation the Union very carefully considers where reserves are held to ensure:

• Monies invested do not compromise the ethical commitment of the Union

• The reserves receive a comparable interest rate for the type of investment

• Risks to the Union of financial loss are minimised

Affiliations

In 2020-21, Bath Spa University Students’ Union was affiliated to the following organisations (the affiliation fee paid is listed for each):

• National Union of Students (NUS) - £10,805

• British Universities & Colleges Sports (BUCS) - £2,626

• Federation of Bath Residents Association (FOBRA) - £50

Funds Held as Custodian Trustee on behalf of others

Bath Spa University Students' Union does not act as a custodian trustee on behalf of others.

It does hold some designated funds which represent the charity’s administration of income and expenditure relating to clubs and societies. In 2020-21, our clubs and societies had a balance of £119,863 remaining at year end.

Fundraising

The Union has two main areas of fundraising activity:

• Fundraising to support the activities of the Union, through fundraising events (e.g., the annual Summer Ball, and schemes such as Give as you Live);

• Fundraising by students to support student led activities or to fundraise on behalf of another charity as part of our Raising and Giving (RAG) work.

The Union sees all fundraising as a useful skill for students to acquire, and particularly as students develop their own personal interests and activities as socially engaged citizens. The Union does not use any professional fundraising or commercial organisations to support these activities.

The Union provides guidance and training to students looking to participate in fundraising activities which seek to follow the Fundraising Code of Practice. This makes it clear that all fundraising is under the umbrella of the Students’ Union, even when it may be for a specified purpose, club or society.

The Union also has a sponsorship policy within its By-laws that ensures any sponsorship of clubs and societies fit into the defined aims and values of the club/society and that there is clear monitoring of any sponsorship received in support of specific purposes.

We have a number of internal procedures to ensure that the standards expected are closely monitored, with all fundraising projects and ideas must be submitted for approval prior to an event. Any online fundraising for the Students' Union or for other charities via RAG come through the Everyclick page where a subpage can be set up for their chosen fundraising cause. Fundraising for other charities via RAG is logged through the finance team to crossreference. All monies collected are held by the Union in line with our financial procedures,

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with donations to other charities made at the end of the academic year unless there is a prior agreement for such. Our procedures ensure that the purposes of any fundraising are clearly articulated.

There is a clearly defined complaints procedure, available via the Union’s website. No complaints were made which related to fundraising in 2020-21.

The importance of ensuring the protection of vulnerable people is a key element of our training. The majority of fundraising happens on campus, but we pay particular attention to ensuring any events happening off campus understand the importance of ensuring good practice standards are adhered to.

Future Plans

Strategic Planning

In 2022 we will begin to consult over the next Strategic plan. Whilst we expect the four key themes to remain largely unchanged, we will need to ensure that our delivery priorities support students to gain the most from their University experience, and that the impact of the pandemic is fully considered.

Equally we will need to make sure that our ambitions are supported by a financial strategy that supports our reserves to recover and to enables the Union to continue to represent and meet the needs of students.

Facility development

Our main base at Newton Park has previously been identified as in need of replacement and the University has recognised this in its longer-term plans. We are currently in discussions to move our location more centrally within the Newton Park campus. With the easing of restrictions, we are again resuming our activities at the Locksbrook campus base and via visits to other campuses to ensure these students are equally supported and represented.

Structure, Governance and Management

Bath Spa University Students' Union is a charitable incorporated organisation and is governed by the Union’s Constitution, which was approved in May 2020, prior to its incorporation on 1[st] August 2021.

The Constitution governs what the Union can do and how it will be administered by the Board of Trustees on behalf of the membership.

As previously mentioned, during 2019-2020 the Union progressed its plans to incorporate and the previous unincorporated association (1139037) ceased trading on 31[st] July 2020, transferring all its assets and liabilities to the new Charitable Incorporated Organisation (1189547) on 1[st] August 2020.

The Board of Trustees oversees the strategic, financial and legal affairs of the Union. It is chaired by the Union President and is comprised of the 12 Trustees described who bring a mix of professional and experiential expertise to the Board.

In 2020 we concluded a review using the Charity Code of Governance. Implementation of the recommendations from the review overseen by the Audit & Risk Committee. The principals and practices of our existing governance arrangements were adopted by the new Charitable Incorporated Organisations when we incorporated.

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Following incorporation, the Union revised all its By-laws to ensure they complemented the new Constitution. These were adopted in March 2021, and will be reviewed on a regular basis to support our commitment to good governance.

All Sabbatical Officer Trustees are elected by secret ballot to serve for a term of one year and may be re-elected to the post for a maximum further term of one year.

Candidates for the positions of External Trustees are selected by the Appointments Committee and their appointment recommended by the Board of Trustees to the Democracy & Scrutiny Committee who must approve all such appointments. External Trustees remain in office for a term of up to four years and can serve a maximum of two terms which may either be consecutive or non-consecutive.

The Union undertakes a skills audit to inform the appointment of External Trustees when vacancies arise and will continue to do so as required to ensure the Board contains a diversity of skills and experience to support its continued effectiveness.

The Union may also appoint up to two Alumni Trustees. The total number of Alumni and External Trustees must not exceed four persons. The Board can also appoint observers to further strengthen the skills and knowledge of the Board.

Applications for the posts of Student Trustees are also decided upon by the Democracy and Scrutiny Committee and post holders remain in office for up to one year and can serve a second consecutive year.

The role of Democracy and Scrutiny Committee ensures that members of the Union are responsible for the appointment of all trustees, in line with our democratic principles. It also ensures that it is able to consider the balance of skills, diversity and experience across the Board on an annual basis.

The Board has three Committees to deal with specific areas of business. These are:

• The Appointments Committee is responsible for the recruitment, training and development of the Board of Trustees and all matters relating to the terms and conditions of service and the emoluments of the Senior Post Holder(s) appointed by the Board of Trustees, and the Sabbatical Officers;

• The Audit & Risk Committee is responsible for ensuring that there is a framework for internal controls and accountability; for examining and reviewing all systems and methods of control both financial and otherwise including risk management; and for ensuring the organisation is complying with all aspects of the law, relevant regulations and good practice.

• The Finance & Resources Committee is responsible for all policies, planning, scrutinising and reporting involving the financial and human resources.

Training for Trustees

Trustees are provided with a variety of information upon their induction and are briefed on their legal obligations and the responsibilities of Trustees. Training is normally provided online, via group training and supported by an online Trustee Resource pack containing all relevant information and the Trustees’ Code of Conduct.

Sabbatical Officers and Student Trustees are provided with additional support from both staff members and outgoing officers to ensure a smooth transition period and to support the new

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trustees to understand and undertake their responsibilities. They also have on-going staff support to guide them through Board and Committee papers and to advise on areas such as conflicts of interest.

Periodically the Board undertakes a ‘Board Effectiveness Review’, working with an external consultant to consider how well it is working and any improvements that can be made to the induction process, operations or support available to ensure the Board functions effectively. An externally facilitated effectiveness review session was held in February 2021, looking at the key challenges faced by the organisation and support required for trustees.

Democracy & Scrutiny Committee

The Democracy & Scrutiny Committee represents the voice of the students. The Union is a democratic organisation, led by students for the benefit of students. All students are members of the Union and are able to bring any issues for consideration by the Committee who in turn can make any recommendations or raise any issues with the appropriate committee or directly to the Board of Trustees.

The Committee is made up of a number of representatives and members of the Union, including up to:

• Four sabbatical officers

• Two Senior Academic Reps (undergraduate or post-graduate)

• Two members of the Union’s Equality Networks

• Six students that hold leadership status within the Students’ Union (e.g. club or society committee members, course or other reps).

• Four student members elected by cross campus ballot

Democracy and Scrutiny Committee is responsible for the oversight and development of:

• the policy and by-laws of the Union, jointly with the Board of Trustees

• ensuring that the Union has equality, diversity and inclusion at the heart of its strategy and operations

• ensuring the Union operates ethically

• ensuring the Union and its officers are accountable to students

• ensuring an equality of representation for all students

Delegated Responsibilities

The Board of Trustees delegates day-to-day management of the organisation to the Chief Executive, Sarah Dawes, who is responsible for:

• implementing the policies and strategies of the organisation

• ensuring that the Union operates within budgets approved by the Trustees

• advising the Trustees in relation to policy, strategic planning, performance and finance

The Chief Executive is further supported by the Senior Leadership Team comprising the President, senior managers and a representative from the University nominated by the Vice Chancellor. The Senior Leadership Team is responsible for overseeing the day to day running of the Union.

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TRUSTEES’ ANNUAL REPORT

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Relationship with Bath Spa University

The Union has always had a good relationship with the University which is maintained through regular meetings between the Vice-Chancellor’s Office, Senior Managers from the Union and University and the Sabbatical Officers.

The President is a member of the University’s Board of Governors and Academic Appeals Committee.

Senior Union staff and Sabbatical Officers attend key University decision making forums, including the Student Feedback Management Group, Equality & Diversity Steering Group, Health & Safety and Emergency Planning Committees and the Access & Participation Steering Group.

Representatives from the Vice-Chancellor’s office attend the Senior Leadership team, act as Deputy Returning officer for Union elections and also as the University Board of Governors’ independent arbiter for the Union’s Complaints Procedure.

Alongside the Constitution, the Union also operates within the Students' Union’s Code of Practice. This is approved and reviewed by the Union’s Board of Trustees and Bath Spa University Board of Governors and issued in accordance with the Education Act 1994, Section 22. This document outlines the relationship with and oversight of the Union, in particular relating to the Union’s constitution, membership, elections, affiliations, paid officers, finances, complaints processes and notification requirements.

The Code of Practice is further supported by a Relationship Agreement which looks in greater detail at how the two organisations work together in a mutually supportive environment for the benefit of students. The Relationship Agreement was jointly approved by the University’s Board of Governors and the Union’s Board of Trustees.

Since the Covid-19 outbreak, the University has implemented a Planning Group, chaired by the Vice-Chancellor and supported by a number of sub committees. A member of the union’s Senior Leadership team attends each group, ensuring that the student experience has remained central to the University’s response to the pandemic.

Risk Management

The Board of Trustees has overall responsibility for ensuring the major strategic, operational and business risks facing the organisation are identified and controls are in place. The Audit and Risk Committee advise the Board of Trustees on the adequacy and effectiveness of the organisation’s internal controls and policy framework.

The Union has a range of policies and procedures to ensure the Health and Safety of staff, volunteers, participants and visitors. These are periodically reviewed to ensure they remain fit for purpose and performance is monitored by the Audit & Risk Committee.

The Board of Trustees has an approved Risk Policy in place. It reviews its associated Risk Register and Corporate Risk Management Action Plan annually, with any new or emerging risks being added to the register as they are identified. Progress in achieving the actions identified in the Corporate Risk Management Plan are reviewed at each meeting of the Board of Trustees.

Understandably a number of risks have been identified as a result of Covid-19 and the actions to mitigate against these and their long-term affects have been closely monitored by the Board of Trustees throughout 2020-21.

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BATH SPA UNIVERSITY STUDENTS’ UNION

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JULY 2021

This report was approved by the trustees on ............................................................. 2021 and signed on their behalf by:

……………………………………………………… Marianne Evans - President

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BATH SPA UNIVERSITY STUDENTS’ UNION

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 JULY 2021

Registered charity name: Bath Spa University Students’ Union

Registration number: 1189547

Principal Address

Bath Spa University Students’ Union Newton Park Campus Newton St. Loe Bath BA2 9BN

The Board of Trustees

The directors of Bath Spa University Students’ Union are its Trustees for the purposes of Charity law and throughout this report are collectively referred to the Trustees. The Trustees 2020-2021 are:

Sabbatical Officer Trustees

President (Chair)

Emily Casey (Appointed 1[st] July 2020, resigned 30[th] June 2021)

Marianne Evans (Originally appointed as a student trustee on 1[st] July 2020, before being elected as President and being re-appointed as a Sabbatical Officer Trustee (and chair) on 1[st] July 2021)

Vice President Opportunities

Jack Mapston (Appointed 1st July 2020)

Vice President Community

Megan Robertson (Appointed 1[st] July 2019, resigned 30[th] June 2021)

Sian Bentley (Appointed 1[st] July 2021)

Vice President Education

C Ceri Bailey (Appointed 1[st] July 2019, resigned 30[th] June 2021)

Jasmine Smail (Appointed 1[st] July 2021)

External Trustees

Maggi Thomas (Appointed 08 October 2013)

Michael Roy (Appointed 28[th] April 2015) Christopher Ellicott (Appointed 29[th] May 2019)

Russell Thomas (Appointed 10 November 2020)

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BATH SPA UNIVERSITY STUDENTS’ UNION

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 JULY 2021

Student Trustees

Marianne Evans (Appointed 1[st] July 2020, resigned as a student trustee on 30[th] June 2021 before commencing her new role as President on 1[st] July 2021)

Joshua Ponte (Appointed 1[st] July 2020, resigned 30[th] June 2021)

Joseph Walliker (Appointed 1[st] July 2020, resigned 30[th] June 2021)

Matthew Marsh (Appointed 1[st] July 2020)

Lauren Stone (Appointed 1[st] July 2021)

Moss Maxwell Rumboldt (Appointed 1[st] July 2021)

Thomas Rolfe (Appointed 1[st] July 2021)

Advisors

Auditors

Burton Sweet Limited

The Clock Tower

Farleigh Court Old Weston Road

Flax Bourton

Bankers

Santander Corporate Banking

Bridle Road

Bootle

Merseyside

L30 4GB

Bristol BS48 1UR

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BATH SPA UNIVERSITY STUDENTS’ UNION

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES

YEAR ENDED 31 JULY 2021

Opinion

We have audited the financial statements of Bath Spa University Students' Union (the “Charity”) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, the financial statements:

• give a true and fair view of the state of the Charity’s affairs as at 31 July 2021 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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BATH SPA UNIVERSITY STUDENTS’ UNION

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES

YEAR ENDED 31 JULY 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and out auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If based,

on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ report (incorporating the strategic report and the directors’ report) have been prepared in accordance with applicable law requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• sufficient accounting records have not been kept;

• the financial statements are not in agreement with the accounting records and returns;

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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BATH SPA UNIVERSITY STUDENTS’ UNION

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES

YEAR ENDED 31 JULY 2021

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006,

• taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

• understanding the design of the charity’s remuneration policies.

• To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

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BATH SPA UNIVERSITY STUDENTS’ UNION

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES

YEAR ENDED 31 JULY 2021

• assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/apb/scope/private.cfm This description forms part of our auditor’s report.

Joshua Kingston ACA (Senior Statutory Auditor)

For and on behalf of Burton Sweet Limited

Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: …………………..

16

BATH SPA UNIVERSITY STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY 2021

Note Income from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments Other Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure 10 Total funds at start of year 20 Total funds at end of year 20 Net income/(expenditure) and net movement in funds	Total Funds 2021 £ 732,912 202,632 23,212 25 19,881 978,662 28,402 965,124 993,526 (14,864) 780,513 765,649	Total Funds 2020 £ 601,795 583,060 11,415 4,114 300 1,200,684 3,908 1,222,895 1,226,803 (26,119) 806,632 780,513

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

All movements in funds in the current and prior year were in unrestricted funds.

The notes on pages 20 to 32 form part of these financial statements

17

BATH SPA UNIVERSITY STUDENTS' UNION

BALANCE SHEET

AS AT 31 JULY 2021

----- Start of picture text -----
AS AT 31 JULY 2021 CE021894
2021 2020
Note £ £
Fixed assets
Tangible assets 11 606,273 618,010
606,273 618,010
Current assets
Stock 12 18,199 26,531
Debtors 13 33,417 28,701
Cash at bank and in hand 174,936 167,408
226,552 222,640
Liabilities
Creditors : amounts falling
due within one year 14 (67,176) (60,137)
Net current assets 159,376 162,503
Total assets less current liabilities 765,649 780,513
FUNDS
Unrestricted funds
General funds 21 693,129 670,939
Designated funds 21 72,520 109,574
Total funds 765,649 780,513
----- End of picture text -----

These financial statements were approved by the Trustees on ....................... and are signed on their behalf by:

Marianne Evans President

The notes on pages 20 to 32 form part of these financial statements

18

BATH SPA UNIVERSITY STUDENTS' UNION

CASH FLOW STATEMENT

YEAR ENDED 31 JULY 2021

Note Net cash inflow from operating activities 16 Non-operational cash flows: Investing activities Payments for tangible fixed assets Interest received Financing activities Capital repayments in the year Net cash inflow/(outflow) for the year 17 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2021 £ 28,326 (20,823) 25 (20,798) - - 7,528 167,408 174,936	2020 £ (34,036) (13,897) 4,114 (9,783) (963) (963) (44,782) 212,190 167,408

Cashflow Restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 20 to 32 form part of these financial statements

19

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1 Accounting policies

a) Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011, the Financial Reporting Standard 102 (FRS102) and the requirements of the Charities Statement of Recommended Practice.

The charity is a public benefit entity as defined under FRS102.

On 1 August 2020, Bath Spa University Students' Union, (charity registration number 1139037 England & Wales) transferred all of its assets and funds to this new Charitable Incorporated Organisation.

These financial statements have been prepared using merger accounting as recommended by the Charities Statement of Recommended Paratice.

b) Going Concern

The Bath Spa University Students' Union continues to generate a funding deficit from various primary purpose trading activities and it will always be dependent upon the University's support.

Along with other similar charities and organisations, the COVID-19 pandemic has brought many uncertainties to the global economy. The impact of this on the charity is highlighted in further detail within the Trustees' Annual Report. Notwithstanding these uncertainties, the Trustees have chosen to prepare the financial statements on a going concern basis given the ongoing support the charity receives from Bath Spa University. The Education Act 2011 imposes a duty on the University to ensure the financial viability of its student representative body.

c) Income

The Students' Union receives a block grant and other miscellaneous grants from Bath Spa University each financial year. These are included within donations and legacies on a received basis.

Time donated by the Students' Union members is not recognised in the financial statements as this cannot be reliably measured.

All income from charitable activities and trading activities are recognised on an accruals basis, exclusive of value added tax, with any money received for services provided after the year end deferred.

Other income is credited to the Statement of Financial Activities in the year in which it is receivable.

d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

20

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

e) Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

f) Allocation and apportionment costs

Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which cannot be directly attributed to particular headings have been allocated on a basis consistent with the use of resources.

g) Pension costs and other post-retirement benefits

The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

h) Tangible fixed assets

Fixed assets are held at cost less accumulated depreciation. Assets costing less than £500 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:

Improvements to property - 2% straight line Plant and machinery - 15% -33% straight line Fixtures and fittings - 20% reducing balance Motor vehicles - 25% straight line Bar and kitchen equipment - 20% straight line

i) Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

j) Taxation

The charity is exempt from tax on its charitable activities.

k) Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds have been allocated by the Students' Union and should only be used for particular designated purposes within the objects of the charity.

Restricted funds may only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

21

BATH SPA UNIVERSITY STUDENTS' UNION NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

l) Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards or ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis over the period of the lease.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the Balance Sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of Financial Activities so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2 Income from: Donations and legacies

Donations Grants received Grants received, included in the above, are as follows: Bath Spa University - Block grant Bath Spa University - Other grants Job Retention Scheme (Government grant)	Total Funds 2021 £ 2,197 730,715 732,912 2021 £ 527,000 130,000 73,715 730,715	Total Funds 2020 £ 6,977 594,818 601,795 2020 £ 527,000 1,517 66,301 594,818

22

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

3 Income from: Charitable activities

Freshers week Gym Welfare and representation Student societies Shop Bar and Café NUS extra cards Other small activities Income from: Other trading activities Fundraising events Marketing Expenditure on: Raising funds Fundraising events expenses Marketing Summer ball	Total Funds 2021 £ 2,850 (4,290) - 31,389 119,794 50,992 1,019 878 202,632 Total Funds 2021 £ 2,910 20,302 23,212 Total Funds 2021 £ 2,950 25,452 - 28,402	Total Funds 2020 £ (Restated) 19,782 37,900 13,723 69,851 258,944 174,486 1,949 6,425 583,060 Total Funds 2020 £ 6,828 4,587 11,415 Total Funds 2020 £ 3,732 - 176 3,908

4 Income from: Other trading activities

5 Expenditure on: Raising funds

23

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

6 Expenditure on: Charitable activities

Freshers Week Gym Welfare and representation Student societies Shop Bar and Café Prior year comparatives Freshers week Gym Welfare and representation Student societies Shop Bar and café Experience	Direct costs £ 11,750 11,411 6,541 172,856 145,589 112,744 460,891 Direct costs £ 26,604 22,638 71,369 125,275 254,430 208,338 19,484 728,138	Support Costs (see note 7) £ 12,855 12,484 7,156 189,112 159,280 123,346 504,233 Support Costs (see note 7) £ 18,077 15,382 48,494 85,122 172,881 141,562 13,239 494,757	Total Funds 2021 £ 24,605 23,895 13,697 361,968 304,869 236,090 965,124 Total Funds 2020 £ 44,681 38,020 119,863 210,397 427,311 349,900 32,723 1,222,895

7 Support Costs

Freshers week Gym Welfare and representation Student societies Shop Bar and café	Management £ 11,955 11,610 6,655 175,874 148,131 114,712 468,938	Finance £ 643 624 358 9,456 7,964 6,168 25,212	£ 257 250 143 3,782 3,186 2,467 10,085 Governance costs	Total Funds 2021 £ 12,855 12,484 7,156 189,112 159,280 123,346 504,233

24

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

7 Support Costs (continued)

Prior year comparatives

Freshers week Gym Welfare and representation Student societies Shop Bar and café Experience	Management £ 16,812 14,305 45,099 79,163 160,779 131,653 12,312 460,123	Finance £ 904 769 2,425 4,256 8,644 7,078 662 24,738	£ 362 308 970 1,702 3,458 2,831 265 9,896 Governance costs	Total Funds 2020 £ 18,077 15,382 48,494 85,122 172,881 141,562 13,239 494,757

8 Trustees' remuneration and benefits

In accordance with the Bath Spa University Students' Union's Constitution, salaries were paid to the elected officers in respect of qualifying services. These were as follows:

Harriet Martin-Jones Ceri Bailey Megan Robertson Emily Casey Jack Mapston Sian Bentley Marianne Evans Jasmine Smail Jasmine Nesbitt -Larking	2021 £ - - 17,978 17,978 18,317 19,612 2,179 2,179 2,179 80,422	2020 £ 7,355 19,912 20,697 20,691 - - - - - 68,655

25

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

9 Staff costs

Wages and salaries Social security costs Other pension costs The average weekly number of employees during the year was as follows: Salaried staff Casual staff	Total 2021 £ 540,569 38,563 42,765 621,897 2021 No. 23 6 29	Total 2020 £ 621,810 35,883 43,123 700,816 2020 No. 23 39 62

No employees received emoluments in excess of £60,000 in the current or previous year.

26

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

10 Net income/(expenditure) for the year

This is stated after charging:

----- Start of picture text -----
||||| |---|---|---|---| |2021|2020| |£|£| |Auditor's remuneration|- for audit services|7,500|7,500| |-|-| |Trustees' travel, meeting and training expenses| |Depreciation|29,996|27,653|

----- End of picture text -----

11 Tangible fixed assets

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Bar and| |Improvements|Plant and|Fixtures and|kitchen| |to property|machinery|fittings|equipment|Total| |£|£|£|£|£| |Cost or valuation| |At 1 August 2020|722,194|268,868|107,054|101,825|1,199,941| |Additions|-|12,903|7,920|-|20,823| |-|-| |Disposals|(6,998)|(3,078)|(10,076)| |At 31 July 2021|722,194|274,773|111,896|101,825|1,210,688| |Depreciation| |At 1 August 2020|146,851|256,908|80,576|97,596|581,931| |Charge for the year|14,444|7,303|6,532|1,717|29,996| |-| |Disposals|(6,174)|(1,338)|(7,512)| |At 31 July 2021|161,295|258,037|85,770|99,313|604,415| |Net Book Value| |At 31 July 2021|560,899|16,736|26,126|2,512|606,273| |At 31 July 2020|575,343|11,960|26,478|4,229|618,010|

----- End of picture text -----

27

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

----- Start of picture text -----
|||| |---|---|---| |12|Stock| |2021|2020| |£|£| |Stock|18,199|26,531| |18,199|26,531| |13|Debtors: amounts falling due within one year| |2021|2020| |£|£| |Trade debtors|5,249|2,280| |Other debtors|28,168|26,421| |33,417|28,701| |14|Creditors: amounts falling due within one year| |2021|2020| |£|£| |Trade creditors|5,654|5,610| |Taxation and social security|30,354|17,242| |Other creditors|31,168|37,285| |67,176|60,137|

----- End of picture text -----

15 Commitments under Operating Leases

At 31 July the Charity had total commitments under non-cancellable operating leases as set out below:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Land and|Land and| |Buildings|Other|Buildings|Other| |2021|2021|2020|2020| |£|£|£|£| |Under 1 year|40,000|8,164|40,000|8,164| |Within 2 to 5 years|200,000|891|200,000|9,055| |-|-| |Over 5 years|280,000|320,000|

----- End of picture text -----

28

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

16 Notes to the Cash Flow Statement

Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds Investment income Depreciation Losses on sale of fixed assets Increase / (decrease) in creditors (Increase) in debtors Decrease / (increase) in stock Net cash (outflow)/inflow from operating activities Analysis of changes in cash during the year Cash at bank and in hand Cash at bank and in hand	2021 £ 174,936 2020 £ 167,408	2021 £ (14,864) (25) 29,996 2,564 7,039 (4,716) 8,332 28,326 2020 £ 167,408 2019 £ 212,190	2020 £ (26,119) (4,114) 27,653 1,069 (19,875) (3,227) (9,423) (34,036) Change £ 7,528 Change £ (44,782)

17 Analysis of changes in cash during the year

18 Related party disclosures

During the year, Bath Spa University Students' Union received a recurrent block grant from Bath Spa University of £527,000 (2020: £527,000).

Bath Spa University Students' Union received other grants and income from Bath Spa University of £130,000 (2020: £1,517) during the year. The balance outstanding at the year end of £Nil (2020: £1,595) is included in debtors.

Bath Spa University Students' Union made purchases of £54,005 (2020: £85,670) from Bath Spa University during the year. The balance outstanding of £Nil (2020: £Nil) is included in creditors.

The key management personnel are considered to be the Trustees, the Chief Executive Officer, the Head of Membership Engagement and Deputy Chief Executive Officer and the Head of Operations and Business Development. The key management personnel remuneration for the year was £180,743 (2020: £213,004).

29

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

19 Pension commitments

Bath Spa University Students' Union operates a defined contribution pension scheme. The assets of the scheme are held in a separately administered fund. The pension cost charge represents contributions payable by the Union to the fund and amounted to £42,765 (2020: £43,123). Contributions totalling £473 (2020: £Nil) were payable to the scheme at the end of the period and are included in creditors.

20 Movement in funds

Current year Unrestricted funds Designated funds: Wateraid Clubs and societies General Funds Previous year Unrestricted funds Designated funds: Wateraid Clubs and societies General Funds Total funds	At 1 Aug 2020 £ 353 109,221 670,939 780,513 At 1 Aug 2019 £ 1,002 48,666 756,964 806,632	Income £ - 28,666 949,996 978,662 Income £ 353 111,455 1,088,876 1,200,684		Expenditure £ - (24,330) (969,196) (993,526) Expenditure £ (1,002) (50,900) (1,174,901) (1,226,803)	Transfers £ 1,002 (42,392) 41,390 - Transfers £ - - - -	At 31 Jul 2021 £ 1,355 71,165 693,129 765,649 At 31 Jul 2020 £ 353 109,221 670,939 780,513

WaterAid

The Union assists a local fundraising group to raise monies for Water Aid.

30

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

20 Movement in funds (continued)

Clubs & Societies

Any unspent income at the end of the year, whether raised by members or as a result of unspent funding from the Union in relation to clubs and societies, is carried forward for use in future periods. Any deficit of a club or society at the end of a year is carried forward and all clubs are aware that they are required to take on any existing debt and work to address that deficit. Where a club or society ceases or becomes inactive for 2 years, any funds held as returned to the general budget to support other student activity.

21 Analysis of net assets between funds

Current year

Unrestricted Funds Designated General funds Previous year Unrestricted Funds Designated General funds	Tangible Other Total Fixed Assets Net Assets 2021 £ £ £ - 72,520 72,520 606,273 86,856 693,129 606,273 159,376 765,649 Tangible Other Total Fixed Assets Net Assets 2020 £ £ £ - 109,574 109,574 618,010 52,929 670,939 618,010 162,503 780,513

31

BATH SPA UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

22 Contingent liabilities

Bath Spa Students' Union is aware of recent examples of a change by HMRC in the interpretation of the framework over the treatment of catering supplies in educational establishments where these have been provided by Students Unions. The matter is currently being contested nationally, led by the National Union of Students. The outcome and possible financial effect of this matter is currently unknown. Whilst Bath Spa Students' Union follows all previous advice received from HMRC, it has taken the precautionary measure of disclosing the existence of this contingent liability in these accounts.

23 Donation of assets, liabilities and activities from previous unincorporated charity.

On 1 August 2020, Bath Spa Students' Union, (charity registration number 1139037 England & Wales) transferred all its assets and funds to this new Charitable Incoporated Organisation.

The net assets and funds at the date of transfer were:

Tangible Fixed Assets Stocks Debtors Bank balances Creditors (amount falling due within one year) Net Assets Funds Unrestricted funds	£ 618,010 26,531 28,701 167,408 (60,137) 780,513 780,513

These financial statements have been prepared using merger accounting as permitted by the Charities Statement of Recommended Practice.

32