Charity Reglstration No. 1189547 BATH SPA UNIVERSifY UDE1{rs, UNION ANNUAL REPORT AND FIP4ANCIAL sfATEMENTS FOR THE YEAR ENDEO 31 IULY 2022 tc accounls . lax legal financial planning St Matthew's House Quay5 Office Park Conference Avenue Porti5head 8ristol B520 7LZ
BATH SPA UNIVERSITY STUDENTS, UNION CONTENTS Page Company information Trustees, Report 2-11 Statement of Trvstees, re5ponsibililies 12 Independent auditor's report 13-15 Statement of financial activities 16 8alan¢e she 17 Statement of cash flows 18 Notes to the financial statements 19.30
BATH SPA UNIVERSITY STUDENTS, UNION LEGAL AND ADMINlSfRATIV£ INFORMATION Trustees M Evans L Stone M Rumboldi Jsmail T Rolfe S Bentley R Thomas M Marsh J Mapston M Thomas C Ellicott N Karwal A G Tedds J E Sauriders J Raymond-Barker E Brackenbury R Blake-Burke L Bold IAppoinied l July 20221 IAppoirbted I july 20221 (Appointed I july 20221 IAppolnted I july 20221 IAppointed I july 20221 IAppointed l July 20221 IAppointed l July 20221 (Appointed l July 20221 H Haines Charity number 1189547 Prlr*clpal addre5$ Newton Park Newton St Loe Bath Bath BA2 98N Audltor TC Group Si Matthew's House Quays Office Park Conference Avenue Portishead 8ri5101 B520 7LZ
BATH SPA UNIVERsifY STUDENTS, UNION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2022 The Trustees present their report wtth the financial slatements of the charity lor the year ended 31 July 2022. The Trustees have adopted the provisions of Accountin8 and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFFLS 1021 lelfeLlive l January 20151. Public Benefit Statement The primary purpose of Bath Spa Univer5rty Studènts, Union is the thancement of education of students at 8ath Spa University for th? public benefit by.. promoting the interests arTrd welfare of srudents at Bath Spa University durin¥ their tourse of study and representin8, SUPPtsrting and advSsing students.. bein8 the re¢o8nised represer)tatlve channel between student5 and 8ath Spa Universlty and any olher external bodies.. providing social. cultural. sporting and recieational activitie5 and forums for discusslon and debate for the personal development ol its students. The Unlon's strategic plan 2021-22 and its resulting prioritie5 for the year 2021 22 supported the delivery of thls core purpose. The development and delivery of the strategy Is overseen by the Unlon's Board ol Trus¢ees, and In doinB SO. the Tiustees have paid due re6ard to the 8uidance in the Charltles Act to ensure its activities meei Its obligations with regard to public beThefTrt. Our Stratègy 1021.22 Our existing strategy was approved In March 2021. This had been developed using research undertaken in 2019-20 before the Covid pandemic hrt. and was arneDded to provide a steer lor the or8anisation through the pandemic whi15t we assessed the lon8er term impact and began to develop our strategic plan for 2023 onwards. The Sirategy has four lour core themes.. Your Communttv Your Wellbein8 Your Course Your Futu We also identified four supportin8 organisational principles of equalitv. Sustainability, financial stability arbd communication.
BATH SPA UNIVERsifY STUDEKtS' UNION TRUSTEES, REPORT ICONTINUEDI FOR rH£ YEAR EPIDED 31 JULY2022 Emerging from the Covld pandemic As restrictions lifted in the UK and across campuses, we remained vigilant to the threat of infettion rales and retained a number of control measures al the beginning of the academic year. Thi5 included lowering CaPaCIty in our key Social space5, requiring negatNe lateral flow te5t5 at events and holdin8 Outdoor'welcome events, at the start of the year. We continued to work with the Univer511y to monitor the situalion and respond to any concerns. Our gym remained closed all year to 5UPPOrt ihe retention of soc1 distancing on campus to help 5UPPQrt the return tg in person leachin6 as much a5 possible. Ou¥ Shop, bar and café were able to slowly return to nomal, but began the Year cautiously with a rèduced eapacity io aid social distancirng measures as much as possible. This meant our capacity when open was reduced to approximately 62 % of its normal capacity for the iniiial few months. Our clubs and s¢xieties were able lo resume normal a(twities and competition during thè year. following any National Governin8 Body gLtidance as appropriate and ensuring controls and awareness remained in place to remain vi8ilant to the residual threat of Covid as we returned to near previous levels of activities Sirategic Prlofltles and Athlevements Your Course We worked wr(h the Universiiy in its response to the recovery from Covid and return to in person teaching, hi8hlighting concerns and issues We recruited 282 course reps, who work on a voluntary basis to coordinate and provide feedback to academSc staff Launched a decolonlsatSon and sustalnabllity new51etter Worked wilh the disabled students network to improve the use of Academic access plans The National Student Suryey fesults In july 2022 saw a downturn in satisfaction from 60.8S% to 55.76% Whllst disappojnling after si8E)ificant improvement in the PvIouS two year5, thi5 wa5 still above the sector avern8e of $2.55%. We delFvered a successful 'Welcorne' programme at the start of ihe academic year, and a total tsf 457 events throu8h the year. We worked to support our club5 and 50cielies to return to 'noimal' actlvlty, and be an essential support network for sludents. 1627 students joined club5 and societies I cownpared to just 1133 the previous year and 1557 pre Covid.I We workecl with the University to implement the Bath Spa Start pro8rnmme. which was designed to encourage and support students to join a club or society. 80th the Union and Unweisity recognise that supporting student5 to make friends and develop new interests is an essential part of the unwersity experience and also svppoff S Students, wellbeiThg- 11 also recognises that as we emerged from the pandemic new Siudents may need such additional support to develop social network5 and Interests We delivered a number of events for the first time in person since 2019, including the Summer Ball, Pride. Sport5 and 5iJciety Award5 dinners. Ran a number of events with the University for Black History Month and LGBTQIA+ History month. We increased our social media presence. increasin8 our wular followers by 33% and oui email open rate5 by 13%.
BATH SPA UNIVERSITY STUDENTS, UNION TRUSTEE5' REPORT ICONTINUEDI FOR THE YEAR ENOED 31 JULY2022 Your wellbei Ran campaigns which intluded= Mental Health Awareness Week Black History rnonth LGBTQ+ Hi510ry month Decolonise fortnvdhi sexual Health week Supported the lit ever 'Bath Spa Empowers. programme, specifically lookin8 to raise leadetshlp skllls and ambitions in Black students. Your Future We developed use of oui new web platform to deliver online trainin8 modules for volunteers and student leaders. Worked with the Coreers leam lo promole opportunities for students. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. FSnanclal re¥lew The Unlon has two maln sources of income.. Charitable ènd Trading activities.. In 2021- 22 Its total income from tts charitable and irading activities was £678,762. The lon8 term impact ol Covid is evident when you compafe this io last full trading vear In 2018-19 when charitable and tradiTh8 income reached £851.932 Grant fundlng, glft aSd and donatloThs, accounted for £623.978 income. This is largely made up from an annual block 8rant from the UnNersity, which in 2021- 22 wa5 £575,232. The cost of providing those services which are an essential part ol the wider Siudent experience Isuch as representation, advice, artivilies and skills development) are greater than the level of block grant received and as such the Union remain5 reliant on ihe abilrty of Its charitable trading artivities to both provide services lor students and support the work of other areas of artivity.
BATH SPA UNIVERSITY STUDENTS, UNION TRusfEES' REPORT ICONTrNUEDI FOR THE YEAR EhlDED 31 JUIY2022 Resetves Poli Unsurprisingly the Union has had to use some ol its reserves io mitigate against ihe impacl of the pandemic, whlch ha5 left them ai a much reduced level. Al 3151 ju 2022 our Unrestled resetves amounted to £634,949 which 15 SIEnificanily below the current policy targei. In JuTre 2021 the Trustees examined Its current commitments and risks around such low re5eThes and revisèd the Reserves Poliry. 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 £3(),000, which would represent approximately 60 days of liquidity. The continuing Impact of the pandemic and reductlon In disposable income available to students as a 1t of the emer8ing cosi of living crisis has meant that the recovery of our reserves position has slalled. However. as previousty aged with the Trustee5, this will form core element of our business strategy lo support the new Strategic Plan from 2023, to ensvre that the Union can meet its longer term ambition5. A5 a values led or8anisation the Union very carefully considers where reserves are held io ensure.. Montes invested do not compromise the ethical commitment of the Union The reserves recerve a comparable interest rate lor the type of inve51ment Risks to the Union of linancial loss are minimised Affiliatiors In 2021-22, Bath Spa Univefsity Studenls, Union was affiliated to the lollowing or8anisations (the affillation fèe paid is listed lor each).. National Union of Students INUSI - £11.850 British Universities & Colleges Sports IBUCSI- £2,477 Federation of Bath Residents Association IFOBRA) £50 Bath Spa University Students, Union does not ad as a custodian tru51ee behalf of others. It does hold some des*nated furids whith represent thè charity's administration of income and expenditure relaiithg to Its clubs and socieiies. In 2021-22. our clubs and so¢ieiies had a balance of £64,850 remaining at yèar end.
BATH SPA UNIVERSITY STVDENTS. UNION TRUSTEES. REPORT IcoKfiNUEDI FOR THE YEAR ENDED31 JULY2022 Fundraisin The Union has two main areas of fundralsing activrty.. Fundraising to 5UPPOrt the aclivities of the Union, through fundraising events le.8. the annual Summer Ball, and schemes such as Gwe as you Livel.. Fundraising by students lo support Student led artivities or to fundraise on behalf of another charity as part of our Raising and Givin£ IRAGI work. The Union sees all fundraisln8 as a useful skill for siudents to acquire. and particularly as students develop their own personal interests and aclivrties as socially enga8ed citizeThs. The Unlon doe5 not use any professional lundrai5ing or commercial or8anisations to support these activilies. The Union provlde5 guidance and trainin8 to students lry)kin8 to partrcipate in fundraising activities which seek to follow the Fundraising Code of Practice. This makes il clear that all fundrasin8 is under the umbrella of the Students, Union, even when it may be lor a specified purpose. club or society. The Union also has a sponsorship polity wsthln its By-laws that ensu$ any sponsorship of clubs and societie5 fit irjto the defined aims and values ol the clublsociety and that there is clear monitorSng of any 5ponsorghlp received in sUPPOrt of specific purposes. We have a number of Internal procedures to ensure that the standards expected are closely monitored, with all fundrai5in8 project5 and ideas must be submttted for approval prior to event. Arny online funclrai5in8 lor the Student5. Union or for other charities via RAG corne Through the li,eT click page wheie a subpage can be sel up for their ¢hosen fundraising cause. Fundraising for other charitie5 via RAG rs logged through the flnance team to cros5-reference. All monies collected are held by the Union in line with our financial procedures, wjth donations to other charitles made at the end of the academic year unless thère Is a piior agreement for such. Our procedures ensurt ihat the purposes of any fundrJisin8 are Clearly artlculated. There is a clearly defined complainis procedure, available via the Unlon's website. No complainis were made whith related to fundraising in 2021-22. The Importance of en5uTinB the protertion of wlnerable people is a key element of our training. The maloritv of fundraising happens on campus, bul we pay partlcular attention to ensuring any events happening off campus understand the importancè of Ènsuring good practice stanLlards a adhered to. Future Plan5 Strate ic Plannin In 2022 we began to consult over our next Strate8ic plan. This involved specific consideration of ihe University's new strategy and ambitions for the developrnent of its tarnpuses. We began work to look in derail al the ifflpact ol the growin8 cost ol living crisis and the long term impact of the pandemic and developed plans for consultation wilh our members and partners in Autumn 2022, to enable our plans to be relinÈd and approved by April 2023. Our new sirategy will be supported by a financial strategy that supports our reserves to recover and to enable the Union to continue to represent and meet the needs of studenls develo ment Our main base at Newton Park has prewousW been identrfied as in need of replacement and the Un¢versity has reco8nised thi5 in 115 longer term plan5. We aTe currently in discu5sion5 to move our location rnore centrally withtn the Newton Park campus. With the easin8 01 restriction5 we are again resuming our artivities at the Locksbrook campus base and via visits to other campuses to ensure these sludents are equally sUPPOrted and represented.
BATH SPA UNIVERSITY UDErS. UNION TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR EhlDED31 JULY2022 Structure, governance and mana8ement Bath Spa University Students. Union Ss a charltable incorporated organlsation and 15 governed by the Union's Canstitution. which wa5 approved in May 2020. prior to its incorpoTation on 1° Au8usI 2020. The Charity replaced the previous unincorporated association111390371 which 3$ed tradinB on 31rt July 2020, transferring all its assets and liabilities to the new Charitable Incorporated Or8anisation111895471 on 1st August 2020. The Constitution govems what the Union can do and how it will be adm4ni5tered by the 803rd of Trustees on behalf of the membership. The Board of Trustees oversees the strate8ic, financial and le8al affairs of the union. It Is ehaired by the Unlon President and is comprised of up to 12 Trustees who brin8 a rnix of professional and èxpefiential expertise to the Board. In 2020 we concluded a TleW u5in8 the Charity Code of Governante. Implementation of the re¢ommendatityns from the review wère overseen by ihe Audii & Risk Committee. The principles and practice5 of these èxistin8 governance arran8ements were adopied by ihe new Charitable Incorporated Organisation when we incorporated. The Union's Constitution is complemented by a set of By-laws. which ale reviewed on a re8ular ba515 to support our commitment to good governance. All Sabbatical Officer Trustees are elerted by secret balbt to Serve lor a tÈm of one yèar and may be re-elerted to the F)OSt for a rnaxirnum further term of one year. Candidate5 for the positions of External Trustees a selected by the Appointments Committee and their appointment ¢0MMended to the Democracy & Scrutiny Cornmittee who must approve all such appoinlments. External Trustees remain In office lor a term of up to four years and can serve a rnaximum of two terrn5 which rnay either be ¢on5ecutivt or non-conseculive. The Union undertakes a skllls audit to inform the appointment of External Trustees when vacanciÈs arise and will ¢onlinue lo do so as quIred to ensure the Board contains a dtyersity of skills and experience lo support its continued effettweness. The Union may also appoint up to two Alumni Trustees. The total number of Alurnni and External Trustees must nol exceed four persons. The Board can also appoint observers to further sirÈngthÈn the skllls and knowledge of the Board. Applications for the posts of Studenl Trustees are also dèttded upon by the Democracy and Scrutlny Committee and post holders rernain in olfice for up to one yèar and tan sèNe a second consecutive year. The role of the Oemocraty and Scrutiny CoMMee en$US that members of the Union are uhirnately responsible for the appointment of all trustees. in line with our democratic pnnciples. It also ensures that the Union is able to collsider the balance of ski115, diver5tty and experierKe across the Board on an annual basi5.
BATH SPA UNIVERSITY STUDEfrItS' UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY2022 Traini 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 supported by an online Trustee Resource pack containing all relevant information and the Trustees, Code of Conduct. Sabbatical Officers and Siudenl Trustees are provided with additional 5UPPOrt from both staff members and outgoing officers io ensure a smooth transition period and to 5UPPOrt the new trustees to undeInd and undertake thelr responslbilr(ies. They also have on-going 5talf 5UPPOrt to 8uide them through Board and Committee papers and to advise on areas such as conflicts of interest. Periodically the Board undertake5 a'Board Eflertweness Review.. working wrth an external consultant to consider how well it is workin8 and any improvernents that can be made to the induction process. operations or support available to ensure ihe Board functions effectively. mocrac, & Scrutin Commit The Democracy & Scrutiny Cornmittee represents the voice of ihe students. The UThion is a democratic or8anisation, led by students for the benefrt of Siudenis. Ml student5 are rnembers of the Vnlgn and are able to bring any issues lor consideration by the Comrnfftep who in turn can make any recommendatlons or ralse anv issues with the appropriate comrnittee or directly to the Board of Trusiees. The CornmittÈe is rnade up of a number of representètives and members of the Union, including up to: Four sabbatical officers Thrèe Senior Academic Reps Thret reps from Protected Societies Six students that hold leadership status within the Student5. Union le.8. club or society committee members, course or oiher rep51. Two student members elecied by cro55 campus ballot Democracy and Scruliny Committèe is responsible for the oversi8ht and developmÈnt of.. the policy and by-laws of ihe Union. jointty with the Board ol Trustees ensuring that the Union has equality. diverslty and incluslon at the heart of its strategy and operations en5urinÉ the Unlon operates ethicallv ensuring the Union and it5 officers are accountable to students ensuring an equality ol representation lor all students The Board of Trustees delegates day-to-day management of the or8anisation to the Chief Executive. Sarah Dawes, who is responsible foi.. implementing the policies and strategies of the organisation ensuring that the Union operates within budgets approved by the Trustees advjsing the Trustees in relation to policy, strategic planning. perforfflance and finance The Chief Executwe 15 fu'rther supported by the Senior Leadership Tearn comprising the PTesidenl, senior managers and a representative from the Universrty nominafed by the Vice Chancellor. The Senior Leadership Team is responsible for OveeeIng the day to day running of the Union.
BATH SPA UNIVERSITY sfuDENTS' UNION TRUSTEES, REPORT ICONnNUEDI FOR THE YEAR ENDED 31 JULY2022 Relationshi with Bath S a Universi The Llnion has always had a 8ood relationship with the Urbiver5ity which 15 maintained through regular meetings between the Vice-chancellor's Oflice. Senior Manager5 from the Union and University and the Sabbatical Officers. The President is a member of the Unwer5ily's Board of Governots and Academic Appeals Committee. Senlor Union stsff and Sabbatiol Offiters attend key University decision makin8 forums, includin8 the Student Feedback Management Group. Equality & Oiversity Steerin8 Group. Health & Safety and Emergency Plannlng Committees and the Access & Partlcipation Steering Group. Representatives from the Vice-chancellor's office attend (he Senior Leadership team, art as Depuly Rètvrnlng officer lor Union elections arnd also as the University Board ol Governors. independent arbiter for the Union's Complaints Procedure. Alon8side the Constitution, the Union also operates wtthin the Students, Union's Codè of Prartitè. Thls 15 approved and rev1ewed by the UnK*n's Board of Trustees and Bath Spa Univer51ty Board of Governors and Issued in accordance wilh the Education Act 1994, Section 22. This document outlines the relationshbp with and oversight of the Union. in particulai relating to the Union's constitution. membership, election5, affiliations. paid oflicers, lirnances. complaints processes and notrficaiion requirements. The Code of Practice is further SUPPOrted by a Relationship A8reement which looks in Breater deiail at how the two or8anisations work together in a mutually supponive environment for the benefit of students. I he Relationship A8reement was Jointly approved by ihe University's 8oafd of Governors and the Union's Board of T¥ustees. The Board ol Trustees has overall responslbllity for ensurlng the ma)or strateglc, operational and business rlsks facing the organisation are Identified and controls are in place. The Audit and Risk Committee advise5 the Board of Truste on the adequacy and effectiveness of the or8aniSation's internal controls and policy framework. The Unlon has a range of policies and pro(edures to en$ the Heallh and Safety of staff, volunteers, participants and visitors. These are periodically reviewed to ensure they remain lil for purpose and pertormance is monitored by the Audit & Risk Committee. The Board of Trustees has an approved Risk Policy In place. It reviews its associated Risk Re8i5ter and Corporate Risk Management Action Plan annually. with any new or emerging risks being added to the register a5 they are idenlilied. Progress in achieving the actions sdentified in the Corpoiale Risk Management Plan are reviewed at each meeting of the Board of Trustees. Understandably a number of risks were Identified as a re5uh of Covid-19 and the acllons to mltigate againsl these and their long term Impact have contiTrued to be closely monitored by the Board of Tru51ees throughoul 2021-22.
BATH SPA UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR EAIDED 31 JULY2022 Administrative Information Re815tered charity name.. Bath Spa University Students. Union Registration number: 1184597 Prlntipal Address 8ath Spa University Sludents, Union Newton Park Campus Newton St. Loe Bath BA2 9BN The Board ofTrustees The Member5 of Bath Spa Univer5ilv Students. Union are it5 Trustee5 for the purposes of Charity law and throughout this report are collectively referd to the Trvstees The Trustees 2021-22 were-. Sabbatlcal Officer Trustees Presldent (Chalrl Marianne Evans (Originally appointed as • student trustee on IX July 2020. before being elected as President in 202 1 bein8 re-appointed a5 a Sabbatical Officer Trustee land chairl on 1st July 20221 Vlce President Opportunities lack Mapston IAppolnted l%t July 2020. resigned 30th June 20221 Allce Tedds (Appolnted 1st July 20221 Vice President Welfare & Community Sian 8entley (Appointed 111 july 2021, rèsi8ned 3LV* lune 20221 Neetu Karwal (Appointed 1st July 20221 Vice President Education Jasmine Small (Appoinled 1st July 2021. resigned June 20221 laura Bold (Appointed 1st July 20221 External Trustees Mag81 Thomas (Appolnted 08 Oclober 2013. resigned 3thh June 20221 Michael Roy (Appointed 281 April 20151 Christopher Ellicott (Appointed 29 May 20191 Russell Thomas (Appointed io Novernber 20201 Robert 81ake-Byrke IAppointed 1st July 20221 10-
BATH SPA UNIVERSITY STUDEKfs' UNION rRUSTEES' REPORT ICONTINUEDI FOR THE YEAR ENDED31 JULY2022 Student Trustees Matthew Marsh (Appointed ijf July 2020. resigne(130th June 20221 Lauren Stone (Appoile 151 Juty 2021. resigned 30th June 20221 Moss Maxwell Rumboldt IAppointed I" July 2021, res4gned 30th June 20221 Thomas Rome IAppointed 1° july 2021, resrgned 30th June 20221 Hugh Haines (Appointed 151 July 20221 Julia Saunders (Appointed 1st July 20221 Jasmine Raymond-8èrker (Appointed 1st July 20221 Erica 8rackenbury (Appointed 1st July 20221 Adw50rs Audltors Bankers TC Group Santander Corpornte Bankin8 Bridle Road St Matthew's House Qua Office Park Conference Avenue 8ootle MÈrseystdè Portlshead L30 4GB BS20 7LZ The Trustees. report was approve(I bythe 8oard of Trustees. M Evans Trustee Dated:.a.0..M...0H 11
BATH SPA UNIVERSITY sfuDENT5' UNION STATEMENT OF TRUSTEES. RESPONSIBiunES FOR THE YEAR EhlDE0 31 JULY2022 The Trustees are responsible for preparing the Twstees. Report and the financial st3ternents in accordance with applicable law and United KinÉdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financtal Statements for each financial year which 8ive a true and fair view of the stale of affairs of the Charrty and of the incoming resources and application of resources of the Charity for that year. In preparing these linancial stalernents. the Truslees are required to: selert suitable accountin8 policies and then apply them consistentty,. observe the methods and principles in the Charities SORP,. rnake lud8emen15 and e5tlmates that are reasonable and prudent,. slate whether applicable accountin8 Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the 8oiTrB concern basis unles5 It Is Inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keepin8 sufficient accountin8 record5 that disclose wilh reasonable a¢¢ura¢y at any lime the flnan¢lal posltlon of the Charity and enable them to ensure Ihat the financial statements complv with the Charities Act 2011, the Charff¢V (Accounts Jnd Reports1 Regulations 2008 and the provlsions of the trust deed. They are also responsible for safeguarding the assels of the Charity and hence ltyr taking reasonable steps for Ihe prevention and detection ol fr#ud and oihtr rrre8ularities. 12-
BATH SPA UNIVERSITY StuDE[S. UNION INDEPENDE AUDITOR'S REPORT TO THE TRUSTEES OF BATH SPA UNIVERSITY STUDENTS. UNION Opinlon We have audited the financial statements of Bath Spa Universrty Studen15' Union (the 'Chanly'l for the year ended 31 July 2022 which comprise the statement of financial artivities, the balance sheet, the statement of cash flows and the notes to the financial statements. including a summary of si8nificant accountin8 policies. The financial reporting framewofk that has been applied in their preparation LE applicable law and UtTrited Kingdom Accounting Standards, including Financial Reportin8 Standard 102 7he Finonciol Reporting Stonéord opplicoble in the UK onGI Republic oJirelond (United Kingdom GeneTrlly Accepted Accounting Practice). In ovr oplnlon. the flnanclal statèments: give a true and lair view ol the state of the charily's affair5 as ai 31 Juty 2022 and ol its incoming resources and application ol resources, for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice,. and have been prepared In accordance with the requifement5 of the Charities Act 2011. Basis for oplnion We conducted our audit in accordèncÈ with International Standards oft AuditlllE IUKI IISAS IUKII and applicable law. Our re5ponsibilitie5 under those standard5 are further described In the Auditor's responsibilities for the Gudit of the financial 5totementS section of oui report. We are indek)endent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial staiements in the UK. including the FAC'S Ethical Standard, and we have fulfilled our other eihiol reswnsibilities in accordance with these requirements. We believe that the audit evidence we have obtalned is Sufficient and appropriate to provide a basis for our oplnion, Concluslon5 relatlnl to goln8 concem We havè nothing to report in respect of the following rnatte in relation to which the ISAS IUKI rèqulre us to report io v()u where.. the Trustees, use ol the 80in8 Concern basis of at¢ountin8 in the prèparation of the flnanctsl slatement5 15 noi appropria¢e,' or the Trustees have not disclosed in the h"nancrdl siatements any identrfied rnaterial uncertainties that may casl SlEnifitartt doubt about ihe Charity's ability to continue to adopt the goin8 concern basis of accounting for a period ol at le35t twefve months from the date when the flnancial statements are author15ed for Issue. 13-
BATH SPA UNIVERsifY STUDENTS. UNION INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF BATH SPA UNIVERSITY STUDENTS. UNION Other Informètbon The Trustees are responslble for the other information. The other irbformation comprises the information included in the annual report, other than the financial statements and our auditoi's report thereon. Our opinion on the rinancial statements does Trot cover the other informatitin aThd we do not express any form of assurance conclusion thereon. In connection with OUT aud¢t of the financial stements, 0r sponSibl111Y Is io read the other Information and. in doin8 $0, consider whether the other informatton 15 rnaterialty inconsistent with the financial statements or our knowl&dge obtained in the audit or otherwt5e appear5 to be rnaterial mi5Stated. 11 we identify such material inconsistencies or apparent material rnisstatements, we are required to determine wheiher there is a material mlsstatement in the fiThanclal statements or a malerial misstatement of the other information. If. based on the work we have performed, we conclude that thert Is a material mtsstatemeni of this other inlofmation, we are required to report that fatt. We have nothing to report in thi5 reeard. Matters on whlch we are requlred to report by emceptlon We have nothing to report in Spect of the following matters in relation to which the Charrlies (Accounts and Reports) RegLrlaiion$ 2008 require us to report to you il. in our opinion.. the information gwen in the financial statements Is Inconslstent in any material respert with the Trustèes. report,. or sufflclent accountlng records have not been kept.. or the financial statements are not in agreement with the accounting records.. or WE have not received all the information and explanalions we require for our audll. Responsibilities of Trustes As explained more lully in the statement of Trustees, responsibilities, the Trustees are responsible for the preparation of the financial statemènts and lor being satisfied that they give a true arnd lair view, and lor such internal contiol a5 the Trustees deterrnrne 15 necessary to enable the preparation of financial Statemènts that are free trom material mi55tatement, whether due to Iraud or error. In Pparing ihe financial statements. the Tiustees are responsible for assessing the Charily's ability tg tontinue as 3 80in8 concern, dis¢losin8, as applicable, matters related to going concern and using thc 80iThg concern basis of attounting unlèss the Trustee5 either intend to cease operatiors. or have no realistic alternate but lo do so. 14
BATH SPA UNIVERSITY STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEE5 OF BATH SPA UNIVERSITY STUDENTS. UNION Auditor'5 sponsibl11t•eS for the aLKltt of the finantial rtatÈments We have been appointed as èudrtor under section 144 of the Charities Art 2011 and report In accordance with the Act and relevant re8ulations made or havin8 effect thereundeT. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material rni5Statement. whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assufante is a high level ol assurance. but 15 not a guaTrntee that an audit conducted in accordance with ISA5 IUKI will always deteu a material mis5talement when It exists. Misstatement5 can arise from fraud or error and are considered material rf, indivKlually or in the aÈÈregate. they could reasonably be expeded to influence the economic dec15ions ol users taken on the basis of thesè financial statement5. A further description of our responsibilities for the audit of the finaTr¢ial statements is located on the Financlal Reportin8 Councll's web51te at.. http'.//www.frc.org.uk/auditorsresponsibilitie5. This desuiption forms part of our auditor'5 report. Oth•r matt•r Your attention is drnwn io the fact that the charity ha5 prepared fjnancial statements in accordance with "Acccunling and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicablè in the UK and Republic ol Ireland IFRS 1021 las amended) In preference to the Accountin8 and Reporting by Charities: Statement of Rècommended Practlce155ued on l April 2¢XIS which is relefred to in ihe extsnl re8ulations but has now been withdrawn. Th has btèn done In order lor the financial statements to provide a inje and fair view in accordance with Generally A£tepted Accountlng Praclice effective for reportin8 periods beginning on or after I january 2016. Use of our rèport This report is made solely lo Ihe charity's trustees. as a body, In accordance with part 4 of the Charities (Account5 and Reports) Re8ulations 2008. Our audit work has been undertaken $0 that we might state io the charity's trustees those matters we are required to state to them in an auditors. report and for no other purpose. To ihe fullest extent perrnitted by law. we do not accept or assume responsibility to anyone other than the charity and the charsty's trusteeg as a body. foi our audrt work, forihis report, or for the opinions we have formed. TG GrLy TC Group Statutory Auditor Office. Portishead Oate.. 30 March 2023 TC Group 15 eligible lor appointment as auditor of the Charrty by virtue of its eligibility for appoinlment a5 auditor ol a company under of 5ertion 1212 01 the Companies ALt 2006 15_
BATH SPA UNIVERSITY STUDETrITS' UNION srATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31 JULY2032 Unrestfirted funds 2022 Total 2021 Notes Income and endowments from: Donations and legacies Charitable activities Other tTading activities Investment5 Other income 623,978 587,681 91,081 558 7.718 732,912 201.754 23,212 25 20,759 Total income 1.311,016 978,662 Ex endituie on: Raisin8 funds 109.063 28,402 Charitable activktle5 1,266.248 965.124 Total resources expended 1.375,311 993.526 Net expefiditurt for the yearl Net movement in funds 164.2951 114,8641 Fund balances at l August 2021 765,449 780,513 Fund balances at 31 July 2022 701,154 765,649 The staternent of financial activtlies includes all gains and losses reco8ni5ed in the year. All income and expendr(ure derive from continuing activities. 16-
BATH SPA UNIVERSITY StUDEritS' UNION BALANCE SHEET A5AT31 JUIY2022 2022 2021 Notes Fixed assèts Tangible assets Current assets stocks Debtors Cash al bank and in hand 13 581,208 606,273. 14 15 25,123 24,081 145.215 18.199 33,417 174,936 194,419 226.552 Credltors.. amounts falling duè within one year 16 174,4731 167,1761 Net current assets 119.946 159,376 Total assets less curr•nt liabiliti•s 701,154 765,649 Income lunds Unrestrlctèd fund Deslgnated funds General unreslricled fund5 ene 17 66,205 634.949 72.520 693,129 701,154 765,649 701,154 765.649 The financial statements were approved by the Trustees on. 20 ioig M Evan5 Trustee 17-
BATH SPA UNIVERSITY STUDENTS, UNION STATEMENT OF CASH FLOVIS FOR THE YEAR ENDED31)ULY2022 2022 2021 Notes Cash flows from opèratlng attlvltbes Cash lab50rbed byllgenerated from operations 126.1771 25,762 Inve5tin8 art4&fjttes Purchase of iangible fiyed assets Proceeds on disposal of tan8ible fixed assets Interest received 14,1021 120.8231 2,564 25 558 Net ¢a5h used In InveIng adl%4ties 13,5441 118,2341 Nrt tash used In flnanclng acil¥ltles Plet Ide¢reasellln¢rease In cash and cash equlvalents 129.7211 7,528 Cash and cash equhialents at be8lnnlng of year 174,936 167,408 Cash and cash equlvalents at end of year 145,215 174,936 18-
BATH SPA UNIVERSITY STUOENTS. UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY21122 Accounting policies Charlty Information Bath Spa University Sludenls, Union is a charitable incorporated or8anisalion and is Boverned by the Union's Constitution. which was approved In May 2020, prior to its incorporation on ljt August 2020. The Chartty replaced the previous unincorporaied a5S0Clation111390371 which ceased trading on 31st July 2020, transferring all its assets and liabilities to the new Charitable Incorporaled Organisation111895471 on IJI Au6USt 2020. 1.1 Atcountin8 convention The financial statements have been prepared in a(coance with the Charity's18overnin8 documenil. the Charities Act 2011 and -Accounting and Reporting by (harrf¢ies'. Statement of Recommended Prattice applicable to tharilies preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ifeland IFRS 1021- las amended for accounttng periods cornmenclng from l January 20161. The Charily is J Public Benéfot Entity as defined by FRS 102. The finan£ial statemenis departed from the Charltles IAccounts and Aeportsl Re8ulations 2CQ8 only lo Ihe extent required io providè a truè and fair vlew. Thls departure has Involved followin8 the Staternent of Recommended Practice for charities applying FRS 102 rèther than the vefsion of the Statement of Recommended Practice which is referred to In the Re8ulatK)ns bul which has since been withdrawn. The financial statements are prepared in sierlin& which is the furKtional currency of the Charity. Monetary amounts in these financial siatemènts are rounded to the nearest £. The financial Statements have been prepared under the historical cosl convention. The principal accounting policies adopted are set out below. 1.2 Golng corncwn The 8ath Spa University Students, Union conlinue5 to generale a funding deficit from various prirnary purpose trading aclivitie5 and it will alway5 be dependent Upgn the University's SUPPOrt. Along with other Similar tharrties and or8anisations, the COVID-19 pandemic has brought many uncertainties to Ihe 8lobal economy. The impact of this on the (haiily 15 highlighted in fvrther detatl within the Trustees, Annual Report. Nolwith5tanding these uncertainties. the Trustees have Ih05en to prepare the. financial statements on a 80in8 concern basi5 8iven the on8oin8 3UPPOrt the charity rtteives from Bath Spa University. The Education All 2011 imposes a duty on ihe University to ensure the firnancial viabillly of Its student preSentatIVe body. 1.3 Charitable funds unstrICted funds aré available for use at the discretion of the Trustees in furtherance tsf their charitable objectives unle55 the funds have been de5iÉnated for other purposes. Restricted funés are subject to specrfic condilions by dorbof5 as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial Statements. Endowment fund5 a subject to specific conditions by donors that the capital must be rnairhtained by the Charity. 19-
BATH SPA UNIVERSITY STUDENTS. UNION
NOTES TO THE FINANCIAL sfATEMENTS ICONnNUEDI
FOR THE Y£4R EAIDEO 31 JULY2022
Accounting pollcies
Icontinuedl
1.4 In¢omln8 resources
The 5tudeTrt5' Union receive5 a block grant and other miscellaneous grants from 8ath Spa UnNersity each
Iinancial year. These are iDclude(J within donations and legac$ OD a received basis.
Tlme donated by the Students, Union members is Trot reco8Dised in the financial statements as this cannot
be reliably measured.
All intome from charilable adivities and trading adivitie5 are recognised on an accruals bas¢s. excluslve of
value added tax. wlth any money received forservices provided after the year end deferred.
oiher income 15 credited to the Statement of Financial Activrties in the year in which it is receNable.
1.5 Resources expended
Liabilities are recognised as expenditure a5 soon as there a le8al of ¢onstructlve obligation corrrnittlng the
charity to that expenditure. rt Is probable that a transfer of e
BATH SPA UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENtS ICONTIfrIUEDI FOR THE YEAR ENDED 31 JULY2022 Accounting policres (Continued) 1.7 ImpaSrment of fixed assets At each reporting end dale. the CharFty reviews the TryIng amounts of its tangible assets to determine whether there is any indication that those a55et5 have suffered an impairment loss. If any such indication exrsts, the recoverable arnount of the asset is estimated in order to determine the extent of the ifflpairment 1.8 Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. 1.9 Cash ¥nd $h equivalents Cash and cash equivalents include cash in hand, deposit5 held * call with bantrs. other short-term liquid Investments with original maturilies of three monlhs or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowings In current Iiabiliiies. 1.10 Flnancial instruments The Charity has elerted to apply the pmisions of Section 11 '8aslc Flnanclal Instrument5, and Seclion 12 'Other Financial Instruments Issues, of FRS 102 to all of Its financlal Instruments. Financial Instrument5 are recognised in ihe Charity's balance sheet when the Charity become5 Party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented In the financial statements, when there is a legally enforceable rl8ht lo set off the remgni5ed amounts and there is an intention lo settle orb a net basis or to realise the asset ènd settle the liability simultaneous. 8o51rfinun¢lol as5rts Basic financial assets, which include debior5 and cash and bank balarb¢es. are Initialw measured at transaction price Including transartion costs and are Subsequently carrled at amortised cost usin8 Ihe effective interest method unless the arrangement ¢OnSlitutes a finanting transaction, where the transaction is measured at the present value of the future recèipts discounted at a market rate of interest. Financial assets classified as recervable within one year are not amortised. Bosicfinonclal liabilitles Basic lillancièl liabilrties, including c(lit0r$ and bank loans are iniiialty recogni5ed at transaction price unless the arran8emenl ionstilutes a financing trans3Ction. where the debt instrument 15 rneasured at the present value of the fulure payments discounted at a market rate of inte$t. Financial liabilities classified as payable within onè yèar are not amortised. Debt instrument5 are 5ub5equently (arried ai amortised cost. using the effective interest rate method. Trade creditors are obli8ations to pay for goods orservices that have been acquired in the ordinary course ol operations from suppliers. Arnount5 payable are dassifi.ed as culnt liabrlities if payment is due within one year or less If not, they are presented as non-curreTrt Iièbilrties. Trade creditors are recognised initially at transaction price and subsequently measured at amort15ed c05t Using the effective interesl method. 21
eATH SPA UNIVERSITY STUDEvfs' UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EPIOED31 JUIY2022 AccountinB policie5 Icontinuedl Derttoqnftlon offin0ndoll1¢7lltIeS Financial liabilities are derecogni5ed when Ihe Charrty'5 contrartval obligation5 expire or are discharged or cancelled. 1.11 T•xatlon The charity is exempt from tax on its charitable artivities. 1.12 Employee beneffts The cost ol any unused holiday enlillement is reco8ni5ed In the period in which the employee's seNices are received. Termination benefrts are recognised immediately a5 an expense when the Charity Is demonstrablv committed to terminate the employment of an employee or to provide termination benefits. 1.13 Aetirement benefits The charily contributes to dèfin contribution pension schemes. Contributions payable to the charity's pen5Tr0n schemes art ¢har8èd lo Ihe Statement of Flnancial Activities in the period to which they rel•te. 1.14 Leases leases are cla$5ilied as finance leases whenever the terms of the lease iransfer sub5tantsally all the risks and rewards of ownership io the lessees. All other lèases are classrtled as operating leases. Renta15 payable under operating leases are charged to the Statement ol Financial Activittes on a strai8ht line ba515 over the period of the lease. Asiets htld under finance leasès are recognised as asseis at the lower of the assels fair value at the dale ol inception and the piesent valuè ol the mrnimum lease payments. The related liability Ig Included In the balance sheet a5 a finance lease obligaiTron. Lease payments a tfeated as consislin8 of capital and Interest element5. The interest 15 charged lo the Statemenr of Financial Activities so as to produce a c¢nstant periodic rate of interest on ihe remaining balance of the liability. Critical accountin¥ estirnates and judMents In the application of the Charity'5 attounting pollcies. the Trustees a reqUId to make jud8ementS. estimales and assumptions about the carrying amount of assets and liabilities that are not readily appanI from other sources. The e5timate5 and a55ocialed assumptions a based on hislorical experience and other factors thal are considered to be relevant. Aciual results may differ from these estimates. The estimales and underlying assumptions are reviewed on an ongolne basls. Rewsion5 to aEcounting estimaies are recognised in the period in which ihe esrimate is revised where Ihe rewsion affects only that period, or In the period of the ievision and future periods where the revision affects both current and future period5. 22-
BATh SPA UNIVERSITY UDENrs. UNION NOTES TO THE FINANOAL STATEMENTS {coNfiNUEDI FOR THE YE4R ENDED 31 JUIY2022 Donatlons and legade5 Total funds 2022 Total funds 2021 Donatioris and gifts Grant5 received. included in the above. a as follows: 7,497 616,481 2.197 730.715 623,978 732,912 Grènts re¢eiT*d. induded in the above. are •5 follows: Bath Spa Univer5ily- Block Grant Bath Spa University- Other grants lob Retention Scheme (Govemient gfantl 575,232 35,525 5,724 527,000 130,000 73,715 616,481 730,715 Income from: Charitable artivities Total Funds 2022 Total Funds 2021 Freshers week Gyrn Wellaie and preSentatIOn Student societies Shop Bar and Cafe NUS extra cards 28.106 2.850 14,2901 1,462 ICK),S50 281,940 173,281 342 31.389 119.794 50,992 1,019 587.681 201,754 -23-
BATH SPA UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 JUIY2022 Other tradln8 ?cllvltle5 Total fun(ts 2022 Total funds 2021 Fundraising events Marketin8 58,728 32.353 2,910 20.302 Other trading activities 91,081 23.212 Investments Total lunds 2022 Total funds 2021 Interest income 558 25 Othèr Income Total lunds 2022 Total funds 2021 Other incorne 7,718 20.759 Ralslng lunds Total fvnds 2022 Total 2021 Fundraisi Marketing Fundraising costs and ublic 30,451 78,612 25,452 2,950 Fundraising and publicitv 109,063 28.402 -24_
BATH SPA UNIVER5trY UDENrs. UNION NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY2023 Expenditure on.. Charitable arti*ties Oirect CO$ Direct Costs 2022 2021 Freshers Week Gym Welfare and representation Student s(xieties Shop Bar & Cafe 36,719 9.370 28,581 141,599 267,288 157,713 11,750 11,411 6,541 172,856 145,589 112.744 641,270 460,891 Share of 5UPPOrt costs (see note 101 Share of governan¢e costs (see note 101 612,478 12.500 494.148 10,085 1,266,248 965,124 10 Support costs support Govemance Costs Cost5 2022 2021 FrÈshÈrs Weèk Gym Welfare and representation Student societies Shop 8a¥ and Cafe 35,071 8,949 27.298 135.241 255.287 150.632 716 183 557 2.760 S,210 3,074 35,787 9,132 27.855 138.Crf)I 260,497 153,7C6 12,855 12,484 7.156 189.112 159,280 123,346 612.478 12,500 624,978 504.233 Anatysed between Charitable activrties 612,478 12,51XJ 624,978 504,233 Governance costs Include payments to the auditor5 of £8.65012021.. £7,500) for audit fees. Support COSt5 are 5pltt between Managernent cost5 of £581,228 12021= £469,938) and Finance costs of £31,25012021.. £25,125) -25-
BATH SPA UNIVERSITY STUDEpifs' UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDE031 JUIY2022 11 Remuneration and benefits In aetordanee with the Bath Spa University Students, Union's Conslitution. salaries were paid to the elEtted officers In respeu of qualifying seNices. These were as follows- 2022 2021 Ceri Bailey Megan Robertson Emily Casey Jack Mapstoft Sian Bentley Marlanne Evans la5rnine Small Laura Bold Neeiu Karwal 17,978 17,978 18,317 19,612 2,179 2.179 2,179 18,414 18.414 20,088 18.414 2,372 2,372 2,372 Alice Teds 82,446 80,422 12 Employees Number of emplDyee5 The average monthly number of employees durin8 tht year was= 2022 Number 2021 Number Salarled staff Casual staff 22 17 23 39 29 The above staff numbers equate lo 29 full tirne equwalents. The number of emph)yees whose annual remuneralion wa5 £60.IM)O or more we. 2022 Number 2021 Nurnber Salaried staff
BATH SPA UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS ICONnNUEDI F(Th THE YEAR ENDED31 JULY2022 13 Tangible fixed assets le01& Pl•Trty eqWpment Te5 aDd B•r & krt(hen eqwipmETht TO#1 Co At I Au8USt 2021 Addrtions 722.194 274.773 111.896 4,102 101,825 1.210,688 4,102 Ai 31 july 2022 722,194 274,773 115,998 101,825 1.214,790 Deprtciation and rmpalrn)ent At l August 2021 Depreciation char8ed in the year 161,295 14.441 258.037 7.292 85.770 6,046 99.313 1,388 604,415 29.167 Al 31 july 2022 175,736 265,329 91,816 100,701 633,582 Carrwn8 amoynt At 31 july 2022 546.458 24.182 1.124 581.208 At 31 July 2021 560.899 16.736 26,126 2,512 606,273 14 Stotks 2022 2021 Goods for resale 25,123 18,199 15 Debtors 2022 2021 Amounts falllng due within one year: Trade debtors Other debtors Prepaymenis and a¢¢rutd income 8,816 819 14,446 5,249 13,360 14,808 24,081 33,417 -27-
BATH SPA UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS IcoKllNUEDI FOR THE YEAR ENDED31 JULY2022 16 Creditor5: amounts fallinz due within one year 1022 2021 Othertaxation and social security Trade tieditors Other crediiors Accruals and deferred income 32.794 14.543 11,627 15,509 30,044 5,654 856 30.622 74,473 67,176 17 Deslgnated funds The income funds of the charlty include the followi desi8naled funds which have been set aside oui of unrestricted funds by the trustees lor specific purp05es'. Movement in funds •source5 14M4USt 2WI Waterald Club5 and societies 1.355 71.165 1,355 64,8SO 95.703 1102,0181 72,520 95.703 1102,0181 66,205 WaierAld The Union assists a local fundralslng 8roup to raise monbes for Water Aid. aub5 & Societies Any unspent income at the end of the year. whether raised by member5 or a5 a result cif unspent funding from the Union in rel[On io clubs and socleties, 15 carried forward for use in future periods. Any deficit ol 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 exisling deth and work to addsS that deficit. Where a club or society ceases or becomes inactive for 2 years, any funds held as relurned to the general budget to SUPPOrt other Student auivity. -28-
8ATH SPA UNIVERSITY miDENTS' UNION NOTES TO THE FINANCIALSTATEMENTS ICONTINUEOI FOR THE YEAR ENDE031 JULY2022 18 Analy515 of net assets between funds Desi8nated General fvnds 2022 Total Total 2022 2022 2021 Fund balances at 31 July 2022 are represented by.. Tangible Flxed As5elS OtheT Net Assets 581,208 53,741 581,208 119,946 606,273 159,376 66,305 66,205 634.949 701,154 765,649 All of the above are unfestricted lunds. 19 Flnanclal commltmentsi 8uartntees and ¢onlin8eTrt liabilitle5 Bath Spa Students. Union i5 aware of recenl examples of a change by HMRC in the interpretatton of the framework o¥er the treatment of calering supplies in educatlonal establishments where these have been provided by Students Unions. Tht matter rs currently bein8 contested nationally, led by the National Union ol Students. The outcome and possible financial effect of this marter is ojrrently unknown. Whilst Bath Spa Students, Unlon follows all previous advice received from HMRC, it has taken the precautionary measure of disclosin£ the existence ol thi5 contin8ent liability in these acco15. 20 OperatinÉ lease tt*mmitments At the reporting end date the Charity had 0standIng commitments for future mlnlmum lease payments under non-tancellable operalin8 leases. which fall due as follows.. 2022 2021 Within one year Between two and five years In over live year5 40.891 2rxi.o 240.OLYJ 48.164 2(,891 280,0 480,891 529,055 -29-
BATH SPA UNIVERSITY sfuDENT5' UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YR ENDE031 JULY2022 21 Relatèd party trnnsactions During the year. Bath Spa Unrversity Students. Union retefivèd a recurrent block grant Irom Bath Spa University 01 £527.(Y)012021- £527,1XM)}. Bath Spa University Students. Uniov feceived other grants and income from 8ath Spa University of £83,757 12021.. £130.0(K)I during the year. The balance outstanding at the year end of £Nil12021.. £Nill is included in debtor5. Bèth Spa Universily Students, Union made pufchases of £47,20312021.. £54,CQ51 from Bath Spa University durln8 the year. The balance outstanding of £Nrl12021.- £NIll is Included in creditors. The key management personnel arè considered to be ihe Trustees. the Chief Executive Officer, the Head ol Menibership En83gement and Deputy Chief Ex*cutive Officer and the Head of Opèrations and Business Development. The key management persgnnel remuneraiion lor the year wa5 £256,29212021.. £180,743>. 22 Cash generated Irom operatlons 2022 2021 Defltlt lor the year 164,2951 114,8641 Adjustment5 for.. Investment Income reco8nised in statement ol financial artivitiès Depreciation and irnpairmeni of ièngible fixed assets 15581 29.167 29.996 Movements in w(yrking tapi131'. Ilncreaselldecrease in stocks Decrease/lincreasel in debtors Increase in creditors 16,9241 9.136 7,297 8,332 14,7161 7.039 Cash labsorbed byllgenerated from operations 126,1771 25,762 23 Analysls of changes in net funds The Charity had no debt duiing ihe year. -30-
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