##
##
|Reference and administrative
details|Reference and administrative
details||ofthe Charity,|its Trustees and advisers|Page|
|---|---|---|---|---|---|
|Trustees'
report|||||2-11|
|Independent|auditors'
report on the|financial statements|||12-15|
|Consolidated|statement
offinancial|activities|||16|
|Consolidated|income and expenditure||account||17|
|Consolidated|balance sheet|||||
||||||18 - 19|
|Charity balance sheet|||||20-21|
|Consolidated|statement
ofcash flows||||22|
|Notes to the|financial statements||||23-47|
|||r|
|---|---|---|
|||THE STUDENTS' UNION AT BU LTD|
|||(A company
gmlted
by guarantee)|
|REFERENCE AND||ADMINISTRATIVE
DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS|
|||FOR THE YEAR ENDED 31 JULY 2023|
|Trustees||C Cannon,
External Trustee|
|||M James, External Trustee|
|||N Thompson,
External Trustee (appointed
15August 2022)|
|||M Ealing, External Trustee (appointed
15August 2022, resigned 30January 2024)
S Mcculloch,
External
Trustee (appointed
1 June 2023)
S Omoha,
External Trustee (resigned 23 January 2023)
0Ayomoto,
Sabbatical Trustee (resigned
14 July 2023)|
|||C A Dike, Sabbatical Trustee|
|||N V Deka, Sabbatical Trustee|
|||H Tyack, Sabbatical Trustee (appointed
17July 2023)|
|||F Farha, Sabbatical Trustee (appointed
17July 2023)|
|||FAsafu-Ad)aye,
Sabbatical Trustee (resigned
16June 2023)|
|||G Forester, Student Trustee (resigned 31 August 2023)|
|||K Khan, Student Trustee (resigned 31 August 2023)|
|||BYoung, Student Trustee (appointed
1 September 2023)
0Aikohi, Student Trustee (appointed
1 September 2023)
L0Grace, Student Trustee
0 Lawalson
(appointed
1 September 2023)|
|||D Harvey (appointed
1 February 2024)|
|||A Yafele (appointed
1 February 2024)|
|||M Longdon
(appointed
1 February 2024, resigned 27 February 2024)|
|Company|registered||
|number||12592489|
|Charity registered|||
|number||1189548|
|Registered|office|The Student
Centre|
|||Boumemouth
University|
|||Poole|
|||BH12 5BB|
|Senior Management||SLeahy Harland,
CEO (resigned
28/02/2024)|
|||H West, Interim CEO (appointed
01/03/2024)
J Harris,
Head of Operations
and Governance|
|||M Koseva, Head of Strategy and Development|
|||D Scriven, Head of Finance (resigned
30/06/2023)
J Raggett,
Interim
Head of Finance (appointed
01/07/2023)|
|Independent|auditors|Griffin|
|||Chartered
Accountants|
|||Courtenay
House|
|||Pynes
Hill|
|||Exeter|
|||EX2 5AZ|
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|||||||As restated|
|---|---|---|---|---|---|---|
||||Restricted|Unrestricted|Total|Total|
||||funds|funds|funds|funds|
||||2023|2023|2023|2022|
|||Note||6|6|8|
|Income from:|||||||
|Donations
and legacies||||1,684,207|1,684,207|1,646,885|
|Charitable
activities||||1,224,895|1,224,895|1,053,304|
|Other trading
activities||||1,346,635|1,346,635|1,568,125|
|Investments||||590|590|25|
|Other income||||23,882|23,882||
|Total income||||4,280,209|4,280,209|4,268,339|
|Expenditure
on:|||||||
|Raising funds||9||1,311,206|1,311,206|1,088,376|
|Charitable
activities||10|3,464|2,948,714|2,952,178|2,524,885|
|Total expenditure|||3,464|4,259,920|4,263,384|3,613,261|
|Net (expenditure)/income|||(3,464)|20,289|16,825|655,078|
|Transfers
between|funds|22|122,354|(122,354)|||
|Net movement
In funds|||118,890|(102,065)|16,825|655,078|
|Reconciliation
offunds:|||||||
|Total funds
brought|forward||(938,462)|1,051,508|113,046|(542,032)|
|Net movement
in funds|||118,890|(102,065)|16,825|655,078|
|Total funds carried|forward||(819,572)|949,443|129,871|113,046|
||||||As restated|
|---|---|---|---|---|---|
|||||Total funds|Total funds|
|||||2023|2022|
|Gross income
in the reporting
period
Less: Total expenditure|||Note|8
4,280,209
(4,263,384)|4,268,339
(3,613,261)|
|Net income/(expenditure)|for the reporting|period||16,825|655,076|
|The notes on pages 23 to|47 form part ofthese financial statements.|||||
##
##
||||||CONSOLIDATED|CONSOLIDATED|BALANCE|SHEET|||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||AS AT 31|JULY 2023||||
|||||||||||As restated|
|||||||||2023||2022|
|||||||Note||8|||
|Fixed assets|||||||||||
|Tangible assets||||||14||117,083||19,104|
|||||||||117,083||19,104|
|Current assets|||||||||||
|Stocks||||||16|76,596||71,911||
|Debtors||||||17|305,887||134,351||
|Cash at bank and|in hand||||||705,212||1,273,328||
||||||||1,087,695||1,479,590||
|Creditors: amounts|falling||due within||one||||||
|year||||||18|(233,034)||(414,440)||
|Net current assets||||||||854,661||1,065,150|
|Total assets less|current||liabilities|||||971,744||1,084,254|
|Creditors;
amounts|falling||due after||more||||||
|than one year||||||19||(22,301)||(32,746)|
|Net assets excluding||pension||liability||||949,443||1,051,508|
|Defined benefit pension scheme||||liability||28||(819,572)||(938,462)|
|Total net assets||||||||129,871||113,046|
|Charity funds|||||||||||
|Restricted funds:|||||||||||
|Restricted funds excluding|||pension asset|||22|||||
|Pension reserve||||||22|(819,572)||(938,462)||
|Total restricted
funds||||||22||(819,572)||(938,462)|
|Unrestricted
funds||||||22||949,443||1,051,508|
|Total funds||||||||129,871||113,046|
#
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||||||As restated|
|---|---|---|---|---|---|
|||||2023|2022|
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities|||(325,375)|801,986|
|Cash flows from investing|activities|||||
|Dividends,
interests
and rents from investments||||2,676|25|
|Purchase
oftangible
fixed assets||||(126,527)|(4,644)|
|Defined
benefit pension
liability movement||||(118,890)|(170,776)|
|Net cash used in investing|activities|||(242,741)|(175,395)|
|Cash flows from financing|activities|||||
|Net cash provided
by financing
activities||||||
|Change
in cash and cash|equivalents
in|the year||(568,116)|626,591|
|Cash and cash equivalents|at the beginning|ofthe year||1,273,328|646,737|
|Cash and cash equivalents|at the end of|the year||705,212|1,273,328|
|The notes on pages 23 to 47 form part ofthese financial|||statements|||
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##
||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2023|2023f|
|Donations|494,207|494,207|
|Grants|1,190,000|1,190,000|
||1,684,207|1,684,207|
||As restated|As restated|
||Unrestricted|Total|
||funds|funds|
||2022f|2022|
|Donations|456,885|456,885|
|Grants|1,190,000|1,190,000|
||1,646,885|1,646,885|
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023f|
|Bar, Shop|and Cafe income|1,137,086|1,137,086|
|Marketing|income|75,612|75,612|
|Sundry income||12,197|12,197|
|||1,224,895|1,224,895|
|||Unrestricted|Total|
|||funds|funds|
|||2022f|2022f|
|Bar, Shop|and Cafe income|965,718|965,718|
|Marketing|income|55,191|55,191|
|Sundry income||32,395|32,395|
|||1,053,304|1,053,304|
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023f|2023f|
|Trading|activities|1,346,635|1,346,635|
##
##
##
|||||||As restated|As restated|
|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2022f|2022f|
||Trading|activities||||1,438, 125|1,438,125|
||Grants|||||130,000|130,000|
|||||||1,568,125|1,568,125|
|7.|Investment||income|||||
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2023|2023|
|||||||6|F|
||Investment||income|||590|590|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2022|2022|
|||||||6||
||Investment||income|||25|25|
|8.|Other|incoming||resources||||
||||||Unrestricted|Total|Total|
||||||funds|funds|funds|
||||||2023|2023
6|2022f|
||Other operating|||income|23,882|23,882||
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023|
|||F||
|Bar operating|costs|937,784|937,784|
|Wages and salaries||354,041|354,041|
|||1,291,825|1,291,825|
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022f|2022
6|
|Bar operating|costs||801,041|801,041|
|Wages and salaries|||287,335|287,335|
||||1,088,376|1,088,376|
|Other trading|expenses||||
|||Unrestricted|Total|Total|
|||funds|funds|funds|
|||2023f|2023
5|2022|
|Administration|depreciation|19,381|19,381||
##
##
##
##
||Activities|||
|---|---|---|---|
||undertaken|Support|Total|
||directly|costs|funds|
||2023
F|2023
6|2023f|
|Student services|550,819|1,428,477|1,979,296|
|Shop and bar|555,813|359,133|914,946|
|Marketing|57,936||57,936|
||1,164,568|1,787,610|2,952,178|
||Activities|||
|---|---|---|---|
||undertaken|Support|Total|
||directly|costs|funds|
||2022f|2022|2022f|
|Student services|1,020,774|561,408|1,582,182|
|Shop and bar|528,531|360,239|888,770|
|Marketing|53,933||53,933|
||1,603,238|921,647|2,524,885|
##
##
##
##
##
||||Student|Shop and|Total|
|---|---|---|---|---|---|
||||services|bars|funds|
||||2023f|2023f|2023f|
|Staff costs|||1,014,481||1,014,481|
|Depreciation||||19,876|19,876|
|Insurance|||43,872||43,872|
|Office costs|||21,355||21,355|
|Rent and overheads|||157,950|336,257|494,207|
|Bad debt provision||||3,000|3,000|
|Repairs and|renewals||28,692||28,692|
|Other staff costs|||60,071||60,071|
|Legal and professional||fees|61,472||61,472|
|Governance|costs||40,584||40,584|
||||1,428,477|359,133|1,787,610|
||||Student|Shop and|Total|
||||services|bars|funds|
||||2022f|2022f|2022f|
|Staff costs|||327,610|22,920|350,530|
|Depreciation||||20,791|20,791|
|Insurance|||11,649||11,649|
|Office costs|||12,330||12,330|
|Rent and overheads|||140,357|316,528|456,885|
|Governance|costs||69,462||69,462|
||||561,408|360,239|921,647|
##
##
##
|||||2023|2022|
|---|---|---|---|---|---|
|||||6|8|
|Fees payable|to the Charity's|auditor for the audit ofthe Charity's|annual|||
|accounts||||8,250|11,115|
##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2023|2022f|2023|2022|
|Wages|and|salaries||1,587,959|1,445,952|1,233,918|1,158,617|
|Social security costs||||90,534|89,250|90,534|89,250|
|Contribution||to pension schemes||53,138|(22,729)|53,138|(22,729)|
||||1,731,631||1,512,473|1,377,590|1,225,138|
|Included|within staff costs are redundancy||payments|offNil (2022|- 67,511)|||
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2023|2022|2023|2022|
||No.|No.|No.|No.|
|Student Services|42|41|42|41|
|Shop and bars|250|282|24|26|
||292|323|66|67|
|Group|Group|
|---|---|
|2023|2022|
|No.|No.|
##
##
|||||2023|2022|
|---|---|---|---|---|---|
|||||6||
|F|Asafu-Adjaye|Remuneration||21,187||
|||Pension
contributions|paid|412||
|N|V Deka|Remuneration||23,845||
|||Pension
contributions|paid|486||
|C|A Dike|Remuneration||24,032||
|||Pension contributions|paid|485||
|0|Ayomoto|Remuneration||23,050||
|||Pension
contributions|paid|504||
|||||jZ'Piggy".~™Vi,~).~~~8'!~%i, QW+$JIgiii|
|---|---|---|---|---|
|||THE STUDENTS' UNION AT BU LTD|||
|||(Acompany|limited|by guarantee)|
|||NOTES TO THE|FINANCIAL STATEMENTS||
|||FOR THE YEAR ENDED 31JULY 2023|||
|14.|Tangible fixed assets||||
||Group||||
|||||Fixtures and|
|||||fittingsf|
||Cost or valuation||||
||At 1 August 2022|||757,289|
||Additions|||126,527|
||At 31 July 2023|||883,816|
||Depreciation||||
||At 1 August 2022|||738,185|
||Charge for the year|||28,548|
||At 31 July 2023|||766,733|
||Net book value||||
||At 31 July 2023|||117,083|
||At 31Ju/y 2022|||19,104|
##
##
##
##
##
##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023f|2022|2023f|2022f|
|Due within one year|||||||
|Trade debtors|||156,808|37,606|151,829|21,367|
|Amounts
owed|by group undertakings||||546,053|996,450|
|Other debtors|||88,519|63,108|88,519|53,108|
|Prepayments
and accrued income|||60,560|33,637|53,874|32,475|
||||305,887|134,351|840,275|1,103,400|
|Creditors: Amounts||falling due within one year|||||
||||Group|Group|Charity|Charity|
||||2023|2022f|2023f|2022f|
|Bank overdrafts||||4,373||4,373|
|Bank loans|||9,962|9,754|||
|Trade creditors|||126,883|107,345|96,527|75,901|
|Corporation
tax|||260|260|||
|Other taxation|and social security||24,424|209,937|24,424|102,412|
|Other creditors|||11,390|49,039|11,390|39,685|
|Accruals and deferred||income|60,115|33,732|31,184|19,151|
||||233,034|414,440|163,525|241,522|
##
##
|Group|Group|
|---|---|
|2023f|2022|
|22,301|32,745|
##
##
||||Group|Group|Charity|Charily|
|---|---|---|---|---|---|---|
||||2023
6|2022|2023|2022f|
|Resources|deferred|during the year|14,586||14,586||
|Deferred|income at|31July 2023|14,586||14,586||
##
##
|||Balance at 1|||Transfers|Balance at|
|---|---|---|---|---|---|---|
|||August 2022
F|Income|Expendituref|in/out|31July 2023|
|Unrestricted
funds|||||||
|General
Funds||1,051,508|4,280,209|(4,259,920)|(122,354)|949,443|
|Restricted funds|||||||
|Pension reserve||(938,462)||(3,464)|122,354|(819,572)|
|Total offunds||113,046|4,280,209|(4,263,384)||129,871|
|Statement
offunds|-prior year||||||
||||Balance at||||
||||1August|As restated|As restated|Balance at|
||||2021
f|Income
f|Expenditure
f|31Ju/y 2022
f|
|Unrestricted
funds|||||||
|General Funds|||567,206|4,268,339|(3,764,037)|1,051,508|
|Restricted funds|||||||
|Pension reserve|||(1,109,238)||170,776|(938,462)|
|Total offunds|||(542,032)|4,268,339|(3,613,261)|113,046|
##
##
##
|||||Balance at 1|||Transfers|Balance at|
|---|---|---|---|---|---|---|---|---|
|||||August 2022|Income|Expenditure|in/out
f|31July 2023
f|
||General|funds||1,051,508|4,280,209|(4,259,920)|(122,354)|949,443|
||Restricted funds|||(938,462)||(3,464)|122,354|(819,572)|
|||||113,046|4,280,209|(4,263,384)||129,871|
||Summary
offunds - prior year||||||||
||||||Balance at||||
||||||1August|As restated|As restated|Be(ance et|
||||||2021f|Income
f|Expenditure
f|31Ju/y 2022
f|
||General|funds|||567,206|4,268,339|(3,784,037)|1,051,508|
||Restricted funds||||(1,109,238)||170,776|(936,462)|
||||||(542,032)|4,268,339|(3,613,261)|113,046|
|24.|Analysis|of net assets between||funds|||||
||Analysis|of net assets between||funds -current|year||||
|||||||Restricted|Unrestricted|Total|
|||||||funds|funds|funds|
|||||||2023
f|2023
f|2023
F|
||Tangible|fixed|assets||||117,083|117,083|
||Current assets||||||1,087,695|1,087,695|
||Creditors|due within one year|||||(233,034)|(233,034)|
||Creditors|due|in more than one year||||(22,301)|(22,301)|
||Provisions|for|liabilities
and charges|||(619,572)||(819,572)|
||Total|||||(819,572)|949,443|129,871|
##
##
##
##
##
|Analysis|of net asset|s between
funds - prior ye|ar|||
|---|---|---|---|---|---|
||||Restricted|Unrestricted|Total|
||||funds|funds|funds|
||||2022|2022f|2022f|
|Tangible|fixed assets|||19,104|19,104|
|Current assets||||1,479,590|1,479,590|
|Creditors
Creditors
Provisions|due within one year
due in more than one year
for liabilities
and charges||(938,462)|(414,440)
(32,746)|(414,440)
(32,746)
(938,462)|
|Total|||(938,462)|1,051,508|113,046|
##
||||||Group|Group|
|---|---|---|---|---|---|---|
||||||2023f|2022f|
|Net income for the|year (as per Statement||of Financial|Activities)|16,825|655,076|
|Adjustments
for:|||||||
|Depreciation
charges
Dividends,
interests
and rents from investments
Decrease/(increase)
in stocks
Increase
in debtors
Increase/(decrease)
in creditors|||||28,548
(2,676)
(4,685)
(262,839)
(100,548)|20,791
(25)
8,606
(15,680)
133,216|
|Net cash provided|by/(used|in) operating|activities||(325,375)|801,986|
##
##
|||Group|Group|
|---|---|---|---|
|||2023
6|2022f|
|Cash|in hand|705,212|f,273,328|
|Total|cash and cash equivalents|705,212|1,273,328|
##
|||||At 1 August
2022|Cash flows|At 31July
2023|
|---|---|---|---|---|---|---|
||||||6||
|Cash
Bank|at bank and
in hand
overdrafts
repayable||on demand|1,273,328
(4,373)|(568,116)
4,373|705,212|
|Debt
Debt|due within
due after|1 year
1 year||(9,754)
(32,746)|(208)
10,445|(9,962)
(22,301)|
|||||1,226,455|(553,506)|672,949|
##
##
##
|||||NOTES TO THE FINANCIAL STATEMENTS|NOTES TO THE FINANCIAL STATEMENTS|NOTES TO THE FINANCIAL STATEMENTS||
|---|---|---|---|---|---|---|---|
|||||FOR THE YEAR|ENDED 31 JULY|2023||
|28.|Pension|commitments||(continued)||||
||Movements||in the present value ofthe defined||benefit obligation|were as follows:||
||||||||2023|
||Opening|defined
benefit||obligation|||1,670,884|
||Actuarial|movements|||||3,464|
||Closing|defined benefit||obligation|||1,674,348|
||Movements||in the fair value ofthe Group's share ofscheme assets were as follows:|||||
||||||||2023|
||Opening|fair|value ofscheme assets||||732,422|
||Contributions||by employer||||122,354|
||Closing|fair|value ofscheme assets||||854,776|
##
##