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|CONTENTS||PAGE|
|---|---|---|
|Trustee and Union
Information|||
|Report ofthe Trustees|||
|Independent
Auditors'|Report to the Trustees||
|Statement of Financial|Activities|22|
|Consolidated
Balance|Sheet|23|
|Union Balance Sheet||24|
|Cash flow Statement||25|
|Notes to the Financial|Statements|26|
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|Charity Registration|Charity Registration|Number|Number|1194635|||
|---|---|---|---|---|---|---|
|Company|Registration||Number|13275949|||
|Chief Executive||||Emilie Tapping|||
|Principal|Office|||John Henry Brookes||Building|
|||||Gipsy Lane Campus|||
|||||Headington|||
|||||Oxford|||
|||||OX3 OBP|||
|Auditors||||Critchleys
Audit LLP|||
|||||Beaver House|||
|||||23 —38 Hythe|Bridge|Street|
|||||Oxford|||
|||||OX1 2EP|||
|Bankers:||||National
Westminster||Bank PLC|
|||||91 London Road|||
|||||Headington|||
|||||Oxford|||
|||||OX3 9AF|||
|Solicitors:||||Freeths
LI P|||
|||||Davy Avenue|||
|||||Knowlhill|||
|||||Milton Keynes|||
|||||MK5 8HJ|||
|||||Wrigleys
Solicitors LLP|||
|||||19Cookridge|Street||
|||||Leeds|||
|||||LS2 3AG|||
|||||Blake Morgan|LLP||
|||||Apex Plaza|||
|||||Forbury Road|||
|||||Reading|||
|||||RG1 1AX|||
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|||||Year|||Period|
|---|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|ended 30|Unrestricted|Restricted|ended 30|
|||funds|funds|June|funds|funds|June|
|||2023|2023|2023|2022|2022|2022|
||Note||||E|E|E|
|INCOME AND ENDOWMENTS||||||||
|FROII:||||||||
|lloluntary
Income:
Donations,
Block Grants, etc.|3|1,248,765|14,531|1,263,296|991,293|52,433|1,043,726|
|Other Trading Activities
Letting ofspace||14,935||14,935|14,505||14,505|
|Advertising
income
Freshers' week||32,250
56,870||32,250
56,870|51,983
40,653||51,983
40,653|
|Investment
income||1,237||1,237|234||234|
|Charitable
activities||||||||
|Retail operations||1,590||1,590|1,620||1,620|
|Clubs and societies|||100,083|100,083||85,928|85,928|
|NUS Extra commission||824||824|599||599|
|Otherincome||14232||14232|13508||13508|
|Total income and||1 37D 702|114614|1 485317|1 114395|138 361|1 252756|
|endowments||||||||
|EXPENDITURE ON:||||||||
|Raising funds||||||||
|Freshers' week||23,050||23,050|16,086||16,086|
|Charitable
activities||||||||
|Retail operations||31,851|438|32,289|54,525||54,525|
|Clubs and societies||314,575|110,301|424,877|122,822|75,106|197,928|
|Student representation||500,413|4,650|505,063|276,312|52,433|328,745|
|Welfare services||750,422|4,650|755,072|120,231||120,231|
|External representation|15|28938||25 938|30479||30 479|
|Total expenditure|4-6|1 649249|120039|1 769259|620 455|127539|747 994|
|Net income/(expenditure)||||||||
|Transfers
between
funds|17-18|||||||
|Net movements
in funds||~278 547|~5425|~283972|493 94D|10822|504 762|
|Funds as at 1 July 2022||~414614|74 141|~34D 373||||
|Funds transferred
on|||||~908454|63319|~845 135|
|Incorporation||||||||
|Funds as at 30June 2023||~693061|68 716|~624 345|~414514|74 141|~34D 373|
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|||Note|30June
E|2023|30June
f|2022|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||||8,247||5,398|
|Current assets|||||||
|Debtors||10|9,700||27,916||
|Cash at bank|||9D4 526||892785||
||||914,228||92D,701||
|Creditors|||||||
|amounts
falling due within|one year||(147,306)||158002||
|Net current assets||||766 92D||762 699|
|Total assets less current|liabilities|||775,167||768,097|
|Non-current
liabilities||12|||||
|Pension scheme funding|deficit|||1 399512||1 108470|
|Net liabilities||||~624 345||~340 373|
|Capital and funds|||||||
|Unrestricted
funds:||17|||||
|General funds||||306,451||443,956|
|Pension
deficit fund||||(1,399,512)||(1,108,470)|
|Operating
fund||||4DD DDD||250 000|
|||||(693,061)||(414,514)|
|Restricted funds||18||68716||74 141|
|||||624 345||~340373|
##
|||||30June|2023|30June|2022|
|---|---|---|---|---|---|---|---|
||||Note|E||F||
|Fixed assets
Tangible assets
Investments|||||8,247
100||5,398
100|
||||||8,347||5,498|
|Current assets||||||||
|Debtors|||10|11,608||15,433||
|Cash at bank and|in hand|||825 643||819824||
|||||837,251||835,257||
|Creditors||||||||
|Amounts
falling due within one year|||11|~17212||(~131409||
|Net current assets|||||7DD 039||7D3 848|
|Total assets less current||liabilities|||708,386||709,346|
|Non current liabilities||||||||
|Pension scheme funding||deficit|12||1 399512||(~1108470|
|Net liabilities|||||691 126||399 124|
|Capital and funds||||||||
|Unrestricted
funds:|||17|||||
|General funds|||||239,670||385,205|
|Pension
deficit fund|||||(1,399,512)||(1,108,470)|
|Operating
fund|||||400 000
(759,842)||25D DDD
(473,265)|
|Restricted funds|||18||68716||74 141|
||||||~691 126||~399 124|
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|||||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Note||E|
|Cash flows from|operating|||activities||||||||
|Net (expenditure)|/|income||||||||7,070|504,762|
|Interest receivable||||||||||(1,237)|(234)|
|Depreciation||||||||||5,168|832|
|Decrease/ (Increase)|||in debtors|||||||18,216|205,599|
|(Decrease)
/ increase|||in creditors|||||||~10698|15041|
|Net cash provided||by / (used|||in)|operating||activities||18521|32D 694|
|Cash flows from|investing|||activities||||||||
|Interest receivable||||||||||1,237|234|
|Purchase
oftangible|||fixed assets|||||||~8017|~5982|
|Net cash provided||by /(used|||in)|investing||activities|||~5748|
|Change
in cash and||cash equivalents|||||in the period|||11,741|314,946|
|Cash and cash equivalents||||introduced|||on Incorporation|||892 785|577 839|
|Total cash and cash|||equivalents|||at the end ofthe period||||9D4 526|892 785|
|||||||||||2023|2022|
||||||||||||E|
|Cash at bank||||||||||9D4 626|892785|
|||||||||||904 526|892785|
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|period, or in the period of th
periods.|period, or in the period of th
periods.|period, or in the period of th
periods.|e rev|ision
|an|d futur|e
|periods|wh|ere the|revision
affe|cts both curr|ent|a|nd future|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Critical accountin
estimates|||and|assum||tions||||||||||
|Preparation
of the financial
statements
requires
management
to make judgements
and estimates.
The key
sources of estimation
uncertainty
that have a significant
effect on the amounts
recognised
in the financial
statements
are that of the SUSS pension
scheme
deficit. A discount
rate of 5% has been used
in line with||||||||||||||||
|industry
standards.||||||||||||||||
|3.
VOLUNTARY
INCOME||||||||||||||||
||||||||||||Year ended||Period ended|||
||||||||||||30June|2023|30June 2022|||
|University
block grant
University
grant for rent
Other grants
Donations|||||||||||1,074,735
173,306
14,531
724||||866,293
125,000
52,433|
||||||||||||1 263296||||1 D43 726|
|4.
EXPENDITURE||||||||||||||||
|2023||||||||Staff|wages||Rent|Other|||Total|
|Raising funds
Freshers week||||||||||||costsf
23,050|||f
23,050|
|Charitable
activities||||||||||||||||
|Retail operations
Clubs and societies|||||||||26,664
195,041||5,199
57,191|426
172,645|||32,289
424,877|
|Student representation
Welfare services|||||||||326,750
638,592||55,458
55,458|122,855
61,022|||505,063
755,072|
|External representations||(15)||||||||||28 938|||2&KL8|
|Total resources expected||||||||1|187|047|173306|408 936||1|769289|
|Included
ln otller costs|are|governance|||costs of||619,910.|||||||||
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|2022||Staff|Rent|Other|Total|
|---|---|---|---|---|---|
|||wages
f||costs||
|Raising funds||||||
|Freshers week||||16,086|16,086|
|Charitable
activities||||||
|Retail operations||37,360|6,458|10,707|54,525|
|Clubs and societies||68,263|39,792|89,873|197,928|
|Student representation||188,424|39,583|100,738|328,745|
|Welfare services||67,191|39,167|13,873|120,231|
|External representations|(15)|||30479|30479|
|Total resources expected||361 238|125 DDO|261 756|747 994|
##
|.
CENTRAL OVERHEAD COS|TS INCLUDED
IN NOT|E 4||||
|---|---|---|---|---|---|
|2023|Usage|Staff|Rent|Other|Total|
||0/|wages
f||costs
f||
|Charitable
activities||||||
|Retail operations||17,731|5,199|5,721|28,651|
|Club and societies|33|195,040|57,191|62,930|315,161|
|Student representation|32|189,131|55,458|61,022|305,611|
|Welfare services|32|189131|55458|61 022|305611|
||100|591 D33|1733D6|190695|955 D34|
|2022|Usage|Staff|Rent|Other|Total|
||D/|wages
f||costs
f||
|Charitable
activities||||||
|Retail operations|5|11,079|6,458|4,997|22,534|
|Club and societies|32|68,263|39,792|30,786|138,841|
|Student representation|32|67,906|39,583|30,625|138,114|
|Welfare services|31|67 191|39167|30303|136661|
||1DD|214439|125 DDD|96711|436 150|
##
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|.
STAFF COSTS||||
|---|---|---|---|
|||Year ended|Period ended|
|||30June 2023|30June 2022|
||||E|
|Wages and salaries
Social security
Pension —contributions
paid
Pension —actuarial
liability movement||679,888
57,577
149,606
291 942|571,916
48,493
139,137
(398308)|
|||1 178113|381 238|
|The number
of higher|paid employees|Period ended
30June 2023|Period ended
30June 2022|
|In the band f60,000-|670,000|1||
|||||||Year ended|Period ended|
|---|---|---|---|---|---|---|---|
|||||||30June 2023|30June 2022|
|Full time||||||21|13|
|Students|—term|time||||15
36|23
36|
|7.
NET INCOME/EXPENDITURE|||||FOR THE PERIOD|||
|Net expenditure||for the period is stated after charging:||||||
|||||||Year ended|Period ended|
|||||||30June 2023|30June 2022|
||||||||E|
|Depreciation||||||5,168|831|
|Auditors|remuneration:
Parent charity
Subsidiary
company
Other non-audit
services|||||10,800
2,100|13,160
5,600
925|
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||||Fixtures &|Computer|Total|
|---|---|---|---|---|---|
||||equipment|equipment||
||||E|f.||
|Cost||||||
|As at 1 July|2022||34,508|29,441|63,949|
|Additions|||8,017||8,017|
|Disposals|||~14518|~9657|~24 176|
|At 30June 2023|||28 006|19784|47 790|
|Depreciation||||||
|Transferred|on|1 September 2022|31,616|26,935|58,551|
|Charge
for the||period|3,663|1,504|5,168|
||||~14518|~9657|~24 176|
|At 30June 2023||||||
||||20 761|18782|39543|
|Net book value||||||
|At 30June 2023|||7245|1 002|8247|
|At 30June 2022|||2 892|2 506|5 398|
##
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|.
INVESTMENTS|||
|---|---|---|
||Group
f|Charity
f|
|Net book value|||
|At 30June 2022||100|
|At 30June 2023||100|
##
|||Group|Group|Charity|Group|Charity|
|---|---|---|---|---|---|---|
|||2023f||2023f|2022f|2022f|
|Trade debtors|||875|875|16,043|1,052|
|Amount
due by subsidiary
Other debtors||8,825||1,921
8,812|11,496|2,739
11,484|
|Prepayments|and accrued income||||377|158|
|||9|700|11608|27 916|15433|
##
|1.
CREDITORS: A|mounts
falling due|within one year||||
|---|---|---|---|---|---|
|||Group
2023f|Charity
2023f|Group
2022f|Charity
2022f|
|Trade creditors||28,513|27,876|20,254|19,144|
|PAYE and social security
Other creditors||16,676
36,098|15,941
30,098|7,632
63,976|2,581
63,976|
|Accruals and deferred|income|68 019|63297|66 140|45708|
|||147306|137212|158002|131409|
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||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|
|GROUP|||funds|funds|funds|funds|funds|funds|
||||2023|2023|2023|2022|2022|2022|
||||f|f|f|f|f|f|
|Tangible fixed assets|||8,247||8,247|5,398||5,398|
|Net current||assets|698,204|68,716|766,920|688,558|74,141|762,699|
|Non-current||liabilities|~1399512||~1399512|~1108470||~1108470|
||||693061|68716|624 345|414514|74 141|~340373|
|CHARITY|||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
||||funds|funds|funds|funds|funds|funds|
||||2023f|2023f|2023f|2022f|2022f|2022f|
|Tangible|fixed assets||8,247||8,247|5,398||5,398|
|Investments|||100||100|100||100|
|Net-current||assets|631,323|68,716|700,039|629,707|74,141|703,848|
|Non-current||liabilities|~1399512||~1399512|~11D8470||~110847D|
||||759842|68716|691 126|473 265|74 141|~399124|
|7.
UNRESTRICTED|||FUNDS||||||
|||||As at||||As at|
|||||30June|Income|Expenditure|Transfers|30June|
|||||2022f|2023f|2023f|2023f|2023f|
|Operating
fund||||250,000|||150,000|400,000|
|Pension|deficit|||(1,108,470)||(291,042)||(1,399,512)|
|General|fund|||443 956|1 370 702|~1358207|150000|456 451|
|||||414514|1 370702|1 649249||693061|
|||||Introduced||||As at|
|||||on 1|Income|Expenditure|Transfers|30June|
|||||September|2022|2022|2023|2022|
|||||2021f||f||f|
|Operating
Pension
General|fund
deficit
fund|||250,000
(1,513,776)
355322|1114395|405,306
~1025761||250,000
(1,108,470)
443956|
|||||~908 454|1 114395|620455||~414 514|
##
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|||||||As at|||As at|
|---|---|---|---|---|---|---|---|---|---|
||||||30June||Income|Expenditure|30June|
|||||||2022|2023|2023|2023|
||||||||E|E||
|Governance
and
University
Grant
Societies|||Quality
for New|Fund
CRM System|13,205
60936||14,531
1DD 083|(14,531)
~105508|13,205
55 511|
||||||74 141||114614|~120 D39|68 716|
||||||Introduced|on 1|||As at|
||||||September 2021||Income
2022|Expenditure
2022|30June
2022|
|||||||E||||
|Governance||and|Quality|Fund||13,205|||13,205|
|University
Kickstart
Societies|Grant
Grant||for New|CRM System||50 114|38,134
14,299
85 928|(38,134)
(14,299)
~75 106|60 936|
|||||||63319|138361|~127539|74 141|
|19.
FINANCIAL INSTRUMENTS
GROUP|19.
FINANCIAL INSTRUMENTS
GROUP|||2023|2022|
|---|---|---|---|---|---|
|Financial
liabilities measured
at|fair value|||1,399,512|1,108,470|
|The group's
income, expense,|gains and losses|in respect offinancial|instruments|are summarised|below:|
|he grou|p's
i|ncome, expense,
gains and losses
in respect offinancial
i|nstruments|are summarised|below:|
|---|---|---|---|---|---|
|||||2023|2022|
||||||E|
|Interest income and expense:
Total interest income for financial assets held at amoitised cost||||1,237|234|
|Charity||||2023
E|2022
E|
|Financial|liabilities measured
at fair value|||1,399,512|1,108,470|
|he charities||income, expense, gains and losses in respect offinancial|instruments|are summarised|below:|
|||||2023|2022|
|||||K|E|
|Interest income and expense:
Total interest income for financial assets held at mortised cost||||1,237|234|