| Meeting: | Trustee meeting | Date: 11/11/23 |
|---|---|---|
| Report Title: | ASU Year End Accounts | Agenda Item: |
| Action: | APPROVE / RECEIVE / NOTE |
|
| Contact(s): | Name: Rhianydd Haslock Tel: 01202 436293 Email: rhaslock@aecc.ac.uk |
1. EXECUTIVE SUMMARY
- 1.1. The Students’ Union accounts for year ending 31[st] July 2023 show that ASU ran at a loss of £11409.08. This was due to a concerted attempt to utilise some of our reserves to bring them down, in line with our reserves policy. As such we were able to invest more in our sports clubs and societies which are growing year on year. It should be noted that once the reserves reach appropriate levels such investment in these clubs and societies would not be sustainable based on the current subvention agreement and will need to be reviewed. We have also been able to invest in refurbishing the bar area with new tables and chairs. This has proved very popular and benefits both the students and the University College, creating a much more welcoming space for staff, visitors and external stakeholders. This year we hosted a Spring Formal, the first event of this kind for several years. The event was subsidised by ASU and was very well received by the students. We kept the cost as low as possible to combat the affect that students were experiencing from the Cost of Living Crisis. We are in the process of reviewing this event for the coming year.
I hope the board are satisfied that efforts have been made to reduce the reserves this year. The reduction will be more acute next financial year as ASU agreed to reduce the amount of subvention claimed in 23/24 by £20300, on the understanding that the University College would put this towards helping students in hardship.
On the whole we are satisfied that the accounts reflect the activities and purpose of the Student Union and our charitable objectives.
The accounts are submitted as final following scrutiny by an external accountant and will be submitted to the Charity Commission.
Page 1 of 1
Board/Committee – Date
AECC Students' Union Balance Sheet Year end 31/07/2023
| As at 31st July 2023 | As at 31st July 2022 | |
|---|---|---|
| Fixed Assets | ||
| Gym Equipment | 35,481.91 | 40,993.55 |
| Gym Equipment Depreciation | 29,204.79 | 22,521.82 |
| Gym Equipment Net Book Value | 6,277.12 | 18,471.73 |
| Current Assets | ||
| Student Stock | 0.00 | 3,631.86 |
| Bar Stock | 2,890.40 | 2,330.28 |
| 2,890.40 | 5,962.14 | |
| Debtors | 0.00 | 0.00 |
| Prepayments | 0.00 | 0.00 |
| Accrued income | 0.00 | 0.00 |
| Sub-total - Debtors, Prepayments & Accrued Income | 0.00 | 0.00 |
| General Bank Account | 46,376.89 | 45,139.72 |
| General Petty Cash Account | 97.48 | 97.48 |
| General Float | 100.00 | 100.00 |
| Bar Bank Account | 26,677.85 | 21,217.25 |
| Bar Till Account | 0.00 | 0.00 |
| Bar Petty Cash Account | 100.00 | 100.00 |
| Gym Bank Account | 27,279.17 | 22,299.43 |
| Gym Petty Cash Account | 50.00 | 50.00 |
| Sub-total - Cash & Cash Equivalents | 100,681.39 | 89,003.88 |
| Taxation | 39.60 | 0.00 |
| Wages | 0.00 | 0.00 |
| Accrued Income | 20,300.00 | |
| VAT Liabilities | 2,047.88 | |
| Sub total: Taxation, Wages, VAT Liabilities | 39.60 | 22,347.88 |
| Total Current Assets | 103,611.39 | 117,313.90 |
| Current Liabilities | ||
| Creditors: Short term | 61.60 | 10,392.00 |
| Taxation | ||
| Accruals | 4,345.55 | |
| VAT Liability | 187.91 | |
| Total Current Liabilities | 249.51 | 14,737.55 |
| Current assets less current liabilities | 103,361.88 | 102,576.35 |
| Total assets less total liabilities | 109,639.00 | 121,048.08 |
| Capital and Reserves | ||
| Reserves Brought Forward | 121,048.08 | 110,554.55 |
| (Deficit) / Surplus for the Period | -11,409.08 | 10,493.53 |
| Total Reserves | 109,639.00 | 121,048.08 |
AECC Students' Union Profit and Loss - Total Year end 31/07/2023
Year Ended 31/07/2023
Year Ended 31/07/2022
Income
| Bar Income | 43,574.71 | 50,694.84 | ||
|---|---|---|---|---|
| General Income | 69,336.70 | 84,893.01 | ||
| Gym Income | 30,727.06 | 32,982.50 | ||
| 143,638.47 | 168,570.35 | |||
| Expenditure | ||||
| Bar expenditure | 51,946.03 | 56,423.45 | ||
| General expenditure | 70,646.85 | 73,057.25 | ||
| Gym expenditure | 32,454.67 | 28,596.12 | ||
| 155,047.55 | 158,076.82 | |||
| (Deficit) / Surplus for the Period | -11,409.08 | 10,493.53 |
AECC Students' Union Profit & Loss - Bar Year end 31/07/23
Year Ended 31/07/2023
Year Ended 31/07/2022
| Income | ||||
|---|---|---|---|---|
| Till Take | 43,003.40 | 50,694.84 | ||
| NUSSL rebates | 571.31 | |||
| 43,574.71 | 50,694.84 | |||
| Expenditure | ||||
| Bar supplies | 26,138.22 | 36,568.31 | ||
| Staff wages | 14,950.62 | 13,990.14 | ||
| Staff Payroll costs | 479.05 | 412.50 | ||
| NUS affilliation fee | 1,978.50 | 1,522.50 | ||
| Refurbishments | 4,518.64 | 3,514.00 | ||
| Security | 3,465.00 | |||
| Licenses | 350.00 | 350.00 | ||
| Bank charges | 66.00 | 66.00 | ||
| 51,946.03 | 56,423.45 | |||
| Deficit for the Period | -8,371.32 | -5,728.61 |
AECC Students' Union Profit & Loss - General Year end 31/07/23
Year Ended 31/07/2022
Year Ended 31/07/2023
Income
| Freshers' week | 5,687.50 | 8,411.80 | ||
|---|---|---|---|---|
| Seasonal party | 786.32 | 1,542.73 | ||
| Donation | 1,000.00 | 257.00 | ||
| Locker rental | 19.64 | 0.00 | ||
| Student diagnostic kit | 899.03 | 13,651.48 | ||
| Books | 44.21 | 130.00 | ||
| Clothing | 0.00 | 0.00 | ||
| Subvention | 60,900.00 | 60,900.00 | ||
| 69,336.70 | 84,893.01 | |||
| Expenditure | ||||
| Clothing | 2,166.20 | 907.50 | ||
| Freshers week | 18,316.02 | 17,368.54 | ||
| Seasonal party | 6,789.66 | 3,458.03 | ||
| Wellbeing week | 1,104.45 | 0.00 | ||
| Staff gratuity | 1,931.20 | 1,971.38 | ||
| Refreshments | 955.87 | 973.68 | ||
| Insurance | 2,628.26 | 1,736.90 | ||
| Licenses | 3,800.36 | 453.67 | ||
| Travel and Subsistance | 2,284.03 | 1,310.05 | ||
| Security | 0.00 | 4,049.75 | ||
| Bank charges | 102.20 | 94.60 | ||
| Printing, postage, stationary | 926.78 | 566.89 | ||
| Professional fees | 406.45 | 462.00 | ||
| Promotions | 435.32 | 1,256.85 | ||
| Diagnostic kit | 3,931.11 | 9,879.89 | ||
| Books | 16.50 | 0.00 | ||
| Period Poverty | 202.40 | |||
| Cleaning | 18.73 | 273.70 | ||
| Gifts | 30.00 | 0.00 | ||
| Charity donation | 0.00 | 0.00 | ||
| Training costs | 5,702.08 | 3,620.00 | ||
| Subscriptions | 852.63 | 3,259.53 | ||
| Club - Music Society | 0.00 | 216.66 | ||
| Equipment rental | 130.00 | |||
| Clubs | 3,638.02 | 2,389.99 | ||
| Gym refurbishment | 0.00 | 0.00 | ||
| Office supplies | 2,436.30 | 4,945.78 | ||
| Event donation | 338.00 | 587.30 | ||
| Wages | 9,797.80 | 13,012.56 | ||
| Caffeine magazine | 204.00 | 262.00 | ||
| Repairs | 1,502.48 | 0.00 | ||
| 70,646.85 | 73,057.25 | |||
| Surplus for the Period | -1,310.15 | 11,835.76 |
AECC Students' Union Profit & Loss - Gym Year end 31/07/23
| Year Ended | 31/07/2023 | Year Ended | 31/07/2022 | |
|---|---|---|---|---|
| Income | ||||
| Student annual fees | 30,727.06 | 32,982.50 | ||
| 30,727.06 | 32,982.50 | |||
| Expenditure | ||||
| Gym purchases general | 1,298.73 | 2,439.32 | ||
| Insurance | 2,250.00 | 530.42 | ||
| Bank charges | 81.00 | 66.00 | ||
| BUCS | 2,492.25 | |||
| Servicing | 1,095.00 | |||
| Depreciation | 6,682.97 | 2,875.88 | ||
| Refurbishments | 2,504.20 | 11,860.52 | ||
| Club budgets | 16,050.52 | 10,693.98 | ||
| Equipment rental | 0.00 | 130.00 | ||
| 32,454.67 | 28,596.12 | |||
| (Deficit) / surplus for the | Period | -1,727.61 | 4,386.38 |
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