2024-07-31-accounts

	2024	2023
	£	£
RestrictedFunds(Societies&Sports Clubs)	286,644	224,708
RestrictedFunds(PensionDeficit)	(1,825,863)	(1,860,391)
UnrestrictedFunds	791,031	969,215
DesignatedFunds	373,367	23,367

Risk	Risk	Control	RiskStatus
Register			(Red,Amber,
Reference			Green)
1	Reductionin	WorkcloselywiththeUniversitytodemonstrate
	financial	theimportance,impact,andvalueformoneyof
	assistancefrom		ourservices
	theUniversity		increasing
			fromlastyear
2	Charityholding		UniontohaveaneffectiveReservesPolicyin
	inadequate	placewhichisreviewedduringtheannual
	reserveswhich		externalauditandreportedthroughtheannual
	affectsitsgoing		accounts
	concernstatus		fromlastyear
3	Significant	Allowminimum3%increaseinallbudget	Amber
	increaseinstaff		estimates.Wherepossibleallownatural
	salarycosts,	wastagetolowerthecomplimentofpermanent	Riskis
	including	staff	increasing
	National		fromlastyear
	Minimum
	Wage/Living
	Wagerates
6	Increasesto	PlayanactivepartintheStudentUnion’s	Red
	pensionscheme		SuperannuationScheme(SUSS)andits
	deficit	financialstrategytoimprovetheschemefunding
	contributions	levelandminimisetheimpactoffuturedeficit	riskfromlast
		contributionincreases.	year
		ContinuetoapproachtheUniversityforfinancial
		supporttomitigateagainstimpactofpension
		payments

	Failureto	TheUnionwillneedtocontinuetoadaptto	Red
	achieve	economicconditionsandreactaccordingly.
	budgetary		Nochangeto
	targets.	Expenditurelevelsacrossbothcharityand	riskfromlast
		commercialactivitiesmustreflectthecurrent	year
		levelsofexpectedincome.Staffingteamsand
		Trusteeswillcontinuetoexploreandevaluate
		newwaysofsourcingandsecuringincome.
		Thiswillincludeidentifyingnewcommercial
		opportunitiesfortheUnionornewventuresthat
		canbeoperatedinpartnershipwiththe
		Universityorotherexternalpartners
	Reductionin	President,FTOs&CEOtoengageviaSLT,	Amber
	Homeand	PSLTandotherBoard,WorkingGroupsand
	International	StrategicPlanningprocesstosupport	Riskis
	student	recruitmentcampaigns	increasing
	numbers		fromlastyear
		WorkwithMRItopromoteSwanseaStudent
		ExperienceduringOpenDaysandthrough
		University’smarketingmaterialandmedia.
		PromotetheArrival&Freshers,KeyUnion
		communitybuildingevents(Varsity&Summer
		Ball)andexperiencetoprospectiveand
		returningstudents
10	Reductionin	President&CEOtoengageviaSLT,PSLT,	Red
	International	TNEBoard,WorkingGroupsandStrategic
	Postgraduate	Planningprocesstosupportrecruitment	Increasing
	Taught(PGT)	campaigns	fromlastyear
	student
	numbers	LobbyandworkwiththeUniversitytodeliver
		qualityInternationalStudentExperienceand
		tailoredservicestointernationalstudentse.g.
		suchastheInternationalStudentLoungeand
		GatewayProjects
		Stronglyrepresentstudentvoiceandprovide
		tailoredsupporttointernationalstudentsthrough
		Union’sAdvice,VoiceandOpportunitiesteams
		SupportUniversity’sambitions,strategyand
		plansforexpandingitsonline,franchise
		partnershipsandTNEprogrammes
12	Lossoftenure	WorkwithseniormanagersoftheUniversityto	Amber
	ofthefacilities	secureStudents’Unionandotherstudent
	andspace	spacesatSingletonandBaycampuses	Nochangeto
	providedbythe		riskfromlast
	University		year

								13month
					11month			periodto31
					activityto			August
		Unrestricted	Designated	Restricted	31July			(unincorporated)
		Funds	Funds	Funds	2024			2023
	Notes	£	£	£	£			£
Incomeandendowmentsfrom:
Donationsandlegacies
BlockGrant	4	1,215,169	-	-	1,215,169			1,428,088
NurseryGrant	4	38,833	-	-	38,833			44,659
HEFCWGrant	4	126,200	-	-	126,200			32,550
OtherTradingActivities:
OtherCommercialActivities		32,220	-	-	32,220			33,978
Charitableactivitiesforstudents:
Societies&Sports		-	-	1,178,686	1,178,686			916,086
Bars		437,294	-	-	437,294			387,189
Shops		2,021,409	-	-	2,021,409			2,124,526
Events,MediaandMarketing		525,272	-	-	525,272			659,734
NurseryFees		226,653	-	-	226,653			263,444
InvestmentIncome		38,764	-	-	38,764			9,038
Otherincome		87,445	-	-	87,445			137,601
Totalincome		4,749,259	______-	_1,178,686	_5,927,945		_6,036,893
Expenditureon:
Raisingfunds:
OtherCommercialActivities
CharitableActivitiesforstudents:
Welfare,Advice&Support		225,886	-	-	225,886			284,852
StudentVoice		548,287	-	-	548,287			688,464
Societies&Sports		129,122	-	1,116,750	1,245,872			1,028,593
Nursery		371,429	-	-	371,429			432,821
Bars		620,124	-	-	620,124			562,737
Shops		2,135,760	-	-	2,135,760			2,282,102
Events,MediaandMarketing		546,835	-	-	546,835			733,487
MovementinSUSSPensionFund
(Surplus)/Deficit		-	-	(34,528)	(34,528)			(94,230)
Totalexpenditure	5-7	_4,577,443	_____-	_1,082,222	_5,659,665		_	5,918,826
Netincome/(expenditure)		171,816	-	96,464	268,280			118,067
Transferofbalancescarried forwardfromunincorporatedentity		969,215	23,367	(1,635,683)	(643,101)
Transfersbetweenfunds		(350,000)	350,000	-		-		-
Netmovementinfunds		791,031	373,367	(1,539,219)	(374,821)			118,067
Fundbalancesbroughtforward		-	-	-		-		(761,168)
Fundbalancescarriedforward		791,031	373,367	_(1,539,219)	_(374,821)			(643,101)

5 CharitableandotherActivityCosts	5 CharitableandotherActivityCosts	5 CharitableandotherActivityCosts	5 CharitableandotherActivityCosts
														11month
														activityto
														31July
		Costofsales		Staffcosts		Rent&rates			Other			costs		2024
		£			£	£					£			£
RaisingFunds
Othercommercial
activities			-			-		-					-	-
Charitableactivities
forstudents
Welfare,adviceand
support			-		178,205	9,061					38,620			225,886
Studentvoice			-		325,838	5,312					217,137			548,287
Societiesand	sports		-		51,421	17,103				1,177,348				1,245,872
Nursery			-		318,898	20,140					32,391			371,429
Bars		161,429			213,390	117,596					127,709			620,124
Shops		1,422,854			407,819	13,367					291,720			2,135,760
Entertainments		310,803			215,609	10,677						9,746		546,835
SUSSdeficitpension
Financecosts			-		(34,528)			-					-	(34,528)
	Totalcosts	1,895,086			1,676,652	193,256				1,894,671				_5,659,665
Prioryear
													13monthperiod
														to31August
														2023
		Costofsales		Staff	costs	Rent&rates		Othercosts					(unincorporated)
		£		£		£			£					£
RaisingFunds
Othercommercial
activities		-			-		-						-	-
Charitableactivities
forstudents
Welfare,advice	and
support		-		213,845		8,419			62,588					284,852
Studentvoice		-		389,736		8,545			290,		183			688,464
Societiesandsports		-		59,310		17,531			951,752					1,028,593
Nursery		-		365,318		16,777			50,726					432,821
Bars		164,261		216,006		92,241			90,229					562,737
Shops		1,534,012		410,522		8,858			328,710					2,282,102
Entertainments		345,235		325,429		5,830			56,993					733,487
SUSSdeficitpension
Financecosts		-		(94,230)			-						-	(94,230)
Totalcosts		2,043,508		1,885,936		158,201	_	1,831,181					_5,918,826
Includedinadviceandrepresentationcost			is:
							11	month					13	monthperiod
							activity			to			to	31August
							31July		2024					2023
								2024					(unincorporated)
								£						£
NUSaffiliationfees								24,397						28,744
Otheraffiliationfees									569					594

in	othercostsisgovernancecostsof:
		11month	13monthperiod
		activityto	to31August
		31July	2023
		2024	(unincorporated)
		£	£
Auditorsremuneration:
-	Auditfee(Union)	22,000	20,000
-	Auditfee(Subsidiary)	5,280	4,800
-	Taxationservices	2,640	2,400
Sabbaticalofficerremuneration		138,833	152,962

					11month
					activityto
			Rent&		31July
		Staff	rates	Other	2024
		£	£	£	£
Raisingfunds:
Othercommercialactivities
Charitableactivitiesforstudents
Welfare,adviceandsupport		30,443	9,061	34,627	74,131
Studentvoice		49,155	5,312	77,911	132,378
Societiesandsports		9,941	17,103	60,598	87,642
Nursery		61,652	20,140	17,314	99,106
Bars		41,255	117,596	34,627	193,478
Shops		78,843	13,367	69,255	161,465
Entertainment		59,532	10,677	34,627	104,836
	Totals	330,821	193,256	_328,959	_853,036

Prioryear					13monthperiod
					to31August
			Rent &		2023
		Staff	rates	Other	(unincorporated)
		£	£	£	£
Raisingfunds:
Othercommercialactivities
Charitableactivitiesforstudents
Welfare,adviceandsupport		34,905	8,419	57,025	100,349
Studentvoice		56,571	8,545	114,050	179,166
Societiesandsports		10,817	17,531	28,512	56,860
Nursery		66,628	16,777	28,512	111,917
Bars		39,396	92,241	28,512	160,149
Shops		74,872	8,858	114,050	197,780
Entertainment		77,960	5,830	57,025	140,815
	Totals	361,149	_158,201	427,686	947,036

taffCosts
	11month	13monthperiod
	activityto	to31August
	31July	2023
	2024	(unincorporated)
	£	£
Wagesandsalaries	1,557,697	1,808,686
Socialsecurity	109,109	126,720
Pensioncosts	42,452	44,760
	1,709,258	1,980,166
MovementinSUSSPensionFundDeficit	(34,528)	(94,230)

	2024			2023
£60,000-£70,000			-		1
£70,000-£80,000		2			1
Theaveragestaffingwasasfollows:
	2024			2023
	£			E
Fulltime—Totalnumberofstaff		61			62
Students(Parttime)		80			76

	Motor
	Vehicles	Equipment	Total
	£	£	£
COST
At9May2023
Transferredfromunincorporatedentity	47,695	212,524	260,219
Additions	-	16,698	16,698
Disposals	(8,999)	(55,119)	(64,118)
At31July2024	38,696	174,103	212,799
DEPRECIATION
At9May2023
Transferredfromunincorporatedentity	9,460	153,727	163,187
Chargefortheperiod	5,067	42,185	47,252
Disposals	(8,999)	(55,119)	(64,118)
At31July2024	5,528	140,793	146,321
NETBOOKVALUE
At31July2024	33,168	33,310	66,478
At31August2023(unincorporated)	38,235	58,797	97,032

10	Investments—GroupandUnion
		Unlisted		Investmentin
		investments		Subsidiary		Total
		£		£		£
	COSTORVALUATION:
	At9May2023		-		-		-
	Transferredfromunincorporatedentity	5,400			1	5,401
	At31July2024	5,400			1	—__-5,401
	NETBOOKVALUE:
	At31July2024	5,400			1	5,401
	At 31August2023(unincorporated)	5,400			1	5,401

	SUSUTradingLtd	SUSUTradingLtd
	11month	13month
	activityto	periodto
	31July	31August
	2024	2023
	£	£
TradingSubsidiary
Turnover	2,983,962	3,172,158
Costofsales	(1,844,853)	(1,982,892)
Grossprofit	1,139,109	1,189,266
Administrativeexpenses	(1,068,645)	(1,166,383)
GiftaidpayabletotheUnion	(22,883)	(14,199)
Netprofit	47,581	8,684

		Group	Group		Union	Union
12	Debtors	2024	2023	2024			2023
			(unincorporated)		(unincorporated)
		£	£	£			£
	Tradedebtors	164,889	24,037	89,702			2,790
	Amountsduefromsubsidiaries	-	-	92,206			300,476
	Othertaxation	-	6,041	-			6,041
	Otherdebtors	-	1,483	-			1,483
	Prepayments&accruedincome	36,927	140,256	10,164			125,409
		——201,816	171,817	192,072		_436,199
		Group		Union
13	Creditors:Amountsduewithin		2023				2023
	oneyear	2024	(unincorporated) 2024		=(unincorporated)
		£	£	£			£
	Tradecreditors	49,513	94,846	7,391			58,082
	Socialsecurityandothertaxes	70,660	16,939	57,786			-
	Othercreditors	4,492	205,278	3,034			120,751
	Accrualsanddeferredincome	250,837 375,502	3,181 ___320,244	136,644 _204,855		_	2477 187,310
	Thedeferredincomebalancerepresents	eventsbeing	paidforinadvanceintheperiod,wherethe
	eventistakingplacepostperiod-end.Themovements		duringtheperiodaredetailed		as	follows:-
		Group		Union
		2024	2023	2024		2023
		£	£	£			£
	Deferredincomeat9May2023		-	- -			-
	Transferredfromunincorporatedentity	34,894	14,000	25,000			14,000
	Incomereceived	63,444	34,894	60,000			25,000
	Incomeutilised	(34,894)	(14,000)	(25,000)		(14,000)
	Deferredincomeasat31July	63,444	34,894	60,000			25,000

	Unrestricted		Designated	Restricted
	Funds		Funds	Funds		2024
	£		£	£		£
FixedAssets	71,878		-		-	71,878
Netcurrentassets	719,153		373,367	286,644		1,379,164
Longtermliabilities		-	-	(1,825,863)		(1,825,863)
	791,031		373,367	(1,539,219)		(374,821)

2024									Transferred
									from
	As	at	9		May	Incoming	Resources		—unincorpor	Asat31
		2023				resources	expended		atedentity	July2024
			£			£	£		£	£
Pensionfund					-	34,528		-	(1,860,391)	(1,825,863)
Otherrestricted
Reserves					-	1,178,686	(1,116,750)		224,708	286,644
					-	1,213,214	(1,116,750)		_(1,635,683)	_(1,539,219)
2023(unincorporated)
	As		at		1	Incoming	Resources			Asat31
	August			2022		resources	expended		Transfers	August2023
			£			£	£		£	£
Pensionfund	(1,954,621)					94,230		-	-	(1,860,391)
Otherrestricted
Reserves		231,862				916,086	(923,240)		-	224,708
	(1,722,759)					1,010,316	(923,240)		-	(1,635,683)
Restrictedreservesare	society	and			sportfundswhich		representamountsraisedbythesocietiesand
sportsclubsoftheUnionfortheir			ownuse.
UnrestrictedReserves	(Group)
									Transfersand
									Transferred
						Incoming	Resources		from	Asat
	Asat9	May				resources	expended	unincorporated		31July
	2023								entity	2024
	£					£	£		£	£
GeneralFund				-		4,749,259	(4,577,443)		619,215	791,031
2023(unincorporated)
	As		at		1	Incoming	Resources			Asat31
	August			2022		resources	expended		Transfers	August2023
			£			£	£		£	£
GeneralFund		938,224				5,182,970	(5,151,979)		5	969,215
DesignatedReserves	(Group	&	Union)
									Transfersand
						Incoming	Resources’		Transferredfrom	Asat
	Asat9		May			resources	expended		unincorporated	31July
	2023								entity	2024
		£				£	£		£	£
SUSSPensionDeficit					-	-		-	350,000	350,000
WelfareProjects					-	=		-	23,367	23,367
					-	-		-	373,367	373,367

3(unincorporated)
	As	at					Asat
	7August		Incoming	Resources			31August
	2022		resources	expended	Transfers		2022
	£		£	£	£		£
PeriodDignityFund		7,000	-		-	-	7,000
ConnectFunding	16,367		-		-	-	16,367
	23,367		-		-	-	23,367
easingcommitments
t31July2024UniversityofSwanseaStudents’Union				hadfutureminimumlease		paymentsunder
on-cancellableoperating	leases	asdetailedbelow:-
Landandbuildings					2024		2023
							(unincorporated)
					£		£
Duewithinoneyear					14,419		5,571
Withintwotofiveyearsinclusive					9,246		-
					——23,665		5,571

	2024	2023
		(unincorporated)
	£	£
Group
Financialassetsmeasuredatamortisedcost	1,656,466	1,336,103
Financialliabilitiesmeasuredatamortisedcost	241,398	268,410
Financialassetsmeasuredatfairvalue	5,400	5,400
Financialliabilitiesmeasuredatfairvalue	1,825,863	1,860,391
p’sincome,expense,gainsandlossesinrespectoffinancialinstruments	aresummarisedbelow:
	2024	2023
		(unincorporated)
	£	£
Interestincomeandexpense:
Totalinterestincomeforfinancialassetsheldatamortisedcost	38,764	9,038
	2024	2023
		(unincorporated)
	£	£
CharitableCompany
Financialassetsmeasuredatamortisedcost	1,503,389	1,243,244
Financialliabilitiesmeasuredatamortisedcost	87,070	156,309
Financialassetsmeasuredatfairvalue	5,401	5,401
Financialliabilitiesmeasuredatfairvalue	1,825,863	1,860,391

	2024	2023
		(unincorporated)
	£	£
Interestincomeandexpense:
Totalinterestincomeforfinancialassetsheldatamortisedcost	38,764	9,038

				13month
				periodto31
	Unrestricted	Designated	Restricted	August
	Funds	Funds	Funds	2023
	£	£	£	£
Incomeandendowmentsfrom:
Donationsandlegacies
Block Grant	1,428,088	-	-	1,428,088
NurseryGrant	44,659	-	-	44,659
HEFCWGrant	32,550	-	-	32,550
OtherTradingActivities:
OtherCommercialActivities	33,978	-	-	33,978
Charitableactivitiesforstudents:
Societies&Sports	-	-	916,086	916,086
Bars	387,189	-	-	387,189
Shops	2,124,526	-	-	2,124,526
Events,MediaandMarketing	659,734	-	-	659,734
NurseryFees	263,444	-	-	263,444
InvestmentIncome	9,038	-	-	9,038
Otherincome	137,601	-	-	137,601
Furlough	-	-	-	-
Totalincome	5,120,807	-	916,086	6,036,893
Expenditureon:
Raisingfunds:
OtherCommercialActivities	-	-	-	-
CharitableActivitiesforstudents:
Welfare,Advice&Support	284,852	-	-	284,852
StudentVoice	688,464	-	-	688,464
Societies&Sports	105,353	-	923,240	1,028,593
Nursery	432,821	-	-	432,821
Bars	562,737	-	-	562,737
Shops	2,282,102	-	-	2,282,102
Events,MediaandMarketing	733,487	-	-	733,487
MovementinSUSSPensionFund
(Surplus)/Deficit	-	-	(94,230)	(94,230)
Totalexpenditure	_5,089,816	-	___829,010	5,918,826
Netincome/(expenditure)	30,991	-	87,076	118,067
Transfersbetweenfunds	-	-	-	-
Netmovementinfunds	30,991	-	87,076	118,067
Fundbalancesbroughtforward	938,224	23,367	(1,722,759)	(761,168)
Fundbalancescarriedforward	969,215	23,367	(1,635,683)	(643,101)