teeside university students' union end of year accounts 2014
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Teesside University Students’ Union
and its Subsidiary Company
Statement of Accounts
for the year ended 31 July 2014
ANDERSON BARROWCLIFF LLP
Chartered Accountants
Teesside University Students’ Union
and its Subsidiary Company
Statement of Accounts
for the Year Ended 31 July 2014
Page
Administrative Details 1
Report of the Trustees 2 - 8
Report of the Independent Auditors 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Accounts 12 - 24
Teesside University Students’ Union
and its Subsidiary Company
Administrative Details
for the Year Ended 31 July 2014
Charitable Status
Teesside University Students’ Union is a registered charity, registration number 1136875.
Principal Address
Students’ Union Building, Southfield Road, Middlesbrough, Tees Valley TS1 3BA
Elected to Hold Office
Trustees / Full Time (Executive) Officers July 2014 July 2013
President Will Ridley John Pinkney
Student Activities Officer Jodie Bird Jodie Bird
Education Officer Ryan Marshall Hannah Graham
Welfare Officer Manon Goetschel James Carroll
Appointed
External Trustees July 2014 July 2013
External Trustee Mark Fishpool Mark Fishpool
External Trustee Heather Ashton Heather Ashton
External Trustee Liz Barnes Liz Barnes
External Trustee Linda Maughan Linda Maughan
Appointed
Student Trustees July 2014 July 2013
Student Trustee Iain Clement Mike Patrick
Student Trustee Margaret-Alice
Achiampong
Colin Longstaff
Auditors
Anderson Barrowcliff LLP
Chartered Accountants
Statutory Auditor
Waterloo House
Teesdale South
Thornaby Place
Thornaby on Tees
TS17 6SA
Bankers
Co-operative Bank Plc
Olympic House
Montford Street
Salford
M5 2QP
Solicitors
Poppleston Allen
37 Stoney Street
The Lace Market
Nottingham
NG1 1LS
Solicitors
SGH Martineau LLP
No. 1 Colmore Square
Birmingham
B4 6AA
The Students’ Union employs a Chief Executive to work closely with the Trustees and ensure effective management
of the organisation by leading a senior management team. During the year the senior managers were as follows:-
Chief Executive Jon Berg
Deputy Chief Executive Adam Cotterill
Page 1
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Structure, governance and management
The Students’ Union is constituted under the Education Act and the Regulations of Teesside University Higher
Education Corporation. The Students’ Union is responsible for giving representation and support to the students of
Teesside University and is governed by its Constitution and supporting Bye-Laws.
The Students’ Union has provision for ten members on its Board of Trustees. Four are External Trustees and two are
Student Trustees, all appointed by the Appointments Committee of the Board of Trustees. The four Officer Trustees
(also known as “Student Officers”) are students elected by cross-campus secret ballot for a one-year term of office as
President, Education Officer, Welfare Officer, and Student Activities Officer. These are full time or ‘sabbatical’
positions and receive remuneration as authorised by the Education Acts. No one can be on a sabbatical for more than
two years.
Teesside University Students’ Union is a charity with the ultimate decision making power being vested in its Board of
Trustees. The Students’ Union is a democratic organisation and the Board of Trustees delegates authority to the
following democratic bodies with safeguards ensuring legality of these decisions: Athletic Union, Societies
Federation, Student Representative Forum, Elected Officer Committee, and Scrutiny Committee.
The Officer Trustees oversee the day to day running of the Students’ Union and are accountable to the student body
and the Board of Trustees. All Trustees receive an induction into their legal and administrative responsibilities, with
an ongoing programme of development during their term of office.
The Officer Trustees and senior managers meet regularly as the Leadership Team to receive reports from officers, the
Chief Executive and other senior managers. This Leadership Team is the day to day decision making body of the
Students’ Union for all significant business. Teesside University Students’ Union employs non-student staff to ensure
effective management of its many activities and to implement the policy decisions made by the democratic bodies of
the Students’ Union. There is delegated authority through the Chief Executive for operational decision making and
accountability within the departments of the Students’ Union, in accordance with a written structure.
Relationship with Teesside University
The relationship between the University and the Students’ Union is established in the Regulations of the University
and detailed in articles approved by both organisations. The Students’ Union receives a Block Grant from the
University based on student numbers and part-occupies a building owned by the University, which also pays for
utilities, caretaking and cleaning staff. This support is intrinsic to the relationship between the University and
Students’ Union and has not been valued. Although the Students’ Union successfully runs various mutual trading
activities and external trading with the public through a subsidiary company it will always be dependent on the
support of the University. There is no reason to believe that this support will not continue for the foreseeable future
as the Union is an integral part of the University structure.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Students’ Union faces and
confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be
taken to lessen these risks.
Page 2
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Objectives and activities
The Students’ Union’s charitable Objects are the advancement of education of students at Teesside University for the
public benefit by:-
(i) promoting the interests and welfare of Students at Teesside University during their course of study and
representing, supporting and advising Students;
(ii) being the recognised representative channel between Students and Teesside University and any other
external bodies; and
(iii) providing social, cultural, sporting and recreational activities and forums for discussions and debate for the
personal development of its Students.
Its vision is: “to consistently perform in the top 10% of students’ unions in the UK”
Its mission statement is: “The Students’ Union will make a significant contribution to students’ lives at the
University, and secure a positive and inclusive student experience for all.”
In pursuit of these objects, its mission and vision the Students’ Union has established departments and services for
use by its members and to support its work with the University and other organisations on behalf of students. These
include The Link‘s Advice, Jobs, and Representation services, the Activities Centre, The Link department, the
Terrace Bar and kitchen, The Hub night club, and the Union Shop. Officers of the Students’ Union sit on every
committee of the University and meet regularly with Middlesbrough Council, local landlords, health care providers,
and other organisations.
The Students’ Union’s commitment to its members includes volunteer development opportunities for nearly 3,000
students in activities from competitive sports to student academic representation within the Schools of the University.
Objectives for 2014/15:
In the Strategic Plan 2012 – 15, the key objectives within the eight Strategic Themes are as follows
(i) Understanding our hyper-diverse student population
The Students’ Union will continue its work with the University on the Fees and Bursaries for new students,
and monitor the changes in the student population. It will continue to work on “in-reach” measures of
student participation in the SU and University life.
Measure: at least 80% satisfaction with the Students’ Union in the National Student Survey
(ii) Listening to the Student Community
The Students’ Union will expand its student engagement to meet at least 3,000 students through SU on Tour
and other information gathering campaigns. The SU will increase engagement with its course rep network.
An Events Forum will be established in 2014/15 to increase student input into the SU events programme.
Measures: meet over 3,000 students and at least 80% satisfaction with the Students’ Union in the National
Student Survey
(iii) Powerful and effective representation
The Students’ Union will use the information gathered through SU on tour and other engagement to
prioritise its campaigns for students and follow up with the University, the local Councils, landlords, and
other organisations to address issues affecting students by lobbying, negotiating, and campaigning to achieve
positive outcomes. Its work on accommodation will build on the success of Think: Housing. It will campaign
on value for money, sleep deprivation, retaining the Disability Support Allowance for students, and working
with external partners to enhance student safety in Middlesbrough. The new Union Reps will be involved in
campaigns. The SU will be actively involved in the appointment of the new Vice-Chancellor.
Measures: at least 80% satisfaction with the Students’ Union in the National Student Survey and over 10%
voting in Student Officer elections.
(iv) Offering the best services for students
The Students’ Union will continue to collect feedback on its services and facilities to ensure it maintains
very high satisfaction levels and explores new opportunities in the transformed SU Building. The SU
Activities will develop its ‘active clubs and societies’ to further grow student participation to over 2,000.
The SU:Link will gain AQS accreditation and offer a new mediation service to students. The SU’s trading
will grow with increased Shop, catering and night time business.
Page 3
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Objectives for 2014/15: (continued)
(iv) Offering the best services for students (continued)
Measures: Retain Best Bar None Silver, gain Quality Students’ Union recognition from NUS, at least 80%
satisfaction with the Students’ Union in the National Student Survey
(v) Graduate employability
The Students’ Union will offer at least three graduate placements and employ over 200 student staff. It will
continue to lobby the University to produce a clear and comprehensive Employability Strategy to structure
the help being given to students and graduates in the difficult economic times.
Measure: employ at least 200 student staff
(vi) Financial sustainability
The Students’ Union will grow its trading income, including catering, and put in place an External Trading
Strategy. It will continue to make budget efficiencies and changes to maximise spending on the student
experience, whilst remaining financially robust.
Measure: net free reserves equivalent to 4 months charitable operating expenditure
(vii) Maintaining our building and infrastructure
The transformed Students’ Union Building will develop as student feedback is used to identify further
investment. The SU will lobby the University to reclad the exterior of its building, so improving the Campus
Heart.
Measure: SU recladding in University estates capital plan.
(viii) Social responsibility and sustainability
The Students’ Union will engage its members in improving the environmental impact of the Students’ Union
and University, including work towards Eco-Campus Gold and retaining Green Impact Students’ Unions
Gold. It will widen its Fairtrade product range and ensure Fairtrade University status is retained. The SU will
establish a Community Engagement Strategy to identify its main connections with the towns and Tees
Valley, and how these will be used to improve students’ lives at the University.
Measure: Retain Green Impact Gold and ensure Fairtrade University status is regained
Achievements and performance The Students’ Union’s performance against its published objectives for 2013/14: Objectives by Strategic Theme Achievement
(i) Understanding our hyper-diverse student
population:
The Students’ Union will continue to work
with the University on the Fees Strategy,
considering the impact on different student
groups and ensuring access arrangements
are well planned. It will use “in-reach”
measures of student participation in the
SU, considering these and the relative
satisfaction of the student segments in the
National Student Survey.
Measures: at least 80% satisfaction with
the Students’ Union in the National
Student Survey
The Students’ Union ensured that students received good
financial support and that many new students in 2014/15 will
get free NUS extra cards to make cost savings during their
studies. It has researched hidden course costs as part of a value
for money campaign in 2014/15. The SU has captured
anonymised statistics on which student groups use its various
services and developed participation measures including ‘in-
reach’ with non-traditional students.
The National Student Survey 2014 showed very high
satisfaction with the SU, maintaining an overall 81% registered
score.
Page 4
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Achievements and performance (continued)
(ii) Listening to the student community:
The Students’ Union will expand its
student engagement to meet at least 2,000
students through SU on Tour and
information gathering campaigns. The SU
will establish a student-led teaching
awards scheme and work with the
University to publish a student charter in
2013/14.
Measure: at least 80% satisfaction with the
Students’ Union in the National Student
Survey
The SU expanded its “SU on Tour” engagement work, going
out to meet over 1,500 students across the University and hear
about their day to day experiences.
The STAR Awards enabled students to recognise staff and
student achievements across the University and SU.
The ‘Working together Charter’ was launched in 2014.
The National Student Survey showed that 81% of registered
students were satisfied with the Students’ Union, keeping the
SU in the top 10% of students’ unions in the UK.
(iii) Powerful and effective representation:
The Students’ Union will use the
information gathered through SU on Tour
and other engagement to prioritise its
campaigns for students. It will take up
these issues with the University, the local
Councils, landlords, and other
organisations to address issues affecting
students by lobbying, negotiating, and
campaigning. It will build on the success
of Think: Housing, and campaign on
mental health awareness and signing the
“Time to change” pledge.
Measures: at least 80% satisfaction with
the Students’ Union in the National
Student Survey and 15% voting in
Executive elections.
The Students’ Union ran the Think: Housing campaign with its
second, larger Housing Fayre in term two to help students to
find safe, affordable and convenient housing, offered specialist
accommodation advice, and started a new ‘Rate Your
landlord’ scheme. More landlords became externally
accredited as a result of the SU’s direct involvement.
The SU co-signed the “Time To Change” pledge with the
University to raise mental health awareness.
NSS 2014 showed 81% satisfaction with all registered students
and 82% for University taught satisfaction. The 2013/14
election turnout was 12.7% of active students.
(iv) Offering the best services for students:
The Students’ Union will be researching
its members’ needs and input on the
redevelopment of the first floor bar and
services. It will continue to collect
feedback on its services and facilities to
ensure it maintains very high satisfaction
levels and explores new opportunities.
Measures: Retain Best Bar None Silver,
Students’ Union Evaluation Initiative
Silver, at least 80% satisfaction with the
Students’ Union in the National Student
Survey
The SU used extensive research and engagement to identify
students’ needs and summarised these in the SU Project Brief.
It successfully lobbied the University to take over the ground
floor unit for the SU Shop and University Information point.
The transformed SU opened just before Freshers 2014 with
very positive feedback from students and visitors, and
increased visits. The SU won the Club MTV/Lucozade ‘Pimp
My Summer Ball’ competition with over 2 million tweets and
ran an expanded Final Fling 2014 event with over 4,000
attending.
Best Bar None Silver was retained and the SU is working
towards the new NUS Quality Students’ Unions scheme that
replaced SUEI. NSS 2014 satisfaction of 82% taught.
Page 5
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Achievements and performance (continued) (v) Graduate employability:
The Students’ Union will offer graduate
placements and employ over 200 student
staff. It will encourage the University’s
development of the “Get Ahead” portal
and continue to lobby the University to
produce a clear and comprehensive
Employability Strategy to structure the
help being given to students and graduates
in the difficult economic times.
Measure: employ at least 200 student staff
and increase range of employability
training.
The Students’ Union employed 3 graduate placements and over
200 student staff in 2013/14. It trained over 70% of the 504
Course Representatives and over 300 club and society leaders.
The SU has supported the University’s development of the
“Get Ahead” portal and hosted Careers stalls to supplement
over 5,000 visits to the SU:Link’s Jobs desk.
The University has committed to produce an Employability
Strategy as part of its new Academic Strategy.
(vi) Financial sustainability:
The Students’ Union will continue to make
budget efficiencies and changes to
maximise spending on the student
experience, whilst remaining financially
robust.
Measure: net free reserves equivalent to 4
months charitable operating expenditure
The SU made a small deficit before writing off fixed assets
that were scrapped in the building.
Students’ Union has over 4 months charitable expenditure in
its net free reserves.
(vii) Maintaining and developing our building
and infrastructure:
The modernisation of the Students’ Union
Building will continue in 2013/14 with the
final designs and preparation for a first
floor and bar refurbishment.
Measure: All University capital funding
approved and work started in summer 2014
In January 2014 the University Governors approved a further
£500,000 capital budget for the SU redevelopment. This will
transform over 2,000 square metres to encompass the needs of
all Teesside students with the Love It Lounge (social learning
space), post graduate reading rooms, expanded and improved
Link and Activities services, the new Terrace venue and the
SU Shop moved to the ground floor with a University
Information Point.
Work started immediately after the Final Fling 2014 and was
ready in time for Freshers 2014. (viii) Social responsibility and sustainability:
The Students’ Union will engage its
members in improving the environmental
impact of the Students’ Union and
University, including work on Eco-Campus
and Green Impact Students’ Unions. It will
widen its Fairtrade product range, replace
old lighting with more energy efficient
systems, and make greater use of electronic
media including e-mail, websites, online
polls and surveys, social media and the
virtual learning environment.
Measure: Retain Green Impact Gold and
ensure Fairtrade University status is
regained
The Students’ Union won a Green Impact Excellence Award
for its environmental work, including a report on Education
for Sustainable Development at Teesside University. It
continued to work in partnership with Middlesbrough
Environment City and the Middlesbrough Fairtrade Group.
The SU offered more Fairtrade products and installed low
energy lighting throughout the two floor redevelopment.
The SU won the Green Impact Students’ Unions Excellence
Award in 2013/14. The SU helped the University to regain its
Fairtrade University status.
Page 6
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
The Students’ Union had the following achievements in the year:
In the National Students Survey 2014, the Students’ Union’s 82% satisfaction with University taught
students was 10th highest in the UK and joint 1st among the University Alliance.
Nearly 11,000 people visited daytime orientation events run by the Students’ Union in 2013/14.
The Students’ Union established a quality assurance system for its student-led activities, ‘active clubs and
societies,’ with extensive training and support for the students leading and running these groups to ensure all
members get a a consistently good experience. This built on the fourth year of the SU’s pioneering
longitudinal study on increased retention and course completion among club/society members.
The SU beat other UK unions to win the Club MTV/Lucozade ‘Pimp my Summer Ball’ competition.
TUSU was awarded “Top 10 Student Union” in the WhatUni Student Choice Awards in 2013.
Teesside University Students’ Union was shortlisted as one of five for NUS “Students’ Union of the Year
2014/15”
Tees S U Limited
Tees S U Limited is a 100% subsidiary of the charity which was incorporated on 23 September 2010 and started to
trade in that year. The subsidiary’s activities provide income for the benefit of the students but cannot be directly
attributable to the Students’ Union’s primary or ancillary purposes.
The trustees are satisfied with the results of the subsidiary and the profit generated of £10,408 (2013 - £10,346).
£9,241 (2012 - £11,513) has been gift aided to the Students’ Union.
Future plans
The Students’ Union has established a three year revolving Strategic Plan, currently for 2012 – 2015. This includes
the mission and vision with eight strategic themes. This has long term plans and targets which are aligned with the
objectives in the annual operating plan to ensure TUSU continues to deliver public benefit by meeting the needs of
Teesside students in the future.
The Trustees have monitored developments in Higher Education following the Browne Review of tuition fees and
have engaged with the University in its fees strategy. The Students’ Union has maintained its general and earmarked
funding for 2014/15 against future expectations that its total incoming resources will be reduced by the national and
regional economic situation, including pressures on public sector spending. The Board will continue to monitor
developments and will act to ensure that the Charity continues to deliver public benefit via provision of services and
activities in accordance with its charity objects.
Financial review A summary of the results for the year is given on page 10 of the financial statements. The Students’ Union made a surplus of £592,786 including Capital Grant Fund income of £655,798 (2013 - surplus
of £30,774). The net surplus from the Students’ Union’s continuing trading activities was £13,109 (2013 - surplus
£32,362). The Students’ Union continued to benefit from the recognition and support of the University, the recurrent
Block Grant funding increased to £725,000. The Trustees have examined the requirement for free reserves, which are the unrestricted funds of £548,445 less
£292,055 invested in fixed assets (£1,113,228 less capital grant fund of £821,173), designated for specific purposes or
otherwise committed. The Trustees consider that they require four months of non-trading expenditure which equates
to approximately £248,000. The free reserves now exceed this target level and the Trustees intend to maintain this
level of unrestricted reserves.
Page 7
Teesside University Students’ Union
and its Subsidiary Company
Report of the Trustees for the Year Ended 31 July 2014
Future funding The Trustees confirm that the Union has sufficient funds to meet all its obligations. The Block Grant for 2014/15 has
been confirmed at £725,000 (with earmarked grant £200,000 pension deficit funding) and the commercial activities
are expected to generate significant funds. These resources will be applied in service provision to deliver public
benefit via the charity objects.
Trustees responsibilities The Students’ Union’s Constitution requires us to prepare financial statements for each financial year which give a
true and fair view of the state of affairs of the Union and of the income and expenditure of the Union for that period.
In preparing those financial statements we are required to:-
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; - prepare the financial statements on a going concern basis unless it is inappropriate to presume that
the Union will continue in business. We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the Union and enable us to ensure that the financial statements comply with the financial
regulations approved by the Annual General Meeting. We are also responsible for safeguarding the assets of the
Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustee statement In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity
Commission’s guidance on public benefit.
Will Ridley
President and Chair of the Trustees
Date: 11 November 2014
Page 8
Teesside University Students’ Union
and its Subsidiary Company
Independent Auditor’s Report to the Trustees of
Teesside University Students’ Union
and its Subsidiary Company
We have audited the financial statements of Teesside University Students’ Union Group and the Parent Charity for
the year ended 31 July 2014 which comprise Group Statement of Financial Activities, the Group Balance Sheet and
related notes. The financial reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity’s Board of Trustees, as a body, in accordance with Section 154 of the
Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Board of Trustees
those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Board of Trustees
as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of Trustees and Auditors As explained more fully in the Trustees’ Responsibilities Statement set out on page 8 the trustees are responsible for
the preparation of financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with
regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial
statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates
made by the trustees; and the overall presentation of the financial statements. In addition we read all the financial and
non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited
financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the
implications for our report. Opinion on financial statements In our opinion the financial statements:
give a true and fair view of the state of the group and parent charity’s affairs as at 31 July 2014, and of the
group’s incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
(applicable to smaller entities);
have been prepared in accordance with the requirements of the Charities Act 2011. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to
you if, in our opinion:
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the
financial statements; or sufficient accounting records have not been kept; or
the parent charity’s financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Anderson Barrowcliff LLP
Statutory Auditor
Chartered Accountants
Waterloo House
Teesdale South
Thornaby Place
Thornaby on Tees TS17 6SA
Date: …………………….
Page 9
Teesside University Students’ Union
and its Subsidiary Company
Consolidated Statement of Financial Activities
(including Summary Income & Expenditure Account)
for the Year Ended 31 July 2014
Restricted
Un-
Restricted
Endowment
Total
2014
Total
2013
Notes £ £ £ £ £
Incoming Resources
Incoming Resources from
Generated Funds:
Voluntary income: Donations & grants 2 125,496 726,625 655,798 1,507,919 844,015 Investment income - 956 - 956 2,983
Incoming resources
from charitable activities
3
1,184
1,450,025
-
1,451,209
1,517,364
Total incoming resources 126,680 2,177,606 655,798 2,960,084 2,364,362
Resources Expended
Costs of generating funds
Charitable activities 4 113,757 2,179,152 45,648 2,338,557 2,304,310
Governance costs 4 - 28,741 - 28,741 29,278
Total resources expended 113,757 2,207,893 45,648 2,367,298 2,333,588
Net movement in funds 12,923 (30,287) 610,150 592,786 30,774 Fund balances brought forward 34,445 578,732 211,023 824,200 793,426
Fund balances carried forward 47,368 548,445 821,173 1,416,986 824,200
The notes on pages 12 to 24 form part of these accounts
Page 10
Teesside University Students’ Union
and its Subsidiary Company
Consolidated Balance Sheet as at 31 July 2014
2014 2013
Charity Group Charity Group
Notes £ £ £ £ £ £ £ £
Fixed Assets Tangible fixed assets 6 1,112,645 1,113,228 489,509 491,259
Investments 7 1 - 3,430 3,429
1,112,646 1,113,228 492,939 494,688
Current Assets
Stocks held by bars, shops &
other outlets
29,248
29,248
35,372
35,372
Debtors & prepayments 8 372,996 372,996 97,410 97,410
Cash at bank & in hand 451,315 451,316 532,780 532,781
853,559 853,560 665,562 665,563
Creditors: Amounts falling
due within one year
9
549,802
549,802
336,051
336,051
Net Current Assets 303,757 303,758 329,511 329,512
Total Net Assets 1,416,403 1,416,986 822,450 824,200 Represented by: Endowment Funds
Capital Grants Fund 10 821,173 821,173 211,023 211,023
Income Funds
Restricted
Safer Middlesbrough Fund 11 484 484 484 484
Club & Society accounts 11 24,591 24,591 20,836 20,836 Sports Development Fund 11 - - 3,893 3,893
Student Hardship Fund 11 15,136 15,136 386 386
Rag Fund 11 1,146 1,146 512 512 Pension Deficit Funding 11 3,310 3,310 4,320 4,320
Entrepreneurs Fund 11 2,701 2,701 4,014 4,014
47,368 47,368 34,445 34,445
Unrestricted
Accumulated Fund 547,862 548,445 567,982 569,732 Designated Funds –
Development Fund
12
-
-
9,000
9,000
547,862 548,445 576,982 578,732 Total Reserves 13 1,416,403 1,416,986 822,450 824,200
Approved on Behalf of Teesside University Students’ Union on 11 November 2014 by:
William Ridley
President and Chair of the Trustees
The notes on pages 12 to 24 form part of these accounts
Page 11
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
1 Accounting Policies (a) Basis of preparation The accounts have been prepared under the Historical Cost Convention. The financial statements
have been prepared in accordance with the Statement of Recommended Practice (SORP)
“Accounting and Reporting by Charities” published in March 2005 and applicable UK Accounting
Standards and the Charities Act 2011. The statement of financial Activities (SOFA) and Balance Sheet consolidate the financial
statements of the Charity and its subsidiary undertaking. The results of the subsidiary are
consolidated on a line by line basis. The accounts consolidate those of the Charity and its wholly owned non charitable subsidiary, Tees
S U Limited. No separate SOFA has been presented for the Charity alone as permitted by paragraph 397 of the
SORP. (b) Incoming resources
All incoming resources are recognised in the Statement of Financial Activities (SOFA) when the
Charity is legally entitled to the income and the amount can be quantified with reasonable
certainty. Incoming resources are not shown net of expenditure. (c) Resources expended
All expenditure is accounted for on an accruals basis and is stated net of VAT.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities
and services for its beneficiaries. It includes both costs which can be directly allocated to activities
and those costs of an indirect nature necessary to support them. Costs are allocated between the
expenditure categories of the SOFA based on usage of the resource. Where costs cannot be directly
allocated they are apportioned on an appropriate basis as set out in note 5 to the accounts.
Governance costs are those incurred in connection with compliance with constitutional and
statutory requirements. (d) Grants received
Revenue grants other than the block grant are credited to the SOFA in the year in which they are
received. The block grant is credited to the SOFA in the year in which it is receivable. In the
SOFA grants are shown as income and the related expenditure disclosed as appropriate. (e) Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation. Assets are capitalised if they cost
more than £1,000 and are expected to last more than a year. Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following
annual rates in order to write the cost of assets off over their estimated useful lives:-
Fixtures and Fittings - 20% - 33% of Cost
Computer and Office Equipment - 20% - 33% of Cost
Improvements to Buildings - Between 10 years and the expected life of the buildings
(f) Investments
Fixed asset investments are valued at cost. The assets are not readily saleable and the market value
is not easily ascertainable.
(g) Pension costs
Teesside University Students’ Union (TUSU) participates in the NUS pension scheme, a money
purchase pension scheme. This scheme is not defined benefit and so cannot build up a deficit. The
only money ever paid into this scheme is the contribution rates set by the employer. This scheme
became active 1 October 2011. The students’ Union Superannuation Scheme closed to new
members and accrual of future benefits ceased at this date. TUSU continues to fund this scheme as
described in the next paragraph.
Teesside University Students’ Union (TUSU) participates in the Students’ Union Superannuation
Scheme, a defined benefit scheme which is externally funded and contracted out of the State
Second Pension.
Page 12
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
1 Accounting Policies continued/….
(g) Pension costs continued/….
The fund is valued at least every three years by a professionally qualified independent actuary with
the rates of contribution payable being determined by the Trustees on the advice of the actuary. The
scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a
consequence, no share of the underlying assets and liabilities can be directly attributed to TUSU.
Under the terms of FRS17, in these circumstances contributions are accounted for as if the scheme
were a defined contribution scheme based on actual contributions paid through the year.
(h) Leased assets
Rentals payable under operating leases are charged to the SOFA on a straight line basis over the
period of the lease.
(i) Stock
Stock is valued at the lower of the cost and its net realisable value.
(j) Fund accounting
The Students’ Union has two distinct types of fund in its balance sheet:-
(i) Unrestricted, or general, funds arising from the accumulated surplus from its various
activities; (ii) Restricted funds representing surpluses set aside by the Students’ Union for specific
purposes, such as Club and Societies Accounts. It also includes monies placed in the
custody of the Students’ Union but not under its control, such as the Student Hardship
Fund. (iii) Designated Funds are funds set aside by the Trustees for a specific purpose. The income and expenditure are shown in the SOFA.
The assets and liabilities representing each fund are shown in the notes to the accounts. (iv) Endowment Funds represent those assets which must be held permanently by the Charity
in the form of fixed assets. It is considered to be an expendable endowment fund and as
such it is being released to unrestricted funds over a period to match the depreciation
charged on the assets.
2 Donations and Grants
Restricted
Un-
Restricted
Endowment
Total
2014
Total
2013
£ £ £ £ £
Block Grant from Teesside University - 725,000 - 725,000 685,000
Earmarked funding grants received from
University (see note 11) 124,014 - 500,000 624,014 151,331
Due from University (1st Floor development
grant) 155,798 155,798
Earmarked funding from Safer Middlesbrough - - - - 754
Campaign contribution - 1,625 - 1,625 -
Grant from Citizen Advice Bureau for Link
Advice Training - - - - 3,000
Funds raised for Rag Fund 1,482 - - 1,482 3,830
Student Hardship Fund Collections - - - - 100
125,496 726,625 655,798 1,507,919 844,015
Page 13
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
3 Incoming Resources for Charitable Activities
Restricted
Un-
Restricted
Endowment
Total
2014
Total
2013
£ £ £ £ £
Bars, kitchen, games and vending & entertaining - 1,078,596 - 1,078,596 1,118,232
Shop - 301,775 - 301,775 327,251
Sponsorship - 65,355 - 65,355 71,206
The Link – Income - 1,620 - 1,620 175
Activities and Skills –
Awards Dinner Sponsorship Income
-
500
-
500
500
Website Income - 2,179 - 2,179 -
Tee-Shirts Income 1,184 - - 1,184 -
1,184 1,450,025 - 1,451,209 1,517,364
Page 14
Teesside University Student’s Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
4 Activities for Generating Funds
2013/14 Notes
Representing, supporting &
advising
Students
Repre-
sentative channel
to the
University & other
external
bodies
Social,
cultural, sporting &
recreational,
and forum for student
develop-
ment
Bars, games,
kitchen &
entertainment Shop Sponsorship Unrestricted
Total Restricted
Endowment
Fund
Gover-
nance costs Total
£ £ £ £ £ £ £ £ £ £ £
Cost allocated directly to activities
Cost of Sales - - - 458,181 228,458 25,557 712,196 - - - 712,196
Staff costs 174,622 82,529 59,783 484,323 61,792 17,005 880,054 - - 880,054
Other costs 23,615 31,788 97,882 122,436 17,113 - 292,834 - 45,648 - 338,482
Sports Development expenditure - - - - - - - 23,907 - - 23,907
Pension Deficit expenditure - - - - - - - 50,010 - - 50,010
Big Events expenditure - - - - - - - 20,000 - - 20,000
Safe Homes Fund expenditure - - - - - - - - - - -
Entrepreneurs expenditure - - - - - - - 2,497 - - 2,497
Community Engagement expenditure - - - - - - - 20,000 - - 20,000
Club & Society Accounts Movements - - - - - - - (3,755) - - (3,755)
Support costs allocated to activities 5 108,072 68,970 59,977 37,731 13,486 5,832 294,068 1,098 - 28,741 323,907
Total costs for charitable activities 306,309 183,287 217,642 1,102,671 320,849 48,394 2,179,152 113,757 45,648 28,741 2,367,298
2012/13 Total
£ £ £ £ £ £ £ £ £ £ £
Cost allocated directly to activities
Cost of Sales - - - 457,720 238,761 24,610 721,091 - - - 721,091
Staff costs 162,873 77,104 59,889 474,402 62,534 15,014 851,816 - - - 851,816
Other costs 14,534 34,481 72,070 160,751 18,953 (3,946) 296,843 - 45,648 - 342,491
Sports Development expenditure - - - - - - - 24,644 - - 24,644
Pension Deficit expenditure - - - - - - - 48,730 - - 48,730
NASES expenditure - - - - - - - 7,128 - - 7,128
Big Events expenditure - - - - - - - 524 - - 524
Safer Homes Fund expenditure - - - - - - - 1,986 - - 1,986
Club and Society Accounts Movement - - - - - - - 472 - - 472
Support costs allocated to activities 5 111,228 70,366 61,049 38,227 13,539 5,610 300,019 5,409 - 29,278 334,706
Total costs for charitable activities 288,635 181,951 193,008 1,131,100 333,787 41,288 2,169,769 88,893 45,648 29,278 2,333,588
Page 15
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014 5 Support Costs
Basis of
Allocation
Promoting the
interests & welfare, Rep
support advise
students
Representative Channel to
the University
& external
Social,
cultural &
recreational
Bars, games,
kitchen &
entertainment Shop Sponsorship Unrestricted
Total Restricted
Governance
costs Total
£ £ £ £ £ £ £ £ £ £
Support costs allocated to activities
Central staff costs Staff time 51,807 50,237 41,406 26,100 7,653 - 177,203 - 19,035 196,238
Marketing costs Staff time 11,597 11,597 11,597 11,597 5,799 5,798 57,985 - - 57,985
Trustee Board Costs Staff time 35 35 35 34 34 34 207 - 34 241
NUS subscriptions Staff time 36,872 - - - - - 36,872 - - 36,872
Premises costs Staff time 3,661 3,661 3,662 - - - 10,984 - 1,220 12,204
General Office costs Staff tine 2,616 2,616 2,617 - - - 7,849 - 872 8,721
Legal & Professional fees Staff time - - - - - - - - 7,250 7,250
Other costs Staff time 1,484 824 660 - - - 2,968 - 330 3,298
108,072 68,970 59,977 37,731 13,486 5,832 294,068 - 28,741 322,809
Grants & Donations made
Rag Fund - - - - - - - 848 - 848
Student Hardship Fund - - - - - - - 250 - 250
108,072 68,970 59,977 37,731 13,486 5,832 294,068 1,098 28,741 323,907
Governance Costs
2014 2013
£ £
Includes:- auditors remuneration 7,300 7,125
Page 16
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
6 Tangible Fixed Assets
Group and Company
Assets Under
Construction
Fixtures, Fittings
& Equipment Charity Group Charity Group
2014 2014
£ £ £ £
Cost
At 1 August 2013 - - 1,671,201
8,601
(479,289)
1,674,701
8,601
(479,289)
Additions 721,841 721,841
Disposals - -
At 31 July 2014 721,841 721,841 1,200,513 1,204,013
Depreciation
At 1 August 2013 - - 1,181,692 1,183,442
Charge for the year - - 85,315 86,482
Disposals - - (457,298) (457,298)
At 31 July 2014 - - 809,709 812,626
Net Book Values
At 31 July 2014 721,841 721,841 390,804 391,387
At 31 July 2013 - - 489,509 491,259
Total Charity Group
2014
£ £
Cost
At 1 August 2013 1,671,201 1,674,701
Additions 730,442 730,442
Disposals (479,289) (479,289)
At 31 July 2014 1,922,354 1,925,854
Depreciation
At 1 August 2013 1,181,692 1,183,442
Charge for the year 85,315 86,482
Disposals (457,298) (457,298)
At 31 July 2014 809,709 812,626
Net Book Values
At 31 July 2014 1,112,645 1,113,228
At 31 July 2013 489,509 491,259
The net book value of fixed assets represents:-
2014
£ £
Assets used for direct charitable purposes 1,080,750 1,080,750
Other purposes 31,895 32,478
1,112,645 1,113,228
Page 17
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
7 Investments
2014 2013
£ £
At Cost
-
Investment in NUS Services Limited 3,429
In order to continue receiving retrospective discounts through the Central Billing System the Students’
Union purchased 60 “A” and 180 “B” voting shares. These shares were disposed of to NUS Holdings during
the year
Investments held by the charity include an extra £1 (2013 – £1) investment in the subsidiary which
represents 100% of the issued share capital of Tees S. U. Limited. The nature of business was that of letting
of the Student Union facilities.
8 Debtors – Group and Company
2014 2013
£ £
Trade debtors 36,398 11,982
Other debtors 272,714 407
Prepayments & accrued income 63,884 85,021
372,996 97,410
9 Creditors: Amounts Falling Due Within One Year
Group and Company 2014 2013
£
306,871
£
Trade creditors 60,104
Social security & other taxes 18,661 30,369
Other creditors 7,440 3,582
Accruals 12,195 34,952
Deferred income 204,635 207,044
549,802 336,051
10 Endowment Funds – Capital Grant Fund
Toilets
(2011)
Reception
(2013)
HUB
(2008)
Offices
(2009)
1st Floor
(2014)
Total
2014
Total
2013
£ £ £ £ £ £
At 1 August 2013 14,655 64,983 106,295 25,090 - 211,023 184,468
Additional Grants from
University
-
-
-
-
500,000
500,000
72,203
Due from University 155,798 155,798
Released to SOFA (2,674) (7,220) (31,172) (4,582) - (45,648) (45,648)
At 31 July 2014 11,981 57,763 75,123 20,508 655,798 821,173 211,023
This represents monies provided by the University for various refurbishments. The £655,798 received and
receivable for the year was for a major refurbishment to the first floor. This is considered to be an
expendable endowment fund.
Page 18
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
11 Restricted Funds
Clubs &
Societies
Deposits
Sports
Development
Fund
Student
Hardship
Fund
RAG
Pension
Deficit
Big
Events
Grant
Safer
Middlesbrough
Entrepreneurs
Fund
Community
Engagement
Total
£ £ £ £ £ £ £ £ £ £
Balance at 1 August 2013 20,836 3,893 386 512 4,320 - 484 4,014 - 34,445
Collections-RAG - - - 1,482 - - - - - 1,482
Earmarked funding received from University - 20,014 15,000 - 49,000 20,000 - - 20,000 124,014
Tee-Shirts Income - - - - - - - 1,184 - 1,184
Outgoing
Rag Donations made - - - (848) - - - - - (848)
Hardship Fund Donations made - - (250) - - - - - - (250)
Sport Development expenditure - (23,907) - - - - - - - (23,907)
Pension Deficit expenditure - - - - (50,010) - - - - (50,010)
Big Events expenditure - - - - - (20,000) - - - (20,000)
Entrepreneurs expenditure - - - - - - - (2,497) - (2,497)
Community Engagement expenditure - - - - - - - - (20,000) (20,000)
Net movement - Clubs & Societies 3,755 - - - - - - - - 3,755
Net Movements 3,755 (3,893) 14,750 634 (1,010) - - (1,313) - 12,923
Carried Forward 24,591 - 15,136 1,146 3,310 - 484 2,701 - 47,368
Represented by:
Net Current Assets 24,591 - 15,136 1,146 3,310 - 484 2,701 - 47,368
Page 19
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
The Clubs and Societies consist of both money from the Students’ Union and the students to support the running of the various clubs and societies.
The Sports Development Fund was established to hold earmarked annual funding from Teesside University and expenditure.
The Student Hardship Fund was created in 1987/88 to provide financial assistance to T.U.S.U. Members in cases of genuine hardship. Its funds have been raised
through specific fund raising events and are administered on its behalf by the Students Union’s Trustees in accordance with written regulations. University of Teesside
Students’ Union holds the funds of the Student Hardship Fund, and its Trustees are Trustees of the fund.
The Rag Fund represents fund raising events held by Students’ Union which have not yet been distributed to other charities. The assets are held are in the form of cash at bank
and are recorded separately within the accounting records of the Students’ Union.
The pension deficit funding was received form the University to fund the pension deficit payments made in the year.
The Big Events grant was funding from the University to be spent on a specific purposes.
The Safer Middlesbrough fund was monies provide by the Safer Middlesbrough Partnership to improve security of student accommodation and also for providing general safety
advice.
The Entrepreneurs Grant is made up of funding from NACUE (National Consortium of University Entrepreneurs) and Teesside University. This fund is to be spent on the expenses and
overheads for the student enterprise known as ‘Tees-Shirts.’
The Community Engagement Grant was funding from the University to support work between our Trustee team and the local community.
Page 20
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
12 Designated Funds – Development Fund
2014 2013
£
9,000
(9,000)
-
£
Balance at 1 August 2013 10,500
Released to General Funds (1,500)
Balance at 31 July 2014 9,000
The Development Fund was set up by the Trustees in 2005 to support future investment in the Students’
Union’s facilities and refurbishment of trading areas. In 2010 the Trustees agreed that £15,000 could be used
for “The Link” help centre which opened in January 2010 to be released over ten years to offset the
depreciation charge. In 2014 “The Link” help centre was part of the refurbishment project ongoing at 31 July
2014, therefore the remaining balance of this fund was released.
13 Analysis of net assets between funds – group
Unrestricted
Funds
Restricted
Funds
Endowment
Fund
Total
£ £ £ £
Fixed assets 292,055 - 821,173 1,113,228
Current assets 806,192 47,368 - 853,560
Liabilities (549,802) - - (549,802)
Balance at 31 July 2014 548,445 47,368 821,173 1,416,986
14 Leasing Commitments
At 31 July 2014 the Students’ Union has annual commitments under non-cancellable operating leases as
detailed below:-
2014 2013
£ £
Plant and machinery
Operating leases which expire within two to five years 2,762 2,518
The amount paid during the year in respect of operating leases for plant and machinery was £ 2,518.
15 Trustees’ Remuneration
The full time (sabbatical) Officer Trustees were the only members of the Board of Trustees to receive any
remuneration. The salary costs were as follows:-
2014 2013
£ £
Salaries including National Insurance Contributions 74,967 73,751 Members of the Board of Trustees are reimbursed for their travel costs and any other expenses incurred
during the course of their duties.
Page 21
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
16 Staff Costs
Staff costs were as follows: 2014 2013
£
1,047,329
63,965
12,699
1,123,993
£
Wages & salaries 1,010,040
Social security 61,293
Pension costs 10,503
1,081,836
In addition pension costs included £46,988 deficit funding paid from a restricted fund, and £3,022 for Death
in service policy and consultation charges. No employee earned over £60,000 per annum. The average number of employees was as follows:-
2014 2013
28
24
Full time 27
Students – term time only 27
17 Control Relationships
The Students’ Union is under the control of the Board of Trustees.
18 Pension Costs
Teesside University Students’ Union (TUSU) participates in the Students’ Union Superannuation Scheme,
which is a defined benefit scheme whose membership consists of employees of students’ unions and related
bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a
“final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average
Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.
The most recent valuation of the scheme was carried out as at 30 June 2013 and showed that the market
value of the scheme’s assets was £80,910,623 with these assets representing 52% of the value of benefits
that had accrued to members after allowing for expected future increases in earnings. The deficit on an
ongoing funding basis amounted to £73,849,000.
The assumptions which have the most significant effect upon the results of the valuation are those relating to
the rate of return on investments and the rates of increase in salaries and pensions.
The following assumptions applied at 30 June 2013:-
The investment return would be 6.1% per annum before retirement and 4.1% per annum after
retirement
Pensions accruing on the CARE basis would revalue at 3.6% per annum.
Present and future pensions would increase at rates specified by scheme rules with appropriate
assumptions where these are dependent on inflation.
The 2013 valuation recommended a monthly contribution requirement by each Union expressed in monetary
terms intended to clear the ongoing funding deficit over a period of 17 years and will increase by at least 5%
each year. These contributions also include an allowance for cost of the ongoing administrative and
operational expenses of running the Scheme. These rates applied with effect from 1 October 2014 and will
be formally reviewed following completion of the next valuation due with an effective date of 30 June 2016.
Surpluses or deficits which arise at future valuations will also impact on the Students’ Union future
contribution commitment. In addition to the above contributions, the Students’ Union also pays its share of
the scheme’s levy to the Pension Protection Fund.
Page 22
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
18 Pension Costs continued/….. The total contributions paid into the Students’ Union Superannuation Scheme by TUSU in respect of eligible
employees for the year ended 31 July 2014 amounted to £50,010 (2013 - £48,730) in respect of future
accrual as well as deficit contributions. The amount outstanding at 31 July 2014 was £3,936 (2013 -
£3,814). Contributions paid into the NUSPS scheme for the year ended amounted to £12,699 (2013 - £12,833),
including Death in Service Insurance Policy. This scheme is not defined benefit and so cannot build up a
deficit. The only money ever paid into this scheme is the contribution rates set by the employer.
19 Capital Commitments
At the year end, the Students’ Union had capital commitments of £421,762 (2013: £nil).
20 Affiliations During the year the Students’ Union paid the following affiliations:
Organisation 2014 2013
36,872
7,829
360
National Union of Students (NUS) 38,803
British Universities and Colleges Sports Association
(BUCS, formerly BUSA)
8,207
NUS Services Ltd (NUSSL) 300
21 Subsidiary Company
The charity owns the whole of the issued ordinary share capital of Tees S U Limited, a company registered in
England. The subsidiary was incorporated on 23 September 2010. It is used for non-primary purpose trading
activities. All activities have been consolidated on a line by line basis in the SOFA. A summary of the results
of the subsidiary is shown below:-
2014 2013
£ £
Turnover 109,716 87,018
Cost of sales 30,653 21,454
Gross Profit 79,063 65,564
Administrative expenses 70,989 55,218
Net Profit 8,074 10,346
The aggregate of assets, liabilities and funds was:
2014 2013
£ £
Assets 584 1,751
Liabilities - -
584 1,751
Share Capital (representing 1 ordinary shares £1 each) 1 1
Profit and Loss Account 583 1,750
584 1,751
Page 23
Teesside University Students’ Union
and its Subsidiary Company
Notes to the Accounts for the Year Ended 31 July 2014
22 Results of Parent Company
2014 2013
£ £
Total incoming resources 2,850,368 2,277,344
Net movement in funds 593,953 31,941
The subsidiary gift aided £9,241 (2013:£11,513) to the parent company in the year.
Page 24
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