surhul accounts for year end 31 july 2011

STUDENTS’ UNION ROYAL HOLLOWAY

UNIVERSITY OF LONDON

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2011

STUDENTS’ UNION ROYAL HOLLOWAY

UNIVERSITY OF LONDON

FINANCIAL STATEMENTS


CONTENTS PAGE

Income and Expenditure Account 1 Balance Sheet 2 Cash Flow Statement 3 Notes to the Accounts 4 - 12

STUDENTS’ UNION, ROYAL HOLLOWAY, UNIVERSITY OF LONDON

INCOME AND EXPENDITURE ACCOUNT


Note 2011 2010 £ £ Turnover 1,364,532 1,510,942 Direct Costs and Expenses (1,208,454) (1,285,763) Gross Surplus from Trading Activities 156,078 225,179 Grant Income Staffing 530,511 515,660 Maintenance 132,628 128,915 663,139 644,575 Interest Receivable and Other Income 382 765 Total Income available for Union purposes 819,599 870,519 Less Union Expenditure (non-trading) Welfare 2 56,136 50,802 Communications 3 87,544 68,692 Constitution 4 86,995 79,615

Clubs and Societies 5 175,188 164,636 Administration Salaries 6 214,225 205,336 Administration Expenses 7 65,924 69,934 Computers 8 5,775 7,422 Establishment Expenses 9 157,741 195,304 Financial and Professional 10 28,420 21,000 Vehicles 11 34,593 40,268 912,541 903,009 Amounts Transferred (to)/from Specific Cost Reserves 19 - 2,673 Net Deficit for the Year £ (92,942) £ (29,817)


BALANCE SHEET

AT 31 JULY 2011

Note 2011 2010 £ £ Tangible Assets 12 487,204 563,145 Investments 12 660 660 487,864 563,805 Current Assets Stocks 13 24,044 18,834

Debtors and Prepayments 14 44,870 104,327 Clubs and Societies balances carried forward 19,905 18,746 Cash at Bank and in Hand 15 381,292 423,825 470,111 565,732 Creditors Creditors – amounts falling due within one year 16 92,966 176,843 Clubs and Societies balances carried forward 47,787 42,530 140,753 219,373 Net Current Assets 329,358 346,359 Total Net Assets £ 817,222 £ 910,164 Financed by:- Capital Account Accumulated Funds at 1 August 2010 910,164 939,981 Surplus of Income over Expenditure for the year (92,942) (29,817) £ 817,222 £ 910,164

.........................................................…..... D Lemberger-Cooper - President


CASH FLOW STATEMENT


Note 2011 2010 £ £ Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities

Operating profit (92,942) (32,490) Interest received (382) (765) Interest paid - -

Depreciation charges 110,604 124,043 Decrease/(increase) in stocks (5,210) 3,101 Decrease/(increase) in debtors 58,298 (35,432) (Decrease)/increase in creditors (78,620) 49,492 Net cash inflow/(outflow) from Operating Activities £ (8,252) £ 107,949 Cash Flow Statement Net cash inflow from Operating Activities (8,252) 107,949 Net Returns on investments and servicing of finance 17 382 765 Capital expenditure 17 (34,663) (64,910) (42,533) 43,804

Net financing 17 - - Increase in cash £ (42,533) £ 43,804 Reconciliation of Net Cash Flow to Movements in Net Funds

18

Change in Net Funds (42,533) 43,804 Net Funds at 31 July 2010 423,825 380,021 Net Funds at 31 July 2011 £ 381,292 £ 423,825


NOTES TO THE ACCOUNTS


a) Accounting Convention The accounts are prepared under the historical cost convention, which takes no account of the effect of

inflation, and in accordance with United Kingdom Generally Accepted Accounting Practises (“UK GAAP”).

b) Basis of Preparation The financial statements have been prepared on a going concern basis. The Trustees consider that

there is a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future and, for this reason, they continue to adopt the going concern basis in preparing the annual financial statements.

c) Depreciation Depreciation is provided in the financial statements on a straight line basis at the rates set out below

which are calculated to write off each asset over its expected useful life:- Students’ Union Refurbishment – 20% of cost

Medicine Refurbishment – 20% of cost on fixtures & fittings, 10% of building costs Other Assets - 20% of cost New Computer Equipment – 33 1/3% of cost Building Extension - 2% of cost d) Stocks Stocks are stated at the lower of cost and net realisable value.


NOTES TO THE ACCOUNTS (CONTINUED)


2011 2010 £ £ 2. Welfare Sabbatical Officers 27,183 22,465 Welfare including Welfare Officer Salary 28,953 28,337 £ 56,136 £ 50,802 3. Communications Sabbatical Officers 27,036 22,598 Handbook 4,879 2,875 Publicity and Publications 6,018 7,761 The Orbital Magazine 4,493 5,875 Insanity Radio 1,747 1,428 Sundries including Related Salaries 43,371 28,155 £ 87,544 £ 68,692 4. Constitution Sabbatical Officers 27,036 22,465

Campaigns - 2,994 Affiliations 35,656 33,150 Executive Expenses 1,031 1,099 Election Expenses 3,857 3,418 Hospitality 1,979 1,912 Sundries 17,436 14,577 £ 86,995 £ 79,615 5. Clubs and Societies Club and Society Expenditure 26,033 31,364 Sabbatical Officers 27,036 22,598 Sundries including Related Salaries 61,223 57,129 Sports Transport 28,271 26,000

Hire of Sports Facilities 32,625 27,545 £ 175,188 £ 164,636




2011 2010 £ £ 6. Administration Salaries Gross salaries 193,976 185,911 Social Security Costs 14,349 14,294 Pensions 5,900 5,131 £ 214,225 £ 205,336 7. Administration Expenses Recruitment 2,981 1,503 Telephone & Fax 11,538 10,747 Insurance 27,476 26,169 Postage and Stationery 2,036 2,167 Sundries 2,132 5,728 Training and Travel 19,730 23,589 Depreciation 31 31 £ 65,924 £ 69,934 8. Computers Maintenance and supplies £ 5,775 £ 7,422 9. Establishment Expenses Minor works 12,629 22,754 Cleaning 70,187 89,820 Depreciation – Building works 74,925 82,730 £ 157,741 £ 195,304




2011 2010 £ £ 10. Financial and Professional Non-recoverable VAT 5,855 4,011 Legal and professional fees 7,247 3,059 Bank charges 6,893 5,605 Audit and accountancy 8,425 8,325 Loan interest - - £ 28,420 £ 21,000 11. Vehicles Hiring (26,414) (31,126) Insurance 4,375 7,638 Drivers’ wages 24,228 24,508 Petrol, servicing and other costs 32,404 39,248 £ 34,593 £ 40,268




12. Fixed Assets a)

Total

Buildings and

Fixtures

Office

Equipment

Entertainment

& Radio

Sports

etc

Computer Equipment

Bar

Equipment

Medicine

Refurbishment Cost At 1 August 2010 1,649,044 657,359 8,317 108,824 81,479 58,519 134,958 599,588 Additions 34,663 11,757 - 8,786 - 4,461 9,658 - Disposals (145,091) (140,769) - - - - (4,322) - At 31 July 2011 1,538,617 528,348 8,317 117,610 81,479 62,980 140,294 599,588 Accumulated Depreciation At 1 August 2010 1,085,899 354,273 8,195 88,157 79,218 56,466 90,285 409,305 Charge for the year 110,604 27,354 31 8,583 1,510 2,514 23,042 47,571 Disposals (145,091) (140,769) - - - - (4,322) - At 31 July 20011 1,051,412 240,858 8,226 96,740 80,728 58,980 109,005 456,876 Net Book Value At 31 July 2010 563,145 303,086 122 20,667 2,261 2,053 44,673 190,283 At 31 July 2011 487,204 287,489 91 20,870 751 4,001 31,290 142,713 Capital commitment 2011 2010 Contracted but not included in the financial statements 200,000 -




12. Fixed Assets (ctd) b) Investments The Student Union holds 60 "A" shares and 30 "B" shares in NUS Services Limited. The cost of these shares was £660. 13. Stocks Stocks of liquor and tobacco have been professionally valued by SureStock, at the lower of cost and net realisable value. All other stocks have been valued at the lower of cost and net realisable value by the Students’ Union Officers. 2011 2010 £ £ Bars and Vending Machines 17,858 14,139 Print room stock 1,035 1,304 Sundry stock 5,151 3,391 £ 24,044 £ 18,834 14. Debtors 2011 2010 £ £ Trade debtors 24,037 40,854 Prepayments 15,833 58,473 Other debtors 5,000 5,000 £ 44,870 £ 104,327 15. Cash at Bank and in Hand 2011 2010 £ £

Bank Balances Current Account (46,830) (65,933) Reserve Account 211,458 211,334 Business Premium Account 202,374 250,554 367,002 395,955 Cash in hand : Floats 14,290 27,870 £ 381,292 £ 423,825




16. Creditors 2011 2010

£ £ Trade creditors 27,427 30,480 Value Added Tax 5,213 7,453 PAYE/NIC 14,691 16,329 Repayment of College loan - - Sundry creditors 14,323 16,677 61,654 70,939

Accruals and deferred income 31,312 105,903 £ 92,966 £ 176,842 17. Gross Cash Flows 2011 2010 £ £ Returns on Investments and Servicing of Finance Interest received 382 765 Interest paid - - £ 382 £ 765 Capital expenditure Payments to acquire tangible assets (34,663) (64,910) Receipts for sale of tangible assets - - £ (34,663) £ (64,910) 18. Analysis of Changes in Net Funds At 1 August

2010 £

Cash Flows

£

At 31 July 2011

£ Cash at bank and in hand 489,758 (61,636) 428,122 Bank overdraft (65,933) 19,103 (46,830) £ 423,825 £ (42,533) £ 381,292 19. Reserves

Total Reserve

£

Accumulated Funds

£

Other Reserve

£ Balance 1 August 2010 910,164 910,164 - Transfers during the year: To (92,942) (92,942) - From - - - Balance at 31 July 2011 £ 817,222 £ 817,222 £ -




20. Related Party Transactions

Royal Holloway University of London provides the Union with the use of its buildings and associated utility services free of charge. Royal Holloway University of London provided the Students’ Union’s bankers, Barclays Bank Plc, with a guarantee charged against Students’ Union debt to the bank. The guarantee is dated 19 July 1995 and is limited to £300,000. At the balance sheet date there were no Students’ Union bank liabilities. During the year the Students Union received grants from the College of £663,139 towards staffing & maintenance (2010: £644,575). At 31

st July 2011, the Students’ Union has no loans outstanding with the College. (Balance at 31

st

July 2010: £Nil).

Trustee Remuneration and Expenses Each of the Union’s four sabbatical officers received £23,148, including accommodation costs, for the year for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the institution and local community, defending and extending the rights of students through petitions, discussion with MPs and also organising and supporting student volunteers and service provision for them. The total salary and NI costs for the four sabbatical officers amounted to £101,637. There were no other trustee-benefits for the year.

21. Affiliations 2011 2010 £ £ NUS Services 300 300 AMSU - 750 NUS 35,356 32,100 35,656 33,150

22. Operating Lease Disclosure

At 31st July 2011, the Students’ Union was committed to operating lease payments as follows:

2011 2010 £ £ Within 1 year 1,105 0 Between 1-5 years 20,302 25,206

surhul accounts for year end 31 july 2011

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