trustees' report and financial statements for … uni su consol … · ·...

Charity number: 1150576

This draft produced on 19/3/2015 15:52

ABERYSTWYTH UNIVERSITY STUDENTS' UNION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014



CONTENTS

Page

Reference and administrative details of the charity, its trustees and advisers

1 - 2

Trustees' report

3 - 5

Independent auditor's report

6 - 7

Consolidated statement of financial activities

8

Consolidated balance sheet

9

Charity balance sheet

10

Notes to the financial statements

11 - 25



REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 30 JUNE 2014

Trustees Stephen Meacham, External TrusteeTim Smith, External TrusteeEvan Elfyn Jones, External Trustee (28/06/13 )Estelle Hart, External Trustee (1/1/14 )?, President1

?, UMCA (Undeb Myfyrwyr Cymraeg Aberystwyth) & Welsh Affairs Officer1

?, Activities Officer1

?, Student Support Officer1

?, Education Officer1

Jacob Dafydd Ellis, President2

Miriam Williams, UMCA (Undeb Myfyrwyr Cymraeg Aberystwyth) & Welsh AffairsOfficer2

Harriet O'Shea, Activities Officer2

Will Atkinson, Student Support Officer2

Grace Burton, Education Officer2

?, Student Trustee3

?, Student Trustee3

Joshua James, Student Trustee4

Christopher Lloyd Jones, Student Trustee4

1 Sabbatical Officer Trustee - these officers held their posts for the period 1 July 2012 to 30 June 2013.2 Sabbatical Officer Trustee - these officers have been in post for the period 1 July 2014 to the financialstatements approval date.3 for the period 1 July 2012 to 30 June 20134 for the period 1 July 2013 to 30 June 2014

Charity registered number

1150576

Principal office

The UnionPenglaisAberystwythCeredigionSY23 3DX

Senior management team

Chief ExecutiveMembership Services ManagerCommercial Services ManagerFinance Manager

In addition to the work of the sabbatical officer trustees' work the Trustees delegate the day to day managementof the charity to the Chief Executive and the Senior Management Team.

Page 1



REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 30 JUNE 2014

Administrative details (continued)

Independent auditor

Crowe Clark Whitehill LLPStatutory AuditorBlack Country HouseRounds Green RoadOldburyWest MidlandsB69 2DG

Bankers

HSBC Bank PlcPO Box 1219 Great Darkgate StreetAberystwythCeredigionSY23 1DH

Page 2



TRUSTEES' REPORT


The Trustees present their annual report together with the audited financial statements of AberystwythUniversity Students' Union (the charity and the group) for the ended 30 June 2014. The Trustees confirm thatthe Annual report and financial statements of the charity and the group comply with the current statutoryrequirements, the requirements of the charity and the group's governing document and the provisions of theStatement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

The charity and the group also trades under the name AUSU. Structure, governance and management a. CONSTITUTION The principal object of the charity and the group is to provide........ b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity and the group is the responsibility of the Trustees who are elected and co-optedunder the terms of the Trust deed. c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

e. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity and the group is exposed, in particular thoserelated to the operations and finances of the charity and the group, and are satisfied that systems andprocedures are in place to mitigate our exposure to the major risks.

Objectives and Activities a. POLICIES AND OBJECTIVES

b. STRATEGIES FOR ACHIEVING OBJECTIVES

c. ACTIVITIES FOR ACHIEVING OBJECTIVES

d. PROGRAMME RELATED INVESTMENTS

Page 3



TRUSTEES' REPORT (continued)


Achievements and performance a. GOING CONCERN After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequateresources to continue in operational existence for the foreseeable future. For this reason they continue to adoptthe going concern basis in preparing the financial statements. Further details regarding the adoption of thegoing concern basis can be found in the Accounting Policies. b. REVIEW OF ACTIVITIES

c. INVESTMENT POLICY AND PERFORMANCE

d. FACTORS RELEVANT TO ACHIEVE OBJECTIVES

Financial review a. RESERVES POLICY

b. PRINCIPAL FUNDING

c. MATERIAL INVESTMENTS POLICY

Plans for the future a. FUTURE DEVELOPMENTS

FUNDS HELD AS CUSTODIAN

TRUSTEES' RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with

Page 4



TRUSTEES' REPORT (continued)


applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements foreach financial year which give a true and fair view of the state of affairs of the charity and the group and of theincoming resources and application of resources of the group for that period. In preparing these financialstatements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP; • make judgments and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material

departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

group will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain thecharity and the group's transactions and disclose with reasonable accuracy at any time the financial position ofthe group and enable them to ensure that the financial statements comply with the Charities Act 2011, theCharity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are alsoresponsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. This report was approved by the Trustees on and signed on their behalf by:

Page 5



INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ABERYSTWYTH UNIVERSITY STUDENTS'

UNION

We have audited the financial statements of Aberystwyth University Students' Union for the year ended 30 June2014 set out on pages 8 to 25. The financial reporting framework that has been applied in their preparation isapplicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United KingdomGenerally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the charity's trustees, as a body, in accordance with section 151 of the CharitiesAct 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that wemight state to the charity's trustees those matters we are required to state to them in an Auditor's report and forno other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyoneother than the charity and its trustees, as a body, for our audit work, for this report, or for the opinion we haveformed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITOR As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for thepreparation of financial statements which give a true and fair view. We have been appointed as auditor under section 151 of the Charities Act 2011 and report to you inaccordance with regulations made under section 154 of that Act. Our responsibility is to audit and express anopinion 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 Ethical Standardsfor Auditors. SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient togive reasonable assurance that the financial statements are free from material misstatement, whether causedby fraud or error. This includes an assessment of: whether the accounting policies are appropriate to thegroup's and the parent 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 ofthe financial statements. In addition, we read all the financial and non-financial information in the Trustees'report to identify material inconsistencies with the audited financial statements and to identify any informationthat is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us inthe course of performing the audit. If we become aware of any apparent material misstatements orinconsistencies 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's and the parent charity's affairs as at 30 June 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; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Page 6



INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ABERYSTWYTH UNIVERSITY STUDENTS'

UNION

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 reportto you if, in our opinion: • the information given in the Trustees' report is inconsistent in any material respect with the financial

statements; or • sufficient accounting records; or • the parent charity 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.

Crowe Clark Whitehill LLP Statutory Auditor Black Country HouseRounds Green RoadOldburyWest MidlandsB69 2DGDate:

Crowe Clark Whitehill LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 7



CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating Income and Expenditure Account)FOR THE YEAR ENDED 30 JUNE 2014

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

Note2014

£2014

£2014

£2013

£

INCOMING RESOURCES

Incoming resources from generated funds: Voluntary income 2 868,450 5,000 873,450 858,300 Activities for generating funds 3 961,350 - 961,350 1,238,130 Investment income 4 1,029 - 1,029 635Incoming resources from charitable activities 5 514,452 - 514,452 147,022Other incoming resources 6 52,000 - 52,000 52,000

TOTAL INCOMING RESOURCES 2,397,281 5,000 2,402,281 2,296,087

RESOURCES EXPENDED

Costs of generating funds: Masnachu AUGS Trading Ltd expenses 3 999,825 - 999,825 1,193,408Charitable activities 7 1,447,508 3,383 1,450,891 1,135,531Governance costs 10 4,538 - 4,538 10,231

TOTAL RESOURCES EXPENDED 9 2,451,871 3,383 2,455,254 2,339,170

MOVEMENT IN TOTAL FUNDS FOR THEYEAR - NET INCOME/(EXPENDITURE)FOR THE YEAR (54,590) 1,617 (52,973) (43,083)

Total funds at 1 July 2013 3,406 2,468 5,874 48,957

TOTAL FUNDS AT 30 JUNE 2014 20 (51,184) 4,085 (47,099) 5,874

The notes on pages 11 to 25 form part of these financial statements.

Page 8



CONSOLIDATED BALANCE SHEETAS AT 30 JUNE 2014

2014 2013Note £ £ £ £

FIXED ASSETS Tangible assets 14 188,571 218,983 Investments

15 - 3,500

188,571 222,483 CURRENT ASSETS Stocks 16 79,143 105,149 Debtors 17 25,696 162,371 Cash at bank and in hand 532,718 336,797

637,557 604,317 CREDITORS: amounts falling due within

one year 18 (873,227) (768,926)

NET CURRENT LIABILITIES (235,670) (164,609)

TOTAL ASSETS LESS CURRENT LIABILITIES (47,099) 57,874 CREDITORS: amounts falling due after

more than one year 19 - (52,000)

NET (LIABILITIES)/ASSETS (47,099) 5,874

CHARITY FUNDS Restricted funds 20 4,085 2,468 Unrestricted funds 20 (51,184) 3,406

TOTAL (DEFICIT)/FUNDS

(47,099) 5,874

The financial statements were approved by the Trustees on and signed on theirbehalf, by:


Page 9



CHARITY BALANCE SHEETAS AT 30 JUNE 2014

2014 2013Note £ £ £ £

FIXED ASSETS Tangible assets 14 113,885 119,257 Investments

15 1 3,501

113,886 122,758 CURRENT ASSETS Stocks 16 4,377 1,879 Debtors 17 212,148 338,135 Cash at bank and in hand 273,496 202,141

490,021 542,155 CREDITORS: amounts falling due within

one year 18 (612,532) (607,039)

NET CURRENT LIABILITIES (122,511) (64,884)

TOTAL ASSETS LESS CURRENT LIABILITIES (8,625) 57,874 CREDITORS: amounts falling due after

more than one year 19 - (52,000)

NET (LIABILITIES)/ASSETS (8,625) 5,874

CHARITY FUNDS Restricted funds 20 4,085 2,468 Unrestricted funds 20 (12,710) 3,406

TOTAL (DEFICIT)/FUNDS (8,625) 5,874

The financial statements were approved by the Trustees on and signed on theirbehalf, by:


Page 10



NOTES TO THE FINANCIAL STATEMENTS


1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, with theexception of investments which are included at market value, and in accordance with the FinancialReporting Standard for Smaller Entities (effective April 2008). The financial statements have beenprepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting andReporting by Charities' published in March 2005 and applicable accounting standards.

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statementsof the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a lineby line basis.

No separate SOFA has been presented for the charity alone as permitted by paragraph 397 of theSORP.

1.2 Basis of consolidation

The financial statements consolidate the accounts of Aberystwyth University Students' Union and allof its subsidiary undertakings ('subsidiaries').

The income and expenditure account for the year dealt with in the accounts of the charity was£14,499 Loss (2013 - £43,083 Loss).

1.3 Going concernThe Students' Union is dependent on a grant provided to it by Aberystwyth University, the StudentUnion's supporting institution. Aberystwyth University has provided the Students' Union with anundertaking that for at least 12 months from the date of approval of these financial statements, it willcontinue to make available financial support to the Student Union as is necessary to enable it to meetits obligations as they fall due. This should enable the Students' Union to continue in operationalexistence for the foreseeable future by meeting its liabilities as they fall due for payment. As with anyorganisation placing reliance on other entities for financial support it is assumed this will continue andat the date of approval of these financial statements the Students' Union has no reason to believethat it will not do so.

Based on these factors the trustees of the Students' Union believe that it remains appropriate toprepare the financial statements on a going concern basis.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees infurtherance of the general objectives of the charity and which have not been designated for otherpurposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees forparticular purposes. The aim and use of each designated fund is set out in the notes to the financialstatements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed bydonors or which have been raised by the charity for particular purposes. The costs of raising andadministering such funds are charged against the specific fund. The aim and use of each restrictedfund is set out in the notes to the financial statements.

Page 11





1. ACCOUNTING POLICIES (continued)

1.5 Incoming resources

All incoming resources are included in the Statement of financial activities when the charity hasentitlement to the funds, certainty of receipt and the amount can be measured with sufficientreliability.

Donated services or facilities, which comprise donated services, are included in income at avaluation which is an estimate of the financial cost borne by the donor where such a cost isquantifiable and measurable. No income is recognised where there is no financial cost borne by athird party.

1.6 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categoriesthat aggregate all costs for allocation to activities. Where costs cannot be directly attributed toparticular activities they have been allocated on a basis consistent with the use of the resources.

Governance costs are those incurred in connection with administration of the charity andcompliance with constitutional and statutory requirements.

1.7 Donated facilities & services

The Students Union occupies its building on a rent free basis from Aberystwyth University. The valueof this donation has been estimated at a comparable market rent in the area. In addition theStudents Union received payroll and accounting services from the University for which no fee ischarged, the value of this donation has been estimated at the costs of time spent. The StudentsUnion also created 4 new volunteer roles which have been included as a donated service.

1.8 Tangible fixed assets and depreciation

All assets costing more than £xxx are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at ratescalculated to write off the cost of fixed assets, less their estimated residual value, over theirexpected useful lives on the following bases:

Building development - 2-15 yearsEquipment - 2-10 years

1.9 Investments

Investments are stated at cost.

(i) Subsidiary undertakingsInvestments in subsidiaries are valued at cost less provision for impairment.

1.10 Operating leases

Rentals under operating leases are charged to the Statement of financial activities on a straight linebasis over the lease term.

Page 12





1. ACCOUNTING POLICIES (continued)

1.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance forobsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion offixed and variable overheads.

1.12 Pensions

The charity participates in the Aberystwyth University Pension and Assurance Scheme (AUPAS), adefined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible,in the normal course of events, to identify on a consistent and reasonable basis, the share ofunderlying assets and liabilities belonging to individual participating employers. Therefore, asrequired by FRS17 'Retirement benefits', the charity accounts for this scheme as if it was a definedcontribution scheme. The amount charged to the Consolidated statement of financial activitiesrepresents contributions payable to the scheme in respect of the accounting period.

1.13 Taxation

No provision is made in these accounts for Corporation Tax since it is the Student Unions intentionto use all of its income for charitable purposes. The charity is registered for value added taxpurposes and uses a partial exemption method.

2. VOLUNTARY INCOME

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

University Block Grant 599,795 - 599,795 549,800Donated Facilities and services 200,000 - 200,000 200,000Income from Sporty card sales 68,655 - 68,655 66,750Income from Alumni Fund - 5,000 5,000 11,750University donation for loss of bar - - - 30,000

Voluntary income 868,450 5,000 873,450 858,300

The Students Union occupies its building on a rent free basis from Aberystwyth University. The value ofthis donation has been estimated at a comparable market rent in the area, £170,000. In addition theStudents Union received payroll and accounting services from the University for which no fee is charged,the value of this donation has been estimated at the costs of time spent, £10,000. The Students Unionalso created 4 new volunteer roles which have been included as a donated service, £20,000.

Page 13





3. SUBSIDIARY TRADING COMPANY

Aberystwyth University Students Union owns 100% of the issued ordinary share capital of it's subsidiary,Masnachu AUGS Trading Limited. The subsidiary participates in trading activities relating to the Union.It's taxable profits are donated to the Union. A summary of the subsidiary's results is shown below:

Profit and loss account

2014 £

2013 £

Turnover 961,349 1,238,126Cost of sales (617,910) (681,730)

Gross profit

343,439

556,396Administrative expenses (381,915) (547,678)Interest received 1 4

Net profit

(38,475)

8,722Gift aid donation - 8,722

Retained in subsidiary (38,475) -

The net assets of Masnachu AUGS Trading Limited at 30 June 2014 amounted to £1 (2013 - £1).

The accounts of Masnachu AUGS Trading Limited are unaudited as they are entitled to such anexemption under the provisions of section 479 of the Companies Act 2006 relating to small companies.

4. INVESTMENT INCOME

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Bank interest 1,029 - 1,029 635

Page 14





5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Student advice 2,655 - 2,655 -Democratic services 21,586 - 21,586 13,512NUS cards 31,492 - 31,492 17,000Communications and societies - - - 1,179Sports and leisure 66,239 - 66,239 42,666Hire and rental income 58,056 - 58,056 51,234Other income 53,819 - 53,819 21,431Catering and gaming machines 280,605 - 280,605 -

514,452 - 514,452 147,022

6. OTHER INCOMING RESOURCES

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Write off of University loan 52,000 - 52,000 52,000

During the year Aberystwyth University wrote off £52,000 (2013: £52,000) of the loan which it hadpreviously provided the Students Union with.

7. EXPENDITURE BY CHARITABLE ACTIVITY

SUMMARY BY FUND TYPE

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Student advice 254,498 - 254,498 288,967Democratic services 234,722 - 234,722 253,279NUS cards 31,276 - 31,276 21,211Communications and societies 139,650 - 139,650 194,022Sports and leisure 356,144 3,383 359,527 378,052Catering and gaming machines 431,218 - 431,218 -

1,447,508 3,383 1,450,891 1,135,531

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8. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES

Activitiesundertaken

directlySupport

costs Total Total2014

£2014

£2014

£2013

£

Student advice 101,080 153,418 254,498 288,967Democratic services 67,032 167,690 234,722 253,279NUS cards 31,276 - 31,276 21,211Communications and societies 3,366 136,284 139,650 194,022Sports and leisure 169,068 190,459 359,527 378,052Catering and gaming machines 272,752 158,466 431,218 -

Total 644,574 806,317 1,450,891 1,135,531

Support costs consist of:

2014 £

2013 £

Management and administration 511,182 497,468Building services 67,989 92,808Mini buses 27,146 27,125Irrecoverable VAT - 4,473Donated facilities and services 200,000 200,000

806,317 821,874

The support costs are allocated between charitable activities on the following basis:Management and administration by the number of employeesBuilding services by usageMini buses by usageIrrecoverable VAT by expenditureDonated facilities and services by expenditure

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9. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Staff costs Depreciation Other costs Total Total2014

£2014

£2014

£2014

£2013

£

Masnachu AUGS TradingLtd expenses 280,943 26,092 692,790 999,825 1,193,408

Costs of generating funds 280,943 26,092 692,790 999,825 1,193,408

Student advice 138,922 7,817 107,759 254,498 288,967Democratic services 118,960 14,363 101,399 234,722 253,279NUS cards - - 31,276 31,276 21,211Communications and

societies 75,091 11,122 53,437 139,650 194,022Sports and leisure 109,687 9,969 239,871 359,527 378,052Catering and gaming

machines 204,616 24,085 202,517 431,218 -

Charitable activities 647,276 67,356 736,259 1,450,891 1,135,531

Governance - - 4,538 4,538 10,231

928,219 93,448 1,433,587 2,455,254 2,339,170

10. GOVERNANCE COSTS

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Auditors' remuneration 4,000 - 4,000 10,000Trustees expenses reimbursed 538 - 538 231

4,538 - 4,538 10,231

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11. NET INCOMING / (OUTGOING) RESOURCES

This is stated after charging:

2014 2013 £ £

Depreciation of tangible fixed assets:- owned by the charitable group 93,448 91,973

Auditor's remuneration 4,000 10,000Pension costs 74,192 58,677

12. STAFF COSTS

Staff costs were as follows:

2014 2013 £ £

Wages and salaries 815,235 812,475Social security costs 38,792 41,391Other pension costs 74,192 58,677

928,219 912,543

The average monthly number of employees during the year was as follows:

2014 2013 No. No.

0 0

No employee received remuneration amounting to more than £60,000 in either year.

Included in wages and salaries in 2013 were redundancy payments of £60,607.

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13. TRUSTEES' REMUNERATION

The Trustees' who are sabbatical members of the Aberystwyth University Students Union receiveremuneration for their services as allowed by the Education Act 1994. Their salary and NI costsamounted to £xx,xxx (2013: £xx,xxx).

The Trustees' who are non-sabbatical members receive no remuneration.

The remuneration is summarised as follows:

2014 £

2013 £

B Meakin - -J Leigh - -T Burmeister - -A Minifey - -T Hawkins - -

- -

X (2013: x) Trustees received reimbursement of expenses amounting to £538 (2013: £231) .

14. TANGIBLE FIXED ASSETS

Buildings Equipment TotalGroup £ £ £

Cost

At 1 July 2013 954,435 353,954 1,308,389Additions 15,262 52,200 67,462

At 30 June 2014 969,697 406,154 1,375,851

Depreciation

At 1 July 2013 794,520 294,886 1,089,406Charge for the year 67,863 30,011 97,874

At 30 June 2014 862,383 324,897 1,187,280

Net book value

At 30 June 2014 107,314 81,257 188,571

At 30 June 2013 159,915 59,068 218,983

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14. TANGIBLE FIXED ASSETS (continued)

Buildings Equipment TotalCharity £ £ £

Cost

At 1 July 2013 887,896 122,971 1,010,867Additions 15,262 37,194 52,456Transfers intra group - 25,425 25,425

At 30 June 2014 903,158 185,590 1,088,748

Depreciation

At 1 July 2013 772,407 119,203 891,610Charge for the year 57,952 13,779 71,731Transfers intra group - 11,522 11,522

At 30 June 2014 830,359 144,504 974,863

Net book value

At 30 June 2014 72,799 41,086 113,885

At 30 June 2013 115,489 3,768 119,257

15. FIXED ASSET INVESTMENTS

NUS ServicesLtd deposit

Group £

Cost

At 1 July 2013 3,500Disposals (3,500)

At 30 June 2014 -

NUS ServicesLtd deposit Subsidiary Total

Charity £ £ £

Cost

At 1 July 2013 3,500 1 3,501Disposals (3,500) - (3,500)

At 30 June 2014 - 1 1

The share holding of 1 ordinary share value £1 is held in trust by the Student Union President.

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16. STOCKS

Group Charity

2014 2013 2014 2013£ £ £ £

Trading stocks 74,766 99,540 - -Non-trading stocks -consumables 4,377 5,609 4,377 1,879

79,143 105,149 4,377 1,879

17. DEBTORS

Group Charity

2014 2013 2014 2013£ £ £ £

Due after more than one year

Amounts owed by group undertakings - - 75,087 146,514

Due within one year

Trade debtors 11,473 40,877 5,785 14,106Amounts owed by group undertakings - - 22,070 55,116Aberystwyth UniversityVAT repayable

-4,407

114,234-

94,5377,415

113,9306,112

Prepayments and accrued income 9,816 7,260 7,254 2,357

25,696 162,371 212,148 338,135

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18. CREDITORS:Amounts falling due within one year

Group Charity

2014 2013 2014 2013£ £ £ £

Aberystwyth University developmentloan 52,000 52,000 52,000 52,000

Trade creditors 29,193 27,580 8,824 17,864Other taxation and social security - 11,106 - -Aberystwyth UniversityClub accountsOther creditors

680,478108,063

973

564,915105,148

555

440,556108,063

973

423,826105,148

555Accruals and deferred income 2,520 7,622 2,116 7,646

873,227 768,926 612,532 607,039

Included in creditors are Club accounts, representing cash amounts held by the Students Union as agroup on behalf of the University's Clubs and Societies. The Clubs and Societies are not part of theStudent Union activities and do not form part of the audited financial statements.

19. CREDITORS:Amounts falling due after more than one year

Group Charity

2014 2013 2014 2013£ £ £ £

Aberystwyth University developmentloan - 52,000 - 52,000

Included within the above are amounts falling due as follows:

Group Charity

2014 2013 2014 2013£ £ £ £

Between one and two years

Other loans - 52,000 - 52,000

The total loan received from Aberystwyth University in 2002 was £760,000. The loan is interest free andis to be repaid over fourteen years.

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20. STATEMENT OF FUNDS

BroughtForward

Incomingresources

ResourcesExpended

CarriedForward

£ £ £ £

Unrestricted funds

Reserve Fund 3,406 2,397,281 (2,451,871) (51,184)

Restricted funds

Alumni funding - Sports 1,196 - (770) 426Alumni funding - Flood lights 522 - - 522Alumni funding - Equal marriage project 750 - (750) -Alumni funding - Coaching - 5,000 (1,863) 3,137

2,468 5,000 (3,383) 4,085

Total of funds 5,874 2,402,281 (2,455,254) (47,099)

Restricted funds represent funding received from the Alumni for specific projects run by the StudentsUnion.

SUMMARY OF FUNDS

BroughtForward

Incomingresources

ResourcesExpended

CarriedForward

£ £ £ £

Unrestricted funds 3,406 2,397,281 (2,451,871) (51,184)Restricted funds 2,468 5,000 (3,383) 4,085

5,874 2,402,281 (2,455,254) (47,099)

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2013£

Tangible fixed assets 188,571 - 188,571 218,983Fixed asset investments - - - 3,500Current assets 633,472 4,085 637,557 604,317Creditors due within one year (873,227) - (873,227) (768,926)Creditors due in more than one year - - - (52,000)

(51,184) 4,085 (47,099) 5,874

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22. PENSION COMMITMENTS

The Students Union participates in the Aberystwyth University Pension and Assurance Scheme (AUPAS).The scheme is a defined benefit scheme which is contracted out of a State Earnings Related PensionScheme. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreedrate. As a consequence, the Students Union is unable to identify its share of the scheme assets andliabilities on a consistent and reasonable basis. As permitted by FRS 17 the scheme has been accountedfor in these financial statements as if it were a defined contribution scheme based on actual contributionspayable to the scheme in respect of the accounting period. As a result, the amount charged to theStatement of financial activities for the year of £74,192 (2013: £58,677) represents the contributionspayable to the scheme in respect of the accounting period.

The last full actuarial valuation of the scheme was carried out at 31 July 2011 by a qualified independentactuary and showed that the market value of the scheme's assets was £63,394,000 with the presentvalue of scheme liabilities being £81,093,000. The deficit on an ongoing funding basis amounted to£17,699,000.

The 31 July 2011 full actuarial valuation assumptions which have the most significant effect upon theresults of the valuation are those relating to the rate of return on investments and the rates of increase insalaries and pensions.

The following assumptions applied:The expected return on pension scheme assets would be 5.8% (2013: 5%) per annum.Salaries would increase at 3.2% (2013: 3.35%) per annum.Present and future pensions would increase at rates specified by scheme rules with appropriateassumptions where these are dependent on inflation.

The current mortality assumptions include significant allowance for future improvements in mortalityrates. The assumed life expectations on retirement as at 31 July 2014 were:

Male FemaleMember age 65 retiring today 20.9 23.3member age 45 retiring in 20 years 23.0 25.6

The employers contribution rate applicable to the Students Union is 22.05% of pensionable salary.Surpluses or deficits which arise at future valuations may impact on the Student Unions futurecommitment.

Further details of the actuarial valuation, together with the principal assumptions on which it is based, areincluded in the financial statements of Aberystwyth University.

23. OPERATING LEASE COMMITMENTS

At 30 June 2014 the group had annual commitments under non-cancellable operating leases as follows:

2014 2013Group and Charity £ £

Expiry date:

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24. RELATED PARTY TRANSACTIONS

Masnachu AUGS Trading LimitedThe wholly owned subsidiary, Masnachu AUGS Trading Limited, is included within the consolidatedaccounts, no disclosure is required of related party transactions with them in accordance with theprovisions of Financial Reporting Standard 8.

Aberystwyth UniversityThe majority of the Student Unions funding is derived from Aberystwyth University, which is a related partyas the Student Unions principal activities involve providing services to its student body.

The Student Union receives a block grant from Aberystwyth University of £599,795 (2013:£549,800).

In addition the Student Union occupies its building on a rent free basis, and receives payroll andaccounting services from the University for which no fee is charged.

The University has funded the Student Union with a loan facility of £760,000 to finance an extension to theStudent Union building. The loan is repayable over fourteen years and is interest free. It was decided theloan payment of £52,000 due in 2013/14 was to be written off (2013: £52,000). This will continue to benegotiated going forward.

Other related parties are the Sabbatical Officers and Trustees as detailed on page 3. Details ofremuneration received by these individuals are shown in note 13.

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