UWSU 2013 signed accounts - University of Westminster by zhouwenjuan


									                                                            Charity Number: 1148216
                                              Company Registration Number: 08126776

University of Westminster Students’ Union
Annual Report and Accounts
For the Period 1 September 2012 to 31 July 2013
                                UNIVERSITy OF WESTMINSTER STUDENTS’ UNION
                          Annual Report and Accounts for the Period Ended 31 July 2013

Administrative Information


The Trustees of the University of Westminster Students’ Union (UWSU) present their report for the
period 1 September 2012 to 31 July 2013.

The Union’s intention is to prepare accounts normally to the end of July. It was necessary to extend
the prior reporting period by an additional month to allow completion of the incorporation process on 1
September 2012, when the Union became an incorporated registered chailty.

Charitable Status

The University of Westminster Students’ Union (UWSU) is an incorporated charity (limited by
guarantee). The charity registration number is 1148216. The company registration number is

It was originally established under the Education Act 1994 and was registered with the Charity
Commission on ig July 2012, when students’ unions connected with exempt higher/further education
institutions were removed by section 11(9), Charities Act 2006 from the list of exempt charities in
Schedule 2 to the Charities Act 1993.

On incorporation as a limited company on 2 July 2012, the unincorporated Union transferred its assets
and liabilities to the newly incorporated charitable Union on 1 September 2012. Prior to this date, the
incorporated charity did not trade. Due to this being the first period of the incorporated Union, the
comparative data in the primary statements or notes, and any reference in the narrative of these
financial statements to results or activities in previous periods relates to the unincorporated Union,

Principal address and Registered Office

University of Westminster Students’ Union, 309 Regent Street, London W1B 2HW.

Charity Trustees
 Full-time (Sabbatical) Officers           From 1 Aug 2012            From 1 July
                                           to 30 June 2013            2013
 President                                 Tank Mahri                 Kaled Mimouni
 Vice President   Marylebone               Jenny Chan                 Jayesh Gohil
 Vice President   Harrow                   Jenny Ybanez               Rianne Gordon
 Vice President   Regents and Tichfield    Jamal Achchi               Muaz Mahmoud
 Vice President   Cavendish                Miriam Hanna               Miriam Hanna

External Trustees
Louis Coiffait (from 28 Feb 2013 and current Chair)
Simon Finch (from 23 May 2013)
James Paskins (from 23 May 2013)
Liz Choonara

Pan Dhillon (to 3l Jan 2013)

Ordinary Student Trustee
Leila Saghir-Pashley (from 23 May 2013)

                               UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                         Annual Report and Accounts for the Period Ended 31 July 2013

University Trustees
Myszka Gu±kowska (from Vt August 2012 to 23 May 2013)
Jane Lewis (23 May 2013 onwards)
Chris Meloy
Auditors                             Bankers                               Solicitors
Crowe Clark Whitehill                Barclays Bank PLC                     Bates Wells and Braithwaite
49 Blagrave Street                   Level 27, Churchill Place             2-6 Cannon Street
Reading                              Canary Wharf                          London
Berkshire                            London                                EC4M 6YH
RG1 1PL                              E14 5RB

UWSU employs a Chief Executive to work closely with the Executive Sabbatical Officers and ensure
effective management of the Students’ Union. This role was undertaken by Nick Berg during 2012/13
and is currently filled by an Acting Chief Executive (Andy Smith).

Structure, governance and management

UWSU is constituted under the Education Act 1994 (the Act) as a charitable company limited by
guarantee (see page 1) with internal regulations and rules approved by the governing body of the
University of Westminster. UWSU’s objects under the Act are to advance the University’s educational
purposes by providing representation and support for the students and are supplemented by the
further object of helping members to develop their own charitable activities as active partic!pants in
civil society.

The Union has a Memorandum and Articles of Association which sets out its governance structure.

UWSU is administered by its Chief Executive with the delegated authority of the Board of Trustees
which includes students elected annually by cross-campus secret ballot of the UWSU membership. The
full time or ‘sabbatical’ posts are remunerated as authorised by the Education Acts and cannot exceed
two years duration for each holder. UWSU operates on democratic principles with supervisory power
vested in the Board of Trustees which approves the general policy, budget, and annual accounts. The
trustees have delegated day to day running of UWSU to the Chief Executive. As trustees all lected
officers receive an induction into their legal and administrative responsibilities, with an ongoing training
programme as and when needed.

The Trustees meet quarterly to receive reports from the Chief Executive and to review the Union’s
performance and administration and to decide policy issues. UWSU also employs a number of non-
student staff for the sake of continuity in the management of its many activities. The staff are
accountable to the Chief Executive for the performance of their duties.

Relationship with the University
The relationship between the Union and the University have established in the Memorandum of
Understanding and detailed in the UWSU Constitution approved by both parties.

UWSU receives a block grant (subvention) from the University and also occupies space owned by the
University which also supplies utilities and services. This non-monetary support is intrinsic to the
agreement between the University and UWSU. As recommended by the Charity SORP, which has been
adopted for accounting purposes, an estimated value has been placed on this free service (the space
grant). UWSU supplements the subvention from the University by means of its various trading

                               UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                         Annual Report and Accounts for the Period Ended 31 July 2013

There is no reason to believe that the support will not continue from the University for the foreseeable
future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of
its student representative body.

Risk Management

The Chief Executive and Senior Team have examined the major strategic, business and operational
risks faced by UWSU. A risk register has been established is updated at least annually. Where
appropriate, systems or procedures have been established to mitigate the risks UWSU faces.
Procedures are in place to ensure compliance with health and safety of staff, volunteers and
participants, which are periodically reviewed to ensure that they continue to meet the needs of the

Aims, Objectives and Activities

The objects of the Union are the advancement of education of Students at University of Westminster
for the public benefit by:
    •   Promoting the interests and welfare of Students at University of Westminster during their
        course of study and representing, supporting and advising Students;
    •   Being the recognised representative channel between Students and University of Westminster
        and any other external bodies; and
    •   Providing social, cultural, sporting and recreational activities and forums for discussions and
        debate for the personal development of its Students.

This year we continued our work to reengage with our students, deliver a portfolio of services relevant
to current needs and support the University in its ambitions. There was considerable success and we
have achieved a lot, but the growth in activity has meant great pressure on the finances.

We continue to increase our impact on the areas critical for student and ultimately the University. We
will be at the centre of helping the University outperform its competitor group and neutralising the
advantage of the aspirational group.

We will work to ensure the delivery of a quality student experience at the University of Westminster
    • Developing community and pride around the student
    • Helping the University deliver
    • Being where the student is at
    • Broadening our appeal.

When reviewing our objectives and planning our activities, UWSU gives due consideration to the
Charity Commission’s general and relevant supplementary guidance on public benefit.

Achievements and Performance
We have had a two year period which has seen a step change in our service provision and activity.
There is a demonstrable vibrancy around the SU and what it is delivering to the Students and
University. This is difficult to quantity and has been costly to implement but is the right thing to do for
our members. Clearly this has challenged us as an organisation and we are starting to consolidate. As
an organisation the important aspect is that we have clearly continued to demonstrate the role and
impact that UWSU can have on the Westminster experience.

                                         UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                                   Annual Report and Accounts for the Period Ended 31 July 2013

This year we have also benefited from completing all the recruitment to our Trustee Board which has
brought a wealth of experience and support to the organisation which was not available in the past.
The Board and Sub-Committees are working well and being properly supported,

Further the university has recognised our change by providing an additional 055k for the 13/14
Subvention plus additional ringfenced funds for specific projects of £8Ok. They have also provided
financial support in this financial year to allow us to continue our strategy without having to
dramatically contract operations.

Amongst some of the notable changes are:

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Moving to the sites

Perhaps the most visible sign of change are our site offices across four of the main university locations.
This has made us highly visible and in all of the sites it is no longer possible to not notice the SU as
part of the daily university experience.

Continuing to grow election turnout for the sabbatical elections

This suggests a much higher level of engagement with our members and a clear interest in the
direction of the SU. Last year saw l of our students vote, a rise from 1 in 2011. It was
                                   8                                         8
highest of our university competitor group and in the third quartile nationally.

Continuing increases in participation in student activities

In the space of 18 months we have seen virtually a double (194%) increase in the number of
registered members of clubs and societies.

Positive engagement with the University

There have been many areas where we have positively engaged to drive University goals and enhance
the student experience. For example the Great Start, 24 hour library opening at key times of the
academic year such as coursework deadlines and exams and Staff Appreciation Awards. In this year

                               UNIVERSITY Of WESTMINSTER STUDENTS’ UNION
                         Annual Report and Accounts for the Period Ended 31 July 2013

we successfully recruited 199 Friends of Arriving New Student (FANS), maintained contact with most of
the course reps and identified vacant course rep positions and had 689 students nominating staff for
awards. In return we can identify where we have had impact on the recruitment, retention and
employability of students which are slowly being reflected in the national league tables.

Successful communications strategy

Since the launch of Smoke TV and a change in our web platform we have had much more effective
engagement with our members through our formal and informal communications. Our output has seen
the number of views much higher than any of our competitors and with the rate of TV output much
greater than most students’ unions nationally. We are now producing over 10 new films a month
during term times and this is helping us reach and engage with a much greater audience. At the end of
the academic year we had 8312 “likes” of our Facebook page which is 37% of our total student
numbers and neady half of our FTh figure

A step change in welfare and advice

For most of the year we had a three strong welfare team that gives greater access to signposting and
independent advice. We have an on-site presence during the term for at least three days in the week.
This has demonstrated the value and importance of the advice service which has previously been very
low profile. The clearest indication of our success is that we have been involved in returning 42
students to their studies who would have otherwise left the university, 12 of those students had
already been excluded. In total we dealt with 360 students.

A dialogue with the students

The Union now has a dialogue with a much broader range of students and a strategic agenda set on
their needs. The site based officers have successfully moved the organisation closer to the students it
represents making it more relevant, visible and transparent in the work it does.

Providing better involvement opportunities for students

We employ greater number of students and recruit more students in voluntary roles (e.g. FANS)

A much greater events and social package

Under the banner of our events department, So Fresh ‘n’ So Clean, we have delivered a number of
high profile events but we have also concentrated on more events through our School Student
Associations and course based societies. Over the two years our internal room bookings for club and
society events have nearly tripled

Future Plans
Consolidating and ensuring the organisation can continue to develop

Now we are more certain in our future and the portfolio of activities we need to provide it is time to
ensure we are appropriately resourced to deliver and continue to develop. This will involve reviewing:
   • Finance and budgets
   • HR Strategy
   • KPI’s and the strategic plan

                                UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                          Annual Report and Accounts for the Period Ended 31 July 2013

Building a sense of community around the student

We are now embedded on the sites and need to continue to improve the impact of our physical location
—improving opening hours and physical space will be important.

Being   able to access a greater range of services through the site offices:
   •     Welfare
   •     Ticket sales
   •     Branded goods
   •     Sports and societies membership and information

 A greater push on SSA volunteer recruitment:
    • Students driving the local agenda

Campus awareness weeks:
  • Highlighting the qualities of where you study, trying to improve the understanding and respect
     for the campus

A step change in course based societies:
    • These will become the “entry point” for students into the SU activities and be the primary
       community which they engage with
    • A school development plan.

Ensuring the delivery of a quality university experience

Most of our activity impacts on key university targets as well as supporting the students generally.
Whilst we have seen some success in impacting on the NSS scores we need to do signiflcantly more.

   • Alternative prospectus and online content
   • Growth of Great Start Programme
   • Increased support and activity for open days

   • Course based societies as above
   • Increasing the roll out of peer assisted learning programmes and effectively supporting and
       engaging with the University Learning Futures project

   • Continuing to identify the role and importance of FANS at the start of the year
   • Increasing the awareness of the importance of engaging with clubs and societies
   • Greater welfare and advice presence on the sites of study

  • Identifying core skills gained through being involved in the SU labelling and helping students to
      understand their value and benefit
  • Continuing to employ students where possible
  • Working on the enterprise agenda to include student business enterprise and supporting
      entrepreneurial approaches in voluntary opportunities

Improving the NSS Scores:
   • Each officer and SSA will have NSS led goals and be judged against the NSS score
   • Expanding the impact of the staff awards as a vehicle for disseminating good practice

                                   UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                             Annual Report and Accounts for the Period Ended 31 July 2013

       •   Increasing the awareness of the importance of support and feedback for students
       •   Integrating our welfare and advice with the University academic support
       •   Using the course rep network to work with the University on their ongoing improvement

Being relevant to all our members

 Continue to build networks that allow us to engage in a dialogue with our key stakeholders:
    • Course reps
    • SSA volunteers
    • Club and society activists
    • Course based societies
    • Welfare users
The research/dialogue function should be integrated to all staff roles

Continuing our work with different target student groups:

    •      Growing the Postgraduate Students’ Association (PGSA) so it is based in the schools with an
           institution wide committee to develop their representation, social activity and create educational
    •      Establishing international students associations on the same lines as the PGSA
    •      Mature students
    •      Student parents
    •      Students who live at home/learn and go students
    •      Distance students
    •      Part time students
    •      Students on placement/year abroad study

Breadth/Depth impact analysis:

   •       We will continue to list all of our key outcomes and link with the KPIs. We will assess how many
           students we are reaching and how deep our impact is. Our role as an organisation will be to
           increase the breadth and depth of these scores.

Financial Review

UWSU’s gross income for the period was £1,558,432 and total expenditure was £2,244,558. Opening
reserves of £303,480 were fully utHised to support increased levels of activity. Net current liabilities at
the end of the period were £382,646, which includes cash-based support received from the University
totalling £512,719.

The Union incurred a deficit following a period of committing to substantial increases in activity outside
original budget plans particularly sports teams, societies, student media and site-based. The Union

has been in discussion with the University since January 2013 regarding the impact of additional
investment and the strategic considerations of continuing to deliver, rather than ceasing, the enhanced
range of services for the benefit of its members.

The Union was impacted during the year by a reduced contribution from trading outlets compared with
previous periods, largely due to renovations at the Harrow site. Trading experienced a £lOk loss
overall, which equated to a negative variance of £69k compared with budget.

                        Annual Report and Accounts for the Period Ended 31 July 2013

The cash support received from the University was in addition to the subvention of £635,000 for the
period (which equates to the annual block grant of £720,000 less £85,000 which was accrued in
August 2012, in the prior year period). We are grateful to the University to the increase in subvention
(to £975,000) which has been secured for 2013/14.

The Union undertook work over the summer of 2013 to reduce its cost base and obtained support from
the University in relation to transitional costs (including £27,000 in the financial period 2012/13). The
Union is now operating within its budget, which is based on an enhanced annual subvention of

The Union also receives space provided by the University and benefitted from the provision of
additional site-based offices in 2012/13. These have been valued at £237,897 based on the calculation
used in the prior period. This amount is matched by a rent charge in these accounts so does not have a
bottom line impact in the accounts.

Reserves Policy

The Union requires a level of reserves to enable it to maintain its provision of student services in the
event of a major unforeseen contingency and to help it absorb the impact of one-off costs or specific
project costs.
In bringing down its reserves, the Union has been working with an intention of having a minimum of
approximately £50k in cash reserves. The Union ended the financial year with £21k in bank and cash.

The Union is developing a strategy to build up its reserves balances over the medium term to enable it
to cope with any unexpected downturn in funding or additional calls on its resources without
immediately curtailing activities. It is also working in consultation with the University on a longer term
plan which will allow settlement of liabilities from 2012/13.

The Union has secured grant of £975k for 2013/14 and Trustees have agreed a balanced budget which
includes investment of the full amount to ensure continued investment in services for the 2013/14

Provision of Information to Auditor

So far as each of the Directors is aware at the time the report is approved:

•   There is no relevant audit information of which the charitable company’s auditor is unaware; and
•   The Directors have taken all steps that they ought to have taken to make themselves aware of any
    relevant audit information and to establish that the auditor is aware of that information.
          áz./                     LcL4      (Y3dtF\i/


                        Annual Report and Accounts for the Period Ended 31 July 2013

The Trustees (who are also directors of University of Westminster Students’ Union for the purposes of
company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in
accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under
company law the Trustees must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the charitable company and of the incoming
resources and application of resources, including the income and expenditure, of the charitable
company for that period. In preparing these financial statements, the Trustees are required to:

•      select suitable accounting polides and then apply them consistently;
•      observe the methods and pMnapies in the Charities SORP;

•      make judgments and 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; and

•     prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company’s transactions, disclose with reasonable accuracy at any time the
financial position of the charitable company and enable them to ensure that the financial statements
comply with the Companies Act and the provisions of the charity’s constitution. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.

                               UNIVERSITY OF WESTMINSTER STUDENTS’ UNION
                         Annual Report and Accounts for the Period Ended 31 July 2013
Independent Auditor’s Report to the Members of University of Westminster Students’ Union
We have audited the financial statements of University of Westminster Students’ Union for the period
ended 31 July 2013 set out pages 12 to 21.

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 charitable company’s members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
might state to the charitable company’s members those matters we are required to state to them in an
auditor’s 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 charitable company and the company’s members as a
body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditor

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the
directors of the charitable company for the purpose of company law) are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view.
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 Boards 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 charitable company’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 and
any other surround information to identify material inconsistencies with the audited financial
statements and to identify any information that is apparently materially incorrect based on, or
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. 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 charitable company’s affairs as at 31 July 2013 and
       of its incoming resources and application of resources, including its income and expenditure, for
       the year then ended;
    • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
       Practice; and
    • have been prepared in accordance with the requirements of the Companies Act 2006.

                        Annual Report and Accounts for the Period Ended 31 July 2013

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees Annual Report for the financial year for which the
financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires
us to report to you if, in our opinion:
    • adequate accounting records have not been kept; or
    • the Nnancial statements are not in agreement with the accounting records and returns; or
    • certain disclosures of trustees’ remuneration specified by law are not made; or
A   •  we have not received all the information and explanations we require for our audit.

Alastair Lyon
Senior Statutory Auditor
For and on behalf of
Crowe Clark Whitehill LIP
Statutory Auditor

Date                      L


                                UNIVERSITY OF WESTMINSTER STUDENTS UNION
                             Annual Report and Accounts for the Penod Ended 31 July2013

                                    STATEMENT OF FINANCIAL ACTIVITIES
                                                                                       2013                 2012
                                           Note      General     Restricted       11 month period      13 month period
                                                      Funds       Funds                I2t.!                Total

                                                         £            £                  £                    £

 Voluntary income
  University subvention                                635,000                —          635,000               805,000
  Other Grants                                          27,697                -           27,697
  Grant of serviced accommodation           1(c)       237,897                -          237,897               281,151

Activities for generating funds
 Marketing and Sponsorship                              23,972                -              23,972               46,342
 Investment income                                          86                -                  86                3:386
Charitable activities for students
 Bars                                                  138,989                -          138,989               223,658
 Shops                                                 441,607                -          441,607               558,030
 Clubs and Societies                                    15,134                -           15,134                14,563
 Events                                                 18,795                            18,795                     0

Other income                                            19,255                -              19,255                 821
TOTAL   INCOMING     RESOURCES                      1,558,432                 -        1,558,432             1,932,951

Cost of generating funds
Fundraising and marketing costs                          5,150            -                    5,150              27,240
Charitable Activities
Events including Freshers’ Fair                       114,936             -              114,936              153,359
Bars                                                  244,853             -              244,853              316,540
Shops                                                 565,960          5,668             571,628              644,786
Student Media and Communications                      304,270             -              304,270              238,127
Student Activities                                    482,367             -
                                                                                         482,367              401,229
Welfare                                                93,384             -
                                                                                          93,384               91,333
Site Based Activity                                   240,369             -              240,369              153,357
Research and Representation                           119,501             -              119,501              184,162
Governance                                             68,100             -               68,100               81,111
                                           2-5     2,238,890          5,668            2,244,558            2,291,244
NET OUTGOING                                       (680,458)       (5,668)             (686,126)             (358,293)
Funds brought forward                                 297,812         5,668              303,480              661,773
Funds carried forward                              (382,646)              -            (382,646)              303,480

The statement of financial activities includes all gains and losses recognised in the period, All incoming
resources and resources expended derive from continuing activities.

The Union’s financial reporting penod was shortened by a month in 2013 to revert to the normal reporting
period of end of July. This was required due to late completion of the incorporation process in 2012, which
resulted in a 13-month prior accounting period.

The notes on pages 14 to 21 form part of these accounts.

                                UNIVERSITY OF WESTMINSTER STUDENTS UNION
                             Annual Report and Accounts for the Period Ended 31 July 2013

                                           BALANCE SHEET
                                         AS AT 31 JULY 2013
                                       Company Number: 08126776

                                                                    Asat                    Asat
                                      Notes                       31-Jul-13              31-Aug-12
                                                                        £                     £

Tangible fixed assets                    6                               89,905               94,279
Investments                              7                                  660                  660

                                                                         90,565               94,939

Stock                                                                    43,146               30,516
Debtors and Prepayments                  8                               50,827              162,978
Cash at Bank and in Hand                                                 21,166              287,488

                                                                       115,139               480,982
Amounts falling due within one year      9                           (588,350)              (272,441)

NET CURRENT (LIABILITIES)/(ASSETS)                                   (473,211)               208,541

Amounts falling due after one year                                              -                   -

NET (LIABILITIES)! ASSETS                                            (382,646)               303,480

Financed by:

Funds                                  10,11
Restricted Funds                                                                -               5,668

Unrestricted Funds                                                   (382,646)               297,812
                                                                     (382,646)               303,480

Approved and authorised for issue on behalf of the University of Westminster Students Union on
27 February 2014 by/— —


                                               Trustee        CL            /er1T

The notes on pages 14 to 21 form part of these accounts.

                          Annual Report and Accoutns for the Period Ended 31 July 2013

                           NOTES TO THE FINANCIAL STATEMENTS

a) Accounting Convention
These accounts are prepared under the Charities Act 2011 on the historical cost convention in
accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities
published in March 2005 (SORP 2005) and with applicable UK Accounting & Financial Reporting

b) Going Concern
The Trustees consider that there is a reasonable expectation that the Charity has adequate resources
and support from the University to continue in operational existance for the forseeable future and, for
this reason, they continue to adopt the going concern basis in preparing the annual financial
c) Incoming resources
All income and capital resources are recognised in the accounts when the Union is legally entitled to
the income and the amount can be quantified with reasonable certainty.
The University grant of free serviced accommmodation is accounted for as income and expenditure of
the year at an estimated value to the Union by reference to alternatives available on the commercial
d) Resources expended
Expenditure includes irrecoverable VAT.
i) Charitable expenditure and costs of generating funds comprises the direct and indirect costs of

     delivering public benefit.
ii) Governance costs those incurred for compliance and statutory requirements, such as the annual

     audit, annual elections and training for sabbatical officers.
iii) Space grant the value of free serviced campus accommodation is apportioned on estimated floor

     space occupied.
iv) Other central overhead costs      are apportioned to charitable and other projects / activities on a
     usage basis, pro rata to the total costs of each project or activity undertaken.

e) Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation.      Assets are not capitalised below
£1,000 cost per item/set.    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% per annum on cost
Computer and Office Equipment                     20% per annum on cost
Improvements to Buildings                         10% per annum on cost

f) Investments
UWSU’s fixed asset investments are valued at cost, as these assets are not readily saleable and a
reliable market value is not readily ascertainable.

                          Annual Report and Accounts for the Period Ended 31 July 2013


g) Pension Costs
UWSU participates in the Students’ Union Superannuation Scheme, a defined benefit scheme
which is externally funded and contracted out of the State Second Pension. 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 contnbutions paid at a centrally agreed rate.
As a consequence, no share of the underlying assets and liabilities can be directly attributed to
the Union. 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.
The Union now operates a defined contribution pension scheme and the pension charge
represents the amounts payable to the fund in respect of the period. Differences between
contributions payable in the period and contributions actually paid are shown as either accruals
or prepayments in the balance sheet.

h) Stock
Stock is valued at the lower of cost and net realisable value.

I) Liabilities
Liabilities are recognised when the entity has an obligation to transfer economic benefits as
a result of past transactions or events.

j)   Fund accounting
UWSU administers and accounts for a number of funds, as follows:

I) Unrestricted funds representing unspent income which may be used for any activity!
purpose at the Executive Committee’s own discretion;

H) Restricted funds raised and administered by UWSU for specific purposes as determined
by students such as Club and Societies’ accounts, as well as revenue received for
purposes specified by the donor and also (if not material enough to require a separate
column in the SoFA) any small capital grants received from the University; and

hi) Custodian Funds entrusted to UWSU for safekeeping, but not under its management
control, e.g. Clubs & Societies’ funds. Such custodian activities are disclosed in the Annual
Report, but as the funds are not managed by UWSU they cannot be included in the accounts,

                            Annual Report and Accounts for the Period Ended 31 July 2013

                           NOTES TO THE FINANCIAL STATEMENTS (Continued)

 2 Resources Expended
                                                 Cost of           Staff             Other
                                                  Sales            Costs             Costs           Total
                                                    £                £                 £              £
 Cost of generating funds
 Fundraising and marketing costs                         -              1,453               3,697       5,150

Charitable Activities
Events including Freshers’ Fair                          -            25,739            89,197       114,936
Bars                                                68,163            84,675            92,015       244,853
Shops                                              311,590           132,174           127,864       571,628
Student Media and Communications                         -           139,540           164,730       304,270
Student Activities                                       -            85,380           396,987       482,367
Welfare                                                  -            YS,2/1            18,113        93,384
Site Based Activity                                      -           211,649            28,720       240,369
Research and Representation                              -            82,334            37,167       119,501

Governance                                               -            38,993            29,107         68,100
                                                  379,753           877,208           987,597       2,244,558

Included in governance costs above is the annual audit fee of £9,750.

3 Central overhead costs included in Note 2

                                                  Rent             Staff             Other           Total
                                        %          £                 £                 £              £
Cost of generating funds
Fundraising and marketing costs          1           2,379              1.453               1153       4,985

Charitable Activities
Events including Freshers’ Fair          7         16,653             10.171                8,071     34,895
Bars                                    14         33,306             20.343               16,141     69,790
Shops                                   28         66,611             40,686               32,283    139,580
Student Media and Communications        10         23,789             14,531               11.530     49,850
Student Activities                      18         42,821             26,155               20,753     89,729
Welfare                                 4           9,516              5,812                4,612     19,940
Site Based Activity                     7          16,653             10.171                8.071     34,895
Research and Representation             8          19,032             11,624                9.224     39,880

Governance                               3          7,137              4,359            3,459         14,955
                                                 237,897            145,305          115,297         498,499

Other costs comprised:
NUS Affiliation Fees                                                                   38,753
Insurance                                                                              19,492
Depreciation                                                                           14,053
Other costs, including office costs                                                    42,999


                          Annual Report and Accounts for the Period Ended 31 July 2013

                               NOTES TO THE FINANCIAL STATEMENTS (Continued)

                                                          2013                  2012
4 Staff Costs                                       11. month period        13 month period
                                                            £                     £
Wages and salaries                                         748,464                  713,445
Social security                                               55,065                 52,536
Pension Costs                                                 21,897                 16,845
                                                           825,426                  782,826

No employee earned over £60,000 in either period.

The staffing was as follows:                               Number               Number
Full time                                                    25                   26
Students term time only
                                                             49                   46
                                                             74                   72

5 Trustees’ Remuneration and Expenses

Each of the five sabbatical officers are paid as authorised in the Unions governing document,
for the representation, campaigning and support work they undertake as distinct from their trustee
responsibilities. This work included voicing student opinion with the University and local community,
defending and extending the rights of students through petitions etc. and also organising and
supporting student volunteers and service provision for them. The total salary and social security
costs for the sabbatical officers amounted to £103,813 (2012 : £115471 ). The number of Trustees
was increased to five (from four) at the end of 2011/12.

Trustees were reimbursed any expenses in connection with their duties during the period totalling £12,074
(2012: £nil).


                                 UNIVERSITY OF WESTMINSTER STUDENTS UNION
                              Annual Report and Accounts for the Period Ended 31 July 2013

                            NOTES TO THE FINANCIAl. STATEMENTS (Continued)

6 TANGIBLE FIXED ASSETS                                                                 Other fixtures,
                                               Building               Bar Fixtures       fittings and
                                          Improvements                and Fittings        equipment                Total
                                                      £                          £                  £                  £
 At 31 August 2012                                 174,012                 153,550            216,440          544,002
 Additions                                               -
                                                                                  -            39,609            39,609
 Disposals                                        (10,032)                        -                   -        (10,032)
 As at 31 July 2013                               163,980                 153,550             256,049          573,579

 At 31 August 2012                                 158,209                135,919             155,595         449,723
 Charge for the Period                              15,803                  5,431              22,749           43,983
 Disposals                                        (10,032)                                           -        (10,032)
 As at 31 July 2013                               163980                  141,350             178,344         483,674


 As at 31 July 2013                                      -                 12,200             77,705            89,905

 At 31 August 2012                                  15,803                  17,631             60,845            94,279

7 INVESTMENTS                                                                                             Unincorporated
                                                                                             2013             2012
 At cost 1 September 2012 and 31 July 2013

                                                                                               £                £
 Shares in NUS Services Limited
 A Shares of £1 each                                                                                 60              60
 B shares of £20 each                                                                               600             600
                                                                                                    660             660

                                     UNIVERSITY OF WESTMINSTER STUDENTS UNION
                                  Annual Report and Accounts for the Period Ended 31 July 2013

                               NOTES TO THE FINANCIAL STATEMENTS (Continued)

 8 DEBTORS                                                                                          Unincorporated
                                                                       2013                                  2012
                                                                          £                                      £
   Trade Debtors                                                    27,783                                  17,892
   Prepayments and Accrued Income                                   18,003                                 127576
   Tax and Social Security                                                                                  15,472
   Other Debtors                                                    5,041                                    2,038
                                                                   50,827                                  162,978

 9 CREDITORS: Amounts falling due within one year
                                                                      2013                                    2012
                                                                           £                                      £
  Amounts due to University                                       492,727                                  140,560
  University loan                                                  20,000
  Trade creditors                                                  70,493                                   94,076
  Accruals and deferred income                                       4,459                                  29,707
  Other creditors                                                     671                                    8,098
                                                                  588,350                                  131,881

10 FUNDS                                        01-Sep         Incoming            Outgoing            31-Jul
                                                 2012          Resources           Resources           2013
                                                         £                     £               £                 £
  Restricted funds                                   5,668                               (5,668)
  Unrestricted funds                               297,812         1,558,432        (2,238,890)          (382,646)

  Total Funds                                     303,480         1,558,432        (2,244,558)          (382,646)

  Restricted funds relate to fixed assets in the Unions shops. The costs relate to depreciation.
11 ANALYSIS OF NET ASSETS                                     Unrestricted         Restricted          Total
   BETWEEN FUNDS                                                Funds               Funds              Funds

  Fixed assets                                                        90,565                    -          90,565
  Net current liabilities                                          (473,211)                            (473,211)

                                                                  (382,646)                     -      (382,646)

                       Annual Report and Accounts for the Period Ended 31 July 2013

                  NOTES TO THE FINANCIAL STATEMENTS (Continued)

  Ultimate control of UWSU rests with its membership, represented by the University of
  Westminster Court of Governors.

  The Controlling party of the Union is the Union Executive, by virtue of the Trustees’ position as
  elected representatives.
  Subvention income is received from the University of Westminster. The income reported for the
  13 month period ending 31 July 2013 amounted to £635,000 (2012: £805,000), compnsed of
  annual subvention of £720,000 less amounts attributed to August 2012 of £85,000,

  The Union was owed £27,780 by the University in         respect of these     sales at the end of the
  period (2012: £2,084). The University also provides      a payroll service   for the Union. At period
  end the Union owed £492,719 (2012: £133,509)            for salaries and     wages and £28 (2012:
  £7,051) in respect of other services. In addition,       a £20,000 loan       was received from the

  The Union holds shares in NUSSL wtich is involved in the negotiations of contracts between
  suppliers and a number of student unions for the ourchasing of some goods and services for

                                  UNIVERSITY OF WESTMINSTER STUDENTS UNION
                               Annual Report and Accounts for the Period Ended 31 July 2013

                         NOTES TO THE FINANCIAL STATEMENTS (Continued)

The Union participates in the Students’ Union Superannuation Scheme (SUSS), 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 onwards 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 1 October 2010 and showed that the
market value of the scheme’s assets was £67,141,000 with these assets representing SSW of the benefits
that had accrued to members after allowing for expected future increases in earnings. The deficit on an
ongoing funding basis amounted to £47,869,000.

The assumptions which have the most significant effect upon the results of the valuations are those
relating to the rate of return on investments and the rates of increase in salaries and pensions.
The following assumptions applied at 1 October 2010:-

       The investment return would be 6.6% per annum before retirement and 4.6% per annum after

       Salaries would increase at 3. per annum, equivalent to 0.5% per annum above Consumer Price
Index inflation (or 0.3% above Retail Price Index inflation). Pensions accruing on the pre-CARE basis
would revalue at 2.7% per annum. Other increases in deferment and in payment will remain at 3.2%
other than those that are subject to a fixed increase.
      Present and future pensions would increase at rates specified by scheme rules with appropriate
assumptions where these are dependent on inflation.

The 2010 valuation recommended a contribution expressed in monetary terms intended to clear the
ongoing funding deficit over an extended period of 20 (previously 15) years starting from 1 October 2012
and increasing each year by 3.2%. Deficit contributions have been apportioned between Participating
Unions on the basis of accrued liabilities assuming that all of these liabilities relate to the current or last
known employer. Surpluses or deficits which arise at future valuations will also impact on the Union’s
future contribution commitment. In addition to the above contributions, the Union also pays its share of
the scheme’s levy to the Pension Protection Fund.

The contributions paid into the scheme by the Union in respect of eligible employees for the period ended
31 July 2013 amounted to £1,439 (2012: £1,247); additional payments included contribution to pension
deficit payment of £12,591 (2012: £12,330).

Defined Contribution Scheme
Following the closure of the SUSS scheme to future accrual on 30 September 2011, the Union operates a
defined contribution pension scheme for the benefit of certain employees based on a matched rate of 3-
6°/s. The assets of the scheme are administered in a fund independent from those of the Union.

The total contributions payable into the scheme by the Union in respect of eligible employees for the
period ended 31 July 2013 amounted to £4,289 (2012: £2,051).


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