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DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:42 DATASET 30 June 2011
Queen Margaret Union
Report and Financial Statements
for the year ended 30 June 2011
Charity number: SC001239
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Contents
Page
Charity information 1
Trustees' Annual Report 2 - 4
Independent Auditor's Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 17
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Legal and Administrative Information
Page 1
Charity name Queen Margaret Union
Charity registration number SC001239
Trustees From 1st July 2010 to 30th June 2011
Iain Smith President
Andrew Landels Honorary Secretary
Oliver Milne Honorary Assistant Secretary
T Murphy CA Honorary Treasurer
From 1st July 2011 to 30th June 2012
Kirsty Hill President
Liam Hainey Honorary Secretary
Colum Fraser Honorary Assistant Secretary
T Murphy CA Honorary Treasurer
Senior management Anthony McConachie General Manager
Principal office 22 University Gardens
Glasgow
G12 8QH
Auditors Alexander Sloan
Chartered Accountants
38 Cadogan Street
Glasgow
G2 7HF
Accountants T Murphy & Co
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
Bankers The Royal Bank of Scotland
Hillhead Branch
339 Byres Road
Glasgow
G12 8QP
Solicitors McClure Naismith
292 St Vincent Street
Glasgow
G2 5RU
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Trustees' Annual Report
for the year ended 30 June 2011
Page 2
The Trustees present their report and the financial statements of the charity for the year ended 30 June
2011.
Trustees
The Trustees serving during the year and since the year end are detailed on page 1.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Union is an unincorporated organisation registered as a Scottish Charity and is governed by its
Constitution.
Appointment of Trustees
The Executive Committee are elected annually by the membership.
Organisational structure
The policy and management of the Union is under the control of the Board of Management. Financial
decisions are taken by the Finance Committee. Control of the day to day operations are delegated to the
Union's General Manager.
Related parties
The organisation has a close relationship with the University of Glasgow as it was established to provide
facilities for the student members of the University of Glasgow in all matters affecting their social and
welfare interests. Details of transactions with the University of Glasgow are detailed in the notes to these
financial statements.
Risk management
The Board of Management have assessed the major risks to which the Union is exposed, in particular
those related to the operations and finance of the charity and are satisfied that systems are in place to
mitigate our exposure to major risks. The most significant of these risks is the potential withdrawal of
grant funding from the University. Wherever possible the Union tries to improve income generating
operations to reduce its dependency on grant funding.
OBJECTIVES AND ACTIVITIES
The Union continues to fulfil its original and charitable objectives of providing facilities for the members
for their welfare and social requirements.
ACHIEVEMENTS AND PERFORMANCE
There have been no significant changes in the operations of the Students Union in the year.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Trustees' Annual Report
for the year ended 30 June 2011
Page 3
FINANCIAL REVIEW
The charity reported a deficit for the year of £13,375 and has accumulated reserves of £764,209 at the
balance sheet date.
Principal funding sources
Funding continues to be received from Glasgow University block grant. This is topped up with surpluses
from charitable trading activities to continue the operation of a students union.
Reserves policy
It is the policy of the Union to maintain unrestricted funds at a level to provide sufficient funds to cover
management, administration and support costs.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, the
Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's Constitution requires
the Trustees to prepare financial statements for each financial year which give a true and fair view of the
state of affairs of the charity and of the incoming resources and application of resources of the charity for
that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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
charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts
(Scotland) Regulations 2006 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.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charity's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Trustees' Annual Report
for the year ended 30 June 2011
Page 4
Auditors
A resolution proposing that Alexander Sloan, Chartered Accountants, be reappointed as auditors of the
charity will be put to the Annual General Meeting.
This report was approved by the Trustees on ..................................... and signed on their behalf by
.................................
Kirsty Hill
President
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Page 5
Independent Auditor's Report to the Trustees of Queen Margaret Union
We have audited the financial statements of Queen Margaret Union for the year ended 30 June 2011 which comprise the
Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has
been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective
April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made exclusively to the charity's Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities
and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006.
Our audit work has been undertaken so that we might state to the charity's Trustees 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 charity and its Trustees 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 Trustees' Responsibilities Statement (set out in the Trustees' Annual Report), the Trustees
are responsible for the preparation of the financial statements which give a true and fair view.
We have been appointed as Auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005
and report in accordance with regulations made under that Act. Our responsibility is to audit and express an opinion on
the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing Practices Board's [APB's] Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have
been consistently and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees;
and the overall presentation of the financial statements. In addition, we read all the financial and non-financial
information in the Trustees' Annual Report to identify material inconsistencies with the audited financial statements. If
we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 June 2011 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 Charities and Trustees Investment
(Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as
amended).
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Page 6
Independent Auditor's Report to the Trustees of Queen Margaret Union (continued)
Matters on which we are required to report by exception
In respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us
to report to you if, in our opinion:
- the information given in the Trustees' Annual Report is inconsistent in any material respect with the
financial statements; or
- proper accounting records have not been kept; or
- the 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.
We have nothing to report in respect of these matters.
Alexander Sloan 38 Cadogan Street
Chartered Accountants and Glasgow
Statutory Auditor
Alexander Sloan is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
The notes on pages 9 to 17 form an integral part of these financial statements.
Page 7
Statement of Financial Activities
(incorporating Income and Expenditure Account)
for the year ended 30 June 2011
Unrestricted
General Designated Restricted 2011 2010
funds funds funds Total Total
Notes £ £ £ £ £
Incoming resources
Incoming resources from
generated funds
Voluntary income 2 386,893 - - 386,893 378,258
Activities for generating
funds 3 180,617 - - 180,617 191,457
Investment income 4 12,227 - - 12,227 14,420
Incoming resources from
charitable activities 5 1,292,014 - 110,000 1,402,014 1,556,904
Total incoming resources 1,871,751 - 110,000 1,981,751 2,141,039
Resources expended
Costs of generating funds
Fundraising trading costs 7 )(164,463 - - )(164,463 )(210,387
Charitable activities 8 )(1,707,352 - )(106,846 )(1,814,198 )(2,027,760
Governance costs 9 )(16,465 - - )(16,465 )(15,139
Total resources expended )(1,888,280 - )(106,846 )(1,995,126 )(2,253,286
Net movement in funds )(16,529 - 3,154 )(13,375 )(112,247
Reconciliation of funds
Total funds brought forward 673,296 72,319 31,969 777,584 889,831
Total funds carried forward 656,767 72,319 35,123 764,209 777,584
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
The notes on pages 9 to 17 form an integral part of these financial statements.
Page 8
Balance Sheet
as at 30 June 2011
2011 2010
Notes £ £ £ £
Fixed assets
Tangible assets 16 59,320 53,135
Current assets
Stocks 47,207 44,227
Debtors 17 23,385 23,240
Cash at bank and in hand 822,731 923,115
893,323 990,582
Creditors: amounts falling
due within one year 18 )(188,434 )(266,133
Net current assets 704,889 724,449
Net assets 764,209 777,584
Funds
Unrestricted funds
General funds 20 656,767 673,296
Designated funds 21 72,319 72,319
Restricted funds 22 35,123 31,969
764,209 777,584
The financial statements were approved and authorised for issue by the Trustees on .....................................
and signed on their behalf by
................................. ..................................
Kirsty Hill T Murphy CA
President Treasurer
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 9
1. Accounting policies
1.1. Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the
Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) issued in
March 2005, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts
(Scotland) Regulations 2006 and in accordance with the Financial Reporting Standard for Smaller
Entities (effective April 2008). The principal accounting policies adopted in the preparation of the
financial statements are set out below.
1.2. Incoming resources
Voluntary income including donations, gifts and legacies and grants that provide core funding or are of
a general nature are recognised where there is entitlement, certainty of receipt and the amount can be
measured with sufficient reliability. Such income is only deferred when the donor specifies that the
grant or donation must only be used in future accounting periods, or when the donor has imposed
conditions which must be met before the charity has unconditional entitlement.
Income from bar, shop and catering activities and activities for generating funds are recognised as
earned (as the related goods and services are provided).
Income from investments is included in the year in which it is receivable.
Grant income, included within income from charitable activities is recognised where there is
entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
1.3. Resources expended
Expenditure is recognised on an accruals basis when a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and
those costs of an indirect nature necessary to support them.
"In kind" contribution, namely the use of the premises at 22 University Gardens, Glasgow, is included
at the estimated rental value placed on the premises by the University of Glasgow, who own the
property.
Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in
trading activities that raise funds.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and are allocated between expenditure categories on a basis consistent with the use of resources.
Governance costs include those incurred in the governance of the charity and its assets and are
primarily associated with constitutional and statutory requirements.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 10
1.4. Tangible fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions are not
capitalised.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its
expected useful life, as follows:
Fixtures, fittings
and equipment - 10 - 33.33% straight line
1.5. Stock
Stock is valued at the lower of cost and net realisable value.
1.6. Pensions
The pension costs charged in the financial statements represent the contribution payable by the charity
during the year.
2. Voluntary income
2011 2010
£ £
University grant 159,893 151,258
Donation in kind - University rent grant 227,000 227,000
386,893 378,258
3. Activities for generating funds
2011 2010
£ £
Freshers week 27,580 29,363
Events income 82,330 109,380
Games machine income 28,277 33,963
Room hire 42,430 18,751
180,617 191,457
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:43 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 11
4. Investment income
2011 2010
£ £
Interest received 12,227 14,420
12,227 14,420
5. Incoming resources from charitable activities
2011 2010
£ £
Bar sales 561,306 660,560
Shop sales 254,893 346,853
Catering sales 467,397 501,603
Other income 8,418 13,888
Development fund income 110,000 34,000
1,402,014 1,556,904
6. Analysis of incoming resources from charitable activity
Generated Grant 2011 2010
income income Total Total
Activity or Programme £ £ £ £
Bar 561,306 110,000 671,306 694,560
Shop 254,893 - 254,893 346,853
Catering 467,397 - 467,397 501,603
General 8,418 - 8,418 13,888
1,292,014 110,000 1,402,014 1,556,904
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 12
7. Fundraising trading costs
2011 2010
£ £
Other fundraising trading costs
Event costs 119,819 154,315
Games costs 9,342 11,111
Freshers week 28,319 39,066
Advertising 6,777 5,839
Campaigns 206 56
164,463 210,387
8. Costs of charitable activities
2011 2010
£ £
Wages and salaries 570,988 696,189
Employer's NI contributions 40,692 51,031
Superannuation 2,220 2,220
Bar expenditure 222,492 260,722
Shop expenditure 182,512 240,133
Catering expenditure 239,637 261,096
Rent (notional charge) 227,000 227,000
Water rates and insurance 35,280 36,055
Heat and light 17,906 74,280
Laundry and cleaning 247 400
Repairs and maintenance 196,755 83,556
Printing, postage and stationery 1,746 2,181
Diaries and handbooks 50 1,920
Photocopier consumables 1,255 476
Telephone 2,857 4,711
Computer costs 376 605
Machine hire 5,115 4,638
Travelling expenses 3,732 4,311
Legal and professional 3,097 4,450
Board of management 7,559 10,415
Bank charges 6,299 7,047
General expenses 14,265 24,886
Depreciation on FF & equipment 32,118 29,438
1,814,198 2,027,760
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 13
9. Governance costs
2011 2010
£ £
Accountancy 11,265 9,809
Audit 5,200 5,330
16,465 15,139
10. Net resources expended for the year
2011 2010
£ £
Net resources expended is stated after charging:
Depreciation 32,118 29,438
Auditors' remuneration 5,200 5,330
11. Analysis of charitable expenditure by activity
Activities
undertaken Support 2011 2010
directly costs Total Total
Activity or Programme £ £ £ £
Bar 357,495 280,774 638,269 697,427
Shop 233,247 198,576 431,823 548,990
Catering 409,620 334,486 744,106 781,343
1,000,362 813,836 1,814,198 2,027,760
12. Analysis of support costs by charitable activity
2011 2010
Staff Premises Running Dep'n Total Total
Activity or programme £ £ £ £ £ £
Bar 89,072 164,630 15,991 11,081 280,774 274,045
Shop 62,995 116,434 11,310 7,837 198,576 246,376
Catering 106,112 196,124 19,050 13,200 334,486 327,637
258,179 477,188 46,351 32,118 813,836 848,058
Support costs are allocated pro-rata based on estimated use of resources on each activity.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 14
13. Employees
Number of employees
The average monthly numbers of employees 2011 2010
during the year were: Number Number
Union Staff (full time equivalents) 56 61
Union Staff (average) 64 83
Employment costs
2011 2010
£ £
Wages and salaries 625,213 759,446
Social security costs 40,692 51,031
Other pension costs 2,220 2,220
668,125 812,697
Employment costs as detailed above include £54,225 (2010: £63,257) that are included within Events costs.
There was one employee who received remuneration of between £60,000 and £70,000 in the period.
14. Trustees' emoluments
The former president received remuneration of £15,379 during the year (2010- £15,254). The treasurer
is the senior partner of T.Murphy & Co. T. Murphy & Co provided accountancy services to the Union
costing £11,265 (2010 - £9,809). No other trustees or any persons connected with them received
remuneration in the period and no trustees received reimbursement of expenses during the year.
15. Pension costs
The charity operates a defined contribution pension scheme in respect of the staff. The scheme and its
assets are held by independent managers. The pension charge represents contributions due from the
charity and amounted to £2,220 (2010 - £2,220).
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 15
Fixtures,
16. Tangible fixed assets fittings and
equipment Total
£ £
Cost
At 1 July 2010 330,182 330,182
Additions 38,303 38,303
At 30 June 2011 368,485 368,485
Depreciation
At 1 July 2010 277,047 277,047
Charge for the year 32,118 32,118
At 30 June 2011 309,165 309,165
Net book values
At 30 June 2011 59,320 59,320
At 30 June 2010 53,135 53,135
17. Debtors 2011 2010
£ £
Trade debtors 4,310 2,555
Other debtors 126 80
Prepayments and accrued income 18,949 20,605
23,385 23,240
18. Creditors: amounts falling due
within one year 2011 2010
£ £
Trade creditors 16,199 21,663
Other taxes and social security costs 19,140 25,169
Other creditors 3,176 15,686
Accruals and deferred income 149,919 203,615
188,434 266,133
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 16
19. Analysis of net assets between funds
UnrestrictedDesignated Restricted Total
funds funds funds funds
£ £ £ £
Fund balances at 30 June 2011 as
represented by:
Tangible fixed assets 59,320 - - 59,320
Current assets 785,881 72,319 35,123 893,323
Current liabilities )(188,434 - - )(188,434
656,767 72,319 35,123 764,209
20. Unrestricted General Funds 1 Jul '10 Incoming Outgoing 30 Jun '11
£ £ £ £
General fund 673,296 1,871,751 )(1,888,280 656,767
673,296 1,871,751 )(1,888,280 656,767
Purposes of General Funds
General fund
The General Fund represents the unrestricted funds which the Executive Committee are free to use in
accordance with the charitable objectives.
21. Unrestricted Designated Funds 1 Jul '10 30 Jun '11
£ £
Contingency fund 72,319 72,319
72,319 72,319
Purposes of Designated Funds
Contingency fund
The Contingency Fund is an unrestricted but designated fund. The fund has been designated to cover
the costs of unforseen situations that may arise affecting the ability of the Union to exercise its
functions.
Transfers are made as required to the fund based on a percentage of staff costs.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
Notes to the Financial Statements
for the year ended 30 June 2011
Page 17
22. Restricted funds 1 Jul '10 Incoming Outgoing 30 Jun '11
£ £ £ £
Development fund reserve 31,969 110,000 )(106,846 35,123
31,969 110,000 )(106,846 35,123
Purposes of restricted funds
Development fund reserve
The development fund represents grant income received for specific projects which is unspent at the
year end.
23. Capital commitments 2011 2010
£ £
Details of capital commitments at the
accounting date are as follows:
Contracted for but not provided in
the financial statements - 170,000
The charity was committed to spending £170,000 on the redevelopment of Qudos Bar at 30 June 2010.
24. Related party transactions
The Queen Margaret Union was established to provide facilities to the students of the University of
Glasgow in all matters affecting their social and welfare interests.
In the year ended 30 June 2011 a grant was received from the University of Glasgow amounting to
£159,893 (2010: £151,258). A development grant of £110,000 was also received from the University
(2010: £34,000).
The University of Glasgow provides the Union with the use of the premises at 22 University Gardens,
Glasgow free of any rental charges. The University of Glasgow has placed a notional annual rental
value of £227,000 on the premises.
In the year ended 30 June 2011 the Union made sales of £480 (2010: £nil) to the University of
Glasgow. The Union was also charged £43,188 in respect of goods and services purchased from the
University of Glasgow (2010: £78,344).
At 30 June 2011 the balance due from the University of Glasgow was £nil (2010: £nil).
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:44 DATASET 30 June 2011
Queen Margaret Union
The following pages do not form part of the statutory accounts.
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:45 DATASET 30 June 2011
Queen Margaret Union
Detailed Income and Expenditure Account
for the year ended 30 June 2011
2011 2010
£ £ £ £
Income
Voluntary Income
University grant 159,893 151,258
Donation in kind - University rent grant 227,000 227,000
386,893 378,258
Activities for generating funds
Freshers week 27,580 29,363
Events income 82,330 109,380
Games machine income 28,277 33,963
Room hire 42,430 18,751
180,617 191,457
Investment income
Interest received 12,227 14,420
12,227 14,420
Income from charitable activities
Bar sales 561,306 660,560
Shop sales 254,893 346,853
Catering sales 467,397 501,603
Other income 8,418 13,888
Development fund income 110,000 34,000
1,402,014 1,556,904
Total income 1,981,751 2,141,039
Total expenditure )(1,995,126 )(2,253,286
Net deficit for the year )(13,375 )(112,247
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:45 DATASET 30 June 2011
Queen Margaret Union
Schedule of Expenditure
for the year ended 30 June 2011
2011 2010
£ £ £ £
Expenditure
Fundraising trading costs
Event costs 119,819 154,315
Games costs 9,342 11,111
Freshers week 28,319 39,066
Advertising 6,777 5,839
Campaigns 206 56
164,463 210,387
Charitable activities
Staff costs
Wages and salaries 570,988 696,189
Employer's NI contributions 40,692 51,031
Superannuation 2,220 2,220
613,900 749,440
Projects and activities costs
Bar expenditure 222,492 260,722
Shop expenditure 182,512 240,133
Catering expenditure 239,637 261,096
644,641 761,951
Premises costs
Rent (notional charge) 227,000 227,000
Water rates and insurance 35,280 36,055
Heat and light 17,906 74,280
Laundry and cleaning 247 400
Repairs and maintenance 196,755 83,556
477,188 421,291
Running costs
Printing, postage and stationery 1,746 2,181
Diaries and handbooks 50 1,920
Photocopier consumables 1,255 476
Telephone 2,857 4,711
Computer costs 376 605
Machine hire 5,115 4,638
Travelling expenses 3,732 4,311
Legal and professional 3,097 4,450
Board of management 7,559 10,415
Bank charges 6,299 7,047
General expenses 14,265 24,886
46,351 65,640
Depreciation and Gains/Losses
DRAFT FINANCIAL STATEMENTS 7 October 2011 16:19:45 DATASET 30 June 2011
Queen Margaret Union
Depreciation on FF & equipment 32,118 29,438
32,118 29,438
Total of charitable activity expenditure 1,814,198 2,027,760
Governance Costs
Accountancy 11,265 9,809
Audit 5,200 5,330
16,465 15,139
Total expenditure 1,995,126 2,253,286
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