ACCOUNTS 2011Approved - FXU Students Union

Falmouth & Exeter Students’ Union
Trustees’ Report and Financial Statements
For the year ended
31 July 2011
Lang Bennetts
Chartered Accountants
Cornwall

FXU Board Report
Auditors’ report
Statement of financial activities
Balance sheet
Notes to the financial statements
Falmouth & Exeter Students’ Union
Contents
Page
1 – 9
10 - 11
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14 - 23

Trustees Annual Report July 2011
Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
The FXU Board are pleased to present their annual report for the year ending 31 st July 2011.
Reference and Administrative details
Name: The formal name of the organisation is Falmouth & Exeter Students’
Union. More commonly it is known and referred to as FXU.
Charitable status: FXU is an exempt charity in accordance with the Charities Act
1993 (Schedule 2, paragraph c).
Principal Office: The Annex, Tremough Campus, Treliever Road, Penryn,
Cornwall. TR10 9EZ.
Auditors: Lang Bennetts, The Old Carriage Works, Moresk Road, Truro,
Cornwall. TR1 1DG.
Bankers: The Co-operative Bank Plc, PO Box 101, 1 Balloon Street, Manchester, M60 4EP
(reg. no. 990937).
Directors and Trustees
The members of the FXU Board are the trustees of FXU. Throughout this report they will be referred to as
the Board.
Members of the Board for the year ended 31st July 2011 were as follows:
Andrew Edmonds FXU President, University College Falmouth
Kristy Wallace FXU President, University of Exeter, Cornwall Campus
Tim Port FXU Welfare President, University College Falmouth
Iyanu Idowu Agida FXU Campaigns Officer
Siobhan Pyburn FXU Community Action Officer
Anton Constantinou FXU Entertainments Officer
Sam Batchelor FXU Promotions Officer
Sam Phillips & Thomas Phillips FXU Sports & Societies Officer (joint position)
Beth Windsor FXU RAG Officer
Insa Burch & Henrik Hildre FXU Environment & Ethics Officer (joint position)
Due to their academic commitments Siobhan Pyburn and Insa Burch stood down from their
positions in the summer term.
Page 1

Invited attendees at the Board were:
Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
Glynn Hardcastle General Manager (Maternity Cover), FXU (to 31 July 2010)
Sonya O’Hea General Manager, FXU (from 1 August 2010)
Lucy Black Campus Services Director, Tremough Campus Services
Tony Schorah Registrar, University College Falmouth
Steve Trotter Assistant Director Cornwall, University of Exeter
Kim Reay Finance & Admin Co-ordinator, FXU (Minutes)
Structure, Governance and Management
Governing Document
In the current year FXU continued to operate under its Memorandum of Understanding.
In accordance with new legislation introduced by The Charities Act 2006 FXU is required to register with the
Charities Commission. An application will be submitted 1 August 2011. Working towards this, FXU
undertook a governance review and in consultation with students and staff has produced a new constitution
which has been approved as required under the current memorandum of understanding.
Appointment of Trustees
In the current year, the trustees have been members of the FXU Board. Membership of the FXU Board has
been by virtue of elected position held. Sabbatical Presidents serve a term of office 1st July 2010 – 31st July
2011, and non-Sabbatical Executive Officers serve from 1st August 2010 – 31st July 2011. Not all Executive
positions were filled in the spring elections 2010 so a second election was held in November 2011 and Iyanu
Idowu Agida, Siobhan Pyburn, Anton Constantinou, Beth Windsor and Insa Burch & Henrik Hildre were
trustees and members of the board from 24 th November 2010.
The trustee Board membership was reviewed as part of FXU's overall governance review and for 2011 –
2012, the trustees, in accordance with our new constitution will be:
Not more than 3 Officer Trustees
Rich Pearson FXU President Welfare
Jamie Clark FXU President UCF
Jonathan Harris FXU President UECC
Not more than 4 Executive Officer Trustees
To be selected from the Executive Committee by a simple majority vote of the Committee in accordance with
the Bye-Laws. The Executive Committee to be elected by secret ballot of all students in November 2011.
In the interim the Executive Officers from 2010-2011 who have not graduated or stood down will remain on
the board (Iyanu Idowu Agida and Henrik Hildre)
Not more than 2 Student Trustees
To be selected in accordance with Bye-Laws
Not more than 2 External Trustees
To be selected in accordance with Bye-Laws
Page 2

Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
Trustees Induction & Training
This year, trustees received training regarding their responsibilities and duties, from NUS Regional
Organiser, Melanie Lonsdale.
Organisation
The FXU Board has held overall responsibility for the affairs of FXU during the year. The Board has met at
least once a term, and more often, when deemed necessary. Responsibility for operational and day-to-day
management of FXU has been delegated to the FXU MT (FXU Management Team), comprising the
Presidents and the General Manager. The General Manager has direct Line Management responsibilities for
all staff.
Related Parties
FXU has close relationships with University College Falmouth (incorporating Dartington College of Arts);
University of Exeter, Cornwall Campus; and Exeter Guild of Students. In addition, FXU strives to work
closely with Tremough Campus Services (TCS); academic departments within Institutions, and other
combined service areas (IT, finance, personnel), in order to provide effective services to its’ membership.
The vast majority of FXU’s funding is received from University College Falmouth on behalf of both
Institutions’ combined finances, and under the authority of the TCS (Tremough Campus Services) Executive
and Board.
Risk Management
During the course of the year, each service area has worked closely with the Institutions’ Health & Safety
Adviser based at Tremough Campus, and relevant Estates staff at Woodlane Campus, to ensure that all
potential risks involved in activities undertaken by FXU have been considered and appropriately managed.
In terms of emergency procedures, FXU complies with those relating to the relevant campus and
Institution(s).
Objectives and Activities
FXU’s Objectives are:
• To provide representation and services for all students of University College Falmouth (incorporating
Dartington College of Arts) & University of Exeter, Cornwall Campus.
• To enhance students’ well-being and general student experience through social, cultural, political,
sporting, welfare, educational and other opportunities.
• As a democratic body, FXU has a general objective to undertake all its’ activities in an open and
transparent manner in order to best serve the interests of all students.
FXU’s key areas of activity are:
• Student representation (through the work of the Sabbatical Presidents, their attendance at
• various meetings, etc).
• Co-ordination of sports and recreational activities.
• Co-ordination of social events and entertainments including fresher’s’ activities.
• Co-ordination of voluntary opportunities through Community Action.
• Provision of advice, support and guidance through the FXU Advice Service and welfare role
of the Sabbaticals.
Page 3

Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
During 2010– 2011, FXU’s combined student population was as follows:
University College Falmouth: 3,336
University of Exeter, Cornwall Campus: 1,683
_____
Total: 5,018
Achievements and Performance
Representation
FXU’s first referendum was held to decide whether we should support the NUS and UCU national demo
against proposed education cuts. 100 signatures were collected to start the referendum, a debate was held
to fully educate our students so they could make an informed decision. The debate itself attracted a good
number and the students lead the debate almost entirely by themselves. A referendum took place with an
overall of 333 student votes. The results were almost unanimous, with 300 saying yes to going to London to
getting involved.
The NUS and UCU National Demo to fight against the proposed education cuts, was held on 10 th November
2010. We successfully applied for travel funding from NUS, UCU and the Exeter Students’ Guild which
meant we only had to support this event with £400 of our own campaigns budget and the rest came from the
students themselves (£10 each). We took three full coaches and it should be noted that we were not part of
any violence, our students later expressing on the radio how disgusted they were with the behaviour of
those angry few.
Elections
The FXU Elections Spring 2011 achieved 23.2% student voter turnout (1166 students), which elected the
FXU President Welfare, FXU President UCF and FXU President UECC for 2011-12. The unfilled FXU
Executive Officer positions were reopened for nominations in the Autumn term, which achieved a 4.7%
student voter turnout (257 students) and contested positions, a first for these roles. This took the total to 7
out of 8 of the Executive Officer roles that were filled for 2010-11.
Presidents report
This year’s Ents activities were restricted to Freshers events and the Garden Party which were both a
success with students and a financial success.
The Combined Academic Services Management Board (CASMB) was formed only recently to look at the
configuration of the current academic services provided on campus, and to look at bringing them together
under TCS there is still a lot of work to be done and the main thing for the students’ union to watch out for, is
that these changes are run smoothly and have minimum effect on the students. Both the FXU President
UECC and FXU President UCF sit on the CASMB.
The FXU President UECC was involved in many groups and initiatives this year. They found this year’s
SSLCs to be a lot more productive than previous. This is probably due to the presence of Steve Trotter at
many of them who would be the person the president would normally report to. Taking out this report link
has saved a lot of time, getting issues solved more quickly. There is still a need for the UECC president to
be present for a general overview on what’s going on and to take on any TCS related issues.
The FXU President UECC has sat on the Vice-Chancellor Student Liaison Group, an informal meeting
between the Exeter Students’ Guild, FXU, the VC (Steve Smith) and the Registrar & Deputy Executive
(David Allen) and has been invited to sit on the University of Exeter Budget Scrutiny Group, an initiative
started by the Guild, to give the two students’ Unions a say in where the increased fees will be spent and
how student experience needs to improve for 2012/13.
After 6 years of working alongside each other with no actual contract of responsibility, FXU decided it was
about time that we did some research into what the relationship actually was and should be between the
Guild and FXU. We presented the students with three options and the majority chose Partner progression.
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Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
This means that students would like to keep FXU as their primary representative yet still have the Guild
there as a secondary just in case they need to use their resources in the terms of advice and appeals. The
general manager of FXU and the Guild are currently working on a contract to present to the University.
The Cornwall Review Group was set up by University of Exeter and FXU is represented on the group by the
FXU President UECC. Research has been commissioned by the group to identify what could and should be
done to ensure that our students receive the Exeter experience that they are paying for both academically
and in terms of service on campus. Initial research showed the importance and need for sports facilities on
campus and their data also pointed out how much the diversity that UCF brings to campus means to the
Exeter students on campus.
The FXU President UCF helped with the integration of Dartington students. The MA students who were still
studying in Dartington felt that they had been abandoned and left with few facilities. The President travelled
to Totnes on three occasions to talk to students and assess the situation and helped to negotiate free
accommodation at Tremough for students who wanted to come to finish the MA here.
A course rep system was not in place for Falmouth students this year and lot of time was spent dealing with
a number of same issues which could of been resolved if the students had reps to turn to. Reps will be in
place for next year following academic reviews.
The Falmouth President was involved in the Academic Review of every course guide and handbook to try to
ensure all content was student friendly and the procedures were in place.
Future developments for the FXU President UCF include sitting on a Budget Advisory Committee with Anne
Carlisle to discuss budgets and actions for 2012/2013. Also a more active participation in the UCF
Management Board - from this year we now have a 30 minute slot in the management board meetings to
discuss issues.
There was a shortage of accommodation in Penryn and Falmouth and current and incoming students were
struggling to find accommodation before the start of the 2010 academic year. FXU liaised with students and
TCS. As a result accommodation outside of Penryn and Falmouth was advertised and temporary
accommodation, bus tickets and passes and financial support was offered for struggling students.
A large number of student deposits from TCS halls accommodation were deducted due to damages beyond
fair wear and tear. A movement of complaints and appeals were made. Because of this, the process of
returning deposits had taken longer. FXU acted as a main point of contact and liaison with TCS
accommodation. Students were reminded of the contents of their contracts and negotiations were made on
the deduction of each deposit that was appealed. A number of deductions were proven to be unfair. FXU
raised this as an issue with TCS and will be working with them in the future to ensure a fairer system.
It was announced late in the summer break that a total of around 400 UCF students who intended on living
in halls accommodation would be in bunk beds in shared rooms of two persons per room. FXU acted as a
main point of contact and liaison with TCS and UCF for concerned students and their parents. There were a
large number of complaints and serious concerns. FXU worked with UCF and TCS to find ways of
compensating those in shared rooms. This included laundry tokens, 24/7 library opening times, cinema
cards, free Explore De Fal T-shirt and free internet in halls.
The FXU President Welfare has taken more of an advisory and support role for students, including issues on
accommodation and finance. The Welfare president has dealt with a large number of students in a variety of
situations, using the aid of the FXU advisors when needed.
The UCF president and Welfare president had taken a key role in the UCF appeals procedure, looking
through appeals and sitting on the board. There was in issue of conflicting interests as UCF expect the
presidents to be part of the decision process which was not the case as it would have gone against the FXU
impartiality policy. This was a very useful insight into the appeals procedure and ideally FXU will continue to
be involved.
FXU Presidents have continued to represent students on disciplinary boards, including major disciplinary
boards, ensuring the disciplinary procedures were followed correctly and fairly.
Page 5

Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
The welfare president organised, delivered and co-ordinated a safe sex awareness week that included a
safe sex fayre, film night, quiz night, prizes and a safe sex party called “Climax” which made over £500. This
week was a general success, although had some criticism of not including enough information on non
heterosexual advice.
The Welfare president had attended the 3 day annual NUS conference in Newcastle. This involved voting on
important policies and the presidential elections. It also included seminars on the latest useful information
and packages to put to use in the FXU.
FXU Presidents attended the TCS Board meeting prepared to express the concern over the rise in halls
rent. TCS halls rent rising over £125 per week will cause greater financial difficulty, this so far has not been
properly addressed by any institution or department on Tremough Campus.
Community Action
FXU community action has seen a very successful year with activities ranging from environmental
conservation, local community arts projects and youth work. This academic year 366 students have
volunteered through FXU Community Action. This constitutes 7.2% of the student population (of 5,018
students). Students are showing increased interest in raising money for local and national charities with
‘Rally for Shelterbox’ raising £3,586 and many other small groups raising amounts for their favourite
charities. From next year the Community Action co-ordinators will help to co-ordinate RAG activities
Sports & Societies
The number of sports clubs and societies continues to grow. There were a total of 66 FXU affiliated clubs
and societies (20 sporting based clubs and 46 societies). There was 1 new club (FUSC – Snowsports) and
16 new societies (including Bee Soc, Bell Ringing & Food Co-op) received support from FXU to set up and
run this academic year.
It was another successful year for sport, with the development of a very successful recreational Badminton
Club which will be entering the league in 2011/12 and the Ladies Hockey winning league promotion. FXU
and the University were represented in the BUCS Championships in Surfing, Boxing and Mountain Biking.
Despite not entering the BUCS leagues University College Falmouth was ranked 128 out of 145 Institutions.
FXU has facilitated and support the students to take part in inter-university competitions and this year our
university has been represented in a range of disciplines including Ultimate Frisbee, Climbing and Law
mooting competitions which has positively raised the profile of the campus.
FXU has supported student club and society committees to organise a diverse range of activities in various
locations, including on campus, in the local area, nationally and abroad. This year FXU have facilitated
students to organise the following; Politics Society Prague trip, Snowsports Tignes trip and the Sailing Club
Athens trip.
In 2010/11 the Institutions have acknowledged the importance of the student experience and sport in
particular by awarding an FXU bid of an additional £40k, therefore increasing the annual budget from 30k to
£70k. FXU are pursuing the case for this funding to be recurrent to ensure we offer the students the best
sporting opportunities and are better equipped to deal with expectations of UECC student in relation to the
main campus. FXU has worked closely with Senior staff from UCF, UoE and TCS to make steps towards the
development of a Tremough Campus Sports Strategy.
FXU worked closely with Lucy Black on a successful Sport England Active Universities bid worth £61,452
which will allow the FLEXSI scheme to be delivered in the next academic year. This has required in depth
consultation, research, planning and contact with National Governing bodies to build support for the project.
FXU has also successfully secured funding from two national governing bodies Badminton England £266
and Rugby Football Union £185 and these funds have greatly benefitted the respective clubs. FXU
maintains close links with a range of community organisations including working closely with Jamie
Tresidder from the Draceana Centre to submit a successful Sport England ‘Sportivate’ bid to deliver a block
of coaching sessions for girls and women’s football sessions which will be included on the 2011/12 Fresher’s
Programme.
Page 6

Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
FXU secured £1000 funding from UECC to run a programme of activities aimed at student health and
wellness aimed at the non active. This programme included swimming lessons, ladies only aerobics,
beginner spinning, guided walks, archery and yoga.
45 students accepted onto the FXU Scholarship Scheme for a variety of sports (compared to 37 in 2009/10).
There were 1917 registered members this year on the sports and recreation database, many of whom are
members of one or more clubs or societies (compared to 1330 in 2009/10).
The advice service operated at full strength this year with advisers back from sick leave and confirmation of
a third adviser. This has led to the service being able to offer appointments with an adviser for five days a
week at Tremough Campus and two days a week at Woodlane Campus. UECC students have also been
asking for appointments at Woodlane as it is convenient for students living in Falmouth.
We moved from a paper-based method of collecting statistics to an electronic system. Statistics are now
collected via the information entered in the case notes. The follow-up system has also been transferred to
Sharepoint.
Statistics show a 20% rise in the number of students seeking advice from 566 in 2009/10 to 682 for 2010/11.
There was a 15% rise in UECC students. 10.5% of all UECC students and 14.5% of all UCF students
received personal advice either by and appointment, email or phone.
The delivery of advice was as follows: 47% via appointments, 44% email and 9% phone. Financial issues
were still the most requested area of advice with housing second and academic issues third.
Dedicated phone lines for students to contact SFE saw a drop in the number of students seeing an adviser
for help simple queries that students could manage themselves. This meant that the advisers were able to
deal with the more complex problems earlier.
Financial Review
At the end of the year, FXU has recorded a surplus of £30,901. Operational costs were kept well within
budget.
During the year, FXU has generated income from fresher’s’ fortnight and other events; hoodies, hire of the
minibus and website advertising. FXU has earned bank interest during the year and received income from
credit card transaction charges.
The Woodlane Bar made a loss again this year so there was no income for FXU. However FXU has
received income from the FXU pool table throughout the year. A dedicated manager is now in place at the
Woodlane Bar and in the last months before closing for the summer the bar did make a profit. With the
appointment of the FXU Communications & Events Co-ordinator, FXU will be able to work more closely with
the manager next year and FXU hope to help move the bar into profit next year.
The £10,000 investment in Tremough Campus Coffee Shop ‘Koofi’ was made at the beginning of the year –
in return for this investment FXU receive 15% of the net profit unfortunately ‘Koofi’ opened later than
scheduled and recorded a loss for operations to the end of July 2011. Again it is hoped to build on recent
months and with the help of the FXU Communications & Events Co-ordinator work closely with TCS to
ensure the coffee shop moves into profit next year.
The Stannary Bar made a profit of £40,402 this year and FXU will receive 15% of the net profit or £6,060.
Additional sports funding of £40,000 was received from the Universities – this was used mainly to purchase
sports equipment which would benefit students for a long time as we have been unable to confirm whether
additional funding will continue.
Page 7

Reserves Policy
Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
The trustees have agreed to maintain an unrestricted reserve of £25,000 as contingency as there is no
anticipated increase in risk.
Other monies to be carried forward for restricted purposes is as follows
Accrual for a replacement of existing minibuses £14,000 to be increased by a further £7,000 at the
end of the year
Sports & Socs £39,405 - this includes monies ‘owned’ by individual clubs and societies and a
balance to be used for the development and support of societies
Community Action £3,443 - to support students in gaining voluntary experience and contributing to
the wider community
Dartington Soc Funds £5,206 - ring-fenced money brought forward from the merger of Dartington
College of Arts and UCF.
Plans for future periods
FXU successfully requested additional funding of £20,257 from the TCS Board for 2011-2012 to enable FXU
to employ a Communication & Events Assistant for a pilot year. The post has been successfully recruited
and the new post will be central to all of FXU’s activities and will act to demonstrate future need and viability
of the post.
It was agreed by the Board that FXU was in need of an additional minibus in order to maintain services to
the students – a budget of £20,000 has therefore been agreed for this purchase from accrued surplus funds
and FXU is currently looking for an appropriate vehicle.
Trustees’ responsibilities in relation to the financial statements
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 England & Wales 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 accounting records that 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 Act 1993, the Charity (Accounts and Reports) Regulations 2008 and Memorandum of
Understanding. 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.
Page 8

In so far as we are aware:
Falmouth & Exeter Students’ Union
Report of the FXU Board
For the year ended
31 July 2011
• there is no relevant audit information of which the auditors areunaware; and
• as the trustees of the charity we have taken all the steps that we ought to have taken in order to
make ourselves aware of any relevant audit information and to establish that the charity’s auditors
are aware of that information.
Auditors
Lang Bennetts have been retained as auditors to FXU, this year.
Signed on behalf of the Trustees
Richard Pearson
Date: 26th October 2011
Page 9

Falmouth & Exeter Students’ Union
Report of the Independent Auditors to the Trustees
of Falmouth & Exeter Students’ Union
We have audited the financial statements of Falmouth & Exeter Students’ Union for the year ended 31 July
2011 on pages eleven to twenty three. The financial reporting framework that has been applied in their
preparation is applicable law and Financial Reporting Standard for Smaller Entities (effective April 2008)
(United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the charity’s trustees, as a body, in accordance with Section 43 of the Charities
Act 1993 and regulations made under section 44 of that Act. 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 on page 8, the trustees are
responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as auditor under section 43 of the Charities Act 1993 and report in accordance
with regulations made under section 44 of that Act. Our responsibility is to audit and express an opinion on
the financial statements in accordance with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for
Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or error. This includes an assessment of: whether the accounting policies are
appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the
financial statements. In addition, we read all the financial and non-financial information in the Trustees’
Annual Report to identify material inconsistencies with the audited financial statements. If we become aware
of any apparent material misstatements or inconsistencies we consider the implications for our report
Opinion on financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the charity’s affairs as at 31 July 2011, and of its incoming
resources and application of resources, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice applicable to Smaller Entities.
• have been prepared in accordance with the requirements of the Charities Act 1993.
Page 10

Falmouth & Exeter Students’ Union
Report of the Independent Auditors to the Trustees
of Falmouth & Exeter Students’ Union
(continued)
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 1993 requires us to
report to you if, in our opinion:
• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the
financial statements; or
• sufficient accounting records have not been kept; or
• the 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.
Lang Bennetts Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG
Date: 28 th October 2011
Page 11

Falmouth & Exeter Students’ Union
Statement of Financial Activities
For the year ended
31 July 2011
Unrestricted Restricted 2011 2010
Funds Funds Total Total
Note £ £ £ £
Incoming resources
Incoming resources from generated
funds:
Voluntary income:
Grants 2 111,200 257,342 368,542 353,951
Activities for generating funds:
Sale of merchandise/hire 3 22,673 - 22,673 24,972
Investment income: 4 1,266 4 1,270 1,121
135,139 257,346 392,485 380,044
Incoming resources from charitable
activities:
Student welfare 5 82,111 85,230 167,341 147,930
Total incoming resources 217,250 342,576 559,826 527,974
Resources expended
Cost of generating funds:
Fundraising costs of grants 1,416 5,350 6,766 12,141
Costs of merchandise/hire 6,804 - 6,804 12,574
9 8,220 5,350 13,570 24,715
Charitable activities:
Student welfare 8 151,181 328,972 480,153 491,686
Governance costs: 7 10,322 24,880 35,202 26,596
Total resources expended 169,723 359,202 528,925 542,997
Net incoming resources before transfers 47,527 (16,626) 30,901 (15,023)
Transfers between funds 20/21 (16,640) 16,640 - -
Net movement in funds 30,887 14 30,901 (15,023)
Total funds brought forward 151,083 2,000 153,083 168,106
Total funds carried forward 20/21 181,970 2,014 183,984 153,083
Page 12

Fixed assets
Falmouth & Exeter Students’ Union
Balance Sheet
For the year ended
31 July 2011
2011 2010
Note £ £ £ £
Tangible assets 15 19,961 18,889
Current assets
Investments 16 10,000 10,000
Debtors 17 12,809 12,869
Stock 400 400
Bank and cash 154,679 167,629
177,888 190,898
Creditors: amounts falling due
within one year 18 (13,865) (56,704)
Net current assets 164,023 134,194
Net assets 183,984 153,083
Capital and reserves
Unrestricted funds 20 181,970 151,083
Restricted funds 21 2,014 2,000
183,984 153,083
The financial statements on pages ten to twenty one were approved by the Board and signed on its behalf
by
Richard Pearson
Welfare President
Date: 26 th October 2011
Page 13

1. Accounting Policies
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
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.
1.2 Incoming Resources
Voluntary income is grants that provide core funding or are of general nature, are recognised where
there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Activities for generating funds are recognised as earned.
Income from investments is included in the year in which it is receivable.
Income from charitable activities includes income from Fresher’s’, comedy and sporting activities
and are recognised as earned. Grant income included in this category provides funding to support
the sporting activities, it is recognised where there is entitlement, certainty of receipt and the amount
can be measured with sufficient reliability.
The value of services provided by volunteers has not been included.
1.3 Resources Expended
Resources expended are recognised when a liability is incurred. Costs are analysed as follows:
Costs of generating voluntary income are those costs incurred in activities that raise funds
Charitable activities include, all expenditure associated with student welfare and includes both direct
and support costs.
Governance costs include those incurred in the governance of the charity and its assets and are
primarily associated with constitutional and statutory requirements.
Support costs include central functions and have been allocated to activity cost categories on a
basis consistent with the use of resources, e.g. allocating staff costs by time spent and other costs
by their usage.
Resources expended are inclusive of any VAT arising, which cannot be recovered.
1.4 Tangible Fixed Assets and Depreciation
All assets are included at cost. Only assets over £250 are capitalised Depreciation is provided at
rates calculated to write off the cost, less residual value, of each asset over its useful life, as follows:
Fixtures and fittings, plant and machinery etc - 20% straight line
Motor vehicles - 25% straight line
1.5 Stock
Stock is included at the lower of cost, being purchase price, and net realisable value.
1.6 Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general
objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the charity for particular purposes. The cost of raising and
administering such funds are charged against the specific fund.
Investment income and gains are allocated to the appropriate fund.
Page 14

2. Grants receivable
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
Unrestricted
Funds
Restricted
Funds
2011
Total
2010
Total
£ £ £ £
University College Falmouth 111,200 241,000 352,200 340,628
University of Exeter, Cornwall Campus - 15,400 15,400 13,323
University of Exeter - 491 491 -
Rugby Football Development Ltd - 185 185 -
Cornwall Badminton Network - 266 266 -
3. Activities for generating funds
111,200 257,342 368,542 353,951
Unrestricted
Funds
Restricted
Funds
2011
Total
2010
Total
£ £ £ £
Minibus hire 2,697 - 2,697 2,802
Hoodie sales 8,971 - 8,971 14,643
Graduation income 236 - 236 2,422
Website income 1,140 - 1,140 4,366
Miscellaneous income 9,629 - 9,629 739
4. Investment income
Unrestricted
Funds
22,673 - 22,673 24,972
Restricted
Funds
2011
Total
2010
Total
£ £ £ £
Bank account interest 1,266 4 1,270 1,121
Page 15

5. Student welfare
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
The income was primarily from sporting and social activities.
Unrestricted
Funds
Restricted
Funds
2011
Total
2010
Total
£ £ £ £
Freshers’ income 58,285 - 58,285 48,414
Entertainment income 23,826 - 23,826 24,654
Sports and societies income - 96,149 96,149 74,862
6. Other incoming resources
82,111 96,149 178,260 147,930
Unrestricted
Funds
Restricted
Funds
2011
Total
2010
Total
£ £ £ £
Transfer of reserves (16,640) 16,640 - -
7. Allocation of support costs
The charity allocates its support costs as shown in the table below. Support costs are allocated on a
basis consistent with the use of resources.
Student
2011
Welfare Fundraising Governance Total
£ £ £ £
Staff salaries 116,958 5,350 27,649 149,957
Active Community Fund 1,018 - - 1,018
Merchandise - 6,804 - 6,804
Travel and subsistence 3,463 - - 3,463
Training 2,361 - - 2,361
Office costs 7,474 415 415 8,304
Insurance and subscriptions 5,603 311 311 6,225
Other expenses 2,985 - - 2,985
Legal & Audit fees - - 6,137 6,137
Interest payable and similar charges 984 55 55 1,094
Depreciation 11,428 635 635 12,698
Page 16
152,274 13,570 35,202 201,046

8. Analysis of charitable expenditure
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
Student Welfare
2011 2010
£ £
Staff salaries 125,819 123,156
Entertainment 18,345 31,454
Freshers’ fortnight 35,149 27,995
Graduation 421 2,248
Sports Clubs and Societies 137,781 104,181
Minibus expenses 10,364 5,166
Support costs 152,274 197,486
9. Analysis of fund raising
423,704 491,686
2011 2010
£ £
Staff salaries 5,350 10,466
Support costs 1,416 1,675
Merchandise costs 6,804 12,574
10. Analysis of support for charitable activities
13,570 24,715
The table shows the cost of the main charitable activities and the sources of revenue directly to support
those activities.
Student Welfare
2011 2010
£ £
Costs (480,153) (491,686)
Student welfare 167,341 147,930
Net costs funded from other income (312,812) (343,756)
Page 17

11. Analysis of staff costs
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
2011 2010
Total Total
£ £
Salaries and wages 271,694 300,674
Social security costs 4,082 5,481
12. Staff numbers
275,776 306,155
The average number of full-time equivalent employees (including casual and part time staff) during the
year was as follows:
2011 2010
Number Number
£ £
Administration 9 10
Management 3 4
13. Trustees’ expenses
2011 2010
£ £
Reimbursed expenses 599 1,348
Number receiving expenses 3 4
Expenses are incurred in performing duties for FXU and include such items as subsistence and
travel expenses.
14. Trustees’ emoluments
2011 2010
£ £
Sabbatical salaries 55,374 67,970
Number receiving salaries 3 4
No trustee received emoluments in excess of £60,000 in either the current or prior year.
Page 18

15. Tangible fixed assets
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
Motor Plant & Fixtures &
Vehicles Machinery fittings Disco Total
£ £ £ £ £
Cost
At 1 August 2010 32,544 4,285 6,245 6,732 49,806
Additions - 13,738 32 - 13,770
Disposals - - - - -
Transfers - - - - -
At 31 July 2011 32,544 18,023 6,277 6,732 63,576
Depreciation
At 1 August 2010 19,063 2,304 4,359 5,191 30,917
Charge for the year 8,136 3,385 627 550 12,698
Disposals - - - - -
Transfers - - - - -
At 31 July 2011 27,199 5,689 4,986 5,741 43,615
Net book values
At 31 July 2011 5,345 12,334 1,291 991 19,961
At 31 July 2010 13,481 1,981 1,886 1,541 18,889
16. Current asset investments
Investment in cafeteria 10,000
2011 2010
£ £
10,000
The investment represents FXU’s contribution to Tremough Campus Services towards the costs of
developing a cafeteria on the university campus. In return, FXU will receive a 15% share of the profits of
the cafeteria.
17. Debtors
2011 2010
£ £
Amounts due from related parties 94 5,109
Trade debtors 10,132 4,571
Prepayments 2,583 3,189
Page 19
12,809 12,869

18. Creditors: amounts falling due within one year
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
2011 2010
£ £
Amounts due to related parties 4,468 48,404
Other creditors 7,533 3,051
Taxation and social security 1,864 5,249
19. Analysis of net assets between funds
Fund balances at 31 July 2011 as represented by:
13,865 56,704
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 19,961 - 19,961
Investments 10,000 - 10,000
Debtors 12,809 - 12,809
Stock 400 - 400
Bank and cash 152,665 2,014 154,679
Creditors (13,865) - (13,865)
Page 20
181,970 2,014 183,984

20. Unrestricted Funds
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
2010
£
Income
£
Expenditure
£
Transfers
£
2011
£
Designated
Minibus 14,000 - - 7,000 21,000
Dartington 13,127 - (1,707) (6,213) 5,207
Reserve account 35,000 - - (10,000) 25,000
Sports Recreation Assistant 8,565 - (8,565) - -
Sports & Societies 3,000 16,717 - 19,688- 39,405
Community Action - - - 3,443 3,443
73,692 16,717 (10,272) 13,918 94,055
Other unrestricted funds
General purpose fund 77,391 200,533 (159,451) (30,558) 87,915
Purpose of designated funds
Minibus – funds designated for the replacement of minibuses.
151,083 217,250 (169,723) (16,640) 181,970
Dartington – this amount (Dartington’s funds pre merger) is to be ring-fenced to develop services and
facilities for students previously at the Dartington campus.
Reserve account – funds designated as a financial reserve in accordance with the policy as detailed on
page 6.
Sports Recreation Assistant – This post is to support the Sports & Recreation Co-ordinator. Due to the
year on year increase in students participating in sports and societies and increase in number, especially of
non-sporting societies support in this area is urgently required. Once in place and trained it is hoped that
this post will help free up time for the Sports & Recreation Co-ordinator to spend on strategic developments.
Sports & Societies – A supplement to the sports and societies budget to help fund the increase in
participation and number of clubs, especially of non-sporting societies. This includes monies held on behalf
of individual clubs and societies.
Community Action - to support students in gaining voluntary experience and contributing to the wider
community.
Page 21

21. Restricted Funds
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
2010
£
Income
£
Expenditure
£
Transfers
£
2011
£
Active Community Fund 2,000 1,004 (1,018) 28 2,014
Sports Fund - 126,572 (137,781) 11,209 -
Salary Grants - 215,000 (220,403) 5403 -
2,000 342,576 (359,202) 16,640 2,014
Active Community Fund – Grants received from University College Falmouth and University of Exeter,
Cornwall Campus to cover staff salary and other costs incurred in supporting students in undertaking
volunteering activities.
Sports Fund – Funds received from University College Falmouth and University of Exeter, Cornwall
Campus, as well as income collected as student memberships, to cover costs incurred in the running of
various sporting activities for the students.
Salary Grants – Represents expenses paid on behalf of the FXU by University College Falmouth, to
cover staff salary costs and associated PAYE, NI and pension payments.
22. Related party transactions
University College Falmouth
Total grant funding of £352,200 (2010 - £336,904) was received from University College Falmouth
(UCF) on behalf of both University College Falmouth and University of Exeter, Cornwall Campus. This
includes £215,000 (2010 - £193,782) of salary costs, which were met directly by University College
Falmouth, on behalf of both bodies. At the year end there was a total amount of £94 (2010 - £3,843)
due from UCF and £4,012 (2010 - £37,982) due to UCF. Within the total was additional grant funding of
£25,000 for sports only. This grant was fully expended in the year.
University of Exeter, Cornwall Campus
During the year University of Exeter, Cornwall Campus provided additional grant funding of £15,400 for
sports only, this grant was fully expended in the year (2010 - £14,547 Sports and Societies). This
includes £nil (2010 - £3,724) of salary costs which were met directly by the University of Exeter. All
grants were received during the year. At the year end an amount of £nil (2010 - £1,266) was owed by
the University of Exeter in respect of various items of recharged expenditure.
University of Exeter, Cornwall Campus - HEACF
During the year University of Exeter, Cornwall Campus provided total grant funding of £nil (2010 -
£2,500).
Tremough Campus Services
During the previous year FXU was invoiced for its investment of £10,000 in a cafeteria owned by the
above. At the year end the amount of £nil (2010 - £10,000) was outstanding. At the year end an amount
of £161 (2010 - £nil) was owed by Tremough Campus Services in respect of various items of recharged
expenditure.
Executive Costs
At the year end £295 was owed in respect of executive costs in relation to environment and ethics talks.
All of the above are connected by virtue of Falmouth & Exeter Students’ Union sabbatical officers being
drawn from University College Falmouth and University of Exeter, Cornwall Campus.
Page 22

23. Controlling and ultimate controlling party
Falmouth & Exeter Students’ Union
Notes to the Financial Statements
For the year ended
31 July 2011
(continued)
During the year the FXU was under the control of the FXU Board. The ultimate decision-making body of
FXU is the combined student body.
Page 23