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2024-07-31-accounts

British Universities and Colleges Sport Limited

(A company limited by guarantee)

Charity number: 1126863 (England and Wales) Charity number: SC041947 (Scotland) Company number: 06483060

Annual Report For the year ended 31 July 2024

British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

CONTENTS

Page
Trustees’ Report 4
Independent Auditors’ Report 19
Consolidated statement of financial activities 22
Consolidated balance sheet 24
Charity statement of financial activities 25
Charity balance sheet 27
Consolidated statement of cash flows 28
Notes to the financial statements 29

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

Patron Her Royal Highness The Princess Royal Amanda Broderick (appointed 08/01/2024) Chair Carrie Stephenson Directors Catherine Gallagher Christopher Anthony Ella Williams George Christian (tenure ended 31/07/2024) Kathleen Russ (appointed 13/11/2023) Katy Storie Russell James Simon Wilson Alexandra Duggan (tenure started 31/07/2024) Joanna Coates (Interim CEO, 29/09/2023 – 28/06/2024) Chief Executive Will Roberts (CEO, appointed 03/06/2024) Company Secretary Duncan Jones (resigned 19/10/2023) Jessica Melling (appointed 19/10/2023) Registered office 20-24 King’s Bench Street London SE1 0QX Principal bankers Royal Bank of Scotland, London City Office, 62-63 Threadneedle Street London EC2R 8LA Independent auditor HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG Solicitors Sport and Recreation Alliance Legal Panel Framework, Holborn Tower, 137-145 High Holborn, London, WC1V 6PL Investment managers CCLA Investment Management Limited 80 Cheapside, London EC2Y 6DZ Company number 06483060 (England & Wales) Charity number 1126863 (England & Wales) SC041947 (Scotland)

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

WELCOME FROM THE CEO

On behalf of British Universities and Colleges Sport (BUCS), I enclose the annual Trustees Report and Financial Statements for the year ending 31 July 2024.

Having joined the BUCS team as Chief Executive in June 2024 I have enjoyed a rapid orientation to the remarkable scale and breadth of activities that we deliver and support at BUCS. I have been deeply impressed by what we deliver on and off the field of play, in partnership with our member institutions and other stakeholders supporting our mission.

I would like to thank the staff of our members; the coaches, officials, volunteers, and participants for making our programme come alive over the past season, and to thank all those members who contribute to our governance structures, as well as our board and staff for their tireless work.

Our strategy, launched 12 months ago articulates success for BUCS as delivering exceptional student sporting experiences that inspire, develop, and unite.

The indicators are that we are having a significant beneficial impact for students in these areas through our remarkable programme of 132 events, 820 leagues and knockouts competitions taking place through just under 26,000 fixtures that engage more than 100,000 students in 55 sports.

The BUCS Students Survey, conducted for the first time this year, was completed by 1,502 students, representing 51 sports and 120 member institutions.

It revealed that:

• Uniting Students

Further data from students and members will continue to shape and inform our programme and understand what achieves the greatest impact.

This includes a desire to be dynamic, to adjust our offer as required, and to increase our understanding of the needs and preferences of those young people that will become our participants in future years. To be an inclusive organisation aligned with our values, we must continue to explore and take action, providing an offer that is appealing and accessible to all students and which encompasses competitive sport to meet a range of

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

motivations, active wellbeing and leadership development.

At our Annual Conference in July 2024, we were joined by almost 380 delegates from our 160 members. The depth of commitment and innovation from our members is at the heart of BUCS and this was show at the conference and awards with wonderful examples of best practice shared as the network seeks to strengthen itself. In an organisation founded on the delivery of competition, it is this collaboration that brings great strength.

The student director and officer roles ensure that our current participants’ voice is at the heart of our governance and the courage of the candidates who participated in the hustings was matched by the respectful nature of the process and questioning that took place.

While our international success can be celebrated through the performance of current and alumni BUCS competitors at major international events, such as the recent Olympic Games in Paris (and upcoming Paralympic Games), our global impact would be undersold should this be our only focus. We recognise that it is the member institution that directly supports the student-athlete and celebrate this alongside the role our BUCS competitions have played in their journey.

This season nine FISU World University Championships took place and BUCS of course celebrated when GB Students won medals, but equally that we have increased the number of sports participated in by 150%, the number of universities represented by 200%, and the number of students represented by 219%. Furthermore, in European competition 198 athletes from 68 institutions took place in the EUSA Games in Hungary, and nine colleagues from member institutions have served on FISU/EUSA committees and advisory groups.

Our own BUCS Nationals and BUCS Big Wednesday, powered by New Balance, provide great multi-sport platforms for sporting talent and this year featured 21 sports, 400 officials and volunteers, more than 5,000 spectators and 5,900 athletes, including some who went on to perform with medal winning distinction at the Olympic Games in Paris.

And yet with so much ground covered in this summary it is important to note that BUCS is about more than competitive sport.

We have developed a movement with our members whereby the prominence and quality of active wellbeing provision on campuses across the country is being accelerated through networking and the sharing of best practice. This is made possible through the funding of Sport England and is embraced by our members. Examples of practice include engagement of the local community, innovation in increasing diversity of facility use and participation, and better understanding the make-up and needs of their student bodies and acting on this to transform provision.

Primarily working with The FA, we have developed and delivered leadership development opportunities, supporting students to build the skills that underpin successful study and future careers, as well as strengthen the infrastructure that underpins high quality provision within university football. Through residential camps, awards, and accreditations, these funded programmes directly enhance the experiences of students in sport.

In challenging financial conditions for the Higher Education sector, we continue to seek commercial income in support of our work and to suppress costs for our members. We are delighted to have confirmed the support of the Agriculture and Horticulture Development Board (AHDB) for the 24/25 season in a significant new agreement, and with our track record in 23/24 in significantly reducing the number of fines issued to members (by improving our flagging and support systems) continue to drive excellent customer service and value for money.

Will Roberts CEO

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

1. GOVERNANCE

The Trustees of the Charity are also Directors under company law and are referred to as Directors throughout this report. The Directors present their annual report and the audited financial statements for the year ended 31 July 2024.

1.1. Reference and Administrative details of the Chairty, its Directors and Advisors

Details of the Charity’s addresses, its Directors and Advisors are provided on page 3.

1.2. Objective of the Charitable Group and Principal Activities

The Charity’s objective is the advancement for the public benefit of physical education and sports development among students and in universities and colleges by promoting standards in sports administration and coaching and by the provision of events, activities and facilities. In furtherance of this objective, the Charity develops and arranges the following for members:

The key objectives of the Charity are:

The BUCS Group includes a wholly owned trading subsidiary, BUCS Trading Limited. The principal activity of this company is to provide support to the charity through commercial activities. Under the terms of its Articles of Association, the whole taxable profit made by the company is paid to the charity.

In the current financial year, the Trading Company made a small profit. The business plan associated with the digital investment shows profit levels to grow in the future. The governance of the Trading subsidiary was strengthened by the appointment of additional directors to the Trading Company Board this year.

1.3. Governing Document

British Universities and Colleges Sport Limited is a company limited by guarantee (Company number 06483060) and has charitable status charity number 1126863 and SC041947. The charitable company is governed in accordance with the Memorandum and Articles of Association dated 13 June 2008 and updated 12 December 2023. British Universities & Colleges Sport Limited has a 100% subsidiary, BUCS Trading Limited (Company number 07125529).

1.4. Recruitment and Appointment of Directors

The Memorandum and Articles state that the number of Directors on the Board shall not be less than four and shall be subject to a maximum of eleven. The Board shall compromise the following positions:

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

In exceptional circumstances a director may be co-opted onto the Board if this is necessary to ensure that the Board has the skills and/ or experience necessary to fulfil its role. Directors are able to serve a maximum of two terms of three years. The Chair is able to serve a maximum of three terms of three years. The term of office as a director for the Student Director shall be two years. Student Directors are subject to annual election with one Student Director being elected each year for a two-year term.

During the reporting period the following individuals joined the Board:

1.5. Director Induction and Training

All Directors are required to complete a fit and proper persons declaration and a declaration of good character. Directors are required to undertake a formal induction prior to attending their first Board meeting. The induction covers the following areas:

Directors are also provided with an onboarding pack which contains a range of policies for awareness and acknowledgement, including but not limited to:

1.6. Pay Policy

Remuneration of senior members of staff is set having due regard to the pay ranges in place, the need to retain and attract the appropriate level of skills and attributes.

1.7. Related Party Interests

BUCS maintains a register of interests for all Directors and their related parties, to allow for effective and transparent management of conflicts of interest.

During the period, BUCS had financial transactions with the following related parties where BUCS Directors were part of these organisations:

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

1.8. Public Benefit

The review of the activities undertaken in relation to the organisations purposes and objectives is detailed in the Section 2 - Review of the Year. These demonstrate how the organisation has operated in line with its objects of the advancement for the public benefit of physical education and sport development among students and in Universities and Colleges by promoting standards in sports administration and coaching and by the provision of events, activities and facilities.

From the review of activities, the Directors feel that they have demonstrated how they have complied with the duty in the Charities Act 2011 to have regard to guidance published by the Charity Commission on the operation of the Charity for the Public Benefit.

1.9. Campaigning

As a non-political organisation, BUCS does not campaign in the political arena.

1.10. Organisational Structure

The strategic direction of the organisation is reviewed by the Board in their meetings. The day-to-day decision-making process has been delegated to the Chief Executive Officer (CEO) within specific parameters. The CEO is supported by a Senior Leadership Team. This is further supported by a Management Team, comprising of the most senior manager in each service area.

The Company prepares an annual budget, which is approved by the Board, and performance throughout the year is monitored against management accounts and forecasts.

BUCS had three subcommittees and three commission groups which support the Board of Trustees through their delegated Authority.

The sub-committees are:

The commission groups are:

In addition to the subcommittees of the Board, BUCS is informed by several member-led groups that provide operational support to the BUCS Executive and enable a flow of information and insight from members into BUCS strategic and advisory groups and the BUCS Board. The groups are chaired by members of BUCS and operate in line with agreed terms of reference. The member-led groups supporting the BUCS Executive staff during the reporting period were:

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

The Senior Leadership and Management teams are detailed below.

Senior Leadership Team

Will Roberts, Chief Executive Officer

Sam Bell-Minogue, Deputy CEO and Director of Delivery

Rhys Hayward, Interim Director of Digital, Engagement and Commercial

Management Team

Delivery – reporting to Deputy CEO

Andy Gilvary, Head of Competitions and Performance

Jo Smith, Head of Events (Strategy) (Maternity leave until 2025)

Alice Robinson, Head of Events (Operations)

Jessica Melling, Head of Governance and Compliance and Company Secretary

Amy Porter, Head of Development

Operations – reporting to CEO

Maria Karlsson, Head of HR and Operations

Adrian van Schalkwyk, Business Services Manager

1.11. Strategy

This has been the first season of implementing the BUCS Strategy, 2023-27, which aims to ‘Deliver exceptional student experiences that inspire, develop and unite.’

On the back of this launch, significant work has been undertaken by the executive, led by Interim CEO Jo Coates, to begin the practical implementation of this strategy. SLT, alongside the Management Team, put extensive work into developing departmental implementation plans to cover the

1.12. Risk Management

The Finance, Audit and Risk (FAR) Committee have specific roles relating to risk management. These include:

The Board approved a revised risk management policy which outlines BUCS approach to risk management, identifying key roles and responsibilities, and providing guidance for all BUCS individuals. The risk management policy categorises risks into organisational health risks, income risks and delivery risks, rating the likelihood of the risk being realised and the impact this would have on delivering BUCS strategy.

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

With the move to digitise governance, Monday.com has been used to digitise the risk register, allowing the Board oversight of the risk register, as well as a dashboard which highlights the major risks, and key risk statistics. This allows the Board to maintain strategic oversight of risk, and also discuss major risks and their mitigations.

During the reporting period, the following risks were presented to the Board as they scored 21 or above out of 30.

There is a risk that BUCS receives safeguarding disclosures and/or is made aware of safeguarding
issues in those activities it is directly accountable for and is not able to demonstrate robustness in
its processes and response.		 There is a risk that BUCS receives safeguarding disclosures and/or is made aware of safeguarding
issues in those activities it is directly accountable for and is not able to demonstrate robustness in
its processes and response.		 There is a risk that BUCS receives safeguarding disclosures and/or is made aware of safeguarding
issues in those activities it is directly accountable for and is not able to demonstrate robustness in
its processes and response.		 There is a risk that BUCS receives safeguarding disclosures and/or is made aware of safeguarding
issues in those activities it is directly accountable for and is not able to demonstrate robustness in
its processes and response.
Risk
Probability		 Risk
Impact		 Risk
Severity		 Mitigation
4 6 24 •
Policy introduction, training of Events team,
appointment of Safeguarding leads to all
events, and liaison with Scottish Student Sport
all to take place before 24/25 season starts
•
Engagement with Ann Craft Trust to start
journey towards meeting recognised standards
•
Appointment of welfare and safety lead on
Board
•
Assessment of the parameters of BUCS’
liability required
There is a risk that BUCS Play (CMS system) is not fit for purpose and cannot deliver against
business needs
Risk
Probability		 Risk
Impact		 Risk
Severity		 Mitigation
4 6 24 •
Undertake an audit of the BUCS play system.
•
Update the contract with playwaze to allow for
effective management of the organisation
against deliverables.
•
Issue log to be created to capture all bugs
identified with the system
There is a risk that BUCS will lose Sport England Development Delivery funding, limiting the ability
of BUCS to deliver scoped project/staffing posts
Risk
Probability		 Risk
Impact		 Risk
Severity		 Mitigation
5 5 25 •
Maintain ongoing and positive relationship
with Sport England
•
Utilise data and insight to evidence demand
from the sector in this sphere of work to show
potential future impact
There is a risk to the sustainability/delivery
volunteer workforce that is not supported by i		 of BUCS competition and events due to an ageing
nflux of new volunteers
Risk
Probability		 Risk
Impact		 Risk
Severity		 Mitigation

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT

for the year ended 31 July 2024

5 5 25 •
Regular
reviews
at
SAGs/EMGs
of
volunteering landscape
•
Build
relationships
with
NGBs
to
collaboratively counteract the sector issue
•
Embed a workforce lead to support and lead
this area of work across the business
There is a risk that BUCS’ digital ecosystem is not fit for purpose
Risk
Probability		 Risk
Impact		 Risk
Severity		 Mitigation
5 5 25 •
Head of Digital and Engagement to map the
organisation’s requirements for BAU
•
CEO, Head of Digital and Engagement, and
Head
of
Commercial
to
map
required
developments to secure greater commercial
value through reach to students, evolving the
commercial proposition
•
Create a fully costed delivery plan
There is a risk that BUCS does not achieve its commercial income targets which will limit the ability
of BUCS to deliver against budget
Risk
Probability		 Risk
Impact		 Risk
Severity		 •
Mitigation
4 6 24 •
Secure larger partnerships
•
Expand commercial portfolio – BUCS Big
Wednesday ticket income rose by £8k YOY in
2024
•
Develop
new
assets
and
partnership
opportunities
•
Secure additional sales support

2. REVIEW OF THE YEAR

The 2023-24 season saw more than 105,000 students from more than 160 universities and colleges across the UK compete as teams and as individuals in our competitions, knockouts and events – as well as on the international stage for GB.

We also continued to push forward as a business to deliver on our strategic aim of ‘Delivering exceptional student sporting experiences that inspire, develop and unite.’ The Management Group have worked extensively on three-year plans and budgets to deliver on the overarching strategy, which each department is now working towards delivering.

2.1. National and Regional Competition

The 2023-24 league and knockout season comprised:

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

BUCS’ London Universities Sports Leagues (LUSL) programme, additionally delivered:

BUCS was able to once again benefit from support from National Governing Bodies (NGBs, including The Football Association (FA), British American Football Association (BAFA), The Lawn Tennis Association (LTA) and Rugby Football League (RFL) to help fund and run our programmes.

2.2. Events

Our BUCS Events programme was made up of both sporting events and Member events, with significant changes and improvements made this season.

Sport Events

2023-24 comprised:

Touch Rugby and Powerlifting joined the events programme for the first time. In changes to previous years, the Indoor Snowsports programme was streamlined to ensure valid participation, while Table Tennis and Short Course Swimming were extended to allow increased numbers of participants.

Major Events

BUCS Big Wednesday took place at Loughborough University, having moved from Nottingham the previous year, from 19-20 March. More than 5,000 tickets were sold, generating record revenue of £40k.

BUCS Nationals took place in Sheffield from 23-25 March.

Member Events

BUCS Conference and Awards took place at Warwick University from Tuesday 16 – Thursday 18 July. Despite feedback from Members that funding issues might affect attendance at this year’s event, BUCS delivered a hugely successful, event with 287 full delegates and more than 30 attending each day on single tickets.

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

Keynote speakers included Ed Clancy OBE, Ali Oliver MBE, Lisa Wainwright MBE, Anyika Onuora and Ben O'Connell.

2.3. International Competition

Internationally, 193 students from 68 universities – including nine new institutions - represented GB Students during the 2023-24 season.

At the European Universities Sports Association (EUSA) Games more than 120 delegates from 47 universities took part, ensuring the largest number of universities represented per-athlete ever.

Our team secured a silver medal at the Master U BNP Paribas competition; the 11[th] consecutive university tennis medal earned by GB Students.

At International Universities Sports Federation (FISU) level, GB Students made their debuts in the Speed Skating and Powerlifting Championships, while there was an excellent performance at the FISU World Cross Country Championships, earning 3 gold, 1 silver and 1 bronze medals.

The BUCS team worked to compile Legacy65 – a document shared digitally which highlights 65 years of GB Students competing at international level, which can be viewed on the BUCS website.

2.4. Development

Funding from Sport England and the FA totalled more than £500,000 in 2023-2024. This enabled us to deliver, for 92 accredited universities:

Football Development:

Against other targets, we delivered:

Our UNIversal Gym programme, which allows students who have a gym membership at one of 85 universities affiliated with BUCS to use facilities at other institutions while away from their course has continued to grow.

2.5. Digital, Data and Engagement

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

The priority for the 2023-24 season has been on making improvements to BUCS Play, our Competition Management System which is the public face of BUCS for more than 100,000 students annually.

The system has lacked ongoing investment since its launch in 2019, creating frustration for our members, student competitors and BUCS staff through bugs and other infrastructural deficiencies.

An audit was undertaken in late 2023, including consultation from members and students, as well as BUCS staff and the BUCS Play provider Playwaze.

This resulted in the Board agreeing to use reserves to make important improvements to five key areas which were identified as causing the most issues for all users of the platform:

Project Status
Infrastructural back-end improvements On track - Completion 12/08/24
Events On track – Completion 5/08/24
Leaderboards Started July 2024 – Completion TBC
Ranking Tables Planned – Q3 2024
Exports Planned - Q4 2024

The core objectives for our engagement strategy are to:

Our social media channels now total more than 200k followers across 10 core accounts and six platforms (X, Instagram, YouTube, Facebook, TikTok and LinkedIn).

Across the 2023-24 season we achieved:

Metric Result (v. year-on-year)
Impressions 22,437,568 (+33.5)
Engagements 743,551 (+42.7%)
Engagement Rates 3.3% (+5.5%)
Video Views 5,205,757 (+40%)

2.6. Commercial Partners

Our Commercial income for the 2023-24 season was £295k generated in cash and VIK sponsorships. We currently have 13 commercial partners with multi-year agreements.

The most significant achievement this year has been our new relationship with the Agriculture and Horticulture Development Board (AHDB) which secured BUCS’ most significant in recent years partnership agreement in July 2024.

Working with AHDB on a public facing campaign ‘Milk Every Moment’, to promote the benefits of milk as part of a healthy and active lifestyle to students/Gen Z BUCS participants.

Following a successful pilot in Q1 of 2024, which delivered more than 1.5m social media impressions, we have signed a three-year deal (on a 1+1+1 basis) to potentially take us through to 2027.

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

2.7. Governance and Compliance

BUCS continues to work with its Governance and Nominations Committee to drive improvements to it’s organisational health in the area of Governance and has improved it’s compliance against the areas of A Code for Sports Governance assessed in the statement of partial compliance from 14% to 77% and improved whole code compliance to 64%. During the year BUCS also developed and submitted to Sport England for approval, a Diversity and Inclusion Action Plan (DIAP), with guidance from AKD solutions. We recognise that BUCS are in the early stages of our Equality, Equity, Diversity and Inclusion (EEDI) journey, and therefore this DIAP will provide clarity on the steps which BUCS will undertake to establish our baseline, to collect data and allow future iterations of the DIAP to be informed by insight.

During the 23-24 season, BUCS received a total of 63 reports alleging misconduct. The team worked with institutions and commended the willingness of coloration and unity in working to resolve issues, with only 13 Regulation 5 breaches proceeding to panels. This is an 18% increase on the number of disciplinary panels convened during the 2022-2023 season.

For the 23-24 season BUCS saw an ~20% reduction in the income generated through fines, which is testament to the work of the team and members in ensuring tasks are completed and deadlines are met.

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

3. FINANCIAL OVERVIEW

For the year ending 31 July 2024, the Group incurred a net deficit of £31k. The Charity incurred an operating deficit of £67k while the Trading company made a profit of £36k.

3.1. Income

Income for the Group for the year was £5.7m. The principal funding sources are shown:

Income for the Group for the year was £5.7m. Th
£k
Entryfees for events 1,107
Affiliation fees 1,346
Entryfees for teams 1,022
Grants from NGBs 776
Grants from Sport England 284
Commercialpartners 253
Other income 900

3.2. Expenditure

Expenditure for the Group for the year totalled £5.7m and was fully applied in accordance with the organisation’s primary objective of providing a wide range of sporting opportunities in higher education. Principal areas of expenditure include:

Principal areas of expenditure include:
£k
Staff costs 2,107
Direct deliverycosts 2,802
Operations and overheads 838

3.3. Balance sheet

Funds employed at the Group balance sheet at 31 July 2024 totalled £1.94m, as shown below.

Funds employed at the Group balance sheet at 3
£k
Restricted funds 2
Unrestricted funds
Designated –property 1,184
Designated – other 19
General 738
Total funds 1,940

Funds of £2k were held in restricted funds; £1,184k in a designated property fund maintained to ensure the organisation can continue to be accommodated; £19k in other designated funds associated with specific delivery such as LUSL; and £738k in general reserves.

3.4. Reserves policy

It was agreed by the Board on 13 May 2024 that the minimum level of free reserves held be increased from a minimum of £300,000 to £550,000. This figure was deemed prudent due to the substantial leasehold asset in Kings Bench Street (valued at £1.2M) and the ability of monthly reporting to quickly flag up issues, to maintain as free reserves for general operations. This amount is set aside to absorb setbacks and manage change, should a major income stream fail. The level of free reserves on 31 July 2024 stood at £563k as shown below.

£k

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT

for the year ended 31 July 2024

Total funds 1,942
Less restricted funds (2)
Unrestricted funds 1,940
Less fixed assets, excl. investments (1,377)
Free reserves 563

Other reserves could be maintained for specific projects, such as replacement of IT infrastructure or the development of new technologies. In the short term, any funds for this purpose would be included within free reserves. Once a proposal is more likely and costs can be forecast, funds would be designated.

3.5. Investment policy and performance

There is no restriction on the company’s power to invest. The investment policy is to use stable investments to protect capital and income from inflation over the long-term. The target for return is above inflation. The performance of investments is closely monitored by the Directors on a quarterly basis Investments are currently held in the Charities Organisation Investment Fund (COIF), with a policy of low to medium risk over a short to medium term.

Over the last ten years, the Investment Fund has delivered annualised total return performance of 9.21% after fees, with a balance at 31 July 2024 of £363k. The Property Fund has returned 5.54% annualised after fees over the same period, with a year-end balance of £46k. The 12-month total return performance to 31 July 2024 after fees saw the Investment Fund rise by 10.54% and the Property Fund rise by 0.93%.

3.6. BUCS Trading Limited

The Directors of the charity continue to offer support to its trading subsidiary, BUCS Trading Limited, in the form of a letter of comfort confirming that the charity will not demand settlement of the intercompany balance due to BUCS for at least 12 months from the date of approval of the financial statements.

Historical and current support to BUCS Trading Ltd was made for the sole reason to be of benefit to BUCS over the medium to long term and thus its charitable aims. The support was needed to invest in the necessary digital platforms to create a strong viable trading income stream for BUCS Trading Ltd with the intention that that income stream is remitted to BUCS in the medium term including and over and above the initial support.

BUCS Trading Ltd has continued to operate at a profit and producing a profit for FY24 of £35k (FY23 profit of £62k).

3.7. Statement as to the disclosure of information to Auditor

The Directors who were in office on the date of the approval of these financial statements have confirmed that as far as they are aware there is no relevant audit information of which the auditors are unaware. Each of the Directors has confirmed that they have taken all steps they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

3.8. Statement of Trustees’ Responsibilities

The Trustees – who are also Directors of British Universities & Colleges Sport Limited for the purposes of company law – 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).

Company law 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 charitable company and of the incoming resources and

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British Universities and Colleges Sport Limited TRUSTEES’ REPORT for the year ended 31 July 2024

application of resources, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3.9. Auditor

The auditor, HaysMac LLP, Chartered Accountants, has indicated its willingness to continue in office. This report is prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions.

Amanda Broderick

Approved by the Directors on ………………………………and signed by: ………………………………………..(Director) 20 November 2024

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British Universities and Colleges Sport Limited INDEPENDENT AUDITORS REPORT for the year ended 31 July 2024

Opinion

We have audited the financial statements of British Universities and Colleges Sport (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 July 2024 which comprise the Consolidated and Parent Charitable Company Statement of Financial Activities including Income and Expenditure Account, the Consolidated and Parent Charity Balance Sheets, the Group and Parent Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group/charitable company]'s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

19

British Universities and Colleges Sport Limited INDEPENDENT AUDITORS REPORT for the year ended 31 July 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group’s and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement on page 14, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act and Charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and the Charities Act 2011, Charity Accounts (Scotland) Regulations (as amended), Charities and Trustee Investment (Scotland) Act 2005, corporation tax, payroll tax and sales tax.

20

British Universities and Colleges Sport Limited INDEPENDENT AUDITORS REPORT for the year ended 31 July 2024

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of audit report

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, 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 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 charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Wilson (Senior statutory auditor) for and on behalf of HaysMac LLP, Statutory Auditor Chartered Accountants 10 Queen Street Place London EC4R 1AG

Date: 27/11/24

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

21

British Universities and Colleges Sport Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES, INCLUDING INCOME AND EXPENDITURE ACCOUNT for the year ended 31 July 2024

For the year ended 31 July 2024

Notes
Income
Donations and legacies
Donations
Value in kind
4
Income from charitable activities
5
Trading activities
Sponsorship
Conference
Winter summit
Facilities and operations forum
Interest and investment income
7
Total income
Expenditure
Charitable activities
8
Raising funds
Conference
8
8
Winter summit
8
Facilities and operations forum
8
Total expenditure
Net (expenditure) / income and net
movement in funds in the year before
gains on investments
Gains on investments
13a
Transfers between funds
18,19,20
Net (expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18,19,20		 Unrestricted
Funds
£
Designated
funds
£
Restricted
Funds
£
2024
Total funds
£
200
-
-
200
68,275
-
-
68,275
3,900,039
82,511
1,105,414
5,087,964
258,550
-
-
258,550
168,245
-
-
168,245
11,475
-
-
11,475
11,935
-
-
11,935
81,702
-
-
81,702
4,500,421
82,511
1,105,414
5,688,346
4,010,934
92,873
1,097,185
5,200,992
165,833
335,911
-
-
-
-
165,833
335,911
24,042
-
-
24,042
19,887
-
-
19,887
4,556,607
92,873
1,097,185
5,746,665
(56,186)
(10,362)
8,229
(58,319)
29,268
-
-
29,268
25,800
-
(25,800)
-
(1,118)
(10,362)
(17,571)
(29,051)
7,38,418
1,213,250
19,509
1,971,177
737,300
1,202,888
1,938
1,942,126

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities .

22

British Universities and Colleges Sport Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES, INCLUDING INCOME AND EXPENDITURE ACCOUNT for the year ended 31 July 2024

Comparatives for the year ended 31 July 2023

Notes
Income
Donations
Value in kind
4
Income from charitable activities
5
Trading activities
Sponsorship
Conference
Winter summit
Facilities and operations forum
Interest and investment income
7
Total income
Expenditure
Charitable activities
8
Raising funds
8
Conference
Winter summit
Facilities and operations forum
8
8
8
Total expenditure
Net income / (expenditure) and net
movement in funds in the year before
transfers and gains on investments
(Losses) on investments
13a
Net income / (expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18,19,20		 Unrestricted
Funds
£
Designated
funds
£
Restricted
Funds
£
2023
Total funds
£
5,000
-
-
5,000
37,780
-
-
37,780
3,782,766
71,730
866,283
4,720,779
259,235
186,735
21,324
13,720
-
-
-
-
-
-
-
-
259,235
186,735
21,324
13,720
58,589
-
-
58,589
4,365,149
71,730
866,283
5,303,162
3,668,856
75,761
875,642
4,620,259
202,839
-
-
202,839
255,790
37,792
19,831
-
-
-
-
-
-
255,790
37,792
19,831
4,185,108
75,761
875,642
5,136,511
180,041
(4,031)
166,651
(14,040)
-
-
(14,040)
(9,359)
166,001
(4,031)
152,611
572,417
1,217,281
28,868
1,818,566
(9,359)
738,418
1,213,250
19,509
1,971,177

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities .

23

British Universities and Colleges Sport Limited CONSOLIDATED BALANCE SHEET for the year ended 31 July 2024

Notes
Fixed Assets
Tangible fixed assets
Intangible assets
Investments
Trophies
11
12
13
14
Current Assets
Debtors
Cash at bank and in hand
15
CREDITORS: Amounts falling due within
one year
16
NET CURRENT ASSETS
Provision for liabilities
17
TOTAL ASSETS LESS LIABILITIES
Funds
Restricted funds
Unrestricted funds:
General - other
Designated - Property
Designated - Regional
18
19
20
20		 2024
£
2023
£
1,292,923
55,149
423,650
29,398
1,228,044
85,933
399,256
30,237
1,801,120
1,743,470
466,962
741,572
199,005
1,385,698
1,208,534
1,584,703
(985,766)
(1,300,951)
222,768
283,752
(81,762)
(56,045)
1,942,126
1,971,177
1,938
737,300
1,183,962
18,926
19,509
738,418
1,198,071
15,179
1,942,126
1,971,177

These financial statements have been prepared in accordance with the provisions applicable to companies entitled to the small company’s exemption.

The financial statements on pages 20 to 54 were approved by the Board and authorised for issue and signed on its behalf by:

Director: Amanda Broderick

Date: 20 November 2024

24

British Universities and Colleges Sport Limited CHARITY ONLY – STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2024

For the year ended 31 July 2024
Notes
Income
Donations and legacies
Donations
Value in kind
4
Income from charitable activities
5
Interest and investment income
7
Total income
Expenditure
Charitable activities
8
Raising funds
8
Conference
8
Total expenditure
Net (expenditure) / income
and net movement in funds in
the year before gains on
investment
Gain on investments
13a
Transfer of funds
Net income / (expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18,19,20		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2024
Total funds
£
200
-
-
200
68,275
-
-
68,275
3,900,039
82,511
1,105,414
5,087,964
81,702
-
-
81,702
4,050,216
82,511
1,105,414
5,238,141
4,010,794
92,873
1,097,185
5,200,852
125,542
-
-
125,542
5,134
-
-
5,134
4,141,470
92,873
1,097,185
5,331,528
(91,254)
(10,362)
8,229
(93,387)
29,268
-
-
29,268
25,800
-
(25,800)
-
(36,186)
(10,362)
(17,571)
(64,119)
972,820
1,213,250
19,509
2,205,579
936,634
1,202,888
1,938
2,141,460

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities .

25

British Universities and Colleges Sport Limited CHARITY ONLY – STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2024

For the year ended 31 July 2023
Notes
Income
Donations and legacies
Value in kind
4
Income from charitable activities
5
Interest and investment income
7
Total income
Expenditure
Charitable activities
8
Raising funds
8
Conference
8
Total expenditure
Net income / (expenditure)
and net movement in funds in
the year before (losses) on
investment
Gains on investments
13a
Net income / (expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18,19,20		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2023
Total funds
£
37,780
-
-
37,780
3,782,736
71,730
866,283
4,720,749
53,489
-
-
53,489
3,874,005
71,730
866,283
4,812,018
3,668,461
75,761
875,642
4,619,864
87,202
-
-
87,202
221
-
-
221
3,755,884
75,761
875,642
4,707,287
118,121
(4,031)
(9,359)
104,731
(14,040)
-
-
(14,040)
104,081
(4,031)
(9,359)
90,691
868,739
1,217,281
28,868
2,114,888
972,820
19,509
2,205,579
1,213,250

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities .

26

British Universities and Colleges Sport Limited CHARITY ONLY – BALANCE SHEET for the year ended 31 July 2024

Notes
Fixed Assets
Tangible fixed assets
Intangible assets
Investments
Trophies
11
12
13
14
Current Assets
Debtors
Cash at bank and in hand
15
CREDITORS: Amounts falling due within one
year
16
NET CURRENT ASSETS
Provision for liabilities
17
Total assets less liabilities
Funds:
Restricted funds
Unrestricted funds:
General funds
Designated - Property
Designated - Regional
18
19
20
20		 2024
£
2023
£
1,292,923
54,925
423,750
29,398
1,228,044
37,605
399,356
30,237
1,800,996
1,695,242
529,574
601,405
435,714
1,168,886
1,130,979
1,604,600
(708,753)
(1,038,218)
422,226
566,382
(81,762)
(56,045)
2,141,460
2,205,579
1,938
936,634
1,183,962
18,926
19,509
972,820
1,198,071
15,179
2,141,460
2,205,579

These financial statements have been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The financial statements on pages 20 to 54 were approved by the Board and authorised for issue and signed on its behalf by:

Director: Amanda Broderick

Date: 20 November 2024

27

British Universities and Colleges Sport Limited CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 July 2024

Operating activities
Net (expenditure) / income for the year
Net (expenditure) / income for the year as per
SOFA
Adjustment for:
Depreciation and amortisation charges
(Gains) / losses on investments
Dividends, interest and rents from investment
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Increase / (decrease)in provisions
Net cash generated from operating activities
Investing activities
Dividends, interest and rent from investment
Investment manager fees
Purchase of property, plant and equipment
Disposal of fixed assets
Net cash (used in) / generated from investing
activities
Cash flow from financing activities
Repayment of loan
Cash (used in) financing activities
Net (decrease) / increase in cash and cash
equivalents
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents at the end of the
year
Consolidated analysis of net cash and cash
equivalents:
Cash at bank and in hand
Total cash and cash equivalents		 Group
Charity
2024
£
2023
£
2024
£
2023
£
(29,051)
152,611
(64,199)
90,691
134,299
(29,268)
(81,702)
112,110
14,040
(58,589)
86,195
(29,268)
(81,702)
63,581
14,040
(53,489)
(267,957)
(315,185)
25,717
45,959
(130,465)
(38,014)
(93,860)
(329,465)
25,717
110,078
(134,400)
(38,014)
(563,147)
97,652
(486,582)
52,487
81,702
4,874
(167,555)
58,589
4,338
(27,489)
81,702
4,874
(167,555)
53,489
4,338
(27,489)
-
18,850
-
18,850
(80,979)
54,288
(80,979)
49,188
-
(220,833)
-
(220,833)
-
(220,833)
-
(220,833)
(644,126)
(68,893)
(567,481)
(119,158)
1,385,698
1,454,591
1,168,886
1,288,044
741,572
1,385,698
601,405
1,168,886
At 1 August
2023
1,385,698
Cash
Flows
(644,126)
Non-cash
movement
-
At 31 July
2024
741,572
1,385,698
(644,126)
-
741,572

28

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

1 General information

The Charity is limited by guarantee and has no share capital. The registered office is 20-24 King’s Bench Street, London SE1 OQX. The Charity is registered under the following: Charity number 1126863, Charity number 06483060, Scottish Charity number SC041947.

The financial statements have been presented in Pounds Sterling, as this is the currency of the primary economic environment in which the charity operates and are rounded to the nearest pound.

2 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition – effective 1 January 2019, the Charities Act 2011, UK Generally Accepted Practice and the Companies Act 2006.

British Universities & Colleges Sport Limited meets the definition of a public benefit entity under FRS 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies (see note 3).

The following principal accounting policies have been applied:

Basis of consolidation

The consolidated financial statements incorporate those of British Universities & Colleges Sport Limited and its subsidiary undertaking, BUCS Trading Limited for the year. All financial statements consist of the year to 31 July 2024.

BUCS holds 23% (2023: 23%) of the shares of Bench Freehold Limited but Bench Freehold Limited has not been treated as an associate in these accounts. Accounting for this as an associate would not have a material effect on the holding as Bench Freehold Limited had very limited trading in the year.

Going concern

The Directors will continue to provide the support of BUCS to BUCS Trading for at least 12 months from date of approval of the financial statements, not calling in the amount owed by BUCS Trading until the company is able to do so. BUCS Trading made a surplus in year ended 31 July 2024 with an increased surplus forecast for the coming year.

Historical and current support to BUCS Trading Ltd was made for the sole reason to be of benefit to BUCS over the medium to long term and thus its charitable aims. The support was needed to invest in the necessary digital platforms to create a strong viable trading income stream for BUCS Trading Ltd with the intention that that income stream is remitted to BUCS in the medium term including and over and above the initial support. The Directors are confident that the support currently given by BUCS will provide a return on that support will be given back to BUCS to support its charitable activities.

The Directors are confident that the Group has adequate resources to continue its activities for the foreseeable future.

The Directors have considered the Group and Charity’s cash flow requirements for the 12-month period from the date of approval of these financial statements and believe that they will be able to pay their

29

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

debts as they fall due for at least that period. Therefore, these financial statements have been prepared on the going concern basis.

Income

All income, including government grants, is included in the income and expenditure account when the charity is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.

Interest on funds held on deposit included when receivable and the amount can be measured reliably by the charity; this is usually upon notification of the interest paid or payable by the bank.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, it includes any VAT which cannot be fully recovered. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. The other designated funds have arisen based on timing differences across years and these are expected to be fully utilised in the coming year for their designated purpose.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor 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. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

30

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

Tangible fixed assets

Fixed assets are stated at historical cost. Minor additions or those costing below £500 are not capitalised.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on all tangible fixed assets in order to reduce by annual instalments the value of the tangible assets over their estimated useful lives. Depreciation is provided for using the straight-line method at the following rates:

Leasehold buildings: over the life of the lease Computer equipment: over 3 years Fixtures and fittings: over 6 years Office equipment: over 10 years Brand equipment; over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Intangible fixed assets and depreciation

Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Costs relating to development of the items are capitalised. Research costs are not capitalised.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible fixed assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on all intangible fixed assets in order to reduce by annual instalments the value of the assets over their estimated useful lives. The estimated useful lives range as follows:

Digital systems 3 - 5 years, straight line Assets under construction not amortised until brought into use

Trophies

Trophies are items which are in the possession of the charity and were created for use in sporting activities and continue to be used for this purpose. The charity maintains stewardship by keeping a full inventory and has no intention of disposing of any of the trophies so long as this use continues. The trophies are valued at cost less accumulated depreciation. The trophies are considered for impairment on a regular basis and any impairment is charged to the income and expenditure account. Depreciation has been applied over a period of 50 years.

31

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

Investments

Investments are recognised at fair value which is measured at market value at the balance sheet date. The income and expenditure account includes the net gains and losses arising on revaluations and disposals throughout the year. Investment manager fees are taken directly from the Funds and capital values are net of fees. The investment manager fees have not been grossed up in these accounts. The fees for Investment Fund are 0.6% and for Property Fund are 0.65%.

Investment in subsidiary and unlisted investments are held at cost and are reviewed for impairment annually, with any impairment taken to the income and expenditure account.

BUCS holds shares of Bench Freehold Limited but Bench Freehold Limited has not been treated as an associate in these accounts. Accounting for this as an associate would not have a material effect on the holding as Bench Freehold Limited had very limited trading in the year.

BUCS Trading Ltd holds 15 shares and 15% in National Students e-Sports Limited. No payment has been made for the investment in this company and the value of the investment is valued at £nil in these financial statements. No indicative market value of the investment and the directors believe is £nil value is appropriate based on the early stage of the investment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the charity would receive for the asset if it were to be sold at the reporting date.

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of transaction costs, unless the equity instruments are issued to extinguish a financial liability due to a shareholder or a party under common control, or in accordance with the original terms of the financial liability .

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

32

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

Foreign currency transactions

Foreign currency transactions are included at the rate of exchange prevailing at the date they occurred. All differences are taken to the Income and expenditure account.

Pension costs

The charity contributes to employees’ individual personal pension schemes, a variable group pension plan with the National Provident Institution on a defined contribution basis and to the Universities Superannuation Scheme (“USS”), which is a defined benefit scheme.

Contributions to all schemes are charged on the basis of the amount the charity has agreed to contribute in the year.

The institution participates in the Universities Superannuation Scheme (USS). With effect from 1 October 2016, the scheme changed from a defined benefit only pension scheme to a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate Trustee administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS102 ‘Employee benefits’, the institution therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and therefore an expense is recognised.

Valuation of donated services

Pro bono services received are recorded as income at estimated market value and included under the relevant expense heading in the Income and expenditure account. These are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from these by the Charity of the item is probable and economic benefit can be measured reliably. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain the services or facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profits on a straight-line basis over the period of the lease.

3 Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the charity’s accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors make such decisions on the basis of the most relevant and reliable evidence available at the time, which may include factors such as historical experience. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis and are also applied to future periods where it is appropriate to do so.

The Directors do not consider that any of the judgements which they have made in the preparation of these financial statements are key to the financial statements overall.

33

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

Estimates and assumptions which the Directors have made which are key to the financial statements are discussed below.

Recoverability of debtors

The charity establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the Trustees consider factors such as the aging of debtors, past experience of recoverability, and the credit profile of individual or groups of customers.

34

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

4 Value in kind

Sports equipment
Sports venues		 GROUP
Year ended
31 July
2024
Year ended
31 July
2023
£
£
44,500
20,140
23,775
17,640
68,275
37,780		 CHARITY
Year ended
31 July
2024
Year ended
31 July
2023
£
£
44,500
20,140
23,775
17,640
68,275
37,780

5 Income from charitable activities

GROUP
Domestic programmes
International programmes
Development
Football development
Engagement
Affiliation fees
Non-BUCS affiliation fees
Other income
GROUP
Domestic programmes
International programmes
Development
Football development
Engagement
Affiliation fees
Non-BUCS affiliation fees
Other income		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2024 total
funds
£
2,328,469
47,469
182
-
332,719
(6,341)
2,661,370
41,128
50,587
-
66,950
117,537
5,400
-
-
-
616,833
50,000
622,233
50,000
1,345,857
-
-
1,345,857
-
-
45,253
45,253
122,257
82,329
-
204,586
3,900,039
82,511
1,105,414
5,087,964
Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2023 total
funds
£
2,186,956
234,620
-
-
78,597
49,604
2,265,553
284,224
73,883
-
213,399
287,282
-
14,500
-
-
423,605
47,091
423,605
61,591
1,255,430
-
-
1,255,430
-
-
29,242
29,242
17,377
71,730
24,745
113,852
3,782,766
71,730
866,283
4,720,779

35

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

5 Income from charitable activities (continued)

CHARITY
Domestic programmes
International programmes
Development
Football development
Engagement
Affiliation fees
Non-BUCS affiliation fees
Other income		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2024 total
funds
£
2,328,469
47,469
182
-
332,719
(6,341)
2,661,370
41,128
50,587
-
66,950
117,537
5,400
-
-
-
616,833
50,000
622,233
50,000
1,345,857
-
-
1,345,857
-
-
45,253
45,253
122,257
82,329
-
204,586
3,900,039
82,511
1,105,414
5,087,964
CHARITY
Domestic programmes
International programmes
Development
Football development
Engagement
Affiliation fees
Non-BUCS affiliation fees
Other income		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2023 total
funds
£
2,186,926
234,620
-
-
78,597
49,604
2,265,523
284,224
73,883
-
213,399
287,282
-
14,500
-
-
423,605
47,091
423,605
61,591
1,255,430
-
-
1,255,430
-
-
29,242
29,242
17,377
71,730
24,745
113,852
3,782,736
71,730
866,283
4,720,749

36

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

6 Grant income

Grant income
British Universities Ice Hockey
Lawn Tennis Association
R&A Foundation
Rugby Football League
Rugby Football Union
Sport England
TASS
The Football Association		 GROUP AND CHARITY
Year ended
Year ended
31 July 2024
£
31 July 2023
£
-
104
19,650
85,000
20,000
20,000
32,500
-
36,892
25,000
284,286
-
220,087
13,500
666,833
448,605
1,060,161
812,296

All of the above grants were received to support sporting activities and there were no unfulfilled conditions relating to these grants at either year end. These grants are included within income from charitable activities. These grants are included in Income from charitable activities.

7 Interest and investment income

Bank interest, dividends and
other income
NSE royalties		 GROUP
CHARITY
Year ended
Year ended
Year ended
Year ended
31 July
2024
31 July
2023
31 July
2024
31 July
2023
£
£
£
£
81,702
53,489
81,702
53,489
-
5,100
-
-
81,702
58,589
81,702
**53,489 **

37

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

8 Expenditure

GROUP Direct Support Year Direct Support Year
costs costs ended 31 costs costs ended 31
July 2024 July 2023
£ £ £ £ £ £
Trading activities
Commercial activities 139,974 20,985 160,959 157,419 41,082 198,501
Conference 163,627 172,284 335,911 164,955 90,795 255,790
Winter summit 11,520 12,522 24,042 24,366 13,426 37,792
Facilities and operations forum 9,529 10,358 19,887 12,786 7,045 19,831
Investment manager fees 4,874 - 4,874 4,338 - 4,338
Total trading activities 329,524 216,149 545,673 363,864 152,348 516,252
Charitable activities
Domestic programmes 3,172,062 701,829 3,873,891 2,638,224 684,329 3,322,553
International programmes 169,019 37,393 206,412 290,069 75,233 365,302
Development 133,940 29,632 163,572 211,564 54,872 266,436
Football development 641,033 141,819 782,852 448,604 116,351 564,955
Other expenditure 142,683 31,582 174,265 80,158 20,855 101,013
Total expenditure 4,588,262 1,158,403 5,746,665 4,032,523 1,103,988 5,136,511
Support costs – group 2024 2023
£ £
Staff costs 321,868 499,995
Staff related costs 170,753 26,599
Information communication technology 167,201 142,833
Marketing, PR and media 118,426 76,941
Office costs 92,486 80,836
Accounting fees 41,576 57,090
Bad debts (1,031) 1,267
Depreciation and amortisation 134,299 112,110
Interest paid - 3,371
Other costs 35,945 39,129
Insurance 19,272 17,265
Governance costs 57,609 46,552
Total expenditure 1,158,403 1,103,988

Support costs are allocated based on a percentage of direct costs.

Governance costs – group
Audit fees
Other governance costs
Total governance costs		 2024
2023
£
£
28,400
29,209
28,050
18,502
57,609
46,552

38

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

8 Expenditure (continued)

CHARITY
Direct
costs
Support
costs
Year ended
31 July
2024
Direct
costs
£
£
£
£
Trading activities
Commercial activities
120,668
-
120,668
82,864
Conference
5,134
-
5,134
221
Investment manager fees
4,874
-
4,874
4,338
Total trading activities
130,676
-
130,676
87,423
Charitable activities
Domestic programmes
3,171,996
701,756
3,873,752
2,637,970
International programmes
169,019
37,393
206,412
290,067
Development
133,940
29,632
163,572
211,564
Football development
641,033
141,819
782,852
448,605
Other expenditure
142,683
31,581
174,264
80,158
Total expenditure
4,389,347
942,181
5,331,528
3,755,787
Support costs – charity
Staff costs
Staff related costs
Information communication technology
Marketing, PR and media
Office costs
Accounting fees
Bad debts
Depreciation and amortisation
Interest paid
Other costs
Insurance
Governance costs
Total expenditure
Support costs are allocated based on a percentage of direct costs.
Governance costs – charity
Audit fees
Other governance costs
Total governance costs		 Direct
costs
Support
costs
Year ended
31 July
2024
Direct
costs
£
£
£
£
120,668
-
120,668
82,864
5,134
-
5,134
221
4,874
-
4,874
4,338

Support
costs
Year
ended 31
July 2023

£
£
-
82,864
-
221
-
4,338
130,676
-
130,676
87,423
3,171,996
701,756
3,873,752
2,637,970
169,019
37,393
206,412
290,067
133,940
29,632
163,572
211,564
641,033
141,819
782,852
448,605
142,683
31,581
174,264
80,158		 -
87,423

684,189
3,322,159

75,233
365,300

54,872
266,436

116,351
564,956

20,855
101,013
4,389,347
942,181
5,331,528
3,755,787
951,500
4,707,287
2024
2023
£
£
321,868
170,753
122,509
22,887
92,486
31,333
236
86,194
-
24,304
19,272
50,339
499,995
26,052
105,983
41,841
78,727
42,861
-
63,580
3,371
30,689
16,629
41,772
942,181
951,500
2024
2023
£
£
23,050
27,289
23,100
18,672
50,339
41,772

39

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

9 Staff costs

Total staff costs comprise the following:
Wages and salaries
Social security costs
Pension costs
The monthly average number of employees in the year was:
Leadership team
Other staff
The number of employees whose emoluments for the year
(including benefits in kind but excluding pension
contributions) fell within the following bands were:
Between £60,001-£70,000
Between £80,001-£90,000
Between £90,001-£100,000		 31 July 2024
£
31 July 2023
£
1,835,705
180,934
90,252
1,730,857
172,989
103,447
2,106,891
2,007,293
No.
2
46
No.
3
42
No.
-
1
1
No.
2
1
1

The key management personnel of the charity comprise the Trustees, the Chief Executive Officer, the Chief Operating Officer and the Director of Delivery. These three roles form the Leadership Team. The total employee benefits of the Leadership Team of the charity were £191,111 (2023: £247,900) and the employers national insurance contribution in relation to these employees were £20,811 (2023: £35,239). The employer pension contributions related to these employees were £33,891 (2023: £37,017).

The key management personnel of the group are those of the charity and the key management personnel of its wholly owned subsidiary BUCS Trading Limited. There are no additional staff within BUCS Trading Limited.

During the year termination payments of £27,064 (2023: £nil) was made to one (2023: none) employee of the charity. As at 31 July 2024 no amounts relating to this amount were outstanding.

The Charity’s directors were not paid remuneration from the Charity during either year. During the year, 6 (2023: £nil) directors were reimbursed for travel expenses amounting to £4,118 (2023: £nil).

40

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

10 Grants paid

Institution
Purpose of grant
Inclusivity Fund
Aston Students Guild
Inclusivity Fund
Bangor University Students’ Union
Inclusivity Fund
Canterbury Christ Church University
Inclusivity Fund
Durham University
Inclusivity Fund
Durham University Men’s Football Club
Inclusivity Fund
Edinburgh University Sports Union
Inclusivity Fund
Greenwich Students Union Ltd
Inclusivity Fund
Hertfordshire Sports Village
Inclusivity Fund
Leeds Beckett University
Inclusivity Fund
Leeds University Union
Inclusivity Fund
Lincoln Students’ Union
Inclusivity Fund
Loughborough Students Union
Inclusivity Fund
Oxford Brookes University
Inclusivity Fund
Reading University
Inclusivity Fund
Royal Hollaway University of London
Inclusivity Fund
Sheffield Hallam University
Inclusivity Fund
Sports Park
Inclusivity Fund
Surrey Sport Park Ltd
Inclusivity Fund
Teesside University
Inclusivity Fund
UCLAN Students Union
Inclusivity Fund
University Academy 92
Inclusivity Fund
University of Brighton
Inclusivity Fund
University of Brunel Students Union
Inclusivity Fund
University of East Anglia
Inclusivity Fund
University of Essex
Inclusivity Fund
University of Hull
Inclusivity Fund
University Nottingham
Inclusivity Fund
University of St Andrews
Inclusivity Fund
University of Wolverhampton
Inclusivity Fund
University of York Students Union
Inclusivity Fund
Warwick University
Inclusivity Fund
Total Grassroots Hub Grant
Engagement
Leeds Beckett University
Engagement
Sheffield Hallam University
Engagement
Manchester Metropolitan University
Engagement
University of East Anglia
Engagement
Warwick University
Engagement
University of York
Engagement
Total engagement		 2024
2023
£
£
256
141
70
-
63
-
-
200
-
200
-
400
-
200
-
200
324
400
40
-
48
-
-
200
-
200
-
200
51
200
96
200
-
200
200
200
-
200
-
200
214
-
-
200
-
200
92
-
-
200
200
200
-
200
-
340
-
200
204
400
158
-
2,016
5,481
1,142
-
1,000
-
1,000
-
500
-
1,000
-
1,000
-
5,642
-

41

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

Active Project

University of Wolverhampton Total Active Project Grant

University of Wolverhampton
Active Project Grant
Total Active Project Grant
Other grants
Bucks Students Union
Transition fund
Canterbury Christ Church University
Development project
Canterbury Christ Church University
Autumn Winter
De Montfort University
Transition fund
Durham University Men’s Football Club
Student Support
Hertfordshire Sports Village
Imperial College London
JMU Services
Leadership programme
KCLSU
Leeds Beckett University
Research project
Lincoln Students Union
Development project
Liverpool John Moores University
Development project
Liverpool John Moores University
Transition fund
London South Bank University
Transition fund
Loughborough University
Development project
Loughborough University
Autumn Winter
Manchester Metropolitan University
Development project
Middlesex University
Transition fund
Northumbria University
Development project
Nottingham Trent University
Research project
Newcastle University
Development project
Northumbria University
Development project
Oxford Brooks University
Development project
Oxford Lancers
Development project
Reading University Students Union
Transition fund
Richmond
Transition fund
Royal Holloway University of London
Development project
Sheffield Hallam University
Development project
Solent University
Transition fund
St Mary’s University
Transition fund
Street Games UK
Student Support
Students’ Union UCL
Transition fund
Union of Kingston Students
Transition fund
University College Birmingham
Transition fund
University of Academy 92
Development project
University of Brighton
Development project
University of Cambridge
Development project
University of East Anglia
Development project
University of Essex
Development project
University of Exeter
Development project
University of Exeter
Student Support
University of Hull
Development project
University of Hull
Leadership programme
University of Leicester
Development project		 -
17,760
-
18,800
1,000
-
5,000
-
2,000
-
1,000
-
-
500
1,000
-
1,000
-
-
5,000
1,000
-
1,500
6,000
1,000
-
2,000
-
1,000
-
1,200
-
936
-
1,750
-
1,500
-
1,000
-
-
5,000
-
4,800
2,000
-
300
-
-
5,000
2,500
-
1,000
-
1,000
-
7,500
-
5,000
-
1,000
-
1,000
-
-
1,345
1,000
-
960
-
1,000
-
5,000
5,000
3,200
-
600
-
5,928
-
1,000
-
7,500
-
500
-
10,000
-
116
-
-
5,000

42

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2024

University of Loughborough
Development project
University of York
Development project
University of Kent
Development project
University of Leeds
Development project
University of Northampton Students' Union
Transition fund
University of Nottingham
Development project
University of Oxford
Development project
University of Southampton
Transition fund
University of Sunderland
Development project
University of Sussex
Transition fund
University of Warwick
Development project
University of West London
Autumn Winter
University of Wolverhampton
Transition fund
University of Worcester
Transition fund
Uwe Bristol
Total other grants
TOTAL GRANTS PAID TO INSTITUTIONS
TOTAL GRANTS PAID TO INDIVIDUALS		 -
8,000
-
5,000
1,000
-
600
-
1,000
-
3,900
-
600
-
1,000
-
5,000
-
1,000
-
2,000
-
2,000
-
1,000
-
1,000
-
5,000
-
107,748
50,645
114,748
73,886
103
6,784

43

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

11 Tangible fixed assets

GROUP
Cost
Opening balance 1 August 2023
Additions
At 31 July 2024
Depreciation
Opening balance 1 August 2023
Charge for the year
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023
CHARITY
Cost
Opening balance 1 August 2023
Additions
At 31 July 2024
Depreciation
Opening balance 1 August 2023
Charge for the year
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Long Leasehold
£
Fixtures and
equipment
£
Other Fixed
Assets
£
Total
£
1,368,602
-
226,940
19,851
-
91,904
1,595,542
111,755
1,368,602
246,791
91,904
1,707,297
170,531
14,109
196,967
17,507
-
15,260
367,498
46,876
184,640
214,474
15,260
414,374
1,183,962
32,317
76,644
1,292,923
1,198,071
29,973
-
1,228,044
Long
Leasehold
£
Fixtures and
equipment
£
Other Fixed
Assets
£
Total
£
1,368,602
-
225,628
19,851
-
91,904
1,594,230
111,755
1,368,602
245,479
91,904
1,705,985
170,531
14,109
195,655
17,507
-
15,260
366,186
46,876
184,640
213,162
15,260
413,062
1,183,962
32,317
76,644
1,292,923
1,198,071
29,973
-
1,228,044

The long leasehold property was revalued at 1 August 2014 by TSP to a value of £1,325,000.

44

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

12 Intangible fixed assets

GROUP
Cost
Opening balance 1 August 2023
Disposals
At 31 July 2023
Amortisation
Opening balance 1 August 2023
Charge for the year
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023
CHARITY
Cost
Opening balance 1 August 2023
Disposals
At 31 July 2024
Amortisation
Opening balance 1 August 2023
Charge for the year
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Digital systems
£
604,725
55,800
660,525
518,792
86,584
605,376
55,149
85,933
Digital systems
£
193,781
55,800
249,581
156,176
38,480
194,656
54,925
37,605

45

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

13 Investments

Listed Investments (note 13a)
Investment in subsidiary (note 13b)
Unlisted Investment (note 13c)
13a – Listed investments
Opening balance 1 August 2023
Investment manager fees
Unrealised investment gain / (loss)
Closing balance 31 July 2024
Historical cost		 GROUP
CHARITY
2024
£
2023
£
2024
£
2023
£
408,650
-
15,000
384,256
-
15,000
408,650
100
15,000
384,256
100
15,000
423,650
399,256
423,750
399,356
GROUP
CHARITY
2024
£
2023
£
2024
£
2023
£
384,256
(4,874)
29,268
402,634
(4,338)
(14,040)
384,256
(4,874)
29,268
402,634
(4,338)
(14,040)
408,650
384,256
408,650
384,256
189,133
189,133
189,133
189,133

Investments are UK investments and are held in COIF Charities Investment Fund Units, primarily to provide an investment return.

13b – Investment in subsidiary GROUP CHARITY
2024 2023 2024 2023
£ £ £ £
BUCS Trading Ltd - - 100 100

BUCS Trading Limited was incorporated in England in January 2010 and BUCS owns 100% of the issued share capital. The purpose of the company is to develop commercial opportunities and income.

13c – Unlisted investment GROUP CHARITY
2024 2023 2024 2023
£ £ £ £
Bench Freehold Ltd 15,000 15,000 15,000 15,000

Bench Freehold Limited acquired the Freehold title to 20-23 Kings Bench Street during the year to 31 July 2010. BUCS, in common with other tenants of the building, hold ordinary shares in proportion to their leasehold interest. This company collects ground rents, builds reserves and distributes dividends.

BUCS holds 23% (2023: 23%) of the shares of Bench Freehold Limited but Bench Freehold Limited has not been treated as an associate in these accounts. Accounting for an associate would not have a material effect on the holding as Bench Freehold Limited had very limited trading in the year. The company made a profit in the year of £17,835 and had aggregate share capital and reserves of £267,987 at 30 April 2024. The registered office of Bench Freehold Limited is 8 The Bench, 22 Kings Bench Street, London, SE1 0QX.

46

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

13d – Investment in National Students Esports Limited

BUCS Trading Ltd holds 15 shares and 15% in National Students Esports Limited (NSE). No payment has been made for the investment in this company and the value of the investment is valued at £nil in these financial statements. There is no indicative market value of the investment and the directors believe a £nil value is appropriate based on the early stage of the investment. The company made a loss in the year of £189,276 and has negative aggregate share capital and reserves of £1,484,061 as at 31 December 2023. The registered office address is 110 High Holborn, 5th floor, London, England, WC1V 6JS. During the year, BUCS Trading Limited received royalties of £nil (2023: £5,100).

14 Trophies

COST
Opening balance at 1 August 2023
Depreciation
Closing balance 31 July 2024		 GROUP AND CHARITY
2024
£
2023
£
30,237
(839)
31,076
(839)
29,398
30,237

15 Debtors

Trade debtors
Prepayment and accrued income
Amount due from subsidiary
Other debtors		 GROUP
CHARITY
2024
£
2023
£
2024
£
2023
£
274,085
192,221
-
656
121,893
75,270
-
1,842
66,129
157,429
305,360
656
46,450
55,471
331,951
1,842
466,962
199,005
529,574
435,714

47

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2024

16 Creditors

Trade creditors
Other taxation and social security costs
Accruals and deferred income
Other creditors
Deferred income comprises:
Deferred income at 31 July 2023
Deferred in the year
Released in the year
Deferred income at 31 July 2024		 GROUP
CHARITY
2024
£
2023
£
2024
£
2023
£
114,435
94,548
696,754
80,029
433,342
47,527
717,166
102,916
106,474
94,548
432,666
75,065
221,941
47,505
669,084
99,688
985,766
1,300,951
708,753
1,038,218
GROUP
CHARITY
2024
£
2023
£
2024
£
2023
£
528,632
387,867
(528,632)
730,194
528,632
(730,194)
501,509
279,994
(501,509)
689,485
501,509
(689,485)
387,867
528,632
279,994
501,509

Deferred income relates to grant income received in advance and is expected to be released in full in the next financial year.

17
Provision for pension funds deficit
GROUP AND CHARITY
As at 1 August 2023
Charged to the SOFA
As at 31 July 2024
Payable by instalments
Within one year
1 to 2 years
2 to 5 years
After 5 years		 2024
£
2023
£
56,045
25,717
94,059
(38,014)
81,762
56,045
6,586
6,479
18,813
49,884
4,174
4,154
12,084
35,633
81,762
56,045

Contributions of 6.2% are being made towards the scheme deficit for 14 years to March 2031 included in note 23.

48

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

18 Restricted funds

GROUP AND CHARITY
Chris Potter Award Fund
The Football Association
R&A Foundation
Sport England
Lawn Tennis Association
Rugby Football League
Rugby Football Union
English Universities
Total
GROUP
Chris Potter Award Fund
The Football Association
R&A Foundation
Sport England
Lawn Tennis Association
Rugby Football Union
English Universities
British Universities Ice
Hockey Association
TTS
Total		 1 August
2023
£
Income
£
Expenditure
£
Transfers
£
31 July
2024
£
1,002
-
-
-
1,002
-
666,833
(641,033)
(25,800)
-
-
20,000
(20,000)
-
-
-
284,286
(284,286)
-
-
-
19,650
(19,650)
-
-
-
32,500
(32,500)
-
-
-
36,892
(34,200)
-
2,692
18,507
45,253
(65,516)
-
(1,756)
19,509
1,105,414
(1,097,185)
(25,800)
1,938
1 August
2022
£
Income
£
Expenditure
£
Transfers
£
31 July
2023
£
1,002
750
(750)
-
1,002
-
448,605
(448,605)
-
-
-
20,000
(20,000)
-
-
-
220,087
(220,087)
-
-
-
85,000
(85,000)
-
-
-
25,000
(25,000)
-
-
27,866
53,237
(62,596)
-
18,507
-
104
(104)
-
-
-
13,500
(13,500)
-
-
28,868
866,283
(875,642)
-
19,509

49

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

19 Unrestricted funds - General

GROUP
General funds
GROUP
General funds
CHARITY
General funds
CHARITY
General funds		 1 August
2023
£
Income
£
Expenditure
£
Gain on
investment
£
Transfers
£
31 July
2024
£
738,418
4,500,421
(4,556,607)
29,268
25,800
737,300
1 August
2022
£
Income
£
Expenditure
£
(Loss) on
investment
£
Transfers
£
31 July
2023
£
572,417
4,365,149
(4,185,108)
(14,040)
-
738,418
1 August
2023
£
Income
£
Expenditure
£
Gain on
investment
£
Transfers
£
31 July
2024
£
972,820
4,050,216
(4,141,470)
29,268
25,800
936,634
1 August
2022
£
Income
£
Expenditure
£
(Loss) on
investment
£
Transfers
£
31 July
2023
£
868,739
3,874,005
(3,755,884)
(14,040)
-
972,820

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charitable company.

50

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

20 Unrestricted funds – Designated

GROUP AND CHARITY
Property fund
LUSL
Yorkshire Region
Total
GROUP AND CHARITY
Property fund
LUSL
Yorkshire Region
Total		 1 August
2023
Income
£
Expenditure
£
Transfers
£
31 July
2024
£
1,198,071
-
(14,109)
-
1,183,962
13,798
82,329
(77,703)
-
18,424
1,381
182
(1,061)
-
502
1,213,250
82,511
(92,873)
-
1,202,888
1 August
2022
£
Income
£
Expenditure
£
Transfers
£
31 July
2023
£
1,212,180
-
(14,109)
-
1,198,071
3,907
71,217
(61,326)
-
13,798
1,194
513
(326)
-
1,381
1,217,281
71,730
(75,761)
-
1,213,250

(i) In the year ended 31 July 2020, a transfer of £607,751 was made from unrestricted to the designated property fund. funds. A decision was made during the year to 31 July 2020 to transfer this to designated funds so that the balance on the designated funds at 31 July 2020 matched the net book value of the property..

(ii) LUSL - BUCS manages competitions and events for students at London-based HE institutions. (iii) Yorkshire region - overseas the use of funds for professional development activities for staff in HE institutions based in Yorkshire, one of the 12 BUCS regions and nations.

51

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

21 Analysis of net assets between funds

GROUP General Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Fund balances at 31 July 2024 are represented
by:
Tangible fixed assets 108,961 1,183,962 - 1,292,923
Intangible assets 55,149 - - 55,149
Investments 423,650 - - 423,650
Trophies 29,398 - - 29,398
Net current assets 201,904 18,926 1,938 222,768
Provision for pension deficit (81,762) - - (81,762)
Total 737,300 1,202,888 1,938 1,942,126
GROUP General Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Fund balances at 31 July 2023 are represented
by:
Tangible fixed assets 29,973 1,198,071 - 1,228,044
Intangible assets 85,933 - - 85,933
Investments 399,256 - - 399,256
Trophies 30,237 - - 30,237
Net current assets 249,064 15,179 19,509 283,752
Provision for pension deficit (56,045) - - (56,045)
Total 738,418 1,213,250 19,509 1,971,177
CHARITY General Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Fund balances at 31 July 2024 are represented
by:
Tangible fixed assets 108,961 1,183,962 - 1,292,923
Intangible assets 54,925 - - 54,925
Investments 423,750 - - 423,750
Trophies 29,398 - - 29,398
Net current assets 401,362 18,926 1,938 422,226
Provision for pension deficit (81,762) - - (81,762)
Total 936,634 1,202,888 1,938 2,141,460

52

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2024

CHARITY
Fund balances at 31 July 2023 are
represented by:
Tangible fixed assets
Intangible assets
Investments
Trophies
Net current assets
Provision for pension deficit
Total		 General
Funds
Designated
Funds
Restricted
Funds
Total Funds
£
£
£
£
29,973
1,198,071
-
1,228,044
37,605
-
-
37,605
399,356
-
-
399,356
30,237
-
-
30,237
531,694
15,179
19,509
566,382
(56,045)
-
-
(56,045)
972,820
1,213,250
19,509
2,205,579

22 Operating leases

The charity has no operating lease commitments in place at either year end and no operating leases were paid in either year.

23 Pension commitments

The total cost charged to the income and expenditure is £25,717 (2023: £38,014).

The latest available full actuarial valuation of the scheme was at 31 March 2023 (the valuation date).

Since the institution cannot identify its share of the scheme assets and liabilities, the following disclosures reflect those relevant to the scheme as a whole.

The 2023 valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion. The assets therefore were sufficient to cover 83% of the benefits which had accrued to members after allowing the expected future increase in earnings.

Defined benefit liability numbers for the scheme have been produced using the following assumptions:

2024 2023
Discount rate 4.70% 4.60%
Pensionable salary growth n/a n/a
Pensions increases (CPI) 3.00% 3.00%

53

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

The main demographic assumptions used relates to the mortality assumptions. These assumptions have been updated for the 31 March 2023 accounting position, based on updated analysis of the Scheme’s experience carried out as part of the actuarial valuation. The mortality assumptions used are as follows:

2024 2023 Mortality base table 101% of S2PMA 'light' for males 101% of S2PMA 'light' for males and 95% of S3PFA for females and 95% of S3PFA for females Future improvements CMI_2021 with a smoothing CMI_2019 with a smoothing to mortality parameter of 7.5 and initial addition parameter of 7.5 and initial addition of of 0.40% pa, 10% w2020 and 0.50% pa and long-term improvement w2021 parameters, and long-term rate of 1.80% pa for males and 1.6% improvement rate of 1.80% pa for pa for females. males and 1.6% pa for females.

Use of these mortality tables reasonable reflects the actual USS experience. The current life expectancies on retirement at age 65 are:

2024 2023
Life expectancy:
Males aged 65 24.4 24.4
Females aged 65 25.9 25.9
Males aged 45 26.3 26.3
Females aged 45 27.7 27.7
2024 2023
Scheme assets £74.8bn £73.1bn
Total scheme liabilities £65.6bn £65.7bn
FRS102 total scheme deficit £9.2bn £7.4bn
FRS102 total funding level 114% 111%
2024 2023
£ £
Pension scheme deficit at year end 81,762 56,045

54

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

24 Related party transactions

During the year the group had the following transactions with related parties:

2024
Institution Trustee Income Expenditure Debtor Creditor
£ £ £ £
Diocese of Leicester (Church of
England) , HMRC , Foreign
Office Simon Wilson -
-		 - -
The Safeguarding Alliance Katy Storie -
-		 - -
Carrie Stephenson -
-		 - -
University of Birmingham Chris Anthony 97,680
5,460		 3,808 -
University of Leeds Ella Williams 2,424
4,217		 1,530 2,000
England Hockey Kathleen Russ -
-		 - -
Loughborough University Kathleen Russ 133,560
61,539		 (1,830) -
Newcastle University Student's
Union Alex Duggan 594
-		 594 -
University of East London Amanda Broderick 13,850
-		 (3) -
2023
Institution Trustee Income Expenditure Debtor Creditor
£ £ £ £
Christopher
University of Birmingham Anthony 85,749 (10,063) 127 -
George Christian
Leeds University Union Ella Williams 66,387 (250) 390 (300)
Catherine
Scottish Student Sport Gallagher - (87,402) - -
University of Leeds Ella Williams 410 (136,861) (594) (158,388)
Lawn Tennis Association Born Barikor 25,000 - - -
Our Parks Born Barikor 30,000 - - -
National Students E-Sport Limited Duncan Jones 5,100 - - -

55

British Universities and Colleges Sport Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024

25 SUBSIDIARY – BUCS TRADING LIMITED

The below results of BUCS Trading Limited have been consolidated into these accounts.

BUCS Trading Limited is incorporated in England, Company number 07125529. The address of its registered office is 20-24 King's Bench Street, London, SE1 0QX, United Kingdom.

Profit and loss account extract:
Turnover
Cost of sales
Gross profit
Operating costs
Other income
Operating profit for the financial year
Assets
Liabilities
Funds		 2024
2023
£
£
450,205
486,330
(173,420)
(179,480)
276,785
306,850
(241,720)
(249,912)
-
5,000
35,065
61,938
383,136
360,383
(582,526)
(594,838)
(199,390)
(234,455)

During the year, the charity recharged BUCS Trading Limited £nil (2023: £6,633) for overheads and £nil (2023: £53,874) for salary and staff related costs. No cash in the form of short-term informal support (2023: £nil) on which no interest is charged was also transferred to BUCS Trading during the year. BUCS Trading paid £52,373 (2023: £478) to the charity during the year and no interest was charged. The charity paid £53,598 (2023: paid £23,315) of VAT to HMRC during the year. These were recharged under normal commercial terms.

56