Registered Company Number.. 03934555 {England and Wales)
Charity Registration No. 1136115
University of Portsmouth
°.upsu
Students, Uriior7
The University of Portsmouth Students, UnAon
Report and Consolidated Financial Statements
For the year ended 31 July 2024

The Unfverslty of Portsmouth Student's Unlon
Contents of the Financial Statements
for the Year Ended 31 July 2023
Page
Report of the Trustees
Ito13
Report of the Independent Auditors
14to17
Statement of Financial Activities
18
Balance Sheet
19
Cash Flow Statement
20
Notes to the Cash Flow Statement
21
Note5 to the Financial Statements
22to34

The Unlverslty of Portsmouth Student's Unlon
Report of the Trnstees
for the Year Ended 31 Juty 2024
REFERENCE ANO ADMINISTRATIVE DEfAILS
Full-time (Elertedl offi￿rTr￿Stees
We￿are Officer
Ine5 Brzychryk (appointed 1st July 2023. re518ned 30th June 20241
Welfzre Oflicer
Cofinor Sutherland (appointed Istjuly 20241
Learning Experience Officer
Kaletan Albin lappointed Istjuly 2023. resigned 30th June 20241
Le3rnin8 ExFerlence Officer
Blessing Okafor13ppointed 1st July 20241
Development Offlcer
Temidayo Dosunmu lappolntrd on Istjuly 2022, resigned 30th June 20241
DevÈlopment Officer
Ummu-salamah Danluma lappolnted Istjuty 20241
Academic Representation Officef
Marlla k)lic lappointed 1st July 20231
Democracy and Campaigns Officer Maizey Annear lappointed Istjuly 2023. resigned 25th August 20231
DerDocroEy and Carnpaigns Officer Anwarjawula lappDlnled 26th August 20231
SturfeniTrustee$
Non-Portlolio
Non-Portfolio
Non-Portfollo
5ubhlesh N81r lappolnted 25th April 2023, resigned 24th October 20231
Oliver Cripp5 lappoinied 25th April 20231
Eguonoghene Adams lappolnted 1st July 2023, reslgned 24th April 20241
Univ¢rs4ty Nominated Trustee
Non-PortFollo
Mary Wllli8m5 (appointed 21st Aprll 20201
External Twstees
Non-Portfolio
Non-Portfolh)
Non-Portfo150
Vlctoria Turner lappolnted on 29th Janvary 20191
lan Robinson lappointed on 29th January 20191
Rlchard Askey lappolnted 24th Aprll 20241
Company Secretary
Marlla Sollc lappointed 1st July 2023, resigned 30th June 20241
Anw3rJawula lappolnted 1st July 20241
Chlel Executlve
Anna Clodfelter
ReElstered Qffi
StudÈAt Union Building
Cambrldge Road
Pcrtsmouth
Hants
POI 2EF
Registered Company ￿rnbel
03934555
ReElstered Chath Number
1136115
Audltor5
Morris Crocker
Station House,
North Street
Havant Pog IQU
Banker5
B3rc13ys Bank PIC
Leicester
LE87 288
Charlty Bank Limited
194 High Street
Tonbridge
KentTN9 IBE
Santander UK PIC
Abbey National House
2 Triton Square
Re8ents Place
London NWI 3AN
UfiityTrust ￿nk PIE
Nine Brindleyplace
Blimingham 812HB
Lloyds TSB Bank PIC
25 Gresham Street
London EC2V 7HN

The Unlversity of Portsmouth Student's Unlon
Report of the Trustee5
For the Year Ended 31 Juty 2024
REFERENCE AND ADMINISTRATIVE DETAILS Icontlnuedl
Solicitors
Warner Goodman LLP
Colman House
2-4 Landport Terrace
Portsmouth POI 2RG
The Trustees, who are dlrectors for the purposes of comp4ny law, have pleasure In pre5entlng their annual
report for the purposes of Charities Act 2011 and Companies Act 2006, together wlth the ac¢ounts for the year
ended 31st July 2024.
The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and
Reporting by Charltles" IFRS 1021 in preparing the annual report and financial statements of the Univèrslty of
Portsmouth Students, Union (the Union).
STRUCTURE GOVERNANCE AND MANAGEMENT
The Union Ss a registered charity Icharlty No: 11361151 Ilnked to the University of Portsmouth (the Unlversityl.
The Unlon is also a company limlted by guarantee registered In England and Wales Icompany No.. 39345551.
The Unlon Is constituted by its Memorandum and Artides of Association and is controlled by a Board of
Trustee5. who acr as Dlrectors for the purposes of company law and Trustees for the purposes of charity law.
Decisions are made by slmple majority vote.
The Unlon is a students, union. as defined In the Educatlon Act 1994, vhth internal regulations and rules
approved by its Board of Trustee5. The Unlon has twèlvè Trustees and are made up of the followlng persons:
Flve Officer Trustees, elected annually in accordance wlth the Union's Memorandum and Artlcles of
A$50ciation and elections rules
Three StudÈnt Trustees, appo5nted in accordance wlth the Unlon's Memorandum and Articles of
Assoclatlon
One University Nomlnated Trustee. appointed in accordance with the Union's Memorandum and
Artlcle5 of Assoclation
Three External Trustees, appointed In accordance with the Union'5 Memijrandum and Artlcles of
Association.
The Union's Board af Trustees meets at least quarterly and are responsible for maintaining legal, flnancial and
reputational stewardship. The Board of Trustee5 is also responslblè for settlng the organisation's strategy, In
line with student member priorities. The Board approves general policies and approving the annual budgets
and accounts.
All Trustees are provided with the Charity Commission's Guldance to Trustees and are given an introduction to
the activities of the Unlon by the existlng 804rd and the Chief Executlve. Trustees are provided with training as
and when requlred. based on indlvldual and collertive needs.
The Current Govemance Structure comprise5 of two subcornmittèès, Flnan¢e and Rlsk Committee and Student
Focus & Governance Committee.

The Unlverslty of Portsmouth Student'5 Unipn
Roport of the Trustees
For the Year Ended 31 July 2024
STRUCTURE GOVERNANCE AND MANAGEMEKf (Continuedl
udent Focus and Governance Committee
ThÈ Student Focus and Governance Committee has responsibility as delegated by the Board of Trustees for
decislon rnaking and actions tu) ensure that the Union,.
a. maintains effertive and influential representstion
maintains aciesslble, equitable and Inclusive artivity to proactlvely en8a8e s￿dentS from across the
student cornmunity
c. give a true and fair view of the State of the group's and the charitable company's affairs as at
31 July 2023 and of the groups incoming resources and appltcation of reSoU￿s, including it5 income
and Èxpendlture, for the year then ènded,-
d. maintains student leadershlp throL+gh fit for purpose and effectSve govemance and democratlc
structure5
e. maintalns robust governance in relation to the Unions statutory reqU1￿ments
ensures the Union responds at Board level to democratic outcomes in a way that shows respect and
comrnitment to the Union as a student-led organisation
The student Fo¢us and Governance Commlttèe reports declslons Fnatle and 15 accountable to the Board of
Trustees.
Mèmbership Iquorary is 50% + I to include an External Trustee and a Elected Officer):
Two EleL1ed Offlcer5 (appointed by Leadership Team wlth re8ard to ski115 and expEriencel one of
whl¢h wlll Chalr
Two External or one University Trustee and one External trustee (appointed by Leadership Tearn with
regard to skllls and experience) the External Trustee wlll vice-chalr.
Two Student Trustee$13ppolnted by Leadership Team wFth regard to skills and Èxperlencèl
Student Council Representatlve
Deputy Chief Executive
Dlrector of Membership Sèrvlces
In an advisory capacity only ie non-voting members.. The Chief Executive, Head of Marketing &
Insights lor appolnted function Manager), Head of Student Opportunltles & Operations lor appointed
function Manager), Function Manager Insights
There shall be at least two meeting5 in each acèdemit year, at least one before Christmas.
Finance and Risk Committee
The Firiance & Risk Committee has responsibility as delegated by the Board of Trustees for decision maklng and
actlons to Ènsurè that the Union,-
a. remains In sound financlal health
maintains effertive risk management practices
¢. complle5 Wlth relevant le8islation and regulatlons
The Finance & Risk Committee report5 deci5i0ns malle and is accountable to the Board of Trustees.
Membership Iquoracy is 50% + I to Include an External Trustee and a Elected Officer)..
• Two Elected Offlcers lappointed by Leadership Team wlth regard to skllls and experience) one of
which will Chair.
Two External andlor Unl￿rS1ty Trustees lappolnted by Leadership Team regard to skS11s and
experientel one of whlch wlll vice-chalr.
One student trustee (appointed by Leadership Team with regard to skills and experlencel
Deputy to the Chief Executive
Head of Central Servlces
In an advisory capacity only- The Chief Executive and Union Financial Advisers

The Unlverslty Portsmouth Studènt's Union
Report of the Trustees
For the Yèar Ended 31 July 2024
STRUCTURE GOVERNANCE AND MANAGEMENT Icantlnuedl
The committee meets on a quarterly basls in Ilne with financial quarter reporting framewor
The democratic and representative framework of UPSU is as follows..
'Have your sav is a democratic PTocess at the Union that enables students to get their volcè hÈard and change5
mgde. Every student can have a say on the Union and the University by submitting an Sdea through our Have
Your Say plztform. Idea5 are then reviewed by Studènt Countil and actioned or put out to students to 4 vote if
further student consultation 15 needed.
The Board of Trugteèg maintains an oversight of these policSe5 in accgrdance with the Buard'5 dutles to maintaln
legal, financial and reputational llewardship.
Student Councll is the student4ed declsion making body at the Students. Union. They work together to tackle
issues and run campaign5 which affect all parts of studènt lifÈ, from course based issues and ideas to lobbyin8
and resolving challengès that affert their wider Unlversity experlence.
In 23124 Student Council was made up ot 10 Faculty Reps and 4 Student Offlcers took up post with a focus on
the student experience and Ilbèratlon i55ue5.
LIPSU is currentty undertaking a Democracy Review to improve its democratic decislon making. engagè mttré
students in the proce55 and evaluate the volunteer and ftjll tlme offlcer posltlons. A yearly enhancement plan15
reviewed and supported by UPSU leadership to ensure that whilst the review is taking paltè improvements are
Fnade year on year based on studÈnt and offlcer feedback.
It should be noted that, due to financial constraints the Board took the declsion to reduce the flve full time
officers to fotsr for the electlons In 2025. Proce5se5 are being implemented to ensure the four roles are basèd on
student need and we wlll be gaining student feedback tsn this during the first quarter of 24/25. This will be
implemented for a full two years125126 and 261271 to enable its impact to be monitored bÈforÈ further review.
Da
todo
nrnnln of the Union is delegated by The Board of Trustees to a Chief Executive ICEOI.
To ensure effectlve management the Chief Executive leads a Strategic Leadèrship Tèam, with re5pon5ibiltty for
Strategic delivery and operatlonal oversight of the Union's actlvltles and services.
Durlng thls financial year there were significant changes In stafflng due to funding restrictions, the restrurture
resulted in a number of compulsory redundancy processes and In addltion to natural reductlon, reduced the
staffing FfA by approximately 30%. The impact on the Senior staff team was the rÈduttlon of Senior staff posts
from 7 to 5. There was an uplift of one post to create a thlrd SMT role-
l. Chief EKecutSve- Anna Clodfelter ISMTI
ii. Deputy Chief Executivé- Fern Lewis ISMTI
ill. Diredor of Membership Setwices- Brendan Mccarthy ISMT)
iv. Head of Central Services- Cherelyn Cuthbert
Head of Marketing and En8agement- Anita Butler
The five OflScer Trustees and the Senlor Managemènt Team arè members of thè Unlon's Leadership Team.
The role of the Learlership Team is to review the mld-level performance of the organlsatlon, approve
operational policies and toordlnate ongoing activities in accordance with the Unlon's strategy and directions
from the Board ofTrustees. The full term5 of reference for the Leadership Team can be seen within the Union's
byelaws.
The Union employs 28 permanent stsff and a further 30 occasional staff for the sake of quality delivery.
contlftuous improvement and for the management of its activities. All staff are accountable to the Chief
Executive for the performance of their duties, via è linè-management structure of delegated authorlty.

The Unfversity Portsmouth Student's Unlon
Report of the Trustees
For the Year Ended 31 July 2024
STRUCTURE GOVERNANCE AND MANAGEMENT {Continued
Salary bandings for all staff were revlewed through a sector ben¢hmarfting projert with Southampton and
Sussex SUS, against sertor comparators and taking into account post covid market shifts. They were agreed
by trustees in June 2022. they will be reviewed again in 2025.
The Union operates a performance related pay framework for all staff including the Strategic Management
Team. Staff are appraised against agreed annual objective5 by line managers and pay award5 are agreed
annually by the Finance and Risk Committee. The CEO obejrtives and pay award is approved by the 8oard
of Trustee, CEO appraisal 15 undertaken by a panel of Trustees who also oversee the DCE appraisal.
RELATIONSHIP WITH RELATED PAiYfiES
The relationship between the Universty and the Union is established in a Financial Memorandum of
Undèrstsnding and a Partnership Agreement. The Unlon receives a Block Grarbt from the University. The
Unlon also part-oceupies buildings owned by the University and enjoys a positive and supportive
relationship with th& institution,. this non-monetary support Is intrSnslc to the relationshlp between the
University and the Union and the associated benetits to the student body.
Although the Union continues to generate supplementary funding from various mutual-trading activities. it
s dependent on the University'5 Block Grant. The Universlty made a commitment to invest £250k for 2
years 22123 and 23124 for the UPSU Student Outcomes Change Project, with the ambition of establishing a
long term partnership and co-funded project. During the 23124 year the University needed to make
significant cuts to ensure the financial stability of the University. The 2nd year of the investment of £250k
was reduced by £63k and it was confirmed that ongoing funding for this work would not be available. The
University continues to review spending. It has been confirmed that the 61ock Grant remains ststic forthe
5th year. Whilst financially challenging for all. the Union appreciates the UniversitVs investment in the
Union and for cc*nfirminE that they will provide Continued financial support at similar levels of block grant
for the foreseeable future, subject to the￿r financial health.
The 1994 Education Act imposes a duty on the University to ensure that the Union operates in a fair and
democratic manner and is accountable for its finances. A joint Code of Practice and a Financial
Memorandum of Understanding exists between the two organisations whlch Is revlewed annually and
approved by both the Union Finance & Rlsk Committee and University Infrastructure and Flnance
Committee.
The Union'5 trading company,. Portsmouth Students, Union Tradlng Company Ltd IPSUT) is a wholly owned
trading subsi(liary company of the Union. which generate5 commercial income to support the Union's
charitable objectives. In 2023124 PSUT generated an operating profit of £79,429 from its activities. of
which £79.429 was gifted to the Union.
AFFIUATIONS
There were no affillatSon resolutions during the year 23124 as defined within the provisions of the 1994
Education Act.

The Unlversfty of Portsmouth Student's Unlon
Report of the Trustèes
For the Year Ended 31 July 2024
RISK MANAGEMENT
The Trurtees examine the major strategic, businèss and operational rlsks faced by the Union.
The Union maintains a rlsk reglster that is updated qLrarterly and fully reviewed annually wlth ex￿ptionS and
occurrences reported quarterfy to the Flnance and Rlsk Committee. Where appropriate, 5Y5tems or procedurès
have been established to mitigate the rlsks faced by the Unlon.
These procedurès are periodically revieweil to ensure that they contlnue to meet the needs of the Unlon.
Health & Safety proce55e5 and frameworks and Finance processes are continually revlewed and updated by
staff teams resulting in the embedding of excellent practice across the organisation.
Bud8etary and Internal control risk5 are minimised by the Implementatlon of procedure5 for authorlsatlon of all
transactions and projects. In addltlon, stringent procedure5 are in place to ensure the health and safety of staff,
volunteers and participants on all activities crganised by the Unlon.
All other types of rlsk have speclflc mitigation activltles that are delegated to senior and opèratlonal managers
of the Urhion.
OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS ANO PERFORMANCE
The Union currently oper4te5 a three year strategic cycle- 23124 was year one of the 23-26 Strategy as
developed. wlth student consultation, In 22123
Our VI￿On, Valugs and Guldlng Prln¢lples: Iupdated Aprll 2023 wlth Student c¢insultatlonl
Vlslon:
e have a positive Impact with every Portsmouth student-. students are heard. students ore empowered,
studenis thrlve".
Our Values:
A Unltjn you can count on
A Union led by stvdellts
A Union for every student
A Union that makes a difference
Guldlng Prlnclple5:
l. Students Democratically gulde us
11. Equity of Opportunityfor students
111. Our independent status Is paramount
IV. Partnerships strengthen our work
V. RÈlèvant and resilient for current and future students
Vl. We flght for students rights

The UnFver5ity of Portsmouth'$ Student Unlon
Report of the Trustees
For the Year Ended 31 ju￿ 2024
oBJE￿IVEs AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)
Our Constltuiional Objects: (as defined In our Artl¢le of Associatlonl
The Union Is committed to the fulfilment of its charitable objects for the publit benefit through the
advancement of education of Students at the University of Portsmouth for the publlc benefit by..
l. promotlng the interests and welfare of Students at the University of Portsrnoijth during thelr course
of study and representing4 SUPPOrting and adv15in8 Students,. being the recognised representatlve
channel between Students and rhe Unlvèrsity of Portsmouth and any other extemal bodles: and
2. providing 5tJcial, cultural. sporting and recreational actlwtie5 and forums for discussions and debate
for the personal dÈvelopment of its Students.
These are supplemented by the further object of..
'helping members to develot) their own charitable èctlvltie5 a5 actNe partlclpants In tlvll society., These objects
are wholly cgn515tent with the Union's Constitutional objects.
How we deliver our ObJetts:
In pursuit of these aims for the public beneflt, the Union has e5tabli5hed departments and servlces for use by its
member5 and works with the Univer5Ity and other organlsatlons on behalf of stLTrdents.
The Union ensures dtverslty of its membershlp Is recognisÈd by irrplementlng activity for and monltorln8 its
particlpation from all sectlons of the 5tsJdent community and by electin8 and supportlng students as champions
of Ilberation campaigns.
The Union Tepresent5 Students of the University on relevant local, natlonal and internatlonal issue5 by
maintaining a high proportion of student reprèsentatives- over 1200- but this 15 to be reviewed in 24125 to
increase the quallty of representation over the volume ot rÈprÈsentatives'.
¢ S Elerted Officers (formerly known as Sabbs - full time
0 20 student Council members- academlc, liberation and student experience rèp5
0 1.050 Course reps and 5 Faculty Reps
0 15 Unlon Led representative grwp leads - including PGM Ambassadors & Group Exec
Student representatTrves are prèsent on all policy and strategy making bodies in UPSLI and across the formal
governance strurture in the University. In Summer 2024, the collaboration and commitments for student
invglvement through Universlty development and decision making was fDrmalised in a reco8nised Partnership
AgrèÉmÈnt.
When revlewing thè Union's objertives and planning the Unlon's attivities, the Unign give5 due con5ideratlon to
thè Charity Commi55ion'5 general and relevant supplementsry guidance on public benefit.

The Unl¥ersity of Portsmouth Student's Unlon
Report of the Trustees
Forthe Year Ended 31 July 2024
OBJEcllvES AND A￿1vITIES, ACHIEVEMENTS AND PERFORMANCE IContlnued}
Our Alms and Outcome$ 2023124:
In year one of our 23-26 strategy the KPIS and aims were set and agreed by Board from benchmarks
established as part of the strategic development-
As an orginlsatlDn
upsu
202¥23
benchmark
8y 2026
recommendatlons
Question
Measured via
2023124
The students, union
effectively represents
students, academic
interests
I would recommend my
Student's Unlon
Representation
69.72%-
103rd
70.97%-
97th
Remain in Score
quartile 2
NSS Q26
Net Promoter Score
Annual Survey
-2.98
-16.35
-iOtoO
The Student's Union has
had a p051tive impact on
my time at University
Vision
Annual Surve¥
52.(XJ%
72.80%
How rnuch do you agree
that UPSU 15 a Union you
can count on
How much do you agree
that UPSU Is a Union led
by student5
How much do you agree
that UPSU is a Union for
every student
How mLrch do you agree
that UPSU is a Unlon that
makes a difference
Annual survey
60.30%
83.50%
No lower than
benchmark &
monitor over time
35 they are new
metrlcs
Annual Survey
42.00%
91.30%
Values
zEa
Annual Survey
69.00%
83.30%
Annual SuTvey
59.70%
79.00%
The full Smpact ￿port for the year 23124 can be found at
https'.//docs.google.comlpresentation/dlliAlhZhrUBgDbb-
GIPiFnxrae8iYVLtskrCUUcv502Vw/edit#slide-id.p
Due to the financial challenge5 and resultant restructuie that took place between November 23 and May 24,
the Union focussed its resources on core actlvity and the completion of the Student Outcome5 ProJect.
Informed by student dats, annual priorities were set as part of the Strategy development Ilnternational
students. Student Leaders. EDI, Cost of Livin& Climate, Digital and Wellbeing)
Our Functions all have annual plans to deliver objectives line with the strategy- there are plans for
Advice. Representation. Developmen¢ Projects, Marketin& Insights. Central Services and the Busine55
A detailed annual operational plan with supporting operational aims and KPIS in line with the delivery of the
Unions strategic objectives can be obtained by request by emailing hello@upsu.net

The Unsverslty of portsm0￿h Student's Unlon
Report of the Trustees
For the Year Ended 31 July 2024
Operational Otrtcomes 23124:
l. To achievè the overall budget for the union for 2023124
A. Achieved wlth a deflclt of E71,435 against a deficit of £76,481 on the overall budget.
2. To achieve the budget for PSIJT- trading cornpany- for 20231Z4
A. Not achleved with a 5urplu5 of £79,429 agalnst a budgeted surplus of £140,992
2. To maintain a S year forward flnoncial plan In-line with Future Union strateglc alms..
A. Due to the uncertainty of future Block Grant increases, the 5 year Financial plan has been updated to reflect
the University position. In antlclpatlon of funding di5CU55ion5 Wlth the University in earfy 2025 the forward
plan ha5 assumed a freeze in block grant and deficit budgets sub5idised by reserves in excess of reservès policy
levels for thÈ next two years ending in 25n6 and circa £150k deflclt for 26/27.
3. Business as usual- qu8lity outcomes for Uop students
A. Of the KP15 across a range of representative, welfare and development objectives for the organlsatlon..
. 75% Succe55 or. exceeded
li. 25% Not met ol removed
VOLLINTEER CONTRIBUTtON
In achieving thE objectlVe5 above there has been a slgnificant contribLttion from ThÈ Unltsn's studÈnt volunteers.
ThÈ Union has approximately 7,IX)O Unique Society members that are supported to f3fjilit4te and participate in
student activities. In addition to this we had approximately 800 Course Reps, 5 Faculty Reps and 12 Student
Councll membeis.
There were 700 commlttee members for student groups* collectively volurbteerlng ovef 22.400 hours across thÈ
year. This èttlmatlon Is based on anecdotal dlscu55ion5 wlth commltteè members at our'Groups DrorFIn',
where most agreed that they avera8ed around an hour of admin per weok of the academ1¢ year.
Our faculty ￿p5 recorded roughly 300 hours of volunteeringi course reps recorded 30,000 hours of volunteer
time and student council mèmbers around 200 hours.
FINANCIAL REVIEW
The group's gr05s income from all sources totallÈd £1,849,63812023'. £1,991.9821. Core expenditure was
EI,798,65712023..£1,843,5971 plus a further mf)vement in Pension deflcit liability of loss of £126,501 due to an
increase In inflotion and ￿ValuatIon ¢f the pension12023'. £347,036) giving a 2024 total of £1,716.54412023:
£1,724,263) and, other than the pension movernen¢ was broadly within the stated budget wlth the followlng
exception5'.
Reduction of £63.4k in UOP fundln8 from the second year of Student Outcomes Project due to UOP
going through a reset process
Decrease In management charge income of £27.Ik due to recruitment gaps reduction in operatin8
costs.
Decrease in PSUT income of £60.2k of which £SOk had been already reported and agreed at the
Board of Directors due to unrealised targets in QI. A new target for Retail of £64.7k was not
achIe￿d. The data idÈntified the same number of customers but lower value pÈr transartion (total
under budget C)f £16.8kl. Partnerships had been reduced by £65k due to nighi time economy partner
and inhouse sales to £154.6k achieving only £145.2k due to loss of Graduation opportunlty due to
UOP model of inviting clients onsltè for zero cost (total under budget of £74.5kl both offset by and
undErspend on expense5 of £31.Ik
£126.7k underspend in Salaries due to ￿¢ruItMent gaps and reset in year, redundancies and
assoclated staff churn
E22.4k overspend on casual stsff additional shifts to cover recruitment gaps

The Unlverslty of Portsmouth Student's Unlon
Report of the Trustees
Forthe Year Ended 31 ju￿ 2024
FINANCIAi REVIEW Icontlnuedl
E28.9k underspend on Operating costs made up from £15.8k In central costs mainly due to
depreciation, prlnting reduction. Irrècoverable VAT Teduction, £16.Ik in Finance mainly due to not
implementing the onboarding 5VStem. pause on a governance rèvlew as one was Completed in the
prevlou5 year and additional interest on bank accounts, offset by £3.6k overspend gn HR mainly due
to recruitment char8e5
The Union budgeted an overall deficlt In 23124 approved by Trustee5 of £76,481. This Ove￿11 budget Includes
payment of the in year pension deticit contribution. A deficit of £71,435 was achieved.
When comparing agalnst the core budget only. which excludes the pension contribution, the union achleved a
surplus of £64,123 compared to è budgeted Surplus of £57,739.
Thls positlve outcome Is credit to the staff teams who responded at pace to make c95t 5aving5 to meet in year
revised budgets and efficiencie5 whilst protectinB the quality of service to our student members, all In a year of
slgnificant disruption and change due to the unplanned restTUCture.
The Union has continued to benefit from the recognltlon and support of the University. and for 23124 thè Unlon
re￿iVed £1,267,551 in block grant.
The Union last revlewed its rese￿e5 requlrements durlng 22123 assesslng the required amount of charltsble
funds allocated to Reserves and Development funds. The updated reserves policy was slgned off at Finance &
Risk Committee in October 2022- the reserves and development funds policy Is as follows..
e calculated minimum reserves Is £246k.
An additional balance of reservès are deslEnated to be utlllsod forthÈ dèvelopment fund. This amount will be
determined periodically by the board/committee. The amount avallable will not exceed the diffetsnce between
the free reserves and thÈ minimum reserves.
The de￿IttPMent fund is avallable ft>r longer term Unltsn development or to provide speciflc protection against
the pensions related risks in future years"
Thè Union's free reseNes stood at £574.11812023.. £648.2841 at the year-end which meets the Union's desired
reserve levels. Reserves have been calculated as *ollows'.
Total reserves
Le￿.. Restrictèd reserves
Add.. Penslon deficit
Le55.. Fixed assets
1,079,595
62,831
1,716,544
574 118
The Union's accounts show an updated provision for the future liabilities due to the Students, Union
Superannuation Scheme basèd on the 30 lunÈ 2023 valuation. Thè valuatitsn of the liabilities show the amount
avallable to pay pension beneflts In the future has de¢llned when compared to its fvture Ilabilities. The Unlon in
corrmon with other participating student unions has to pay its share of the Intre3sed funding 5hortFall and is
requlred to pay inirea5ed contributions based on previous contribution5 payable and the term has bèen
extended. A separate ￿SerVe has been created in the accounts due to the long-term nature of the liability.
The Union acts as trustee for restricted fvnds raised by the students, rnany Clubs and Socleties amountin8 to
income of £20.53012023= £25,799) and expenditure of £29,60312023: £22,6801 in addition to the grant-
supported fvnds disbursed to them as Shown in the accounts.
io

The Unlverslty of Purt5mouth Student'5 Unlon
Report of the Trustees
Forthe Year Ended 31 July 2024
FINANCIAi REVIEW (Continued)
student Groups at the Union raised around £7,000 in actlvlties and fundraisers this year for local and national
charitles. The process has changEd to increase development and independence for our groups. we lèt them do
thls all Indepet)dently with little input!
The Unlon did not make any grants to other oryanlsatlon5 during this or the precedlng year.
The Trustees conflrm that the Union has suffltlènt funds to meet all its obli8ation5. The Block Grant for 2024125
ha5 been set at £1,267.554 the Student Outcomes additional funding received for the last two years has now
ceased with an in year reduction of £63.Sk of the budgeted £250k. The Union is very grateful forthè Block Grant
fundlng and the Investment for the Student Outcomes Project from the Unlversity received over the last two
year5. The commercial actlvltles for 2024125, through PSUT, are budgeted at £87,254.
FUTURE PLANS
Despite a significant reductlon in staffing and re5ource5, the Unlon remalns committed to furthering its
charrf(able objèctlve5 through setting stretching targets In delivering eycellent activities, servlces and
representatlon to Unlverslty of Portsmouth students.
Year two of our Strategic plan dellvery continue5 Wlthin the three theme5:
Academlc Suttes5- All studenw aCade￿IC outcomes are improved as a result of the work that we do
Future Readlness- Student5, futures are made clearer and enhan￿￿ by the work that we do
Soclal Capltsl- Students are supported to find themselves, be themselve5, connett and belong
Each theme has a set of commltments Idèntifying the key outcomes that'students will say,. aiming to rètain
focus on the positive impart we dellver for students.
Strategy and commitments can be found at
https-//docs.8oogle.comldocumentld/lFojcfDFtvjNHNRrqMj4XIFdG￿LMweaN￿aK7squPyM/edIt?ta￿-t.o
The Plans, Objectlves and KPIS for 24125 can be found at
https-/ldoc5.google.comlsprÈ3dsheets/d/lTbq5UBDHOHuyoqeZRpFNuSYgpEWNYqbcudh3dlFSFGwledlt?gld=49
378(K142#gid=493780042
Our annual priorities for 202415, as informed by student data are-
Student Mental Health
Cost of Living
Belunging and Communlty
Our enabling stratÈglÉs remain as:
Climate and Sustainablllty
•EDI
People
. Spa￿5
• Tradln8
Finance
li

The UnlversSty of Portsmouth Student's Unlon
Report of the Trustees
For the Year Ended 31 July 2024
FUTURE PLANS Ictsntinuedl
Additlonal areas of focus for 24125 include:
Reforming the academic rep structure- a pilot commences September 2024 with the alm to
Smplement a se¢ttsr leadlng framework for Sept 25
The completlon of the bulldSng move into temporary accommodation for two year5- Nov 24
The socialising and optimising of the new Partnership Agreernent across faculties and services.
supported by our DVC Education as the Uop lead partner in this prolect, we are very grateful
for her support In developing and Implementing thls long needed partnership framework-
from Oct 24
University StrategyAlrgnrnent- as the Universlty revlses Its strategy, the UnSon wlll seek
opportunities to support and enhante the aims and objectives of the Unlversity for the benefit
of students- Oct 24 onward5
12

The Unlverslty of Portsmouth Studenvs Union
Report of the Tlustees
For the Year Ended 31 July 2024
Trusteorf respon5itiilities in relation tt> the flnanclal statements
The trustees Iwho are also the direttors of The Universlty of Portsmouth Student's Unlon IA Company
Limlted by Guaranteel for the purposes of Eofflpany lawl are re5pon5ible for preparing the Report of the
TrL￿e5 and thè flnan¢lal statements in accordance with applicable law and Unlted Kingdom Accounting
Stsndards Iunited Kingdom Generally Accepted Accountln8 Practice).
Company law rpquire5 the tru5tee5 to prepare flnancial statements for each flnancial year which give a
true and fair view of the state of affalrs of the charitable company and of the Sncoming resovrces and
application of resources, including the income and expenditure, of the charitable company for that
period. In preparing those financial statements, the trustees a￿ required to..
• select sultablÈ accounting policies and then appfy them conslstenlly-
observe the methods and prir7ciples In the Charity SORP;
make Judgements and estimates that are reasonable and prudent,.
prepare the financial statements on the 80ing concern basis unless It Is Inappropriate to
presume that the charltable company will continue in business.
Thè trustees are responsible for keeplng proper accountin8 records whlch disc105e with reasonable
accuracy at any tlme the financial position of the charitable company and to enable them to ensure that
the financlal statetnent5 wrnply with the Companles Act 2006. They are also responslble for sèfeguarding
the a55ets of the charitable company and hen￿ for taking reasonable step5 for the prevention and
detedion Of fraud and other irregularities.
In so far a5 the trustees are aware..
• the￿ is no relevant audit infomiatlon of which the charitable company's auditors are
unaware- and
the trustees have taken all steps that they ought to have takerh tty make themselves aware of
any relevant audit information and to establish that the auditors are aware of that
Appolntment of Auditor5
In accordance with the unlon's financial procedures a formal tender process was undertaken in April 2022
to appoint auditors for121122} the Auditors were appointed by the Board of TrLtstÉès on 28th June 2022
and the next tender process wlll takè place in April 2026.
ThSs repDrt ha5 been prepared having taken advantage of the small tompanies, exemption in the
Companies Act 2006 and was approved by the 8oard and slgned on Its behalf.
Approved by order of the board of trustees on 23rd October 2024 and signed on its behalf by..
Anwar lawula IDemocrary & Campaigns Officer, Company Secretary)
13

R*port of the Independent Audltors to the Mernbers of
The UTrlversity of Portsmouth Student's Union
For the Year Ended 31 July 2024
We have audited the financial Statements of The University of Portsmouth Student's Union (the 'charitable
company'l for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial
Activities, the Consolidated and Charity Balance Sheet, the Consolldated Cash Flow Statement and notes to
the flnancial statements, including a summary of Significant accounting policies. The financial reporting
framework that has been applled in their preparation is applicable law and United Klngdom Accounting
Standards (United Kingdom Generally Accepted Accountlng Practlcel.
Oplnion on financial stalements
In our opinion the flnanclal statements:
give a true and fair view of the state of the group's and the tharitable company's affairs as at
31 July 2023 and of the groups iDcomirbg resource5 and application of resources. Including its
income and expenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practlce.. and
have been prepared in accordance wlth the requlrements of the Companles Act 2006.
Basls for oplnlon
We conducted our audlt In accordance wlth International standards on Auditing IUKI IISAS IUKII and
applltable law. Our responsibillties under those standards are further described in the Auditors
responsibilities for the audit of the financial ststements section of our report. We are independent of the
charitable company in accordance with the ethical requlrements that are relevant to our audlt of the
financial statements in the UK. including the FRC'5 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 relatin8 to 8olnE concern
We have nothing to report in respect of the following rnatters in relation to which the1SAs IUKI requlre us
to report to you where..
the trustees, use of the going concern basis of accounting in the preparation of the flnancial
statements is not appropriate- or
• the trustees have not dlsclosed in the financial statements any identified material uncertsinties
that may cast significant doubt about the charitable company's ability to continue to adopt the
going concern basis of accounting for a period of at least twelve months from the date when
the financi315tatements are authorised for issue.
Oplnlon on other matters prescribed by the Companies Act 2006
In our opinion, basod on the work undertaken in the course of the audit-
the information glven in the Report of the Trustees for the flnancial year for which the flnancial
statements are prepared is consistent wlth the financial statements: and
the Report of the Trustees has been prePa￿d in accordance with applicable legal requirements.
14

Report of the Independent Audltors to the Member5 of
The University of Portsmouth Student'5 Unlon
For the Year Ended 31 July 2024
Other Infomiation
The trustees are responslble for the other information. The other informatlDn comprises the Information
included in the annual report, other than the financial statements and our Report of the Independent
Auditors thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connettion with our audit of the financial statements, our responslbility is to read the other information
and, in doing so, consider whether the other infomiation 15 materially inconsistent with the financial
statements or our knowledge obtained in the audit or othe￿ise appears to be materially mi55tated. If,
based on the WDrk we have performed, we conclude that there is a material misstatement of thi5 Other
information, we are required to report that fact. We have nothing to report in thi5 regard.
Matters on whlch we are requlred to report by exceptlon
In the Irght of the knowledge and understanding of the charltable company and it5 environment obtained in
the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the followlng matters where the Companies Art 2005 requlres us to
report to you if, in our opinion-
adequate accounting records have not been kept or returns adequate for our audit have not
been received from branches not visited by us- or
the financial statements are not in agreement with the accountlng records and returns; or
• certain disclosures of trustees, remuneratlon specified by law are not made; or
we have not received all the information and explanations we require for our audit- or
the trustees were not entitled to take advantage of the small companies exemption frorn the
requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responslbllities of trustee$
A5 explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the
directors of the charitable company for the purposes of company lawl are responslble for the preparation of
the financial Statements and for being satisfied that they give a true and fair view. and for such internal
control a5 the tru5tee5 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 re5pon5ible for asse55ing the charitable company's
ability to continue as a going concern, di5closingi 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
orto cease operations, or have no realistlc alternative but to do so.
15

Report of the Independent Audltors to the Members of
The University of Portsmouth Student's Unlon
For the Year Ended 31 July 2024
Our respon51bllltie5 for the audlt of the financlal statements.
Our oblectives are to obtain reasonable assurance about whether the financlal statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent
Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit condutted in accordance with ISAS IUKI will always detect a material
misstatement when It exlsts. Mi55tatements can arise from frdud 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 statement5.
Irregularities, including fraud, ore instances of non-compliance with laws and regulations. We deslgn
prO￿dureS in line with our responsibilities, outlined above, to detect material misstatements In respect
of irregularities. including fraud. The extent to whlch our procedures are capable of detecting
irregularities, including fraud is detailed below..
From discussion with management and those charged with governance infomiatlon about the entity 15
documented to assess the activity within the organisation. We discuss managemenvs assessment of risk
in respect of irregularities. fraud and going concern.
Based on these discussion5 and our own a55e55ments we determined that the key risk area5 were income
recognition in respect of cut off issues and management override concerning the size of the organisation.
We set financial statement materiality level based on the level of income. As a not for profit organisatlon
raising income is its primary focus which is why income was used to determine the level of materiallty.
Our overall assessment of risk was used io determine performance materiality at an appropriate level.
Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough
testing confirmed documented systems which have been designed to act as a preventattve measure
against fraud and error which appear to be operating as documented. Substantive testins tested a sample
of the population, representative of the population, to identify errors. The testing did not Identify any
material misststements in areas tested.
Audit substantive tests concluded no material errors over the key risk area5 Of income recognitlon and
management override.
The audit considers the organisation is not exposed to material risk of error as a result of assessing laws
and regulations that are appropriate to the organisation.
Management assessed there 15 no going concern risk. The audit undertook a review of budgets,
management accounts and the review of board mlnutes and came to the same concluslon as
management.
16

Report of the Independent Auditors to the Members of
The Univer51ty of Portsmouth Student's Union
For the Year Ended 31 July 2024
Use of our report
This report Is made solely to the eharltable company's members, as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit wotrk has been undertaken so that we
might state to the charltable company's members those matters we are required to state to them in
an auditors, 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 worl for this report, or for the opinions we have formed.
Paul Underwood (Senior Statutory Auditorl
for and on behalf of Morris Crocker knmited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
P09 IQU
Date..
17

The Unlverslty of Portsmouth Student's Unlon
Consolldated Statement of Flnan¢lal Actlvltles
Forth• ￿ar ended 31 July 2024
Unrestrlcted
funds
Re5trl£ted
fvnd5
Total
2024
Total
2023
Note5
INCOME AND ENDOWMENTS FROM
Donations and le8acles
Other trading activities
Income from Investments
Charitable actlvities
Other incorne
1.535.780
260,842
3.839
16,833
11,814
1,535,780
260,842
3.839
37,363
11.814
1.649,156
289.302
1,785
43,990
7,749
20,530
Total Income
1,829,108
20,510
1,849.638
1.991.982
EXPENDITURE ON
Ralsing funds
69,605
69,605
75,750
Charltable actlvltie5
1,699,449
29,603
1.729.052
1.757.847
Total
1,769,054
29,603
1,798.657
1,843.597
Net Inc•mell•xp•nd￿re)
60,054
19.073)
50,981
148,385
Other recogni5ed galnslllosses)
Actuarial 8ains/llossesl on defined benefit
5cheme5
1126.5011
1126.5011
1347,0361
Net movements In funds
{66.4471
19,0731
175,5201
1198.6511
Reconciliailon of fund5
Total funds brou8ht forward
11,075,979)
71,904
11.004,0751
1805.4241
Total fvnds ¢arrled fonvard
11,142,4261
62.831
11,079.5951
11.004.0751
All incorning re50ur¢es and resour￿$ expended a￿ derived from continuing actlvSties.
18

The Unfverslty of Portsrnouth Studènt's Unlon
Consolldated Balance Sheet
Forthe year ended 31 ju￿ 2024
fjfQllP
20Z4
fjroup
2023
£￿00
tharlty
2024
£'ooo
Charlty
2023
£'ooo
Note5
Flxed a55ets
Tangible assets
Investments
14
Total flxed assets
Current a5set5
Stocks
Debtors
Cash at bank and in hand
46.971
27,360
755.352
63.426
48,277
732.774
16
90.272
721.677
132.391
693,659
Total current assets
829,684
844,477
811,949
826,050
Uabifitles
Creditors falling due within one year
17
1192.7351
1124,2891
1175.0011
1105.8631
Net current assetsllllabllltlesl
636.949
720.188
636.948
720,187
Total a$5ets le55 ¢urrent liabllltle5
636,949
720,188
636.949
720,188
Pr¢￿Slon$ for Ilabl￿tIeS
22
11,716,544)
11,724,263)
11,716,544) 11,724,2631
Net1114bllltle5l/assetS
11.079.595)
11.004,0751
11.079.5951 11,004,075)
Funds
Pension deficit
General fund5
11,716,544)
574.118
11,724,263)
648,284
11,716.5441 11,724.2631
574,118
S48.284
Unrestricted fund5
20
11.142.426)
{1.075.9791
11,142,426) 11,075,979)
Rèstricted funds
62,831
71.904
62.831
71,904
Total charlty funds
11,079,595)
11,C¥)4,0751
11,079,595) 11,004,075)
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Att 2006 r¢latin8 to Charitable small companies.
The financlal statements were approved by the Board of Trustees on 23rd October 2024 and were slgn•d on its
behalf by..
Anwarlawula IDemocrary & Campaigns Officer, Cornpany Secretary)
The notes form part of these financi31 statements
19

The Univèrsity of Portsmouth Student's Union
statement of Cash FI0￿ry and Consolldated Statement of Cash Flows
for the year endlnB 31 July 2024
Group
2024
Group
2023
Charlty
2024
Charity
2023
Notes
Net Income for the reportlns perlod (as per the statement of flnanclal actlvltle51
Cash generated from operations
18,740
159,4221
24,180
180.5531
Net cash provlded by {used In) operatln8 actlvltles
18.740
159,4221
24,180
180,5531
Cash flows from investing ac11￿￿e9
Interest income
3,839
1,785
3,839
1,785
Purchase of tangible fixed assets
Cash provlded by (used In) Investlng actlvltles
3,839
1,785
3.839
1,785
Change In cash and cash equlvalents in the
reporting period
22,578
157,6371
28,018
178,7681
Cash and cash equivalents at the beginning
of the reporting period
732,774
790AII
693,659
772.427
Total cash at the end of the year
755,352
732.774
721,677
693.659
20

The Unlverslty of Portsmouth Student's Union
Notes to the C05h Flow Statement
for the year ended 31 July 2024
11 Reconcillatlon of net 5rKome to net cash flow from operatln8 artivitie5
Group
2024
Group
2023
Charfty
2024
a)arity
2023
Net income for the reporting perlod (a$ per the
statement of flnan¢ial artivitie5)
Adjustments for:
DepreciatSon char8èS
Interest income
Flnance cost of pension deficit
Penslon deficit Tepayments
Decrease/lincreasel in stocks
Ilncreasel/decrea5e in debtors
Increaselldecreasel in creditors
175,5201 1198,6511 175.5201 1198.6511
,000
12,IXJO
13,8391
11,7851
13.8391
11,7851
126.501
347,036
126,501
347,036
1134.2201 1127,824) 1134,2201 1127,8241
16,455
115.7991
20,917
7,978
68,446
182,3771
42.120
69,138
123,8271
187,5021
Net ¢a5h provided by lused In) aperatlng artlvltles
18,740
159.4221
24.180
(80,5531
21 Analysis of changes in net debt
Group
At 1.4.Z3 Cash flow At 31.3.24
Net Cash
Cash at bank and In hand
732.774
22,578
755,352
732,774
22,578
755.352
Compinv
At 1.4.23 Qsh flow At 31.3.24
Net cash
Cash at bank and In hand
693,659
28.018
721,677
693,659
28,018
721,677
21

The Unlversity of Portsmouih Student's Union
Notes to the Flnanclal Statements
For the year ended 31 July 2024
Accounting Pollcles
Basls of preparatlon
The finantlal statements of the charitable companyi which is a public benefit entity under FRS 102, have
been prepared in accordance wlth the Charities SORP IFRS 102) 'Accounting and Reporting by Charities-
Statement of Recommended Prartice applicable to tharities preparing their accounts in accordance
with thè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I
january 20151,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, and the Companies Act 2006. The financial Statements have been prepared
under the historical cost convention with the exception of investments which are included at market
value.
The consolidated financial statements have been prepared on a going concern basls as the trustees
believe that no rnaterial uncertainties exist. The trustees have considered the level of funds held and
the experted level Df income and expenditure for the 12 months from authorising these financial
statements. The budgeted income and expenditure is sufficient with the level of reserves tor the
charity. The Charitable company do@s participate in a define(I benefit scheme and at the date of this
report the liability on this scheme was £1,716,544 which is repayable by annual instalments. This
liability is currently ring-fen￿d in the unrestricted reserve5. The trustees have consldered thSs factor In
their assessment and they do not cDnslder there to be any slgnificant concern in being able to contlnue
a5 a going concern.
Group financial statements
The financi31 statements consolidate the results of the charity and its wholly owned subsldlary
Portsmouth Students. Union Trading on a Ilne-by-line basis. A separate Statement of Financial Artivities
and Income and Expenditure Account for the charity has not been presented because the Trust has
taken advantage of the exemption afforded by section 408 of the Companies Act 21x16.
Income
All income 15 recognised In the Statement of Financlal Actlvities once the charlty has entitlement to the
funds, It Is probable that the income will be received and the ?mount can be measured reliably.
Expendlture
Liabilities are recognlsed as expenditure as soon as there is a legal or construrtive obligation committing
the charity to that expenditure, it is probable that a transfer of economlc benefits will be required in
settlement and the amount of the obligation can be measured rellably. Expenditure is accounted for on
an accruals basis and has been classified under headln8S that aggregate all cost related to the category.
Support cost alliKation
Support costs are those that as51St the work of the charity but do not dlrectly represent charltable
activities and include office costs, governance and administrative payrtsll costs. They are Incurred
directly in support of expenditure on the objects of the charity and include project management. Where
support costs cannot be directly attributed to particular headings they have been allocated to
expenditure on charitable activities on a basis con515tent with the use of resources.
22

The Univèrslty of Portsmouth Student's Unlon
Notes t¢ the FSnanclal Statements
Forthe year ended 31 July 2024
Auounting Pollcles contlnued
Donated s•Nlces and facllltles
Thè University of Portsmouth provldes the thartty with office space and sports facilitles at nci charge. As
required by Charltle5 SORP IFRS 1021, the donation of these farilities is included a5 an in£oming resource
within note 2 and a matching OUtgo5ng resource wiihln the 5tztement of financial actSvltie5 at the tru5tees'
estimatt of their valuè to thè tharity.
Employee benefits
When employee5 have rendèred serviceto tho charity. short-term employee benefits to whlch the employees
are entitled are recognised at the undiscounted amount experted to be paid in exchange for that service.
PensloEJ Costs and other post-retlrem?nt benefits
The charitable cornpany operate5 a defined contrlbutlon penslon scheme. Contrlbvtions payable to the
charltable company's penslon scheme are charged to the Statement of Financial Activities in the peritsd to
which they relate.
Unlverslty of Portsmouth Students, Unlon partlclpates In the Students. Union Superannuation Scherne1SUSSI,
a defined benefit scheme which is exterTha1￿ funded and contrarted OLrt of State Second Pension. The fund is
valued at least every three year5 by a professionally qualified independent actuary wych the rates of
contribution payable belng determlned by the pension scheme tfustees on advlce of the actuary. The scheme
operates as a pooled arrangement, with contrlbutlons paid at a centrally agreed rate. As a consequence. no
Share of the underlying assets and Ilabilities can be directly attributed to University of Portgmouth Student's
Union. Under the terrns of FRS 102, the discounted present value of future cash flows under a deflclt funding
arrdngernEnt is included as a Ilabillty in the52 accounts and the change in that valuation from year to year is
taken to the statement of flnancial actlvitles.
Wlth effett from 30 September 2011 the scheme was closed to future actrual. Payments tri the SUSS
contlnued afterthe closure of the scheme In the form of deffcit funding and levies.
Tangible fixed 359et$
Dep￿tiation 15 provided at the following annual rates in order to write off each asset over its estimated
useful Ilfe.
Mc*tor vehlcles
Fixtures and flttlngs
AU Equipment
25% on cost
IO% and 2CPA on cost
33% on cost
Flxed asset investments
Fixed asset investments comprise the entirè share Capital of the charity's subsidiary trading company,
Portsmouth Students, Union Trading ￿rnited. Th• investment is valued at cost on the basi5 there 15 no
avallable falr value for the share capltal.
Flnancial Instruments
The company only enters Into baslc fln2nclal Instruments transactions that result in the recognition of
financial assets and liabilities like trnde and other accounts receivable and payable, loans from banks and
other third partie5 and loans to related parties and investrnents in non-puttable ordinary share5.
23

The UnlveTSity of Portsmouth Student's Unlon
Notes to the Flnanclal Statèments- Conllnued
For the year ended 31 July 2024
l Accountlng Polkles. contlNed
Trade ?nd other debtor5
Short term debtors are measured at tran5artion prlce. léss any Impalrment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost U51ng the
effectTrre interest method, le55 any impalrment.
Cash and cash e4U4valènts
Cash and cash equiwdlent5 Comprise cash at bank and on hand, deposits wtth banks and other short-term
highly liquld Investmènts and bank overdrdfts. In the balance shee( bank overdrafts are shown wlthln
borrowlng5 or current liabilities.
Trnde and other credttors
Short term trade creditors are measured at the tran5aCtlon prlce. Other financial liabllitles, including bank
loan5, are measured initially at farr value, net ol transartion costs, and afe measured subsequently at
amorti5ed c05t using the effective interest method.
Stocks
Stocks are valued at the lower of cost and net reallsable value, after making due allowance for obsolete and
slow Mo￿nE Items.
TaKatlDn
The charity is exempt from corporatlon tax gn it5 charitable actlvities.
The company Is subject to tax which ￿ recognised at the amotjnt of tax payable using the tsx rate5 and laws
that have been enacted of Substantively enacted by the balance Sheet date.
Fund a£￿u￿tIn
Unrestricted fund5 can be used in accordance with the charitable objective5 at the discretion of the trustees.
Rèstrided funds can only be used for particular restricted purposes wlthin the objects of the tharity.
Restrictions arise when specffied by the donor or when funds are raised for particular restrirted purposes.
Further explanation of the nature and purpose of each fund 15 included in the notes to the financial
statements.
Donations and leg4¢ies
2024
2023
Block grant received
Addkional 8rants recewed
Donated Facilities
1,267,560
186.620
81.600
1.297,556
270.000
81.600
1,535.780
1,649.156
24

The University of Portsmouth student's Union
Notes to the Flnanrlal Statements- Contlnued
F¢r the year ended 31 July 2024
Othertradlng actlvltles
Z024
2023
Income from tradlng subsldlary
Commercial partnershlps
Retsll Income
Other income
145.260
115,582
164,971
123.531
800
260,842
289.302
Income from investments
2024
2023
Bank deposlt Interest
3.839
1,785
3,839
1,785
Income from charitablè actlvltles
2024
2023
Development- Group Income
37,363
43,990
37,363
43,990
Other Income
2024
2023
Events
Postage
Other
9,702
1,765
347
5.8QO
1.244
705
11,814
7.749
7 Charitable a¢tivitie5 Costs
Support
sts
(note 8)
Dlre¢t
Costs
Totals
Devèlopment
Representation
Welfare
Other charitable artfvitie5
74.283
190,862
24,144
464,257
473,631
464,257
37,618
538.540
664,493
488,401
37,618
289,289
1.439,763
1.729,052
25

The University of Portsmouth Student's Union
Notes to the Financlal Ststements- Conttnued
For the year ended 31 Juty 2024
Support costs
Central
Operatlons
Go¥emance
Costs
Totsls
Development
Representstion
Welfare
Other charitable attivities
463.899
473.273
463.899
9.983
358
358
358
464,257
473,631
464,257
37,618
27,635
1,411,054
28,709
1,439,763
Support costs have been apportloned on a basls that Is consistent wlth use of resources.
Support costs. included in the above. are as follows..
Central Operatlons
Z024
Total
actlvk185
2023
Total
actlvltie5
Salaries and training
Membership engagement
Central admin and overheads
Irrecoverable VAT
Central depreciation
993,650
S2,194
359,156
6.054
1,012,947
42,825
366,617
3,762
12.000
1.411.054
1.438,151
Governance costs
2024
Totsl
activitles
2023
Total
a¢tivities
Audit
Central Admin
Management attounts
Trustee Expense5
11,607
5.588
10,500
1,014
12,350
6,465
10,682
321
28,709
29.818
26

The University of Portsmouth Student'5 Unlon
Notes to the Flnanclal Statements
For the year ended 31 July 2024
9 Raislngfund5 expendlture
2024
2023
Other activities
69,605
75,750
10 Net Incomellexpendlture)
Net income/lexpenditurel 15 Stated after charginyjlcreditingl:
2024
2023
Audltors, remuneration- current audttors audit fees
Depreciation- owned assets
11,607
12,350
12,OlXI
11,607
24,350
11 Staff costs
2024
2023
Wages and salaries
Social security tosts
other pension costs
1.236,300
74,219
26,168
1,210.890
84.453
25.190
1,336,687
1,320,533
The average monthly number of employees during the year for the group was as follows..
2024
99
2023
ioi
There average number of employee5 Wlth emoluments (excludin8 employer pension contributions and
employer National Insurancè contributions) above £60,CKJO in this or the preceding year is a5 follows..
2024
2023
£70,001- £80.000
The key personnel management of The University Portsmouth Student's Union are considered to be
the CEO, Deputy CEO, Director of Student Engagement and the Head of Central Services. The total
remuneration paid in the year ended 31 July 2024 amounted to £220,60512023: £185,9541.
27

The Unlvet%lty of Portsmouth Student's Unlon
Notes to the Flnandal Stattmertts
For the year ended 31 July 2024
12 Flnanclal PÈrFormancé of the charlty
Thè consolldated statement of financial activities Includes the results of the charit¢5 wholly owned subsidiary
Portsmouth Students, Unlon Trading Umited.
The summary financ5al perforrnar￿ of the charity alone Is..
2023
Turnovef
Expendlture on charitable actwities
Other reco8nised gains/llossesl
Net Income
1,780,033
1,916,232
11,729,052) 11,767,847)
1126.5011
347.0361
175,5201
{198,6511
Total funds broughtforward
11,004,075)
1805,4241
Totsl fvnds carried forward
11,079,595) 11,004,075)
Represented by:
Unre5trKted funds
General Funds
Penslon Deflelt
Restricted funds
574.118
648,284
11.716.544) 11.724.263)
62,831
71,904
11.079.5951 11.004.075)
13 Flnandal Performan¢e of the subsldlary
Portsmouth Stud&nts' Union Trading Company Limlted is a wholly owned trading 5ubsidlary Incorporated In the
United Kingdom (company number 063203821. A summary of the trading resuhs Is shown below.
The summary financial performance ofthe sub5idlary aSone is..
2024
2023
Turnover
Cost of sales and administration costs
Management charges
260,842
169.2241
1112,1891
79,429
289.302
175.3691
1139,5531
74,380
Glft ald payment to UPSU
179.4291
174,3801
Net profit
Retained in subsidiary
The assets and liabilities of the Portsmouth Students, Union Tradlng Company timited w?re:
2024
2023
Totsl assets
107,497
1107,4961
123,226
1123,2251
Total netassets
AggregatE share capital and resetves
28

The Unlver5fty of Portsmouth Student's Unfon
Notes to the Flnandal Statement5
For the year ended 31 July Z024
14 TaD8ible flxed a$5ets- Charity and group
FIMture5 &
ffttlng5
Total
Cost
At I Au8USt 2023
Additions
Disp05315
215,248
215,248
At 31 July 2024
215,248
215.248
Depreclatlon
At I Au8USt 2023
Charge for year
On disposals
215.248
215.248
At 31 July 2024
215.248
215.248
N•t IM>tskvalue
At 31 A￿lY 2024
At 31 July 2023
15 Stock5
2024
2023
Stocks
46,971
63,426
16 Debtors
Group
2024
Group
2023
Charlty
2024
Charitv
2023
Trade debtors
Prepayments and accrued incorne
Other debtors
Intèrtornpany
27.360
21.623
26,654
SID
938
26,654
89,762
104,799
27.360
48.277
90,272
132.391
29

The Unlverslty of Portsmouth Student'5 Unlon
Note5 to the Financial Statements
For the year ended 31 July 2024
17 Credltors: Amounts FallNw due wlthln one year
Group
2024
Group
202a
Charlty
2024
Charltv
2023
Trade creditors
Social security and other taxes
Accruals and deferred inwme
Other creditors
VAT payable
8,460
2,048
19,137
149,169
3.106
1.542
4,703
19.137
159.864
3.287
8,400
192,735
107,610
5.664
2,555
95.572
4,472
1,116
124,289
175,001
105,863
18 Deferred Income
Deferred income relates to additional block grant income received in advance to offset some of the
inflation for the 2023124 year.
Group
2024
Group
Z023
Charlty
20Z4
Charlty
Z023
Balance as at l August 2023
Amount released to Incomlng resources
Amount deferred in year
50.000
150,0001
50,0
150,0001
63.376
63.376
Balan￿ as at 31 July 2024
63,376
63.376
19 Analysls ol net assets between funds- Group
2024
Total
funds
2023
Totsl
funds
Unrestrlcted Restrlrted
fund
fund
Fixed assets
Current assets
Current liabllities
Penslon deficlt
766,853
1192.7351
11,716,544)
62,831
829.684
844,477
1192,7351 1124,2891
11,716,5441 11,724,263)
11,142.4261
62,831
11,079,595) 11.004,0751
30

Thè Un5verslty of Portsmoyth StudenV$ Llnlon
Notes to thè Flnanclal Statemènts
For the year endod 31 July2024
20 Movement In funds- Group
Net
movement
In fund5
At 1.8.23
Transfe
At 31.7.24
Unrestdcted fvnd5
Pension deficit
General funds
Total unrestricted fund5
11,724,263)
648.284
{1,075.9791
1126,5011
60,054
166,4471
134.220
134,2201
11.716,5441
574,118
11.142,4261
Rdstrlcied funds
Sports and societies
Ring fenced funds
Total rÉstricted funds
71.146
758
71,904
19.0731
62,073
758
62.831
19.0731
TOTAL FUNDS
11,004,0751
175,5201
11,079.5951
Net movement in funds, included In the above are as follows..
￿n￿mIng
resources
Re50urces A¢tLbarial Ga1rt5
expended
I (Losses)
Movement
n funds
UnTestrlGted fund5
Pension dÉficlt
Genenl funds
1126,5011
1126.5011
60,054
1,829.108
11,769,054)
Re5trlcted funds
Sports and socleties
Ring fenced funds
20.530
129,6031
19,0731
1,849,638
11,798,657)
1126.5011
175.5201
Comparati¥è for ffiovement In fund5- Group
Net
movement
in funds
At 1.8.22
Transfèrs
At 31.7.23
Unre5tFicted funds
Pen51Dn delicit
General funds
Total unrestricted funds
11,505,051)
630,842
1874,209)
1347,0361
145,266
1201,7701
127,824
1127,8241
11.724,2631
648,284
(1,075,979)
R05trlcted fvnds
Sports and societies
Ring fenced fund5
Total restrlcted funds
68.027
758
68.785
3,119
71,146
758
71.904
3,119
TOTAL FUND5
1805,4241
1198,6511
11,004,075)
31

The Unlverslty of Portsmouth Student's Unlon
Notes to the F5nanclal Statements
For the year ¢ndÈd 31 July 2024
20 Comparatlve for movement In funds- Group- contlnu•d
Comparative net movement In fvnds. In¢luded In the above are as follow5..
Incomlng
resources
Resource5 Actuarial Gains
expended
/ ILosse51
Movement
In funds
Unre5trlrted funds
PerTr5ion defirlt
General funds
1347,0361
1347.0361
145.266
1.966.183
11,820,917)
Rertdrted funds
Sport5 and societies
Rlng fenced funds
25.799
122,6801
3,119
1,991.982
IL843.5971
1347.0361
1198.6511
21 Pen51on Commitments
The charlty opèrates 3 defined contribution scheme. The total contrlbutlons pald Into the scheme by the
Unlon in respect of ellglblè employees for the year under miew was £26,16812023.. £25,190).
22 Prow51on for Ilabllltles
2024
2023
Provisions
1,716,544
1,724.263
The union 15 a Particlpatln8 Employer in the Students, Union Superannuation Scheme whlch is a defined
beneflt 5chetne whose mErnbership conslsts of employee5 of students, union5 and related bodies throughout
the United Kingdom. Benefits in respect of seNice up to 30 SeptèmbÈr 2003 are accrued on a ' final sa13ry"
ba51s. wlth benefits in respect of servlce frorn l October 2003 accrulng on a Carèer Average Rèvalued Earnlngs
ICAREI basls. Wlth effect frorn 30th September 2011 the Scherne closed to future accrual.
Thè most recent Triannual V31uation of the Scheme was carried out as at 30 June 2022 and showed that the
market value of the Scheme's assets was £106.7m12019.. £119.1rnl excluding AVC'S and Incurred pensioners
with these assets representlng 46%12019.. 46961 of the value of benefits that have accrued to rnernbers. The
deficit on an on80in8 fundln8 basis amounted to £136.7m12019.. £140.9ml.
32

The Unl¥er51ty of Portsmouth Studont's Unlon
Notes to the Flnancial Ststements
For tho yearended 31Juty Z024
22 Provl$lohfpr Ilabllbtles continued
The actuarlal valuatlort ot the scheme as at 30 June 2022 revealed ? fund1￿ shortfall ITechnical Provlslons mlnu5 value
of assetsl of £133,645,000. To ellmlnate this funding shortfall, the Trustees and NUS (the Prln¢lpal Employer) have
agreed ihat additional contrIb￿l0￿5 will be pald to the Scheme by the partlclpatlng unlons as ftsllows:
£745.671 per month. to be paidtowards the Scheme from l October 2023, In¢reaslnK by 5% at èach Subsequent I
October.
These amounts include an all¢wan¢e for the expense5 of admlnlstering the Scheme 01 £536,038 per annum fmm
l Ottober 2023, incre051ng by 5% at each subsequent l October.
The amounts also include zn 811gwance fgr an e¥pen5e reserve of £3,000,000 which is an estlmated of the costs
associated with windln8-up the Scheme and the completion of the GMP equalisation exerei5e.
These contrlbution5 are payable monthly In arrear5, wlthln 19 day5 of the end of each month. A participatlng
unlon may* at thelr d5scrÈtion, pay all or part of the contributlons In advance. Partlcipating unions wlll be glvÈn
the option of pawn8 a dlscounted lump sum Instead of thelr monthly contributions between October 2023 and
elther5epternber 2026, September 2029 or September 2032.
The funding shortfall is expetted to be elimlnated in 13 years 7 months of l Ottober 2023, whlch F5 by l May 2037.
Thls expettation is b35ed on the followingas5UrnPtions'.
Technlcal Prowslons calculated accordln8 to the method and a5surnptiOn5 Set out In the Statement of FundinB
Prthuples- and
the return on existing assets and the rÈturn on new ¢ontrlbutions d￿ring the period being ctsnslstent with the
calculatlon of the Technical Provislons as at 30 June 2022 but allowing for an initial additional investrTTent return
of 0.5% p.3. In year 14, Ilnearty reducingto zero over year S-12.
During the year ended 31 July 2024, the Unrverslty of Portsmouth StudÈnts' Unlon madE a deficit contribution whlch
amounted to £134.22012023.. £127,8241.
At the balance Sheet date the charity had monthly commitments to pay deflcw fundlng contrtbutioThs of £9.145
increasing in line wlth the recovery plan of 5% per annum uniii 31Juty 2033.
2024
202
Provi5ian at start of the period
Effect of unwinding discouni and changes in rats
Deficit contributlon paid
1.724,263
126,501
1134,2201
1.505.051
347.036
1127,8241
Provision at the end of the perlod
Income and eXPend￿ure impart
1,716,544
1.724.263
Effett of unwinding discouRt and changes In rate
126.501
347,036
126,501
347,036
Asl￿PtIonS
31.07.24
3L07.23
per annum
% perannum
Rate of discount
4.75%
5.10%
The dlscount ratÈS Shown above are the equivalent Single discount rates which, when used to discount the future
recovery plan contributions dye, would wve the same re5uItS 35 uslng a full M corpor8te bond yleld curve to discount
the same recovery plan ¢ontTibutions.
33

The Untverslty of Portsmouth Siudent's Union
Notes to the Flnanclal statements
For the year ended 31 July 2024
24 Related party transartions
The charlty'5 tru5tee5, as detailed on page l. were relmbursed or had expenses pald on their behalf
totalling £10,258 {2023: £12,665) in respect of travel. subslstence and training.
As authorised under Section 6 of the Articles of Assotlatlon, a total of £96,56312023: £121,946) was
pald in remuneratlon to 812023: 91 elected officer trustees.
Pension contributions paid by the Union on behalf of five12023: five) of the trustees Ilsted above
totalled £1.87512023.. £2,461).
The Universlry of Portsrnouth Students, Union IUPSUI operates a tradir>g subsidiary, Portsmouth
Students, Union Trading Company Limlted IPSUT). PSUT is wholly owned by UPSU and was
established to handle the sales of clothin& merchand15e, a(Ivertising and exhlbitlon space on beh31f
of the student5, union. A monthly management charge is made by the charlty in respect of the
operation and administration of thi5 company.
The Unlversity of Portsmouth is, by virtue of the provisions of section 22 of the Education Act 1994,
required to take all practlcal steps to ensure that the charity operates fairly and democratically and
accounts for its finances. During the year under review. the charlty received grants totalling
£1,267,56012023: £1.317,5591 from the Unlverslty of Portsmouth.
34