Leeds UnNersity Union Annual Report and Accounts for the year ended 31 Juty 2023 Leeds Universi Union A company limited by guarantee Trustees, re 31 UI 2023 ort and financial statements Company registered number 07284768 Charity registration number 1136742
Leeds Unwer5ity Union Annual Report and Accounts for the year ended 31 July 2023 Contents Administrative Infomiation Trustees, Report Ststement of tru5tees' responslbilltle5 16 Independent audltorfs rewt to the members Leeds University Union Statement offinancial artivities for the year endirva 31 July 2023 Balance Sheet at 31 July 2023 17 21. 23 Statement of cash flows for the year endlng 31 July 2023 Notes to the Accounts 24
Leeds UnOveT5ity Union Annual Report and Accounts for the year ended 31 July 2023 Admlnlstratlve Infonnatlon CharItae Status Leeds University Union fLuifJ is a company limited by guarantee registered in England and Wales (company number 072847681 which was incorporated on 15June 2010. LUU was formalty reglstered as a charty with the Charity Commlsslon in July 2010 Ire&"stration number 1136742}. Prlnclpal Address The registered and prInCi offlce Is Leeds Unlverslty unft. Llfton Place, Leeds, L52 9JZ. The Board of Trustees The Directors of LUU are its Trustees for the purposes of Charlty Law and throughout thls report are cdlectlvety referred to as the Trustees. The Trustees serving during the year and SIn the year end are as follows: Student ExeoJtt¥e Officers and Trustees To 30.0&23 Union AffaSrs & Communications Offlcer (Chalr) Maria Papageorglou Artivities & Opportunlts'e5 Officer Ella Willlams Education Officer Bethan Corner Equallty & Llberation Offlcer Harya Mohammed International & Postgraduate Offlcer cky Zhou Wellbeing Officer Emity Tabern Union Affalrs & Communlcation5 Offlcer Ichalr) Actlvities & Opportunltles Offlcer Educatlon Officer Equalbty & Llberatlon Officer Internatlonal & Postgraduate Officer Wellbeing Officer From 01.07.23 EmltyTabern Ella Williams 8ethan Corner Haryati Mohammed msha Khan Hannah Catterall Sbjdent Trustee5 Nicolas Padula Plnho {from 23.03.231 Michael Mberi Penelope Mllner (to 07.07.231 Natalja Nassonova {to 06.07.23) Rani Alami (to 31.12.22) ElSzabeth Wright Ifrom 07.07.231 Shmuel Von Welsl lfrom 07.07231 Extemal Trustees Josh Smtth Neil aephan Annabel Tonge Darnola Timeyln
Leeds UnNorsity Union Annual Report and Accounts for the year ended 31 Juty 2023 Auditor Saffery LLP Mitre House North Park Road Bank U¢)yds TSB Bank PLC &7 Park Row Leeds Harrogate. HG1 5RX L51 SJD LUU employs a Chief Executive, dan Grill& who works closely with the Student ExecutNe Officers and Trustee Board to ensure effertive governance and management of the organisation. The Chief Executlve is head of a Senior Leadership Team made up of. Hannah Brian (Deputy Chlef Exe(utive Student Engagemeno un1 06.01.23 Suè Stones (Deputy Chief Executive Operaons) Rachel Emrnott (Dirertor of Flnance & Risk} with effert from 03.10.22 Jasper Hegarty-Ditton {Director of Digitsl and Datal Rorl Raqulb (Dlrector of Communication51 with effert from 22.08.22 (new p05tl Antonla Frezza (Dlrector of People and Qualltyl who. after taklng up a onewear sabbatlcal from 26.08.22 did not return to P05t Harpreet Slngh (Dlrector of People and Quality) effect from 29.08.22 untll 30.08.23 Douglas Muzawa21 IDlrett¢y of Student Commun5tles. new po#1 wlth effett from 01.07.23 In response to changlng student nèeds and the challenglng ènvlronmen¢ ovèr thè Course of the year LUU made some structural changes to the make-up of the Senior Leadershlp Team. The updated 5trutture Is de51gned to algn the 2022-26 Strategy and. followlng the departure of the Deputy Chlef Executlve Student Enga8emen¢ Include5 a newty created post: Dlrector of Student Communltles.
Leeds Universty Union Annual Reporr and A(ciJunts for the year ended 31 July 2023 Trusteeg Reptr( The Board of Trustees. who art as Dlrectors for the purposes of Company Law. present their Annual Report for the year ended 31 Juty 2023 wthlch Includes the administratfve information set out on page 2. the Strategic Report and Olrettor< Report for C¢)mpanies Act 2¢X16 purposes. and the audited accounts for the year. Structur4 governance and mana8ement The primary alm of LUU is the a(fvancement of education ofstudents at The University of Leeds for the publlc benefit. The governance of LUU Is d¢xumented in its Artlcles ofAssoclation and its Byfrlaws, which can be found on the LUU website (NwM.luu.org.uk). The 8oard of Trustees Is responslble for the strateglc directlon. 8overnance and sustainability of LUU. The Board is made up of six Student ExecutNe Officers. four Student Trustees and four External Trustees. The Student E¥ecutive Officers are elected through a secret ballot by the members each year. nomialty servln8 fi>r one year In ¢)fflce but can serve a second term re- elected. The four Student Trustees are recrulted io ihe 8oard and are recommended to the Board by an appointments panel. The Student Trustee5 Serve for a term of up to two years and a maxlmum of two terms as long as they remaln reglstered students at the Unlversty of Leed5. The Eernal Trustees are reCrlled to the Board to brlng a wlder perspe(tlve and Skill Sec from Outside of LUU. A term for Extemal Trustees lasts for up to four years and they can also serve for two terms. Upon appointrnent all trustees recelve a varSety of Informatlon through their Inductlon. Trusteès a brlefed on thelr legal obli8atlons and other trustee responsibilities. All trustees meet with the Chief Executive before thelr first meeting and receNe an Inductyon infomation pack which Includes their role responslbllltles, historlcal and current Information about LUU and Infomiation on Its Strateglc Plan. The trustee Indurtion is framed arnd the prlnciples of the NCVO Charity Governance Code, Every year the Board of Trustees completes a skllls aud1¢ and new tnjstees J150 do thls durlng Inducdon. Trustees also take part in Peer Assessments perlodicalty. in line wlth thelr term of appointment- within the year. a Tripartite Board Effettfveness Review was undertaken In collaboration with Kent studen Unlon and Blrmlngham Gulld of Students. The Student Executive Officers are newto the Board everyyear. so they undergo a more intensive training perlod. This tralning start5 after they are eletted. and before they start their term of offlce to ensure that they are fully aware of their roles and responsibilitie5 and can perform their duties to the best of their abllitles as soon as possible. They attend tralnlng sessions on the history of g¢)vernance at LUU. their legal responslbllmes as trustees, briefing se551ons on key issues and decisions that have been made by the Board of TTUStees and rece training on how to deal %•Ath potentlal conflicts of interest. This year, four of the Student Executive Officers were re-elected to a position in the team, which imparted the training design for the team overall.
Leeds UnNersity Union Annual Report and Accounts for the year ended 31 Juty 2023 The Board ofTru5tees is supported by five SucomMittees, which meetthree to four time5 a year and focus on certsin key aspects of WLfs governance and managemeni whith are.. The Audlt & Rt5k CommSttee monltors LUU'S rlsk profile. health & safety. rlsk managemen( compllance th relevant leglslatlon and other matters which could Impact on LULfs future health. The Commiitee revieYd5 and comrnissions internal audit work and scnJtini5e5 the annual account5 at ajolnt meetlng vAth the Flnance Commlttee. The Flnance Committee monitors LUU'S flnanoal perforrnance. apprat5es requests for capitsl expendlture and revlews our commerclal strategy. The Commlttee also reewS the annual budget nd scrutinizes the annual accounts in a jolnt meetlng with the Audit & 'Sk Committee. The People and Value5 Commlttee examlne5 i55ue5 relatin8 to LUU workforce including staff policles, changes to pay land speclfl(alty that of the Chlef Executlve}. tralnln8 and development and volunteerln& The Appolntments and Grence Comrnlttee is responslble fof monltorlng and contlnuous Improvement in governance arrangements at LUU. The Committee ensures that new trustees are recrulted, Inducted and developed property and It a150 has overall responslblllty for recrultlng the Chlef Executlve. Tr* En8agement ar DeI0nt Commlttee examlnes our approach to member engagemenL Induding through marketlng and communicatlons, external partnershlps and through LUU member- focused aCtItle LUU operates on democratlc principles. with Policy belng acted upon ty the slx elected officers who form the Student Executlve. Durlng the year members have the opportunty to bring forward ideas to one of three Union Forums to help form Poliry on issues which contribute to Trtter Leeds". -8etter Unfversiv or'Better Union". Forums are based on the principles of deliberatSve and dlrect democracy wlth pollcy being voted for approval by a randomty selerted Student Panel of 16 students, and Issues that are contentlou% or don't have a majorityvote. are referred to Referendum. The Student Panel 15 demographicalty representatNe of the LÈed5 University student body as outllned In Luifs 8ye-Law5. The Senlor ieadersNp Team The Chlef Executfve Is supported ty slx permanent senlor executfve officers that together forrn the senior Leadership Team {SLT). This team prowdes the strategic management of LUU, managlng Its operatlons. glvlng leadershlp to staff and ensurlng that the board and Its sutKommittees are kept fully Informed on all aspects of the organlsation and are regarded as being the key management personnel of the charty outside of the trustees.
Leed5 Unrversity Union Annual Report and Accounts for rhe year ended 31 Juty 2023 Relattonshlp wilh the Unherslty of Leeds Under the Educatlon Art 1994, the UnNersity of Leeds has a ststutory duty to take such steps as are reasonab practTrcable to ensure that the Union operates In a falr and democratic manner and Is held to proper account for its finances. LUU therefore work5 alongslde the Unrverslty of Leeds in ensuring that the affairs of the Union are properly conducted and that the educational and welfare needs of LUU'S members are meL The formal relationship wlth the Unfver51ty is governed by a Code of Prartlce and LUU works closety with the Unfverslty and its Students to develop appropriate Bye-Laws for its working practices. The Unlverslty of Leeds is not a related party a5 defined by the Charltles FRS 102 Ststement of Recommended Prartlce ISORPI. ms. ObletlTrfts and AdI5e$ The prlmary aim of LUU Is the advancement of education of students at The University of Leeds for the public benefit. LUU achleves thls through- promotlng the interests and welfare of students at the Unfversty of Leeds durin8 their course of s(ty and representln& supponin8 and adwsing students.. being the recogn15ed representatlve channel between Students and the Unlverslty of Leeds and any other external bodies,. and provldlng social. cultural, sportÈng and recreaonal actlvltles and forums for dlscus5ions and debate for the personal development of students. At all tlmes the trustees of LUV have had regard to the Charlty Comm155lon guldance on publlc benefft. Wh115t pursuSng our aims and objectlves and pro%rydlng varlous actmties for its members LUU Seeks at all time5 to: ensure that the dp4prsity of Its membership is recognlsed and that equal access Is avallable to all members of whatever orl8ln or orlentatlon: pursue its aims and objertives Independent of any political party or rellgious group,. and pursue èqual opportunities by taking p051twe artion wlthln rhe law to facllitate paruclpatlon of groups dlscrlmlnated against by society- LUU provldes a varlety of seThices and activitles for swdents IndudlnK. Advlce Centre- we continue to prcmde a speclallst Se(e to cyjr rnember5 In the areas of housOn& money and academic Issues. We have supported many stydents with complex needs such as domestic violence and rnental ilthealth with partners in the University and the clty. The number of enquiries to our Aifvice service was 26.757 this year. compared to 21517 enquiries in the previous year. The team employ a service model using the LUU fwr. wth an Integrated information and advisory sefmce. which helps to manage the Advice Team's capacity a5 enquiries can be resolved 0n-thay. The fvll range of servkes can be prowded remotely. in¢ludin8 one-to- one 5UPPOrt for complex cases. Attivities- a choice of over 380 clLtbs and s(Kietie5 Offer a dNersity of opportunities for Social and skiU5 development. There were 33.994 dub and society membershlps sold durln8
Leed5 University Union Annual Report and Accounts for the year ended 31 Juty 2023 the year, (iown from 38.586 last year. We run a"GNe it a Go- programme that provides taster sessions to give students an insight into the range of a(tivltles avallable to them, as well as trbps to many locatlons In the UK. We also support student-led volunteerin& facilitating a wide variety of community volunteering opportunities. The Student Actiwties team is made up of staff and students, and alw provides supporL advice and help with the safe running of activities e5pecialty around health and safety. reCrulinnt communication. delivery and finance including fundrai&ng ènd developmenL Joblink- we continued to prowde part4ime work for Students and dellvered an employablllty prograinme that provlded guidance to several thousand students. Over the year we paid £1,614k In wages to students through ourJobLink agency. up on the prevlous year1£1.569kl. Community Engagement- our team continue to manage and develop a range of community-based initiatives includlng housing falrs and Iltter plcklng. Partners In thls work Include othèr HE and FE institutlons In Leeds. Unipol Student Homes and Leeds City Councll. Campalgnlng and Representation- we contlnue to support students in campalgnlng for change on campus and in the city. We contlnued our support for school and course reps with tralnlng 1nrtlates and undertook to help students partner rfth thelr Unlverslty to Innovate and Improve thelr education experlence. The number of students voting in the LeadLUU this year was 3.865. a redurtlon of 26% compared to the previous year. but equlvalent to 11% of the total student populatlon. There were 36 candldète5 In totsl. We are conducting a study of nationwde democratic engagement to understand how we can improve democratic participation and raise the profile of democratic engagement at LUU, Including guidance from our subcornrnittee5. Bars and Venues- a choice of fNe barslcafes are open during the day and evening- Terrace, .Old Bar, Cornmon Ground. Scream and Balcony Café all with caterin8 and non-alcohollc beverages. Balcony Café was closed in December 2023 and options are belng considered for use of the space. Our nlght-tlme Ilcensed venue. Stylus, provldes popular late.night entertainment Vth regular live music. Events- thls team provides the live muslc and DJS for our venues, worklng wlth external promoters to host events In our venues. We akso stage the Fresherfs & Welcome events and Leeds Ball on the slte of the Unlversity (ampv& which attracts around 3.700 students. Shops- operated by LUU are c0p {convenlence store operated under a franchise agreement wlth COVOPI, Gear (University branded clothing) and Union Shop15tatlonery and cards). Operated through a tenancy arrangement are Wakl Makl Ihot take away food}. Humpit {healthy takeaway food). Cooplands (take away food) and Pearls Bubble Tea. In 2022-23. LUU entered a tenancy agreement with Cantina (Vegan junk food) and the tenancy agreement for Bayfield¥ Optlclans ended on 31 stjuty 2023 (the Unlt had ceased tradin8 from 6th May 20221. A new outleL Tantino {Italian takmaY food) opened in September 2023 under a tenancy agreement Fundrai5ing- LUU does not undertake fundraising from the public and does not tjse professlonal fundraisers. As such no complaints procedures or further policie5 in this area are considered necessary. It does hold some events for its students that are deslgned to
Leed5 University Union Annual Report and Accounts for the year ended 31 Juty 2023 raise funds to support the student semce artivities undertaken by LUU, notably the Leed5 Ball held injune each year. StratC Report Athlevements and PerforniCe In 2022 LUU launched a new strategic Plan for 2022-26 informed by a period of Consulta0 with students and other key Stakehders, including the University of Leeds. This Strategy 15 focused on our or8anisation vision Together we11 make sure you love your tlme at Leedg. and is based around achlevlng three COTe. measurable Strategic Impacts for students: Fuellin8 your passlons Inspirlng you to be your best sell Creating a celebrated. fun and Iwety communlty you can be proud to be a part of In order to achleve these Impacts, a 5erles of key strategic Outcomes were Identified for students and forming the key focus of projert worK these being: Galnlng new skills and being more employable.. Belng more educated and informed,. Belng produrtive and sawng time and money, Havlng less stress and Improved mentsl health; Being in a good, or better mood.. Being fltter and heafthler,. Feelsng safe and 5UPPQrted,' More friends and a wider soclal neThYorK"feelins like you bel¢)n Being more confident and feellng empov**red. These strategic outcomes. vthich were artlculated uslng analysls of large-scale student feedbacl are the targeted outcomes of the services LUU offers to Studen These services can be defined as LUU'S organisational Outputs.. Clubs and Societs'es Building Operatlons- HÈlp & Support; Represèntatlon & Campalgnln& StudentJobs,- and Events. Strateglc projerts to Improve LUU'S Outcomes are therefore linked with the corresponding Outputs to aid the focus of targeted service developments. These projects must also account to LUU'S strateglc Design Prlnclples, whlch state that they must be Incluslve, Student-Led. Data DriveTr. and Climate Friendty.
Leeds Unfversity Union Annual Report and Accounts for the year ended 31 Juty 2023 Luu's Strategy Map" outlining our 2022-26 Stratesy. f u• r4 Togcfher, well make sure you love your time ,It l.ccds Ji IP L••d8 UHI• ¢•
Leed5 Unr¥ersity Union Annual Report and Accounts for the year ended 31 Juty 2023 The Strateglc Impacts and key successes during the year, assessed against the 2022-26 plan, were as follow5-. Strate clrn Fuelllngyourpasslons Successes Employment of over 3.800 students through the year. prSmarily through the Joblink service. Contlnued successful rollout of the Love to Learn system, delbverlng bespoke training modules for both staff and volunteer5. Gaining new skills and belng more employable Being more educated and Informed Bein8 produrtive and savlng time and money Insplrfn¥you to beyourbestsem Succe55ful dellvery of a Varsty programme In collaboratlon wlth Leeds Beckett SU. Delivery of an In-person award show programme show in term three, wfth hundreds of member5 able to partlcipate In the celebration both onllne and In erson. Posltfve feedback on Customer Experience throughout LUU oudets. Contlnuèd strong membershlp sales for Club5 & Soclètlès. Development of a new Membershlp System enabling students to use a dedicated system, Engage, to run and track elertions and events. Organisational attainment of the Leaders in Diversity Award. Having less Stre55 and Improved mental health 8eing in a 8ood. or better mood Bein8 filler and healthler Creattnga celebrated¢ommunlty Feellng safe and supported More frlends and a wider social neNvork. feeling Ilke you belong Being more confident and feeling empowered Quallty Management LUU uses a number of èxtèrnal tools for quality assurance which Ilnk to the prlorlties and rlsks lald out in our strategic plan. In 2023. LUU was rL4ccrÈdited under the Quality Sfudents. Unlons {QSUI standard and was proud to have achieved Ihe"Excellenf level In each of the 12 areas of organisatlonal performance. This year LUU continues to hold accreditation under the Alcohol Impact scheme under the expanded Drug & hjcohol Impart pllot and has once agaln been accredited at the highest P055ible level under both the SO>UK Green Impact Award and the national Best Bar None scheme, In which LUU were the National Winners for 2022. In Au8USt 2023 LUU was accredlted as a Leaderln DNeThtywith the National Centre for Diversity. io
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2023 Financial Revlew This year LUU ha5 reported an overall deficit of £19k. This comprises a deficit In unrestrlcted funds of £72k and a surplv5 on restricted funds of £53k. It compaFes to a surplus of £53k in the previous year, whlch was all In unrestrirted fund% 2022-23 proved to be a very challenng year acro55 LUU. with many factor5 gutside of our control havlng slgnlfl(ant financlal impact The maln challenges Included.. Utilities costs lelectricty. steam and waterl Increaslng by more than double. from £128k in 2021-22 to £325k In 2022-23. These costs are charged to LUU by the Unfverslty of Leeds and absorbed Into our operating costs. The increase in the National Minimurn Wage (NMW) by 9.6% in April 2023. which was 4.6% hlgher than the value included In budget and which had an estimated £26k impact over the last 4 months of the year. Over the period from April 2022 to April 2024, we estimate that the NLW Increases will have added £398k to LUU'S cost base. The knockryon impart of the increase in the NMW on some of our pay-grades and thelr a550ciated rate5 of pay, In order to malntaln adequate levels of senlorlty and segregatlon amongst the team. The irnpart of high Snflatlon and the cost of IMn8 crtsis. putting pressure on our entlre cost base. In an attempt to asslst our monthty-pald staff through thls perlod, we made a 3% award In Decembèr 2022 and a Oneff. non-consolldated award of £400 to each ellglble monthty-paid staff member in january 2023. The c05t of these awards to LUU was £155k. All other cost* includlng dlrert costs and support costs, were under inflats'onary pressure. Our buslne55 model Is such thai we absorb these increases on support costs and are Ilmlted In passlng on dlrect costs to students because ¢)ur prlorlty Is to ensure our services are affordable. We sought to malntaln maTglns Yéhefe possible, without ¢ompromi5in8 quallty. The cost of Ilving crisis meant that our customers {the majority of whlch are students) had less money to spend In our outlets. lknr recent years there has been a marked shift in student spendlng habits. and in campus dynamlcs. Ourlng 2022-23 the majority of exams were held remotety, as they had In thè previous 2-3 years. That meant that many students returned home to study and Complete their exams negatrvety affertlng footfall on carnpus and therefore the tumover in our cornmercial outlets. Our Event5 and Venues buslness suffered from multiple cancellations during the year. 2021- 22 was deemed to be a Covid-19 trecOVe year for this income stream, so we had budgeted an Increase for 2022-23. However, income actualty fell from £1.7m to £1.3m. In response to the above, LUU took some difficult decisions during the year: Increased controls around recruitment. to slow down the process and make targeted savings. Put a stop on all but essential spend acr¢)ss LUU. A pause on planned capltal expendlture for half of the year. A restrurturing of the Senior Leadership Team to align wlth LUU'S new strategy. Redesignation of restritted to unrestrirted ftjnding from the University of Leeds. li
Leeds Untversity Union Annual ReF)orr and Accounts for the year ended 31 Juty 2023 Despite the challenges, we had successe We have contlnued to receive the full block grant from the UnNersity of Leeds as per the ongoing fvnding arrangement vrrith £4.04m received In the year12022.' £3.91 m). The block grant is subject to a 4% annual Inflationary increase. £560k was allocated from the Universtys strateglc development fvnd for 4 years cornmenclng 2022-23 lan Increase on previous years vthich was £260k annual}. The Unlvèrsity restricted £380k of thls funding for Impact Projert5, which we expended on student educatlon. agreed actiwty In postgraduate research, student representation, Internalional student engagement and student attalnmenL Opportunities and well.belng. A balance of £53k was committed but unspent at the end of theyear and is carried forward thln restrirted fijrmls. The remainin8 fvnding was unrestrlcted In nature and has been Used to meet some of the challenges outllned above. We have the agreement of the University to continue to apply this split of restrictedlunrestrlcted funds to the end of 202> 26 and to condense the Impact Funding projects into three key areas: Students as Partner5. Student Opportunitles, and Wellbeing & Student Success. This year has seen an Increase In Student Se(e5 Income to £2.23m12022.' £2.06ml, Including Impact Fundin& with £1.90m belng generated ty ourjoblink a8ency. Student Attlvlties Income increased from É107k to £202k. The measures Implemented Ir¢ response to the finandal challengès meant that we were able to retum a deficit of lust £72K V•thich Is lower than rhe budgeted deficit1£335kl and lower than our forecast deflcit1£399k at Q1. down to £146k by 031. Our Balance Sheet remalns comparatlvety strong wlth totsl net assets of £3.5m1£3.5m in 20221. and cash balance of £2.Om1£2.Om in 20221. The cash balance comprises £1.08m of LUU cash, £0.91 m of cash held on behalf of student clubs and societie5 and £0.04m from ticket sales held on behalf of event promoters. Our unrestrlctÈd funds Stood at £3.4m *ith a further £6Qkof re5trlcted funds. Our genèral rèsefft is £1.015k at the year erKI. The free reserves of the charity are the unrestricted reserves less those funds deslgnated for future projects and the fixed asset reserve. We rÈvwd our reseryes pollcy In 2022-23, so that the target level for free reserves is calculated as the costs which the charity would be requlred to meet In the event that all of its operation5 ceased and there was no Income to cover those costs. The minimum target level Is calculated wlth reference to average Salary. wage5 ond other costs apportloned on the basls of liability risk. The calculated free reserves target level at the end of 2022-23 wa5 £665k Our free rèserves are £1.015k12022.' £1285kl and are therefore comfortabty above the target level. Thls headroom Is deemed appropriate gwen the volatility of the current economlc climate. Additionalty. over the next 2-5 years significant investment NMII be requlred Into LUIYS Infrastrucrure and Iherefore it is deemed appropriate that reseNes are held at above the minimum target level, so that they may be used to enable that investment in future years. 12
Leeds University Union Annual Report and Accounts for the year ende(131 Juty 2023 The minlmum target will be recalculated annualty. In conjunction budget setting. and reported to the Finance Committee to approve as the target reserves balance for the following year on beha of the Board of TnJstees. Any reserves in excess of this minirnum target will be considered to be retained as contin8ency funds or may be designated for future strategic projects. The tharity will not unduty hold reserve5 at an excess level. The fixed asset reserve is not included within free reserves. Where applicabl¢ LUU will èlso hold restrirted fvnds and these mlght include multl-year restricted project Costs. The authorlty to use funds whlch would take the level below the minimum target wlll tontlnue to be managed through the existing Financial Procedures and Terms of Reference for the Finance and Audit & Risk Committees. Any request to Use reserves wlll Indude an anatysis and determination of the use of the fund5 and plans for replenishment. G(Ang Concern The ongolng financSal 5UPPQrt from the Unfverslty of Leeds enables LUU to sustain its activities and provide for the student experience. Slgnfficant additional cash was provided during the Covld-19 pandemlc. The UnlvÈrsSty has pledged to continue to support LUU Into the fijture and from 2022-23 the strateglc development fun(i has been increased from £260kfyear to £560klyear, of which £380k Is restricted and £180k Is unrestricted. LUU is grateful.to the Universty of Leed5 for thls SUPPOrt for whlch It Is rellant to enable it to meet its objects. When considered alongslde a strong cash posltlon and free reserves levels, this relationship prodeS comfort to the Trustees over 8oing concern. Although the external fartors referenced above mean there are uncertainties around the ablllty to generate commerclal income and pressure5 on costs. LUU VAII contlnue to èndeavour to mltlgate the impact of these through agile financial managemenL induding regular cashflow forecast updates and by contlnulng to work dosely the University of Leeds. Rlsk Management arKI Control The strateglc rlsk register of LUU recèives regular update5 vthlch are consldered by the Audlt and Risk Cornmittee ot each meetlng a review by the board on an annual basls. Operatlonal rlsks are managed at a team level wlth mitlgations controlled through operational plannlng. The key rlsks faced by the charity revofve around its reputstion both the Universlty of Leeds and our student members. The Unlwerslty is a slgnlficant fijnder of the charity and we work In partnership with the Un6verslty to dellver èver Improvlng Services for the students. The relatlon5hlp15 malntalne¢J by developlng close working relationships witt) senlor member5 of the Unlver5tty team ty our trustees, partlcularly the elected student eXecute. and by the Senior Leadership Team. To meet our alms, the students need to be well represented and supported by LUU. We invest in representatlon and democracy teams to ensure that engagement with students is effectfve and any potential risk in this area Is mftlgated. The Strategic Rlsk Reslster was revlewed In Ilne with the new Strategic Plan during the year. LUU appolnts internal auditors. RSM. who undertook followwup audits of commercial income and external speaker policy during the year. as well as conducting continuous assurance work on key
Leeds univers.ity Union Annual Report and Accounts for the year ended 31 Juty 2023 oversee the implementation of the key recommendations from the audit artivity. reporring to the LUU Audft & Rlsk SubcommlttÈe. The Unlon also faces on%olng flnancial and control risks which are mitigated through a robust budget management process and comprehenswe data protection policies supported by training. LUU also invests In Internal audrt services supported by thorough follow-up on proposed actions by Senior managers and monitored VFa the Audit and Rlsk Committee. FUre plans Going into the sOnd year of the 2022-2026 strate we'plan to contsnue work on Some core strate8ic projects to align work th thls new strategic mandate. A series of Supponing Strate8ies have been developed which help to frame strategic projert work making tar8eted developments to achleve LUU5 identlfled S¢xlal Outcomes. These Supportlng Strategles are spllt into eight areas for the Strateglc Impacts and five operational areès- Strategic Impa(t - Fuelling your passions Strategic Impart- Insplring you to be your best self.. Strateglc Impart- Creatin8 a celebrated. fun and INety community,. People & EDI: Flnance & RisL' Marketing & Communicatlons: Data & Di8ital: Bullding & Sustainabllty. Supportlng Strategies are comprlsed of 6- and 12.month prolert sprints, whlch allows senlor management and stakeholders to regulady review and adjust projects as necessary and dirert resources to where they are m05t needed. A key focu5 for strategic work in the next year wlll be partnership work. A series of Impact Fundèd Projects have been developed In areas of key partnershlp between LUV and the University of Leeds.. Students as Partners, Student Opportunities. and Wellbeing & Student Success. We wlll spend this second year of the strate8y refining our strateglc projett work through the supporting strategles. working c105ety with the University on key areas of pannership, developing the measurernents of our strategic perfomiance. and IdentJ.n8 and prioriti2ing kty issue5 impactlng students. Custodlan kU¥ltle5- (b5 and Sodeues and RAG LUU acts as custodian for fund5 rSed by the studentg many clubs and sodetbes and these funds are separately identified In the accounts. £2.4m was handled by LUU during the year wlth a balance of £0.9m remaining at the end of the year. This include5 the annual RAG pr¢xeeds from fundraislng events that are distributed to trs intended charitfies. The RAG proceeds came to £23k in the year and £30k was held at the end of the year. 14
Leeds UniveT5ty Union Annual Report and Accounts for the year ended 31 Juty 2023 We wish to thank all Staff at LUV for their continued commitment and hard work to make this another 5u¢ce55ful year at LUU. Audltor In accordance wlth sectlon 487 of the Companles Act 2006, a resolutlon for the reappointment of Saffery LLP as auditor of the company Is to be proposed at the relevant Board of Trustees Meetlng on an annual ba51s. Thls Trustees. report Icomprlslng the Strateglc Report and the Dlrecrors Reponl wa5 approved by the Trustees and slgned on their behalf. EmltyTabern Chalr Ann•bel Tor 14 December2023 Leeds University Union Unlverslty Square Leeds LS2 9JZ 15
Leed5 UnIverty Unlon Annual Report and Accounts for the year ended 31 Juty2023 Statement of trusteeg reSPonbIlItIeS The trustees (who are also dirertors of Leeds University Union for the purposes of company lawl are responsible for preparlng the Trusteeg Report and the financlal statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdorn Gènèrally kcepted Atcounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the stste of affalrs of the charltable company and of the incomlng resources and appllcatlon of rescmjrces. Indudlng the Income and expenditure, of the charitable cornpany for that period. In preparlng these finan(ial statement% the trustees are requbred to: select 5uitsble accounting policles and then appty them conslstently observe the methods and principles in the Charities SORP IFRS 102) make lud8ements and estlmatÈs that are reasonable and prudent • state whether appllcable accounting Standards have bèèn followed, subJe(t to any material departures disclosed and explaSned in the financial ststements and prepare the financSal statements on the going concern ba515 unless It Is Inapproprlate to prèsume that the charty wlll contlnue In bu5ines5. The trustees are responslble for keèpSng prcper accounting records that dlsclose with reasonable accuracy at any tlme the financial posltton of the charlfable company and enable them to ensure that the flnanclal statements comply with the Companies Act 26, They are also responsible for safeguardlng the assets of the charitable company and hence for tskin8 reasonable steps for the preventlon and detection of fraud and other IrregUlarit$. In 50 far a5 the trustees are aware: there is no relevant aud Informatlon of which the charltable companys auditor Is unaware and • the trustees have tsken all steps that they ought to have takèn to rnake theMSee$ aware of.any relevant audit Information and to e5tsblish that the audltor Is aware of that information. The trustees are responslble for the malntenance and Integrty of the corporate and financial inforrnation included on the charitable compatys website. Legislation in the UnTted Kingdom governing the reparation and dis5ernination of flnancial statements may differ from legislation in otherlurlsdirtions. 16
Leeds University Union Annual Report and Accounrs for the year ended 31 July 2023 Leeds Unfverslty Unlon Independent audriofs reportto the members O&wnion We have audited the financial statements of Leeds Universty Union for the year ended 31 July 2023 which comprise the statement of financial aciNities. balance sheet and cash flow sratement and notes to the financial statements. Including significant accountlng polloes. The flnancial reporting framework that has been applied in thelr pparats"on is applicable law and United Klrhgdom Accountin8 Standards, including Financial Reporting Standard 102. the Flnanclal Reportlng Standard pplicable in the UK and Republic of Ireland Iunlted Klngdom Generalty Accepted Accounting Prartlcel. In our oplnlon the flnanclal statements: glve a true and falr vlew of the charltable CoMpanS state of affairs as at 31 July 2023 and of Its Incomlng rèsources and appllcation of resour, indudlng its IncOff and expenditure, for the year then ended have been property prepared In accordance vlth Unlted Klngdom Generalty Accepted Accountlng Practlce. and have been prepared in accordance with the Companles Art 21XJ6. Basls for oplnlon We condutted our audit In acf ordance Trmth International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those 5tandard5 are further descrlbed In the Auditorfs . responsibilities for the audit of the financlal ststementS 5edon of our report. We are Independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK including the FRC5 Ethical Standard, and we have fulfilled our other ethlcal responslbllltles In accordance wrth these requirements. WÈ believe that the audit dence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Concluslons relatlng to gdnz concem In audltlng the financlal statements. we concluded that the trusteeg use of the goin8 concern basls of accounting in the preparation of the finanoal statements is appropriate. Based on the work we have performed. we hove not Identffled any matemal uncertaintles relating to events or conditions thaL indlv1dua1 or collertfvely. may cast slgnlficant doubt on the charitable company's abllsty to contlnue as a going concem for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responslbblltles and the responslbllotbes of the trustees respect to golng concem are described in the relevant sertions of this report. Other Informatlon The trustees are responslble for the other Information. The other information comprlses the information induded in the annual rep(rt other than the financial statements and our auditorfs 17
Leeds univeIty Union Annual Report and Accounts for the year ended 31 Juty 2023 report thereon. Our tipinion on the financial statements does not cover the other information and, except to the extent otherwAse explicity ststed in our repori we do not express any form of a55urance concluslon thereon. Our responsibility is to read the other Information and. in doing so. conslder whether the other information is materlally inconsistent with the financlal staternents our knowledge obtained In the course of the audit or othenvlse appears to be materlalty mlsstated. If we identify such materlal inconsistenaes or apparent materlal mlsstatements. we are required to determlne whether this glves rise to a material misstatement in the financial statemènts themselves. tf. based on the work we have performed. we conclude that there 15 o materlal misstatement of this other information we are requlred to report that fact. We have nothing to report In thls regard. Oplnlons on ther matters prescrlbed bythe Companles Act 21x16 In our opinion. based on the work undertaken in the course of the audit:. the Informatlon glven In the Trustees. Annual Report whlch Indudes the Dirertors, Report and the Strategic Report for the financial year for which the finanoal statements are prepared Is consistent wlth the financial statements, and the Trustee Annual Reporr which includes the Dlrectorg Report and the Strateglc Report has been prepared in accordance wlth appllcable legal requlrements. Matters on whlch we are requlred to report by excep In the light of the knowledge and understanding of the charitable company and its environment obtsined In the course of the aud1¢ we have not iden(ified material misstatements in the Trustees, Annual Report and Strate8ic Report. We have nothing to report In respect ofthe followlng matters where the Companles Act 2006 requlres us to report to you if. in our opinion= adequate accounting records have not been kepL or retums adequate for our audit have not been received from branches not vislted by us or the flnancSal statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not recelved all the informathon and explanOnS we requlre for our audlt Responslbllltles of trustees As explalned more fully in the Trustee< Responsibilitles Statement set out on page 16. the trustee5 (who are also directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financlal statements and for being satisfjed that they gwe 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 misstatemenL whether due to fraud or error. 18
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2023 In preparing the financlal statements. the trustees are responsible for assessing the charitsble compan$ ability to continue a5 a going concern. disdosing. as appllcable, matters related to going concern arid using the goin8 concern basls of accountong unless the trustees either inten¢J to Ilquldate the charitsble company or to cease operation& or have no realistic altematfve to do so. Audmofs respOnbIlleS for the audlt of the flnandal statements We have been appointed as auditors under the Companies A(t 2006 and report in accordance with regulatlons made under that Act. Our oblectlves are to obtain reasonable assurance about wthether the flnanclal statements as a whole are free from material rnisstatemenL whether due to fraud or error. and to issue an auditorfs report that indudes our oplnlon. Reasonable assurance is a high level of assurance. but Is not a guarantee that an aud conducted In accordance with ISAS (UK) wlll aayS detect a matèrlal mlsstatement when It exlsts. MIs5tatements can arise from fraud or effor and are consldered materlal If. Indlvldualty or In the aggregate. they could reasonabty be expected to influence the economlc declslons of users taken on the basis of these financlal statements. Irregularltles, Includlng fraud. are Instances of non-compllance with laws and regulations. We deslgn pr¢cedures in Ilne with our re5ponsibilitle& outlined above. to detert materlal mlsstatements in respect of Irregularities. including fraud. The spe(ffic procedures for thls engagement and the extent to whlch these are capable of detectlng Irregularities. induding fraud are detailed below. Idendfylng and assessing risks related to irregularitie5'. We assessed the susceptibility of the charitable companys financlal statements to materfal mlsststement and how fraud mlght occur, Includlng through discussions vAth the trustee¥ discussions within our audit team planning meetin& updating our record of internal controls and en5urin8 these contro15 operated as intended. We evaluated posslble Incentfves and opportunities for fraudulent manlpulatlon of the finanaal statements. We identified laws and regulatlons that are of signiflcance in the context of the charitable company by discusslons with trustees and updatlng our understanding of the sector In whlch the tharltablè company operates. Laws and regulatlons of direcr slgnlficance In the context of the charitable company include The Companies Act 2006. and guidance i55ued by the Charity Commlsslon for England and Wales. Audlt response 10 rlsks ident6fied: We considered the extent of compllance wlth these laws and regulatlons as part of cMJr audit procedures on the related financlal statement ttems Includlng a review of financial statement dlsdosures. We revlewed the charftable compan$ records of breaches of laws and regulation5, mlnutes of meetings and correspondence with relevant authortties to it1entsfy potential rnaterial misstatements arising. We discu55ed the charitable companys policies and procedures for compliance with laws and regulations yth members of management responsible for compliance. 19
Leed5 University Union Annual Report and Accounts for the year ended 31 Juty 2023 Durlng the plannlng meeting wtth the audit team. the engagement parther drew attention to the key areas whlch mlght involve non•crMnpliance wlth laws and regulation5 or fraud. We enquired of managèment whether they were aware of any Instance5 of non<ompliance wlth la¥ys and regulations or knovAedge of any acrual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifylng any slgnlficant transactions that V4ere unusual or outsbde the normal course of business. We assessed whether judgements made in fflan8 accountin8 estimates gave rise to a posslble Indlcatlon of management bias. At the completlon stage of the audiL the engagement partnerfs revieY4 included ensuring that the team had approached their work with approprlate professlonal sceptlasm and thu5 the capaaty to Identlfy non-(ompllarKe wlth law5 and regulauons and fraud. There are Inherent Ilmltatk5 In the audit procedures descrlbed above and the further removed non-compliance wlth laws and regulatl¢)ns Is from the events and transacdons reflected In the financlal statements.'the less likety we would become aware of IL Also. the risk of not detertlng materlal misstatement due to fraud Is hlgher than the risk of not detecting one resulting from error. as fraud may Involve deliberate concealment by, for example, forgery or Intent(onal mlsrepresentatlons, or through colluslon. A fvrther descrlpuon of our responslblllties is available on the Financial Reportlng Council's webslte . Thls descrlption forms part of our auditors r¢porL Use of our rewt Thls report Is made solety to thè charltable compan$ member% as a bodyi In accordance wlth Chapter 3 of Part 16 of the Companies A(t 2006. Our audlt work has been undertaken so that WÈ ml8ht state to the charltable companys members those matters we are required to stste to them In an auditorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume respOnbIl to anyone other than the charltable company and the charitable compan5 members a5 a body, for our aud worL for th15 reporL or for the oplnlons we have formed. [.atA] LLe Sally Appleton (Senlor StatutoryAuditor) Fty and on behalf of Saffery LLP Statutory Audltors and Chartered Accountants. Mjtre House. North Paik Road, Harrogate, HG1 5RX Date: 13 March 2024 Saffery LLP Is ellgible to art as an audthr In terms of secdon 1212 of the Cornpanles Art 2006. 20
Leeds UnNersity Union Annual Report and Accounts for the year ended 31 July 2023 Leeds UnF¥etsty Unlon Statement of financlal acthfftles forthèyaar ending 31 Juty 2023 Unre5trfcted RestrtcTrd Total Fund5 Totsl Funds nds Note 2023 2022 Income Donations.. University Giant Income from chJn"table actlwtie&' Bars Venues Shops Student ServSces Student Advice fundlng Student representation & afflllatlons Student tltIes[OIUnteerlng fundlng Other tradlngactiwtps. Rentsl Income Medla Sales & Conferences Investment Income Coronavlrusjob Retentlon kheme Grant Other Income Total Expendittire Expenditure on chantable artMtie&' Bars Venues Shops Student SeThlces Student Advice Student representation & afflllations Student ACtItIes1Vo1UnleerlTr8 Media Sales & Conferences Total Net lexperKliturey5urplus Recondliatlon of funds= Totsl fund5 brought forward Total fvnds carrled forward 4.039.888 4039,888 3,905,568 1339,090 1.359.574 3.321.348 1.904.920 27.094 274 2.339,090 1.359,574 3.321,348 1279,792 27,094 274 1199.318 1,765,664 2,656.882 2,061529 10,000 11,784 374,872 201.956 201.956 107,209 76.887 255.029 13,974 76,887 255.029 13,974 42,020 228,055 298 9,910 40.962 13380.9% 40,962 13.955.868 116,915 13,116.152 374872 1762,889 1171892 4.¢y)9.150 1313.887 626.129 771346 2.762.889 2.172.892 4.009,150 2.635.944 626,129 772,346 2,528,136 2,515,969 3,381,929 2,383,053 594,331 771,628 321057 936,123 59,627 13.651043 (71047) 936.123 59,627 13.975.11Y) (19232) 826,455 61.399 13.061 53.252 321057 51815 24 3,484,950 3.411g)3 6.092 58.907 3,491,042 3,471.810 3.437.7 3A91.042 The notes on pages 25 to 38 form part of these financial sLitements. 21
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2023 The charitable company has no reco8nised gains or losses other than the ner incoming resources for the year. 22
Leeds Unfversity Union Annual Reportand Accounts fortheyearended 31 Juty2023 Leeds Unlversty Unlon Balance Sheet at 31 2023 Note 2023 Flxed assets Tangible assets Intanglble assets Total fixed assets 2.335,312 1137,266 62.372 63,184 1397.684 12rKIA9) 10 Cuent assots Stock In hand Debtors and prepayments Cash at bank and in hand NUSSL deposit Totsl current assets Llabllltles Creditors.. amtyjnts falllng due viithin one year Net ojrrent assets 301,372 1.519.955 2,031.582 6.090 1859.999 1800261 274.804 1.539,636 1,979,731 12 13 14 11784,B731 12,509.6691 1.074126 1.290592 Total assets less current Ilabllttles 3A7110 3A91W2 T+)tsl net assets 3A71.810 3A91 The fijnds of the ch¥lty Restrlcted Funds UnrestrlctedFund&' Flxed Assets ReseNe General Reserve Total unre51rlcted fvnd5 58.907 6,092 16 16 1397.684 2,2W,450 1.015.219 1,284,500 3A11903 3A84.950 Totsl charty furHts 1471.810 3A91.042 The notes on pages 25 to 38 fom part of these financial statements. Approved on behalf of Leeds Unlvers5ty Union on the 14 December 2023 ty. Emity Tabern Chalr Annabel Tonge Athisory Trustee Company reglstradon: 07284768 23
Leed5 University Union Annual Report and Accounts for the year ended 31 Juty 2023 Leeds Unr4er51ty Unlon Statemert of cash flo for the ar endln8 31 Juty 2023 Note 2023 2022 Cash flows from operatin8 actt¥ltle& Net cash prOded by operating actNFties Cash flows from inve5tlng actl%ltJe& Interest incorne Purchase of tangible fixed assets Purchase of intsngible fixed assets Net cash used In Insn8 acdvlues Cash fl(ys from flnandn8 a(e Repayment of borrowing Net cash used In flnandng actmiles 19 n8A17 31.061 13,974 1666,3821 1190,194) 124.1581 150,7581 {676.566 .654 Increaselldeuea5el In cash and cash equhalents In the year 51,851 (209.593) Cash and cash equlvalènts at the beglnning of the year Cash and cash equfvalents at the er ofthe 1,979.731 1189,324 1031 1,979.731 The notes on pages 25 to 38 form part of these ftnanclal statement& 24
Leeds University Union Annual Rem and Accounts for the year ended 31 Juty 2023 Notes to the Accounts Accountlng Polides The Union's Articles of governance require the Tmstees to prepare accounts for each finandal year. The following accounting policies have been applied consistenty in deallng vlth Items whlch are considered material in relation to the finandal Infomiatlon. lal Accounting Convention The company is limited by guarantee and ha5 no share capltal. It Is reglstered as a charity under the Charltles Art 2011 {registered charlty number 1136742). The flnancial ststements have been prepared in accordance wlth Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparlng thelr accounts wtth the Ftnanclal Reportin8 Standard applicable In the Unlted Klngdom and Republic of Ireland IFRS 1021 leffeciive 1 January 2015}- {charlties SORP IFRS 1021. the Financbal Reportlng Stsndard appllcable In the UK and Republlc of Ireland IFRS 102) and the Companles Act 2006. Golng c¢ncem In consldering whether or not there are any material uncertaintle5 about the compan$ abllty to continue as a golng concern. the Trustees have tsken acci)unt of several key polnts: The current 15-year lease. whlch commenced on 16 September 2016. wth the University of Leeds, whlch ensures continuing ¢xcupation of the LUU building at the heart of the campus over the lon8 term The level of free reseryes at the end of the year, which remain at a satisfactory level that is in excess of the reserves policy The agreement with the University of Leeds for them to provide an annual block grant on a continued ongoing basi5 which protects the Union's rnain source of Income Into the future The agreement wlth the Unlver51ty of Leeds In 2021-22 to increase their strategic Impact Funding to £560k per year (from £260k under the prwous agreement) for 4 yeais from 2022-23, and thelr Subsequent agreement in 2022-23 for that funding to be spllt between restrlcted and unrestricted funds. This disaggregation enables LUU to retain a focus on strategic impact projects by ring.fencing £380k per year. whilst using the remalning grant to help address ojrrent pressures on its finances LULfs contlnuèd èfforts to addrèss thè Impart of the Covid-19 pandemio the cost of living cri515 and changes in student dynamic and spendlng habits on its financial su5tainablllty. whlch Include use of the additional support grants from the UnNersity of Leeds and mltlgaung attlons taken by the Senior Leadershlp Team to reduce costs and focus efforts on income generation and diversffication and margin control The outcome of several financial forecasts and nario$ that have been prepared for the trustees. which demonstrate that LUU can remain within a comfortable range wthln its free reserves over the next 2-5 years. After careful consideration of the above. the Twstees have concluded that there are no material uncertainties about the company5 abilrty to continue as a going concern. 25
Leeds UnNersity Unlon Annual Report and Accounts for the year ended 31 Juty 2023 Ib) Incomlng Resources All income and captsl resource5 are recognised in the accounts when It Is probable that they wlll be recelved. Income is deferred only when the company has to fulfill conditions before becoming entitled to It or where the donor has specified that the Income is to be expended in a fijture period. Grant income Is recognised in the year for wthlch the award is made against the attivity it IS attrlbutsble to. The element of 8rant that has been received in advance ha5 been treated as deferred Income in Ilne wlth the above policy. Rentsl Income is recognlsed on a receivable basls. Investment Income comprise5 interesr received on cash balances. Revenue from th¢ sale of good5 15 recognlsed when the slgnlficar)t risks and rewards of ownership of the Goods have passed to the buyer, usually upon cash receipt at the polnt of sale. Revenue is measured at the fair value of the conslderation recelved. excludlng discounts and VAT. Icl Resources Expended Charitable Èxpenditure comprises the direct and indirert C05ts of dellverlng the public beneflL It Is accounted for on an accruals basis and is recognised when the liability is Incurred. Oveihead costs are apportloned to aCtleS on a ba515 conslstent wlth the use of the resources. Expendlture includes Irrecoverable VAT. Govemance costs include those costs Incurred In defining the strateglc direction of the charlty In particular constitutlonal and statutory requirements. General suppon costs associated with the central functions of finance, IT and human resources have been allocate(I across the departments on a basis conslsrent with the use of those resources. Idl Cash on hand and cash equivalents Cash, for the purposes of the cash Ilow statement comprfses cash In hand and dep051ts repayable less overdrafts payable on demand. This includes cash held on behalf of LULYS clubs and s¢xleties and the ING society. lel Fixed Assets and Depreciatlon Expendlture on individual capitsl Items or groups of relared Items costlng less than £1.1)00 are wrltten off to the income and expenditure account In the year In whlch they occurred. Depreclatlon Is provlded to wrlte off the C05t 55 the estlmated residual value of tsnglble fixed assets by equal installments over thelr estlmated useful economlc Ilves as follows: Leasehold building5 Leasehold Improvements Flxtures, Fittings and other equipment Computets and other IT ewipment Expenditure dlrectty related to the build of new web sites is capitalised as an intangible asset. Amortisatlon Is charged to the profit and1055 on a straight4ine basis over the useful lives of the Intsngible assets. Intsnglble assets are amortised from the date they are available for use. These assets are arnOrsed rjver four years. 15 years Ioyears 5 years 4 years 26
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2023 The company reviev4S the amortisation period and method when events and clrcumstantes indicate that the useful life may have changed slnce the last reporting date. Intangible assets are tested for Impalrment In accordance with FRS 102 Section 27 Impairment of assets where there 15 an IndicaOn that an intangible asset may be impaired. The building is leased from the University over a 15 year perlod. commencin8 on 16 September 2016. If) Leasés Operating lease rents15 are charged to the profit and loss account on a stralght-llne basls over the perlod of the lease. (gl Pensiofb Costs LUU partlclpates In the Unfjverslty of Leeds Penslons and Assurance Scheme providing benefits based on finil pensionable pay. The Union is unable to identr.fy its share of the underlylng assets and liabilities of the scheme on a consistent ènd reasonable basls and therefore accounts for the Scheme as If It were a defined contrlbutlon scheme. LUU also participates In defined contribution schemes. The amount charged to rhe income statement represent5 the contribution5 payable to the scheme5 in re5pert of the accountin8 year. Ihl Stock Stockfjs valued at the lower of cost and net reallsable value. 111 Debtors Trade and other debtors are recogn15ed at the 5etdement amount due. Prepayments are valued at the amounts prepald. ljl Credltors Creditors are recognlsed where the Company has a present obll8aVon resulttng from a past event thot will probably resu in the transfer of fvnds to a third party and the amount due to settle the oblsgatlon can be measured reliabty. Creditors are recognised at their settlement amount. Ik) Financial instruments The charity onty has financial assets and liabilities of a kind that qualify as l$IC financial instruments. Basic financial instruments are recognized at transactlon value and subsequentty measured at their settlement value wlth the exceptSon of bank loans vthich are subsequently measured at amortlsed cost U51ng the effectlve Interesr method. 11) nd Accounung LUU admlnlsters and accounts for a number of charitable fund5 as follows: Unrestrfcted funds are those representlng unspent income which may be used for any attlty at the Trustees own discretion. 27
Leeds Universty Union Annual Report and Accounts for the year ended 31 Juty 2023 Deslgnated funds are those set aslde by the Trustees to be spent on some specific purpose but remain at the discretion of the Trustees. The designats.on has an administrative purpose only and does not le restrict the Trustees, dis(retlon to a I the fvnd. Restrirted funds are those received from a donor to be used for artiwties prerIbed by the donor. {ml Tax LUU is considered to pass the tests set out In Paragraph I Sthedule 6 Finance Ac(2010 and therefore it meets the definition of a charltable company for UK corporatlon tax purposes. Accordlngly, the charlty Is potentlally exempt from taxation in re5pert of income or capitsl galns received wlthln categorles covered by Chapter 3 Part I I Corporavon Tax Act 2010 or Sertion 256 of the Taxation of Chargeable Galns Att 1992. to the extent that such Income or galns are applled exclusively to charitable purposes. No tax charge has arisen in the year. Inl Clubs and Soclety fund5 LUU art5 as custodian for the Student clubs and societles processing payments, processlng Tecelpts and holding the balance of thelr funds on their behalf. Surplus for the firnandal The surplus for the flnanclal year as shown In the statement of financlal aCtitIeS15 Stated after charglng: 2023 2022 Auditor's remuneratlon - audit of these financial ststements Depreciat5on and amorti5atlon on owned assets Operadng lease rentsls 16,500 493.306 373,526 14,200 426,275 369,155 Charitsble and Otherkuvty Costs Purchases Staff Depredatlon Support Costs 2023 939.043 732.535 2.494,620 157,516 24636 28.175 355,074 873,032 658.649 513,641 1.871.918 314.285 387.020 288.438 38.529 912.285 I76289 781.708 1171892 1.OCK),889 4.009,150 606,510 1635,944 287,208 626,129 357,151 772346 291611 936.123 Venues Shops Student Servlce5 Student Advice Student representatlon Student ArtivitiesNolunteering Medla Sales & Conferences Total Costs 3,062 40.009 16,556 59.627 4.734,661 4.94&992 31529 4254918 13.975.100 28
Leed5 University Union Annual Report and Accounts for the year ended 31 Juty 2023 Comparative Charitable and Other Acb"vity costs: Purchases Staff Depreciation Support Costs Total 2022 Bars Venues Shops Student Services Student Advice Student representation Student Artivitieslvolunteering Medla Sales & Conferences Total Costs 811,919 1.033.53CI 1004.093 86A65 7 2,804 43.563 241.949 819,044 685.413 478.504 1.794,640 297,729 396.299 250.714 897.170 1528,133 797.026 2.515.969 899,331 3.381.928 501,950 1383.055 283,798 594331 331.767 771,629 333,793 826A56 392 48.778 11229 61.399 4234.715 4,771.121 4.057x164 13.0619x1 Support Costs Included In Note 3 Use stsff Prem15es Marketln8 G(Nernance Other Totsl Bar5 Venues Shops Student SeICes Student Advlce Student representatlon Student AttivltSesl Volunteering Medsa Sales & Conferences Totsl Costs 22% 18% 24% 14% 7% 896 419.990 429.769 503.159 339,564 179.099 235,84S 358,001 174.640 287.150 130,230 32,806 37.921 4.101 4.061 4,427 5,726 2,924 10,315 1830 6.065 4,852 5,257 3,235 3.235 127,363 912,285 167,173 781,708 201,301 1.000,889 125,733 606,510 69.144 287,208 69,835 357,151 786 171.855 51,323 2.965 1830 63,638 292.611 8.903 4.188 135 111 3,219 16,556 100% 1288.184 1.076259 34654 28AI 5 827 4 254.918
Leeds Univer&ty Union Annual Report and Accounts for the year ended 31 Juty 2023 Comparatrve Support Costs included in Note 3: Use mlsts Marketlng GovernarKe Other Totsl Bars Venues Shops Student SeNces Student Advice student rèpresentatlon Student Artlvbtlesl Volunteering Medla Sales & Conferences. Total Costs 22% 20% 2296 13% 387.718 392.222 401.405 268,562 279.906 140,196 215.540 91.159 7.878 7.800 8,$02 10,998 4.086 217.582 249,862 268,981 125,919 897.170 797.026 899.331 501.950 4,3 5,312 168.847 216,381 23377 24,281 5.616 19.812 4,086 3,269 81.872 68.024 283,798 331,767 891 I,734 40,818 5.694 4.495 92,052 333,793 6,12S 2.465 200 100 3,339 11229 100V4 2.031.994 817,742 66.500 33,197 1,107.631 4057.064 Unrestrlcted fvnds At beglnnln8 Incornlng ofyear resources oOIng At end ofyear re50urce5 General funds xed assets Net Current assets 2.200,450 1,284.5(Kl 950 690.540 11890.456 1493,306) 13,159,737 1397.684 1,015.219 12,903 Restrlcted fijnds At beglnnln8 of Incomlng reswrces ooIng At end ofjtar re50urce5 Impart Funding Other Restricted Funds lall < QOOO) 374.872 1322.0571 52,815 6,092 6,092 6.092 374.872 2105 30
Leeds University Union Annual Report and Accounts for the year ended 31 july 2023 2023 2022 Wages and salaries National Insurance Penslons 6,445.329 6.228,647 593.239 369,674 196,608 204,794 Total Costs 7235.176 6 803 115 The average staffing was a5 follows.. 2023 162 417 2022 161 406 Monthty salarled staff Weekly paid Student staff 579 567 During our buslest week of the year, we employed 68212022.. 5621 students on a weekly pald contract. The total Salary of the Senior Leadership Team ISLT) was £458,(X)O In the year1£468.OW in 20221. The salary of the Chief Executfve Is determlned by the People and Value5 Cornmlttee th reference to market salary leve15. The salaries of the rernalnder of SLT are determlned by the Chlef Executive agaln wlth reference to market salary levebs. . Four ernployees were pald more than £60,000 In salary and one partlclpates In the Un5vers5ty of Leeds Penslons and Assurance Stheme. Salary £60.001 to £70.000 £70,001 to £80,000 £90,(K11 to £11)0.000 ErWoyees 31
Leeds University Union Annual Report and Accounts for the year ended 31 Ju 2023 Trustees RerNneratlon and Expenses As w11 as han8 a role as a Trustee of LUU, the Student Executive Officers perform a full tlme.role for a year to be the voice of students. They listen to how students want things to be done, work wrth LUU staff, the Board of Trustees and partners to make it happen. They represent students to the Unlversity of Leed5, external organlsations and the wider communlty. Each of the Student Executive Officer5 Wa5 paid a salary of £21.645 durin8 the year wrth a total cost to LUU of £143.3801£116,032 in 2022) which Include5 national Insurance and pension contributions. The level of salary is set out In thelr contraa of employmenL Trustees of the Board were relmbur5ed £391 In 2023 l£nil in 20221 for personal travel and subsistence expenses In performlng thelr role as o Trustee. Tanglble flxed assets Leasehoid Leasehold Flxtures & Equlpment bulldlngs 1nrTrertS Total Cost Brought forward 1 Aug 22 Additions Sn the year Dlsposals In the year As at 31 July 2023 3.535.0% 1.795,563 1,271,950 490.678 1.203,573 7,806,142 175.703 666,382 3,535.056 1,795,563 1.761629 1379276 8A71524 Deprecbavon Brought foThvard l Aug 22 Charge for the year Dlsposals In the year s at 31 July 2023 2.021,880 165.696 1,638.064 32.724 1.007,113 16L459 1,001,819 5.668,876 107,457 468,336 1187576 1.670,788 1,1695n 1.109276 6,137,212 Net book vaJe As at 31 July 2023 1347A80 124.TlS 593.057 270,IX)0 1335312 At 31 Juty 2022 1.513,176 157,499 264.837 201,754 2,137,266 32
Leeds University Union Annual Report and Accounts for the year ended 31 luty 2023 10 Intanglble tsed ets Cost Brought ft)rward 1 Aug 22 Additions in the year Impairrnents in the yeor As at 31 Juty 2023 108.376 24,158 132534 Depreclatlon Brought forward 1 Aug 22 Charge for the year Impalrments In the year As at 31 July 2023 45,192 24,970 70.162 Net book value As at 31 Juty 21123 61372 At 31 July 2022 63,184 11 Debtors and prepayments 2023 2022 Trade debtor5 Sundry debtors and prepayments The University of Leeds 163,659 185,8CpJ 280.911 388,260 1,075.385 965,576 1.519.955 1.539,636 12 Cash at bank and In hand 2023 2022 LUU cash Cash held on behalf of student clubs and Societies Cash from tlcket sales held on behalf of event promoters 1,079,157 1,041,169 908,623 848,920 43,802 89,642 1031.582 1.979.731 33
Leeds UnprsIty Unli Annual Report and Accounts for the year ended 31 Juty 2023 13 Deposits NUS SeThlces Llmited holds a deposbt of £6,090 from LUU in respect of payment for monthly supplies of brewed and other products approximarely equivalent to 0.01 % of tradlng turnover. 14 Creditots: arnounts falllng due t*thln oneyear 2023 2022 Trade credltors Sundry creditors. accruals and deferred Income Clubs and societies The Unlverslty of Leeds 321.108 1.188.064 908.623 367.078 335.338 1,305.225 848.920 20,186 2,509,669 15 Capttal C¥?1rrfnfflS LUU had thefollowlng commitments for capitsl works at 31 July. 2023 2022 Authorised and confracted 38,571 156.542 16 Ana1$ of NetAssets betren Funds Unre5Cted nds Total Funds Flxed Assets Net Current Assets 2,397,684 1,01 S,219 1411903 2.397,684 58.907 1.074,126 58,907 3 71.810 Unrestricted funds are made up of the Flxed Assets Reserve of £2,397.684 and the ba1ce remainlng is the General Reserve of £1,015.219. The Fixed Assets Rèsèrve represenrs the net book value of our fixed a55ets. The resldual unrestricted funds represent the General Reserve of the charity. The restrlcted fvnds include Impart Funding from the Unfversity of Leeds and varlous small grants received to undertake spècific projects such as helping our work in the Leed5 communlty-
Leeds Universtty Union Annual Rewt and Accounts for the year ended 31 Juty 2023 17 Leasing c4ynmitments At 315fJuty, LUU had commitments under non<ancellable operatins leases a5 follows: 2023 2022 Motor Vehldes Operating leases payable within: l Year 2 to 5 Year5 8,829 17.925 26.754 Plant and Machlnery Operatlng leases payable wltiiln". 1 Year 2 to 5 Years 1,899 Bulldlng Operatin8 lease5 p¥yable within: 1.899 1 Year 2 to 5 Years Over 5 years 418,001 418,001 1,672,004 1,672,0fy1 1.305,537 1.723.538 95542 3813543 Total lease commltrnerrts 18 Lessors LUU has several leases tenants with terms varylng been 5 and 70 years. Rent5 are fixed for 5 years and most leases include provision for fNtyearly rent review5 according to prevallln8 market condltlons. There are no optlons In place for elther partyto extend the leasè terms. At 31"Juty, LUU had contracts wlth tenants for the follov•ing minimum lease paymerrtS: 2023 2022 1 Year 2 to 5 Years l)rfer 5 Years 81.408 248,805 79.200 191414 330213 271,614 35
Leeds UnIvty Union Annual Report and Accounts for the year ended 31 Juiy 2023 Recondliion of net expendityre to net cash fl(wfrom operatln8 actt¥ftles 2023 2022 Net lexpendltyreylncome for the >tar (19.232} 53,252 Adjustments for. Depreciation and amortisation Interest re1vable from Investments {Increase) in stock DecreaSel{Ine3seI in debtors Increase in credltors Net cash provided by operatlng acmes 493.306 426,275 113,974) {2981 126,S681 141.1071 19.681 {430,5251 275,204 23,464 72&417 31,061 Net debt At 1 August Cash Flows Other Tron5h 2022 movements At 31 July 2023 Cash at bank and in hand Debt due withln one year Debtdue after oneyear Net funds 1,979.731 51,851 Z031,582 1,971731 51.851 2,031.582 Comparallbt Net debt At l 1$t Gish Other non<ash 2021 mty&ments At 31 Juty 2022 Cash at bank and In hand Debt due wthln one year Debt due after one year Net fijnds 1189.322 1209,5911 1,979,731 1189322 {209591) 1.979.731 36
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2023 20 Prfor year Ststement of Flnandal Actiwties Statement of financial activrbes for the year endlng 31 July 2022 Unrestrlcted Funds Tot•1 Funds 2022 Total Funds 2021 Funds Note Income Lbnarions." Unlverslty Grant Income from charitable a(tNltie Bars Venues Shops Student Services Student Advlce fundlng Student representats'on & affiliation5 3.905,568 3.905.568 4.090,568 1199318 1,765,664 1656,882 1061529 10.OCIO 11,784 1199.318 579,286 1.765.664 149.679 2.656.882 985.405 1062.529 1,737,673 10.000 12,231 11.784 1,860 Student Actlvltleslvolunteèrlng fundlng Othertradingactmtses.. Rental Income Medla Sales & Conferences Investment income corOnarusj0b Retentlon Scheme Grant Other incorne Total 107.209 107,209 42.020 228.055 300 9.910 42,020 228,055 300 9.910 71,623 88,850 248 668,526 116.913 11116,152 116,913 28,500 13 116.152 8A14.449 Expendliure Expenditure on rhan"table attM"ties' Bars Venues Shops student Serylces Student Advice Student representatlon & affillatlon5 Student AttivitiesNolunteering Media Sales & Conferences T¢xal 1528.136 1515.969 3,381,929 2.383.053 594,331 771,628 2,528,136 1,581692 2,515,969 951964 3,381,929 2,029.741 2,383.053 1,934.037 594,331 570,036 nl,628 707.491 826,455 61.399 13.) 826,455 766.804 61.399 58,111 I3,9(K) 8,601176 Net surplusl{expendlwre) 24 53252 53.252 1187.427J Reconciliation of funds: Total funds brought forward Totsl funds carried forward 3,431.698 3A84950 6,092 6,092 3.437,790 3.625.217 3A91.042 3A37.790 37
Leeds University Union Annual Report and Accijunts for the year ended 31 Juty 2023 21 Penslons Costs LUU has three separate pension arrangements. A defined benefit arrangementthrough the Unlverslty of Leeds Pension and Assurance Scheme {PASX which 15 dosed to new entrants. The People's Penslon Scheme which is a defined contiibutr'on scheme managed by B&CE and provldes flexlbility for staff to make contributions with LUU matching them to a maximum of 6% of salary. The arrangement also prwdes a three tlmes salary death In semce benefit through a reglstered group Ilfe policy through UNUM. A third scheme. Nes¢ also a defined contributlon scheme. has been used to auto enroll those staff eligible under the new legi51a¢lon stsrtlng In November 2013. For the defined contyibutlon schemes the cost charge f¢x the year represents contributions payable by the company to thè schemes and amounted to £139,817 12022= £133,648). Contrsbutions amountlng to £22.13912022.' £210361 were payable to the schemes and are Included in credltor& Members of staff who were already contributing into thè PAS scheme Vre able to continue to do 50. The assets of the scheme are held In separate trustee adminlstered funds. PAS is a defined benefit scheme externalty funded and valued by an actuary every three years. The rates of contrlbutlon payable are deaded by the pension trustees based on the advice of the actuarles. ThÈ trlennlal valuation dated 31 March 2020 sh¢)wed that there was a deficlt of £66.2m, equlvalent to a fundlng level of 8796. Given the unusual market condition5 prevalllng In March 2020. a furrher valuation was carried out as at 31 March 2021. Thi5 valuatson showed that there was a surplus of £24.2m, equlvalent to a funding level of 705%. During the year the employer concributlon rate was 16%, Trmth the employeè contrlbution rate at 7.5%, both unthanged from the preouS year. The Vniversity conrlnues to pay the annual PPF le¥y and the cost of any ill health early retirement benefft enhancements. The next valuation Is expeaed to be completed In 2024. The assets of the PAS scheme are not separable and therefore the proportion of any surplus or deficit arising In the scheme cannot be attrlbuted to member5 employed by the Union letrther past or presentl. The Union accounts for the scheme as if It were a defined contribution scheme. Employer contrlbutlons to these schemes are charged to the Income and EXpendure Account in the year in whlch they are pald and are Included within the disdosure of individual artivleS In these accounts.