Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Leeds University Union A company limited byguarantee Trustees. re 31 Jul 2024 ort and flnancial statements Company re8lStered number 07284768 Charity registration number 1136742 AE17KKMW 2S10412025 COMPANIES HOUSE A10
116 1
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Contents AdminisrratNe Information Trustees, Report ,Statement of trustees, responsibilities Independent auditorfs report to the members Statement of financlal actlvities for the year ending 31 July 2024 Balance Sheet at 31 Juty 2024 Statement of cash flows forthe year ending 31 July 2024 Notes to the Accounts 16 17 21 22 24
Leeds University Union Annual Reportand Accounts for the year ended 31 July 2024 Admlnlstratlve Informatlon Charltable Status Leeds University Unlon ('LUU? ft a company Ilmlted byguarantee registered In England and Wales (cornpany number 07284768) which was incorporated on 15June 2010. LUU was formally registered as a charity with the Charity Commission injuly 2010 {registration number 1136742). Prlncipal Address Thè registered and principal office is Leeds Unlverslty Unlon, Lrfton Place, Leeds. LS2 9JZ. The Board of Trustees The Dlrectors of LUU are Its Trustees for the purpose5 of Charty Law and throughout thls report are collectively referred to as the Trustees. The Trustees servlng during the year and slnce the year end are as follows: Student Executlve Offlcers and Trustées To 30.06.24 Union Affairs & Comrnunications Officer (Chalr) Emlly Tabern Actlvlties & Opportunlties Offlcer Ella Willlams Education Officer Bethan Corner Equality & Llberatlon Officer Haryati Mohammed International & Postgraduate Officer Rimsha Khan Wellbelng Officer Union Affairs & Communications Officer (Chair) Activities & Opportunlties Offlcer Educatlon Offlcer Equality & Llberation Officer Internatlonal & Postgraduate Officer Wellbeing Officer From 01.07.24 Hannah Catterall Lucy Hart Lydia Shale Shlvanl Gug Amara Relf Felix Emotu Freshta Amlry{reslgned 2010912024) Student Trustees Nlcolas Padula Pinho Michael Mberi (to 04.07.24) Elizabeth Wright Shmuel Von Weisl Ollvla Allen-cotter (frofft 04.07.24J External Trustees Joshua Smith Neil Clephan Annabel Tonge Darnola Tirneyin
Leeds Universlty Unlon Annual Report and Accounts for the year ended 31 July 2024 Audltor Saffery LLP 10 Wellington Place Leeds Bank Lloyds Bank PLC 6-7 Park Row Leeds LSI 4AP L515JD LUU employs a Chlef Executlve. Aidan Grills, who works c105ely with the Student Executive Officers and Trustee Board to ensure effectlve governance and management of the or8anisation. The Chief Executive is head of a Senior Leadership Team made up of: Sue Stones (Deputy Chief Executive) Rachel Emmott IDlrector of Finance & Risk) Jasper Hegarty-Dltton (Director of Dlgital and Data> Rori Raquib (Director of Communlcatlonsl Harpreet Singh (Director of People and Quality) until 30.08.23 Amrlt Gata-Aura (Director of Employee Experlencel frorn 04.01.24 Douglas Muzawazi (Director of Student Comrnunities)
Leeds University Unlon
Annual Report and Accounts for. the year ended 31 July 2024
Trustee< Report
The Board of Trustees, who act as Dirertors for the purposes of Company Law, present their Annual
Report for the year ended 31 July 2024 which Includes the administrative Information set out on
page 2, the Strategic Report and Dlrectors, Report for Companies Act 21)06 purposes, and the
audited accounts for the year.
Structure. governance and management
The prlmary aim of LUU Is the advancement of education of students at The University of Leeds for
the public benefit.
The governance of LUU is documented In its Articles ot Association and its 8ye-law5, which C
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 The Board of Trustees is supported by five sub-committees. which meetthree to four times a year and focus on certain key aspects of LUU'S governance and management. which are: The Audlt & Risk Committee monitors LUU'S risk profile, health & safety. risk mana8emenL compliance with relevant legislation and other matters which could impact on LUU'S future health, The Committee reviews and commissions internal audit work and scrutinises the annual accounts at a joint meeting With the Finance Committee. The Flnance Commlttee monltors LUU'S financial performance, appraises requests for capital expenditure and reviews our commerclal strategy. The Committee also reviews the annual budget and scrutinise5 the annual accounts in a Joint meeting with the Audit & Risk Committee. The People and Values Commltt•e examines issues relating to LUU workforce including staff policies. changes to pay.land specifically that of the Chlef Executlvel, tralnlng and development and volunteerin8. The Appointments and Governance Committee Is responsible for monitoring and continuous Improvement In governance arrangements at LUU. The Committee ensures that new trustees are recruited. Inducted and developed properly and it also has overall responsibllity for recruiting the Chief Executive. The Engagement and Developmlnt Cornmlttee examine5 our approach to member engagement, Including through mafketlng and communicarions. excernal partnershlps and through LUU meihber-focused attlvitles. LUU operates on democratlc prlnclples, wlth Pollcy being acted upon by the six elected offlcers who form the Student Executlve. Dvrlng the year members have the opportunity to bring forward Ideas to one of three Union Forums to h'elp form Pollcy on Issues which contribute to"Better Leeds., 'Better Unlversity, or Tetter Union". Forums are based on the prlnciples of deliberative and direct democracy wlth policy being voted for approval bya randomly selected Student Panel of16 Studenis, and issues thai are contentious, or don't have a majority vote, are referred to Referendum. The Student Panells demographlcally representative of the Leeds University Student body as outlined in LUU'S Bye-Laws. The Senior Leadershlp Team The Chief Executive is supported by slx permanent senior staff that together form the Senior Leadership Team (SLT). This team provldes the strategic management of LUU, managing its operatlon5. glving leadership to it5 Staff and ensuring that the board and its sub-committees are kept fully Informed on all aspects of the organlsatlon and are regarded as belng the key management personnel of the charity Outside of the trustees.
Leeds Unlversity Unlon Annual Report and Accounts for the year ended 31 July 2024 Relationshlp wlth the Unlverslty of Leeds Under the Education Act 1994, the University of Leeds has a statutory duty to take such steps as are reasonably practicable to ensure that the Union operates in a fair and democratlc manner and is held to proper account for Its finances. LUU therefore works alongside the University of Leeds In ensuring that the affairs of t.he Unlon are properly conducted and that the educational and welfare needs of LUU'S members are met. The formal relationship with the University is governed by a Code of. Practice and LUU works closely with the University and its students to develop approprlate Bye-Laws for its working practices. The Unlverslty of Leeds is not a related paty a5 defined by the Charities FRS 102 Statement of Recommended Prattice (SORP). Alms. Objectlves and Artivitles The prlmary aim of LUU is the advancement of educatlon of students at The University of Leeds for the public benefit. LUU achleve5 thi5 through: promoting the Interests and welfare of students at the Unlverslty of Leeds durln8 thelr course of study and representlng, supporting and advising students,. beingthe reco8nlsed representative channel between students and the University of Leeds and any other external bodies,. and providing social. cultural. sporting arid recreational activities and forums for dlscussions and debate for the personal development of students. At all times the trustees of LUU have had regard to the Charity Commission guldance on publlc benefit. whilst pursulng our alms and objectlves and providlng variou5 actlvltles for Its members LUU seeks at all tirnes to: ensure that the dlversity of its membership Is recognlsed and that equal access Is avallable to all members of whatever origin or orientstion: pursue its alms and objertlves independent of any political party or religlou5 group.. and pursue equal opportunities by taking positive actlon within the law to facilitate partlclpatlgn of groups discriminated against by society. LUU provld.es a variety of ser4lce5 and attlvltles for students Includlng.. Studenr Advlce Centre - we continue to provide a specialist servlce to our members in the areas of housing, money and academic issues. We have sUPPOrted many students wlth complex needs such as domestic violence and Mental ill-health with partners in the Universty and the clty, The number of enquiries to ourAdvice Service was 30.509 this year, compared to 26.757 enquiries in the previous year. The team employs a service model using the LUU foyer, with an Integrated information and advlsory service, which helps to manage the,servlce capaclty as enqulrles can be re50fved on-the-day. The full range of servlces can be provlded remotely, Includlng very often one-to-one support for complex cases. Student Activltles - a choice of over 340 club5 and societiés offer a diversity of opporrunltles for social and skills development. There were 36.700 club and society memberships sold
Leeds Unlverslty Unlon Annual Report and Accounts for the year ended 31 July 2024 durlng the year, up from 33,994 in the prevlous year. We run a "Give It a Go" programme that provides taster sessions to glve students an insight into the range of activities avallable to them, as well as trips to many locatlons In the UK. We also sUPPOrt student-led volunteering, facilitating a wide variety of community volunteerlng opportunities. The Student Activities team is made up of staff and students, and also provldes support. advice and help with the safe running of activities especially around health and safety, recrultment, communlcation, delivery and finance including fundraising and development. Joblink- we continued to provide part-tlme work for students and delivered an employability programme that provided guidance to several thousand students. Over theyear we paid £1,525k In wages to students through ourJobLink agency, slightly down on the previous year (£1,614k), External engagement- our team continues to manage and develop a range of community-based inltlatives Includlng volunteering, hou51ng fairs and Ilrter plcking. Partners In thls work Include other students. unions for HE and FE institutions in Leeds. Unipol Student Homes and Leeds Clty Councll. InitlatNes In the last year also included work with Leeds Rhinos, Student Minds and West Yorkshlre Pollce around student safety. Campaignlng and Representation - we SUPPOft students in campaigning for change on campus and In the clty, We contlnued our support for school and course reps with trainln8 initiatives and undertook to help students partnerwith their University to innovate and improve their education experience. The number of students voting in the LeadLUU elections thls yearwas 9,158, an increase of 236% compared to the previous year (3,865). equivalent to 27% of the total student population. There were 49 candldates Sn total {2023: 361. We are conducting a study of natSonwlde democratic engagement to understand how we can improve democratic particlpatSon and raise the profile of democratic engagernent at LUU, including guidance from our subcomrnlttees, 8ars and Venues- a cholce of four barslcafes are open durlng the day and evenin8: Terrace, Old Bar, Common Ground and Scream. All four offer caterlng and non-alcoholic beverages, with alcohollc beverases avallable In Terrace and Old Bar. Our nlght-time Ilcensed venue, Stylus. provides popular late-night entertainment with regular INe music. Events- this team provides the live music and DJ5 for our venues, working wlth external prornoters to host events in our venues. We also stage the Fresherfs & Welcome events and Leeds Ball on the site of the University campus. The June 2024 Leeds Ball eventwas significantly altered to remove outdoors elements due to health & safety concerns related to protest encampment on campus overlapping with the site plan. These changes included refunding all tickets and replaclng them with free tickets. The event was financially de-rlsked with support from the University and Still attracted around 3,700 students. Shops - operated by LUU are c0P (convenience store operated under a franchise agreement wlth Co-op), Gear (Universty branded clothing and accessories) and Unlon Shop (Stationery and cards). Operated through a tenancy arrangement are Wakl Makl (hot take away food}, Humpit (heakhy takeaway food), Cooplands Itake away food) and Pearls Bubble Tea. A new outleL Tantino (Italian take-away food) opened in September 2023 under a tenancy agreement,. part-way through the year this outlet rebranded as Tikka Natlon (Indian
Leeds Universlty Unlon Annual Report and Accounts for the year ended 31 July 2024 take awayfood). In 2023-24, LUU ended tts tenancy agreement with Cantina (Vegan junk food), Fundraising- LUU does not undertake fundraising from the public and does not use professional 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 designed to raise funds to support the student servlce actlvltles undertaken by LUU. notablythe Leeds Ball held In June each year. Strateslc Report Achlevements and Performance LUU is half-way through its Strateglc Plan for 2022.26, whlch was launched in 2022 Informed by a perlod of consultatlon with students and other key stakeholders, including the University of Leeds. This Strategy Is focused on our organisatlon vlslon Together we'll mak'e sure you love your time at Leeds,. and is based around achlevlng three core, measurable StrategSc Impacts for students: .Fuelling your passions Insplrlng you to be your best self Creating a celebrated, fun and lively community you can be proud to be a pan of In order to achieve these Impacts, a series of kéy strategic outcomes were Identified for student5 and forming the key focus of project work. these being: Gaining new skills and being more employable,, Belng more educated and informed; Belng produttlve and saving time and money,. Having less stress and improved mental health,. Being In a good. or better mood; Belng fitter and healthler,. Feeling safe and supported., More friends and a wider social nelN40rk, feellng Ilkeyou belong,. Being more confident'and feeling'empowered. These strateglc outcomes, whlch were artlculated using analysls of large-scale student feedback. are the targeted outcome5 of the servlces LUU offers to students and measured through the use of quantltative feedback and key. perforrnance Indicators. These services can be deflned as LUU'S organlsational Outputs.. Clubs and Societies; 8uilding Operations." Help & Support: Representation & Campaignin8,' Studentjobs,, and Events. Strategic projects to improve LUU'S Outcomes are therefore linked with the corresponding Outputs to ald the focus of targeted service developments. These projects must also account to LUU'S strategic Design Principles. which state that they must be Inclusive, 5tudent-Led. Data. Driven, and Cllmate Friendly.
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 LUU's"Strategy Map" outlining our 2022-26 Strategf. 01 vr 108L'II)i'.r. w'i.'Il m.IkL sure you l<>i'c' y()ui Iimc .11 l.I'eds IP L••é• • Vnl*•r•liy Aunl K•v
.Leeds University Union Annual Report and Accounts for the year ended.31 July 2024 The Strategic Impacts and key successes during the year, assessed against the 2022-26 plan, were as follows: Strate Iclffl act Fuelllngyour posslons sures: Stud Gainlng new skills and being more employable Being more educated and informed Belng praductlve and saving time and money Successes Employment of over 3.600 students through the year, primarily through the Joblink service. Initiation of new Faculty Officer programme across University of Leeds. Launch of basic needs hub operating as an outlet for students to get support with cost of IFvin and learnin Successful delivery of a Varsity programme in collaboration with Leeds Beckett SU. Opening of a new hub for students to meet and play games without cost. Opening of a new lounge space for postgraduate research students to meet and interact for su ort. Positlve feedback on Custorner Experience throughout LUU outlets. Contlnued strong membership sales for Clubs & Societies and use of membership system to run and track actNity. Attlve safety initiatives including bystsnder training and reportlng of harassment. Organlsatlonal attainment of the Leaders in Diversl Award. Insplrlngyou to beyourbest Self Having less Stress and lrnprpved mental health Being in a good. or better mood Being fitter and healthler Creotlng a celebrated community Feeling safe and supported More friends and a wider social network, feeling like you belong Belng more confident and feellng empowered Quallty Man•g•meTht LUU uses a number of external tools for qtsality assurance whlch Ilnk to the prlorlties and rlsks lald out In our strategic plan. Thls year LUU contlnues to hold accredltatlon under the Quallty Studen Unlons (QSU) standard (forwhich we were proud to have achleved "Excellenf level in each of the 12 areas of or8anisational performance),. as well as the Leader in Diversrty accreditation with the National Centre for Diversity. In 2024, LUU was rfraccredited under the Drug & Alcohol Impart scheme from SOS-UK and has once again been accredlted at the highest possSble level under both the SOS-UK Green Impact Award aryd the natlonal Best Bar None scheme, in which LUU were the Natlonal Winners for 2024. io
Leeds Unlverslty Union Annual Report and Accounts for the year ended 31 July 2024 Financial Revlew Thls year LUU has repor¢ed an overall surplus of £156k. This comprises a deflclt in unrestrlcted funds of £72k and a surplus on restricted funds of £228k. It compares to a deficit of £19k In the previous year. which included a deficit in unrestricted funds of £72k and a surplus on restricted funds of £53k. Many factors outside of our control had a slgnlflcant financial impact on our unrestricted funds position in 2023124. The main challenges included: The increases in the National Minimum Wage INMW) and age-banding changes over the last two years.. a student employee earning £8.361hour in March 2022 saw thar rate increase to £11.44 from Aprll 2024. As an employer of hundreds of student5, those increases have had a material impatt on our cost base, quantlfied at approximately £372k. LUU'S entry to mld-level monthly pay-grade rates are linked to rhe NMW. and so In order to malntain adequate levels of seniorlty and segregation arnongst the team those rates have been Increased In Ilne wlth the NLW. A slldln8 scale of pay awards was made In January and April 2024 with the lower grades recelving up to 7.62% and the higher 8rades up to 5%, Balancing the deslre to remain accessible and affordable to students across all commercial outlets against the cost pressures from Increa5e5 to the NLW and Inflationary impacts on other costs.. we have undertaken prlcln8 and margin revlews throughout ihe year and seek to ensure that we strike thi5 balance and communicate rationale for any price increases to srudents. Commerclal operations were all impacted to some degree by the challenge5 around Inflation and the cost of living crisis. with some affected more than others; Events & Venues fell short of their budgeted net contrlbutlon by £107k. wlthjoblink {reported in srudent 5ervlces> and cafes falllng short by £77k and £75k respettively, aDd the Coop experienclng hlgher than expected levels of stock loss to theft. Utilities costs (electricity, Steam and water) whlch had more than doubled in the previous year rose to a lesser extent (3%) In 2023-24, with a charge of £337k in the year, compared to £327k in 2022-23, Thes¢ costs are charged to LUU by the Unlverslty of Leeds and absorbed into our operating costs., Indlrectly,,the impact of campus unrest as a result of International tenslons around the mlddle east took a toll on the resources of LUU, with increased numbers of students leanlng on the Unlon to provide advice. support and guidance. Despite all of the above. LUU was able to manage its financial posltion by closely managing recruitment. scrutinising all other spend. pivotlng certaln commercial activities In reattlon to Student needs and benefiting from increased rates of return on cash Snvestments. An in-year reassessment of the useful economic Ilfe of the leasehold buildln8 assets from 15 years to 33 years had a positive In-year impact of £90k. All of these measure5 enabled LUU to return an unrestricted deficit of £72k in the period, against an original budget deficit for the year of £87k. The deflcit budget was approved in light of the nurnerous financlal challenges working against LUU and work being undertaken to mitigate the deficlt through the Finance & Risk Supportlng Strategy and in the context of the 5 year plan. li
Leeds Unlversity Union Annual Report and Accounts for the year ended 31 July 2024 We contlnued to receive the full block grant from the Unlverslty of Leeds, with £4.1 m received in the year (2023.. £4.04m). We received £560k from the Universitys strateglc Impact fynd, of which £180k has been treated as unrestricted ancl £380k as restricted in the period. The restricted funding delivered Impact Projects including creating student opportunicies (for exarhple through a new gaming hub. Crossroads), supporting health and wellbeing initiatives Ifor example through student wellbeins reps and mental health awareness programmesl and worklng with students as partners (through the World Unite Festlval and postgraduate engagement programmes). The Unlversity also supported three other r.estrlrted funds; Basic Needs {£50k)funded the EssentSals outlet whlch opened part-way through the year, and Creative Connectlons1£25k) funded new activlty brlnglng students together around art actlvlty. At the veryRnd of the financial year we received'£203k In project funding to undertake an IT Cloudspace Migration project In 2024-25 which will enable LUU to transition away from the Universlty5 Mlcrosoft environment to one of its own. The surplus of £228k In restrlcted funds at the end of the year is made up of £203k relating to the IT project and £25k of income from Baslc Needs and Creatlve Connections which was not spent durin8 the year but whlch wlll be expended in 2024-25, with permission granted by the Unlverslty (o do so, Our Balance Sheet remains comparatively strong wlth total net assets of £3.6m (£3.5m In 2023). and cash balance of £3.4m (£2,Om In 2023). The cash balance comprises £2.2m of LUU cash, £0.96m of cash held on behalf of student clubs and societies and £0,26m from ticket sales held on behalf of event promoters. Our unrestricted funds Stood at £3.3m wlth a further £0.3m of restricted funds. Our general resepie Is £1.Om at the year end. The free reserves of the charlty are the unrestrlcted reserves less those funds designated for future projetts and the fixed asset reserve. We revised our reserves pollcy In 2022-23, so that the target level for free reserves is calculated as the costs whlch the charity would be required to meet in the event that all of Its operatlons ceased and there was no Income to cover those costs. The minimum target level is calculated with reference to average salary, wages and other costs apportloned on the basis of Ilabillty rlsk. The calculated free reserves target level at the end of 2023-24 was £0.8m. Our free reserves are £1.Om (2023.. £1.Om) and are therefore above the target level. This headroom is deemed appropriate given the volatility of the current economic climate. Additionalty. over the next 2-5 years significant investment will be required into LUU'S Infrastrurture and therefore It Is deemed appropriate that reserves are held at above the minimum target level, so that they may be used to enable that Investment in future years. The mlnimum target is recalculated annually, in conjunction viith budget setting. and reported to the Finance Committee to approve as the target reserves balance for the following year on behalf of the Board of Trustees. Any reserves In excess of this minimum target will be considered to be retained as contingencyfunds or may be de'signated for future strategic projects. The charty will not unduly hold reserve5 at an excess level. The fixed asset reserve is not included within free re5erve5. Where 12
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 appllcable. LUU wlll also hold restricted funds and these mlght include multi-year restricted project costs. The authority to Use funds which would take the level below the Minimum target will continue to be managed through the existing Financial Procedures and Terms of Reference for the Finance and Audit & Risk Committees. Any request to use reserves will Include an analysis and determination of the use of the funds and plans for replenishment: Goln8 Concern The on8olng financlal support from the University of Leeds enables LUU to sustaln Its actlvltles and provide for the student experience. From 2024-25 the annual block grant has been increased by the University by £0.6m, to £4.7m. This reflec(s the financial challenges which LUU has faced in recent year5 and acknowledges the vital servlces which the Unlon offers to the students of Leeds. LUU is grateful to the University of Leeds for this support, for whlch It Is reliant to enable it to meet its charltable objects. When considered along5idE a strong cash posltlon and free reserves levels, thls relatlonshlp provldes comfort to the Trustee5 over going concern. AlthoLJgh the external factors referenced above mean there are uncertalntles around the ability to generate commercial income and pressures on costs, LUU will contlnue to endeavour to mitigate the impact of these through agile financial management. Including regular cash flow'forecast updates and by continuing to work closely with the University of Leeds. Rlsk Managernent and Control The strategic risk register of'LUU receives regular updates which are considered by the Audit and Risk Committee at each meetlng with a revlew by the board on an annual basis. Operational risks are manased at a team level with mitigations controlled through operational plannlng. The key risks faced by the charlty revolve around Its reput'ation with both the Unlverslty of Leeds and our student member5. The Unlverslty Is a slgniflcant funder of the charity and we work in partnership wlth the University to deliver ever Improvlng services for the students. The relationship is maintained by developing close working relatlonshlps wlth senlor members of the Universlty team by our trusrees, particularly the elected student executive, and by the Senior Leadership Team. To meet our aims, the students need to be well represented and sUPPOrted by LUU. We invest in representation and democracy teams to ensure rhat engagement with students Is effective and any potential risk in this area is mitigated. The Strategic Risk Register is reviewed in line with the Strategic Plan during the year. LUU appoints Internal audltors, RSM, who undertook audlts of Rlsk Management. Payroll and Value for Money duringthe year, a5 well a5 condutting continuous assurance work on key risk areas such as stock and cash. Our Internal Audlt Working Group (renamed Risk and Compliance Worklng Group from September 20241 continues to oversee the implementation of the key recommendations from the audit activity, reporting to the LUU Audit & Rlsk Subcommittee. 13
Leeds University Union Annual Report and Accounts for the year ended 31 July. 2024 The Unlon also faces on-going financial and control rlsks whkh are mitigated through a robust budget management process and comprehensive data protection pollcles supported by tralnlng. Future Plans Going into the third year of the 2022-2026 Strategy we plan to continue work on some core strategic projects to align work with this new strateglc mandate. A series of SLJpporting Strategies have been developed which help to frame project work to make targeted developments led by the members of the SLT. but reviewed bytrustees. These Supportlng Strategies are split across the Social Outcomes (based on regular student insight) and priority areas which support all LUU work: People & EDI,. Finance & Risk: Marketing & Communications; Data & Dlgltal,. 8ulldlng & Sustainability. Supportln8 Strategies conslst of 6- and 12-rnonth project sprints. whlch allows senior management and stakeholders to regularly revlew and adjust projects as necessary and dirett resources to where they are most needed. A key focus for strategic work in the next year wlll be the continuation of partnership work. A series of Impact Funded Projects have been developed in'areas of key partnership beeen LUU and the University of Leeds." Students as Partners, Student Opportunities, and Wellbeing & Student Success. We wlll spend this thlrd year of the strategy refinlng our strategic project work through the supporting strategles, working closety with the University on key areas of partnership, developing the measurements of our strategic performance, and identifying.and prioritising key155ues Impactlng students. Cu5todlan Artlvltles - Clubs and Socl¢tle5 and HAG LUU acts as custodian for funds raised by the students. many clubs and societies and these funds are separatety Identified In the accounts. £3.1 m was handled by LUU during the yearwith a balance of £0.96m remalnlng at the end of the year, This Includes the annual RAG proceeds from fundraising events that are distributed to Its Intended charities. The IL4G proceed5 came to £21 k In the year and £21 k was held at the end of the year. Trustee$, statement We wish to thank all staff at LUU for thelr contlnued commltment and hard work to make thls another successful year at LUU. Audltor In accordance with section 487 of the Companies Art 2006, a resolution for the reappointment of Saffery LLP as auditor of the company is to be proposed at the relevant Board of Trustee5 Meeting on an annual basis. 14
Leeds University Unlon Annual Report and Accounts for the year ended 31 July 2024 This Trustees, report {comprtsing rhe Strateglc Report and the Directors Report) was approved by the Trustees and signed on their behalf. Hru*J Lucy Hart Chalr Joshua Smlth Trustee 9 April 2025 Leeds Universty Union University Square Leeds LS2 9JZ 15
Leeds University Union Annual Report and Accounts for the year ended 31 Jufy 2024 Statement of trustees. responslbllltles The trustees (who are also directors of Leeds University Union for the purp05e5 of company law) are responsible for prepar.ing the Trustees, Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards {Unlted KlnBdom Generally Accepted Accounting PraciiceL Company law requires the trustees to prepare flnanclal statements for each financial year which give a true and falrvlew of the state of affairs of the charitable company and of the Sncoming resources and application of resources. including the income and expendlture. of the charltable company for that period. In preparlng these flnanclal statements, the trustees are required to: select suitable accounting policies and then apply them'conslstently obseNe the methods and prlnciples In the Charities SORP IFRS 1021 • makejudgernents and estimates that are reasonable and prudent State whether applicable accountlng standards have been followed, subject to arjy material departures disclosed and explained in the financial statements and prepare the financial statements on the going concern basis unless It Is'inapproprlace to presume that the charity w511 contlnue in buslness, The trustees are responslble for keeplng proper accountln8 records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charltable company and enable them to ensure that the financlal statements compty with the Cornpanie5 Act 2006.They are also responsible for safeguarding the assets of the charltable company and hence for taking reasonable steps for the preventlon and detettlon of fraud and other Irregularitie5. In so far as the trustees are aware.. there Is no relevant audit information of which the charltable companys audltor Is ungware and the tnistees have taken all steps that they ought to have taken to rnake themselves aware of any relevant audlt Information and to establish that the auditor is aware of that informarion, The trustees are responsible for the malntenance and integrity of the corporate and financial Informatlon Included on the charltable companys webslte. Leglslatlon In the Unlted Kingdom governing the reparatlon and dissemlnafion of financial statements may differ from le8lslation In other jurisdictions. 16
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Leeds Unlverslty Unlon Independent audltofs report to the members , Oplnlon We have audited the financial statements of Leeds University Union for the'year ended 31 July 2024 which cornprise the statemenr of financial activitles, balance sheet and cash flow statement and notes to the financial statements. including significant accountlng policies. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accountlng Standards. including Financlal Reporting Standard 102,.the Flnanclal Reporting Standard appllcable In thè UK and Republic of Ireland (United Kingdorn Generally Accepted Accountlng Practlcel. In our opinion the flnancial statements.. give a rrue•and fair view of the charltable compan5rfs stare of affairs as at 31 July 2024 and of Its incoming resource5 and application of resources. including Its Income and'expenditure. for the year then ended have been property prepared In accordance with Unlted Kinsdom Generally Accepted Accountlng Prartice. and have been prepared in accordance wlth the Corripanles Act 2006. Basls for oplnlon We conducted our audlt In accordance with International Standards on Audlting (UK) (ISAS {UKlI and appllcable law, Our responslbilltles under chose standards are further described In the Auditorfs responsibilitles for the audlt of the financlal statements section of our report. We are independent of the charitable company in accordance with the ethlcal requlrements that are relevant to our audit of the flnancial statements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethlcal responslbilities in accordance with rhese requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltions that, indlvldualty or collectlvely, may cast slgnificant doubt on the charitable companls abilltyto continue a5 a golng concern for a period of at least e1ve month5 from when the financial statements are authorised for issue. Our responsibillties and the responsibilities of the trustees with respect to going concern are described in the relevant sectlons of this report. Other Information The other information comprises the information included in the annual report. otherthan the financial statements and our auditorfs report thereon. The trustees are responsible for the other 17
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Information. Our opinlon on che financial statements does not cover the other Information and, except to the extent otherwise expllcltly stated In our report, we do not express any form of assurance conclusion thereon, Our responslblllty Is to read the other informats'on and. In dolng so. conslder whether the other information is materially inconsistent with the financial statements or our knowledge obtslned in the course of the audit or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thls glves rlse to a material misstatement in the financlal statements thernselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other infonrjatlon we are requlred to report that fact. We have nothing to report In thls re8ard. Oplnlons on other matters prescrlbed by the Companies Act Z006 In our opinion. based on the wor.k undertaken In the course of the audit: the Information glven In the Tru5teeg Annual Report which includes the Dlrectors. Report and the Strategic Report for the financial year for whlch the financlal statements are prepared Is conslstent wlth the financial statements, and the Trustees. Annual Report which includes the Dlrectors, Report and the Strategic Report has been prepared In accordance with applicable legal requirements. Matter$ on whlch we'are required to report by exceptlon In the Ilght of the knowledge and understandlng of the charltable company and Its envlronment obtalned In the course of rhe audlt, we have not iLleiiLified materlal rnlsstatements In the Trustees, Annual Report and Strateglc Report. We have nothing to report in respert of the followlng matters where the Companies Act 2006 requires us to report to y.ou if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us. or the financlal statements are not in agreerrient with the accounting records and returns, or • certain disclosures of trustees. remuneration specrfied by'law are not made..or we have not recelved all the information and explanatlon5 we require for our audit. Responslbllltles of tNstees As explained more fulty in the Trustees. Responsibilities Statement set out on page 16. the trustees {who are also'directors of the charitable company for the purposes of company law) are responsible for the preparatlon of the financial statements and for being satlsfled that they glve a true and fair vlew, and for such internal control as the trustees determine is necessaryto enable the preparatlon of financial statements that are free from material misstatemen¢ whether due to fraud or error. 18
Leeds Unlversity Union Annual Report and Accounts for the year ended 31 July 2024 In preparing the financlal staternents, the trustees are responsible for assessing the charitable companYs abllity to contlnue as a golng concern. disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charitable company or to cease operatlons. or have no realistic alternative to do so. Auditorfs responsibilities for the audlt of the financial statements We have been appointed as audltors under the Companies Act 2006 and report In accordance wlth regulations made under that Act. Our objectlves are to obtaln reasonable assurance about whether the financial statements as a whole are free from material mlsstaiement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance Is a hl8h' level of assurance, but is not a guarantee that an audit condurted In accordance wlth ISAS (UKI will always detect a material mlsstatement when It exists. Misstatements can arise from fraud or error and are considered material if, Indivldually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compllance with laws and regulations, We deslgn procedures in line wlth our responsibilities, outlined above, to detect materlal mlsstaternent5 in respect of Irregularities. including fraud. The specific procedures for this engagement and the extent to whlch these are capable of detectlng irregularities, includlng fraud are detalled below, Identlfying and assessing risks related to irregularities.. We assessed the suscepribllity of the charitable companys financlal statements to material mlsstaternent and how fraud might occur, includln8 through dlscusslons wlth the trustees, dlscu55ions wlthin our audit tearn planning meeting, updating our record of Internal controls and ensuring these controls operated a5 intended. We evaluated possible incentives and opportunltles for fraudulent manlpulation of the financial statements. We identifled laws and regulations that are of significance in the context of rhe charitable company by discussions with trustees and updating our understanding of the sector in which the charltable company operates. Laws and regulatlons of dlrect significance In the context of the charitable company include The Companies Art 2006, and guldance Issued by the Charity Commisslon for England and Wales. Audit response to risk5 identified.. We consldered the extent of compliance with these laiws and regulations as part of ouraudit procedures on the related flnancial statement items including a review of flnanclal statement disc105ures. We reviewed the charitable companys records of breaches of laws and regulations. mlnutes of meetings and correspondence wlth relevant authorlties to ldenfy potentlal material rn1SStatements arising. We discussed the charitable companys policies and procedures for compllance wlth laws and regulations with members of management responsible for compliance. 19
Leeds Uniiiersity Union Annual Report and Accounts for the year ended 31 July 2024 Durlng the plannlng meeting wlth the audir team, thé engagement partner drew attention to the key areas whlch might involve non-compliance with law artd regulations or fraud. We enqulred of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through mana8ement override of controls by testlng the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal course of business. We asse55ed whetherjudgements made In making accounting estimates gave rlse to a posslble Indlcation of management bias. At the completion stage of the audit. the engagement partnerfs review included ensuring that the team had approached their work with approprlate professional .sceptlclsm arydthus the capacity to identify non-compliance wlth laws and regulations and fraud. There are inherent limitatlons In the audit procedures descrlbed above.and the further removed non.compllance wlth laws and regulatlons is from the events and transactions reflected In the flnancial statements, the less likely we would become aware of It. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud rnay involve deliberate concealment by, for example. forgery or Intentlonal misrepresentatlons, or through collusion. A further descrlptlon of our responslbilltles Is avallable on the Flnancial Reporting Councll's webslte at: . This descriptlon forms part of our audltorfs report. Use of our report Thls report Is made solely to the charltable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we mlght state to thp charitable companys members those matters we are required to state to them In an audltofs report and for no other purpose, To the fullest extent permitted by law, we do not ccept or assume responsibilityto anyone other than the charitable company and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. S.W LLe ............................................... Sally Appleton (Senlor Statutory Auditor) For and on behalf of Saffery LLP Statutory Auditors and Chartered Accountants. 10 Wellington Place, Leeds, LS14AP Date: 24 April 2025 Saffery LLP is eligible to art as an auditor in terms of section 1212 of thè Companies Act 2006. 20
'Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Leed5 Unlverslfy Unlon Statement of financial artivities for the year ending 31 July 2024 Unrestricted Restrlcted Funds Funds Total Funds 2024 £'ooo Total Funds 2023 £'ooo Note £'ooo Income Donations.. University Grant Income from charitoble activities.. Bars Venues Shops Student Services Student Advice funding Student representatlon & afflliatlons Student ActivitiesNolunteerin8 funding Other troding artivitie5.' Rental Income Media Sales & Conferences Investment income Other income Total Expendlture Expenditure on charitable octivitie5.' Bars Venues Shops Student Services Student Advice Student representation & affiliations Student Activitieslvolunteering Medla Sales & Conferences Total Net (expendlture)15urplu$ Reconclllatlon of funds: Total funds brought forward Total funds carried forward 4,104 203 4,307 4.040 2.511 1,163 3,671 1,784 2,511 1.163 3,671 2,239 2,339 1,360 3,321 2,280 27 455 36 128 36 128 202 90 315 73 38 13.924 90 315 73 38 14.582 77 255 14 41 13,9S6 658 2,962 1,979 4,366 2,358 460 783 1.033 55 13.996 (72) 2,962 1,979 4.366 2,788 460 783 1,033 55 14.426 2,763 2,173 4.009 2,636 626 772 936 60 13.975 (19) 430 430 228 3.413 3.341 59 287 3.472 3,628 3,491 3.472 The notes on pages 24 to37 form part of these financial statements. The charltable company has no recognlsed galns or losses other than the net incoming resources for the year: 21
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Leeds Unlversity Union Balance Sheet at 31 July 2024 Note 2024 £'ooo 2023 £'ooo Fixed a55ets Tangible assets Intangible assets Total fixed assets 2,290 2,336 62 10 Current •ssets Stock in hand Debtors and prepayments Cash at bank and In hand NUSSL deposit Total current assets Llabllltles Credltor5: amounts falling due within one year ,Net current a55ets 356 1,381 3,414 301 1,520 2,032 12 13 14 3.859) 1,298 2,785) Total assets less current liabllities 3.472 Total net assets The funds ol the charlty Restrlcted Funds Unrestrlcted Funds.. Flxed Assets Reserve General Reserve Total unrestrlcted funds 16 287 59 16 16 2.330 1,011 3.341 2,398 1,015 3.413 Total charlty funds 3,628 3.472 The notes on pages 24 to 37 form part of these financial statements. Approved on behalf of Leeds University Union on the9 April 2025 by: Lucy Hart Chair Joshua Smlth Trustee Company registratlon: 07284768 22
Leeds Unlverslty Union Annual Report and Accounts for the year ended 31 July2024 Leeds Unlverslty Unlon Statement of cash flows for the year ending 31 Juty 2024 Note 20Z4 £000 2023 £'ooo Cash flows from operatlns actlvltles: Net cash provided by operating activities Cash flows from Investlng actlvltles: Interest income Purchase of tangible flxed assets Purchase of intangible fixed assets Net cash used In Investlng actlvltles Cash flows from flnancing actlvitie& Repayment of borrowing Net cash used in flnancing actlvltles n8 73 (3591 14 {666) 24 676 286 Increasel(decrease) In cash and Cash Qqulvalents in the year 1.382 52 Cash and cash equlvalents at the beglnnlng of the year Cash and cash equlvalents at the end of the year 2,032 1.980 032 The notes on pages 24 to 38 forrn part of these financial statements. 23
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 Notes to the Accounts . Accountlng PollcSes The UriSon's Articles of governance require the Trustee5 to prepare accounts for each financial year. The following accountlng policies have been applied consistently in dealing with items which are considered material in relation to the financial information. (a) Accounting Conventlon The company is limited by guarantee and has no share capital. It is registered as a charity under the Charitie5 Act 2011 (registered charity number 1136742). The financlal statements have been prepared In accordance with Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts wlth the Flnanclal Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102) {effective 1 January 2015}- (charltles SORP IFRS 1021, the Financlal Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102} and the Companies Act 2006. Golns concern In considering whether or not there are any material uncertainties about the companls ability to continue as a going concern. the Trustees have taken account of several key points: Work Is underway to Implement a reversionary lease wlth the Unlverslty of Leeds, whlch wlll come into effett at the end of the current 15-year leases. The.current leases commenced on 16 Seprember 2016 and will expire September 2032, after which time a reversionary lease will take effett. This update wlll ensure continuing occupatlon of rhe LUU buildlng at the heart of the campus over the long term. The level ot free reserves at the end of the year, which remaln at a satisfactory level that is In excess of the reserves policytarget. and the healthy cash position of£3.4m. The a8reement wlth the Unlversity of Leeds for them to provlde an annual block grant on conilnued ongoing basis.. an uplift to the blockgrant was awarded fram 202*25 in a five year agreement which protects the Union's main source of income Into the future, The a8reement with the University of Leeds for them to provlde £560k annually of strateglc Impact Funding for 4 years'from 2022-23 to 2025-26, of which £380k is recognised as restricted funding and £180k is included within unrestricted funding. LUU'S continued efforts to address the impatt of recent and current economSc challenges. including the legacy impact of the Covid-19 pandemlc the cost of living cri515 and changes in Student dynamic and spending hablts on its financial sUStainability- These efforts include mitigating actions taken by the Senior Leadership Team to reduce costs and focus efforts on Income generation and diversification and mar8ln control. The outcome of several financial foTecasts and scenarios that have been prepared for the trustees, whlch demonstrate that LUU can remaln wlthin a comfortable range within Its free reserves over the next 2-5 years. After careful conslderation of Ihe above. the Trustee5 have concluded that there are no materlal uncertainties about the companjls ability to.contlnue as a going concern. 24
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 (b) Incoming Resources All Income and capltal resources are recognlsed In the accouncs when it Is probable that they will be received. Income is deferred only when the company has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future perlod. Grant income is reco8nised in the year for which the award is made against the activity it is attrlbutable to. The element of grant that has been received in advance has been treated as deferred income in line with the above policy. Rental income is recognised on a recelvable ba51S. Investment income comprises interest recelved on cash balances. Revenue from the sale of good5 15 recognised when the significant risks and reward5 of ownership of the Goods have passed to the buyer, usually upon cash receipt at the point of sale. Revenue Is measured at the falr value of the conslderatlon recelved, excluding discounts and VAT, {c} Resources Expended Charitable expenditure comprises the direct and Indirect costs of delivering the publlc benefit. It is accounted for on an accruals basis and is recognlsed when the liability is incurred. Overhead costs are apportioned to activities on a basis consistent with theuse of the resources.. Expendlture includes irrecoverable VAT. Governance costs include those costs Incurred in deflnlng the strategic direction of the charity in partlcular constitutional and statutory requirements. General support costs associated with the central function5 of finance, IT and human resources have been allocated across the departments on a basis consistent wlth the use of those resowces. {dl Cash on hand and cash equlvalents Cash, for the purposes of the cash flow statement, cornprises cash In hand and deposlts repayable less overdrafts payable on demand. Thls includes cash held on behalf of LUU'S clubs and socletles and the RAG society. (e) Fixed Assets and Depreclatlon Expenditure on individual capital items or group5 of related items costing less than £1,000 are wrltten off to the income and expenditure account In the year in which they occurred. Depreclatlon is provided to write off the cost less the estimated residual value of tangible fixed a55ets by equal instalments over thelr estimated useful economic lives as follows: Leasehold buildings Leasehold Improvements Fixtures, Fittings and other equipment Computers and other IT equlpment Up to 50 years 10 year5 5years 4years Expenditure directly related to the build of new web sltes 15 capitalised as an intangible asset. Amortlsatlon is charged to the profit and loss on a stralght-llne basls over the useful lives of the intangible assets. Intangible assets are amortlsed from the date they are available for use. These assets are amortised over four years. 25
Leeds University Union Annual Report.and Accounts for the y.ear ended 31 Juty 2024 The company review5 the amort15ation perlod and method when events and clrcumstances indicate that the useful Ilfe may have changed slnce the last reporting date. Intangible assets are tested for impairment in accordance wlth FRS 102 Sectlon 27 Imp.alrment of assets where there Is an Indlcatlon that an intsngible asset may be impaired. The building is leased from the University over a 15 year period, commencing on 16 September 2016. The previous lease. dated 2001, had a 50 year lease period, and leasehold building assets were being written down over that lease length. When the current leases came into effect, the Ilfe'of these assers wa5 shortened to match the end of the curreht lease (September 2032). The Intention to implement a reverslonary lease wlth the University of Leeds which would come into effert at the end of the current 15-year lease enables the life of those leasehold bulldlng assets to be re*xtended. With effect from 2023-24 their lives have been exte'nded to rnatch the orEinal depreciation charge. (n Leases Operating lease rentals are char8ed to the proflt and loss account on a stral8ht-Ilne basis over the period of the lease. Penslon Costs LUU participates In the University of Leeds Pen51ons and A55urance Scheme providing benefits based on final penslonable pay. The Unlon is unable to Identify Its share of the underlylng assets and liabilities of the scheme on a conslstent and reasonable basis and therefore accounts for the scheme as If It were a defined contrlbutlon scheme. LUU also partlcSpates In two deflned contribution schemes. The amount charged to the Income statement represents the contributions payable to the schemes in respect of the accounting year. (h) Stock Stock is valued at the lower of cost and net realisable value. (l) Debtor5 Trade and otherdebtors are recognlsed at the settlement amount due. Prepayments are valued at the amounts prepald. U) Credltors Creditors are recognlsed where the Company has a present obllgation resulting from a past event that wlll probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured reliably. Creditors are recognised at thelr settlement amount. (k) Financial instruments The charity only has financial assets and Ilabilitles of a kind that qualify as baslc financial Instruments. Basic financial instruments are recognized at transartion.value and subsequentty 26
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 measured at their settlement value with the exception of bank loans whlch-are subsequently measured at amortised costusing the effective interest method. {1) Fund Accountlng LUU administers and accounts for a number of charitable funds as follows-. Unrestricted funds are those representing unspent income which may be used for any artivity at the Trustees own dlscretion. Restricted funds are those received from a donor to be used for activities prescribed by the donor. (mi Tax LUU is considered to pass the tests set out In Paragraph 1 S(hedule 6 Finance Acr 2010 and therefore it meets the.definition of a charitable company for UK corporation tax purposes. Accordingly, the charlty Is potentlally exempt from taxation in respect of income or capital gains recelved withln categories covered by Chapter 3 Part 11 CorporationTax Act 2010 or Section 256 of the Taxatlon of Chargeable Galns Act 1992. to the extent that such Income or gains are applled exclusively to charitable purposes. No tax charge has arisen In the year. (nl Clubs and Society funds LUU acts as custodian for the student clubs and societies, processing payments, processing receipts and holding the balance of their funds on their behalf. Surplus for the financlal year The surplus for the flnanclal year as shown In the statement of financial activitles is stated after charging: 2024 £'ooo 17 427 374 2023 £'ooo 17 493 374 Auditor's rernuneration - audit of these financlal siatements Depreiiatlon and amortisation on owned assets Operaiing lease rentals 27
Leeds University Unlon Annual Report and Acco¥Jnts for the year ended 31 July 2024 Charltable and Other Artlvity Costs Purchases Staff Depreciation Support Costs £'ooo 952 678 Total 2024 £'ooo 2.962 1.979 4.366 2,788 460 783 1.033 £'ooo 980 625 2.819 rooo 946 674 S81 2,105 19.1 402 236 Bars Venues Shops Student Services Student Advlce Student representatlon Student Artivitieslvolunteering Media Sales & Conferences Total Costs 532 261 338 483 43 314 37 16 55 4.942 5.172 4.226 14.426 Comparative Charitable and Other Actlvlty Costs: Purchases Staff Depreclatlon Support Costs £'ooo 912 782 1,001 606 287 357 293 Total 2023 £'ooo 1763 1173 4.009 2,636 626 772 936 £'ooo 939 732 2,494 158 25 28 355 rooo 873 659 '.514 1,872 314 387 288 £'ooo 39 Venues Shops Student Servlces Student Advice Student representation Student Activitieslvolunteering Medla Sales & Conference5 ToL•l Costs 40 60 4.734 4.947 39 4,255 13.975 28
Leeds Unlversity Unlon Annual Reportand Accounts for the year ended 31 July 2024 Support Costs included In Note 3 Use Staff Premlses Marketlng Governance Other Total £'ooo 450 359 474 283 154 203 £'ooo 325 151 256 114 30 34 £'ooo 12 12 13 17 £'ooo £'ooo 160 150 217 112 £'ooo 952 678 966 532 261 338 Bars Venues Shops Student Setvlces Student Advice Student representatlon Student Actlvitlesl Volunteering Media Sales & Conferences. Total Costs 23% 16% 23% 13% 8% 31 66 1196 279 67 121 0% 16 100Y• 982 .103 38 893 Comparative Support Costs included in Note 3: Use Staff Premlses Marketlng Governan£e Other Total £'ooo 358 175 287 130 £'ooo £'ooo £'ooo 127 167 201 126 £'ooo 912 782 1,001 606 Bars Venues Shops Student Services Student Advlce Student representatlon Student Activities/ Volunteerlng Media Sales & Conferences Total Costs 22% 18% 2496 14% 420 430 503 339 179 236 33 38 69 70 287 357 10 172 51 64 293 10 17 100% 2,289 1,076 35 827 4.255 Unrestricted funds At beglnning of year £'ooo Incomlng r•sources £'ooo Outgolng resources £'ooo At end of ye•r £'ooo General funds Fixed assets Net current assets 2.398 1,015 358 13.566 (426) 2,330 1,011 29
Leeds University Union Annual Report and Accounts for the year. ended 31 July 2024 Restrlrted funds At beglnnlng of year £'ooo Incomlng resources £'ooo Outgolng resources £'ooo At end of year £00 lrnpact Fundlng Basic Needslcreats've Connectlons IT Cloudspace Migration Other Restricted Funds (all < £2,000) 53 380 75 203 {3B5) <451 30 203 59 658 {430) 287 Staff Costs 2024 £'ooo 2023 £'ooo 6,445 593 197 Wages and salaries 'National Insurance Penslons 6,760 406 216 Total Costs 7.382 The average stafflng was as follows: 2024 168 360 2023 162 .417 Monthly salarled staff Weekly paid student staff 528 579 Ourlng our busiest week of the year, we employed 56912023: 682) students on a weekly pald contract. The total salary of the Senlor Leadershlp Team1SLT) was £543,000 in the year (2023.. £458.000). The salary of the Chief Executive is determined by the People and Values Committee with reference to market salary levels. The salarles of the remalnder of SLT are determlned by the Chief Executive agaln wlth reference to market salary levels, Four employees were paid more than £60,000 in salary and one participates in the Unlversity of Leed5 Pensions and Assurance Scheme. Salary £60,001 to £70,000 £70,001 to £80.000 £100,001 to £110,000 Employees 30
Leeds Un6versity Union Annual Report and Accounts for the year ended 31 July2024 Trustees Remuneratlon and Expense5 As well as having a role as a Trustee of LUU, the Student Executive Officers perform a full time role for a year to be the voice of students. They listen to how students want th'ings to be done, work with LUU staff, the Board ofTrustees and partners to make it happen. They represent scudentsto the Universlty of Leeds. external orsanisations and the wider community. Each of the Student Executlve Officers was paid a salary of £22.576 durlng the year with a total cost to LUU of £1 $0,70812023'. £143.380) which includes national insurance and pension contributions. The level of salary Is set out In their contract of employment. Trustees of the Board were relmbursed £410.45 in 202412023: £391) for personal travel and subsistence expenses in performing theSr role as a Trustee. Tanglble flxed assets Leasehold Leasehold Flxtures & Equlpment bulldlngs Improvements flttln85 £'ooo £'ooo £'ooo Total £'ooo £'ooo Cost Brought forward 1 Aug 23 Addltlons In the year Disposals in the year As at 31 July 2024 3.535 1,796 63 1,763 158 1,380 138 8.474 359 3.535 1.859 1.921 1,S18 8.833 Depreclatlon Brought fornard 1 Aug 23 Charge for the year Disposals In the year As at 31 July 2024 2.188 76 1,671 33 1,170 183 1,109 113 6,138 405 2.264 1,704 1,353 1,222 6.543 Net book value As •t 31 July 2024 1.271 155 296 2.290 At 31 July2023 1,347 125 593 271 2,336 31
Leeds Unlverslty Unlon Annual Report and Accounts for the year ended 31 July 2024 10 Intangible fixed assets £'ooo Cost Brought fonNard 1 Aug 23 Additions in the year. Impalrments in the year As at 31 July2024 132 132 Depreclatlon Brought forward 1 Aug 23 Charge for the year Impairments In the year As at 31 July 2024 70 22 92 Net book value As at 31 July 2024 At 31 July2023 62 11 Debtors and prep•yments 2024 £'ooo 238 267 876 1.381 2023 £'ooo 164 281 1.075 Trade debtors Sundry debtors and prepayments The University of Leeds 12 Cash at bank and In hand 2024 £'ooo 2,196 956 262 2023 £'ooo 1,079 .909 LUU cash Cash held on behalf of student club5 and societies Cash from ticket sale5 held on behalf of event promoters 32
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 13 Deposlts NUS Services Limited holds a deposit of £6,090 from LUU in respect of payment for rnonthly supplies of brewed and other products approxlmately equivalent to 0.01% of tradlng turnover. 14 Creditors: amounts falling due withln one year 2024 £'ooo 270 2,152 956 2023 £'ooo 321 1,188 909 367 Trade creditors Sundry credltors. accruals and deferred income Clubs and societies The University of Leeds 15 Capltal commlcments LUU had the followlng commltments for capital works at 31 july. 2024 £'ooo 2023 £'ooo Authorlsed and contracted 200 39 16 Analysls ol Net Assets between Fundj Unrestricted Restrlcted Funds Funds £'ooo £'ooo Total £'ooo Flxed Assets Net Current Assets 2.330 2,330 287 287 3,341 3,628 Unrestrltted funds are made up of the Fixed Assets Reserve of £2.330k and the balance remalnlng Is the General Reserve of £1.011 k. The Fixed Assets Reserve represents the net book value of our fixed assets. The residual ,unrestricted funds represent the General Reserve of the charity. The restrirted funds include Impact Funding and other specific project fundlng from the University of Leeds. including £203k towards the IT Cloudspace Migratlon project, as well as various smaller grants received to undertake specific projects such as helping our work in the Leeds community. 33
Leeds University Union Annual Report and Accounts for the year ended 31 Juty 2024 17 Lea$in8 (ommltments At 31"July, LUU had convnitments under non-cancellable operatlng lease5 as follows: 2024 £'OOD 2023 £'ooo Motor Vehlcles Operatlns leases payable within: 1 Year 2to Syears 18 27 Plant and Machlnery Operating leases payable wlthln: l Year 2 to S Years Bulldlns Operating leases payable within: 1 Year 2 to 5 Years Over S years 418 1.672 888 2.978 418 1,672 1.306 3.396 Total lease comiriltments 3.423 Lessors LUU has several leases with tenants with ierms varying between S and 10 years. Rents are fixed for 5 years and most leases include provlslon for five-yearly rent reviews according to prevalling market condltlons. There are no options in place for elther paty to extend the lease terms. At 31"July. LUU had contracts wlth tenants for the following minimum lease payments.. 2024 £'ooo 2023 £'ooo 1 Year 2 to 5 Years Over 5 Years 53 81 249 147 330 34
Leeds Universlty Union Annual Report and Accounts for the year ended 31 July 2024 19 Reconclllatlon ol net expendlture to net cash flow from operatlDg actlvltles 2024 2023 £'ooo 119) Net surplusl{expenditure) for the year 156 Adjustments for: Depreciation and amortisation Interest recelvable frorn Investments (Increase) in stock Decrease in debtors Increase in credltors Net cash provlded by operatln8 actlvltles 427 (731 1551 139 493 (14) (27) 20 275 728 1.668 Net debt At 1 Au8USt Cash Flows 2023 £'ooo 2,032 Other non-cash movements £'ooo At 31 July 2024 £'ooo 3,414 £'ooo 1,382 Cash at bank and in hand Debt due within one year Debt due after one year Net fund5 2.032 3,414. Comparatlve Net debt At 1 August Cash Flows 2022 £'ooo 1,980 Other nonrycash movements £'ooo At 31 July 2023 £'ooo 2,032 £'ooo 52 Cash at bank and in hand Debt due within one year Debt due after one year Net fund5 52 35
Leeds Universlty Unlon Annual Report and Accounrs for the year ended 31 July 2024 20 Prlor year Statement of FiTranclal Actlvltles Statement of flnanclal artivlties for the year eridlng 31 July z023 Unrestrlrted Restrlcted Funds Funds Total Funds 2023 £'ooo Total Funds 2022 £'ooo Note £'ooo rooo Income Donotions." Unlversity Grant Incomefrom charltoble ortivities.. Bars Venues Shops Student Services Student Advice fundlng Student representation & afniiatlons 4,040 4,040 3.906 2.339 1,360 3,321 1,905 27 2,339 1.360 3,321 2,280 27 2,199 1.766 2,657 375 10 12 Student ActlvitiesNolunteering fundlng Other trading artlvlties.. Rental Income Medla Sales & Conference5 Investment Income Coronavirus Job Retention Scheme Grant Other income Total 202 202 107 77 25S 14 77 255 14 42 228 10 41 13,581 41 116 375 Expendlture Expenditure on chorltoble octfvi¢les.' Bars Venues Shops 'Student Services Student Advice Student representatlon & alIlationS Student ActlvltiesNolunteering Media Sales & Conferences Total 2.763 2,173 4,009 2,314 626 772 2,763 2,173 4.009 2,636 626 772 2.528 2.516 3,382 2,383 594 772 322 936 60 936 60 826 62 13.063 322 Net surplus1(expendlture) 2) 53 19 53 .Reconclllation of fvnds: Totsl funds brought forward Total funds carrled fonNard 3,491 3,438 59 36
Leeds University Union Annual Report and Accounts for the year ended 31 July 2024 21 Penslon5 Costs LUU has three separate pension arrangements. A defined benefit arrangement through the University of Leeds Pension and Assurance Scheme (PAS), which is closed to new entrants. The People's Penslon Scheme which is a defined contributlon scheme managed by B&CE and provides flexibility for staff 10 make contributions with LUU matching thern to a maximum of 6% of salary. The arrangement also'provides a three tlmes salary death in service beneflt through a registered group life policy through UNUM. A third scheme, Nest, also a defined contribuiion scheme, has been used to auto enrol those staff eligible under the new legislation starting in November 2013. For the defined contrlbution scheme5 the cost charge for the year represents contributions payable by the company to the schernes and amounted to £159,021 12023.. £139,817). Contributions amountlng to £25.188 (2023.. £22,139) were payable to the schemes at year er*d and are Included In creditors. Members of staff who were already contributing into the PAS scheme were able to continue to do so. The assets of the scheme are held in separate trustee adminlstered funds. PAS is a defined benefft scheme externally funded and valued by professionally qualified Independent actuaries every three years. The rates of contribution payable are decided by the pension trustees based on the advlce of the attuarles. The last trlennial valuatlon took place as at 31 March 2023 ahd the results showed that there was a surplus of £131.4m. equivalent to a funding level of133%, During the yearthe employer ontributlon rate was 16%, with the employee contributlon rate at 7.5%, both unchanged from the previous year. From 1 Augusr 2024 the employer contribution rate has reduced to 14.8% and the employee contrlbutlon rate has reduced to 6.9%. The unersIty continues to pay the annual PPF levy, the cosc of beneflt augmentations and the cost of any111 health early retirements. The next valuation is expected to be completed In 2027. The assets of the PAS scherne are not separable and therefore the proportion of any surplus or deficit arising in the scheme cannot be attributed to rnembers employed by the Union leither past or presentl. The Unlon accounts for the scheme as if It were a deflned contribution scherne. Employer coptrlbution5 to these schemes are charged to the Income and Expenditure Account in the year In whlch they are paid and are included within the dlsclosure of individual activities in these accounts, 37