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2023-07-31-accounts

Annual Trustees’ Report and Accounts Financial Year Ending 31 July 2023

Charity No: 1136905 Company No: 07250320

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

CONTENTS

Administrative Information page 3
Introduction from the President page 5
Report from the Board of Trustees page 6
How YSJSU achieves Public Benefit page 12
Overview of Activities, Achievements, and Performance page 13
Financial Review page 29
Future Plans page 34
Responsibilities of the Trustees page 38
Auditor's Report page 39
Statement of Financial Activities page 43
Balance Sheet page 44
Cash Flow Statement page 45
Notes on the Financial Statements page 46

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ADMINISTRATIVE INFORMATION

Legal Status: York St John Students' Union Limited (YSJSU) is a charity registered in England and Wales and is incorporated as a Company Limited by Guarantee (CLG).

Charity Registration Number: 1136905

Company Registration Number: 07250320

Principal Office: The principal office of YSJSU is at York St John Students' Union, York St John University, Lord Mayor's Walk, York Y031 7EX.

The Students’ Union also has an office at the University London Campus: York St John University, Floor 6, Export Building, 1 Clove Cresent, London E14 2BA.

Charity Trustees and Company Directors:

Position Name Term Dates
Sabbatical Trustee (President of
the Students Union)		 Isabella Sparling 01/07/2022 to 30/06/2023
Sabbatical Trustee (President of
Education)		 Aimee Yeoman 01/07/2021 to 30/06/2023
Sabbatical Trustee (President of
Wellbeing &Diversity)		 Christian Smith 01/07/2021 to 30/06/2023
Sabbatical Trustee (President of
the Students’Union)		 Matthew Blackstock 01/07/2023 to Present
Sabbatical Trustee (President of
Education)		 Kamil Lawal 01/07/2023 to Present
Sabbatical Trustee (President of
Wellbeing &Diversity)		 Mario Owiriwa 01/07/2023 to Present
External Trustee Michael Wilkinson 01/07/2017 to 30/06/2023
External Trustee Amanda Chetwynd-Cowieson 01/07/2020 to 30/06/2023
External Trustee Tiffany Burnett 01/07/2021 to Present
External Trustee Matthew Hunnybun 01/07/2022 to Present
External Trustee Simon Crack 01/09/2022 to Present
External Trustee Charlotte Burke 01/07/2023 to Present
External Trustee Daniel Tinkler 01/07/2023 to Present
Student Trustee Vishal Shah 01/12/2021 to 30/06/2023

Other Company Officers:

Other Company Officers:
Position Name Term Dates
Company Secretary Donna Smith 28/01/2019 to Present

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Auditor:

BHP LLP, Rievaulx House, 1 St Mary’s Court, Blossom Street, York, YO24 1AH

Bankers:

HSBC plc, PO Box 26, 13 Parliament Street, York, YO1 8XS

Management Personnel:

York St John Students' Union (YSJSU) employs a Chief Executive Officer to work closely with the Sabbatical Trustees, other elected representatives, and the staff team to ensure effective management of the charity. The Trustees delegate the day to day running of YSJSU to the Chief Executive Officer and to the Management Team.

During the 2022/23 financial year the Senior Management Team were as follows:

Position Name Term Dates
Chief Executive Officer Donna Smith 28/01/2019 to Present
Student Opportunities Manager / Head
of Student Opportunities		 Paul Murtough 01/08/2019 to 07/02/2023
Operations and Business Development
Manager / Head of Operations and
BusinessDevelopment		 David Tait 01/02/2018 to Present
Finance and Resources Manager /
Head of Finance and Resources		 David Green 01/03/2016 to Present

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Introduction from the President of the Students' Union and Chair of the Trustee Board

It’s been a very busy academic year! The university saw another population growth, especially of international students and significant growth at the London Campus. As well as increasing diversity amongst the student body, such growth brings with it challenges, especially set against a backdrop of a Cost-of-Living Crisis, university academic staff strikes, and changes in Higher Education legislation such as the Freedom of Speech Act.

The Sabbatical Officer team for 2022/23 worked hard over the course of the year to support students on their return to campus life. Through partnership work with the university, many academic policies have been amended, changed or enhanced to better support students to prevent them from leaving university. We have been advised by the University Secretary that over 150 students have been able to continue their studies due to the implementation of the new policies over the summer 2023 period.

In response to the Cost-of-Living crisis, the University agreed to Students’ Union suggestions to aid students through a Larder (food bank), sports club and societies membership subsidies, enhancement to the Student Support Fund, and offered students support through subsidies on food in university outlets and help for commuting students.

Furthermore, the President of Wellbeing and Diversity addressed key student safety issues this past year with work being done alongside the Police to enhance feedback mechanisms for areas of concern in the city and introducing anti-spiking aids for students on nights out.

The Advice Service continues to grow, with 50 students commenting that engagement with the service during 2022/23 directly aided their continuation or graduation outcomes. There are exciting developments for 2023/24 in the launch of professional mediation services, which I think will be a great enhancement to the service provided.

As my time at York St John Students’ Union comes to an end, I’d like to thank all the staff at the SU for their hard work and dedication to enhancing the student experience. I’d also like to welcome our new Sabbatical Officer Team, Matt, Kamil and Mario for the upcoming academic year.

I am proud of the work we have achieved over my time as President of the Students’ Union and as the Chair of the Board of Trustees.

Isabella Sparling

President of the Students’ Union / Chair of the Board of Trustees 2022-2023

The sabbatical team was effective and positive in aiding our organization to continually improve with input from our board members. We appreciate all of the time given by members who left us at the end of 2022/23, wishing them all the best, whilst looking forward to another successful year, with some new additions to the trustee board.

Matthew Blackstock

President of the Students’ Union / Chair of the Board of Trustees 2023-2024

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REPORT FROM THE TRUSTEES FOR THE YEAR ENDED 31[ST] JULY 2023

The Trustees, who are also Directors for the purposes of Company Law, present their annual report together with the audited financial statements of York St John’s Students’ Union for the period 1 August 2022 to 31 July 2023.

The Trustees confirm that the Annual Report and Financial Statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), relevant to charities preparing their accounts in accordance with the Financial Reporting Standard, applicable in the UK and Republic of Ireland published in October 2019.

Since the Union qualifies as small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Organisational Structure and Decision Making

York St John Students’ Union is a Company Limited by Guarantee and does not have a Share Capital as defined by the Companies Act 2006. YSJSU registered as a charity in the UK on 1 August 2010. YSJSU is a Students’ Union as defined by the Education Act 1994 whose activities are devoted to the educational interests and welfare of its members.

YSJSU’s principal governing document is the Articles of Association, agreed by the Company Members of the Union in a General Meeting and reviewed by YSJSU and York St John University at least every 5 years. Copies of the Articles of Association are available from the offices of YSJSU and via the Documents section of our website (www.ysjsu.com). In September 2020, YSJSU adopted the revised Articles of Association via an Extraordinary General Meeting. The Articles of Association are supported by the YSJSU Byelaws which were fully reviewed and approved by the Trustee Board in June 2021.

The Trustee Board of YSJSU is made up of three Officer Trustees, up to two Student Trustees, and up to five External Trustees. Officer Trustees are elected by a ballot of all members of YSJSU and serve for one academic year. To stand for election as an Officer Trustee, candidates must be full members of YSJSU (see Articles of Association for definition). Student Trustees and External Trustees are appointed by a selection and interview process led by the Nominations Committee. The Nominations Committee then makes formal recommendations to the Board for approval of the appointment of Trustees.

The experiences and expertise held by the External Trustees are in the areas of law, higher education policy, governance, financial management and strategic planning. This provides YSJSU with the opportunity to develop its activities and services, and provides risk management and continuity. The Trustee Board structure also includes two Student Trustees to improve the voice of students on the board.

Officer Trustees are required to take a sabbatical year away from their studies (or alternatively, have just finished their final year of study) and are remunerated by YSJSU during this period. Officer Trustees are in post for one year and may stand for re-election for one year (maximum of two years in total). Student Trustees may remain in office for a term of two years and External Trustees for three years. Both can serve a maximum of two consecutive terms. The Officer Trustees undergo a formal process of induction and training on taking up their post. This is

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organised by the permanent staff of YSJSU and utilises external training providers as well as the National Union of Students (NUS) and staff from York St John University.

Responsibility is delegated from the Trustee Board and committee structure of YSJSU to the Chief Executive Officer and staff team of YSJSU and documented via the organisations’ Scheme of Delegated Authority’ document. YSJSU employs a team of full-time staff to ensure effective management of its many activities and to implement the policy decisions made by the Trustees and/or Student Council. The Scheme of Delegated Authority document outlines clear levels of responsibility for areas of decision making and delegates authority for the day-to-day operational management and decision making of the organisation to the Chief Executive Officer and staff team of YSJSU.

The Trustee Board delegates responsibility to six committees: Finance, Audit and Risk; Health and Safety; People and Culture; Elections; Nominations; and Service Development to ensure effective governance and decision making.

The Student Council is made up of elected part-time officers, representatives of student groups and the Officer Trustees, who receive and discuss reports including financial information, policy issues and information from staff as required. The Council meets at least three times per year.

When reviewing objectives and planning activities, YSJSU has given due consideration to the Charity Commission’s general and relevant supplementary guidance on public benefit, which is detailed on page 12 of this document.

b. Relationship with York St John University

The Students’ Union receives a block grant (subvention) from the University, and by means of a formal lease, occupies a building owned by the University. This support is intrinsic to the relationship between the University and YSJSU. Although YSJSU engages in various trading activities, it has financial dependence on the University for resourcing its charitable activities. There is no reason to believe that financial support will not continue for the foreseeable future and the Students’ Union and University agreed a revised Memorandum of Understanding in June 2020. The document articulates agreement to continue to pay YSJSU a subvention in line with annual financial planning frameworks and support the Students’ Union with the SUSS pension deficit. A ten-year lease agreement was confirmed in 2018 with donation from the university (no cash charge) regarding lease and utilities fees. This is to be renegotiated after this period.

The Education Act 1994 requires that the University is notified of any changes in the governance of YSJSU. YSJSU and York St John University have a well-established relationship that involves both formal committees and informal meetings where issues are discussed and ideas for future work formulated. The formal structures include regular reports on the activities, management, and financial situation of YSJSU. The President of YSJSU is a member of York St John University’s Board of Governors and the Sabbatical Officer Team and Chief Executive Officer have monthly one to one meetings with members of the university Executive Board. The YSJSU Officer Trustees and the whole Executive Board of the university meet once every 6 weeks via the Students’ Union and Executive Board Consultative Committee.

c. Risk Management

A comprehensive risk management process is in operation by YSJSU to ensure that appropriate steps are taken to manage and mitigate governance, external, operational, legal/regulatory, and financial risks. This is overseen and monitored by the Finance, Audit and Risk Committee

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(regarding financial risk), Health and Safety Committee (regarding safety and health risk) and People and Culture (regarding HR related risk) on behalf of the Trustee Board.

The process includes the identification of the risks that YSJSU may face, evaluating the potential impact and likelihood of occurrence, taking consideration to YSJSU’s risk appetite, and identifying means whereby the risks can be mitigated and managed.

A formal Risk Register has been established and is reviewed at meetings of the Trustee Board and Finance, Audit and Risk Committee, with the latest version approved in September 2023. The Risk Register currently highlights the following as major risks to YSJSU:

Major Incident Plans are also in place in partnership with York St John University to aid response and recovery regarding any major incident the organisation might face. These plans are regularly reviewed, and the Chief Executive Officer is a member of the university’s Major Incident Team. YSJSU has a Major Incident and Business Continuity Plan in place that has been tested by the staff team and is reviewed by the Finance, Audit and Risk Committee at least bi-annually.

In November 2020, the Finance, Audit and Risk Committee approved a proposal to engage with the company Croner to supply YSJSU with Health and Safety and Human Resources support, consultation, insurance, advice, training, and administration platforms. YSJSU receives communication from Croner weekly about changes in legislation, hot topics and new approaches, has regular ‘check ins’, policy reviews, H&S visits, and customer feedback opportunities. In November 2022, a Croner representative visited the YSJSU premises, and a Health and Safety Audit was undertaken. YSJSU was found to be sufficient in Health and Safety practices and a short action plan was created to enhance provision. The action plan has been monitored by the Health and Safety Committee.

YSJSU has created a ‘live’ UK GDPR Action Plan to ensure that policy and procedure regarding data is managed and maintained. The progress of the action plan, along with any new policies are consulted on by the university’s data compliance expert and are monitored by the People and Culture and Service Development Committees.

Appropriate financial systems and procedures have been established to manage the identified risks documented within the Risk Register. Budgetary and accounting risks are minimised by the implementation of robust procedures as documented in the organisational Finance Manual, which was reviewed in March 2023. Monthly Management Accounts are produced to enable control of departmental and organisational budgets areas, and are scrutinised by the Finance, Audit and Risk Committee.

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STRATEGY AND OBJECTIVES

a. Strategy, Objectives and Policy during 2022/23

August 2020 marked the implementation of the current strategic plan: ‘ students first’ and highlights the priorities, vision, and values for the organisation. The Students’ Union is working towards the following:

MISSION

We aim to empower students at York St John University to challenge and change the world around us.

VISION

By 2024, York St John Students’ Union will play a major part in the life and transformation of students by being the central hub of social activity, representation, and opportunity.

VALUES

INCLUSIVE Provide activities and spaces that make students feel that they belong.

TRANSFORMATIVE Ensure that the Students’ Union provides opportunities and experiences that positively change lives.

CHALLENGING Constantly critique and question what we and our partners do to ensure that we are always striving to act in the best interests of students.

EMPOWERING Equip students with the skills, opportunities, and experiences to enable their success.

FUN Make student life at York St John University enjoyable and rewarding.

OUR PRIORITIES

Provide independent advice services that help students to stay and enjoy life at university.

Offer spaces and opportunities to enhance belonging and student communities.

Engage with the university, city and wider community to ensure that students get the best experience - on campus and beyond.

Be recognised as a change-making organisation.

Provide activities and opportunities that aid students to gain employability skills and become active citizens.

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OUR ENABLERS

Utilisation of Spaces

Communication, Insight and Analysis

People and Relationships

Governance, Finance and Risk Management

Ethics and Environmental Sustainability

OUR PROJECTS

Beyond a 9-5 Campus

Advice, Support and Advocacy

Students as Partners

Digital Transformation

OUR MEASURES OF SUCCESS (KPIs)

80% satisfaction regarding questions 21, 25 and 26 in the NSS

60% of income from non-subvention means

70% of student body engaging with the Students’ Union

85% staff satisfaction

National recognition for being an effective and impactful Students’ Union

Performance against the Strategic Plan’s Key Performance Indicators is detailed in the Overview of Activities and Performance section on page 13 of this document.

The full YSJSU Strategic Plan 2020-24 can be downloaded from the Documents section of the YSJSU website (www.ysjsu.com).

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b. External Affiliations

There are several organisations that YSJSU formally affiliates with during each year. Affiliated bodies are recommended by the staff team based on operational need and agreement is sought via Student Council. The affiliations are approved by members at the Annual Members and Annual General Meetings. The following were External Affiliated Bodies for 2022/23:

Archery GB National Union of Students
NCVO
Northern Universities Bouldering Series
North Riding County Football Association
North Riding Football League
Badminton England
Basketball England
British American Football Association (BAFA)
BCA Cheer and Dance
British Mountaineering Council
British Rowing
British Universities and Colleges Sport (BUCS)		 Legacy Cheer and Dance
England Athletics
England Boxing
England and Wales Cricket Board (ECB)
England Hockey
England Netball
England Squash		 Sport Cheer England
Students’ Rugby Football Union
Swim England
Future Cheer Volleyball England
Lawn Tennis Association (LTA) Yorkshire Federation of Referees Societies
Yorkshire and Northeast Powerlifting
Federation
York Minster Engineering League

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c. Public Benefit

YSJSU achieves public benefit via the advancement of the education for the students at York St John University by:

Promoting the interests and welfare of Students at York St John University during their course of study and representing, supporting, and advising Members

The Students’ Union provides a range of support and advice from individual one to one advice and advocacy for students, via online consultation, and via the website (self-help information and chat-bot). YSJSU coordinates welfare campaigns throughout the year based on health, wellbeing, liberation, and student rights, and provides course-based representation via Course Reps, and student representation via elected part time School Chairs and Liberation Officers.

The President of Education and the Advice Service work with students facing academic related issues such as academic misconduct or appeals, and increasingly, advice regarding external factors such as housing. YSJSU continues to work with the university to provide the best support and advice possible for students who require support.

Being the recognised representative channel between Students and York St John University and any other external bodies

YSJSU’s elected officers attend university meetings and external council meetings such as York Anti-racism forum and meetings with the local MP. At these meetings, representatives are responsible for highlighting student views to achieve positive change for students.

YSJSU supports students to act as representatives on their courses, providing lecturers and university management with feedback on how the courses can be improved.

YSJSU hosts a range of student forums, where students can voice opinions and feedback about elements of student life relating to study, activities, and well-being. Topics of discussion include academic study, timetabling, food provision, accommodation and sports and societies experiences.

Providing social, cultural, sporting, and recreational activities and forums for discussions and debate for the personal development of its members

During 2022/23, YSJSU and the university department - YSJ Active, entered a partnership to deliver student sport and created the ‘YSJ Sport Union’. The Sport Union has over 30 different sports clubs encompassing a various range of activities and interests from Basketball to Cheerleading. The committees of these groups are provided with support via the Sport Union regarding operational activities and are also given autonomy to direct and lead their activities, allowing students to gain experience within positions of responsibility.

YSJSU provides societies for students including cultural, religious and course related societies. YSJSU engages with the local community to help build links and relationships that are mutually beneficial to the university, local community and beyond.

YSJSU also builds marketing and sponsorship links with local independent businesses, mutually benefiting students and the local economy. YSJSU liaises with the local police and residents to ensure that York remains a safe, pleasant place for students and residents to live and work together .

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OVERVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFOMANCE

a. Overview

The 2022/23 academic year was the third year of the implementation of the 2020-24 Strategic Plan. The Plan is focused on a ‘students first’ approach; ensuring that everything that YSJSU does has students’ best interests, student development, and student empowerment at its heart.

YSJSU continues to work towards the achievement of its strategic key performance indicators and reports to the Trustee Board on progress at least twice per year. Correct at October 2023, the KPI dashboard showed the following results:

The National Student Survey for 2023 had undergone a review including changes to questions (removal of questions around ‘community’ and introduction of questions around ’freedom of speech’ and a new satisfaction scale - from 5 points to four). YSJSU achieved 73.6% (target 80%) satisfaction regarding the new) question 25 (was 26) and was once again, above the sector average. Student engagement has seen a huge increase (since 17% in 2020/21) and rose to approximately 63% of the university population by July 2023. Once again, engagement increased with mature, international, and London campus students during 2022/23.

Non-subvention income rose above 56% during 2022/23, demonstrating that YSJSU services are doing well despite the challenges of the Cost-of-Living Crisis.

Staff satisfaction increased again in the Employee Experience Survey (91%), raising the average satisfaction percentage well above the KPI threshold. YSJSU were awarded ‘Silver’ standard Investors in People Accreditation in November 2022 and for the first time, reached ‘Gold’

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standard in 4 out of 9 indicators. YSJSU have begun working towards the Quality Students’ Union accreditation, with self-assessment scheduled for January 2024.

During 2022/23, many other Students’ Unions visited YSJSU to gain insight on projects and to share best practice. This included general day visits from Wrexham–Glyndwr SU, Leeds Beckett SU, and York University SU, and Coventry SU Marketing teams visiting YSJSU to gain best practice approaches. Once again, YSJSU was placed in the top 20 best SU’s in the country according to the ‘WhatUni?’ welcome survey (up from 56[th] in 2019/20).

For the first time, YSJSU received five nominations by students for ‘Service Team of the Year’ in the 2023 YSJ Community Awards, evidencing the impact that YSJSU has had on the lives of students.

YSJSU ran a ‘Student Experience Survey’ during April 2023 with most students who completed the survey mirroring the responses within the Employee Experience Survey completed by YSJSU staff in May 2023. The following where the most frequent words used to describe YSJSU:

b. Strategic Project 1: Beyond a 9-5 Campus

By 2024, YSJSU aims to create a ‘Beyond 9-5 Campus’ ensuring that students have a student experience beyond the normal working day. This includes access to university services, communications, and Students’ Union provision after 5pm and at the weekends. The strategic project encompasses both the physical and digital aspects of university life.

In relation to this strategic project, YSJSU has achieved the following:

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Year 2020 2021 2022 2023
Welcome Fair attendees - 2000
(approx.)		 2500
(approx.)		 3000
(approx.)
% of satisfied / very satisfied 46% 74% 89% -

During 2022/23, students and other stakeholders commented that:

‘The students Union creates a really good vibe across campus’ (Welcome Week Survey 2022)

‘Just wanted to pass on a massive compliment to my Buddy as she's such a credit to the university and I couldn't have wished for a better person to have as my buddy. She's so understanding, and lovely, and just needs to believe in herself more as she’s amazing! (Buddy Scheme feedback)

‘The Freshers Fair was very fun and learned lots of interesting things about sports & societies as well as collecting freebies.’ (Welcome Week Survey 2022)

‘The pub quiz I got to meet many different people and catch up with old friends’ (Welcome Week Survey 2022)

‘My favourite event was the Karaoke night! It was well organised as well as a great night to make new friends and getting to know more about each other.’ (Welcome Week Survey 2022)

‘The SU events were very well advertised in advance. There was plenty of events to choose from as well as events that could possibly be accessible for undergraduate and mature students.’ (Welcome Week Survey 2022)

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‘Personally, I’ve had a brilliant time during my fresher’s week at YSJ with plenty of fun activities and great people it really has been a blast and I’m very confident that I’ve chosen the right uni for me.’ (Welcome Week Survey 2022)

‘It was all planned out really well and I think executed well as well so overall it was a good experience’ (Welcome Week Survey 2022)

‘Overall, it was a great experience! I felt so welcome at YSJ, and I have no doubt that it shall continue to be like that in the future!’ (Welcome Week Survey 2022)

‘YSJSU’s primary role is to support all students, organise events to enable Students to access services, provide links to local businesses and support services’ (External Stakeholder Survey 2023)

‘The SU is great at providing the university community with information, resources and activities to improve student life’ (External Stakeholder Survey 2023)

‘For me as an advertising partner, YSJSU helps to reach my target market’ (External Stakeholder Survey 2023)

‘The SU is a central hub for university to socialise and be connected to a wide range of provision and support’ (External Stakeholder Survey 2023)

’We've been in touch with the SU in regard to the fresher’s fair, this has given us good relationships with student societies’ (External Stakeholder Survey 2023)

’I am a regular volunteer at YSJSU with the Pets as Therapy Charity, my relationship has been very positive since having YSJSU as one of my placements with the charity, and Jaffa and I really enjoy visiting the university for events.’ (External Stakeholder Survey 2023)

’We have been supplying YSJSU for a couple of years now, always a great experience, easy to work with, great team of people and positive in every way, no problems here at all!’ (External Stakeholder Survey 2023)

’The SU are extremely efficient and effective. They are a delight to deal with, particularly Lily Cordukes who is my contact in the marketing department.’ (External Stakeholder Survey 2023)

’The communications with Lily have always been great. The venue is perfect for an outdoor cinema. The fresher students always seem to enjoy the experience. so, If they're happy and you're happy... we're happy (Actually we're delighted!)’ (External Stakeholder Survey 2023)

’Friendly service, Comfy space, Welcoming’ (Coffee Survey 2023)

‘Good vibe, Low lighting but bright enough to work is perfect’ (Coffee Survey 2023)

‘I enjoy being in the lounge as it is a good place to be both sociable and independent, depending on what mood you are in’ (Coffee Survey 2023)

‘Me and my course-mates love a hot chocolate and a gossip between lectures and it’s the perfect place for that’ (Coffee Survey 2023)

‘I like it as its chilled out and quiet and I can work in there when I have a break between lectures or extracurricular activities in the evening. Love the playlist!’ (Coffee Survey 2023)

‘It's a great atmosphere, I especially like the amount of natural light and how the tables and cosy nooks are positioned’ (Coffee Survey 2023)

‘The atmosphere is very warm and friendly, but it could do with more seating as it usually gets very busy’ (Coffee Survey 2023)

‘I love the seating in the lounge, it’s very relaxed but also great for working’ (Coffee Survey 2023)

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‘I love the lounge and sofas there and we used to go daily during my undergrad!’ (Coffee Survey 2023)

‘It's a warm welcoming environment that you can come be yourself in, whilst being able to express you individually in a safe space’ (Student Experience Survey 2023)

‘I would say that the Students' Union provides a good opportunity to relax and connect with friends over food and drinks, but also the opportunity to talk to someone about issues concerning anything to do with the university experience who is not an academic member of staff’(Student Experience Survey 2023)

‘It’s the hub for the societies and sports clubs, while also physically providing a social hub for the students’ (Student Experience Survey 2023)

‘The Students’ Union is a place of support and social networking at the uni. It is somewhere you know you can go for support on anything you need, and it will be helpful. It really does tie the whole university together, as a community and as a place of study’ (Student Experience Survey 2023)

‘Societies are a fundamental part of my university experience - without them, it would essentially just be a private school experience, which would be a boring university life’ (Student Experience Survey 2023)

‘My experiences of the Students’ Union have positively impacted my university experience as it has made me gain so many friends. The events that have taken place at the student union has also made me so many memories that I will never forget. It really has been an integral part of my university experience.’ (Student Experience Survey 2023)

‘As a very engaged student, the SU forms a large part of my student experience and I believe that it is one of the main reasons why I felt I integrated into student life more smoothly than I might have if left to my own devices.’ (Student Experience Survey 2023)

c. Strategic Project 2: Advice, Support and Advocacy

By 2024, YSJSU are committed to providing students with independent advice services and during 2022/23, we achieved the following in relation to this project:

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stories to influence university policy on academic misconduct interviews, late penalties, and academic misconduct penalties.

During 2022/23, students and other stakeholders commented that:

‘I think the amount of support was great’ (direct student feedback)

‘Everyone answered any and all questions, everyone was helpful with directions, never once did I feel scared to approach somebody for something.’ (Welcome Week Survey 2022)

The SU is great at signposting students to what's happening in the city, organising events for students (in line with both their wellbeing but also generically fun events), campaigning on issues that affect students’ (External Stakeholder Survey 2023)

Everything YSJSU do is centred around a ‘student first’ approach and their mission is to ‘empower students at York St John to challenge and change the world around us. The SU is great at working with many different support agencies to help students’ (External Stakeholder Survey 2023)

‘The SU supports the Students of YSJ University really well’ (External Stakeholder Survey 2023)

‘You look after the students outside the universities pastoral care through your Advice Service. Building a community out of the student body by helping them to create groups, clubs, societies etc, and by putting on social events.’ (External Stakeholder Survey 2023)

‘I think you offer good pastoral care for when the universities own system isn't working for particular students’ (External Stakeholder Survey 2023)

‘Being part of the events which YSJSU organise is very wholesome, it’s great to be part of the events and I feel a lot of the students, really like Jaffa and love seeing him within the building. It’s great to talk to students, and ask how they are and how they are finding university, as well as making conversation about a pet they may have back at home’ (External Stakeholder Survey 2023)

‘YSJSU create a very welcoming environment, it was my first placement after becoming a volunteer with the Pets as Therapy Charity. Everyone made me feel at ease, and it was great to interact with the

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staff and the students and make sure that everyone felt comfortable around Jaffa’ (External Stakeholder Survey 2023)

‘Thank you for all your support, Chris :)’ (Student Experience Survey 2023)

‘I think the SU's values align well with the university's values as a whole. As a disabled student, I feel involved in the SU and there's always something to do, so I feel it's very inclusive and fun to engage with’ (Student Experience Survey 2023)

d. Strategic Project 3: Students as Partners

Students are fundamental to everything we do, and we are working towards a university environment where students are partners in learning, decision making, and university culture. During 2022/23 YSJSU achieved the following:

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During 2022/23, students and other stakeholders commented that:

‘(The SU) Supports students throughout their time at university with social space and opportunities to represent their views and needs’ (Student Experience Survey 2023)

‘It’s a place that represents and supports everyone at the uni’ (Student Experience Survey 2023)

‘(The SU) Help students - providing people who will talk and fight for students need. A place to eat and drink on campus’ (Student Experience Survey 2023)

‘Hears the students voices, creates a place for students to go and interact’ (Student Experience Survey 2023)

‘Everyone always feels welcome due to the student union, they ensure that everyone gets the help they need and go and above and beyond to ensure inclusivity and involvement of every student’ (Student Experience Survey 2023)

‘The SU promotes diversity and inclusively so it's in line with me’ (Student Experience Survey 2023)

‘The student union have been like a face of students views that has been clearly presented throughout my time’ (Student Experience Survey 2023)

‘As a student representative, I do my best to deliver on my aims to represent issues as I see them in an honest and fair way, with a view to inspiring change. I have seen changes that I have asked for being delivered’ (Student Experience Survey 2023)

‘The SU strives to make sure we do what’s best for the students’ (Student Experience Survey 2023)

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e. Strategic Project 4: Digital Transformation

To ensure that we are providing a student experience that is fit for purpose, we have to look at ways to digitally transform what we do. Creating opportunities where students can engage with the SU digitally, means that they can access our services and activities wherever they are in the world. Here’s what we did in 2022/23:

During 2022/23, students and other stakeholders commented that:

‘Everything was on social media, so you had to time to check everything over to make sure you knew when everything was’ (Welcome Week Survey 2022)

Loads of social media posts and reminders about what was happening’ (Welcome Week Survey 2022)

‘Received freshers’ info well in advance so could plan & buy tickets where necessary.’ (Welcome Week Survey 2022)

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‘I received plenty of emails informing me on what events were on and even updates surrounding postponing due to the queens’ death.’ (Welcome Week Survey 2022)

‘You communicated with us very well and everything was very well organised.’ (Welcome Week Survey 2022)

‘Perhaps have something specific for mature students. Be more targeted with your marketing’ (Welcome Week Survey 2022)

‘I think the SU did a really good job honestly. Everything that I missed out on was my own fault so yeah, all good’ (Welcome Week Survey 2022)

‘The emails and social media are really good; they keep me well informed and let me know what’s happening in the university’. (Student Experience Survey 2023)

g. Key Activities

1. Representation

1.1 Student Council

During 2022/23 YSJSU re-focused the Council, moving away from rubber-stamping and bureaucratic processes to discussing real student issues and actioning change. Attendance at Council has remained positive. Each meeting agenda focuses on headline topics (Cost of Living, Student Safety, Housing) to encourage discussion and a ‘co-creation’ approach amongst Student Officers, Sabbatical Officers, and the SU. At each meeting, recommendations are agreed to be made to the university.

1.2 Representation on University Committees

The Officer Team, along with the 14 members of the Student Council represented all students at YSJ via attending over 40 university committees and groups. These include Board of Governors, Education Committee, Academic Board, and Finance and Capital Development Committee. Students' Union representatives are also members of various working groups throughout the university. The Students' Union representatives ensure that decisions made at all levels of the university are for the benefit of students.

1.3 Academic Representative System

The Academic Representative System is a university-wide framework which places student voice at the centre of the partnership between the university, students and YSJSU. Reps represent and gather student opinion and feedback on course content, quality, and academic experiences. Throughout the year, Reps attend Programme Panels & Student/Staff Liaison Committees to articulate their feedback. In 2021, the ‘Academic Rep Code’ was implemented, an agreement between the SU, university, and students (Reps) about the collaborative relationships and responsibilities regarding Academic Rep system. The Code is reviewed by Education Committee to ensure the document remains relevant and is fit for purpose, and was last reviewed in June 2023.

The SU coordinates the recruitment of (Academic) Course Reps, from setting election and training dates, to supporting academics in running elections during teaching sessions. For 2022/23, 366 Reps were elected, with engagement in the Academic Representative System reaching 2018 levels.

YSJSU delivered in-person Rep training by School for the first time to accommodate various programme pathways and student experiences. YSJSU collaborated with the university Careers

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Team to provide employability sessions to Reps which continued into Semester 2 with the release of the Skills Audit: a traffic light tracker document for Reps to recognise the skills acquired in their role and highlights opportunity for development.

Year 2020 2021 2022 2023
Number of Course Reps 351 262 283 366

To connect student voice practices to other SU activity, the Rep System was launched on the Student Dashboard for registered volunteers to access resources (training, handbook, room bookings). A new function ‘ Coursemates’ allows Reps to upload any feedback collected from their peers or discussions raised at Programme Panels. The SU is notified when feedback is submitted, with the ability to assign actions to Reps or a Chair of School for following up. There has been a total of 25 submission to date, feedback ranging from availability of resources, accessibility of course content and timetabling).

During 2022/23, the SU re-introduced Rep of the Month, announced monthly in the ‘Voice’ newsletter to shine a spotlight on a Rep who helped contribute to change on their programme. YSJSU introduced more social opportunities for Reps to come together, with the SU hosting various social events including online Refresher social, free lunch and end of term celebrations. Social activity was raised within the Course Reps Survey in 2021/22 as a recommendation for improving the Rep experience.

1.4 Elections

YSJSU received a 22.6% voter turnout (17% national average), in the Annual Election, of which 76.9% were Academic Representatives highlighting a sense of belonging from the Academic Rep community. Following the new representative opportunities at the London Campus, representation in the Annual Election cycle resulted in 35.1% voter turnout from London and London students being elected to four Part-Time Officer roles (London Officer, Chair of London School, International Officer, Postgraduate Students Officer). Below is a breakdown of voter turnout since the 2020/24 strategy was launched:

Year 2020 2021 2022 2023
Overall Population turnout % 17.8 % 23.8 % 14.6 % 22.6 %
UK % of turnout 42.9 % 57.4 % 70.0 % 51.0 %
International % of turnout 3.4 % 22.2 % 27.9 % 49.0 %
York Campus % of turnout 100 % 93.0 % 90.0 % 64.9 %
LondonCampus % ofturnout 0 % 7.0 % 10.0 % 35.1%

For the very first time, YSJSU elected two mature, international students as Sabbatical Officers for 2023/24, with the President of Education studying at the London Campus.

1.5 Student Officers (Chairs of School & Liberation Officers)

Chairs of School are elected annually by students to represent students at the local School level and by community groups. Liberation Officers assist with campaigns and sit on various university Committees to ensure that student feedback is relayed and considered when the university review policies and implement new initiatives.

During 2022/23, YSJSU reviewed the responsibilities of Student Officers to allow for student-led initiatives and ownership of the role, re-introducing Chairs of School forums, and supporting university projects and SU campaigns. Chairs of School have created forums to collect student

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feedback and some Liberation Officers have worked with the SU MarComms team to plan and deliver a series of forums for their community groups,

Student Officers have supported and promoted SU and Sabbatical Officer campaigns, including the Hidden Course Costs, Hate Crime Awareness and Student Safety.

Liberation Officers are also members of working groups (such as the university Disability Forum) to discuss EDI issues to help make changes to facilities, such as accessibility, improving resources, such as introducing accessible learning technologies.

1.6 Teaching Excellence Framework (TEF)

The President of Education became the TEF lead for the student submission, acting as the main point of contact between the university TEF Readiness Group and SU colleagues. A small working group within the Students’ Union spent over five months gathering student feedback, researching student views, and writing the submission document, which was submitted to the Office for Students in January 2023.

In October 2023, it was announced that York St John University received overall Silver standard for TEF, with Gold rating for student experience.

1.7 University and Colleges Union (UCU) Industrial Action

Throughout 2022/23, YSJ students were affected by industrial action by members of the UCU. The Students’ Union worked closely with UCU staff reps and the University Executive Board to understand how we could best support students during this disruptive period, and produced communications, FAQs, advice, guidance and representation for students.

2. Partnerships

York St John Students’ Union continues to collaborate with colleagues across the university and organisations within the City of York to improve experiences for our students. YSJSU continues to be active collaborators with the specialist university services and departments on the delivery of campaigns and volunteering opportunities.

2.1 Living Lab

During 2022/23, YSJSU staff and officers joined the ‘Living Lab’: a collective of students and staff across the university looking at ways to create a more sustainable community. The SU has agreed to support a student project, providing operational space and business plan expertise to create a ‘Garden Café’.

2.2 Advice

The advice Service continues to work with support services, the Law Clinic and Counselling courses to create an effective advice pathway for students. These partnerships have strengthened throughout 2022/23.

2.3 Rate Your Landlord Scheme

YSJSU has been working on a partnership with Unipol Student Homes, the university, the University of York, York University SU and the City of York Council to introduce a ‘Rate Your Landlord’ Scheme (see Future Plans for more details).

2.4 RAG and Fundraising for charities

Sports Clubs and Societies partnered with charities throughout the 2022/23 to raise awareness and funds for important causes. A total of £5,579.89 was raised throughout the year for charities such as York Mind, the Snappy Trust, Parkinson’s UK and MacMillan UK.

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2.5 Cost of Living Support Package

The Students’ Union consulted with the university on how students would be supported through the Cost-of-Living Crisis. The following COL support was put in place:

3. Student Sport (Sport Union)

3.1 Launch of the Sport Union

September 2022/23 saw the launch of the YSJ Sport Union. During its first year of inception, the Sport Union has collaboratively:

3.2 Successes

During 2022/23 the Sport Union realised the following successes:

4. Student Societies

YSJSU provides members with a wide range of activities via academic, cultural, and social societies. Student-led societies lead their own volunteering initiatives, fundraise for charity via Raising and Giving, and most importantly, provide activities to enhance the student experience.

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Some highlights of the 2022/23 year include:

2022/23 saw a huge increase in members and number of activities available compared to 2021/22 with the breakdown of engagement since the 2022-24 strategy was implemented below:

Year 2020 2021 2022 2023
Overall Memberships 2,059 890 1,692 2,159
Sport Club Memberships 1,126 439 990 1,099
Society Memberships 933 451 702 1,060
Number of Sport Clubs 24 24 26 25
Number of Societies 43 30 23 32

5. Campaigns

YSJSU Coordinated and hosted many wellbeing and diversity related campaigns during the 2022/23 academic year including:

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6. Commercial Activities

The Students’ Union generates income via commercial services, also providing students with a safe environment to socialise in its spaces. The Students’ Union can offer students products at a lower cost (compared to market competitors in the city centre) due to the partnership with the NUS Trading consortium.

The first day of Welcome Week, which is usually one of the best performing days of the year, was heavily impacted by the Queens Funeral, meaning that events were cancelled and a limited trade offer in place. The UCU strikes and Cost of Living Crisis throughout the year also had an impact on sales, due to some students not attending campus as much as anticipated.

6.1 Licensed Trade

2022/23 saw the Bar performing well, due to cost savings on various lines. Sales were bolstered by the food service keeping people in the venue for longer. Competition from the city centre continued to be an issue as city centre venues offer more deals for students. Moving into 2023/24, prices have risen across the board, meaning that YSJSU has had to introduce inflationary rises in the cost of products to students.

6.2 Food and Coffee

Whilst food sales increased by almost 20% compared to last year, the cost of food items meant that further profit was not realised as anticipated, with many items increasing 50% in cost price overall for the year. Coffee saw a similar story with costs increasing almost on a weekly basis. The Coffee offer is no longer Starbucks from 2023/24 and more ‘value for money’ suppliers have been sourced to ensure students still get a good product at a fair price.

6.3 Merchandise

A new range of colours, styles and garments were introduced for 2022/23 however, we found that most still gravitated to the traditional hoodie option and legacy colours that have always been used. Into 2023/24, the SU will consolidate the offer, concentrating on those products that have high demand.

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6.4 Loyalty Programme

At the end of the academic year 2022/23, 3661 students had registered on the system with almost 2100 utilising the system from September 2022 until the end of the academic year. From 2023/24 the SU will be reporting loyalty interactions on a 3-month rolling basis to better understand the engagement with the programme. Comparison with the first year of implementation is below:

Year 2020 2021 2022 2023
Number of users - - 1,554 3,661

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FINANCIAL REVIEW

a. Overview

York St John Students’ Union’s gross income from all sources including revenue generating commercial services this year totalled £1,152,595 (2022: £1,142,851). Total expenditure of £1,108,375 (2022: £1,127,717) was used to resource services, activities, and staffing, resulting in a net income from operations of £44,220 (2022: £15,134). Total net income for the year was £104,208 (2022: £15,134) which includes a £59,988 gain on remeasurement of the pension scheme due to a change to the discount rate. This gain does not impact the free reserves of the Union.

The Trustees recognise YSJSU’s share of the pension liability for the Students’ Union Superannuation Scheme (SUSS) in the annual accounts. This has resulted in an overall net liability position for YSJSU of £325,090 (2022: £429,298). As this deficit relates to the pension scheme liability and was expected, the Trustees are comfortable with the situation.

Unrestricted funds excluding the pension funding deficit liability stands at £242,500 (2022: £209,328), the pension scheme reserve deficit stands at £567,590 (2022: £655,642) and restricted reserves stands at £nil (2021: £nil).

The pension scheme liability of £567,590 (2022: £655,642) is a projected long-term liability and does not represent an immediate cash liability to YSJSU. The immediate cash liability of the pension deficit being the agreed payments due in 2022/23, which equate to £30,312 (2022: £20,024). These contributions are wholly funded by the Subvention (Block Grant) from the university and as such, even though the pension scheme liability results in the balance sheet showing a deficit in funds, this is not an indicator of any issues in YSJSU being able to meet its cash obligations in the foreseeable future. The University and Students’ Union reviewed the Memorandum of Understanding in June 2020 and agreed the following:

‘The University agrees to support the Students’ Union to mitigate any major liabilities, including the Students’ Union Superannuation Scheme (SUSS) ongoing liability’. MoU 2020

We undertake no fundraising activities within the scope of the Charities (Protection and Social Investment) Act 2016.

b. York St John Students’ Union Reserves Policy

Introduction

As a member led organisation, York St John Students’ Union (YSJSU hereafter) believes it is important that as a charitable organisation, most of the income generated should be returned to the membership in the form of the representation, services, and personal development opportunities. However, YSJSU recognises that it is important to mitigate financial risk by maintaining an unrestricted cash reserve (general fund).

York St John Students’ Union is a registered charitable company whose charitable objects are the advancement of education of students at York St John University for the public benefit by:

1) Promoting the interests and welfare of students at York St John University during their course of study and representing, supporting and advising Members;

2) Being the recognised representative channel between students and York St John University and any other external bodies;

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3) Providing social, cultural, sporting, and recreational activities and forums for discussions and debate for the personal development of its Members.

Historically, the Students’ Union has relied on two main sources of funding - subvention (or block grant) funding from York St John University, and income generated via commercial and trading activities. Neither of these funding sources are guaranteed, and so it is imperative that the Students’ Union holds an appropriate level of financial reserves to ensure business continuity, should funding sources be detrimentally impacted or reduced into the future.

SWOT Analysis

It is important to understand an organisation’s strengths, weaknesses, opportunities, and threats, and the effects of external influences (such as political, environmental, technological, legal and economical) when planning for and creating a sustainable organisation. With this in mind, YSJSU has identified key elements which may have major impact on the charity’s success.

Strengths: Commercial sales, communication with members, engagement with members (sector comparison), staff effectiveness, efficient financial processes, training for officers and staff, Trustee Board and committee governance and effectiveness, adaptability, and change management.

Weaknesses: Small team, limited financial resource, current limited access to external funding.

Opportunities: Diversify and increase marketing and commercial revenue, good working relationships with suppliers and university, new student markets for commercial services and activities.

Threats: Cost of living and pension increases, cost of living crisis and impact on commercial revenue, decrease in access to student funding, decrease in student availability to attend events and activities, rising expectations of students in relation to service provision and experience.

Level of Reserves

Given the multifaceted and intricate nature of the services, activities, projects, and events delivered by YSJSU, the Senior Management Team has recommended to the Trustees that the following areas be considered when identifying the level of reserves necessary:

i. Wind up of activities – It is possible, though highly unlikely that YSJSU may need to cease operating. If this were to happen, then a level of funds would need to be available to allow HMRC, legal costs, staff redundancy, and creditors to be compensated appropriately.

ii. Trading income collapse – Given the variety of trading activities there is always a risk that they may not perform as anticipated; it would therefore be wise to hold buffer funds to compensate for this if the situation occurs.

iii. Summer period – Through the summer period (June to August inclusive) the Students’ Union trading activities diminish significantly; short term funds are therefore required to ensure a positive cash flow and then stock purchases ahead of all activities fully reopening in September.

iv. Medium term business continuity – An allowance should be held to enable to the Students’ Union to fund a short period of temporary relocation (3 months), should the current Students’ Union building not be serviceable for whatever reason.

v. Future projects – There are activities and projects that the Students’ Union may wish to invest in in the future, be these commercial diversification, further expansion of sports and

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activities projects, or seeking research/consultancy advice; and so, funds should be available to do this.

The Table below shows the levels of funds recommended in order to be able to provide security against the aforementioned areas.

i Wind up of activities £180,000
ii Trading income collapse £100,000
iii Summer period £100,000
iv Medium term business continuity £70,000
v Future projects £50,000

The total funds that have been identified are £500,000. However, there would not be a situation when all these funds would be required simultaneously. For example, if in the event of the occurrence of ‘wind up of activities’ then other funds would not be required as the Students’ Union would no longer be operating. Alternatively, there may be a situation when occurrences ‘ii’ to ‘iv’ inclusive occur and so a total of all the funds may need to be drawn upon.

There also may be situations where/when ‘winding down of activities’ occurs, when extra (unexpected) costs may be incurred (such as litigation by employees), and an extra £20,000. (buffer) has been introduced to the lower limit to accommodate such circumstances (25% increase from 2020/21).

Therefore, YSJSU has identified that there is a minimum and maximum level of reserves that the Students’ Union should always retain as follows:

Minimum level of reserves: £200,000

YSJSU may also use reserves for to invest in the organisation such as capital investment and resourcing. YSJSU may hold monies above the minimum level of reserves for this reason, and therefore, it is recommended that a maximum level of reserve is as follows:

Maximum level of reserves: £325,000

The Students’ Union Trustee Board should therefore seek to achieve the minimum level and aspire to hold the maximum level.

How will the Students’ Union achieve our target?

At 31st July 2023 the Students’ Union held £233,337 (2022: £209,327) in free reserves. This means £33,337 above the minimum however a further £91,663 in additional reserve funds are required to meet the maximum target. The Students’ Union will endeavour to achieve this by operating at a surplus in each financial year with future budgets set accordingly to achieve a minimum of 1% of core activity turnover i.e., total turnover excluding the university subvention grant.

c. Future Funding

York St John University have confirmed via the University’s Finance and Capital Development Committee that the Block Grant for 2023/24 will be £438,000 (2022/23: £450,000).

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d. Going Concern

The Trustees confirm that the Students’ Union has sufficient funds to meet its ongoing annual obligations. The Block Grant for 2023-24 has been confirmed at £438,000 and the commercial activities are expected to generate funds (surplus).

York St John University has agreed to continue to provide financial support to YSJSU in future years to ensure that it has sufficient funds to continue to operate effectively for the foreseeable future. The University and Students’ Union reviewed the Memorandum of Understanding during the 2020 and it was agreed:

1. The University shall, subject to the terms of this Memorandum, pay to the Union the Subvention (Block Grant) approved by the Governing Body’s Finance and Capital Development Committee as a contribution to the annual budget of the Union. The Subvention will be paid to the Union to support activity relating to the Union’s core charitable objectives, including but not limited to representation, advice, support and advocacy, democratic activities, and student social and professional enhancement.

2. The Subvention will be agreed in line with the University planning cycle and following consideration by the University of the Union’s annual planning documents.

3. The University agrees to support the Students’ Union to mitigate any major liabilities, including the Students’ Union Superannuation Scheme (SUSS) ongoing liability. (MoU 2020)

Although there are many challenges for the HE sector, York St John University continues to recruit on target. York St John University has increased recruitment in all areas, especially internationally and in post-graduate study.

e. Funds held as Custodian Trustee on Behalf of Others

The Students’ Union actively encourages the activities of clubs and societies to be organised by the students themselves. To be recognised, a club or society must comply with the objectives of the Students’ Union and follow administrative rules set up to protect the interests of its members and the Students’ Union. As well as direct financial support, clubs and societies are encouraged to collect and spend their own money for activities. Sums collected in this way are kept for safekeeping by the Students’ Union. On 31st July 2023, £58,150 (2022: £51,925) was being held under this arrangement, which is included in Note 21, of the Statement of Financial Accounts within this document. This amount is identified as belonging to the members of the clubs and societies and not the Students’ Union.

f. Pay Policy for Senior Staff

The Board of Trustees consider the Officer Trustees and the Management Team to be the key management personnel of YSJSU; in charge of directing, controlling and operating the Union on a day-to-day basis. All External Trustees and Student Trustees give of their time freely and did not receive remuneration in the year. Officer Trustees received an annual salary (uplifted in January 2023) of £23,362 for their work as Full-time Elected Officers. Details of Trustees’ expenses are disclosed in note 16 of the Statement of Financial Accounts.

The Heads of Service are appraised annually by the Chief Executive Officer and receive an incremental uplift if they have successfully achieved their objectives for the year. Heads of Service who have reached the top of their grade do not receive any further incremental uplifts.

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The current Chief Executive came into post full time on 28 January 2019 and is the most senior member of the York St John Students’ Union staff team. The Chief Executive is contractually line managed by the SU President and Deputy Chair of the Trustee Board on behalf of the Trustee Board.

The Chief Executive meets formally and informally with the SU President and Deputy Chair of the Trustee Board to provide an update on productivity, priorities, and objective delivery; the SU President (Chair) and Deputy Chair of the Trustee Board then communicate as necessary regarding the performance of the Chief Executive with the full Trustee Board. To ensure that formal appraisals are carried out and that the Chief Executive is properly supported, formal appraisal meetings should take place every six months as follows:

Yearly Appraisal (June) 6-month Review (January)
To include:
▪ Report from Chief Executive
▪ Feedback from the Sabbatical Trustees
and staff team gathered by the President.
▪ 360-degree feedback survey conducted
by an external agency (bi-annually)
Conducted by:
▪ Current and incoming Presidents and
Deputy Chair of Trustee Board		 To include:
▪ Review of Appraisal Report and meeting
record from June meeting
▪ Feedback from the Sabbatical Trustees
and staff team gathered by the
President.
Conducted by:
▪ Current President and Deputy Chair of
Trustee Board

The June yearly appraisal is also the opportunity for the President(s) and Deputy Chair(s) of the Trustee Board to agree whether an incremental salary increase should be given, and their decisions are documented and then noted by the Board of Trustees.

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FUTURE PLANS

2023/24 is an exciting time for York St John Students’ Union. YSJSU are introducing new projects and initiatives that will work towards providing students with employability skills and experiences, a greater sense of belonging, higher satisfaction with their student experience, and better value for money.

YSJSU will be undertaking analysis, consultation and horizon scanning to create its new strategy (2024 and beyond) throughout the course of 2023/24. As well as this, the following key projects will be implemented.

a) Support for Students on Placements

The President of the Students’ Union is leading on a project to research and analyse the way students are supported and their sense of belonging to the university whilst they are on placements. YSJSU are working with colleagues and students from across the university to understand where there are developments required, good practice that could be shared, and to create a support toolkit for students.

The campaign aids the achievement of the following priorities/KPIs:

Provide activities and opportunities that aid students to gain employability skills and become active citizens

Offer spaces and opportunities to enhance belonging and student communities

Engage with the university, city and wider community to ensure that students get the best experience - on campus and beyond

Beyond 9-5 Campus

Digital Transformation

80% satisfaction (NSS)

70% engagement with SU

b) Rate Your Landlord Scheme

In partnership with Unipol and the University of York, YSJSU are creating a ‘Rate Your Landlord’ scheme where students can have their say on accommodation providers, helping other students to make informed decisions about their choice of accommodation in York. It is anticipated that the Rate Your Landlord website platform will go live in January 2024.

The scheme is being progressed with the aim of contributing to the achievement of the following priorities/KPI’s:

Offer spaces and opportunities to enhance belonging and student communities

Beyond 9-5 Campus

70% engagement with SU

Engage with the university, city and wider community to ensure that students get the best experience - on campus and beyond

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c) Marketing and Membership Engagement Strategy

YSJSU is to begin to create its first Membership Engagement Strategy highlighting key and critical touch points or interventions in the student journey were YSJSU can make impact and establish and then retain engagement. The strategy will set out a vision for engagement growth over the next two – three years. This project will contribute to the success of the achievement of the following:

Beyond 9-5 Campus

Digital Transformation

Communication, Insight and Analysis

80% satisfaction (NSS)

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

d) Democratic/Representation Review

Alongside the creation of the new strategic plan, YSJSU will be evaluating the relevance and impact of the current democratic positions and processes to ensure that there is a fit for purpose structure moving forward. It is anticipated that this project will not be completed until the end of 2024/25 due to the timing of elections etc, within the annual business cycle.

The review should aid the achievement of the following strategic priorities/KPI’s:

Beyond 9-5 Campus

Offer spaces and opportunities to enhance belonging and student communities

Engage with the University, city and wider community to ensure that students get the best experience – on campus and beyond

Be recognised as a change making organisation

Communication, Insight and Analysis

Digital Transformation

80% satisfaction (NSS)

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

e) Advice Service Development: Peer Mediation Service

One of the main strategic priorities for the Students’ Union is to develop a holistic advice service for students. Currently and after the establishment of the Advice Service during 2021/22, the Students’ Union provides students advice on academic matters (such as academic misconduct, appeals and complaints). However, the ambition of the Students’ Union is to provide students

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with advice and support on student life matters such as housing and debt advice and advocacy for those who face university hearings.

The Advice Coordinator is attending training and CPD to become a peer mediation trainer, with the aim of introducing a mediation service for students. The mediation service will be facilitated by students from the Counselling and Law courses, enabling them to gain experience and skills in a professional setting. The Advice Coordinator is in dialogue with university colleagues about the implementation of this service.

Work undertaken on this will support the achievement of the following priorities and KPIs:

Provide independent advice services that help students to stay and enjoy life at university

Be recognised as a change-making organisation

Beyond 9-5 Campus

Advice, Support and Advocacy

Students as Partners

80% satisfaction (NSS)

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

f) A Vision for Societies

YSJSU have been collating insight and information about how to progress, develop and increase engagement regarding societies and student groups, with the aim of creating a vision and plan for the next three years. It is hoped that the impact of this project, will be to increase retention, satisfaction with the student experience, and enhance students’ skills and professional experiences.

Work undertaken on this project, will aid the achievement of the following strategic priorities/KPI’s:

Students as Partners

Governance, Finance and Risk Management

Be recognised as a change-making organisation

Offer spaces and opportunities to enhance belonging and student communities

Engage with the University, city and wider community to ensure that students get the best experience – on campus and beyond.

80% satisfaction (NSS)

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

36

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

g) Volunteer Development

Aligning with the Quality Students’ Unions accreditation, YSJSU will be looking at ways to improve and develop the volunteer experience, utilising the ‘Investing in Volunteers’ framework (available to NCVO members). The framework will enable YSJSU to create policy, more opportunities, and ensure effective processes are in place to enable our volunteers to develop socially and professionally, with the recognition that they deserve.

Work undertaken on this project, will aid the achievement of the following strategic priorities/KPI’s:

Students as Partners

Governance, Finance and Risk Management

Be recognised as a change-making organisation

80% satisfaction (NSS)

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

h) London Campus Activities and Support

Although YSJSU was unsuccessful in its bid for extra funding from the university to support resourcing at the London Campus, the SU team have set in motion developments for students regarding representation, communication, and activities for 2023/24. YSJSU are collaborating with the other five SU’s based in the Republic building, the Republic central team and other SU colleagues based at satellite campuses across London to create a YSJ student experience at the London Campus.

Work undertaken on this project, will aid the achievement of the following strategic priorities/KPI’s:

Provide independent advice services that help students to stay and enjoy life at university

Be recognised as a change-making organisation

Beyond 9-5 Campus

Advice, Support and Advocacy

Students as Partners

70% engagement with SU

National recognition for being an effective and impactful Students’ Union

37

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also the directors of York St John Students’ Union Limited for the purposes of company law) are responsible for preparing the Report from the Board of Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to the auditor

In so far as the trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

The auditor, BHP LLP, have indicated their willingness to continue in office, subject to the approval of the Trustee Board.

Signed by the SU President and Chair of the Board of Trustees:

Matthew Blackstock

President of the Students’ Union / Chair of the Board of Trustees 2023-24

Jan 10, 2024

38

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

Independent Auditor’s Report to the Members of York St John Students’ Union

Opinion

We have audited the financial statements of York St John Students’ Union (the ‘charitable company’) for the year ended 31 July 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

39

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 32, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

40

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

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

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilitiesfor-the-audit-of-the-fi/descriptionof-the-auditor%E2%80%99s-responsibilities-for. This This description forms part of our auditor’s report.

41

YORK ST JOHN STUDENTS’ UNION LIMITED YEAR ENDED 31 JULY 2023

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Masheder

Laura Masheder (Jan 15, 2024 22:00 GMT)

Laura Masheder (Senior Statutory Auditor) For and on behalf of BHP LLP, Chartered Accountants Statutory Auditor

Rievaulx House 1 St Mary’s Court Blossom Street York YO24 1AH

Date: Jan 15, 2024

BHP LLP are eligible to act as an auditor in terms of section 1212 of Companies Act 2006.

42

YORK ST JOHN STUDENTS' UNION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ £
Income from:
Grants, donations and legacies 2 442,207 - 442,207 458,000
Facilities in Kind 3 235,604 - 235,604 218,915
Other trading activities 4 55,560 - 55,560 60,985
Investment income 5 4,452 - 4,452 358
Charitable activities 6 414,772 - 414,772 402,431
Other income 7 - - - 2,162
Total income 1,152,595 - 1,152,595 1,142,851
Expenditure on:
Raising funds 8 48,149 - 48,149 44,037
Charitable activities 9 1,060,226 - 1,060,226 1,083,680
Total expenditure 10 1,108,375 - 1,108,375 1,127,717
-
Net Income / (expenditure) 44,220 44,220 15,134
Remeasurement of pension scheme 27 59,988 - 59,988 -
-
Net Income / (expenditure) and movement in funds 104,208 104,208 15,134
Reconciliation of funds:
-
Total funds at 1 August 2022 (429,298) (429,298) (444,432)
-
Total funds at 31 July 2023 (325,090) (325,090) (429,298)
----- End of picture text -----

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All activities relate to continuing operations.

All funds in the current and previous year are unrestricted.

The notes on pages 46 to 61 form part of these financial statements.

43

YORK ST JOHN STUDENTS' UNION LIMITED

BALANCE SHEET

AS AT 31 JULY 2023

Note
Fixed assets
Tangible assets
18		 £
9,163		 2023
£		 £
17,017		 2022
£
9,163 17,017
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand		 4,291
7,817
345,805		 6,606
37,220
283,689
357,913 327,515
Creditors: amounts falling due within one year
21		 (154,888) (143,025)
Net current assets 203,025 184,490
Total assets less current liabilities 212,188 201,507
Creditors: amounts falling due after more than one
year
22		 (537,278) (630,805)
Net liabilities
24		 (325,090) (429,298)
Charity funds
Restricted funds
23
Unrestricted funds
23		 -
(325,090)		 -
(429,298)
Total funds (325,090) (429,298)

The Financial Statements were approved by the Trustees on 9th January 2024 and signed for on their behalf, by:

Matthew Hunnybun Matthew Hunnybun (Jan 10, 2024 11:37 GMT)

Matthew Blackstock, President

Matthew Hunnybun, External Trustee

The notes on pages 46 to 61 form part of these financial statements.

44

YORK ST JOHN STUDENTS' UNION LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
As restated
2023 2022
Note £ £
Cash flows from operating activities
Net cash provided by/(used in) operating activities: 25 57,664 (15,650)
Cash flows from investing activities:
-
Purchase of tangible assets (23,562)
Bank interest received 4,452 358
Net cash provided by Investing activities 4,452 (23,204)
Change in cash and cash equivalents in the year 62,116 (38,854)
Cash and cash equivalents brought forward 283,689 322,543
Cash and cash equivalents carried forward 26 345,805 283,689
----- End of picture text -----

The prior year cashflow has been restated to more fairly represent cash flows from the defined benefit pension arrangement, the impact has been to reduce cash provided by operations by £44,100, there is no net impact on cash.

45

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1. Accounting policies

1.1. Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

York St John Students’ Union Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2. Going concern

Not withstanding the balance sheet showing net liabilities of £325,090, the Trustees are of the opinion that there are no material going concern uncertainties. This assessment is based upon:

The Union having net current assets of £203,026.

The Union having free reserves not including the pension scheme funding deficit liability of £233,337.

Only £30,312 of the future pension funding deficit liability of £567,590 being due as a cash obligation to 31 July 2024.

This demonstrates that whilst the pension obligation presents a net liability position on the balance sheet it does not represent a cash obligation that the Union cannot meet through its available free reserves.

The University shall, subject to the terms of this Memorandum, pay to the Union the Subvention (Block Grant) approved by the Governing Body’s Finance and Capital Development Committee as a contribution to the annual budget of the Union. The Subvention will be paid to the Union to support activity relating to the Union’s core charitable objectives, including but not limited to representation, advice, support and advocacy, democratic activities, and student social and professional enhancement. The Subvention will be agreed in line with the University planning cycle and following consideration by the University of the Union’s annual planning documents. The University agrees to support the Students’ Union to mitigate any major liabilities, including the Students’ Union Superannuation Scheme (SUSS) ongoing liability. (MoU 2020)

In light of this, management forecasts and budgets reflect a surplus for the period to 31 July 2024 with surpluses from 1 August 2024 to 30 November 2024. These have been considered in light of sensitivities around key judgements such as current economic situation, salary costs and we are satisfied these forecasts are achievable.

Therefore the trustees believe it is appropriate to prepare the accounts on the going concern basis.

1.3. Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 3. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

46

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1.4. Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.5. Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.6. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classed by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assets use.

Expenditure on raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to their applicable expenditure headings.

1.7. Tangible fixed assets and depreciation

Fixed assets are stated at cost less accumulated depreciation. Assets are capitalised if they cost more than £2,500 and expected to last more than one year and any provision for impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases Equipment - 3 years straight line.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

1.8. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Union; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

47

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1.9. Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.10. Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.11. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.12. Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13. Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.15. Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.16. Pensions

The Union participates in the Students' Union Superannuation Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with rates of contribution payable being determined by the trustees on advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be attributed to the Union. In these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the union's share of the deficit is recognised as a liability in accordance with SORP (FRS 102).

The Union also participates in Aegon and NEST pension schemes, both of which are defined contribution schemes. The assets of the schemes are held separately from those of the Union in independently administered funds. The pension charge represents the amounts payable by the company to the fund in respect of the year.

48

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

YORK ST JOHN STUDENTS' UNION LIMITED

1.17. Grants

The recurrent block grant is receivable from York St John University. The grant is credited to the income and expenditure account in the year to which it relates.

Project support grants are project based and include grants which are receivable from the University and other funding bodies

1.18. Critical accounting estimates and areas and judgement

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Pension deficit contribution

The charity has entered into a commitment to provide deficit funding to the Students' Union Superannuation Pension Scheme, of which it is a contributing employer. Under FRS 102, the present value of the commitment is recognised. The calculation of the present value of the commitment is subject to an assumption of the discount rate. The discount rate is determined by reference to market yields at the reporting date on high quality corporate bonds.

Under FRS 102, the fair value of the commitment is recognised. The calculation of the fair value of the commitment is subject to an assumption of the discount rate. The discount rate is in line with HM Treasury Guidance found at www.gov.uk

(ii) Donation of facilities by York St John University

In accordance with the Charities SORP FRS 102, the union has valued the benefit it receives from occupying facilities owned by the University on a rent-free basis, at the University’s estimate of market value of £235,604.

(iii) Support costs

Many of the costs incurred by the Union such as support staff costs and service costs are shared between activities. The Union's policy is to allocate these costs on a basis of assessed consumption.

1.19. Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as par of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. Income from grants, donations and legacies

University block grant Unrestricted
funds
2023
£
442,207
442,207		 Restricted
funds
2023
£
-
-		 Total
funds
2023
£
442,207
442,207		 Total
funds
2022
£
458,000
458,000

49

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Facilities in Kind

Facilities in Kind
4. Other trading activities
Marketing and communication
Clawback and insurance
5. Investment income
Bank interest
6. Income from charitable activities
Student opportunities
Bar
Retail
Coffee
Catering
Events		 Unrestricted
funds
2023
£
235,604
235,604
Unrestricted
funds
2023
£
53,792
1,768
55,560
Unrestricted
funds
2023
£
4,452
Unrestricted
funds
2023
£
46,686
254,630
15,565
46,308
43,783
7,800
414,772		 Restricted
funds
2023
£
-
-
Restricted
funds
2023
£
-
-
-
Restricted
funds
2023
£
-
Restricted
funds
2023
£
-
-
-
-
-
-
-		 Total
funds
2023
£
235,604
235,604
Total
funds
2023
£
53,792
1,768
55,560
Total
funds
2023
£
4,452
Total
funds
2023
£
46,686
254,630
15,565
46,308
43,783
7,800
414,772		 Total
funds
2022
£
218,915
218,915
Total
funds
2022
£
57,397
3,588
60,985
Total
funds
2022
£
358
Total
funds
2022
£
62,518
234,085
14,033
48,827
37,320
5,648
402,431

50

YORK ST JOHN STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. Other income

Job retention scheme
8. Raising funds
Marketing and communication
Marketing and communication wages
9. Analysis of expenditure on charitable activities
Charitable activities
Student voice
Student opportunities
Bar
Retail
Coffee
Catering
Events
Central services
Operations
Facilities in kind
Governance costs
Audit fees
Other costs		 Unrestricted
funds
2023
£
-
-
Unrestricted
funds
2023
£
14,474
33,675
48,149
Unrestricted
funds
2023
£
176,300
66,912
148,436
9,740
31,864
42,554
11,101
182,831
143,886
235,604
1,049,228
9,385
1,613
1,060,226		 Restricted
funds
2023
£
-
-
Restricted
funds
2023
£
-
-
-
Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2023
£
-
-
Total
funds
2023
£
14,474
33,675
48,149
Total
funds
2023
£
176,300
66,912
148,436
9,740
31,864
42,554
11,101
182,831
143,886
235,604
1,049,228
9,385
1,613
1,060,226		 Total
funds
2022
£
2,162
2,162
Total
funds
2022
£
13,036
31,001
44,037
Total
funds
2022
£
161,742
136,581
181,799
9,530
32,237
41,685
12,081
175,393
104,797
218,915
1,074,760
7,000
338
1,082,098

51

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

  1. Analysis of expenditure by type
10. Analysis of expenditure by type
Marketing and communication
Raising funds
Student voice
Student opportunities
Bar
Retail
Coffee
Catering
Events
Central services		 Staff
costs
2023
£
33,675
33,675
165,496
27,731
51,982
11,104
14,085
12,874
-
109,989		 Other
costs
2023
£
14,474
14,474
35,312
63,689
208,566
10,417
17,779
29,680
11,101
99,248		 Total
2023
£
48,149
48,149
200,808
91,420
260,548
21,521
31,864
42,554
11,101
209,237		 Total
2022
£
44,037
44,037
184,832
159,040
287,155
20,444
32,237
41,685
12,081
199,115
Operations 138,236 41,939 180,175 138,171
Charitable activities
Expenditure on governance		 531,497
-		 517,731
10,998		 1,049,228
10,998		 1,074,760
7,338
Other expenditure (note 12) - - - 1,582
11. Analysis of expenditure by activities
Student voice
Student opportunities
Bar
Retail
Coffee
Catering
Events
Central services
Operations		 565,172
Activities
undertaken
direcly
2023
£
173,385
63,999
144,552
8,769
31,864
42,554
-
177,975
152,753
795,851		 543,203
Support
costs
2023
£
27,423
27,421
115,996
12,752
-
-
11,101
31,262
27,422
253,377		 1,108,375
Total
2023
£
200,808
91,420
260,548
21,521
31,864
42,554
11,101
209,237
180,175
1,049,228		 1,127,717
Total
2022
£
184,832
159,040
287,155
20,444
32,237
41,685
12,081
199,115
138,171
1,074,760

52

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. Other expenditure

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |2023|2023|2023|2022| |£|£|£|£| |-|-|-| |Other expenditure|1,582| |-|-|-| |1,582|

----- End of picture text -----

  1. Net income / (expenditure)

----- Start of picture text -----
|||| |---|---|---| |This is stated after charging:| |2023|2022| |£|£| |Auditor's remuneration|8,735|7,000| |Depreciation of owned assets|7,854|6,545|

----- End of picture text -----

  1. Trustees' Expenses

6 trustees received reimbursement of expenses for travel and accommodation of £1,613 in the current year, (2022: - 1 Trustee - £338).

53

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

15. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Defined contribution pension costs (Note 27)		 2023
£
515,463
35,373
14,336
565,172		 2022
£
473,823
30,733
13,240
517,796

Total redundancy/termination payments amounted to £0 (2022: £0).

During the year key management personnel received remuneration (including Employer's NI and pension) totalling £258,481 (2022: £240,414). The union considers its key management personnel to comprise of the Trustees and those individuals detailed in the administrative information on page 4.

The average monthly number of employees was 40 (2022: 44) and the average monthly number of Full Time Equivalent employees during the year was as follows (including casual and part-time staff):

Permanent staff
Student staff		 2023
No.
15
5
20		 2022
No.
15
6
21

No employee received remuneration amounting to more than £60,000 in either year.

16. Trustees' remuneration

The three sabbatical roles each incurred a salary charge as authorised in the Students' union governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the University and local community, defending and extending the rights of students through petitions, discussions with MPs and also organising and supporting student volunteers and service provision for them.

Details of the three sabbatical trustees are available on page 3 of the financial statements.

Remuneration is paid to each sabbatical trustee for an annual term which runs to the 30 June. For the year to 31 July 2023 each received £23,462 and for the year to 31 July 2022 each received £19,230. The aggregate amount payable under such contracts is shown below:

Wages and salaries
Defined contribution pension costs		 2023
£
70,385
2,449
72,834		 2022
£
57,690
1,711
59,401

54

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. SOFA prior year comparatives
Income from:
Grants, donations and legacies
Facilities in kind
Other trading activities
Investments
Charitable activities
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net Income and net movement in funds
Reconciliation of Funds
Funds brought forward
Funds carried forward		 Unrestricted
funds
2022
£
458,000
218,915
60,985
358
402,431
2,162
1,142,851
44,037
1,082,098
1,582
1,127,717
15,134
(444,432)
(429,298)		 Restricted
funds
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2022
£
458,000
218,915
60,985
358
402,431
2,162
1,142,851
44,037
1,082,098
1,582
1,127,717
15,134
(444,432)
(429,298)

55

YORK ST JOHN STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. Tangible fixed assets

Cost
Balance as at 1st August 2022
Additions
Balance as at 31st July 2023
Depreciation
Balance as at 1st August 2022
Charge for the Year
Balance as at 31st July 2023
Net Book Value:-
At 31st July 2022
At 31st July 2023		 2023
£
Equipment
23,562
-
23,562
6,545
7,854
14,399
17,017
9,163

These assets include refurbishments to the Bar, Shop, Catering facilities and social areas within the building.

19. Stocks
Retail
Bar
Coffee
Catering
20. Debtors
Trade Debtors
Prepayments and accrued income
21. Creditors
Amounts falling due within one year
Clubs and societies
Trade creditors
VAT
Other creditors
Accruals and deferred income
Defined benefit scheme funding deficit liability (Note 27)
22. Creditors over one year
Amounts falling due after more than one year
Defined benefit scheme funding deficit liability (Note 27)		 2023
£
2,396
1,514
79
302
4,291
2023
£
4,797
3,020
7,817
2023
£
58,150
45,191
4,978
413
15,844
30,312
154,888
2023
£
537,278
537,278		 2022
£
2,587
2,083
954
982
6,606
2022
£
31,794
5,426
37,220
2022
£
51,925
40,045
11,962
1,651
12,606
24,837
143,025
2022
£
630,805
630,805

56

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. Statement of funds
Current year
Unrestricted funds
General funds
Pension deficit
Restricted funds
Total of funds
Prior year
Unrestricted funds
General funds
Pension deficit
Restricted funds
Total of funds
Transfers in the year of £47,487 relate to repayments of
Summary of funds
Current year
General funds
Restricted funds
Prior year
General funds
Restricted funds
There were no restricted grants received.		 Brought forward
Income
£
£
226,344
1,152,595
(655,642)
-
(429,298)
1,152,595
-
-
(429,298)
1,152,595
Brought forward
Income
£
£
231,272
1,142,851
(675,704)
-
(444,432)
1,142,851
-
-
(444,432)
1,142,851
the pension deficit liability.
Brought forward
Income
£
£
(429,298)
1,152,595
-
-
(429,298)
1,152,595
Brought forward
Income
£
£
(444,432)
1,142,851
-
-
(444,432)
1,142,851		 Expenditure
£
(1,088,952)
(19,423)
(1,108,375)
-
(1,108,375)
Expenditure
£
(1,147,779)
20,062
(1,127,717)
-
(1,127,717)
Expenditure
£
(1,108,375)
-
(1,108,375)
Expenditure
£
(1,127,717)
-
(1,127,717)		 Gains/(losses)
£
-
59,988
59,988
-
59,988
Gains/(losses)
£
-
-
-
Gains/(losses)
£
-
Gains/(losses)
£
-		 Transfers
£
(47,487)
47,487
-
-
-
Transfer
£
-
-
-
Transfer
£
-
Transfer
£
-		 Carried forward
£
242,500
(567,590)
(325,090)
-
(325,090)
Carried forward
£
226,344
(655,642)
(429,298)
-
(429,298)
Carried forward
£
(325,090)
-
(325,090)
Carried forward
£
(429,298)
-
(429,298)

57

YORK ST JOHN STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. Analysis of net assets between funds
Current year
Tangible Fixed assets
Current assets
Creditors due within one year
Creditors due after one year
Prior year
Tangible Fixed assets
Current assets
Creditors due within one year
Creditors due after one year		 Unrestricted
funds
2023
£
9,163
357,913
(154,888)
(537,278)
(325,090)
Unrestricted
funds
2022
£
17,017
327,515
(143,025)
(630,805)
(429,298)		 Restricted
funds
2023
£
-
-
-
-
-
Restricted
funds
2022
£
-
-
-
-
-		 Total
funds
2023
£
9,163
357,913
(154,888)
(537,278)
(325,090)
Total
funds
2022
£
17,017
327,515
(143,025)
(630,805)
(429,298)

58

YORK ST JOHN STUDENTS' UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
2023 2022
£ £
Net income for the year (as per Statement of Financial Activities) 104,208 15,134
Adjustment for:
Depreciation 7,854 6,545
Bank interest received (4,452) (358)
Pension finance charge (40,565) 24,039
----- End of picture text -----

Decrease in stocks
Decrease/(Increase) in debtors
Increase / (decrease) in creditors
SUSS pension contributions paid
Net cash provided by operating activities
26. Analysis of cash and cash equivalents
Cash at bank and in hand		 2,315
29,403
6,388
(47,487)
57,664
2023
£
345,805
345,805		 1,149
(30,117)
12,058
(44,100)
(15,650)
2022
£
283,689
283,689

59

YORK ST JOHN STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

27. Pension commitments

The Union participates in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 onwards accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.

The most recent valuation of the scheme was carried out on 30 June 2022 and showed that the market value of the scheme's assets was £106,700,000 with assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,600,000.

Valuations are conducted every three years based upon assumptions agreed by the Trustees, and is used to set the contributions payable by the participating employers.

The outcome in financial terms is set out in the table below:

----- Start of picture text -----
30 June 30 June
2019 £m 2022 £m
Assets 119.1 106.7
Liabilities 260.0 240.3
Expense reserve 3
Deficit (£140.9) (£136.6)
Funding Level 46% 44%
----- End of picture text -----

The decrease shown in the deficit since 2019 is in line with the changes previously reported, following annual reviews, but makes allowance for the impact of the 7% pension increase issue. This has increased the deficit in SUSS but its impact has been mitigated by the member consent exercise.

Whilst the assets have performed well rising by over 17% over the three years, the liabilities have increased by a similar percentage. The sustained low yield on government bonds has continued to affect the liabilities, but the increase was driven in large part by the pension increase issue. The Trustees have concluded that the level of contributions to clear the deficit will have to rise above the planned 5% annual increase in order to address this. However, in order to allow time for the unions to make necessary arrangements the increase in contributions have come into effect from October 2021.

The increase of 5% due in October 2023 proceeded as planned, and these contributions formed part of the plan to remove the funding deficit in SUSS.

Following the 2020 increase, and in order to attribute the further increase in costs as fairly as possible, the Trustees have allocated the additional liabilities arising from the 7% pension increase issue to those unions whose members are directly affected by it. This means that a union with many affected members may see a substantial increase in their contributions to SUSS from October 2021, while a union with no members affected by the issue would see a much smaller increase.

The Trustees also considered whether the costs of carrying out the member consent exercise should be borne only by those unions whose members are directly affected by the pension increase issue. After careful consideration, and keeping in mind the principle collectivism, they concluded that a significant proportion of the costs incurred were justifiable expenses of running SUSS as a whole (because benefits needed to be adjusted, and members written to, whether or not the compromise offer was made). What remained, once allocated to the many affected unions and reclaimed over a reasonable period of time, was not material in the context of the overall level of payments being made to the SUSS by the unions, and so no additional charges will be made in respect of this.

The existing recovery plan, based on the results of the 2016 valuation, was due to end in 2033. One option considered by the Trustees was to retain this target end date, in line with the Pensions Regulator's guidance that funding deficits should be addressed over as short a period as possible. However, given the already substantial level of contributions being made to SUSS by the employers, the Trustees concluded that extending the recovery period, and hence reducing the initial increase in contributions that unions would be required to make, struck an appropriate balance between removing the deficit as quickly as possible while remaining affordable.

In summary, the 2019 valuation recommended a monthly contribution requirement by each Union expressed in monetary terms intended to clear the ongoing funding deficit over a period of 16 years and 2 months ending August 2035 and has increased by 5% through to 2035 except for the period 2021/2022 which will increase by 17%. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the scheme. These rates applied with effect from 1 October 2020 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2022. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions, the Union also pays its share of the scheme's levy to the Pension Protection Fund.

Under FRS102 the Union is required to recognise as a liability the present value of its agreed share of future deficit contributions. Finance costs are recognised as the present value unwinds.

Total contributions paid into the scheme by York St John Students' Union in respect of eligible employees for the year ended 31 July 2023 amounted to £nil (2022 £nil). At the balance sheet date, the Union's pension deficit was £567,590 (2022: £655,624), split by amounts due within 1 year £30,312 (2022: £24,837) and amounts due after 1 year £537,277 (2022: £630,805). The deficit payment to the scheme is £47,487 (2022: £44,100).

The company also operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £14,336 (2022: £13,240). Contributions totalling £2,496 (2022: £2,498) were payable to the fund at the balance sheet date and are included in creditors.

60

YORK ST JOHN STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

27. Pension commitments - continued

The full reconciliation of this present value is as follows:

Present value of provision

Student's Union Superannuation Scheme
Present value of provision:
Creditors: amounts falling due within one year (Note
21)
Creditors: amounts falling due after more than one
year (Note 22)
Reconciliation of opening and closing provisions:
Provision as at 1 August 2022
Unwinding of discount factor
Deficit contribution paid
Movement in net present value calculation
Provision at 31 July 2023
Assumptions:
Rate of discount		 2023
£
567,589
30,312
537,278
567,590
2023
%
5.00		 2022
£
655,642
24,837
630,805
655,642
655,642
19,423
(47,487)
(59,988)
567,590
2022
%
3.50

The discount rates shown above are the equivalent single discount rates when used to discount the future recovery plan contributions due, would give the same results using a full AA corporate bond yield curve to discount the same recovery plan contributions.

28. Operating lease commitments

At 31 July 2023 the company had annual commitments under non-cancellable operating leases as follows:

Expiry date:
Within 1 year
Between 1 and 5 years		 2023
£
-
-
-		 Other
2022
£
-
-
-

Excluding the formal lease with the University agreed 2018 for 10 year period regarding donation for lease and utilities fees . (page 7 of TAR)

29. Related party transactions

The Union is in receipt of a recurrent grant from York St John University of £442,207 (2022: £458,000) and other paid items £21,069 (2022: £56,965) made up of £7,585 (2022: £23,962) to reimburse transactions made on Aspire cards, this will include memberships and retail sales, £1,401 (2022: £24,408) i2i mini bus hire travel for men's football in 2023 and in 2022 for bus tickets paid for YSJ Uni and travel for both hockey and rugby league and £12,083 (2022: £8,595) various reimbursements of stock items shown in sales or costs incurred by YSJ SU on behalf of the Uni.

In addition the Student Union occupies its building on a rent free basis and York St John University provides support services. In accordance with the Charities SORP FRS102, the trustees have estimated that the provision of space and associated services is worth £235,604 (2022: £218,915) to the Union and have recognised this amount in the financial statements.

Other related parties are the Sabbatical Officers and Trustees as detailed in the Trustees’ report. Details of remuneration received by these individuals are shown in note 16 and Trustees' expenses in note 14.

30. Post Balance Sheet events

SUSS conducts an actuarial valuation every three years the next valuation is due at 30 June 2025 based upon assumptions agreed by the Trustees, and is used to set the contributions payable by the participating employers. The Trustees have also taken advice from Schroders, the SUSS’s investment advisors, on the expected return on investments held over the recovery plan period. In summary, the usual increase of 5% due in October 2023 will proceed as planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037.

61