University of Nottingham Students. Union THEUNIVERSITY OF NOTTINGHAM STUDENTS, UNION Trustees, Report and ConsoEidated Financial Ststements Year ended 31 July 2024 Company Registration Number. 07229624 Charity Registration Number 1136986 The University of Nottingham Students, Union Trustees, Report and Financial Statements for the year ended 31 July 2024 Index Trustees, Senior Staff, Governance Committees and Professional Advisors Trustees, annual report 4-15 Endependent auditor's report 16-18 Group statement of financial actlvltles 19-20 Group and charity Balance sheet 21 Group cash flow statement 22 Principal Accounting Policies 23-26 Notes to the f inancial statements 27-41 THE UNIVERSITY OF NOTtINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union Reference and administrative details Trustees Chair J Nuttall N Maina appointed 03 July 2023; resigned 28 June 2024 appointed 01 July 2024 Offlcer Trustees J Butterworth S Nolan TADO DHaq E Leech P Read-Pitt C Asante E Chauhan l Messore J Miller N OILJwa E Taylor J Zhang appointed 11 July 2022," resigned 28 June 2024 appointed 11 July 2022; resigned 28 June 2024 appointed 03 July 2023," resigned 28 June 2024 appointed 03 July 2023- resigned 28 June 2024 appointed 03 July 2023. resigned 28 June 2024 appointed 03 July 2023,- resigned 28 June 2024 appointed 01 July 2024 appointed 01 July 2024 appointed 01 July 2024 appointed 01 July 2024 appointed 01 July 2024 appointed 01 July 2024 appointed Oljuly 2024 Lay Tmstees C Bridge D Ellis M Reynolds J Little resigned 21 March 2024 appointed 11 December 2023 appointed 12 November 2024 student Tmstees W Bowling J Ferris Woolley A Holmes N Holt P Prathu B Russell appointed 01 July 2021; resigned 13 December2023 appointed 15 December 2022 appointed 30 April 2024 appointed 15 December 2022- resigned 28 JLJne 2024 appointed 11 December 2023 appointed 11 December 2023" resigned 20 June 2024 Company Secretary E Birkinshaw Company Number 07229624 Charity Number 1136986 Principal Address Portland Building University Park Nottingham NG7 2RD THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union Reference and administrative details Independent Auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Natwest Corporate 8-10 Great Tower Street London EC3P 3HX Sollcltors Browne Jacobson 44 Castle Gate Nottingham NG17BJ THE UNIVERSITY OF NorriNGHAM STUDENTS. UNION (A COMPANY LIMITED SY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union Trustees, report The Board of Trustees present their Annual Report for the year ended 31 July 2024, which includes the administrative inforrllation set out above, together with the Trustees, report and the audited financial statements for that year. Structure University of Nottingham Students, Union (UONSU) is a registered charity and a company limited by guarantee, not having share capital and governed by its Memorandum and Articles of Association. The liability of each member in the event of winding up is limited to £1. It is registered as a ch2rity with the Charity Commission. The charity is administered by its Board of Trustees which consists of up to eight sabbatical officer trustees, four lay trustees and five student trustees. The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. The Board of Trustees is responsible for setting the Union's strategy, ensuring its sustainability, and monitoring progress including oversight of performance of each part of the Union's work. They review and approve the budget and track the Union's financial performance, have oversight of the Union's risk and fiduciary accountabilities and line management of the chief executive. The Board of Trustees has delegated its powers for the management of certain functions to three Committees student Engagement Committee. People. Culture and Inclusion Committee and Finance, Risk and Compliance Committee. The Board's power issubjecttothe decisions orpolicymade bythestudent Members in General Meeting, through the student democratic procedures within Union Council and the Democratic Procedures Committee or by Referendum. The Trustees may override the decisions or policy only on the grounds of financial considerations, charity or education law or other legal requirement, or the reputation or best interests of the Union. Union Council representsthe voice of thestudents and sets the policy of UONSU for its members. The Board of Trustees and Union Council has the powertojointly make, repeal or alter Byelaws as to the management and working practices of the Students. Union. ims an ives UONSU is governed by its Memorandum and Articles which record its Objects as follows". The Union's Objects are the advancement of education of students at University of Nottingham for the public benefit by.- Promoting the interests and welfare of students at University of Nottingham during their course of study and representing, supporting and advising students: Being the recognised representative channel between students and University of Nottingham and any other external body, and Providing social. culture. sporting and recreational activtties and forums for discussions and debatefor the personal development of members. 2023/241m ct3 Drafting our strategy was completed during 202V22 after an extensive process which engaged stakeholders across the student, union and university community. A mid-term review engaging stakeholders across the Union is ongoing during summer 2024. This is to ensure continued suitability THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union and ensuring our resources are aligned with our strategic priorities. Strategic priority themes will not change significantly, but underpinning objectives will be reviewed in line with current operating environment. Full strategic review work is being considered for 2026127. our mission is= We believein better, and we Ilachieveit together Our vision is thatwe'll be leaders for ourstudent community, shaping an inspiring and rewarding student experience. Our values define our character and guide our decisions. Our commitment is that in all that we do we will be: Equitable- we'll be relevant, inclusive, respectful and accessible for our diverse membership,takingsteps to encourage participation, celebrate differences and enhance the voices and opportunities of under- represented and disadvantaged groups. Empowering- We'll be led by our members, seeking democratic input to drive our policies and priorities, and we'll support and enable students to own and lead their personal experiences. Brave - We'll be ambitious and tenacious in pursuing our members, interests, challengir)g policy tnakers, creating new and innovative solutions and tsking calculated risks to advance our influence and impact. Responsible - We'll always look to do the right things, in the right ways, holding ourselves to the highest standards or corporate and social responsibility. aligning our work with the UN Sustainable Development Goals and managing our finances and resources effectively. Collaborative - We'll work together with our members and stakeholders, leading, learning and sharing with key partners and collaborators so we can expand our impact and continLJe to do better. Our key strategic priorities for the year under reviewwere: > Prioritising academic representation > Building student community > Improving student lives l. Prioritlsln academlc re resentatlon "Students have an influential voice on their learning experience" The Union has played a significant role in influencing the learning experience. Performance in relation to question 26 of the National Student Survey INSS} (which asks if the Students, Union effectively represents students, academic interests) sits at 68.2Yo agreement (last year 67.60/01. This mirrors a widersectorupward trend following changes to the collection methodology. Students, also felt that the Union represents their views and experience as a student studying in the UK at 58.3%. We have had 3,120 student engagements with Su-led research projects which include surveys, focus groups & interviews. uildin Student Communi "Students are part of a community" The Union has continued supportingstudentsto be able to do whatthey love, whether its through starting their own community in societies and sports, meeting new people at welcome and events, or supporting THE UNIVERSITY OF NOThINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union their communitythrough volunteering. Some new metrics for 2023.24: 62.2¥0 of students feel a positive sense of belonging and 73.30A of studer]ts feel welcome at the University of Nottingham. Activitiesand Sport We have 540 student-led groups and societies which have 22,126 uniquestudents actively engaged. We've had 27,685 unique students engaged in any aspect of Union activity. These numbers are largely in linewith lastyear and reflect thecontinued commitmentto ensuringthatstudents have a place within the SU and the University as a whole. We hosted a successful Varsity series event which we delivered in collaboration with UON Sport and Nottingham Trent University Students. Union. Over 10,000 people attended over the series. Event&" Thousands of student led events have been delivered through our events process, engaging and empowering over 400 different student groups to organise. We support a huge attendance at events both run by the Union and those which our team have supported and empowered our student groups to organise. 8,000+ students attended club nights at Fresherslwelcome and 2,800+ attended Grad Ball. Our events were supported by our student run media groups. such as TEC providing lighting and sound equipment & coverage from ourTV station NSTV and student radio URN. Volunteering Our student volunteers continue to support our student and local community, 2nd we have amazing volunteers. Over 1,000 studentgroup committee members were elected in March-April 2024: the largest group of volunteers at UONSU. Our Fresherslwelcome programme in September 2023 included 150 volunteer mentors. welcoming 11,000 new students to the University. Our Global buddies scheme had another really engaging year where international students received support from fellow students during their firstterm at Nottingham. Our volunteeringgroups continued to provide support forthestudentand wider community. Nottingham Nightline provided a confidential listening service to support the mental health of students, Community First Responders continued to provide valuable lifesaving support to the Nottingham ambulance service and Souprunners raised funds throughout the year and provided food to homeless people in the city centre twice a week, conducting weekly runs with volunteers helping and distributing food. Furthermore, UONSU is leading a Civic Volunteering project to improve access to civi volunteering opportunities for students and vice versa. Social Enterprises We have a variety of businesses on campus which serve to bring the student community together, providevaluableservicesto students, create employment opportunitiesforour communityand generate a contribution to help fund the activities of UoNSU.These outlets include ourtwo Sparconvenience retail shops, Mooch Venue, Portland Coffee Co. Portland Clothing Co. Portland Printing and Sustainable- our Zero waste shop. Our commercial team deliver Sponsorship & Advertising opportunities for customers totargetthestudent population and we run a numberof successful events, largely run byvolunteers. We held 5 commercial fairs: Freshers. Housing, Festive. Refreshers & Valentines- 42 unique local businesses attended and 60 unique national brands, giving away over £IOk in vouchers, 5000 bags of crisps, 5000 doughnuts and 1000 coffees. Duringthefinancial year over£270,000 was paid to studentsthroughjobs within the SU. It was a difficult yearfor our outlets. trade was affected by many issues. Footfall on campus reduced due to reduced student numbers (on campus and in Halls). cost-of-living crisis and hybrid working arrangements. Despite this, our social enterprises were able to deliver a profit contribution of £390k. This will be donated to the Charity in 2024125 year and 100% of this helps support our activities for students, for example funding our Student Advice Centre. In 2023124 year we donated £390k based on profit results for 2022123. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union 2. Im rovin student Liv "students have improved lives- UONSU have had significant growth with its engagement with students through its innovative approach around student engagement. Another new metric for the year, the extent to which the SU positively impacts the students experience was over 71%. Around 690/0 (2022123 64¥0} of students surveyed reported that the SU had a positive impact on their wellbeing at the University of Nottingham. We continue to support, represent and champion student interests beyond the core academic experience and work closely with the university to deliver a great student experience, championing wellbeing activities. Our Officer Elections. where we elect our student leaders had the highest ever number of Full Time Officer candidates running for election and 5,325 individual voters, an 185% increase on last year (more than double). Building on the phenomenal 187% increase in 2022123, votes cast increased again by 14¥0 116,124 in 2023 to 18,386 in 2024). Extensive work was done by the Student Voice Team and wider organisation to promote elections. These roles are essential to engaging with the University and transforming the academic experience. Student engagement with elections is essential for students to have a say on who represents them as well as legitimises the position of the Students, Union with the University as a lobbying body. Building on the foLEndations of 2022123 our community cabinets remained stocked and we have given away over £3,500 worth of sanitsry and sexual health prodLJCts. 750 Sexual Wellbeing Activity Guides were given out during SHAG Week and the SU supported consent training being delivered to 1700 students. Advice&Support. Our Students, Union Adviceteam provide impartial course. housing, and money advice and information to all students for free. Last year, the tearn handled 2,523 new cases12023124.. 2,858 new cases} and supported hundreds more students who received ongoing support for an existing advice case. 1,460 of these cases related to welfare advice enquiries- 70% relating to student housing & 23Yo relating to money & finance. We have run and supported a number of campaigns in the year to help promote the Interests of our students and improve their lives. Some of these included: Over £3,000 given out through Campaigns Fund to support our Networks Focusing on LGBT+ awareness and acceptance: we have the most diverse offering of pronoun badges of any SU in the country. Over 2000 pronoun badges given OLrt to date Launched the first ever SU Pride lanyard Trans Day of Remembrance largest turnout with over 150 attendees Over £600 given out in Gender Affirmation Fund na ement The Union is subject to regulation by thecharity Commission and Companies House. The Union cornplies with all the statLrtory requirements which apply to it. Governing Document UONSU is governed by its Memorandum and Articles of Association. The 5-year review of the Union's Memorandum and Articles ot Association was completed in 2019120 to meet the requirements of the Education Act 1994. Amendments to the governing document were approved by SU General Meeting and the University's Council in accordance with our set down requirements. THE UNIVERSITY OF NO￿INGHAm STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students, Union Officers Executive Officer committee consists of up to eight students elected annually by a cross campus secret ballot of the UONSU membership.The eight posts were Education Officer, Liberation Officer,Welfare and Wellbeing Officer, Activities Officer. Sports Officer, Community Officer, Postgraduate Officer and Union Development Officer. These are full time, or 'sabbatical'. posts remunerated as authorised by the Education Act an Charities Act. UONSU also has a further seven officer roles elected by a cross campus secret ballot of the UONSU membership. The seven posts of Black and Minority Ethnic Officer. Disabled StLFdents' Officer, Environment and Social Justice Officer, International Students. Officer, LGBT+ Students, Officer, Mature Students, Officer. Women-s Officer, are part time roles which are undertaken on a volunteer basis and not remunerated. Our Officers provide the political leadership for UONSU and are the lead representatives of students for UONSU internally, across University of Nottingham. the city of Nottingham and nationally. Recruitnient and Training of Trustees The Union Development Officerserves as Chair of the Board forthe duration of their tenure as an Officer, having been appointed following a secret cross-campus ballot of the members. As of autumn 2020, all other full time Officers are Trustees. having been elected to their Officer position following a secret cross-campus ballot of Union members. Officer Trustees may serve for a second term if they are re- elected as an Officer of the Union. Lay Trustees areappointedfora term of threeyears. LayTrusteeappointment is madefollowing external open recruitment An Appointments Committee is convened from members of our People, Culture and Inclusion Committee, Officers and senior leadership team. Recommendations are made by the Appointments Committee to the Board of Trustees and then to Union Council in accordance with our Byelaws. Lay Trustees may serve for a total of two terms. Student Trustees are appointed by an application and selection process which is openly advertised to all Union members {students). An Appointments Committee is convened from members of our People, Culture and Inclusion Committee. Recommendations are made by the Appointments Committee to the Board of Trustees and then to Union Council in accordance with our Byelaws. Student Trustees can serve one term of up to two years. The length of term can be affected by the point of study and the timing of the academic year, so recruitment processes are in pla￿t0 managefairly high turnover. The Union is required, by agreement with the Charity Commission. to have more unpaid than paid trustees. An initial induction meeting with the Chief Executive ensures new Trustees understand the role, the context of the Union and expectations of the meetings before they attend their first meeting. A Board induction for all Trustees is follo¥ved by subject induction briefings for each Committee led by the appropriatesenior managementteam member. The Board also have an annualtrainingand induction day. During 2023124 we appointed, trained and developed 3 student trustees to use their unique skills and expertise on student life at UON to ensure students are at the heart of our decision making. We also hosted our second Student Trustee Networking Event and welcomed over 20 participants from across the countryto participate in a networkingevent designed to developtheir leadership skills, enhancetheir understanding of governance and expand their personal and professional network& Delegation The Trustees delegate the day-to-day management, the development of strategy and overall leadership of the Charityto the Chief Executiveand a Senior ManagementTeam. The Chief Executive reports to the Chair of the Board. The Scheme of Delegated Authority {SoDA) document sets out delegations in detail and is reviewed on an annual basis bythe Trustee Board. THE UNIVERSITY OF NOTTINGHAM STUDENTS. UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union Pay Policy and Senior Staff The Board of Trustees review the salary for the Chief Executive annually using data from across comparable students. unions and the charity sector to provide a benchmark for their decision making. Directors, remuneration is considered along with the whole organisation's pay and reward policy by our People, Culture and Inclusion Committee which is a sub-committee of the Trustee board. During the year a Reward Review project was undertaken to realign the Pay& Reward Policies to reflect our commitment to attracting & retaining Brilliant People. This resulted in a new spinal pay point system which was implemented from 01 August 2024. Employment The Students, Union is committed to engaging with its employees to ensure team members are kept up to date on the success and challenges of the Students. Union, its performance and other information that rnay be important or of interest. A variety of methods are used to achieve this, including team meetings, briefings, away days, email bulletins and a staff engagement forum. Where changes which might impact team members are being considered, we take a collaborative and consultative approach to ensure different views can be taken into account. We also undertake an annual staff engagement and satisfaction survey the results of which, and the arising action plan, are overseen by our People, Culture and Inclusion Committee and shared transparently across the organisation. The Students, Union is an equal opportunities employer and has a responsible approach to employment and social legislation. We're trying hard to become a more inclusive workplace and to better represent the student community that we serve. We value diversity, promote equity and challenge discrimination- this is fundamental to our values and enriches life on campus. The Students, Union is committed to the development of our staff, and we provide equal opportunities for the training and career development of all employees. The Students, Union is an "We Invest In People" Investors In People {11P1 accredited ernployer. Accreditation was awarded May 2024 and will be review annually. An action plan is in place to move us to the next tier in line with the Believe In Better people strategy. Relationship with the University The Education Act 1994 lays down the statutory duty of the University of Nottingham to take such steps as are reasonably practical to ensure the Students. Union operates in a fair and democratic manner and is held to appropriate account for its finances. The Students, Union works alongside the University of Nottingham to ensure that its affairs are properly conducted, and the needs of the University of Nottingham Students, Union members are met. The formal relationship between the University and the Union is governed by a Memorandum of Understanding incorporating the Code of Practice. The Chair of Trustees and Chief Executive report annually to University Council, via the University's Finance Committee on the performance and progress of the Union, and on our use of the University's annual grant. UONSU receives core funding (previously block grant} from the University, and occupies buildings owned by the University, which also pays for some repairs, services and utilities. This non-monetary support is intrinslc to the relationship between the Universityand UONSU. As recommended bythe Charities, SORP, for due cornpliance with the requirements for Students, Unions provided for in the Charities Act 2011, an estimated value to UONSU for this support has been included in the financial statements, priced at £646,000. UONSU, and its wholly owned subsidiary UNU Services Limited, continues to generate supplementary funding from various mutual trading activities much of which has been developed as a result of a close and collaborative relationship with the University. Public benefit The Trustees consider this matter, in conjunction with the guidance contained in the Charity Commission's general guidance on public benefit. As a registered charity, The University of Nottingham Students, Union works directly with and for: and supports and benefits around 35,000 students registered to study at the University of Nottingham in the UK. In planning our work, we test that the strategy and the primary goal of all our activities are linked to our core aims and therefore are for the direct benefit of our memberstudents. THE UNIVERSITY OF NOThINGHAM STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students" Union In addition. our work supports the local Nottingham community, prospective students and a number of national organisations. We have an extensive community volunteering programme, who meet regularly with City and local councillors and members of the community, particularly where students are residents, to work positively with them so students are positive and active members of their community. This will be enhanced further due to the strategic partnership entered into with Nottingham Trent Students, Union during July 2022. The partnership aims to support civic engagement and student needs within Nottingham City. Between us we represent c68,000 residents who are part of the student population and represent 8.5% of the total population of the city. This year the Nottingham Students. Partnership has been busy making change for students in landlord licensing, refuse collection and within Nottingham's new Student Living Strategy. Any activity that the Union undertakes in which it has core skills but which is not for the direct benefit of the Union's members, is funded and resourced separately. This is always a very small part of our work but is usually undertaken to support the aims of the University of Nottingham, the Union's main funder. Societies and student groups Funds raised by the societies and student groups are administered by the Union for the specific benefit of that society or studentgroup. Thesefunds aretreated as restricted in our financial statements. Principal Risks and Uncertainties The Board of Trustees has examined the majorstrategic, business and operational risksfaced by UONSU. The Union has a Risk Register. The Finance, Risk and Compliance Committee oversees the detailed review and tracking of UONSU'S risks as part of its delegated authority from the Trustee Board and updates the Board of Trustees regularly. The Board of Trustees review the risk register on an annual basis. The Risk Register is managed operationally by the Senior Management Team 8nd an escalation process is in place for any issues that occurthat require urgent notification. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Budgetsry and internal control risks are minimised bythe implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by UONSU. Insurance is in place where we are not easily able to mitigate risk. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. There are a number of significant risks affectingthe Union. Financially, our biggest risk is around funding from the University. Following a review project with the University in 2023124 our Core Funding for 2023124 was confirmed at£2.4m (an increase of £312k on 2022123) with an inflationary uplift each year. The review projectsetto establish some partnership principles which will inform howweare fundedgoing forward and monetaryfunding levels to support the design of our 3-yearfinancial plan. We remain aware of the risks of changingstudentattitudes and preferences, the impact of national higher education and immigration policies on both our parent institution and ourselves and changes in the broader economic and political climate. Duringthe 2023124 we undertook a review of our finances, engaging with stakeholders from the Trustee Board, FRC and Senior Leadership Team to agree a robust set of Financial Principles. The overall financial objective is to be a strong financially sustainable organisation to enable the best possible student experience over the medium to long term. These principles will be reviewed annually in line with the budget cycle. There are a number of risks associated with our specific operations, for example our student societies, activities. These have established control procedures in place. and these are subject to regular review. Our legacy defined benefit pension scheme {Students' Union Superannuation Scheme "SUSS.) is currently in deficit and we are making payments as part of a deficit recovery plan. Further detail on this is provided inthe notes totheconsolidated financial statements.we re￿1VeforMal updates onthescheme at least annually from the pension scheme trustees and the Board of Trustees consider the impact on 10 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the member5 of the University of Nottingham Students. Union UONSU accordingly. The impact of SUSS is considered by Trustees as part of our routine business and strategic planning. We are also aware of a risk regarding our treatment of catering income for VAT purposes. HMRC has challenged a number of Sus regarding the treatment of catering income as exempt from VAT. To date we have not been contacted by HMRC directly. Via NUS, we are part of a VAT campaign which will challenge the claims already made against Sus and ensure that guidance and statute is clear on how the incomeshould be treated goingforward. The VAT campaign challenge to HMRC was unanswered and will be taken tojudicial review, the date of which is still to be agreed. The income has been treated as exempt from VAT as it forms part of the core provisiori of providing education in the University setting, through catered Halls of Residence. We provide access to this catering to students on behalf of the University via the use of their Mealcard in our Coff ee, Mooch and Spar outlets. Should a claim be made against us, or the NUS group action be unsuccessful, we have calculated our exposure to historic financial risk to be c£156k12022123 £237kl. HMRC have the power to go back 4 years. Whilst we are currently not providing for this afflount as a liability in our financial statements due to no claim being made against us, we would like to draw the reader's attention to this possibility. As a contingency measure the Trustees have agreed to us ringfencing £156k of our free reserves to cover this liability, should it crystallise. At the point we are made aware to the contrary this amount will be released back into free reserves. Plans for the Future We continue to work with University colleagues to review our funding proposal to enable us to develop our services to lead our student community and shape an inspiring & rewarding experience. This will set us up to deliver ourstrategic ambitions of prioritising academic representation, improving students, lives and building student cornmunity. This is in addition to the Core Funding mentioned above and will be for specific project-based work where we can demonstrate value added. Financialreview Principal sources of funding The principal sources of funding are the core funding from the University of Nottingham, funding from the University of Nottingham to supporting the Hall Committee activities,funds generated directly by our student groups, the profit donated by UNU Services Limited. sponsorship income and income from investments. Flnanclal Overvlew The Union continues to manage its finances to support delivery of its strategy and ensure its long-term sustainability. Our Core Funding from University was increased by £312k to £2.4m for 2023124, with an inflationary uplift in following years. The Core Funding agreement with UON covers until 2026127 so we can plan with some certainty. In the ye3rwe have closely managed ourfunds given the significant impact thatthe ongoing costof living crisis, reduced numberof students on campus and world events had on the SU and the wider community we operate in. We had targeted a contribution of £390k profit from Social Enterprises for the 202312024 financial year and due to the challenges in year, we delivered a profit of £254k. As a group, excluding Student restricted funds, we generated a core deficit of £62k, we had budgeted break even. so given the challenges faced by Social Enterprises in the year, this was an acceptable result. We saw an unrealised gain on our investments of £75k, but it is worth bearing in mind that our capital is invested for the long term and the value can go up as well as down. Overall, we delivered a final combined unrestricted surplus of £13k. A transfer was made between funds to recognise the cost of covering Student Group funded depreciation. THE UNIVERSITY OF NoFfiNGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union FY2024 FY 2023 Core (deficit} Unrealised investment gainl(loss) Transfer of funds Impact of pension scheme triennial valuation Movement in unrestricted funds Movement in restricted (student) funds Net movement in funds (13,307) (6,826) 75,208 (101.218) 94,892 1123,765} 108,199 (231,809) 141.795 178,776) 249,994 (310,585) Investment policy The Trustees review the Union's investments policy on an annual basis. The policy exists to provide a framework for the management of our long-term reserves. The Union Trustees have agreed to retain suitably qualified advisers to assist in meeting their regulatory obligations with regard the rnonitoring of the long-term reserves. Our current independent financial advisers are Henwood Court Financial Planning Limited (Henwood Court), and our investment portfolio is operated day to day by Rathbones Brothers plc (Rathbones) in line with our Investment Policy. Risk Tolerances and Ethical Restrictions. Trustees approved the investment objectives as set out below. The Union seeks to produce a defined tsrgeted financial return aligned to the organisation's financial requirements within an acceptable level of risk. The investment objective for the short-tenn fund is to retain certainty of value. The investment objective for the long-term fund to maintain the long-term spending power of the capital and protect it against the effects of inflation. The long-term reserves should be invested to grow at least in line with the Consumer Prices Index ICPII. Due to the nature of the reserves, the board need to keep 100% of the long-term reserves in investments that can be realised within three months. The income received from investments is to be reinvested. Trustees have identified the key risks to the investment as set out below: The Trustees have identified thatthe key risk to the long-temi reserves is in*lation, and the assets should be invested to mitigatethis risk overthe long term. A consequence of not achieving the targeted returns could potentially mean that a number of employee positions within the union could not be sustained. The Trustees understand that this is likely to mean that investments will be concentrated in real assets and that the capital value will fluctuate. The Trustees attitude to risk was defined as low-risk appetite. as determined by completion of Henwood Court Risk questionnaire Following discussion on theabove riskcharacteristics, in conjunctionwith an assessmentof time horizons and investment objectives, it was recommended and approved that the Union's portfolio should follow Rathbones Risk Profile 3 on a scale of 1-6. The Ethical Restrictions currently in place for operation of the portfolio are as follows: To not invest either directly or indirectly in fossil fuel companies To not invest either directly or indirectly in tobacco-related companies No investment in aerospace or defence companies Regarding sustainability, for example investment in construction and mining which could be contrary to the trustees, objectives there are no specific restrictions however. Rathbones will have a proactive engagement on the Unions, behalf should any specific investment have a negative impact on the Union's investments 12 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the member5 of the University of Nottingham Students. Union As at 31 July 2024the value of our investment portfolio is as follows: 2024 2023 Listed investments portfolio value 1,567,325 1.464.704 Performance of investment: Duringthe year cash of £nil12023: £381kl was drawn down from investment to bank. Duringthe year an unrealised year end valuation gain of £75,20812023.. loss £101.2181 was posted to the accounts. During the year the portfolio delivered income of £27,417 an estimated yield of 2.6¥012023: £40,667 income., estimated yield 2.8 %}. Consolidated portfolio performance to 31 July 2024 Ibefore fees, after cash drawn down) 390A12023: _ Reserves policy The Trustees reviewthe Union's reserves policy on an annual basis. This excludes the restricted reserves we hold on behalf of the Student Groups. Trustees approved the formal policy statement as set out below: The Trustees consider that UONSU should hold in unrestricted funds an amount equivalent to continue core activities (Core Activity Fund), with sufficient business management support, for a period of 6 months without income, and have established a calculation to this effect For the year 2023124 Trustees have calculated this reserves target figure to be £650k Unrestricted funds held surplus to the reserves target shall be designated by Trustees for the purpases of strategic projects andlor capital investment. We currently set our Core Activity Fund at£650,000 which would: Enable us to maintain our critical core services required by the Education Act and by agreement with the University as the minimum service we would offer (The Officers, Representation Development supporting the education network, Advice and academic repr￿entation) Cover related essential central costs including health & safety, HR, finance, building rent, insurance, IT, a small provision for senior management and standard overheads Cover the estimated cost to scale our activity down (the cost of restructuring). Charity Commission guidance requires that Trustees be able to explain why they are holding any funds additional to their express reserves policy. This is because the money is charitable in nature and should be applied to the purposes of the charity and not held without reason. Trustees approved the creation of 3 designated funds: VAT (potential) Liability Fund £300k (the potential liability is c£156k. reduced from £300k due to time elapsing) Strategic Projects Fund £50k Capital Investment Fund £50k 13 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union to which any unrestricted funds held in surplus to the Core Activtty Fund reserves target, shall be distributed. As at 31 July 2024 we estimate our free reserves as follows: 2024 2023 Unrestricted funds Add back pension deficit Less tangible fixed assets (net of UON funding still to release from deferred income) Free Reserves (1,789,261) (1,897,459} 2,730,205 2,787,296 (IOL166) 151,008} 839,778 838,829 Free reserves held at 31 July 2024 are in excess of our Core Activity Fund tsrget of £650k (2023 - excess of reserves target of £650k for financial year). Golng Concern After making appropriate enquiries, the Trustees have a reasonable expectstion that UONSU has adequate resources to continue in operational existence for the foreseeable future. Our Core Funding from University was increased by£312kfor 2023124to£2.4m with an inflationary uplift in followingyears. The Core Funding agreement with UON covers until 2026127 so we can plan with some certainty. We continue to closely monitor our financial position and plan and respond to the rapidly changing environment we're operating in to ensure our long-term sustainability. During the year members of the Trustee Board and Senior Leadership Team drafted and agreed a Financial Principles document, which governs our financial aims and principles ensure our ongoing financial stability. Budget for 2024125 has been drafted in line with these principles. The group has net liabilities of £337,726 at 31 July 2024 (2023: group net liabilities of £587,720}. However.£2.730m of this is caused bya legacy pension scheme.The pension is dueto be repaid gradually until fully repaid in 2037 as part of a formal plan with the pension scheme trustees and our internal plans are prepared to manage spend and activity around this commitment Excluding the pension, the remaining balance sheet shows a net asset position of £2.392,479 (2023: £2,199,576) and a strong cash position. Our core funding from the University is our largest source of income and has been agreed for the academic year 2024125, including an uplift of £396k on the 2023124 amount thus significzntly reducing the financial risk to the organisation. We rely on our social enterprises within UNU Services Limited to make a contribution to support our charitable activities and as a result of Covid-19 we significantly reduced the expectation in our medium-term financial plan. We are not planning for significant bounce back. Like many businesses operating in the retsil and hospitality sector, the operating environrnent throughout 2023124 has been difficult as a result of economic pressures such as inflation and cost of living crisis, along with instability caused by political policy & war in Ukraine. Numbers of students on campus had reduced in 2023124 with some Halls not being habitable and overseas recruitment down on what was expected. We have seen decreased footfall in our outlets as a result. We have been prudent in our budgeting for 2024125 and ensured that our budgets prioritise delivery of our strategic goals. We have looked to respond to our challenges by maximising our income. minimising ourcosts and minimising the impact on our people. We continue to closely rnonitortrading performance internallyand this is overseen by our Trading Board & Finance, Risk and Compliance committee. Our cash position remains strong and the Trustees expect to have sufficient cash and reserves for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the financial statements. Further details regardingtheadoption of thegoingconcern basis (an be found inthe Accounting Policies. THE UNIVERSITY OF NorfiNGHAM STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union Trustee5' responsibilities The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare tinancidl sLaLèniviits foi- each finaiicial year. Under that law the Trustees have elected to prepare tli e financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Undercompany law the Trustees must not approvetheiinancial statements unless they are satisfied that they give a rrueand fairview of the state of affairs of theGroup and the Students, Union and of the income and expenditure of the group for that period. In preparing those financial statements, the Trustees are required to ensure the Union: Selects suitable accounting policies and then applythem consistently; Observes the methods and principles in the Charities SORP. Makejudgments and estimatesthat are reasonable and prudent States whether applicable UK Accounting Standards have betsn followed, subject to any material departures disclosed and explained in the financial staternents- and Prepares the financial statements on the going concern basis unless it ig inappropriate to presume that the charitable company will continue in business. The Trust&s are responsible for ensuring adequate accounting records are kept that are suff icient to show and explain the Union'stransactions and disclosewith reasonable accuracy at anytimethe financial position of the Union and enable them to ensurethat thefinanr.ial %tatempntq c.omplywith the Companies Act 2006. They are also responsible for safeguardina the assets of the Union and hen￿ fof taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsibleforthe maintenanceand integrityof the corporate and financial Information included on the charitable corripany's website. Legislation in the United Kingdom governing the Dreparation and dissemination of financial statements may differfrom legislation in otherjurisdictions. During the year, an indemnity from UONSU was made available to Trustees against liabilities that might be incurred by them in defending proceedings against them in respect of the affairs of UONSU. The value of the indemnity in place during the year was £1,000,000. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustee's report is approved has confirmed that: so far as that Trustee is awdre, tliere is iio relevarit audit inforniation of which tlie cliaritab5e company's auditor is unaware; that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information needed by the charitable company's auditor in connection with preparing its report and to establish that the charitable company's auditoris aware of that information: Auditors The auditors, Crowe U.K. LLP, were reappointed during the year at our Annual Members. Meeting in accordance with section 485 of the Companies Act 2006. This report was approved bythe Board of Directors on 20 March 2025 and signed on its behalf by". N Maina Chalr of Trustees 15 THE UNIVERSITY OF NOThINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTE9 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the member5 of the University of Nottingham Students, Union Opinion We have audited the financial statements of University of Nottingham Students. Union I'the Parent Charitable CompanV} and its subsidiary I'the Group'l forthe year ended 31 July 2024 which comprisethe Statement of financial activities, the Balance sheet. the Statement of cash flows and the related notes, including a summary of 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 3pplicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the Group's and of the Parent Charitable Company's affairs as at 31 July 2024 and of its incoming resources and application of resources. including its income and expenditure forthe yearthen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditors, responsibilities forthe audit of the financial statements section of our report. We are independent of the charitable company ir) accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion. Conclusions relating to going concern In auditing the financial statementy we have concluded thatthe Trustees use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work wè have performed. we have not identified any material uncertainties relating to events or conditions that individually or collectively, may cast significant doubt on the Group's and of the Parent Charitable Companos abilityto continueasa going concernfora period of at leasttwelve monthsfrom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respectto going concern are described in the relevant sections of this report. Other information The other information comprisesthe information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustee are responsible forthe other information contained within the Annual reporL Our opinion on the financial statements does not coverthe 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 whetherthe 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 misststements. we are required to determine whetherthis 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 misststement of this other information, we are required to report that fact We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken inthe course of the audit 16 THE UNIVERSITY OF NOTTINGHAM STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union the information given in the Trustees. report for the financial year for which the financial statements are prepared is consistent with thefinancial statements the Trustees, Report has been prepared in accordance with applicable legal requirements Matters on which we are required to report by exception In the light of our 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 Trustees, report. We have nothing to report in respect of the following rnatters in relation to which Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreementwith the accounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advanta8e of the small companies, exemptions in preparins the Trustees, report and from the requirement to prepare a Strate8ic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statemenL the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 orerror. In preparing the financial statements,the Trustees are responsible for assessing the Group's and of the Parent Charitable Company's ability to continue as a going concern. disclosing, as applicable. matters related togoing concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company orto cease operations, or have no realistic alternative but to do so. Auditors. responslbllltles for the audit of the financial statements We have been appointed as auditor underthe Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditors, 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 IUKI will always detect a material misstaternentwhen it exists. Misstaternents can arise from fraud or errorand are considered material If. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including f raud. The extent to which our procedures are capable of detecting irregularities, including f raud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the dètermination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group's and of the Parent Charitable Company's abilityto operate orto avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The key 17 THE UNIVERSITY OF NOTTINGHAM STUDENTS. UNION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. report to the members of the University of Nottingham Students. Union laws and regulations we considered in this context were General Data Protection Regulation. health and safety legislation and employee legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, including posting of unusual journals. inappropriatetreatment of non-routine transactions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquiries of management and the Board about their own identification and assessment of the risks of irregularitie4 sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance. Owing to the inherent lirnitations of an audtt, there isan unavoidable risk thatwe may not have detected some material misstaternents iri the firlancial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations (irregularities) is fromthe events and transactions reflected in the financial statements, the less likelythe inherently limited procedures required by auditing standards would identify it. In addition, as with any audwt, there remained a higherrisk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissiorls. misrepresentstions. or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities forthe audit of thefinancial ststements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors. reporL Use of our report This report is made solelytothe Group'sand of the Parent Charitable CoMpan￿S members, as a body, in accordance with Chapter3 of Part 16 of the Cornpanies Act2006. Our audit work has been undertaken so that we might state to the charitable Union's members those matterswe are required to state to them in an Auditors, report and forno other purpose. Tothefullest extent permitted by law. we do not accept or assume responsibility to anyone otherthan the charitable companyand its members. as a body, forour audit work. for this report, or for the opinions we haveformed. Helen Blundell LLB FCA FCIE DChA Senior Statutory Audrtor for and on behalf of Crowe u.￿ LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 21 March 2025 18 The University of Nottingham Students, Union (a company limited by guarantee) Financial Statements for the year ended 31 July 2024 Group statement of financial activlties for the year ended 31 July 2024 (incorporating the income and expenditure account) Unrestrlcted funds Restrlcted funds 31July 2024 31July 2023 INCOMING RESOURCES Donations and grants Incoffling resources from generated funds Other trading activities Income from investments Income from Charitable activities Note 3.076.000 3,076,000 2,682,918 4,221.908 76.408 4.221,908 76,408 4,147,387 49.036 Operation of Students, Union 225,406 3,740,923 3,966,329 3,717,147 Total group incoming resources RESOURCES EXPENDED Expenditure on raising fund5 Expenditure on Charitable activities 7,599,722 3,740,923 IL340,645 10,596,488 3,982,422 3,982N22 3,802.786 3.524,660 154.540 3,504,236 7,028,896 154,540 6,710,320 Pension deficit charge Interest on pension fund def icit Total resources expended 17 17 123,765 168,985 3,504,236 11,165,859 10,805,856 7.661,623 Net lexpenditurellincome 161.9011 236.687 174,786 1209,3681 Unrealised gainlllossl on investment li 75.208 75,208 (101,2181 Net movement In funds before transfers 13307 94.892 236,687 194.8921 249,994 1310,5861 Transfers between funds Net movement in funds after transfers Total fund5 brought forward Total fund5 carried forward 108,199 IL897.4601 (4789,261) 141,795 1.309.740 249,994 (587,720) 1310,5861 1277,1331 19120 1,451,535 (337,726) 1587,7201 All activities during the current and previous period are classed as continuing. There are no recognised gains or losses for the year other than those included in the Statement of Financial Activities. The accompanying accounting policies and notes on pages 23 to 41 form an integral part of these financial statements. The Charity has taken advantage of section 408 of the Companies Act 2006 to not publish its own Statement of Financial Activities. The Charity's net movement of funds in the yearwas £360.50212023..-£376,0771. 19 The University of Nottingham Students. Union (a company limtied by guarantee) Financial Statements for the year ended 31 July 2024 Group statement of financial activities for the year ended 31 July 2023 (Incorporating the income and expenditure account) Unrestricted funds Restricted funds 31July 2023 INCOMING RESOURCES Donations and grants Incoming resources from generated funds Other trading activities Income from investments Income from Charitsble activities Note 1682,918 2.682.918 4,147,387 49.036 4J47,387 49,036 Operation of Students, Union 169.986 3.547,161 3.n7,147 T¢)tal group incoming resources RESOURCES EXPENDED Expenditure on raising funds Expenditure on Charitsble activities Pension deficit charge Interest on pension fund deficit 7,049,327 3,547.161 10,596,488 3.802,786 3,084.383 123,765 168.985 3.802.786 6,no,320 123,765 168.985 3,625.937 17 17 Total resour￿$ expended 7.179,919 3.625.937 10,805056 Net income/(expenditurel (130,592) (78,7761 (209B68) Unrealised {lossllgain on investment UOl.2181 (IOL218) Net movement in funds Total funds brought ft)rward (23L810) 0,665.6491 (78,7761 1,388.516 I310￿86) (277.133) Total funds carried forward 19120 IL897A59) 309,740 (587,720) The accompanwng accounting policies and notes on pages 23 to 41 form an integral part of these financial statements. 20 The University of Nottingham Students Union (a company limtted by guarantee) Financial Statements for the year ended 31 July 2024 Consolidated Balance sheet as at 31 July 2024 Group Charity 31Juty 2024 31July 2023 31 July 2024 31July 2023 Note Fixed assets Tangible fixed assets Investments fixed assets io 386,319 51.008 107.319 39.017 1567.325 1,464.704 1,867,325 1,764,704 1,953,644 1,515.712 1,974,644 1,803,721 Current assets Stock.'goods for rp. 405,792 108,736 158,037 128.177 107,108 168,733 351,916 12,845 1.239 4,636 1,381 9,832 (6,9971 2,835 94,892 13,504,336) 194.8921 1,309,740 3.740,923 1,451,535 Unrestricted Funds General fund Pension fund 889,836 12,787,296) 7,388.094 21L630 17,507,086) (154,540} 170,100 940.945 12.730,2061 {587,720) 11,340,647 IllJ65,9621 75,208 (337,7261 37 The University of Nottingham Students, Union (a company limited by guarantee) Financial Statements for the year ended 31 July 2024 Notes to the financial statements Societies. funds consist of the funds of individual societies. raised from membership fees, donations and sponsorship, each society manages its own affairs by committee. Medics funds consist of the fvnds of individual medical school related societies. raised from membership fees, donations and sponsorship. each society manages its own affairs by committee. Sutton Banington funds are held on behalf of the Guild who generate aflditional income, mainly events, ontop of the Grant from the University, also SB campus-based societies, raised from membership fees, donations and sponsorship, each society manages its own affairs by committee. HC(Hall Committeelfundsare heldon behalf of thecommitteesof Hallsof Residencewhogenerateadditional income, mainly events, on top of the Grantfrom the University. SRS (Student Run Societies) coversthe activities of the radio station URN. TV station NSTV, student magazine Impact, CD library.TEC PA & Lighting, New Theatreand Karnival. Volunteering funds are funds raised to support the volunteering activities of the students union and are specific to individual projects. Sports funds consist of the funds of individual clubs, raised from membership fees, donations and sponsorship. each club manages its own affairs by committee. In additional specific funds are received from Donorsto covercontributionstowards Kit. Coaching Development and pre-season training. Derby. NMA and otherare a positive in expenditure column asthese relateto refunds of costs in the yearfor deposits for events cancelled prior year dLAe to Covid-19. 19 Accumulated fund5- Prioryear At31 July 2022 At31 July 2023 Gainsl(losses) /transfers Incoming Outgoing Restricted funds Societies Medics Sutton Bonington HC SRS Volunteering Sports Associated Bodies Derby Students NMA Physio & Rehab Association other 387,280 85,216 136,301 179,995 52,729 77,241 398.908 4L189 11,425 8.704 732 957.796 205259 360.522 26,925 212,685 54,876 1658,592 19,028 21,857 14.324 14,261 1917,74 1190.2861 1340,3211 154,5531 77,9711 (57,371) 11,789,077) 132.639) 134,1201 (18,1641 (13.6881 427,329 100.189 156,502 152,367 87,443 74,746 268,423 27,578 18381 4,864 1.305 8.796 L036 9,832 L388.516 3,547,161 13,625,937) 1.309,740 Unrestricted Funds General fund Pension fund 1.030.441 12,696.090) 7,049.328 (7.088,716) {91,205) 1101,218) 889,835 11787,2951 [277,1331 10.596.489 (10,805,858) 1101.2181 1587,720) 38 The University of Nottingham Students, Union (a company limited by guarantee) Financial Statements for the year ended 31 July 2024 Notes to the financial statements 20 Analysis of group net assets between fund5 Group Tangible fixed assets Long-term assetsl Liabilities" Net current assets Fund balances Restricted funds General unrestricted funds 1,451.535 IL012,6991 1,451.535 11,789,2611 386.315 11,162.880} 386,315 438.835 (1.162,880) 1337,7261 Group - prior year Tangible fixed assets Long-term assets/ Liabilities Net current assets Fund balances Restricted funds General unrestricted funds 1.309,740 1625,8741 1.309,740 11,897.4601 51,008 {1,322,592) SL008 683.866 (1,322.592) (587.720) Fixed asset investments less defined benefit pension scheme liabilities. 21 Reconcillation of net movement in funds to net cash Inflow from operat5ng actlvltles Group 2024 Group 2023 Net movement in fundsfor the period Interest receivable Depreciation charge Loss on sale of fixed assets Decreaselllncreasel in stock: goods for resale Ilncreaselldecrease in debtors IDecreaselll ncrease in creditors due within one year IDecreaselll ncrease in creditors due after one year Net fair value Igain)Iloss recognised 249,984 {76,408) 88,007 1278,6761 149,0361 48,887 9.993 {89,218) (960,525) 157,091) (75.208) 131,6391 58,712 1,739.424 91,206 101.218 Net cash (used inllprovided by operating activities 1910,465) 1,680,094 39 The University of Nottingham Students, Union (a company limited by guarantee) Financial Statements for the year ended 31 July 2024 Notes to the financial statements 22 Capital Commitments Asat 31 July 2024,the group had£Nil P023:E22L9581 future capitsl expenditure not provided in the financial statements- fixtures & fittings, Mooch Venue refurbishment Thiswas funded in full by University. Group 2024 Charity 2024 2023 2023 Mooch Venue refurbishment Less than l year Greaterthan l year and not laterthan 5years 221,958 221958 Less funded by University Less than oneyear Greater than l year and not later than 5 years 12219581 (22l9581 Net capital commttments 23 Related party transactions The University of Nottingham is incorporated by Royal Charter and is an exempt charity for the purposes of the CharitiesAct2011. It isgoverned and regulated bystatutes, oneof which statesthatthere shall bea Union of Students. From this the Union derived its own charitsble status. The University provides a grantto the Union which funds the Union's activities. The University is expected to review the Union's financial statements to ensure its compliance with the Education Act 1994. The University of Nottingham provided £2,410.00012023". £2,097,882) of core funding to the Union during the year, together with Halls grant funding of £20,000 {2023:£50,0001. Recurring grants af £IOO.00012023: £120,000) for Accessing Participation &Opportunities Fund were received within the year and were paid out to individual students in linewith Universityqualifyingcrwteria. One- off grantfundingof £70012023-£45,0001 for projects was received in year. Additional one-off grant funding of £46,53512023£297,1391 was paid to UNU Services to cover costs of refurbishment of our Student Venue, Mooch. The University of Nottingham also trades commercially with the Union for the provision of services such as catering, printing and events. During the year commercial income of £1,072.985 12023.. £L330,5231 was received from the University across the Group. The University of Nottingham ts the owner of the premises which it lets to the Union under a licence agreement Under the licence the University provides service such as power. cleaning, custodial services and landlord's repairs. In return it receives lease charges. principally from the trading activities of UNU Services Limited, which, historically, have been calculated in different ways for different premises. Leases totalling £157,277 have been charged during the year12023: £156,405) Duringthe yearthe Union received free provision of office and studentfacing spaces from the University of Nottingham which have been valued at £646,00012023: £535,036). These are treated as donations in kind in the financial ststements. In addition the University will carry out alterations and other maintenance of the premises and additional cleaningand porteringforwhich itcharges.The Universityalso providesdata,telephone and postsgeservices to the Union for which it charges. During the year other goods and services were purchased from the University totalling £23,82812023- £14,813). During the year IT support services were purchased from the University of Nottingham totalling£47,56612023-. £44.177). During the year agency fees for temporary staff were paid to the University of Nottingham totslling £3,660 12023.-£nill.The Unionand UNU Services Limited used thesalaries offi￿ of the Universityas a payroll bureau, a serviceforwhich the University makesno charge. Thisarrangementceased in July 2024 and a new external payroll bureau was appointed. Goingforward the cost of which will be covered by University. 40 The University of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2024 Notes to the financial statements On 31 July 2024 the Union was owed £227,011 from the Universityof Nottingham12023.. £71.6601. On 31 July 2024the Union owed£l,591.090tothe University12023'.£946,911).Thi5included £673.D79 for historic lease charges yet to be invoiced by the University12023-£521.5381. The Union is the beneficial ownerof UNU Services Limited, a company limited by shares. The shares are held in trust for the Union by honorary trustees. Shared service5 are supplied at cost between the entities in the group. The taxable profitof UNU Services Limited is donated tothe Union under Gift Aid, and in 2024 donation amounted to£368,97412023:£292.8591.On 31 July 2024 the Union owed £415,481to UNU Services Limited. On 31 July 2023 the Union owed £316.934 to UNU Services Limited. 24 Controlling and ultimate controllingparty During the year the University of Nottingham Students, Union was under the control of the University of Nottingham Student5, Union Board of Trustees. Theultimate policy decision-making bodyof the University of Nottingham Students. Union isthe combined student body. 25 Affiliations During the year the group paid affiliation fees to National Union of Students £37.500 12023.. £37,500) and British University and Colleges Sport £nil12023.. £nil). 41