Company r•qlstrkni numbw. 07303101 Ch•rlty nufflb•r. 1137811 UNNERSITY OF LEICESTER STUDEpifs' UNION {A company limbted by guarnnteel TRUSTEES. REI>ORT ANO FIW4CIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 'AC0EUCDL 0312023 COMPANIES HOUSE
110
VNIVERsiff OF LEICESTER STUDEirfs' uNN IA ffipany Ilmlted by guarnnts•l AOMINSTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2022 Charitsbl• Status The o)rnpany is rewteTed as a chèritable company knited by guararkn and was set up by # Momor8ndLMn of Al8n. The cOrrallY ond group is consliiuted und•r a Meffmndum ol ASsCKial aThJ 6 • reglstered charity number 1137811. Unety of Leicesler Stud8nts' Union also has intemal rÈgulatths or Ru$ approved by the Board of Trustees and regulaled by Ihe govemiro bcMJy of Ihe UnNrsty of Lewler (thè University) in a¢¢cdance vrilh 1994 Edu(lion Act and Ihe {rity Comm1(. Re9S$t•r•d Addr••• Unfvarsty ofL•lcostor Studonts. Union. Percy G8e 8uibJing. Univorsity Road. Leicgster, LeKestefshlrè. LE17RH Bowd Of Trust••s ExKutlv• Offt•r Tru$t•e$ J McDanald 1aprK)Ied 1 July 20221 H Pathan lapwnied l Jusy 2022} A Robinson lappoinled 1 Juty 20221 K Wagener (f¢St9n•J 30 June 20221 R jnnS M Kanikanli (resied 30 June 20221 N Farmtrr G Honton 30 Jun• 20221 A D•eb Student Twsl•• J Ln 118gned 30 JLTh 20221 Ext•mal Trnst• S Know D MC S Mur•a Iresrgned 30 June 20221 A Bacon S Harris Ire$oned 30 June 2022) Ind•p•ndent Audllor RSM UK Au¢Jit LLP, Chart•r•d AcCntaI)ts. Riv•mad Hous•. 7 LS Cojt. Gffjvè Park, L8ic8St•r. Lelcestsrshire. LE19 1SD Bankf¥ National Wsslminthr Bank Flc. Granby Str•et. Lgwtw. LE1 Pa9¢ 2
VNIVERsif( OF LEICESTER slliDENTS' UNION (A uxnpwy limited by guanntw) STATEMENT BY THE CHAIR AND DEPUTY CHAIR FOR THE YEAR ENDED 31 JULY 2022 On¢0 again, seclor faced 8 th•ntrnging year as every trifyd to rebulAI after re$tn"¢ts"¢)ns wer¢ completoty lrfted and sdents retumed to camw$ full time. With caffyus busy and wbranl again, il has been gmAt lo s¢¢ our t8am grow strorvJèr than evw and deliver a fantasiK student experience. Wa arè nfideN that we'vo continu1 to deliver in splte of chalJeThJgs. by th8 increased grant ftjnd frorn the UniveNty. The growlh in the support demonstrated tho abifity of thè stUdts, Union lo delfver and theirfaith in us as an esSeNl part of th& student expelle. While wo h¥d planned for a tsficit budgeL the elfr and pwmatism of th& leam also allowed u5 lo redu thal defi¢il and we h¢)pe th the rthb.nued woth of ow Business DevelOpnI Lead will see that deficit shrink even mor8 in tuture years. It has been brilliant 10 See the 8DL take ntrol of our revenuf and of9ag0 wilh nv+• oxl•mal buwos$8S to bfing in incom? and add lo tho stut4•nt experience. strengthening captsl outsvJ• ofth¢ UnNeiW's grant. An 8r6a of disaFvointsnont has been cyjr hi9h turr>ver of staff we continue to rewgni8e that stsff relention is an area we need to address. Vacancies have left some teams opeTating wrlh Ihe tightest capa¢>ty bu¢we are Incredibty pryd thatth•t8arrts ¥e aN¥ays s1 enthusiastic and piitiritksèthts studont . body abov8 all else. We • ¢ommitted to supporting cr Skff as much as wo . whtch is why we woro $0 pleased to be ablo to offer citst of living supp)rt amidsl the orvJoirvJ nab.onal Msis. Our ethos of support and 8ngagem8nt is best embc4JW by our staff t8am who akns delNer on sljjdent experK?nce. Th¥ projects Ihe Staff b•gn vit81 delNeriThJ h8ve been TN¢d ¥t1¥ety aNf 've seen an upwards trend in èngagement acros5 th8 board, frorn our annual Officer El•ctions lo our Academ RepsentatiVe systeff. Afthough we conlinue to rety prfmarly the Universty f¢Y income. th? 9r¢at relaticShi) we hav& now codff with thwn in our Constitution has as5ur¥d us that w• wll onfy b• supported in continng to gn)w from strw to $trvngth in futfft yeats. Stuart Knowl¢$ Rhiannon Jenkins Chair Presidenl Page 3
UNIVERsifY OF LEICESTER STUDEMTS. UNIOM IA comp•ny limit•d by gu•rants•l TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2022 The TN$tee3 Iwho a also director5 ofthe chan"tyforlhtt Of Comp8ns Act) prèsent ihe 8nnual report tOg&th8r wth the atlled financkqS stsiements of Universrty of Lester Students, Union {ULSU}1thg Mpany) fr the year erKled 31 July 2022. The Trust885 confim that the Annual Rep and financial sts18ments of the company and thts 9up cornpty wrth th8 current statutory requirements. the requirements of the cA)mpany and the gffAJp's gtsvèmirrfJ drtument thg provisions of thè Slatement ol Rocommend•(S PradKe. Ch¥tss SORP IFRS 1021. "Accounting and Rgpc¥ts"ng by CharTties° effectiv8 1 January 2019. Thg knnuol Rwrt arwj Trusteo5' Repyt serves tho purpow of iw)th • Trustees, ReF and 're¢tors' Report under o)mpany Iw. Structuyfj, Gov•m•nu & Manag•m•nl ULSU'S chwitable obieds are: Th& 88n¢nnI oledu¢atx)n ofsludents at tho une[s for the Publ1¢ Borffi ty. Promoty"ng the intorests and trare of Students at Unr¥wsty durffvJ trr ¢ourne of $tudy and r8prns•nting, supwting and advtsmg Studènts., Being the reCnise¢j r$wesentative Channel btrknn Sttwjents and the Unlvergty and any othw extwnal bod5,. arxl Providing 50¢ial. cultural, $wling and reueational xtNitios. •KI forums for discussions and debate for lh• personal d•vebwnt of ts dents. ULSU bs administered by its Board ol Trustees of up to st10nts tlected arÈnualty by LYOSS carnpus $et b¥llot of tho ULSU rn8mbeIWp land arn full lime. or 'sabbatical'. posts romunerated as aulhorlséd by thè 1994 EdLtIon Adand nn01 exd ts¥o y•ars duraiion forèach holderl.. up to fiv8 external trusteos appolntsd for up lo ovJht yoars {Two t8ms of up to four YeS) by an app)intm8nts pan•1. and a student that is aPIntsd by the Pnts pano1. and has no ernptyngnt in arry Gapacity wrth lh& Un. The Board of Trustees m¥•ts at last IJr tim¢$ a yar to recwve rol from indTvKlual Off. sub- committees and th• Chial exJtiVe. to rovièw thg ¢harity'$ perform¥nc8 and administration generalty and to d8criJe p)hcy issues ariwng. All the ¢h8rity trustees recwve an induG"on into thw kngal and administr¥tive responsttmlls, rerriving Ihe etIal truslee gurdance lh¢ Cl• C(rnisSK. Acce5$ to oddit)nal trainiNJ 1$ atso provJed throughout Ihe ar. Tho PAud8nt Ex•rJJlfve Offic8rs are to thè 80ord •vory yw. so thoy 8 more int8nsNe tralning pèriod. The tratnirs slarts during a handov•r portsa, immediatoty prior to Ihem ful assumlng offlce. This alms to thoy arn lufty aware ol they rol95 and re$FSibIlits 8nd can perform their dut$ lo th• b861 of their a"1. Th¢ 8oard ol Trustees 18 asssted by three su£¥nItt8P$. f(vJs on cortain key aspects ol ULSU'S gov•manc& and mareffwrt. ULSU operates on democratic prinapS&s. wth be adod upon by the six sel8¢ted tru$to¥s who fomi thè ExecutN¢ Committ•t. Durlro Ihe yow. membeTS Iwe the oppcAlunity lo bn.ng foTwarf ideas throu9h Un)n Couril w our three netMth8 to diive sludent.W change. NkS are based on principles of deliberabve and direct (krwacy. The Union's Student Ideas system a150 creates simple and di1 opportunrties for Students to suggest chang• id8as to Unicfj Cwncil. Union Council aLso have tho ¥blllty to call an aStUdent r8f8reryJum on mattws ofwr importanc4. r8quirad. Pa9e 4
UNNERsiff OF LEICESTER STUDENTS. UNION (A ¢•mpany Ilmit•d by gu•ranl•¢l TRUSTEE'S REPORT (contlnugd) FOR THE YEAR ENDED 31 JULY 2Q12 StruGturo. Gov•rnanc• & IAan•9vn•nt Iconllnu•d) S•nlor L•ad•rnhlp Th8 Univ8rsty of Lelcesler Students. Unw a Chief Execulp, Garèth OLWon. who woths Clos• wth the Student ExecuiNe Officers and TTuslee Board to ensure $ffectivè managomènt ol the organisalion. Tho Chiof Exoortrye is suKyThl by Ambalavanar Kumprnn. as D8¢tor of Momb•rsPMp S8Nicgs. Th• Slrntogi¢ Leadotship Team, rna up of the Union's Managgrs. nwts rrmthty to ov•rse• the Ur4on's regular a¢tivities. ULSU also empbys a number of n-sIdent fvll tme staff lo mana9• and administer rts acbvibes. Thes• staff membets ar8 aectyJntab to ihe Cjyel ExecLAivè ftsr the ptrfom)an¢• of th&ir duti¢s. S•nior Stsff Pay Poll¢y R•muMratKJn & HR Sutmittee 11 re¥W pay ross ihe organisatK)n on an annual basis. Salary Incre8s8s 4r• at the ¢JiscreUon of tha Unbn and are a guaranteed o¢JtC4Th of the annual Tevlew process. SonK)r staff wll rocth• the sarne annual pay Increas• as 1 other staff. R•latlon$hlp Twlth Unl¥•rslty of L•lce5tsr Th• r¥latlon$hlp b&h¥¥trn th UnivwBty and ULSU is e8tsb1Tr5hed ift th• Rewlakn of th• UnNersity and dotsiled in ULSU Rule$ approved by both trgani5abons. ULSU receives a Block Grant from the Univarsity, and kasès nKJSt of the Percy Gee 8uAding vm¢d by thè unr$Ity, Vthh also pays for utilrflas. Thi5 non-monetary supp(xt is intrinsic lo the tatInShIP bel%•een th• UnNorsity and ULSU. An estimaled value to ULSU ts this free seThiced aC4rnffin has been indud&J in the 8¢counts. valyed at £229,440. Dug tts financial preSsLv fawl by Ihe Univwsity, thè Unkn w(Yked to i¥rrwary r•striclions on its C granl in 2021122. commitnnt to reslorè lunding bèv•L£ Comparab to t0 012019120 have been horKyJred. wth the Union's fuMJwvJ from Ihe lnslrtut almost back to tha coMbid rosourco1ov•Ls exporièncad pr•-pand8mic. Tho strongth¢niTrJ tsftho parbwship ba8n tho Stydorts. UnJn and th& Vnwoiw in 2021122 Mn$ we ¢onlinue to rernain confKJenl substantial fmancial $upwl Vill CLtinue Into thè fLrtur8. Rlsk Manag•m•nt Thare ¥r• a numbe¥ of 51gnificant risks affectiTrJ the Union. As we conclude the 2021122 year. our risk r¢9lster identsfd stu¢Jnt group skills. voter tumout, rmganrsational accountabih'ty. p$1 09•)n$. natIcal polw changes and Stlent miscondLJrt 8$ the areas of greatest corKem. Up until thè •nd oflha 2021122 r. Ihe greatest of faL%d by Ihe Un#Jn has been th• ganISat)n's r¢lionc¢ on the Univerwty for financial s18kn,. in th¢ cmtext of hisloric lensions betrween tho ts¥o parties. 2021r22 saw extensi •fforts wt into r¥building relation5 and Str9th¢nin9 th¢ affadn86$ of the partnernhto. so th•t the student w¢ w•$ tffedively sh8r¢d by th# Union to Vnwersity. Thè period beh¥een 2020-2022 saw thè UnNersWs financial challenps hit the Union's granL loading to a proftyJnd impxtto tyjr firwicial p)Son. As we move intolha 2022123 year. wè are pa88 to port that grant levels have been restryed to a Ie1 that nabL the Union to mn on a stable foolry. Whilst latIonS are 51rong and effectNe. the imbaLgn¢t of grnnt fuThJin9'. 5ell4enÈrated funding will always lèave thi$ rn•tt¥r as th• largest existenlial Ilè¥t to f8c8 Untin. no matter how $tron9 rdatlons 8rt how•vèr. Pa9e 5
UNIVERSITY OF LEICE8TER sniDENTS' UNION (A eompw Ilmll•d by guarnnl••) TRUSTEE'S REPORT Icontlnu•d) FOR THE YeAR ENDED 31 JULY 2022 Rl•k Ilaftagnt Icorfinu•dl a resutt, wo havo tsken steps to boosl our own financlal autonomy via Inve5trTrgnts m•Je In our own 8usiness D6v6lcpmenl fijnctim. In tum. this has akeady seen a rise in profft genèrated by our trading company, wh¢h can be invasI8[1 in the ¢hanty to further exlend the raro8 of actNrts we can FYovd for OUT bOnefiCrI&$. As w8 move into the 2022123 period, WO has be9un to start consid&ri)g max5rni5ing potsniia5 v8lums we can genwale through Jr reserve$ aNI elher OpponI$ exist bth ftjrther ow ¢rilable obpcts. ¥thib¢ en¥blirvJ us lo b•neft frryn a greatw trryn th luftds. A rewLgfty updated risk Iwgr reflectin9 these afeas arwj othS is rec•ived and dIsix$9 at board meeting. Afflllatlons The Students, Uni¢n is affiliated to the Nalion81 Uni¢¥J ofstudents {NVS). Affilial•Jn to thg NUS enablèg th8 Students. Unlon to shap& Ih•"r nati0Tr81 d•d$ws, inwt into natThal campaigning priort as well as brit from tho support swvic8s provwJ8d to m•mber organi8ats)ns. Such support services Inchjde officer tralnlng programrn8s and staff Tre"Tha OpportunitS. The c05t of thls membershlp 2021rk2 was £25,303 and ig antiapated to b& £24.37S In 2022r23. Coner¢Il Pofth•rn AS 8 values4ed oryanisation. Ihe St¢lents' Ur•( cperntes a I of swpliern Fffefer not to do buSlesS th ¢x tako comrnaroal tNJokingsffom. This list is diT•dty infomi8(I by flIscuss and debat• from politic81 leaders of the orgonisaith. Where possible. prefer to do busness vth sirnilady ethical rg•nis8tic)ns whts are clear 8bcxrt IW elhK•l groun¢Jing. Accordhngty. this lfrn$ relationships wo have wilh ongoing eomm¢r¢EaJ affangernents we have regular $uWiers such 8$ our prlrKipal promob.onal goods Supr. Furth#r steps WTII be laken in the coming year to strgngth8n diligene• regaiding streThJthening our supply chain lo wgjre supplitrs ara actNèty wixknng to combat modem slavery. takg posilivo 8nvironThntal action and ar8 Mmitt8d to EDI. Alrn. 0CtIV•S & ActMtI•• Our wrpose is cl¢ar in Cs111U1K>n. Tr is dgbwlod to the oducational inteT8sts and Kare of its Members. and wll seek at al time5 to: Ensure that Ihe ¢Ji¥ersty of rts M8mb•rship is reccsnwd and that e9ual 0¢¢oss is avadabbg to all Members of 1n or origntslK)n Pur$ut rts aims and obTrèebves iwndentof any polmical paty or rolK•tsus gfwp Pursue equal oppCrftun.$s by positsv8 act lfi ts law to Ixilitste po¢1paIjn of groups d"na1ed againsi by society. Tha T$t havg conskJ8rgJ matter, w) w¥UnCt wrth Ihe guJan¢6 C1)n"ned in the Ch¥ity Cornmission's general guida6 on pu¢ have ¢ondud&d that as a registored ¢harlty an Studenls Un•)n. our work dirgw SUPFQrts and benefits the students r•gKslered lo sludy al the University of Lèicester. In planning our %bvrk. we beli8 that Ihg primary goals of all our aclivilies af¢ linked to our core aims and therefore or• ftylhe dire¢t bwwfft otour momter stud8rts. 2021122 saw thè UnK)n complgt8 tho final year of (wJr stralegic cyde", one in vthich w(Kked with a daar missitin t¢ bè an •mFP)W8ring aThY indusrve oryanisat¢on. ¢ampI1n9 51udents' intsrests ar PTovJding a homo away from hom&. In oldor to adapt to tho un]Ut and Unan1P4IQd ¢*all•nges wo faced in 2021122. the c8 the of cwr yw was Your Uriw, R•buthts3. Pa9è 6
UNIVERsrrf OF LEICESTER STUDENTS. UNION (A ¢ompany Ilmlt•d by gyrnlw} TRUSTEE'S REPORT Icontlnu•dl FOR THE YEAR EMDED 31 JULY 2022 Akng, ¢)bl•¢tlv•s & AGtivilie¥ (c¢fttlnu•d) In planning for 2021122, trustses T8cogni58d th8 yoarwould bè chalknw'rKJ for a varfoty of r8asons. Th• pemian8nl loss of the £275.(KIO cornmercial grant fintrc#Ju¢od by Ihe Univorsity to rgplac8 foTm8r ¢omméfaal revenue gerated by the UnJnl. the Temp8ry redtiffi in block grant ndIng F•v81s and th• temination ofdèsvJnatod project fvnd$ {su( as those for pew mentn9) meam th$ charty stsrtad the year nearty £450,00016ss in resource to alk¢ate compared to Iho 2019120 year. Such a slgnifrcant of frJThJ$ ine¥ilalty to a reduction In ts sCa0f chaiitable wrèthjns. d&spite pandemK restrictiS lin9 and enabhn9 ar-nOrmal op8rating conditiorffj to retum to ¢ampu5. Difficu decisp)n5 to Sea th8 siz• of ¢)Ferations in all areas wer& fett, 8ra3s sh as trainin9 and transport b•ing ermlod in Leir forner mse. These ditficult deusions aLso osulted in a size and shapts T•¥ of the chty'S staffiro struciure, l•ad¥w to a harthl offol&s bein9 PL+t al risk of redundancy and several vacant posts not repld. rr}st every deparim8nt of thè fxganisalion saw capacTty redu¢¢d or rpaanIad in a BwJrufi¢ont way. The result of th& ch90$ lo $r2o and shape of oporaoons cu)cl1 wlth a doftfjt bl90t for thè 2021122 yoar b8ir¥J approvgd by trustees. on the prowso that coro owatK>n8 OpptyfvO0g could bo d81fvorgd on a brgak-ev8n ba5Ks in ts 2 yoor. oxduding invgrn8nt opporluniti¢s. Dospilo th• ¢hallBfy$ w¢ fa¢•d. the Senior Ldership Team aThJ Board of Tru5tee8 we proud of tho Union's staff for th¢ way th•y ve ralld arthJnd ¢)ur pwilws lor Its yar. tg d¥ t best possib experiere Ihe organisation Id for ow members. Priority areas wern Klentified for $h of cwctye th•m&s. b help sddrss t1 ¢h8ll•r•J•s ts¢¥d byeath f. Opportunltles A lad( ol stud8nl-l•d activity daFNer1 in parson since Fe1jary 2020, meant VP facd a skills defit•t amongst $tLKlenlgroups committees in specilisl #rèa$ eAactivity, as they moved ¥ntoth8 new ac8d¥mi¢ ye¥. This was a natural effect ofstudents having neveroxperiencèd'norn)al' in person activit5 run by thes8 groups. tol alone thgm. A significani numbw ol Siudont 9roups began 2(121122 thOut co )mmittee mernb8r5 in post. rn•8ning w• started thg ygw wilh int¢n"m strJcture$ I'adopl a s(Kistyl In place to guide groups IhrcJgh the stsrt of acodemk year. Loaming dwW)ment through Student ¢Jpporlvnilies had lo adapl to reflect Ihis skAIs gap. equippiTr9 Student uyows to undertake rol In buildin9 friendships arn1 creating comwrwjnty ha(J been errrfjed by Covid. We 8nti¢ipatsd ehallenge5 in rebJildirffJ exlracurricular 8ng8gwnent as ? way glnorn ol Unlvsrsity lrfe, but entered the year assuming ihat studen¢s would embrace return to in-parson d•lN•ry. However. we hadnl anticipatsd lh¢ èxtwrt to whKh everyday carnws lif¢ nggd io bo r¢buitt.' leading officors d stsff lo slart development on the StKky Catry)us project towards ¢hg kttar ond of ihe aLdemic year., in ordw to proaclNety address a dedin in foodall on cmpared to Pfe•P8ndemK levels. D8SPltethe sYLeable ChaIn905th•Y to overcorno ovortha yaar, th•area mad•svJnffuntprogr•ss against Ihe key obJectNes identifiod during the planThng wfxess.. Red8velop¢d a program ofcofflmitteo inductbMto r•fie¢tthonCMW8tin0 dimale of2021f22 an(1 the to r•build community on camp Returned Freshern, Fairto campus fn Septembor. wlth over 5.500 stu<lents attendk)g each day and enablin9 Ihem lo swiftty engage in Ih9 acdvmlos of thgir ¢tKosing DelNernd a Froshers. anival prcsramwith ovor 250 sbJdent4od evgnts. lo •nsure students were kOM•d to th8ir nèw homè away from homa Ran our largest ever Rash•r$ Fair at Ihe start of torn1 h¥0, catering for o¥w 2.700 sttldonts and ensurirty poop had è socA)nd chance tojoin acti¥eS they may have mwed in term on8 strIted over £16.OCrf) of wants to our affiliat•J groups against a revisgd set of funding (teria. enabliThJ &ud8rt4od •¢livity to wld8st poSSlts bafft to th• Le11 experier Pagg 7
UNIVERsifv OF LEICESTER STUDENTS. UKION (A ¢omyny lImtt by guarnnt••l TRUSTEE'S REPORT {contlnu•dl FOR THE YEAR ENDED 31 JULY 2022 Akn& Obfv¢tfv•• & Acllvltkn {¢onUThu•d) l. Opportunltl•s (conllnu•d) Attracted over 11,000 sttjdent mber$I.ps to Unirm grwps. cxeating oppthinititrs f StUdlS to mèat like-mded pe¢¥kn and develop new s11$ Affiliated 47 now groups. enyJrin9 the twoadth of a¢tivlty rgfctod the dgmand of th& studenl commuThty Provided opr•lional support and deVe1opfft guidance lor over 1,700 studentl events. enabling actsvity lo lake place safety and muimising the to partKipants Inrtiated inveslment into a student media hub on the Sec( tr)c of Percy Ge8, creatiryd a new home tr sludent-kd wrilin9 {with radio folky• in the rulu) Initiated t 'Bè The Influonc•' FwiecL leadmg a number of 5e$5Kns includin9 LG8T+ AvAfeness Sn Sport. MKwa99resworKs and nRacISM th¥htsps.' •nsurin9 ¥bJdgni•¢tivibes were run with inclUvity at the forefront of leaders, minds owOpF4)rtunitw $ts8nd. o¥er£4.(MXJ wasfvndrnw kna W•Je rngeof kxal aThJ nalrffi81 tharities: •nsurfng th• skills develop•d by SbJd•nls in rLmning these ¥cbviti•s had an addthonal h&fit for or9anbsatv)ns in wmlar socièty. The charsD"•S to bw)6fit from Stud1. fiJndrasin9 Islamic Relief Th¢ BrbJg• Homelossf To H Ralnts<ths Hospic¥ Tollet Twinniry MovembBr M•nphys Guide Dogs For The Blind Mind On• Ummah Tha Turing Tmst Cleft DLsasters EmOrncY Ccrnllte• Woman's Papyrus UK SuKwJe v8ftt Nearty 12,OCKI vdunt¢eting undertaken by student leaders Drktng wthin the wea, op¢r•ling prin¢iply in univerty of LoKOStor MiSeS also l•ading activity in and around tho kKal 8re8. This voluntsry activitywas undwtsken for a varietyof pur)Se5. wth ts winrypal aim ofdelNering a ho9qualty 0Xperien for thr groLP'S membors. M. Vol¢0 W¢ naedod lo r•bu1 ¢Jwocrabc or4Ja9wn8nt. frAowr¥J a drop partKipation both at LoKostor and across1he wldgr Stu¢gnts' Unh)n sector over the COUTse of the pandemK•it years. The resumpticffj of in-person delivwy and the retum gf stL*Jents to campu$ uealed opptUnit$ for the demccralic servtces vthich drive de¢isK)n makin9 in tyJT or9anisation ts re4w the level$ of studfjnts fomer attract8d in tho last prwand•mic year. D¢sprte thalknges to engaggmgnt lavals. il was a150 Vltal that the voKe function was abl• to gnsur? effe¢b"vg. dh3rtal aFvoaches to dyilal tew•sentslion weron't bst os retumed lo a more f8rnil¥ wernting ¢¢teXt. Page 8
UNIVERSITY OF LEICÉSTER STIJDENTS, UNION (A company Ilmlt•d by guarnnt••l TRUSTEE'S REPORT {contlnu•d) FOR THE YEAR ENDED JI JULY 2022 Aims, OWtlv•$ & Actl¥itS#s (¢•ntlnu•d) H. Volce (contlnu•d) Hav1 expgdenced ts¥o Paem-bit yoars of edu¢alton. sbJd8nts' exp8t#alions of their Univwslty Yperi8r were fundamontslty Chand. NumortyJts aSFrfts of approachès to t84¢hing delfvwy. 8S5essmtnl rnethodob3gy and supwl wwsion that wero roimawed through necesslty by th• P8nd8mic ne8d8d re4h1n"ng orte agaln: •$ Unfvol•S graFpled wth tr challenges of bl8nded learning in a worfd wilbrt Covid r9stricts. In (ffdor to gn5ure th& student vrice was effedivdy put forward, we n6ed8d lo ensuro we had a robust Wo¥M of rewosentsiN)nal 8xcelknnce to ensuro members, needs were suirlendY hvJhlghled to key stskehoklers. In (Yder to ensure trle Union was able to deliver for our members in tho mosl &ff•thve w8y possible wAth our key extemal partn•r, ext¢nsivè èff>tswtrrè und•rt¥ken withthe Universtyto •W th¢•ff¥¢tiven8ss of the workn'ng relalions b•Wn both parti¢s. (hjlputs fw th ithrKUy to first set of collaborativ• w)rit d•livued btheèn the Union's ExeuJtNe ar the UThveisity's Execuliv• Board D8spit•tho Str811en90s they had lo ovwcome over Iho year. theAWty• madè s¥nlfieant F)mgrnss in¥t lh• k•y Ob5 hlèntifi8d duriF¥J plannin9 wc<ess: Provided training and stspport for ovar 330 cours• fepresentstivgs, bringing l•vèl$ back to prè- p8nd8mlc levols •ryJ ensumo 8ttKlert$' ¥iew3 ¢x th¢ir cows98 affectety put fopMrd to th8 UnIr$Ity Ran th• 2021 Stvd9nt L8adgts conferfjn for a racord 145 att8ndees, sLn9 r•s•ntslN8s began the y•ar èmpowwed and aware of th• key issues faring the student 8xpoTionc8 Facilit81ed a revised academic representation forum. foaturirg p8rbry"patiM frtyn over 130 studonts $inc• thè start of the year and ensuring th8 arnr vc#e• could ba buih into the Univarslty's $ystems Ov¢r 3,6CrfJ studgnts engaggd in an elect$ process. ensuriryj students had simp ¢)pportuniti&s lo chc<)se leaders of adiwty acxoss campus Engag811 over 250 $lud¢nts in the Ideas system. ensuriNJ stjants wuld ¢trIbute thou9hts on how th¢ stud•nt $xperien¢e c¥)uld be imkyoved DelIry cl0 polL8 on the UCU sln.ke actk)n. Wba19 n8aty 800 to direcify shape the Union F)Sition on the matler Launched the Bnded Leaming Benchmark. to ensure Stnts had darity regwding acad•m¢ expectstions in o postandemi¢ Landscapfr Successfvlty concfuded a fve-ye•r¥udit ¢flh• Union's govomiFYJ docum•ntatKffi, ensuring key iJniveTsity decisicn makers wero sa11sf wilh th¢ rvJouT and robustness of the organisatitsn's processes 484 submtsss received as part of the Sup¢rstsr Awd to recognise the contrlbullons of teachirvJ and 5UPPOrt staff. repre$ting a 10% ¢ompar8d to last yearfs pre¥uS record 141 studenl slaff ¢<xnmittaas nduCted. with over 6fy) issugs r8wJ for rgsolullon and improvamant by UnNarsty pathels New campasming mo4 embed¢J•d to offtsr ryopcts b)rough to rA)mpletion,' deh'vering fjotsblt succ8$s on Iho Blended L0aMg Bonthmark. 24 hour Irary opening. onling assèssment ac£e35ibilty. sanitary products wilhin tho Univorsty, rnitigating circumstan¢ policy frA stud•nts aThJ many otrws 90% 01 cumluM $uttanCY yoiects th8ir goak, to 8nsure Ihal sludents had a dHnce to ¢Jevebp a leaming 0xpeneO thal was tnchJsNe ro118ctive of studenis, loamng Nearty 10.500 vdunl¢¢ring houts re undorlaken by sludenl lead•rs %btykirwJ wthin th& area. cpeoting prin¢ipalty in ufiNty of Let¢ster ptwnises. This vdunlgry was undertthen for variety of purpose$, wlth the principal aim of effectrty Pr&try th8 viewj cl their pe8rs to the Universty and ¢Xh•r kncal $tok¥hddors. P8ge 9
UNIVERsrrY OF LEKesTER STUDEMTS. UNION (A company 11m1t by gu•rnnl•• TRUSTEE'S REPORT (¢oniinu•dl FOR THE YEAR ENDED 31 JULY 2Q22 Alms. Ob]•etl¥•• & AdMll•s 1¢ontIndI IH. Support We anlicApatsd s19ftnt 18vels of mentsl laMh ¢ha18nge WIr$t the stud•nt tmMllty as a resu of the impactcowd has on thertertiaryatWorhlfvredUcatn oxp8rtgnce. a$well as thelr br08der porsonal INtis. To add further compknty to this. we alpats svJnifi¢ant levels of sc¢1 •ftXty amwwst stu(1gnts, who hav8n'l come 1098lher in Iwgg groups $irto February 2020. A rèal c¢n¢•rn wrthin th• stsff ¢¢an an increased mber ol st1ntS Yallirrf4 through tho Gracks. during the Freshers, penod. Tr inpNianct of the Peef ent1j wogram remained ¢ritsc¥l to Ihg 5tudont oxperience, rn•ntors thems085 will be providng supsxxt hav gprto almosl 18 months vhihoul a'nomwf unNernty experience to use as a guidè fe thèir rnentstrs. Beyond Peer lAtring. ** onlpated dem8ry1 tsn ty1Ving tts grtyw, 8$ 4t had fty 08eh of the 18$t thrèe yèars. CBseth ragarding lthsing. pl8gi•rism 8fkJ othw •rea$ of 8e8domi¢ mlsconducl romainad ar•as of notsblg ¢on¢•m throUght Ihg partd8mk4 ars. Tho financial chall8n9es facd by the Lknn regrettabty meant slarted tho year wrfhoul woacti projrams of student support devewient and th8 safety mmibus. both of whKh va in18nde¢J to keep a watching brief on In case of Oppon8$ to develop aMomativ6s in the fLrtwe. Despitè thè $ize&)b tha1ng$S they had to overcome 0¥8r tho year, the area made sunifi¢ant progress a90inst th¢ key obiedtw idontifN8d duriry the pfanning process.. Ath¥ed a rgeord-br•akww 1,758 unique casesththin WUring stutsnts were 9iven thg pport and guidarKe they nee(led in key arnas of housing. corrolgints and misconduct Supryt8d an addrtKmal 1.907 Rapbrffl ¢Tr]uiries lin addition to ¢8$o51. •$ th• Percy Goe buildir¥J readed to sludent chdlervJ•s wrth wayfjnding 98% of AdvKe Serylce users would rate the seNc• gcoJ' or kn ,. demon8trnting Ihe high levels of satisfaciK stLK1ènts lelt th¢ soThi¢ti kYovid8d them Recruited aN bar elw rnethrs of tho first year uThJ8rgraduale cohort to the P8eT Mgn¢tyiry program, en8urty thai new sbjdents had Ihe ¢pportunty to be intrnduc¥d to and be SUFV)rt8d by an existing studeni 8xporionc8 lrfo at Lw¢astsr F¥ilitated thg Meet Yojr M8ntor incln program for over 1.6W sludgnls. 8nablin9 now stUdts lo m8•t th•k mentors in a farylitated 100% of Mentors would re¢¢mnend becomirvJ a Menksr 10 thwr fri8r¥Js 96% of M8ntaes say thoy would Ornmen the schome to oth&r stud•nts. domcm$tr8Jng value $tLJdeftts placo in thè bènefit of thé sthen Launched Ihe first s1{Y at¥oad strand of the Pw Morwing wogrnm. broadgning the scope of the projeci and ensuring Ihat students embarking on a v8ry diffwfjnt phase of thèir student joumey receNed tho guwJan¢e from somaore V1. pr8vwty bggn in th8 samg tr#)at Launched the first Int¢man81 Student stran¢J of the progr8m in J8nU8ry to supp3rt rnid-year wrivaL8. attractiry ¢)ver 525 students and ensuriNJ that tr growing numbers of intwnabonal PGT sludents amving at the Universtty waro bettar 1amiln$8 with a student ¢ommuNty that they were p)ining partryway through tha year R•launched a weekty wogram of ext¢m81ty facilitated SuP[rt dinic8, irKludnig ther8Py. victim support and the Cra seham•. in ord•r to broadgn Ihe rarrfje of servKes accessibl8 to the student communlty Ron tho un•'S first iarge•scakn IKYJ5ing falr, attrncung arty 1.01)O stud•nt ¥k%it 8nd providing initial hws1 cty)tract guidan¢o supwi for students may ha anx1[85 rggarthng findir& Suita accorrmodakn for the following year Page 10
UNIVERsrrf OF LEICESTER STUDeiiTS' UNION (A c¢>Thpany Ilffllt•d by 9u•rnnl••l TRUSTEE'S REPORT Ictynttnu•dl FOR THE YEAR ENOED 31 JULY 2022 Collaboratlv• Offir Prforfll•g: 2021122 The officers wtykod in ¢olkboration to ofjwad-up priuTlw tha UnNarsty to work on In thè 2021122 yèar. Thèso were as ftAItrAts: Fulllng Edu110 Sl•nd• D81iv8ry of Igni18 schools. o Developlngprovlslon forrn7th bamws wllh extra rffare andacc85N"bltystipportin pl•u. Thang Staff Acctyjntablllty ro.. return1r feedback and communKatiry. o In Iho same way stthY8nts 8r8 held to d8adliMs. th8fft Sh1 be Glear aCCtab111ty rout•s in cases oftliwts"sf•¢lw. Cow$tsncy Acmss Schools Ulilising SSCS appmpriately to 8nsurn pmViS and quamty ts wual 8crfASS •II SGhools and CoH•go& Shaping for Excelknnce Impact Damonstrnling thg postho inip•¢I the Uniwrstys rnsln¢turn WM haw on studont¥' l•arning and expeii8nc•. b. Sust•lnablllty Sustainability Framtr4¥rAk Developing a sustain•)Hity framgwoth to be c(#7sKkn alongsido Iho EDI fr8mes•v lo infomj univgrsrty and union decision fflaking. Wwking tOW8rds a trnnsp8mnt in¥stment that d8monthles comrnitinent to diY&sDnent •ndimpmvement. Univ8rgly GoverrwKe kurg suTr lh• unwersty is rewesonfalrwe of its stthyonl and bGalp)pulation * incTra$lrtg student presentatI in governare. Lobbn9 tQ3glhgr fora chang8é apwoach lo tho UnivgKsWs r•rnungration Gwmittg• m•mb•fship. Tr8n$poreni Cl'matg Actb)n s¢Jsia5nae Educ8tK)n Impmving knosvledge oftl)e dvnal8 crisis and envirwmert. Canw'ng out a sustanabff.ity auth"ttsty t•athing e. Employablllty & C•rws Skills Log Oevèkjpmrt Pmwding students with loots to trBnsl8te tr8nsfeTrble skmls onto their CV. Promotsn9 the My Studonf Joumoysyslwn. Alumni N8tb c0nnecfy.ngsocfres al111ne5 to alumni rfh uStyexpOthe tow0V int$1. rnhv8nt supp¢>rt and man11rJ opWunfftb8s. CtyJrs6 Empbyabilty GrovAng p18cornont 8nd Industy omortun+Y$ lor students a¢ros$ 411 sutyert whkhprtvnote trnnsforable skllls. rns•arch and personal dfjvelwgnt RAG & Volunlegring Develon9 volunl8w bs•hi and with ch8nti&s lo connect soclely •ffort$. Pa9e11
UNIVERSITr OF LEICESTER STUDEM7S' UNICMI IA conwny Ilmlt•d by gwarant••l TRUSTEE'S REPORT (¢•ntlnu•dl FOR THE YEAR ENDED 31 JULY 2022 Ctsllalx>rativ• Ollle•f Prior#l•¥: 2021R2 (¢ontlN•dl d. lficluslon InterSe¢l7naI Rettgni&Yry th m8ny iftt•w¢knal Nlenblw$ that m&k• up our communty and Fundfing Av8ilaknlty Incrnaslng ffn•n¢ial supwl 8vwlabl• formwywpgltsgd stithls. o Suppothnglthtim drivan vrk and rfjsgarch. Safe Spaces lunding (partKularfy in S). Appropriate Train9 R•vi8wingandunprov7ngths wInIstndeI0fftraInIng given losup andt•ach staff to th8m s a stand8rd l•vololithl#)n c¢77P8ten¢y. Counsollin9 S8Th Impmvin9 the ovellatslty resou$ ofthe counlI1n9 SVo. Oulsourcry ¢ounsolling thalrnquiros nuanc• and e¥p&rttse forfvbwatlon group5. Survivoi Support Contlnuing to fftPr s•xu•l wc7c• $ystwns and suryfvor fows•¢l SIpOrt. Wtykin9 to thè s&f•ty ollTth P8rf( a&blO suKwt night$ ¢Xrt. Projècts FlnanclaNysUppLvUngwoitslhdIWoftxO th8 woffare ofsludMts, su¢h &$ tho Lo¢ker Behe Standards rvtstwship& f. Acc•s8lbUIty & Affordablllty Tuition Fee TranspwwKy LoGally c0ntlnulr to impmvv th8 transparnncytrfwhere sludgnts'fo8s ga Addrnssing Course di4)arifyes. AesSIbIlty Audit Outsourcing fhfr 8udtt hich M71contre the needs ofdwbled stud8nts. Prnrio$ing the TreW 0[ysal and onling sp8¢OS lo ensurn $8fetylor&udentS L¥hh Vble ond inwsth dss•t¥kn. ommodw)n Costs pnce. Itlusion & Hardship Fund Removingpartrtypatm in &c&den¥a to onsure a fiMyroprnsgnf8tN8 Pap 12
UNIVERSITY OF LEICESTER STUDENTS, UNION IA Company Kmlt•d by gUrnnt••l TRUSTEE'S REPORT {condnu•d) FOR THE YEAR ENDED 31 JULY 2022 Lwklng Ah•ad W•'r• proud to Present our stratogK pkn for 222-2028 HI10n.. To r¢prgs8nt and 0Mpo4 sbJdents in achiwry Iheir fvN Fthtial. Vlslon.. By 2026. siudenls will $90 us as an emp(ywertng. (4rtstsThJiThJ unwxb that eff•¢tNoty reprowls intw&sts. Values.. Our gspiratvJrts are •nh8n¢ire students. Iwos. Ow lo athievg these aswations rJ ulerpInnèd by our values.. W• l•d by stud•nt& We b8lwe stlents make thB best de(¥sions •bwt ¥that trrffjJ8cts them. W• r•mov• barr1. The full dw$rsity of Sdents shoukl be Supprt by everything do. W• ar• Proudly radl¢•l. W8 are t4)kJ. innovative and (alknnge th• siatu$ quo. Strat•gle Prforld•s." The prioriti9$ idenbfi•J bglow sbtoul th&cug prrJrams ol Ihe Unn to embwk ypon frtyi) 2022123- 20292026. Str¥t•glc TIMM• l- Stud•nts Loathng Edu¢ation Wo make sura •vory studen¢ ftrls engaged with ther educalicxi. 1$ to a Iwnin9 cornmunty 8nd is supported to thjifil thew ¥c8d¢m potential. W? will enabkn $tudènts kn think crltKally about their adu¢aiion and shopè dis¢yJ5$ions about how it ¢ould bo inprd. Our Goal 8y 2026.. We'll build a coherenl vCe for students. academK Inter•sts. by being tho critKal lri&Tra of Iho Universty arbj inpmwn9 membws. e(l¢xation. wilh 65% of$tudènts agrteing thg Union effectivefy rwsènts thdr académic Intw•sts. $t09 Theme 2- Vlbraftt Communltles We're invest8d in ean9 an ènvironmentvkn¢re stud•nt48d xliYili•slhriY•. W•'ll h•tp mak• th8 whjar student exp$rign at Lekgster outslandkng by ty"n9 students and oppNtunity to shap• thèir communities. Our Goal 8y 2026.. Wt wlll wden th8 breadth of •ngagtrmènt ¥Yrth sludonts in the extracurricular exPnCe at Lei¢•sl6r. wlth of studbnts b8ing a mèmber ol grwp durtng tm& at Lgkoster. Str•t•gk Th•m• 3~ A F•lrnrS(ud•nl Lif• W? want siu¢Jents to be able tts enhoy their tsme al Leicestsr.. nol have their tlme marred by injusbc?. Wg will wtyk t1$Y lo reduce th¢ $1 of Ihe LeKesler experignc•. ensure 5tydgnts kve in affordablè hoUng and we will fight to re¥8 ihe bam.ers faced by our members. Our Goal By 2026.. To buSld an ongoing conversation amoThJst mgmbers aLvJl trir siudent Ir¥95 and drive continuws Improvemnt Nl thwr pefsonal wellbeing. vrith LeKestsr studts, moan scor the Wak- &linburgh wdlteing S18 tracing favourabty to tho 16-24 ye8r tsld nouonal mean averaga. Th& areas of work identifd bdow will h8lp us in aChNIrg (xff Ihree core prlI110s. Supportlng Enabl•r l- P•ople We aim to b6 an employtr of cholee by d&veloplng fopward thlnkiny people rdlfyes and ¢mlln9 aft organlsalon staff want Its lryn and stay part of. wilh tho Uni¢)n having an omph)yae n&t promoter Scofe of 25. P898 13
UNIVERsrrY OF LEICESTER slliDEiifs' UNION (A )mp•nY Ihlt•d by guarants•) TRUSTEE'S REPORT Icontlnu•dl FOR THE YEAR ENI)ED 31 JULY 2022 L•oklng Ah••d (¢•nllnu•d) Supporfng En8bl•r 2- Flnan¢•s We will secur8 a block gMI that compares favr?bfy with the Unfv8rsWs Sludgnts, Unlon benchmark group and suppcrt continuod 9rovth to ¢)ur indwnd9nlJy goratl funds.. athiaving a bbck grant of £85 wr FTE sd•n1 by 2026 and o¥•r £2(th of IxAingss fft. sUPn8 Enabl•r 3- Communk•tyons In ord•f to communicate and •ngag• effedivgty. VA wll d8vek)p a robust segmentation mod81 to tailor rnessages based w the needs of ¢)w members, vthh 85% ofstudents Sang the un)n ¢ommunKates wdl with thom. Str•teglc Theme - Student• Leadl Edueation Our Go•lBy 65% of sbyjbnts will agr80 the 2026 In 202212023 w• v•ill 56% of students wdl agrèg tho Union affèctsvely rèpresonts theii acadomk t•r•sts Prk¥rty I - T1$1mil Stud•nts Edu¢atlon Our Goal By Wa WUI prtsJu¢6 an annual impxt 2Q26 roport arr th• lrfe oftr pknn. donStrating th In 2Q22r2023 wlll Publth first impxt report to 811 students. dei#Wng ¢hango to the ¥mrA brou9hl ab1 by r¢pr¢senltho8 at an inslitutional I01 by work 01StlAt sgntslNes We Wl dovelop stu¢Jenl4d vlgms forth8 firturo of lUcattOn wllhln each 8GhrAI. 10 shay) the learrong of fLrtwe 8nerali)fts of Students Our Gol8y 2028 Run a 10t scheme wiéhin 3 schools staff and represgnlati¥es will • jornl pLqn Icrf l•m and two Priorlty 2 An Inclusivo Cuttleum We wlll buiKI a ¢•s¢ for a lib6rnt•d JrrIlurn, rtfiDcling on the diverBltyof pro9rammos and th• 4st onvlronmont dNOrn0 sludents can leam We will urthrt8ko o rnmb•r48d Te¥low of 3m8n1 In 202W2023 w• T•lll Our Goal By 2026 Dmlop the ol thg curricurn eorvJuttant proi&¢t. whortrby 90% achiove Ihoir establsh8d ¢Ms by yw4nd Our GO By 2026 Ur4Jtske reso¥ch to Idgnify BIlents. ¥i•ws on assgssmont m•thodokigy at )¢al bvol and prssèni findiThJ5 shaw thg rnfornH"¢)n ol as8698mnt p•C•S so th•y fvl SU Pilorfty 3 - Trnmlormln studonts Educatlon OvrGo•l8y W• vlll dov•&)p 51udont4*1 annuat 2026 In 202zfk023 w• wlll S8wrB a fonn81 rob for tho Unlon In Iho Universlty's annual prr4T4m reviow prwe Infiu¢nca fithire studant k s)MISs}nS to tho Taqthlr4 Excollence FlWo We Wll c¥eate Caplty to dovdop edUcatnal SUPPOTI PTDMded by Union to the r<4tyr8duato Our ¢3oalBy 2026 Idenlfy modeb of b¥st practice in Ihe sector arKI wjenlfy simple opportuniti&s fty adapkn to our wsung reprè5¢nts18 P898 14
UNIVERSITY OF LEIGESTER STIIDENTS, UIIION (A company Ilmlt•d by guarant••) TRUSTEE'S REPORT (rontJnu•d} FOR THE YEAR ENDED 31 JULY 2022 Lookln9 Ah•ad {¢ontlnu•dl Strat•glc Th•m• - Vlbrant Stud•nt Comrnunldes ¢)ur Goal 8y Ovff 80% ofstudonts VAN h 2026 boen a mornber of at loagt ono grtyjp dwtng tr1 Imo at L8i¢88t•r 202212023 w• wl# $3% ofstud8nis wll have been member of al knast on& woup during Ihew twne al leester Prlorlty 1 lTht•m#tlon•l Stud•nt En Wè VAM enhance laih)red supptyt and for national and ¢ukur81 soci•ti¢s Ni txo•d8r#ng thelr rh thdr abHty to host 202¥2023 w• wlll - Charn k>ni Our Go•1 By 3026 Devèlop t•ilor•d trbinn9, leading to 20% increase in succe$$ful funding ppiKalthi$ Our G?•18y 20 We wlll dg¥eknp an Studts stratsw whk#b buwds Und6rtako international sludenl rarCh to ostabltsh bas•lin& l•v•l of intomakn.onal SbJfJont Sotisfactton t•th Unlon provision and devolop intemational 5tud•nt agement strategy k••p up wllh unty Prlorlty 2 On Stud¢8. kntèrnsts We VAII •8c 3tudenfs In 202212023 w• tlll - Dellverln OurGoal 8y Streamline sodoty swch fundi and mak8 it easior to undorstand whal sludgnt groups wtivide swirt•d by thtr Union Our G•alBy 20 We d¢vdop 81IevtrJ 8tudert gpJup devBlopm8nt aNI ¢omrnlite8 m•ntorkng sch8ffle. to 8$8i51 w4ith18Bdwthlp contyiulty Develop a wkjt s¢hwne for len swdgnt gTwp5 In 2022r2023 w• wlll . Maki Our Go•1 8y 126 A PoTHerful Lo¢•1 Styd•rrt voluntsw5 vrill have a regular, porful lrnpact In th8r We wll estabfish a fr86 muo&volunleering pn¥ramn to enab students who want to activety c4)ntribute to their local Jmmunity ith tre lirniie¢ trne thoy havg, Our Go•lBy 2026 De¥gknp comnwnty organi3ing capacty, lo •mre studwts have opportunrts to hamègs th slllb 8nd wort wkn b¢al pwtr to probkns fxgd by al Undertake a stakeholder maFPiTrJ exercise with local ijoown rnakers and Jtontw pwtrors in Ihe MmrwJDty, to bulk4 our ynderst8ndin9 of problem sdvkng th& isSL$ rTh)st comnY)nty I9 our P¥9• 15
UNIVERSITY OF LEICESTER STUOEIITS. UNION IA ¢ornyny lknh•d by gvrnnt••) TRUSTEE'S REPORT l¢onllnu•d FOR THE YEAR ENDED 31 JULY 2022 Lmklng Ah•ad l¢onllnu•d) In 2022A023 w• wlll -A Falr•r Student L•f• Lekesr students, w•ll>olNJ wlll trad( ¢onyafty to the Warwk. Ethntrmryh Mental wel•19 Sca trjr 1P24 yoar ohls nationol Our Go•lBy 2026 LeKester $bJd•nts' mpan score on thg WEMWBS 50.5 Prlorfty 1 - L••dlng Th• Flght Agoinst S•xu•l v101¢• Our Go•1 By In 202ZP2023 ¥rn w•ll We WMI termty mlIngS wlth std(alds from l¢xl authori to Influonc• stops 808<1 to onhanc• student safety In thg b)c•l nt-"m0 oconomy Undertake ¥ $iakh)Jder m•ppi)yJ exerck8e with local nTrght timo OnOmY s8rvth l¥1$ 8nd licnsing authoribes. to identrfy key partners kn building our roach Our Go•1 By 2026 We wlll s•¢urg dodkatad fvfidng to enhance the rnngts rf 9UPP oplons avaiLth w sur¥i¥m ol sexual 01anc Mapping axisting provislons aTrJ undertaking r8wrth wilh stLthnts to Klontty gops kn ffislon Prlorlty 2 lon F¢r Students. Rl hts We wjll d8velop tho Sapkn to Imprm awarenw of 8ludpmts' riglts with to Ofs, CI 8mpty)ort and t 2022tt023 w• VAII -ACham Our Go01 By 2026 We'll undortaka research to eslabli5h th& l of uThJ&rstandry among$t $tudonts n it c¢)m•s to th"r as wnph)yeeB. tw8nts. teamors •)d OurGo•lBy 2026 We will deyefop a (¥>mix•her. siud•nl-led revlew of ¢omplalnls We WAI undertake sector4vide resewch into exarnples of best Practice regarding UnK¢n compiNts and disciplinary pnKess8s. to implornent change mpus Prforlty 3 - A Financiall A¢$s1b1• Stud•nt Ex rlenc• OurGo•l By Wg VAII produco a Colttr>by- 2028 Collgge ccot of vg guKlts for students. In ¢rfer to targ&t suppryt ero If$ most n•ed•d In 202Zll023 we will We will launch a fijly ro$ea¢d cost of Iwing wide lor all schotrb wrthin the Cofi89e ofSCl Sderus. Arts & Human•S Our Go•1 By 2026 Wè wll estsblish è twl forthe sector to ben¢hm•rk the w5t of We 11 pubh'sh Iep1h firwicsal researth into tho operattyjnal costs of halb, io dgvèlop stud1$, undorstandlng clthw v•lua for mon•y orferto a8tsh a fsat ol Pa9e16
VNIVERsrrY OF LEICESTER STUOEMTS. UNION IA ¢ompany limlt•d by yarantwl TRUSTEE'S REPORT (eontlnu•d) FOR THE YEAR ENDED 31 JULY Z022 •. Edy¢•ll Teaclwn9 Excellence Frame Produce a hA9h qualty student.rft?n submi Ubliss surw•ydata to •nsur• th• 1ry¢4ty ofstud8nt ¥i•ws am heard thftwgh the Academic R8presentalJn Payrnl Implemenèng a new roward lo support$lud8ntrnprosontativvs FaClIate busy fonjms Mth each aGa(knicschc18$an19d Post4>andemic Berthmafk o Revamp tho Bl8ndedLeaming 8enchm•rf( andsuppc¥t the infrtjducfron ofa P9081 tutorbonchma Gwe students and staff morn a¢cfyJntablrty b. Sport T&om LelcestfA R•wosontatbn 0 Incr•as• th& nImT01sts CounMIeS. to represen18t 8nd gngopmBnl Publish thè costs a$stx1d lhir a sport, bmken down by 88Gh dub Impmve th 8Gce&w"bi7ty ofthe tUrnIng hardshti? fvnd Para Spons W¢ek Enstsrn 30% ofT&am L•Kg$lwdubs $YPWdthry Incrnas• the awarnness ofp& sports c. IYdlb•lno Cost of Lmrrfj Revw th6 a¢¢eSbilitY of hard$hip funds EnsuTr rinf8nc8d and targgtsd SUKVtKorintwnaknal stud•nts IntrcSuc• free daitybmakfasts on campus Undertake & hiddgn costs audit Produeè a fmancwltthit for sludenl skiNbUry Acc•sstble Spaces Work to PmVAd8 e WAlerrnnge ofattem8lrwe. swal cwcvlvnth?$ Llb•r•tlon Lei¢s D)1$0 o Producg a fv• orlan 4$ k9xypffjiect trfDllowing 0ffi¢o o Launch #L8KsLkncoloThse fost %ffilh safa spacgs. 8dUCatn91 talks and c•l8br8tory events StLthnt Support Running an LGB TQ* Iwsm9 SY Addrnsstng gender oplrons on MySttthntRecord Croabng a W sfudgnr 9xpen¢0 worting group Paga 17
UNIVERsrrY OF LeKesTER STUDENTS. UNION (A company limit•d by guarnnt••) TRUSTEE'S REPORT (¢ortlnwdl FOR THE YEAR ENOED 31 JULY 2022 Coll•b•r•tlve Offi¢•r Prioriti. 2022rd3 (¢ontlnu•d) D•mocrncy & Unlon D•v•lapm•nt Engagtmènt Rewa partK1p81 to incroasg aWaron ofopportuntlies DdNerin9 th$ slicky campuspioioct and fadrtaling èn enIn Novomb6rto ¢h•¢k in on Studtpulse UThon TransparerKy o Introduce offK8rsurg8fi8S Publish ¢oun¢HBg•nd• •h•8d oftfft. buhl ¢ fe•d1ck o Prnmot• scnthnyproc•ss through wdoos Engagement RewI00M booking servKe to Stud&nts and slaff wnfrol lrnprove supptsrt lor new St•t gmups to help Uhir estaShMent Inwmv• thg viwknllty ofthe WO dono bysfudenf groups and the opporturfth88 offwed Raiwng and Givin9 Introduce RAG mLMlh to focus slud•rt •rtg•pm8ntOm • SSIT¢$ of•w8ren•ss FiNn¢ial Ro¥i•W ULSU'$ gffjss in¢offe from all sowces Ihis y•ar lots1 £1,829.128 12021.. £1.695,2051. Totsl eypenditure was £1,513,19812021". £1.922,3251 resutting in a surplu5 for the year of £315,93012020.' £227,720 defi¢itl. incr8asin9 ULSU'S tolal r95erve5 £1.063.15812021: £747.2281. 01 Ihis. £776,272 {2021.. £478,808) We Unr•strI¢ fund$ •nd £286.886 {2021.. £268.4201 wore restricted. Ilstthe Union has eontirnd to b¥ngfftfrom the rwnilion and svpport the UNverslty. the annual )lo¢k 9ranf rgmained at a constrKt•d lèvèl of tgxJ,OCQ. dgcreased to £809.685 in 2021 baUs9 of firtanoal challenges pos•d to th8 Unwsity by the pandemic. Unlke in wevws years. Ire w•r• no aijditional grants r8ceiv8d f¢x prci&cl luryjing. barring a modest £7,$00 pot for liberation a¢twities12021.. £386.736). The Unkn's tradin9 subsNry rted a tradNw swrAus of £142.94512021'. £12.537} whth Is gift to tho Union. The Board of Trustas$ approved a defi>"I buthjet for the 2021r22 yw. In er to Msuro the Unlon could rgbulld from th& pandemi¢ arKI tsckle a StrucJ[e that woukl he¥) ansurg tho ¢han"ty coul cperate on a stable th"nan(Jal fr)otirKJ when granl loveLs relumed to wavS ¥•1$. as thèy hove done for the 2022123 financial y08r. Univ¢rslty of L¢kester Students, Union Trath"ng Lld hdds a 9)% cwnershlp In StLJ1 Unlon Lotting$ Llmited. The company is rggislered as a thariral8 company limlted by guwant•e. rrfthg not Incomè and assets ol Ih? mrtY have been includod in th•s8 financial stat•ments. FlnwKl•l Sl•t•m•nts The finanri81 statements for the year 31 July 2022 Jre set out on p890$ 20. Those wère PlfrPor¢d 8pplyirwJ A¢ccxmliTr3 PolKyes set out ¢Yb p¥Jes 2. Pa99 18
UNIVERsiff OF LEICESTER STUDFPffS' UPIKIN IA comp•ny Ilmll•d by guwanl••l TRUSTEE'S REPORT (eortlnuI FOR THE YEAR ENDED 31 JULY 2022 Investm•nt Poll¢l•s Th• Union aims lo f•tums tx eh it W$ in th• bank at any gTv8n point. The purpose is lo yk•ld the st financial r8bJm within thg 18vel of r ¢{ered acce&abl8 - this relum c8n then be spent on tho ch8rfty'8 owr. D81ivery of our rAY8 seThi¢es is met thrrLJgh th¢ bhxk fundng I1Ved from the Universty. the commgrcial grant and any comm8rrial partn8wshlps in rnlum fcrf access to our membgr5. Incorne generat8d on any in¥gsted reserves slMyJkJ not r8quir•d to SUPFJt (xwng Corn &liviUos of Unlon. The level of musl aly$ be thitified and must lall 7Mihin the a(£eptsble leveb slaled by the Fin8n¢• & Audit ttMMIttee. lrtvtstmI risk sltyjbd also b• r•d¢Je•d by ensurin9 thbt th? savings are diverslfi8d. Before Y lurKIs 8rts invested the Fin•rKe Marhapr must wep¥o a ¢8sh ensure th the Union ha5 enough cash to m¢•l tts workirrfj ¢apitsl requifyments. kny(uIs not requir in Iha shfyt term may b¢ Invest $hort-tem d•posits aThJ •ny lunds not rtèéded n the m8dhJm-long t8rn Can then bo inv8Stod wsoty in bnger-twm Investments to genorat• a kY8ater yleld. Fund5 fKI neede¢ for$lrt tom) erational n8ed6 can bp d•sit¢ wilh reputsblo insbtutions, provided thattho •Jrogd risk rating$ and lirnits are adhered tsj. Deposits 5htyJld alway5 bè split t>tsrt UK bas•d nstFtufjons d6ff8ront bgnklng lic•n$ès. to reduc8 Iho iisk from institut)nal hira. Where p058ible the Union seek5 to diversrfy 5h(Kt-term dep05it5 #cross dthnl bankyy IKens•s. to reduc• the exposure of the reserv95 from the failurv ofany or bank. In order to generote a greotex retum. fvrth not requw•d in th8 slbyt term may be invested in I1 mi d$wsils Yrfhth offor • hKJhar ykJ. Fun%ts may also be Invested in othw financial products, eonsid8f8d to b& low nsk and off4(•d by and r¢wtabf& irtsfrtuts"ons. Itls important that the UnSon can gain access to its funds, should )18 urgent need wise,. therefore investment products usod mustall¢yw forfvnd withdrawaisthat COVerale rnrwJ• oftrmes¢alès in ordèr to $nab this. iknion policlgs pr•dUd¥ investmenls in ¢•rtaln w)ukJ b• taken w)to 8cxtyJnt. whon CoNjenng investmonts. To consider OPF)rtunth¥ for thdisirvJ of avalat4¢ fij$. the Un.$ tfUSte8s have eslablishg(1 on Investrnent Working Group lo consYer Opportunit available to imwove the lrn genorated on the cash we CUTrentty hoJ in the bank. Fund¥ & R•s•Th•s The Union airns to hdd 6 monthswages in free resefy85. p$ £25,000 ofoperaliThJ costs in the current year. Thls ¥j1d ¢n•bl¢ an orderly wn)¢ng d(hvn of the rsg8nis8tion in ts event it was necessary. Tho Bowd of TnJ3tees hav8 agrn8d to Md t275.0 10 iyotgd lh charity rogarding iha L&icastsr S$M¢•s commerdal grant whth carre to an 2021r22. hjl r8malnry free res8rva6 as a dosignat8d fvnd caprtal and Strateg projects lo transform tho Student experience. Gollw Concorn After maknng appropriate enquiries. lh• twu••S hav• a r•asonabl• •xpe¢tstth that th company has adequate SrCeS lo ccffitinue in Oa)nal •XL%t•nc¢ trtht fwèé8b future. For this reason they contmue to adopt the goin9 cnCern basis in preparing th$ fThntig1 st8t•mènts. FUrtr d&t8ils ardiftg the ¥(k¢pticm of the going nrn basis can be found in the Acojunting Potiues. The Board of Trustees eA)nfrms that ULSU has suffic4ent fiJnd6 to meet aTh tl¥ oblhjations. bloc4[ grant for 2022123 has been ccffjfirrn8d at £1.225,411. Page 19
UNIVERsrrY OF LEICESTER STUDEKfs' UNI<>N
(A ¢ompany Ilmil•d by gu4fant••l
TRUSTEE'S REPORT Icontlnu•dl
FOR THE YEAR ENDED 31 JULY 2022
Audltor
RSM UK Audit LLP have indicatod their wllingness to roapwntwj for onothor tèm. In aC¢OTdan
with tho Companios Act 2CJ6 8 leIUln woposln9 th& rwp)intmont of RSM Audit LLP ès
will be pul lo the m8rnbers.
Trust••$' Respon•lbllttl•s Statem•nt
The Trus1005 are aLso dwacto of Unlvwsty of L0th6r Studonts. Unrm for purF)s88 of
mpany lawl are responsib for propwing the Twstees. Tew¥t and Ihe finanGrdl 51alements in
accordanc• th appcae law and Unit•d KNigdorn Accountin9 Standar1$ {Unit•J Kiro(hJm Gonwalty
Ace8ptsd A¢¢ounbng Practic8}.
Company kryw requires the Truste8s to prepare ffinanoal statem•nts for each fir8ncial y••r. UrKlèr
conyany law the Tru$tges mu$1 not apppJvethe finan(aal siat81)Wts unb$$ tw are s8ti$fie
INDEPENDEwf AUDITOR'S REpoKf TOTHE IIEMBERS OF
UNIVERsrri OF LEKESTER STUDEi¥fs' UNION
OPInTr
W¥ have avdit•d the financial staternts of Universty of LeeSter Stud8nis' Unp)n (tho 'pawil
ch¥itabl• eonpanll aThJ ts subsidiwies {the,9p.) for the y?¥r •nd8d 31 July 2022 which ct)mpnse
the Gre4Jp St8tement of Fingnc¢al ActMtiÈs Incora"Th9 Ilme ant1 EXperK1jre ACcnI, the Group
gnd Company Balar Slwts. the GfOUP Statèment ol C8$h Fknws and note$ to the finandal
Slatemenls, UdIng swJnsfic•nl accountsThJ politxs. The financial Qwting framework Ib81 has b¢8n
applied i) trrpreparalion 1$ ap1¢ab law and Uriled lthngdom Axounbn9 Standard$, including FRS
102 Tha Financial Rewting staard applicable in thè UK and Repth1 of Irel8nd' IUniteLI Kingdom
Gonaralty Awted ACct1g Praclkl.
In our oplOn the fibHn¢ial stat8wths'.
a tnJe and fairmow of th• slate of Ihe group's and parent chèrit8ble ¢ompany's affalrs
as at 31 Juty 2022 and of group's incoming resourc8s and applKation of resourcès.
Includin9 its Incomo anLI expandituro. lor th8 year then errfJ&J:
hove beon prope prepared in aCCor(lar wilh United ryd0M Generally
A¢countlng Pwa¢tiC•: and
hav• baen pièparèd li accordanct with the I•quwniS of the Ccmnpanies Act 2&)6 and the
Charities Acl 2011.
84$l$ for oplnlon
We hav• boon appointad audttors undgr th• C1$$ 2( and Sect 151 of the Cbwffjes Act
2011 and rwrt in accordanco with th0 Acts.
We conducted our audit in a(ordarKo with Intwnatkjnal Stsndards on Audituw IUKI IISAS IUKII and
applicabl8 law. Our responsibilities uTrJer those standarfs are furlher des¢rib¢d in th8 Auditorf$
responsibihtieslor the a311 of the finanual statements section of our reFQrt. We are ind¢p¢ndent of th
group ¥nd parent eharitable c
1140EPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF UNIVERSITY OF LEICESTER STUDENTS, UNION Icontinu•d) Oplnlons on oth•r mattws pr••crfb•d by th• CrMnpaDl•s Act 2001 In ow ownion. based C th• work und•rtaken in the c4yJr59 oftr the inf0m)atn gwi in th¢ Tfuslees, Report, indudes th8 '[th. Rewl pr9par8dk the PUFpose$ of Company Lw, for the firkinckal year for the fnandal statements aro propared is consistent with the financr81 stal•mnts.' 4rvJ the Olrector5' Rep)rt indudgd withwi tho Trusteos. Roport h98 b••n prepa¢ In vAlh applicabkn 1 requinnts. Matters on tthi¢h w• are required to r•port by exc•ption In the li9ht of the knOWge and vnder51anding of the gTDUP and tho parent tharitth Company and their enviror+ment obtained In the crwJr5e of the audit. we have not ¥Jentifd m8tsrial Thtsstatements in th• Oirectors. Report induded wthin the Trustoos. Raport. W• have nothv¥ to reF4Jrt in r•spect of the lollwng matlers where the Corrp8nles 2006 and the Ch8ritw Act 2011 requires us to report tr> you rf. in our rymn.. a¢Jequale and Sfftt accovnts.ng recorls have not been kept by Ihe p•onl charilab mpafty. or r¢lums adequate ow audrt ve been fK¢F¥ed from branctss nol visiied by us.. Cf parent ch8nlable cornpany financi81 Statèm • not agent tth Ihe ac¥ArttirvJ records and returns.. c¢ certain ¢JisckJswe$ of trustee5' remuneraln speCifd by are m•Oe.' wa havè not ro¢eNod all the infonnatK•n and explan8tKTh w raqulrn lor r audit: or Trustees ware notentitled to preparo Ihe fInrial ststements in accordartè vAth the small compleS regim8 and tak• advanla90 ol lh• smam companies exerrplKinfrom Ihe reqLtw•menl lo sxep8re a Strategic Report in preparing Ihe Trustees. ReFtyM. RpOnsIbilitI•l of truBt•¢¥ As expJ8ined fully in the Stalerrwt of Trustees. resp)nSibrtIeS Set o¢Jt on pag9 20, the trusl¢e (v4ho arè aLso the direcicrt of thè ¢hari ¢tJmpany forth& wrptsses of company lawl are r¢$ponsiblo for the praparabon of the finartial statgmants and lor bsry salisfi•d th8t gi a true and fair view, 8ndlorsuch internal control 8sth•lYustsos dotèfmfft• is n•wrylo8r+abb the prrat4)n01fITr3IKIal statements that aro free from material mls5tsternnt. du6 to frathj or grror. In pr8paring lhefinCI ststements. th8 trustees ar• resp$18 fora$5$1rj the group's and par8nt ¢harrtabl¥ mPanS ats.lty to COrrtue as a goiro ¢OnM. disclosing. as awtablg, matters related to w.ng concem and using the gcrfrvj ¢(¢$M ba$1$ of a¢¢ounting unlw Ihe trustaes th•r 4nt8nd to quidate Ihe griMW orparont dHritable comppny ty to $1 or hav• M raltst aMemativ• trt to do so. Auditors r••ponslblliti•s forthe •udit of th• flft•n¢l•l st•t•m•nt• Jr objectives a to obtwn reasonable assurance atrt ¥•h•ther thg financial statements 8$ a are free from m8leri#l misststerrenl. tknether due to fraud or erfor. and to issue an auditorfs pOrt that Includes our on. Reason8tik assurance is a high of a¥surance. but 15 r1 a guaranl¢e that gn audit ¢onducted in accordanc8 Vrtth ISAS IUKI wll dètoct a material rnissta1eThntWhen il •xists. Mlsstatements ¢an arisg from fraj or error and aré cons1•r• matwial rf. indiwdualty or in the agJr•gat8, they coukl roasw8bty bg expected to fiUOnL th8 lliC i18cispxts ol users taken on the basi$ of finanaal statemonts. Th•oXt•ntto whkhlh audtt was e•nsld•rnd of120t11 InyA•rfll•, Incbjdlngfrnud Irr•guiqrikn"e$ 8r8 instances of norrfomplianc8 with laws and fg9ulatw)ns. The objg¢tivos of our aLtdit •re to obtain SLrtrKient appropnate avort ewdence regarding compliarbce ith laws and regulatws Ihat have a dlreet èffÈ¢t on the déterrninÉtion of materol amounts and disdosures in Ihe fJnÈncial statements. to p8rfoffft audrt wocèdures to he Id¢nify Insiances of Tr)n•complTanc8 wilh other laws and regulations that may have a material effect on Ihg finanoal st3tem8nts. and to 5pd approFMatèty to byentified or 5usrected fW&comk7nG• ¥•ilh Laws a1 regulotior identified during the audit. Page 22
INDEPENDENT AUI>TfoR'S REPORT TO THE MEMBeR8 OV UNIVERSITY OF LEICESTER STUDENTS. UNION l¢ontinu•d) r•laion to frauj. the1t1e$019ur 8tythtare to Idoniify8nd a8$kolmatWl mi88tstemenl' of the fm8n¢lal statements due frèud. to obtan suffiwit appropriate audit eviden¢¢ regarylry thg assessed risks of materlal misstslement due w fraud Ihrwh designing and 1rnpltin9 appropriate respwses and to reS[d •pwoprf•tty lo fraud ty suspected fraLbJ KIentid durirvJ th• •udit. Howevgr. it Is Ihe primary $)nsIblty of m8n8gerrnL wilh oversight ol tb)se thargad th govemance, to ensure that the entitls oF*rat are condLthd in acoydarte wilh the pro¥i5Kns of s and r•gufations and for tho prnVti and dat•elion of fraud. In Id&nOfying gnd assessing r¢ks d Jmatwlal Misstat0 in res of IrregritI0$. hdudlrYJ fraud. tho group au¢Jit ¢NJagem8nt tsam: obtsined an underslarKlirMJ of naiure of the se¢ior, induding Ihe legal arKI regulatory frameworks that tha gTOUP and par8nt charitable company opwat•s in and how th8 group and parent charitabkn coxpany are wilh the Wl and reguFatory tr4mwrk$,' ffiquired of managemt. ar#J Ihose chafged with govemance, about thew identificoUon
nd assessm•nt of the r15ks of Yregularitie$, in¢ludng any kthjwn actual. suspectod or aH6gtd
irtstane•s of fraud., kncludiNJ assessment ol how aTrJ whore Ihe finan¢fial statements may be sus¢eptb18 lo fraud As a TB8uIi 01th8 pmc•durt$ nSId•rthe most sp3nlTKant and rngulab.ons Ihathave a direct Impact on tho finand81 ststem¢nts are FRS 102, Chanioes SORP IFRS 1021, Companles Act 2006. Charfti8s Acl 2011, the par•nt tharitsblo companls goveming ¢Jctvment. and tsx. W? perforrn¢d audlt procedures lo delect nonrycornplianc which may have a material impact on th• financial stst8mgnts which inclu¢J8d re¥wir0 Ihe financial slat•ments including the Twstees. R?Frt remaining aknrt to n or unusual transactitsn5 vlhth may not be in )wJrf8re wrfh th• govwning th)cunw)ts, Inspecting ¢ryreSpond9r ¥bith kKal tax aut1xit$ arrfj evaluating advK Tlved from bn¢•rr•l advistys. The most signrfcant Lqws and r•9ulatKJns that have an mdwect impect on the fm8n¢ig1 ¥tslernents are those ift relatKJn to the empkjyment reguLqlls. Equathty Act 2010. GDPR and daia protectKJn act. and healih and safety r89ulations. We performed audit ProceIeS to inquire of management whelher the group is in cornplkgnce wilh these laws and rngulatpxs and inspecled crnpondence wlh regulatory •uthoritio$ Th• grvup audit 98g&mant teom Id•ntifi•d th• risk ol manag•m•nt overTid• ol controts as the area V4h6Te the financlal slatem8nts rrtht SUSC8ptibl• to material mlsstatemenl to fraud. Auail procedwès performed included but ra not h'miled to lestirvj manual joumal entri¢$ and other adN$trn•nt$. •valuating thtr busiries$ watn8 in reltn to $HJnrfr¢ant. unusual transactions and transadons •nlered into ¢yJtsid? th& ncmal ¢ours• of buMss. chaIng•n9)udgm•nts and estmnates. A furthw descrylv)n of wr r•Spn$s ky fv ¥wtit ol ffirwKK41 stat¥mMts i* provided on th• Financial Reporb'ng Council's website at h ..ifvAw.frc. .uWaudrtors This descrt fomis part of oyr auditof s rewt. Pa9¢ 23
IMDEPENDEIIT AUDITOR'S REPORT TO THE MEMBERS OF UIMVERSITY OF LEICESTER STUDENTS. UNION Icantlnuodl of our report Thi8 report is mad• soletyto the charitabb companl5 mornbets. 85 a b)dy. in accordance wilh Chapter 3 01 Part 16 ofthe Companies Act 2CrfJ6. Our audK ha5 been undertaken so thal we rnlghl stsle to th• ¢haritsble company's member5 those matters woare Wed to stste lo thoffl in an •uditorf$ Tgport aThl for olher pu1)Se. To the ful1 eXtt pefmitted ty law. we do not Cept or assume responsbility to ane othgr than tha ch8riwbk f))nwany and the charAabk company'5 membgrs 8$ a bJdy, for our audil welk, fc* this repo¢ or for th8 OPInS we have formed. LSMuK&I,èI GarElh Jones (Senior Slatutory Auditor) For and on behalf ol RSM UK Audit LLP. StatLrtory Auditor Chartarad AaunnIS Rivermead Hous8 7 Lewis CtyJrt Grove Park Leicester LalStèr$hir• LE19 1SD 29103rd023 Pag• 24
UNIVERSIry OF LEICESTER STUDENTS, UWION {A ¢ampany Ilmlt•d by gu•r•nt••l GROUP STATEMENT OF FINANCIAL ACTivmES INCORPORATING 14COME AMD EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY X122 Unr•strid R•stri¢t•d Total futhd$ funds fund$ 2022 Total funds 2021 INCOME FROM: Doftatio and1gga¢i Charitabl& aciiwties Other tradirftJ a¢tivrts 1.136.940 1,136.940 1.434.787 409,488 409.488 109.079 196,188 38.364 196.188 Inveslrnents.. Share oljoint venturE net iMy)m• Interest receivld Other income 65.718 2.231 18.563 65.718 2.231 18.S63 103.279 1.366 8.330 TOTAL IMCOME 1,419.640 409.488 1.829.128 1.695,205 EXPENDITURE ON: Raising funds Charities aC'v18S 53,243 1.IA8.933 53.243 27.827 391.022 1.459.9S5 1.894.498 TOTAL EXPENOITURE 1,122.176 391.022 1.513.198 1,922.325 NEf IN¢OMEI{EXPENDtruRE) 297.464 18,466 315.930 1227.120) NET MOVEMENT IN FUMDS 16 297,464 18,468 315.930 {227.120) RECONCILIATION OF FUNDS: Total fvnds braught fcfi¥ard 16 478.808 268.420 747.228 974.348 TOTAL FUNDS CARRIED FOAWARD 16 776,272 286.886 1.063.158 747,228 The stement of fin4nrial inck¥Jes all gain5 aThJ kjsses rerogni5ed in the yew. l incow arKI expenditufe derive from ¢ontinLMny operalions. Dètails of the comp¥rntW¢ group stslwnenl of fnancTral adi¥itses are in note 21. P8gg 25
UNNERSITY OF LEICESTER STVDEIITS, UNION (A panY lknltsd by gu•rant••) GROUP BALANCE SHEET FOR THE YEAR E14DEO 31 JULY 20 Cryny r•glstratlon nymbgr 07303101 20 2021 FIXED ASSETS Tangible assols Investr)onts kn joint venturns - Share ol gross assats - Shar& of gross liabiTrlles 10 156.9)9 30.977 878.623 {57.955) 841,015 (86,0651 Share of net assets Investmgnts in aswdat•S 11 11 754.950 977.57T 785.927 CURRENT ASSETS Stctk$ Oebtors Cash at bank and in hand 13 14 78 34.051 1.897.937 89.090 1.808.367 1.897.457 1,932.[6 CREDrroRS: arrKwnts falllng wilhin one year 15 (149.1221 {73.4581 NET CURRENT ASSETS 1.748.335 1,858.608 TOTAL ASSETS LESS CURRENT LIABILMES 2.725.912 2.644.535 1 pension s(*orn• Ih8bikty 19 11.662.754) 11.897.307) NET ASSETS 1.063,158 747.228 THE FUNDS OF THE CHARITY Rostrict•d funds 16 286.886 268,420 Urtrestri¢ted furrfts G8noral funds Des#Jnated funds Pensw reserve 16 1.276.981 1,162.045 11.662.754) 1200.516 1,175.599 11,897,307) 776,272 478,808 TOTAL CHARTfY FUNDS 1.083.158 747.228 Th• financial $tstèments on pw 25 to 50 wer8 aFwved aThJ aulhtri8¢d for issue by th• Board of Trustee8 t 01loslos and swjned cn t"1 b¢haN. by: R J•nkln8 TruBte• P890 26
UNIVEftsifY OF LEKESTER STUOEtirs' UM
{A COMpY Imlted by 9U•Tant••)
CHARITh BALANCE SHEET
FOR THE YEAR ENDED 31 JULY 2022
CoJT4)any r•wlstrallon numb•r 07303101
2021
FIXED ASSETS
Tangiblo ass•ts
Invesknents
Inveslments in assooat•s
10
11
11
Is6,)
30,977
1.911
31.079
CURRENT ASSErs
Stocks
Debtor5
Cash at bank
13
14
78
33.74S
1,897.937
2S.381
1..367
1,833.748
1.931,760
CREDffQR8: 4rr¥)unls faming due wilh
on• ar
15
185.415}
{73.1541
NET CURRENT ASSETS
1,748.333
1.858,e06
TOTAL ASSETS LESS CURRENT UABiunE8
1.5.244
1.889,685
Defined pen$ffi sthme Iwtsilty
19
(1,662,754)
(1.897,307}
NET A&8ETSIILIABILmES)
242.490
(7,6221
THE FUNDS OF THE CHARirY
R8strthf5 funds
16
268.420
unré5trted lund$
General funds
Dasgnaled ThyS
P8nsion rgwyg
16
456.313
1.162,045
{1.662,754)
445,666
1,175.599
11.897,307}
{44.3961
(276,0421
TOTAL CHARITY FUNDS
242,49)
17,6221
As pemlitt by S408 C
UNIVERsirt OF LEICESTER STENTS. UNIOII IA company Ilmll•d by guaranle•l GROUP STATEMENT OF CASH FLOIIS FOR THE YEAR ENDED 31 JULY 2022 2021 C•sh Ilows fromlllol op•rndng acllvltl•s Net cash prov•Jèd byllusod inl apwab"rwJ adi¥itios 18 54.455 (371.829) Ca•h flow• from knv•8tlng actl¥fti¢$: Interest received Purchasg of tsrKJiN• fLx•d a$s•ts Prc*eeds on di5POs81 0ftsroj1e fixed assets 2.231 {164.2421 17.986 1,366 N•t ¢•sh (u•ed Inyprovidad by Inv•sling adlvlll (144.02SI 1,366 Chang• in cash ond ugh èquivalenlg in th• y••r Cash and cash equivalents brought foThYard (89.570) 1370.463) 1,897,937 2.268.400 Cash and ¢ash •qul¥aknnts urrlod frmrd 1.808,367 1,897,937 Page 28
UNNERSITY OF LEICESTER STUDENTS. UNII)N IA ¢omp•ny limll•d ty 9•1•1) MOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENOED 31 JULY 2022 ACCOUNTING POUCES Charity Inlomiion Unfv¢rnty ef Let¢stsr Stud8nts' Unitin IncoOr#I•l charitable cOmpY (company rwster numbor073031011 thmitod byguarantge. ¥Korporaled in EngkTrJ andWal8s. Its re9lsterod office and prirripal place ofbusinoss is Unr4ffisryofL&c•ster Studenis, Unknn. Porcy BuiK1ing. Unlversity Road. Lethst8r, Lcest8rshe, LE17RH. The chaiitablo company 1$ al80 r•aist&rèd at th• Charfty ComThw$s with a charty number of 1137811. The rnain aims of Ihe UnNe ofLeicestef Stents. UnKm atelhe •jVaemert0fth¢ students at lh• university for b•r¥offt. Bagls of prnparalion ollbnanelal stat•m•nts Accouniiw conv•ntlon The financial $1gl¢ments hav• been prèwed in a¢¢wdartO Wth AcoJnb"ng 4nd RoFQrtin9 by charth¢$.. Siat•mont ol Rèeommènd8d Prach'tè appfieal)Sè to ChallS wparing thèir acuunts in ++• accordanco th8 Financial Reports"ThJ Stsndard aPp1Kab in the UK and Republk of Ireland IFRS 1021 Icharityos SORP IFRS10211 laff8cvo 1 Jarxjwy 20191 the Finandal Rgporbng Standa appIlbIt in the UK and R¥putAK of Ire1 indLtdirvJ adoplim of th& •m•ndm•nts l&wed In Decembor 2017 {FRS Iff21 and the roquwemonl ol Compgny 8 2016. The fanal ststements a Wep3 in sterfing. whth is Ihe funCtRal of the ¢hawil8b company. VKJnètary amounts in Iheso finaftcK•l statwnerts are rtyJnded to ihe nOa$t £. University of Leicester Students. UnLon meals the defrakn of 8 pjblic benefft entty under FRS 102. Ass¢ts and lbIliti.e$ are inttialty rec(wJnised at IstOri1 cost or transadK>n ¥8$ unl8ss otheis8 slated in the r81eAnt accounling [1. In accordance with FRS 102, the chwilable COMnY has tthen athlantage ofthe oxeftwt$ from th& followrKJ dis¢k)sur¢ wwr¥m8nts: S•ction 7'Statement of Cash Fbvts' po18110n of a Stat•rnent olcastt Flthv and r•lated notes a1 di5clo3ures for the tharitaNe conyny. S8ctian 33 'R8tatèd Party Di5ch)sures' CompThtion tr key monagemni p8rscA)nel. Thè finanty81 statements ol Ihe chafStth company arn ¢wsolidat8d in these fmancwl slalomw ol Univ6rsty of Leicester Students. Union arttl thes• final statsm8nts are available from the registwgd offlc•. BAsl¥ ol ¢on¥olld•tlon The Slat&mont of Final Adiwties and 88lanco Shoet cwolthte tho financlal $tatgrngnts of Ihg CharItsb company its subsidiary Undwtski. rgwlts art 5018t on a line by Ilne basis. all intTaroup transath.ons and ban Vilh the sub$¢di•y ¥e g1iminat#d tsn consolidati. Joinl ventUS assttiates •re statèd 8t the 9roup's sharo Df nèt assets. lo the extènt this not impaired, and the w's share ol th¢ n81 sPw• of tha profits or bsses of the joiftt ventm and ¥ssociates is inckthd in th¥ Ststemènt of Flnancial Athitses uslng Ihe equty accountirvJ tAsis. AU th• stolemgnts arn modo up to 31 Juty 2022. No $8par8te Stst•m8ntof FanCialACVlts95 has l)een prowbted forthe charitsblg company ak)no as permiited by sect)n 408 of Ihè Companies Act 26 as rt k¥epar•s bytsup a¢Unts 8nd tho ¢haT1&• cornpany's indNidual bal•rt¢• sh•th shc&% Ihe eharit*b movgmnt In furKls in th8 finanaal y&w. Page 29
UMIVERSITY OF LEICESTER STUDENTS, UNII)N IA company limitad by 9uarnnl•DI NOTES TO THE FINANCIAL STATEMENTS IGontlThu•d) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUNTWG POLICES Ironunwd) Golng conc•m Folltiwity the fiAanc4al imp•¢t of the Covi&19 pandemK. th Students. Unk)n has ¢onlinLI on phased busi5$ ccnllnuty plan lo respId lo the ¢hwyd onvironrnent. A rnstru¢tur& ofth& $tsfflng t&8m in tha summer of 2021. oloNJsth forè¢asts lor the ¢omin9 thrèa years havè Mod&1 how fall In Univ8rslty ftjndi 111 impact Ihe Studonts. Union. These foT8C88ts are based on known inforrnatKJn at the time o compiling and wll b• and rrKJdffjd on an ongoing basis. B88 on Ihis and Ihe avaiLle ¢8sh $e$. the Iruslees ¢cwidor thatthè group has adoquate funds and $ufflc6enl cash flows to maot its liab1fftS 8s they f811 due for at least one year from the date 01 approval of the accounts. The trustees aLso ¢onsK1er that rt$ an1pat•d futtwe obj•etNes can be met and have IhgreloTe preparj the financial ststem&nts on the gorJ conc•Tn basis Company status Th8 charitable company is limited bYguarant. In the event of the dritable o)mpany boing wound up, Ihe liablty respect of the guaranlee is liniled to £1 of the charrtab company. Fundlng •eeountln9 General fvnds are unrestrithd funds whith ar8 avaikgble for usg at Iho dlscr•1ion of th• Trusts•5 in frJnh•ranc• of lh• obl•cbv• otlM thilabl• con4)ony and whKti have been dosgn8ied for other purpose8. Reslncted fijnds art lunts wch are to be us&J n accordwth wth Spathc rn¢tim$ ImF4)s•J donors or which have boen raised by ihe charitatile company frjr particulw prs05. fht Costs 0¢ raising and administoring suth lundsarg dr9ed 8gainst Ihg spèofic fund. Th? aim and of each $t$¢ fvnd ts $8t in th¢ notes to tt finanual statemerts. Inc hjl income Is rwnlsed once th8 ¢AarIt88 ¢Nnpany has •nMoment to Ihe incorre, h is probabl• that ihe inccrfno will bo roc8ived and thfr armjnt of incomo re1Vable can bg aSUred reliabty. Donated seMce8 ¢x facilt1 are r•cc#3nised the drilal4e control ¢)¥er thè rtom. 8nyconditions associated vhth the donated rtèm have meL the CeIp10f8¢QnorniC t)enefit from the use of the ch•rity of tho itgm is PrObae and that ormI¢ bgnth can b8 measur•d mliabty. On receipL donated prof•ssional saNrces and donatsd facilitss aro reD)wised on the basis of the value of the gfft to th8 Chatable cornwy whith tho anKJunl tho chari1818 company would have been willing to pay to obtain sw¥ior faulths ofequivaw eConniC tsenefil on the open rnaFk,' • ¢orr•sponding #mount B then re(xJnised n exwrKliture in lh8 wrK¥J of rncipl. Other Incomo 1$ r8cognis8d in thè period in wl1icti rt is recwabf• to the •xl•nt th& wds havo bo8n pro¥Aded OT ts)mpletK)n of the swice. Int•rnst r•c•lvab Interest on funds held on de[t is induded vtrhen rec8ivable and the amount ran be mea5UTed r•A8bly by thg ¢haritst40 crynp•ny; is nomMIty upon nob"ftslion of thè intwest or payabl by the Bank. Grnnts The recurrent bkxk grant IS receivab from th• Untversty of Le$1•T. The grant is ryediled to th• incom and expendlture ac¢ount in th• year to whKh il relates. Projoci grnnts are pnJigCt bas•J grants are rK•ivabkn frun the Univgrsity of Le*estsr and oth•r lding bodi8s. Govgmrnenl 9rant5 arè rg¢c¥Jni590 81 ts faw valug ol the èsset Yg¢th8d or 1vable whon Ihem is r¢860nablg asswarK¢ that lh¢ an¢ corKlitic#is will bg m8t s1 ts grant will be received. Page 30
VNIVERSITY OF LEICESTER STUDENTS. UNION {A G¢mpafiy Imitad by gu•ranl••) NOTES TO The FINANCIAL STATEMENTS (¢•DIlM) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUNTING POLICIÉS Ic4)ntinwdl Exp•ndltUf• ExpensJltur8 is rKognlsrAI once Ihèrn is a al ore(nlnth obhgatrofttotrar6f•recomnK ban1 to a third paty. il Is probabl& that a trafer ol aconomic b&n&ffts wll be required in Set1Ment and. the amountollhe obligats¢)n can bè measured 1?bty. ExpendiluTe iscbsSff by8¢tlty. Thg costs of each aclivty are rna(Jo up of the total of direct costs aThJ sharod u)sts. indudry support Costs involved in undwlakng oath acti¥ty. Direct ¢>)sts attrittablE to a single admty are al¢dxied dIreY lo Ihal acknty. Shared (J)sts which contribute to rn0 than activty aThJ supF costs linc4udin9 9¢)¥em8rKo Sts} which are not attributable to a $irvJle activily arè apwtimtd b¢en thos• aclNities on a basis consistent with the us• ol resc•Jrces. Central $tsff ¢osts are o110¢8lfjd on the of tine $p8nL and d¢pv8oat#) ehapjgs allocated ¢)n the ptsrb'on of ih8 assets uso. Tanglbl• fix•d ass•ts and d•pr•dathM¥ Tanglble fixed assets are initially rec(¥ded at cost arKI subsequontty fneasuTe¢l al olst, n•t of depwalion and any pro$ lor impaiThnenl. Tartrjibkn fixed )stIng mr• th £1,000 are capitalis•d aThJ •ll olh•r •xpendilurg is dwrged to Ihe statement of financial adivit18s In th8 ineuffed. DeprecialicA) is Eyo¥thd al rate$ ¢algJbted to write off c4)st of fLKed ats. kn$$ th&ir •stim•ted msljual walue. over thlyr •XFrft•d useful lives on the folbwirpJ bas•s.' Fixtures and 4uipnnt 20%. 33% of cost Investments The charitsbjtr ¢4)mpany'$ fixed assgt inlMents are valued at Clt whith is th& Twsts95' bost a¥frrnate of fair valu•. as th8s0 assets •r• rnt rg>Jity sa1••b and a relHbl• mark•t Val Is not re4dily as¢ertainab. Sthidiyry uThJortakNIgS Inv8sbnents In $ubwdi8ries are vald at COSt kns provision impaKm8rt. Ass¢xi8led undertakiws Invesknonts in a$slateS arn vaued at eost lèss provtsi¢)n for imwmwt. Joint vèntures Investments in thejoint venturos valued at Cost provrysw for impavmenL Imp•lmi•nt offlxed Ms•ts An Assossmant is m•dg at eath reporty.ng date of tth•th8r trr• ar• indication$ that a fvxèd asset may be impairgd or that an impairment loss rncc¥JnL8l has fulty or partialty rav8rsed.ll suth indications èxist, lh• ¢horltablo wnpany estimatos the rewerabkn amount ofthe ass8t. Shortfalls lWa•n the carying valu&offry8d 4SSand theirrectsvor•amounts. boiThJ th& h&her of lair value 18ss costs to setl and ValUe4ne. afe roctyised as inyairmbnt bwos. Imp3imi8nt losses arè re¢c#3nis•d in ststement of finan¢ial activths. Rewr1$ impaimrt losses are rBv8rsod if. only rf, Ihe rea8 lortho tr)w•fftnt kjss hav8 ¢e8s8d to appty. Reversals of impaimienl loss•s are r8ctsJft15ed in sl•t•rneni of finon¢ial aCtities. On reversal of ¥n impaiment loss, the d•preoat*Jn 1$ adjustod allLKate Ihe a$s•t's VIsed caryng 8rMunt Itéss any rfjsklual value) over its remAinirvJ useful IN•. Pag• 31
UNIVERsifi OF LEICESTER STUDEKfs' UNION IA tompany Ilmlt•d by gu•r•nt••} NOTES TO THE FINANCIAL STATEMENTS l¢omlnu•d) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUNTING POLICIES (¢ontlnwd) Stocks Stocks are statsd èt the e¢JSt armd estlmth sollirwJ prta ss ¢¢)sts to conW8 and sell. Cost cornpri of diroct Matt$. At each roFthry date. the tharitth eunpany assesses whèther stocks arg npalrod or if any impairnient lo$$ renISed In wicf perhids has roversed. Any exce55 of Ihg Garrying #mount of 51rxk over its eslmated sellin9 wi¢e sS costs lo o)rnpte and sel is feccgnksed as an impaimont loss in 8latemenl of fmanry81 activths. Flnancial Instrumènts The Charliab company onty has flnancial assets and fInan1 liabilit$ of 8 knnd Ihat qualfy as 8si¢ fin8ncial instmments and arè not cfjnsidereo tts bè ot A financial natu. Bas finantyal instrumts af& inilialty re¢09n1d * Iwsacllon vabjo arKI subg8quenty measured 8t their sèttkmenl valu¢. Tr4d• and otherdeblors wthich ar• r8ceNabl8wilhin w y•ar and vh)Ich do not con&tUte a flnandng traath"on arg initiaHy rnasured al the transactiw pricfj. Trade and rAher debluTS and amounts" ow¢d by grwp undertakings are 9Jbsequtty mtsasur at atiSed cost. being the transact pr? less any amounts sgtt18d aThJ any xnpawment Cash and cash oqurvalonts Cash and cash oquivaknts includes and moni•s on sl¥xt4emi dwit$ 81 lh bonk and olher short.lenn IlU1 inveStrts rAigin4 maturilies olthree I)nthS CY less. abthlies andprov&wons abililies are recognised when there 15 an 0190t10n at the Batsnce sh8¢1 datè as a of a past event, f¢ 15 probabl• that o transtsrof r(IMi¢ bonefft Mll be required in $ottl•m•nl, 8nd amount of th• $otU¥m•nt ran bè •stimat8d rèliabty. Liab61ilie5 are rgcognisgd at ts amount Ihal th8 ¢horltsbk company antiGP8tes rtwTrll payto sètu8 the debtorth• anh)unt it has r8CA•iv•d as advanced Poymonts forthe goo¢Js LY must provkle. Penslons The Union p•thpates Ihe Stents. UnhM Sura181)n S¢h•m•, wPich is a dfird benefit Ponsion scheme whose meMbe1P congsts ol wnptOy•os ol strjdents. unions and related bodies IoUghOut the c¥)unty. efilS in respect of seTricè up to 30 S8ptwnber 2003 are accrued on a )al $81•rf basis, with bereffts in respect of seTrti from 1 October 2CKJ3 accruing on a Career Ara98 Revalu EamiNd$ ICAREI b•sts. With effecl lonn 30 Seplernber 2011 the Scho c4os•d to future attrual. The Scheme operntes as a poobd arrarbgem•nL with contrlbutlons paid at ¢entr41ty 89r¢ed rat¢. As • ¢orwquence. no share of ts undertying asséts and liaknlities can be diracty attributed to th8 Union. Hcfwèv8f, thè Unth has entpJed into an 8rrangoment tts ¢10or thè sch8m8 d&ficit over a 20 yèar p8rrod. Thè Nal Prèsent Value of the Union'8 ¢ontributior as part of Ihis pLan ar8 reflect8d as a liakn.lity lh& balanc• she8t, will twjuco as thoy are poid. Tho charitthe company also contributes to the NUS Aegon Pw6K)n Scheme and th8 govemmonl approv6d NEST sch8m. The annual cmtributions payab arecharged lo the $tstem?nt of financrdl activ¢8. T•xatlon No provigon for ¢¢porthn 18x has been made as the tharitith c4ynpany is exernpt from Corporaan tsx on its incc¢ne ènd gainsto th• trnt that these are 8ppled to its ehArit•blè #etNitiès. The nonwClritae subsidiaros will b bJ9¢t to Corptrotv Ta¥ #ny wofits nol gift aid8d io tho charitabkn pamnt within 9 months ofthg balanc8 *01 dats. Page 32
UNIVERsrrY OF LEICESTER STUDENTS, UNION (A company Ilrnltsd by gu•r•nt••l MOTÉS TO THE FINANCIAL sfATEMENTS {contknu•d) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUIITING POUCES Iconlknu•d) Employ•• bon•fits Tho rthts of S.t•M wnployo¢ bondts ar• reC¥j9nld as 8 riTrty a1 an 0xper. Th9 Cost of any unusod hoknjay entltknnt is re9ed in thè rrtod in whth the wipbye•'$ sorviees are I1. T&minOn bwfrts arg r¢¢ogniW irrrfne(liat•y as an 8Xpe wthen the charitable coffpany is dgrnonstrably wmltted lo terminate the empbymènl of eThyloyee (Y lo wovide termination beneffit$. Crftl¢•l •eeountlng è$tim•i•S and ar•as and Judg•m•nt The charity mak•s estimates and assumptKJns conceming ts fubJr• •nd ackntrAedges that lh• re5Utbng a¢cr¥Jnting eslimates and assumpthins WU. by defrtI. s•bJom equal to reLgted aclu Tesuts. Th6 oslmatts and assumO"ons that havo a ygnrficant risk of¢au$in9 a matèrial adjustmoni to Iho caffwn9 aK)unts of assèts ar I"abiliti9s withln Ihe xI Ilnan¢Jal year are discuss•d b810w'. 111 Penwon dofl¢St contn"bulion The charfjty has &ntWg(l into • commitm8nllo pmid8 dofjdlfunding tothe Studenls, Union SUpwannUatK Pansn Schem•. ofwluth tt ts a contributing empknyer. Under FRS 102, Ihe law vv dth• ¢c•Ywnitnnt is rwdnised. Th• cab)Jbtion of falr value of the cNnmrtment is subj•ct to an assumption of the discounl ¥ale. Thi$ discount rate 1$ ¢etemiincd by rtsren¢e to mwei yfelds at tr rel19 date on high quality corporal• bonds. Tho commitment indud8d in tho balane8 $heet atthe bane0 sheet date 1$ £1.662.75412021. £1.897.3071. li} fKJnation of fa¢ilitsS by Urdvorsity of Lei¢esier In accordanc8 wlth th• charl SORP FRS 102. tm Union and its tradln9 sub5idlary has valued tho ben8fft it roceiias frcyn ocwpwrJ fadlities own8d by tho University on a Tent- fr90 basks, al ts truslees. •stimal8 ol martet valuo at £229.440 {2021: £229.4401. lili) st costs Marny of th$ ts)sts inojrred by the un such as $uFyort staff costs and seThfi¢e costs aro shared befvjeen adMli8s. The UnwM's poli¢y is to th859 cosis on the ba$1$ ol assessed consumpbty). IMCOME FROM DONATIONS AND LEGACIÉS To¢•1 funds 2022 Totsl funds 2021 lund8 2022 fund 2022 Donations and Univètsity Grants Grant of sorvicod w)mmodal)n Pèèr Mtor fund5 restrithd incomo Stths grant Job retentn stheme 9rarts 7.5 7.5fy) 1.111,343 229,440 229,440 48,000 34.794 11,210 Totsl dCfflatK) and 1.136.940 1.136.940 1.434.787 Pa98 33
UPIIVERSITY OF LEICESTER STUOEIITS. UMON IA Gompany lknttfjd by guarnrt••) 140TES TO ThE FINANCIAL STATEMEPITS (¢onUnugdl FOR THE YEAR ENDED 31 JULY 2022 OTHER TRADWIG ACTMTES Univorsty of L•i¢•stgr Slud•rts UrNon owns 1(Q% of the Is•d shar• ¢aF4tal of its $ubsYiary, uhrer1ty of L8i¢esterStudents' Unkn Trading Ltd. a ccmpgny wh¢h ts incorporatod in Ervjland gnd Webs (company numbw 028215061. The register&J offirA of Vnivw5ity ol Leicester Sludtnts, UnJn Tr•Jr¥J Lld is the samo ès Urrivwsity of Lgic8$1gr Slud&nt's Unk)n. The subsidiary particrpates trading actIvit5 rèbabrvJ to Iho chartta$ ¢ompany. Its taxablo profft5 are donated to the chari¢able company. A summary of thg sub$dl)ry's resuls whth are consolidated in th fancial statem8nts is shown bekN'. 2021 Tumover Cost of sales 196,188 114.2511 Gros$ prdft 181.937 37.583 Administrauve exponses Olhor opgr•tlng Ir (38.9921 (27.046} 2,IXIO Profft b•for• and aftertaxatlon forth• finan¢lal y•ar 142.945 12,S37 Distr1ttIon to porert thwity urKJw •d {142.9451 {12,537} R•sult for th• finan¢laf y•ar The nel 8s8&ts of Unlversity of Leicester &udents' Union Tr8ding Ltd at 31 Juty 2022 amounts io £212021.. £2 not a&setsl. bwng current assets of £64,30412021.. £14.9S4118ss ¢roJilors within ono y•?r of £64.30212021: £14.952). INCOME FROM WVEsniENTS Unr•strfctsd fund 2022 Total fund• 2022 Total funth 2021 Sh8re of joint venture nét incom¢ Bank interest received 65,718 2.231 65.718 2,231 103,279 67.949 67,949 104.645 Pag8 34
UNIVERsrrf OF LEICESTER STUDENTS. UNION IA campAny Ilmit•d by gu¥*nt••l NOTES TO THE FINANCIAL STAIEIIIEMTS (conllnu•d) FOR THE YEAR ENDED 31 JULY 2022 ANALYSIS OF EXPENDITURE BY EXPENDMJRE TYPE Total 2022 21122 University of Leustar Students'union Trading Ltd 28.423 24,820 $3243 27.827 cts of r•lslng fvnds 28.423 24.820 53.243 27,827 Edu¢atTon & r•prntth 366.328 Weffare 67.102 Campaigns and Communications So¢ielles & dubs Sports grant Peer mgntoring Trnining 6,673 3.9n 83.450 27,458 436.4$1 98.537 601.118 211.030 118.935 236.930 5.325 10.986 33.149 157.409 49J.749 738.665 269.165 687.838 34.794 42.570 47.983 2.140 26,753 26.753 c19 of ¢harit•bl• 618.138 26.961 614.856 1.459,955 1.894.498 846.S61 26.961 639.676 1.513.198 1.922.325 Page 35
UNIVERSITY OF LEICESTER STUDENTS. UNION {A ¢omp4ny lknlt•d by gu•rante•) NOTES TO THE FINANCIAL STATEhlENTS l¢onllnu•d) FOR THE YEAR ENDED 31 JULY 2022 ANALYSIS OF EXPENDITURE BY ACTivm Certain Central ovwhfrad support costs have be reatbcate(I to ts ¥aS aclivii&s as rnted In Ihè acts)unting Th• thrs rnalkKalfon on th• oxpeThliturg head here.. Aed¥lU•$ ¥ttd•rtak•n Sup1> dlr•elty costs 2022 2022 Totol 2022 Tot•1 2011 EdUat & r•wgs•nlatJn Weff8r¢ Campaigns ar lL¥nmuntitS Stsryelies & dubs Sports ganl P•ar mentrj ToinirKJ 342,711 93,740 98,562 157.409 318,461 436.451 801,118 98.537 211.030 157.409 269.16$ 738.665 687,838 34.794 42.570 47.983 420,204 2,140 26,753 2.140 26.753 Total 791.783 668.172 1.459.955 1.894,498 Support costs ¢ornprl4•d:. 2022 Staff ¢osts 471,221 506.584 26,961 32.528 229,440 229.440 1S,708 14,609 25.302 25,303 1234.5531 358.468 5.714 8.065 1.439 2.756 4.551 1.932 123.695 249 Rent Insurances NUS Subscription Ponslon Schem8 Fundw Marketyr¥J Costs ststKMwy and lophone G8reral building repairs and c8niThJ 8ank charges Other sUPPOrt costs Loss on dpol ol Ted assets 2.120 124.820 Total 668.772 1,308.180 Page 36
UNIVERSITY OF LEICESTER STUDENTS. UNION IA conyany limhd by gu•rnnts•) NOTES TO THE FINANCIAL STATEMEPITS (¢oTrllnu•d> FOR THE YEAR ENDED 31 JULY 2022 14ET INCOMEIIEXPENDITUREI TNS is slatJ after charging 2022 2021 Oepr8cialon of tangibS& fLxod assets: . owned by th8 ¢harilabLq group 26.961 32.528 Fees payable to RSM UK LLP aThJ ts as%thle5 li restcl of both audit and nonwaudlt s•fyiee$ as we Ik. 2022 2021 Audit seNO$- statuiory audit of Charrtab CronpY aTrJ consdidat¢d acts)unts 22.275 16,650 Other 8wvle•s.' Audit soMt•s- statutw audit of a$sl#to$ of lh• charitat>l• conpiy T4xakn"on ¢ornpIkan serv All other n1 seNices 2,475 2.650 8.500 1.9SO 2.500 5250 35.900 26.350 STAFF CthSTS Stsff Costs were a$ fdlNs.' 2022 Wages ar 5al¥ries $0¢4al socurity costs Othor p•n$b)n costs 735,545 799.178 61,829 67,234 49.187 52.511 846.561 918.923 During yo•r. tht ¢haritable company made thro812021'. r•IlancY and leThninati)n payments amounb.ng to £30.57412021.. £17.695}. Th• •vwage numbw of p•rson$ by the wnpany dLrring the yearw85 Ps ft>ll0.. 2022 2021 Ful Ilm8 Stud8nts- temi Im8 onty 27 13 21 51 No 8fflpws TOl¥ed refflunpnb" of thw £60.0j durlrvj Ihe WTent or prior year. Key mana9ement personnel of charit•b oJmpAny are eon$ideYd to b• the trustees. the Dire¢tor ol m&mbershio ar*J the Chief Execu• Officer. Durirrfj the year. key managèrnent p•rsonrwl r8¢4ved reMUral¥)n (ind" emplL)yers n¥tal insurance ¢onlributions1 of £289,12712021'. £285.6301. Pa9• 37
UNIVERSITY OF LEICESTER STUDENTS, UNION {A ¢ompany Ilmlt•d by guaranl••l NOTES TO THE FINANCIAL STATEMENTS l¢ontlnu• FOR THE YEAR ENDED 31QULY 2022 TRUSTEES. REIAUNERATION T¢)tsl 2022 T¢>tsl 2021 TRUSTEE NAME Salary P•ng1 A Magala Irosignod 19 June 2021} A Rahman Iresign8d 30 Juno 20211 M Nembhard Irgsoned 30 JU 2021) H l¢heY Irestgned 30 Jung 2021) K Wagener Ir•sign•d 30 Jun• 2022) H Pothan {appointed 1 Juty 2022) R jenn5 E Phipps Iresign&J 30 June 2021) M Kanikanti If¢signed 30 ju 20221 J Mct)onald larFointed 1 July 20221 N Fannor G Henton IT•$igned 30 June 2022) A Robins (appointed 1 July 20221 A D•8b 19.723 20.031 19.885 20,031 21.852 19.459 3.538 21.228 973 20.432 3,626 22.289 1.061 1.821 19.077 1.821 19.459 973 177 1.rA1 973 20,432 3.715 22.289 20,432 3,826 21,228 21.228 19.459 3,538 21.228 1.821 1,821 1.734 Total 132,675 5.394 138,069 129,617 Thern rK) her tntste&tenefits for ihe y8w12021: £nHI. b'ght12021'. fr? Inths recefved reimburs8nnl of eXns9$ in ffjlation to tr8vg1 and $uWstence tolalling £2.94S12021: £610). 10. TANGIBLE FIXED ASSETS Flxturns #nd •gulpm•n¢ •nd Comp•ry Cost AI 1 August 2021 AddlUon$ Disposals 300.750 164.242 140.4401 Al 31 Juty 2022 424.552 D•pr•¢latlon At 1 August 2021 char for the yeor Eliminai8d 4X disFfthS81 269,773 26,961 129,0911 At 31 July 2022 267.643 N•t l)ook value At 31 July 2022 156.9)9 At 31 Juty 2021 30.977 Th• not bwk v•h offflx•d ass•ts Y•pr••nts: 2022 Ass•ts us•d for charitabl8 8cbvits 156.W9 30,977 Pag• 38
UNIVERsrrY OF LEICESTER STiIDENTS' UNION (A wnp•ny Ilmitod by guarnntw) NOTES TO THE FINANCIAL STATEMENTS1¢gnllnu•d) FOR THE YEAR ENDED 31 JULY 2022 FIXED ASSET WIVESThENTS In Jolnt ¥on¢u Group Shar• of n•t a89•ts At 1 August 2021 Shar8 of profft 7S4.950 65.718 At31 Juty2022 820,668 Tho 9roup'$ InveStsnI M) itg win¢al 8ssoci&& hbs been impalred on eonsolldatK)n. Sh#rns In Group lmIertak>S In •0¢1•1¢8 TX•l Conwny At 1 August 2021 Disposals 100 11rxsi 102 I1} At 31 Juty 2022 Ouring the yearts SbAent UnK)n (rf bts yest1n The LeicesterSeryi¢e Patherghlp LimS¢ed for nil o)nsidefatbn. 12. PRINCIPAL SUBSIDIARIES, J0I4T VENTURES AND ASSOCIATES a. P1paI subsldl•rl•8 Unlv•rslty of L•i¢e¥t•r Stud•nts' Unlon Trading Lld Sybsith•ry name UnNwsity of Leest¢r Students. Union Trodin9 Ltd 028219)6 whol rwmed subsidi 1c% Ctsmp4ny registration number Baws of contr Equty $harehoklrng % b. Prln¢lp¥l J•lnt v•ftknr•s Tho Universty IM Leic181 Slud8nts' UNon Tradry Ltd. has a SO% joini ownorsh¢ In tho gnts'ty Student Union Lethngs Limited. a charfty ¥thkh is r89lSternd h En9kThJ arkl Walès. The nattw8 of tho business Is that of a 8lLJeni letDngs agency its ro9islered offic? is First Fhjor Campus Cntrn Buik4ing. Lam. Le1ter, Ler0Stwshire LE2 7DR. Sludent Unton L•ttings Limited (trading as Suletsl i8 a cornpany Iwnited by guarantee and is Ihereforeh8l¢J as •n Invostmenl in UnNgrsityof Lo$19rStnts. Union Trading Ltd at nil valuo. roflgeAing its TO¥abl¢ valu& to Univorsty of Lei¢e5ter Studènts. Union Traditya Ltd 8nd therefcfe its parent undfjrtakirvj, Univorsity of LeIer Studwts. Union. The group a>n81iiUtes 50% Lrf th• awnarship. thernforn fv grixy's $harn of incom• is £729.746 12021.. £9S6,242) and share ol 8xponditure £664.02812021.. £852,963). The group's sham of the total assots Ls £878.62312021.. £841.0151 •r>J tolal liabiblw of £57.95312021.. £86.0621. Pago 39
UNIVERSITY OF LEICESTER STUDE14TS' UNION IA company limited by swxant••l NOTES TO TrIE FINANCIAL STATEMENTS (conllnved) FOR THE YEAR ENDED 31 JULY 2022 13. STOCKS Group 2022 ¢omp•ny 2022 2021 14. DEBTORS Group 2022 Company 2022 2021 Trads d•btors Othor dfjbtors Pr¥paym8nts aThJ acoued irthm• 975 2.202 82.913 8.216 2.347 2.200 20.834 7.914 25.831 25.831 89,090 34.051 25.381 33.745 15. CREDrroRS: Amount• falllThg due wlthln on• yèar r*oup 2022 Company 2022 2021 Trade c¥edrtors Amounts owed to group LKMlertakrys Amtsunts owed to associates Other taxatb)n and securlty Other Credit$ and dofwrod ¥Komo 17.073 1.678 16.563 595 1.678 14.848 1(KS 18,899 10.291 42.4 15.500 229 116.320 13.783 229 54,24S 16,394 10.291 30,043 149.122 73.458 85.415 73.154 Grnup 2022 Comp•ny 2021 D•f•ff•d incom• Oefeffed income at 1 August Resourt8s derred ¢kJring the year Amounts rgleased from prevlous years 5.832 21.775 10.943 15.OWI {15.943) 110,9431 Oeforr¢d bn¢ome al 31 Ju 50.832 5.832 Defgrred ClIM0 rgL4t8s lo amowts re1¥1 in f0SF of MUttYe¥ (y)ntra. Page 40
UNIVERsrri OF LEICESTER STUDENTS. UNI¢ (A eomp•ny Ilmlt•d by yirnntee} NOTES TO THE FINANCWL STATEMENTS (w)ntknu•d) FOR THE YEAR ENDeD 31 JULY 2022 16. STATEhlENT OF FUNOS Group- wrr•nt yur Balanu at 1 August thc•m• EXp•nd1r0 Tran•f•rn 2021 8•lanc• at 31 Juty 2022 R•strl¢l•d lunds cbS and S¢xiets Po•r MentonAg Fund RFU Devebpment F 2S9.197 409,488 5,430 3.793 {388,8821 12.1401 279,803 3,290 3,793 268.420 409.488 (391.0221 286.886 Unr•8trlcted fund General reseNo8 Shares of n•t Incw from joint ¥en¢ure 445,566 1.353.922 {1.343.17SI 456.313 754.950 65.718 820,668 1.200.516 1,419.640 (1.343.175} 1.276,981 D•¥lBnat•d fvnds LSP d¢svJnaied fun(ting C•pitsl and strale9K projects d•gnal•d fijnding 275.fy)0 27S.000 .5 (13.$541 887.045 . 1.175.599 (13.5541 1.162,045 P•nsOon rese {1.897.307) 234.553 11,662.7541 478.808 1.419.640 (1.122.176) 776272 Totsl ft5 747,228 1.829.128 11.513,1981 1.C63.158 P8ge 41
UNIVERSITYOF LEICESTER STUDÉMTS, UNIOM IA company Hmlt•d by guafants•) NOTES TO THE FINANCWL sfATEMEMTS Iconlbnu•dl FOR THE YEAR ENDED 31 JULY 2022 16. STATEMEKf OF FUNDS {¢ontlnuod) Group- prlor y••r Balan al 31 July 2021 l August kncom• Exp•ndltur• Trnnsf•rs 2020 Restrl¢t•d lund8 Clubs and Sc%lets Ptter Mentorirw Furh SFK)rtS grant RFU De4eJcym8nt Fund 247.224 109.079 48,ofKJ 34,794 197.1061 142,5701 134,7941 259.197 5.430 3.793 3,793 251,017 191.873 (174.470} 268.420 unrmtr1 funds Goneral reseNes Shares of net income from jolnt venttjre 4n.604 1.4(4).053 I1.71.324) 322,233 445.S66 651,671 103,279 754.950 1.125.275 1.3.332 11.750.324) 322,233 1.200.516 D•slgn•t•d funds LSP desvJnated funding Capital and strategic proj8cts designal8d luThJirwJ 275.iY)) 275.000 1.222.832 1322,2331 gXI.599 1.497.832 1322,2331 1.175.599 11.899.776) {1,897.3071 723,331 1.503.332 {1,747,855) 478.808 Total fvnds 974.348 1,69S.205 (1,922,325) 747,228 Pag8 42
UNIVERSITY OF LEICESTER STUDEI¥IS' UMKIN {A eomwy Ilmlt•d by gu•ranl••) NOTES TO The FINANCIAL STATEMENTS (contlnimdl FOR THE YEAR ENDED 31 JULY 2022 18. sfATEMe14T OF FUNDS (¢ontlnu•O) Ch•rft•bl• ¢onwy-currnnt y•ar Balanc• •t Bala• at 1 August Exponthn Tr•nsf•vs 31 July 2021 2022 Restrl¢t•d fund• cbS and So¢iets"•s Peer MentOrin9 Fund RFU Developmeni FuTrJ 259,197 409.488 5.430 3.793 (388,8821 {2,1401 279.803 3,290 3.793 268.420 409.488 1391.022) 286.886 Unr•str*t fttnds 445.666 1.300.579 11289.9321 456,313 0•$19natsd funds LSP designated funthrvJ Capitsl and slralegic projec18 ¥s•Jn•tsd funding 275.QJO 275,OOCt (13.554) 887.045 1.175,599 113.554) 1.162.045 Ponslon reseryt {1.897.307} 234.S53 11,662.754> (276.04211.3C(1.579 11.068,9331 144.3961 Total fvr (T.82211.710.067 11.459.955) 242.490 Pa9& 43
iIMNERsif¢ OF LEICESTER STUDENTS. UMON IA comp•Try Ilmll•d by guarant••) NOTES TQ THE FINANCIAL STATEMEIITS (¢onllnu•d) FOR THE YEAR ENDED 31 JULY 2022 16. STATEMENT OF FUNOS l¢ontlN•d) Charlt•bl• comp•ny- prlov y•ar Balanc• at l August In¢tyn• EXndK? Transf•ts 31 July 20 2021 R•slrld•d fund8 Clubs ard Societies P•er Mantoring Fund Sports grdnt RFU 0webpMt Fund 247,224 109,079 48.000 34.794 {97.1061 142.S701 134,7941 259.197 5.430 3.793 3,793 251.017 191.873 1174,4701 288.420 Unr•strld•d funds G?neral r•ser¥es 473.704 1,372.226 {1.722.4971 322.233 44S.686 D•sigftat•d lund6 LSP de$snat•d lundin9 Capitsl and strategK projects des¥Jnated fundiThJ 275.OC*) 275,000 1222,832 1322,2331 9)0,599 1.497.832 1322,2331 1.175,599 Pensieffj r8soThe (1,899.776) 2,469 11.897.307) 71.760 1.372.226 {1.720.0281 1276,0421 Total fvnds 322.777 1.564.099 (1.894.498) (7.6221 Page 44
UNWERsifi OF L&cesTER STVDEMTS. UNION IA ¢ompany Ilmlt•d by gu4rwrte•) IIOTES TO THE FINANCIAL STATEMEiifs l¢ortknu•d) FOR THE YEAR ENDED 31 JULY 2022 16 STATEIIENT OF FUNDS Icontlnu•d) Th• rnstrf¢t•d fvnth rnlats to.. The Clubs and sc•5 Funds rowesant balanc held fty w>eufic dubs and SOrt8S wharo th8 Idtimate tnIT wcrtjld vest the Un. The Union and uners1ty have agrg8d to work in partnership to devgW4J a university4¥ide pogr m•ntoring s¢hemo. The Project TAill ba manawl as wt ofthe overaH volunt¥gr support process. the Vniversty have a9reed fundin9 01 £nil to SUPFXt this s&beme. Th? RFU Dwd0pTI fvnd Tplatss to IT1$ 18cefftd for th? dw•kw8rrt of Ngby al the The spN$ gr8nt 15 Utdised for Team LeKest•r coxhing cagts to help subsidisèts rJ)St ol SFthts to Sludents. Th• d•si9nl•d fund• rvlat• to: LSP dgsvJnation fvndlng repr9nts a yearf$ wnmor¢ial grantconthTrJuiions, in light ofts bsses ma¢J• by Iho assoaat8 company at w¢s•nt n¥iw d•synatgd fvndin9 rekntss tr• furwJ$ $01 asitkn fry fuiur• c4)nln"butths try4Mrds the stheme. In lighl ofth• revaluakn and Iho known chakrvJbs fKod by Ihg 8therre. Capital and stral89ic projects d•gnated funth.ng Mpreserts tt)e r•mainirvJ funds designeted for inveslment in s1rateg projects relab"rvJ to thè knn9-toffli devek¥monl of the Unlon after taklng arU1 of the required funding neede(I to orderty wind down the Union in the evgnl of the organis8tthi to operate in the fuwre n Ihe loht of the thall8rw faring the sector. Transf•rs A transler has b8•n made from th& •nd strag•k woi•cts d8signatsd fund to general r8servas to lake accwnt of the roquw¥d fundiThJ ngoded to orderty wind down the Un*)n in the event of the organisation Ceng to operale in Ihe future in the Isht of the challervJes facing the Pa96 45
UNIVERSITY OF LEICESTER STUDENTS. UNION IAcomp•ny limit•d by guarnnte•l NOTES TO THE FINANCIAL STATEMEMTS {¢onllnu• FOR THE YEAR ENDED 31 JULY 2022 17. ANALYSIS OF ASSETS BETWEEN FUNDS Group- curr•nt y•ar R•strlet•d G•n•ral D•¥lgThat•d P•n$lgn Total fund• funds fvnds ¥•sèm funds 2022 2022 2022 2022 2022 T8n91e KYo(l assets Flxed as581 inveslmerts Current a&wts credi(0 du& wthin one ygar Defined $Cme hatslty 9.281 147,628 1S6.909 820.668 1.897.457 (149,1221 286.886 596.154 1149.122} 1.014.417 -(1,662.754} (1,662.7541 286,886 1.276.981 1.162.045{1.662,7541 1.063.158 Group- prlor y•ar R•strb¢t•d G•n•ral D•sl9rd P•nslon fufids funds fundB ¥•sep4• 2021 2021 2021 2021 Total funds 2021 TaThjie fix•d assets asset inveslments Current assets Credllots due vAthin yaar Dtrfined ponsion s¢heme Ikg1*1ty 30.9TI 7$4.9SO 488.047 In.458) 30.977 754,950 1.932,066 173.4S81 268.420 1.175.599 -11.897.307) 11.897,3071 268.420 1.200,516 1.175.599(1.897,307 747.228 Chrltsbl• eomyny - curr•Dt y•ar R•strid•d funds 2027 G•rml D•slgnat•d Ponslon fvnds lunds 2022 Tt)tsl funds 2022 2022 TaThJible fixed assets Fixèd a5S8t investments Current assets Craditors due within one year D8fin¢d s¢hgrne Ik•bith"ty 9.281 147.628 156.909 286.886 532.445 (85,415) 1.014.417 1.833.748 {85,415) -(1,662.754) 11.662,754) 286,888 456,313 1.162.045(1.e62.754) 242.4 Charltabl• company - PTlor y•ar R•striet•d G•n?rnl D•slglT•t•d P•nBlon fvnds fund¥ funds ruerve 2021 2021 2021 Totsl lund$ 1021 T•rvJible fLxed assets Fix¢d asset investrnents CUnt assets CoditoTS due h1n one yow Defined sthen &"•bibty 30,977 102 487.741 (73.154> 30.977 102 1,931,780 (73.1541 268.420 1.175.599 -{1.897,YJ7) 11.897.307) 268,420 445.666 1,175,59911,897,307} 17,6221 Page 46
UNtVERsrrY OF LEICESTER STUDEMTS, UNION (A ¢ompany Ilmlt•d by guafants•} NOTES TO THE FINANCIAL STATEMEIITS {eoThtlnu•d) FOR THE YEAR ENDED 31 JIJLY 2022 18. RECONCILIAMON OF NET IvEMENT thl FUNDS TO NEf CASH FLOYI FROM OPERATING AcTMTs 2022 2021 Nel in¢omelloxp8ndllurg1 for ye¥ Ias POT Ststemont of Financior Actith) 315.930 1227.120) Adjustmont for. DopwiaD'¢Jn D•er•as• in p8nsi¢)n d•fic6t lundry liabrtY IPTofrtylO$S on the sale of fixed assets Inttre rKeived Decro0$0 in stocks Iln(xgaseydecrease in debt$ Ir9•/(deL¥ea3e) In trtrditors Nel inwno from johrt v¢ntur8s and a6$0¢iat¢s 26,961 {234.5531 16,6371 12.2311 78 (55,0391 75,664 165.7181 32,528 (2.4691 249 (1.3661 15.289 185,6611 1103.279 Pkt cash provlded by1{ud in) ¢)p•r•tlng aGtlv#l•> 54.455 1371,8291 19. PENSION COMMITIIENTS Tho UnTr parti(iP8ts$ in th8 St1$ UnKYb Suprdnnuats'on Schemo, whith 1$ a dofined bon•f scheme whose membefshlp consist ol empltry•8s of sluoents. tsniDr and reiatod t<¥Jig9 Ihroughout the ¢ounty. 8&n•fits in resp8d of s•r¥ic• up to 30 Sithber 2003 are accrued on n•1 $alarf ba$i$. with benofts in resp8Ctofs•rvice from 1 (ktobtr 2003 accruing on a caer Avorage Revahjed Eamings (CARE) basis. Wrth effe( from 30 Septsmb8r 2011 th¢ Sth?me closed to fvture accrual. The m05t recent Vabjalicm of Ihg Schem8 was carri8d (yjt as at 30 June 2019 and show thot the mwkot v¥lu• oftho S¢hgme's assets was £119,100.¢XQ with th05a •ssots 0$¥ntIng 46% of the value of benefits that had accru8d to mertws aftw alk)wing forexp6¢tsd future increaBe5 8amlngs. The eJ•fidt on an rWng funding basls arr#>an1 to £140.O.000. The assumpkns which have Ihe Dt svJnificarrt effert upon the resutts ot the Valuatipn aro Ihose relating io Ihe r0 of relum on ItsTrents and rats5 of irv•ase in salarTaS aThJ nsrons. follGw"NJ •$surnption appled at 30 June 2019.'- Prtrretir•m•nt th$nt r819- 4.0%. Post rettromorrt di5C3)unt rate-2.0% pa Retail price infftatk IRPII- 3.6% pa Consumer Price infiabon ICPI)- 2.6% pa Pension irwse N) p¥yThent lor stNices. 1988 to 1993 {RPI rnin 3% and max 7%1- 3.9% pa. posi 1997 IRPI rrwn 3% and max 5%1- 3.7% pa and i12000 (RPI S%)~ 3.4% Th8 2019 valuation axlgnded th• OV8f whith Ihe t)ng)ing fuThJing d8ficit would be cloarad to August 2035. and r8¢Mn0d a monthty contrtbution roqulromont by ch partirApatirvJ èmpby8r b èxpressed In terns. For Urnon Ihls has rosuli8d In an increase lo 19.4% as at l O¢tober 2021 and by a further 5% oach yew thereafter. These rates aFplied effect from 1 October 2021 and contributions du8 fmm Ocaober 2023 onwards Mll b8 reviewed lolhxving th• nsxl aduariai valualion. SurF4uses or dofiuts ¥thk rn al future ¥an8 WUI also iryact on Iho Union's fsjturo ¢ty)lrilxthn ¢ommitff*nt Pège 47
uNNeRSITY OF LEICESTER STUD£iifs' UNION IA ¢¢mp•)y lInlad by gu•rant••} NOTES TO THE FINANCIAL STATEMENTS Icontlnu•dl FOR ThE YEAR ENDED 31 JULY 2022 19. PENSK>N COMMITMENTS Icontlnu•dl Those c4Jntributions also incbJde an allowan lor thtr ¢ost ol the Orrfjng admini$tr8liv8 8nd rat)nal expgnsg$ of runrdng the Schgme. In add¢ lo the at#)Vg contribulions, thb Unk>n a150 pays its $har8 oftha Schème's to tho POnSn Protectm Fund. FRS 102 and Chariti9$ SORP IFRS1021. rgquye that the chaiitable ¢ompany Share ol past servtc8 shortlall is rgflected In the financial ststomonts. 8as9d on the most recent valuation. Ihe charitablo company took the optw lo pay a Sum 01£360.937 Ihe prior year to cover the period b•ts¥een Oclober 2020 arml Septernber2023 as theirc0ntrlbutn to elininale the shortrall. Therebre, al 31 Juty2022. the balasheel011he Union Includes • li•bility of £1,662,75412021.. £1,897.307}. which rtpresentslhe net presentvahJ• of •ll fijture coniritr4Jtionstowards èliminats'ng tS shortlall. The discount rate used is 3.70% {2021: 1.75%> which is Comparab to that for 15 y•ar AA•raled corpor•t• bond. Th8 estimated thability is based on the 2019 triennial valuation of tha scheme and win nSsIn requirn rwsion after subsequ1 r8valuats'ons. Th¢ balance is mad• up as folkJws: 2Q22 Bal¢8 brought foThYdryl Contributions rnth in the year Char9e lo statern of financ411 act 1.897.307 (234.5531 1.662,754 Th• charilablo eonyony •Lso contn.S ts thrnfr dèfinèd CA"builDn s(omes: The totsl cs)nthbution$ paid to Tht Unr¥w38$ Superannuati Sthèma {USSI during the y8Ar amtyjnted to £22,48612021'. £23,219). At ts year end. the Charitabl• company ow•d £Nil12021: £151. Thg lot1 contributions paid to The NVS A¥gon P•nson Sch•n during the year aThinted to £4.68712021'. £4.2881. At the y8ar end. Chan"tab company ¢)W8d £Nil12021'. £4891. The lotal contrlbutitr6 wid to The NatK)nal Empknyment Savings Trust INESTI during th8 year amounted to £22.01412021". £25,295). Attho year end. thecharitabkn company owed £Nil12021'. £4,296). 20. RÉLATeD PARTY TrANSACTIONS Comyny Unlv•rsity ot L•le••t•r Stud•nts' Uni¢)n Trading Ltd The wthdly (ned subskliary, Univerwty of LoKe$ter SttKlorts' Union Tradiry Ltd, 18 induded within ¢onsoldated accounts. VnN8rsity ol L8thtw FAudonts' Urmon Trnthrrfj Ltd gift athd £142.945 Sn th• y•ar 12021.. £12.5371. Univ?rsity ol L•i¢g$t•r Stydents. un Trading Ltd and expenditure goes throvgh t charit8trAe compan$ b8nk account and thè eorrtabl• C£*mp8ny has rethary•d ftyr the use ol stsff arnounlirrfj to £28,42312021." £1S.667). At the year ent1. University of Le$10r SludertS' Union Tr#dirg Ltd was £595 (2021.. £14.6481 ch'tabkn coVany. Paga 48
UNIVERS OF LEKesTER STUDEI(rs' UNION (A Gompany Ilmlt•d by guarnntm) NOTES TO THE FINANCIAL STATEMEIITS {conllnu FOR THE YEAR E14DED 31 JULY 2022 20. RELATED PARfrf TRANSACTIONS (¢ontlnu•d Group and company Unlv•rslty of L•l¢•st•r The maffity of tho Sludont Unions, fijndlng is derived Iwom the Unfversity of LC6str, whh Is a related party as the Studanl Unlons. prini actIvlU In¥(8 providlng soThkes to its studonl body. The Student Union receNes a bhxk grant frorn the Univew of LeKe51er £900,00012021'. £809,685). Ad¢thtional grants are PrVAad by the University lor prc¥ect Support of £7.50012021.. £368.7> and redundarw lMJement of £Nil12021: £15.7161. Ouring Ihe yè¥ Ihtr group made sales of £17.77812021.. £13.8241 lo the VnNersty of Leicester and m•d6 Fwcha5es of £11.37112021: £27.1451 from the Urwwsty of Lwc¢ster. ring tho yèai tha company madg $as of£2,36312021.. £12,852> to th8 Unlversityof Loic•$ter and mad8 purch8s8s of £11.32812021: £27.14SI from th• Unlverslty of Ldc8ster. At Ihe year end. the group owed E4,905 to the UnNeTrity ol Leirgstsr {2021.. £1.983 wa$ ld by the UnN¢rsty of Ltti¢estsrl. In addthn. the Student Union ocoJpl8s its bulhjlng on a rent4reo basis. This Ls under an infomial Iken$e subject to the Sludent Unh)n maintaining the buddirpJ in a 9cN)d state of repair. As a resu an •stim8ted valu• Io Ihe Student Unw)n fc the free $eNic occy)rnmodation has been included in Ihe accounts. Thi$ ha$ va14d ot £229.44012021: £229.440} based on marl(et pdcès within Leicestèr. Stud•nt Unlon L•ttlng• Limit•d During th• yèar th• group madè of É10.348 12021.. £10.0} to StUt Lknw)n L•ttlngs Umitad. othgr fdat•d paities arn tho S8bb8b"c41 Officws Trustees as dglai1o(l M the TrLLSt88s' report. Details of r•muneration f•cowed by thes& IndNKlUa ar• shtr4¥n In note 9. Remuneration of key managenl personngl shown in note 8. P¥49
UNIVERStTY OF LEICESTER STUDENTS, UIMON (A campany limit•d by gu•rnnts•l NOTES TO THE FINANCIAL STATEMENTS1¢othu•d) FOR THE YEAR EIIDED 31 JULY 2022 21. COMPARATNE GROUP STATEMENT OF FINANCIAL ACTMnES FOR THE YEAR EMDEO 31 JULY2021 Unrnstrl¢t•d R•strlet•d nds fvnd¥ 2021 2021 Totsl lunds INCOME FROM: Donations and legaues Charilable activities Other tradin9 a¢tivili•s Inveslrnents.. Share ofp)int venture net in¢¢yY Inltrrest ro¢sw1 Oth¢r inL)> 1.351.993 82.794 1,434,787 109,079 109,079 38.364 38.364 103.279 103.279 8.330 8.330 TOTAL I4COME 1.SJ3.332 191,873 1.695.205 EXPENDITURE ON: Raising funds Chanties activth"e8 27.827 27.827 1,720.028 174,470 1.894.498 TOTAL EXPENOITURE 1.747.855 174.470 1.921325 NET INCOMEIIEXPENDITURE) {244.523) 17.403 1227.120) NET MOVEMENT IM FU14DS {244.523) 17.403 1227,120) Page 50