Company r•qlstr*kni 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' uN￿N 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 A￿l8￿n. The cOrr￿allY ond group is consliiuted und•r a Meffmndum ol ASsCKial￿ aThJ 6 • reglstered charity number 1137811. Un￿e￿ty of Leicesler Stud8nts' Union also has intemal rÈgulatths or Ru￿$ approved by the Board of Trustees and regulaled by Ihe govemiro bcMJy of Ihe UnN*rsty of Lewler (thè University) in a¢¢c*dance vrilh 1994 Edu(*lion Act and Ihe {￿rity Comm￿1(￿. 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 j￿n￿nS M Kanikanli (resi￿ed 30 June 20221 N Farmtrr G Honton 30 Jun• 20221 A D•eb Student Twsl•• J Ln 118￿gned 30 JLTh 20221 Ext•mal Trnst• S Know D MC￿* S Mur•a Iresrgned 30 June 20221 A Bacon S Harris Ire$oned 30 June 2022) Ind•p•ndent Audllor RSM UK Au¢Jit LLP, Chart•r•d AcC￿￿ntaI)ts. Riv•m*ad Hous•. 7 L￿S Cojt. Gffjvè Park, L8ic8St•r. Lelcestsrshire. LE19 1SD Bank*f¥ National Wsslminthr Bank Flc. Granby Str•et. Lgwtw. LE1 Pa9¢ 2 VNIVERsif( OF LEICESTER slliDENTS' UNION (A uxnpwy limited by guanntw) STATEMENT BY THE CHAIR AND DEPUTY CHAIR FOR THE YEAR ENDED 31 JULY 2022 On¢0 again, seclor faced 8 th•ntrnging year as every￿ trifyd to rebulAI after re$tn"¢ts"¢)ns wer¢ completoty lrfted and s￿dents 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 continu*1 to deliver in splte of chalJeThJgs. by th8 increased grant ftjnd frorn the UniveNty. The growlh in the￿ support demonstrated tho abifity of thè stUd￿ts, Union lo delfver and theirfaith in us as an esSeN￿l part of th& student expelle￿. While wo h¥d planned for a tsficit budgeL the elf￿￿r￿ 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 DevelOp￿￿nI 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 pry￿d thatth•t8arrts ¥e aN¥ays s￿1 enthusiastic and piitiritksèthts studont . body abov8 all else. We *• ¢ommitted to supporting c￿r 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 T￿N¢d ￿¥t1¥ety aNf ￿'ve seen an upwards trend in èngagement acros5 th8 board, frorn our annual Officer El•ctions lo our Academ Rep￿sentatiVe systeff*. Afthough we conlinue to rety prfmarly the Universty f¢Y income. th? 9r¢at relatic￿Shi) we hav& now codff￿￿ with thwn in our Constitution has as5ur¥d us that w• wll onfy b• supported in contin￿ng 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￿ Comp8n*s Act) prèsent ihe 8nnual report tOg&th8r wth the at￿lled financkqS stsiements of Universrty of L￿ester 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 9￿up 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& 8￿8n¢*n￿nI oledu¢atx)n ofsludents at tho un￿e[s￿ for the Publ1¢ Bor￿ffi ty. Promoty"ng the intorests and ￿trare of Students at ￿ Unr¥wsty durffvJ tr*r ¢ourne of $tudy and r8prns•nting, supwting and advtsmg Studènts., Being the reC￿nise¢j r$wesentative Channel btrknn Sttwjents and the Unlvergty and any othw extwnal bod￿5,. arxl Providing 50¢ial. cultural, $wling and reueational xtNitios. •KI forums for discussions and debate for lh• personal d•vebw*nt of ts ￿dents. ULSU bs administered by its Board ol Trustees of up to st￿10nts tlected arÈnualty by LYOSS carnpus $￿et b¥llot of tho ULSU rn8mbe￿IWp land arn full lime. or 'sabbatical'. posts romunerated as aulhorlséd by thè 1994 EdL￿tIon Adand ￿nn01 ex￿d ts¥o y•ars duraiion forèach holderl.. up to fiv8 external trusteos appolntsd for up lo ovJht yoars {Two t8ms of up to four Ye￿S) by an app)intm8nts pan•1. and a student that is aP￿Intsd by the ￿P￿n￿*￿ts pano1. and has no ernptyngnt in arry Gapacity wrth lh& Un￿. The Board of Trustees m¥•ts at l*ast I￿Jr tim¢$ a y*ar to recwve rol￿ from indTvKlual Off￿*￿. sub- committees and th• Chial ex￿JtiVe. 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 responsttmll￿s, rerriving Ihe e￿￿tIal truslee gurdance lh¢ Cl• C(rnisSK￿. Acce5$ to oddit*)nal trainiNJ 1$ atso prov*Jed 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$F￿SibIlit￿s 8nd can perform their dut*$ lo th• b861 of their a￿"1￿. Th¢ 8oard ol Trustees 18 asssted by three su￿£¥nI￿tt8P$. f(vJs on cortain key aspects ol ULSU'S gov•manc& and mar*effwrt. ULSU operates on democratic prinapS&s. wth be￿￿ adod upon by the six sel8¢ted tru$to¥s who fomi thè ExecutN¢ Committ•t. Durlro Ihe yow. membeTS Iwe the oppcAlunity lo bn.ng foTwarf ideas throu9h Un*)n Cour*il w our three netMth8 to diive sludent.W change. N￿￿kS are based on principles of deliberabve and direct (krwacy. The Union's Student Ideas system a150 creates simple and di￿1 opportunrties for Students to suggest chang• id8as to Unicfj Cwncil. Union Council aLso have tho ¥blllty to call an a￿StUdent r8f8reryJum on mattws ofw￿r 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 $ffectivè managomènt ol the organisalion. Tho Chiof Exoortrye is suKyThl by Ambalavanar Kumprnn. as D￿8¢tor of Momb•rsPMp S8Nicgs. Th• Slrntogi¢ Leadotship Team, rna￿ up of the Union's Managgrs. nwts rrmthty to ov•rse• the Ur4on's regular a¢tivities. ULSU also empbys a number of ￿n-sI￿dent fvll tme staff lo mana9• and administer rts acbvibes. Thes• staff membets ar8 aectyJntab* to ihe Cjyel ExecLAivè ftsr the ptrfom)an¢• of th&ir duti¢s. S•nior Stsff Pay Poll¢y R•muMratKJn & HR Sut￿mittee ￿11 re¥￿W pay *ross ihe organisatK)n on an annual basis. Salary Incre8s8s 4r• at the ¢JiscreUon of tha Unbn and are a guaranteed o¢JtC4Th of the annual Tevlew process. SonK)r staff wll rocth• the sarne annual pay Increas• as *1 other staff. R•latlon$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 v*m¢d by thè un￿r$Ity, Vth￿h also pays for utilrflas. Thi5 non-monetary supp(xt is intrinsic lo the ￿tat￿InShIP bel%•een th• UnNorsity and ULSU. An estimaled value to ULSU ts this free seThiced aC4rnffi￿n has been indud&J in the 8¢counts. valyed at £229,440. Dug tts financial preSsLv￿ fawl by Ihe Univwsity, thè Unkn w(Yked to i¥rrwary r•striclions on its C￿￿ granl in 2021122. commitn*nt to reslorè lunding bèv•L£ Comparab￿ to t*￿0 012019120 have been horKyJred. wth the Union's fuMJwvJ from Ihe lnslrtut￿ almost back to tha coMbi￿d rosourco1ov•Ls exporièncad pr•-pand8mic. Tho strongth¢niTrJ tsftho parbwship ba￿￿8n tho Stydorts. Un*Jn and th& Vnwoiw in 2021122 M￿n$ we ¢onlinue to rernain confKJenl substantial fmancial $upwl V*ill CL￿tinue 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 identsf*d stu¢J*nt group skills. voter tumout, rmganrsational accountabih'ty. p￿$1￿ 0￿￿9•￿)n$. natIc￿al polw changes and St￿lent 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 Str￿9th¢nin9 th¢ affad￿n86$ 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)S￿on. As we move intolha 2022123 year. wè are p￿a88￿ to ￿port that grant levels have been restryed to a I￿e1 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 Il*è¥t to f8c8 Un￿tin. no matter how $tron9 rdatlons 8rt how•vèr. Pa9e 5 UNIVERSITY OF LEICE8TER sniDENTS' UNION (A eompw Ilmll•d by guarnnl••) TRUSTEE'S REPORT Icontlnu•d) FOR THE YeAR ENDED 31 JULY 2022 Rl•k Ilaftag￿nt Icorfinu•dl a resutt, wo havo tsken steps to boosl our own financlal autonomy via Inve5trTrgnts m•Je In our own 8usiness D6v6lcpmenl fijnctim. In tum. this has akeady seen a rise in profft genèrated by our trading company, wh¢h can be ￿invasI8[1 in the ¢hanty to further exlend the raro8 of actNrt*s we can FYov*d for OUT bOnefiC￿rI&$. 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 Oppo￿nI￿$ 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 oth￿S 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 b￿￿rit from tho support swvic8s provwJ8d to m•mber organi8ats)ns. Such support services Inchjde officer tralnlng programrn8s and staff Tre￿￿"Tha Opportunit￿S. The c05t of thls membershlp 2021rk2 was £25,303 and ig antiapated to b& £24.37S In 2022r23. Con￿er¢I*l Pofth•rn AS 8 values4ed oryanisation. Ihe St¢*lents' Ur•(￿ cperntes a I￿ of swpliern ￿ Fffefer not to do buS￿lesS ￿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 v*th sirnilady ethical rg•nis8tic)ns whts are clear 8bcxrt IW elhK•l groun¢Jing. Accordhngty. this ￿lf￿rn$ relationships wo have wilh ongoing eomm¢r¢EaJ affangernents we have regular $uWiers such 8$ our prlrKipal promob.onal goods Sup￿*r. 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. 0￿CtIV•S & ActMtI•• Our wrpose is cl¢ar in C￿s111U1K>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￿¢1paI￿jn of groups d*￿￿"￿*na1ed againsi by society. Tha T￿$t￿ havg conskJ8rgJ matter, w) w¥UnCt￿ wrth Ihe gu*Jan¢6 C1)n￿"ned in the Ch¥ity Cornmission's general guida￿6 on pu￿¢ have ¢ondud&d that as a registored ¢harlty an Studenls Un•)n. our work dirgw SUPFQrts and benefits the students r•gKslered lo sludy al the University of Lèicester. In planning our %bvrk. we beli￿8 that Ihg primary goals of all our aclivilies af¢ linked to our core aims and therefore or• ftylhe dire¢t bwwfft otour momter stud8rts. 2021122 saw thè UnK)n complgt8 tho final year of (wJr stralegic cyde", one in vthich ￿ w(Kked with a daar missitin t¢ bè an •mFP)W8ring aThY indusrve oryanisat¢on. ¢*ampI￿1n9 51udents' intsrests ar PTovJding a homo away from hom&. In oldor to adapt to tho un￿]Ut and Unan￿1P4IQd ¢*all•nges wo faced in 2021122. the c￿8 the￿ of cwr yw was Your Uriw, R•buthts3. Pa9è 6 UNIVERsrrf OF LEICESTER STUDENTS. UNION (A ¢ompany Ilmlt•d by gy*r*nlw} TRUSTEE'S REPORT Icontlnu•dl FOR THE YEAR EMDED 31 JULY 2022 Akng, ¢)bl•¢tlv•s & AGtivilie¥ (c¢fttlnu•d) In planning for 2021122, trustses T8cogni58d th8 yoarwould bè chalknw'rKJ for a varfoty of r8asons. Th• pemian8nl loss of the £275.(KIO cornmercial grant fintrc#Ju¢od by Ihe Univorsity to rgplac8 foTm8r ¢omméfaal revenue ge￿rated by the Un*Jnl. the Temp￿8ry red￿tiffi in block grant ￿ndIng F•v81s and th• temination ofdèsvJnatod project fvnd$ {su(* as those for pew ment￿n9) 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 sCa￿0f chaiitable wrèthjns. d&spite pandemK restricti￿S li￿n9 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 s￿h as trainin9 and transport b•ing ermlod in L*eir forner ￿mse. These ditficult deusions aLso osulted in a size and shapts T•¥￿ of the ch￿ty'S staffiro struciure, l•ad¥w to a harthl offol&s bein9 PL+t al risk of redundancy and several vacant posts not repl￿d. ￿rr￿}st every deparim8nt of thè fxganisalion saw capacTty redu¢¢d or r￿paanI￿ad in a BwJrufi¢ont way. The result of th& ch￿90$ lo $r2o and shape of oporaoons cu)cl￿1￿￿ wlth a doftfjt b￿l90t for thè 2021122 yoar b8ir¥J approvgd by trustees. on the prowso that coro owatK>n8 OpptyfvO￿0g could bo d81fvorgd on a brgak-ev8n ba5Ks in ts ￿*2￿ yoor. oxduding invg*rn8nt opporluniti¢s. Dospilo th• ¢hallBfy$ w¢ fa¢•d. the Senior L￿dership Team aThJ Board of Tru5tee8 we proud of tho Union's staff for th¢ way th•y ￿ve rall*d arthJnd ¢)ur pwilws lor Its y*ar. tg d¥￿ t￿ best possib experier￿e Ihe organisation ￿￿Id for ow members. Priority areas wern Klentified for $￿h of cwctye th•m&s. b help sddr*ss t1* ¢h8ll•r•J•s ts¢¥d byeath f. Opportunltles A lad( ol stud8nl-l•d activity daFNer￿1 in parson since Fe1￿jary 2020, meant V*P fac*d 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 activit￿5 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 Ihrc*Jgh 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 aL*demic year., in ordw to proaclNety address a dedin in foodall on c*mpared to Pfe•P8ndemK levels. D8SPltethe sYLeable ChaI￿n905th•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¢tthon￿CMW8tin0 dimale of2021f22 an(1 the to r•build community on camp Returned Freshern, Fairto campus fn Septembor. wlth over 5.500 stutswtrrè 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 Str￿￿￿811en90s they had lo ovwcome over Iho year. theAWty• madè s¥nlfieant F)mgrnss *￿in¥t lh• k•y Ob￿￿￿5 hlèntifi8d duriF¥J plannin9 wcThpany Ilffllt•d by 9u•rnnl••l TRUSTEE'S REPORT Ictynttnu•dl FOR THE YEAR ENOED 31 JULY 2022 Collaboratlv• Offi￿r 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 Edu￿110￿ Sl•nd• D81iv8ry of Igni18 schools. o Developlngprovlslon forrn7th bamws wllh extra *rffare andacc85N"bltystipportin pl•u. T￿hang Staff Acctyjntablllty ro.. return1r￿ feedback and communKatiry. o In Iho same way stthY8nts 8r8 held to d8adliMs. th8fft Sh￿￿1 be Glear aCC￿￿tab111ty 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 governar￿e. Lobb￿n9 tQ3glhgr fora chang8é apwoach lo tho UnivgKsWs r•rnungration Gwmittg• m•mb•fship. Tr8n$poreni Cl'matg Actb)n s¢Jsia5na￿e 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.ngsoc￿fres al￿￿111￿￿ne5 to alumni *rfh u￿StyexpOthe tow0V￿ int￿$1. rnhv8nt supp¢>rt and man1￿1r￿J opWunfftb8s. CtyJrs6 Empbyabilty GrovAng p18cornont 8nd Industy omortun+Y*$ lor students a¢ros$ 411 sutyert whkhprtvnote trnnsforable skllls. rns•arch and personal dfjvelwgnt RAG & Volunlegring Develo￿n9 volunl8w b*s•hi* and with ch8nti&s lo connect soclely •ffort$. Pa9e11 UNIVERSITr OF LEICESTER STUDEM7S' UNICMI IA conwny Ilmlt•d by gwarant••l TRUSTEE'S REPORT (¢•ntlnu•dl FOR THE YEAR ENDED 31 JULY 2022 Ctsllalx>rativ• Ollle•f Prior#l•¥: 2021R2 (¢ontlN•dl d. lficluslon InterSe¢l￿7naI Rettgni&Yry th m8ny iftt•w¢knal Nlenblw$ 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 Trai￿n9 R•vi8wingandunprov7ngths wI￿nIst￿nde￿I0fftraInIng given losup￿ andt•ach staff to th8m s a stand8rd l•vololithl#)n c¢*77P8ten¢y. Counsollin9 S8Th Impmvin9 the ovellatslty resou￿￿$ ofthe coun￿lI1n9 S￿V￿o. Oulsourcry ¢ounsolling thalrnquiros nuanc• and e¥p&rttse forfvbwatlon group5. Survivoi Support Contlnuing to fftPr￿ s•xu•l wc*7c• $ystwns and suryfvor fows•¢l SI￿pOrt. Wtykin9 to thè s&f•ty ollTth P8rf( a￿￿&blO suKwt night$ ¢Xrt. Projècts FlnanclaNysUppLvUngwoi￿tslhdIWoftx￿O 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. A￿esSIbIlty Audit Outsourcing fhfr 8udtt h*ich M71contre the needs ofdwbled stud8nts. Prnrio$ing the Tr￿eW 0[￿ys￿al and onling sp8¢OS lo ensurn $8fetylor&udentS L¥hh V￿ble ond inwsth dss•t¥kn. ommod*w)n Costs pnce. It*lusion & Hardship Fund Removingpartrtypatm￿ in &c&den¥a to onsure a fiMyroprnsgnf8tN8 Pap 12 UNIVERSITY OF LEICESTER STUDENTS, UNION IA Company Kmlt•d by gU*rnnt••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 2￿22-2028 HI￿10n.. To r¢prgs8nt and 0Mpo4￿ sbJdents in achiwry Iheir fvN Fthtial. Vlslon.. By 2026. siudenls will $90 us as an emp(ywertng. (4rtstsThJiThJ unwxb that eff•¢tNoty reprowls intw&sts. Values.. Our gspiratvJrts are •nh8n¢ire students. Iwos. Ow lo athievg these aswations rJ u￿lerpInnèd by our values.. W• ￿ l•d by stud•nt& We b8lwe st￿lents make thB best de(¥sions •bwt ¥that trrffjJ8cts them. W• r•mov• barr1￿. The full dw$rsity of S￿dents shoukl be Supp￿rt￿￿ 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 prr*Jrams ol Ihe Un￿n 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 inpr￿d. Our Goal 8y 2026.. We'll build a coherenl v￿Ce 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. $￿t09￿ Theme 2- Vlbraftt Communltles We're invest8d in ￿ea￿n9 an ènvironmentvkn¢re stud•nt48d xliYili•slhriY•. W•'ll h•tp mak• th8 whjar student exp$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 exP￿￿nCe 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 hoU￿ng 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 tr*ir siudent Ir¥95 and drive continuws Improvem*nt Nl thwr pefsonal wellbeing. vrith LeKestsr stud￿ts, moan scor* ￿ the Wa￿￿k- &linburgh wdlteing S￿18 trac*ing favourabty to tho 16-24 ye8r tsld nouonal mean averaga. Th& areas of work identif*d bdow will h8lp us in aChNI￿rg (xff Ihree core pr￿lI110s. 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 fav￿r?bfy with the Unfv8rsWs Sludgnts, Unlon benchmark group and suppcrt continuod 9rovth to ¢)ur indwnd9nlJy go￿rat￿l funds.. athiaving a bbck grant of £85 wr FTE s￿d•n1 by 2026 and o¥•r £2(th of IxAingss ￿￿fft. sUP￿￿n8 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 Sa￿ng 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￿$1￿mil￿ Stud•nts Edu¢atlon Our Goal By Wa WUI prtsJu¢6 an annual impxt 2Q26 roport arr￿ th• lrf*e oftr pknn. don￿Strating th In 2Q22r2023 ￿ wlll Publth first impxt report to 811 students. dei#Wng ¢hango to the ¥mrA brou9hl ab￿1 by r¢pr¢senltho8 at an inslitutional I￿01 by work 01St￿l￿At 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 Go*l8y 2028 Run a ￿10t scheme wiéhin 3 schools staff and represgnlati¥es will • jornl pLqn Icrf l•m and two Priorlty 2 An Inclusivo Cuttleu￿m We wlll buiKI a ¢•s¢ for a lib6rnt•d JrrI￿lurn, rtfiDcling on the diverBltyof pro9rammos and th• 4st onvlronmont dNOrn0 sludents can leam We will urthrt8ko o rn*mb•r48d Te¥low of ￿￿￿3m8n1 In 202W2023 w• T•lll Our Goal By 2026 Dmlop the ￿ ol thg curricu￿rn eorvJuttant proi&¢t. whortrby 90% achiove Ihoir establsh8d ¢￿￿￿M￿s by yw4nd Our GO￿ By 2026 Ur4J*tske reso¥ch to Idgnify BIl￿ents. ¥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 F￿l￿Wo We Wll c¥eate Cap￿lty to dovdop edUcat￿nal 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¢nts1￿8 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 tr￿1 Imo at L8i¢88t•r 202212023 w• wl# $3% ofstud8nis wll have been member of al knast on& woup during Ihew twne al le￿ester 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 r￿h 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 Stud￿ts stratsw whk#b buwds Und6rtako international sludenl r￿arCh 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 un￿￿ty Prlorlty 2 On Stud￿¢8. kntèrnsts We VAII •8c* 3tudenfs In 202212023 w• t*lll - 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, po**rful 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 opportunrt*s 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 I￿￿9 our P¥9• 15 UNIVERSITY OF LEICESTER STUOEIITS. UNION IA ¢ornyny lknh•d by gv*rnnt••) 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• Lekes*r students, w•ll>olNJ wlll trad( ¢onyaf*ty to the Warwk*. Ethntrmryh Mental wel￿•1￿9 Sca trjr 1P*24 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 m￿lIngS wlth std(a￿ld￿s from l¢x*l authori to Influonc• stops ￿808<1 to onhanc• student safety In thg b)c•l n￿￿t-￿"m0 oconomy Undertake ¥ $iak*h)Jder m•ppi)yJ exerck8e with local nTrght timo ￿OnOmY s8rvth l￿¥￿1￿$ 8nd lic*nsing 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 comp￿iNts 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 *v￿g 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 ofSC￿l 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 I￿￿ep1h firwicsal researth into tho operattyjnal costs of halb, io dgvèlop stud￿1$, undorstandlng clthw v•lua for mon•y orferto a8￿t￿sh a f*sat 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 R8presental*Jn Payrnl Implemenèng a new roward lo support$lud8ntrnprosontativvs FaC￿lIate busy fonjms Mth each aGa(knicschc￿1￿8$an19d Post4>andemic Berthmafk o Revamp tho Bl8ndedLeaming 8enchm•rf( andsuppc¥t the infrtjducfron ofa P9￿0￿81 tutorbonchma Gwe students and staff morn a¢cfyJntablrty b. Sport T&om LelcestfA R•wosontatbn 0 Incr•as• th& nIm￿T01s￿ts Coun￿MIeS. to represen18t￿ 8nd gngopmBnl Publish thè costs a$stx￿1*d ￿lhi￿r￿￿ 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 Rev*w th6 a¢¢eS￿bilitY of hard$hip funds EnsuTr rin*f8nc8d and targgtsd SUK*VtKorintwnaknal stud•nts Intrc*Suc• free daitybmakfasts on campus Undertake & hiddgn costs audit Produeè a fmancwltth*it for sludenl skiNbU￿ry Acc•sstble Spaces Work to PmVAd8 e WAlerrnnge ofattem8lrwe. swal cwcvlvnth?$ Llb•r•tlon *Lei¢s D￿￿￿)￿1$0 o Producg a fv• ￿or￿lan 4$ k9xypffjiect trfDllowing 0ffi¢o o Launch #L8KsLkncoloThse fost %ffilh safa spacgs. 8dUCat￿n91 talks and c•l8br8tory events StLthnt Support Running an LGB TQ* Iwsm9 S￿￿Y Addrnsstng gender oplrons on MySttthntRecord Croabng a W sfudgnr 9xpe￿n¢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 e￿nI￿n Novomb6rto ¢h•¢k in on Stud￿tpulse UThon TransparerKy o Introduce offK8rsurg8fi8S Publish ¢oun¢HBg•nd• •h•8d oftfft￿. buhl ¢* fe•d1￿ck o Prnmot• scnthnyproc•ss through wdoos Engagement Re￿wI00M booking servKe to Stud&nts and slaff wnfrol lrnprove supptsrt lor new St￿￿•￿t gmups to help Uhir esta￿ShMent 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 eontirn*d 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 b￿aUs9 of firtanoal challenges pos•d to th8 Unwsity by the pandemic. Unlke in wevws years. I￿re w•r• no aijditional grants r8ceiv8d f¢x prci&cl luryjing. barring a modest £7,$00 pot for liberation a¢twities12021.. £386.736). The Unk*n's tradin9 subsN*ry ￿r*￿ted 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 ￿Struc￿J[e that woukl he¥) ansurg tho ¢han"ty coul cperate on a stable th"nan(Jal fr)otirKJ when granl loveLs relumed to wav￿S ￿¥•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 StL*J￿1 Unlon Lotting$ Llmited. The company is rggislered as a thariral￿8 company limlted by guwant•e. rrfthg not Incomè and assets ol Ih? ￿m￿rtY 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$ 2￿0. 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 (eortlnu￿I FOR THE YEAR ENDED 31 JULY 2022 Investm•nt Poll¢l•s Th• Union aims lo f•tums tx* e*h 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 I￿1Ved 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 SUPF*Jt (xwng Corn &liviUos of Unlon. The level of ￿ musl a￿ly$ be thitified and must lall 7Mihin the a(£eptsble leveb slaled by the Fin8n¢• & Audit ￿t￿t￿MMIttee. lrtvtstm￿I 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(u￿Is 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 fK*I neede¢ for$l￿rt 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>ts￿rt UK bas•d nstFtufjons d6ff8ront bgnklng lic•n$ès. to reduc8 Iho iisk from institut￿)nal hi￿ra. 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 I￿￿1 mi d$wsils Yrfhth offor • hKJhar y*kJ. 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 ￿)1￿8 urgent need wise,. therefore investment products usod mustall¢yw forfvnd withdrawaisthat COVera￿le rnrwJ• oftrmes¢alès in ordèr to $nab￿ this. iknion policlgs pr•dUd¥￿ investmenls in ¢•rtaln w)ukJ b• taken w)to 8cxtyJnt. whon Co￿Njenng investmonts. To consider OPF*)rtunth¥ for thdisirvJ of avalat4¢ fij￿$. the Un￿.$ tfUSte8s have eslablishg(1 on Investrnent Working Group lo cons*Yer Opportunit￿ available to imwove the ￿l￿rn genorated on the cash we CUTrentty ho*J 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 ￿S￿rCeS lo ccffitinue in O￿a￿)nal •XL%t•nc¢ trtht fwèé8b￿ future. For this reason they contmue to adopt the goin9 c￿nCern basis in preparing th$ fThntig1 st8t•mènts. FUrt￿r d&t8ils ardiftg the ¥(k¢pticm of the going ￿nr￿n 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 2C*J6 8 le￿IUl￿n 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 L0th6￿r Studonts. Unrm for purF*)s88 of mpany lawl are responsib￿ for propwing the Twstees. Tew¥t and Ihe finanGrdl 51alements in accordanc• ￿th app*ca￿e 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 fir*8ncial y••r. UrKlèr conyany law the Tru$tges mu$1 not apppJvethe finan(aal siat81)Wts unb$$ tw are s8ti$fie>￿)nIeS exemptK>ns provtded by Seckn 41SA ofthe Compar¥es A¢t This r8port was approvgd by the Board of Trustags on ?.'1103 li s aThJ si9r18d on thtiir beha R Jenkl Trust•• Pago 20 INDEPENDEwf AUDITOR'S REpoKf TOTHE IIEMBERS OF UNIVERsrri OF LEKESTER STUDEi¥fs' UNION OPIn￿Tr W¥ have avdit•d the financial stater￿nts of Universty of Le￿eSter Stud8nis' Unp)n (tho 'pawil ch¥itabl• eonpanll aThJ ts subsidiwies {the,9￿p.) for the y?¥r •nd8d 31 July 2022 which ct)mpnse the Gre4Jp St8tement of Fingnc¢al ActMtiÈs Inco￿ra￿"Th9 I￿lme ant1 EXperK1￿jre ACc￿nI, the Group gnd Company Balar￿ Slwts. the GfOUP Statèment ol C8$h Fknws and note$ to the finandal Slatemenls, ￿￿UdIng swJnsfic•nl accountsThJ politxs. The financial Qwting framework Ib81 has b¢8n applied i) tr*rpreparalion 1$ ap￿1¢ab* law and Uriled lthngdom Axounbn9 Standard$, including FRS 102 Tha Financial Rewting sta￿ard applicable in thè UK and Repth1￿ of Irel8nd' IUniteLI Kingdom Gonaralty Awted ACc￿￿t￿1g Praclk*l. In our opl￿On the fibHn¢ial stat8wths'. a tnJe and fairmow of th• slate of Ihe group's and parent chèrit8ble ¢ompany's affalrs as at 31 Juty 2022 and of ￿ group's incoming resourc8s and applKation of resourcès. Includin9 its Incomo anLI expandituro. lor th8 year then errfJ&J: hove beon prope￿ prepared in aCCor(lar￿ wilh United ￿ryd0M Generally A¢countlng Pwa¢tiC•: and hav• baen pièparèd li accordanct with the I•quw￿niS of the Ccmnpanies Act 2&)6 and the Charities Acl 2011. 84$l$ for oplnlon We hav• boon appointad audttors undgr th• C￿1$$ 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 a￿311 of the finanual statements section of our reFQrt. We are ind¢p¢ndent of th group ¥nd parent eharitable cn. Conelu8Sons mladn9 to golng con￿rn n auditin9 Ihe finan¢ial $tstemonts. we have o)nckKled that th• trust•OS' UEO oflhè goiry COn￿M basls ol aCc￿n￿n9 in the prewation of thtr ffinan￿1 statwiieniB is appropr•t8. Bas•d on the work ￿ ha￿ ￿rforrned. we hav¢ r￿1 identif*J #ny material r•latin9 to events or cormlrtions Ihat, indfvidualty or colkntively. may cast syirficant doubt on thè group's or parènt c*8ritsble ¢ompany'$ at41ty to ¢>Jntinue as a going concem for a period of at *ast tW#￿e month$ trom Wh￿ 1he fnanoal $tstgm?nts arn aullvjrisod fry i58UO. Our responsbilitses and the r¢sponsth"fft*s of thè tn*tees fSSP•Ct lo g)iThJ corw are descrfbed the relevanl sections of thKS report. Oth•r Informatl¢n Th• oth8r informati)n ts)mpri5esthè infcrfmatK>n includ8 you rf. in our rymn￿.. a¢Jequale and Sfft￿t 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 ￿ ag￿e￿￿nt tth Ihe ac¥ArttirvJ records and returns.. c¢ certain ¢JisckJswe$ of trustee5' remuneral￿n speCif￿d 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 fIn￿rial ststements in accordartè vAth the small comp￿leS regim8 and tak• advanla90 ol lh• smam companies exerrplKinfrom Ihe reqLtw•menl lo sxep8re a Strategic Report in preparing Ihe Trustees. ReFtyM. R￿pOnsIbilitI•l of truBt•¢¥ As expJ8ined fully in the Stalerrwt of Trustees. resp)nSib￿rtIeS 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 pr￿rat4)n01fITr3IKIal statements that aro free from material mls5tsternnt. du6 to frathj or grror. In pr8paring lhefin￿C￿￿I ststements. th8 trustees ar• resp￿$￿18 fora$￿5$1r￿j the group's and par8nt ¢harrtabl¥ ￿mPan*S ats.lty to COrrt￿ue as a goiro ¢On￿M. 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 r*altst￿ aMemativ• tr￿t 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 at*￿rt ¥•h•ther thg financial statements 8$ a are free from m8leri#l misststerrenl. t*knether due to fraud or erfor. and to issue an auditorfs ￿pOrt that Includes our o￿n￿. Reason8tik assurance is a high of a¥surance. but 15 r￿1 a guaranl¢e that gn audit ¢onducted in accordanc8 Vrtth ISAS IUKI wll dètoct a material rnissta1eTh￿ntWhen il •xists. Mlsstatements ¢an arisg from fra￿j or error and aré cons￿1•r•￿ matwial rf. indiwdualty or in the agJr•gat8, they coukl roasw8bty bg expected to ￿fiUOnL￿ th8 ￿l￿￿liC i18cispxts ol users taken on the basi$ of finanaal statemonts. Th•oXt•ntto whkhlh audtt was e•nsld•rnd of1￿20t11￿ 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 ￿5p￿d approFMatèty to byentified or 5usrected fW&com￿k7nG• ¥•ilh Laws a￿1 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. the1t1￿￿￿e$019ur 8tythtare to Idoniify8nd a￿8$￿￿￿kolmatW￿l 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 1rnpl￿tin9 appropriate respwses and to reS[￿d •pwoprf•t*ty lo fraud ty suspected fraLbJ KIenti￿d durirvJ th• •udit. Howevgr. it Is Ihe primary ￿$￿)nsIbl￿ty of m8n8gerr*nL 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 prnV￿ti￿ and dat•elion of fraud. In Id&nOfying gnd assessing r¢ks d Jmatwlal Misstat0￿ in res￿ of Irreg￿ritI0$. 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 managem￿t. 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 01th￿8 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?F*rt remaining aknrt to n or unusual transactitsn5 vlhth may not be in )wJrf8r￿e wrfh th• govwning th)cunw)ts, Inspecting ¢ryreSpond9r￿ ¥bith kKal tax aut1*xit￿$ arrfj evaluating advK* T￿lved 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 reguLqll￿s. Equathty Act 2010. GDPR and daia protectKJn act. and healih and safety r89ulations. We performed audit Proce￿IeS 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$ wat￿n8￿ in rel￿t￿n to $HJnrfr¢ant. unusual transactions and transadons •nlered into ¢yJtsid? th& ncmal ¢ours• of bu*Mss. chaI￿ng•n9)udgm•nts and estmnates. A furthw descrylv)n of wr r•Sp￿n$￿￿￿￿￿s ky fv ¥wtit ol ffirwKK41 stat¥mMts i* provided on th• Financial Reporb'ng Council's website at h ..ifvAw.frc. .uWaudrtors This descr￿t￿ 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 W￿￿ed to stste lo thoffl in an •uditorf$ Tgport aThl for ￿ olher pu￿1)Se. To the ful￿1 eXt￿t pefmitted ty law. we do not ￿Cept or assume responsbility to an￿e 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 OPIn￿S we have formed. LSMuK&I,èI GarElh Jones (Senior Slatutory Auditor) For and on behalf ol RSM UK Audit LLP. StatLrtory Auditor Chartarad A￿aun￿nIS Rivermead Hous8 7 Lewis CtyJrt Grove Park Leicester Lal￿Stèr$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•stri*d R•stri¢t•d Total futhd$ funds fund$ 2022 Total funds 2021 INCOME FROM: Doftatio￿ and1gga¢i Charitabl& aciiwties Other tradirftJ a¢tivrt*s 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￿'v1￿8S 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 st*ement 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 COMp￿Y 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 unré5tr￿ted 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)unts. The charitBb compwy's surplus for thè year £2&1.11212021 .. £1330.3991 def￿'t). The ffinancial stat•m•nts ot) pao•s 25 to 50 approved and authortsad forissue bythe 808rd ofTNst•OS 271oslis and swJne¢J ￿ Ilw boh8lf. ty. R J•nkkn8 TruBI4• Paga 27 UNIVERsirt OF LEICESTER ST￿ENTS. 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 0ftsroj1￿e 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 Inlomi*ion Unfv¢rnty ef Let¢stsr Stud8nts' Unitin Inco￿Or#I•l charitable cOmp￿Y (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, L*cest8rsh￿e, 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 St￿￿ents. UnKm atelhe •jVa￿emert0fth¢ 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 Chall￿S wparing thèir acuunts in ++• accordanco th8 Financial Reports"ThJ Stsndard aPp1Kab￿ in the UK and Republk of Ireland IFRS 1021 Icharityos SORP IFRS10211 laff8c*vo 1 Jarxjwy 20191 the Finandal Rgporbng Standa￿ appIl￿bIt in the UK and R¥putAK of Ire￿￿1 indLtdirvJ adoplim of th& •m•ndm•nts l&wed In Decembor 2017 {FRS Iff21 and the roquwemonl ol Compgny 8 2016. The f￿an￿al ststements a￿ Wep3￿ in sterfing. whth is Ihe funCtR￿al 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 l￿bIliti.e$ are inttialty rec(wJnised at I￿stOri￿1 cost or transadK>n ¥8￿$ unl8ss othe￿is8 slated in the r81e*Ant accounling [￿1￿. In accordance with FRS 102, the chwilable COM￿nY has tthen athlantage ofthe oxeftwt￿$ from th& followrKJ dis¢k)sur¢ wwr¥m8nts: S•ction 7'Statement of Cash Fbvts'_ po￿18110n of a Stat•rnent olcastt Flthv and r•lated notes a￿1 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• fin￿￿al statsm8nts are available from the registwgd offlc•. BAsl¥ ol ¢on¥olld•tlon The Slat&mont of Final￿ Adiwties and 88lanco Shoet cw*olthte tho financlal $tatgrngnts of Ihg CharItsb￿ company its subsidiary Undwtski￿. rgwlts art ￿501￿8t￿￿ on a line by Ilne basis. all intTa*roup transath.ons and ba￿n￿ V*ilh the sub$¢di•y ¥e g1iminat#d tsn consolidati￿. Joinl ventU￿S 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 F￿anCialAC￿Vlts95 has l)een prowbted forthe charitsblg company ak)no as permiited by sect*)n 408 of Ihè Companies Act 2￿6 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 ¢onlinL*I on phased busi￿5$ ccnllnuty plan lo resp￿Id 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 rrKJdffj￿d on an ongoing basis. B88 on Ihis and Ihe avaiL*le ¢8sh ￿$￿￿e$. the Iruslees ¢cwidor thatthè group has adoquate funds and $ufflc6enl cash flows to maot its liab1fft￿S 8s they f811 due for at least one year from the date 01 approval of the accounts. The trustees aLso ¢onsK1er that rt$ an￿1pat•d futtwe obj•etNes can be met and have IhgreloTe prepar￿j the financial ststem&nts on the gor*J conc•Tn basis Company status Th8 charitable company is limited bYguarant￿. In the event of the d￿ritable o)mpany boing wound up, Ihe liabl￿ty ￿ 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 th*ilabl• con4)ony and whKti have been dosgn8ied for other purpose8. Reslncted fijnds art lunts **wch are to be us&J n accordwth wth Spathc r￿n¢tim$ ImF4)s•J donors or which have boen raised by ihe charitatile company frjr particulw p￿r￿s05. fht Costs 0¢ raising and administoring suth lundsarg d￿r9ed 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 ¢AarIt8￿8 ¢Nnpany has •nMoment to Ihe incorre, h is probabl• that ihe inccrfno will bo roc8ived and thfr armjnt of incomo r￿e1Vable can bg ￿￿aSUred reliabty. Donated seMce8 ¢x facilt1￿ are r•cc#3nised the d￿rilal4e 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 PrOba￿e and that ￿or￿mI¢ 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 Cha￿table cornwy whith tho anKJunl tho chari181￿8 company would have been willing to pay to obtain sw¥i￿or faulths ofequivaw eCon￿niC tsenefil on the open rnaFk￿,' • ¢orr•sponding #mount B then re(x*Jnised n exwrKliture in lh8 wrK¥J of rnc*ipl. Other Incomo 1$ r8cognis8d in thè period in w*l1icti 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 l￿ding 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 s￿1 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 ban￿1 to a third paty. il Is probabl& that a tra￿fer ol aconomic b&n&ffts wll be required in Set1￿Ment and. the amountollhe obligats¢)n can bè measured ￿1￿?bty. ExpendiluTe iscbsSff￿ by8¢t￿lty. 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 attrit￿tablE to a single admty are al¢dxied dIre￿Y 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 a￿ts. kn$$ th&ir •stim•ted msljual walue. over thlyr •XFrft•d useful lives on the folbwirpJ bas•s.' Fixtures and 4uipn*nt 20%. 33% of cost Investments The charitsbjtr ¢4)mpany'$ fixed assgt in￿lMents are valued at Cl￿t 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 $ubwdi8ries are val￿d at COSt kns provision impaKm8rt. Ass¢xi8led undertakiws Invesknonts in a$s￿lateS 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 t*th•th8r tr*r• ar• indication$ that a fvxèd asset may be impairgd or that an impairment loss rncc¥JnL8￿l 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 4SS*and theirrectsvor*•amounts. boiThJ th& h&her of lair value 18ss costs to setl and ValUe4n￿￿e. afe roctyised as inyairmbnt bwos. Imp3imi8nt losses arè re¢c#3nis•d in ststement of finan¢ial activths. Rewr1$￿ impaim*rt losses are rBv8rsod if. only rf, Ihe rea8￿ lortho tr)w•fft￿nt kjss hav8 ¢e8s8d to appty. Reversals of impaimienl loss•s are r8ctsJft15ed in sl•t•rneni of finon¢ial aCti￿ties. On reversal of ¥n impaiment loss, the d•preoat*Jn 1$ adjustod ￿ allLKate Ihe a$s•t's ￿VIsed caryng 8rMunt Itéss any rfjsklual value) over its remAinirvJ useful IN•. Pag• 31 UNIVERsifi OF LEICESTER STUDEKfs' UNION IA tompany Ilmlt•d by gu•r•nt••} NOTES TO THE FINANCIAL STATEMENTS l¢omlnu•d) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUNTING POLICIES (¢ontlnwd) Stocks Stocks are statsd èt the e¢JSt armd estlmth sollirwJ prta *ss ¢¢)sts to conW*8 and sell. Cost cornpri￿ of diroct Matt￿$. At each roFthry date. the tharitth eunpany assesses whèther stocks arg *npalrod or if any impairnient lo$$ re￿nISed In wicf perhids has roversed. Any exce55 of Ihg Garrying #mount of 51rxk over its eslmated sellin9 wi¢e ￿sS costs lo o)rnp￿te and sel is feccgnksed as an impaimont loss in 8latemenl of fmanry81 activths. Flnancial Instrumènts The Charliab￿ company onty has flnancial assets and fInan￿1 liabilit￿$ of 8 knnd Ihat qualfy as 8si¢ fin8ncial instmments and arè not cfjnsidereo tts bè ot A financial natu￿. Bas￿ finantyal instrum￿ts af& inilialty re¢09n1￿d * Iwsacllon vabjo arKI subg8quenty measured 8t their sèttk*menl valu¢. Tr4d• and otherdeblors wthich ar• r8ceNabl8wilhin w y•ar and vh)Ich do not con&￿tUte a flnandng tra￿ath"on arg initiaHy rnasured al the transactiw pricfj. Trade and rAher debluTS and amounts" ow¢d by grwp undertakings are 9Jbsequ￿tty mtsasur￿ at a￿tiSed 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 I￿lU￿1 inveStr￿ts rAigin4 maturilies olthree I￿)nthS CY less. abthlies andprov&wons abililies are recognised when there 15 an 0￿190t10n 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 St￿￿ents. UnhM Su￿ra1￿￿81￿)n S¢h•m•, wPich is a d￿fir￿d benefit Ponsion scheme whose meMbe￿￿1P congsts ol wnptOy•os ol strjdents. unions and related bodies I￿oUghOut the c¥)unty. ￿efilS in respect of seTricè up to 30 S8ptwnber 2003 are accrued on a )al $81•rf basis, with bereffts in respect of seTrti from 1 October 2CKJ3 accruing on a Career A￿ra98 Revalu￿ EamiNd$ 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 $tstem?nt of financrdl activ￿¢8. T•xatlon No provigon for ¢¢*porthn 18x has been made as the tharitith c4ynpany is exernpt from Corpora￿an tsx on its incc¢ne ènd gainsto th• *￿trnt that these are 8ppled to its ehArit•blè #etNitiès. The nonwCl￿rita￿e subsidiaros will b* ￿￿bJ9¢t to Corptrotv￿ Ta¥ ￿ #ny wofits nol gift aid8d io tho charitabkn pamnt within 9 months ofthg balanc8 *01 dats. Page 32 UNIVERsrrY OF LEICESTER STUDENTS, UNION (A company Ilrnltsd by gu•r•nt••l MOTÉS TO THE FINANCIAL sfATEMENTS {contknu•d) FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUIITING POUCES Iconlknu•d) Employ•• bon•fits Tho rthts of S￿.t•M wnployo¢ bondts ar• reC¥j9nl￿d as 8 ri*Trty a￿1 an 0xper￿. Th9 Cost of any unusod hoknjay entltkn￿nt is re￿9￿￿ed in thè r*rtod in whth the wipbye•'$ sorviees are I￿￿1. T&min￿On 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 ackntr*Aedges that lh• re5Utbng a¢cr¥Jnting eslimates and assumpthins WU. by def￿rtI￿. s•bJom equal to reLgted aclu Tesuts. Th6 oslmatts and assumO"ons that havo a ygnrficant risk of¢au$in9 a matèrial adjustmoni to Iho caffwn9 a￿K)unts of assèts ar￿ I"abiliti9s withln Ihe ￿xI Ilnan¢Jal year are discuss•d b810w'. 111 Penwon dofl¢St contn"bulion The charfjty has &ntWg(l into • commitm8nllo pmid8 dofjdlfunding tothe Studenls, Union SUpwannUatK￿ Pans￿n Schem•. ofwluth tt ts a contributing empknyer. Under FRS 102, Ihe law v*v dth• ¢c•Ywnitn*nt is rwdnised. Th• cab)Jbtion of falr value of the cNnmrtment is subj•ct to an assumption of the discounl ¥ale. Thi$ discount rate 1$ ¢etemiincd by r*tsren¢e to mw*ei yfelds at tr￿ rel￿1￿9 date on high quality corporal• bonds. Tho commitment indud8d in tho balane8 $heet atthe ba￿ne0 sheet date 1$ £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 ocwpwr*J fadlities own8d by tho University on a Tent- fr90 basks, al ts truslees. •stimal8 ol martet valuo at £229.440 {2021: £229.4401. lili) s￿￿t 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 M￿tor￿ fund5 restrithd incomo Stths grant Job retent￿n 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 $ubs*Yiary, uhr￿er￿1ty 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, Un*Jn Tr•Jr¥J Lld is the samo ès Urrivwsity of Lgic8$1gr Slud&nt's Unk)n. The subsidiary particrpates ￿ trading actIvit￿5 rèbabrvJ to Iho chartta￿$ ¢ompany. Its taxablo profft5 are donated to the chari¢able company. A summary of thg sub$dl)ry's resuls whth are consolidated in th￿ f￿ancial statem8nts is shown bekN'. 2021 Tumover Cost of sales 196,188 114.2511 Gros$ 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 Distr1t￿tIon 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 c￿ts of r•lslng fvnds 28.423 24.820 53.243 27,827 Edu¢atTon & r•pr￿n￿tth 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$1 98.537 601.118 211.030 118.935 236.930 5.325 10.986 33.149 157.409 49J.749 738.665 269.165 687.838 34.794 42.570 47.983 2.140 26,753 26.753 c￿19 of ¢harit•bl• 618.138 26.961 614.856 1.459,955 1.894.498 846.S61 26.961 639.676 1.513.198 1.922.325 Page 35 UNIVERSITY OF LEICESTER STUDENTS. UNION {A ¢omp4ny lknlt•d by gu•rante•) NOTES TO THE FINANCIAL STATEhlENTS l¢onllnu•d) FOR THE YEAR ENDED 31 JULY 2022 ANALYSIS OF EXPENDITURE BY ACTivm Certain Central ovwhfrad support costs have be￿ reatbcate(I to ts ¥a￿￿S aclivii&s as rnted In Ihè acts)unting Th• thrs rnalkKalfon on th• oxpeThliturg head￿ here.. Aed¥lU•$ ¥ttd•rtak•n Sup1>￿* dlr•elty costs 2022 2022 Totol 2022 Tot•1 2011 EdUat￿ & r•wgs•nlat*Jn Weff8r¢ Campaigns ar￿ lL¥nmuntit￿S Stsryelies & dubs Sports ganl P•ar ment￿r￿j 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 lo*phone G8reral building repairs and c*8niThJ 8ank charges Other sUPPOrt costs Loss on d￿po￿l ol T￿ed 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 slat*J 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 rest*cl of both audit and nonwaudlt s•fyiee$ as we I￿k￿￿. 2022 2021 Audit seN￿O$- statuiory audit of Charrtab￿ Cronp￿Y aTrJ consdidat¢d acts)unts 22.275 16,650 Other 8wvle•s.' Audit soMt•s- statutw audit of a$s￿l#to$ of lh• charitat>l• conp*iy T4xakn"on ¢ornpIkan￿ serv All other n￿￿￿1* 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•I￿lancY 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 8fflp*ws TO￿l¥ed refflunpnb"￿ of thw £60.0￿j durlrvj Ihe WTent or prior year. Key mana9ement personnel of charit•b￿ oJmpAny are eon$ideY*d to b• the trustees. the Dire¢tor ol m&mbershio ar*J the Chief Execu￿• Officer. Durirrfj the year. key managèrnent p•rsonrwl r8¢4ved reMU￿ral¥)n (ind￿"￿￿ emplL)yers n¥t￿al insurance ¢onlributions1 of £289,12712021'. £285.6301. Pa9• 37 UNIVERSITY OF LEICESTER STUDENTS, UNION {A ¢ompany Ilmlt•d by guaranl••l NOTES TO THE FINANCIAL STATEMENTS l¢ontlnu• FOR THE YEAR ENDED 31QULY 2022 TRUSTEES. REIAUNERATION T¢)tsl 2022 T¢>tsl 2021 TRUSTEE NAME Salary P•ng1 A Magala Irosignod 19 June 2021} A Rahman Iresign8d 30 Juno 20211 M Nembhard Irgsoned 30 JU￿ 2021) H ￿l¢heY Irestgned 30 Jung 2021) K Wagener Ir•sign•d 30 Jun• 2022) H Pothan {appointed 1 Juty 2022) R jen￿n5 E Phipps Iresign&J 30 June 2021) M Kanikanti If¢signed 30 ju￿ 20221 J Mct)onald larFointed 1 July 20221 N Fannor G Henton IT•$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'. f￿r? Inths recefved reimburs8n*nl of eX￿ns9$ 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 8cbvit*s 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'$ InveSts￿nI M) itg win¢*al 8ssoci&& hbs been impalred on eonsolldatK)n. Sh#rns In Group l￿mIertak￿>S In •￿0¢1•1¢8 T*X•l Conwny At 1 August 2021 Disposals 100 11rxsi 102 I1￿} At 31 Juty 2022 Ouring the yearts SbAent UnK)n (rf bts ￿yest￿￿1n The LeicesterSeryi¢e Patherghlp LimS¢ed for nil o)nsidefatbn. 12. PRINCIPAL SUBSIDIARIES, J0I4T VENTURES AND ASSOCIATES a. P￿￿1paI subsldl•rl•8 Unlv•rslty of L•i¢e¥t•r Stud•nts' Unlon Trading Lld Sybsith•ry name UnNwsity of Le*est¢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 Leic￿181 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 8lL*Jeni letDngs agency its ro9islered offic? is First Fhjor Campus C*ntrn Buik4ing. Lam. Le1￿ter, 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￿$19rSt￿nts. 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 Le￿Ier 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 d￿erred ¢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 re￿1¥￿1 in f0SF￿￿ of MUtt￿Ye¥ (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•nd1￿r0 Tran•f•rn 2021 8•lanc• at 31 Juty 2022 R•strl¢l•d lunds c￿bS and S¢xiet*s 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 ft￿5 747,228 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%let￿s 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 I1.7￿1.324) 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• c￿bS 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•$19natsd funds LSP designated funthrvJ Capitsl and slralegic projec18 ¥s•Jn•tsd funding 275.QJO 275,OOCt (13.554) 887.045 1.175,599 113.554) 1.162.045 Ponslon reseryt {1.897.307} 234.S53 11,662.754> (276.04211.3C(1.579 11.068,9331 144.3961 Total fvr (T.82211.710.067 11.459.955) 242.490 Pa9& 43 iIMNERsif¢ OF LEICESTER STUDENTS. UMON IA comp•Try Ilmll•d by guarant••) NOTES TQ THE FINANCIAL STATEMEIITS (¢onllnu•d) FOR THE YEAR ENDED 31 JULY 2022 16. STATEMENT OF FUNOS l¢ontlN•d) Charlt•bl• comp•ny- prlov y•ar Balanc• at l August In¢tyn• EX￿nd￿￿K? Transf•ts 31 July 20 2021 R•slrld•d fund8 Clubs ard Societies P•er Mantoring Fund Sports grdnt RFU 0webpM￿t Fund 247,224 109,079 48.000 34.794 {97.1061 142.S701 134,7941 259.197 5.430 3.793 3,793 251.017 191.873 1174,4701 288.420 Unr•strld•d funds G?neral r•ser¥es 473.704 1,372.226 {1.722.4971 322.233 44S.686 D•sigftat•d lund6 LSP de$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 SOr￿t￿8S wharo th8 Idtimate t￿nIT￿ wcrtjld vest the Un￿. The Union and un￿ers1ty 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 SUPF*Xt this s&beme. Th? RFU Dwd0pT￿I fvnd Tplatss to IT￿1￿$ 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•si9n*l•d fund• rvlat• to: LSP dgsvJnation fvndlng repr9￿nts 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$ $01 asitkn fry fuiur• c4)nln"butths try4Mrds the stheme. In lighl ofth• revaluakn and Iho known chakrvJbs fKod by Ihg 8therre. Capital and stral89ic projects d•*gnated funth.ng Mpreserts tt)e r•mainirvJ funds designeted for inveslment in s1rateg￿ projects relab"rvJ to thè knn9-toffli devek¥monl of the Unlon after taklng ar￿U￿1 of the required funding neede(I to orderty wind down the Union in the evgnl of the organis8tthi to operate in the fuwre n Ihe loht of the thall8rw faring the sector. Transf•rs A transler has b8•n made from th& •nd strag•k woi•cts d8signatsd fund to general r8servas to lake accwnt of the roquw¥d fundiThJ ngoded to orderty wind down the Un*)n in the event of the organisation Ce￿ng to operale in Ihe future in the Isht of the challervJes facing the Pa96 45 UNIVERSITY OF LEICESTER STUDENTS. UNION IAcomp•ny limit•d by guarnnte•l NOTES TO THE FINANCIAL STATEMEMTS {¢onllnu• FOR THE YEAR ENDED 31 JULY 2022 17. ANALYSIS OF ASSETS BETWEEN FUNDS Group- curr•nt y•ar R•strlet•d G•n•ral D•¥lgThat•d P•n$lgn Total fund• funds fvnds ¥•sèm funds 2022 2022 2022 2022 2022 T8n91￿e KYo(l assets Flxed as581 inveslmerts Current a&wts credi(0￿ du& wthin one ygar Defined $C￿me 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•sl9r￿d P•nslon fufids funds fundB ¥•sep4• 2021 2021 2021 2021 Total funds 2021 TaThji￿e 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 CU￿nt 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 I￿vEMENT thl FUNDS TO NEf CASH FLOYI FROM OPERATING AcTMT￿s 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 liab￿rtY IPTofrtylO$S on the sale of fixed assets Inttre￿ rKeived Decro0$0 in stocks Iln(xgaseydecrease in debt￿$ Ir￿9•/(deL¥ea3e) In trtrditors Nel inwno from johrt v¢ntur8s and a6$0¢iat¢s 26,961 {234.5531 16,6371 12.2311 78 (55,0391 75,664 165.7181 32,528 (2.4691 249 (1.3661 15.289 185,6611 1103.279 Pkt cash provlded by1{u￿d in) ¢)p•r•tlng aGtlv#l•> 54.455 1371,8291 19. PENSION COMMITIIENTS Tho Un￿Tr parti(iP8ts$ in th8 St￿1￿$ 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 S*ithber 2003 are accrued on n•1 $alarf ba$i$. with benofts in resp8Ctofs•rvice from 1 (ktobtr 2003 accruing on a ca￿er Avorage Revahjed Eamings (CARE) basis. Wrth effe(* from 30 Septsmb8r 2011 th¢ Sth?me closed to fvture accrual. The m05t recent Vabjalicm of Ihg Schem8 was carri8d (yjt as at 30 June 2019 and show￿ thot the mwkot v¥lu• oftho S¢hgme's assets was £119,100.¢XQ with th05a •ssots ￿￿0$¥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#>an￿1 to £140.￿O.000. The assumpkns which have Ihe D￿t svJnificarrt effert upon the resutts ot the Valuatipn aro Ihose relating io Ihe r*0 of relum on I￿￿tsTrents 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 i￿12000 (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¢￿M￿n￿0d 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 ¥a￿￿n8 WUI also iryact on Iho Union's fsjturo ¢ty)lrilxthn ¢ommitff*nt Pège 47 uNNeRSITY OF LEICESTER STUD£iifs' UNION IA ¢¢mp•)y lIn￿lad 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 Orrfj￿ng admini$tr8liv8 8nd rat*)nal expgnsg$ of runrdng the Schgme. In add￿¢￿ lo the at#)Vg contribulions, thb Unk>n a150 pays its $har8 oftha Schème's to tho POnS￿n Protectm￿ Fund. FRS 102 and Chariti9$ 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 theirc0ntrlbut￿n to elininale the shortrall. Therebre, al 31 Juty2022. the bala￿sheel011he Union Includes • li•bility of £1,662,75412021.. £1,897.307}. which rtpresentslhe net presentvahJ• of •ll fijture coniritr4Jtionstowards èliminats'ng t￿S 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 n￿￿SsIn￿ requirn rwsion after subsequ￿1 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¥w3￿8$ Superannuati￿ Sthèma {USSI during the y8Ar amtyjnted to £22,48612021'. £23,219). At ts year end. the Charitabl• company ow•d £Nil12021: £151. Thg lot*1 contributions paid to The NVS A¥gon P•nson Sch•n* during the year aTh￿inted 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 e￿orrtabl• 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 co￿Vany. 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 maffi￿ty of tho Sludont Unions, fijndlng is derived Iwom the Unfversity of L￿C6st￿r, wh￿h 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 Pr￿VAad by the University lor prc¥ect Support of £7.50012021.. £368.7￿> and redundarw ￿lM￿J￿ement 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 $a*s of£2,36312021.. £12,852> to th8 Unlversityof Loic•$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$ l￿d 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$ va14*d 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 StU￿t 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 managen￿l 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