Comp•ny r•glstrtlon number: 07303101 Charlty numb•r: 1137J11 UNIVERSITY OF LEICESTER STUDENTS. UNION {A company limited by guar¥nt••l TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 "AD28XE2B 0310512024 COMPANIES HOUSE '1P4p1S• 2410412024 CPANIEs oUsE A12 *39 1 23S
IA¢ompany 1knIt by yJardr ADMINSTPA TIVE INFORMAIIOPI FOR THE YEAR ENDED 31 JULY 2023 Charltsble Stat Tha company is Wi51ergJ a5 a (£rfnpwy ty guarantee and was sèt up by a Memrantjum of ASS¢1¢. chaiity numbei 1137811. Univwsty of Lewler Sl¢JdeTrts' unl also has intemal rgJulab"on5 OrR Wkyoved by th• Board of Twst8as and iegulaled by Ihg 9)¥emirKJ ol the Untv•rsity of lthe University) ' Cr)rdCe wAth 1994 EtI)n Act arJ the Chanty Ctnm6wn. R•glst•rnd Addr¥ Un1vets ol Lewter Sl4vJonts' un. Pw¢y G•¥8uldivJ. Urwersty RoJ. LeKster, Le$1T, LE1 ?RH Board 01 Truste P Bhatt lappyjinted 1 Juty 20231 A Oeeb (resigned 30 June 21Y23 N Farner (resigned 30 June 2023} J Hyeit (appointed 1 Juty 20231 R Jenkins Iresign4d 30 Jun¢ 2023) J M¢tX)nald lappoint&J 1 JU 20221 H Pathan IresKJngd septernLr 20231 J Thomas lapp¢Mnted 1 JU 20231 L Ruddock{reswJned 1 ju 2023) EtÈmal Trustees A Bn {rBsigned June 2023) J Bates lappoinied 2023 A Black (appointed Juty 21r231 S.Kno4es ISnj June 2023 R Kc¢Jakandala lapp(mted AWJ 2023) D Moore lapkxjinted July 20181 P Smth laprKJint8d Doc 20231 Independent Auditor Knox Cropper LLP, Chartèr1 Aftts, 15>155 LorKkn Road. H)1 Fthpste&J. Hhir8 HP3 9SQ Bankern National Westminster 8wk PE. Grwby Streel L¥10T. LE1 Page2
UNIVERSITY OFLEICESTER STUDENTS. UNION IA eon¥)any l•mfjt•d by 3[antsel STATEMENT BY THE CHAIR AND DEPiITY cHR FOR THE YEAR ENDED 31 JULY 20Z3 It has be a rwlNe yw kn Ihe hawr#J seen s(#i)e excelw 18v of engag8rrnl with our eommunty and stakehokbw5. SupF>Jrttd by the pint thirrfJ gffjup betrfftn ur1vty and the Students. Union thè"sbtky Mpus. pr has assi¥ted in seèing many ofour semtss and pslor bad( lo near p pand and ranpus wpeats tr) be rduming Ihe trwsy and vibwt place we always remembered it to be. In IAarth ofthis yèar. and afief6 yew5 ilh CEO Gweth CbJhton Ihai was 5pINj do% from hi5 role. Garelh the ble55ings and thanks ofthe b)ard lor ht5 5ervth. The Unn undertook a wcrurtrnent prsS at the ofthe 22-23 aca¢Jwnicyeai and apWn1 Lwn Davis lo the CEO ro. We wish Liam the best of luck bok fornarf to SUPFiWtiNJ him as he le•Js the Union loard vhth exeitsng of the future koks IdKe. We were e1hled lo see the res of the 2023 NalN)nal Stud1 SuNey INSS} whKh. Trg$t other POS¥es, hi9hlvJhts LSU as a top 10 students, union Ai temis ol stJAents leeling that thèy are wel repreJ. This is lundamtal Io Ouf wr[e and the fitst rmrity wnthin our strategic plan. We will ntinu• lo Pla emphas on Ihi5 7Aryk to engjre Ihat our memb•ts tonlinue to receiv• th• of acadern repr65entstion I need. It was ol Iwthef great lS1? to see that the Universty receNed a Gold TEF (feathirrfj ExcelerKe Frame•nrk} r?n9 whh was h•awty aK1ed by the strengih of our student subryM"ssion as part of th process. It is likely that Ihe Urwon won't red to c1)mete another submtssK)n until 2027 as per strat8gK plan w wll continu¢ io 7rk tovrdrds building a strong und8rstarMlirKJ of 5tudenl n8•Ys aThJ rking with and in11uerory OUT partnws * the UnNer5ty in lin with our leamings ol thos• requirements. When a next to suppjrt submi5SWS to the ¢Jts Ioffice lor Students} our on01rj wll sUprt us wi pmwding e¥idertt wu1. Most impOrtty it wll vs to continue our W•11( as a ffjprwalpie bD(ty as an effective UnTh a)d charilabb8 t•)dy. Ong ol the more signFftsnt stregK dV4etopts in 2y24 twas to sre fundir9 from the Univérsty that enables the intrcJucti(m of a syslem of pa1 SInt preSentaths in thè forn of'Col18ge R•F6." The introductKn of four part b.me paKI siudent ryjresentabves will See added levd of repsentatIOn on key txojtti YJrkThJ a5 wdl as supr¥)rring the of our other eknted Financially the Unhjn has hil a number rf Iwgets aThJ despte 51arbr#J Ihe year with a b&et that projected a deficitof£79.445 lexduding SuLds and pens deffUndIry adjustments}fund&Jthrou our erVe$- we finished the year signrfKanUy aW wth a sulUS of £85.825 lexduLng SuLels and pension defiut funding adjLL8lmentsl. the reSts of SuLets KJ the pertsKJn dth"t Changes ere taken into xcount th8 a sUrU$ of £44.400.Thi5 ts du• part to departrnental savKKJs as well as in¢reased ve15 of interest bwng actn*d from our r85gNe5. Nthv that 1he Union has sucLessfvlty navi3ated itseifout of the prrA4wTr5 by the dern& w investments wrykiro group has been estat4k8hed to begin t1isDtssThs al1 the rTh)st effthe .Sab"c ofwr existiw reseNes. Julia Bates Chair ofthe Board of Trusteos Arth Rotrfwn Deputy Ctsrofts Board of TAtee$ Students. Union Presvknl Pag• 3
UNIVERSITY OF LEICESTER STUDEMTS. UNION
IA comnY lthilt•d ty guardrt••l
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 JULY 3)23
Tho Trustees Ivtho arealxj of thethaitylorthe rrtJrtM)ses ofthe Companies Act) pre1 their
nua p(rt togethw th Iho audited finarv statern8nts of UnNW5ity of Students, Union
IULSU} (the cfjrnpanyl for th8 year 31 Juty 2023. The TrLLStees confirm that the Annual Report
d fin?jaI slatemants of theo)mpany and Ihe group c)rtyly with ts oJrr•nt statutory reqUients.
requirtments rf the cmpany and the 9mup's goveming Llocum8nt and Ihe prowsions of Ihe
Slatorrnt of Re(¥)mrnended Prattice, CtieS SORP {FRS 1021, 'A¢counting and Rep(xb'ng by
Chtses" efféctive 1 2019.
Report under cxjmpany law.
ULSU tharitsble obitets
The •J¥aicement ofédu¢atKM olstudènts 4tthe UThvetsty lorthe Publ Bendt ty..
pro)bJ the inteffjsts and ¥&pifwe ofstudents al the Uni¥w5ty during Iheir Mur5eof stu(ty
8n
UNIVERSITh OF LEICESTER STUDENTS. UN#Y4 IA company fim6tsd ty wJardrth•l TRUSTEE'S REPORT {ConnU#d) FOR THE YEAR ENDED 31 JULY 2023 StnKtyr•. Govarnan(¥ & 1kn•o•ff•nt I¢nal ULSU operates On denKxr#Trc pnnriple5, WAth pol beirg wn by the six seknted trustees who fonn the Exer#Jtive Commillee. Dtsri the year. rnembws have the opportwity io h.ng forward idg85 thffjugh Union Council or three io t1 st14&d ttnge. Nets[$ are based on printsps of d81iberati¥e and dired derrKrfxw. Th• Unw's Studenl Ideas syst•m also creates simpl¢ and Llire(l opporturuties lorstudents tosugJest ctsrso Njeas to Union Counol. Unton Counol aL8oh8ve thè atmlrty to cal an aU4tud8nt on matter5 ofTthits importa)c, r8quIr. SeThSor Leadershlp The University of LeK4stef Stlents. UniM employed a ChlExee Offiw ICEO}. Gareth Oughton. man¥Jémantolth•owani63tion. The CEO 9fted in Mwch 2023subs8Want tOlth appJintmw)t F05 to recwii a SLxcssor was tKrt in pe resu"ng in the sets0n a1 appJntrnent of Liam Davrs who ojmrnenced hi5 ernptyTrt in September 20rJ. Klember of the Senh?r Mwa9ement T Arnbala¥8nar Kurnaran {Dir d Memtwship Swkncesl slepped uplo ddNer key CEO tasks until the new CEO tojk up his r¥)sitson. The Senior Man&Jem&)t C>ted addOn of Nicola jaM Ith"rector of Fwmnce). Tho Stratfrjic Lthdw5kMP To. made up of the UnK)'s MaTrer rr monihty to OVere the Union's rtgular aeti¥ithes. ULSU also trnpbys a nlmber of rth.5tudent fvll line staff to rnan8 and administefit5actiTrri4s. These staff rn¢mters areat3untstye lo tsChiefExeartlvèt performan of their ¢ie5. Staff Pay Th¢ unu a pay in 22r23 Ihat eama into on 1# Aj1 2023. 11 hcwl th•t tr$ will resolve sorne issues we have had around stall and to ensure that we a offering rA)mpetfts"¥e rales of pay In an onwn9 [St oflNirvJ R•lationshlp wlth Unlw•fsrty of L¢¥c•sl•r The reLqtionship the Uni¥sity and ULSU r& establBhed in the R•3ulatffi$ ol the University and detailed in ULSU RU appro¥ed by t(lh orgaThsaD"or6. ULSU r¢ceiv¢s a Bk)ck Grnnl from the Univer5ty, and leases rnost ofthe Percy Gee Bl&'n9 by the UnNersity. Ublibes are also paid by the UnNergty. This Tr)n-rn¢y1ary surwrt is trn$ to the Idansh bgknn the Univwsty and ULSU. An &slwnat&1 io ULSU for this free servK•d attOmMlation has been indudd in the acwwts. ¥ae at £229.440. The 1$ no reason to bdieve th substantial financA supF#>tfrom Ihe Unwwsity will continuefortho foreseeal)le fulure as ou#in&l in Ihe 1W Act. Risk Mamgement Our Risk Managernent sUtt4Mmit of Trusteè Bod is r&pcS1 lor lh o¥tyvie of rtsk manaJernènt and ddtgates that authrrrity to the $Ky marosement and 5taN te•ns via Ihe CEO. The mosl sb3nrfKwi ri$ks and a brief surnmwy ofthwr m••Jenwt is listed below. Stsff & officer turrrfy4er- we have a larye Thjmbw of kn"rrfJ their rdes as the labwr mathst lurched baek into actw after the paTrJemic. We have rMple1ed a pay r4i•• h85 rgsulted in a rnore compebty've remunerabon offer moving forwards. We have 50 CMttled to rthfierting the Staff benefits more broadty the CAynirg year. Due lo the natu of Ihe Sttjdents, Unions. up to 6 sabbatiral oificers lake up 7 year cnntr&ts can iruease prE5sure ueated by hKJh turrw. Tlws year's offK han¢J)verand Inducti was much rnorethoTough tw prev1)uy had been the case and ho Ihis W11 have sel a nvw hi bar aThJ wll help to reduce fv impaL# of offKtr tuffA)ver. . Our legacy pe)n lgatiOnS a¢kninkstered Ihrough the Students un Superannualtitin Sch&ne ISUSSI Se us paying Signifint $Lrn5 to lund the SUSS, 5ySterni¢ defiJL Whi1518 large number ofother students. uniofis ffind thèmsefves in thi4 pos"¢n rt d¢es not rntyate the general ¢)verall risk assc¢i8 ¥th this pension defi¢il. We have begun vKJrk t4hKh wll c¥)nbnue into 2Y24 in evuatiftg a number of Klenlffied 0.or6 to d&risk tyJrcJJrmt It)sIti( 1th reg*d toour patbupation in thè SUSS. Pages
UNIVERSITY OF LeicEsTER STUDEMTV UNION
IA¢omp¥ny by gu•r•nts•
TRUSTEE'S REPORTI¢4TruedI
FOR THE YEAR eNDED 31 JULY 2023
Structuv•. Go¥•rnanc• 8 Manawmnt 1e4>nliftdD
Du¢ to the nU ol our mr$ that some of ow W risk5 Indte organised tMty t
otojrs under our barfftr. We slpwt over 250 student gmups in $dIrgane
UNIVERSITY OF LEICESTER STUDEMLW UNICI IA company1knSt•d bygu•rnTh TRUSTEE'S REPORT1¢onllnved) FOR THE YEAR ENDEO 31 JULY 2023 Alms, ObleGtlv¢• &ActIwili (conllnwdl Mlsslon.. To repTr$t wnwer slLkJerts in wievirg Ihth"i pc114. Vlslort.. By 2026. sIlts ill see w a5 an empwiwwj. that effeNdY remtnts thoir interests. Our asyralths am abjut •nhants"NJ Stj0n. Ow thès• aspirth.ons is nde1.nd by our values.. We are led by students. We t4ie¥e stuthts makethe beslthi8K)nsatJAwhat impa$ Ihem. W• f•mow barrknrn. The full diversty Sh(¥J be Suppor1 by evtyhir¥J (b. W• arn proudty radieal. We &e bokl. innthfatrt and thlge ihe status quo. icPriorities & Our Work Strateglc Themè - Stud•nts L•adlfig Edu¢•don 65°A ol stsjdents will agree the Union effelYety represthts th"r inlerests In 2022r21123 75% ol slvdents ill kded positNety to Ihe NSS question on the Union effectY repfesents"NJ students acadern inler85ts 2020 Priority 1 -Trantyfovn4ng Siudents Educath In 202Z12023 tA•... We will prOde an wnual impa( report ayoss Ihe Irfwe ofthis plan. dmonstra'NJ how the voic has been enhanc by the of student represenlatives PuNishJ ovrfirst impxt rwt to 1 sludents, that el the charges tU9h1 about by representatives ar w instrtutional level. We se¢ured lunding lor 221 lo enploy 3 students to act as'colege Reps whsch will significanuy hèlp us to devd this area of fvJnd8menlal M) Ran a pikTrt $Che thin 3 sthooLs where stsff and represents agf8ed a jOt tKIn an for tenr one and We ill ¢Jeve&)p studenl-led ¥tsK)ns lor the fure ol eduCan wthin eath to shape the leamThJ Oriure ner( rf sludents. Prlorlty 2 - An Inclus Currk¢rtum 202212023 wo... We will b1 a case for a lerat rriculurn. refftecting on thg dNg of programmes and the best enwronment in thich I1vr$e students Can leam. We will ulertake a mEmbar4•d Devekjped a oJ1urn consultant project. ¥theY 90% eslablBhed outLxpm85 ty year-end Goal 2026 UrKlertoc research to idBnbfy 5tudènts' on assessmwt nthdrsy 8t a k)cal levd and pented fIThJ1r to the Unr¥ersty By 2026 SO Students shapethe so they fully supFort stYent Pag$ 7
UNIVERSITY OF LEICESTER STUDENTS UNM)N (A¢ Ilmknd bygwranthll TRUSTEE'S REPORT leontinu) FOR THE YEAR ENDED 31 JULY 2023 Airrw. ObJ¢¢ti¥•s & A¢ll¥fj IMntlrndl 202¥2023 TM... Tran$f•nnln Sttmlents Educa11on Our Go•1 We wll develop student4ed By 2026 annua prtyJram revi sche15 for ar2dernic SecurJ a mIal rtAe kjr the Unrt in the Unive(sty's annu prcgram rewew prctess stu¢ent wrillen submissA)ns lo the Teachin ExllenCe We will create capaoty to (leve edueatK)nal support by thè Unn to th• P0SradUate rarch communi Our Goal By 2026 klentifial IJe1S of besi pTrcbtè in the sector and identifJ OppOrtune$ for atIOn to (¥Jr exisiirrfJ representative nKJdd. We hope to feed into nèxi tars vwnarte and resentatn review.r In 202212023... - Wibrani sdent CorrwTwnllies Over 60% of students *ill have been a member of at 51 one 9rovp durirg ts"I b.me ai Leic4ster em Leice51er present hallenge one By 2026 numbers re2 202212023 T... - Ch•nplonlng Intemallonal Studwrt en We will enha1 "knred suw)rt anij fundw for n3n and Ilural srfieties in baen1 their feach and their a.Ity to host ula slK)wca5e event5 We 11 devdop an Internat students stralegy lch bu4ds Stro neIrkS and gapr lo keep up Mih UnN recruitment groy Our Goal 8y2026 Devebped talk1r trainiry, èding to In excess of 20% irscrease in SLKc£ssful lundirs apF4Kath)tiS Our G&•1 By 2026 Urn5ericrf)k InMat31 SlLKJè"ni'researth to esiablish basdine ol intemational stud1 Prity 2 - 0gllv•rl On Stud•nts' Intsrnsts will trnsur• tach stud•nt'$ Inter85ts are represent in actN the Un We wll deknP a tiwed sludent group de¥dornl prrN3r and commrttee rnentoriry scheme. to assist with le¥51¥P nb.nu In 2022r1023 w... streamlin sooety search functnality on our website arrtl made il eas*r forsludents to find that inter&1 them s Deveh)peé a pilot scheme forten student grcwJps- lthe ot¥'ective has been chw(J to Assouats PrDJraml By 2026 Our Go•1 By 2026 Pajfr 8
IA compny lkntt•d ty guardbth•l TrUSTEE'S REPCT Icwtinuod) F(Xl ThE YEAR ENDED 31 JULY>)23 Alms. Obje1¥0• &Actl¥ilies Prlorlty 3 -Mak A Powerful Lo¢al Sludent vdunleers have a tvJul¥. Mh%rful Imp in (x)nwnunty 202212023 w•... Estsblish a free mi¢ro-wJlunteering programrne to enabk students who ted to actsvely ctsitribute to thr 31 c<)mmunity wAih the linit6d time they have. We $Ired additr&nd fundirvJ lo recruit volUnten coordinator. Undertcok a stakeholder mappng exercise with k)cJ decision makers and rolenti& pwtners in the communty, to tyu1 our Unders)dIng and supwi problem sofving ofthe issues most rnmonty farjng our member5 By 2026 DeVP o)mmunty or9151n9 CartY. to efjsu students have opp(Klunitias to hamess th&f SlES d wort with thal patheis to so woblw)s f by 1 LsIer c4tize By 2026 202Z12023 ... ~ A Fver Student Ltre LeSter 3trJdents' Wellr0 will track cornparabty lo the WaThrtk- Edinburgh Menthi Wdb&"r4J Scale for 1&24 year c4ds nat1 e3 core By 2026 Èrric ssociale nsis Pilority 1 - L•adlng The Flgm Agabnm S•xual Vlolen¢e Wewill hold meeliNJs wlh stakeholders Irorn Ic¢al aultsknes to inffluence sleps n8eded to enhan¢e Siu¢Jent safety in the ht-time ectjnom We VAII Se0J ¢Jed[ted fvThJiThJ to enha2 the Fanye ol suFq)ort opth)ns avalablèkn r1vorS of sexual vder X12Ztt023 ¥M... Ow Undert(N)k a slakeh(Ader mawng exwD5e V¢ith nvJhl amY s8rvr provK5ers and licensing aulhoritw, to identify key pwtnets in buikJirKJ out reach By 2026 Mapred exsts.rg provistors and undertook earch lo idenlrfy gaps prDViSion By 2026 Prityity 2 . A Cha lon For Students. Ri We wll devebp the Alfvice Sern" to improve awane$S of stu¢Jents' rights wth regard lo Crfs. CM pk)yment law and ten frarneworks We wll devebjp a comwth8nsNe, studant-le(I reviv ofLwL•nts and dISuklnary proce on eaffws In 202212023 TN•... Undertcc& e8rd1 to e5t*ish the k¥el of unsjerslandiJ amonost sludents when il cornes to their rvJhls as employees. tenants. lewners and By ZOZ6 Undertook sedor-wide researth into exarryl•s of best pradice regarding UnK)n nlants aThJ discirAinary prwew. We supported the UnNevsty in a numberof the4rovm ses in this area too. By 2026 Page 9
(A ¢omppny lknffted by 9wrnrts•l TRUSTEE'S REPORT Icontlnued} Frxi THE YEAR EP&IED 31 JULY1023 Alms, ObJeetiv•¥ & Aeli¥ili•s{¢¢ntlnwdl Priority 3 - A Flnanclalty Acc•8slbl• rlen¢e We 11 produce a CrAWby- College o)st of tsviTrJ guide for Slu¢knt& In orderkn t¥gt SUFPOrt where it's most needed We will eStablh a tryA forthe secior to berthmark the Cosf of Unryersltye )rTYad81)n. orthr to a far W of metits lora 202V2023 tA•... Our Go•1 By 2026 LaurKthd a reseaTthed ts)si INirKJ wide for all sdKd5 thin the Coll•Je ol Scwl S(J"ew. Arts 8 Humanities Our Goal By 2026 Published inth finwry81 researth into the erats.onal costs of halls, lo develop students, und¥slaThJirwJ of Ihr vdue for TrneY Finanelal Revlew ULSU'S gross In0 from dl Sour tots15 £2.359.9)3 12022.. £1m9.1281. Total expenditure was £2.183.9{2O22.. £1.513,1981 reSU"Tj in a suiplus for year of £17S.31222.' £315.930 surplus), irrnirrfJ ULSLfs total rSe9 to £1.018.876 {2022: É974.4761. 01 thi5. £713,818 12022.. £687.5gJl were uwwestrid•J lthJs aTrJ É305.05812022." £286.8861 r•strided. Whilst thè Union has tn11nl to benth from the rwnition and suwjrt ofth? Univwsty. The annual bloth gnI vtas £1.225.411. uby¢ased from £7.5 2022. Tkwo was ¥d(baL 9[are1¥¥d IN project funding, t55.{2022: £7.WI. The Unh)ns tradin9 Subs1•Y gewed a Iradry suwpkts <rf £173.453 (2". £142,945) wlwch is 9ift aid&J to the Lhwon. The Univetsity ol Le•Ier Studls'union TraliThJ Ltd lJk15 a m +1h1p in &dl Union Lgtbngs Limrted. Theeompany is wi*red asa charitabk c4mpany limrted by guarantee. 50% ofthenet incorne and assets of thè o)rnpany ha¥• bow irK4udod ii thos• fmarK4a #alrts. Page 10
UNIVERSITY OF LEICESTER STUDEIITS UP•ON IA ¢omp•ny Ilrnknd ty guarnnts•l TRUSTEE'S REPORT {eontlnued) FOR THE YEAR EMDED 31 JULY 2023 The Vron aims io generate rnlurrts on the cash it )Its in the bank at any si¥en poinL Th purpose to yield the best finantial rtrn wilhin Ihe knl of rtsk ttsisAlar•d •bie- trH"s th can then te Spent M the d11$ Dglivery of wr m ser¥w is met bkxk gwt furylirvj red Ircffi the Urivwsity, Ihtt rnmercia nt and any tommtira patr•rships in for acttss lo our rMnbÈrs. InlMe generd on vaSta reserves should not reouirnd kn Sup thiis ofthe VnKJn. The lI01n$krnU$t thrysbe ideth WKI rrn&fall7hhintsatwablè stAt•(Ibytho FinoM Befor¢ #nyfvnds ore inwested tre fAreclLYrf Fir mL wepweara5hlkyAftoenswe trlthe lth has enough cash to meettsthiThJ captsl wUirwnts. Any fwds requirwj in ts thrl tenn may thgn be invested short.term ¢Jepogts arrfl any fvpds not nJed in the medium-bng terni can fvn te invested wisety in fon9er4em) investments logenerate a 9reater wekl. Fund5 not needed for short Operalal ntèds Can bederwted reptdabbe ir6trtutws. provid that the •Jro8d rtsk ratin95 oThJ limits are adherÈd to. Dewjsrfs shoukl atrays be split betweerl UK b ItitU11nS wih drffèwt b8nkin9 lie•ns•s. to redLTh nsk frryn msb"lUtKK f.rn. Where possib& the unl s¢eks to divw5ify slhryrt.twm bkng 88s. to Lrce th• èxposureof reserves from the ffurè of arby bk. In ordwto ynw•t¢ awtwrtirn.lunLts reqwrKI in the mry irNast•d in d•posits vthich off•r a hwjher wdd. Fund5 may a150 bp investgd in othWfinal rthlu(ts, 11 15 Thportant tlwt the Urion ean gan xcess to its funds. urm need artse,. therefore inveslmenl prodLKts used must forfund vlthdrawals thatrj)verah r¥rfJeolllm•srA•s h Lyder to enable thi5. Unlon polldes wodudiNJ in ¢•rtoin organtsalttts TAAd bo tak•n onto O¢%¥Jmt. tAtn rxJridwing investments. To c¢n$d¢r OPFrfunities for lth.j fuThts. the trust¢es hw¢ eStlished •n Invgstment WrykiThJ Gmup Io l_0pIurlls to T(VIe th? relum on eash we hokl in Ihe bank. Th• UIMtin airn5 lo hokl 6 InthS e5 in free roserves. F4u5 £25.000 0fraIlrj in the curnnt year. Thts %wuld eble an ordth ¥mding ¢J¢ym ofthe oryanision event ri was necessary. Aftèr makiThJ 4>prvwiate wquiries. the Inffjtees Iwe a rnasonth expeclw that the compary has adequate restyJrces to o)nthnu¢ in op•rational exlsterte forlheforeseeai firture. Foithi$ reason they eonts"nugtoadoptthg goin9 conc1 basis in preparing thefinancial slatgmgnts. FLther¢JiLs warthrmj the kn.on of the gcing c4YKem basis (an l(4Ji¢J in the AccoJnb"r¥J Polbcies. The Boartt ofTruste6s (thfir1 lh ULSU h furAts b) meet al ts Prye11
UNIVERStrY OF LEICESTER STUDEIITS. UNION IA Umtt•d by 9uar¥rt••l TRUSTEES REPORT l¢onllnued) FOR THE YEAR ENDED 31 JULY 2023 Audilor the Cornwi Act 2CQ6 8 re5r4Jiw wot¥>sir4J ts 1eaprK)inlmt Croppw LLP as AuLlior will be put to the mwnbws. TTh8t••¥' R•8pon•lblllll•• Tho Twstees (who arn akn di19 of UnNw5ity of L•ic•slw SttKlents' iAThon ts Ihe puryM)ses of rnpany Iwwl ar• resrKJNt4e for prepai•)g th• Tnjstee's. report and the fin[1 statements in ynpany law the Trustees mu4 oppn)ve thenl1 staternts unths Ihw sati%fiwJ thottl ve a true and lair ol Ihe stste of affair5 of the tharitabkn LxNnpwry and Ihe group arKI of th incomirg resowces and appltcalK•n0ffce$. IndUdgthe Ino)mean¢J eXpendrtu. ofthechari1le p fry that pernd. In w•parirg I1?fK4aI statts. tho Trustees reqUId to.. ' select 5uitle awJuniry ap1h¢M obseNe the m8lf#)ds ar winoptes h) th• Chths SW. mak• judents and 'mat¢S aroreasonable and wueiL ' slale applKatAe UK AC4)rJ bew foAd. 5uWed to matwl departures dk8dos•d and explair0 in Ihèfinaneial steme,. prepare thefirkarttial staemnts on thè c£nc4m basts unless it is Ywpioprfate to prnsume that tht tharilalkn grwp WAI 0)ntinl in operw. ewain Ihe ¢hitsl)k cornpary and thè 9roup and dck)Se the reasonablt acujraty at any bme the financial FQSrfN)n of ihe thaitalA8 grDWJ •rtab Ihem to ènsure that the fjnantsal statame$ complyvthh th& compan Ad2006. Thty aro atso rnblO fsafe9uWd&w the ass•ts of the chantoble corwny an¢J the and lor r&3$Onab steps for ts prevenb.on and So far as eath Tfttslee k8 a•oe. thwe is M reY1 wAIrt ffifornwti.on ofwhth tr than1ab grolp authtoris unawar•. Artalty. each Tntsts• has Tak 1 tr ne4xsary sw Ihal they ht kn ha tsken es a Tnjstee in order to make thnSett of thnt autht informalon needed Its eslab115h that Ihe thantalle grfJJp's dior is ol thal wthyrnan. by Sn 415A ofthè CPan*S fv£t 2CQ6. Thos rwwas 4)prnwd tyth&Fth TnI%a5 on 2024 and s19r tllbehal1 ty. A Roblmo Page 12
INDEPENDENT ALKJITOR'S REPORT TOTHEIAEIIBERS 1> UN ERSITY OFLEICESTER STUDENTS, iNON op11 W8 have audrted the finan¢>al SMents of UnNer5ty of Leicester Studwts. lthe.chw19 Company'l and its sub$idiari•s (The fyoup") for Ihts ar •ndèd 31 Juty 2023 which compnsè th• Consolidated Statemenl of Financial AcbvilS. the consolaled Parent Charity Balance Sheets. Consolidated Staternent of Cash Fknv5 nole5 to lh8 ffinal statwnents, indudirwJ a surnM ol 9gnifant coUntin9 0Je. The finarKd rewrling framw•A)Tk th h&s been appl in their preparation is applicable law and Unrted Kingdom AccwnbThJ Slan¢Jwds, irKludiry Finanual Reporting Standard 102 The FinarKi RerMylirJ StsThJar(l a¥ble in the UK Repubbc of Ireknd IUnii¢d KingdcKn Gra1 Accepted AtUntiNj Price). Inouropinion th• fanCia statofTVts: give atrue and fair vie ofth• state of the 9.$ the tharitstrAe o)nyanls affairs as at 31 July 2023 and of Ihe group's in(ome and expeThYiture. lor Ihe yearthen endgj". have been prDp8rty prepar•J in x(ordarKe wlh United Kw¥J(bm Generalty Awlted Accounting Prt,. and ha baon praparl in Mlh tsrw4uiremwts of lh c¢rfnrw Ad 26 I Chanbes Act X)11. Basis for opinion We have been appointed awjbtors Comp185 A( and secath 1S1 ofthe Charibes A(a 2011 and Trport in C0C wth ItrKisekts. We conduded our •Jdrt in awOrdan Internanal Standard5 on Audth"ng (UK} (ISA6 {VKII and apble law. CJr resFonsil1tse$ undw thw standards fvrther dribed in the Audil¢s swJn&bilities for the audrt ofthe fmancial statwnents secon Ofr report. We are independent of group and partrtt tharitablè t4)rnp?y in acrA)rdce wth the elhKal requIrn9ts that are felevant to our auditofthefinanoal slatThnts in the. UK. ind1j Ihe FRCS Ethical Swdard and havefu111 our Oiher ethtsl re5ponsibilt in wxordw wlh these requirements. W¢ bel4 that Ihe audit Iden ho 9blain 15 SLffiwit apwopriaie to prDvJe a bw5 for our opinion. Conclwion5 wolafing to 9o•ng In audn thtrfinancial statements. haVe)ndtell IhatthelrLtste8s' wof the c%Irrn bas of £1)Untir9 in the preparati of lh8 Statts is 4Jprwriale. Based on the we ha¥e pertM. he r)1 maknial urLertainlies rdabng ki evenls or conditwts thaL iniJvi¢JJally or cc41&vety. nw cast ¢ksubt the groJp's or charrtable ¢4)MplS ab.lity to (g>nbnutr as a going Cl) of at knt tsvdve months fmm vth4n the finantsal statsmènts are aUriSeI lor iss. r r8sponsib1l"eS and the pLbIle$ ofth8 trstS ith to going corKm arn describ in the ant sect)n$ ofth rerKL Ottwr lnlomiatlon The otherinfomialKsn c£¥npris•s I information induded in the TnKst••'s ResOther ihanthe financrdl statements and our auditorfs rèrKJrt therem. The trl e sPOrts18 for Ihe other informatwjn onlained within Ih8Truslee'5 Re)rt. Cxjr Opmbm ¢)n Ihefjn¢1 ststelrwts does rol c¥Jver the oth inlomiatA)n aThJ. except to the extent eY staed n ow report not exF¥ess ary fomi of aSSUC6 cOndusn Ih8r80n. Our r•Snbil is to j other and. 47 so. thg othw Infomiatft is malenally in(wtsistént the finart01 ststements or oJr k[0)& obtained in the L¥)ur5e ol the audit or othervise appears to te mwialy rn51318d. 11 entity sh material InconsistlyeS LV appanI material rnentS, we arE requiregj to determine whether th gives rise to a rnalerial rnYsststem8nl in financi* Stat1tS Ihemskn. ff. bas&1 on Ihe wvk we have perfomi•d, we C>)ndj& Ihat Ihare 15 a Materi Miss¢[ of this Olher infonnaiw. we are requirgj to Ihat fxt. W• hav• Trjllwng to rwrt in Ihis rwJwd. P•J$ 13
INOEPENDEWT AUDITOS REPORTTOThEMEIIBERS I Oplnl•tys oth•r m•tt•rJ pr•s¢rib•d by th• Companin A¢t 2006 Inour opinbjn. based on Ihe un¢Jertaken in Iha ciwJrse of the a11.. the fOrmalKIn 9iven in Ihe Trusltses. ReporL indudes tlw r•ClO. RepKJrt preparJ for the purposes ol law. for the ffinancial year for the finwctal Statem wt prepared is congstent Mih the finwoa sts¢ements.' PAI the Oir&Xors' Rewl iu•[l wilhin Ihe Twstees. R•port has b•zn prepwed in actsJrdanc• wth fequirem8nts. M•tl•rs on Tlthlch w• ar• r•qulr•d to r•port by •xc•pkn In the light ol kfte understwdin9 of th• grP the tharilable oynpany and Iheir environrnèni ObIned in Ih? ¢xJurse of the aud( we have thnbfied material misststements in the Dyectors. Report inrluded Tthhin Tn&st••s' R•port. We have Mthing to rwt in spe of the f1(Allj malt•ts th• Comparw89 21Th and th• Charils Acl 2011 wuires us to report to )U rf. in our opinicffj". adequate and svffici•nt acc4untiwJ f•>)rd5 been kept ty ts thanlabk cthipa)y, or retums athquate fN our audit have not beèn from trfand not visrtwj ty us". or and lUN.. or rta'n disck)surtt oftrust¢¢s' Wu[r)n by lwar• notmadt., or RMpoMibilili• of In10• As explained more hjty in thtr Ststèmant ol Trusteès. p61le$ set out ¢)n paw 20. the ttystees (who are alsothe f1iretlors of the thaiilablè company lorlhe purr)ses olcxmpany lawl a resnsIble lor the preparation of the finaKial siaternents and fol being 1sfie¢l that they giv• a tru• and fair viw, and for such intemal ujntrol as thetrustees determino is necessary toenabk the prepwation of financ¥a statamenls Ihat are1 frrKn materia MlaL to fr0 or error. In prepafing the finanoa statwwnts, trLLSte8s a lor assessing the grP.S and chantable ethI)pS ability conbnu• as a gJir¥J nCem. disdosiNJ. as ap[lb, rnattws r3] to g¢ng concem and usirrfd thè goirJ tsjnwn basis of &L))untirwJ vnkss the trttst•èS either intend to IK4UKlat• th¢group or parent (x)mpany orto ¢8as¢ opwatw. or have no wlistyc arnative but to do $0. Audiio¢$ r¢$ponslblllileslor the audbt of thv finlln¢l•l St•tsnnts r objectives a to oblw"n r$(¥1ab1e assurarK about wthelher the fin¥Kaal statents as a WhIe are free from material misstslwnenL fielher ¢Jue fraj orwror. to issue an au¢Jrtoffs trt that Nieludtt our opinion. Rea$)1e assvwce is a ku.gh level ofa5suran, Ixrt is not a9uarantee th81 audilo)ndurted in ardance whth ISAS IUKI 11 aws deted a material Mtrient when rt exts. Misstatemts can w5e fiom frw¢J or error and are wnsidwed matenal rf. indtVkJu8lly or in the aggregale. they ¢ould reasonably be ex[led to Ihe deci5#xs of wrs tsken the ba51$ ofthe5e finawal stalwnwts. Th• •xtent to ¥thl¢h t •utht ¢onslder¢d Pable of d•t•¢tlrwJ Irf¢gul•rtts. In¢ludlng fr•ud Irregubnis. indudxfy fr. arn inste5 of r43YrIlc vith I wktsons. We tjesig) procedur6S ty) line wrth (NJr rtsponsI1rt. ouUir%d ab)ve. to t1etect mateiial misstsiements in reSpt irrwlarities, induding fwd. The •xl•it to whith (r procedu ar• cap&Ye of d•tecting irTeguL2ntios. ithir¥J fraud ts t18tsiknl bekw. The group requiwd to ¢)JryJty wih boih c(mpany la chanty W and. based on our knowledge of rts ¥"e$. * entstsj the legal requirement to ac£ount for restricted funds is of key swJnrftarte. We gained undersiarhyingofhtrwthegrouprxrfnplied ¥*ith rts a1 fewtOry framemyk. including the wu1ment to propety acujunt regn'ded funds 1hrOu di5cussA)ns wlh maement and a mbvwof the cmentj [186. WOC4dures Page 14
INDEPENDENT AuDIT0s REPORT TOTHE MEMBERS C UNIVE DENTS, LNON ¢ontin Tho #Jfi t•. is •XrIgncj in th• aJit of dwri¢Ks, CW5kJerI ts gro4)'$ susceptibilty to matena mKsStatement fr•JJ may o¢>)Jr. (Xx rje[k>fts incknle th• risk of managèm1 override. Our appfoach was ts ehÉ£k Ihat au restrKth1 iminw propgrfy id8ntrfled separalely aec>unitd for and to ensure thal onty valkl ald apN0pr1a •yndittKe was tharged lo resi¢d funds. iLKIe adjusknents ¥ThJ unusual tr4rtsaCtK$. There we inherent lirnrfati(ms in the wjdrt ryoc•durns de5uib•a aL¥)¥e wwj. ts further r0ved rth. Jmplian(8 laws 15 frryn the pJents refiecled in fina81 staternts. the less t•c{le of L Th? rsk of dete¢tiffj a material rniSStatenwt due to fraud is h¥Jherthan the risk ol not dete¢r9 cffie resu"r9 errry. as may involve deliberate concealm& by, ftw exaMple. IY or intenb(Thl rnisrepresentatK. or through couuwon. A furthw tJescriplK)n of tyjr re5Fon5thlrfI kn the •wJit of the finarKd Stthnts 15 ILxd w Ihe FInTha1 Reporkng cO¢1'S at." vMw.I . This dewption fryr part of OUT auditorfs r•porL i1 of th• audll report This report ts m&Jè solaty to th¢ Chariiab Cthmpany's mernbets in accordance wrth Chaptsr 3 of Part 16 of the Compank45 Aet 2006. Our 8rt has been un¢J&tsken. so that we might slate to the chaiitabfe ccfftpany's m•mt•rthos• mattsrs w• • requir&J to state to Irn in an auditorfs rewrt and for no other puwè. To the fiblle5t ertI ptrnitted by l•. we ¢h r#)t acwt or assume resp)n5its"hty to anyo Olr than ChwtaL Crynpany Charrtabl• Cthmpary's m8mbern f¢r vjr wjit . forthis r8WJrt orforlh& opir)ns wè ha¥• I0e. Steph•) Arttlernon (s Statukwy jl) Forand on behf 01KX Cwupper LLP Chartertd AcLovntants 1S>155 London Ro•J Hem•l Htmpslead Herffordshi HP3 9SQ Date.. 8th Aprfl 2024 P15
UNIVERSITY OF LEICESTER STUDENTY LINION IA eompany Urnil•d by w•iants•l GROUP STATEMENT OF FW4ANCIAL AcfMTIES TrKORPORATIMG WCOME APK) EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2fj22 FuDd$ 2022 as INCOME FROM CHARITABLE ACTMTIES: DonatKvts and IyoS cb¥ and s1¢tio5 1.510.551 1,510.551 I87.2 487,942 . 1.136.940 409,488 Cllher trathng arb0& 242.507 242,507 196.188 Inv•stment InM 117.545 117.545 958 TOTAL INCOAIE 18717 EXPENOITURE Raising lunds 69.OS4 469.770 2 114 846 53,243 1.459.955 TOTAL EXPENDITURE 1714 1x1 469 770 2 183 gx) 1.S13198 NET 157.431 18.172 17603 315,930 OTHER RECOGIIISED GAINSIILOSSES) Aduarial gawis1(sSe5I on defin bnl NET MOVEMEiir wi FUNDS 15 18.1 247,829 RECONCLIATIOM OF FUNDS As previously rwrted Prior 41jtnl 776272 (88.682> 286.886 1.063.158 (88.682) T¢)tal brouthl 687. 286.886 974 476 726.647 TOTAL FUNDS CARRED FORWARD 15 713.818 30S.W 1.018.876 974.476 All inojme and •xp•rJilure drnfrvm oJntilKlWWJ opwation5. P•3• 16
UNIVERSITY OF LEICESTER STUDENTY UIVAJN (A wnpany Ilrnlt•d by gu•rnrtB•) GROUP BALAMCE SHEET FOR THE YEAR ENDED 31 JULY 2W23 lrnlion numb•r07303101 FIXED ASSErs T•ngknle?5sets Iestm Inlolnt nbJ16S . Share ol gross assets . Shale of gross habi1ti85 10 1S9.110 .285 (44.839) 878.ff23 Is7.) Share ofnet assets 11 0.446 I..556 977.577 CURRENT AsseTS 13 Cash at ba WKI in IWKI 1.9n385 I.7.457 CREDITORS: amowts faIn9 thJe*ilhkn one 14 (79,446) {149,122) MET CURRENT ASSErs 1.891939 1.748.335 TOTALASSEfs LESS CURRENT LIA8ILmES IW.495 1725.912 18 {1.944.6191 (1.7S1.4&8) IET ASSErs 1.016.878 , 974.476 THE FUNDS OF THE CHARITY 15 286.896 Unrastric1 fimds General fund5 Des•3nated 15 1278.981 1.162.045 {1.751,4%1 1.162,045 11.944.619) 713,818 687.$9) TOTALCHARITY FUNDS 1.018.876 974.476 he fial slees on 16b)42 ned on thw"r A Roblnson Tru•ty• P40 17
UNIVERSln OF LEICESTER STUDENTS. UI•ON (A ¢omp•ny Urnlt•d by gv•Thntse) FOR THE YEAR ENDEO 31 JULY 3)23 Islrnllon rMb•fIlTIjl4M 2022 a• r•Btsièd FIXED ASSETS TarvJible ets 10 11 159.110 IS6.9 159.112 156.911 CURREMT ASSETS 13 79,167 1..527 25.381 1..367 Cash at b0rf4 1.&33.748 CREDITORS: amounts f4ng (bje lèyear 14 (7&756} 185.4151 IIET CURRENT ASSETS 1M9I938 1.748.333 2.053.050 1.905.244 ned peryon sthwne I1Y 18 (1.944.619) {1.751.436) NET ASSETWILthWLmES) 1[.431 153, THE FUNOS OFThE CtrIAIIITY Restrthd fun 15 Urw•5tsidedfvnds Gen8ral lunds D&&gnat•J luthts 15 .947 1.162.045 {1.944.6191 456.313 1.162.045 {1.751.4&1 11%.6271 1133.078) TOTAL CHARITY FWIDS 10&431 153.808 StateMt of financial activit a)d rdateLI rK)i•s as rt N8par&J grow> X)uB. The dwrrfab tMpaS defi¢>tfor the year rdS £134.C6212022.. £250.112 Su$1. es 16to4ZapwDbryd wdthYisftltyIh8 8o¥d trfTntses on behl. W. A ftobInTr TnMI•• 18
UNIVERSITYOF LEICESTER STUDENTS. UPION IA ComnY limfad ty glartI•l GROUP STATEMENT OF CASH FLOWS R THE YEAR ENOED 1 JULY 2023 %>23 22 ¢h flry$ fron(to) 0ratIng U¥ltl•s Net cash provided bylluwj irbl op8ratirg •ib85 17 10&143 54,455 Cash I15 from in¥•slinp aelivikn: Intet 1ved Purchase oflangitye fix&Y wets Proce&Js on disro)sal oltwJ"ble assets Netu•h (used inypro¥lded by In¥•slln9 a¢¥1110 27.767 2231 {53,748) 1164,2421 17.986 {25.981) 1144.0251 Chang• in and cash •qul¥al•nts Inth• y•¥ Cash and cash eqtswal•nts bmught foThYad 82.162 1.8.367 189,5701 1.897.937 Cash and ¢ash •qulvnts ¢arrlod fr>rwwd I,8.529 1.808.367 Page 19
UNIVERsifi OF LEICESTER STUDElnS' UNI(IN IA e+)mnY linit•d ty guaRnlttl NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING P(XICIES Charity Vniversity of Leicester Stnts. un s a private rKorr¢yat&J Charrtle (¥mpany {uJmpany registef number073031011 lirntted byguararrtee, inmrporated in Er¥JId 11 Wales. Its reyister•d office ard Pri1paI plOfbyness 15 VnivwsityofLwce51erStudpts' un, PerLy Gee Building. Universty Road. Lthter. LWceSterth". LE1 7RH. The dwtsbl• rsmpary 15 aLso at the Charity CommissK)n a tharity nurnbef of 1137811. The rnain aims ofthe Uni¥wsity ofLeKestw st1. are the athancament of the sludtnts at the uniwsity lorlhe bernfiL B3515 of preparallon of financlal slat•Thn15 Accountlnq COnntIon The financial statemerts ol Ihe chanty. wh.ch is a public be enbty untlef FRS 102. have been prepared in c¥)rdance ¥th thè CPAriliès SORP IFRS 102} 'Acntiftg Repcffts"ng by Cha¥itiès.. Statement of R•)Jmm8nded Prttt apPIabl• to tha.$ ppanj Ih&r aoyjvnts in a¢Idance 1h the FinarKd Re[rtI4 Sthdwd applicle in the UK * Repu of Irèland IFRS 1021 leffecte 1 JanU20191,. Finwoal Repoiting stdar 102 The Finanrial RepJrtirrfJ Stsndart1 applicat4e in Ihe UK aThJ RepublK of Ireland. and the Chanls Act 2011. The far0 slatem•nts havè prtpartd undér the histonea ctht ctinveri. wth Ihe exceplxsn ol investyrwts thi¢ we at m•ket val. The ffinancial stalements are prepared in steding. ¥thich i5thé fUnd)nal oJrrtr• of tharitmble (¥)mpany. Klonelary arrKwnts in these ststernts we roUj to Ih? orest £. Univer5ty ol L8Kesler Students. UThon rne8ts th• d•finItiC of a b•ndrt lity ur#Jtt FRS 102. As3ds and liablibes a In.011Y rned at INst01 ry)st or IT$3Cln value otheTh¥ise stated in the relevant a(x>)unbn9 The financial statleftts ol ltrethantsble c¥Jmpany aret1)hdated in theseknnrial slalements of Univwsity of Lwcester Students. Union and these firwKial slaterwts availabl? from thg registered offi¢e. asls of corwlldallon The Ststernent of Finala1 BalawKe she cOn5dale th• slat•nents of the charitablè eornpany d rfs SUdiary undertakiffJ. rnguNs are wnsorthte(l a line by linè basis, all intra-gmup tralOnS balartts wilh th• subsKary are eliminated L consdidatK)n. Jo1 vbJr•S assl1 afe staknj at the grtyjp's share of nel assets. lo the extent this is impairtd. a)d the gw's shwe of Ihe net Sha of the prcthts or e$ of the joint venlures associales is induded tn lh8 Statement Lrf Financial Ath"¥iti"es usin9 eqty aewjnting basis. thè finaxia statonents arè maje up to 31 July 2023. No separate S&iiunent dFinanoal Acb"ts has W we$j trthetsilabkn c(ffipany as pemlitted by seclion 408 OF the CompanLes Act 2006 as rt group Counts and thtr caritable company's indivK1ual balwce sheet shows the thantable companls rnovemenl in ldS in theffinwoal year. Golng concern has adequate resources to c{"n in opernts.onal ex6ten¢e lor the foresee3e fUre. For Ihis reason they conbnue to ad(4)t Ihe gong concem in prepann9 the 5tatern8nts. Company status Thecharrtabkrompany i5limrtedbyguante8. In lhe8)iO1th&ChaftbCrnpany bth"rowid up. Ik*41ty in rwol thè guarant•0 is Iwnited to £1 w m8mb8r ofthe tharitabl8 COmpv. Pag• 20
UNIVERSITY OF LEicesTER STVOENTS, UNION IA¢ompaDy knitbY9¥?n•I NOTES TO THE FINANCIAL STATEMENTS leontiftu•dl FOR THE YEAR ENDED 31 JULY 2023 1. ACCOUNTING POUCIES l¢¢xrtlnu•d) Fundln9 a¢counling Ggneral funds are un11#¢d fund5 avaibble for use * trle I510 ofthe TnJstee5 in fUrthernn ol the 9ew81 obj11¥8 Lrfthe thblè Lxmnpaiy ¥thith have rw)t be8n d&snated for olher purp¢)se5. thjnors or ich have ratsed by the charrtable c4)mpany for pa"raJI8r purtKws. The (wts of raising and adMinistng such funts arechged n$t the speufic fund. The wm use of ea{ restricted fund i$ Set the notes to Ihefinan(aal statts. Income All inwme Is recognwl On the thitatye ctynpany has entrue tt> w¢o)me. it 1$ poboble that the ineome wll be reced and Ihe arrwnt of incune can be m•asured relbly. Donated seNces orfa01.es are rerxtynis&1 vthen charTrtae company has ojntrol overthe rtem, any cx)ThJitKJns 35soaal8d wth the donated item have be rrrt th8 recthpt oftt0rwl b•n•frt from the use (rfthe chty of the probable and that Wr)MIt berfit can be measured rdiably. value of Ihe gfft lo the tharifable rxynpafty whKh 6 the anKWt the chariiable ¢xMnpany thrjuld have b88n willing to pay tooblwn seThi OT faolibes of equtvnt benefii on thè open market" a corresFondirvJ wnount is kn reiryntsed eXpeIrtre in the peTr)d of rewpt. Other Income ts rec4)9niset1 in ihe period in ThKh rt is r•c•b¥t a)d 10 the OXI1 the goods h been prowded or Ltrnpletion o1tr 5er¥ieè. rt•mt r•c•lnbl• Interest on lund5 hdd on de5 is indJed rThable * Ihe arKMml can be mea5urJ rdiably ty thè charilabie c¢rnpany', this 15 rb)nn81ty upon ThXificatKJn of Ihe Wbtwt paid or payab by the Bk. Grnnts The r8cuffent bkxk gIt Ihe Univw5ty dLwcester. The 15 urted tt> lh8 inc4)rne and expen¢ffiire lUnt in the year to it rd8ies. Projed suptx)rt gts e prcyect based and YK4ude tyants are eale from Ihe Univetsity of L&cesler and other fvrnlir¥J ix)digs. Govemrnant grants are rerA]gnised at the fair value ofth• asset recer¥ed or reC41vab %bthen thè Ys reasonaN8 aSsurar Ihat the g1 ?11 be mtrt and Ihe 9r3nt will be reeéived. Exp•ndltur• Expendrtvre is recognised Onth¥e isaltyalwconsirt obligation totransfef benefit a thtfd party, it rs Pr(atrI Ihat a transferof tnts 11 be rwir&tl in $èttm&t and. the amunl ofth• oblKJatthi cw be rfasured rdobty. Expenditur• isdassrfd by activity. Thet))sis of each xtNty are rn1e up oItt lotsl of dwect o)sts and Shar costs. indLKIwy SUprt o)sts Involved in uThJertiNJ exh Nity. Direcl costs atln'butatle to a siThJle ¥twity 8wÈ alk)caigJ dire( * th•t setivity. Shar¢d r)xs contribuie to rrwg than one fvity and OJ5ts {irthiThJ govemance o)stsl 1¢h are r attribulae to a sirvJle a(vity are apFthicd IIKW 1vItieS on 8 basis ry)nsistent wth Central staff (osls afe alkK* on the basi5 cl lime dreCIation thorge5 alk)caed on the W"on ol the use. Page 21
UNIVERSITY OF LEICESTER STUDENTS. UNION IA company Ilmit•d ty gts>tht•¢l NOTES TO THE FINANCIAL STATEAIENTS l¢ontlnu•dl FOR The YEAR ENDED 31 JULY 2023 1. ACCOUNnMG POUCIES leontinu•d} Tanglble Ilxed a55•ts and deprnelatlo Tangible fix•d assets are Inrtially recorded at aThJ SLwuenty m8a5ured at c$t. net of depTllon any provtsion lor imroinnenl. T91& assets o)thg than £1,C(Q a caprtaled all other exp11 is ch¥ged to the slaleThnl of fincial acti¥itie5 in the y•ar inoJrrBd. Depreciat is provthd al rates cakuL8ted to )le off Ihe c4)st of fixwj assets. kn55 Ih¢ir eslknatgd rtsidual value. over thwr expeded usdul I on the folomng bases". FlU$ tr•Apment 20%. 33% ofcost Irweslments Thè thariiabl8 company's fix assèt inveslments afe Wal1 at C¥JSl wfich is the TTuststs' best estwnate offairvalue. as these a f&ity 8thab and a "ètle markel value not regJi a5C8rtanatde. (i} SubsKlrwy undwtskrys Investmenls in subsKtsies are valued att1 kn wovtsbn fr1Mpan1. ASscrfj und&l&iigs Investrnonts in associates ar• vahAI alL$t kns pro impa•Thw Investments in thepknt arevdLd f0rimpwrTnI. Impalrni•nt of fixtrd aM•ts An assessment is made al rewbrvj dale Ilwe indon$ that a fixed •ss•t mty be irnpaired or Ihal an lmpa1mrrt loss pm)usly rewnisgj has fvlly or partialy revewd. W suth Indtn$ the chan"tab18 company 85timates th• recth•rabY• amtyJnt ol thè asset. Shtsrtfalls betsveen the carryN)g valueaffixed assets ar th•lrrxJ)Vere amowts, b•ng figher of f8ir value less (osts to sell and ¥aK4n4Jse. we reco3Th5ed a5 impaimwt k755es. Impaiwment105$ arè reDJgni$8d ststeffontofffinanci Mties. RecogThsed irnpainnent k)ss•5 are rv4etsed rf. and onty rf, thé reasors for the lmwrryftt l¢)ss have c8(1 to ¥pty. R•ver5als of impainnent k)sses ** wnksed in s1atwnI offfin81 acb"viti8s. On IerS81 ol impaimnt kAs. th• depfetlaknn ts adI(j tr) al71e the ass•fs f?ed nYing arnouni I9 any i•sMJual val) over rts rnainiNJ useful lrfe. Stocks ar• stat8d at the kywofc•st and •stimai•J sdliTrJ pe less costs to c4Trpknte and sdl. C(%t compnses of dired materiaL8. At e&h reporting ¢Jate. the ctwilthe t£¥nwy assessts 7thether stOLs are Tmp8wed OT rf any irnpairrwt loss fwniS in pricw perK#Js has revwsed. Any excess ofthe carying amount of stock over ts estimated selling pnce less (x)sts kn M[de and sdl is recojntsed 8$ an Impaml knss in staternent of finaThcial tivitIes. fln•ncl•l InstruThrf• The chatilab ttsnpany onty has financial assets and firtart Irabl"e$ of a kiThJ lh qualty as basic fman¢i instruments ond are Th)t rl¢kn to be ofa finaroal naturè. Bxfinartd inslDJmeMs ara initialty rec4wised at tranSa("c valu• and Subsequ measur1 at ihw s8tll ¥U•. Pag?
UNIVERsiff OF LEICESTER STUDENTS. UNICI IA Imft•d ty gwnl¢¢l NOTES TO THE FINANCIAL STATEMEirfs {conOnwdl FOR THE YEAR ENDED 31 JULY 2022 1. ACCOUNTING POUCIES Iconllnuedl Trade and otherdebtots which are rec8vJk within ornyearandvthth do c4instrtute a transaltin are inthlty measured atthètrartsi•)n piKe. Tra1e andolher¢Jebtors and afflots owed by group undertakings aresubsèquenty measur8(J at an)rtI cost. bwng th• transactK¥) pvkeless any amounts settled and ient Irtsses. Cash and cash equlvalonts Cash cash equivalenis irtlu(les TrJns on srt4¢MI dep)sts at Ihè bank and Olher short.lerrn liquid Inve5trrts ilh ryvJin81 muit tsfthw monihs or less. LlabllitE•s and provislons LiatM.1es are rea)gnised Ihwe i& clgation at thè sheet dato #s • resLlI of a past evenL rt is probab that a transferof ecL)rKJrn¢ benefil ill be required in se100mL and Ihe Unt ofthe settleThI can be eslimated rÈliy. Liabilrties a rwnL8ed at Ihe &Trjn1thattheCh"tab1? )ryany anti¢ipatgs r(wll pay Setethe d¢Morth1xmI it has ed •s•Jvc•I payments lor the 915 or servKes It must prrmde. Sludents. Unlon Superannuati4)n Sth¢rr The Union partrJWes in Siudwts, Unw syla)n Stheme (SUSSI. a be[rt schemethth 6 eX1nder1 ar#J oulofthe Se Serx)r#1 Pwbsion. The fund is valwl at l&q51e¥ery three years by a proleswquakfvJ I[ntaLluY ith the ratesolojntr1buL¥l payable beir¥J detwminwl ty th8 twstees Ihe a¢fv•> d1hB wxuay. market v4ue rl the SthTh's xsets wa5 £IC6.697.IXJO %Mlh wets PreSentyJ 44% of the value of benefft¥ that h&1 to Thember5 after alkiw'TrJ ts exp fij¢U in(xea5es in 98mirpJs. The dit L¥¥JoiThJ £136.645.IlXI. The 2022 vahjaiw recomnwtsj a Th)nIh wwrwnent by exh wbcipathng Union intended lo dear ts orgjing fvrnth"n9 dtht PJKliw¥J in 2037, ipj 5% eh T. The sdm• opeTate5 asa poded ger[ knith ¢))nlributK)n5 at3nITaltyrwI rale. Asa¢x>nsequent•. no Share ofthe ndng ets and kna1'l"esc be (r•Xly all11bed lo the UnDn. UThder FRS 1W2. b%fiere a sdwe pwb"opates in a muth"-rybyerdthwJ tenefit stheme that is in defirit and Iheerryjbyer has entered into rewl9Trd the deficjlthe enltty shJl rwr428 alobilty for the conln"buthX6 Payetde thal w15e frryn the wjrewnwrt. A5t11nent until 2037. a dISUnIr3te of4.VA has be awlie(l in detenrmnirgthe n8tFWB58ntvakEoflhecwtrbution5 rnadtr the WKJO. UnIr¥I11•S SUperny11n Scheme Th¢ Unb)n [ripat&S in Universities Supewnualw)n Sch. The a5s9ts 91 th• sthem¢ arè hokl in a separale tnJ5tee-admink%t•rad fvnd. Bec2w of MlrtU naturè ofthe scheme, the ass8ts are rLoI allributed to individual unions a scherne rg)ntritrMJlJn rate i8 set. The is ther810 exrx)sed to actuarial risks asscoated wlh other unions. •mthees and 15 Unab to idenb.fy ts share of th? untsrtytThJ a55ets and liats"libes of the xkneme on a consistwt aTrJ reasonat4e basis. As required by Sectson 28 ofFRS 102"Employee b?fil5". Ihg UThon therdwe accounts lortheschem¢ as if it were a defined contribUn stherne. A5 a re5uM, the amunt charged to the profit and 1055 account psents the )nInKIn$ payab to s¢eme. SirrR the Unicm has enter&Y into an agreemenl Ilhe Recovery Plan) Ihat ¢Jetermines wnpk)yer w•thin Ihe scheme vril fund thg overal deficrf. the UnKJn reCntse$ a k"at41ty for Ihe cmtrilwtK5 ptyable that arise from t a9OnI (to th• eXtt that they to the dthi) •xp•nses b8irKJ rwn15ed lfvough the pr(th h)ss acwunt. approvad NEST sthemè. Thè annu cgnlllbns paYth xfjeharged lo tho 6tstnl offinENwl 8(vitye5. Page 23
UNIVERSITYOF LEKESTER STUOEKfs UNION IAeornpany Ilnthd by gUrnt••l NOTES TOTHE FINANcL STATeMENTS{eoniknu•d) FOR THE YEAR ENDEO 31 JULY 2023 1. AccouimNG POLICIES {¢ondmdl Taxation No provis for corwjrakn tax ha ljeen made as the Cknarrtab c¥)mpany is exerw from corporation taxonits income ga1nstotheththese aappIJtOts chitabltractiwti8s. The ron-tharilable subsHYkaries will be subpct to C(wporntion TaxOnY rmofits notgrft aidèd totho Employe• ben•ffts The rmts olshort.term wloye• bOnS • rwtse(l as a lithlity expee. The cosl ol ary unu88d l&Jay rec4)gris1 in I period in whth Termination benefits are rec4)Jnised imme¢JiaWy a5 #n exper6e Wh the CpaTry 15 dernonstrabty i¥mmrtted to 14miiriatè nploym•nt of pYe6 or to pmvid• tarmination benefits. Crltteal ace4ln9 esllmateB and arand JUdgert Thè charity makes estirnates and asgJrrPti mwKemiry the future and a¢knoedge5 Ihat the rsung acoJuntThJ 8stimale5 ¥AI. by d8fiThtirm, sehjr equ81 to rled actual r•suMs. The 85bmates and 859JmptKs Ihat ha¥e a rsk OfCa1n9 a m8¢erial adjus1mt to the cann9 amunts of assets and liabilths wthin Ihe nt financ4al yew are disc{w bel¢M'. The¢harity has eTrIe into a lrn tt> FKOVKle deficit fvndin9 lothe Students. Union supwannuab.on Pengcm sCht and the Unwyts Srannatn SchWe, of wthKh it is a )ntribu.n9 emk4oyer. UnderFRS 102, thè fair value of Ihe cg>mmth8th is rwnis8d. The L8lcuLation ol thè tsir value ol the t4)mmtht is subj'ed to an assumoion ol discount rattr. This discthint rate is deterrnined by fdereftce to market ydds at the rewth.ng date on high qualty CrTate tJnds. Thecommthent ded in the balarKe theet at Ihe balance sheel date £1.944,61912022.. £1.751.4361. li1} DonalNJn Offarahe5 by Univww rA LeK85ter In a(xordance the Chanbes SORP FRS 102. th8 Union and its lfIng s¢Jbstrfkqry has Val the benefit it receNes lryjm oc¢upyir¥J lac11"e$ by the Lh)iversity on a rent- lill SupportLXWS klany ofthe o)sts rojrred by the Uny)n suth a5 Swrt slaff tThts and servKe costs a shwed tsen a("wties. Tr• Union's 15 to ktate these sts the basis of assessed cornsurnptK>n. INCOAIE FROIA DONATIONS AMD LEGACES funds 2022 Donatths and Univer5ty ¢knts 1.281,111 229,440 1.510,551 7.SLKI 229.440 1,136.940 229.440 1.510.551 Total donatws and legaws Pag• 24
uNiveRSITY OF LEICESTER STUDENTS. UNION {A company 11mll by gv•r•rrtel NOTES TO THE FINANCIAL STATEMENTS eontinu•d FOR THE YEAR ENDEO 31 JULY 2023 OTHER TRADING ACTIVITIES The Universty ol Lwcester stUdr$ Union (Awns 100% of Ihe issu•J Sha capital of its subsidiary, Unw•rsty of Lthoster Students. Un•Jn TradiwJ Ltd. a ojmpany wlth is inctsrporated in England and Wales lo)mpany number tr28215(Al. rv•stered office of Universty of Leicester Stud¢Thts' Untiw Traj1 Ltd ts the same a5 Univerw olLeKester St(Klwrf5 Unton. T sub"diary patcipates in tradThJ acbwbes fekb"r4J to the tharitae ¢xynpany. Its taxable profits are donated io the ¢haritkn npy. A 5umm¥ry of the subsidiary's results are ststrment ol lThc•m• 242.507 {22,99B) 196.188 114.2511 Cost ofsth5 Gross profll 219,509 181,937 (46,0561 (38,W21 Profft b•lor• and ft•r taxallon forthè financlal •r 173.453 142.945 DIstritrl)n to pa1 undtr grft awj 173,453 R•utt for tt•• fin•n¢hl y•¥ Thè netassets of UnNerslty ofLwL*Stw Sludents. Ltd * 31 2023 WnOLmts £212022.. È2 net as5etsl. COME FROM WVESnlENTS Totsl funds 2023 Totsl fvnds 2022 2023 sha crfj¢int Ventu 8ank interast r¥¢ 89.778 27.767 89.778 27.767 65.718 2.231 117.545 117.545 67.949 Page 25
UNIVERSITY OF LEICESTER STUDENTS. LWIOM (A ¢ompany Ilmlt•d by gu•i NOTES TO THE FINANCIAL STATEMENTS {Mnllnued DED 31 JULY 2023 ANALYSIS OF EXPEMDtruRE BY EXPENorruRE TYPE 2023 2023 2023 Univer5ty of LeSt¥ Students. Unkn TliJ Ltd 44.111 24. 69.054 53.243 Costs of ralslry 44.111 24.943 69,054 53.243 441.329 83.578 12.709 7.574 152.222 436,451 74.657 165.809 59,537 Wellare Carnpaign5 and comrnunicafr'ons Societies & d sr%) grant 148,139 295.1L 10.142 20.925 97.CAS 255,346 157.409 738.758 1.(.789 738.665 32.642 32.642 2.140 26,753 TrariThJ 968.152 51.350 1.1Tr5,344 2.114.846 1.459.955 1.012263 51.350 1.120287 2.183.9J) 1.513.198 Page 26
UNIVERSITY OF LEESTeR STUOEIITS UlmN IAeryahy limlled by guarwthl NOTES TO THE FINANCIAL STATEMENTS Icontlnwd) FOR THE YEAR ENDED 31 JULY 2023 ANALYSIS OF EXPENDITURE BY ACTMTIES Cértan cthi overhead suppjrt $ts have been rtkxd to the vainjs act1w15 as not•d the xccxJnthrvJ . The effe of thts t)n on the expenditu headirJ shown here.. thrn¢ty 2023 ¢05ts 2023 Totsl 2023 T•ial 2022 413,977 1Y2283 6,1 436.451 165.809 165.809 98.537 255.346 255,346 157.409 518.011 1.054.789 n8.665 32.642 2.140 26,753 1,131.449 2,114.846 1.459.955 Weware so¢e$ & dubs Peer Tmning 53&778 32.642 .397 2022 Staff o)sts 586.925 471.221 51.351 26,961 229.440 229,440 15.689 15.708 24,469 25.302 61,979 1234.5531 .131 5,714 1,442 Insur NUS SubscriplK>n Pension Scheme Fun¢SwwJ MarketsThJ c£6ts Stationery and tele[Ae Bank charges Clher supwrt c£6ts Loss on tJispos* thfLx8d ass•ts 2.120 124.820 148.959 1.131.449 e08.172 P•)0 27
UNfiERSITY OF LeicESTER STUDENTS. UNION (A company Ilmkndby guaranle•l NOTES TO THE FINANCIAL STATEMEP4TS {conllnuod) FOR THE YEAR ENDED 31 JULY 2023 IET INCOMEIIEXPENDrruREI This is stated aft•r th¥girg 2022 t)8PMtsation oltAngibl8 fixed a55s: 51,351 26,961 Fo8s payabl•in rnswd ofboth audit aThl nDrwthtS8r¥Th5 as fokms." 18.4KKI 35,900 18,400 STAFF COSTS Staff costs 7Awe as i)kns: 2D22 Wags and salarios Sw'al security her penSIc (¥>sls 851,821 64.765 51.568 735,545 61,829 49.187 .154 846.561 Th• avera3• number ofpetsons •mpkny•J ty th8c¢mpany during th• )*arwas as knlkth3'. 2423 Full time Sludents stal 27 13 No 0ry4oyees roc•wed OInre than £.(KA7 durirvj the (wenlof PW . DItOr of Membership Seryrces. 01(r ol Finance and the ch Exu"ve Officer. Durng the ygar. key rnanaJemenl personnel recoved refflun8ratn (MUdIrQ ernOy• nab.onal insurance ojntributionsl ol£M.263 (2022.. È289,1271. Page 28
UNIVERStTY OF LEICESTER STUDENTY UNION {A ¢omp4ny Ilmll•d by gUnI•¥I NOTES TOTHE FINANCIAL STATEMEMTS Ic¢>ntinu•d) FOR THE YEAR ENDED 31 JULY 2023 TRUSTEES. REMUNERATION Totsl 2023 Tot•1 TRVSTEE NAME H Pathan {tntj 1 Juty 2ff221 R Jènkins {resigned 30 Junt 2023) J Mct)onald lappjinted 1 ju 2) N IresvJned 30 Juna 2023) A Robirtson lapwinted 1 Juty 20221 A Deeb (resigned 30 June 2023) K Wagener Irtrsignod 30 JUM 2022) M Kanikanti (resned 30 June 2022) G Henton {resigned 30 ju 2022) Total 24.289 23.118 24.289 22,432 24.289 1.114 24,174 1.114 3.715 22,289 23,454 1,114 21.228 20.432 20.432 140.849 146,269 The noother lnjstfor theyear{2022'. £nil}. Eyltl2022". Eightltnte8s receN8d re1mbur5erni ol 0xp•S wi relaion totra¥81 subsksteThx totalng £2,18212022'. £2,945). 1th TANGIBLE FIXED ASSETS Flxtunts •gulprn8nt Group and Charlty At 1 August 2tr A(bJib¢y 424.552 53.748 {1.6831 At 31 JU 2WJ 476.617 At 1 A91 2Y22 Charge for Ihe ye Etirninaterj on thsp)sal 267.643 51.351 {1,4871 At 31 Juty 2UIJ 317.507 At 31 20ZJ 159,110 At 31 Juty 222 156,9C6 Pw29
UNIVERSITY OF LEICESTER STUDEiifs' UP4ON IA e(ryany by gu¥¥rel NOTES TO THE FINANCIAL STATEMEiifs (ConlindI FOR THE YEAR ENDED 31 JULY 2023 11. FIXED ASSET WVESTMENTS In¥••tm•nts In lolnl nture Gm Shar• olnot a55•ts At 1 Au9USt 2022 Shar• of profit 820.e68 89,778 At 31 Jdy 2023 910,446 GROUP 2023 CHARITY 2023 2022 2022 UnNersrty ofLeKer SbJdents' Tra1•w Lbj 12. PRINCIPAL SU8SIOIARIES JoIKr VEIITURES ANO ASSOCIATES a. Prlndpal 8ubsldlarf•6 Uthlvttrslty ofL•l¢•st•r Ststhnts. Ilnkn Tfadlng Lld Subsidw naTr Ur¥or5ity d LeKesler SDJthts' UThon Tradin9 028215C6 ffioltyod subsKIwy Bis of conlrol Equty shwthokjry % b. Prlnclpaljolnt The Unety of Le¢ester Sludents. Union Trn(JirvJ Ltd. has a 50% jcxnt ownw5hip in fv entity Student Union Ldlings kn"mrted. a charty which is Wistwj in England and Wales. Thè nure ofthè Ine$S is Ihatofastudni18tbThJ5 and its rwJtsier¢d okn is Fwst FI1 Campus tTe Buildin9. Mill Lar, LeKstsr, LeSterSte LE2 7DR. Student UnKbn LetbThJ5 Lirniied 1111[¥j as Suletsl 15 a 0jmY lirnit by guaranlee ar#Y is there1 hel¢J as an Investment in UnNersty of LeIer Students. Unn TradirtrJ Lld atrml value. refiecting its recoverablevalueto UnNerstyof Leicesler Students. Tr•Jiry Ltd and Iherefore parent uThJertakn'ThJ. Unww5ity of LeKester StUdts. Unw. The group consbtutes 50% 01 Ihe iy•mer5hp. thef the 9roup's share of inoJm• ts £742.794 12022." £729.7461 and Sha of expenditu is £653.01612022". £664.0281. The group's sharg of Ihè total assets is £9SS,28512022.. £878.K231 aThJ tol* 01 £44.83912022.' £57,955).
UNiveRSITY OF LEICESTER STUIJENTS. UNION lirrited by yrJiel NOTES TO THE FINANCIAL STATEMEIITS Iconlln FOR THE YEAR ENDED 31 JULY 2023 13. DEBTORS Trade dèbto Amounts bygmup undthithr Other deb1ry5 12.582 9.975 2.347 2.522 37,971 67.754 82.913 79,167 25.381 1Q CREDITORS: Arnnts lia du• wlthln one 2022 18.895 17,073 18.895 16.563 595 13.783 Arnounts owed to group undwI5 Other taxaticfj and soc4al securrty Other Cfeditows Ac£wals and defwred 16.065 15. 14.724 41.Ir24 116,320 54,245 149.122 75,756 85,415 GROUP 2023 2022 O•f•rr•d Incom• Deferred ine at 1 ALVJUSt Resources deferred ring Ihey 19).8321 {5.() Deferred Inne at 31
UNIVERSITY OF LEICESTER STUOENTS. UNION (A ¢ompany Ihntted by guarnntl NOTES TO THE FINANCIAL STATEMENTS (c0nld) YEA ENDED 31 JULY 2023 1& STAT&MEKf OF FUNDS Balane• al ane• ai 31 July R¢sMthd fipr Clubs and Sooeties P••r MentIng Fd RFU DeV•lOpnI 279,803 485.942 1469.770) 295.975 3.2KI 5.793 3.793 286,886 487,942 1469,7701 305,058 Unrestriew fundB Gènèral reserves Shares of net Inm$ from joint VWthir• 456.313 1.781.783 (1.652.150) 1129.633) 456.313 820.668 89.778 910.446 1,276.981 1.871.1 (1.652,1501 (129.6331 1.366.759 D•slgnat•d fu LSP fund Capital and strat•gK woiects fund Pension R•sèp4è 27S,000 887.045 275.CKIDI 404.633 1,291,678 1.751,436 {589,3911 193.183 1.944.619 1193.1831 129.633 1652,9411 Total fund 974.476 2.359.9)3 (2.315.103) 1.018.876 Page32
UNJVERSWTY OF LeicESTER S7UDENTY UNKJM NOTES TO THE FINANCIAL STATEMENTS Iconllnued) FOR THE YEAR ENDED 31 JULY 2023 IS. STATEMENT OF FUNDS {conlIndI Group- wlor al las $tl¢d Balanco at B•lane• at 1 Augus¢ IrK41n• Exwndllur• Trankn 31 JV 2022 R••trl¢l¢d Clubs and soaets.es Peef Mentwng FuThJ RFIJ D•velopmenl FuThJ 2.197 409.488 {388.8821 12.140) 279.803 3,290 3.793 268.420 409.488 {391.0221 286.88 Unrestricted fund G•neral re5erv•s Shwes ofnet incorne from lot ventsjre 445.566 1,353.922 11.343.175) 456,313 754.950 65.718 820.668 I.2.516 1,419,640 11,343,175) 1.276,981 LSP fund Capil81 aThl $trate9ic WolS nd Pension RèséTh• 275.(KKI 0.599 275.000 887.045 1115541 166,452 11.917,8881 (742.289) 11.7S1.436) 1589,391) 152.898 T+)tal fvnds 726.647 1.829,128 11,581.2991 974,476 P4è
U141VERSITY OF LEICESTER STUDENT¥ UNKXI 140TES TO THE FINANCIAL STATEIAENTS (¢i>nlknwd> R £NDEO 1 JULY 2023 15. STATEMENT OF FUNDS ¢conlInd> Balanc• at Balan¢• al l August ExPenthrn Trnnthra 31 Juty 2023 RestrictsdfdS Clubs and Societi'es Peer Mentoring Fund RFU Dov8lopmènt Fthd 279,803 485.942 1469.770) 295,975 3,290 5.793 286.886 487.942 1469.7701 305.058 General reseThes 456.313 1,781.783 11.652.149) (129.633) 456,313 456.313 1.781.783 11.652.149) 1129.6331 456.313 IYe81onal¢d lunds LSP fund 275.(KMI 887.045 1275.CWI 404,633 1,291,678 Capit81 and strates¥c proieds fund Pension Reserye 1.751,436 1589.3911 193.183 1.944,619 1193,183) 129,633 1652,941} To&* fvnds 153,808 2.269.725 {2.315,1tr2) 108.431 Pe 34
UNIVERSITY OF LEICESTER STUDENTS. IINION IA company limii•d by quarnnt••l NOTES TO THE FINANCIAL STATEmE1s {cothtinwd) FOR THE YEAR ENDED 31 JULY 2023 1& STATEMENT OF FUNDS Iconllnu•dl Charlty- prkn y•ar (as mtai•dl Balanc• al 8alanc• at 31 Juty 2022 Clubs and Souebes Peer Mentorin9 Fund RFU Development Fund 259.197 409.488 {388.882) 12.140} 279.803 3,2 268.420 409.488 P91.0221 286.886 urnstr1dd fwid¥ General re5er¥es 445.666 1.3Crf).579 11.289.932) 456,313 445.666 1.XKI.579 11.289.932) 456,313 Deslon•d funds LSP fvnd 275.IK Capital and straiegc projects ,99 fund Pension Reser¥t 275,OCW) 887.045 (13,5541 11.917.888) 1742,2891 166.452 11.751.436) 1589,3911 152.898 Totsl fvnds 128,2031 1,710.C*7 {1,528.056) 153.808 Pa9e 35
IA company limiled by gw•r4nt••l NOTES TO THE FINANCIAL STATEhEs Ic(itirA FOR THEYEAR e140ED 31 JULY 21 15. STATEMENTOF FUNDS Ic4>nllndl The restrlct•d funds r•lat• to: The Clubs and Sooebes Funds wresent ba1cS lld fof sp8thL and vAw• the ultimate eontrd vest wih Ihe unn. Union and Univwsty age trj li parb)ership to devekw a uriversity41i(Je peer menkning 5cheTh. The prDieLa wll b8 M28£1 as part ofthe overall bfjluntser $uFy>M prtstAts. the Universrty have •Jreed fvndiNJ of £nil lo support this $che. RFU 0ek)Wnt fund rdatss b Wr0e$ receN&J &y the Ije¥ek)pr of wby at the Lknrverw. LSP designatK)n lundiw rewests a y•gs c•n¥nrial grart C4)nlributiorts. •) IwJhtofthelosses m•Je by the associate c(mpwy at PensKJn designated funding relales tofurrtjs seiasit18 forfuturewnth"bulKJns towards thestheme. in light ofthe revaluatrjn and the knrym chal1erye5fI by the sctsrre. tal and slrat8gic desvj1 I1¥d rlaIrj fimds desYJnated for )v•sthnt in sIr•g projtts retstiThJ to the knng.tewm th•k)prn•nt d Ihè Unn afttr taking unt ol ts required funthr¥J edj to orthrly v#iThl the Unb)n in Ih? w¢nt of tho 9anisati ce85iry lo operale in the futu in the Iht ofthe rj IIE s. Tran A Ir•nsfer has bétn m frryn the LSP fnd fvnd to genw#l r¢sgrvg5 ¥5 this lund 1$ no longer relevt. Reserves in Ihe evenl of the operab.l bw.ng wcKAd up are now hdd the C•t4 and 51ratw projects fwKI. Page 36
UNIVERSITY OF LEICESTER STUDENTS. UNK)N IA ComnY Ilmitsd by gurnteel NOTES TO THE FINANCIAL STATEMElffS {nWd) FOR THE YEAR ENDED 31 JULY 2023 1& ANALYSIS OF NET AsseTS BETWEEN FUNDS R•strlthd GBn•r¥l DMlgnated P•n8ion Totsl nds rwrv• fvnd$ 2023 23 2023 2023 Tary•e fix•J assets Fix8J asw wes&merts Current assets credito 4u• wilhin one y•ar pens sch h"aL¥"lit¥ 159.110 159,110 910,446 1,973.385 179.4461 11.944.619) {1,W.6191 910.446 Xfj.058 535,759 179.4461 1.132,568 305.058 1,366.759 1291.678 11,944.6191 1018.876 Grp- tY)r la w••tstodl Total funds 2022 lunds funds 20 funds r•¥erve 2022 2022 Tar01b fixed a5Sats FIX 85881 ¥¢strInts Current assets ¢[11t)r3 dut th1fi year Pe1n scheme liabilrty 9.281 147.628 156,909 620,668 1,897.457 1149.1221 11.751.436111,751.4361 .886 $96.154 1149.122} 1.014.417 286,886 1.276.981 1.162,04511.751.4361 974.476 Chailty- 1¥nI yo* R•strict•d General fi•sign•l•d Penslon funds funds lunds 2023 23 2023 Tol•l funds 2023 2D23 Taryt48 fixed assets 159,110 159.110 Current assets Cart0$ Que within one ye¥ Ptnsion 5cherne Iwbilty 1.132.568 1.,694 (75.7561 {1,944,619111.944.6191 175.7561
)5.OS8 456.314 1291,67811.944.6191 108.431 Charlty- prfor yur I fvnd$ resery• fvnd$ 2022 2022 2022 2022 Tangibleffix•J assets Fixej asset imlestTrts Currenl as$8ts Cr•ditots du• within on• year Pension scheme liat¥lty 9.281 147.628 156.909 1.014.417 1.833.748 185.4151 11.751.436111.7S1.4361 185,4151 2a6.886 456,313 1.162.04S 11,751,436) 153,808 Page 37
UNIVERSITY OF LEICESTER STUDENTS, UMON IA ¢¢mpany limiild guartrthèl NOTES TO THE FINANCIAL STATEMENTS Ictithtinu•d) FOR THE YEAR ENDED 31 JULY 2023 17. RECONCILIATION OF NET IAOVEMENT IN FUNDS TO NET CASH FL(Yrt FROM OPERATING ACTMTIES 2022 Net ino)npJlexperK1rtuI frN the yew la5 per Ststt of Finanoal Athwbesl 175.EO3 315,930 Adlustm•ntfrr. Depwatw)n DeprerialK Intr&{De¢re&Sfjl in defvi fvnthng {Profiiyk)5s on the 50kn cl fixed 05S•ts Interest rwed Decrease in 51o¢ks De¢reasellincyease} in debtors (DeCreasIncrease in vdrtCV5 Net Inm0 Irtyn v8ntures and awxiaies 51.351 26.%1 61.980 1234.5531 16.6371 12,2311 {27.7671 6,232 169,6761 {89,7781 (55.0391 75.fA4 {65,7181 N•t eash provld•d byllusad inl ¢wrntlng xU¥lll•s 11X.143 $4.4S5 1& PENSION COMMIThIENTS SdIn, unit SupnnuallOn 5elm• The Unn participates in the Studenfs unl superannuat¥ SchTh. K • dèfined benefit $the wthose membership cor6sl of enpee5 rf students. unions and rdated bod throughout the ujunty. eenefiLs in resp d Servi up to 30 Sepitrnter 2003 we wed on Yinal sary" basB. benefits in resof$ervI from l Ortotr 2003 c4uifKJ on aCareeT Avore Rgvaugd E8miThJs ICAREI basis. With èffert from 30 Septertser 2011 the Sch•n& dr£•(I lo futu ac47ud. The rrnst [ent valualion of the Sthtmè Th tarried as at 30 June 222 and SWe thal the markgt vglue of the Sthemes assets 5 £106,700.rm yth these assots representing 44% of the vaue of tendts that haj to MterS after for expt ftjtrwe irse$ in e15. The def(( on an ongtsmg fundiNJ bas affthinted to £i36.o.(. Thé assumplionsthth ha¥etsmoslsJnffjKanl8ffect up)n the rosums OfthèVuat 8rethos8 rdating to the rate ol f8lum on Invastrts and thè fatès of Nierèase in Salar Fersi)ns. The ossumpthty) * Xl &rnt 2022:. . Thscount rnto". Ba of Ersknd gih 1vè + 1.5% pa. thanging ¢)ver a terrn of 13 years to gihs cJJNe + 0.25% pa. . Pgnsion increases.. A m(xJel of eath •ll¢MrvJ br insws' pritiThJ of diffèrent caps and tdls. Th¢ 2022 van CoMK18d o t0nl1trt r8ouw•nonl by exh PthcpalAig Employer expressed in monelary Iwm5 inteThJed to d8ar ongJ"t¥J frjnding ¢Jefi¢it by 1 May 2037 and wll increase by at kast 5% each year. ntrIbut)n& akn indude alky•AYA for cost of the onwrvj adrninislrativa and operalKJna expenses of running the Stheme of £5.038 pa. SUuSes or ¢Jefiots which aris8 at ITe valuatKJns wll aLw impact on the UnDn5 fulute 0)ntrI1)n uxnmitrTth. h arjdition lo the above contrtJutKJrts. the UnKJn also pays ts Sha ofthe ¥Y tothe P. Protect Fund. Pap38
UWIVERSITY OF LEICESTER STUDENTS UNION IA ¢oMpY 1Smlt•d by &waAnt••l NOTES TO THE FINANCIAL STATEMEiifs (Conllnd) FOR THE YEAR ENDED 31 JULY 2023 18. peNSION COMMITIAENTS {¢onllnu•d) The th'a.11ty wovwjed lor in Lrf the SUSS defKa iThye lo £1.873.72312022.' £1.662.754) at 31 Juty 2023. 2023 Balance briwht Unwindin9 oft1isc%)Jnt aWi&J Charw n a55umpbDns in y•ar 1.e62.754 61,979 148,990 1.873.723 Uhiv•rsiti•• Sup•rannuion IUSS) The lest avail)ynpI ¥aluatti)n oflhe Retirement Ir 8uik18ri5 asal 31 March 2020 Ilhg valualKJn date}. was ryJt ugrg the proiprted [rt mthxj. Since the institut?n eannot rts Sha of USS Rth"rent Ifrne &JihJer (deffild benefrt) ass8ts and liabilitie5, the foIbM.r (h5ck)sure5 rE those oknant for thos8 assets and liabililies as a vknc4è. The 2020 valuabon a$ the gxlh valuatKM for Ihe $the uler the sctrwe-spr funthr ime IntrOd&d by th• AfA 2(XM. which schemes to have sufficnt arrtl appropriate assets to ojver thr techn k¥DvtsKJns. At thevUatn date. the value ofthe asse ollhe schme was £eé.5 bith.on andthe ¥ae olthesdm•s te¢hrticafpro¥isi)ns wa$ £80.6 bitlion indicab'ng a shorffal 01 £14.1 billK)n a fvrKliry ralK> of 83%. The ¢(panY p¥ts"opates in the skny pertsn scheme. The stalf $ts (note 4} shrms the per6iOnaQ Salary whmch indudes th8 ernPty sa eknment. The company Contribut rale payabk 1$ wrrently 21.6% 01 pensble SeS, wfN"th ease$ tts 21.4 from 1 April 2024. As at 31 Juty 2023 th• Union m•nbw5 pwlts"patirwJ in the scheme. The total pthsbjn cosl lexdudirwj 1h8 salary wifice elwnent. tharrtJes ¥i a5surnpbo lor calculating the pension s¢lvn8 k¥trflty an¢J defiiyt fundiNJ ¢J)ntnbut1 for the gjmpany was £23,87512022 £22.8571 At 31 July 2023the liability pmvidthj in res of USS pwsw)n deficit arrKJunttyJ to £70.W 12¢Y22.. £88.6821. A dÈfitAi w plan was put in as p&t ol the 2tr20 valuation. which require5 paymen¢ of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at whtth point the rate Mll increase to 6.3%. The 2W23 defmit recovery lth"&"ty Tell this plan. The liability figures have been prOdd using the folkyM"rrfJ assumpbors: - Qswunt r 4.7%12tr22.' 3.8%) . PenSionae salwy S% fcthe yew to 2024 and 2% thweafter121Y22: 2.1%) The d)aritabk cfjmpany u¥ntrit to dèffined cA)nthb.cffj St$.. The total rxjntributb)r to The NUS Aw Pen5k)n Sckne duriryj the year amcunte(I to £5.07012022.. t4,6871. At thè yearend. Ihe chan"table cx)mpany 04ed £Nil12022". £Ndl. The total contritrtrtik5 Fowl to Tl NO81 Empknyment SavirrfJs Twst {NESTI during the year amounted to £24.404{2022." £22.0141. Alth•yearend. thethantatAe Lxjmpany £Nil12ff22: £Nill. Page 39
UNIVERSITY OF LEICESTER STUDEIITS. UPION {A company Ilnlt•d by gu¥ant¢•l NOTES TO THE FINANCtAL STATEMENTS 1conilnd) FOR THE YEAR ENDED 31 JULY 2023 19. RELATED PARTY TRANSACTIONS Company Unl¥wW Of L•l¢e¥lor Stud•nts' Unlon Trndlng Ltd The wthc41y owmay subsdpry. Univw5ity of L•ceslw stlts. TrlirwJ Ltd. is i119d thin the cortsok"dated acclnts. Univwsty of LesIer Siudents. Unw)n Trndir4J Lttl gift aKb8d £173.453 yew12tr22.' £142.9451. univS1ty of Stud•nts' Unn Tfadiro Ltd irLx>mè expditUre goes throLgh the thari¢able c£rfnpanls bank jt and aso Ihe ch8rita o)mpany has recharged for the use of slaff arnountin9 to È44,111 {2022." 8,4231. At the year end. UnivéNty of LaKster Students. Unn TNlirg Ltd was owed £16.980 {2022.. £5951 by the thwhtable coMY. Group and ¢(xwny Unlv•rnRy d L•k•st•r Th¢ majority of the Siudent UrMYs' fundir#J is from Ihe Unr4u• Lrf L&c6Ster. tAth¢th i a fdated paty a5 Ihe Studert pwirKiFd actsvit inbth provIdw to its Student Thv Student Untsi Yec•ves a bktk t from th• univ ol Letester £1.225.411 (2022.. t.(4)). AdditKJnal grants a prov by the UnNwsrty lor sUp[rt of £55.70012022: £7.500). tJring Ihe year Igr¢P madè Sa of £8.2n12022.. È17.778) 10 Ihè Univ•tsity ol Lcester made purchases of £18.3¥2 {2022.. £11.371) frrmn ihe Uru¥ersrty of Leicester. At the yearend. the group ¢>1 £6.896 from the Ur¥¥w5ty ofLeic4sler12022.. £4.905 was to the UnNerW ol Leicesterl. In adtJib"on. the Studenl Union Ocalp its buikling on a rent-lree basts. This is under an inlom)al e4nss subjttito Iha Student Union mwnta"nirJ thè bldIrvJ in a stste(4 repair. As a b estimated vue tts Ihé Unp)n fot the free ser¥ic&J a¢rtYnrrtsJatw)n has been indud&J aounts. This has been •£229,440{2022' £229.440}ba5¢d markelPriCeSWrthin Siudent Unlon Lettlngs Lknlied During the yew ts 9roup made s$ of È13,633 12022: £10.3481 to SbJdI Lettin95 mited. Other related paiti85 arB the Sabbabcal rTS Tte8$ as ¢Jetaikd in tre Truslees. reFQrt. DetsiLs ol wurwalKJn rerxNed by thèse 1ndNu* are in ThJt• 9. RUneratn rf key man4enwt Pers S1hJ in ThJt• 8. Pag8 40
UNNERsiff OF LEICESTER STUDEIITY UNION {A company Ilm6t•d by guarantMI NOTES TO THE FINANCIAL STATEMENTS {¢ontlnuedl FOR THE YEAR ENDED 31 JULY 2023 PRIOR YEAR ADJUSThIENT In yew5 Ihe Unn has been tpthh thelTernOfCh8[1I5 SORP 2019 IFRS 1021 in respect of Ihe Irealrnent of rts meMbship of Universrts Superannuation Scheme {USSl. a multirnpbyer t1efinwJ pe) stOn that has a defKrt lun9 4raemeni Sn place. As a rtsull thè UnKn's aceountsng polity on Ihe n"On crf USS has be changed. The comparativefbwresforthè ended 31 Juty 2022 have reststèd in line vith the policy. The thanges maje have set ovt bekm. Bae Sh88t SOFA T¢1 R¢5talèmt0fopin9 resewvgs at 1 Aj[ 2021 for USS pensw liatslty Adluslm•nts for the year •nd•d 31 Juty 21122 USS liability rTW)vem• in y•w 20,581 20.581 68.101 Effed on kmryearn resums 68.101 20.581 Pwje 41
UNIVERSITY OF LEICESTER STUDENT> IoN IA tompany limltsd by guarant••l NOTES TO THE FINANCIAL STATEMENTS {eontinu•dl FOR THE YEAR EMDED 31 JULY 2022 21. COMPARATNE GROUP STATEME1 OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 JULY 2022 fvnds fvnds 2022 INCOME FROM: Donats"cths le9ac5 charitabSeadJv.eS 1.136.910 1.1%,940 Cllher tradirKJ &b¥ibes . 196.188 1188 Inve51rnents'. Share ofioint Were t nrx Interest Ved 65,718 2.231 18. 65,718 2,231 18.563 TOTAL 1,419,640 409.488 1.829,128 EXPENDITURE ON: Raslng 53.243 53.243 1.W.933 391,022 1.459,955 TOTAL EXPEIUTURE 1.122.176 391.022 1.513,198 T INCOMEI{EXPENDITURE) 297.464 18.4e6 315.YJO OTHER RECOGNISED GAIN¥LOSSES) A¢tuwfal gairfh)ssesl on dthne¢l befil sch8m8s 168,1011 {68.101} NET thIOVEMENT IN FU1¥ 229.%3 18.466 247.829 Toial funds brougtht l(Thard 458.227 268,420 726.647 TOTAL FUNDS CARRIED FORWARD 687.W 286,886 974.476 Pag• 42