Comp•ny r•glstr*tlon 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 C￿PANIEs ￿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)rd￿Ce wAth 1994 E￿￿￿tI)n Act ar*J the Chanty Ct*nm6wn. R•glst•rnd Addr￿¥ Un1vets￿ ol Lewter Sl4vJonts' un￿￿. Pw¢y G•¥8uldivJ. Urwersty Ro*J. LeK*ster, Le￿$1￿*￿T￿, LE1 ?RH Board 01 Truste P Bhatt lappyjinted 1 Juty 20231 A Oeeb (resigned 30 June 21Y23 N Farner (resigned 30 June 2023} J Hyeit (appointed 1 Juty 20231 R Jenkins Iresign4d 30 Jun¢ 2023) J M¢tX)nald lappoint&J 1 JU￿ 20221 H Pathan IresKJngd septernL￿r 20231 J Thomas lapp¢Mnted 1 JU￿ 20231 L Ruddock{reswJned 1 ju￿ 2023) E*tÈmal Trustees A B￿n {rBsigned June 2023) J Bates lappoinied 2023 A Black (appointed Juty 21r231 S.Kno*4es I￿S￿n￿j June 2023 R Kc¢Jakandala lapp(mted AWJ 2023) D Moore lapkxjinted July 20181 P Smth laprKJint8d Doc 20231 Independent Auditor Knox Cropper LLP, Chartèr*1 A￿ft￿ts, 15>155 LorKkn Road. H￿)￿1 Fthpste&J. H￿hir8 HP3 9SQ Bankern National Westminster 8wk PE. Grwby Streel L￿¥￿10T. LE1 Page2 UNIVERSITY OFLEICESTER STUDENTS. UNION IA eon¥)any l•mfjt•d by ￿3[antsel STATEMENT BY THE CHAIR AND DEPiITY cH￿R FOR THE YEAR ENDED 31 JULY 20Z3 It has be￿ a rwlNe yw kn Ihe hawr#J seen s(#i)e excelw 18v* of engag8rr*nl with our eommunty and stakehokbw5. SupF>Jrttd by the pint thirrfJ gffjup betrfftn ur1v￿ty and the Students. Union thè"sbtky ￿Mpus. p￿r￿￿ has assi¥ted in seèing many ofour semtss and p￿￿slor bad( lo near p￿ pand￿￿ and ranpus wpeats tr) be rduming Ihe trwsy and vibwt place we always remembered it to be. In IAarth ofthis yèar. and afief6 yew5 *ilh ￿ CEO Gweth CbJhton Ihai was 5￿pINj do% from hi5 role. Garelh the ble55ings and thanks ofthe b)ard lor ht5 5ervth. The Un￿n undertook a wcrurtrnent pr￿sS at the ofthe 22-23 aca¢Jwnicyeai and apWn1￿ Lwn Davis lo the CEO ro￿. We wish Liam the best of luck bok fornarf to SUPFiWtiNJ him as he le•Js the Union lo￿ard vhth exeitsng of the future koks IdKe. We were ￿e1￿hled lo see the res￿ of the 2023 NalN)nal Stud￿1 SuNey INSS} whKh. ￿￿Trg$t other POS￿¥es, hi9hlvJhts LSU as a top 10 students, union Ai temis ol stJAents leeling that thèy are wel repre￿￿J. This is lundam￿tal 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 wh￿h 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 r*ed to c1)m￿ete 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 on￿01r￿j wll sUp￿rt us wi pmwding e¥idertt wu1￿. Most impOrt￿ty it wll vs to continue our W•￿11( as a ffjprw*alpie bD(ty as an effective UnTh a)d charilabb8 t•)dy. Ong ol the more signFftsnt str*egK dV4etop￿￿ts in 2y24 twas to s￿re fundir9 from the Univérsty that enables the intrc*Jucti(m of a syslem of pa*1 SI￿nt ￿preSentaths in thè forn of'Col18ge R•F6." The introductK*n of four part b.me paKI siudent ryjresentabves will See ￿ added levd of rep￿sentatIOn 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￿ def￿fUndIry adjustments}fund&Jthrou our ￿erVe$- we finished the year signrfKanUy aW wth a su￿lUS of £85.825 lexduL*ng SuLels and pension defiut funding adjLL8lmentsl. the reS￿ts of SuLets *KJ the pertsKJn dth"t Changes *ere taken into xcount th8 a sUr￿U$ 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 al￿1 the rTh)st effthe ￿.￿Sab"c￿ ofwr existiw reseNes. Julia Bates Chair ofthe Board of Trusteos Arth￿ Rotrfwn Deputy Ctsrofts Board of TA￿tee$ Students. Union Presvknl Pag• 3 UNIVERSITY OF LEICESTER STUDEMTS. UNION IA com￿nY 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) pre￿1 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 reqUi￿ents. requirtments rf the c*mpany and the 9mup's goveming Llocum8nt and Ihe prowsions of Ihe Slatorr*nt of Re(¥)mrnended Prattice, C￿tieS SORP {FRS 1021, 'A¢counting and Rep(xb'ng by Ch*tses" efféctive 1 2019. Report under cxjmpany law. ULSU* tharitsble obitets The •J¥aicement ofédu¢atKM olstudènts 4tthe UThvetsty lorthe Publ* Bendt ty.. pro￿￿)b￿J the inteffjsts and ¥&pifwe ofstudents al the Uni¥w5ty during Iheir Mur5eof stu(ty 8nn. Alcess to additional trainin9 is also pn)vidad thrruJlNyA the year. The Sttyjent Ewuts"¥e Olfw5 are new to the e4)ard rrosl yew5. 9) ty ur¥Jerw a more intens training p8ri0d that alkm lo fv￿lI bolh the¥"r twsiee dutie5 as as pwé portfolio ol ¥M>rk. The traning stsrt5 durir¥J a harthver Peri￿J, imrnedi*dy wh)rto them ffijlty assuming offic*. This akns to ensure they are fulty wre ol their rnles responsi￿"111*5 and can ￿rfOrnI th*r duti85 to the test ol the"¢r *¥Kty. ULSLfs govemance manwJ&nent. The Finonu &AudItCoMn¥tt￿ m(YtitrA5 ULSiYsffinanual perfoThaTra. appraLses requests lor¢8pital expenditu￿ and revi￿ our ￿MMer0a1 perform*Ke. The Commrttee atso re¥￿*￿5 the annul budyd. The Ron￿n￿ratIOn & HR Comrnrtt•e txarnines issues rdaiing to ULSU eM￿oYees, ir*jl￿1rQ staff Fol￿185, tha￿85 to pay and mattw5 relating lo gmpbye• w*llbeirYJ. The Rl¥k Man49eff*n¢ rn¢)nit￿ ULSU'S rtsk profil?. risk marbagwmnc comphance r•lev8nt *islation aTrJ suulli￿$ pr(yress in tsd(lirg Nlenbfi•Y areas of rtsk on the OTganisat¢on's iisk regi¥ef. Pap4 UNIVERSITh OF LEICESTER STUDENTS. UN#Y4 IA company fim6tsd ty wJardrth•l TRUSTEE'S REPORT {Con￿nU#d) FOR THE YEAR ENDED 31 JULY 2023 StnKtyr•. Govarnan(¥ & 1kn•o•ff•nt I¢￿￿n￿al 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￿ st￿*￿14&d tt￿nge. Nets￿[￿$ are based on printsp￿s 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 ofT*thits importa)c*, r8quIr￿. SeThSor Leadershlp The University of LeK4stef St￿lents. UniM employed a Ch￿lExe￿￿e Offiw ICEO}. Gareth Oughton. man¥Jémantolth•owani63tion. The CEO ￿9fted in Mwch 2023subs8Want tO￿lth ￿ appJintmw)t F￿0￿5 to recwii a SLxc*ssor was tKrt in p*e resu￿"ng in the sets￿0n a￿1 appJntrnent of Liam Davrs who ojmrnenced hi5 ernptyTr￿t 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 add￿On of Nicola j￿aM Ith"rector of Fwmnce). Tho Stratfrjic Lthdw5kMP To￿. made up of the UnK*)'s MaTr￿er￿ rr￿ monihty to OVer￿e the Union's rtgular aeti¥ithes. ULSU also trnpbys a nlmber of rth.5tudent fvll line staff to rnan￿8 and administefit5actiTrri￿4s. These staff rn¢mters areat3*untstye lo tsChiefExeartlvèt*￿ performan of their ¢￿ie5. Staff Pay Th¢ unu￿ a pay in 22r23 Ihat eama into on 1# A￿j￿1 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•3ulat￿ffi$ 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 B￿l&'n9 by the UnNersity. Ublibes are also paid by the UnNergty. This Tr)n-rn¢y￿1ary surwrt is ￿trn$￿ to the Ida￿nsh￿ bgknn the Univwsty and ULSU. An &slwnat&1 io ULSU for this free servK•d attOmM￿lation has been indud*d in the acwwts. ¥a￿e￿ at £229.440. The￿ 1$ 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 Bo*d is r&pc￿S1￿ 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 r￿Mple1ed a pay r*4i*•• h85 rgsulted in a rnore compebty've remunerabon offer moving forwards. We have *50 C￿Mttled 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)u￿y had been the case and ￿ ho￿ Ihis W￿11 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 Signifi￿nt $Lrn5 to lund the SUSS, 5ySterni¢ defiJL Whi1518 large number ofother students. uniofis ffind thèmsefves in thi4 pos￿"¢n rt d¢es not rntyate the general ¢)verall risk assc¢i8 ¥￿th this pension defi¢il. We have begun vKJrk t*4hKh wll c¥)nbnue into 2Y24 in ev￿uatiftg a number of Klenlffied 0￿.or6 to d&risk tyJrcJJrmt It)sIti(￿ ￿1th reg*d toour patbupation in thè SUSS. Pages UNIVERSITY OF LeicEsTER STUDEMTV UNION IA¢omp¥ny by gu•r•nts• TRUSTEE'S REPORTI¢4￿￿TruedI FOR THE YEAR eNDED 31 JULY 2023 Structuv•. Go¥•rnanc• 8 Manawmnt 1e4>nlift￿dD Du¢ to the n*U￿ ol our ￿m￿r$ that some of ow W risk5 Ind￿te organised ￿tMty t otojrs under our barfftr. We slpwt over 250 student gmups in $dI￿rgan￿￿emrnrtied to EDI. ()Jrpuwposé is déar in ourtsY61ilutth. Tr K% dO￿ted tothe e￿￿tL)nal interests tA of its Mernbgr5' arKI wll 59ek at all lirne5 to.. Ensurg th*lhg divew ofts mem￿r$￿1p is that •Jual Xcess is avalW￿ to l Membws of whatever ¢NrfJin Of o￿n18t Pursu• its aims and obiecbves independent of *y(¥)￿le41 partyor rel9lOU5 9roup Pursue equal opp(￿lUnrtleS by t&ir4J FwtNe ￿1n Iw tof¥rilit*ti Part￿Ipation of group￿ dIS￿MInal*d 4ainst by society. Thg Twslges thi5 matter. in coniunLYion wih the guidance (J)nta¥￿ in th• Chaiity Commissons general 9uthnce on putAi¢ benefit and have c¥)nduded that as a wistered ehaty and Students Unicx). ourworkt1ire(IIy Supports benefits thes1vd￿ts Wiste￿ lo study at Ihe Univetsty Ldce5ter. In pl￿ni)g Our￿￿, ￿ tel￿Ve Ihat the primary 9￿$ (rf *1 wr ￿MI￿$ are h.nked to wr tfjre aifft5 and thwefrye dired b¥￿1 of our mawr*>w Stud￿ts. Pag86 UNIVERSITY OF LEICESTER STUDEMLW UNIC*I IA company1knSt•d bygu•rnTh TRUSTEE'S REPORT1¢onllnved) FOR THE YEAR ENDEO 31 JULY 2023 Alms, ObleGtlv¢• &ActIwili￿ (conllnwdl Mlsslon.. To repTr$￿t ￿ wnw*er slLkJerts in w*ievirg Ihth"i pc￿114. Vlslort.. By 2026. sI￿l￿ts *ill see w a5 an empwiwwj. that effe￿NdY remtnts thoir interests. Our asyralths am abjut •nhants"NJ St￿j0n￿. Ow thès• aspirth.ons is nde1￿.n￿d by our values.. We are led by students. We t4ie¥e stuthts makethe beslthi8K)nsat*JAwhat impa￿$ 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 th*l￿ge ihe status quo. icPriorities & Our Work Strateglc Themè - Stud•nts L•adlfig Edu¢•don 65°A ol stsjdents will agree the Union effe￿lYety represthts th*"r inlerests In 2022r21123 75% ol slvdents *ill ￿k￿ded positNety to Ihe NSS question on the Union effect￿￿Y repfesents"NJ students acadern￿ inler85ts 2020 Priority 1 -Trantyfovn4ng Siudents Educath In 202Z12023 tA•... We will prOd￿e an wnual impa(* report ayoss Ihe Irfwe ofthis plan. d*monstra*'NJ how the voic has been enhanc￿ by the of student represenlatives PuNish*J ovrfirst impxt rwt to *1 sludents, that el￿￿ the charges t￿U9h1 about by representatives ar w instrtutional level. We se¢ured lunding lor 2￿21 lo enploy 3 students to act as'colege Reps whsch will significanuy hèlp us to devd this area of fvJnd8menlal M) Ran a pikTrt $Ch￿e ￿thin 3 sthooLs where stsff and represents￿ agf8ed a jO￿t ￿tKIn ￿an for tenr one and We *ill ¢Jeve&)p studenl-led ¥tsK)ns lor the fu￿re ol eduCa￿n wthin eath to shape the leamThJ Oriu￿re ner￿(￿ rf sludents. Prlorlty 2 - An Inclus￿ Currk¢rtum 202212023 wo... We will b￿1￿ a case for a l*erat rriculurn. refftecting on thg dNg of programmes and the best enwronment in thich I1v￿r$e students Can leam. We will u￿lertake a mEmbar4•d Devekjped a oJ￿1urn consultant project. ¥the￿Y 90% eslablBhed outLxpm85 ty year-end Goal 2026 UrKlertoc* research to idBnbfy 5tudènts' on assessmwt nthdrsy 8t a k)cal levd and p￿ented fIThJ1r￿ to the Unr¥ersty By 2026 SO Students shapethe so they fully supFort st￿Yent 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* IMntlrn*dl 202¥2023 TM... Tran$f•nnln Sttmlents Educa11on Our Go•1 We wll develop student4ed By 2026 annua prtyJram revi** sche1￿5 for ar2dernic Secur*J a ￿mIal rtAe kjr the Un￿rt in the Unive(sty's annu￿ prcgram rewew prctess stu¢ent wrillen submissA)ns lo the Teachin Ex￿llenCe We will create capaoty to (leve edueatK)nal support by thè Un￿n to th• P0S￿radUate r￿arch communi Our Goal By 2026 klentifial I￿￿Je1S of besi pTrcbtè in the sector and identif*J OppOrtun￿e$ for a￿￿tIOn to (¥Jr exisiirrfJ representative nKJdd. We hope to feed into nèxi tars vwnarte and resentat￿n review.r In 202212023... - Wibrani s￿dent 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 n3￿n* and Ilural srfieties in b￿a￿en1 their feach and their a￿.Ity to host ula slK)wca5e event5 We ￿11 devdop an Internat￿￿ students stralegy ￿lch bu4ds Stro￿ neI￿rkS 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 In￿Mat￿31 SlLKJè"ni'researth to esiablish basdine ol intemational stud￿1 Pri￿￿ty 2 - 0gllv•rl On Stud•nts' Intsrnsts will trnsur• tach stud•nt'$ Inter85ts are represent￿ in actN the Un We wll d￿eknP a tiwed sludent group de¥dor￿n￿l prrN3r and commrttee rnentoriry scheme. to assist with le￿¥51¥P nb.nu In 2022r1023 w*... streamlin￿ sooety search funct￿nality 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 Assouat￿s PrDJraml By 2026 Our Go•1 By 2026 Pajfr 8 IA compny lkntt•d ty guardbth•l TrUSTEE'S REPC*T Icwtinuod) F(Xl ThE YEAR ENDED 31 JULY>)23 Alms. Obje￿1¥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 th*r ￿31 c<)mmunity wAih the linit6d time they have. We $￿Ired additr&nd fundirvJ lo recruit volUnte￿n coordinator. Undertcok a stakeholder mappng exercise with k)cJ decision makers and rolenti& pwtners in the communty, to tyu1￿ our Unders￿)dIng and supwi problem sofving ofthe issues most rnmonty farjng our member5 By 2026 DeV￿P o)mmunty or9￿151n9 Ca￿rtY. to efjsu￿ students have opp(Klunitias to hamess th&f S￿lES d wort with thal patheis to so woblw)s f* by *1 L*￿sIer c4tize By 2026 202Z12023 **... ~ A F￿ver Student Ltre Le￿Ster 3trJdents' Well￿r0 will track cornparabty lo the WaThrtk- Edinburgh Menthi Wdb&"r4J Scale for 1&24 year c4ds nat￿￿1 e3 core By 2026 Èrric ssociale nsis Pilority 1 - L•adlng The Flgm Agabnm S•xual Vlolen¢e Wewill hold meeliNJs wlh stakeholders Irorn Ic¢al aultsknes to inffluence sleps n8eded to enhan¢e Siu¢Jent safety in the ht-time ectjnom We VAII Se0J￿ ¢Jed[￿ted fvThJiThJ to enha￿2 the Fanye ol suFq)ort opth)ns avalablèkn ￿r￿1vorS of sexual vder X12Ztt023 ¥M... Ow Undert(N)k a slakeh(Ader mawng exwD5e V¢ith nvJhl a￿￿mY s8rvr* provK5ers and licensing aulhoritw, to identify key pwtnets in buikJirKJ out reach By 2026 Mapred exsts.rg provistors and undertook earch lo idenlrfy gaps ￿ prDViSion By 2026 Prityity 2 . A Cha lon For Students. Ri We wll devebp the Alfvice Sern" to improve awa￿ne$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 dISuk￿lnary proce￿ on eaffws In 202212023 TN•... Undertcc& ￿e8rd1 to e5t*ish the k¥el of unsjerslandi￿J 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 ￿n￿lants 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¥g*t SUFPOrt where it's most needed We will eStabl￿h a tryA forthe secior to berthmark the Cosf of Unryerslty￿￿e￿ ￿)rTY￿ad81￿)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 in*th finwry81 researth into the erats.onal costs of halls, lo develop students, und¥slaThJirwJ of Ih*r vdue for Tr￿neY Finanelal Revlew ULSU'S gross In0￿ from dl Sour￿ tots1￿5 £2.359.9)3 12022.. £1m9.1281. Total expenditure was £2.183.9￿{2O22.. £1.513,1981 reSU￿"T￿j in a suiplus for year of £17S.￿312￿22.' £315.930 surplus), irrnirrfJ ULSLfs total r*S￿e9 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 t￿n11n￿l to benth from the rwnition and suwjrt ofth? Univwsty. The annual bloth g￿nI vtas £1.225.411. uby¢ased from £￿7.5￿ ￿ 2022. Tkwo was ¥d(￿b￿aL 9[ar￿￿e1¥¥d IN project funding, t55.￿{2022: £7.WI. The Unh)ns tradin9 Subs￿1•Y gew*ed a Iradry suwpkts prvwiate wquiries. the Inffjtees Iwe a rnasonth expecl*w that the compary has adequate restyJrces to o)nthnu¢ in op•rational exlsterte forlheforeseeai* firture. Foithi$ reason they eonts"nugtoadoptthg goin9 conc￿1 basis in preparing thefinancial slatgmgnts. FLther¢J*iLs 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)inlm￿t Croppw LLP as AuLlior will be put to the mwnbws. TTh8t••¥' R•8pon•lblllll•• Tho Twstees (who arn akn di1￿￿￿9 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 the￿n￿l￿1 statern￿ts 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•n0f￿fce$. IndUd￿gthe Ino)mean¢J eXpendrtu￿. ofthechari1￿le p fry that pernd. In w•parirg I1￿?f￿￿K4aI stat￿￿ts. tho Trustees reqUI￿d to.. ' select 5uit*le awJuniry ap￿1h¢M obseNe the m8lf#)ds ar￿ winoptes h) th• Ch*ths SW. mak• jud￿ents and ￿'mat¢S aroreasonable and wue*iL ' slale applKatAe UK AC4)￿￿*r￿J bew fo￿A￿d. 5uWed to matw*l departures dk8dos•d and explair￿0 in Ihèfinaneial st*eme￿,. prepare thefirkarttial staemnts on thè c£*nc4m basts unless it is Ywpioprfate to prnsume that tht tharilalkn grwp WAI 0)ntin￿l in oper*w￿. ewain Ihe ¢h*itsl)k cornpary and thè 9roup* and d￿ck)Se the reasonablt acujraty at any bme the financial FQSrfN)n of ihe thaitalA8 grDWJ •rtab￿ Ihem to ènsure that the fjnantsal statame￿$ complyvthh th& compan￿ Ad2006. Thty aro atso r*￿n￿blO f￿safe9uWd&w the ass•ts of the chantoble corwny an¢J the and lor r&3$Onab￿ steps for ts prevenb.on and So far as eath Tfttslee k8 a•oe. thwe is M r￿eY￿1 wAIrt ffifornwti.on ofwhth tr* than1ab￿ grolp authtoris unawar•. Art￿￿alty. each Tntsts• has Tak￿ ￿1 tr* ne4xsary sw Ihal they ￿ht kn ha tsken es a Tnjstee in order to make th￿nSe￿tt of thnt autht informalon needed Its eslab115h that Ihe thantalle grfJJp's ￿dior is ol thal wthyrna￿n. by S￿n 415A ofthè C￿Pan*S fv£t 2CQ6. Thos rwwas 4)prnwd tyth&Fth￿ ￿TnI%￿a5 on 2024 and s19r￿￿ t￿ll￿behal1 ty. A Roblmo Page 12 INDEPENDENT ALKJITOR'S REPORT TOTHEIAEIIBERS 1> UN ERSITY OFLEICESTER STUDENTS, iNON op11￿ W8 have audrted the finan¢>al S￿￿Ments of UnNer5ty of Leicester Studwts. lthe.chw1￿9 Company'l and its sub$idiari•s (The fyoup") for Ihts ￿ar •ndèd 31 Juty 2023 which compnsè th• Consolidated Statemenl of Financial Acbvil*S. the consol￿aled Parent Charity Balance Sheets. Consolidated Staternent of Cash Fknv5 nole5 to lh8 ffin￿al statwnents, indudirwJ a surnM￿ ol 9gnif￿ant ￿coUntin9 0￿Je￿. 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* RerMylir*J StsThJar(l a￿￿¥ble in the UK Repubbc of Ireknd IUnii¢d KingdcKn G￿ra1￿ Accepted At￿UntiNj Pr￿ice). Inouropinion th• f￿anCia 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 Pr￿t￿￿,. and ha￿ baon prapar*l in Mlh tsrw4uiremwts of lh* c¢rfnrw￿ Ad 2￿6 I Chanbes Act X)11. Basis for opinion We have been appointed awjbtors Comp￿185 A(* and secath 1S1 ofthe Charibes A(a 2011 and Trport in ￿C0￿C￿ wth ItrKisekts. We conduded our •Jdrt in awOrdan￿ ￿ Interna￿nal Standard5 on Audth"ng (UK} (ISA6 {VKII and ap￿￿ble law. C*Jr resFonsi￿l1tse$ undw thw standards ￿ fvrther d￿ribed in the Audil¢*s swJn&bilities for the audrt ofthe fmancial statwnents sec*on Of￿￿r report. We are independent of group and partrtt tharitablè t4)rnp?￿y in acrA)rd￿ce wth the elhKal requI￿rn9￿ts that are felevant to our auditofthefinanoal slatThnts in the. UK. ind￿1￿j Ihe FRCS Ethical Swdard and ￿ havefu￿111 our Oiher ethtsl re5ponsibil*t* in wxordw wlh these requirements. W¢ bel￿4 that Ihe audit Iden￿ ￿ ho￿ 9blain￿ 15 SLffiwit ￿ apwopriaie to prDv*Je a bw5 for our opinion. Conclwion5 wolafing to 9o•ng In aud￿n￿ thtrfinancial statements. ￿haVe￿)nd￿tell IhatthelrLtste8s' wof the c%Ir￿rn bas of ￿£1)Untir9 in the preparati￿ of lh8 Stat￿￿ts is 4Jprwriale. Based on the we ha¥e pert￿M￿. h*e r*)1 maknial urLertainlies rdabng ki evenls or conditwts thaL iniJvi¢JJally or cc41&*vety. nw cast ¢ksubt ￿ the gro*Jp's or charrtable ¢4)Mp￿lS ab.lity to (g>nbnutr as a going Cl)￿ of at knt tsvdve months fmm vth4n the finantsal statsmènts are aU￿riSe￿I lor iss￿. r r8sponsib1l￿"eS and the ￿pL￿bIl￿e$ ofth8 tr￿st￿S *ith ￿ to going corK*m arn describ in the ￿￿ant sect*)n$ ofth￿ rerK*L Ottwr lnlomiatlon The otherinfomialKsn c£¥npris•s I￿ information induded in the TnKst••'s Res￿Other ihanthe financrdl statements and our auditorfs rèrKJrt therem. The trl￿ *e ￿sPOrts1￿8 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 e*￿Y staed n ow report not exF¥ess ary fomi of aSSU￿C6 cOndus￿n Ih8r80n. Our r•S￿n￿bil￿ is to ￿￿j other and. 47 so. thg othw Infomiat￿ft is malenally in(wtsistént the finart01 ststements or oJr k[￿0)& obtained in the L¥)ur5e ol the audit or otherv*ise appears to te m*wialy rn￿51318d. 11 ￿entity s￿h material Inconsist￿lyeS LV appa￿nI material rn￿￿entS, we arE requiregj to determine whether th￿ gives rise to a rnalerial rnYsststem8nl in ￿ financi* Stat￿￿1tS Ihemskn. ff. bas&1 on Ihe wvk we have perfomi•d, we C>)nd￿j& 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 AUDITO*S 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 a￿11.. the ￿fOrmalKIn 9iven in Ihe Trusltses. ReporL indudes tlw ￿r•ClO￿. RepKJrt prepar*J 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 i￿u￿•[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 kft￿e understwdin9 of th• gr￿P the tharilable oynpany and Iheir environrnèni Ob￿Ined in Ih? ¢xJurse of the aud( we have thnbfied material misststements in the Dyectors. Report inrluded T*thhin Tn&st••s' R•port. We have Mthing to rwt in ￿spe￿ of the f￿1(All￿j malt•ts th• Comparw89 21Th and th• Charil*s 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 l*war• notmadt., or RMpoMibilili•* of In￿10•￿ As explained more hjty in thtr Ststèmant ol Trusteès. ￿p￿61￿l￿e$ set out ¢)n paw 20. the ttystees (who are alsothe f1iretlors of the thaiilablè company lorlhe purr*)ses olcx*mpany lawl a￿ res￿nsIble lor the preparation of the finaKial siaternents and fol being ￿1sfie¢l that they giv• a tru• and fair vi*w, and for such intemal ujntrol as thetrustees determino is necessary toenabk the prepwation of financ¥a statamenls Ihat are1￿ frrKn materia M￿la￿L to fr￿0 or error. In prepafing the finanoa statwwnts, trLLSte8s a￿ lor assessing the gr￿P.S and chantable ethI)p￿￿S ability ￿ conbnu• as a gJir¥J ￿nCem. disdosiNJ. as ap[l￿b￿, rnattws r￿3￿] to g¢*ng concem and usirrfd thè goir*J 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 a￿rnative but to do $0. Audiio¢$ r¢$ponslblllileslor the audbt of thv finlln¢l•l St•tsn￿nts r objectives a￿ to oblw"n r￿$(¥1ab1e assurarK* about wthelher the fin¥Kaal stat￿ents as a Wh￿Ie are free from material misstslwnenL *fielher ¢Jue ￿ fra￿j orwror. to issue an au¢Jrtoffs ￿t￿rt that Nieludtt our opinion. Rea$￿￿)1e assvwce is a ku.gh level ofa5suran￿, Ixrt is not a9uarantee th81 audilo)ndurted in ar￿dance whth ISAS IUKI ￿11 aws deted a material M￿trie￿￿nt when rt ex￿ts. Misstatem￿ts can w5e fiom frw¢J or error and are wnsidwed matenal rf. indtVkJu8lly or in the aggregale. they ¢ould reasonably be ex[￿led to Ihe deci5#xs of wrs tsken the ba51$ ofthe5e finawal stalwnwts. Th• •xtent to ¥thl¢h t￿ •utht ¢onslder¢d ￿Pable of d•t•¢tlrwJ Irf¢gul•rtt*s. In¢ludlng fr•ud Irregubni*s. indudxfy fr￿￿. arn inst**e5 of r￿￿43Y￿rIl￿c￿ v*ith I￿ wktsons. We tjesig) procedur6S ty) line wrth (NJr rtsponsI￿1rt￿. ouUir%d ab)ve. to t1etect mateiial misstsiements in reSp￿t 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$. * ￿entstsj the legal requirement to ac£ount for restricted funds is of key swJnrftarte. We gained ￿ undersiarhyingofhtrwthegrouprxrfnplied ¥*ith rts a￿1 few￿tOry framemyk. including the wu1￿ment to propety acujunt regn'ded funds 1hrOu￿ di5cussA)ns wlh ma￿￿ement and a mbvwof the ￿c￿ment￿j [￿￿186. WOC4dures Page 14 INDEPENDENT AuDIT0￿s REPORT TOTHE MEMBERS C UNIVE DENTS, LNON ¢ontin Tho *#Jfi t•￿. is •X￿rIgnc￿j in th• a￿Jit of dwri¢Ks, CW5kJer￿I ts gro4)'$ susceptibilty to matena mKsStatement fr•JJ may o¢>)Jr. (Xx ￿r￿￿je[￿k>fts incknle th• risk of managèm￿1 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. i￿LKIe￿ adjusknents ¥ThJ unusual tr4rtsaCtK￿$. There we inherent lirnrfati(ms in the wjdrt ryoc•durns de5uib•a aL¥)¥e wwj. ts further r￿0ved rth. Jmplian(8 ￿ laws 15 frryn the pJents refiecled in fina￿￿81 statern￿ts. the less t•c{￿le of L Th? rsk of dete¢tiffj a material rniSStatenwt due to fraud is h¥Jherthan the risk ol not dete¢*r9 cffie resu￿"r9 errry. as may involve deliberate concealm&* by, ftw exaMple. I￿Y or intenb(Thl rnisrepresentatK*￿. or through couuwon. A furthw tJescriplK)n of tyjr re5Fon5thlrfI￿ kn the •wJit of the finarKd Stthn￿ts 15 ILx*d w Ihe FIn￿Tha1 Reporkng cO￿¢1'S at." v*Mw.I . This dewption fryr part of OUT auditorfs r•porL i1￿ of th• audll report This report ts m&Jè solaty to th¢ Chariiab* Cthmpany's mernbets in accordance wrth Chaptsr 3 of Part 16 of the Compank45 Aet 2006. Our 8￿rt has been un¢J&tsken. so that we might slate to the chaiitabfe ccfftpany's m•mt•rthos• mattsrs w• *• requir&J to state to I￿rn in an auditorfs rewrt and for no other puwè. To the fiblle5t ￿ertI ptrnitted by l•*. we ¢h r#)t acwt or assume resp)n5its"hty to anyo￿ Ol￿r than ChwtaL* Crynpany Charrtabl• Cthmpary's m8mbern f¢r vjr wjit . forthis r8WJrt orforlh& opir*)ns wè ha¥• I0￿e￿. Steph•) Arttlernon (s￿￿￿ Statukwy ￿￿j￿l*) Forand on beh*f 01K￿X Cwupper LLP Chartertd AcLovntants 1S>155 London Ro•J Hem•l Htmpslead Herffordshi￿ HP3 9SQ Date.. 8th Aprfl 2024 P￿15 UNIVERSITY OF LEICESTER STUDENTY LINION IA eompany Urnil•d by w•iants•l GROUP STATEMENT OF FW4ANCIAL AcfMTIES TrKORPORATIMG WCOME APK) EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2fj22 FuDd$ 2022 as INCOME FROM CHARITABLE ACTMTIES: DonatKvts and Iy*oS c￿b¥ and s￿1¢tio5 1.510.551 1,510.551 I87.￿2 487,942 . 1.136.940 409,488 Cllher trathng arb￿￿0& 242.507 242,507 196.188 Inv•stment In￿M 117.545 117.545 958 TOTAL INCOAIE 1871￿7 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 17*603 315,930 OTHER RECOGIIISED GAINSIILOSSES) Aduarial gawis1(￿sSe5I on defin￿ b￿n￿l NET MOVEMEiir wi FUNDS 15 18.1 247,829 RECONCLIATIOM OF FUNDS As previously rwrted Prior 41j￿t￿*nl 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•r*Jilure 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 I￿estm￿￿ 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 faI￿n9 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 Unrastric￿1 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 fi￿￿al 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 r￿Mb•fIlT￿Ijl4M 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 f4￿ng (bje lèyear 14 (7&756} 185.4151 IIET CURRENT ASSETS 1M9I938 1.748.333 2.053.050 1.905.244 ned peryon sthwne I1*￿Y 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 StateM￿t of financial activit￿ a)d rdateLI rK)i•s as rt N8par&J grow> ￿X)u￿B. The dwrrfab t￿Mpa￿S defi¢>tfor the year *rdS £134.C6212022.. £250.112 Su￿￿$1. es 16to4ZapwDbryd wd*thYis￿ft*l￿￿tyIh8 8o¥d trfTnts*es on beh*l. W. A ftobIn￿Tr TnMI•• 18 UNIVERSITYOF LEICESTER STUDENTS. UPION IA Com￿nY limfad ty g￿lartI•l GROUP STATEMENT OF CASH FLOWS R THE YEAR ENOED 1 JULY 2023 %>23 22 ¢￿h flry*$ fron￿(to) 0￿ratIng *U¥ltl•s Net cash provided bylluwj irbl op8ratirg •*ib85 17 10&143 54,455 Cash I1￿5 from in¥•slinp aelivikn: Inte￿t ￿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 •qulv*nts ¢arrlod fr>rwwd I,8￿.529 1.808.367 Page 19 UNIVERsifi OF LEICESTER STUDElnS' UNI(IN IA e+)m￿nY linit•d ty guaRnlttl NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING P(XICIES Charity Vniversity of Leicester St￿nts. un￿ s a private rKorr¢yat&J Charrt￿le (¥mpany {uJmpany registef number073031011 lirntted byguararrtee, inmrporated in Er¥JI￿d ￿11 Wales. Its reyister•d office ard Pri￿1paI pl￿￿Ofb￿yness 15 VnivwsityofLwce51erStudpts' un￿￿, PerLy Gee Building. Universty Road. Lth￿ter. 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 st￿1￿￿. are the athancament of the sludtnts at the un*iwsity lorlhe bernfiL B3515 of preparallon of financlal slat•Thn15 Accountlnq COn￿ntIon 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} 'Ac￿￿ntiftg Repcffts"ng by Cha¥itiès.. Statement of R•)Jmm8nded Pr*ttt apPI￿abl• to tha￿.￿$ p￿pan￿j Ih&r aoyjvnts in a¢￿Idance ￿1h the FinarKd Re[￿rtI￿4 Sthdwd applic*le in the UK * Repu￿￿ of Irèland IFRS 1021 leffect￿e 1 JanU￿20191,. Finwoal Repoiting st￿dar￿ 102 The Finanrial RepJrtirrfJ Stsndart1 applicat4e in Ihe UK aThJ RepublK of Ireland. and the Chanl*s Act 2011. The f￿ar0 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 ststern￿ts we roU￿j 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 r￿n￿ed at INst0￿1 ry)st or IT￿$3Cl￿n value otheTh¥ise stated in the relevant a(x>)unbn9 The financial stat￿leftts ol ltrethantsble c¥Jmpany aret￿1￿)hdated in theseknnrial slalements of Univwsity of Lwcester Students. Union and these firwKial slaterwts ￿ availabl? from thg registered offi¢e. asls of corwlldallon The Ststernent of Fina￿la1 BalawKe she￿ cOn5d￿ale th• slat•nents of the charitablè eornpany *d rfs SU￿diary undertakiffJ. rnguNs are wnsorthte(l ￿ a line by linè basis, all intra-gmup tra￿*lOnS balartts wilh th• subsK*ary are eliminated L consdidatK)n. Jo￿1 v￿bJr•S assl￿1* afe staknj at the grtyjp's share of nel assets. lo the extent this is impairtd. a)d the gw's shwe of Ihe net Sha￿ of the prcthts or ￿￿e$ of the joint venlures associales is induded tn lh8 Statement Lrf Financial Ath"¥iti"es usin9 eq￿ty aewjnting basis. thè finaxia statonents arè maje up to 31 July 2023. No separate S&iiunent dFinanoal Acb"ts has W we$￿j trthetsilabkn c(ffipany as pemlitted by seclion 408 OF the CompanLes Act 2006 as rt group ￿Counts and thtr c*aritable company's indivK1ual balwce sheet shows the thantable companls rnovemenl in l￿dS in theffinwoal year. Golng concern has adequate resources to c{￿￿"n￿ in opernts.onal ex6ten¢e lor the foresee3￿e fU￿re. For Ihis reason they conbnue to ad(4)t Ihe gong concem in prepann9 the 5tatern8nts. Company status Thecharrtabkrompany i5limrtedbygu*ante8. In lhe8￿)iO1th&Chaft￿b￿C￿rnpany bth"ro*wid up. ￿ Ik*41ty in rwol thè guarant•0 is Iwnited to £1 w m8mb8r ofthe tharitabl8 COmp￿v. Pag• 20 UNIVERSITY OF LEicesTER STVOENTS, UNION IA¢ompaDy knit￿bY9￿¥?n*•I NOTES TO THE FINANCIAL STATEMENTS leontiftu•dl FOR THE YEAR ENDED 31 JULY 2023 1. ACCOUNTING POUCIES l¢¢xrtlnu•d) Fundln9 a¢counling Ggneral funds are un￿11￿#¢d fund5 avaibble for use * trle I￿5￿￿10￿ ofthe TnJstee5 in fUrthernn￿ ol the 9ew81 obj￿11¥8 Lrfthe th*blè Lxmnpaiy ¥thith have rw)t be8n d&s￿nated for olher purp¢)se5. thjnors or **ich have ratsed by the charrtable c4)mpany for pa￿"raJI8r purtKws. The (wts of raising and adMinist￿ng such funts arech*ged ￿￿n$t the speufic fund. The wm use of ea{* restricted fund i$ Set the notes to Ihefinan(aal stat￿￿ts. Income All inwme Is recognwl On￿ the th*itatye ctynpany has entrue￿ tt> w¢o)me. it 1$ poboble that the ineome wll be rec￿ed and Ihe arrwnt of incune can be m•asured rel￿bly. Donated seNces orfa01￿.es are rerxtynis&1 vthen ￿ charTrta￿e 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 W￿r￿)MIt ber*fit 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 equtv*nt benefii on thè open market" a corresFondirvJ wnount is kn reiryntsed ￿ eXpe￿Irt￿re in the peTr)d of rewpt. Other Income ts rec4)9niset1 in ihe period in T*hKh rt is r•c•b¥￿t a)d 10 the OXI￿1 the goods h been prowded or ￿ Ltrnpletion o1tr* 5er¥ieè. rt•mt r•c•lnbl• Interest on lund5 hdd on de￿5￿ is ind￿Jed rThable * Ihe arKMml can be mea5ur*J rdiably ty thè charilabie c¢rnpany', this 15 rb)nn81ty upon ThXificatKJn of Ihe Wbtwt paid or payab by the B￿k. Grnnts The r8cuffent bkxk gI￿t Ihe Univw5ty dLwcester. The 15 u￿rted tt> lh8 inc4)rne and expen¢ffiire ￿lUnt in the year to it rd8ies. Projed suptx)rt g￿ts *e prcyect based and YK4ude tyants are ￿e￿al￿e 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 g￿1 ￿?11 be mtrt and Ihe 9r3nt will be reeéived. Exp•ndltur• Expendrtvre is recognised On￿th¥e isaltyalwconsirt￿ obligation totransfef benefit a thtfd party, it rs Pr(￿atrI* Ihat a transferof t￿n￿ts ￿11 be rwir&tl in $ètt￿m&￿t and. the amunl ofth• oblKJatthi cw be rf*asured rdobty. Expenditur• isdassrf*d by activity. Thet))sis of each xtNty are rn￿1e up oItt￿ lotsl of dwect o)sts and Shar￿ costs. indLKIwy SUp￿rt o)sts Involved in uThJert*iNJ exh ￿Nity. Direcl costs atln'butatle to a siThJle ¥twity 8wÈ alk)caigJ dire(* * th•t setivity. Shar¢d r)xs contribuie to rrwg than one *fvity and OJ5ts {irthiThJ govemance o)stsl ￿1¢h are r attribula￿e to a sirvJle a(*vity are apFthic*￿d IIKW ￿1vItieS on 8 basis ry)nsistent w*th Central staff (osls afe alkK* on the basi5 cl lime d￿reCIation thorge5 alk)caed on the W￿"on ol the use. Page 21 UNIVERSITY OF LEICESTER STUDENTS. UNION IA company Ilmit•d ty gts>tht•¢l NOTES TO THE FINANCIAL STATEAIENTS l¢ontlnu•dl FOR The YEAR ENDED 31 JULY 2023 1. ACCOUNnMG POUCIES leontinu•d} Tanglble Ilxed a55•ts and deprnelatlo Tangible fix•d assets are Inrtially recorded at aThJ SL*wuenty m8a5ured at c￿$t. net of depT￿l*lon any provtsion lor imroinnenl. T*91￿& assets o)thg than £1,C(Q a caprtal￿ed all other exp￿￿1￿1￿ is ch¥ged to the slaleTh*nl of fin￿cial 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". F￿lU￿$ tr•Apment 20%. 33% ofcost Irweslments Thè thariiabl8 company's fix￿ assèt inveslments afe Wal￿1 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 att￿1 kn wovtsbn fr*1Mpan￿1. ASscrfj*￿ und&l&iigs Investrnonts in associates ar• vahAI alL￿$t kns pro￿￿ impa•Thw Investments in thepknt arevdL*d f0rimpwrTn￿I. Impalrni•nt of fixtrd aM•ts An assessment is made al rewbrvj dale Ilwe ind￿￿on$ that a fixed •ss•t mty be irnpaired or Ihal an lmpa1m￿rrt loss pm*)usly rewnisgj has fvlly or partialy revewd. W suth Ind￿t￿n$ the chan"tab18 company 85timates th• recth•rabY• amtyJnt ol thè asset. Shtsrtfalls betsveen the carryN)g valueaffixed assets ar￿ th•lrrxJ)Ver*￿e amowts, b•ng figher of f8ir value less (osts to sell and ¥aK*4n4Jse. we reco3Th5ed a5 impaimwt k755es. Impaiwment105￿$ arè reDJgni$8d ￿ ststeffontofffinanci￿ *Mties. RecogThsed irnpainnent k)ss•5 are rv4etsed rf. and onty rf, thé reasors for the lmwrry￿ftt l¢)ss have c￿￿8(1 to ¥pty. R•ver5als of impainnent k)sses ** wnksed in s1atwn￿I offfin￿￿81 acb"viti8s. On I￿erS81 ol ￿ impaim*nt kAs. th• depfetlaknn ts adI￿(￿j tr) al￿￿71e the ass•fs f?￿ed ￿nYing arnouni I￿9 any i•sMJual val￿) over rts r*nainiNJ useful lrfe. Stocks ar• stat8d at the ky*wofc•st and •stimai•J sdliTrJ p￿e less costs to c4*Trpknte and sdl. C(%t compnses of dired materiaL8. At e&h reporting ¢Jate. the ctwilthe t£¥nwy assessts 7*thether stOL*s are Tmp8wed OT rf any irnpairrwt loss fwniS￿ in pricw perK#Js has revwsed. Any excess ofthe carying amount of stock over ts estimated selling pnce less (x)sts kn ￿M[￿de and sdl is recojntsed 8$ an Impam￿l 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 ￿r￿l¢kn￿ to be ofa finaroal naturè. Bxfinartd inslDJmeMs ara initialty rec4wised at tranSa(*"c￿ valu• and Subsequ￿ measur￿1 at ihw s8tll￿ ¥￿U•. Pag? UNIVERsiff OF LEICESTER STUDENTS. UNIC*I 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 rec8v*Jk within ornyearandvthth do c4instrtute a transa￿ltin are inthlty measured atthètrarts*i•)n piKe. Tra1e andolher¢Jebtors and afflo￿ts owed by group undertakings aresubsèquenty measur8(J at an*)rtI￿ cost. bwng th• transactK¥) pvkeless any amounts settled and i￿￿￿￿ent Irtsses. Cash and cash equlvalonts Cash cash equivalenis irtlu(les TrJn*s on s￿rt4¢MI dep)s￿ts at Ihè bank and Olher short.lerrn liquid Inve5trr￿ts *ilh ryvJin81 m*uit* tsfthw monihs or less. LlabllitE•s and provislons LiatM.1￿es are rea)gnised Ihwe i& ￿ c*lgation at thè sheet dato #s • resLlI of a past evenL rt is probab￿ that a transferof ecL)rKJrn¢ benefil *ill be required in se100m￿L and Ihe ￿Unt ofthe settl￿eThI can be eslimated rÈli*y. Liabilrties a￿ rwnL8ed at Ihe &Tr￿jn1thattheCh￿"tab1? )ryany anti¢ipatgs r(wll pay ￿Set￿ethe d¢Morth*￿1xmI it has ￿ed •s•Jv￿c•I payments lor the 9￿15 or servKes It must prrmde. Sludents. Unlon Superannuati4)n Sth¢rr The Union partrJWes in ￿ Siudwts, Unw syl￿a￿)n Stheme (SUSSI. a be[￿rt schemethth 6 eX1￿￿￿nder1 ar#J oulofthe S￿e Serx)r#1 Pwbsion. The fund is valwl at l&q51e¥ery three years by a prolesw*quakfvJ I[￿ntaLlu￿Y *ith the ratesolojntr1bu￿L¥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 ￿PreSenty￿J 44% of the value of benefft¥ that h&1 to Thember5 after alkiw'TrJ ts exp￿ fij¢U￿ in(xea5es in 98mirpJs. The d*it 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% e￿h ￿T. The sd*m• opeTate5 asa poded *￿ger[*￿ knith ¢))nlributK)n5 ￿ at3￿nITalty￿rwI rale. Asa¢x>nsequent•. no Share ofthe ￿nd￿￿ng ￿ets and kna1*'l￿"esc￿ be (*r•Xly all11b￿ed 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 ￿ ￿rew￿l9￿￿Trd the deficjlthe enltty shJl rwr428 alobilty for the conln"buthX6 Payetde thal w15e frryn the wjrewnwrt. A5t1￿￿1*nent until 2037. a dIS￿UnIr3te of4.VA has be￿ awlie(l in detenrmnirgthe n8tFWB58ntvakEoflhecwtrbution5 rnadtr the WKJO. UnI￿r¥I11•S SUper￿ny￿11￿n 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 schern*e rg)ntritrMJl*Jn 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 contribU￿n stherne. A5 a re5uM, the amunt charged to the profit and 1055 account ￿p￿sents the ￿)nIn￿￿KIn$ 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 reC￿ntse$ a k"at41ty for Ihe cmtrilwtK￿5 ptyable that arise from t a9￿￿OnI (to th• eXt￿t that they to the dthi) •xp•nses b8irKJ rwn15ed lfvough the pr(th h)ss acwunt. approvad NEST sthemè. Thè annu* cgnlllb￿ns paYth￿ xfjeharged lo tho 6tst￿n￿l offinENwl 8(*vitye5. Page 23 UNIVERSITYOF LEKESTER STUOEKfs UNION IAeornpany Ilnthd by gUrnt••l NOTES TOTHE FINANc￿L STATeMENTS{eoniknu•d) FOR THE YEAR ENDEO 31 JULY 2023 1. AccouimNG POLICIES {¢ondm*dl Taxation No provis￿ for corwjrakn tax ha* ljeen made as the Cknarrtab￿ c¥)mpany is exerw from corporation taxonits income ga1nstothe￿￿th*these a￿appI*JtOts ch*itabltractiwti8s. The ron-tharilable subsHYkaries will be subpct to C(wporntion TaxOn￿Y rmofits notgrft aidèd totho Employe• ben•ffts The rmts olshort.term wloye• bOn￿S *• rwtse(l as a lithlity expe￿e. The cosl ol ary unu88d l*&Jay rec4)gris*1 in I￿ period in whth Termination benefits are rec4)Jnised imme¢JiaWy a5 #n exper6e Wh￿ the C￿paTry 15 dernonstrabty i¥mmrtted to 14miiriatè *nploym•nt of ￿ ￿p￿Ye6 or to pmvid• tarmination benefits. Crltteal ace4￿l￿n9 esllmateB and ar￿and JUdgert￿ Thè charity makes estirnates and asgJrrPti￿ mwKemiry the future and a¢kno￿edge5 Ihat the r*su￿ng acoJuntThJ 8stimale5 ¥AI. by d8fiThtirm, sehjr￿ equ81 to r*led actual r•suMs. The 85bmates and 859JmptK￿s Ihat ha¥e a rsk OfCa￿1n9 a m8¢erial adjus1m￿t to the can￿n9 amunts of assets and liabilths wthin Ihe n￿t financ4al yew are disc{w￿ bel¢M'. The¢harity has eTrIe￿￿ into a l￿￿rn￿ tt> FKOVKle deficit fvndin9 lothe Students. Union supwannuab.on Pengcm sCh￿t and the Unwyt*s S￿rann￿at￿n SchW￿e, 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)mmth*t 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 C￿r￿Tate t*Jnds. Thecommthent ￿￿ded in the balarKe theet at Ihe balance sheel date £1.944,61912022.. £1.751.4361. li1} DonalNJn Offarah￿e5 by Univww rA LeK85ter In a(xordance ￿ the Chanbes SORP FRS 102. th8 Union and its l￿fIng 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 tse￿n 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•rrte*l NOTES TO THE FINANCIAL STATEMENTS eontinu•d FOR THE YEAR ENDEO 31 JULY 2023 OTHER TRADING ACTIVITIES The Universty ol Lwcester stUd￿r$ Union (Awns 100% of Ihe issu•J Sha￿ capital of its subsidiary, Unw•rsty of Lthoster Students. Un•Jn TradiwJ Ltd. a ojmpany wl*th 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 pat*cipates in tradThJ acbwbes fekb"r4J to the tharita￿e ¢xynpany. Its taxable profits are donated io the ¢harit*kn ￿np￿y. 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 DIstritr￿l*)n to pa￿1 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 L￿eSt¥ Students. Unkn T￿li￿J 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.C*AS 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 LE￿ESTeR 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 ￿$ts have been rt*kx*d to the vainjs act1w1￿5 as not•d the xccxJnthrvJ ￿. The effe￿ of thts ￿￿*￿t￿)n on the expenditu￿ headir*J shown here.. thrn¢ty 2023 ¢05ts 2023 Totsl 2023 T•ial 2022 413,977 1Y2283 ￿6,￿1 436.451 165.809 165.809 98.537 255.346 255,346 157.409 518.011 1.054.789 n8.665 32.642 2.140 26,753 1,131.449 2,114.846 1.459.955 Weware so¢￿e$ & 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[A￿￿e 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 a55*s: 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 Wag*s 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 OIn￿re than £￿.(KA7 durirvj the (wenlof PW ￿. DI￿tOr of Membership Seryrces. 01￿(￿r ol Finance and the ch￿ Ex￿u￿"ve Officer. Durng the ygar. key rnanaJemenl personnel recoved refflun8rat￿n (M￿UdIrQ ern￿Oy•￿ nab.onal insurance ojntributionsl ol£M.263 (2022.. È289,1271. Page 28 UNIVERStTY OF LEICESTER STUDENTY UNION {A ¢omp4ny Ilmll•d by gU￿nI•¥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 {￿t￿nt￿j 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 (res￿ned 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 lnjst￿￿for theyear{2022'. £nil}. Eyltl2022". Eightltn*te8s receN8d re1mbur5ern￿i 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 A￿9￿1 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 2￿22 156,9C6 Pw29 UNIVERSITY OF LEICESTER STUDEiifs' UP4ON IA e(ryany by gu¥¥r*el NOTES TO THE FINANCIAL STATEMEiifs (Conlin￿dI 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 ofLeKe*r 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 ffioltyo￿￿d subsKIwy B*is of conlrol Equty shwthokjry % b. Prlnclpaljolnt The Un￿e￿ty 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 Wistw￿j in England and Wales. Thè n*ure ofthè I￿￿ne$S is Ihatofastud*ni18tbThJ5 and its rwJtsier¢d okn is Fwst FI￿1 Campus ￿tTe Buildin9. Mill Lar￿, LeK*stsr, L￿eSterSt￿e LE2 7DR. Student UnKbn LetbThJ5 Lirniied 111￿1[¥j as Suletsl 15 a 0jm￿Y lirnit￿ by guaranlee ar#Y is there1￿ hel¢J as an Investment in UnNersty of Le￿Ier Students. Un￿n TradirtrJ Lld atrml value. refiecting its recoverablevalueto UnNerstyof Leicesler Students. Tr•Jiry Ltd and Iherefore parent uThJertakn'ThJ. Unww5ity of LeKester StUd￿ts. Unw. The group consbtutes 50% 01 Ihe iy•mer5hp. the￿f￿ the 9roup's share of inoJm• ts £742.794 12022." £729.7461 and Sha￿ of expenditu￿ is £653.01612022". £664.0281. The group's sharg of Ihè total assets is £9SS,28512022.. £878.K231 aThJ tol* 01 £44.83912022.' £57,955). UNiveRSITY OF LEICESTER STUIJENTS. UNION lirrited by yrJi*el NOTES TO THE FINANCIAL STATEMEIITS Iconlln FOR THE YEAR ENDED 31 JULY 2023 13. DEBTORS Trade dèbto Amounts bygmup undthithr Other deb1ry5 12.582 9.975 2.347 2.522 37,971 67.754 82.913 79,167 25.381 1Q CREDITORS: Arn￿nts ￿li￿a du• wlthln one 2022 18.895 17,073 18.895 16.563 595 13.783 Arnounts owed to group undwI*￿5 Other taxaticfj and soc4al securrty Other Cfeditows Ac£wals and defwred 16.065 15. 14.724 41.Ir24 116,320 54,245 149.122 75,756 85,415 GROUP 2023 2022 O•f•rr•d Incom• Deferred in￿￿e at 1 ALVJUSt Resources deferred ￿ring Ihey 19).8321 {5.(￿) Deferred In￿ne at 31 UNIVERSITY OF LEICESTER STUOENTS. UNION (A ¢ompany Ihntted by guarnnt*l NOTES TO THE FINANCIAL STATEMENTS (c￿￿0n￿ld) YEA ENDED 31 JULY 2023 1& STAT&MEKf OF FUNDS Balane• al ane• ai 31 July R¢sMthd fipr Clubs and Sooeties P••r Ment￿Ing F￿d RFU DeV•lOp￿nI 279,803 485.942 1469.770) 295.975 3.2KI 5.793 3.793 286,886 487,942 1469,7701 305,058 Unrestriew fundB Gènèral reserves Shares of net In￿m$ 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 {conlIn￿dI Group- wlor ￿al las ￿$t*l¢d Balanco at B•lane• at 1 Augus¢ IrK41n• Exwndllur• Trankn 31 J￿V 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 lo￿t 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 Wol￿S 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 ¢conlIn￿d> Balanc• at Balan¢• al l August ExPenth￿rn Trnnthra 31 Juty 2023 Restrictsdf￿dS 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 P￿e 34 UNIVERSITY OF LEICESTER STUDENTS. IINION IA company limii•d by quarnnt••l NOTES TO THE FINANCIAL STATEmE1￿s {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 u￿rnstr1d*d 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 ￿,9￿9 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 STATEhE*￿s Ic(*itirA FOR THEYEAR e140ED 31 JULY 21 15. STATEMENTOF FUNDS Ic4>nlln￿dl The restrlct•d funds r•lat• to: The Clubs and Sooebes Funds wresent ba1￿c*S l*ld fof sp8thL and vAw• the ultimate eontrd vest wih Ihe un￿n. Union and Univwsty ag￿e￿ trj li parb)ership to devekw a uriversity41i(Je peer menkning 5cheTh. The prDieLa wll b8 M￿￿28£1 as part ofthe overall bfjluntser $uFy>M prtstAts. the Universrty have •Jreed fvndiNJ of £nil lo support this $ch￿e. RFU 0￿ek)W￿nt fund rdatss b W￿r0e$ receN&J &y the Ije¥ek)pr￿ of wby at the Lknrverw. LSP designatK)n lundiw rewes￿ts a y•gs c•n¥n*rial 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 knry*m chal1erye5f￿I by the sctsrre. tal and slrat8gic desvj1￿ I￿￿1¥d r￿laIr￿￿j fimds desYJnated for *)v•sth*nt in sIr*•g￿ projtts retstiThJ to the knng.tewm th•k)prn•nt d Ihè Un￿￿n afttr taking unt ol ts required funthr¥J ￿ed￿j to orthrly v#iThl the Unb)n in Ih? w¢nt of tho 9anisati￿ ce85iry lo operale in the futu￿ in the I￿ht ofthe ￿r￿j IIE s￿. Tran A Ir•nsfer has bétn m* frryn the LSP f*n*d fvnd to genw#l r¢sgrvg5 ¥5 this lund 1$ no longer relev￿t. 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 Com￿nY Ilmitsd by gurnteel NOTES TO THE FINANCIAL STATEMElffS {￿n￿W*d) 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 Gr*￿p- ￿tY)￿r la w••tstodl Total funds 2022 lunds funds 20 funds r•¥erve 2022 2022 Tar01b￿ fixed a5Sats FIX￿ 85881 ￿¥¢strI￿nts Current assets ¢￿[11t)r3 dut ￿th1fi ￿ year Pe￿1￿n scheme liabilrty 9.281 147.628 156,909 620,668 1,897.457 1149.1221 11.751.436111,751.4361 .886 $96.154 1149.122} 1.014.417 286,886 1.276.981 1.162,04511.751.4361 974.476 Chailty- ￿￿1¥nI yo* R•strict•d General fi•sign•l•d Penslon funds funds lunds 2023 23 2023 Tol•l funds 2023 2D23 Taryt48 fixed assets 159,110 159.110 Current assets C￿art0￿$ 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 imlest￿Trts 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)npJlexperK1rtu￿I frN the yew la5 per Stst*￿t 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 (DeCreas￿Increase in vdrtCV5 Net In￿m0 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 S￿dIn￿, unit￿ Sup￿nnuallOn 5el*m• The Un￿n participates in the Studenfs unl￿ superannuat¥￿ SchTh. K* • dèfined benefit $the￿ wthose membership cor6sl of enp*ee5 rf students. unions and rdated bod throughout the ujunty. eenefiLs in resp￿ d Servi￿ up to 30 Sepitrnter 2003 we *wed on Yinal s*ary" basB. benefits in res￿of$ervI￿ from l Ortot*r 2003 *c4uifKJ on aCareeT Avor￿e 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 2￿22 and S￿We￿ 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 M￿terS after for exp￿t￿ ftjtrwe ir￿se$ in e￿1￿5. The def￿(( on an ongtsmg fundiNJ ba*s affthinted to £i36.￿o.(￿￿. Thé assumplions*thth ha¥etsmosls*JnffjKanl8ffect up)n the rosums OfthèV￿uat￿￿ 8rethos8 rdating to the rate ol f8lum on Invastr￿ts 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 insw*s' pritiThJ of diffèrent caps and tdl*s. Th¢ 2022 v￿a￿n ￿CoM￿K18d 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. SU￿uSes or ¢Jefiots which aris8 at I￿￿Te valuatKJns wll aLw impact on the UnDn5 fulute 0)ntrI￿1￿)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 ¢oMp￿Y 1Smlt•d by &waAnt••l NOTES TO THE FINANCIAL STATEMEiifs (Conlln￿d) 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•rannu*ion IUSS) The l*est 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"r￿ent If￿rne &JihJer (deffil￿d 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 $th￿e u￿ler the sctrwe-sp￿r￿ funthr ime IntrOd￿&d by th• AfA 2(XM. which schemes to have suffic*nt arrtl appropriate assets to ojver th￿r techn￿ k¥DvtsKJns. At thev*Uat￿n date. the value ofthe asse ollhe sch*me was £eé.5 bith.on andthe ¥a￿e olthesd*m•s te¢hrticafpro¥isi)ns wa$ £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 perts￿n scheme. The stalf ￿$ts (note 4} shrms the per6iOna￿Q Salary whmch indudes th8 ernPty￿ sa* eknment. The company Contribut￿ rale payabk 1$ wrrently 21.6% 01 pens￿ble S￿￿eS, 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)ntnbut￿￿1 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 prOd￿d using the folkyM"rrfJ assumpbors: - Qswunt r* 4.7%12tr22.' 3.8%) . PenSiona￿e salwy S% fc*the 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 0*4ed £Nil12022". £Ndl. The total contritrtrtik￿5 Fowl to Tl* NO￿81 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 1coniln￿d) 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 st￿l￿ts. Tr*lirwJ Ltd. is i￿1￿19d thin the cortsok"dated accl￿nts. Univwsty of L￿esIer Siudents. Unw)n Trndir4J Lttl gift aKb8d £173.453 yew12tr22.' £142.9451. univ￿S1ty of Stud•nts' Un￿n Tfadiro Ltd irLx>mè exp￿ditUre goes throLgh the thari¢able c£rfnpanls bank ￿￿j￿t 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 LaK*ster Students. Un￿n TNlirg Ltd was owed £16.980 {2022.. £5951 by the thwhtable coM￿Y. 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). t*Jring Ihe year I￿gr¢￿P madè Sa￿ of £8.2n12022.. È17.778) 10 Ihè Univ•tsity ol L*cester 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"nir*J thè b￿ldIrvJ in a stste(4 repair. As a b estimated v￿ue tts Ihé Unp)n fot the free ser¥ic&J a¢rtYnrrtsJatw)n has been indud&J a￿ounts. 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 SbJd￿I Lettin95 mited. Other related paiti85 arB the Sabbabcal ￿r￿TS T￿￿te8$ as ¢Jetaikd in tre Truslees. reFQrt. DetsiLs ol wurwalKJn rerxNed by thèse 1ndN￿u* are in ThJt• 9. R￿Unerat￿n 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 Un￿n has been tpthh the￿￿lTern￿OfCh8[1I￿5 SORP 2019 IFRS 1021 in respect of Ihe Irealrnent of rts meMb￿ship of Universrt*s Superannuation Scheme {USSl. a multi*rnpbyer t1efinwJ pe￿￿)￿ st*On￿ that has a defKrt lun￿￿9 4raemeni Sn place. As a rtsull thè UnK*n's aceountsng polity on Ihe ￿n￿"On crf USS has be￿ changed. The comparativefbwresforthè ￿ended 31 Juty 2022 have reststèd in line v*ith the policy. The thanges maje have set ovt bekm. B￿a￿e Sh88t SOFA T¢*1 R¢5talèm￿t0fop￿in9 resewvgs at 1 A￿j[* 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> I￿￿oN 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 le9ac*5 charitabSeadJv￿.eS 1.136.910 1.1%,940 Cllher tradirKJ &b¥ibes . 196.188 1*188 Inve51rnents'. Share ofioint We￿re ￿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 be￿fil 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