E-s￿10.. $7fx815e&686UaW7>fe24(*3139ri Company reglstrallon number: 07303101 Ch•rlty number: 1137811 UNNERSITY OF LEicesTER STUDEPm3' IAIKXI {A comp•ny lirnlled by guarantee) TFIUSTEES. REPORT AND FINANCIAL STATEIIENTS FOR The YEAR ENDED 31 JULY 21Y24 IllllBNII *AE034SSX* 0910412025 COMPANIES HOLISE A18 #79 E-sw ID.. s7c615tm￿4awb473.fe24c•3I39IT iHIVERSITYOFLEICESTER STUDEiifs' I￿KIN IA¢ompwhy Ilrnlled by gu￿Tr1ee> ADMINSTRA TIVE I1%ORMATI￿1 FOR THE YEAR ENDED 31 JULY 2x4 charl1*b￿ Stalus The cornpany is registe￿ as a ch￿1￿￿ company lin*ted by guarantee aThJ was up by a M¥morandum ol Associati￿. The compaty and thè gro￿1 is ￿r￿thIlrted uwK*r g IAtywaKlum ol Assocwtion ar￿ is a registered charty numb•r 1137811. UnNersty of LeKe5ter Studenfs. Union also has intemal regulation5 or Rules approved by the e4)ard of Trustees and regulated by the goveming Ixxty of UnNersty of Letestw (the Univer5ty1 a￿Or￿￿e y￿h 1994 Edu￿1￿ Act arKI the Chaity Commtssb)n. University of Leicester Students. uThc￿. Percy Gee ￿1&￿1￿. Uwmversiy Road. Lerester. Leiceslershlre. LE1 7FIH Board 01 Tntst••s P Bhatt IresKJngJ 1 ￿ 20241 J Hyett (regg￿ 1 a)241 R James laFpointed 1 June 3)241 A Kote laFyJinted 1 June 20241 S Mathari lapp)intecl 1 JU￿ 2024- resiJned 20 SqAwrt*r20241 J McDonahJ Iresigned 1 Juty aJ241 A Murali RedJy laFV)inted 1 20241 H Palhan IresbJned 30 Septemtrer 20731 A Robinson IresvJned 1 Juty a1241 J Th(xnas (resigned 14 June 20241 J Venkalararnan lapwjuiied 2 Seplemter 20241 L Rut1dctk I￿Signed 7 October 20241 J Bates A Blad( IresKJned 24 Juty 20241 N Hurfey lappK)inied 20 20241 A Kc*Jakandala IresWJ￿l 31 Augusl 20241 DIAoore P Smith Ind•p•nd•rt Aud#or Knox crOp￿r LLP. Chartered fv£cOw￿. 15&155 LoThkn Road. Hemd Hempstead. Hert10￿shirO HP39SQ Banke National Westminster Ba￿ Il•. Grarty Street. LeK*st•r. LE1 Pa9e 2 E-S4n ID.. 57¢615834•6fAagtrb47>f824c8313917 UNIVERSITY OF LEICESTER STUDEIIIS. UNION (A Company Ilmltéd by guarAntho1 STATEMENT BY THe CHAIR AND DEPUTY CHAIR FOP THE YEAR ENDEO 31 JULY 2024 It is onty Win refiection eath year thal we gel a realty good opptytynity io #ep b¥k aThJ bok at the pwress we have Ma￿ as an organisaiion. AkJngsthJe our CO￿ bu5ines5 athorating for studenls. su￿rtIng SI￿￿ent ￿ groLPS and tv•nts arnj repTesenting StUd￿ts at JI leve15 across *)slrtubon we hav8 ￿barked on a rad￿￿1 aTrJex¢itin9 revthv ol our stLKJènt voti and corporate LKJvemaw. We have a sel ol rec0mmenda￿.0r6 of whrh we a￿ eX¢rt￿ lo see in thè coming y•ars. In the fG41owing reixirt we will wovxle a snapslh)l ot this exotiThJ futh. Again we have ra￿￿ hvJhly in Ihe Namnal Studenl Suwvey INSSI wh￿h ha5 again rar&ed us amongst some of btst studaftts. uthons in the county. Thts recogn￿.0￿ is so p￿?￿ng as our student vo work remain5 eritul tts our eorè purF#Jse. It was especAIty p￿asing io see Ihis success in our e•ntènary yeaf which saw u5 bath offKets. and lor a IOP &"rthday eekbration in 11 shoukl be notsd ihat il has b8en a challeThJiwJ year in part lor many of our slu(*nts wPK¢were affected by the or4Joing conft￿l in the East. As a chwty rt has teen essenbal for us lo carefulfy navigate our fespor6e andto F¥ovK1e the neededlor stLKlentswth Fersonal conneciKJns or Fo11t￿l view across a lange of oprions. unmm has hawo to Ènsure sknjeni Vol￿ was repres•nt•d •rKI that all of our sludents lelt 5urpJrted. This year we are deli9hled to have dÈettd a aThJ th¥etse rawje of stLKlents into (yJr •xe¢utiv• officer ro* with 4 of 5 b¥"ng Internatwal Post Graduale shKlents. Thi5 v+ill gNe us a great and fresh per5pectiveofthestLMYenl journey frorn a grwng cx)horto15twlenlS whts are af¥iving in growno numbers at different entry pc4nts indth"ThJ ￿ trathlional January ApAI slart5. We wll need lo trkgin lo think and ￿1 as a 12 monih cyerats.on as cpFose(J to It* Ir&Jitional September lo Jure academ¢c year. Rnartrdlty thè union athwed a suwus of £198,297 after takiThJ In￿ account the a￿UarIal movèmtn on the Unions FenS￿n schemes awKI shar8 of SU Lets Fxofts year against an iritkal ttsjgeted deficit ol £87,(￿0. This is in part due to ir￿reased dtparfmtnial and project Sa￿ngS as well as SO￿ incrèased in¢tyn& and ￿er than exF¢Cted inleresl received Irom our which were held loThJer than expecled as we navigated an exit from the SUSS Pension &heme. Wè arè d21uht8d to say that we have ￿ntinued to provth a large nurter of students wilh c¢yortunths lor PaK1 and in the lasl year paKJ oul t75.681.￿) lo our mernbws by way of part time work MovirvJ frThard5 we are In'aling tsvo ro￿$ which tecarne va¢ant ¢)ver Surn￿r as beskth gra¢JJaie ￿￿tKInS we bel¢eve fvnher demcnstrat¢s our d8sirt to have Universty ol Leusl•r sb￿*nts at the heart ol ow work. We give thank5 to all of our wonderful. hard skff arnj our aff4zirKJ sttht lead8rs. v)￿nI¢¢r$. reps. menttsrs and absoijlety everyone who was invrAveil in tsur wtyk lasi ￿4T. Julia Bates Chair of the eoard of Twstees Joshitha Venkalaraman L)eputy Chair of Ihe Board ol Truslees SbJJents' Union President Page 3 E-sbw ID.. 570S15e3*a664age￿7w4r•313Y7 UNIVERsifY OF LEICESTER STUOE14T¥ L•ION IA ¢M)par)y lim6t•d by guar4nt•) TRUSTEeE REPORT FOR THE YEAR ENDED 31 JLILY 2Y24 The Twsie¢s Ivtho are *0 directots ofthechanty for the wrFrf)ses ol the Ctynparwes A¢ii present Iheir annuai repKJrt together ￿1￿ Ihe a￿￿lted finar￿la1 siaiements ol Univetsity of LeKester Siudents, Union IULSUI (the ¢J)mpanyl for Ihe year entted 31 Juty 2023. Trustees conhrm that the Annual Rep¢*rt and financial statements of the ￿rnpany ar*Y the group COrnFdy wrth Ihe current statutory requiremenls, the requirements of thè cornpany and the groLP'S governing rtvmeni aTrJ Ihe prowsions of the Statemenl of Recommended Practi￿. Charibe5 SORP IFRS 1021. "ACc￿nti￿ aThJ Reports'ng by Chanties" effeclwe l January 2019. The Amual Report and Tn￿lee$. serves Ihe pu￿￿}Se$01 ixjth a TrLSt•¢s' ReFOrt ￿ a Directots. R¢p)rt v￿ler company kw. ULSLfs charitablè objtets are.. Th• advanc•mèM ￿eth￿31￿>n ol Students alth• Lknr¥•tsity for t￿ Public Benefft tyi.. Promoting the inlerests aTrJ wemare of students al the Unr4wwty duriNJ th¢ir¢outs& ol stt and ￿presenting. swrbrg an(1 athsing sbyJeTrts: Bwng Ihe recognised r*weseMatNe thannel be￿een St￿Je￿5 aThl lh• Uriv•rW any other extemal tx)JTres'. Provii*no ￿131, trJThu￿. spryling recreamnal actsvitos. and 10ruTh￿ for discussions aTrJ (18bat• for thè p¢ffona devekfjmern of its St￿l•nts. ULSU is admin￿tered by its Board ol Trustees of up to six St￿lents dect*il annualty by Cross carnws secret balljt otthe ULSU mernbership land are kAI lin￿. 0r.sabbal￿aI'. posis ￿mune￿ated as auihorised by the 1994 Education Aci aThJ cannol exceed years t1uraiion for each hoklerl: to five external trustees appoinled for w lo ew years Itwo tenns of up lo four yeaTsI by on aprAyntsnEFrt$ panel, and a sludent that i8 apwdnted by aFP)inlments panel. arwj has ro enywitnt in any ¢apaeity wNh th UnS0n. The Board of Truslees meets at lèast four IKnes a yew to ￿&ve reports from indN#knal Offtctts. sul comrni¢¢ees and Chiel Execulivè. to wiew Ihe clw'vs perfOrrnar￿ and athNntSiration ￿n$¥allY and lo decth pc4y issues ar6iry. I lh¢ charity tsu5tees receive an lThknl￿n inlo thwr legal ￿ administrative resp)nsiblitts, re¢eNing the essefflial trusttt gubJane• from tr* Chanty Commiss￿)￿. knss to adth.tmw￿I train¥ro is also provid&J thro￿j￿{Art tho year. The St￿ent ExecLrtNè oiftsrs are new ￿ the eoard yeats. so they uThJerg) a more inlensive training period Ihal allows them to tr￿th their Intslee ￿￿t￿S as **ll as thwr paKI wrtfolio ol work. The Iraining starts during a han&)ver perir*J. irnmedpte￿ prior lo them lully assuming olfi¢e. This aims to ensure they are fully aware ol their awKI respon5iknlities aTrJ can wrfom th•"r duties to thè L*st ol their a￿"l￿v. The Board of Trustees i8 assist￿ by three sulTr￿￿nIT1ttee$, foryts on certain kty aSF*thS of ULSU'S govemance and managemerrt. The Flnaneè & Authl Comrnttit• m¢)nitots ULSU,Sfina￿Sl ptrfomiartè. appraises rety&sts fofcathl expendNure a￿1 rev￿￿ our commerual perfonna￿. The Comrnrttee also re￿&￿$ Iht annual trMJdgèt. s¢rvtinises Ihe acc￿nts aThY meets ￿1h exlernJ a￿th1O15. The Remunerntlon & HR Comrnlttee exarniros issues rdatir#J to ULSU employees. indL•*ng stall [￿I￿les. chan9es io pay and matters reli￿r￿j to empkjyee *plltein Rlsk M￿g•￿ Commlttee fflcffiitors ULSLfs rtsk PfoAe. risk man￿eTh￿l complpnce with lovant *i51ation scruknis•s pr(¥Jress li tackh.ffj Kl•nbf*d arEa5 of on th• ¢￿YanI$at￿n s risk re9iSter. P￿4 E-sw 10.. 57c61&73*a6Ha9&b47&fe24c83139f7 UNIVERSITY OF LEICESTER STUDENTS UNION IA com￿nY IlmTrttd by gU￿nIe¢l TRUSTEES REPORT Icontlrn￿d) FOR THE YEAR ENDED 31 JULY 2024 Stru¢tuve. GowrnaTr¢e & Man•pir*nt {¢¢Yttlnued) ULSU operatès on democralic princikn, *ilh pJly beiTrJ aetèd by the six S￿8¢1￿￿ trustees wlb) forrn the Exewtive Committee. During the year, mernbers have the OPKK)rttJnity to bring Ic￿ard ideas through UnKJn Councl or our three neiworts to dwwe Siudent-led change. Nets¥orts ba$ed on prinaplès ol dèltsrative and direct demttraty. Thp Un¥on's SiLhdent k1eas sysiem aLso creates 5Th anddirecl oFp)rtunitvès lof StL¥JeniS to suggest change ￿a$ lo Union Counryl. Un￿n Counal also have the at41rty to call an a114tudent rel•r8Nlum on matters ol w•*r inN)onance. where required. Sgnlor Leathr¥h The Univer5ty of Leicester Students. Union ernpbywJ a Chtel EXe￿INe Olficer ICEO}. Liam Davis, who W0￿e￿ ch)s•ty wth th• Studeffl Executive Otficers and Truslee Board to ensur• elfeet rnanagemeni ol wganBatk)n. The Sermof Manag•N￿ti￿arn is c￿m￿eted by Ihe a¢JJrtion of Nrola Jarram IDirector of Fina￿￿) and AmbaLavanar Kumwan I￿re￿or ol Membeyship Seryices). The Strategic Leadershp Team, rna(le up ol ihe Urw's Uanwjers. meets monthty to oversee the Union's regular activities. ULSU also émF4oys a number of non-student knii bme staff to manage and adminisièr itSa￿.￿￿es. The5eslatlThemtrer5 are ac¢wrtatrA¢ io tho Ch*f Ex¢¢utsvelorth$ Ferformance of tIEir duties. Relatlonshlp wlth Unl¥•rslty ol Lelc•st•r The relationslNP bets¥een the Univer5ty a￿1 ULSU i8 est*Aished in ihe Regu￿￿￿$ ol the University and detailed in ULSU RU￿ approved by bjth Organ￿alK)Tr5. ULSU receNes a BltKa Grant from the University, arKI feases most of the Perry Gee Bu"Idir#J owr*d by the UnNw5ity. Uty'libes are also paid by the VnNergty. This non-morelary siippNI is intrinw to the relalionship tse￿￿ the Unwersity and ULSU. An estimated value ￿ ULSU lof this Iree aCComr￿￿atw has been in¢lLAled in the accounts. valued at £485.441. Th•re is rvj reason to belpve Ihai wb5tanlial from the Unwwsity wlll not continue for tht foreseeable lulure as oudin&Y in 1994 Ed￿tIOn Act. For 24r25 the univetsrty have agreed to a 2.5% uklift in granl. Rlsk man9gtn￿nl Cxjr Risk klanagemeth gjtthmmittee of the Tnth 8oard is reS[*￿si￿e lor oveNew of rsk management and dalega18S Ihai aulhoiity io the senw)r managemerf and staff teams wa th¢ CEO. The most srtJnificanl risks and a br*f sunmary ol their ManageTh￿ is I"sred t40w. Oflietr tumov•r - overall slaff lurTh)bw has r￿Uced down b a Mana￿at￿* lèvel folk)wMng Ihe plementaton of the pay framewoth. However. ¢kn to the nature of sfvdents. unions. up to 6 Sabbat￿￿1 Oftl￿r5 t*e up 1 year contracts whtch creates sorne annual lurt)ulence for the organisab'on t(slh OFeralJonally and ai Board levd ilwe faclor in ocwtonal resignatKJrts Ordepartu￿$ within these roles too. This yearfs officer haI￿Ver was refresw and was debvered by a wider variety tsl our management ieam suppjrted by Ihè Olrtgoing oifKers. The prctess also saw de(kated tsrne for univ¢rsity siaStth)Iders arKI a dedrA¢ed Trustee training day. Wg that LY)ih of these chanoes wll havè a WJSitNe bènefrt forthe organ￿alKIn and sunfficantty redLtsS risk in thts area. Chjr legw pension ob1vi￿)n$ a(kniiist•r•d thro￿ Students Lknion SuFeraMualbon Sehtmt ISUSSI sees us paying significant sums kn bjnd thè SUSS. systemic defiut IhhiLgt a Lor9e numbar ofoth studènts. unions find themselves in tlis posrfj'on rt does not mrtwJate thè yneral ove¥all risk a$s￿￿ted wi¢h Ihi5 per￿lon (Jeficit. Al the end of this year we had created a timeline to farilitate our exil a￿1 we are hopeful that we whll ha¥• •nbrely r•nw)v8d Ihs itsk by start ol Ihe litsl lerm in 24125. Page 5 E-SW ID.. 57c$1￿34￿6s4a9￿47￿f•24¢•3l391T IA crffipaDy Ilmlled by giiwanknel TRUSTEE'S REPoRT{con￿nYed) FOR THE YEAR ENDED31 JULY￿4 Slructure. Governanee & Management leonthl￿d) Due to the nalure ol our worK it remains thal stsrne of our 14rgw rtsks indudÈ ¢)rganisÉd actNty that occuis underour banner. We support over 250 stLHJent groy in setf.organised aclNrties. These actiwty vets vary througlK)Ut year and can dther belween groups in ¢Jfferenl years. These aCtiVrf￿s are a mlxture betsveen regular L¥ annual cyc*s ol activities aTrJ a￿l￿treS Ihal happen in ￿[Thise lo changng local. natwal or international issu•s. This year we saw sb3nthcani protest from son* ol our student groups in reuarts 10 ￿ oNJoing Confi￿1 in Ihe MK*le Easi. This was challervJirKJ io navwJale with being stLKk t*￿etn the wishes ol a cross sectM)n ol our Student bc#* and charrty Law in regards lo our campaigning work. We were akn mirKllul that we aL￿ had a￿de rangeolvw6 ol Stud￿1$ as su¢h we dedicaled our tirne to [￿dia￿r￿j be￿n sILthnt gro￿5 WKI beWn our proiestors and th• university. As a charity wl¥ch eThJages wsth its members primarity in the *itsl space the Union must fesp)nd to risks wjsed ty changing gu#JarKe Irom the charity ccmmBsion in ierms of Ihe use of scKbal meLlia. This year wè LWed (￿r soeial in wrth ukMJata%1 w¥JarK• Ifom the Chaiity commis￿On. Wè continuè to operaiè in an Èmi￿lmanl 7A* art rdam a sirYJl• source ol lunding. As Ihis funth'ng source remair6 Il* UnNersty the iith of luThYing beiry rerTrJved 1$ bw. wrth thè univarsty being required to have a students, Un￿ uThJer the EdLKatK>n Act. Howèvèr, lunding ￿¥t1$ will bè depe￿en1 on ihwr finanoal perforrnarr* arKI we are conscirNJs ol Ihe thallen￿ng brne5 marv univerglies are laung at the nKJment arnl wll nee(1 to te agile in fU1u￿ rf fuTrJbr¥J pre5SUfes shoubj result in changes to our grant luryling. esFwalty shwkjwe ¥enLla pwbon olow reserves cffi a SUSS pen5KJn exit. Affillattons The Students. Union is affiliated to the Nabonal Union ofSbAents INUS UK) and NUS Charity. Affiliation to these organtsations enabks the Students. Union to shape their national tlwsKJns, inpul into national eampaigniNJ prioiithes as well as benefft trom the SUFPDrt Se￿￿e$ prowded to member organisatK)ns. Such swjport intlude Offi￿ traininy wtyJfammes arttl stslf ne￿￿￿9 OFPOrtunrtits. NUS Charity also provh* suppjrt to unb)ns in thè e4fent of cri*s or F¥esslPR issues. The cost of th￿e affilkatKJns in 20T3124 was £YJ.625. NUS UK- £18.900 NUS Charty- £4.725 23124 HI hl Gov•mane• A•vl8w At tha $iart ol the yeaf we und¢rwèM a lull rè¥iaw of our kY)vemaru. As a r¢sult w hav¢ a $&t ol retcrnmendatyons tor the impkmentatKin ot a Se1￿ ot than9es to be made ￿xI ye¥T and fumy Imple￿ent￿￿ by 25r26. These inducle: A￿￿[￿Jel0the nwnt)erolfull bmeoffrws loa￿ll￿da￿aIarger n￿ber of paid. pwt timededed represen&itiN*s from some of our rnosi hard to groups. An irtrease io the number ol Students who ￿11 sit on our tru￿8• both. The imkYementth"on ol newways of d￿.*11Thg and setting our represen&itNe de&gnedto ensu deasion Ma￿ng is madè by a $ekdi(In of st￿J+n￿ that is illusiratwè ol oui Siwjeni bc*ty. The delivery of a pbthofa of desbJned to ¢nsurg Trusiee Board effectiverEss. Change5 ty our corpw*e w¥ernarr* ¢YeswJned to fi￿dèM￿ and 5afe9uatd the organisalitin from risk. Me•ll• We were delohted 10 firKI that ihè uwMverW had rec*¥ed Gohj ract￿NIon in tr* TEF. Wèwèr• to￿ that Page 6 E-SW ID". 57rfj15834a664aWb473.fÈ24￿3l3gll IA com￿nY limlted by guxanleel TRUSTEES REPORTleontlnuedl FOR THE YEAR eNDED31 JULY 21Y24 Akns, obl￿tIVeS & AetS¥lll•* Iconllbm the Slu￿1 Writlen SulynissKJn whith was th8 22r23 oifKer team athgside our slLKlent ' vou tearn was a key part of the swcess. This year * have ¢ontinue(l our woth to devekjp studeni vo￿* across th• Institu￿On and havt commrtted to a rrwe targeted use ol dala Gc4le¢lw and analysis to support fvture 5ulynissiMS. We were ￿e1￿h1￿ by this yeary NSS resutts. As part ot ts NSS st￿lents naI￿nalty a￿ asked how WEII they feel their siudents, union represents tt*ir a￿em￿ interests. Our sco￿$ improved again on last year and pla￿d us 111h nationally aThJ * besi in the region. This is a tésiamtrnt to thè worfK wè'w doing n our student ¥o¢è departmeni txrt we ShoU￿j akn ¥knovA* unx)n T*Kle elfort5 to ewre Slu￿ts engag￿ in union are brtsathy sten to ￿ Salthed. Ilerns lo I Ow annual rnembership w*Ye eleC￿or$ were hekl arwjorte agam) sawan 4)lfft In votsitumojt I+1￿￿1. We also saw record nurnbers of caTrJhYates with ithyjble Ihe numt*r of people stsndiwJ for the full time officer roles compared to last year. We were pleased to Intr￿Juce new roles Vmhin the union to give u5 better (klegaied authNity Of key tasks. As suth wè saw Changès in tt)è kniee I￿￿11r￿J the apFontrnent of a full time manager. We ernployed a new Dala Insight Managerlo mowry fm¥ard desvjned lo ensure We'￿ a dala led crganisation. Ow*thKeteam assBteLI 2518 SI￿jents in the ￿ yw 453 stlthnts su￿One￿ wlh ac*J8mic apFeals. 6585 stu¢Jent mernters ol clth aThJ socth•s was koued in *Nibes led ty 1&36 stLhlent leadets in 214 student-￿ groups. Finaly *e are deltghted io have ag￿ed 10 tw"n work on a 0rgafx￿￿yoI straie9y in 24125. FThncTal Review ULSU'S gross incon* from all sources Ihis ￿ar kn￿led £2.824,334 12023.. £2.359,5031. T¢)lal expendrture was £2.589.581 12023.. £2.183.9001 resuth.ng in a surplus for the year ol t234.75312023'. £175.603 SU￿1￿s1. Once Ihe rnovement on the un￿n$ ff*mbershp oldefined benefit peThs￿n scnerDes is taken into account. ULSU'S total reseThfes bncreased 10 £1.360.986 12023: £1,018,876). or this. £1,(K13,55012023'. £713,818) were Unrestrict￿ fuThJs £357,43612023.. £305.0581 werè restiieied. WhiL81 IIE Union has continued lo benthi trEtecLVitI"on aTrJ supwt d the University. The amual blodK grant was £1,368.000, inCr8aS￿ from £1.225.411 in 2023. There was also cffte addit*)nal grart received for funding, last yeartt)tsliry t55.7￿. The Un￿n,$ Irading subydrdry gererated a trathg su1￿￿ of £1 $3.57512023.' £173.4531 which Is gift a￿ed io the un￿n. The Universty of Leicester Students. un￿￿ TraJiThJ Ltd a￿O￿ntrshiP Ai StLthnt Union Lettings Limrfed. Theeompany 1$ regsiered asa ch￿1[ableC0rnpanY limited by guararfee. 50%olthe ret Inco￿ and assets ol company have teen tIEse finan0¥ slalements. Pagg 7 E-sty 10.. s7￿%1583￿80&4a9￿b473.fe24ca3l351T UNIVERSITY OF LEicesTeR STUDENTS. UP*OM (Aeanyary Ilmknd by TRUSTEEE REPORT Icontlnwd) FOR THE YEAR ENDEO 31 JULY 2024 Inv•sInw￿ Policies The Union airns to genefate returrs on tre cash rt MJbJ5 in the ba￿ at any wen Fwt. The purpxxe 1$ to Y￿1￿ the best financial retum tHthin fv kvel of risk c4Jnsthred acceplatye. Ihi5 retum can Ihen t spenl on the chantys aims. Ddivw of our o)re seNbx$ 15 mel thrc*Jgh the t4r¢k grant recewed fr(m Iho Uni¥er5ity. tr* commercial granl and any commeroal partnerships in re￿In for access lo wr members. Irthme generated on any investtd re5eThes Shou￿ not requiredlosuFPJrt Ory￿n9 core activrfiès of the Union. The level ol wi5k mv51 thays be iden11f￿ musl f*1 Mthin ts ar￿epts￿e Slated by thè Finance & Audr( su￿oI￿ni￿e￿. Investment risk slwbj also bè redLK¢d by ensuring thai ihe savings art diveNfred. Bèfo￿ any funds are invested Director of Frnarts MU￿ prepare a cash flowttsensu￿ thal the UnTC has enough cash 10 meet ilsknDrknrKJ capital rewirements. kny fLmds not reqUI￿d in Ihe short term may then be irNested shOrt-￿rM Oeposits aThJ any funds rK*l neede(l in Ihe methum-kjng lerrn can then be invested wi5dy in kjnger.tern investments toge￿rate agreaier yiekl. Funds not needed for short lemi 0￿rational needs Can te d4wted with reputablè institU￿n$. wovidod thai theag¥e8d rtsk raiings and limits arè adherèd lo. Deposits ahTays b• SF4it between UK based Ir￿Irtukn0n$ with th"Iltrent ban￿a'ng licertses. to [¢dU￿ the rith from lisblu￿Onal lalwe. Where rAwible the un￿ seeks to dNersify s￿.tern ¢Je[￿￿ts a￿osS thffe￿nt bthing li¢en5es. to reducè thè èxposure ol Ihe raserve5 from Ihè falure of any one bank. In tyderto g¢n¢rat* agreater retum. fvr*Js ￿ rewir•J inthe short ￿ may be inv￿ed in knngeriemi deF￿s4ts which offer a higher y*kl. Funds may also be invested in other financk41 pr&*Jcts. cortskjered to be low risk and offered by regukied and repilable instilubons. 11 is importanl thai the Urrion can gain access lo rts lur#ts. som8 urgent r*ed arise., therefore Investment yojucts used must anow forlund ￿￿ra￿alS th* CQ4er a w#le rar#Je ottimescales in 0￿eT to enable th￿. Uni¢M politses prechJdiwvJ wivesln*nts in c¢wWI ¢y9arisa￿ns *ukl be l*en into a(tount. when onsKlèring invesknents. To conwd¢r oppwtunities tr ulilisry avwlable fu￿ts. ts Union's trustees have estswished an Investment Wothing Group its eonsh*r otwttmitits to Hnwovtr the retym generated on the cash we currenlly h¢￿d in Ihe bank. Funds & Reserves The Union ams to hokl 6 monlhs wage5 in tre• rèsèNes. ￿uS £25,CIJO ol¢)FeratiThJ costs in thè curr￿1 year. Th$ woulj enat4e aft orderly &)wn ol the organisatitin in event il was necessary. After rnaking apprcfjriate ewuiries. Ihe Irustees have a reasonable exFeclaliM that the company has ' adeqvale resources io continue in OFeratKy)al existen￿ lor Ihe foreseea￿e futu￿. Forthis ￿as0Th they conbnue10 adLpt Ihe &b)ingCor￿ffl bags in preparing tl* hroncial staiemenls. Furthèideiails reyafding Ihè art)won ol Ihe grAn9 Cortem b39.5 can t* fouThJ in the A￿￿n￿n9 Pt4icits. Th8 8oard ol Tru￿¢¢$ ￿nfiM)S Ihat ULSU has suifLatnt to Ma￿ rts ot4igats"ons. Pagt 8 E-S4n10: 57tss15e>686￿9e-blF￿tt¢3l39II UNIVERSITY OF LEICESTEB STUDENTS. UP4ON IA¢ompany Iknked by 9wa•*el TRUSTEE'S REPORT Icon¢lnuedl FOR THE YEAR ENDED 31 JULY 2024 Audllor KrKJx CropperLLP ha￿ Inthcated tr￿*411￿nesS lobè reapwnteots aTh)ther tenn. In accordarKewifft the Companies Act 2(X)6 a resolulion wopJsir9 the reappintmenl of Knox CropFer LLP as Au(thior wl be PLrt to Ihe mèmbèts. Twstses. Responslblllllessiaienwit The Trustees Ib•*KJ are also dir8Ctots of Untversty ol LeKester Siudents, Unton lor Ihe purposes ol Col￿nY lawl afy r*S￿nsitIe for prepamg the Trustse's. rekx)rt aThJ th• finanoal slatements i accA)rdar¢e wilh apFlicab￿ law arKI Unrted Kirvjdtyn kcounling Slandards Iunrteil Gonerally Accepted Accounting Pracbcel. Company law ￿U•re$ the Trustees b praparè finaroal $lateTh￿nts ts eath fina￿￿1 yèar. Un¢Jer company law the Trustees musl rrt)t approve the linar¢d statements Un￿$5 they are satisfied that Ihey give a true fair view ol Ihe slate of affairs ol Ihe chanta￿e company the grow and ol ihe incoming resources andap￿l¢a¥10n of resources. including the Income andexpenditure. ofthe tharitablè group for thai perth. In prepanro Ihese slalements, the Trustees afe requi￿ lo.. sèltct suitthe accountirg kKAici¥ and then apFty Ihem c￿s￿lenty.. obseNe the methods antj Pri￿lpleS in the Char￿"e$ SORP". make judgèmènts and &o)uniing esiKnaies thai are rèasonajk aThJ WLKlèni,' 51ate whelher aP￿iCab￿ UK A￿oUnb￿j Slandards have teen IdkJ¥ed. sut4ect to any material departures disdosed arK1 ewainecl in the th"nanoal statem￿lS., and epare Ihe finanual stsien*nts on the going corLem ￿"S U￿esS rt is NFwpriate to presume Ihat the charitatrje group will coMinL*d in 0￿￿10n. The Tnslees are respJnsth)le lor kewTr3 adequate &￿unting record5 Ihat are sulfv?nl 10 show expLain the charitable cornpary aThJ ihe group's trartsadions a￿1 dtsdose Ihe reasonatAe aeculaey at any lim? the financial wjsrtion ol the charitabbe group ar¥J enthe ihem to ensure thal the financial statements cornpty Wllh ttte CompaThes Acl 20C6. They are also respO￿tIe forsafegvardiry the assets of Ihe Charitab￿ cornpany aTrJ the group and hence lor laknr*J rea￿atr￿e 51eps for the prevenbon a￿1 deieciion of frau¢J and Qiher irregularit*s. Stalemèttt ot D1*el0￿r• to Audllor So lar as each Twslee 15 aware. Ihere 15 rK) relevanl a￿JIt infcrnticffi ol the charitable group's awlrtor is unaware. AthJrt1¢y￿ty, each Truslee has laken all Ihe necessary steps thatthey oughl to have taken as a Trustee in order to make themsefr*s aware of all relevant a￿lit informabon fieeded to establish that the charitable group's aLKlitor is aware ol Ihat informati￿. In p￿panTh3 this report. Tmstees have taken advaftt4• olth• smallcompanies exemptions provKkd by Secticffi 415A of the Companies Acl 2CK)6. Thi5 rewjrt was awrov&J by the Board of TnJ51ees on 4th Fetxuary 2025 aThJ swJned on the1T￿hatt ty.. J05hdha 2810￿25 J V•nk•tsrama Page 9 E-Sb3n D. 57L*15•>6a6&4a9e47>k24c•313Y7 INDEPENDENT AuNfoR'S REPORTTOTHEMEIIBERS ( RgTY OFLEICES A STUOENTS. LI4(*4 Opinion We have the fina￿1¥1 5talements ol UnF￿[sty of Lwcester SILKlents' unl￿ lthe "Charitable Cornpany'l ond its sub51dianes (the Group'l lor Ihe year ended 31 Juty 2024 wh￿h ￿MpriSe the Consolidated Ststemtni ol Finaftaal ktivil*s. Ihe Consolthted aTrJ Parènt Charty BalatKe Sh••ts. Consolidated Staterrenl of Cash Fbws and n0*5 to financhil ststements. indudng a summary of significant acwunting Fvlicaes. The finanual rerrtjrling frarrework thal has been applied in their preparation is aFplicable law arKI Unrted Kingdcffi knouth.ng SlaThJards, IrtI￿J1￿j Fina￿la7 ReFth"ng Standard 102 The Finaroal Reporting Standard apFthab* in UK af#1 Rewbl"c ol I￿and Iuniied Kingdom Generaly A￿pIe￿ Acwjnting P￿￿c￿l. our wnion the fiiartiJ slai￿r￿.. give atrue and fa'r vt¢w ofihe slale of the group's aTrJthe clwiitable cornpanls alf•rs as at 31 July 2f124 and of the grDW'5 income arKI exs*nditure. for ihe year tl*n ended", have been properly wepare(l in *rth United Kingdom Generalty Accepte(I AccounbrMJ Pra¢l￿e. and have been wèpare(1 in accordw with the rw*•msnts ol the cOr￿n1¢S Ad 20C* aTrJ th CharitR5 kl 2011. B•sl$ lor oplnlon We have been aFvoint&J aL#dilwts the C(*npanies Acl 201% and￿tIOn 151 otthe Charit*s Act 201 l and rep)rt in accorda￿ with those P£ts. We eoThJueied our audti in aceordan¢e with In1•mat￿TraI SlaTrJards on ALKlitiThJ IUKI IISAS IUKII aTrJ applicable Law. Our respxJngts"lil¥*s uryjei those startda￿ ar• lurlher descriw in lh• A￿J110¢S responsitrwlilies tsthe audit of Ihe finanual slaiemenis ol our report. We are iTrYependern of the group and parent charilabk wmpany in ac￿d8￿ wilh the ethical requirements that are ￿levant to ouraudit tsfthe linan¢iaJ statement5 in ts. UK. i￿lL￿d1￿j Ihe FRC'S Ethrcal Stsndard and wè havefuWilled our othei eihul raspongbilrties in accortlarte wilh thesè I￿ulreMents. We t*lteve Ihai the awjil tv￿￿enCe we hav• obtained is su￿￿nI and apprcpnatè to provth a basis for qynion. Conclu$lons relallng to golng ¢onwn In auditing finanaal stat•mènt5. we have cortlLbJad that thetrustÈes' useoflhe cs)rvrn basis of account￿g in preparation ol ts Inancial staterrenls is aF¢)rowiate. Based M the th we hav¢ perlorrned. we have noi *derrt*ied any matewial urterta*)iies relating to events or condrtl0r￿ Ihai, indr¥*JLd￿ or collectivety. may casi swJnikant doubl ￿ ihe group'$ or tharikt4e cMipany'$ abilty to etirtinue a5 a g￿n￿ eortem tor a pe￿￿ of at Ita$t We months from vfvn th8 fina￿141 staiemènts are aUlhor￿d for issue. Our reswnsibilities and the resr#)wt4tbes of Ihe Ill￿tees wth respe¢# lo goww concem #re descwtjed in Ihe relevant sectw ol this reFofL Olhw Inlomiallon Thè olher inlomatffjn el*npf￿es the in￿Mat￿}n in iht Trustee's R•Fort other thanthe financial skiernents and our a￿slI0r.s report thetecn. The irusiees are responsth tof ihe other inlormatTon contsined Vmhin the Twslee's Report. C*Jr opfftion on the financ4al Stslements does not cover the other infofrnalN)n aThl, exeept 10 Ihe e￿ern othen*"se stat•d in report w• ¢10 rKJl exF*ess any form ol assurance condusion Ihereon. Our respDn*bAity is to rèad the Olher inftsrrnation and. in $0. cg)nsKler whthr tht other infomialion LS mateiially inD)rtsiskn)t w*ith Ihe ffinartial statemerns or our knowkdge obiained in lh• COU￿ of the audit or oth•Mise appears to be matenaly misstaied. 11 we identity such maierial in¢onsislencies c¢ aFparent maiwial m"S*atements. we are wuire(J io detem)ine wthether this gwes rise to a rnalefial missialement in the s￿lements themselves. W. based on the w(xk we hav& pertorrned, we that tlve i8 a mBsiaiement ol th¢ c*her nlryrnat*)n. we are rewired lo report that fact. We have Tr)Ihng io reporl in Ihis rw. Page 10 E4iw ID.. 57¢61S8>6￿￿489o4>4?3.f024co313 INDEPENDENf AUDITOR'S REPORTTOTHE MEIIBERS OF UMVERsrrY OF LEICESTER STUDEllfV IMON Ic Oplnl•n$ on other m•nefS pre$¢rlbed by the Companl•s 2006 In our ot#nion, based on the woth undertaken inthe ¢ourse of Ihe awJr¢'. Ihe infom)atK)n given in tl* Tnsteès. ReFK>rt, ￿lch i￿1￿1•$ the Direciors. Rwrt prepar•d lor the purkKises of conyany law, lor Ihe fina￿la1 year for whtch tt* financN?I statements are p￿Pared is consis￿nI Y￿h the financial statements". and the Directors, Re￿rt incI￿yed wthin Ihe TnJstee5' ReF¥yI has been prepare(S in accorda with aFplICab￿ reqjirements. ltstters on TMhl¢h we are requ*ed to rwort by excepuon In the light of Ihe knowledge an(1 understarKJ'ThJ of the group a￿1 the charifabk company and fvir environrnent oblained in the course of the autht. we have r￿1 identsf￿d rnaterral misslaiernents in Ihe Dirwors. Rewjrt i￿l￿ded wihin ihtr Truste¢s' Rew>rt. We have nothiNJ ￿ reFQrt in resp￿1 ol the folow￿g rnatters W1￿fy Ihe Companies 20￿ aTrJ Ihtr Charl￿s 2011 requires US to reFL)rt to you il. in our oynion". adequ*e and sUffK￿l ac¢oLntiry reccyds have kept ty the charirat4e ¢tynpany. or returns adequate for our audil have not been rKeive(l frryn L￿a￿S noi vtsited by us.. ¢y thè charitab* cornpany finarKaal 5tateménis are TrJt in agreement with th• *counling r￿OrdS and returns; certain disclosures ollwst¢¢s' rWrninèrai￿ spetsfied ty law are notmade.. Th)1 re¢eNed ¥1 the informalion and exrAanatKJn5 we rewire forour ￿diL R•$pon$lblllll*s of Iwu51095 As exFAained rrmye fully in the Slatement ol Tn&stees' respNBitdlibes set oul on page 20. the trustees Iwho are alsothedirethors ol thecharitab￿ cornpany lorthe purposes of cornpany lawl are ￿sPonSible lor the ￿parab0n of the finarrlal slatements and for beirMJ sat¢sfied Ihal they gNe a true a￿1 fair view, and fOrs￿h iniemal ¢ontrd as the twustee5 deterniw* is nece￿ary to enable the wepaiation of financial *atern¢nts that are free frryn materi* My￿1￿Ment. due to frawj or erwr. In pwaring the finanrAal statements. thè tr￿￿teS are resForsit4t for assesyng the gmp's aTh ¢h8ritabltr ¢ethpanys ability lo con1inuE as a goirwJ eoncem. LJi5dosiThJ, as aOi¢ablè, matlers relat to gt4ng concèm and usiThJ Ihe goin9 wncem ol accountiry unless th• trustèès erther intend to li¢widale the group or parent charitat4e company or lo cease operalws. or have no realist￿ altemative but todo so. Audilor'* r•spon$ibllllles for the •udit 01 lh• financlal statem Our oty'ectives are to obtain reasonable assura￿ at#)ul whether Ihe fina￿4a1 Stal￿ents as a vknle are Iree frorn material misstalemenl. whether due lo Iraud or error, and lo issue an auditors repKJrt that includes wr opinion. ReasOna￿e aSSUrar￿ t5 a high level of aSsUrar￿. tmrt 15 not a guarantee that an auditconducted in a￿Ordar￿2 wlh ISAS IUKI will always del￿1 a rnateiial m￿staternen1 when it exists. Mi55taternents can aii5e frryn fraud or error a￿1 are conydwed rnaterial il. indNKlually OT in tl aggregate, 1hey could rea50natAy be exF¢ded lo infiuence the e￿￿orn￿ deca510￿ of users taken on the basis of these fina￿￿81 slatementS. The extent to whl¢h Ihe a￿111 vrns considered capable of detectlng ®u￿rI1￿4 Incl￿dIng Iraud Irregularities. induding fraud, are Ins¢a￿e$ of ￿n-cOmPl￿arKe ￿th laws aThJ regula110￿. We de￿n procedures in line Mth resp0￿￿11￿￿eS. ¢￿line(l abovè. to detect malenal Misstatem￿ls in r•spe ol irregularities. includiro fraud. The extent to whth our proceilures a￿ capable ol detecfvro Irregular￿es. i￿l￿J1ng frawj isdelaileLS i*low'. The group is required io corn￿ wih both company law aThJ charity law and, tjased on our knowlethje ol its actNrfies. ￿ Kjenbfied that Ihe legal requI￿rrEn1 to correclty ac£ouffl lor Str￿ed funds is of key s4Jnif￿rtt. We gained an uThJerstaThJing ol how￿ groupcth1w￿1h rts legal arnl regulatory trame%wrk. includiro the requ1￿Ment ￿ propety accouffl for restricted funds thiough ¢Jiscussions wrth managerrent a￿1 a review ot Ihe dctumented ￿￿8$. pr¢xedures and Contr￿S. Pau¢11 E-SbJ ID." 57L*15¥>636&4a9&b47>ts24c•313 IMDEPENDeNr AUOITOWS REPORY TOTHE IIEIIBERS OF UNIVER LEICESTER STUDElttS' LIION The audrt vthich is eXper*n￿d in the a￿11 of chath"es, consblerad thè group. suxeplibilty to mateTral rnisstalement ar¥J fra￿j may occur. Our cons#1erations nclude the rth of man4en*nl ovemde. (￿r apwoach was lo check that all ￿ICted was [￿Fety •Jentifi8d waralely accounted for and to ensu￿ thal onty valKJ an(J appro￿￿te exFenditure was charged lo restridgd lurKls. Thi8 i￿ud￿j revie¥•ing journal alusiments and unusual tran&Kltons. Tlwe ave inhewni limitatitAKS in the audit wwlwes atrn and, ts further removed non. compliane• with la￿ aThJ reguLaiions is from Il* tvents and transacbLYts reflected in the financial statemenis. the less l*ety woubj tecome awa￿ ol it. The iisk ol Th)1 detecting a material misstaiement d(* to fraud is hvJhei ihan Ihe risk of noi detecting one ￿sLI11n9 Irom errow, as fvaL4J may involve deliberate corr￿￿[re￿ by. tor exarWe. lorgery cw In￿n￿ M$repreSental￿n5. OT fvough collusion. A ftjrther descri01L￿ ol wr Tespon5tiI1ies for the a￿thI of ts finartk41 sta*ments is Iwate¢l on Ihe Financial Rep￿"n9 Council's 7AEbsr* al ￿￿￿.￿e.0 .ukJaudrto nybilil*S. Th"s dexriptb)n to￿5 part of our audrtoffs report Us• ol th• audlt report Thi5 report is made solety to Ihe Charrtabkn Crynpany's rrwnbers in *cordan¢e wth Chapter 3 of Part 16 of Ihe Companie5 Ad X(*. ￿1r a￿rt work h&s l)een undertkn, $0 Ihat we rnvJht stslt to ihe tharitable company s memter Ihose rnatters we a￿ required to state to Ihem in an auditorf5 report and lor no olher pu￿)se. To Ihe fullesl extent [￿nitted by law. we do not awl or assu￿ reswnsibility to anyenè other Ihan the Chaiiiablè CLympany and Chartabbtr Ctsmpany's membets for our audrt work. lor ihis report or lor Ihe opnions we ha￿ lomed. 31K13r2025 Stephen Antsrson Isèrior sta￿￿ory AM1rtorl For and gn behall of Knox CropFer LLP Chartered Accc4Jnlanls 15&155 London Road Hemel Hempsteasj Hertftsrtshi￿ HP3 9SO Date.. 4h Fel)n￿ry 2025 Page 12 E-sw ID.. 57¢$15•&8a664a9&b47>fe24c•3139fT UNIVERSITY OF LEICESTEA STUDEKtS' UNION IA company lknlted by GROUP STATEMEKf OF FINANCIAL ACTivmES INCOF1￿AT1MG INCOIAE AMD EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY Total Totsi Funds Funds 20fJ 2024 funds 2)24 2024 IMCOME FAOM CHAR￿ABLE AcmvifiES: Donations and bjaries Clubs and SCL￿les 1.853.441 1.853,441 544,876 1.510.551 487.942 544.876 Other trading acbvities 214.930 214.930 242.507 Investment irthn)è 201.087 201.087 117.545 income 958 TOTAL INCOME 554 876 2 824 334 EXPEMDifuAE Raising funds ¢haritatl• aebvities 61.355 61.355 502 498 2 528 226 69.054 2 114846 TOTAL EXPENomJRf 502 498 2 589 581 INCOMEIIEXPENixfuAEI 182a75 52.378 234,7S3 175.603 OTHEII RECOGNISED GAINSIILOSSES) Actuarial 9aiWllosse51 on defined tenefil 107 57 NET MOVEMENT IN FUNDS 15 289,732 52.378 342.110 44,400 AEC014CILIATION OF FUNDS Total fvnds brotyjht 713818 305 058 1.018 876 974.476 TOTAL FUNDS CARRIED FORWARD 15 357 436 1.360 986 1 018876 The statement of linanaal aclNrties induths all gairts and losses reo)gnts&J in the year. AII aThl Èmptntthiure d•n¥e frcffl (wat￿nS. Delails of the ¢omparali¥e group slatenEnt thibes are ¥KJutsJ in nc¢e 21. Page 13 E-s¥￿ ID." 57r615e>6a664a9trb47>fv2k*313911 VI￿ERSITy OF LEICESTER STUDEirfs UIWN IA company Ilmlt•d by waiitee) GROUP BALANCE SHE FOR THE YEAR ENDED 31 JULY 21Y24 lgtratlon nWh￿r07￿1Ol FIXED ASSETS Tangtsle assets Investments lTrioint V￿ureS - Sharè ot gross assets . Shafe ol gross I￿￿1rtE$ 10 138285 159,110 1.C63,737 148,7701 955285 144,8391 Share d net assets 11 1.034.%7 1.173252 910,446 1.069,556 CIJRAEMf ASSETS Deblors Cash al bank arKI in hwKI 13 108,087 1,991, 82,858 1.890.527 2.1Y39.667 1.973.385 CREDtroRS: wnounts laHiro due WMII one year 14 (94.1381 179.4461 NET CURAE14T ASSEWS 2.fX)5.529 1.893,949 TOTAL ASSM LESS CURRENT LIABILMES 3.178.781 2.W.495 Detined Fension Sche￿ Ikib'lty 18 11.817.795) 11,944,619) ASSETS 1.360.986 1.018,876 ThE FUNDS OF THE CHAF#TY ReStI￿le￿ lunds 15 357.436 305,058 Uniesiricttd fvnds General funds D•signaie(I fuTrJ5 Pan￿￿ reserve 15 456.313 2,365,032 11,817.7951 1.366,7S9 1.291,678 11.944.619) 1.CQ3.550 713.818 TOTAL CHARITY FUNDS 1.360.986 1.018,976 ThefinancAI st￿ements on pages 16*)42a on 4th F$Pyuary 2025 and signed on Iheir arylauthrisedforissue bythe Board ofTrustees Joshitha J V•nkaiaiam8n Trusteg Page 14 E-￿ ID.. 57c6158Ma6Ma9&b4T3-f824¢*3139fT UNIVERSITY OF LEICESTER STUDEMTS. LNON IA company Ilmlted by 9￿rnn1ee) C>IARifY BALANCE SHEET FOR THE YeAR eNoeo 31 JULY a)24 Islralknn wmber on03101 FIXED ASSETS Taroit4e assets Investments 10 11 138,285 159,110 138.287 159.112 cURFIEl￿ ASSErs D¢bl(xs Cash at 13 97.871 1.991.580 79.167 I.8￿,527 2.089.451 1.969,694 CREDITORS: amwnts falkng due I•￿1h￿l one year 14 1&3.923) 175.7561 NET CURRENT ASSETS 2,thJ5,528 1.893.938 TOTAL ASSEfs LESS CURRENT UABIUIIES 2.143.815 2,053,050 Defined ￿nSIOn scheme l*ilty 11.817.795 11,944.6191 NET ASSET¥UABILmESI 108.431 ThE FUNDS OF THE CHAiiirf RestrKledftJrwJ5 15 357.436 305.058 Unffjsththed fvnds General *Jnds Designated lu￿ts Pèn$40n rtserve 15 456.314 1,&30.C*>5 {1.817,7￿) 456,314 1.291.678 11.944,6191 131.4161 1196,6271 TOTAL CHARifi FUNDS 108,431 As pemitted by S408 c￿PanieS 2Cth. thathable conyny has nol presented rts slalemenl of financial and rdated mtes as it prepared group a￿•￿nts. Th? ch•itabl? company s surpbjs for the year was E217.58812023'. £165.211 deficit). The1ina￿)al statements onpages 16to42a ov&1 and alk￿ns•j kn Èsuè tylhe BoardofTrus￿s cx) Fabruary 2025 and on tsir bevaw. by: Joshftha 28A)￿2025 J Ve￿¥￿￿￿1n Trust Page 15 ID.. 57r£lSema6fAa9&b473.fe24￿31ag[7 UMIVERsrrYoF LEICESTER STUDEpifs' UIKIN IA ¢ompany 1]r￿ by GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 1 JULY 2)24 2024 Cash Nowsfroml(tol opef•tlng a¢llvlllp5 Nel cash provhyed tyllu%d inl orerabng aG1bviDes 17 108.143 Cash Ilows from Investlng aclfvltles: Interest re￿Ne Pvr¢ha5e oltaThJibl• fixed assets Proceeds on disposal r￿e￿ assets Net cash provldedllused Inl bylnvegllng •ctl¥l 76.566 141.1711 27.767 153,7481 35.395 125,9811 Chang• in eash and ¢ash 4qulvat•nts In lh• Cash andcash equNalents brought fc4ward 101,C63 1.890,529 82.162 I,￿8.367 C￿h and cash oqylvalgrf¥ c8rrl8d tryw¥ril 1.991.562 1.89J.529 Pag¢ 16 E-SW ￿.. S7c61W686&4a9e￿T￿1e24Ce313g1T UNIVERSITY OF LEICESTER STUDENTS, UNION IA ¢ompw Ilm￿ by gw*el NOTES TO THE FINANCIALSTATEMENYS FOR THE YeAR ENDED 31 JULY 2024 ACCOUMTING POWES Ch•rlty Infomwiion Unlversity of Leu51er SI￿lents. Unw is a private irwrated chwitat4e wnpany I￿panY règister numbèr 073031011 limtsd byguarantee. irtsrFrfNated rn EngkThJ andwales. Its registered arnl principal ￿at*01￿JSlnèSS is Universty of Lwce5terSiudènts' un￿n, Percy Gee Buikying, University Road, Le￿￿ter. Lewlershire, LE17RH. Thecharitatile compary 15 abo regi8tered ai the Chanty CornmissKJn wrth a charty number of 1137811. The main aims of the Unl￿1￿ty of Le￿*$1•r SttK*nts' arethe ol thè Sludèffls at the unr4e￿ty fortt* pLtI￿ be￿. B•sls ol preparallon olllnanclal staleTh*rts A￿0￿￿tIng wnv•nllon The fi'nanctal statements ol Ihe dwrty. whr¢h ts a pull￿ I)e￿. entty under FRS 102, have txen prepar&Y in accordance the Charities SOAP IFAS 1021 'Actounting and Reporting Charities.. Stslernent of RecOrnThe￿ell pract￿￿ applratAe to charities weparing ￿lT acwunts in accofdance wth the Finar￿￿ AewiiThJ Standard aFpltable in Ihe UK arKI Reput4ic ol Ire¥aTrJ IFAS 1021 leffeciwe 1 January 20191.. FinwKial Rep￿ng &andard 102'The Fina￿la1 Reportir Standar¢J applica￿e in Ihe UK and Republ￿ of Ireland. Charities P£1 201 J. The financial statèmems havè uTraer the historKal o)st Con￿nI%)n. with thè eXCePiK)n of investrnent5 are i[￿￿ed at mathét val￿. The fina￿131 slatemenis are pyepared in sierfing, whKh Eth? lu1￿￿0￿31 0jrrw￿Y ol tr* charit** company. Kknnelary 8￿jUnts in thesè finartkal slalements are rounded to Il* nèaresi E. Unfjversty ol Le￿leT st￿Yerts. Unton tsfinrtion ol a tenelrt entity uThJer FRS 102. Assets 4nd1obilibe$ arè i￿￿"31ty recogntsed at I￿S￿r￿1 t>)st or transa¢tionvalu* unless otherwise staled in the relpvant èxounting pjly. The fina￿la1 ststeffÉnts ol ehantalY• eompany are cons01￿￿a1ed in ihtsè thnantial statèmènts ol Univèrsity of Leicestsr Sltyjenis, Union and th¢s& finaKyal statements are aVaILab￿ from the regi*ered office. Basls ot eonsolld•lloTr The Staternent ol Fina￿la1 arKI Baknce Sheet con5dhYate the slalernents of the chantatrje company and its sU￿d￿ry UNderta￿rg. Tr results are ￿nSO11dated on a linè by line basis. all intra-group Ira￿¥1￿)￿S aThl balances subsKJiary are eliminated on eoJ)solbJatitin. Joini ven￿r&s arKY asswales a￿ stated at Ihè uroup's sharè DI nel assels, 10 Ihe XI￿1 this is not iM￿1r8d. and the group's share tsl Ih$ net share of Ihe Fyoffts or lossès ol the joint ventu￿5 and a$S￿l3te$ i8 irtdlthd in thè Statement of FinarKTral Acts￿11¢$ usiThJ thè Owity a¢¢Y)unbng basis. All ffte fina￿%91 slaiements are m*Jè up to 31 Juty aJ23. No separate Statemenlol FInar0￿ Aclmbes has presentedlorthe Charitablecc￿panY akjr as pemiitted by seclion 408 of the Companies kn >J06 as rt prepares group accounts and the charitable cornpany's iThJN#Jual balar¢e sheet Sho￿ the charitable company's nei rnoverr*nl in lunds in the finanoal year. Golng concern After ma(ing appryiate eThJi•rie& the tru#eOS have a reasonat4e eXFectal￿n that the charty has adequate resources to conhnue in cperabonal existencè for the foreseeable future. Ihis reason they continue io adcpt Ihe g￿n9 concem basis in preparing the linarKial S￿ernents. Comp•ny ststus Thecharitable cO￿PanY islinitedbyguaraMe¢. Intheeventofthecharrfablecorrpany being wound , the liabikty in respe¢l ol Ihe guawrtee 15 ￿rnited lo £1 per rrerrt>er of the charktatrle company. Page 17 E-￿ i).. S7(*1&&6a6￿thb473jo21cé3l39IT UNIVERSITY OF LEICESTER STUDENTS. UNION {A¢0mp￿¥ limrtedby9u#*th•) NOTES TO THE FINANCIAL STATEAIENTS IconUnued} FOR THE YEAR ENOED 31 JULY 2024 1. ACCOUIMNG POUCIES l¢oniinuedl Fundlng a¢eountlng General lunds are unreslricted l￿d5 whK* are available lor use at the of Ihe Tnjstees in furtherance of the ge￿rI obje¢￿* of Ihe charrtai* ¥thrh have n¢*t téan (*sMJnat for otrer wrposes. Fl•$trthd funds arè lu￿ whth a￿ to bè used in acttvdance wilh restli￿n$ inp)sed by donots or which have been raised by the charitable company tor particular purpJses. The costs of rai5￿g aThJ admirustering $Lth funds arecha￿8d agajnst ihe wifi¢ lund. The aimand $a¢h restricted fund i8 set OLrt ￿ th• not•S io the financial stat•meMs. Ineome All income Is rec(&nised orKe Ihe chariiable company has enmlemert 10 the i￿orne. it Is probable Ihal ￿ i￿oM& wll b* receNed and Ihe amount d irtome r￿eNable can be measured rella￿y. Donated services orts¢ilities art recognwl **)en thècharitable crynparty has cofflr￿ overlhe item. any￿￿sit￿)ns associated wrth Ihe donated iiem have been mei. fv ￿￿e1p1 oleconclnic be[￿fi.t fr¢Jm the use ol Ihe charty of the rtem is protsab￿ and that tts)nLYnt benèfit can measured rèliably. On recepl. ¢Jonated wofes￿.0naI sewvices aTrJ laUIrt￿ are rwni5ed on Ihe basis of ttr value of the gift to Ihe charilat4e ¢ornpany which is Ihe arrmwnl ts charilabse crmpary woukJ have been wlling lo pay toobtain servi￿$ or farilitts of equivalent eCOr￿1¢ benefft on the open ma￿et- a wrresp)ndir¥ arnounl 1$ rtcoBni5ed in ¢XF¢rKkiure in the peri(>J of T￿tI)I. hèr lrtcome 15 rewni5ed in lh• perir•J in r•c*r4*4e aTrJ to tr* èxt•nt th• hav• been pruTrrided or on com￿et￿ ol Ihe servth. Interest recÈb¥•ble Inierest on luTrJ5 hekl on dem is I￿￿ded ihe anouni can be measured liably by the ¢haritable t￿Mpa￿.. hs is norm￿lY w)on rntffjcati¢*n of IPO interest paid OT payable by ￿ Bar4[. Gronl8 The ￿ul￿nI blcd grant is rwAptsble frryn the Umrnsity ￿ Lerester. The want i% ¢r¢dited to Ihe inc¥)me and expendilure accounl in the year lo it oiatOS. Project suppon grants a￿ pr￿t tosa1 aryl incI￿Je are receivatle frryn the UnNersity ol Ltheesief and olher t¥)Ses. Govemment grants are rewised aithetawvallse of the assei received OT re￿i￿a￿le when ￿Te s r¢a50nal* asSUra￿e that thg gr￿1 wll be met and the grant ￿1 be received. Exwdhure Experyliture is recc¥nised orKethere isalegal or￿nsIT￿live obkgatyon totransfer economic bentfit to a third party, it is probable Ihat a transter of econom￿ benèfrts will be required in St¢t￿ment aTrJ. the amoun¢ ofthe obh"gath"on can te rneasuved ￿t￿bly. ExFendItU￿ is dassthed by acb"vTty. Thecosts ol aaeh %iMty are made LP ol ihè Iolal of direct costs and shared eo$ts. induding support eosts in¥ol¥ed in undertthry exh xtwity. Direct Costs altrilxJtstAe to a $irvJle *iwty a￿ alkKaied difectty lo thal activity. Shared cos15 whl tribute io more than ￿ &lNty and 51VPOrt Costs li￿￿￿ng goveman¢e costs) whKh are not attributat4e lo a singk acti¥ty aTe apport￿ed btlwten those arlmties on a basis consistent wrth I usè ol resour￿5. Central staff costs are alocated toss of bme spenL arnl dewecialhjn charges allocated on the kx1rt1￿ of lh• use. Page18 E-SwJn10". 57c61%3496N89&b473-fe24¢e3139fT UNIVERSITY OF LEICESTER STUDE1￿s, UPION IA¢omwy l#nll•d by wamleel NOTES TO THE FINANCIAL STATEMENTS leontlnuedl FOR THE YEAR ENDED 31 JULY 2024 1. ACCOVNTING POLICIES IcontSnued) Tanglbl? flx•d assets and dtrpred¥llon Tangible fixed assels are innialty recorded at cost a￿1 subsequenyy I￿Sured al cost. net ol ¢Jepreciab"on and any provisw for impatrnenl. Taryitle fixed assets costing rThye than £1,000 are ¢apitalised and all Oiher ex￿n￿l￿re is charged 10 Ihe ststeft*nt ol financk41 actM1￿ in the year Depreciati￿ 1$ PTovKled ai rale$ cakukted to wrile oll the eost of fixe(l as￿8. less Ihtyr eslimakd re5￿Ual valuè, over ihth"r useful INes cm Ihè fdlowiNJ bases.. Fixtures aTrJ equiFThert In¥e$imÈnt$ The charilable ccffipanys fixed asset inveslmwts are at cost which is Tntslees, best estirnale ollairv*uo. as Ihes¢ assets are Thjl readity and a r¢hatk markel is not readily ascertainat4e. S￿)SE￿iary urrfJert*"ros Investments in sutsKfiww we value¢l at¢ost less lor ryairmen¢. AsscyJ"aied urvJertakThJs Investments inassooales are val*d at¢ost less lor WTyaYr￿L J¢rfnt ¥￿tur•S Investrnents in the￿InE ventU￿S are¥al￿ *COSI bess pr6860￿a5ew7>fe2￿cO3l3917 UNIvEIIS￿y OFLEICESTER STUDEIITS. UNION IA ¢ompany IIMIt￿ by gJrn*el NOTES TOThE FINANCIAL STATEMEIITS {con11n￿d) FOR THE YEAR ENDED 31 JULY 2024 1. ACCOUNTING POLifJES {ContIn￿dI Debtors Trade and other¢JeblOts which are receivab￿ Within or* year and (ks nol cortslrtuie a frnancino transactK)nare inrtialty measured aitheiransactvjn Trade arKlotherdebiors aryj amowts owed by groLP undertaking5 are svbsequèntty measured aiamortisedcost. btinyihè transaction [￿e Itss y amounts sett￿j aTrJ any urwimenl bjsses. Cash and cash equlvalents Cash and cash equivalents Ir￿udeS cash and mor*es on sw.tenn (le￿1$ al and oth 3hort.lerrn IKIUKJ irNestsnerns wth or¥Jinal maturitEs ol IhTee morth or le55. Llabllltles and provlslons Uab"lilies a￿ reLM)gnisad wlw) there is ￿ ￿vJaknn at the sheet date as a res￿1 ol a pasl •vtnt. it is p¥ob￿e that a transler of eConC￿￿ benefft will be required in S•ld•m•rrt. and thè amouni ollhe selNemenl ¢an te estirnated relkitty. tiabilrfies are rec¥)gnise(l at Ihe aA￿Unt thatlhe charrtablg cornpany ant￿1PateS fl￿11 pay io setdethe debtor the wY>um rt has recesved as athIar￿ed payw*nts tor the goods or Sery￿s Tt must provwje. n51on costs arwj oth•r postrf•tlreff*rt bp Studènis. Unlon Supernnnuollon Sel*m• The Union partKipales in tts SiLthnts' Union Sweranwation ￿erne ISVSSI. a defin￿1 tjenefit hernewhith is externalty fwKJed aryl ￿nIracle￿ oul of Ihe Stste Secorbj Pension. The luThd is valu￿1 al leasi every Ihree years byaprotessb• qualrf*d aL*LWy Wrththera￿ ￿0)nirt￿￿ payable tth'ro de￿MIl￿ed try Ihe trvstees ￿ the a¢￿te ol the *uary. rnost recent ¥al￿tiOn ol the was carrigj wl as at 30 th 2￿ aNJ show&J that the rnarket value ol Ihe Stherre's assets was £106.697.tW with these a5%ts rePTesen￿ry 44% of the value ol benefits thal had acryued to membw5 after alb*ing for eX￿ted lutur¢ wKrea5es in eamings. on an orwry luThdry baws ￿￿¢1119 £136.fj45.(￿. The 2022 valvation recommerthd a cthiirityJtiE)n requywent ty each particpaiiig Un inlended to clear Ihe ¢)wiro hJThlirwJ deffiot erKlir*J in 2037. iruea9rg 5% each year. The scheffe operates asa￿￿e¢l arranQeft￿m.W1lh cx)ntributsor6pa*Y al acenlralty agreedTrte. acorwquence. no share ol Ihe undertyirg assets an(1 hatilitie5 can be th'r• atlributed to the un￿)n. Under FRS 102, Whe￿ a scheme partiwes in a Mu￿.￿Mp￿yerdefined benefft rEn5N)n thai is in deficrt Iheempbyer has eniered ￿tts an agrEement iolund the deficrt the entity shall recogniza a liabilfy lorlhe e0nlrilx￿.or￿ paYa￿e Ihat arise from the agreemenl. As the agreemem rurs uniil 2037. a discountrate of4.7% has been aF¢4ied in detennining the net wesenlvai* oft￿(￿t￿l￿￿Ions maL in Ihe penod unl￿￿1t￿¢S Suwrannuation Scherne The Union part￿1paleS in Uni¥•tsrfies sL¥mMUal￿ Scheme. Th• assels of the scheme a￿ heks in a separale trustee-*Jmintstered fu￿1. BeCa￿e olthe rnuiual natu￿ of the scheme. the assets a not attribute(J to i￿1￿1￿ual unM￿S and a scheffe-wth contribulw)n rate 15 set. The Union is therefore axposèd 10 aduaiial th assctRted with other Un￿)n$, ern￿oYeeS and is unabbè to idenbfy its sha ol the und•rfying assels and liaLN"lities ol the xherne on a cor6ist•th arKI reasonable basts. As required by Seth"on 28 of FRS 102"EM￿ tenefits". the un￿)nthere1ore accounts fortr* scheme as if it were a delined coniribulKJn scherne. As a ￿ul1. the amount charged lo Ihe profit loss account ￿presents the contribu￿nS Payab￿ io the scheme. Since the Un￿n has ente￿ inio an agreernent Ilhe Recovery Flan) that deterrnines how exh employef With'n the SC￿me VAII fund the overall defrrt. Ihe unl￿ recognises a lia￿lIty for Ihe cOntribub"￿ PaY￿e Ihai arise Irom the agreement Ito the exlenl Ihat they rdate to the dtht) ￿th relatsd &x￿$$$ beiw T￿Ogr￿Sed througth lh* wofit and loss a¢xount. The charitable company also ￿ntri￿Artes io the NUS AegNI Perts￿ Scheme an(1 ts govemrnent approv8(J NEST 5chemg. The annud contritKrt￿ns payatA• are dwged to the statemni of finartial aciivrtits. Pa9e 3) ID.. S7￿15¥*>6￿6￿a9￿b47￿lO24￿313Yf7 UNIVERStTY OF LEICESTER STUDEMTS LWKJM IAeomp•ny Ilmlted by wan*e) NOTES TOTHE FINANCIAL STATEMENTS Icwtlnu•dl FOR THE YEAR ENDED 31 JULY 21Y24 1. ACCOUNTING POUCIES (Con11n￿dI T•￿￿OTr No provision lor ¢orwr*on lax has been made as tt* dwitabk ¢ompany K% exempt from corporation on its irtott* and gansto exteni to ilschariiabl• activities. The non-charitable subsiduaries ￿11 besLt1j￿t to Corp)rttion Tax onany woffts notgrfl apjed to Ihe charitat* partnt v•ithw) 9 mrths ol thè ba￿ sh8èid*. Employ￿ b•MIIIs Thecosts of shOrt.le￿ emFtye teneffts are recognise(l as a ktilrty and an expew. ¢ost ol any Lmusèd hoknyay •ntiU•M￿I is recognwl in Ihe peri(>J in whKh the tmpkny••'s seThices are recewed. Terrnination benefits are recogni5ed immethately as an eXper￿e when the charIlab￿ company 15 demonslrabty commined to temmale the employment ol an efflpkjyea or tfrmiinatK)n tenefrts. Crltlcal oeeountlng estlmates andareasandJiMlgthi* The eharity makes esiimates aThY assuryticw)s conomiwJ th* ftrturg a¢kno￿edgeS Ihal Ihe resutting aecounbng esb"maies and assmipiions Will. by de*'nititin. seltsjm ewal 10 related a￿Ual resutts. The estimates and assumpiws that have a $KJnrf*ant wtsk of ca￿Th) a materkal adjusiment lo the earrwng amunts ol assets luabilrties Within the ne￿ finantsal year a￿ diseussed below.. PensK>n delkrteomritxthn The charity ha$en￿re￿ inio aC￿MilM•nIlO WtiVKle dar￿llU￿11nQ to the Students, Union Supèrannuation Pense4) Scheme aThJ unive￿it￿ superannuat￿In Scheme, of wh it is a contrib￿1n9 emFIoyw. Under FRS 102. the Iwr value ol Ih? ¢(￿mItment is recogrrfsed. The Ca￿Ulation of the fair value of the com￿¥1mÉNI is subjtci tts an assurytion of the discounl rate. Thi5 discouni raie is deiermined by refererte to markel y￿￿15 at the rewjrtsng date on high quality corporate t*)nds. The commrtment Nluded w) the balarte sheet atthe baLance sheet date 1.817..7061ry023: £1,W4,6191. lill DOnatiC￿ of falyllt￿ ty UnNergty of Lewter In accordance wrth the Chant￿S SORP FRS 102. the Un￿n and itstrading subsidiary has valL*d the benelit il receNes frorn occupying laclities ¢Mned by the Unwersrty on a rent- I￿e basis. at Ihe tr￿lees, esiinate of mark•tvaluè at £485.441 120ZJ.. £229.4401. (INI Suprthith Many ol the costs wjrred by the UrMI￿ s￿h as swrt stsff o)sts aThJ Serv￿ cosls are shared be￿eefi activthes. Lknion* bx*y is to althal• these costs on the bags ol a5sesse(I C¢YtsLMnptx)n. INCOME FROM DONATIONS AKI LEGACIES Totol funds Toi•l funds lunds funds Oonatws and UThversty Grants Grani of SeNi￿d ac£ommtsJat 1,3eO.CQ) 485.441 I.B53,441 1.368.CQO 1.281.111 485,441 9.440 1.853.441 1,510,551 Total donations and leg•es Page 21 E-sw ID.. 57L615eMa6&4a9•W7&*24c03139ri UNIVERSITY OF LEICESTEA STUDENTS UPION (A Com￿n¥ Ilmft•d by g4Hr4nt••l NOTES TO ThE FINANCIAL STATEMENTS conllnu•d FOR THE YEAR ENDED 31 JiILY 2024 OThEA TRADING ACThIrnES The Unww5ty of Lt￿e$1èr Slwlenfs unl￿ owrts 100% of the issued share capitxl of its subsidrary. UnNersty of Leicester Stuc*nts' UnK)n T￿Ing U(J. a cornpany wh￿h is incorF4)rated in EngLand and Wal8s lujnwany nurnber 028215061. The registered offi¢è ol Univetsity ol Lthcester Studerits. Unitffi Tr•liry Ltd is the sarre as Universty ot LeKesler StLbSenfs Unign. The sut6idrary part￿ipate$ in Irading acb.wbes relab.ng to chani*ie company. Its taxable profits are donaied to Chan'tab￿ company. A summary ol Ihp 5ub5*aiarfs r•sults whth are )wwIKlated in these fina￿la1 slaternents is Sho￿ bdow.. st•l•m￿t of ineomè 2024 Tumover C051 ofsa*s 214.930 17.0201 242.507 122,9981 Grms pr•ltt 207.910 219.509 Atknini51ratNe expenses 154.3351 146.0561 Prof51 belore and •fter 1•x•t1¢￿ tof the flr•nclal y 153.575 173.453 DislributKJn toparenl d4rity urKler gift aKI 173453 Resum fr>r Iho flnanclal The netassets ol Universty olLe￿eSter Studènts. unl¢￿ Trajing 31 July 2024 amounts to £212023.. £2 net assets). IIICOME FROU INVESTMENTS Total lundg Totol lund# Share ofI￿nt venture net irron Bank Interest 124.521 76. 124.521 76.566 89.778 27.767 a11.CQ7 201.087 117.545 Page 22 E-slw ID.. 57r£15e>6a6fA￿F3•24ce3139lT UNIVERSITY OF LEJCESTER STUDEIITS. UNION {A company Ilmlt•d by 9￿￿teel NOTES TO THE FINANCIAL STATEMEMTS IconUnL FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE 8Y expENorrvRE f¢pE Univetsity ol Lwcester Sludents. Un￿n Trading Ltd 51.768 61.355 69.054 Costs ot rnlslng 51.766 61.355 69.054 553.897 18.599 334,742 ￿7.238 ￿8,2&) 165.809 255,346 Weffare Engagernenl Data & Insithl Comrnunitie$ SpK)rts & SocJ"et*s Grant Peei mentoring Aca(lernK Rep￿￿tal Costs of charttab Acdvllles 175.138 40.452 185.106 28,271 12,399 6,200 18.599 772.294 79,083 &35,719 120,610 348 112.297 359,831 125.735 839,424 1.054.789 148,881 32,642 28.271 146.769 1.011,135 61,998 1.455.093 2,528.226 2,114,846 61. 1.464.e82 2,$99,581 2.183.W) Pag& 23 E-SW i).. 57¢6158Ma6&409&b473.f•24c83139ri UNIVERSITY OF LEICESTER STUOEMT> UNION (A￿MpanY Ilrnlted byworwle¢l NOTES TOTHE FINANCIAL STATEMENTS Icontlrn*dl FOR ThE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE 8Y ACTivmES Certain cenlral overhead swp)rt costs have been reafocated ty the ¥a￿u5 adiwlies as noted in thè aceounfrng ￿1￿les. Thè effèct ol thi5 reallocatKJn ￿ the ¥a￿u$ exFeThYrture heading is shtr*n he￿. lertaknn Sjpport dir•¢ity 2024 Total 21r24 513,578 33.6￿ ￿7ZJ8 fA)6260 165,809 226.719 359.831 255.346 113.360 125,734 179,339 839.424 1.054.789 107.161 148.881 Welfare Engagement Data & Insigm ComMun￿eS Sports & Sotiet* Grant Ptrtr mèmoring 133,112 12.374 660.085 41.720 146.768 1,133,601 2.528,226 2.114,846 Tolal 1.394.625 Support eosts ¢¢)mpris￿:. 2024 Staff costs 282.708 586,W25 Depr￿latrOn Reni Insurances NUS Sut)XfiFth)n PensKJn Scheme Funthng Marketing rL6ts Stationery and t*lwe 8ankcharges Other SUP[￿rt CL 61.996 51,351 485,441 229,440 18.177 15.689 24.469 61,979 8.131 1.442 3.064 148.959 88.065 1.259 2.401 193.554 Totsl 1.133.601 1.131.449 Pag& 24 E-SYJn ID.. s7f*15e>6a6Na￿7￿h?4¢¢313g17 UNIVERSITY OF LEICESTER STUDENTS. UI IA company Ilmlted by guarwteel NOTES TO THE FINANCIAL STATEMEiifs {eontlnuedl FOR THE YEAR ENDED 31 JULY 2024 INCOMEI(EXPENDifuRÉ) This 1$ $tat8d after Oepffjoaiion ol r￿e￿ assets.. . ¢)wned ty 1he charitat4e grow) 61.998 51.351 Fett paythe ¥i rnyct olbolh non4yAseThtes as are lo&)￿. A￿111 sèrvicès. siatulcry ol chariWe and consolKJaled acT￿nts 18.4 20.4C 18.400 STAFF cosrs Stsll costs as toifo*%". Wages and saLaritis S¢¢ial security costs 877,439 72.556 851.821 64.765 51.568 1.008.626 968.154 The average Thjrnber ofper￿)r* eiiyh)yed ty the company Ihe year was as Id&)￿". Full time St￿ents 51 35 30 29 27 The nunknrol ￿nployeeS whose eryJkny¢e L￿fitS 1exd￿￿ng ern￿oYer ￿r￿lon costs) •xeeeded £60.CQO was.. 2023 £60.tsJ1 - t70.000 £80.thJ1 - t90.C4JO Key management peIson￿ ol the Ch*Itab￿ corrpany are cw6idered lo be the trustees, the D1￿Clor of Membw5hip Ser¥Kes. Director of Finarts and thè Chief ExeurtNe Offrer. Durng the year, key management Fersonnel received remuneratKJn lincWwwJ ￿￿￿)YerS That￿al NwrarKe ¢ontrtJubor61 of £364,17312023'. £323.f691. Page 25 E-S*JTr ID.. $7c61Se>6a6ft4a9trb47>*24c8313 UNIVERSITY OF LEicesTeR STUDEKfs' UNION {Aeomp8ny Ilmlt•d by 9￿al￿rte•} NOTES TO THE FINANCIAL STATEMENTS {eonllnued) FOR THE YEAFI ENDED 31 JULY 2024 TRUSTEES. REIIUNERATIOM Totsl TRUSTEE NAME ErNI J NtDonakl A Robirtson P 8hatt J Th￿a$ JHye H Palhan A Jamss A Kote S Malhari A Murali R Tolal 1.935 1.118 25.413 24,394 24.901 25,313 25,413 10,171 4,491 22,360 21.944 22276 22,360 1.860 1,923 1,935 904 337 337 337 337 1.097 1,118 441 198 3.956 3,956 3.956 3.9 153 72 TheFewere noots Intstee-ten￿4Sts Iheyear12073: En￿1. EWI21Y23.. Ei9hll tru51ee5 Ye￿1¥ed reirnLWr5eM￿ of exper￿e5 in relatr*n to travd aTrJ s￿>S1$ter￿e totali￿ £6.79)12023: £2.1821. I￿ TANG18LE FIXED ASSErs Flxturns and equlrAnènt Gr¢wp #nd Clmrlty Al l Augusl a)¥d d￿'tsr 476.617 41.171 M 31 Jvty a)24 S17.788 L*rnclallon At 1 August 20TJ Charge for y Elwninated on ￿￿￿¥SaI 317,507 61,996 Al 31 a)7J Net book value At 31 July 21)24 138285 At 31 Juty >J23 159,110 Page 26 É.Svw ID". 57fx81se34ae&4a￿7>I82lCe313gri UNIVERsrrY OF LEICESTER STUOENTS, LMON IA ¢￿panY by gmnw) NOTES TO ThE FINANCIAL STATEMEP¥tS (con FOA THE YEAR ENDED 31 JULY 2024 11. FIXED Ass￿ INVESTMEiirs In¥•stm8nts In lolnt Group Share otnelassets At 1 August 2023 Sharè of profit 910.446 124,$21 Ai 31 Juty >)24 1,034.967 GROUP 2024 CHARtrY 2024 2023 2023 Univer5ty of LeKesler St￿jents. Ur•)n TrathThJ Lbj 12. PR114CIPAL SUBSIDIARIES. JOWT VElmlRES AMD ASSOCIATES Prlnelpal subsldl• Urtfvèrslty tsf Lélttst*r Sludents. lthlon Tr8din9 SubswJAry rAme Unple￿ty of Lewt81 Sb*18nts' UnKM Tra(fing Company regi%trath.￿ nuft Basts ol ¢ontrol Equty sharth&Jing % Iy28219J6 VIK)lty ¢yrtsubsK1iary b. Prlndp31 loinl vwiwie¥ The Universny of Lermler st￿nIs, un￿ Trading Ltd, ha5 a 50% irynl ownership in the entity Student unic￿ Lettir#Js knrniteAJ. a charty whKh is registereol in EnglaThJ and Wales. The nalure of the bugness s that ola St￿nI lettir￿ agerry a￿1 ils r8gist•red ollKe i8 Fitsl Fboi Campus Centre BuithvJ. Mill Lane. Letister. Leicestershire LE2 70R. Student Union Letb'ngs Liniie¢J Ilndiig as Suletsl is a company limrted ty guarantee and is therefore he￿ asan Invesknent in Un￿e￿ity ol Lewter StLKlents' unl￿ TradirvJ Ltd al ni1val￿. rellecting rt5 recoverable v&ueto University of Siudents. Unh)n Trading Lldand Iherefo rts parent uThJertakirwJ, UniveNty ￿ Leicester StLthnts' Union. The group CO￿tituteS 01 Ihe OWne￿hIp. therefore Ihe group's share of irKX)ffE is £869.851 12023.. £742.7941 a￿1 share ol exPeThYrtu￿ is £745.331 12023.. £653,016). The groups share ol ihe ioial assets is É1.083,73912023.. £955.2851 lotal liaLWths 01 £48.77012023.. £44.839I. Page 27 E4¥n ID". s7¢61￿>686￿8g8-b4734&24cO3l391T UNIVERStTY OF LEICESTER STUDEpirs' UMON company Ilrnlt4dty NOTES TO The FINANCIAL STATEMEi¥fs {eonllm FOR THE YEAR ENDED 31 JULY 2024 13. DEBTOAS 57.fJ6 12.582 41,193 33,E61 Amounts owed try grw uThlertthrys Olher deblo Prtpayrnenls aTrJ acuued WK>Jme 28.854 47.266 67.754 19.W2 37,971 108.087 82.858 97.871 79.167 14 CAEDITORS: Amounts falllng duèwlthln on• GROUP Tradecreditors htr taxat￿￿ and 50cd s￿11Y Other ryedit¢xs Accruals and dtferred irthN* 14.156 27.095 12.572 40.315 94.138 18.895 16,C6S 3.462 41.024 13.342 22.844 12 35.165 83.923 18.695 14.724 38.675 75,756 GROUP Doferred Incorne Defelled incoim ai I Resources deferred the )tar ￿m￿nts r¢leas&Y fvom pr8v*)us yews 3.150 I50.￿) Deleffed ineoFf* * 31 Ji* 3.150 Page 28 E4Sw ID.. 57C61%>6a6&4a9e4>473.fv24￿3l39[7 UNIVERSITY OF LEICESTER STUDENTS. UNION {A ¢omp¥￿ limited by 9U¥*rt*l NOTES TO THE FINANCIAL STATEMEIITS Iwrtinuedl FOR THE YEAR ENDEO 1 JULY 15. STATEMEKfoF FLKJS Balance •1 1 August Bo1onc• at 31 July 2024 Clubs and Sotseties Peer MentorirvJ Fund RFU Developmenl F￿j Centenary Fund 295.975 544.876 1492.4981 348.353 3,290 5.793 10.000 110.(WI 305,058 554.876 1502,4981 357,436 General reseryes 45&313 2.144.937 {1.999.0181 1145.9191 456.313 456.313 2.144.937 11,999.0181 1145,919} 456.313 0￿Ignated funds Cayial and Strateg￿ wole￿S fun¢J Sharès ol net income from joint venture Pension ReseAt• 1291.678 38.387 1230.065 910,446 1.944.619 257,9)5 124.521 1.018.e76 2,824,334 124.521 1.034.%7 1.817,795 547,237 1,360.986 19,292 19,292 107,532 145,919 {2,4822241 Page 29 E-SW ID.. 57c*15834a664a98W7&fp24re3139rr U141VEASITY OF LEICESTER STUDEiifs' U140M NOTES TO THE FINANCIAL STATEMElItS {¢OntIn￿dI R THE YEAR ENDED 31 JULY 2024 15. STATEME1￿ OF FUNDS (e4)nllnued) Gr*)up- prh)r y•arlu rnslat•dl B•lone• at Balanee at 31 July 2023 R•strfei•d funds Clvbs and Societies Peer Mentofing FuTrJ RFU Development Fund 279.803 485.942 1469.7701 295.97S 5.793 286.886 487.942 1469.7701 305,058 Unmtrf¢ted funds Gènèral rèsèNe$ Shares ol nel income from joinl ventwe 456.313 1.781.783 11,652.1501 1129.6331 456.313 820.668 89.778 910.446 1.276.981 1.871.561 11.652.150) 1129.&331 1.366.759 Deslgnated funds LSP fund C¥tsi and strat•gie FXOj•CIS fvnd Pension R¢s¢N* 275.000 887.045 1275.CQOI 404.633 1.291.678 11.751.436> {589.3911 1193.1831 11,944.6191 129.633 1652.9411 152.898 Tatsi fund* 974.476 2259.503 11.5812991 1.018.876 Page 30 E-swjn ID.. s7c615e>686￿9￿.b173-1e24eè3l39[7 UNIVER&TY OF LEICESTER STUOEIITS, I￿•0m IAci¥npwby *nllEd trrf g￿?￿tel NOTES TO THE FINANCIAL STATEMEi¥fs leonllrn*d) R THE YEAR ENDED LY >)24 15. STATEMEKf OF FUNDS IconllwBd) Charlty- ￿rrent ye•r B•hne•at Balonce at Reslrleted funds Clubs and Sotstrties Peer Mentorir¥J Fund RFU Devdopment FurKI Cent?nary Fund 295.975 SM.876 1492.4981 348,353 3,290 5,793 10.OC(I 110,(Q)I 305.058 554.876 1502.4981 357.436 Unrngtrletsd lunds General re￿￿•$ 456.314 2.144.937 11.999.018) 1145.9191 456.314 456.314 2.144,937 11.999.018) 1145.9191 456.314 Deslgnaiod lunds Capital arxl 5tratwc prLyect$ fund Pansion A¥$¢rv¢ 1.291,678 38.387 1.330.C65 11.944.6191 1652.9411 19292 107,532 11.817.795) 19.2¥ 145,919 1487,7301 Tol•l lunds I￿,431 2.￿,815 12.482224 Page 31 E-SW ID.. 571*15e>696fAaye￿73-Io24c83l39I7 LINIVERSITY OF LEICESTER STUDENTS. UI4ON IA company lknlted by guarantee) IKITES TO THE FINANCIAL STATEMENTS <￿￿tIn11¢d) FOR THE YEAR ENDED31 JULY21f24 15. STATEMEKfoF FUNDS (Cl￿11n1 Charlty- prlor y•w las r•statsdl BalarKe at Balaftc• at 31 July R•strlei•dlunds Clubs and sC￿elle$ Peer MentoriNJ FurKI RFU Development Fur#J 279.803 485.942 1469.7701 295.975 3.290 5,793 286.886 487.942 {469,7701 305.058 Unrnstrfeted lund$ General reseryes 445,313 1.781.783 11.652,1491 {129.6631 456.313 445.313 1.781.783 11.652.149) 1129,6331 456.313 D￿Ignal•d lund LSP fund 275.iX)O 867.045 1275.CKIOI 404.633 1,291,678 Capital and slraiegic projecls lund Pension Reser¥• I1.751.4￿) 1589,3911 1193.1831 1.944.619) 129.633 1652,9411 1193,1831 Total funds 1153.808} 2.269.725 12215.1021 108,431 Pagè 32 E-SSJn ID.. 57rSt58>ea6u49￿7￿f¥2￿(•3139lI (Aeompany Ilmlied by g￿nn•p*) FOR THE YEAR ENDED 31 JULY aTr24 15. STATEMEiif OF FUNDS 1¢tyrtln￿d> Th• rnstricted funds relate lo: The Clubs aTrJ SoC￿t￿ FuThls rewesenl tJala￿ W lor speufr dubs and where U￿"Matt eontrol woukl vest wilh Iht Unwjn. The Urxjn aTrJ Uni¥ergty have agreed lo in partrwshi> to ￿￿ebp a Unr¥erSty.￿de peer mentoring scheme. The project will be marbaged as part ol the overall volurneer SUFP)rt Fff¢xess, the Universty have agreed fuTr1ing of £nil to SUFVOrt this sdwe. RFU D￿e10￿ent IWKJ relales to Th*)nies r￿eNed for thè thvelcwent of rugby ati University. PensKJn deswJnabJ fuTrJiThJ ielatesioluThJsset asth lorfutwecontrknu￿￿ towardsthe scheme, IvJht ol the revalUa￿on aTr# Ihe known thalknge5 faced by th? $C￿me. CaF4tal and sirat*uy"c p￿jects designated fundwig rew•swtS Ihe remaining fur￿ ths*Jnalad lor inve5trrEnt in straiegic Fwojects r*iiry to Ihe brrfJ-iem) ￿elo￿nent of the Union after fthnll acrwni tsf thè réquirecl fun(I'ry needed to orthrty th)wn tt* Urion in Ihe event of the c*ganisabon cea5iThJ to ryrate in ts lthure in Ihe liuht ol Ihe ¢hallenges sector. Pago 33 E-W10". 57c615834a6&489&b47>1e24ce3139ri UNIVEIISITY OF LEICESTER sniDEiiry upi(yi (A¢0m￿nY Ilmlt•d by giiwaiiio•) NOTES TO THE FINANaAL STATEMETrifs l¢ryrflrK*d) FOR ThE YEAR ENDED 31 JULY 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group •¢urrent year Restrfcled G￿￿1*1 ly￿gn11ed Pen$Son nds fvn¢ts funds reseN¢ 2024 Totsl funds Tangibb frrted assets Fixed asset investments Curreni assets credi10￿ due ￿1h1n ong ygar Pension scheme liatxlithe5 138.285 1.034.967 1.191.7KI 138.285 1,034,967 1099.867 194.1381 11.817.795) 11.817.795) .436 ￿,457 194.1381 357.436 456213 2.365.032 11.817,7951 1,360.9e6 Group- prlor yw (as rest•tedl Tot•1 lunds l￿d$ funds futhls rns•r4• 2023 Tang*ile fixed ass Fix&1 assei invesirnents Cutyeni assets Crethlots Ij￿ *ilhln ore year Pension scheme liaxlty 159.110 159.110 910.446 1.973,385 (79.4461 11.944.619111,944.6191 910.446 S.(W 535.759 (79,4461 1.132.568 .058 1.366.759 1.291.678 11.944.619) 1018,876 Charlty- ¢urv•nl year Restrict￿ Genernl D•slgnthd pen￿0￿ funds lunds nds re5eTve 21)24 2024 Totsl tunds 2024 Tangit48 lixed asset5 Fix•1 assel in¥estm8nts cU￿8￿t ass8ts eAeditors due wilhin one year PenS￿n scheme Irdblbty 138285 13B2B5 3$?.￿ ￿.235 (83,9231 1.191.7&) 2.089,451 183.9231 l1.817.795111￿l7,7gS} 357.436 456.314 1,330.￿ 11.817,7951 326,020 Charlty- prlor yoor l•$ regtotedl Rejtricted G•n•rnl ri•sIgnat￿ P￿$1¢￿) nds Iwds lunds r•s?rve 2023 Total fvnd$ 2023 Tarrfj￿e tixed assets xed assel invlslments Current assets Creditors due within one y¢¥ Pension Sche￿￿ liats.lity 159.110 159.110 6.058 532.CW 1.132568 (75,7561 1.%9.694 175,7561 11,944.619111.9M,6191 305.058 456.314 1.291.678 11.944,6191 108,431 Page 34 E49n ID.. 57c6l&>6•6&4a￿b47￿ts2Èea•39rl UNIVERSITY OFLEICESTER STUDEiifs' ui4c*4 IA cornyny Ilmlled by guJr*el NOTES TO THE FINAMCIAL sfATEMENTS (eonllnutd) FOR THE YEAR ENDED 31 JULY 2W4 17. RECONUUAnoM OF IAOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Net irKoMellexpeni*bJ￿) lorthe year las ￿Tsta1Thnt of Finwoal Actr¥rfwl 175,603 Adlu51rnent ky: Dep￿lit￿n (Decraasalllncrèase in p￿$1￿ detsr( fuThSrvJ Interèsi rècawéd t)ecrease in stcN*s Ilncreaseydecroasein (*t*y Increaselldecreasel In crethlofs N¢t 1￿me from Joint Ventu￿ and4$￿￿a￿S N•1 eash pro¥ld•d by11y$￿ inl op•ratlng aeli¥lbps 61.996 {19.467) (76.5661 51.549 61.980 127.767) 125T91 6,Z32 169,6761 189.7781 108,143 124,521 65,658 8did•nts' Unlon Sup•AnbMth Sch•ffl• Thg Union particpales in Ihe Studerfs Union SuFerarnuation &hgmg. which is a defined benplrt scheme whose mtmbe¥ship eonsists ol ern￿OYeeS ol St￿lents, unl￿$ rdattd bt#Jies IhrouohoLrt the country. Benèfrts in of seThit* up to 30 September 2rN)3 are a¢¢w8d on a ￿nal salary. basis, wilh beneffts in reskxct of$e￿ts Irom 1 (ktober 2003 accruing on a Car Average Revalued EamirrfJs ICAREI basis. Wrth effect from 30 Septethr 2011 Ihe Scherne dosed lo fulure accrual. Thè mos1 recèni valuatyon of Ihe Stheme was carrie(I fmrt as at 30 Jun• 2Wd2 and ShO￿Ed thal thè market value ol the S￿e￿￿'s assets was £106.71A).O(K) ￿1th thèse assets reye5enling 44% ol thè value of t*nefi'ts Ihat had accrutsd to memtrms after allowing for oxkwted futwe irKrease5 Iii éarnin￿. Tho ¢JgfKit on M(NJiNJ fun¢ina basis amounted 10 £136.600.000. The assuWK)nswhi¢h have Ihtr most sKJnrf￿n1 effect w)nthe regjls Of￿ Valualion arethostr rdatThig ￿ thè Tale of retum on investsn¢nLS aThJ rales ol in sakries Fenw(￿. Tho lolkrhirKJ asSuM￿￿)n arwied at ￿jUne 2tr22..- . Discount rat8". Barth of Erqland gdt ¢uwve + 1.5% pa. lirearly th4TrJirwJ over a terrn of 13 years lo gitts ¢vrve + 0.25% pa_ • Pension increa￿. A m(xlel ol each weas#. altr*iNJ insfftts, relalfft pntsre of diffèrént ¢aps and LY>llars. The 2022 v￿ual￿n rec￿￿mended a ffl￿thty contrt1u￿ln rewirernenl 14 aath Part￿1pa￿"Trj Employ•r exweswl in monetary ièm)s inteThYed to dèar oNJthng fundirwj del￿1 by 1 May 2037 and ￿11 increase by at lea* 5% exh yeaT. These o)ntributKJns also i￿￿le an aIltr•a￿e for cost ol the ongoing athlnistratNe aThJ operatH)nal exPer￿e$ of running the Stheme 91 £5.038 pa. Surpluses or defi¢il$ whiL* arise at futu￿ valuabons ￿711 also irnpad on thÈ Unv)n'$ future e0ntr*Krt￿￿n eommitmenl. In addrtion 10 th* above c*)niribuI￿r￿. UnM)n ￿s0 pays ils share of fv SthTh's levy 10 the Pe￿10n Protect￿n Fvnd. Page 35 E-￿TrI0.. 571*15¢$686￿asOW73-fe24cè3139fr UNIVERSITY OFLEICESTER STUDENT¥ UMON {A compary Ilmltod by 9￿￿te￿I NOTES TO THE RNANCIAL STATEMEPItS l¢onllnu¢d) FOR THE YEAR ENDEO 31 JULY 2024 19. PENSIOM COMMIT41ENTS {cry￿￿AdI The lthility F￿¥K￿d lor in re5pecl ol the SUSS ysion dekit decreased to £1.817,79512023.. £1.873,7t31 at 31 Juty 2024. Balance bro￿h1 fomard Umvindiffj ol ¢Jtscwnt at¢ied Delicrt funding contrlxjtiws Changes in assumFI'ons in year 1.873,723 88,C65 1107.5321 136,4611 1.817.79S Unlverslll¢¥ Supw•nnu#iion S¢hern (USS) A deficit rec(wery plan was wt in tAace as part ol the 2020 valuatL￿. which required paymgnl of 6.2% of salar￿S thfei the perKJ1 1 Aw"12022 uniil 31 March 2024. ai whth pti¥)t the rale would inC￿Se to 6.3%. No defo"I recovery plan was requi￿￿ uThJer the 2023 valuation because the htrme was in surpkns on a Itchrt￿ pro￿￿On$ b￿.$. Tl* instiiution was lorwJèr re￿1￿ to make dtlKit rteovery ccrtritxrt￿nS from 1 January 2024 and aw¥dingty re￿ased the outstanding ￿￿￿ls1On to tht profft aThY Ioss ac*xJnL The late* available¢orrpkte xtuarial valuation of Ihe Retirement Incryne Buik*r 15 a5at31 Mareh 2023 (the vJuafr'on dale) and wa5 Carried out usiry the projected unil method. Since the insDtution can￿4 Klentrfy its Sha￿ of USS Retiremenl Income Bui&Jer Id8fined benetitl assets aryl liats'lities, Ihe following disck)5ures renect those relevant for th%e assets and Irdbilities as a W￿)le. The 2023 ¥alualK)n was the seventh valuation for the scheme uThJer the scheme-speclfic fvnding re91￿￿ inlroduced by th• Pensi￿$ Aet 2￿4. whth I￿Ulr*S sehemès to havè sufficient and appfopriaie assets to cover their techn￿al wovts¥)ns. Al the valuat¥)n dale. the value ol Ihe assets olthe stherne was £73.1 tx"Ilion and Ihevalue olthe 5cheme'stechrMc* prgvl5ior￿Wa5 £65.7 billion I￿￿ting a surpkts of E7.4 blli)n aThJ a r*A>ot 111%. Company partic￿a￿S in the 5abry s¥rifi￿ F￿r￿￿)n s(*eme. Tr staff Costs Inolt 41 shows Il* Fensionat4e 5akry whKh inclL4les the empbyee sakry saLxiIKe derrenl. Th& ¢ompany contitJutK)n rale payatje is cwenty 14.5% of pensKJnable salaries. As at 31 Juty 2024 Un￿n had 3 &b¥e O￿t￿Ts paibcpatiw in the schwne. totsl pensKin cost lexduthro salary sacrthce pens¥)n ekn)ent. changes *) assumptsons for ealculaiing the p￿slon stheme h"atilty deftl lunth"ThJ con1nbul￿nSI lor Ihe ecwnpany was É28,46812023. t23,8751. The Ch8fitab￿ CL￿p￿Y aLso &*tritrArtes defmed c£)ni￿Alon srtrn.. The total ￿nI￿)ul￿)I￿5 paKI to The NUS Ae￿ Pen5KJn the year arTh)unted 10 £5.69712WJ'. £5,070). Altt* yearernj, the charitable company ¢ywed £Nil12022.' £NiD. The total contriblrtiorts paKJ to Tr Nati¢)nal Enwbyrwit Saving5 Trust INEST) duriry thè year arnounted lo £25.05912023: f24.4041. Altr*year ern1. the chantth compary owed £Nil12Wk2'. £Nill. Page 36 E.s￿l0." 57fa115e348664a9trb47>ts24¢•3139rT UNIVERStTY OF LEICESTER STUDEITr&' UlaON {A￿mpanY Ilmlled by guarantsel NOTESTOTHE FINANCIAL STATEMEpifs Iconllmiwl) FOR THE YEAR ENDED 31 JULY 2024 RELATED PARTY TRANSACTIONS C￿￿￿Thy Unlv•rslty ol L•l¢osi•r Stud•N$' Unlon Tradlng Ltd The wholty Ow￿1 5ub>xli8ry..Univer5ty d Lets￿er S{￿Jants. Un*?n Trading Ltd. is i￿1 ttrmn the cr￿s0￿dated a(ULmts. Universty ￿ Lewter Sttkdents. Unw)n Trath"ThJ Lld ai1&J t153.575 wi the year 12ry23'. £173.4531. Unfversity of Lwc•ster st￿￿entS. Lkn*)n T1￿1￿j Ltd irwrT* expeThJilure ltsough the charilabk company's bank ￿Unt aNJ also the charilatde company has recharged for the u ol siaff aM￿nting to É51,76612023.. £44.1111. At Ihe year eTrJ. Universty ol Lèicèster StLvJ$nts' UnKJn T¥ath"rrfJ Lld ow*J t33.661 120fJ.. £28.8541 lo the chantaNe company. Group and rompony Unlverslty ol Lelcestef Thè majority of the Sttthnt Unv)ns' luTrJiry 15 ¢JeFived from Ihè UnNètsty ol LeKe5ter. which 15 3 relaled paty as Ihe Student Unior6' Pri￿1paI aC￿rtE$ inVo￿te provKling ser￿eS to its stwlent The Student Union receNes a bbtk grani Irom the University of Le1Ce￿er £1￿68,000 120¥J.' £1,225.4111. AthlitionaF grants are wtybJB(I ihe Unwetsrty for project suky)rt of nil120fJ' t55,7001. During 1he yearthe group madt salès of £33,26712023.. £8.2721 to ts UnNerw ol Le￿•St￿r aThY made purthases of £58.97212023'. £18.3921 from thtr Urivetsity of Le￿leT. Al Ihe year the grcrtp were owed ￿1.43?{2023.. £6.8961 from tl* Universty of L&ce5ter. In additK)n. thè SbKlent Union occupies its IxJikfjNJ on a rènt-lreè tAsis. Thk% is under an informal li¢ènSè subletsl lu 31udent UnK+n mwnlaining th• bul￿th￿ in a (wl staleol reDair: As a resutt, an eslirnated value to the st￿Jen1 UnKm for the free accomModat￿Tr has been I￿kn￿e in the att0￿19. This hasbeen value(l a1£485,441120rJ.' £229.4401 based on marketpriceswithin Leit*stèr. stud•rt Unlon L•iiihg$ Llmlted During the year t￿ group made sales of É18.049 I2￿3.. £13.6331 to Stthjenl UnKsn Lettings Limited. Other relaled parties are the sai4)atI￿ arKI Tn6tee5 as detailed in Ihe ToL8tees' repwt. Oetails of remuneration recerved tty these irtdNbJuats are shown in note 9. Remuneration ol key managen*nt pe￿Onnel ts shtykn in 8. P•Je 37 E4YJn ID.. 57L*ISe341864a9&b47>ts24r*313911 UNIVERSTY OF LEICESTER STUDEpifs' UNION {A eompany Ilmlled by gubrnnteo) NOTES TO THE FINANCIAL STATEMEMTS leontlnu•dl FOH THE Y&IA ENDED 31 JULY 2024 21. COMPARATIVE GROUP STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR EMDED 31 JULY Vnrestrlcted Restrfcted lunds funds 2023 20rJ Funds 2023 INCOME FROM CHAR￿ABLE ACTIVITIES: Donations and lèga¢a¢s Clubs strietie5 1.510551 1.510.551 487.942 487.942 Olher IradiTrJ activibes 242.507 242.507 Investment incon 117.545 117.545 Other ir¢orr TOTAL INCOME 487 942 2 359 $03 EXPENDITURE Raisino fun Charitat* aclNrties 1.645 076 469710 2 114846 TOTAL EXPENDrruRE 1.714 130 489 770 2 183 900 4COMW(EXPENOITURE) 157.431 18.172 175,603 OThER RECOGNtsED GAINSIILOSSESI Actuarial gainsllk)ss•sl on delined benefit henws NET MOVEMEMT IM FUNDS 15 18.172 RECOmC￿ATrO￿ OF FUNDS As preVi￿S￿ rep)rted Prh?f year ￿lUstr￿t 776.272 188.6821 286.886 1,063.158 188.6821 Total fun(ts trAouglrt f(xwar(l- as reslatsy 286 886 974 476 TOTAL FUNDS CARRIED FORWARD 15 713.018 305,058 1 018,876 POST BALANCE SHEEf EVENT On 1V September 2024. Union Wilhth￿ ITOM thè SILthnl Unvn SyTannUa￿on Scheme and trigge￿￿ the 75 I￿. Tr amount was £1.417.046. Page 38