Charity no. 1138091 Company no. 06978707 NEWCASTLE UNIVERSITY STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JULY 2024 NEWCASTLE UNIVERSITY STUDENTS, UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JULY 2024 Contents Page Legal and adrninislrative information Trustees, report 3-15 Statement of Trustees. responsibilities 16 Independent auditor'5 report 17-20 Consolidated statement of financial activities 21 Consolidated balance sheet 22 Charity balance sheet 23 Consolldated statement of cash flows 24 Notes to the consolidated financial stat8ments 25-42 NEWCASTLE UNIVERSIry STUDENTS, UNION LEGAL AND ADMINISTRATIVE INFORMATION FOR THE PERIOD ENDED 28 JULY 2024 The Trustees of the Newcastle University Students, Union have all served in office throughout the year and to the date of this report except where indicated. Trustees l Full Tlme Sabbatical Officers President Education Officer Activilies Officer Student Media Officer Athletic Unlon Officer Postgraduate Officer Wellbeing & Equality Officer Elected to hold Office To 25 June 2024 Shah Yaseen Ali Lulu Chen Alexantra Theodosiou Gabrielle De Boer Kimiko Cheng Chirag Padmesh Kumar Lucy Leeds From 24 June 2024 Leo David (from 29 June 2024) Jasmine Natasha Binti Firdaus Peter Banks Swati Subramaniam Lucy Bower Alexandra Sheehan Duggan Llnming Sun Hisham Salamathullah External Trustees Adrian Alexander Drewett David Donald Miller Sarah Louis8 Winship lan Jeremy Kitchen Fridey Helen Cordingley Cornpany number 06978707 Registered Charity number 1138091 Registerod & Prln¢ipal Offlce Newcastle Unlversity Students, Union The University of Newcastle King's Walk Newcastle upon Tyne NE18QB Audltors Armslrong Watson Audil Limited First Floor One Strawb8rry Lane Newcastle upon Tyne NE148X NEWCASTLE UNIVERSITY STUDENTS, UNION LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 Bankers Lloyds Bank 102 Grey Street Newcastle upon Tyne NE1 6AG Natwesl Bank PIC 18 Northumberland St￿et Newcastle upon Tyne NE1 7EL Solicltor8 Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne NE14BF Newcastle University Students, Unlon employs a Chief Execulive Officer to work closely with the Trustees and ensure effective managemenl of the organisation by leading a senior management team. Durlng the year the senior managers were.. Chief Executive Officer and Company Secretary D1￿clOr of Commercial and Operations Director of Finance Director of Membership Services Director of Digital and Communications Lindsey Lockey Graham Haltam Tony Siney George Watkins Ann Cooper Subsidiary Company NUSU Tradlng Ltd Is a wholly owned subsidiary undertaking. Company registered number." 12113080 Directors L Lockey G Haltam l Kitchen L David (appointed 29 June 2024) S Y Ali (resigned 30 June 20241 NEWCASTLE UNIVERSITh STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Financlal Statements The Trustees present thelr report and financial statements for the period ended 28 July 2024. Trustees The Trustees who served during Ihe year are disclosed on page 1 . ObJ•ctlves and Activities Newcastle University Students, Unlon has identified its objects as the furtherance and the enhancement of the educational purposes of Newcastle University including bul not limited to- providing sporting, swial, cultural, and recreational opportunities in order to promote the academic and social education of students at Univer51ty of Newcastle upon Tyne., protecting and promoting the interests of the sludents, their welfare, development. well-being, and condltlons of study., acting as the official channel of communicatlon be￿een the students and the University and other bodies., provlding r8pr8S8ni8tion, guidance and assistance to students on matters affecting their welfare and interests as students,. promoting good relations be￿een sludenis and Ihose of other educalional establishments and the general public., and carrying out any ancillary or incidental charitable activities for the benefit of the community. Achlevements and Performance The year 2023-2024, has been bolh rewarding and challenging for NUSU, our colleagues, volunteers and our students. We have seen much success, amongst navigating many challenges, many of whSch were created by the cost-of-living crisis and continued effects of reGent high levels of inflation. However, our students contlnue to maintain high engagement with our activities and remain positive about their experiences, with 980/0 of students satisfied or above with the Students, Union and 890/0 agreeing they would recommend us to a friend. Our engagement levels with students increased by 5Vo to 60 % of students in 2023-2024. Key highlights of ouryear include Ihe amazing performance of our sports teams and we would like to congratulate them, the leaders of our sports clubs and the NUSU team who facilitate and support the delivery of all student-led sport at Newcastle University. This year, our teams finished 8th in British Universities and Colleges Sport (BUCS), equalling the university record in these rankings and were again successful in Varsity- Participation levels increased in most areas, with our one-off events in the Give It A Go programme exceeding all expectations, and engagement with our new Welfare and Support Centre demonstrating an encouraging launGh year. Our Sabbatical and Liberation Officers continued campaigning and advocacy work for all students, with many successes including a calculator loan scheme. the noodle basket and approval of a new Disability Policy. NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 This year was an exciting year for our commercial and operations with the launch of the Wetherspoon franchise, Luther's Bar. This allowed us to rejuvenate our offer for students, providing low-cost good quality fol￿ and drink and employ many more of our students into meaningful, real living wage employment with NUSU. As with any new venture, we had much to learn which w8 can take into 2024-2025, and we look forward to welcoming more students into the revamped space. In our first year, we exceeded income of £1million, bucking the trend seen in most other Students. Unions and licensed trade more widely. While we remain financially stable at the end of the year, it is evident that we must accelerate our financial strategy efforts as continuing with a business-as-usual approach is not sustainable in the medium to long term. The year- end accounts show a group deficit of £86k, despite both the Charity and Trading Company having planned to achieve a modest surplus to rebuild our reserves. This financial year has been challenging, with the introduction of a new commercial franchise partnership, continued success in the BUCS League, and the ongoing impact of the cost-of-living crisis and wage inflation all affecting our finances. AMBITION Our purpose is to represent, support. develop and enhanc8 the lives and exp8rlences of Newc8Stle University students. To deliver our purpose we have identrfied 4 strategic priorities moving forward.. Improving edu¢allon and empowering students to make positive change. Creating and maintaining student communities and ne￿OrkS. Providing welfare, support, and advice services. Helping students personally develop and unlock their potential. 1. Improvlng Educallon and Empowering Students to Make Posltlvo Change Campalgnlng for 8tud8nts In a Cost of Livlng Cr1818 The Officer team held listening sessions during Feedback Fridays and meetings with thelr Executive Committees and Student Council to gath8r critical information about students. biggest financial concerns. This informed th@ following actions.. To address student concerns around housing, we teamed up with Northumbria University Students, Union and invited housing charity Unipol to launch their Rate Your Landlord website in the city and surrounding area. The Sabbatical Officers have collaborated with the Russell Group Students, Unions to launch a Student Manrfesto in parliament calling on Government to priorilise students including their unique financial struggles. We've estsblished a new Noodle Baskel in the Marjorie Robinson Library Rooms, to provide free food for students, and a new calculator loan scheme so that all students can access scientific calculators for free. Our students told us what matters to them, including what changes they want to see on campus and in their communities. Whether we are carnpaigning lo change policy, procedures, attitudes or ideas, the student voice is at the heart of what we do. We took that feedback and focused on four priority areas this year-. Cost-of-Living Crisis, Sustainability, Accessibility and Inclusion. and Student Wellbeing. NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Our Suslalnabllity Plan was created In 2022 to ensure that NUSU has a positive Impact on the experience of every student at Newcastle University whilsl taking all reasonable steps to minimise its adverse impact on the environment. society and the planet. This year our actions have included: Organising our first ever Sustainable Swap Shop and hosting Second-Hand Markets, so that student5 can access free or heavily discounted used producls and avoid buying new. expensive, and wasteful products. Hosting 'Suslalnability Week, (19-23 February 2024) which included workshops and talks relating tofossll free careers and sustainable finance, and fun Give It A Go activities like upcycling crafts. Contributing to Leave Newc8slle Happy, a campaign focused on providing student5 With environmentally friendly ways of disposing of Iheir rubbish before leaving the city at the end of term. Introducing a Community Bookshelf in the SU, for students looking to donate, borrow arsd swap books conveniently, Accessibility and Inclu$lon For us, accessibility and inclusion are all about creating a unlverslty experien￿ for all students to feel like they belong, to fully participate in, and to enjoy their tlme at university. Thls focus has inspired the following actions.. NUSU'S new Disability Policy passed al Student Council, written by our Disability Officer 202&2024 Hosted a Student Summit, which gave Liberation Officers the opportunity lo present to senior university and Union staff on ideas they feel need to be addressed. Hired a Representation Project Intern to assess how our current structures of representation can be lrnproved, focusing on Ihe role of the Liberation Officers. A full report was published on our website. Secured funding lo expand the Participation Bursary to include postgraduate and international students. The SU ensure that student wellbeing is always considered in any form of declsion-making. This year, we particularly championed changing the culture and harm reduction, as well as safeguarding sludents on campus. This included tsking the following actions.. Students voted at Student Council in favour of the Union being a survivor-led organlsation, which has included us adopting a definition of survivor-led and updating our policies and procedures to refiect this. We have set up an Internal Changing the Cultures working group within the SU to improve our practise In supporting survivors of sexual violence and hate ¢rime. The SU applied and was successful in joining the S.O.S-UK Digital IBA programme (Idenlificallon and Brief Advice}, which is a preventative approach aimed at identifying and providing early intervention for individuals who may be at risk of alcohol-related harm. Free giveaways during exam periods, to show support to students who may be struggling and signposting them to the support services available to them in the SU and the Universily. There are over 1,000 Student Reps across all schools and campuses and over 100 individual student staff committees. Reps have hosted Meet Your Rep stalls, presenled at our Studenl Voice Forums, and contributed to countless University meetings. sprints, and committees. Thi5 year the student representatives contributed to the A¢¢ess and Participation Plan and the new Education Strategy. ensuring that student voice was at the heart of these Projects. We celebrated our fantastic Student Reps Ihroughout Ihe year with a Rep of the Month award, Each month we received applicalions from students and staff across the University letling us know when a particular Student Rep deserved 2 special commendation for their efforts in supporting the student voice. NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Student Council is the heart of student democracy on campus. Motions can be submitted by any student to steer the direction of Sabbatical Officer work and hold the Officers to account, create or collapse NUSU policies and update the record on student politics and priorities. Student Councll 2023-2024 Motion Highlights.. Studenls voted to establish NUSU as a victiffllsurvivor centred organisation. Introduction of a Working-class Llberation Officer. Implementing a Disability Policy 50 % planl-based options by 2025 NUSU to lobby New¢astle University to ensure Ihal the University does not engage in any research activities that could be used for offensive purposes, rather than defensive purposes within the military sector. The Officer Elections returned with another fun and energetic voling week129 candidates stood for election across all roles. We supported a flurry of campaigning activities on campus, including Candidate Spotlight, which was hosted by Student Media. All Sabbatical Officer positions were successfully filled, with a voter turnout of 12%. We were delighted to host The Education Awards 2023-2024 and astonished to receive a massive 559 nominations from grateful students across all campuses. Special thank yous were sent to a diverse group of university colleagues including PhD students who teach, researchers and senior teaching stsff. Many nominations went into detail about why students rale these members of staff so highly. 2. Creatlng and malntalnlng student communlt108 and networks The Give11 A Gol program continued to provide a range of opportunities for students to partlcipate in sport and activities at a reduced cost. With the cost-of-livlng slill impacting many students, we ensured our program was accessible and inclusive with a lot of free events. The programme delivered a gr8at selection of opportunities such as bubble tea making experience, regional trips, craft socials and visits to local attractions like NUFC Stadium & Top of Grey's Monument Tours. Throughout the year, the feedback consistently remained al 511-5 scale), showcasing a high level of satisfaction among participants. Durin9 the year, we delivered 522 activities and had 7.246 participants. Over this year, Campus League5 included 3 football 5 A-side competitive leagues and 2 football 7 A-side competitive leagues engaging a total of 251 students. This program is very social and provides an opportunity for those who are unsuccessful in our BUCS teams and Intramural to stlll play the sport they love, with their friends. Our Sports Clubs had an exceptional year, finishing 8th in Ihe BUCS league. Three new clubs, Pickle Ball, Padel Tennis and Judo look the number of clubs to 65, with 5,446 memberships. 97Vo of students rated their experience in an AU Club as satisfactory or above and 92,/¢ ststed that it was good or excellent. Our society memberships reached 14.805 with 194 societies and over bolh sports clubs and our societies, this was an increase of 2,674 memberships in comparison to 2022-2023. NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT {incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Societies Special Grants were awarded to.. European Society hosting Europe's Crossroads: Youth Voices in European Dialogue Panel Event. Model United Nations end of year trip to Edinburgh to see the Scottish Parllament and other institutions of governance. FILM-SOC purchase equipment for short Film production. Vietnamese Society, TET IT UP. a Lunar New Year event for Vietnamese students Ilving in Newcastle. A Cappella Society travelled to showcase of Northern A Cappella British Sign Language Society attended introductory BSL course ENT & OMFS Society, Newcastle ENT Core Skills Course Fashion Society, sewing workshop restocking The Academic Society Funding Project continued to have a meaningful impact on students by creating a sense of belonging at University through academic and course-based Societies from the beginning of the year. Now in ils second year, the project received an increase in applications from Societies. The introduction of a 6-week free trial and enhanced committee training led lo more unique and engaging events, and access to free 6- weekmemberships boosted participation rates. Feedback from surveys and focus groups was positive, with students appreciating the free trial, and Societies appreciating the finan¢lal support amid the coSt￿f-11vIng crlsis. 680h of students who used the free trial told us that they planned to buy full membership after the trial period with a further 640/0 of participants agreeing with th8 Statement that they felt a sense of belonging to their academic society. This shows the intended impact of increasing student engagement by creating a sense of belonging in academic societies Is being achleved. Events and Llvo Muslc We offered a comprehensive range of planning and loglslical servlces to students, staff, the unlverslty. and external Glients. helping to realize their visions for dlnners. award ceremonies. meetings, fairs, celebration5. and conferences of all sizes. Collaborating with a diverse array of partner Gompanies and specialisls. we provided technical support including sound, lighting, electrical installations. mlcrophones, presentations, and vldeo services. This year Venue has hosted a total of 152 events. 42 Student events 34 External client events 49 Gigs 27 Fairs 8 Award ceremonies 3. Providing welfare, support, and advlce services The Support & Advice Hub brings together our welfare, support and advice services within one, easy to access online and physical space. Located on the ground floor of the Union building students can seek information, advice, guidance as well as picking up a wide variety of free recourses. Over 600 students have visited the Support & Advice Hub with a welfare related concern and a further considerable number of students have come to collect free resources. This past year we have given out: Almost 1,000 STI and pregnancy tests. 8,000 period products. 16,400 condoms NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 The University and the Students, Union have both commilted to a harm reduction approach to alcohol and drug use. Our joint Drug and Alcohol group have agreed to join the S.O.S Drug and Alcohol Programme. We will follow the programme for one year and at the end of this submil evidence to be accredited by S.O.S-UK in being officially reGognised as a University and Union working with a harm reducing approach to drug and alcohol use. We also applied and was SUC￿SSfUl in joining the S.O.S-UK Digital IBA pro9rarnme. This will support us in our approach to alcohol use with ￿e1ve months of free resources, webinars and monthly group support calls. Monthly resources focus on topics such as.. units, alcohol and mental health, alcohol and physical health. stress, sleep. cohol IBA on campus, slaying safe during the summer, peer pressure, welcome period, engaging with sports and soGieties and starting the year with a check on your drinking. This year we recruited 3 student Wellbeing Ambassadors to work in partnership with our permanent slaff team and Welfare & Equality Officer to deliver our holistic wellbeing strategy, host 18 outreach stalls across campus and write monthly wellbeing blogs. Wellbeing Ambassadors engaged with over 200 students at 18 stalls in over 13 different venues. As a team they wrote 25 blogs covering a varlety of topics including being a Fresher, Setting Boundaries, Homesickness, Toxic Relalionships, Maintaining Physical Health, Self-care and Partying and Staylng Safe. Student Advlce Centre This year 500 cases have been managed by the advice team. There was a notable increase in academic queries relating to support lo study issues, Level 3 Appeals and OIA discussions and a noticeable increase in the number of students declaring a neurodiverse condltion in their discussions with us. regarding their academic concerns or adjustments. In relation to housing, students have had trouble finding properties, particularly those comlng for part yeaf study. There has been a slight increas8 in eviction cases and students continue lo have difficulties securing a guarantor or a guarantor an agent or landlord will accept. And the number of students who would have or have benefited from legal support has increased. mainly due to housing issues such as eviction. Students have been concerned about the financial effect of changing course or terminating studies and student mental health issues continue to be a reason for students presenting to the service. Casework Big Wins The service helped students recover or secure £4,624 in relation lo housing Issues and £36.500 in terms of financial or funding costs. Our focus is to support students during their studies and our academic advice support helped students remain on course where otherwise studies would have been terminated or not progressed. Whilst not the intention, this incidentally represents over £83.000 in tuition fees to the University and on a small scale contributes to keeping retention figures high for the Institution. 4. Helplng students personally develop and unlock thelr potential Across Ihe year, 2.495 individual students engaged with the Go Volunteer programme which included opportunities with internal projeGt5 and many external organisations. More than 17,500 volunteering hours by 1,540 students were dedicated to our Students, Union projects and 807 students attended our Volunteering Fairs held in October 2023 and February 2024. NEWCASTLE UNIVERsifY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Project Spotlights: Under One Sky is a volunleer run student initiative that aims to improve the lives of those affected by homelessness in Newcastle. Throughout their time at university, the group have become more aware of the issues of homelessness in the city and decided they could do something to support Ihi5 community often overlooked by students. and the general population. They run weekly walks where a group of three or four volunteers walk around central Newcastle with supplies, visiting the busiest spots to support as many people as they can. Danc8 Club Fundraising ProgTamrne - Dance Club held their annual fundraiser Newcastle Come Dancing and raised a record-breaking £2,089.48 for the amazing FACT Cancer Support, which supports the local community by offering a range of servlces to support cancer patients and their families in the North East. RAG 2024 - After several quieter years RAG relaunched this year to raise money for and support the work of incredible charities Guide Dogs UK and Children North East. The leadership team worked tirelessly to revamp and refresh what was, at one time one of the biggest societies at Newcastle University and they have gone out of their way to collaborate with other student groups to maximise the impact of their events. SciFair 2024 was a groundbreaking and pioneering project aimed at increasing the intèrest in science in local school children aged of 11-16. Budding scientists from a number of schools across the city took part, working for several months on their own projects before all coming together at Ihe Clvlc Centre in July where they showcased their projects to other participants and a Judging panel. North East Solldarity and Teaching supports adults and children from refugee and asylum-seeker backgrounds. 288 students participated this year in a range of activities, the largest being The Schools Project, which is run in partnership with Newcastle City Council a¢ross 10 schools. Through 855 sessions, students helped children living in Newcastle to integrate and foster new friendships, enhance reading comprehension, and ensure they have a nurturing school environment. Activitles included running lunch and after school clubs with art. craft, language and sport sessions, day trips, youth clubs. translated student reports and letters, and attended parents, 8venings to support parents and guardians. Medical School Partnership - Go Volunleer worked in partnership with the Medical School over several months to organise a Volunteer Day for their students. The event took place on Monday 26 February and was attended by 120 students. They participated in a range of activities including micro-volunteering wiggly bag making and Post Pals writing, constructing bug hotels, working al Stepney Bank Stables and fundraising as part of Marie Curie's Daffodil Appeal. Following the success of this event a series of micro volunteering sessions took place at the Medical School with more than 450 students taking part. NCL+ Award 948 students expressed an interest in taking part in the NCL+ programrne and 601 students ¢ompleled the Award, an irnpressive year-on-year increase of 50%. Student Employment Our permanent staff Team was supported by over 100 variable-hour Colleagues, many of whom are students. Together, they helped deliver numerous events and activities within our building with over 34,000 of variable paid hours. Putting £408,000 back into our students, bank accounts. NEWCASTLE UNIVERSITh STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 5. Retail and Commercial Co-op Our Co-op supermarket has become an essential gowto on campus for breakfasls, lunches, and grocery shopping for many of our students and university and students, union staff. To manage demand we receiv&, stock and sell 120 cages of products per week, totally 6.240 cages per year. We made over £2m in sale5 and 500,000+ Iransactions. Reflecting student tastes and preferences the store carries a wide range of vegan products and we celebrated Fairtrade Fortrsight by showcasing the Co-ops Fairtrade product range with a lasting table lo celebrate the benefits of Fairtrade. And in line with the Co-op and our own values, the store also supported and stocked our Sludent Pantry daily. Our store contlnues to further support student community initialives, and this year Cf>OP members have helped Sci Fair, the first university-run clty-wlde school science fair that aims lo inspire children from all backgrounds into STEM subjects, Marchandisa Our students proudly represent their university across campus and the city by wearing their beloved Unl M8rchandis8. This year. we sold over 14,000 merchandise items, generating £181,130 in sales. Our n8w webslte h85 generated over £20,000 of net sales and offers customers a new click-and-collect service. Luther'8 Bar This year, we partnered with Wetherspoons to develop a more viable offer for our members, with a huge increase in sales, and the new offer of affordable food. Our bar area has a full refurbishment, with over 100 new staff members appointed, with sales exc88ding £1m. Communlcatlon8 and Dlgltal 979k satisfaction for our student communications with 2.5 milllon page website views. An engagement dala project was Implemented this year, where student actlvity data was profiled through a variety of EDI categories and compared lo benchmark data for the full studentcommunity. From this we could identify sections of the community where our servlce provision and communlcations could be improved. This also stimulated a series of male student focus groups which have given us insight into where improvements can be made for this group next year. The range of student data we collect was also increased this year wrth student access card data being collected at Student Council. Apparel shop and Lulher's Bar. With regards to IT, a review of NUSU'S data management and relenlion look place and identified where improvements could be made. All student data collection has now been transferred to two secure plafforms and legacy access put in place. A new IT asset register was cofflpleled and a 5-year asset refresh programme scoped. Our team also began work with NUIT Network team lo scope NUSU'S needs as part of a Network Refresh 10 NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) FOR THE PERIOD ENDED 28 JULY 2024 Our People As we complete this year we can reflect on a period of growth and change. Based on colleague feedback, we focused on three key areas: 1. Colleague Learning and Growth We introduced tailored training for managers, focusing on meaningful feedback. and revamped the PDR process with coaching at its core. We also promoted internal mobility, helping more colleagues step into new roles. Result? Scores for learning and growlh soared, and we met all our targels. 2. Coaching and feedback Alongside manager training. we made feedback a priority with our new colleague-led PDR process. Constructive and helpful feedback became part of daily lrfe. Result? A blg thumbs-up from colleagues and a positive shift In scores! 3. Reward and Recognition We improved the pay award scheme, introduced a long service award policy and added employee recognition days (free pastry anyone?). Bul there's more to do as 2024-2025 will include a full pay and reward review. In our annual colleague engagement survey a 940/0 recommendatlon rate indicates thal a slgnfficanl majority of colleagues are likely to recommend NUSU as a place to work. Anything above 80% is considered world class (HR Coffee Time, 2024) so this is once again, Incredible. Looking for4Yard: As we enter th6 penultimate year of our 4-year slrategy, we are enthused to welcome our new team of sabbatical officers who bring a breadth of skills and experlen¢e with Ihern from their lime at Newcastle University. Their ideas, plans and commitment will enable us to both develop as an organlsatlon bul lo also bring about tangible change and improvements in the wider student experience. This coming year, we face the challenges of rising costs, and changes to student needs and behaviours and we are committed to a period of adaptation and review to ensure we remain sustsinable and effective in delivering the best for our students. Key Objecllves for 2024-2025: Full pay and reward review Reslruclure and strategy refresh of NUSU to rneet the needs of studenls, be more agile and ensure financial stability. The development of our financial strategy to 2027-2028 Focus on our key engagement points of clubs. societies, activities and events. NEWCASTLE UNIVERSI￿ STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report} {CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 Financial Revi•w The main source of funding is received from the University of Newcastle upon Tyne as a block grant. Thefund balances caffi8d forward at 28 July 2024 show a totsl of £10,367,000 including a £9,292,000 permanent endowment fund relating to the Students, Union building at King's Walk, £872,000 in restricted funds, £11,000 of designated fvnds, and £192,000 in Ihe General Fund. A consolidated loss on general funds of £86,000 was generated in the year which was behind target as we had planned for a surplu5 of£34,000. The trading subsidiary made a loss of £23.000 and the charity a Ioss of £63,000. Assets The Students. Union's tangible assets include the building, fixtures and fittings, equipment, and motor vehicles. The building 15 held in trust and whilst it cannot be sold it can, along with other assets, be used to enable it to carry out its objectives. The movements in tangible assets during the year are set out in note 8 to th8 acGounts. Reserves Policy The Trustees look ahead to a fvrther challenging financial year in 2024-2025 as the impact of the cost-of-living crisis continues lo affect our commercial aclivily. The Trustees plan to maintain reserves al a level of three months charitable services staffing costs. in line with our policy, which is approximately £360,000 and this will be reviewed annually. Al the end of this year, our level of reserves In the general funds has reduced to £192,000 because of the in-ye8r deficit. The Trustees recognise that 2024-2025 will be a challenging year and are planning to accept group operating surplus of £42,000 in 2024-2025. The significant investm8nt in Ihe Coop store is expected to produce the required returns as trading returns closer to pre pandemic leve15. these include a fixed rental income of £30,000 per annum and gifting of any further excess profits to the charity. The flexibility from th8 University on the restructuring of the loan during Covid 19 has assisted with liquidity. Support The Students, Union continues to receive financial support from the University of Newcastle upon Tyne and the Trustees consider that financial support will contlnue to be made available. Forecasts are prepared on the best available current informallon and regular budgetsry reviewts lake place to prolecl the reseNes position. Going Concern Given the financial position, as set out above, the Trustees of the Student5, Union believe that it is appropriate lo prepare the financial statements on a going concern basis. No material uncertainlies have been identified for the 12-month period from approval of these financial slalements. Investments Investments are monitored on a regular basis by the Finan¢e & Risk Committee on behalf of the Trustee Board. We do not currently hold any investments this is reflected in note 9 to the accounts. 12 NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 Financlal Rlsk Managèment Objectives and Policies The main risks associated with the Students, Union's financial assèts and liabilities are set out below. The Students. Union does not undertake any hedging activity. Interest rat8 risk Financial assets, liabilities, interest income and interest charges and cash flows Can be affected by movements in interest rates. Credit risk The Students, Union is exposed to credit risk on debtors, particularly with promoters for speclflc events. This risk is managed by requiring up front deposits where appropriate along with a proactive approach to credit control. Liquidity risk The Students, Union aims to mitigate liquidity risk by managing cash generated by its operations. Signlficant projects and capital expenditure are approved by the Trustees after considering available resources to provide funding for such rnatters. Struclure, Governance and Management Newcastle University Students, Union {'NUSU") is the Students. Union of the Unlversity of Newcastle upon Tyne and falls under the definition of a "students, union" in section 20(1) of the Education Act 1994. On 28 July 2024 Newcastle Universlty Students. Union is a Company limited by guarantee and a registered Charlty, directly regulated by Companies House under the Companies Act 2006 and the Charity Commission under the Charities Act 2011. In accordance wilh best praclice the Trustees have considered the requirements of the Slatement of Recommended Practice {SORP 2015} and prepared these finanGlal statements in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) (effeclive 1 January 20191. Governing Document Newcastle University Students, Union Is governed by Its Constitution (which contains the Memorandum of Association and Articles of Association in accordance with The Companies Act 2006). Trustees, Appolntment, Induction and Tralnlng The Sabbatical Officers are Trustees (and Directors for the purposes of Company Law) of Newcaslle University Students, Union. They are elected by the membership of Newcastle University Students, Union by cross campus secret ballot for a on&year term of office. They receive training on all aspects of their dulles from their predecessors and senior managers of Newcastle University Students, Union during a ￿0-week induction process at the start of their term of office. They also receive exlernal training relevant to their sabbatical posts from the University of Newcastle upon Tyne and other relevant bodies. Five External Trustees and two Student Trustees are appointed by an appointments panel made up of the Chair of the Board of Trustees, the Chair of Students, Union Council and the Executive Direclor of Academic Affairs of the University of Newcastle upon Tyne. Induction training is given to all new Trustees by the Chair and the Chief Executive Officer and exlernal Trustee training is also offered. (External Trustees are appointed for a four-year terrn of office and may only serve a maximum of o terms. Student Trustees are appointed for a one-year lerm of office only bul may serve a maximum of two consecutive terms). 13 NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT (incorporating the Strategic Report) (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 Pay Policy for Senlor Staff Director level salaries, as per all other staff, are aligned to Ihe NUSU pay scale which itself mirrors Newcastle University's Professional Services Pay Scale for Grades A-H. Levels were set using a recognised job evaluation process. The Chief Executive Officer's pay is generally aligned to Newcastle University's Non-clinical Professorial Salary Scale, which reflects the seniority and responsibility of the role. Benchmarking is also carried out with other Chief Executive Officer roles both in the Charity Sector and more specifically Students, Unions. Organlsational Structuro Newcastle University Students, Union is a democratic organisation. Newcastle University Students, Union Trust88 Board mainlains the legal, financial, and reputational integrity of Newcastle University Students, Union, as well as setting Strategic direction, and managing governance and risk., the Trustees also act as guardians of Newcastle University Students, Union asse15. including the building and reserves. Students, Union Council is the senior student representative body and plays a malor part in driving the policies of the organisation as well as being responsible for th8 representative functions of Newcastle University Students, Union. Relatod Partles - Relatlonshlp wlth the Unlvarslly of Newcastle upon Tyne There is an arrangement with the University where Newcastle University Students, Union reports on its activities, finances, and policies in accordance with the Education Act 1994 at a Partn8rship Commlttee which meets four times each year,. this committee is chaired by an independent chairperson. In addilion, the Sabbatical Officers represent th8 Student membership at University Council. Senate, and other University Committ8es. Newcastle University Students, Unlon receives annual funding from the University of Newcastle upon Tyne and is financially dependent on this support. On 19 July 2019 NUSU Trading Ltd was formed as a wholly owned subsidiary of the charity in order to operate certain commercial activities for the benefit of students. Rlsk Management The Trustee Board has examined the major slralegic, business and operallonal risks which the Students, Union faces and confirms that systems have been established to enable regular reports lo b8 produced so that the necessary steps can be taken to lessen these risks. The Students, Union has a risk register and reviews it on regular basis. Th& principal risks and uncertainties identified along with controls to mitigate are: Risk presented by the increased Cost of Living on engagement and financial income. New initiatives and campaigns were led by officers. and addillonal grant from the University was secured lo assist with the rising costs of wages. Increases in wages and reduction in income in som& areas was offset by reduction in spend and activities and dormant society funds ulilised to assist with the financial position, Reputational risk from inappropriate use of social media. The Students. Union has a social media policy for the use of the Students, Union social media accounts and a policy for staff, officers and Trustees on their own use of soclal media. The policy is communicated to stsff and officers through emails and at th& annual conference. Financial reliance on the University for funding. Funding is agreed annually, and the Students. Union demonstrates each year the vital role it plays in both attracting and retaining students and contributing to their experience whilst at university. The Students, Union reports back to the University regularly including through the annual Impact Report. 14 NEWCASTLE UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT {incorporating the Strategic Report) (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 Health and Safety compliance related to the activilies of the Studen15' Union. The Students, Union has a Health and Safety manual that staff are made aware of; this includes performing rlsk assessments before undertaking activilies. Staff and clubs and societies receive training on Health and Safety appropriate to thelr areas of work. Publlc Beneflt Statement When revlewing our objectives and planning our activities, we have given due consideration to the Charity Commission's general and relevant supplementary guidance on public benefit. In pursuit of these objectives and activities for the public benefit, Newcastle University Students, Union will ensure that the diversity of its membershlp is recognised, valued, and supported and has established departments and services for Use by its members to support its work with the University and other organisalions on behaff of studenls. These include the Your Voice Team, the Student Advice Centre {SACI, the Activities Centre, and Ihe Students, Union Memorabilia Shop, Bars, Events and Marketlng departments. Sabbatical Officers meel regularly with the Local Authority, the police, and other providers of services affecting students. Funds Held a8 Custodian Newcastle University Students, Union acts as custodian for funds raised by the students. many clubs and societies. £1.368k (2024.. £1.414kl of such funds were handled by NUSU during the year with a balance of£422k (2024.. £430k) remaining at the year end. This is in addition to the grants disbursed to the clubs and societies by NUSU. Audltors Pursuant to section 487 of the Companies Act 2006, we undertook a tender exercise for the provision of audit services and duly appointed Armstrong Walson Audit Limited as our new auditor for the next 3 years. Statement of dlsclosure to audltors So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the euditor is unawar8. Havlng made enquiries of fellow Trustees and the company's auditor, each Trustee has taken all the steps that helshe is obliged to take as a director in order to make himselflherself aware of any relevant audit information and to establish that the audilor is aware of that information. On behalf of the Trustees Fridey Cor Trustee Date: 4 December 2024 15 NEWCASTLE UNIVERSITY STUDENTS, UNION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 28 JULY 2024 The Trustees (who are also Directors of Newcastle University Students, Union for purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordan￿ with applicable law and regulations. Company law requires the Trustees to prepare financlal statements for each financial year. Under that law the Trustees have elected to prepare the financial slatements in accordance with Unlled Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and company and of the incoming resources and application of resources, including the income and expenditure, of Ihe group for the year. In preparing these flnancial statements, the Trustees are requlred to.. select suitable accountlng policies and then apply them conslstently. make judgments and estimates that are feasonable and prudent., state whether applicable UK Accounting Standards hav8 been followed, subject to any material departures disclosed and explained In the financlal statements., prepare the financial statements on the going concern basis unless it Is Inappropriate to presume that the group will contlnue in operation. The Trustees are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 16 NEWCASTLE UNIVERSITY STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWCASTLE UNIVERSITY STUDENTS, UNION FOR THE PERIOD ENDED 28 JULY 2024 Opinion We have audited the financial statements of Ne￿aStle University Student Union Ithe'charilable parent company,) and its subsidiaries (the 'Group'} for the year ended 28 July 2024 which comprise the consolidated Statement of financial activities, the consolidated and charity Balance sheets, the consolidated Statement of cash flows and the related notes, including a summary of significant accountlng policies. The financial reporting framework thal has been applied In their preparation is applicable law and United Kingdom Accounting Standards. comprising Charltles SORP- FRS 102'The Financial Reportlng Standard applicable in the UK and Republic of Ireland. (United Klngdorn Generally Accepted Accounting Practice). In our opinion the financial statement5- give a true and fair view of the state of the group and parent charitable Company's affairs as at 28 July 2024 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracllce,. and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit In accordance with International Standards on Auditing (UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further des¢rib8d in the Audltor's responslbilities for the audlt of the financial statements section of our report. We are independent of the charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Klngdom, including the Financial Reporting Council's Ethic81 Standard, and we have fvlfllled our other ethical responsibilities in accordance with these r8quirem8nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rèlating to golng concern In auditing the financlal statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we hav8 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿1ve months from when the financial statements are avthorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 17 NEWCASTLE UNIVERSITY STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWCASTLE UNIVERSITY STUDENTS, UNION FOR THE PERIOD ENDED 28 JULY 2024 Other Infonnation The other information comprises the information included in the Annual report other than the financial statements and our Auditorfs report Ihereon. The Trustee5 are responsible for the other information contained within Ihe Annual report. Our opinion on the financial siaternents does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informatlon and, in doing so. consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent materlal misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thls regard. Oplnlon on other matter8 pr•8crfbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audlt.. the informallon given in the Trustees, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matters on whlch wo are requlrad lo r•port by exception In the light of our knowledge and understandlng of the group and parent charilable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, report including the Strategic report. We have nothlng to report in respect of the following matters In relation to which Companies Act 2006 requires us to report lo you if. in our opinion: adequate accounting records have not been kept, or returns adequale for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of Trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 18 NEWCASTLE UNIVERSITY STUDENTS. UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWCASTLE UNIVERSITY STUDENTS, UNION FOR THE PERIOD ENDED 28 JULY 2024 Responslbllltles of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees on page 1 (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements arsd for being satisfied that they glve a true and fair view, and for such internal control as the Trustees determine Is necessary to enable the preparation of financlal statements that are free from material misslatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operallons. or have no realistic alternative but lo do so. Auditor's responglbllltles for Ihe audit of the flnan¢lal statemen18 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material missiatement, whether due to fraud or error, and lo Issue an Auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarante8 that an audit conducted in accordance with ISAS (UK) wlll always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economlc declslons of users taken on the basls of these financial statements. Irregularities, includlng fraud. are instances of non-compliance with laws and regulatlons. We design proc8dures in line with our responsibilities, outlined above, to detect material misstalements in respect of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregulaflties, including fraud is detailed below-. We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct eff8Ct on the financial statements or that had a fijndarnenlal effect on its operations. Key laws and regulations that we identlfied included the UK Companies Act, tsx leglslation and occupational health and employment legislation. We enquired of the trustees, reviewed correspondence with HMRC and reviewed trustees meeting minutes for evidence of non-compliance with rel8vant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance. We gained an understanding of the controls that the directors have in place to prevent and dete¢l fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas.. ￿venue recognition and management override of controls. 19 NEWCASTLE UNIVERsifY STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWCASTLE UNIVERSITY STUDENTS, UNION FOR THE PERIOD ENDED 28 JULY 2024 We reviewed financial statements disclosures and tested to supporting documentation lo assess compliance with relevant laws and regulations discussed above. We enquired of the directors and third-party advisors about actual and potential liligalion and claims. We performed analytical procedures lo id8ntfy any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assess8d whether Ihe judgements made in making accounting estimates were Ind+cative of a potential bias. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial slaternenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit. there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, internal omlsslons, misrepre5entalions, or the override of internal controls. We are not responsible for preventlng fraud or non compliance wlth laws and regulations and cannot be expecled to detect all fraud and non compliance with laws and regulations. A further description of our responsibilities for th8 audit of the financial statetnenls is located on the Financial Reporting Council's website at.. ww.frc.org.ukJauditor5responsibilities. This description forms partof our Auditor's report. Use ol our r•port This report is made solely to the charitable company's members, as a body, in accordanc8 Wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitab18 company's members those matters we are required lo state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members, as a body, for our audil work, for this report, or for the opinions we have formed. Karen Rae FCCA DChA (Senior Statutory Auditor) Armstrong Watson Audit Limlted Chartered Accountants & Statutory Auditors Newcastle upon Tyne DateJ8 December 2024 20 NEWCASTLE UNIVERSITY STUDENTS, UNION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Incorporatlng Income and Expendlture Account) FOR THE PERIOD ENDED 28 JULY 2024 Unre8trleted Re$trfct8d General Deslgnated Restrlcted Permanont Fund Fund Funds Endowment £000 £000 £000 £000 Total 2024 £000 Total 2023 £000 Note Income and endowments from: Block Grant 2,853 2,853 2.734 Tr8ding services income Other services income 3a 3b 3.846 188 774 438 4,620 626 3.288 493 Total 8.887 1,212 8.099 6,515 Exponditure on: Charltable actlvltles Tfading services expendlture Support costs 61 477 4.015 3,728 3,166 3.763 3,025 220 Total 6,973 10 S38 220 7,741 6,929 Net Incomel{expenditur8) beforè unreallsed gains Net gains on investments 1861 {101 674 1220) 358 14141 Not In¢om81{expendlture) (86} <10) 674 12201 358 (4071 Transfers be￿en funds N•t movement In funds (86) (101 674 1220) 358 {407) Total fiJnds brought forward at 31 July 2023 278 21 198 9.512 10,009 10.416 Total funds carrled forward at 28 July 2024 14 192 11 872 9,292 10,3e7 10,009 All of the above results derive from continuing activities. All gains and losses recognlsed in the period are included in thè Statement of Financial Activllies. 21 NEWCASTLE UNIVERSITY STUDENTS, UNION CONSOLIDATED BALANCE SHEET AT 28 JULY 2024 Note 2024 £000 2023 £000 Fixed assats Tangible assets Investments 10,111 9.726 10,111 9,726 Current assets Stocks - Goods held for resale Debtors Cash at bank and in hand 170 135 1,177 125 170 1,723 10 1,482 2,018 Current liabilitlos Creditors - amounts falllng dLtse within one year {1,046} (1.4651 N•t current assets 436 553 Total assets less current Ilabilltles 10,547 10,279 Crodltors- amounts falllng due after ono year 12 (180) {270) Net assets 10,387 10,009 Restricted Funds Permanent Endowment Restricted Funds Unrestrlcted Funds General Fund Designated Fund 14 14 9,292 872 9,512 198 14 14 192 278 21 Total Charlty Funds 10.367 10,009 The financial statements on pages 21 to 42 were approved by the Trustee Board and authorised for issue on 4 December 2024 and signed on their behalf by.. resident 2024-2025 Leo David Company no. 06978707 Trustee Fridey Cordingley 22 NEWCASTLE UNIVERSITY STUDENTS, UNION CHARITY BALANCE SHEET AT 28 JULY 2024 Note 2024 £000 2023 £000 Flxed assets Tangible assets Investments 10,098 9,632 10,098 9,632 Current as5et$ Stocks - Goods held for resale Debtors Cash at bank and in hand 101 160 1,059 58 162 1,599 10 1.320 1,819 Current Ilabllltles Creditors amounts falling due within one year (8731 {1,286) Net current assets 447 533 Total assets less current Ilabllltles 10.545 10,165 Net a880ts 10,545 10,165 R¢strlcted Fund8 Permanent Endowment Restricted Funds Unrestrlcted Funds General Fund Deslgnated Fund 14 14 9,292 872 9.512 198 370 434 21 14 Total Charlty Funds 10,545 10,165 The financial statements on pages 21 to 42 were approved by the Trustee Board and authorised for issue on 4 December 2024 and signed on their behalf by.. President 2024-2025 Leo David Company no. 06978707 Trustee Fridey Cordingley 23 NEWCASTLE UNIVERSITY STUDENTS, UNION CONSOLIDATED CASHFLOWSTATEMENT FOR THE PERIOD ENDED 28 JULY 2024 Notes 2024 £000 2023 £000 Cash flows from operating activltles: Net cash provided by operating acllvities 18 248 461 Cash flow8 from Investlng actlvitles: Purchase of propèrty, plant. and equipment {794) (105) Proceeds from sales of Investments 61 Net cash used in investing activilies {794) (44) Cash flow8 from flnancing actlvitles: Value of new108ns obtained during the perlod Net Cash inflow from financlng actlvlties Chang8 in Gash and cash equivalents in the year (546) 417 Cash and cash equivalents at the beginning of the year 1,723 1,308 Total cash and cash equivalenls at the end of the year 19 1,177 1,723 24 NEWCASTLE UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JULY 2024 ACCOUNTING POLICIES Basls of Praparatlon The financial statements are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) (Charities SORP {FRS 102)), the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The charity me8ts the definition of a public benefit entity under FRS102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in pounds sterling which Is the functional currency of the company and rounded to the neafest £1,000. Basis of Consolidation The financial statements consolidate lh8 financial statement5 of Ihe charitable company and its subsidiary undertaklng. Inler-group transactions, balances and profits are eliminated on consolidation. The consolidation is carried out on a Ilne-by-line basis. In accordance with section 9 of FRS102 - Consolldated and Separate Financlal Statements - NUSU Trading Limited is a wholly owned subsidiary and under the control of the Union. A separate Statement of Financial Activities (SOFA) for the charity itself is not presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Company statu8 The company is a company limited by guarantee. incorporated and domiciled in England. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Going Concern The financial statements have been prepared on a going concern basis as it is a55essed that the Students, Union will continue in operating existen￿ for the foreseeable future and meel ils liabilities as they fall due, 25 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 ACCOUNTING POLICIES (Continued) Fund Aecountlng General funds are unrestricted funds available for use at the discretion of the Trustees in furtherance of the general objeclives of Newcastle University Students. Union. Restricted funds are received to be used for activities prescribed by the donor,. this includes additional grants received from the University for EDI Work, Welfare, the Access Agreement, and Volunteering Grants. Monies were also received from various local individuals and organlsations to support our volunteering activities. The Permanent Endowmenl fund is a capital fund which must be held indefinitely and cannot be converted into income but may b8 Used to generate Income. Projects set up with designated funds to cover the purchase of Some capital items are ongoing. Custodian funds are entrusted to Newcastle University Students, Union for safekeeping and are students, clubs and societies, members, accounls. Such custodian activities are disclosed in the Annual Report and the clubs and societies balances are included in creditors (note 11). All income and expenditure are shown In the Statement of Financlal Activities. Incomlng Resource8 and Deferral of Incom• Grants receivable, including government grants. are credited to incoming resources on the earlier date of when Ihey are received or when they are receivable, unless they relate lo a specific future period. in which case they are deferred. Trading income is recognised at the point of sale or provision of service. Income is deferred when invoiced In advance when services have not yel been provided. Resources Expended Resources expended are accounted for on an accruals basis. The cost headings comprise expendlture. which includes staff costs, directly attributable to the activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with use of the resources. Central overheads are allocated on the basis of their use, with the aim of ensuring that those costs remaining within administratlon relate to the management of the Students, Union's assets, organisational administration, and compliance with constitutional and slatutory requirements. Expenditure is shown net of VAT recovered. Where VAT is irrecoverable thls Is included within support costs and is charged lo restricted funds or capitalised where appropriate. 26 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 ACCOUNTING POLICIES (Contlnued) Gifts In Klnd Pollcy The University of Newcastle upon Tyne provides some free services including buildings insurance. Newcastle University Students. Union has been unable to value these, so they are not shown as income or expenditure in the accounts. Investments Investrnents are stat8d at market value at the balance sheet date. Unrealised gains or losses are credited or debited to the Statement of Financial Activities. Tanglble Assets and Depreclatlon Tangible assets are slated at cost less a¢¢umulated depreciation. Depreciation Is provided at rates calculated to write down the assets lo their estimated residual values over the course of their anticlpaled working lives. The annual rates of depreciation used on the straight-line basis are as follows.. - Fumilure and equipment Motor vehicles Buildings and buildlng improvements Land Is not depreciated Where fixed assets are impaired the assets are written down to their recoverable amount. The recoverable amount Is the hlgher of Ihe net realisable value and the value in use. Stock Stock. which comprises goods for resale, is stated at the lower of hi5torlcal cost and net realisable value. Financlal In8lruments The company only enters into basic financial instrument transactions Ihat result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans from related parties. All such instruments are initlally recognlsed at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured al the present value of the future receipts discounted al a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method. Debtors Trade and other debtor5 are recognised at the settlement amounl after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 27 NEWCASTLE UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 ACCOUNTING POLICIES (Continued) Cash at bank and in hand Cash al bank and In hand includes cash and short lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cred5tors Liabilities are recognised when there is an obligation al the balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in seltlement. and the amount of the settlement can be estimated reliably. Liabilities are recognlsed al the arnount that the company anticipates it wlll pay to settle the debt or the amount it has received as advanced payments for the goods or servlces It must provide. Employee benefits The costs of short-term employee benefits are recognised as an expense in the period in which the service is received. Penslons The pension costs charged in the financial statements ￿preSentS the contributions payable by Newcaslle University Students, Union during the period in accordance with FRS102. An explanation of the pension schemes in which Newcastle University Students, Union participates and details on payments in the period can be found in note 13 to the accounts. Other Studènt Related A¢tlvlty NUSU funds Gertain related activities by means of grants or contributions which are charged lo the slatement of financial activities. The results of such operations are included within the accounts of Newcastle University Students. Union. Critlcal accounting estlmatss and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. Including expe¢lations of future events that are believed to be reasonable under the circumstances. Estimates included within these financial statements include depreciation charge5. None of the estimates made are considered to carry significant eslimation uncertainty, nor to bear significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. In preparing these financial statements the Trustees do not consider there were any significant areas of judgement thal were required in applying the charity's accounting policies as Set out above. 28 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE PERIOD ENDED 28 JULY 2024 BLOCK GRANT RECEIVABLE 2024 £000 2023 £000 Block grant from Newcastle University 2,853 2,734 3a TRADING SERVICES INCOME Unrestricted £000 Restricted £000 2024 £000 2023 £000 Bars Shops Events Marketing Other trading activitl8S 1,077 2,295 225 75 774 1.851 2,295 225 476 2,229 281 119 183 75 174 174 3.846 774 4,620 3,288 Trading Servlce5 income was £4,620,00012023: £3,288,000) of whlch £774,000 was restricted (2023.. £nill. 29 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 3b OTHER SERVICES INCOME CURRENT YEAR Unre8trlcted £000 Deslgnated £000 Restricted £000 2024 £000 AC Activities AU - Sport ME- Media SP - Sport VO - Volunteering YV- Your Voice Other Income Bank interest 41 41 82 20 20 10 17 89 279 292 87 36 87 188 438 626 OTHER SERVICES INCOME PRIOR YEAR Unrestrlcted £000 Deslgnated £000 Re8trlct¢d £000 2023 £000 AC - Activities AU - Sport ME- Media SP- Sport VO - Volunteerlng YV - Your Voice Olher Income Bank inleresl 33 20 10 53 10 154 204 160 218 21 15 14 15 99 388 493 30 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 EXPENDITURE ON CHARITABLE ACTIVITIES TRADING SERVICES EXPENDITURE CURRENT YEAR Dlrect Costs £000 Indlrect Costs £000 Total 2024 £000 Bars Shops Events Marketing Other Trading Activities Depreciation Loan interest 392 1,798 162 829 403 89 53 110 152 1.221 2,201 251 53 130 152 20 2,372 1,643 4,015 TRADING SERVICES EXPENDITURE PRIOR YEAR Dlrect Costs £000 Indlrect Cosls £000 Total 2023 £000 Bars Shops Events Marketing Other Trading Activities Depreciation Loan interest 166 1,699 192 302 416 87 468 2,115 279 80 120 95 17 103 95 2,074 1,092 3,166 Trading services expendilure was £4,015,000 {2023. £3.166,000> of which £61,000 was restricted (2023.. £2,000) and £6,000 charged lo designated funds12023'. £7.000}. 31 NEWCASTLE UNIVERSITh STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 4 EXPENDITURE ON CHARITABLE ACTIVITIES (continued) SUPPORT COSTS CURRENT YEAR Admin Rep Partici- patlon Advocacy Commun- ications Total Building Democracy Welfare 2024 £000 £000 £000 £000 £000 £000 Staff costs Depreciation Energy costs Other costs Societies 571 241 156 237 295 186 254 1,890 257 156 922 501 71 216 488 281 121 (2) 1,211 589 1,355 191 380 3,728 SUPPORT COSTS PRIOR YEAR Admln Rep Partl¢l- pation Advocacy Commun- ications Total Bulldlng Democracy Welfare 2023 £000 £000 £000 £000 £000 £000 Staff costs Depreciation Energy costs Other costs Societies 687 260 169 242 283 588 187 201 21 1,946 286 169 844 518 89 201 407 97 16 299 1,360 578 1,294 196 335 3,763 Support Costs were £3,726.00012023'. £3,763,000) of which £219,000 (2023.. £220,000> was charged to the permanent endowment, £477,000 (2023: £468,000) lo restricted funds, and £4,000 {2023: £29,000) to designated funds. 32 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 5 WAGES AND SALARIES 2024 £000 2,628 197 93 2023 £000 2,295 175 182 Wages and sa￿arleS Social Security cosls Pension costs 2,918 2,652 No. of employees total benefits . 38 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 14 STATEMENT OF FUNDS CURRENT PERIOD Balance at 31.7.23 £000 Income & investments £000 Expendlture Gain8 1(108ses) £000 Balance at 28.7.24 £000 £000 Unrestricted fund8 General fvnds Designated funds 278 21 6,887 (6,9731 1101 192 11 Restricted funds University- Acce55 Agreement T University- Catherine Cookson T Unlversity NUFR- Catherine Cookson University- Nighlline rènt T Touch Rugby T University- EDI Consultallon T University- LGBTQ+ safe spaces T Volunteering- SCAN fvnds # University- Capital # University- Financè Systems NEST donations T Coop first Responders T Newcastle NEST T NEST school T Gateshead NEST 11 Electric-hybrid vehicle First Responders T Newcastle University Welfare Fund T Coathing Tralning T EOI for Clubs and Sodelies T Students of Colovr Community Fund T NUSU Pantry T Belonging Project {Ac8demlc Societie$l T 81ue Thread New Health Navigator8 Fund NUSU 8uddies T TWCF Easter Communty Foundation T Concussion and Head Injuries In Sport Th8 Key INESTI T Access To Work T Summer Camp 2023 T Refugee Action # SU Refurbishment T Black History Month T Welfare Support and Ambassadors Clubs & Society Equipment T Liberation Officer Research TRAG T Circus Club # Newcastle Student Radio Reboot T Calculator Loan Scheme T Pasta Basket T Anliracism Training for Clubs & Societies Tolal Reslrict8d Funds 25 225 10 {2231 1131 27 {71 14 13 {11 (11 {171 {31 {91 48 31 16 11 18 (101 (381 12) 36 13 151 171 1181 {6) {61 1201 1141 121 16 15 20 14 10 (10} 181 Isi 141 13} {63> 15} 111) 110) (5) {21 {4) 774 711 11 10 151 198 7,212 (538) 872 Pemianenl Endowment 9,512 1220) 9,292 10.009 8.099 {7,7411 10,367 # Capital Grant T Other SeNice IncomelExpenditure 39 NEWCASTLE UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 14 STATEMENT OF FUNDS CURRENT PERIOD (CONTINUED) The Students, Union Building Is held in a Pemianenl Endowment trust by th8 Trustees of Newcastle Unlversity Students, Union. NUSU received funding from Newcastle Unlversity to support EDI. access an(J participation aGtivitses. Further extgmal fundlng has b8en rgcelved from various O￿anIsatIonS for Volunteering projects. Some other funds were designated lo cover the purchasè of capitsl items. 14 STATEMENT OF FUNDS PRIOR YEAR Balan¢6 at 1.8.22 £000 Income & Inveslments £000 Expenditure Galns Balance at 1(108888) 30.7.23 £000 £000 £000 Unreslficled funds General fvnds Designated fvnds 3S3 51 6,121 16,203) {361 278 21 Reslricled funds T University- Access Agreement T University- Catherine Cookson T University NUFR- Catherine Cookson University- Nighuine rent T University- Fiederi¢k Douglass Award T University- Sensory packs Touch Rugby T University- EDI Consullatlon T Unlverslty- LG8TQ+ safe spaces T University- Micro aggression arts Volunteering- SCAN funds # University- Capital # University- Finance Systems T Sanlander Diversity Ambassadors T NEST donations T Coop first Responders NICOT T Newcastle NEST T NEST school T Galeshead NEST # Eleclric-hybrid vehicle First Responders T Tyne and Wear Community Foundation ¥ Newcastle Univeisity Welfare Fund T Coaching Training ¥ EDI for Clubs and Soci8li8S ¥ 8ACP (NEST) T Students of Colour Community Fund T NUSU Pantry T Belonging Project (Academic Socteliesl Blue Thread T New Health Navigators Fund T S¢holefield Trnsl T SciFair 2024 T NUSU Buddios T TWCF Easter Community Foundation T Concussion and Head Injuries in Sport 10 10 177 11621 (s) 25 17) {2} (11 18 12 14) (11) 14 96 {481 15} 48 18 191 13) (251 136) 134) 11 22 37 24 12 42 10 20 {291 16} (16} (21 161 {101 191 13 10 20 15 14 (s) 151 10 (10) 40 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 14 STATEMENT OF FUNDS PRIOR YEAR (CONTINUED) T The Key INEST> ¥ Access To Work T Summer Camp 2024 T Refugee Adion Total Restricled Funds 191 (41 15) 388 (470) 198 Pemanenl Endowment 9,732 12201 9,512 10,416 6,515 16,9291 10,009 # Capital Grant T Other Service lftcomelExpendlture 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT PERIOD The Students, Union's net assets belong to various funds as follows: Fixed Assetsl Investments £000 57 Net Currènl Assets £000 315 Long Terni Llabilltle8 £000 (1801 Fund Balances £000 192 General funds Designated funds Restricted funds Permanent endowment funds 756 9.292 116 872 9.292 10,111 436 (180) 10,367 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Fixed Asset81 Investments £000 131 16 67 9,512 Net Current Assels £000 Long Terni Llabilities £000 (270) Fund Balances £000 278 21 General funds Designated funds Restricted funds Permanent endowment funds 417 131 198 9,512 9,726 553 {270) 10,009 41 NEWCASTLE UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 28 JULY 2024 16 RELATED PARTY TRANSACTIONS During the year ended 28 July 2024. the University of Newcastle upon Tyne provided a block grant of £2,853,000 (2023.. £2.743,000) lo Newcastie University Sludenls, Union. Al the year-end Newcastle University Students, Union owed the University £16.000 {2023.' £21,000) for net goods and servi￿8 provided by the University. The University made a loan of £400,000 to the trading Subsidiary NUSU Trading Ltd in 2019-2020. During the year. a repayment of £90,000 was made along with interest of £9,000. The balance owed at the perlod ended 28 July 2024 is £270,000 which will be repaid in three annual instalments until September 2028. 17 CONTROLLING PARTY The Trustee Board is the controlling party of Newcasue University students, Unlon. 18 NOTES TO THE CASHFLOW STATEMENT Reconclllatlon of changes In resourcos to net Inllowl(oufflow) from operatlng actlvltles. 2024 £000 2023 £000 Nel expenditure Depreciation Decreasel(increase) in stocks Decrease/(increase} in debtors Increasel{decrease) in creditors Net{gainsylosses on investments 358 409 (45) 35 (509) (407) 380 485 (7) Nel cashflow from operating activities 461 19 ANALYSIS OF CHANGES IN NET DEBT At 31 July 2023 1,723 (90) (270) Cash Ilows Transfer8 Cash and cash equivalents Debt due within one year Debt due after more than one year At 28 July 2024 1,177 (90) (180) {546) 90 {90) 90 Changes in net debt 1,363 (456) 907 42