DE MONTFORT UNIVERSITY STUDENTS UNION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2021 Company Registered Number 06634464 (EngId and Wales) Charlty Reglstered Number 1138587
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trustees (who are also the directors of the Charity for tFE purposes of the Companies Acll preSrt their Trustees report togelherwith the audited fnancial statements of De Montfort Universtiy SILKl8rts Union Limited (the Charilyl for the year ended 31 July 2021. The Trustees confrm that the Trust report and finanaal stalennts (rf the company comply with the current statutory qUIrements, tre requirements of the company's goveming docurrÉnt and the provi%ons of the Statem&* of Recommended Practi {SORP)'Accounts'ng and RepOrng by CharilEs" leffective January 20191. REFERENCE ANDADMINISTRATIVE DETAILS Charitable Status De Montfort University Sludents Union Limited IDSUI is a company limited by guarantee Icomp&ry number 066344641 and a registered Charity (Charity number 11385871- Principal AddsS and Registered Office First Floor, carnp Centre Bulding. Mill Lane, Leicester, LE2 7DR Trustees The following Trustees are also Directors of the company Full-time Executiveoffice The Executive offirS are elected by the student populatk)n lo hold Offi from 1 July 2020 to 30 Jw 2021 and are known also as the Executive Committee. The Executive Officers who held Offi duriro the year are.. Union Developnnt Exe(Lts've Academic ExecutThie Joanna Dine-Hart (appointed 011071201 Ruby RaeS (appoint 01107121 ar(1 resigned 121081211 Pula SLJbram2nian (appointed 01107121) Aashni Sawjani (appoint 011071211 Benjamin Smith lappointed 01107r201 Equality & Diversity Executive Student Opportunf(ies & Ergagement Execxjtive Welfare Executive Academic Executnie Equality & Diversity Executive Student OptX)rtuntiies & ErvJagement Executive Laura Flowers Iresigned 301061211 Diya Rattanpal (resigned 301061211 Aishalsmail (resigned 30106r211 External Trustees The Extemal Trustees are appoinledtotheTrustee Prfjard byan Appoin1ThntS Comniltee. The Exte Trustees who held office during the year are.. Danielle Gillett James Brooks {resigned 231061211 Samuel Hagger Iresignaj 231061211 Jasvinder Sanghera lfftsigned 021121201 Philip Gilks (appointed 28109120211 Laura Arends {appointed 071101211 Geoff Kershaw laptjoinled 14110r211
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 REFERENCE AND ADMINISTRATIVE DETAILS Icontiwedl Student Trustees The Sludenl Trustees who held Offi during the yearare.. Student Trustee Student Trustee Student Trustee student Trustee You8sd Labib Samuel Sayer Luke Martin lappoirted 011071211 Mehul Parekh (appointed 01107121 } Student Trustee student Trustee Jodi Rose Iresuned 301061211 Laura Toher-Hindle (resigned 30106121) Audltors RSM UK Audit LLP Chartered Accountants Rivemiead House 7 Lews Court Grove Pa Leicester Leicestershire LE191SD Charity Number 1138587 Company Number 06634464 Bankers Cooperab've Bank POBOX 101 1 Balloon Street Manchester M604EP Governing document The Students, Union is govemed by the Articles ofAssoaation.The Students, Union is a compary limited by guaranlee and does not have any share capital. The guarantors are Ihe members of ttE Students, Union, being registered stlentS at the De Montfort Univers((y I'DMU") as defined in tr Articles of AssocaatDn. DSU Staff The Chief Executive OffIr wod(s closely with the Executive OffirS and as head of the SenDr Management Team ensures effective managemenL The Senior ManagementTeam is made up oftr f ollowing.. Chief Executive Offir Deputy CEO & Head of commclaI Servres Head of Finan, People and Centr81 servIs Head of Membership servIs Penni Robson Joe Stephenson Paula Heneghan Elgan Hughes
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Key Management and Trustees Pay Following a review of pay and grading DSU introduced a new pay and grading pay spine for staff employed from 1 August 2020 wth current staff remaining on the Universilrfs pay spirE. All slalf awarded an annual pay award based on the University's agreed pay award which is nationaly negotiated and is usually applied lo the scales on the 1 August each year. Dates can vary dep11rJ on national and lo(31 agreemlS but this is bad( dated to 1 August as required. STRUCTURE. GOVERNANCE AND MANAGEMENT Organisational Structure and Decision Making DSU became a companylimited by guarantee on 1 August 2008 and registered as a charity on 26 October 2010. The g0veMan structure includes the appointrnent of up lo 4 Extemal Trustees 4 StudentTrusteesonto the Trustee Board. The experieeS and expertise held bythese Trusteesensure thal DSU focus on conlinurty as prevs the short lemi Of0ffi held by the ExecutD/e Commit has made loru lemi strategic planning mre chaIngIng. Appointments to the Tnjstee BDard Je by an Appointsnent Commf(tee. Recruiknent and training of Trustees The current Trustee Board (x)nsists of thirteen Trustees and is constrtuted as follows.. - 5 Executive OffIr Trustees 4 Student Tnjstees 4 Exlemal Trustees The five Executive offer posts are Union Development Executive. Academic Executive, Equalty & Diversity Exete, Student Oppothnib'es and Ergagement Executive and Welfare Exeojtive. These are full times posts whith make up the Executive Conynitteeand are remunerat as authoriwj by Ihe EdUcatn Act. These posts cannot exc two years duration for each post holder. On irKItIOn the Executive Commf(tee and studenttrustees receiveTrustee training and have access lo orgoirrJ training as required. The Executive Orfcers are also tharily Trustees. The Executive Committ meets fortnEhtly to receive reports includng financaal infonnalk)n, to diswss policy issuesand receive information fromslaffas required. DSU alsoemploysa numberof non-slujart staff who are aceA)untable to the CEO for the performan{ of their duties. The Trustee Board structure also Includ four studenl trustee positions lo amplifythe Vol of SILKIts at DSU. This structure ensures accountabilrty of the Executive Committee as well as increasing stLKla participation in DSU. Our Exlemal Trustees are appointed for a temi of four years and can stand for re-election for anotk temi. Up to 3 exlemal trustees are appointed by the Appoinlrnents Committee ratified by the Trus Board. One Extemal Trustee sh811 be appointed by DMU Board of Govemors. All Trustees receive a full induction into the work of Ihe Sludenls, Union and the roles an responsibilities of a Trustee. DSU is affiliated lo the NUS and recewes suptK)rt and infomiation on a wde range of topi.
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 STRUCTURE. GOVERNANCE AND MANAGEMENT (COntind> Third party indemnity pr(wision fortrustees Qualifying tFird paty indemnity provision is in pla for the benefit of the trustees. Principal risksand uncertainties Risk management The major stralegr. business and operati)nal risks lo whith the charity is expc6ed, as identifi1 by Ih Trustees, are regularfy reviewed and systems or prOdureS are put in pLace to mits'gate those rr6ks. A risk register has been established which is upd ated and reported to the Executive Committee ar Trustee Board quartedy, CA)vering the followiro key matters amngsl others.. Funding- DSU receives the majority of its incorrE f rom DMU as well as generating IL8 ov income from commercial seThis. Annual budgets are set and approvej by the Trust Boatl with management accounts and variances to budget regularly reviewed. DSU is a&0 represented on the DMU Board of Govemors to ensure reporting and corrmLnicalion wth our main funderand reports lothe University's Finan and Perforrnan Committee IF&PCI aKI Quartedy Review & Perf0M)an Committee IQPRI on a q uartedy basis. Retention of key staff - We use experts to assistwith key CrUi1Ment deosiorB. We PvKIe enhanced support and supeNision, giving people opportuniti to progress. Key staff are involved in long term strategy and annual business planniro, aligning resources to actiirities. Govemance management-we have a corporate g0Veman structure aligned with Chaty Commisson best practice guidelines which involve strong communicatK)n with staff trustees, review of poliaes and pr0dUreS. regular meetings and informaty'on on perfonT and progress and clear and defined decision-m*ing processes. DSU completed a f LAI g0Veman reviewin 2018 which endors our new structures as bestpra¢tI. Financial systems and control - Qualified in-house finCe professionals produ accurate 2nd up to date finanaal reporting with dose monitoring of inlemal controls and a regular r of processes and proureS lo ensure they are fil for purpose. Compliance with laws and regulations- We conslanly monitr)r and review charoes as as ad here lo best practi. using specialist support where necessary. Brexit- No significant risks have been identrfied as a result of the decigon lo leave the EU. Close monitoring of the impact of Bre1 on the student body and DSU will contnue ajxl is supported by DMU and NUS. Covid 19 - DSU have been able to adjust its working praclises in light of the Cov id-19 pandemic. Whilst the convneraal SeNiS had lo be Clos in line with govemnEnt guKI in March 20, the Union was ableto remain opento itsmembershipwith staffworf<ingf and delivering remote supportf rom all of its other departrrEnts. The Trustee Board sel w tr COVID Major Incident Committee ICMICI with the aim of managing DSU'S responseto the pandemic and its impad on the Union's business and fironcial situation with f ull del83 authority from the Trustee Board. This allowed the Union to Spond to challenges arxl opportunilEs that arose as well as ensuring that student and staff safetywas at the heat of any decision making.
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Public benefit The Trustees have considered this matter, in conjunction wlh the guidance contained in the Chaty Commission's general guKlance on PLblic bendil and have concluded that as a registered charty Students Union, ourwork directly supports and benefits the 27,000+ students registered to study at DMU. In planning our work, we lesl that the primary goals of all our activItS are linked tr) our core arr and theref ore are forthe direct benefit of our merrthr students. OBJECTIVESANDACTIVITIES DSU is constituted under the EducatK>n Act 1994 as a charity. The main aims of DSU as sel out in its goveming docurrEnts are.. To advance the edation ofthe studentsof DMU forthe publicbenditby.. Providing representation, advice and assistan lo students on matters affecting their weff and interests as sludenls., being the recognised representative channel between Students and DMU and any ot exlemal body., providing sportiry, social, cultural and recreational opportunitEs and facilities f or Studts so as lo furtherthe education purposes of DMU., promoting and encouraging contact and co-operalK)n beeen students: advancing the welfwe and physical and mental we1lbe1r of stLKlenls', all such objects as are charitable in law which are incidental or conductNe to the for8Joirg objects. In setting our objecttves and planning our activities, the Tnjstees have given careful consideration to the Charity Commission general guidan on public benefil. Relationship with DMU For the year ended 31 July 2021, DSU received a Block Grant from DMU of £1.216,24812020'. £1,234,864). In additional DMU awarded DSU f uther one off funding of £29k for 2012110 albw DSU to be agile and fleble with regards its comnEr¢ial services. Forlhe finan(ial year 2021122 DMU have agreed a Block Grant of £1,202,811. DSU is extremelygraleful forthe University's continuing support including the use of the Campuscer Building and ongoingfinancial and otFErsuptKlrtwhich the Universityhas p romded duringtheyear. TrE stable Bk)ck Grant and continued use of campus Spa ensures DSU can keep supporting rts memb5 and deliver the best Servi to achEve its airrts and ambitions for the comirg year. DSU conlinuesto benefitf romposilNe relatDnships with Universitystafal all levels. We aspireto ma(e a continued positve contribution lo the lives of our members and the cawpus community in 2021122. The Charities SORP has been adopted for d LE coryliance with the requirements for Students, UmrB' provided in the Charities Act 2006. As a result, an eslimated value lo DSU for the f ree servic&1 accomrmdation has been included in thef inancialstatements. This has beenvabjed at £150,000 bas on market priS wthin the MKllands.
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 FINANCIAL REVIEW Results DSU g ross ini))me from 811 sources thi8 year tOtald £1.665,688 {2020.' £2,319,989). Total expenditure of £1,711,17812020'. £2,239,083) on the wde-ranging student benef((s we provide left a deficit of £45,49012020.' surplus £80,906). At the year end, DSU had tota funds defical of £331.15612020'. £287,666), of whith includes reslrickl funds of£117,70012020.. £128,460}and d&gnaled fundsof £55,50012020.. £37,557}. Following the adoplwjn of FRS102, the charitable company has been required to recognise the present value of future conlributK)ns req uired lo eliminate the shortfall estimated with respect to charitable company participation in the Students, Union SuperannuatDn ScherrE. This has result in a liability beng recognised in the balance sheet al 31 July 2020 of £1,065,140 {2020'. £945,039) this has resulted in a charge to the Statement of Financial Actimties in the year of £177,92912020'. £88,900). Reserves Pollcy The Trustee Board have approved a reseNes policy and identifd three reasons for DSU to lTr)kl reserves., - To provide f inancial stability to enable DSU to continue to achieve its objectives d utr challenging trading periods. This wll enable DSU to cover regular short term flu¢tualK)rts n income and cashfiow. To allow DSU to lake advantage of strategic devdopmert opportunities and pla) for growth. To enable DSU lo make provision for our slaff red undancies and closure costs on any dissolving of the Charity. DSU has idenlrfied that a minimum level of unrestricted funds should be setto counter baL9n trlirg uncertainty and produ a base level f or stability. Additonalty, a target level of unrestricted funds thill also be sel lo allow forgrowth and for DSU lo take advantage of strategic development opportunrt going f(¥ward. The level of unrestricted funds should be sel as the months owrating costs, with an additw)nd fK1 lo cover redundanw costs for all staff (genal reserve) and a designated fund for investrrEnt. At the current time the trustees are regulady viewir0 this policy as a wull of the CovKI-19 parKI but remain of the opinion thatadequale reseNes exist to meetliabilitiesas they beC0ndUefOr8 pd of at least a twelve months from the date of approval of the finanaal stateMlS. SUSS Pension Scheme Following the triennial valuation at the 30 June 2019, the net present value of future contributK)r required lo eliminate the shortfall has increased the liability being recogni sed in the balance shed a 31 July 2021 to £1,065,14012020.. £945,039) and a subsequent deficit on reserves of £331,156121M'. £287,666). The trustees are confidentthecurrent deficit compared tothe above reserves policyis WFDI as a result of the provisi)n req uired on adopb.on of FRS102, that this def icienl wll reduce over t coming years and that cash reserves remain adequate.
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR We have reviewed the key achievements and progress over the course of the year below.. Marketlng and Communlcatlons Throughout the Covid-19 Pandemt, the Marketing and Communications departhenl have regulaty monitored analytics on different channels and provided a flexible and creative approath to communications. Where pattans have emerged, tre department ha5 tailored the c£Jntent lo work wrttin the d ifferent channeL% algorithms to maximise engagement. The department have also been revEwro the purpose of each channel and their differing audiences. This has prodUd an increas8J understanding of what we use each channel for and how we can use il to maximise engagemtt. Moving forward we are looking to gain ev more understanding of our audEnce through analyt a1 will continue to taibr our messaging to match what those analytics tells us. 20-21 has been a particularfy diffi(JJll pericKJ as the digrtal landscape is already incredibly competitiv but now everyone and everything is online it is even more so. This year saw major changes in I departmentwlhlheadditDnofafulltimedesign¥8nd a newmarkeling 2nd CommUnir21K)nsMan. The addition of a fullb'nE designer has allowed a rebrand as well as a more seamless and co-ot1nata approach to marketing and commLnicalions. Desun can be integrated f rom the beginning of proj and play a larger ro in what we do. A majordevek)pmenl in ourcommunicatK)n is howwe use emails. From February 2021 we have b using more analytics and largeling in our emails. This enables us to be more precise in who we are speaking lo and tailor our messaging accordiroly, depending on their previous email activity or motivations. We continue to have a strong working relatior6hp with key departments al the University, as well a5 cohesive working within the Union due to improved intemal com)unication. This has led to bett organised and successful marketing campavJns. joint campaigns, and events. We continue reg u updateswth DMU Marketirg and DMU Sp(. Membership Services This year has seen success in many aspects of membership seNS with increased engagem1 at a variety of levds despite the requirementto provide ServIS remotely for much ofthe year. A new of Membership seNis was also recruited d uring the year. Governance The 2021 Executive elections were hosled online after a one-off amend rrEntwas passed lo run an online ele¢lion to avoid CovKI-19 lated interruption. In 19120 17,369 votes We cast by 2,935 vota¥, the 20121 electionssaw16,667 cast by 1,828volws, a dropof 4 10 butmaintaning a net gainon prevDus years. Student Council and Zone participab'on continued to be active, and sludenl led meetinqs were hekj. Feedback was extremely positive, with students participatinq in Council feelinq 'aware', 'inspired', ar(1 'infoMi, being 'ready to make a differen,, resulting in an increase in overall average net pn)tmt score Icollected from feedback after every o)uncill from 62.5 to 68.5. Student Council debated and voted upon a range of policaes throughout Ihe year, and exab'rrJty p the introd uction of a new Zone lo the representation structure- splittirvJ Welfare and Equalrty into separate zones to account f or the distinction between the two, and to engage the voice of an underutilised demograph of students.
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Academic Representation In 2021, the Course Rep scheme owaled wlh 505 reps, a further increase of 22./0 upon the411 rq)s elected in 19120 due to strenothenino partnerships belween DSU Voiceand fa¢xltES With a continL tailored election offer. Voic£ continued to support Course Reps virtual attendance at Universty committees, also introd ucing new means of tracking and celebrating change via the InspiratK)rd Changes portal. Voice will benefit from an additDnal Acajemic Representation Coordinator role, and the divisi)n of f acultieg between the two roles to allow for more focused and tailored support for Course Reps aryl University staff. Intheyearahead VolwIll be consolidating itsfocuson encouraging uptakeoftrairirg and instillino a sense of community Ma both initial and onooiro workshops, more reqular contact poirts with the Voice te8m, and ensuring clear routes forthe wider slLKient body lo use reps al every levd to have their voice heard. Activities DSU has continued to support slmdent groups to (xeate oppotunities forengagerrent in 2020121, axl in this uniqueand Unpredentedtlme the studentgroupleaders havedone an amazngjob in deliverir activities and events despiÈ CoMd-19. In recognising the barriers that students fad with inleractiYJ with student groups this year we removed the annual uEmbership fee, increased the development furKI budgetand purchased a Zoom Pro accrjuntenabling student gr0S to run virtual meetings and evats. The total amount of members has decreased this yearbut this is to be expected wth many grows concentmting on their academic studies, and adapting to the new ways of leamiro remotety. HOW, we have seen an increase of total memberships as when a student does join a group they are more likely to engage with more than one group. On average a sludentwill join 3.7 groups which has Ilnp1 f rom an average of 1.3 groups last year. The total numbers this year are., societ1- 2,604 indimdual members with 9,681 total FYEmberships Sports- 1,625 indimdual members with 4,749 total memberships The total numberof active studenlgroups is 153 made up of 113 SoCietS, 3 Demon Medkq Strwts, 1 Volunteering Group and 36 Sporbng Clubs. We have had several new groups this year includru Marketing Soaetywilh 35 members and the Yoga Societywth 84 members. E-sports is ourl8rg society with 232 members lan increase of 701 and two academic soaeties have increased ther membership wth Law having 210 members and PsyckK)logy Soaety 113. Our perfOm)an4)I groups have managed to continue running meetings and events and adapted well lo the new virtu environment wth Dance Society being able lo hosting a dance compelilion wlh 8 other universit from acrossthe UK. MyUniPal scheme has continued lo work closely with the University mentoring working g)up Imentoring For All), supporbng the welcoming activities f or both intemational welcome week ar f resherfs week. The MyUniPal mentors were again integral in helping student transitn to HigF Education this year, il was harder to create interactions with less phYsal events on campus but for those students on campus the MyUniPal mentors were able to support, guide, and answer questiors they had about starting at DMU. With the removal of the BUCS f ixtures this year the fo(xJs ha8 been more on partiapation, and thaE has been a real uptake in the free DMU Active programme which gives students access to non- competitive sport and fithess sessKJns when these were able to run under CoMd-19 resbictions.
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Advice & Wellbeing This academic year has seen a complete turnaround in the d ireclion, vision and deliverables f or tIE neY named, Adm & Wellbeing Team. Folbwng a restructure oflhe Advi teamthe ne form1 Advice & Wellbeing team have been able lo improve on the seThioe offered due to of delivw of campaigns and projects that are relatable for our student meMbship in additDn to the high quaty advice the team have always offered. The ServicehasslreamlirEdtheircoreadveareas,wh1cal1OWSthemt0f0cuS0n Housiro, Acad, Disciplin&, Complaints and Wellbeing. The removal of visa and money advi has allowed a more attentive team lo increase Iheirengagemenl in core union aclw((y. such as Freshersweek and electrJr6. Underthe guidanceofthe Advi & Welbeing Managerthetm have delivered a nuMb0f protTr campaigns and projects through social media. student email, online workshops, newsletters aKI articles. These include Stress Management workshops, Sexual Health campaign (including body positivity and poglwe relationships), Stress awareness month, Men's Health Week, Mental Health week. Sludenl Mental health day, Young Carers Day, Acaderric awareness campaigns, Safety rEt inf omation, Housing irfom)ation, Wellbeing guidance for election c2ndidates and much more. The team have also cor)ducted research on our mernbs regarding their knoedge on aCadn issues (such as academ OffCes1, where they had over 1,100 partiapants. The results oflhis w8 analysed and presented lo multiple university staff members and committee, including the Universty Leadership Board. To dale, the team have recorded just over 1,600 cases throughout the 2020121 academic year. TFThs B lowerthan usual, but given the circumstancesof staff changes, removal ofvisa%, training, and pro&twe campaignsthe lownumber is expected. Commercial Services As a result of the Covid-19 pandl¢COmMerCIal Ser$ have be imp&ted througFK)Ut the 20-21 yearwlh various lockdownsand restiictionsin place. This affected income levels within oUrcoMrr1ck services however staffing costs were mitigat1 by the use of the g0VemmlS Job Retention Sc which was used to fudough the mqority of staFf within our (x)MnreI services. Supplies {DSU Shopl Supplies sell a variety of speciali%1 supplies f or DMU courses as well as stationary. branded clothirg and also provides dissertal'on and binding selveS. Supplies has made a net profil of £5k12020 £) despite being closed for much of the year d ue lo Covid-19 lockdown restrictions. Product revi, relationship devdopment on the DMU Campus and excellent customer Servi are key objectw& of Supplies. DSU Sales & Advertising This commercial 0ratIOn achieved a net profitfEure of £6k12020.' £15kl. With the majority of reVLE within this area generated f rom our Fresher's Fair this was adversely impacted by the Covid-19 lockdown restrictions, in particular due to the requirèmèntf or DSU to hold a virtual ralherthan fa lo f ace Fresher's Fair. In addition, wlh lack of sludenl footfall throughout the year and customers wfth reslricled operations orbudgets ouropportunrtiesto generate sponsorshi)and advertisng income w severely impacted.
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 DSU Function Roomsand Su's Diner These commercial areas made a loss for the year of £32k12020.' profit £28kl. The Function F4)orrE, which is the DSU nighldub and bar, was closed for the full finanaal year. We were able lo open Sus Diner with a restricted service at limited points during the year when lockdown restriction allowed. Howev¥, even when we were able to open, revenues were adversely impacted by Ik of student footfall on campus. DSU utilisl Ihe govemrYEntsjob retention stherrE for the majority of staf within our commercial departments which allowed us to relain all of our pemiarEnt staff in their ro and all are now working back on sile. During the summer we did a small revamp of Su's Dinerwfich was rebranded as The Union. A reviewofthe menu and opening times, based on cust0merfe&lb, should ensure that this comrrErcial service provides an enhanced service to our students on camp and as such lead to a more profilable operalKJn. student Union LettingsLimited{trading as Suletsl On 1 August 2012 the trade and assets of the Letlings operation were transferred to a new limit&J company Student Union Lettings Limited Ilrading as Suletsl. Sulets is a registered charity and corrpary limited byg uarantee, with two members- DSU and The Universityof Leiceslerstudents, Union IULSUI Sulels supports DSU with sponsorship of activities and events during the year and we ensure rt continues to contribute to our aims and objectives through our representalKJn on the Sulets Board. In the opinionof IheTrustees, Suletsis not a subsidiary undertaking of the Charity. All fundsgenera by Sulels are restricted for use by Sulets in line with the objects of that charity. PLANS FOR THE FUTURE Following our recent recnjitmenl prosseS we have now recruited 3 new extem81 trustees who hwe joined the board in October 2021. In addilK>n, we expect lo re1ve nob'ficats'on from DMU of the Boad of Govemors representstThie shortly which will f ill our f inal v8C8nt exlemal trustee post In additDn, f ollowing the resignation of our current CEO Penni Robson, our new CEO will be joining us OffY f rom 1 January 2022 with our Interim CEO in post until this point. We are now looking al updatrKJ f orecasts folbwing ourFreshers period as well as planning anycomTrErual devebpmentfor DSU. Ch our new CEO and exlemal trustees are settled in post we will look lo update our slralejic plan in lirE with the DMU strategy including sludenl consultation as well as a review of current goverrvte stnjctures. COVID19 PANDEMIC RESPONSE DSU have been able to adjust its working practises in light of the Covid-19 pandenYG Whilst tre commer(aal ServIS had lo be closed in line with governrrent guidan in March 2020, the Unh)n ableto remainopentoits membershipwthstaffw0rkingfromhon8nd delivering remotesUpwrtfM all of ils other departrments. The Trustee Board set up the COVID Major Incident Committ* ICMICI with the aim of managiru DSU'S response to the panderrmc and ils impact on the Union's bLBifEss aKI f inancial situation with f ull delegated authority f rom the Trustee Board. This allowed the Union to respond lo challenges and opportunities that arose as well as ensuring that sludenl and staff safdy was at the heart of anydeusion making. 10
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Our Values and Mission DSU is an independent sludent-run and sludent-led organisaliorL Our mission is EmpowerlThJ you to create an unforgettablejourney by looklng out for your wellbelng, creatlng a sense of belongingand providlngoppun1tieSto getactively involved. We will deliver this by livirg up lo ourvalues, or Golden Threads, which are- Inclusion - your DSU is for you. Be who you are. Invested in you. Support Yourwellbng- a system of supportthat's accessible lo all. Communication - listening to you and a¢tiro on it. Letting you know what we do. Celebrate your achEvenEnL cdebrate you. Our longerterm aimsthal arewoven by ourGolden TradS8reto. Create a social hub whith is the pla for all DMU students to connect. Help and empower you by keepirg you infom1, advising and supporting on your rights 8r facilitating clubs, SoCtieS and other sbjdent groups. Support yourwellb8ng-with a sy*em of support that's accessible to all. Amplify your vol- maknro sure that your opinions are heard at all ve[8 across the Univetsty by representing you and helping you find your voice on campus. Build collaborative relationships - worknng wth the University, other unions, and the commlrity to represent your interests and create the best experien for you. Based on Ihese we have Identifi a sel of priorities for 2020121 that supportour loruerlerm arrbitKin and these are.. Engagemt-hoWeVeryOU want to getinvoe. Wellbeing - providing suppc¥t, advi, signposthng, "just being Ire., a safe and welcomro place lo come. Belonging - creating a sustainabk community in the heart of the campus. Representation- enhancing academic representation and empowering students lo get ac involved. Operational plans desbjned lo develop, monitor and deliver their prioiities is being devebped look forward to work on them overthe course of the next year. Auditors RSM UK Audit LLP have indic21ed their willingness lo be reappointed for another temi. In acco1 with the CoMpY Act 2006 a resolution proposing the reaptx)intrnert of RSM UK Audit LLP as Artor will be put to the Memb$.
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021 Trustees. Responsibilities The Trustees (who are also directors of De Monffort University Students Union f or the puryjoses of company law) are responsible f or preparing the Trustees, report and the f inancial statements in accordance with the applicable law and the United Kingdom Accountiig Standards (United KirYJdom Generally Accepted ArLounlirg Practi1. Company law requires the Trustees lo prepare financial statements for each financial year which gwe a true and f air view of the slate of the affairs of the charitable company and of the incoming resoL and applicAIK)n of reSoUrS including the income and expenditu, of the charitable company fortF period. In preparirg thesefinancaal statements the TNslees are req uired to= select suiia)le accounting poliaes and th apply them consistently, observe the methots and principles in the Charities SORP; make Judgerrnts and accounb'ng estimates that are reasonable and prudent state whether applicable UK A¢xounting Standards have been followed, subjectto any rnat departures disdosed and explained in the financHI statenEnts,' and prepare the financial statements on the going COncn basis unless it is inappropriate to presume that the cfBritable comp8)y wll continue in operation. The trustees are responsib f or keeping adequate accounb'ng records that disdose with reason* accuracy at any time the f inancial position of the charitable company and enable them to ensure trÉt the financial statements comply the Companies Act 2006. They are also responsible for t safeguarding the assets of the charitable company and hence for taking reasollab steps for tt prevention and detection of fraud and other irregLlarIt. In so far as the Trustees are awa there is no relevant aud it infomiation of which the charitab company's aud rtor is unaware and the trustees have taken all the necessary steps that they ouaht to have taken as Trustees in order to make themselves aware of any relevant aud it informab.on to establish that the charita)le company's auditor is 8W8re of that infom)8tion. In preparing this report, the Trustees have taken advanlage of Ihe small co mpanies exemptior provided by thesection 415A of the CompanEs Act 2006. This report was approved bytheTrustees on by.. 2811012021 and signed on theirb[ D Gillett External Trustee 12
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF DE MONTFORT UNIVERSITYSTUDENTSUNION LIMITED (continued) FOR THEYEAR ENDED 31 JULY 2021 Oplnlon We have aud ited the financial statements of De Montfort University Students Union Limited IIIE 'charitable company I for the year ended 31 July 2021 which comprise the Statement of Finaryia Activities, incorwrating IncorrÈ and Expendf(ure Accoun( the Balance Sheet, the Statementof Flows and notes lo the financial slatemenls, including signrfir2nt accounting polS. The f inanck reporting framework that has been applied in their preparation is applicable law and United Kirudor A¢¢ounting Standards, indudiro FRS 102 'The Financial Reporting Sta)dard appli¢&>le in the UK arKI Republic of Ireland. (United Kingdom Generally Accepted Accounting Pradicel. In our opinion the finan(xal statements.. give a true and f air view of Ihe state of the tharitab conyany's affairs as at 31 ju 2021 of ils incoming reSoUS and applicatK)n of resources, including its incorrE and expenditu, for the yearthen ended., have been propetly prepared in accordan with United Kingdom Generally Accq)t8J Accounting Pracb"ce,' and have been prepared in accordan wth the requireMts0fthe CoMpanS Act2006. Basis for opinion We conducted our audit in accordan with Inlemational Standards on Auditing IUKI {ISAs IUKII a) applicab law. Our responsibilities under those standards are f urther described in the Aud itorfs responsibilities for the audit of the financial slalerrents sects'on ofour report We are independa* of chaiilable company in accordan with the ethical requirements that are relevant to our audit of f inancial slateffÉnts in the UK, including the FRC'S Ethical Standard and we have f ulf Ild our oll ethical responsbililies in aCCordce with these req uirements. We believe thatthe audit evide Me have obtained is SuffiCnI and appropriate to provvje a bass for our opinion. Conclusions relating to going concern In auditing Ihefinan(ial statements, we have conduded thatthetrustees'use of the going COnM basis of accounting in the preparation of the finGi41 statetTEnts is appropriate. Based on the work we have perf0Mj, we have not identified any material uncertainties relatirg to evenls or condilK)ns that, individually or collectively, may cast significant doubl on the charitable companys abilityto continue as a going CoeM fora period of at least twelve months fromwhen f inancial statements are aulhorised for issue. Our responsibilities and the spOnsIbl11t1 of the trustees with SpeCt lo going COnM are describ in the relevant sections of this report. Other Informatlon The otherinformation compriseslhe information included in the Truslees Report otherthan thefirorn stalemenls and our auditor's report Ihereon. The trustees are responsible for the other inforryK)ll contained wlhin the Trustees Report. Our opinion on the finanaal statements does not cover the otr inf ormation and, except to the extent otherwse eXplrtlY stated in our report, we do not express ary fomi of assuran Condusion tlpreon. Our responsibility is to read the other inf omiation and, in doing so, consider whether the ot inf ormation is materially inconsistert with the f inancial staterrÉnts or our knowledge obtained in tF course of the aud it or otherwise appears lo be materially misstated. If we identif y such materia inconsisten(ies or apparent material misstatements, we are req uired to deterrrine whelherthis gDI&s rise to a material misslaterrEnt in the f inancial slalements themselves. If, based on the worf< we have perfomied, we conclude that there is a material misstatement of this otker infomiation. we are requir to port that fact We have nothing lo repxjrt in this regwd. 13
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF DE MONTFORT UNIVERSITYSTUDENTSUNION LIMITED (continued) FOR THE YEAR ENDED 31 JULY 2021 Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit the informalK)n given in the Trustees, Report. which indudes the Directors, Report prepaKJ for the purposes of ¢omp8ny law, f or the f inancial year f or which the f inancial statements prepared is consislentwilh the fInCHI statements., and the Directors, Report included wlhin the Trustees. Report has been prepared in accord with applir2ble legal requirements. atters on which we are required to report by exception In the light of the knowledge2nd understandiro of the charitable company and ils environmentobtarHY in the course of the audit. we have not identifiaj material misstatements in the Directors, Report included wlhin the Trustees, Report. We have nothing lo report in respectof the following matters where the Companies Ad 2006 requi us to reportto you rf, in our opinion.. adeq uate accounting records have not been kept, or relums adequate forour audit have mt been received from branches not visited by us,. or the f inancial statements are not in agreementwth the attounting re(x)rds and tUM$., or certain disclosures oftruslees, remuneration specrfied by law are not made,. or we have nol received all the inforTrBtK)n and explanations we require for our audit or the Trustees were not entild to prepe the finanaal statements in acwrdance with tlp sn eompaiies. regime and take advantage of the small companies exemption from t requirement to prepare a Strategie Report in preparing the Trustees, Report. Responsibilities of trustees As explained rrK)re fully in the Statement of Trustees, responsibilities set out on pages 12, the trusts (who are also the directors ofttrE charitable corrpanyforttrE purwses of company law) are respc¥Bible f orthe preparation of the finanoal stalenEnts and for being satisfied that they give a tnje and fair vw, and forsuch inlemal control as Ihetrusleesdetermine is necessaryto enablethe preparation of fir1 statements thata f ree from material misstatement, whethw due to fraud or error. In preparing the f inancial statements, the trustees are responsible for assessing the charitable company's ability to continLJe as a going conM, discbsirg, as applicable, matters related to goiro concern and using the going conrn basis of accounting unless the trustees either intend to liqublate the charilable company or to ase operath'ons, or have no realislic altemab've butlo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran aboutthether the f irnncial statements as a wh) are free from material misslatenEnt, whether due to fraud or error, and to issue an audi(orfs report t1 includes our opinion. Reasonable assurance is a high level ofaSsUran, but is not a guarantee t an audit conducted in accordancewlh ISAS IUKlwll always detecta material misstalementwhen itexists. mlsstalewntS can arise from f raud or error and are considered material if, individualty or in t aggregate, they coukl reasonably be eXpted to InfInCe the econorllic decisK)ns of users on the basis of these finanual staterrEnts. 14
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF DE MONTFORT UNIVERSITYSTUDENTSUNION LIMITED (continued) FOR THE YEAR ENDED 31 JULY 2021 The extent to whlch the audlt was consldered capable of detectlThJ [egular[t1es, [lUdIj fraKI Irregularities are instances of non-compliance wlh kws and reguLqliors. The objectives of our audit a to obtain suffifientappropriate auditeViden regarding compliancewilh laws and regulatK)ns thate a direct effect on the determination of material amounts and discbsures in the finanaal statements, tr) perfomi audit procedures to help identrfy instances of non-compliance with other laws and reguiaorE thal may have a material eff ect on the finan(ial staterrEnts, and to resporvj appropriate to iderrtrf or suspected non-complian with laws and regulations identified during Ihe audit. In relation to fraud, theobjectivesof ouraudit areto idenlify and assesslhe riskof Mat81 misstatemwt of the financial slalemenls due to f raud, to obtain sufficient appropriate audit eviden regard ing the assessed risks of material misstatement due to fraud through desyning and implementing appropriate spon*s and to respond appropriately to fraud or suspected fraud identrfied during the audit. However, it is the primary SponsIbl11ty of managemenL with the oversight of those charged with govemance, lo ensure that the entills operations are conducted in accordance with the provisio of laws and regulations and for the prevenb'on and detection offraud. In identifying and assessing risks of material misslatemenl in resped of Iegularlties, incluying frJ. the audit engagemert team.. obtained an understandirKJ of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company complying with the legal and reg ulatory fraMe)rts,. inquired of managerrÈnt, and those charged with governance, about their own identif and assessment of the risks of irreguL4riti&8, incI1ng any krwn actual, suspected or all instances of fraud., d iscussed matters about non-compliance with laws and regulatDns and howfraud mKJtrt occ including assessrrEnt of how and where the financaal statements may be SupIlbIe to fraud. As a result of these prOdUreS we eortsiderthe most 8pJnifanI laws and regulations that have a d i impact on the f inancial StatemtS are FRS 102, Charities SORP {FRS 1021, Companies Act 201E, Charities Act 2011, the charitable company's governing d0ment and tax legislaljn. We perfotTl audit procedures ID detect non-compf1anS which may have a material impact on the financk4 stalemenls which induded remewing the ffinanual statements induding the Trustees, Report, remainir alert to new or unusual transactions which may not be in accordance wth the govwning doCuts, inspecting Corresponden with local tax authorities and evaluating advice received from intemallextemal advisors. The most slgnrflct laws and regulations Ihal have an indired impad on the f Ina[1 statements those in relation to employment regulations, GDPR and data protection act, health and safety regulations and licensing regulations. We perfomied audit procedures to inquire of managemrt whether the charitable company is in Complian with these law and regulations and inspthj correSpondce with regulatory authorities. The aud it engagement team idenlrfied the risk of management override of controls as the area whetE the financial statements were most Susceptib to materia misslalerrEnt due to fraud. Audit proced performed included but were not limited lo testing manual joumal entries and other adjustrll ts, evaluating the business rationale in relation to significant, unusual transactions and transacl'or entered into outside the normal course of business and ChallgIng judgmerts and estinales. A further descriptDn of our responsibilities for the aud il of the financial stalerrents is located on tt Financial Reporting Council's website al ht¢)'.Ilwww.frc.org.uklaudilorsresponsibilities. This descripti)n f omis part of our auditt)r's report. 15
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF DE MONTFORT UNIVERSITYSTUDENTSUNION LIMITED (continued) FOR THE YEAR ENDED 31 JULY 2021 Use of our report This report is made solelytothecharilable companrfs members, as a body, in accordceW1th Ch4)t 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members Ihose matters we are required to slate to them in an auditorfs tEPOrt and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assurrE responsibility to anyone otherthan the charila)le cotTpany and the charitable company's membas as a body, for our audit wod(, for this report. orfor the opinK)ns we have fomEd. Lsm UK I,I,è LLF Gareth Jones, Senior Statutory Aud(£or f or and on behaw of RSM UK Audit LLP, StalutoryAuditor Chartered Accountants, Rivemiead House 7 Lews Court Grove Parf< Leicester Leieestershire LE191SD Date.. 2911012021 16
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED STATEMENTOF FINANCIALACTMTIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 JULY 2021 Restricted Unrestricted funds funds 2021 2021 Totsl funds 2021 Total funds 2020 Note Incomefrom.. DonatiorB arKj18JieS Charitable actwiti othertr iro actwiti Investmert income Other in(x)me 1,523,737 1,523,737 1.535,578 42,224 80,289 632, 921 26,852 26,852 76,170 53 53 1,252 34,757 34,757 74, 068 38,065 Total 38,065 1,627,623 1,665,688 2,319,989 Expenditure on: Raisirg fUS Charit8ble actwi(i 87,999 87,999 100, 492 1,454,253 1,623,179 2, 138,591 168,926 Total 168,926 1,542,252 1,711,178 2,239,083 Net income and net movement in funds 11 1130,861) 85,371 145,4901 80, 906 Recon¢iliationoffvnds TOta1furS bK)Luhlfowrd 1816,579) 528,913 1287,6661 (368,572) Total funds caThied foNiard 16 1947,440) 614,284 1333,1561 (287, 666) The Statement of Finanaal Activities includes all gains and losses recognised in the year. All income and experditure derived from (x)nlinuiig operations. A detailed (x)mparative StaterrEnt of Financial Actwities is shown in note 22. 17
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED BALANCE SHEET COMPANY NUMBER 06634464 AS AT 31 JULY2021 2021 2020 Note Fixed assets: Tang ible assds 12 14,682 36, 739 Current assets: stocks Da)tors Cash * bank 13 14 29,242 51,299 745,425 28, 258 51,877 684, (5 825,966 764, 140 Liabilities: Credilors.. amounts faling due within one year 15 1108,664) (143, 506) Net current assets 717,302 620, 634 Net assets exdudlng penon Ilablllty 731,984 657,373 Defin&l benefit pension scheme lithility 19 11,065,140} (945,039) Total net liabilities {333,156} (287, 666) Totsl fvnds of charity Restrict furKis 16 117,700 128,460 Unreslricled funds.. General futKJ Facililies development 8¢e 16 16 558,784 55,500 491,356 37,557 Total urnrestt funjs 614,284 528,913 PertsK)n resetve 16 11,065.140} (945,039) Total charity fdS {333,156} (287, 666) The financial statements on pages 17 to 34 were approved by the Board of Trustees and authorised forissueon 2811012021 and signed on their beha, by= D Gillett External Trustee 18
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2021 2021 2020 Note Cash flov from operating activities Net cash provid1 by operating actiNities 18 61,367 144, 099 Cash flows from investing a¢tivities Interest fM invlMentS 53 1,252 Net cash providal by investing acti%ities 53 1,252 Change in cash and cash equivalents in Ihe reporling perilxl 61,420 145, 351 Cash and eash equivalent$ atthe beginning of the reportiro period 684,005 538, 654 Cash and cash equlvalents attheend of the reporting period 745,425 684, 005 19
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2021 Critical accounting estim&es and areas of judgement Estimates and judgenEnts are o)ntinudly evaknated and a based on historiixl experierre ¥KI olherf 8Ctors, including expectations of f uture events that are believed to be reasonable the circumstanc. There are no critical accounts.ng ests'rrHtes and areas of judgerrEnt to note. Accounting policies Accountingconventh)n The financial slalements have been prepared in accordan with the Statem of Recommended Practi 'Accounting and Reporling by Charities preparing their accounts n accordance with the Financial Reporting Stsnd8rd applicable in the UK and Republic of Irel¥d" {FRS 1021. (Charilies SORP IFRS10211 'The Financial Reporting Standard applicab in ItrE United Kingdom and Republic of Ireland" including the amendments issued in December 2017 {'FRS 102,1 and the requirements of the CoMpanS Act 2006 and UK Generally Accq) Accounting Practiceas il applies from 1 January 2015. The f inancial statements are prepared in sterling, which is the functDnal currency of the chaty. Monetary amounts in these fnancial statements are rounded to the nearest £. De Montfort Universrtysludentsunion Lirned meets the defirNtion ofa public benefitenlity Lnl FRS 102. Assets and liabilities are initially recognised al historical cost or transaction va unless otheiSe st2ted in the relevant aciX)unting policy notes. Gng concem As a result of the Covid-19 pandemic the Students, Union embarted on a phased busirESS continuity plan to help prepare and respond to the chang ing environmert. Assurances wet? received from DMU as our main f under however f or our 2020-21 f inancial year Oth Irome streams were impacted as a result of physical gatherings having to be cancelled or postporHI. For this reason, the tharily has canied out forecasting by Iwking al how any changes in furKIi will impact the Students, Union, based on known inforrrAlion at the time of cA)mpiling and wll be monitored and m(Klified on an ongoing basis. Based on this and the available cash reserv, tre trustees consider that the charity has adequate f unds and suffi(ient cash f lows to meet ts liabilities as they fall due for at least one year from the dale of approval of the accounts. trustees also consider that its anticipated future objectives can be met and have thefore prepared the fina91 slalenEnts on the going COnM basis Fundaccounting General funds are unrestricted funds which are availablefor use atthe discreb'on of IheTrus in f urtherance of the general objecb'ves of the charitable company and which have not be designated for other purposes. Designated funds comprise unrestricted f unds that have been set aside by the Truste for Particular purposes. The aim and use of each desigrgted f und is set out in the notes to t f inancial staterrEnts. Restricted fundsaref unds which areto be used in accordan wilh specffic reStriCtnS impowj by donors or which have been raised by the charitable company for particular purposes. Tr Costs of raisiru and administering such funds are charged against the specific f und. The aim and use of each restricted fund is set out in the notes to IIE financial statements. 20
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Accounting policies {continuedl Income All incoming resources are recog nised once the trust has entitlement to the resources, ary performan conditions attached lo the itenlsl of income have been mel, il is probab tha tIE income will be received, and the amount can be measured reliably. Voluntary income, including donations. and grants are recognised wherethere is entitl8na*, probable of receipt and the amount can be measured reliably. The charitable compary benef its f rorn the provision of accomm(Klation by the De Monffort University. The Val of the gift of these facilities is based on the rental of similarfaalities in similar locations. Investment income 18 recognised on a receivab bas. Income d irect from Charitab activities is recognised when the charita)le company is lega entitled to income and the amount can be measured reliably, which includes income fM bars, catering, shops, rnembership serViS and training. Expenditure and irrecoverdble VA T Expenditure is recognised On there is a legal or constructive obligalKin lo make a paywrt to a third party. it is probab that settlementwill be required, and the amount of the obligatr)n c2n be measured reliably. Expenditure is classrfied under charitable activity rather than the type of expSe, in Ord to provide more Ljseful information to users of the f inanaal Statenknts. Where costs canmt be directly attributed to particular head ing, they have been allocated to activities on a b&6 consistentwith use of the resourc. Raising funds are those incurred in seeking voluntary contributions ID enable the charila) company lo cary out its charitable activities, these do not include the costs of disseminatirYJ infomation in support of the charitable activities. Support and g0Veman costs which cannot be direclly attributable to a specrfic activity hwe been allocated toactivities on a basisconsistentwith the useof the resources. Governar£e Costs comprise the costs of Nnning the charity, induding strategic planning for its future developm exlemal aud it and all the (x)sts of compIng with constilulK)nal and slatutory requirements, as the costsof Board and Committee meetingsand of preparing statsJtoryaccx)unts and satisfwrrJ public a(Lowtability. Tangible fixed assets and depreCIatn Tangible f ix1 assets are initially recorded at costs and subsequenlly meaSUd at cost of depreciation and any impaimient losses. Tangible f ixed assets with a cost price in excess of £2,000 are capitalised and all other expditUre is charged lo the stalemenl of finan(aal activ in the year incurred. Depreciation is provKled on all tangible fixed assets at rates calcukled to write off ttrE cost or valuation of the asset less any residual value, except for land over its estimated useful ecorx)m life. It is calculated at the folh)wing annual rates.. Fixtures & fittings Computer equiprrEnt 20- 330/u Straight Line 33 10 Straight Line 21
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Accounting policies {continuedl Impaim7ent of fixedassets An assessment is made at each reporting date of whetFEr there are indications that a fixed may be impaired or that an impairment10&8 previously recognised has fully or partially revers. If such indications exist, the charitable company estimates the recoverab amount of the asset. Shortfalls between the carying value of f ixed assets and their recoverable amounts, being tr hig her of fair value less costs to sell and value-in-use, are recog nised as impairment loss. Impairment losses a wogn6ed in statement of finanaal a¢lThiities. Recognised impairment losses are rever3ed if, and only if, the reasons forthe impairment bss have ceased to apply. Reversals of impairment losses are recognised in statement of f inar activities. On reversal of an impaimient loss, the deprecaation is adjusted to allocate the asset's revised carrying amount (less any resKJual v8lue} over its remaining uful lrfe. Jointly contromed entity The charitable company has a long term interest and shares, con1rold under contradL arrangements that is csSrfled as a joinly controlled entity. Stocks Stock consisting of gocKls purthased for resale are valued at the lower of cost and net reali%a) value after making due allowance for obsolete and slow-moving items. At each reporting date, the charitable company assess whether stoo*s are impaired or impairment loss Cognised in prior periods has reversed. Any excess of the caryiru arrK)wt of stock over its eslimaled selling price less costs lo complete and sell is recog nised as an impairment loss in statementof financial activities. Financial instrunBnts The charitable company only has f inancial assets and liabilities of a kind that qualif y as ba% financial instruments and are not considered to be offinanaal nature. Suth fnancial inslrum¥ts are initially recognised at IransaclK)n value and subsequentty measured atlheir setUerrEnt v Ih ex¢eptK)n. Debtors Trade debtorsand otherdebtors which are receivab withinone year8nd which do not constitlrte a f inancing transaction are initially measured al the transaction pri. Trade debtors and otl debtors are subsequenlly measured at amortised cost, being the transaction price less amounts settd and any impairrrEnt losses. Cash and cash equivalents Cash and cash equivalents includes cash and monies on short-temi deposits at the bank, otr short-lemi liquid investnEnts with origind maturities of the months or less. Creditors Cred itors are recognIs where the charitable company has a present obligation resuKiro [M a past event thatwill probabty resutt in the transfer of funds to a third party and the amount dLE to settle the obligation can be measured or estimated reliably. Creditors are normal recognIs a their settlement amount after allowing for any trade dis(KJunts due. 22
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Accounting policies {continuedl Taxation No provision f or corporalK)n tax has been made as the charitable compary is exempl from corporation tax on its income and gains to the exlenl that these are applied lo its charita)le activities. Pensions The charitable company partiapates in the Students, Union Superannuation Sc)enE, a defir benefit scheme which is exlemaly funded and contracted out of the State send Pension. Tr f und is valued al least every three years by a professionaly qualrfied Indepdent actuary the rates of contribulK)n payable being determined by the Iruslees on the adVe of Ihe actuay. The scheme operates as a pooled arrangement, with contributions paid at a centrally agr1 rale. As a consequence, no shareofthe underfying assetsand liabilf(iescan be direcdyaltribute to the charitable compaw. Therefore the pension charge shown in the f inancial stalents represents the contributions payable in the year, as under current accounting standards contributions are accounted f(r as if the stherne were a defined (x)ntributions Sthe. The charitable company also contribLrtes lo the NUS Aegon Pension Scheme and t govemment approved NEST scheme. The annual contributions payable are charged to ttr statement of fironcl aclivitEs. Employee benefits The costs of short-temi employee benlts are recognised as a liability and an expense. The cost of any unused holiday entit1errnt is recognised in the period in which the eMplO'S services are received. Termination benefits are recognised immedialdy as an expense when the company is demonstrably committed lo terminate the employment of an employee or to provide terminon benef its. Legal status of the charitable company De Montfort University Students Union Limited is a private incorporated charitable compary (company number 06634464) and is also registered al the Charity Comrntssion in Englar arKI Wales Icharily number 11385871. The charitable company is limited by guarantee and as Slth has no issued share capital. The address of the Charitab company's registered officE and princap81 pl&e of business is Fit Floor, Campus Centre Buikling, Mill Lane, Leicesler, LE2 7DR. The main aims of De Montfort University Sbjdenls Union Linited are to advan the edLb)n of the students of De Monffort University for the public belfil. 23
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Incomefrom Restricted Unrestricted Total fumls Total funds funds funds 2021 2020 Donations and legacies Bbck grant irthme Grant of SeThid )rllmodatK)n Grant of 0 Support Other grant income 1,216,248 1,216,248 1,234,864 150,000 70,000 87,489 150,000 70,000 87,489 150, 000 79, 000 80, 714 SLtF tola 1,523,737 1.523,737 1.535,578 Charltable actlvltles Bars arKI caerir SIps Membership serVeS Training 4,118 28,106 10,000 4,118 28,106 48,065 354, 729 88,574 184, 058 5, 560 38,065 Sub tota 38,065 42,224 80,289 632, 921 Other trading activities Commercial marketir¥J arKI spOrOIShip 26,852 26,852 76,770 SLtF tota 26,852 26.852 76,170 Inveslmentintome 53 53 1,252 Total 38,065 1,592,866 1,630,931 2,245,927 Other incoming resources Restricted Unrestricted Total funds Total funds funds funds 2021 2020 other income 34,757 34.757 74, 068 24
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Analysis of expenditure Direct staff costs Other direct Support osts osts Direct supplies 2021 2020 Raising funds Commercial mat1(eting arKI sporwrshp 4,425 31,938 230 51,406 87,999 100,492 Sub tota 4,425 31,938 230 51,406 87,999 100,492 Charitable activities Welfare, advice and reprentaln 42,159 322,719 22,019 143,263 530,160 581,984 Bars caerirg 12,120 112,414 1.992 203,217 329,743 674, 303 Sh)ps 17,185 45,241 1.825 55,406 119,657 155, 296 Membership SeeS 128,185 374,489 5.181 135,764 643,619 724, 235 Training 2, 773 Sub tota 199,649 854,863 31,017 537,650 1,623,179 2, 138, 591 Total 204,074 886,801 31,247 589,056 1,711,178 2,239,083 Other dlreet costs comprlsed 2021 2020 DqJrlatDn Repairs arKi renewaLs other 22,057 5,339 3,851 21,817 18,139 7, 720 Total 31,247 53, 736 25
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Analysis of the supportcosts Other Costs Costs Rent 2021 2020 Raising funds Commercial mat1(eting and sporBor6hip 20,998 7,500 22,908 51,406 57,497 Sub tota 20,998 7,500 22.908 51,406 57,497 Charitable activities Welfare, advice and reprentatn 52,494 30,000 60,769 143,263 171,949 Bars caerirg 62,993 75,000 65.224 203,217 221,491 Sh)ps 20.998 15,000 19.408 55,406 61,497 Membership selveS 52,494 22,500 60.770 135,764 164,451 Sub tota 188,979 142,500 206.171 537,650 619, 388 Totsl 209,977 150,000 229,079 589,056 676, 885 Other costs comprlsed 2021 2020 Dq)iatKTrn Repairs arKI nea Insuranc SUrysuppli a1 Untarty fees VAT partial exemplK)n lltment ReChae of OSUppOrt It,873 792 23,159 125, 923 16,176 34, 000 70, 000 1,924 19,776 116,355 21,024 70,000 Total 229,079 281, 923 Governance costs 2021 2020 AL*Jit, acCountarY 18Jal fees 67,078 82,479 26
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) Analysis of staff costs and numbers 2021 2020 Total staff emoknments for the year were as follows.. Wages salaries costs Social SUritY costs Pertsion defin benefitsche Pension contribulK)n scheme 809,202 64,367 186,858 36,351 990, 372 65,916 99, 738 37,370 1.096,778 1. 193,396 During the year the charitable company made redundancy payffents and paymlS1n lieu of notice amounting to £34,37712020'. £3,103). The pension cx)sts are alloc3t to actwities in proportion to related staffing costs incurred. The average numberof lndividualsempk)yI bythe charitable (x)mpanyduring Ihe ye as follows.. 2021 No. 2020 No. 36 21 12 Commercial &twrti Charitable actwiti Admin ard manaJemert 24 Total starr 38 69 There were no members of staff who received emoluments, includirg benefits in kind, withn the range of £60,001- £70,00012020'. £Nill 10. Trustees. remuneration and experses and cost of key management persomel Trustees, remuneratlc Each of the Executwe Commrttee's sabLwtical OffirS received remuneration as author in the Union's goveming documentfor the representatDn. campaigning and supportwork ty undertake as distinct f rom their trustee responsibilities. Their remuneration amount to £101,94812020'. £91,271) in aggregale. The split as detail below.. R Rawles £2,00112020'. £Nill L Flowers - £18,0221202(Tr. f20,2761 A Ismail - £18,7031202Q. £20,146) B Smith £20,38012020'. £1,755) D Rattanpal A Savviani J Dine-Hart P Subramanian £18,70312020.' £20,151) £1,75812020.. £Nill £20,38012020'. £1,755) £2,00112020'. £Nill During the year ended 31 July 2020, remuneration was paid to K Askew amounlirg lo £8.T35 and K Hobbsamounling to £18,453, who resigned on 16 December2019 and 30 June 2020 respectively. During the year pension payments were made to NEST scheme as follows.. L Flowers B Smith A Ismail D Raltanpal J Dine-Hart A Sajani P SthraMlan £889 {2020- £1,014} £839 {2020: £Nill £923 {2020-. £3361 £923 {2020= £1,008) £1,00712020'. £881 £8812020.. £Nill £100 {2020= £Nil) 27
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 10. Trustees. remuneration and expenses and cost of key management Peonl {contiNed) Trustee$, rernuneratic l¢ontinuedl During theyearend 31 July 2020, penSionpaynEntsweremadeloNESTforKAskewamourru to £437 and K Hobbs 8rrounting to £840, who resigned on 16 Derrt)er 2019 and 30 June respectively. During the year, two {2020= three) trustees, received travellng expenses totalling £201202Q' £342) Key management remuneration The key management pers0nnelofthecharitabcornpany cotrprisethetwsleesand memb5 of the DSU staff management comnittee that are responsible forthe day to day running of tre charity. The total employee benefits f or key management personnel of the charitable corrp8ry were £206,34012020: £217,678). 11. Net income This is arrived al after charging.. 2021 2020 D4)Wiatn of assets 22,057 39, 750 Fees payable to RSM UK Audit LLP and its associates in respect of both audit and non-audf( services are as f ollows., 2021 2020 Servi¢- statutory of the charita)le (x)rrpary Other mn-aujit SerVeS 16,600 4,400 13,525 12,500 21,000 26, 025 12. Tangiblefixed assets Fixtures & fittings Computer equiwient Totsl Cost AI 1 AuJLEt 2020 ar 31 Juty 2021 286,780 39,856 326, 636 Depreciation Al 1 AuJust 2020 Chargefor the year 250,041 22,057 39,856 289, 897 22, 057 Al 31 Juty 2021 272,098 39,856 311,954 Net book value At 31 July 2021 14,682 14,682 At 31 Juty 2020 36,739 36, 739 28
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 13. Stocks 2021 2020 Fini$h goods arKI goods for resale 29,242 28, 258 14. Debtors 2021 2020 Trade debtors Other dd)to Prq)aymerts a1 accruaj irmme 12,539 18,680 20,080 79,666 16,611 15,600 51,299 51,877 15. Creditors: AMnts faiing the within one year 2021 2020 Trade GrlIt0 Other taxatK)n al socol $UrIty Other crajitors Accruab ar nrne 36,713 20,101 590 51,260 11,662 44, 737 40, 206 40,901 108,664 143, 506 Deferred Income DefetTed ircome at 1 ALUUSt 20 ReSoUsdeW in the year Amounts relea$1 ftr)m pr1) year 6,320 27,498 (5,1501 Deferred ir¥x)me at 31 JU 2021 28,668 The deferred in(KJme at 31 July 2021, relates to events forthe next year. 29
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 16. Statementoffunds Current Yr. At1 August2020 Incoming resources Resources expend1 At31 July 2021 Transfer Restricted funds Clubs atyl socidies 128,460 38,065 {48,8251 117,700 Unrestricted funds General fu1 Facility devdopmer resetve 491,356 1,627,622 {1,520,1941 140.0001 558,784 37,557 {22,0571 40,000 55,500 Total unrestrt furKJs 528,913 1,627,622 {1,542,2511 614,284 Per6K)n reserve 1945,039) (120,101) {1,065,1401 Total f urxls 1287,666) 1,665,687 {1,711,1771 1333,1561 Prevlous year: At1 August2019 Incoming resources Resources expend1 At31 July2020 Transfer Restricted funds Clubs arxl societi&8 124,332 175,601 (171,473) 128,460 Unrestricted funds General furKi Facility devdopmert reseNe 352,894 2,144,388 {2,005,9261 491,356 65,418 (27,8611 37,557 Total unrestrCl furKIs 418,312 2,144,388 {2,033,787) 528,913 Per6K)n 1911,216) {33,8231 1945,0391 TotalfU5 1368,572) 2,319,989 {2,239,0831 1287,6661 Clubs and so¢ietie$ Restricted funds represent f Lnds raised and ad ministered by the Union f or the specific benait of clubs and socaelies and as such are ring fenced for the f ulure benefit of that Specif clLb or society. Facility development reserve The designated f und for investrrEnt wll cover the ref urbishment of our comnErcia areas a administrative Se. This will allow DSU to lake advlage of future opportunities and ks. As such Ihe designated f unds are excluded f rom reserves as per the Charities Commission def inition. Transfers A transfer has been made f rom the general reserve lo the facility developrrEnt reserve for ref urbishments planned for the diner and dOwrtaIrS Spa of the building. 30
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 17. Analysis of net assets between funds CUrnt y*r: Facility General develowent Pension funds reserve reserve Restricted funds Total funds Tanglblefl assds Current a8sets Creditors due wthin one year PertsK)n liability 14,682 40,818 14,682 825,966 {108,6641 {1,065,140111,065,140} 117,700 667,448 1108,6641 117,700 558,784 55,500 {1,065,1401 {333,156} Previous year: Facility General develoFNnent Pension funds reserve reserve Restricted funds Total funds Tangiblef i%1 assds Current &sets Creditors due Milhin one year PerEion liability 36,739 818 36,739 764,140 {143,5061 1945,0391 (945,0391 128,460 634,862 1143,506) 128,460 491,356 37,557 1945,0391 {287,666} 18. Reconciliation of net income to net cash flowfrom operatiry activities 2021 2020 Net in(Thie for the reFx)rting period Adjustments for: Dq)rlatb)n charyJ Interest on investments Ilncreasey d&rease in str)d<s D&rease Indt0t5 Dwrease in Cr1110 vament on defin8J perBDn scheme lilIrtY 145,490} 89, 906 22,057 153) {984) 578 134,842} 120,101 39, 750 (7,252) 7, 280 24,841 (47,249) 33, 823 Net cash prOdj by operating a¢tiNities 61,367 144, 099 19. Pensloncosts The charitable company partiapates in the Students, Union Superannuation Stheme, a defi1 benefit scheme which is extemaly funded and contracted out of the State Secnnd Pension. f und is valued al least every three years by a profes&onaly qualrfied ind epdent actuary the rates of contribulk)n payable being detsrmined by the Iruslees on the advre of the actuay. The Scheme operates as a pooled arrangement, wlh contributions paid at a centrally agmj rate. As a consequence, no shareofthe underfying assetsand liabilitiescan bedirecUyatlribut&l to theCharitabGornpany. Undertheaccountingstandard FRS102andCharilySORP IFRS102}. in these circumstances conlributK)ns are accounted for as if the Scheme were a def iwl contribution scheme based on actual cx)ntribulions paid through the year. 31
DE MONTFORTUNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 19. Pension costs (continued) The charitable company participates in Ihe Students, Union Superannuation Scheme, whih E a def ined benefit scheme whose membership consists of employees of students, unions an related bodies throughoutthe country. Benefits in respect of service up to 30 September 2(n3 are accrued on a 'f inal salary" basis, with benefits in respect of Servi f rom 1 October 2003 accruing on a CareerAverage Revalued Eamings ICAREI ba&s. With effect from 30 Septnb 2011 the Scheme closed to future accrual. The most recent Valuation of the Scheme was carried out as at 30 June 2019 and showed tFk4 the market value of the SchenE's assets was £119.1 m wlh these assets representing 460/0 the value of benefrts that had acuued to members after allowng for expected future Increas in eamings. The defilal on an ongoing funding basis amounted lo £140.9m. The assumptiorB have the most signrficanl effect upon the results of the Valuation are those relating to the sustained low weld on govemmenl bonds. The followng assumptionsapplied at 30 June 2019: Pre-reliremenl discoLllt rate- 4.0 %. pa Post retirement discount rate- 2.00/0 pa Retail price inflab'on {RPI)- 3.6 10 pa Consumer Price inflation ICPII- 2.6 % pa Pension increase in paynEnt for serS, 1988 to 1993 IRPI min 3 % and max 7 /0}- 3.¥/, pa, post 1997 IRPI min 3,/0 and max 5 /01- 3.7 % pa and post2000 IRPI max 5°/01- 3.4/. The 2019 valuation extended the pemd overwhich the ongoing funding defrt would be cleaHI lo August 2035 and recommend1 a monthly contribution requirement by each Partiapat Employer expressed in monetaryterms. This has resulted in an increase in contribuli)rE by 8,/. from 1 October 2021 and by a further 5010 each year until July 2035. These rates applied effect from 1 October 2021 and contributions due from October 2023 onwards wll be revi1 f ollowng the next actuarial valuation. Surpluses or def i(its which arise at future valuations will also impact on the Union's f ulup contribution (x)mmitnEnt. In addition to the above tt)nlributions, The Union also pays its SIre of the Scheme's levy to the Pension Protection Fund. FRS102 and Charities SORP {FRS1QI require that the charitable company share of past service shortfall is ref lected in the f inanci stalemenls. Based on the most recent valuation, the charitable company contribution tr) eliminating the shortfall was £57,828 forlhe year ended 31 July 2021 {2020'. £55,007}. Therefore, al 31 July 2021, the balance sheet of charitable company includes a liabilty of £1,065,14012020'. £945,039), which preSeNtS the nel pnI value of all f uture conlributK)r towards eliminating this shortfall. The discount rate used is 1.75010 {2020= 1.450/4) which i8 comparable to that for a 15 year AA-raled corporate nd. The eslimaled liabilf(y is on I 2019 triennial valuation of the scheme and will necessari require revision after subseqLH* revaluations. The balan is mje up as follows.. 2021 2020 Balae bDuJht forwaKI Contributions maye in the year Charge to statement of finarria &tiviti 945,039 157,828) 177,929 911, 216 (55, 077) 88,900 Balae CamfOrWard 1,065,140 945,039 32
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 19. Pension costs (continued) In addition. the Charitable company paid PDF levy of £8.92912020.' £10,838) d urirE the year. The Charitable comparty also contributes lo The National Empbymenl Sairings Trust INEST) a def ined contribution schene. During the year contribulK)ns were made amounting lo £36,351 12020.. £37,310). At the year end an amount of £3512020.. £4,588) was due wth reswtto IkE pension contnbutions. 20. Related party transactions The D e Mo nffort U n iversily Studerts, Union Lirnit is in receipt of a recurrent grant fK)m ts parent inslitulion, De Monrfort UniveIy0f £1,216.24812020.' £1,234,864). In add ition, the De M o nrfort University StLJdents' Union Limited oc(xpies its building receives certain people related services on a f ree of charge basis. This is under an infoma license subject to the De Montfort University Students, Union Lirniled maintaining the buiklrvJ in a good slateof repair. As a result, an estimated value to De Monlforl University SttJd8ts' Union Limited for Ihefree se1md aOmdati)n has been indUdj in the accounts. This beenvalued at£150,00012020.' £150,OO0lbasedonmarketpriSW1h Leicester.This Ir[[ can be seen in note 4 of the finanaal statements under accomrTh)dath)n costs. The De Monffort University Students, Union Limit has also received CEO support from De Montfort University on a f ree of charge basis. As a result, an estimated value to De Montfort University Students, Union Limited for this free support has be includ&1 in the accounts. This has been valued at £70,00012020'. £70,000) based on an eslimatDn ofthetimespwt on duties for De Montfort University Students, Union Lirnited and market rate of pay for such dutE8. This income can be seen in note 4 ofthefinanaal statemenlsunderCEO support. Income of £7,16512020. £139,343) was collected and purchases of £45,032 {2020- £114,1 ffi) were made on behalf of De Montfort University during the year. These transactions were re- imbursed and recharged respectThie lo De Montfort Universrty wilh a balance owng f fDm De Montfort University Student Union Limited to De Monttort University of £13,63812020.' £6,362) at the year-end dale. Income of £29,00012020'. £Nill was collected in relation lo De MontFort University contribubons for commercial staff. Student Union LettingsLimited (trading as Suletsl On 1 August 2012, the trade and assets of the lettings operation IprevDusty known a% DSU Lettingsl were trdnsferredto a new limited company Student Union Lettings Limited Itradiru Suletsl. Sulets is a registered charity and company limited by guarantee which is jointy controlled by DSU and The University of Leicester Students Union IULSU). ULSC controL% 50.10 of Sulels through Ihe 50'/o membership held by their subsidiary company, Universty of Leicester Students, Union Trading Limited. This collaboration with ULSU offers mary commeraal advantages within stent lettings includiro contracts with external HalLs Promders. 2021 2020 Income ExpetKliture 1,912,484 f, 722, 649 11,705,926) (1,549, 778) Net mvements in furds 206,558 172,931 33
DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 20. Related party transactions (continue Student Union Lettings Limited (trading as Suletsl (continued) 2021 2020 Balance sheet FIX Essets Current a8sets Creditors- ourS fallirYJ due wthin 1 year 27,129 7, 320 1.654,900 1.403, 524 {172,124) (107,497) Total f urS 1.509,gJ5 1.303,347 The charitable company constilules 50/0 of the membership, therefore the charilab company s share of income is £956,24212020.. £861,324) and share of expenditure £852, 12020.. £774,859). The charitable company's share of Ihetotal funds at 31 July 2021 is £754, 12020.. £651,673). During the year the charitable company received £10,00012020.' £7.5001 f rom Sulels for sponsorship of Club and So(iety events. In addition, Sulels paid £20,33512020.' £17,262) for f inance. HR support and rent. All f unds generated by Sulets are restricted f or use by Sulets in line with the objects of that charity. 21. Controlllng party The truslees considerthat the ullimatecontrol of DSU rests with its membership. Statement offinancial activities irOrpIatin9 Iorne and expenditure accounts for the yearended 31 July 2020 Restrictsd Unrestricted funds funds Total funds In¢omefrom: DonatK>r6 leJ&i Charitable actDIiti other tr1r actwici Investment in(x)me other income 1,535,578 1,535,578 457,320 632,921 76,170 76,170 1,252 1,252 74,068 74,068 175,601 Totsl 175,601 2,144,388 2,319,989 Expenditure on: Raisirg furds Charitable actwiti 100,492 100,492 1,933,295 2,138,591 205,296 Total 205,296 2,033,787 2,239,083 Net movanent in fu15 {29,6951 110,601 80,906