DE MONTFORT UNIVERSITY STUDENTS UNION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2021 Company Registered Number 06634464 (EngI￿d 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 preS￿rt 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 stalen￿nts (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 RepO￿rng 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 Add￿sS 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 offi￿rS 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 Developn￿nt Exe(Lts've Academic ExecutThie Joanna Dine-Hart (appointed 011071201 Ruby Ra￿eS (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 Appoin1Th￿ntS 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 st￿lentS at the De Montfort Univers((y I'DMU") as defined in tr Articles of AssocaatDn. DSU Staff The Chief Executive OffI￿r wod(s closely with the Executive Offi￿rS and as head of the SenDr Management Team ensures effective managemenL The Senior ManagementTeam is made up oftr f ollowing.. Chief Executive Offi￿r Deputy CEO & Head of comm￿claI Servres Head of Finan￿, People and Centr81 servI￿s Head of Membership servI￿s 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 dep￿￿11r￿J on national and lo(31 agreem￿lS 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 experie￿eS and expertise held bythese Trusteesensure thal DSU focus on conlinurty as prev￿￿s￿ the short lemi Of0ffi￿ held by the ExecutD/e Commit has made loru lemi strategic planning mre chaI￿ngIng. 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 OffI￿r Trustees 4 Student Tnjstees 4 Exlemal Trustees The five Executive off￿er posts are Union Development Executive. Academic Executive, Equalty & Diversity Exe￿t￿e, 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 EdUcat￿n Act. These posts cannot exc￿￿ two years duration for each post holder. On irKI￿tIOn 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 SILKI￿ts 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 (COntin￿d> 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 identifi￿1 by Ih Trustees, are regularfy reviewed and systems or prO￿dureS 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 seThi￿s. 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 P￿vKIe 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 pr0￿dUreS. 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 fin￿Ce professionals produ￿ accurate 2nd up to date finanaal reporting with dose monitoring of inlemal controls and a regular r￿ of processes and pro￿ureS 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 Bre￿1 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 SeNi￿S had lo be Clos￿ in line with govemnEnt guKI in March 20, the Union was ableto remain opento itsmembershipwith staffworfn Act 1994 as a charity. The main aims of DSU as sel out in its goveming docurrEnts are.. To advance the ed￿ation 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 Stud￿ts so as lo furtherthe education purposes of DMU., promoting and encouraging contact and co-operalK)n be￿een 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 fle￿ble 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 memb￿5 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 pri￿S 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 tOtal￿d £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 identif*d 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￿ tr*lirg 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 th￿e months owrating costs, with an additw)nd f￿K1 lo cover redundanw costs for all staff (gen￿al 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 beC0n￿dUefOr8 p￿d of at least a twelve months from the date of approval of the finanaal stateM￿lS. 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 prodU￿d an increas8J understanding of what we use each channel for and how we can use il to maximise engagem￿tt. Moving forward we are looking to gain ev￿ more understanding of our audEnce through analyt￿ a￿1 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-ot￿1nata￿ 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 seN￿S with increased engagem￿1 at a variety of levds despite the requirementto provide ServI￿S remotely for much ofthe year. A new of Membership seNi￿s 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 Vol￿wIll 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 Unpre￿dentedtlme the studentgroupleaders havedone an amazngjob in deliverir activities and events despiÈ CoMd-19. In recognising the barriers that students fa￿d with inleractiYJ with student groups this year we removed the annual uEmbership fee, increased the development furKI budgetand purchased a Zoom Pro accrjuntenabling student gr0￿S 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 Ilnp￿1 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 SoCiet￿S, 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)an￿4)￿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 transit￿n to HigF Education this year, il was harder to create interactions with less phYs￿al 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 ne￿Y named, Adm￿ & Wellbeing Team. Folbwng a restructure oflhe Advi￿ teamthe ne￿ form￿1 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 meMb￿ship in additDn to the high quaty advice the team have always offered. The ServicehasslreamlirEdtheircoreadv￿eareas,wh1c￿al1OWSthemt0f0cuS0n 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 Managerthet￿m have delivered a nuMb￿0f pro￿tTr 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 mernb￿s regarding their kno￿edge on aCad￿n issues (such as academ￿ Off￿Ces1, 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 pand￿l¢COmMerCIal Ser￿￿$ have be￿ imp&ted througFK)Ut the 20-21 yearwlh various lockdownsand restiictionsin place. This affected income levels within oUrcoMrr￿1ck services however staffing costs were mitigat￿1 by the use of the g0Vemm￿lS Job Retention Sc which was used to fudough the mqority of staFf within our (x)Mn￿re￿I 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 selv￿eS. 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 0￿ratIOn achieved a net profitfEure of £6k12020.' £15kl. With the majority of reV￿LE 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 I￿k of student footfall on campus. DSU utilis￿l 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 pro￿sseS we have now recruited 3 new extem81 trustees who hwe joined the board in October 2021. In addilK>n, we expect lo re￿1ve 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 Off￿￿Y 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 ServI￿S had lo be closed in line with governrrent guidan￿ in March 2020, the Unh)n ableto remainopentoits membershipwthstaffw0rkingfromhon￿8nd delivering remotesUpwrtf￿M 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 providlngopp￿un1tieSto 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 Yourwellb￿ng- 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 Tr￿adS8reto. 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, SoC￿tieS 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.. Engagem￿t-hoWeVeryOU want to getinvo￿e￿. Wellbeing - providing suppc¥t, advi￿, signposthng, "just being I￿re., 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 acco￿1 with the CoMp￿Y Act 2006 a resolution proposing the reaptx)intrnert of RSM UK Audit LLP as A￿rtor 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 Practi￿1. 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 reSoUr￿S 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 Judgerr￿nts 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 COnc￿n 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 pol￿￿S. 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 reSoU￿S 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 requireM￿ts0fthe CoMpan￿S 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 Il￿d our oll ethical responsbililies in aCCord￿ce with these req uirements. We believe thatthe audit evide￿ Me have obtained is SuffiC￿nI 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 COn￿M basis of accounting in the preparation of the fin￿Gi41 statetTEnts is appropriate. Based on the work we have perf0M￿j, 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 Co￿eM 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 COn￿M 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 inforry￿K)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 eXpl￿rtlY 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 fIn￿CHI 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 entil￿d to prep*e 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 trust*s (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 fir￿￿1￿ 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 con￿M, discbsirg, as applicable, matters related to goiro concern and using the going con￿rn 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 t￿1 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. mlsstalew￿ntS can arise from f raud or error and are considered material if, individualty or in t aggregate, they coukl reasonably be eXp￿ted to InfI￿nCe 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, [￿lUdI￿j 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 that￿e 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 Mat￿81 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 I￿egularlties, incluying fr￿J. 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, incI￿1ng 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 Su￿pIlbIe to fraud. As a result of these prO￿dUreS we eortsiderthe most 8pJnif￿anI laws and regulations that have a d i impact on the f inancial Statem￿tS are FRS 102, Charities SORP {FRS 1021, Companies Act 201E, Charities Act 2011, the charitable company's governing d0￿ment and tax legislal￿jn. We perfotT￿l audit procedures ID detect non-compf1an￿S 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 doCu￿￿ts, inspecting Corresponden￿ with local tax authorities and evaluating advice received from intemallextemal advisors. The most slgnrflc￿t 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 managem￿rt whether the charitable company is in Complian￿ with these law and regulations and inspthj correSpond￿ce 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 Chall￿gIng 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 accord￿ceW1th 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 arKj18J￿ieS 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 fU￿S 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 TOta1fur￿S 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 pen￿on 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 urnrest￿t￿ funjs 614,284 528,913 PertsK)n resetve 16 11,065.140} (945,039) Total charity f￿dS {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 provid￿1 by operating actiNities 18 61,367 144, 099 Cash flows from investing a¢tivities Interest f￿M inv￿lMentS 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 CoMpan￿S 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 Lirn￿ed meets the defirNtion ofa public benefitenlity Lnl FRS 102. Assets and liabilities are initially recognised al historical cost or transaction va unless othe￿iSe st2ted in the relevant aciX)unting policy notes. G￿ng 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￿ Ir￿ome 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 the￿fore prepared the fina￿￿91 slalenEnts on the going COn￿M 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 reStriCt￿nS 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￿ ba￿s. 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 f￿M bars, catering, shops, rnembership serVi￿S 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 exp￿Se, 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 comp￿Ing 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 depreCIat￿n Tangible f ix￿1 assets are initially recorded at costs and subsequenlly meaSU￿d 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 exp￿ditUre 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 u*ful lrfe. Jointly contromed entity The charitable company has a long term interest and shares, con1rol￿d under contradL arrangements that is c￿sSrfled 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 asses*s 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 sett￿d 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 th￿e 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 se￿nd Pension. Tr f und is valued al least every three years by a professionaly qualrfied Indep￿dent actuary the rates of contribulK)n payable being determined by the Iruslees on the adV￿e of Ihe actuay. The scheme operates as a pooled arrangement, with contributions paid at a centrally agr￿1 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 stalen￿ts 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 fironc￿l aclivitEs. Employee benefits The costs of short-temi employee ben￿lts are recognised as a liability and an expense. The cost of any unused holiday entit1err￿nt 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 termin*on 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 Fi￿t Floor, Campus Centre Buikling, Mill Lane, Leicesler, LE2 7DR. The main aims of De Montfort University Sbjdenls Union Linited are to advan￿ the edL￿b)n of the students of De Monffort University for the public bel￿fil. 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 SeThi￿d )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 S￿Ips Membership serV￿eS 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 spOr￿OIShip 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 repr￿ental￿n 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 Se￿￿eS 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 DqJr￿latDn 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 repr￿entat￿n 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 selv￿eS 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 ￿ne￿a Insuranc SU￿rysuppli a￿1 ￿￿Untarty fees VAT partial exemplK)n ￿ll￿tment ReCha￿e 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, acCountar￿Y 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 S￿UritY costs Pertsion defin￿ benefitsch￿e 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 paym￿lS1n 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)y￿I 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 Offi￿rS 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 SthraM￿lan £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 Pe￿on￿l {contiNed) Trustee$, rernuneratic￿ l¢ontinuedl During theyearend 31 July 2020, penSionpaynEntsweremadeloNESTforKAskewamour￿ru to £437 and K Hobbs 8rrounting to £840, who resigned on 16 De￿rrt)er 2019 and 30 June respectively. During the year, two {2020= three) trustees, received travellng expenses totalling £201202Q' £342) Key management remuneration The key management pers0nnelofthecharitab￿cornpany cotrprisethetwsleesand memb￿5 of the DSU staff management comnittee that are responsible forthe day to day running of tre charity. The total employee benefits f or key management personnel of the charitable corrp8ry were £206,34012020: £217,678). 11. Net income This is arrived al after charging.. 2021 2020 D4)Wiat￿n of assets 22,057 39, 750 Fees payable to RSM UK Audit LLP and its associates in respect of both audit and non-audf( services are as f ollows., 2021 2020 Servi¢￿- statutory of the charita)le (x)rrpary Other mn-aujit SerV￿eS 16,600 4,400 13,525 12,500 21,000 26, 025 12. Tangiblefixed assets Fixtures & fittings Computer equiwient Totsl Cost AI 1 AuJLEt 2020 ar￿ 31 Juty 2021 286,780 39,856 326, 636 Depreciation Al 1 AuJust 2020 Chargefor the year 250,041 22,057 39,856 289, 897 22, 057 Al 31 Juty 2021 272,098 39,856 311,954 Net book value At 31 July 2021 14,682 14,682 At 31 Juty 2020 36,739 36, 739 28 DE MONTFORT UNIVERSITY STUDENTSUNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 (continued) 13. Stocks 2021 2020 Fini$h￿ goods arKI goods for resale 29,242 28, 258 14. Debtors 2021 2020 Trade debtors Other dd)to Prq)aymerts a￿1 accruaj irmme 12,539 18,680 20,080 79,666 16,611 15,600 51,299 51,877 15. Creditors: AM￿nts faiing the within one year 2021 2020 Trade Gr￿lIt0 Other taxatK)n al￿ socol $￿UrIty Other crajitors Accruab ar￿ n￿rne 36,713 20,101 590 51,260 11,662 44, 737 40, 206 40,901 108,664 143, 506 Deferred Income DefetTed ircome at 1 ALUUSt ￿20 ReSoU￿sd￿eW￿ in the year Amounts relea$￿1 ftr)m pr￿1)￿ 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 Y￿r. At1 August2020 Incoming resources Resources expend￿1 At31 July 2021 Transfer Restricted funds Clubs atyl socidies 128,460 38,065 {48,8251 117,700 Unrestricted funds General fu￿1 Facility devdopmer resetve 491,356 1,627,622 {1,520,1941 140.0001 558,784 37,557 {22,0571 40,000 55,500 Total unrestr￿t￿ 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 expend￿1 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 TotalfU￿5 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 S￿e. This will allow DSU to lake adv￿lage 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 dOwr￿taIrS 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 CUr￿nt y*r: Facility General develowent Pension funds reserve reserve Restricted funds Total funds Tanglblef￿￿l 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)r￿latb)n charyJ Interest on investments Ilncreasey d&rease in str)dr6 leJ&i Charitable actDIiti other tr￿1r￿ 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 fu￿15 {29,6951 110,601 80,906