Registered number: 07103465 Charity number: 1139314
## **LEEDS BECKETT STUDENTS’ UNION**
**(A company limited by guarantee)**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2021**
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
CONTENTS
Page
Reference and administrative details of the Union, it5 Trustees and advisers
Trustèès, report
3-15
Trustees. responslbllltles statement
16
Independent auditor's report on the financial statement5
17-21
Consolidated statement of financial artivities
22
Consolidated balance sheet
23-24
Unlon balance sheet
25-26
Consolidated statement of cash flows
27
Note5 to the financial statements
28-52
LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021
## **Trustees**
Natasha Bayne, Lay Trustee (appointed 1 July 2021) Coleen Bergantinos, Student Trustee (resigned 30 June 2021) Anna Crooks (appointed 1 July 2020) Megan Darroch, Student Trustee (resigned 30 June 2021) Megan Darroch, Officer Trustee (appointed 1 July 2021) Stephen Dowson, Co-opted Lay Trustee (appointed 1 July 2021) Katherine Everest, University Nominated Trustee Ryan Harris (appointed 27 October 2020, resigned 10 January 2021) Andrew Harrison, Lay Trustee (resigned 30 June 2021) Paul Hogg, Lay Trustee (resigned 16 February 2021) Sherry Iqbal, Officer Trustee (resigned 23 April 2021) Lucy Macdonald (appointed 1 July 2021) Eleanor Moore, Lay Trustee Jayne Palmer, Co-opted Lay Trustee (resigned 30 June 2021) Barbara Pereira, Officer Trustee (resigned 30 June 2021) Kay Rhoden Campbell (appointed 1 July 2020, resigned 30 June 2021) Peter Shilton Godwin, Lay Trustee (appointed 1 July 2021) Mphango Simwaka, Officer Trustee (appointed 1 July 2020) Thomas Stafford (appointed 2 February 2021, resigned 30 June 2021) Padma Tadi, Lay Trustee Latoyah Wong, Student Trustee (resigned 30 June 2021)
## **Company registered number**
07103465
## **Charity registered number**
1139314
## **Registered office**
Portland Building, Portland Way, Leeds LS1 3HE
## **Company secretary**
Nicky Goldthorpe (resigned 31 August 2021) Jo Azam from (appointed 1 September 2021)
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LEEDS BECKETT STUDENTS’ UNION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2021 (CONTINUED)
## **Senior management team**
Nicky Goldthorpe, Chief Executive (resigned 31 August 2021)
Jo Azam, Deputy Chief Executive and Head of Business Development and from 1 September 2021 Interim Chief Executive John Goodwin, Head of Membership Engagement and from 1 September 2021 Interim Deputy Chief Executive Jacqui Lawton, Head of Central Services
## **Independent auditor**
BHP LLP, 2 Rutland Park, Sheffield S10 2PD
## **Bankers**
Lloyds TSB, 3[rd] Floor, Lisbon House, 116 Wellington Street, Leeds LS1 4LT
## **Solicitors**
Blacks LLP, Wade House, The Merrion Centre, Leeds LS2 8NG
## **Licensing solicitors**
Poppleston Allen, 37 Stoney Street, The Lace Market, Nottingham NG1 1LS
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
The Trustees present their annual report together with the audited financial statements of the company for the year 1 July 2020 to 30 June 2021. The Annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Trustees’ report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective October 2019).
Since the group and Union qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **INTRODUCTION**
This has been probably the most challenging year ever experienced by the Students’ Union. Due to Covid-19, the staff and officers have had to adapt to working remotely for the majority of the year. The University campus has been closed for most of the year with all teaching taking place online, so other than a small number of weeks in September, the Hives and the Stage have been closed and commercial staff have been on furlough. Not only has the Students’ Union had to temporarily close our commercial operations but we have also had to work to support students through a year when they were often expected to pay rent for accommodation they could not access and to pay tuition fees for a very different academic experience to the one they were expecting.
With this in mind, the Board of Trustees agreed that the Students’ Union should focus all of its work and resources on supporting students through Covid-19 rather than trying to achieve our strategic goals this year. The Board also agreed that as commercial income was going to be seriously impacted due to the closures, as many steps as possible should be taken to ensure that Students’ Union remained financially viable.
Despite this difficult year, there were some successes that we were still able to achieve and below are just some of the highlights:
We held one of the very few in person Freshers Fairs that took place last year. The Fair was compliant with all Covid safety measures which meant that there were fewer stalls and it had to be ticketed entry. However, students were extremely grateful to have had the opportunity to meet other people face to face and to learn about clubs and societies that they could join and volunteering opportunities that they could engage with.
We engaged our highest number of Course Representatives ever and demonstrated that our democratic functions can successfully engage students digitally.
We launched our Annual Student Survey, engaging over 2,000 students and allowing us to start monitoring perception of how well we are fulfilling our strategic aims.
We achieved an important policy change related to how the University handles collusion cases as a result of work carried out by our Advice Service.
We established a partnership with Student Minds to help us work towards the ‘Mentally Healthy SUs’ Framework.
## **OUR STRATEGIC PLAN**
Our strategic plan was launched in July 2020 following a huge consultation process to ask stakeholders what they thought about the Students’ Union and what they wanted us to work on to make students’ lives better. As a result of the COVID-19 pandemic, the decision was made not to set KPIs for this first year, and instead we approached this as a Year Zero, refocusing the work of the Union on the priorities set by the immediate issues and therefore set new benchmarks to work on improving in the recovery years, following the pandemic.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
## **Our Mission**
Making students’ lives better.
## **Our Vision**
We will support, connect and represent all Leeds Beckett students.
## **Our Values**
**Inclusive:** We place equality and diversity at the heart of the decisions we make and the activity we undertake.
**Dynamic:** We are fast moving, relevant and responsive to the needs of our students and are focused on making positive change.
**Sustainable:** We will live within our means both environmentally and financially, showing a commitment to improving the environment and ensuring the Students’ Union has enough resources to support core activities.
**Brave:** We aim to take ambitious steps to make our students’ lives better by making the right decisions and not being afraid of challenging the status quo.
**Welcoming:** We aim to create a place all students fell they belong by being friendly, approachable and accessible.
**Fun:** We are committed to making sure all students enjoy their time at Leeds Beckett and that all our people enjoy working for the Students’ Union.
## **4 Strategic Themes**
## **Theme 1: We will positively impact the finances of our students**
- Helping students to find more opportunities for fair paid work that fits around their studies
- Campaigning for increased financial support for those who need it most
- Working to tackle the cost of living
## **Theme 2: We will contribute to the success and development of our students**
- Facilitating the involvement of students in shaping their learning
- Providing opportunities for students to develop their skills and their confidence to thrive in their future
- Breaking down barriers to success and development faced by students
## **Theme 3: We will help to create a sense of belonging for our student community**
- Developing our spaces into inclusive and accessible places where students want to be
- Helping students to create thriving academic communities on their courses
- Ensuring we provide a range of social opportunities fit for all students
## **Theme 4: We will ensure that students feel supported**
- Working with the University to tackle the issue of student mental health and develop support services
- Ensuring support is available and accessible for students in the right place and at the right time
- Listening, through our democratic structures, to what our students want to co-produce innovative initiatives to support them.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
## **The 4 strategic themes are supported by 6 strategic enablers:**
Technology; Communication; People; Governance; Resources; and Insight.
## **Monitoring our Performance Against the Strategic Plan**
Our Annual Student Survey asks students how well they think the SU is doing in making their lives better. The survey was completed by **2,125 students** (9% turnout) this year.
## **Membership**
**69%** were aware that they are automatically a member of the Students’ Union
## **Values**
**86%** agreed that the SU is welcoming **85%** agreed that the SU is inclusive **74%** agreed that the SU is fun **72%** agreed that the SU is dynamic **60%** agreed that the SU is sustainable **60%** agreed that the SU is dynamic
## **Strategic Themes**
**Theme 1: 41%** agreed that the SU positively impacts their finances.
**Theme 2: 49%** agreed that the SU helps them to succeed and develop whilst at University and **72%** agreed that the SU provides opportunities for students to develop their skills and confidence **.**
**Theme 3: 65%** agreed that the SU’s physical and virtual spaces are inclusive and accessible and **58%** agreed that the SU provides a good range of social opportunities **.**
**Theme 4: 67%** agreed the SU helps students find support when needed and **76%** agreed the SU provides an environment that supports good mental health and wellbeing **.**
These results give us a good basis on which to build. It should be noted that very few students disagreed with the statements but significant numbers answered, “neither agree nor disagree” and we know we must work to reduce that number by increasing our visibility and improving the way in which we communicate with our students. Our new marketing engagement strategy will help us to do this.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **OUR ACTIVITIES IN THE YEAR**
## **ADVICE**
We understand that sometimes student life can be challenging, and our students may need help. We provide confidential support and advice to ensure that our students are well looked after in their times of need. Our Advice Service supported 1,986 clients and worked on 2,430 cases: 1,621 were academic related; 398 related to housing; and 245 to money issues. Much of the work the Advice Service does supports students in progression from level to level. Some cases will directly lead to a student staying on their course and this year work by the Advice Service retained an estimated £298,167 through student fees for the University.
Furthermore, the Advice Service managed to recover and save students a total of £100,209 through casework. With regards to client satisfaction with the Advice Service, 99% of survey respondents who had used the Service this year stated that they would recommend it to a friend.
## **Case study - Academic Integrity (Collusion):**
Throughout last academic year we started to notice not only an increase in Academic Integrity cases, but that cases where the allegation was collusion there were large numbers of student not being sent all the evidence ahead of the hearing. Specifically, they were not given a copy of the other students work that they were alleged to have colluded with. When we tried to get copies, we got a mixed response from academic staff – some who were willing to share the information, and those who told us they had sought advice from the QAS team and they had been advised not to share the information citing GDPR as the reason.
We looked back at our data and could see that 71% of our students were not given a copy of the other students work in the initial information sent to them inviting them to a hearing. Only 13% agreed to share the work with the accused student after we intervened. This meant that over 50% of our students were going into collusion hearings without sight of the work they were alleged to have colluded on to produce. We collated this data and could see there was disparity on this both between and within schools. Notably the Law School always provided a copy at the initial stage.
We then held discussions with the Associate Registrar and the Quality Officer in Quality Assurance Services, arguing that in cases of suspected collusion, one student’s work will be inextricably linked to the work of the other party/parties to the collusion and, in order to consider the charges fairly, each student must have access to all of the evidence which is relevant to their case for a fair disposal of that case. It would also help us to advise the students so that they can clearly see the issues and in some cases come to a conclusion as to their guilt or not in advance of the meeting, therefore saving time during the meetings for all staff concerned. We argued that confidentiality is not an absolute duty on the university and is subject to the public interest. In this case, collusion is a form of dishonesty and LBU would be justified in breaching confidentiality in so far as it is necessary to do so to detect and penalise dishonesty by means of a fair disciplinary process, and to protect the integrity of the University’s awards.
Eventually it was agreed that for suspected cases of collusion, the student being investigated can be provided with a redacted copy of the other student’s work - this was a great result in terms of a policy change of benefit to students.
## **STUDENT VOICE**
## **Student Communities**
The Students’ Union soft-launched our new Student Communities in October 2020 initially representing Women, LGBT+ students, Disabled students, International students, Student Parents & Carers, Black, Asian & minoritised ethnicity students and Postgraduate Research students. Student Communities exist to allow groups of students to discuss issues that affect them and to propose ideas on how they can be tackled, shaping the campaigning agenda of the Students’ Union. In this first year, 295 students requested to join at least one Community.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **Students’ Union Democracy**
The Students’ Union undertook three rounds of elections across the course of the 2020/21 academic year to elect the Equality & School Representatives and NUS Delegates for that year and the full-time Officers, Student Community Convenors and Postgraduate Research Representatives for the next academic year. 1,964 students cast at least one vote across our elections.
Our Have Your Say platform and associated discussion fora, which allow any student to submit an idea and shape the work of LBSU by seeking a ‘thumbs up’ from their peers saw 340 students contribute predominantly across semester one. 81 students participated in our Student Members Meeting, which took place in November.
## **Research and Insight**
This year, the Students’ Union undertook a number of significant pieces of research to inform the planning and delivery of our work. Our first Annual Student Survey, which informs progress on our strategic plan, concluded in January with c.2,000 participants. Further research undertaken included Black, Asian & minoritised ethnicity students’ experiences, a staff satisfaction survey, student experiences and requirements from volunteering activity, student academic feedback analysis and an analysis of the responses to SU related questions of the NSS.
## **STUDENT ACTIVITIES**
Our ability to deliver our core services in Student Activities was severely restricted by the pandemic during the 2020/21 academic year. A very limited number of society events were able to take place in person, with the rest moving online. Volunteering opportunities for the most part continued to focus on those which could be carried out remotely, with many of our community partners also operating at reduced capacity, lessening the amount of open volunteering opportunities. And our on-campus volunteering opportunities in the form of our student-led enterprises did not get the chance to open.
Because of this the Activities Team vision for 2021-2022 will centre on rebuilding the areas of our service which have been the most detrimentally effected by the pandemic. To do so we will also have to adapt to a series of changes in how we operate and deliver our core areas.
The office move, the new website, the adoption of remote working, demographic changes, and the risk of pandemic and the potential increase in restrictions all pose unique challenges. However, with these challenges comes a wealth of opportunities to reconsider how and why we carry out our work.
## **Student Enterprise**
All Student-Led Enterprise and Projects remained closed for the academic year, apart from the Student Led Allotment that was able to continue operating in line with Covid restrictions. The funding received last year to set up a Zero Waste shop has been spent and the shop is ready to open in Freshers week, with two Student Enterprise Leaders already recruited.
We also received £2,000 in additional restricted funding from Student Eats for a cargo bike to help with both the Zero Waste shop and Ecosoup. The bike should be arriving in this academic term.
## **Societies**
Our total number of societies memberships for the year was 2,624. This is only 42 members lower than the previous year. However, we saw a dramatic drop in the number of society events taking place resulting in many societies becoming dormant. We finished the year with 31 Societies with at least one committee member in place, but this has already climbed to 52.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **Volunteering**
This year we had 344 active student volunteers on our platform, and collectively they contributed 7,142 hours of volunteering. An additional 461 students signed up as volunteers but did not notify us of any volunteering activity. This is significantly fewer students than the previous year (950) who actively engaged, however is shows that the students who did volunteer, on average, contributed many more hours.
We continued to run the Volunteering From Home programme, launched last year, and 253 students attended online Charity Chats we ran with our community partners.
We also worked with the Student Voice team on research into the needs and interests of student volunteers so we can hopefully better tailor our service going forward.
## **Beckett Award**
We had 18 students complete the Beckett Award this year, only two less than the previous year.
Going forward we are going to develop a scaled-up approach to the award working with the university Careers team, trialing it within three schools.
## **SOCIAL OPPORTUNITIES**
## **The Hives**
The situation with regards COVID dictated all the Hives operations over this last year. We worked hard over the summer to put measures in place so we were able to open in September. This included extensive Risk Assessments, new operational policies, and the purchase of PPE (personal protective equipment). The university operated a 2-metre social distancing policy throughout all university buildings, and we complied with this policy to maintain consistent for students. Limited students were on campus for limited teaching and were advised to leave campus once their teaching had finished. We therefore reduced our opening times to just cover the lunch periods and had a skeleton staff on in both bars. We introduced a new ordering App so we could provide table service.
We opened for the first term in September, however, the second lockdown was then introduced in November, so we then closed the bars and did our best to sell off any remaining stock to staff. The Venue Manager and Catering staff were put on furlough for the rest of the year.
## **Events**
The Events & Media Sales Department really had to adapt to the climate in 2020/21 – the coronavirus pandemic affected all planned operations for physical events with regards to live music and club nights. A total of 27 events were either cancelled or rearranged, sometimes multiple times, as a result of this. We did however manage to plan and execute a Freshers Fair in September, being one of only a handful of Students’ Unions who were able to do so. The event was meticulously planned to ensure it was covid-secure, meeting all government and University restrictions which were put in place at that time. To complement the Fair we also introduced several digital events with our new partners NATIVE – this was something that students seemed to really appreciate at a time when many were isolating and/or unable to access opportunities for social interaction. Throughout the year we tried to engage with as many students as possible via digital events and held a number around key times of the year such as Black History Month and International Women’s Day.
We adapted our larger internal events to being digital as well – our Elections Results Night was run via Zoom and had 50-60 attendees. Our Union Awards attracted a similar number and we were able to celebrate our students at a time when quite possibly they needed it the most. We also tried to reach our students when it was possible to do so – this was done by coordinating our Officers going into Halls to distribute house plants and to engage with students who might not necessarily otherwise have been reached.
It has undoubtedly been a challenging year, but despite everything we managed to deliver key SU Events and an online events program for students.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **LOOKING AHEAD**
## **Priorities**
2021/2022 is going to be a year of change and potential instability for the Students’ Union. The SU is moving to new space on the ground floor of the Portland Building; the University campuses will be re-opening following closure from November 2020 due to Covid-19; there will be new ways of blended home/campus working for staff; and a new Chief Executive will be recruited following the departure of the current CEO in August 2021. Work will need to be done to engage and re-engage students in activities such as societies, volunteering and representation which have all suffered during the pandemic and work will continue to help students with their mental health. A new website is being developed and will be launched by the end of the autumn term. Commercially, the Hives and the Stage may still be subject to some safety precautions and we have no way of knowing how/if they will recover following the lockdown. On a positive note, the Stage is fully booked for the Autumn Term with gigs and events which had been postponed during last years’ lockdowns.
In addition to continuing to work on the themes in the strategic plan, the operational priorities for this year have been agreed as follows:
**Covid-19** – adapting, changing and recovering from the impact of the pandemic
**Creating a sense of community/belonging for students** – this is particularly important following the pandemic
**Change management** – managing the changes that are outlined above
## **FINANCIAL SUMMARY**
A summary of the year is set out on page 22 of the financial statements.
Leeds Beckett Students’ Union gross income from all sources this year totaled £1,924,474 (2020: £2,302,429). This includes a block grant from Leeds Beckett University of £1,348,644. We spent a total of £1,678,330 (2020: £2,121,432) on a wide range of student benefits and on the revenue making activities we undertake. Gross income minus expenditure resulted in a surplus for the year of £246,144 (2020: £180,997). Our net assets less pension fund liabilities now stand at £731,626 (2020: £495,230). At the year end, total funds are negative £1,928,835 (2020: £2,174,979) which is represented by restricted funds of £37,213 (2020: £21,028), unrestricted funds excluding the pension scheme liability of £770,888 (2020: £553,754) and the pension fund liability of £2,736,936 (2020: £2,749,761).
The introduction of FRS 102 means that the Unions’ share of the pension liability for the Students’ Union Superannuation Scheme is recognised in our accounts. The Trustees’ assumption is that the Union will continue to make annual contributions to the pension scheme such that after 14 years, the deficit will be reimbursed.
## **Cash position**
Our cash position is set out in the consolidated statement of cash flows and at the Union’s year end showed that £820,803 (2020: £514,339) of cash or cash equivalents are to be carried forward.
## **Fixed assets**
There has been no capital expenditure in the year which results in a net value of tangible assets of £35,380 (2020: £50,308).
## **Pricing policy**
Our pricing policy reflects our strategy for ensuring that our commercial services are able to contribute to the core activities of the Union whilst still providing value for money for our students. We are also very aware of our corporate social responsibility and therefore we have a policy not to offer irresponsible drinks offers.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **Fundraising activities**
We do not engage in raising funds directly from the general public; the Union will continue to monitor its sources of income and should it start to generate significant funds from fundraising activities it will inform the fundraising regulator and take all necessary measures to ensure it complies with the guidance issued.
## **Affiliations**
We are currently affiliated to the National Union of Students (NUS) at a cost of £33,711 per year, Advice UK at a cost of £2,362 per year and the National Association of Student Money Advisers at a cost of £840 per year. As part of our affiliation to NUS we are also affiliated to NUS Services Ltd and to the National Council for Voluntary Organisation (NCVO).
We also pay an annual subvention of £20,932 to Unipol which is a charitable student housing company in Leeds of which the Union is a member and appoints three trustees/directors. The purpose of the subvention payment is in partial support of Unipol’s Leeds Housing Hub which provides housing services, including information, advice and assistance to our students seeking accommodation in the private rented sector.
## **Reserves policy**
The Audit, Finance and HR Committee has established a reserves policy for the Students’ Union. The aim of the reserves policy is to build up sufficient unrestricted free reserves to cover three months of the Union’s operational expenditure. The Audit, Finance and HR Committee have benchmarked the Students’ Union’s reserves policy against other similar sized students’ unions and has carefully considered the level of reserves required by the Students’ Union. The Audit, Finance and HR Committee have agreed that the reserves policy should be monitored and reviewed during the financial year to 30 June 2022 and, if necessary, a revised reserves policy will be implemented.
As at 30 June 2021, the total core service operational expenditure was £1,297,677. The target figure for unrestricted free reserves was 25% of this amount, which is £324,419. The actual unrestricted free reserves shown in the accounts are £735k. This is the result of a deliberate plan to use the Government’s Coronavirus Job Retention scheme to build up the reserves for 2021/22 so that the Students’ Union could use the additional reserves in order to recover, following the pandemic. The intention is that this would be for one year only and that the level of reserves would return to the required 3 months operational expenditure level by the 30 June 2022. The Audit, Finance and HR Committee will be monitoring this throughout the financial year.
## **Going concern**
The Block Grant for 2021-22 has been confirmed at £1,375,617 and this will be applied in service provision to deliver our public benefit via our charity objects.
We are entering a year of post-pandemic recovery, where students are starting to return to campus, but with a blended learning approach, and potential changes to student habits, there are uncertainties around how this may affect commercial income streams, as well as student engagement.
The Board approved a surplus budget for 2021-22 back in May 2021 and based on the information at the time, agreed that they were content to confirm that the Union has sufficient funds to meet its annual obligations for the year 2021-22.
Furthermore, the Board have considered a number of scenario budgets including a “worst case scenario” for the next two financial years and the Board of Trustees will be asked to note that the scenarios are based on the information available at the time of writing and that they will be subject to change as we move through the year.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
The Audit, Finance and HR Committee and the Board of Trustees will be monitoring the financial performance of the Students’ Union in order that necessary steps can be taken in good time, should they be required to ensure the financial health of the organisation. The forecasts show that sufficient reserves and cash are available to ensure the Union can continue to operate for a period of 12 months from the date of approval of these accounts. The trustees therefore believe it is appropriate to prepare the accounts on a going concern basis.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Board of Trustees has overall responsibility for the Union. The full-time officers, together with the Senior Management Team, have the responsibility of implementing the policies and strategies approved by the Board.
The Board met online five times in the year ended 30 June 2021 and considered amongst other issues proposals for cost savings, democracy restructure, results of a survey on the impact of Covid-19 on students and a revised delegation of authority document.
## **Committees of the Board**
The Board discharges its responsibilities through two formally constituted committees. These are the Audit, Finance & HR Committee and the Governance & Nominations Committee. The Board has established terms of reference for each committee which clearly set out the powers delegated by the Board and the committees’ authority to take decisions and act on behalf of the Board. The composition of the committees is designed to ensure an appropriate balance of Lay, Officer and Student Trustees. As the Returning Officer for the SU, the University’s Head of Regulatory Compliance and Assurance is a nominated member of the Governance and Nominations Committee.
**----- Start of picture text -----**
Audit, Finance & HR Committee Governance & Nominations Committee
Natasha Bayne
Coleen Bergantinos
Anna Crooks Officer Trustee
Megan Darroch
Stephen Dowson
Katherine Everest
Ryan Harris
Andrew Harrison Lay Trustee (Chair)
Paul Hogg Lay Trustee (Chair) up to 16/02/21
Sherry Iqbal
Eleanor Moore Lay Trustee (Chair) from 16/02/21
Jayne Palmer
Barbara Pereira Officer Trustee Officer Trustee
Kay Rhoden-Campbell
Peter Shilton-Godwin
Mphango Simwaka Officer Trustee
Thomas Stafford Student Trustee
Padma Tadi Lay Trustee
Latoyah Wong
**----- End of picture text -----**
## **Appointment of Trustees**
The Trustees of the Union are the four Officer Trustees (Union Affairs Officer, Activities and Events Officer, Academic Experience Officer, Welfare and Community Officer), four selected Student Trustees (one of whom is nominated by the BAME Ambassadors), and five Lay Trustees (one of whom is nominated by the University).
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **Appointment of Trustees**
The Officer Trustees are elected annually by a cross-campus ballot of all student members. The Officer Trustees are full-time officers with a term of office of one year. They can re-stand for a second year if they wish. The selected Student Trustees are recruited from within the student body. Selected Student Trustees are recommended by the Governance & Nominations Committee and approved by the Board. The Lay Trustees are recruited from outside the student body. Lay Trustees are recommended by the Governance & Nominations Committee and approved by the Board.
## **Trustee Induction and Training**
The Officer Trustees attend several training events to ensure that they understand their role as Trustees. These include NUS training courses and an in-house training programme. All Trustees are expected to undertake an online Trustee Foundations course when they join the Board and they are given an introduction to the SU. An annual Board Away Day usually takes place in the Summer.
## **Pay Policy for Senior Staff**
The Board consider the Trustees and the Senior Management Team to be the key management personnel of the Union in charge of directing and controlling, running and operating the Union on a day-to-day basis. All Lay Trustees and Student Trustees give their time freely and do not receive remuneration in the year. Officer Trustees receive an annual salary for their work as Full-time Elected Officers.
The Senior Managers are appraised annually by the Chief Executive and receive an incremental uplift of 3% if they have successfully achieved their objectives for the year. Senior Managers who have reached the top of their grade do not usually receive any further incremental uplifts.
The Chief Executive is appraised by the Union Affairs Officer and the Chair of the Board who may recommend a bonus payment for the Chief Executive if they have successfully achieved their objectives. This recommendation is considered by the Audit, Finance & HR Committee and then approved by the Board of Trustees.
## **Risk Management**
LBSU has a clear framework, policy and set of procedures in place to ensure risks are anticipated and mitigated effectively and consistently. The risk management process includes quarterly updates to trustees on strategic risks and how these are being mitigated.
The wider assurance framework includes policies on health and safety, anti-fraud, bribery and corruption, management of complaints, safeguarding, and raising concerns (whistleblowing). These policies ensure that where incidents give rise to risks, these are identified, acted on swiftly, and reported according to our regulatory responsibilities.
Trustees are responsible for ensuring that the Students’ Union has robust and effective risk management processes in place. The Board assesses and agrees the strategic risks each year. The Audit, Finance & HR Committee provide regular oversight of specific risks.
The SMT review the strategic risks, taking collective responsibility for ensuring that risks are identified and effectively mitigated.
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LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
## **Principal Risks faced by LBSU, and Mitigating Actions**
**----- Start of picture text -----**
Risk Theme Risk Mitigating Action
Covid-19 Impact of Covid-19 on the SU resulting in Ongoing consultation and dialogue with
inability to operate effectively due to closure of students.
campus, remote working, reduction in number Revised budget.
of students on campus and inability to support Risk assessments for all activities.
students affected by Covid-19 Ongoing open dialogue with University, Unipol
and other students’ unions.
Pivoting of all work to concentrate on
supporting students through Covid-19.
Membership Failure to recognise, adapt or respond to the Ongoing consultation and dialogue with
changing environment and dynamics of our students through focus groups, representative
membership resulting in lower levels of systems and surveys.
engagement with the Union’s services and Understanding the make-up of membership
democratic structures and reduced relevance. through data analysis.
Key Performance Indicators monitored through
Leadership Team and Board.
Complaints procedure.
Elections and By-elections processes and
procedures.
Membership Failure to ensure the SU maintains or extends its Inclusion of SU on University’s Estates
physical presence within the University Masterplan.
environment. Regular meetings with key University staff.
Stakeholder matrix to target key players and
ensure our messages are reaching the people
who make decisions about the University estate.
Financial Commercial operations suffer significant Timely and accurate financial information.
downturn, fraud or loss of license leading to Clearly written down and followed operating
financial deficits procedures.
Financial procedures fit for purpose, robust and
regularly tested.
Annual external audit.
Mid year review process.
Whistleblowing policy.
External stocktakes.
Financial Inability to secure adequate funding from the Continued positive relationship with the
University to underpin our strategic aims University.
Diversified income streams including
partnerships.
Regular reporting to the Board.
**----- End of picture text -----**
Page 13
LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
## TRUSTEES’ REPORT
## **Principal Risks faced by LBSU, and Mitigating Actions**
**----- Start of picture text -----**
Risk Theme Risk Mitigating Action
Governance Poor quality governance Clear policies and procedures and systems for
accountability.
Comprehensive training for trustees, officers
and staff.
Articles and Bye-laws.
Charity Governance Code
Health and Safety A serious health and safety incident occurs Mandatory health and safety training for all
where policies and procedures have not been staff.
followed. Health and safety policy.
SU Health and Safety Committee.
Risk assessments for all SU activities and events.
Regular Health and Safety audits carried out by
University Health and Safety Officer.
Compliance Legal and Regulatory Compliance Licensing advice from our licensing solicitors.
HR advice from HR Department consultants.
Annual compliance statement to the Board
signed by Chief Exec.
Attendance of relevant staff at training and
briefing sessions.
Clear policies and procedures and systems for
accountability.
NUS training and briefing sessions
Business Continuity Business Continuity if a major catastrophic Crisis management plan in place.
incident or event occurs. Business recovery plan in place.
Appropriate insurances in place and reviewed
annually.
**----- End of picture text -----**
## **Public Benefit**
In planning and delivering our services and activities, the Trustees and management of LBSU have given due regard to the need to ensure that the charity provides public benefit, following the Charity Commission’s guidance on these matters. Details of how the Union has carried out its activities for the public benefit are given in the report on our activities in the year.
## **Equal Opportunities**
LBSU’s policy is to ensure no job applicant, employee or student member is discriminated against either directly or indirectly on the grounds of age, disability, gender reassignment, marriage or civil partnership, pregnancy or maternity, race, religion or belief, sex or sexual orientation.
Page 14
LEEDS BECKETT STUDENTS’ UNION (A company limited by guarantee)
TRUSTEES’ REPORT
## **Related Parties and Co-operation with other Organisations**
The relationship between Leeds Beckett University and LBSU is established in the Regulations of the University and detailed in the Union’s Articles approved by both organisations. LBSU receives a Block Grant from the University and part-occupies three buildings, which are owned by the University. The University pays for utilities, portering and cleaning. This non-monetary support is intrinsic to the relationship between the University and the Union. As recommended by the Charities SORP, an estimated value to Leeds Beckett Students’ Union for this free serviced accommodation has been included in the accounts, priced at a conservative £177K. Although Leeds Beckett Students’ Union continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University’s support.
There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body.
The Union’s wholly owned subsidiary, Leeds Beckett Students’ Union Trading Limited, was established for the purposes of carrying out the non-mutual trading activities of the Union. The Directors for the Company for the year ending 30 June 2021 were Andrew Harrison and Barbara Pereira. From 1 July 2021, the Directors for the Company were Eleanor Moore and Mphango Simwaka. The Chief Executive is the Company Secretary. Profits from the Trading Company are gift-aided to the Union.
## **Disclosure of Information to Auditors**
In so far as the Trustees are aware:
there is no relevant audit information of which the charitable company's auditor is unaware, and that Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Auditor**
The auditor, BHP LLP, were appointed as a result of a review in 2016. An Audit tender process will be carried out ahead of the 2022 Audit.
## **Small Company**
This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Eleanor Moore**
## **Date:**
Page 15
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 30JUNE 2021
The Trustee5 Iwho are also the director5 of the Union for the purposes of company lawl are responsible for preparing the
Tru5tees' report and the financial statements in accordance with applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practicel.
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees
must not approve the financial statements unless they are 5at15fied that they give a tiue and fair view of the state of
affairs of the Group and the Union and of their incoming resources and application of re50urce5, including their income
and expenditure. for that period. In preparing these financial statements. the Trustees are required to-
select 5Ultable accounting policie5 and then Bpply them consistently;
observe the methods and principles of the Charities SORP IFRS 1021,.
make judgments and accountin8 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial statements,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group
will continue in business.
The Trustees are responsible lor keeping adequate accountinE records that are sufficient to show and explain the Group
and the Union'5 transactions and disclose with reasonable accuracy at any time the financial position of the Group and the
Union and enable them to ensure that the financial staternents comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Group and the Union and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In 50 far as the trustee5 are aware..
there is no relevant audit information of which the Group's auditor is unaware,. and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditor is aware of that information.
Approved by order of the members of the board of Trustees and signed on its behalf bv..
Eleanor Moore
Date.. 26 November 2021
Page 16
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF LEEDS BECKETT STUDENTS, UNION
Opinion
We have audited the financial statements of Leeds Beckett Students, Union Ithe 'parent charitable company'l and its
subsidiaries (the 'group'l for the year ended 30 June 2021 which comprise the Consolidated statement of financial
activities, the Consolidated balance sheet. the Union balance sheet, the Consolidated statement of cash flows and the
related note5, including a Summary of significant accounting policie5. The financial reporting framework that ha5 been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial 5tatements'.
give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 30 June
2021 and of the Group's incoming resources and application of resources, including its income and expenditure for
the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial
staternent5 section of our report. We are indeperident of the Group and the parent charitable company in accordance
with the ethical requirernents that are relevant to our audit of the financial Statements in the United Kingdom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Conclu5i0n5 relating to going concern
In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, rnay cast Significant doubt on the Group's or the parent charitable company's ability to
continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant
section5 of this report.
Page 17
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF LEEDS BECKETT STUDENTS, UNION
ICONTINUEDI
Other information
The other information comprises the information included in the Trustees. report other than the financia1 statements and
our Auditor's report thereon. The trustees are responsible for the other information contained within the Trustees. report.
Our opinion on the financial statements does not cover the other information and, except to the e)rtent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read
the other information and, in doing so. consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially
misstated. If we identify such material incon515tencies or apparent material mi55taternents, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed. we conclude that there is a material misstatement of this other information, we are required to report that
fact.
We have nothing to report in this regard.
Opinions on other matter5 prescribed by the Companies Art 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustee5' report lincorporatin8 the Directors, report) for the financial year for which
the financial statements are prepared is consistent with the financial statements.
the Directors, report has been prepared in accordance with applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the liÉht of our knowledge ènd understanding of the group and parent charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the Directors, report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities
Act 2011 requires us to report to you if, in our opinion..
adequate and sufficient accounting records have not been kept by the parent charitable company, or returns
adequate for our audit have not been received from branches not V15ited by us; or
the parent charitable company's financial statements are not in agreement with the accounting records and
returns,. or
certain disclosures of directors. remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordance with the small companies reeime
and take advantage of the small companies, exemptions in preparing the Directors, report and from the
requirement to prepare a strateÈic report.
Page 18
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF LEEDS BECKETT STUDENTS, UNION
ICONTINUEDI
Responsibilities of trustees
As explained more fully in the Trustees. responsibilities statement, the trustees Iwho are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial stètements and
for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the trustees are responsible for assessing the Group's and the parent charitable
company's ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the trustees either intend to liquidate the Group or the parent charitable
company or to cease operations, or have no realistic alternative but to do so.
Auditors, responsibilitiès for thè audit of the financial statements
We have been appointed auditor under the Cornpanies Act 2006 and section 151 of the Charities Act 2011 and report in
accordance with those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion.
Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit condurted in accordance with ISA5
IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions tsf users taken on the basis of these financial statements.
Irregularities, including fraud, are in5tance5 of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Our approach to identifying and a55es5ing the risks of material mi$5tatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows..
we identified the laws and regulations applicable to the charity through discussions with management, and from
our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the
accounts or the operations of the charity, including the Charities Act 2011-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
managernent and inspecting correspondence,. and
identified laws and regulations were communicated within the audit team and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitV5 accounts to material misstatement, including obtaining an understanding of
how fraud rnight occur, by..
making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge
of actual, Suspected and alleged fraud,. and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
Page 19
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF LEEDS BECKETT STUDENTS, UNION
ICONTINUEDI
To address the risk of fraud through management bias and override of controls, we..
performed analytical procedures to identify any unusual tsr unexpected relationships.,
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in the
accounting policies were indicative of potential bias,. and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to:
agreeing financial Statement disclosuie5 to underlying Supporting documentation;
reading minutes of meetings of those charged with governance., and
enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, includin8 those
leading to a material rnisstatement in the financial statements or non-compliance with regulation. This risk iNcrea5e5 the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities octurrinÈ due to fraud rather than error, as fraud involves intentional concealment, forEery, collusion,
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting
Council's website at: htt
www.frc.or
.uk
Our-work
Audit
Audit-and-assurance
Standards-and-
uidance
Standards-
and- uidance-for-auditors
Auditors-res
Descri
tion-of-auditors-re%
onsibilities-for-audit.as
This
description forrns part of our Auditor's report.
Page 20
**(A company limited by guarantee)**
## **LEEDS BECKETT STUDENTS' UNION**
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF LEEDS BECKETT STUDENTS' UNION {CONTINUED)
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitabe company's members and its trustees those matters we are required to state to them in an Auditor's report and for ro other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## _�pu..f'_
Jane Marshall (Nov 29, 202112:21 GMT)
## **Jane Marshall (senior statutory auditor)**
for and on behalf of
## **BHP LLP**
Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield SlO 2PD
Date: Nov 29, 2021
Page 21
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND EXPENOITURE
ACCOUNTI
FOR THE YEAR ENDED 30JUNE 2021
As restated
Total
funds
2020
Unrestricted
funds
2021
Restrirted
funds
2021
Total
funds
2021
Notè
Incomè from-
Donations and legacies
Charitable activities
1,348,644
10,591
177,000
33,306
1,525,644
43,897
1,525,573
109,780
564,905
102,171
Other trading activities
Other income
56,956
297,977
56,956
297,977
Total Income
1.714,168
210,306
1.924,474
2,302.429
Expenditure on..
Raising funds
Charitable activities
280,653
loo,000
380,653
743,948
1,205,029
92,648
1,297,677
1,377,484
1.485.682
192,648
1.678.330
2,121,432
Net income from operatlQll5
228,486
17.658
246,144
180,997
Remeasurement of pension scheme
1696,8561
Total expendlture
IA85,682
192,648
1.678,330
2,818,288
Net incomel lexpenditurel
Transfers between funds
228,486
1,473
17,658
11,4731
246,144
1515,8591
20
Net movement In funds
229,959
16,185
246,144
1515,8591
Reconclllatlon of funds:
Total funds brought forward
Net movement in funds
12,196.0071
229,959
21.028
12,174.9791
246,144
11,659,120)
IS15,8591
16,185
Total funds carried forward
11,966,048)
37,213
11,928,835)
12,174,979)
The Consolidated statement of financial activities includes all gain5 and losses recognised in the year.
Page 22
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
REGISTERED NUMBER: 07103465
CONSOLIDATED BALANCE SHEET
ASA T30JUNE2021
2021
2020
Note
Flxed assets
Tangible assets
15
35,380
50,308
35,380
50,308
Current assets
Stocks
17
4.893
107,931
820.803
14,455
183,543
514,339
Debtors
18
Cash at bank and in hand
933.627
712,337
Creditors.. amounts falling due within one year
19
1237,3811
1267,4151
Net current assets
696,246
444,922
Total assets less current liabilities
731,626
495,230
Creditors.. amounts fallin8 due after more than
one year..
SUSS pension scheme deficit
12.660,4611
12,670,209)
Total net assets
11.928,8351
12,174,979)
Charity funds
Restricted funds..
Restricted funds
20
37.213
21,028
Total restricted funds
20
37,213
21,028
Unrestricted funds
General funds
20
770.888
12,736.9361
553,754
12,749,761)
Pension reserve
20
Total unrestricted funds
20
11.966,0481
12,196,(X)71
Total funds
11.928,8351
12,174,979)
The Trustees acknowledÈe their responsibilities for complyin@ with the requirements of the Act with respect to accounting
records and preparation of financial statement5.
Page 23
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
CONSOLIDATED BALANCE SHEET ICONTINUEDI
ASA T30JUNE2Q21
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small
companies regime.
The financial statements were approved and authorised for i$5ue by the Trustee5 and signed on their behalf by..
Eleanor Moore
Trustee
Date.- 26 November 2021
The notes on pages 28 to 52 form part of these financial statements.
Page 24
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
REGISTERED NUMBER: 07103465
UNION BALANCE SHEET
ASA T30JUNE2021
2021
2020
Note
Flxed assets
Tangible assets
Investments
15
35,380
50,308
16
35,382
50.310
Current a$5ets
Stocks
17
87
2,153
489,086
Debtors
18
437.9SS
Cash at bank and in hand
406,195
134,594
844.237
625,833
Creditors.. amounts falling due within one year
19
1190.3701
1217,6421
Net current assets
653,867
408,191
Total assèts less turrent liabilities
689,249
458,501
Creditors.. amounts falling due after more than
one year..
SUSS pension scheme deficit
12.660,4611
12,670,209)
Total nèt assèts
11,971,212)
12,211.7081
Charlty funds
Restricted funds..
Restricted funds
20
37,213
21,028
Total restricted funds
20
37,213
21.028
Unrestricted funds
General funds
20
728,511
517,025
Pension reserve
20
12,736.9361
12,749,761)
Total unrestricted funds
20
12,008,425)
12,232,736)
Total funds
11.971,2121
12,211,708)
The Union's net movement in funds for the year was £240,49612020- £1509,98311.
Page 25
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
UNION BALANCE SHEET ICONTINUEDI
ASA T30JUNE2021
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
records and preparation of financial statements.
The financial stat8ments have been prepared in accordance with the provisions applicable to entities Subject to the 5rnall
companie5 regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Eleanor Moore
Trustee
Date- 26 November 2021
The notes on pages 28 to 52 form part of these financial statements.
Page 26
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
CONSOLIDATED STATEMENTOF CASH FLOWS
FOR THE YEAR ENDED 30JUNE 2021
2021
2020
Note
Cash flows from operating activities
Net cash provided by operating activitie5
23
407,401
37,926
Cash flow5 from investing activities
Purchase of tangible fixed assets
149.5671
Net cash provlded byllused Sn) Investlng actlv5tles
149,5671
Cash flows from flnanclng actlv5tles
SUSS pension deficit contributions
1100.9371
Net cash lused inl/provided by financing artivitie5
1100,9371
Change in cash and cash equivalents in the year
306,464
111,6411
Cash and cash equivalents at the beginnin8 of the year
514,339
525.980
Cash and cash equlvalents at the end of the year
24
820.803
514,339
Page 27
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
General information
Leed5 Beckett Students, Union 15 a cornpany limited by guarantee Ino. 071034651 registered in England & Wales
and a registered charity Ino. 11393141. The registered office is Portland Building, Portland Way, Leeds, LSI 3HE.
The mernbers of the company are the TTUStee5 n3med on page l. In the event of the Union being wound up, the
liability in respect of the guarantee is limited to £1 per member of the Union.
Accountlng pollcles
2.1 Basls of preparotion offlnonciulstutements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to tharities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021 and the Companies Act 2006.
Leeds Beckett Students. Union meets the definition of a public benefit entity under FRS 102. A%5et5 and
liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant
accounting policy.
The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the
financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are
consolidated on a line by line basis.
The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and
has not presented its own Statement of financial activities in these financial statements.
The financial Statements are prepared on sterling, which is the functional currency of the charity. Monetary
amounts in these financial statements are rounded to the nearest £1.
2.2 Golng concern
The Block Grant for 2021-22 has been tonfirmed at £1,392,428 and this will be applied in service provision to
deliver our public benefit via our charity objects. The Audit, Finance and HR Committee have considered a
number of scenario budgets including a "worse case scenario" for the next two financial years based on the
information available at the time of writing. The Audit, Finance and HR Committee and the Board will be
monitoring the financial performance of the Students, Union in order that the nece55ary Step% can be taken in
good tirne should they be required to ensure the financial health of the organisation. The forecasts show that
sufficient reserves and cash are available to ensure the Union can continue to operate for a period of 12
months from the date of approval of these accounts. The trustees therefore believe it is appropriate to
prepare the accounts on a going concern basis.
Page 28
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Accounting policies Icontinuedl
2.3 Incorne
All income is recognised once the Union has entitlement to the income, it is probable that the income will be
received and the amount of income receivable can be measured reliably.
Grant5 are included in the Consolidated statement of financial activitie5 on a receivable basi5. The balance of
income received for specific purposes but not expended during the period is shown in the relevant funds on
the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred
and included in creditors as deferred income. Where entitlement occurs before income is received. the
income is accrued.
Donated services or facilities are recognised when the Union has control over the item, any conditions
associated with the donated item have been met, the receipt of economic benefit from the use of the Union
of the item is probable and that economic benefit on the open market,. a correpsonding amount is then
recognised in expenditure in the period of receipt.
The Coronavirus Job Retenlion Scheme ICJRSI income is recognised in other incorne in the period to which it
relates on an accruals basis.
2.4 Expendlture
Expenditure is recogni5ed once there is a 18gal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of econorric benefits will be required in settlement and the amount
of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are
made up of the total of direct costs and shared costs, including support costs involved in undertaking each
activity. Direct costs attributable to a single activity are 311ocated directly to that activity. Shared costs which
contribute to more than one activity and Support costs which are not attributable to a Single activity are
apportioned between those activities on a basis consistent with the use of resources. Central staff costs are
allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising fund5 includes all expenditure incurred by the Group to raise fund5 for its charitable
purpose5 and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's
objectives, as well as any associated support costs.
All expenditure is inclusive of iiiecoverable VAT.
2.5 Interest Receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by
the Group.. this is normally upon notification of the interest paid or payable by the institution with whom the
funds are deposited.
Page 29
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Accounting policies Icontinuedl
2.6 Taxation
The Union is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and
therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the
Union 15 Potentially exempt from taxation in re5PeCt of income or capital gains received within categories
covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable
Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Tunglblellxed ussets unddepreclatlon
Tangible fixed as5et5 C05ting £500 or more are capitali5ed and recognised when future economic benefit5 are
probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed
assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs
incurred to bring a tangible fixed a55et into its intended working condition should be included in the
measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their
estimated useful lives,
Depreciation is provided on the following ba5eS'.
City Dances & concerts
Bar furnishings
Fixtures and fittings
Computer equipment
20% of cost
20%-33% of cost
20%-33% of cost
20%-33Yb of c05t
2.8 Investment5
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost
and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured
reliably in which case it is measured at Cost less impairment. Investrnent gain5 and losses, whether realised or
unrealised, are combined and presented as 'Gain51lLossesl on investments, in the Consolidated statement of
financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and
slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable
overheads.
2.10 Debtors
Trade and other debtor5 are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 30
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Accounting policies Icontinuedl
2.11 Cash otbgnk and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of
three months or less frtsm the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is
probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement
can be estimated reliably.
Liabilitie5 are recognised at the amount that the Union anticipates it will pay to settle the debt or the amount
it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the
effect of the time value of money is material, the provision is based on the present value of those amounts,
di5COUllted at th8 pre-t3x discount rate that reflect5 the risks Specific to the liability. The unwinding of the
discount is recognised in the Consolidated statement of financial activities a5 a finance cost.
2.13 Flnunclallnstruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic f1nancial instruments.
Basic financial in5trument5 are initially recognised at transaction value and subsequently rne3sured at their
Settlement value with the exception of bank loans which are subsequently rneasured at amortised cost using
the effective interest method.
2.14 Operntlng leoses
Rentals paid under operating lea5e5 are charged to the Consolidated statement of financi31 activitie5 on a
Straight line basis over the lease term.
2.15 Penslons
The Union participates in the Students. Union Superannuation Scheme, a defined benefit scheme which is
externally funded and contracted out of the State Second Pension. The fund is valued at least every three
years by a professionally qualified independent actuary with the rates of contribution payable being
determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement,
with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and
liabilities can be directly attributed to the Union. Under the term5 of FRS102, in these circum5tance5
contributions are accounted for as if the Scheme were a defined contribution scheme based on actual
contributions paid through the year. The present value of the Union's deficit contribution is recognised as a
liability in accordance with the Charities SORP IFRS1021.
The Union 3150 contributes to defined contribution pension schemes for its employees. The pension charge
represents the amounts payable by the company to the fund in respect of the year.
Page31
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Accounting policies Icontinuedl
2.16 Fund occounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Union and which have not been designated for other purposes.
Designated funds comprise unrestricted fund5 that have been Set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the Union for particular purposes. The costs of raising and administering such
funds are charged against the specific fund. The aim and use of e3ch restricted fund 15 Set out in the note5 to
the financial statements.
Crltlcol uccountlng estlmutes ond ureos oAludgment
E5tifflate5 and judgments are continually evaluated and are b3sed on historical experience and other factor5,
including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions..
The Union makes estimates and assumptions concerning the future. The resulting accounting estimates and
assumptions will, by definition, seldom equal the related actual results. The e5timate5 and a55umptions that have a
Slgnificant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below.
Critical areas of judgment..
lil SUSS pension deficit
The charity has entered into a commitment to provide deficit fundine to the Students, Union Superannuation
Pension Scherne, of which it 15 a contributing employer. Under FRS 102, the present value of th8 commitrnent is
recognised. The calculation of the present value of the commitment is subject to an assumption of the discount
rate. The discount rate is determined by reference to market yields at the reporting date on high quality corporate
bonds.
lill Donation of facilities by Leeds Beckett University
In accordance with the Charities SORP IFRS 1021, the Union and its trading subsidiary has valued the benefit it
receive5 frorn occupying facilitie5 owned by the University on a rent-free basis, at the Tru5tees' estimate of maiket
value of £177,000.
liiil Support costs
Staffin8 and administration support costs are allocated across the variou5 activities of the Union. Support costs are
allocated on the basis of staff time spent on each charitable activity.
Page 32
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Income from donatlons and legacles
Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Total
funds
2020
Grants
Block grant from Leeds Beckett University
1.348,644
1,348.644
177.OLXI
1.348.573
177,(M)O
I77,0
1,348,644
177,000
1,525.644
1,525,573
Total 2020
1,348,573
177,000
1,525,573
Facilitie5 in kind represent the equivalent rental value of the bai and office space occupied by Leed% Beckett
University that is used rent free by the Union.
Intomè from charitable activities
As restated
Total
funds
2020
Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Club5 and societies
2,452
Is,5
17.457
36,629
Freshers. income
4,816
4.816
55.791
NUS Extra cards
3,323
3.323
4,305
Engagement
18.301
18.301
13.055
Toto12021
10,591
33.306
43.897
109,780
Total 2020 as restated
78,632
31.148
109,780
The 2020 figures have been restated to include Coronavirus Job Retention Scheme income ICJRSI in other
incoming resources.
Page 33
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Income from other tradlng actlvltles
Income from non charltable tradlng actlvltles
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Union's trading income
Trading company income
56.165
56.165
357,968
791
791
206,937
Tot1712021
56,956
56.9S6
564,905
Total 2020
564,905
564,905
Other Incomlng resources
As restated
Total
funds
2020
Unrestrirted
funds
2021
Restrirted
funds
2021
Total
funds
2021
Sundry income
Insurance income Union
2,404
2,404
3,390
27,222
27.222
Insurance income Trading company
CJRS income- Union
67,629
67,629
179,399
179.399
98,781
CJRS income- Trading company
21,323
21,323
Toto12021
297,977
297,977
102,171
Total 2020 as restated
98,781
3,390
102,171
The 2020 figures have been restated to include Coronavirus Job Retention Scheme income ICJRSI previously
included in income from charitable actiwtiesl.
Page 34
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Expendlture on ralslng funds
Trnding expenses
Unrestrlcted
funds
2021
Restrlcted
funds
2021
Total
funds
2021
Total
funds
2020
Cost of sale5 and operating costs
Wages and salaries
National insurance
17,924
170,727
3,785
2,644
17,924
170.727
3,785
226,154
321,373
Pension costs
Depieciation
Support costs
8,136
188,285
85,573
loo,(0
185.573
Tot¢712021
280,653
loo,000
380.6S3
743,948
Total 2020
643,948
loo,000
743,948
Page 35
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Expenditure on raising funds Icontinuedl
Analysis of support costs
Unrestricted
fund5
2021
Restrided
funds
2021
Total
fund5
2021
Total
funds
2020
Wages and Salaries
Depreciation
Bank charges
Conferences
34,829
2,797
247
34,829
56,711
278
2,797
247
146
14
Consultancv
General
777
777
725
9,397
3,304
9.397
3,304
6.339
Insurance
1,571
Irrecoverable VAT
331
331
60
Computer licences and IT maintenance
Postage
1,292
1,292
912
608
Repair5
282
282
187
Printing and stationery
Telephone
Training
Travel
437
437
607
1,917
1,333
1.917
1.333
1,789
1.033
173
173
772
Rent
loo,0
loo,]0
loo,000
10,413
Pension finance cost
16,512
16,512
Pension protection fee
Governance costs Inote 111
5,626
5,626
4,463
6,314
6,314
1,657
Tot¢712021
85,573
loo,000
185,573
188,285
Total 2020
88,285
loo,0
188,285
Page 36
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Analysls of expend5ture on charltable actlvlt5es
Summary byAund type
Unrestrirted
funds
2021
Restricted
funds
2021
Total
funds
2021
Total
funds
2020
Engagement
Representation
student Activities
228,289
26.387
254,676
330,944
621,569
193,798
29,513
27.689
651.082
221,487
642,474
252,027
Student volunteering
161,373
9,059
170.432
152,039
1,205,029
92,648
1,297.677
1,377,484
Total 2020
1,270,179
107,305
1,377,484
io.
Analysls of expend5ture by actlvltles
Activities
undertaken
directly Support costs
2021
2021
Total
funds
2021
Total
funds
2020
Engagement
Representation
student Activities
164,787
89.889
254.676
330,944
436,607
214,475
651.082
642,474
144,401
77.086
221,487
252,027
Student volunteering
111,416
59,016
170.432
152,039
Toto12021
857,211
440,466
1,297.677
1,377,484
Total 2020
768,576
608,908
1,377,484
Page 37
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
io.
Analys15 of expenditure by activities Icontinuedl
Analysis of support costs
Representatlo
student
student
Activities Development
Total
funds
2021
Total
funds
2020
Engagement
2021
2021
2021
2021
Staff costs
27,941
2,244
77,827
6.251
24,504
1,968
20,756
1,667
151.028
12.130
352,985
1.573
Depreciation
Bank charges
Conferences
198
551
173
147
1.069
827
82
Consultancv
General expenses
Insurance
623
1,736
20.998
546
463
3.368
40.748
4,109
35.920
7,538
6,611
5,601
2,650
266
7,382
740
2,324
233
1,969
197
14.325
1.436
8,902
340
Irrecoverable VAT
Cornputer licences
and IT
maintenance
1,036
2,886
909
770
5.601
5.168
Posta8e
Repairs
Telephone
Training
Travel
li
21
3,444
226
629
198
168
1.221
1.060
1,538
1,070
4,283
2,979
1,348
938
1,142
795
8.311
5.782
10,138
5.853
139
387
122
103
751
4,374
77.WO
Rent
22,647
27.176
18.118
9.059
77.0)
Pension finance
cost
13,245
36,895
11,616
9,843
71.599
s9.9
Pension protection
fee
4,513
12,571
3,958
3,353
24.395
25,291
Printing and
5tationerv
Governance costs
(note 111
351
977
307
260
1,895
3,442
3,660
10.196
3,210
2.720
19.786
9.391
Toto12021
89,889
214,475
77,086
59.016
440,466
608,908
Total 2020
178,961
214,(6
144,230
71.711
608,908
Page 38
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
ii.
Governance costs
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Auditor's rernuneration
20,176
924
20,176
924
8,624
948
Trustees, expenses
Professional fees
5,000
s,ocwJ
1,476
Toto12021
26,100
26,ICWJ
11,048
Total 2020
11,048
11,048
12.
Auditor's remuneration
2021
2020
Fees payable to the Union's Auditor for the audit of the Union's annual accounts
9.660
6,924
Fees payable to the Union's Auditor in respect of..
Accounts preparation and Corporation Tax Computation for subsidiary companv
All Non-audit services not included above
1.750
1.700
8.766
13.
Staff costs
Group
Group
2020
Company
Company
2020
2021
2021
Wage5 and 5alarie5
Social security costs
Contribution to defined contribution pension
schemes
1,015,269
74.520
1,244,873
95,278
979,046
70.735
1,161,436
95,278
41.431
42,275
38.787
42,275
1,131,220
1,382,426
1,088,568
1,298,989
Page 39
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
13.
Staff costs Icontinuedl
The average number of persons employed by the Union during the year was as follows..
Group
Group
2020
No.
2021
No.
Employee5
53
90
The average headcount expressed as full-time equivalents was..
Group
2021
No.
Group
2020
No.
Representation
Student activities
Is
15
Engagement
Trading
Finance
io
li
io
37
45
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was..
Group
2021
No.
Group
2020
No.
In the band £60,001- £70,000
The total amount of employees benefits received by key management personnel, including employer's national
insurance and ernployer'5 pension, is £254,785 12020.. £280,6891. The Union considers it5 key management
personnel to comprise the Trustees and the Senior Managerrent.
Page 40
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
14.
Trustees, remuneration and expenses
The five sabbatica1 roles each incurred a salary charge as authorised in the Students, Union governing document.
for the representation, campai8ning and support work they undertake as
distinct from their trustee
re5ponsibilitie5. This work includes voicing student opinion with the University and local community, defending
and extending the right5 of students through petitions, discussions with M.P.s and also organising and supporting
student volunteers and service provision for them.
2021
2020
Remuneration
100,093
101,382
Travel expenses totalling £92412020.. £1,0041 were reimbursed to 612020.. 61 trustees during the year.
15.
Tanglble flxed assets
Group ond Comporty
Leasehold City Dances &
improvernents
ConrtS
Bar
Furnishings
Computer
equiprnent
Fixtures and
Total
C05t
At I july 2020
23,079
52,436
82.395
29.945
18,613
206,468
At 30 lune 2021
23,079
S2,436
82.395
29.945
18,613
206,468
Depreclotlon
At I July 2020
Charge for the year
23,079
23,916
6,485
68.143
6,193
24.972
1.609
16,050
641
156,160
14,928
At 30 lune 2021
23,079
30,401
74.336
26.581
16,691
171,088
Netbook volut
At 30 June 2021
22,035
8,059
3,364
1,922
35,380
At 30 lune 2020
28,520
14,252
4,973
2,563
50,308
Page 41
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
16.
Fixed 355et investment5
Invettments in
5ub5idiary
companies
Union
Cost or voluotion
At l July 2020
At 30 lune 2021
Netbook volue
At 30 June 2021
At 30 June 2020
Principal subsidiarie5
The following was a subsidiary undertaking of the Union..
Name
Company
number
Prlnclpal actlvlty
Class of
shares
Holdlng
Leeds Beckett Students Union Trading
Limited
02679183
Licensed trading
Ordinarv
loo%
The financial results of the subsidiary for the year were..
Name
Incorne
Expenditure
Profit/lLoss11
Surplus/
IDeflcltl for the
year
Net assets
Leed5 Beckett Students Union Trading
Limited
93,758
151,3811
42,377
42,379
Page 42
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
17.
Stocks
Group
2021
Group
2020
Company
2021
Company
2020
Finished goods and goods for resale
4,893
14,455
87
2,153
Debtor5
Group
Group
2020
Company
2021
Company
2020
2021
Trade debtor5
8,116
74,137
8.116
330.024
72,737
306,945
Amounts owed by group undertakings
Other debtors
51,094
48.721
57,961
51.445
51.094
48.721
57,959
51.445
Prepayments and accrued income
107.931
183,543
437.955
489,086
19.
Creditors.. amounts falling due within one year
Group
2021
Group
2020
Company
Company
2020
2021
Trade creditors
29,943
68.731
76,409
62.298
14,621
72,109
82,866
29,665
21.998
76,409
62.298
14,127
25,215
82,866
Other taxation and social security
Other creditors
Accruals and deferred income
97,819
95,434
237.381
267,415
190.370
217,642
Page 43
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
20.
Statement of funds
Statement of funds- current year
Balance at I
July 2020
Transfers
ittlout
Balance at 30
June 2021
Intome
Expenditure
Unrestrlrtedfunds
General funds
517,025
36,729
12.749,7611
1,620.410
93,758
11.346,1891
151,3811
188,1121
162.7351
136,7291
100.937
728,511
42,377
12.736,9361
Leeds Beckett Trading Limited
Pension reserve
12.196,0071
1,714.168
IIA85,6821
1.473
11.966,0481
ReSttedfUnd5
Engagement
Rent in kind
5.000
13,4351
1177,0001
1,565
177.OLXI
Ceased Societies
3,143
13.1431
11,4731
3,143
Student Activities
14,504
1,473
s,osi
15.004
7.258
16,2981
12,7081
13,2071
20,067
4,550
Representation
Student Development
7,888
21,028
210.306
1192,6481
11.4731
37,213
Totol ofAunds
12,174,979)
1,924,474
11,678,330)
11,928,835)
Page 44
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
20.
Statement of funds Icontinuedl
Statement of funds- prlor year
As restated
Transfer5
Balance at
inlout 30 lune 2020
Balance at
l July 2019
A5 restated
Income
As restated
Expenditure
UnrestrirtedAunds
General funds
264,963
42,605
11,983,483)
1,871,076
219,815
11,661,619)
1183,0861
1766,2781
42,605
142,6051
517,025
36,729
12,749,761)
Leeds Beckett Trading Limited
Pension reserve
11,675,915)
2,090,891
12,610,983)
I2,196,7)
Restrfctedfunds
Rent in kind
177,000
31,237
1177,0001
127,2231
Student Activities
10,490
14,504
1,473
Representation
Student Development
1,473
4,832
3,301
13,0821
5,051
16,795
211,538
1207,3051
21,028
Totol ofAunds
11,659,120)
211,538
12,818,288)
12,174,979)
Page 45
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
20.
Statement of funds Icontinuedl
Restrirted Funds..
Engagement
The Union receive5 UP to £8,000 including VAT1£6,667 net) Specifically for the purposes of joint housing projects
carried out with our partner Unipol Student Homes Limited. This amount must be fully spent by 31 july in the
vear following receipt otherwise the underspend is lost.
Representation
Fund5 are received from Leeds Beckett University or other external bodies to use on campaigns and activity
specifically related to the representation of students.
Student Activities
Funds are received from membership subscriptions to individual societies that are used to support the activities
and events hosted by these societies. Any amounts unspent at the year-end are carried forward to the
subsequent years for spending by each society.
Student Development
Funds are received from Leeds Beckett University or other external bodies to create and develop student social
enterprises, volunteering and community initiatives.
Ceased Society Funds
Remaining funds from dormant societies transferred from the Societies fund. The funds relate to societies where
there have been no activity within the 2021 year. The funds are carried forward to use to set up new societies
only.
Rent In k5nd
In accordance with the Charities SORP, the Union has valued the benefit it receives from occupying the two
buildings owned by the Univer51ty on a rent free basi5, at the Tru5tees' estimate of market value.
Transfers
£3.143 has been transferred from Student Activities to Ceased Societies (both within restricted funds) to show
remaining funds from dormant 50cietie5 50 that they can be used to SUPPOrt new societie5 to be Set up. The fund5
remain restricted to use for new societies onlv.
£1.473 has been transferred from Representation (restricted funds) to unrestricted general funds. The transfer is
for an historic balance which should have been shown a5 spent in the 2020 account5.
£36.729 has been transferred from Leeds Beckett Students. Union Trading Limited to the general unrestricted
fund in relation to gift aid paid to the Union.
£100,937 has been transferred from the unrestricted general fund to the SUSS pension fund to transfer deficit
contribution payments made from the unrestricted fund.
Page 46
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
21.
Summary of funds
Summary of funds- current year
Balance at I
July 2020
Transfers
ittlout
Balance at 30
June 2021
Intome
Expenditure
General funds
12.196,0071
21,028
1,714.168
IIA85,6821
1192,6481
1.473
11,4731
11.966,0481
37,213
Restricted funds
210,306
12.174,9791
1,924.474
11.678,3301
11.928,8351
Summary of funds- prlor year
As restated
Transfers
Balance at
in/out 30 June 2020
Balance at
l July 2019
A5 restated
Income
As restated
Expenditure
General funds
11,675,915)
16,795
2,090,891
211,538
12,610,983)
1207,3051
I2,196,7)
21,028
Restricted funds
11,659,120)
2,302,429
12,818,288)
12,174,979)
22.
Analys15 of net 355ets between fund5
Analysis of net assets between funds- current year
Unrestrlcted
funds
2021
Restrlcted
funds
2021
Total
funds
2021
Tangible fixed assets
Current assets
35,380
896,414
1237,3811
12,660,461)
35,380
933,627
1237,3811
12,660,461)
37,213
Creditors due within one year
Creditors due in more than one ye3r
Totol
11,966,048)
37,213
11,928,835)
Page 47
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
22.
Analys15 of net 355ets between fund5 Icontinuedl
Analysis of net assets between fund5- prior year
Unrestricted
funds
2020
Restricted
funds
2020
Total
funds
202D
Tangible fixed assets
Current assets
50,308
691,309
1267,4151
12,670,209)
50.308
712,337
1267,4151
12,670,209)
21,028
Creditors due within one year
Creditors due in more than one year
Tot171
I2,196,7)
21,028
12,174,979)
23.
Reconciliation of net movement in funds to net cash flow from operating activities
Group
Group
2020
2021
Net incorne/lexpenditurel for the year las per Statement of Financial Activities)
246,144
1515.8591
AdjustmentsAor.'
Depreciation charges
L055 on sale of fixed assets
14.928
9,988
319
Decreasellincreasel in stocks
Decreasellincreasel in debtors
Increase/ldecreasel in creditors
Pension finance costs
9.562
75,612
126.9571
88,112
16,6011
191.5891
572,246
69.422
Net C05h pmvided by operating activities
407.401
37.926
Page 48
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Analysls of cash and cash equlvalents
Group
2021
Group
2020
Cash in hand
820,803
514,339
820,803
514,339
25.
Analysis of thangès in net debt
At 30 June
2021
At l July 2020
Cash flows
Cash at bank and in hand
514,339
306.464
820,803
514,339
306,464
820,803
26.
Pension commitments
The Union participates in the NUS Pension Scheme, a defined contribution scheme. During the year, contributions
of £41,43112020= £42,2751 were paid into the scheme.
The Union also operates a defined benefit pension scheme.
The Union participates in the Students. Union Superannuation Scheme, which is a defined benefit scheme whose
mernber5hip consists of employee5 of students, unions and related bodie5 throughout the country. Benefits in
respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service
from l October 2003 onwards accruinB on a Career Average Revalued Earnings ICAREI basis. With effect from 30
September 2011 the scheme closed to future accrual.
The most recent valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of
the Scheme's assets was £119.Im with these assets representing 46Yo of the value of benefits that had accrued to
members after allowing for expected future increases in earnings. The deficit on an ongoing fundine basis
arnounted to £140.9m.
Valuations are conducted every three years based upon assumptions agreed by the Trustees, and is used to set the
contributions payable by the participating employers.
Page 49
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
26.
Pension commitments Icontinuedl
The outcome in financial terms is set out in the table below:
30 lune 2016
£m
301une2019
£m
Assets
£101.3
£119.1
£221.0
£260.0
Deficit
Funding Level
1£119.71
46%
(£140.91
46%
The increase shown in the deficit since 2016 is in line with the changes previously reported, following annual
reviews, but makes allowance for the impact of the 7% pension increase issue. This has increased the deficit in
SUSS but its irnpact has been mitigated by the member consent exercise.
Whilst the assets have performed well rising by over 17% over the three years, the liabilities have increased by a
similar percentage. The sustained low yield on government bonds has continued to affect the liabilities, but the
increase wa5 driven in large part by the pension increase issue. The Trustee5 have concluded that the level of
contributions to clear the deficit will have to rise above the planned 5Yo annual increase in order to address thi5.
However, in order to allow time for the unions to make necessary arrangements the increase in contributions will
come into effect from October 2021.
The increase of 5% due in October 2020 will proceed as planned, and these contributions form part of the plan to
remove the funding deficit in SUSS.
Following the 2020 increase, and in ord8r to attribute the further increase in cost5 as fairly as possible, the Trustees
have allocated the additional liabilities arising from the 7% pension increase issue to those unions whose merrbers
are directly affected by it. This means that a union with many affected members may see a substantial increase in
their contributions to SUSS from October 2021, while a union with no members affected by the issue would see a
much smaller increase.
The Trustees also considered whether the costs of carrying out the member consent exercise should be borne only
by those unions whose members are directly affected by the pension increase issue. After careful consideration,
and keeping in mind the principle collectlvlsm, they concluded that a significant proportion of the costs incurred
were justifiable expenses of running SUSS as a whole (because benefits needed to be adjusted, and members
written to, whether or not the compromise offer was madel. What remained, once allocated to the many affected
unions and reclaimed over a reasonable period of time. was not material in the context of the overall level of
payment5 being rnade to the SUSS by the unions, and so no additional charge5 will be made in respect of this.
The existing recovery plan, based on the results of the 2016 valuation, was due to end in 2033. One option
considered by the Trustees was to retain this tareet end date, in line with the Pensions Regulator's guidance that
funding deficits should be addressed over a5 short a period as possible. However, given the already 5ub5tantial
level of contributions being made to SUSS by the employers, the Trustees concluded that extending the recovery
period, and hence reducing the initial increase in contributions that unions would be required to make, struck an
appropriate balance between removing the deficit as quickly as possible while remaining affordable.
In summary, employer contributions will increase by 5% in October 2020 as planned and then by around 18%, on
average, from l October 202118Yo for those without any members affected by the compromise issue, and more for
those with affected members). Contributions will increase by 5¥0 each year thereafter until the end of the deficit
Page 50
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
26.
Pension commitments Icontinuedl
recovery period, which is expected to be in August 2035. However, contributions due from October 2023 onwards
will be reviewed following the next actuarial valuation.
Under FR5102, the Union 15 required to recogni5e as a liability the present value of its 3greed Share of future deficit
contributions. Finance costs are recognised as the present value unwinds.
The total contributions paid into the scheme by Leeds Beckett students. Union in respect of eligible employees for
the year end 30 June 2021 amounted to £100,93712020.. £nill. The liability owed by Leeds Beckett Student5, Union
in respect of future deficit contributions at the year end was £2,736,936 12020.. £2,749,761), split between
amounts owed falling due within one year of £76,47512020'. £79,552) and amounts falling due after more than one
vear of £2,660,46112020.. £2,670,209).
27.
Operating lease commitment5
At 30 June 2021 the Group and the Union had commitments to make future minimum lease payments under non-
cancellable operating leases as follows..
Group
Group
2020
Company
Company
2020
2021
2021
Amounts poyable
Not later than I year
Later than I year and not later than 5 years
1.943
2,590
1.943
2,590
2.751
6.286
2.751
6.286
Total
4.694
8,876
4.694
8,876
Page51
LEEDS BECKE STUDENTS, UNION
IA company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2021
Related party transactlons
The Union 15 in receipt of a recurrent grant from Leeds Beckett University of £1,348,64412020.. £1,348,573).
In addition the Union occupies the University's buildings on a rent free basis under an informal agreement. In
accordance with the Charities SORP, the Trustees have valued the use of the buildinÈs and utilities with reference
to market rents at £177,0(202o= £177,000).
Other sales and purchases were made to and from the Unversity of £6,40512020: £29,513) and £10,54412020'.
£22,553) respectively resulting in a balance due to the University of £4012020.. balance due to the University of
£7,517).
Unipol Student Homes is a charity which provides accomodation support and advice to students in which A Crooks
lappointed 011071202113nd M Sinwaka (appointed 01107120201 are Direct(>rs and Trustees. DurinÉ the year the
Union paid fees of £20,93212020.. £21,579) to Unipol as detailed in note 30 of the financial statements. The Union
has received a contribution from Unipol of £1,25812020- E6,6671 for housing projects. In 2020 the Union received
a gift of £10,000 and other sales of £3.352. No gifts or other sales were received in the current year.. A balance of
£20,932 was owing to Unipol at the year-end.12020.. £4,023 owing to the Union).
29.
Controlling party
The ultimate control of the Union is vested under the Consitution in the company members in General Meetings.
As such no single person or entity controls the union as defined by FRS 102.
30.
Affiliatlons, subscriptlons and membership
2021
2020
Advice UK Ltd
2,362
2,362
National Union of Students
33.711
47,719
National Association of Money Advisors
NUS Services Ltd
840
380
380
UNIPOL
20,932
21,579
58,225
72,880
31.
Contingent liability
At the current time there is uncertainty as to HMRC'S position concerning the application of a VAT concession in
connection with the provision of catering services by Students, Unions. The concession appears to have been
applied inconsistently over the sector and there is now some doubt as to how it should be applied.
There is an ongoing class action currently being coordinated by the National Union of Students against HMRC to
try and obtain some clarity re the application of the concession. At the current time it is not known when the
outcome of this action will be determined.
Page 52