Reglstered number.. 07103465 Charlty number.. 1139314 LBSU LEEDS BECKETT STUDENTS, UNION (A Company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024 LEEOS BECK￿ STUDENTS, UNION IA company Ilmlled by guaranleel CONTENTS Page Legal and admlnlstral¢ve Informallon Reporl olthe Tiuslees 3-18 Slplemenl of Tru51ees' Respon￿bIlItIeS 19 Ropowi d the Independertt Audllors Conwlldaled statement of ￿nancI81 actlvlll88 20-24 Con5011daled balan¢e $heel 26-27 Unlon balance sheet 28-29 Cor*sdldated stat¢monl ofca5h IIows 30 Note$ tolhe finanr#al $lalements 31-$5 LEEDS BECKETh STUDENTS. UNION (Acompany Ilmlted by guaranleel LEGAL AND APMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 JUNE 2024 Peter Shilton Godwln, layTrustÉè Natasha Bayn$, L4y Trusteè Loulse Laplsh. Layyrustee stephen Dowsorn Lay Yruslee Paul Rlley, Co-optèdTru5tee13ppolnted 12 ottober 20231 Kath8rine Everest, Unfverslty Nomln&tedTrustee Harsh Bhatla. Offlcei Truste6 Ireslgned 30June 20241 Dhruv Dev. Offic8rTruste814ppo>lntqd lJuly 20231 Ble551n8 Enlcla Odususl, Offlcer Trustee lappolnted l July2023, re51gned 30Jwt 20241 Sllas Ozoya, OfflcerTrustee (appointed l July 2023, re51gned 30Jvne 20241 Rachele Bruno, 5tudentTrustoe lappolnted 5 DecÈmbÉr 2023, resl£ned 30Junè 20241 Frank Okyerg, Student Truslg914ppolntèd S December 2028, rest8ned 30June 20241 07103465 1139314 Portland Bulldln8, Portland Way. Leeds LSI 3HE Nell Mackenzle, Chlef Executlve Page 1 LEEOS BECKETh STUDENTS, UNION IA company Ilmlled byguwanleal LEGAL AP4D ADMIN18TRATIVE INFORMATION FOR THE YEAR E14DED 30 JUNE 2Q24ICONT114UEOI Nell Nlackenzle, Chlef Exewtfve Jo Azam, Deputy Chief Executlve and DIr￿tOr of Buslne5s Development & Communlc*ltsns Jicqul Lawton, Dlrèrtor of Resources & Operatlon5 John Goodwln, Dlrectorof Organ151ng & Influènclr CLA *v•tyn Partnars LIMlted, 3 Floor, 56 Wolllngron street, Leeds. LSI 2EE LloydsT5B, Floor, Llsbon House. 116 Welllngtonstreet, Leed5 LS14LT Bl2tksLIP, W•dÈ House. The Mèrrlon Centre. Leèds L52 8NG PopplestonAllern 37 Stoneystreet, The Lacè Markèt, Mottingham NGI IIS Page 2 LEEDS BECKETh STUDENTS, UNION IA company Ilmlted by guarantee) TRUSTEES REPORT ThÈ TrustoÈs present thelr annual rèport toEÉthér wlth the audlted flnanelal statements of the t¢mpany forthe ye8r ljuly 2023 to 30 June 2024. The Annu81 report serves the p¥rposes of both a Trustees, report and a dlrectors report under company law. The Tr￿teaS conllrm thattheAnnual report and financlèl statementsof the £harStable company complywlth the currentstatutory requlrements, the requlrements ol the ch3rltabl¢ cornpany's governlng documènt and the provlslons of the Stètern4nt ¢f Recommended Practlce1SORpI appllcablè to char￿leS prop2rfng thelr èttounts In 2ceordan¢e wlth the Fln2nclal Repertln8 Standèrd appllcable In the UK and Republlc Of Ireland IFRS1021 leffectfve October 2019 Slnee the group and Leeds 8eckett Students, Union I'L8SU' trr 'the Unlon'l quallfles ès small under se¢tlon 382 of the CompanSes Act 2006. the Sltateglc repL>rt rqqulred uf medlum and large companles ￿￿er the Companles Act 20￿ (Strateglc Report aThd Dlrectors, Reportl R9gulations 2013 ha5 bpen owitted. In 2023124 Leeds Beckett Students, Unlon underwent a process ol fundamental strateelc renewal that has touched every p)rt ol our operation5. We have created a new, arnbltious plan for the next four years ol Ihe developmenl ol the Students, Unlon that will See us at the forefront of nèw tNftkln8 In communlty organlsln& ensurln8 that all ourmembers have strurtured opportunltlesto h8ve thelr volces heard and maxlmlse thelr potentl31. Atthe 5t?rt of the 2023124 academk ￿r, we lard outthree ¢lear areas of strate¥l¢ revlewthat would Inform tha developmentof a new orean15atlonal strategy. str£tÉglc flnan Cornmerd31 allqnment student eng8gement and democrècv Ea¢h of thèse pro}￿t$ were compl&ted at the term oltha year and 4llowed a f¥ndam•ntal evaluatltsn of the posltlon of the SU to takè plaGe In lormul&tln£ our neW3tr•tegy. Our work on 5trategit finance mAde tlear ihal the StudÈnts' Union w3s f6ting a si8nifitant structural dÈlitit In the medlum teim. wlth CLL4t5 rislng stgnlficantly fastpr th3n Income. Th15 would have 5e2n the OT8Hnlsatlcn exhaust re5eNe$ before 2030. The challenglnA financlal cllm2té wlthirt hl8her edutatlon rnade any assumptlon abour Increased unlverstty fundlA& hl8hly dublous. and so there was lear need to look at costs and ensuie a su5talnable ftsture forthe charltv- Our revlew of our commerclal operatlon showed clear strengths and areas for development across our sorvlcos. Critlcallvt It Identllled that ourwork In thls 8rea had been too focused on lsnanclal targets and had not allgned to our strate¥l¢ goals, ThÉ r85uIt W05thot Staff felt under pre55ur8 to dellver on Ilnanclal returns, whlle also fe8llne dlsconnected from the work of the r95t of thg SU. Ther&farÈ, allEnment wlth ourwlder 5trateglcgoa15 became a prlorlty wlthln our strateglcdBvelopment of thlsarea. Our most amb(tIoLFS proleet Wa5 eur enga8ement and democracy revlew, lor whlch w8 Partnered wth TPX Imp3Ct to del￿er fundamental revlèw ol the way that the SU Ilstentd to and atted uptsn the needs of our members. Thls proleet sou£ht to harne5S the expertlse and knowledAe from democratlc, membershlp andcommunlty organlsatlons acrossthe UKto reconsiderthe way the studénts, unlons have tradltlonally trperated. We engaged deeply wlth hundreds of students, undertaklng partlclpatory workshop5, dlary studle$ and surveys to understand the barriers to educatlon that they faced and how they belleved their SU CO￿la ImpTove thelr expÈriettces. After complllng thls Inforrnatlon. and looklnz at the models and optlons avallable, It became elear that the dlsclpllne of ¢ommunkyorganlsln8 offered an epportunltytore5hape ours8rvlces In a way that would empower ovrstudents. Moving to such a way of working would pr￿ide ? clear th£ory ol chonge acr05S the organlsatlon, bulld on the anchor In5titutlon vislon ol the UnlvÉrsFty, and tsffered more struLtured opportunltles to engage our dl$8dvanta8ed students. Crttlcallyl It wa5 a way of worklng that was based on th@ rèallty of student15fe ès It was belnÉ tKperfen￿d, r8ther than as we wlshed It to be. The cornpletlon of the5P thrpe prolects allowedtho development of Du¥ new Strategy to take place. We have fr£med our work 4round four cere mlsslons. These wlll bè the foundatlon of everythlnq that wè doi glvlng us dear purpose and ac¢¢untablllty to our members and funders. These mlsslons wlll be dellwered thr¢ugh communlty organlslng as our théory of ¢hanKÉ and measured aealnst thé kèy results expe¢led of the UnlversltyunderthpTeachlnE E￿01￿￿¢e Framework. Pag8 3 LEEDS BECKET[ STUDENTS, UNION IA company Ilmlted by guaranteel TRUSTEES REPORT Thè tomblnètlon of the ¢hallÈnges we face4 alon8slde our new strateg1¢ dlrectlon saw us take the dlfflcult d8clslon to re5trn¢ture our stafftn8 team, whlch has resulted the sl8nlflcant deficlt In our accounts, drlvan through onè of voluntary Severan￿ costs, All of thls was howeverdone voluntarlly. In ¢l¢se communlcatlon w￿h representat￿e5 Iromthetrade unlon and in a waythat has mèlnt8lned hl8h levels of staff sat15fattlon and goodwlll ocr05s our leams. Thls h45 allowed tg face the flnan¢lal su5talnablllty ch811enÉe that W8 had Iderttlfled and ensure thatwe are on stron8 foundatlons forthe future. Whlle n)ueh of the strategie work of the organisatlon w8s focused on the luiure In developlng our new str*eglc plan and e￿UrIng our sustalnablllty, WO 81$0 contlt)ued todel￿er for ourmembers on an operatlonal leve1. Notable athlevoments Included.. DellverlTrR largest electlon turnout In the hbtory of the orEanl￿tIon with over 5KKA) 5¥uden15 ca5¢1ng thelr vote for th8 leadews of the SU. Th15 wa5 a turnout comp3rabl&to a lacal authorlty ÈleetltsTh and IÉ a huge dwelopmentoverthecourse of the past thréè yèars* provlng th& Erowlng raach and Impact of the organisatlon. Contlnued our focuson supportlng Students wlththe r151ng cost of Ilvlng. In partnershlp wlth the Unlversltyi ensurlt)g the food On ¢4mpus temalns affordable and reformlnK tha way that bursarles are Issued. targetlng those most In nÉed for proactfvé support Èarly In thèlr studles. Proactfvely v40rkln8 across our Student groups to manage Community tensiorfj and sUPPQrt freedom of 5pepch followln8 the vlolence In the middle east. This work wa5 r8co&nlsed natlon?Ily as best pr3Ctltè and has eontributod to poslllve rÈlatlonshlps actoss ¢Emw$ and a f¢xus on le8rnlng. avoldlng some of the 8crfmonlous confllct seen In othÉr UK unwfrrs5tles. Paga 4 LEEDS BECKErr STUDENTS, UNION IA company Ilmlted by guaranteel TRUSTEES REPORT Our strat￿lC plan was launched In July 2020 followlng a huge consultatlon process to ask stakeholders what they thought about the Union and whal they wanted us lowork on to make students, live5 better. A5 a result of ihe COVID-19 pandeml¢.thedec151on was made not to Set KPIS lor th15 flrst year, and Instead wa approached th15 as o Year Z8ro, relocu51ne the work Of the Unlon on thè prlor5tlos sèt by thé Immedlate Issues and therefore set new benchmarks to work on Improvlng In the recovery vèars, followlng the pandemlc. 2021122 was therefore the first yoar ol dèlwery 3goln5t tha stratÈglc plan and posltlve progress has beén made In relatlon to many cl our core KPIS. New bu51ne55 prgcgsse5 were Introdu¢&d for 22123 targetlng the work of the Unlon on the most pre55lnE needs ol our members. Th15 Saw slglliflcant Improvemen15 In re5pondlhR tothe need5 of Intematlon41 students 8nd mltlgatlng the ImpaLI of the cost- of-llvlng Crlsls on our members. In 2023124 the Unlon has further Tellned these buslne5s proces5P5, w￿h i locus on InCr￿Sed gngagemtrnt wlth h¢me students Ind contlnulng our work on cost.of.Ilvlni. Thls 15 an Interlm strategy ahead of a fv115trata81¢ review to toke plate In 2023124 wlth a new strateglc p13n In p5ace for2024125. Mi956011 Maklng students, lives better. W4 wlll 511ppor¢, conngrt. and rqpresent all LeÈds Backett students. In¢lu$lv•.' We place eq￿alItY and dlversSty atthe heart of the dec151on5 we mak* ondth• artlvltywè undqrtakè. Dynamk: We afe last movlth8, relevant and resportslvé to the needs ofourstudent5 8nd are fc¢used on rnaklng posltfv9¢hange. Sustaknablo: W8 wlll live wlthln ￿Jr means both envlronm0nt31￿ and linandolly. showlng a commltn)ent to Improvlng Ehè envlronment and ensurlngtheStudent5' Unlon ha5 resources to support core act5vltles. Brave.. We aim to rake ambltlous steps to make Ouf siudents, lives better by m3king the right deci510n5 aiid not bpl*8 6frald of challenglngthestatus quo. WolUt theirexperlence It Beckett. {￿erthe yearwe colleL%gd Inslghtlul data tlial'5 Infortned Dur b¥and-newstrateKythat15 all abuut bulldlng communltles and connectlng our students. Celèbratlrt8 Leeds Ptldè 2024 We hod a groat tlm@ at Lefyds Prlde thlsyearln thg heart olth¢ Thty centrol We tearned up wlth Students staff from boih LBSU and thÈ Unlver51tyto celebrate LGBT+ prlde. Whlle we l(w* Léeds Prfde and akvays look forward to marthlng In the parade. we work to mak&sure all ourstudenls are repre$￿ted and supporled throughout the entlre year- notlust dur{￿ Prlde. Your electgd CornrnunltyOrgan158rs havg dong an amailng lob of repipsentlng the Student volce and organlslng ex£itlng campalgnlng actDfitie51 Student Le¢dershlp Leeds Becketi student￿ Unlon is run by aiid foi 5tudpnt51 Each yearstud£nts elpcl an OfficerTe?m tD répresent thélr CL>lledlvevoke both vJithin the Universltyand the wlder community. From eveiits on campus to larger campalgns and so much more, therfve made btg Impact for Beckett students overthe last year. Pagè 7 LEEDS BECKETh STUDENTS, UNION A cornpany Ilmlted by 8uaranteel TRUSTEES REPORT studentand A¢ademl¢ R#prosentatlon LBSU 5UPPOrts Course Reps. Student Ac2dernlc Repre5entatlon Asslstant5 ISARASI and Student Cornmunlty OrÈ4nlstrs t¢ lead Impactlu1 work b¢Eh on campus and beyond. Thls year ourstudent leaders engaged w6th ￿er 550 students In communlty orRan151ng on campu51 Whether our students are leading at the N£tlonal NU5 Conference or lobbylne oflic6a15 to Improve servlces for students, stud&ntS told us about thelr unlverslty experlence, and we Work￿ togetherto creale posltlve ¢hanÈefor our studenls. Ourstudent lÈaderstook thelr own asks and shared yourstorltrs at the Wtst Yorkshlre c1t1zensA￿ÈMbl¥. There they pushed thewest Yorkshlre Mayor and Ig¢61 MP Alex Sobel towwk wlth u5 On Improvl*g the con51sten¢y of student bus fares across the reglon and to work wlth a whole host of local wganlsatlon5 to Improve work and ￿SCements opt10￿ In Leed5 for5tudentsl We bleed purplal LBSU goe$ to Va￿ltY 20Z4 It wa5 another great year fcr Beckott at Leeds Var51ty1 LBSU rheered on ourtpams at the Vatsity Rugby Flntle at Headlngley Stadlum thls sprlng. From attendlng press days at the stadlum wlth our student 4th10t￿ to cglebratlng as thoy Ilfted thg5rtropN95 In vlctory, Varsity Is always one ofthe highlights ol ow yearl The StudenW Unlon got to bp Involved thrvughoui the protess, 2nd OfflterTe8m workÈdio takethe studontvol¢e Into even mere V&rslty p12nnlng spates to help n)akethe eventthe very best It Could be. We are already countln8 d￿n untll nextye8rl IndlHn NlpilHn Indgpondenco D4V Hore at L+trd5 Bockett, wèhavé a dlveysè and ￿brant comMun￿V of Intérnatlon81 students.Thls year the Olf(cwTeam hosted a serles of events to lielp build Iiitertiatlonal student5, 5Èn5e of bplofi81118 on CBmpus. We klcked off the yearwlth events Ilke Indlan Independence Day and Nlg*r18n Independence Day wlth food, muslc, frlends. It Was a Rreat way for student5 farfrom hometo cometogether lor4 day of communlty and coThne¢tlon. Pag& 8 LEEOS BECKET[ STUDENTS, UNION IA company Ilmlted by guarantee) TRUSTEES AEPORT Dlwall LBSUS Actlvltles and Eve¢)tsOfflcer, Harsh, hosted avlbrant Dlwall Celebratlon In otsr events hall wlth the help of SU Presldent Dhrthi, tlie INSA Society and LBSLI staff. Hundreds of students atiended and even Beckett's Vice Chancellor came altsng ta the Èvènt. The celebrallon b9ean w￿h a prtyor, L¥ pool¥. and the festlvltles tontlnued Into the nlght wlth lots ol amazlng perforFnance5 from students and even aft after partyl Fe5tlve Falt After a super successful F05tfve Falr last holldaysoason, we brought back our student-led market aealn thls yearl geckett Student5 wlth buddlng buslnesses were Inv5tod to come along and partlclpatÈ In the falr asvendorswlth th*lr own stalls. We had students wlth brin 3mazlnB bak4ryy jqw•ll4ryJ art stalls mor*1 Whoth•r >tud*nt# *topp4d In for 3 BWQ•t tr•atto get thrty￿h l*rtiir*s or plcked up a glft for ¥ loved one, our Festlve Falr had lots to offerl strassb￿StlnX and UnlvorsSty Mental Health Day Universlty can be ov£rwhelmlngsomttlmes. and It can hard lo Ilnd tlmo to take a breath and unwlnd. Thls year to help students de- stress and look ?fterthelr wellbelngwhllp studylnL LBSU Welfare Offlcer BlesslnE led a serles ol Str85sbu5tlne eventsl Blesslng ran work5haps across campuses whéréstudentscould drop In and unwlnd durlTrg exam season 4nd io celebrate Unfverslty Mental Health Waok. Wlth actlvllles Ilke érawln8. ¢rafts and even yoga, there wi$ 50methlng for everyonetoenl¢)y. Eureka,. Wefourtd Oe¢ketVs ￿e￿5t entrepreneursl Sllas, LBSU Academic Experlence Offlier, ¢rpated and led Eui'eka, a dra8011's dwi-style competition far Beckett studentsto pbtch thelr best bu51np55 Ideas for a chance to wln support from leeds Buslne55 khool.Studehts came. wtehed some fantastlc Ideas, and recelved feedbatkfrom an éxpert panel olludges. Th15wa5 a greèt way for ourQfflcer5 to flnd nÈw ways to support and encouraEe studènts to try new thlngs and develop thelrskllls and confidenca. Well (Jonè Page 9 LEEDS BECKETh STUDENTS, UNION IA company Ilmlted byguaianteel TRUSTEES REPORT Chal and ch￿ ChHt Lbsu Activitles and Event50fftcer Harsh and SU Presldent Ctrhrw workod to8ethÈr to brfng Chal ènd Chlt chat.. a serles of dr¢p-In év&ntS throughout thé year at (Jly and Headlnglw Campus.These were a areat opportunlty t¢ share a cup ofte8 and chat wlth th$ Olllcors and lrfend5 abtsut thelrexperlente at unlverslty. Whetherstudents wznted to meet new people ortalk to a student leader abO￿t chanse thewd like to sae, we loved seeing you all get involvedl Emp0￿rIng St￿d￿NtsihYouEh advk• LBSU'S Advlce Service Is here to 5UPPOrt students throughout thelitlmg at unlver55ty1 Student1118 can have Its ups and downs, and everyone cou5d use 3 little 3dvice from time to tlme. WÈ've. had Siudents, bad¢ over the last yearl Thls year our Advlce 5ervlceoffered free, conlidontlal ind Indepehdont adyicfrto 2365 students on 3133 cases eoverln&eveTrthln from academlcto houslng and flnanclal matters. (Wprall, w& goi back a whopplng £27.937.00 for tyjrstudentsl Students who used the Adwce Servlce said'The 5tudeiit unlon Bdvlce servlte hès been Instrumental In guidinR me through academlc quèrie5 and 0118rlngvalukblÈsupport, creatln8 a posrtlve and empowerlng experlen¢e throughout rny un1ve￿Il¥lOUr￿Y. I had o 8r*at experlence bèlng 3bl@ totalkto somgone who knows h￿V I feel and it Ipally hplped mp to unde¥5tand I'm not alane." and-l was Incredibly stressÈd and th￿Ehtth2t I wou1dft't be able to 80 back to univorslly, but they took mc throu8h the process step by step and madg St d94rwhat I hod ¢0 do and I was able to 8et the outcome I wanted thanks to the Students, Union.. Every yearthe Advlce Service sees lots of 5tY4Jeryts who have been accv5ed of poora¢ademlt practlce. Thlsyearthe Athlce 58rvlc• worked w￿h the Academle Ilbrarl8ns to dellver sesslons on good academlc prartl¢g to ov•r 300 studentsl Antsthor great war for¢ommunltles on campus It's been a fantastlc year lor our studenl communllle51 From the buzz ol Freshers Fair ttsthe ÈxtitemÈnt of soclals throuehout the year. your Students, Unlon ha5 supported more th3n 70student-led groups thi5 yearl Gettlng Invofved wlth a student group Is a great way to meet aew peopk andtry nowthl*gs. and thl$year over 8,2￿ students lolned tOMmL￿￿[ÉS on campus. Whether we're ollerlng 5UPPOrt and guidance for ourgrowlng student publlcaElons and radlo er helplng to facllltate events 4nd end ol year ball£ for studentgroups, we're thrlllÈd to help students make thelrsocletlès an exdtlng part olth6lr unlver51ty experience. I I0K¥t1LthJ￿1'1 4 Page 10 LEEDS BECKITh STUDENTS, UNION A company Ilmlted by guaranteel TRUSTEES REPORT Breakfast Pllg We're always open to iiew student-led prolects and campafgtts and thls year students ran thè Breakfast Blte prolectl Breèkfast Bite Jyovlded students wlth pay-ls-you-leel breakfasts everyThursday mornlng durlng term-tlme at Clty Campus last year. rhe student-led wolert was se¢ up it Eco Soup and hungrystudent5 could grab Instant oatstea, coffee toast and even Idll Ilndlan rlce ¢akesl. We know theCost-ofvLlvlng Crisi5 15 5tlll putting adthtioiial straln ori student5, finaiices, so we were so exclted to help sUPPOrtyou lead Imp8Ctful Inltlatlves on campusl An eK¢ltl#8 year otO¥Ollt81 It's been an excltln8 year on campus-from glgsto vlntag4 clothlng 5alqs. student lalr5 and so much rTrore, there was 8lw4ys somethlr to Eet Invo￿ed In. We h05ted 23 glgs th15 year and wL4comed some Incredible 3rt15t5- Includlng Sundara Karma, Frlendly Flres and even Noah Kihan Iwhofound out he was nomlnated for a Grammy In ourvenuell. Thi5 Isn't lust great news for Leeds music l(wers. but for our stude11ts teo. All the proceeds trom our 848s and Lwents go rlght bèck Into fundlng Inltlatives and support for studentsl Fuelllngyour$ludy$8s$lon$ at Th• Hlv• From sÈrvln¥ uptasty bStQ5 to oitto ollering a comfy social space on campus, The Hlve has It alll Whether students stopped It) bBtween lectures or wrapped upthelr daywith friend5 èt tho bar, they came back toThe agaln and agaln. The wa5 the go-to coffee spot wlth 7.832 coffees served thls year. The Hive pulled 4,3)7 plntj atthe bfjrthlJy*4r. >topp¢d SD for a wh¢&ppSD¢ 21,5G2 soft dr1￿￿. BÈ¢kett 5tydertt5 know ¥t'5 the most Impoitantmeal ofthe dayl They started your day wlth a breakfist In the 2,446 tlmes. It's 6 campus dasslc for a reèson-The Hlve erllied up 1,213 burgers for hungry studentsthls year. Thls yearwe Introduced some new Item5 that became last f4vour5tesl Students ordered jollof rlce 753 tlrnes ond fllled up on Indlan snacks 1501 tlmps. Ourcla551£ paninl15 5tlll a popularcholce wlth 4.397 ordered, and ol Course, the comfortlng IKket potatowas thelr go-to 475 tlmes. From S￿PPDrtlTrg 5tudpnt-led prolects, leading £ampalgn5, supportlw excltlng Student-1￿ evenis to offérlng all LBU stvdÈnis fréè, canlldontlal and Independent adv1￿, our alm Is to make the student ekperferKe the best It can bel leed5 Beckett Students, Unlon15 run by and for stud•ntsl Thank vou to all ourstudents for 5haplng OUTwork ovprthe p351 yeail Whetherthey madethelrvolce heard by votln8 In the LeadÈrshlp Elertlons, stood for a posltlon, led a project, or 8Ot Involved academic ieprèserttatlon, we couldn't have d¢nÈ th15 Wlthout them. Wliile th¢s report ha5 highllEhted a lot of the great work done, WÈ liaven't been able to mentlon all the amailng th1￿5 achleved thls y¢ar. And a hugslihank yougo95 to ourwonderful student leaders-wlthoutthem, LB5U wouldii't have 3 puypose. Page11 IEEDS BECKE￿ STUDENTS, UNION IA company Ilmlted by guarantee) TRUSTEES REPORT I.OOIIINfs A14FAr) Prlorlt 2024125 marks the Ilrst year of our Thewstraleglc plan, operating ￿th our new stafflng Structure under our ¢1gar th40ry of th*n8e. We wlll prlorltlse ¢ur wtxk around the b45k n99ds of studerts and communlty bulldln8 toenablé work around our other 5tratpRlc mlsslons. We wlll refresh ovr 8overnlnE documents to retlect the change5 we have madÈ to ovr operatlons and revlèw our full-llme sabbatlcal offl¢erst¥ucture to ￿SUre Itallgn5wlth ournew waysof worklng. Thlsgovprnance revlawwlll bedone In partnershlpwhh the un￿er$[tY and wlth elose reference to our r95ponslbllitlès vnderthe Educ8tlon Ac¢t119941. In additlon, we contlnue to refresh our knardwlth rPtere￿￿ to our skllls rnatrlx, wlth the awarenes5 the that tsrms of Several of our trustees are due to èxplre In the nearfuturst. r.INANCIAI.SUDAMAIIY Asummary ofthe year Is set0￿t on page 20 olthg fln4ntlal$tatements. The Unlon's gross Intome from all sources this yew totalled £2.269.06812023.' £2A22.3311. Thls Includes a block grant from Leeds Bed¢ett Universlty ol El,431,192. Wo spent a total of E2.372fi7012023.' É2.518.0491 on a wlde range of studènt bÈneflts and on the revenue maklng aLtlvltle5 we und8rtako. Gross Income mlnus expendliure resulted In a daflcltfartheyear of £103,60212023.' E95.7181. Our nBt a55ets less penslon fund Ilabllltles now stind at £243,97712023'. E469,7451. Atthe yearend,total funds are negatlve E2,090.187 12023,, £1,986,585) whlch15Teprasent8d byrestrlctgd lund5 of EIO,63112023: £21,123). unrestrlcted fund5&xcludlngthe pen51onschemt 113bllity of £355,51412023.' £557.0821 ènd the penslon fund Iliblllty of £2,456,33212023'. £2,564,790). The Introductlon of FRS 102 Imarch 20131 mé4ns thatthe Unl¢>n5' shaTe of the pension Ilabilityf(K the Students, Unlon Superannuation Scheme Is now reCOg￿lsed ii) aur accounts. Tlie Truslees, assumptlon Isthatthe Union will tontinuÈ to Irake annual contributions tothe penslon schemo such that after 13 years, the daflctt wlll bo repalred. Ca$h P051tlon Our cash posltlon 15 set out In the consolldat9d 5t3tqm9nt of eash flows at page 30 and at the Unlon'5 yeaT end showed that £370.936 12023.. £707,808) of eash orcash equlvalents Hre to betarrled fomard. Flxgd ￿$￿ts Thgr* has btsgn scme cap￿81 expendlture In the year whlch r05ulis In a n&tvalue of tan8lble èsséts of £39,62612023.. £51*561. Prl¢lthg Pollcv Our prlclnE pollcyrellects ourstral4gy for ensurlnu that ourcommerclal 58r¥lcey concontrlbuteto t￿ ￿tt￿ltIeS of the Unlon whllst stlll provldlng valuo lor tlloney for our students. We are also very aw4rÉ of our corporatt soclal rosponslblllty ènd therelore we hav8 pollcy not to offer Irresponslble drlnk$ offer5. FuttdralslnqAtilvltlos We do not engage In Ta&lhg fund5 dlrectly from puNlc,' the Unlon wlll contlnue to monlior Its 50ui¢e5 of Income, and should k start to ggneratesignlficaTrt fundsfrom lundralslng act1v￿leS It wlll Inl¢ym tho fundralslng regulatorandtake all nècessary measure5 to ensure It eompllès wlth theguldance Issued. P8g8 12 LEEDS 8ECKETt STUDENTS, UNION IA company Ilmlted by guaranteel TRUSTEES REPORT Afflllwtlong Wè are currently afflllated to the Natlonal Unlon of Students (Nus) at 8 Cost of E34,390 per year, Advke UK at a cost ol E415 per year. citlzens UK at a cost of £8A82 per year and the Natlonal AssoclJtlon of Studènt Money Athflser5 at a cost of £750 pèr year. As part of ow afflllatlon to NUS we are also affllaid to NUS Servkfr5 Ltd and to tho N4tlon41 Counell ftsrVoluntaryOr8anLq3tlons INCVOI. We &lso pay an annual 5ubventlon 01 £20,932 to Unlpol whlchls a thaTf(abte stttdènt houslng tonwany In Leed5 of whl¢h th8 Unlon is a meillber aiid appoint5 three trustpe5ldlrectors. The purposÈ of the subvention p2yment Is in partial support of Unipol's Leed5 Houslng Hub which provides houslnÈ sÈrvlces, IncltsdlneSnformatloi).advlceand 8sslstanceto Dvr51udents' sep.kinga¢commodatitsn in th£ pr￿atts rentedsertor. ResoThes Poll¢y The alm olthe current rese￿5 pollcy Isto bulld upsuflldÈnt unrèstrfctÈd ftee reserves to CDvÈr thiee monrhs of Ihe Unlon'5 operatioiial expenditu¥e. The Board h?ve benihrnarked the Unlon'5 reserves pdl¢y ¥Kalnst other slmllar s17ed student5, uniolls and has CaTefullv consldered the level of resprvp5 requlred bythèuttlo￿.The Flnance Commlttee have agreedthatthe reservè5 polltyshould bemonltored and revlewed durlne thè flnanclal yearto30 June 2025 and, sf necessaryi a revlsed reseNes polltywlll bp In)plqm¢ntad. A5 Qf 3QJune 2024, th•tot4I torèservlee operatlonal expèndlture was £1,680A2212023-£1,485,X881. The tar¥et flgure for unrestrfcted free reseNes was 25% of thls amount. whl¢h Is E420,2(￿l2023. 37L4711. The actual unrestrfrtd freè rè5éNes shewn In the accoLtnts are £355,51412023.. É505,2241. 6olmgCtstt¢em ThÈ Block Grant for2024-25 has been conflrmed at £1,459,816 and thSs wlll be appllgd In 5wvIc6) provislw todel(ver our publlc benefit v18 our charltyoble¢ts. Natlonally. hlgheredueatlon InstitLrtlons are undersl8nlft¢ant ftnènclal 5traln, wtth hom@ studentfee Incvmfr capped andlnflatlcn rEpldly èrodlng thelr value. Thls. In turn. places pre￿Ure on the Unlon budget, wlth both grant and commèrdal Inceme under 5traln and Inflètlonèry pressures arourtd pay and Bood& The Boèrd approved a deflclt budget for2024-25 In Ju*)e 2024 and based on the lnlomi4llon atthetlmg. aweqd thatthey were content to £onflrm thatthe Umlon hassufflclent fundsto meet Its annual obligatlons lorthe year 2024-25. F¥rtheitnorg. tho Bo4rd havtrcwsldered a forecast forthe next two financlal years andthe Board olTrusteeswlll be asked tonotethat It15 ba5Èd on the Inlormatlon avallable atthètlme ofwrltlng and that wlll be sublect to change as we movethrou8htheyear. Tho Hmancè Comm5tteè and the 8oard of Tiu$tees wlll be monlrorlng the flnancl41 Ferformance of the Vnlon In ordgr that necessary Stops can bè taken In 8ODd tlme. should they be requlred to eknsure th8 IlnaTrclal hfralth of the organlsatlon. The forecasts show that suffltlent r&seNes and cash are available t¢ ensure the Unlon can contlnuè to op&ratÈ lor a périod of 12 months from the date of approv81 of these accounts. The trustees therefore bellevw It15 4pproprl*gto preparo thé a¢courts on a golng concern ba51s. Pagg13 LEEDS 8ECKEFf STUDENTS, UNION IA tompany Ilmlted by guarantee) TRUSTEES REPOR T S'IftIIC'fiiftf., GllVF.tiWANCE ANI) MANAliF.MINI' The Board tsf Trustee3 has overall responsibility lor the Union. ThBfull-tlrne offlcers. togetherwlththe Swlor ManaEem8ntTÉ¥M, have the res￿#S1b11rtY of Implementlngth8 poll¢Ees and 5trategle5 approved by the Board. The Buard mèt upttsflve tlmes. vla a mlxture ol onllnp and facg-t¢kla¢g m9etlngs, overthe course of the year. Commlttoes oltho Board The Board d15¢h&rg* Its responslbllltle5 through thr8p formally conslltuted commlttees. These are the Flnance Cornmlttee, the Ppople Cornmlttee, and the In51Eht & Impact CornrnlttEe. The Board ha5 establlshed terms of referenco for each commlttÉe whleh clearly ser out the powers deleeated W the Board and the £ommlttees' auiliority totake deci51ons and act on behalf olth• Boa¥d.The composltlon of tho commllt•ès1s desIg￿d to eThsure an approylate balance of Lay. Offlce¥. 8nd Student Tru5tee5. The UThlvtrslty also nomlnates a member ol the ft￿15¢rar & Sètret8Vs offtce to attend InslRht & IM￿¢t Commlttee to pro￿de overslght of thè management ef our democratlclu•Ltlon% l#elttdlng 8lectlons, Nat3sha Bayna Stophen Dowson Loulse Laplsh Katherlne Evérast Peter Shllton liodwin Paul Rlley Harsh Bhatla Lèy Trustee Ichalrl Lay Trustee Ichalrl Lay Trn5tee Ichalrl LayTrustee Co-optèd Trustte OfflcerTrustee 0ff1cerTr￿tee Dhruv Qev OfflcèrTfusteÈ Blesslne Odusus Slla5 Ozoya Frank OkyerÈ Rad)al8 bruno Offl¢erTru5tee Offl¢erTfustee Student Trustee Studènt Trusteè AleK O'Brien Co-OPtÈd Committee mern￿r Llvla Scolt co.opted Commltto& Mamber Ctropted Commlttée Member AppolDtment DfTruste•$ The Trustee5 01 the Unlon ara the four OffIC￿ Tru5tee5 IPresldent. Actlvlt1￿ ènd Events Officer, Academlc Eypérlente offI￿r. Welfare Officer), 3 4ppolnted Student Irusteos, plus I further Student Trustee who15 selected by iheGlobal Malorlly Students, CommunltV*and flve LwrfTru5tog5 lon¢ ol whom Is nomlnated bythe Unlversltyl. Yhe Offlcer Truste85 arg 4l8¢t4d annually by a cross-campus ballot of ill student m@mb•rs The OfficerTrustees are lull-tlme offlcers with a temi ¢f offlce of one year. They can r*5tand for o second yé¥ If they wlsh. The selectèd Stud&nt Tru5tee5 are recrulted fram wlthlhthestudent body. The 3 Open StudentTw5tPÈ P05Ttlons areselected bythe Appolntmentscommltteéand appr¢wÈd bythe Board. The LayTrustees ar$ recrultéd from outsldÈ the student body. LayTru$tees are recommended by th4 Poo￿9 Commlttee and approved by the Board. Pagè14 LEEDS BECKETh STUDENTS, UNION IA company Ilmlted byguaranteel TRUSTEES REPOR T Tru*teé Indurtlott ihd Tralnln8 The OfflcerTrustees attend several tralnlng events to ensijre that they understand thelr role ay Trustee5. These Include NCVO tralnlng and èn ln-ho￿3e tralning programrne. All Trustees are expected to undertake in onllne Tru5¢ee Foundatlons course when theyloln the Board, and thoy are introduted thé Unlon. Addltlonal ifalnlng opport￿￿leS are shargd wlth Trustetts as they arlse. Thore 1$ In annual Board AwayDay whlch alsoworks to@nsur&th3ttru5tees areconfldentlnthelr role and responsibiiitSes.Thg Unlon Isa MemberofNCVO (Natlonal Councll ol Voluntary Oryanlsatlonsl, and thts provldes acce5S tovarl¢tyof resourcés and tralnlng opportunltles lortru5tees. Pay Polltyforsenlor Staff The Eoard considerthe Trust8os and the SèThlor ManagementTeam to be the key rnanagem9nt personnel of the Unlon In chari8 01 dlrectlTrg and controlllng. rtsnnlng. and oper8tln8 the Unlon on a day-to-day basis. All Lay Tru5tpes and Student Trustees glve thelr tlme freely and do not re¢&wé rèmuneratloTh Intheyear. Offtter Trustee5 recelve an innual sal4ry lorthelr w¢xk as Full-tlme Elected Officer5. The Senlor Managers are appra15ed ann￿allY by the Chlef Executlv£. Theli pay progresses ￿thITr thelr Ef3d8 ba5od on length of sèrvlte. as Is the case lor the resi ol thÈ pèid staff team, The Chiel Executlve may allow progression into the'e%cÈptlonal' band of the r3de through the 8ppraisal prore$5. Su¢h a recommendatlon requlres the approval oltha People ComtnlttÉÈ. The Chlef Execuuve Is appralsed by the Pre51dent 3nd the Chalr of the Board who may recommend 3n Incrernèntal pay proqresslon forthe chlèf Exetutive. In 11*0 wlththe agreed pay splne, If they havesuccwlully achlaved thelr 0b1eeifjv￿. Thls r£commandatlon L5 ¢on51dèred by the B08rd ofTrustee& Pag615 LEEDS aECKETh STUDENTS, UNION IA company IlmSted by 8uaranteel TRUSTEES REPORT Rlsk Mina8amènt The Unlon has a ¢le3r framework, pollcy and Sét ol procèdures place to ensure rlsks zre antlclpated and mitlealed effertlvdy and consistently. The rlsk ry)anagement PToress Includes updates of strateg1¢ rSsks through the sub-commlttees olthè BDar¢S, wlth any nèw or slgn1ficantlya1ter￿ tlsks bdng brought to the full Board. Tht wlder assurancè framework Includes pollcles on health and safetyj hntl-fraud. brlbery and corruptlon. management ol compl4lnt4 5afvguardlng, and ralslng concerns Iwhlstleblowlng). Those pollcles en5urethat wherè Ineldents 8lve rlse to rlsks, these are Identiligd, attpd on swIft￿, and reported &ccordlngtoour règulatrry respon51bi15tbs. Trustee5 are rosponslblè for ethsurlng that thè Unlon has robust •nd effectlve rf5k m8nagement proces$95 In plac•. Thè 8o¥rd assesses and agrge5th8 strat4glt rlsks each year. Each commlttee ofthe Board takes r05ponslblllty lorrelevant strale8lc r15k5. The SMT revlow thÈ strat¥l¢ rlsks. taklni collectlve responslbllbty lor onwrifig that rlsks aré Idèntifled and elfettlvely mltlgated. A lul revlew oFthÈ strateglcrlsks faced bythe organisatlontook plac* In 2022123 rèflett(ng the evtslvln8 operatlng envlronmèrt Dlthe Union and the potentlal opportunltlos that maya150 3rlse.The5e rlsks a￿ ie8ularlyrwlued bysub commlttees ofthe board, w￿h a lull revlew taklng place annual￿. In tho yoar aheod thè organlsatlon wlll tonslder addlnR rlsks around data m&nagement and cybgtstrcurlty and feguardlng to Its r15k reg15t•r. Prln¢lpal Rlsk¥faeod byLBSV. and Mhl8atln8 Artlons Inslghtlcornmunlratlon Fallure t¢ recognlse, adapl or respond to thé changlng envlronmeTht and dynarnlcs of our mÉmb&￿h1P resvlting In lower levels of eng3gement with the Unlon's servlces and demotratlc strurtures and rÈducad r01tvinca. l. Ensure ¢105É relttlonshlp wlth key Unlver51ty staff In recrultment and plannlng, enEage 411 Unlon stalf In futurt of the Unlvèrslly to ensure servlc¢5 are developed In Ilne wlth Impendkng h4nges. 2. Develop ènd malnt81n posltlve relatlon5hlp5 atthe mogtsènlor lèvel. ensure regularand Informed student research féédback provfded acro% the uniV￿S1ty. R#sour¢*$/Relatlonshlp5 Fallure to ensur• the Uthlon maintalns or extends phy51cal prasénté withln the Unlverslty envlronmont. l. Ensure servlces are dellverlng dlgltally and Dutslde of Unlon spacesand bulldlnES a￿05$ th campuses. 2. Ensurè sonlor ralatlon5hlp5, esp. w￿h t)Irector of Estat05 on development and Implemtntatlon of estates master plan. 3. Devdop dur relatlonshlps In thecltyand beyond to Increase our reach and ￿le¥an£0. Pagg 16 LEEDS BECKETh 5TUOENTS' UNION IA cornpany Ilmlted by guarantee) TRUSTEES REPORT Resour¢eslGoveTn4n¢e Cornmerdal operatlonssuffer sIEnlllcant downturn. fraud ￿ loss of Il¢en%e leadlw to financlal defldt5. l. Develop a mÉdlum-term financl81 strateEy and ensuro 5tr/teglc allenment wlth unlver51ty to protectand grow fundlng. 2. We look * all different ways we can 4enerate Income and fo¢u5 more on the medSa saleslpartnershlp5. We IIH159 wlth othèr Unlons tosee how they generate Incomq. l. Look Into localKrants/funding whlch we Could get. RelHt10tt5hlpslRosourcts Inabllltyto secure adeouate lundlng from tho urslverslty and elsewhere to underpln ourstrateglc alm5. 2. Look at more comrneicl41 opportu￿tIes, speak w5th other unlons. Ensure hlgh level relatI¢￿shIPS devéloped and 411gnstratÉgic r8pi)rtlwto unlvÉtsliV prlor5tles. Governante Inadtquata goverttance processes and/or ttsmpllarbce l. Invest ITr rgcrultmant and tralnln8 of hlgh- quallty bo4rd mgmbers. 2. Ensure sÈnlorstaff engagewlth w(dg1 devolopMÈllts In thlrd sectorto dovelop appToa¢h to zovernaneé. l. Cèrry out i full Budlt of all trur II+S polic1¢¥ and Procedures. uvErnantE 2. To allgn tsur polltles and prO￿d￿re$ wf(h Unlversity's, develop Hnd malnt2ln posltSve rolatlonshlp5 wlth key 5talf. l. Invesi In tralnlng and developm@nt glsénlor staff ènd tru5t*es. GgvernHDce Legal and RegulatoryCompllancÈ 2. Rolllng programme or pollcy and procedure revlew5 In ￿a¢@ and monltored. l. Horlior> 5tannlng as core respon51bllltles or SMT tnd the Board to rnonttorand develop 5wvlces. G0¥8rnan¢￿R05o1lrC￿s Buslnes5 Interruptlon 2. Evilu4tlon of key actfvltles a standard przctlce wlth lessoDlng leayned Implemented In futureyears. l. Engage wlth sector bodles and the wlder student movement on publlc iffalrswork. RèlatlonghlpslGoveinan¢¢ Ch4n¥es In Governmtrnt PL>llcythreaten operatlni model l Undertake erKlcal bUsIne￿ scenarlo p14nnlngto conslder optlon5 should opratlTrg context ehJnge slgnlflcantly. Pag&17 LIEDS BECKETh STUDENTS, UNION IA company Ilmlted by guaranteè) TRUSTEES REPQRT Publk Bgnofl1 ln plannlng and delivèrlng ourservlces and actlvltles, the Trustees and manaeement olthe Unlon have Rlven due regard toihe nped to ensure that Ihè charlty provldes publlc benefit, follo￿ne the Charily C¢mmlssk)n's guidancp on these mattèrs. oet2ils of howthe ￿lon has conducted ltsactlvltles for the publlc beneflt are g￿en ITh the report on our octrvlt1￿ In the yehT. Equal Opportunlt1•5 Th¢ Unl¢n's policy isto ensure ThJlob applicant, employee orstudent membei Is dlscrlirlnated ègalnst elther dlreclly oriiidirecily oli the round5 of age. dlsablllty. gender rèasslgnment. m8rrlage or ctvll ptrtnèt¥hlp, pregn8ncy or maternlty* race, re11glon or bel lel, sex, ar sexual orfÈntatlon. The Unlon undertook an Equallty& Dlverslty Audlt ln 2021122 8nd Implementlng actlon5 In relatlon tothls has been Identlfled as a contlnulng prfor5ty oltho Peo￿& Commlttee In thÈ year ahead. Related Partlos and cO￿peratIoN wlth 4thgrOrEanlsatlons The relationshlp between the UThlverslty and the Unlon 15 e5tabllshed In the Regulatlons of th8 Unlverslty and detalled In the Unitsn's Artltles approved by both Organisitlons. The Unlon recolves a Block Gr2nt from the Unlversity and part-occuples three bulldlng5. whl¢h are owned by the Unlverslty. The Unlverslty pays for utllltle5, POrterlnR and cl8anlnE. Thls non-mon&tary support Fs intrfnslc to the r91atlon5hlp bgtween the Univèr51ty and Unlon. As retommended by the Charitles SORP, an estlmzted value to thè Union for thls froe 5eNlced accoMmoLlatlon ha5 been lkncluded In the attounts. prlced tt a consewatlve E282,SQK). Although th8 Unlon cor¢tlnuès to gonerate supplementary fundlng fromvarlou5 mutual tradng H¢tlvltlo5, It will alivay5 be dependent on the Vnlversltws svpport. There Is ￿ rèason to bellevè that tNs or èqulvalent support from the Unfverslty wlll not contlnue f¢x the foreseeable future, 45 the Educallon Act 1994 Impo￿# a duty an thè UMlVÈr￿ÈY tognsuré t￿ nnan£i31 viabllity of It5 4tudÈMt rooresÈntatlve bodyand the Unlon'5 re1atlonshlp wkh the Unlverslty rÈmalrKs poslEfve. The Union's wholly owned 5ubsldldry, Leeds 8e¢kett Students, Union Trading Llmited, wa5 e5tBb115hed for thè purposes of condu¢tlt thtr non-mutual tradIngaCt￿It1És ofthè Unlon. The DIrect￿$ forthe Company forthe year endlng 30June 2023 and yaar endlng 30June 2024 ware Peter Shlkon GodwlTh and Harsh Bhatla. The Ch5ef Èxecutlve Is the Company s￿retary. Prollt$ Irorn thGTradlng Company are 41ft-21dedto the Unlon. Page18 LEEDS 8ECKETh STUDENTS, UNION IA ci)mpany Ilmlted by 8U3ranteel TRUSTEES REPOR T StatèmÈrttotTiuJteoJ' Re$po#$th)Illtlg5 TheTrustees (who are also the dlreclors of the ehar5tyforthe purposes of company18wI are responslble for preparlng theTrust*e5' report and the financlalstatemenis In accordance wlth appllcable law and Unlted Kingdom Accountln8 siandards Iunlted KIngd￿l Gènèral1yAC￿pttd Atcountlng Pttrtlcel. Company law requlres theTrusteesto prepare fln6nclal statementsforea¢h financlal year, whlch Elve a tNe and falrvlaw of thestate 014ffalrs ofthe group ènd the charltable company and olthè IT*omlng resourees and appll¢atlon of resourc*5, l#¢ludlngthe Income and expendlture, forthat perlod. In prgparlns these finantlal statements. the Trustees arè raqulred to- sèlect sultable acN Oplnlon We havè 8udlted the fin8nd81 8t8tements of Leeds Beckell Sludenl$' Unlon Ilhg 'p8ranl chaiilable eompanll and Its subÈlrflarte8 Ilhe 'group'l fow Ihe year endEd 30 June 2024 whl¢h crmnprlse th¢ CoTr8olldaled 61atoment or nnan¢lal activ1l￿5,the ConsolSdaled balan￿ sheel, Ihe Unh)n baL9r￿8 sheet. the Con8olldated stslement ofca8h flow88ndlhe related nolei Noles lo Ihe Flnandal Slalemenl8, Indudlng a summary of s￿￿[flCant atcoununo polldes. The finandal reportlng rramework Ihal has bean dpplled In Ihelr preparatlon1s 8p￿1¢able1aW and Unlted ￿ngdoM Accoulltlnu Slandard$. Indudlng FlnaTrLaal Reporllng Standard 102'The Flllan¢l81 Reportlw Standard appllcatAe ir* the UK and Repubk ol Irekqnd. Iunlted lQngdom GenÉnlly A¢Gept8d AccounllrvJ Pradlc?). In0￿ oi*nlon the ￿nancIal 8falemenl8'. glve a truè and falr v18w of thè slal¢ of the Group'$ and of the paranl charltable company's affalrs a5 Ht 30 Junè 2024and tsflhe Groups 5n¢omlng resour￿8 and 8pplkatlon ofresouTces, ItKludlng Ils Incomè and expendlturo for the yoar then ended., have bÈen prDperly prèpared Ina¢¢o¥d8rw wllh U￿ted Kngdom G•norally Ac¢epled Ac¢ounllng Pr8dcè', ha￿ be¢n prepared In ac¢ordanc* ￿thI￿ i¢qulfemenl$ oflhe com￿1￿1&8 Act Xh)6 andt￿ Charilles AL* 2011. Bisls toy oplrdon We conducted audbt In accordance wllh Inl¢inallonal Standard6 on AudlllDulUKI IISASIUKII and appl￿able Iw. Our rpswnAlb11511è.g iindAr thtsxg_ *lAndArdA xra fijrthèr dèscrlbéd In thè rèSpon￿bIllllÈs for the audil olthe financlal 5talemenls sectlon ¢f tsur rèport. W@ arè InrSep8ndent of the Group and the parent ¢haiblable comp8ny In accordan¢e wllh the elhE¢al requliemen18 th81 are relevant lo our audll of the financlal slalemenlÉ In the Unlled ￿ngdOM. Includlng thB Flnan¢lal Repotllng Councll'8 Elhlcal SlaTrdard, and we have fulfilled our other elhlcal re8ponsibllllles In accordan¢e (h thès? r8qulremenls. We be11eve that lh• audlt ¢vlden¢e we have obtalned Is sufllclenl and appropriate lo provlde g b8818 for our oplnlon. Condustons Felatlng to gc4ngcortem ITr aurlllng the finandal statemen15. we have¢onduded th<he dlre¢tor$' vsg ollhe golng COn￿M boslsof accounllng In Iha preparallon of tho finan¢lal slalements 1$ appreprlate. B8sed on thè wolk we have performed, wa have not Ident5fiad eny malerfal un¢xrtalntles rÈlatlng to ￿entS orcondltlons that, Ind￿lduallY oi collectlvew. may cast 8lgnlficant douil on the Group's or the parenl Chartlable company's aNlity to ¢onllnue as a golng concein for a ￿[lod ofal least IweSve months fiom when Ihe slatemenl8 are aLrthorised foi 18sua. Our respOn￿bIl￿[¢S and Ihe responslbllS1188 orthe trustees wllh Fespecl to goln9 concern are descrlbed In the relavant sE¢llon5 of Ihls reporf. Page 20 REPORTOF IHE INDEPENDENT Au￿￿oRE TO IHE MEMBERS AND IRUSTEES OF LEEOS BECKErr STUDENT8. UNKIN ICONTINUEDI other Infoimallon The trustees are w8sponslblo for the other Snformatlon. The other Informallon comwlses Ihtr ￿lorMatIOn Included In Ihe Trustees. reporl Dlher Ihan thè financlal slatement6 and our Audltorf8 report Iheieon. Our oplnlon onthe ffnandal slalements doe$ not cover the olherlnlormallon and, ex¢Èpt lo Ihe èxlert othern￿8• expllcllly 5tat¢41 in our reporf, wè do nol expies8 any form ofassur8nco Gondu$lon Ihereon. In c4nnectlon vdlh our audll of tho finandal st4lemenl$, our rospondblllty Is lo read Ihe other Informalltsn and, In dolng so, con816er whether the other Inlormqllon Is maleilalty Inconslstant wllh Ihe flnancial stdtemenls or our knowledge oblalned In the cours? OT the audll, or Dlhoivlse appears lo ba mateiially m1s6taled. Ir we Idenllfy such material InconfJ$len¢les or apparent materlal misslalemenls, we aro requlred lo delgrmlne whethai Ihls glves rl$e to a materlal mlsstalemenl ln Iha financlal stalèmonls Ihemselve$. If, based onthe work we have perform8d. we ¢on¢ludo that there Is a malerfal mlsslo18monl tsf th1$ other In1￿mallOn, w¥ aro Taqulrad to report that fact. We have nothlng to report In Ihls r8gard. Optnlons on other matters prescrlbed byfhe Companle5 Act 2QOO IM ourownlon, based on the work undertaken In the course ofthe audll-. the Inlormatlon glven In tho Trustee$, report Iln¢0rpoia￿ng the Dlrector8' reporti roi the financjal y¢ar 101 whloh the Rnanclal s¢alemenls are prepared ts condstenl wilh the $ltlemenl8. the Dlrectors, feport has been yepared In a¢¢ordanc8 appllcaile legal iequiiemetts. Malters on whlch we are requlred to repo¥t by exceptlon We hav8 nolhlng to report In resP6Gt olthe followlng mallèr¥ In relalbn lo whlch Companles Act 2006 and Ihè Charltl8s Act 2011 requlres us to report lo you Ir, In our oplnlon.. ad8quale and sufficlent accounllng re¢ts¥ds have not been kept by Iho parènt eharllab1e company, or returns adequale for our audlt have not been recalv8d from branche$ nol VI￿ted by u4 DI the parent chalbla￿e Company's slatem8nts ara not In agre8m6nl ￿4th the aexounllng records and returtb5'. or certaln dI￿lOSUre8 of threctOTS rem¢Jnerallon 8p¢cthed by law are not m8de- or we havo not recelved all the lTrfo(mallon and eKplanBtlons we requlre forouraudlt,. oi th& trustees were not enulled lo prepar8 lh8 finan¢lal slalemenls In accorda￿8 ￿th the sfflall coMpanle& reylme nd take advantage or the ￿811 companles. exemptlon5 In pr@parl￿O the DlrectOF8' report and from Ihe requlremanl lo wepare a strateglG repDrt. Page 21 REPORTOFTHE INDEPEhlDENT AUD￿OR,8 TO THE MEMBERSANDTRU8TEES OF LEEDS BECKE STUDENTS, UNDN ICONTINUEDI Re$pon51bMllles¢Jftrust¢e5 A$ explalned more fully In the TNstees' ¥espondbllltles datement. the Irusteas Iwho ale also the dlre¢tors ol IhFJ ch8rllable c¢mpany for Ihe purposes ofcompany lawl 8rere$pon81ble for the preparallon of the financl&l 8laternent$ arsd for b$lng ¥allsfi¢d that thèy glve a Iruo and falr vlew, and lor SUGh Internal control asth8 Iruslaes d8t8rmlne 18 ri8ces¥ary to enable th8 prÈparatlon of finanola1 statemen18 that 4r8 free from malerlal MIs￿aleMent. whBlher due to Iraud orerfor. In prepqrfng Ihp flnanclal stalements, the Iruslees are respon￿ble a￿e￿n9 Ihe Group'5 and IhB parent chadtaMe ¢ompany's ablllly lo conllnue as a golng ¢on¢*rn, ￿￿￿O$[n9, as appllc4Ne, matter$ wlaled lo golw (x)n¢em and U￿ng Ihe golng concem bas1s of 8c¢ounllng unless Ihe Iru8tees ellher Intend lo Ilquldale the Group or the parenl charttable npany or lo ¢ease op8r811ons. or have no reallstlc alltrnallve but to do so. Our respon$lblllUe$ lor the audll ol Ihe finan¢lal stafemenf$ We have b80n appolnted a8audltor8 und8r tha Comp8nle8 Act 2￿8 andsacllon 144 olthe Charllles Act 2011 and report In atcordance %Ytth Ih08e A¢18 and rèlevant reg￿8110￿$ made or havlng e1ft￿ Ihereunder. Our oblecllves are lo otla5n rea80na￿e assurance about whether the lInar￿￿ statements as e wlYJ18 are free from malewial mlsstalement, whelher due to fraud ￿ eiror. and lo 168ua a Report of the Independenl Audllors Ihal Indudes our O￿nIon. Reasonab18 88suiance Isa hlgh level ola88vran￿, but Isnot a guarantee Ihol an aud51 conducled In accordance wllh ISAS {UK) wlll alway8 det8Ct a malerlal mlsstalemenl when 118xlsls. Migslaternents can 8rt88 from fraud or etror and ara con￿dered materfal11, Indlvldually or In Iheauore98le. they cO￿d reasonably be expected lo Influeneg the e¢onoml¢de¢S$bn$ of us8rs taken on Ihe ba￿& of Ih8se flnanclal 8talemÉDIs. Tho exter& lo whkh ouw proced￿8 Gapatle of delactlng IrregularM8s, Indud5ng fwaud Is delalled bebw. Irregularftles. Indudlng Iraud. Bre Instances of non-compliance wth laws and reg￿atIOns. We do￿gn procedure8 Ilne wlthour re$pon$11I161ie6. oullln¢d abovo, lo dete¢t matorlal mlsslatements In respect tsfliregularllos, Ineluthng ftsud. Our approath lo Id8DlfylrMJ and a88esslro Ihe rlsks of maler181 rn188tatemenl In respect of kregularllte8, Indudlng fraud and nOn-￿mp￿en¢e w6th laws and regulallon$, was a$ follow& thé engaooment partner ensured Ihat the eng8￿ment team wlleclfvely had the apwowlala ¢omp4ÈncÈ, ￿pabIlItIeS and $kllls lo Idenufy or recogthse nOn-¢omp118t￿e wllh appll¢aNe18w8 and regulallon$,' - we Identlfied Ihe12ws and re9ul8llon8 app11cabie lo tha charty through di*u￿On9￿1lh Iruslees and ether M￿ag￿en1- and fiom ourcornmerclal kno￿edge and experlence ofthe sector - we fo¢used on 8pe¢lflclawsand regulallonswhkh we COn￿de￿d may have ¥ dlrectmalerlal errg¢t on Ihellnandal statements or the operation9 of the charity. IncludlrvJ the Companles Aci 2008. taxallon legI￿all0￿ Hnd data tKole¢flLin. anll-bribery, emFloymenl and haalth and s&fely leol818llon,' - we asse88ed Ihe gKtenl of¢ryrpllan¢e wlth law8 and regulallons Idenllfled a￿)ve Ihroughmawng ¥nuulrle8 olmanagemenl.. - Idenllfied law$aThJ reoulatlons werts v)mmunlcated wtthln audll ieam regularty and th& team rematned alert to In8tanf of non-¢ompNan¢* Ihroyyhoul th? au(4t. Page 22 REPORTOFTHE iNDEPENCENT AUD￿OR,8 TO THE MEMBERS AND TRUSTEES OF LEED8 BE¢KErr 8TUDENT8'uN￿3N ICONYINUEDI We assessed IhÈ suscepllblllty of Ih8 charit￿S flnandal 61atemenl8 lo mlsstatemenl, Includlng gbtglnlng an under8tandlng ol how fraud mSyhl occur, by.. . Ma￿Thg enqulrfe8 ol management a8 lo where they ¢on$ldere¢ there was su5cepUbllSly lo fraud, I￿1r knovdedge of adiHI, su&pÈcled and allegad fraud., - eonddprlng the Internal (x)ntro18 In Vace to mllgala rfsks of Ira￿1 and nOnuW￿lanCe wlth kws and regulallon$', and urderslanding the design of the charity's ￿m￿neratIOn pdicies. To addrèss IM rlskoffraud Ihrough m8nagem8nt blas and ov8rrlde of conlrob, Indudlng Ihe Impact on revenuè recognrtlon, perfomid analytlcal procedures lo IdeTrllfy any unu8ual or un8xpected rolation$hlp - testèd journal enilles io Identlfy unusual Iran8ar*lons', assessed wh81her ludgementg and atssumpllons made In delermlning the ac£ountlng estlmal¢8 8el In note 3 wer& IndlGallve olpolenllal bSas'. Invesllgaled the rallonale behlnd slgnlflcanl or unwual liansaclbn4 a*YJ lh8 U8e of d818 aTraIytl￿ lo Identlfy Iransacllons requldng further Ir*vestlgatlon. lfi restx)nyeto thè rfsk ollKregulahlles8nd non-o)mplian¢e vAlh lawsand regu18tlon8, wedeglgTrpd W0¢￿1ureSWNGh I￿lUded. but were not IlmKéd lo.. - agieelng finand81 slalement dlsclosure to undeilylng supportlrwJ do¢￿￿￿nta￿0n', . readlng the mlnulp50f mpellng5 olthÈ trustee8: and ett4ulrlng of management sslo and pptoDVal Ihlgauon and clglm9 Theia are lThhÈl￿I Ilmllallon8 In our audft procédures d¢￿rIbed above. The mor8 remov8d that and reguEallon8 ara from flnandal tran8adlon5. Ihè1$55 Ilkely 11 1$ that we would become aware of non-¢ompll8nce. Audiung standaids also Ilmll thè audK procedure5 re4ulred lo Idehllfy non-compl"anc8 wlth laws and regulallon8 lo enqulry of Ihg IFUSteoS olh8r managemenland the inspect1on ofregulalory and legal corresponderKo. If any. Malerlal m155tatem?nl$ thal arf$è lo fraud can bè harder to dètect Ihan those thal 8A88 from effor as they may 1Th¥0￿e dellberalè conc?81ment or L¥)Iluslon. A further desorlptlon of our respon￿bIlItIeS lor Ihe audlt ofthè finandal Èlalement81s avallable on tho Flna¢t¢l¥l Reportlng ¢oun¢ll's webdl8 at.. hllp8Jlwww.frc.¢rg.uklaudSloisrespondbnS1188. Thls des¢riOon forms part Df our Report of the lThJependent Audlloi& Page 23 REPORT OF THE INDEPENDENT AUDITORE TO THE MEMBERS AND TRUSTEES OF LEEDS BECKE STUDENTS, UNION ICONTINUEDI Use ofour report Thls roport is made 8018ly lo th8 charltable company's members, as a body, In accordance wlh Chapter 3 01 Part 16 of the Companies Act 2006, and lo th8 ch8riiablg company's IIu5tees, as a body. accordance with Part4 01 the Cbar51i8s IAc¢ountS and Reports) Regulatlons 2008. Our audlt work has beon unilertaken so that we might stBtE lo the charitable ¢ompany's members and ils truste85 those rnallers are requir8d lo slate lo them In an AudSloVs r8port and lor no other purpose. To Ihe lulle$l exlenl permitted by law, w8 do ttol accept or 855ume re5pon5ibility to anyone other Ihan tha chari18bl8 cornpany and lh8 charilab e comp8nVs Iruslees, as a body. for our audit work, for Ihis rgport, or for Ihp oplnbns ￿ have formed. James Sutton BA IHDnsl FCA (Senlor Slalulory Audltorl lor and on behalfof CLA Evelyn Partners Limlled Chart818d Accountants & Slatulory Audilor 3rd Floor, 56 Wellinglon St￿et Leeds LSI 2EE 15 Janu3ry 2025 Page 24 LEEDS BECKETT STUDENTS. UNION IA company Ilmlted by guarantee? ONSOLIDATEO STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING IWCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE2024 rtswestrlcted Rèstrlcled Total Total lunds funds funds fund& 2024 2024 2D24 2023 Income Irom: Note DonaUon$ and kgades Charkable 8dwllles 1,431.182 2B2,600 1.713,692 1.752,129 37.8TB 26,608 64,3B6 78,832 584,079 Qiher tradlng actlv114es 463,148 463.148 Other income 27,842 27,842 7,491 Total Income 1,980,060 309.008 2,268,068 2,422,331 Expend4tur¢ on: Ra1￿￿ fvrKJs 552.236 169,012 681,848 1,032,166 1,485,883 Chariiable ttd4v6tte$ 1,621,939 168.813 1,68D,822 2,064,176 31B,496 2.372,670 2,518,049 Net In¢om81 (expenditure) Transfers between lund$ 194.115 1,006 1103,6021 195,7181 20 11.0061 110,4921 Net mov•Ment In lunds 193.1101 1103,6021 195.7181 Reconclllatlon of fund$'. Total funds brouoht forward Nèt movement In lunds 12.007,7081 21,123 11,986,685) 1103,6021 11,890,È671 I￿,718) 195,1101 110.4921 Total lund$ tathed lorward 12.10Q.8181 0,631 12.090.187) 11,998,S8SI t1￿ Consolldaled slalement oifinandal adlvllles I￿Ud&S all g8lnsand losse$ recoun1￿ ln Ihe year. Pgge 25 COMeOLIOATED BALANCE 8HEET ASAf30 JUI4E2D24 2024 2023 Flxed assets Tanglble as8et8 15 89,626 51,856 39.626 51,856 Current asset8 Stocks 17 6.421 216 621 7,437 233.345 707.808 Detrtors 18 Cash at baThk8nd loharKJ 37Q,93 591,978 948,590 Coditors.. qmounls falllw due vlth5n one ygr f9 1387,6271 (450,883) Net current assets 204.3S1 497,707 Totql assels l¢¥$¢urient1Sabllllle$ 243,977 Credltors.. amount8fallSng altermore Ihan one year.. SUSS pèndon Edwme defidl 12,?34.484 12,456.330) 0￿￿on819r118￿I￿sos 179.818} Tolal net assets 12,090.1871 (1.986.S851 Ghailly furxl$ Re$lrl¢led fund& R¢stri¢led fuThl$ 10.631 21,1Z3 Tolal restrlcled fur¥J5 10.631 21.123 Unrestrfcled fuTrJ8 General funds 355.614 12,456,JJ21 557,082 12,564,790) pon￿0# reserve Total uThreslFkted funds 12,100,818) I2,￿7,708) Total ftJnd8 12,09Q,18TI 11,986,585) The Tru$tees acknowledgè Iholrresponsibllllles for¢omplylng I￿1h thè r8qulreMenls of th8 Act w41h respect lo a¢¢¢untlng roGord8 and prepaiatfjon of Qnafidsl stalaments. Page 28 CON80LIDATED BALANCE 8HEEf ICONT114UEDI ASAf30 JUP4E2074 Tho ￿nancIal slalemenl& hav8 L*en prepared In acco¥darKe vAlh the provldon8 8pplGatl8 to enllles suble¢t lo the 8mall companleg r8glMa. Thp flngrr.iAI *tatement8 Were approved and atsihorlEed for Issu8 by [￿TrUs1888 and ￿gThed on thelr behalf ty.. vg¥er sniirott tsodwln Tn￿ee Dal6.' 5 D￿emtser ￿24 The notes on pages 31 to 55form part ofih88e financlal stat**¢nl& Pa￿ 27 UNION 8￿￿NCE SHEET ASA T3CtJUNE2024 2024 23 Nole Flxedas$ets Tanglble a8se18 Investmen18 15 39,626 51,856 16 30,628 51,658 Current asset$ 17 846 1.244 Deblors 18 215.29e 191.583 233,W21 523.470 Cash at baTrkgnd Inhgnd 407,726 757.735 Credllors.. amount8 fallkng duowlthln one ￿ar 19 1293,2761 1375,2101 NEt current assets 114,460 382,$25 Total ass8t8 less currenl IlabAitl&s 154.078 434,383 Credllors.. emountsfalllng d￿¢ aftormor¢ than one year.. SUSS pen5b)n d¢fi¢ll 12,a34,1841 12,456,330) 179,8181 ProVblO￿ for Llabllttles Total nel assets 12,180,086> 12.101,7651 Charlty fund8 R85trlcted fund& Rèstrlcted fund8 10,631 21,173 Total reBtilcled 1D,fj31 21,123 Unreslricl&l funds General funds 266,616 12,466,3321 441,902 12,564,79)1 Penslon re8erye Total unr8stAcled &Jnd8 12.190,7171 12,122,8 Tolal lundB 12.180,0961 12.101,765} Th8 Unlon's nel movement In lunds for year was1£7Q321112023-1£101,30111, 28 LFEDS BECKETT 8TIJOENTS' UNION IA eompony Ilmlted by gu8ranteel UNK)N BALANCE SHEET ICONIINUE ASA TJO JLINE2024 The Tru8tees acknowled9e Ihplrrespon$lbllltles forwmF4ylng vitthlh8 roqulromèntsolthe Actwllh respéclto accounllng records and prepar8llon of flnanclal staleFnenlB. The flnandal slalem¢nt$ have been prepor¢d ln accordarKe ￿th tho pMV1￿onS appKcable ￿ ent411&8 8ublecl lo the small companles rÈgSme. The fln8nc￿l statem8nt8 werè Hpproved authorlsed for Issue by the Trus1¢0$ ènd ￿gned on Ihelr bÈh811 ty.. Petershlltoh Godwln Trudee Date.. 5 De¢ember 2024 Th8 notes on pages 3110 ￿ fvrm part of Ihe$¢ fjnonckl sigtem8nt& CON80LIDATED STATEMENTOFCA8H FLOWS ASAf30JUNE2024 2024 Nole Cash flows from operitlnu a¢tlvltles N*1 cash provlded by Operat1￿ actMll88 2a 1129,3781 81,014 Cash flow5 Irom Investlng actlvjtlfrs Pur¢ha8e ortarvJlWe fixed assets 19,2681 16.4891 Net ca8h rrtovlded byllused Inl Investlng acllvllle5 19,2681 16,4891 Cash Iiows from flnantlng actI￿lIeS SUSS penslon defkktcontslbullon8 1188,2261 11847e81 Net cash lused Invprovldad by ftnanclng actlvltles 1198.2261 1166,7881 Change In ¢ash and cash equlvalents In the year Cash and cash erwlvdents at Ihe beglnnlng of Ihe yeai 707.8Q8 1114,2631 822.071 1336.8721 Cash and cash eqilvalènt$ at th8 end oftho year 24 370.gJ8 707.808 Pagg X) NOTES TO THE FINANCiAL 8TATEMENT8 FOR THE YEAR ENDED30 JUIIE3024 Qeneral Informatlon Le8d8 Bed(ell Students. Unlon Isa company Ilm*ed by guarantee Ino. 071034651 reoblered In Engknd & Walos and a reglstered charity Ino. 11393141. The reglsl8red office Is Portland 8ulldlng, Portkndway, Leeds, LS13HE. The members of the cornpany tie Ihe Trudees named on page 1. In the event of tho Unlon blng wound ￿. the Ilab1My In re8pect oflhè guarartee 1$ Ilmfted to £1 wr ol the Unlon. Accountlng pollcle6 2.1 8￿16 of prepar811on oi financl818t8toments The flnand81 slalernentshav¢ been piepared accordance￿ilh the Cha￿tieS SORP IFRS 10¥- Accounllng and Reportlng by CharillES'. SlalÈmeN tsf Recommended Pradke appll¢xble lo chall￿e3 preparing Ihelr acwunb In acwrdancè wilh the Flnanclal Repo￿Ing Sfandard opplkablo In Ihe UK and R8publlc of IrdarKI IFRS 102) 1gf(eGIfvo 1 January 2019}, the Flnandal Repotling Standard appllcèblè In tha UKand Republ1¢ of IrelaNI IFRS 1021 and the compa￿¢$ Ad 2￿6. Le&ls Beckett studeni8' Unlon mBelslhedeffAllon ola publlcbenefit entlty under FRS 102. Asset8 and 118￿1111 are Inlllally [ecog￿Sed 81 N$lcd¢al ¢o$l or tra￿ad10Th valu8 unles5 OtheEwl£e 5tpled In the ￿levan1 aco)unllrvJ pollcy. The Consolldaled Etatement Df fina￿181 xllvSlles ISOFAI and Consolldaled balarK8 8heet con8olldale Ihg ftnanclal statements of the Group 8Th1 Its su￿dIary ￿nderta￿￿. The re8u118 of Iho sub￿dIary are cor*olldat¢d on a ￿ne by1Sna ba8t8. Thg Gioup hastak8n advantage orthe exempuonallowed uThJer Sectlon 408 oflho Companks Ad 2006 and has not presented ts own Slalemenl of finand81 adivKles In the% financlal Sial￿entS The nnandal statements are prepared on stertlng, whlch Is th funclonal ¢uFrenGy of the ¢haTKy. Monetary amounts Inthese finandal stalÈmÈnts are vowded to the ￿areSt £1. 2.2 Golng concern The 14nandal statements have be•n prtspared on a golng corKarn ba￿8. The Audm, Flnonce and HR CommNt8e and IhÉ Board Df Trustees will be Iroiillorfng thè Ilnanc6al performance of IhÈ Sludeiits. Uttlom In ordei Ihal cessary &leps can be taken ln gLK)d Ilme, 6hould Ihw be requlred. lo ensure Ihe flnandgl hÈaYch of the organ18￿10￿. The lorecasisshowth8t Suf￿¢18Tht re88￿0$ and cash aro avallable lo Ènsure the Unloncan conlnug lo operat• lor a perlod of al least 12 months from the date ol approval tsfthe8e a¢￿￿￿t* The Irusiees Iherebre b811ove It ￿ apprtspdale lo prepara the accounts on a golng concern ba￿s. Pa￿ 31 NOTES TO THE FINANCIAL 8TATEMENYS FOR THE YeAR ENOED30 JUNE2024 Accountlng pollcles Iconltnuedl 2.3 Income All Income18 recognlsed once the U[￿on has enllllement fo the In¢ome,11 1$ probaNe Ih81 Ihe Incom8 wlll be recelved and thp arnounl of Income recelvable can be measured rellably. Granls arÈ Included In the Con8011daled Statement of financ￿1 adI￿lIeS on a ie¢*fvable ba$l$. Ihe balane8 OT Income recelved for speclflc purpose5 bul rwl trxpÉnded during the perlod is shown In the relévant runds On Iht Baknce sheet. Where Incfjme 1$ receSv8d In advance of enlillemenl of recElpl. Ils recogn￿[0￿ 19 def￿le￿ Indwfed In credllors as deferred hcome. Whero enllllemenl o¢cuiÈ bèfore Income Is receiv￿. th8 ncom8 Es accru8d. Donated 8ervlcesor fadlS1I¢sare ree4wlsed when Unlon has conlrol ovarthe Item. 8ny tt)ndllions assodated vllh the donatpd stem have beÈn mel, the recelpt of economlc b&nofil from th¢ use or the Unlon orthel1￿ 1$ probable and that •conomlc benefit on lh6 open market., a coirespDn(Sng amount Is Ihen recognls8d In 8xpeThdllurè Inlhè peilod of re¢elpt. 2.4 &pendllure Expendlture Is rec4)gntsÈd onté thÈr8 18 8 teg81 or constructlve obllgallon lo transfw e¢C*nOm￿ benefit to a Ihlrd party. It Is probable that a IFansfer of eGonornb benefits wlll bÈ requlred In 8etllement and the amount ol the obllgatlon can be meastrtd iellabty. Expendllure 1$ da$$lfjed by acllvlty. The c08t8 of each activlly ate made up ofthe10131 of dlrecl c451s a￿1 Shared ts)Ets, In¢ludlng supp¢rlcoÈtslnvolved In ufidertaklng each adfvNy. tmred costs allrfbuldblg lo a slnglÈ ad4vlly are allocaled dlreclly lo that acalvlty. Shared ws15 whlch c4nlrlbute lo moro than one adlwlty and support costs whlch are not alirlbulable lo g slngte HGllvity are opportloned belween those ad￿llIeS on a ba￿$ corplgtenl the use of resources. Central staw c4>sb are plloratÉd on tha basls cf lime sp8nl, aThl deweGlallon ¢harges allo¢aled on Ihe port(on olthe asset's Use. Expendlturo on ral$lno funds Includes all exp6ndlture Incurred by lh• Groupto ￿lse fund5 lo¥ It5 chaAtaNe purp05eBandlndudes costs ol all lundralslng acllYllle8 eventsand non-char5ta1￿0Iradlng. Eyndllure on charita￿0 ac11￿11¢$ Is IntsuNed on dlrectly undert8klng the advllle8 whlch ￿[{her the Gro¥Jp's oblectlves, as as 8ny &5so¢laled support costs, AN expendllure Is*cluslv8 of lThecoverablo VAT. 2.15 Int•r•8t Rocolv&b Inl¢re8t on lund8 h8ld OD deposll Is Included when rBcelv8ble arld thé amount can b8 m8asured rellably by the Group," Ihl$ 1$ normally upon not1￿CatIorS of the Intere81 pald or payabie by lh• Instllulk)n w6th whom Ihe fund$ are dèpodlad. Pagè MOTES TO TblE FINANCIAL 8TATEMENT8 FOR THE YEARENDED30 JUNEZ024 AGGOUntlng pollclè$ Iconllnuadl 2.6 T4Kallon Thé Unlon Isconddered to passlhe leslssetovt in Paragraph 1 Sthedule 6 ofthe Flnanee Act 2010 andlherefore It meals lh6 deflnNlon of a charileble o)rnpany fDf UK wrporatlon tax purp08es. A(xord1Tr￿y, the Unlon 1$ polenllally exemN Irom lamallin In r88PeCt ol I[￿Orne or cap5tal galns ￿e1ved ￿lhI￿ calegoAe8 covered by Chapter 3 Part 11 ofthe Corporallon Tax Act 2010 or Sedlon ￿60[the Taxatlon of Chwgeable GalnsAct 1992, lo Ihe e)rtenl th81 such h(x)me or galns ar8 ￿pplIed exclu￿Vety lo ¢harflaWe purposes. 27 T&nglble fL¥eda88el8 and￿¢Pr￿10￿01? Tanglble fixed a$sels ¢ostSng £S881gn6ted funds ¢¢mprSse unreslilded funds Ihal havo set aslde by the Trustees for patdfxA8r PLfrposes. The alm use oleach des￿￿nated fund15sel OLtt In thè notes lo the finan£ial stalemenls. Restrkted fund8are fundB ￿th1¢h are lo bo u8ed In accordance wllh spodff¢re$lrl¢llonslmposed bydonoistsl whlch have been ralsed by the Unlon foT partlcular purposes. The cost8 of r8lslng and admlnlslerlng such fur¢d8are charged dgalnst thè Speclfic fund. Th8 alm and use of each r8slrkled fund Issel out IDtbe nol$sto Ihe financ181 stalemonl& Crlllettl •e¢ounllng estlmats8 and 8reas of Jiidgmont Estlmates and judgments ar¢ con￿￿￿8]ty evaluated end arè based on hlslortC81 experlenceand othor faclor$, Includlng expècta￿0ns of fthure events that arè belleved lo b8 reasonable under tha drcumstanees. Crllknal acL¥Juntlng estlmates and a￿￿￿pIlO￿8.' Thtr Unlon makes esUmale8 and as5umFIIon5 thntÈmlNJ Ihe fulLKe. Thè resultlw accountlng estlmates ar q5sumpllons wlll, by definlllon. 8ehlom equal the related 8clual results. Th8 esllmale$ and a88umpllons Ihal have a gnlficanl rlsk of ¢auslng a maier181 adlv8tnJenl to the carrylng amDuntsof 88*1saThd 11a￿11￿￿$vrithInthe neht nnand year ate diw55ed ￿10￿. Crlllcalare880fludgemtnt'. 111 SUSS P9n￿on The charlty ha8 entered Into a commttment to pYovld8 deficlt fundlnoto the Students. Unlon s1j￿r￿nnuatlQn Pen81on Schèm6, ol whl¢h It 1$ a o)nlrlbullng employei. Under FRS 102, the present value of the comm1tm&nt Is recognlsed. Th& cal¢ulatlon of Ihg pie88nt value of the rommltmenl Is sublecl to an aBsumpll¢n oflhe dlscounl ral8. Th8 dlscounl ratels d￿erM1fte￿ by referènce lo market ylelds al the rerx)itlnu l818 on hiqh qUal￿Y corporate nds. Qll Donalion of fafAlll88 by L8ed8 Beckett Unlvergity In pccordanc8wllhth6 Charitles SORPIFRS 102),Ihe Unbnand iblra(ting sU￿￿1￿Y￿a5￿0lUed Ihe beneflt d r￿1Ve$ frorn OGcvpWng fa¢llllles owwd by the Unlyèrsycy on a ￿n1-free ba814 al TruBt88$' Ostlmale of market value of £282,6W. Ulg Support costs Stafting end admlnlstiallon support ¢0$18 ar? allocated a¢rossthe varlou8 actlvÉlles of the Unlon. Support ¢981s are alk)calgd OD the b8sls ofstalf Ilm8 spènt on ea¢* charflable a¢livlly. Pago 35 NOTE8 TO THE FINAtIClAL 8TATEMENT8 FOR TIIETrEAR ENDED30 JUNE2024 Inoome from donallons and legaales Unreslrlcted funds 2024 Restrtct8d lund5 2024 Totol funds 2024 Total funds Granls Blodc grant from Lo￿6 Beckgtl UAverslty 1,431,192 1,431.192 1,403,129 282.500 282,SOO 349,(KlO To¢a12024 1,431,192 282.500 1.713.692 1,752,129 Toto12023 1,403,129 349,000 1,752,129 Facllhles In klt¥l reprÈ5Bnl the equlvHlenl r￿1 valuB gf Ihe bar and office space oCCup￿d by Leeds Beokett UnIVer￿lYthdI Isused went frEe by Ihe u￿on. Incom& from charltable actlvltles Unre8trtded funds 2024 Restrlcted rullrts 2024 Tolal Total funds 2023 2024 ¢l¢Jbs and sodelles 79 22.149 22,22B 18.317 Frèsliers. Inthme 37.607 192 37.807 192 42.441 1.284 16,5 NUS 8xlra (ardts Engagement 4.359 4.369 Tolal 2024 37.878 26.508 84.386 78.632 rotal 2023 48,725 29.907 78.632 Pago 36 NQTE8 TQ THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE2024 Inoome from other tradlng aGtlvltle6 Inoome from non-charltablè tradlng a¢ttvltles UnrestrFcted Tolal fund$ 2024 Tol funds 2024 LlTrlon's Iradng InMm¢ T¥a(h.￿O ￿mPaThY l*u)me 264,868 264,868 334.2n 198,280 198,280 249,806 T￿812￿24 463,148 463,148 584,079 ro1812028 584,079 684,079 other Incomlng resouroes Unrestrf¢ted funds 2024 Total fund$ 2024 Total fiJnd8 Sundry Income 1.889 1,869 Infer¢st In￿rne. Urfon 21,426 21,426 2,531 Inlerest Incom0-Twadkng Gompany rota12024 4,647 4,1547 3,012 27,842 27,842 7,491 Tolal 2023 7,491 7,491 Pa￿ 37 NOTES TO THE FINANc￿L STATEMENTS FOR THE YEAR ENDEDJO JUNE2024 Expendlture on ralslng funds Trodlttg •xp•nso6 UnY•striet•d Restrlctad funds 2024 Total Total funds 2￿23 nds 2024 funds 2024 Cosl of 88les and ¢p￿alIng ¢osts Wages and6ala¥le$ Natlonal InsuranGB 98.719 99.719 311.211 2*),834 15,911 8,027 178,745 230,834 16,911 8.027 338.367 335,e82 15.120 8.020 381,933 Penslon cost¥ Suppori cos18 159,612 rolal 2024 532,236 159,612 691.848 1.032,1fj6 Totsl 2023 834,981 197,185 1,032,106 Pao& 38 NOTES TO THE FINANc￿LSTATEMENTs QR THE YEARENDED30 JUNE2024 Expend1￿￿ on ralslng Mnds loonljnuedl Analyd8 of 8uprM)rt cods Unr•strfoted fund5 2024 R•slrf¢tqd funds 2024 T¢tal fvnd% 2024 Totral ruThlg 2023 Wag88 and Salarf&s Depreclab"on Bank charges S*Jbscrlptlons and alfillalltsns Consultancy General 118.451 4,894 78 118.461 4,994 78 84,890 7,084 336 2.732 717 2,732 2,884 717 1,e72 2,905 4,690 2,gD6 4,690 91 3,687 5,698 1,070 Insurance Irrecov8rabl8 VAT Compuler Ilcences 8fbd ITmalnlenance Repalrs PrlnJng and sialonery Tdephon8 Trnlnl¢ 2,049 525 2,049 625 478 17 570 17061 670 1,913 3.762 5,818 2,847 1.414 2,847 1A14 109,612 Tra¥¢1 Renl 159,612 197,815 28,7 Penslon flnance cost 20, 1.582 20,9QO 1,682 Penslon protecuon f88 FNRC Interest 1.690 1,6bO GovernBll￿ Costs {nDt¢ 111 13,316 13.316 9.767 Total 2024 178,745 159,612 33B,367 361,è33 Total 2023 164.748 197,185 361.953 Paga NOTES TO THE FINANc￿L STATEMENT8 FOR THE VEAR ENDED30 JUNE2024 Analy51s of expendlture on charltablè aolvltles Summ4ryby fundtyp8 UnrestrFcled Reslrlcted funds 2024 Total funds 2024 Tot81 rund$ 2023 2024 Er￿agament Representalo) student ACt￿lIaeS ,981 892,403 212,379 116,178 25,279 76,371 47.922 326,260 968,774 260,301 126.487 294,951 826.372 212.000 152,560 stud6ntVo1unteerfng rof812024 1,521,939 158.883 1,680,822 1,485,883 rot812023 t.298.256 187.627 1,486,883 10. Analysls of 8Kpendlture by Actlvllle$ undertaken directly 2024 Total funds 2024 Total funds 2023 Support costs 21J24 Enga9ement Rèpresentslon Slud8nt Actlvlltes IW,459 553.765 180.690 72.167 326,260 918,774 260,301 125.487 294,951 828,372 212,000 152,560 415,W9 99,611 ,320 S￿dentv01unteednQ Tot812024 977,081 7Q3,741 1.68Q,822 1.18S.883 Total 2D 70,562 515,321 IA86,183 Page 40 NofES TO THE FINANCIAL STATEMENTS FOR ThE YEARSNDSD30 JUNE2024 10, Analysls ofexpendlhwe byactlvllles {conUnuodl Analysls olsupportcosts Engag￿ne￿I Repie5¢ntatlon Studenl Acllvllles student Development Total Funds Total Fund$ 2024 2024 2024 2024 2023 Slalf costs 75,318 ZJO,172 .246 29.$72 390,808 Depreclallon Bank L*ai 3.112 9.510 2.283 1,222 16.127 15. 27 e3 20 141 714 Sub8crfpth)ns artd affillalions Consullafi 1.715 5.240 8,88$ 1,393 334 179 2,382 General eKp8nses Insur8nce INecovorable VAT Cornpulei Ilcences and IT malnlenance Repalrs Telephone T¥alrang TRvel 1,847 5.644 725 9,67q 8,2T2 2,982 9,114 178 2.187 43 15,4e4 802 12.7th) 23 1,028 3,141 7S4 404 827 4.084 245 131 ,734 1.073 1.107 142 I,B77 8.439 1,810 5,532 711 9,381 13.053 2,746 659 353 4,687 ,737 Rent 23.714 72,469 17,394 9,311 122,6BB ISI.185 Pen￿On flnance cost 13.289 40,615 9,748 5,217 6B,B67 ,409 Penslon proteclon leB Prlnllng and slatiunary 1.0 3.074 738 213 7,965 Id49) 11,37• (3301 1178) I2,?￿ 4,290 HMRC Interest 1,074 3,283 7es 422 4567 Governance ¢osis Inotg 111 7,219 22.￿2 6,285 1834 37,410 17,672 Total 2024 135.801 4tS.OJ9 gJ.011 $3,320 703.741 515,321 Toto12023 97.923 295,474 65.723 56,201 611321 Page 41 NOTES TO THE FINANCblL STATEMENTS FOR 7HF YEIIRENOED?O JUNE2024 Governance costs VnrOBtrlLled Funds 2024 Total Funds 21J24 Total Funds 2023 Audiloi's [￿nut￿le1[0 15,70D 16,700 15.1)$5 Trustees, expenses 673 873 1.776 Proles*onal fee$ 34,153 J4,1fj3 10,606 Tor￿ 2024 ),726 60,726 27,4 Tolal 2023 27,439 27,439 12. AudlloV8 remunerallon 2024 2023 Fees payable lo Ihe Unlon's Audllor for Ihe audit of the Unlon* annual aw)unl$ Fees payable lo Ihe Unlon's Audllor In respect of.. Acwunts pr8parallon and Corporallon Tax Cornpulallon for Subs￿lary Lxmpany All Non-audlt servl¢e$ not In¢1uded above 11,fA)O 10,$00 2,750 13. staff owts Group 2024 Group 2023 Company Z024 Company 2021 Wagos aTrJ s818d88 Sod81 securSty cogls Conlrfbullon lo defined contfibuuon pen$lon schemes 1,443,700 113,890 45,439 1.297,249 99,876 42,088 1.386,812 110365 43,284 1,239.117 97.071 4D.661 1,603,029 1.439,213 1.639,161 1,376,849 Page 42 NOTES TO THE FINANCIAL 8TATEPAENT8 POR 7XE YSARENDED3(IJUI4E2024 13. staff cost8 Iconttnutd) Thè average n￿Mb￿ of p8rsons employed by Ihe Unlon du￿￿theY￿ar wa8 a8 rollows.. Group 2￿4 Oroup 2023 EmrAoyees 81 average hea(kount eMpres6Ed a5 fu1141me ewfvalent6 was.. Group 2ry24 Group 23 No. RepresenlatloTh student adNllles 15 15 Engagement Trndr 10 Flnan¢e The number ofemHoyees wh08e emvoyee l>enefll8lexcludlng emrAoyer pen￿On ¢ostsl ex¢e8ded £60,1)00 wa8.. Group 2024 Group In tho band £60,001- £70,CO) Tbe totsl gmounl of eM￿oYeeS ￿nefItS reCe1V￿ ty key managemenl personnd, Indudlng employer s n8tlon81 In8urance and&m￿0ye￿$ pen￿on.18£s77,S4612023.. £337,920). Tha Unlon cor*dd8rs118key mansgem¢nt portsonnel lo comprlse the Trustees and Ihe Sgnlor Mawemenl. Durfng Ihèyear, aiound £215kw888pent lo Implemenl a Voluntary Severanc8 Scheme In ord8rto regtructuro thè staff team. As a result of th18 ￿TrIque event, tha stalf costs In 2024 were ￿gnIf￿antIY hlgher than 2￿23. andexpecttd to return lo prevlouslevels next yvdr. Pagè NOTES TO THE FINANCIAL STATEMENTS FOR 7FIE YEARENDFD30JUNE2024 14 Trustees. remuneratlon and expenses The flve 8abbailt81 role8 each Incwred 8 8al8ry charge as aulhorlsed In the Students. Unlon governlng document, rorthe repre88nlallon, cempalgnlng and SUPPOFI worklhey undertake as dist11￿t Irom IhèlrtrustÉe respons1￿lItIeS. Thls work lft¢iudes vol¢lng student oplnlon wllh Ihe Unlver8Ky and local communlly, defendlng exlendlng IhB rlghts of siudenls through pelltlons, dÉscus8lon8 wlth M.P.s and al80 wganldng and supportlno $ludent volunteers and 8ervtce pro￿810￿ lor Ihem. 2024 R8mUn8ra￿on 98,63 79.119 Meellng and Itavd expenses lotallkng £87312023., £1.996) wwe le1mburs￿l io 512023.. 11} Iruetees tlurlng the yoar. 15.Tanglblè flxad #ssèts Group and Unlon Leasdyjtd C(ty Dances & knprovements Concorts Bar FumlsNh95 Ccqnwter Flx(uie5 arKI equ￿ent fittlngs Total Al l Juty Zm r8,079 57,322 71,352 S8.145 18.613 228,611 Athlllons 4.885 .268 Dl$posal$ (1821 18.4941 17991 111,41BJ 121.4031 At 30thJn8 2024 22,297 57.322 67,743 57,346 11,578 216289 Deprécl8110 Al 1 Juty %)23 Charge fo¥the year Removert en th¥08al 23,079 32,951 9,794 86.303 3,176 38,349 7.140 17.973 1,002 176,665 21,112 82) 18.4941 14131 111.4181 121.1071 At 30June 2024 ,297 42,745 60,985 43,076 176,680 N8lbook vafv• At 30Jun8 2024 14,577 6,758 14,270 4,021 J9,626 At 30June ￿23 24,371 S,04g 21.796 640 61,8Ge Page 44 NOTE8 ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDEDSO JUNE2024 16. Flx¥d as$•t Invèstments Investments In $ubsldlaiy tompw)le$ Unl￿1 Cost orvafimtlon Al l July 2023 Al3QJune 2024 Notbook veluo A130June 3)24 At30June 2)23 Prln¢lpal 5ulJsldl*l¢$ The foll￿￿n9 w89 a wb￿thary undertaklng ollhe U￿On'. Nam8 Company number PrlnglpHI aotlvlly Ck88 of Bhar Holdlnu Leeds BeckeitstudentÈ UnlonTradlng Umlled 02679163 LICens￿ Iradlno Orthnary 10)% The flnandal re$uH$ ofihe for the yeAr were.. Name In¢ome Expendlture ProfitllLossll Surplusl IDeficlti ror the year Net QSset5 Leeds Be¢k¢lt studtsnts UnlonThdlng LIMN 202,S27 112,928 B9,890 Page 45 NOTE8 TO THE FINANc￿L 8TATEMENT8 FOR TIIE YEAR ENDED30 JUNE20?4 17. stocks Qi¢up 2024 Group 2023 Corn￿Try 2024 Company Flttlshed ooods and good$for iesale SA21 7,437 1,244 18. Debtors Group 2024 Group 3)23 Company 2024 Company 2023 Tr8dedetlor8 30,496 42,890 30,171 42.610 Amourts owed by group ￿dertak1rrfjs othÈr debtors PrepaymeD18and accruedI￿m8 162,671 22,564 122,323 68.132 162,571 22,664 122.279 68,132 215.621 233.345 216.296 233.021 Credltors: amounts lalllng due ￿th1Th one Oroup 2024 tsmup 3)23 CDmpany 2024 Company 2023 T¥ade ¢redllors 6,161 17&215 52.471 147.061 4.533 31J.140 61.311 131,228 76,063 49.974 32.448 43,327 136,315 113,146 other laxallon and soclal BBCMIY Ameynts owed to group undertak1￿8 Other vedllors 131,228 78.033 136.315 115,036 A¢eNals qrxl defetred Income 387.827 450,883 293,276 375,210 Pagg 46 NOTE8 TO THE FINANCIAL 8TATEMEIIT8 FOR THE YEAR ENDE030 JUIIE2014 stat#n*nt Dffunds statemont of funds- ourrent year Balance at 1 July 21125 Income ExpendltUTe Transler$ lrtlout Ha￿￿¢e at so June 2024 unms1r1¢t￿ f￿1￿$ General funds 441,902 115,180 1,757,233 202.827 11,851,479) 1112,W281 182,0411 1115,1801 286,616 89,899 Leeds Beckelt Tr8dlng Llmlled Penslon reEetve 12,564,790) 189,7681 198.226 (2AB6.3321 12,007,708) 1,960,080 12,064.1751 1,005 12,100,818) Res(rl¢t8dffvnds Engaaèment Rent In Klnd 11,565) P82.5001 13,IY371 127,4911 13,5191 (383) 2S2,5 CÈased Socletles 6,6aD 575 3.663 SludprEt Acliville5 22.149 4,359 14,7671 6,128 6.707 Represenlallo Student D8ve1opmenl 5,293 7,ogci 11.0051 21.123 309,008 1318,4961 11.0051 10.631 rol81 offvnds 1rf,986,5861 2,269.068 12,372,670) 12,090,187) Pa￿ 47 NOTÉS TO THE FINANCIAL STATEMENTS FQR TIIE YEAR ENDED30 JUNE2024 Stal¢m•nt ￿t￿ndS￿00nII￿Uodj statementof lunds- prlor year Balance at 1 July 2022 Income Expendllwe Transfers Inlout Ba18nce ft130 June 202J UnréstrlcÉ8d￿ndS Ge￿ra1 funds 631,970 1,79CI,606 252,818 11,W2.4B31 1137,6381 (78,1911 110,$971 441,8Q2 Leed8 B8ck8tl Tr8dlrMJ Llmtted 110,597 11fj.180 Pendon ieserve 12,W.4621 193.1161 188.788 12,664,7901 11,817,896> 2,043,424 12.133.237) IZ,OLIT,7081 RestrIctedr￿?ds Engagement Rent In Wnd 1,505 1.56 349,000 1349.orJoi Ceased SotletlÈs 5,139 8,1es 4,290 7,889 1,461 {1,461 6,600 076 Student Adfvlles 18.317 11.590 124.4461 110.5871 17791 Represenlaifon Stutlenl Development 6,292 7,090 27.Q28 37B.907 iaB4.8121 21,12J Toteloffwids 11,890,867) 2A22,331 12,518,049) 11,986.5851 Pago 48 NOTE8 TO THE FINANCIAL 8TATEMENT8 FOR TIIE YEAR ENDED30 JUNE2024 20. Statement of funds Icontlnuedl Rostrlotèd Fund$'. Engagement The Unlon recelves up to £8,L¥JO I￿4￿￿Eng VAT {£e,667 r￿lI spedficalty foT the pjrposes of105nt hOu￿r¥j pro]e¢ts caErled out wtth our p8rfner Unlpol Sludenl Homes Lknled. amount must be fuly 8pent by 31 My In Iha year followlng recelpt ¢thW￿se the Wdertsp￿d Is losi. R•pr•s•ntstlon Fund5 are i£c£lved from Lèèds Bed(ell Unlverdly or 01h￿ external bodle8 Io use on campalgns and aialvlly specifically related to Ihe represenlatlon of Students. student Activltle5 Fundg are recolved kom membersNp sub6ulpllon$ fo Indfvklual so¢leUe8 that u88d io 8UPPOrt the adv￿68 and 8Vonls h05ted by these soclelles. Any amounts unspent at the year.end are carrled for¥vard to the bsaquenl years forspendlng by each sodety. studeht Dovelopment Fund8 are recelved from Leed8 Beckell un1ver￿ty or oth8r extemal bodles to ¢reate and develop student *)d81 8nterwl8e4 vdunteerlng and communlty lrflla1￿es. Ceased Soclety Funds Remalnlng fufid8 Irom dormant soclellestraTrsf•rr¢d fiom thts So¢ltstles fund. The ￿ndS réla18 to 8ocletle8 where there have been no aetlvlty W41hln the 2024 year. The funds are ¢ariled forward lo usg 19 8et up new sodatlès only. Rant In klnd In ai%ordance wth the cha￿￿88 SORP, t￿ Unk>n h88 valu8d the benefrt It w￿1v98 ffom o¢¢upylng Ihe tsyo buldlngs ownad by Ihe UnIYer￿y on a rent fw bas14 at th8 TrLt6te85 esfimate of marketvalu Transfer5 £115.180 has beèn transferred Irom Lè8ds Beck811 Students. 1Snlon TrBdlng Llmlted to the general unresirlcled fund In relatlon to gltt ald pald ID the Unlon. £198,226 ha8 baen Iranslerred from Ihe unreslrictetl gen8ra1 fund to th• SUSS penslon fund Its t(an$fer defldl conlrfbulloD payment8 madB Irom the UTrTeslrlGted lund. £1,005 transferred Irom repr6senlalk*n to the unrestrl¢ted ger￿[41 fund as11 b no longeT ￿eded (ortha ¥edflc Ilern fc was allocated for pre¥lou￿Y. Page 49 NOTES TO THE FINANCIAL STATEMENTS FOR THE ￿EAR ENDED30 JUNE2024 21. Summary offunds Summary of funds. OUTrent year Balance Ht 1 JUSY 202J Int￿ne Expendlture Transfer$ Inlout Balance at 30 June 2024 General furKIs P,007,7081 t,9￿,060 12,054,475) I,oos 12.100.818) Reslrlcled ftjnds 21,123 309.CX)8 1318,4951 11.OD51 10,831 11,886.6861 2,269,068 12.372.870> 12,09D,1871 8umm#ry of lunds- prlor year Balonce at 1 InG<¥ftsO Expondllur¢ Tvan$f¢r¥ July 2022 Inlout June 2023 G¢notal funils 11.917,8951 2.043,424 I2,1￿.237) I{OOT,7081 RÈstrfded furOs 27,D28 378,907 1384,B121 21.123 I1￿9),867> 2A22,331 12.818,0491 11,9Be.6801 Paga 5() NOTES TO THE FINANc￿L STATEMENTS FOR fHEYEAR ENDEO 30 JUNE2024 22. Analysls of ngt assèts bgtweon funds Unre5trlcled fund$ 2024 Resfrfcted Total funds 2024 2024 Tangqble fbced assets Currenl asselg 39,828 581.347 1387,627 12.334,164 39.626 10,631 691,978 1387.6271 12.334,1841 CTed':lorsdue wllhln one year Credilorsthe In rnofe than one year P¥ovL8bns for IlaL41Kies Totèl 12.10D,8f81 10,631 12,090,1871 An4lysl8 of nel batwaon funds - prloT year Unie$trl¢fed Ivnds 2023 Re$trl¢ted lunds 2023 Total funds 2023 Tangible fixed a55et5 Curre?t assets 51,856 927,467 1450,8831 I2.*￿6.330) (79,8181 61,868 948,690 21,123 Crédllors the wmhln one year Cr¢dllots the lTrmore than ono year Pro¥l8lon8 for IEabllll88 1400.8ft31 12,456.3301 17901BI Tofal {1W7.7(￿l 21,123 1,D86,B86 Page 51 Pagè 49 IIOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED30 JUI4E20?4 23. Reoonollladon of netmovement In ￿ndS to n•t cash fl¢)wfrom operatirtg a¢Uvlde8 Group 2024 G¥oup 2023 Nel Inccthellexpenthturel for the year laspw SlatemÈnt of Nnanclal Adlvlllesl 1103,6021 195.718) AdJu$tlllO11ts for., Depre¢iation cha¥ge5 DecreasdliNt¥eas81 Instock8 DocreaselllnNeas81 In debtor8 Incr8a8elldecrea8el In crgdlk*r8 Provlsbn 21.112 2.018 17,724 178,9621 1790181 89.767 22,980 6,429 196,150} 70,539 79.818 93,116 Pen$lon finanL* O)8Is LOBS on d[s￿SaI 3B6 Nèl ¢asli proWdsdbyop8valbiy a¢llvllles 1129,3781 81.014 24. Analyslg of oash and cash equlvalents Group 2024 Group 23 Cash In hand 370.936 707,808 370,938 707,808 Ahalysls of ohange8 In netdebt At l July 2023 C8sh Flows At 30 June 2024 Cash al bank and ID hand 707.808 (336,8721 370.936 707,808 (338,8721 370.936 Paoe 52 NOTES TO THE FINANCFAL STATEMENTS FOR THE YEAR ENI)E030 JUNE2024 26. Penslon commllm•nts The Unlon part￿IpaleS In Ihe NUS Penslon sch￿8. a defined conlribullon *heme. thjrhg tha year, cortdbullons of £45,43912023.' £42,088) weie pald Inlo the *heme. Tlw Unlon als) operat68 a d8ffned benefit penslon gLheme. The Unlon parli04pate5 In the Students. u￿On Superanrwatlon Scheme, whl¢h Is a defjned benefil 8chem8 who88 mèmbèrshlp con￿￿{8 of employe88 of 8tudenls' unlon5 and related bodlès Ihrovghout Ihe country. 8enet6t8 In respe¢t ts16eNl¢• upto 30 Seplgmber 2003 gr8 accrued on a'flnal $81arV' bas15, wllh banefils In re8pectof8ervice from 1 October 2003 onwards accrulng on a C8reei Averag8 Revalued Earnlngs ICAREI basls. Imth effed from 30 September 2011 Ihe scheme d08ed to luluFe accrual. The most recenl valuallon orth8 Schem8 was carrled as al 30 June 2022and Showed that Ihe markel value or Ihè Schemè's assets was 1106.7m ￿1h these assetsr8pre8e￿4n9 44% ofihe value of ben8￿181h8I had accrued to members aftor alloyrtng lor oxpeGled future In¢r8ase8 In 8arnlngs. Tl)e d8fiL41 on an ongolng fundln9 basls amounted lo £136.6m. V81uatkJns are conducted evgry ihree years based w)on a$$w￿NionS agreed by Ihe Trustees, and Is used to sel the nlrlbullons payaMe by Ihe partlapaing employers Dulcome ITh flnanclal t&im& Is set out Inthe table bdow.. 30June 2019 30 June 2￿2 Assets u8￿1111¢5 D&fiul Fundlng Lev81 £119.1 £26D.O 1£140.91 £108.7 £243.3 (£136.61 44 In sumrnary, the uwal Increas8 of5% due In October 2023 Wll proceed a$ plamed, a 8ub$equenl In¢re88e of each 1 October unlll Ihe end of the den¢ll recovery perkTrd, whl¢h 1$ expected to kya In May 2037. ContrfbulEons due from l Oclober 2028 orward8 wlll be r6vlewed follow1￿ Ihe next acluarfal valuatlorL Lknder FRS102, th& Unkjn Is requlred to r8cogni%e es a lIa￿lIty Ihe pr888nt value of118 agreed thara of d8nc41 contr1￿[On8. HnarKe co818 are recognlwl aslh8 present vaue unvlnd$. T￿ lolal contr[t￿tIOns pald Into Ihe s¢heme by Leeds 8e¢kelt Sludent$' Unlon In re$pecl of ellglble employees for the yeaT8nd 30 June 2024 amoynted lo £198,g2612023'. £188.7881. Th81Sablllly owed by Leeds Becke¢l Sludenls, Unlon In respect ol fuiure deficll conlrlbullons at the year-end was È2,456,33012023-. £2,S64,7891, 8pIII beiwe8n 8mounts owed lalllng due wllhln one year of £122,18612023.' £108.4591 and amounts tslllng due aflpr more than one year of £2.334,16412023.. £2,456,330). P8gè 53 NOTES TO THE FINANc￿L STATEMENTS FOR T14a YEAR ENDEDJO JUNE2024 26. Operatlng leasecommlbnents AI 30 June 2024the Qroup and the Vnlon had commllmeTrtsto make future mlnlmum lea8e payment8 under nor¢. eancèllable operallng lèasÈs ats follows.. Group 2024 Group CrThpany 2024 Company 20r8 Amouols ￿y￿bI Not laltrr than l year L8terlh8n f year and nol later than 5yèar8 606 605 161 756 Tolal 766 1,562 Y66 1,562 2Y. Related patytransaolons The Vnlon L%ln ¥ecelpt of4 reGuml grant from Leeds Beckell Unl¥er4ty of£l.431,19212023.. £1,403,129). lii ￿￿￿￿1vIl. Iliv Uiih)n UCCUFle5 Ihp Unlyersll￿￿ bulldlngs w a rent.free ba518 InforFnal ayrebynenl. In a¢eordanco wlh tha Charilles SQRP. thè Truslees have Valued the use ol th bulldlng8 8nd villtttss Yllh reference lo maikel lent$ &t£282.50012023'. £349.0001. Olh8r Sales and purcha8e8 were made to arKI Irom Ihe Unlversty of £7,53712023-. £13,427) and £18W120rJ.' £14,428) iespeclively re8uIUng In a balan￿ from the Unlverdly ol £NIL (2023.. £1,807). Unlpol Student Homes Is 8 charfty wM¢h provldes a￿￿mmI>lal0n wpport and advl¢e Io 8lwfen¢s th wh1¢* H Bhatla lappolntsd 18111120221, B odUsu￿ lapwln18d 03t07120231. A Pknnock18ppolnted 12J071*)22, redgned WO812023 and L MacDonald Iie5igned 11111120221 are Dlreclors and Trustee3. Durlng the year the Unlofi pard fees of£20,932 12023.. £20,932) to as detalle(I In notè 30 of Ihe fjnartlal statements. The Unlon has recèlved a contrlbLAlon Ir¢m Unlpol of £NIL12023.' £NILI for houdno prole¢15. In 2024 ihe Unlon recelved q glfi of £NIL12023'. £5,(X)01 ar other sales of £4U5 I￿23.. £3661. A balance 01 £20.9S2 was outstandlng al Ihe year-encl (2023.. £20,S32 ovAng lo UTrlpoD. 2& Controlllnu party The ulllmale Control oflhe Unlon Is ve8ted under the Constilullon In the company m8mber8 kn General Maellng As such no dngle persorÈ or entilyGonlrol8lhè asdeffned by FRS 102. Page 54 NOTES TO THE FINANCIAL 8TATEMENTS FOA THE YFAR ENDED30 JUIIE2024 29. Afflllaifons, subscrfptlon$ mèmbershlp 2024 Athlc8UK Ltd 416 2,363 33,716 Natltsngf Unlon of Sludenls 34.390 760 Nallonal As8oclallon of Monay AdVI￿r8 cItIz8nS 3,412 20.032 UNIPOL 20,932 59,969 57,851 Page 55