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2021-07-31-accounts

CONTENTS

Page
Trustees’ Annual Report
Reference and Administrative Details 1
Structure, Governance and Management 3
Objectives and Charitable Activities, Statement of Public Benefit 7
Financial Review, Risk Management 9
Statement of Trustees’ Responsibilities 10
Independent Auditor’s Report 11
Consolidated Statement of Financial Activities 13
Consolidated and Charity Balance Sheets 15
Consolidated group statement of cash flows 16
Charity statement of cash flows 17
Notes to the Consolidated Financial Statements 18 to 27

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

The trustees, who are also directors of the charity for the purpose of the Companies Act 2006, present their annual report with the audited consolidated financial statements of the charity for the year ended 31 July 2021. The trustees confirm that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the Company’s governing document and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number

07366779 (England and Wales)

Registered Charity Number 1139462

Registered Office

CUSU Tel: 02477 655200 1[st] Floor Fax: 02477 655239 4 Jordan Well www.cusu.org Coventry West Midlands CV1 5QT

External Trustees

The following trustees are also directors of the company:

Name Position Appointed Resigned Mrs Jacqui Clements Chair 30 September 2019 Mr Tim Holmes 1 July 2018 30 June 2021 Dr Baljit Dhadda 30 November 2017 17 February 2021 Dr Furrkh Aslam 22 February 2019 Mr James Hunt 1 September 2020 Mr Jeremy Robinson 29 April 2021 Mr Larry Coltman 29 April 2021

Full time (Sabbatical) Officers

The Sabbatical Officers are elected in to office by the student population and to form the Executive Committee. The Sabbatical Officers that held office during the year are:

Name Position Appointed Term Expired
Augustine Nwosu Deputy Chair 6 January 2020 30 June 2021
Obinna Okereke 1 July 2020
Abimbola Ojo 1 July 2019 30 June 2021
Favour Sanusi 1 July 2019 30 June 2021
Indica Norcup 1 July 2021
Catarina Fernandes Cardoso Deputy Chair 1 July 2021
Gabriela Sulikowska 1 July 2021

Student Trustees

The Student Trustees that held office during the year were:

Name Position Appointed Resigned Adam Khan 1 September 2020 1 July 2021 Oluwafunmini Aluko 1 September 2020 1 July 2021

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 JULY 2021

Management

Mr John Abell Mr Paul Burt Mr Daniel Connolly Mr Matt Wall Mrs Rebecca Smith Miss Elizabeth Collins

Chief Executive Officer Chief Operating Officer Director of Communications Director of Enterprise Director of Union Development Director of Finance and Risk

Senior Statutory Auditor

Gregg Olner MPhil BA(Hons) ACA

Auditors

Harrison Beale & Owen Limited Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa CV31 1XT

Solicitors

Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES

Bankers

The Co-Operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

CUSU’s purpose is to represent, promote and advance the educational, welfare, sporting, social and cultural interests of all students enrolled across Coventry University and the Coventry University Group (CUG) and be directed by those students.

CUSU represents the interests of Coventry and CUG students both locally and nationally and exists to encourage and enable the wide participation of all students in that representation.

Governing document

The charity is a company limited by guarantee as defined by the Companies Act 2006 and does not have any share capital. The charity is governed by the Memorandum and Articles of Association. The guarantors are the members of CUSU, being registered students at Coventry University as defined by the Articles of Association.

During 2019-20 work began on revisions to our Articles of Association. The pandemic however has caused a delay in the process however the new Articles should take effect in Q2 2021/22.

Board of Trustees

CUSU is overseen by its Board of Trustees which is ultimately responsible for the governance of the charity and ensures that the Students’ Union: complies with relevant legal frameworks, makes sound financial decisions, has a strategy that meets its charitable objectives.

The Board is responsible for the management, administration, governance, and strategy for CUSU. The Board operates on democratic principles, working for and with our members who are the students of Coventry University and the CU Group. The Board is legally responsible for CUSU and ensuring CUSU complies with relevant laws and legal frameworks.

The Board’s power is subject to the decisions or policy made by the members via CUSU’s democratic structures. The trustees may override the decisions or policy only on the grounds of financial considerations, charity or education law or other legal requirements or the reputation or best interests of CUSU.

The Board, assisted by sub-committees, has delegated the day to day operations of CUSU to the Chief Executive who is accountable to the Board and sub-committees. The Chief Executive is further assisted by a management team.

In 2020-2021

The Board of Trustees had eleven members comprising:

At 31 July 2021 there were 12 members in post. The new articles of association allow up to 18 members of Board so consideration is being made as to whether to recruit new members.

The Board met seven times during the year to receive reports from sub-committees, officers and management to review CUSU’s performance and administration. The Board also met for a strategy day.

Effectiveness review

During the year a Board Effectiveness task-and-finish group was formed to review governance structures, terms of reference and processes. This resulted in several suggested improvements that were approved at Board meetings through the year. The main changes have led to better ways of working in the sub-committees to avoid duplication with main Board. Although the task-and-finish group has now concluded, its work will be continued in the Appointments and Governance Committee.

Sub-committees of Board of Trustees

The following sub-committees report to Board of Trustees:

These committees each met a minimum of three times this year except for the Appointments Committee which only meets when recruitment to fill an external trustee or sub-committee position is required. In 2021/22 the Human Resources Committee will be changing name to People and Culture Committee to better reflect its purpose.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

Recruitment, appointment and training of new trustees

The Students’ Union Articles of Association governs the terms of office, appointment process and responsibilities of the trustees. The trustees are provided with comprehensive training and briefings on their roles.

Two vacant trustee positions were recruited during this course of this year:

Members of the Union

Ordinary Members

Ordinary membership is open to all students who do not opt out of membership of CUSU under clause 22 (c) of the Education Act 1994 and are enrolled on any course at Coventry University or the CU Group, to Sabbatical Officers of CUSU, and where appropriate to students on Coventry University courses at other organisations.

Ordinary Members are entitled to propose, stand and vote in CUSU elections, and propose and vote on motions in referenda.

Associate Members

Associate Membership is open to all members of Coventry University, the CUG, CUSU staff, past students of the University and to other persons agreed to by the Executive Committee who shall determine the membership fee.

Associate Members may use most of the services of CUSU but shall not:

Associate membership may be revoked by Executive Committee in accordance with CUSU disciplinary procedures.

Honorary Members

Honorary Membership is awarded to any persons considered appropriate by Executive Committee, and to members of Executive Committee on their last day of office unless considered otherwise by Executive Committee.

Honorary Members enjoy the rights of Associate Members without fee or charge. Honorary membership may be revoked by Executive Committee.

Executive Committees, Student Councils, All Student Meetings

CUSU operates on democratic principles, the voice of students is represented through a series of bodies. In 2020-21 those bodies were:

Union Affairs Committee

Union Affairs Committee comprises four of elected Sabbatical Officers, a Postgraduate Research rep, and an Executive Committee Officer for each Faculty of the University and Location in the CU Group. This committee represent the interests of all members and CUSU to the University and other external bodies and directs the everyday affairs of CUSU in accordance with CUSU policy.

Sabbatical Officers

There are seven elected Sabbatical Officers. Four of these (sabbatical trustees) act as trustees of CUSU and directors of any company established by CUSU, they are responsible for setting the strategic direction of CUSU and any company established by CUSU, as required by the Board of Trustees. The three other Sabbatical Officers (Coventry Sabbaticals) sit on the Executive Committee.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

Executive Committee

The Executive Committees in each CUSU campus represent the interests and direct the activities for students who study on those campuses and can propose policy and campaigns to Union Affairs Committee as required.

Election

The Union Affairs and Executive committees are elected by the ordinary members of CUSU by secret ballot. Due to the pandemic this year elections were held online only and over a 24-hour period. In total. The union received nominations from 410 individuals with 125 remaining at the point of voting. Nominations were received for 27 of the 28 positions available.

Over the voting period 3,523 individuals casted a total of 22,682 votes. This year saw a number of changes to the elections with only digital campaigning and all physical campaigning prohibited. New initiatives were also introduced including candidate wellbeing programmes, candidate development programmes, voter incentives and a 24hr broadcast. 21 formal complaints were received over the election period with one resulting in disqualification.

Turnout was lower than the previous year due to the pandemic restrictions however Board was very satisfied with the process and the engagement.

Policy

Union policies lapse after three years unless renewed by Union Affairs Committee. Members are notified of policies due to lapse and may speak in favour of renewing the motion. A simple majority vote is needed to renew it. CUSU encourages Freedom of Speech and diversity of opinion in all debates and campus activity.

Forums

Education, activities and welfare forums are online spaces to get student support and input into the work of CUSU. They help with event organisation, support and advice, and raising awareness and can provide reports to the Executive committees.

Referenda

Referenda are the highest decision-making body within CUSU. Voting is open to all ordinary members and if a referendum receives a total turnout of 5% of the membership, or a turnout of more than 2.5% in support, then the result is binding and overrules any previous decisions by the Union Affairs Committee, Local Executive Committees or Forum. If a lower level of turnout is achieved the result is not binding but is an indicative vote for Union Affairs Committee and Local Executive Committees. There were no referenda this year.

Relationship with Coventry University and other related parties

Coventry University Group

Coventry University is the owner of the premises called “The Hub” which it lets to CUSU under a licence agreement. Under the licence agreement the University provides services such as power, cleaning, custodial services and landlord’s repairs. The provision of this licence has been valued as a Service in Kind.

CUSU also receives a Block Grant from the University as the Education Act 1994 imposes a duty on the University to ensure financial viability of its student representative body. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future. This year our block grant remained the same at £1,583,000.

Growth in recent years meant The Hub was no longer able to accommodate CUSU staff and no other University premises had capacity to house them. To solve this a five-year lease was secured on private premises in Coventry at Park House in 2019. The University granted additional funding to support this expansion of £100,000 per year over five years.

We at CUSU are thankful for the University’s continuing support. Importantly, we continue to benefit from positive relationships with University staff at all levels and locations. We aspire to make a continued positive contribution to the lives of our members and the campus community.

The University plays an important role within CUSU, having representatives on the Board of Trustees, Management, CUSU Services and Finance sub-committees. CUSU also played a pivotal role in Project Intrepid, the University’s student engagement through the pandemic project that ran throughout 2020-21.

CUSU Services Limited

CUSU is the beneficial owner of CUSU Services Limited, a Company limited by shares incorporated on 11 July 2011. CUSU Services Limited manages the commercial aspects of CUSU including the lease of any commercial property. As the parent company CUSU prepared these consolidated financial statements incorporating CUSU Services Limited. CUSU provides management services to CUSU Services Limited for which a charge is made. The taxable profits of CUSU Services Limited are donated to CUSU under Gift Aid.

CUSU Services works to diversify income to CUSU (charity) through the following business units:

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

These services have raised additional income for CUSU. As well as our planned services we have successfully managed the operations and staffing for Covid Test Centres for both the CUG and Coventry City Council. This was a significant operation which as well as providing us with £150,000 in turnover, also allowed us to provide employment worth over £120,000 to students.

Commercial Services Governance

It is acknowledged that the development of these services brings more risks to the organisation and these risks are considered and overseen by CUSU Services board and the Board of Trustees. To reduce these risks the structure of CUSU Services Board has been reviewed and we have increased the number of external directors from two to six to provide extra expertise and oversite in the new business ideas that Commercial Services Board is exploring. The Commercial Services Board have developed the following strategy with the aim of providing £400,000 in income to the Charity over the course of the strategy (2022 to 2025):

Vision: ‘By 2025, CUSU Services will be regarded as one of the most innovative charity trading subsidiaries in the UK. CUSU Services will provide a portfolio that give CUSU a strong surplus, efficiencies and civic capital across the city and within our wider community.’

Values : Quality, Bravery, Innovation, Collaboration, Community Focus.

Strategic Priorities:

**Strategic Priorities: **
Strategic Priority Measure of Success
Generate significant surplus and to diversify
income to support the charity		 Financial performance agreed annually through the budget
operationalplanning cycle
Reduce CUSU expenditure and make savings for
the charity		 Financial
performance
and
resource
allocation
demonstrating this clearly through annual report
To promote the charitable aims of CUSU and
improve its reputation		 Perception of CUSU from stakeholders
Development of additional student opportunities
throughthe commercialportfolio		 Number of students we upskill and employ through
operations

Although the Director of Enterprise resigned towards the end of the year, we have successfully recruited and look forward to continued growth and innovation in our commercial enterprises.

National Union of Students (NUS)

CUSU has been engaged in the training and support provided by NUS in the last year through summer convention for elected officers, attendance at the national and other relevant conferences. This year all events have been held online. CUSU continues to engage with NUS with various items of policy being submitted to National and Liberation Conferences over the last year.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

OBEJCTIVES AND CHARITABLE ACTIVITIES

Our mission

This means representing our students’ academic, welfare, health & wellbeing, sporting, social, personal development, political, and cultural interests. And representing those interests for all students regardless of age, gender, nationality, sexuality, ethnicity, disability, or any other factor.

Our values

We are student led, inclusive, accountable, democratic and transparent. We believe in innovation and being ethically and environmentally sound. We strive to create social groups and a sense of belonging to communities of students. We shall be partners with the University in improving the student education experience. As a membership organisation we strive to meet the needs of a diverse membership.

Strategic plan

The trustees instruct the senior management team, as well as all established and casual staff, to achieve the aims and objectives of the charity set out in our five-year strategic plan which finished in Summer 2020.

This plan (The 2020 Vision) was approved by Student Council and the Board in May 2015 and is based on 6 strategic themes: Student Leadership, Quality Services, Student Participation, Internationalisation, Student Experience & Building Communities.

The advent of COVID-19 in early 2020 necessitated a significant shift in how CUSU operates, many of the objectives of our planned strategy align with the needs COVID imposes but the rapidity of change it brings has changed our strategic focus. Board of Trustees and University Board of Governors approved a one-year interim strategy with 25 objectives across the following themes and enablers:

Theme

Enablers

Work continues on a longer term 4-year strategy from 2022 to 2025 based on the similar themes and this will be launched to members in January 2022.

The focus of the next plan will be how we develop as a national – and now international – organisation, how we communicate and engage with students on a more individual level, develop more school-based activity, increase our activities in welfare and employability, and develop greater digital access to our offer.

Covid Mitigation – Operations

Covid has had a huge influence on the student experience for our members and lockdowns has meant much campus activity has been reduced. CUSU has needed to balance support and welfare for students with safety and guidance for staff members and volunteers. The organisation pivoted well to online operations when needed due to the work already undertaken in improving our digital skills, activities and offer to students.

Reserves Policy and Future Income Generation

CUSU will be working with the University (as principal funder) to develop a new reserves policy in 2021 / 2022 to recognise the increasing diversity of income as well as the increasingly complex higher education financial landscape.

The University Add+Vantage scheme is to be changed in 2023/2024 which may result in a large income drop to CUSU. The Board has reviewed mitigations for when this happens to ensure it has limited impact on the activities of the Students’ Union. In particular the surplus from Add+Vantage is ring-fenced to provide educational activities within CUSU so these areas will need to be protected.

CUSU Services Board will be investing in the business units throughout 2021 / 2022 to generate long term surpluses to replace the Add+Vanatage income.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

Membership Services and Engagement

The pandemic has obviously had a huge impact on student welfare and engagement this year as CUSU has adapted to digital delivery. Caseload for the SU Advice Centre has doubled and we have had to double the number of staff in this area as well as restructure our whole welfare department to cope with demand. This is due to a large increase in academic integrity cases as well as increasing numbers of students in financial hardship.

Partnership with the University has been strong despite student officers often ‘caught in the middle’ of student anger over the pandemic and demands for tuition fee refunds. Project Intrepid has been successful in responding to other requests to support student welfare and improve the online learning experience.

We have seen a decline in voters in CUSU elections and in sports and society memberships (despite making them free of charge). We will start 2021/22 with a decline from 48 to 40 sports clubs during the course of the pandemic and a large reduction in societies from 179 to 50. Next year we will be focussed on recovery in student engagement .

There have been successes within these headline figures. Society numbers outside of Coventry have grown rapidly and Academic Society membership has grown by 20% across the group showing that some of our digital activity has been very successful and we will take that learning into next year.

Other Student Engagement Successes

In 2020/21 CUSU has had some strong achievements:

Statement of Public Benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing CUSU’s aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

In pursuit of its aims for the public benefit, CUSU will ensure the diversity of its membership is recognised, valued and supported. CUSU has established departments and services for the use of its members to support its work with the University and other organisations on behalf of students. These membership services include the CUSU Advice Centre; the CUSU Student Voice Department, the CUSU Sports and Societies Department the CUSU Volunteering department and the CUSU Employability Department.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

FINANCIAL REVIEW

Covid Mitigation – Finances

As the full impact of the pandemic became clear, steps were taken to reduce expenditure in both CUSU Services and the charity (including pausing staff incremental bonuses and reducing recruitment). Lack of face-to-face activity (particularly in Sports) meant that there was significant underspend giving the charity a surplus significantly over budget for the year. During the first half of the year CUSU Services had to cancel or postpone many income generating activities resulting in a deficit against budget for the year. It was decided that as the financial ramifications of the pandemic could last for many months that the government furlough scheme should be used to protect as many jobs as possible. In the second half of the year commercial services did very well and in many cases exceeded budget (with activities like the Covid Testing Centres). Our Add+Vantage module scheme has a fantastic end to the year securing a surplus of over £300,000. This (alongside the reduced spend in the charity) has meant that CUSU has returned a significant surplus this year. This is needed as the uncertainty around the government spending review in higher education and the future of the Add+Vantage module scheme means that it is prudent for CUSUs reserves to be strong.

Reserves policy

The Charity Commission defines reserves as “that part of a charity’s income funds which can be made available to spend for any or all of the charity’s purposes once it has met its commitments and covered other planned expenditure”. The Trustees are aware of the general duty to apply charitable funds within a reasonable time receiving them. Therefore to justify the holding of reserves the charity needs a reserves policy which is based on realistic assessment of the required reserves.

The board of trustees has identified that a minimum level of unrestricted funds should be set to counter balance trading uncertainty and provide a base level for stability. A target level of unrestricted funds has been set to allow for growth and for CUSU to take advantage of strategic opportunities for future growth. The current level of unrestricted funds should be set as follows:

Minimum level - Three months operating costs plus an additional fund to cover redundancy costs for all staff plus legal costs associated with winding up of the Company.

Target level - Six months operating costs plus an additional fund to cover redundancy costs for all staff plus legal costs associated with winding up of the Company.

The board of trustees has approved CUSU’s reserves policy and identified the following reasons to hold reserves:

The Trustees also feel that additional funds should be set aside to meet longer term commitments such as leases and redundancy payments. With the current level of reserves £1,112,231, the Trustees believe sufficient funds exist to allow the continued operation of the company in the event of a significant drop in funding. Funds not required on an immediate basis will be invested in line with the investment policy. Trustees review this policy formally on an annual basis.

Review of the current year financial activities

CUSU’s gross income from all sources for this period totalled £3,517,230 and total expenditure of £3,128,196 including trading income and expenses from CUSU Services Limited. Total expenditure was incurred on wide ranging student benefits that we have provided during the year leaving a surplus of £389,034.

Risk management

The major strategic, business and operational risks, to which the charity is exposed, as identified by the trustees are regularly reviewed and systems or procedures put in place to mitigate those risks.

On appointment of a Director of Finance and Risk in the year the charity and trading company have undertaken full risk reviews which have resulted in a newly formatted and detailed risk register. A Risk Management Framework providing the mechanisms and systems to develop an overall approach to manage risks has been implemented along with a risk appetite statement which are approved by the Board of Trustees and the Finance and Audit Committee annually.

The trustees have identified the reliance upon the Coventry University as the principal source of funding as a potential risk. CUSU would be in significant financial difficulty if this funding were to be reduced or withdrawn. To address this risk the trustees have established a Reserves Policy to ensure that funds are available for an orderly restricting to the new funding levels, the trustees are developing and implementing plans to generate new sources of income to lessen the reliance upon the University funding.

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2021

Going Concern

The trustees have considered the reserves policy above and the working capital requirements for a period of 12 month from the date of this report and have reasonable expectation that CUSU has adequate resources to continue its operation for the foreseeable future. Accordingly the trustees continue to adopt the going concern basis for the preparation of the annual report and accounts.

PLANS FOR FUTURE GROWTH

The future and Strategic Planning

The new strategic plan shows a series of objectives and KPIs to take the organisation through until 2022. The strategy will be monitored at regular intervals by the trustee board to ensure its relevance and it will be adapted if the needs of our membership change.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Coventry University Students’ Union Limited for the purpose of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping adequate records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRUSTEES’ STATEMENTS OF INFORMATION PROVIDED

In so far as the trustees are aware:

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The trustees’ are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.

ON BEHALF OF THE TRUSTEES

................................................. Mrs Jacqui Clements

26 November 2021

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

Opinion

We have audited the financial statements of Coventry University Students' Union Limited (the 'charitable company') for the year ended 31 July 2021. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business. We have concluded that there are no such key laws and regulations that are particular to the company's activities.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance.

Nevertheless, nothing has come to our attention that has given us significant cause for concern in the course of the procedures we have undertaken in order to give our opinion on whether the financial statements are free from material misstatement, as shown above.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gregg Olner MPhil BA (Hons) ACA (Senior Statutory Auditor) for and on behalf of Harrison Beale & Owen Limited Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

26 November 2021

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Note Unrestricted Total Total
Funds 2021 2020
£ £ £
INCOMING AND ENDOWMENTS FROM
Charitable activities 5
Sports clubs & societies 82,563 82,563 198,140
Democracy & representation 1,849,779 1,849,779 1,879,233
Volunteering & social work 601,337 601,337 467,851
Satellite Campus 322,797 322,797 326,998
Trading income 3 660,749 660,749 426,126
Investment income 4 5 5 838
__ _ __
Total 3,517,230 3,517,230 3,299,186
__ _ __
EXPENDITURE ON
Fundraising trading costs 6 582,694 582,694 459,196
Charitable activities
Sports clubs & societies 7 229,629 229,629 348,798
Democracy & representation 7 410,892 410,892 538,994
Volunteering & social work 7 185,835 185,835 387,782
Students’ union advice centre 7 639,779 639,779 188,249
Other central services 7 856,135 856,135 884,217
Satellite Campus 7 223,232 223,232 237,233
__ _ __
Total 3,128,196 3,128,196 3,044,469
__ _ __
Net income/(expenditure) 389,034 389,034 254,717
Reconciliation of funds
Total funds brought forward 20 723,197 723,197 468,480
_ _ _
Total funds carried forward 1,112,231
_		 1,112,231
_		 723,197
_

All incoming resources and resources expended derived from continuing activities.

All gains and losses recognised in the year are included in the Statement of Financial Activities.

13

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020

Note Unrestricted Total Total
Funds 2020 2019
£ £ £
INCOMING AND ENDOWMENTS FROM
Charitable activities 5
Sports clubs & societies 198,140 198,140 249,124
Democracy & representation 1,879,233 1,879,233 1,641,451
Volunteering & social work 467,851 467,851 430,262
Satellite Campus 326,998 326,998 266,289
Trading income 3 426,126 426,126 490,404
Investment income 4 838 838 170
__ __ __
Total 3,299,186 3,299,186 3,077,700
__ __ __
EXPENDITURE ON
Fundraising trading costs 6 459,196 459,196 424,282
Charitable activities
Sports clubs & societies 7 348,798 348,798 316,354
Democracy & representation 7 538,994 538,994 560,241
Volunteering & social work 7 387,782 387,782 429,929
Students’ union advice centre 7 188,249 188,249 188,860
Other central services 7 884,217 884,217 929,915
Satellite Campus 7 237,233 237,233 163,218
__ __ __
Total 3,044,469 3,044,469 3,012,799
__ __ __
Net income/(expenditure) 254,717 254,717 64,901
Reconciliation of funds
Total funds brought forward 20 468,480 468,480 403,579
_ _ _
Total funds carried forward 723,197
_		 723,197
_		 468,480
_

All incoming resources and resources expended derived from continuing activities.

All gains and losses recognised in the year are included in the Statement of Financial Activities.

14

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

BALANCE SHEETS AT 31 JULY 2021

Note 2021 2021 2020 2020
Group Charity Group Charity
£ £ £ £
FIXED ASSETS
Tangible assets 13 62,087 60,064 74,585 70,538
Investments 14 - 1 - 1
_ _ _ ______
62,087 60,065 74,585 70,539
_ _ _ ______
CURRENT ASSETS
Stocks 15 5,661 - 6,289 -
Debtors 16 403,905 660,664 171,011 549,532
Cash at bank and in hand 1,295,045 1,055,415 983,740 764,231
__ __ __ _
1,704,611 1,716,079 1,161,040 1,313,763
CREDITORS
Amounts falling due within one year 17 (654,467) (380,974) (512,428) (300,112)
__ __ __ __
NET CURRENT ASSETS 1,050,144 1,335,105 648,612 1,013,651
__ __ __ __
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,112,231 1,395,170 723,197 1,084,190
_ _ _ _
NET ASSETS 1,112,231 1,395,170 723,197 1,084,190
_ _ _ _
FUNDS
Unrestricted funds 20 1,112,231 1,395,170 723,197 1,084,190
_ _ _ _
TOTAL FUNDS 1,112,231 1,395,170 723,197 1,084,190
_ _ _ _

The Trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 26 November 2021 and were signed on its behalf by:

........................................ Mrs Jacqui Clements Trustee

15

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

CONSOLIDATED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Notes
2021
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
1
355,096
Cash flows from investing activities:
Purchase of tangible fixed assets
(43,796)
Interest receivable
5
Net cash provided by / (used in) investing activities
(43,791)
Change in cash and cash equivalents in the reporting
period
311,305
Cash and cash equivalents at the beginning of the
reporting period
983,740
Cash and cash equivalents at the end of the reporting
period
1,295,045
1.
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2021
£
Net income/(expenditure) for the reporting
period (as per the statement of financial
activities)
389,034
Adjustments for:
Depreciation charges
56,294
Interest receivable
(5)
(Increase)/decrease in stocks
628
(Increase)/decrease in debtors
(232,894)
Increase/(decrease) in creditors
142,039
Net cash provided by (used in) operating
activities
355,096		 2020
£
493,342
(56,950)
838
(56,112)
437,230
546,510
983,740
2020
£
254,717
43,587
(838)
972
242,640
(47,736)
493,342

CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2021
Cash and cash equivalents
Year ended 31 July 2020
Cash and cash equivalents		 31.7.2021
1.8.2020
£
£
1,295,045
983,740
31.7.2020
1.8.2019
£
£
983,740
546,510

16

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Notes
2021
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
2
334,975
Cash flows from investing activities:
Purchase of tangible fixed assets
(43,796)
Interest receivable
5
Net cash provided by (used in) investing activities
(43,791)
Change in cash and cash equivalents in the reporting
period
291,184
Cash and cash equivalents at the beginning of the reporting
period
764,231
Cash and cash equivalents at the end of the reporting
period
1,055,415
2.
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2021
£
Net income/(expenditure) for the reporting
period (as per the statement of financial
activities)
310,980
Adjustments for:
Depreciation charges
54,270
Interest receivable
(5)
(Increase)/decrease in debtors
(111,132)
Increase/(decrease) in creditors
80,862
Net cash provided by (used in) operating
activities
334,975		 2020
£
501,659
(53,724)
838
(52,886)
448,773
315,458
764,231
2020
£
287,787
39,671
(838)
224,073
(49,034)
501,659

CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2021
Cash and cash equivalents
Year ended 31 July 2020
Cash and cash equivalents		 31.7.2021
1.8.2020
£
1,055,415
764,231
31.7.2020
1.8.19
£
£
764,231
315,458

17

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1. GENERAL INFORMATION

Coventry University Students’ Union Limited is a company limited by guarantee and is incorporated in England and Wales. It is also a registered charity as regulated by the Charity Commission for England and Wales. The address of the registered office is given in the company information on page 1 of these financial statements.

2. ACCOUNTING POLICIES

Accounting convention

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies of the Charity are set out below and have remained unchanged from the previous period.

Basis of consolidation

These financial statements consolidate the results, assets and liabilities of Coventry University Students’ Union Limited and its wholly owned trading subsidiary CUSU Services Limited on a line by line basis. No separate Statement of Financial Activities or Income & Expenditure Account is presented for the Charity because it has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Fund accounting

Unrestricted funds consist of funds which the charity may use for general purposes at the Trustees’ discretion; this includes designated funds which are designated for specific purposes.

Restricted funds represent income contributions which are allocated to a particular purpose in accordance with the donor’s wishes.

All investment income, gains and losses are allocated to appropriate funds.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Group to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the items of expense to which it relates.

Governance costs are those incurred in connection with administration, strategic planning for the future, external audit, all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation and any provision for impairment. Assets are not capitalised below £3,000 cost per item/set. Depreciation is provided at the following annual rates in order to write off the cost over the estimated useful life of the asset.

Motor vehicles excluding coaches and minibuses - Straight-line over 3 years Motor coaches and minibuses - Straight-line over 7 years Short leasehold - Straight-line over 7 years Improvements to property - Straight-line over 7 years Plant & machinery - Straight-line over 7 years Fixtures & Fittings - Straight-line over 3/5/7 years

18

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

ACCOUNTING POLICIES cont.....

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Investments

Fixed asset investments are valued at cost less provision for impairment, as these assets are not readily saleable and reliable market value is not readily ascertainable.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Provisions

Provisions are recognised when Coventry University Students’ Union Limited has a present and legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Leasing commitments

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

Taxation

Coventry University Students’ Union Limited is a body of persons established for charitable purposes only and as such is a charitable company within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, Coventry University Students’ Union Limited is potentially exempt from corporation tax on income and chargeable gains within categories covered by Part 11, Chapter 3 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 to exclusively charitable purposes. Coventry University Students’ Union Limited receives no similar exemption in respect of Value Added Tax.

Pension scheme

Coventry University Students’ Union Limited participates in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of 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 underlying assets and liabilities can be directly attributed to Coventry University Students’ Union Limited. In these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.

Coventry University Students’ Union Limited also offers stakeholder pension schemes to student employees and the contributions are included as expenditure in the period.

Going concern

The trustees have considered the reserves policy mentioned in trustees report and the working capital requirements for the period of 12 months from the date of this report and have reasonable expectation that Coventry University Students’ Union Limited as a group has adequate resources to continue its operations for the foreseeable future. Accordingly the trustees continue to adopt the going concern basis for the preparation of the annual report and accounts.

Critical accounting judgements and key sources of estimation uncertainty

Accounting judgements and estimates relate primarily to depreciation and asset valuations. The directors do not believe that any accounting judgements or estimates are significant to the reported results of the entity.

Government grants

Government grants in the form of the Coronavirus Job Retention Scheme have been recognised in incoming resources over the same period as the staff costs for which it compensates

19

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

3. ACTIVITIES FOR GENERATING FUNDS: TRADING INCOME

2021

£

Bar & shop sales
11,702
Advertising & room hire
178,988
Ticket sales
3,125
Events & other income
219,493
COVID-19 Furlough
28,113
COVID-19 Testing centre
219,328
__
660,749
_
. INVESTMENT INCOME
2021

£

Bank interest
5

. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
2021
£
Ticket sales & membership fees
Sports clubs & societies
(130)
Other income
Sports clubs & societies
64,474
Grant
Sports clubs & societies
18,219
Other income
Democracy & representation
91,951
COVID-19 support
Democracy & representation
174,828
Grants
Democracy & representation
1,583,000
Grants
Volunteering & Social work
601,337
Other income
Volunteering & Social work
-
Grants
Satellite Campus
308,500
Other income
Satellite Campus
14,297
_
2,856,476
__
Grants received, included in the above, are as follows
£
Democracy & representation
1,583,000
Sports clubs & societies
18,219
Volunteering & social work
601,337
Satellite Campus
308,500
______
2,511,056
 2020
£
25,076
124,053
59,369
202,689
14,939
-
__
426,126
_
2020
£
838

2020
£
46,102
57,038
95,000
165,731
130,501
1,583,000
464,504
3,348
324,950
2,048
_
2,872,222
__
£
1,583,000
95,000
464,504
324,950
______
2,467,454

4. INVESTMENT INCOME

5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Included within the COVID-19 support are receipts totalling £92,106 (2020 - £90,950) relating to the Coronavirus Job Retention Scheme.

6. COST OF GENERATING FUNDS

Purchases
Direct wages & salaries
Other costs of sales
Administrative costs
Depreciation
_
These are relating to CUSU Services Limited for the year ended 31 July.		 2021
£
2,834
361,994
182,468
33,374
2,024
_

582,694
_		 2020
£
45,442
245,889
140,674
23,276
3,915
_
459,196
_

20

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

7. CHARITABLE ACTIVITIES COSTS

Direct costs
Support costs
2021

£
£
£

(See note 8)
(See note 9)
Total

Sports clubs & societies
175,811
53,818
229,629
Democracy & representation
384,911
25,981
410,892
Volunteering & social work
150,574
35,261
185,835
Students’ union advice centre
604,518
35,261
639,779
Other central services
830,154
25,981
856,135
Satellite Campus
213,953
9,279
223,232
_
_
_
2,359,921
185,581
2,545,502


 2020
£
Total
348,798
538,994
387,782
188,249
884,217
237,233
_
2,585,273

8. DIRECT COSTS OF CHARITABLE ACTIVITIES



Staff costs
Hire of equipment & facilities
Insurance
Travelling & subsistence
Telephone
Printing, postage & stationery
Other expenses
Agency costs
Subscriptions
Special projects & campaigns
Training & development
Bank charges
COVID-19 related costs
University charges
Consultancy
Computers & Software
. SUPPORT COSTS
Management
Governance
£
£
Sports clubs & societies
50,818
3,000
Democracy & representation
24,533
1,448
Volunteering & social work
33,295
1,966
Students’ union advice centre
33,295
1,966
Other central services
24,533
1,448
Satellite Campus
8,762
517
_
_
175,236
10,345

 2021

£

1,979,554
157
32,750
190
7,403
8,520
15,946
-
63,342
51,620
1,250
4,452
94,761
53,997
8,250
37,729
_
2,359,921
_
2021
£
Total
53,818
25,981
35,261
35,261
25,981
9,279
_
185,581
 2020
£
1,962,473
2,120
38,655
21,349
7,646
17,392
98,070
5,401
82,681
70,762
9
9,750
45,639
40,590
1,500
22,252
_
2,426,289
_
2020
£
Total
46,105
22,258
30,207
30,207
22,258
7,949
_
158,984
__ __

9. SUPPORT COSTS

21

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Management support costs, included in the above, are as follows:

Sports,
clubs &
societies
Democracy &
representation
Volunteering
&
social work
£
£
£
Sundries
7,072
3,414
4,634
Repairs and renewals
3,744
1,808
2,453
Travelling
64
31
42
Training
5,710
2,756
3,740
Staff costs
1,655
799
1,085
Office costs
16,835
8,127
11,030
Depreciation
15,738
7,598
10,311
__
_

50,818
24,533
33,295



Governance support costs, included in the above, are as follows:
Sports,
clubs &
societies
Democracy &
representation
Volunteering
&
social work
£
£
£
Auditor’s remuneration
2,636
1,272
1,728
AGM & other costs
364
176
238


___
3,000
1,448
1,966


 SU
advice
centre
£
4,634
2,453
42
3,740
1,085
11,030
10,311
__
33,295
_
SU
advice
centre
£
1,728
238
___
1,966
 Other
Central
Services
Satellite
Campus
£
£
3,414
1,219
1,808
646
31
11
2,756
984
799
285
8,127
2,903
7,598
2,714
__

24,533
8,762

__
Other
Central
Services
Satellite
Campus

£
£
1,272
456
176
61
__
___
1,448
517

 2021
£
Total
24,387
12,912
221
19,686
5,708
58,052
54,270
_
175,236
_


2021
£
Total
9,092
1,253
______
10,345
 2020
£
Total
7,595
3,106
1,688
21,097
9,164
60,067
39,673
_
142,390
 2020
£
Total
7,595
3,106
1,688
21,097
9,164
60,067
39,673
_
142,390
_ _
 _

 _ __
2020
£
Total
8,849
7,745
____
16,594

10. TRUSTEES’ REMUNERATION AND BENEFITS

Sabbatical Officers perform full time roles within CUSU; they represent the students to Coventry University, external organisations and wider community. They work as co-ordinators between the students of Coventry University and Board of Trustees.

Each Sabbatical Officer is paid an annual salary and the total salaries paid to Sabbatical Officers during the year end 31 July 2021 were £147,135 (2020: £137,225).

Trustees’ expenses

Officer trustees expenses paid during the year were £nil (2020: £nil) and these are accounted for under resources expended.

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging:

Auditor’s remuneration
Depreciation – owned assets
Hire of plant and machinery & equipment
Operating leases relating to property
Rental income receivable		 2021
£
2020
£
9,092
8,849
54,270
39,673
157
2,120
-
8,983
-
(12,567)

22

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

12. STAFF COSTS

Total staff costs for the year for Coventry University Students’ Union Limited and CUSU Services Limited were Total staff costs for the year for Coventry University Students’ Union Limited and CUSU Services Limited were Total staff costs for the year for Coventry University Students’ Union Limited and CUSU Services Limited were Total staff costs for the year for Coventry University Students’ Union Limited and CUSU Services Limited were as follows:
GROUP CHARITY
2021 2020 2021 2020
£ £ £ £
Wages and salaries 2,070,237 1,949,732 1,752,446 1,744,975
Social security costs 173,166 170,866 143,318 142,021
Other pension costs 103,853 96,928 89,498
 84,661
__ __ __ __
2,347,256 2,217,526 1,985,262 1,971,657
__ __ __ __

The average monthly number of employees during the year was 140 (2020: 121) and there were no employees with emoluments exceeding £60,000 during the period.

13. TANGIBLE FIXED ASSETS

CHARITY

Fixtures and Motor Office
fittings vehicles equipment Total
£ £ £ £
COST
At 1 August 2020 6,486 32,341 139,072 177,899
Additions 1,243 - 42,553 43,796
______ ______ ______ ______
At 31 July 2021 7,729 32,341 181,625 221,695
______ ______ ______ ______
DEPRECIATION
At 1 August 2020 5,560 32,341 69,460 107,361
Charge for the year 1,341 - 52,929 54,270
______ ______ ______ ______
At 31 July 2021 6,901 32,341 122,389 161,631
______ ______ ______ ______
NET BOOK VALUE
At 31 July 2021 828 - 59,236 60,064
______ ______ ______ ______
At 31 July 2020 926 - 69,612 70,538
______ ______ ______ ______

23

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

13. TANGIBLE FIXED ASSETS

GROUP

Improvements
to Office Fixtures and Motor Short
property equipment fittings vehicles leasehold
Total
£ £ £ £ £
£
COST
At 1 August 2020 33,895 139,072 65,720 32,341 60,000
331,028
Additions - 42,553 1,243 - -
43,796
______ ______ ______ ______ ______
_
At 31 July 2021 33,895 181,625 66,963 32,341 60,000
374,824
______ ______ ______ ______ ______
_
DEPRECIATION
At 1 August 2020 33,895 69,460 60,747 32,341 60,000
256,443
Charge for year - 52,929 3,365 - -
56,294
______ ______ ______ ______ ______
_
At 31 July 2021 33,895 122,389 64,112 32,341 60,000
312,737
______ ______ ______ ______ ______
_
NET BOOK VALUE
At 31 July 2021 - 59,236 2,851 - -
62,087
______ ______ ______ ______ ______
_
At 31 July 2020 - 69,612 4,973 - -
74,585
______ ______ ______ ______ ______
_
14. INVESTMENTS
GROUP CHARITY
2021 2020 2021 2020
£ £ £ £
CUSU Services Limited - - 1 1
______ ______ ______ ______

The audited financial statements of CUSU Services Limited for the year ended 31 July 2021 show following results:

Turnover
Cost of sales
Gross profit
Other income
Administrative expenses
Retained profit/(loss)
Cumulative retained profits/(losses)		 2021
£
632,636
(547,296)
_
85,340
28,113
(35,399)
_
78,054
_
(282,939)
_		 2020
£
398,620
(432,005)
_
(33,385)
27,506
(27,191)
_
(33,070)
_
(360,993)
_

24

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

15. STOCKS


Shop stock		 GROUP
2021
2020
£
£
5,661
6,289

 CHARITY
2021
2020
£
£
-
-

No stock is held by the charity, stock shown above is related to CUSU Services Limited as at 31 July 2021.

16. DEBTORS

16. DEBTORS
GROUP CHARITY
2021
2020		 2021
2020
£
£		 £
£
Trade debtors 105,995
41,989		 1,600
36,603
Other debtors 297,910
129,022		 231,625
32,552
______
______		 ______
______
403,905
171,011		 233,225
69,155


______
______		 ______
______
Amounts falling due after more than one year:
Amounts owed by group undertakings 427,439
480,377

_
_
Aggregate amounts 660,664
_
549,532

_

17. CREDITORS: AMOUNTS FALLING DUE WITHING ONE YEAR


Trade creditors
VAT
Other creditors
Accruals and deferred income		 GROUP
2021
2020
£
£
2,573
952
38,726
-
194,813
205,199
418,355
306,277
_
_
654,467
512,428

 CHARITY
2021
2020
£
£
704
921
-
-
193,911
205,199
186,359
93,992
_
_
380,974
300,112

18. DEFERRED INCOME

Charity and group deferred income comprises grant funding for which entitlement to the income does not exist at the balance sheet date. Group deferred income also includes advance receipts for Coventry Half Marathon event held in November.

GROUP CHARITY
2021 2021
£ £
Balance as at 1 August 2020 271,314 63,711
Amount released to income earned from charitable activities (63,711) (63,711)
Amount released to income earned from trading activities (207,603) -
Amount deferred in the year 384,282 159,764
_ _
Balance as at 31 July 2021 384,282 159,764
_ _

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COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

19. OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

Expiring:
Within one year
Between one and five years
In more than five years		 2021
£
25,980
2,165
-
______
28,145
 2020
£
25,980
28,145
-
______
54,125

Operating lease commitments are relating to both to Coventry University Students’ Union Limited & CUSU Services Limited

20. MOVEMENT IN FUNDS

Net movement
At 1.8.20 in funds At 31.7.21
£ £ £
Unrestricted funds
General fund 723,197 389,034 1,112,231
_ _ _
TOTAL FUNDS 723,197 389,034 1,112,231
_ _ _

Total funds as at 31 July 2021 includes total funds of Coventry University Students’ Union Limited £1,395,170 and net retained losses of CUSU Services Limited amounting (£282,939). The parent’s company surplus for the financial year was £310,980 (2020 - £287,787)

Net movements in funds, included in the above are as follows:

Unrestricted funds
General funds
TOTAL FUNDS		 Incoming
resources
£
3,517,230
___
3,517,230
 Resources
expended
Movement in
funds
£
£
(3,128,196)
389,034
_
_
(3,128,196)
389,034

The general fund represents all free reserves and comprises cumulative retained surpluses.

26

COVENTRY UNIVERSITY STUDENTS’ UNION LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

21. RELATED PARTY TRANSACTIONS

During the year Coventry University Students’ Union Limited received a block grant of £1,583,000 (2020: £1,583,000) and other grants totalling £928,056 (2020: £884,454) from Coventry University.

In addition to Sabbatical Officers, the board of trustees considers the Chief Executive Officer, Chief Operating Officer, Director of Communications, Director of Union Development, Director of Enterprise and Director of Finance and Risk to constitute key management. Their total remuneration recognised in these financial statements was £282,528 (2020: £263,882).

Please note that the Chief Executive Officer’s salary is paid via the Coventry University.

22. PENSION COMMITMENTS

Coventry University Students’ Union Limited participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies 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 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent interim valuation of the Scheme was carried out as at 30 June 2021 and showed that the market value of the Scheme’s assets was £137,274,000 with these assets representing 51% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £131,159,000. The next full valuation is expected to be carried out as at 30 June 2022.

The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The following assumptions applied at 30 June 2021:-

The 2019 full valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 14 years 10 months and will increase by at least 5% each year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. These rates applied with effect from 1 October 2020 and will be formally reviewed following completion of the next Valuation. Surpluses or deficits which arise at future valuations will also impact on Coventry University Students’ Union Limited’s future contribution commitment. In addition to the above contributions, Coventry University Students’ Union Limited also pays its share of the Scheme’s levy to the Pension Protection Fund.

The total contributions paid into all Schemes by Coventry University Students’ Union Limited in respect of eligible employees for the year ended 31 July 2021 amounted to £103,853 (2020: £96,928).

23. CONTROLLING PARTY AND MEMBERS LIABILITY

Coventry University Students’ Union Limited is a charitable company limited by guarantee. The members of the company have agreed to contribute £1 each to the assets of the company in the event of it being wound up.

Ultimate control of the company rests with its members.

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