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2024-06-30-accounts

NUS Students' Union Charitable Services

Trustees' Report and Financial Statements For the Year Ended 30 June 2024

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Registered number: 07509468
Charity number: 1140142
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Reference and Administrative Details

of the Charity, its Trustees and Advisers for the Year End 30 June 2024

Trustees

G Hughes S Kerton

P Chapman

M Stephen (resigned 30 June 2023) A Wilson

Independent Auditors

Dains Audit Limited Statutory Auditor Suite 2, Albion House 2 Etruria Office Village, Forge Lane, Stoke on Trent, Staffordshire. ST1 5RQ

G Kirkpatrick

D Owen (appointed 18 September 2024) H Innes (appointed 1 July 2023) N Katz (appointed 1 July 2023) A Stanley (appointed 18 September 2024) Q Hussain (appointed 18 September 2024) S Viswanathan (appointed 18 September 2024) C Ferguson (resigned 22 April 2024) D Ormerod (resigned 30 June 2024) N Bajwa (resigned 30 June 2024) B Savage (resigned 30 June 2024)

Bankers

The Co-operative Bank 3rd Floor, Balloon Street Manchester M60 4EP

Finance and Business

Advisors

Counterculture Partnership LLP Unit 115 Ducie House, Ducie Street, Manchester M1 2JW

Company registered number

07509468

Charity registered number

1140142

Registered office

Merseyway Innovation Centre 21-23 Merseyway Stockport. SK1 1PN

Principle staff

P Roberston (Charity Director)

D Keen (Membership Director)

S Harris (Deputy Director & Union Development Director) J Beer (HR Director)

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Trustees’ Report For the Year Ended 30 June 2024

The Trustees present their report, which also complies with a Directors Report for the purposes of the Companies Act 2006, with the consolidated financial statements of the charity and its subsidiaries for the year ended 30 June 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practive 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).

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Structure, Governance and Management

NUS Students’ Union Charitable Services (‘NUS Charitable Services’ or ‘the Charity’) is constituted as a registered charity and a company limited by guarantee. The Charity is responsible for supporting the development of students’ unions throughout the country to ensure they adequately serve their student membership. It is governed by its Articles of Association.

The Charity has provision for up to twelve members on its Board of Trustees (‘the Board’):

The above trustees also serve as the company's directors and fulfil the statutory duties required of them under Company law.

The method of recruitment and appointment of trustees’ is laid down in the articles and memorandum of association. Their number shall not be less than three.

The trustees have a vital role in the Charity, and we aim to attract and retain people who have commitment, experience and the necessary skills. Training for the trustees is recorded and delivered on several levels:

NUS Students’ Union Charitable Services is a charity with the ultimate decision-making power being vested in its board of trustees during the year. In addition to the board, there are three subcommittees responsible for Finance, HR and board appointments designed to support the work of the Boards through specialist advice, scrutiny and oversight. These committees are shared with NUS UK and NUS Services and comprise members of each organisations’ board as well as additional members to provide specialist advice on HR and Finance matters.

The Charity’s Membership comprises 400 Students’ Unions and Associations (as at year end). Members are able to influence the strategy and direction of the Charity via the General Meeting which has been held on an annual basis, which includes inputting on the level of membership contribution required. The Charity regularly engages with its members informally throughout the year including in bi-monthly lunchtime catchups with CEOs of member organisations.

Day-to-day management of the charity is delegated to the Charity Director. The Charity Director provides regular reports to the board on progress against agreed objectives supported by the Charity senior leadership team.

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Relationship with NUS UK

The relationship between NUS Charity and NUS UK is established in the governing documents of both organisations as well as a Collaboration Agreement between the organisations.

The trustees consider that the aims, interest and scope of NUS Charity and NUS UK remain different. Their respective aims could be summarised as follows:

NUS Charity – to further its charitable purposes for public benefit: and predominantly, to further the efficiency and effectiveness of student unions through advice, guidance and crisis support. Connecting members and curating services. For members who trade, helping students’ unions to make the most of their commercial enterprise income.

NUS UK - campaigning nationally to improve the lives of students and delivering tangible impact for the student movement

While the organisations have different focuses, the trustees consider that the arrangements for working with NUS UK continue to be in the best interests of NUS Charity and its beneficiary students’ unions because:

The trustees perform an annual review of the relationship with NUS UK in line with Charity Commission guidance for charities with a connection to a non-charity. The trustees are satisfied the partnership between NUS Charity and NUS remains in the best interests of NUS Charity, noting in particular the benefits of collaboration to allow NUS Charity to most efficiently provide support to the affiliated students’ unions, in furtherance of its charitable purposes. The review includes a risk assessment. This position will be kept under review and is formally reviewed annually.

NUS Charity continues to work with students’ unions and is funded by students’ unions and a gift aid donation from its subsidiary company NUS Services Limited. Students’ Unions may become members of the Charity.

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Risk Management

As part of the annual business planning process, the major strategic and operational risks that the charity faces and the ways in which they are being monitored, managed and mitigated, were assessed by the trustees.

The trustees have recently performed a detailed assessment of NUS Charity’s risk management framework in line with Charity Commission guidance CC26. As a result the trustees have approved a new risk management policy and reviewed the principal and emerging risks likely to impact NUS Charity.

Financial

We take a prudent approach to financial management and seek to ensure expenditure is met by new funding and are committed to holding a healthy level of reserves in line with our finance committee guidance. We have no tolerance for liquidity risk which could damage our ability to operate.

Our principal risks in this regard are:

Mitigations include regular reporting, financial policies and controls.

Operational

We understand that our members require a reliable, consistent service and we therefore seek to implement controls that promote quality. Principal risks:

Not being able to meet members’ needs Mitigations include oversight of staff recruitment and retention by HR Committee, HR policies and procedures, regular formal and informal communications with members over operational services, sound project management and evaluation procedures.

External and Environment

Principal risks:

Mitigations include monitoring of external trends and the competitive landscape, regular

communications with members, consideration of reputational impacts of decisions by trustees.

Compliance

We have zero tolerance for non-compliance. Compliance with all relevant laws and regulations is mandatory. This includes but is not limited to Charity Law, Health and Safety, Safeguarding, Data Protection.

Principal risk:

Mitigations include: policies and procedures in place and reviewed on a regular basis, delegation of compliance at an operational level to management and review of this via staff supervision procedures.

Governance

As a Charity it is important that we are well governed, are clear on our purposes and how our strategy and oversight delivers these purposes. We understand that poor leadership, conflict of interest and lack of oversight can damage not only our reputation but that of the wider charitable sector including our members. Principal risk:

Ineffective controls and oversight of

relationship with non-charity (see above) Mitigations: annual risk assessment of relationship in line with Charity Commission Guidance, conflict of interest policy and procedures, maintenance of separate and distinct NUS Charity brand, oversight of shared services provision.

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Remuneration of Senior Managers

All roles are assessed against the Charity’s published Job Evaluation framework to determine the band. The size/band of the role then is reflected in the salary. Salaries for roles in bands C – I are governed by the Charity’s pay framework.

The roles of the Operations and HR Directors are both in Band I – these salaries are set based on experience for new starters in role and then increased on an incremental basis until the top of the pay band.

The (Band L) and NUS Charity Director Trading

( Support Director (Band J) are subject to market data. There is also a combined role of Deputy Director / Union Development Director Director / Union Development Director

which sits in Band J / Deputy Director. Pay reviews are undertaken on a triennial basis with one undertaken in November 2023 for all three Band J and L roles. The review was conducted in accordance with agreed pay process, where pay is reviewed against benchmark data for the lower quartile and market median salaries for roles of the same size within the Charitable sector. In all three instances, current pay fell within the range of the lower quartile and market median levels. HR Subcommittee approved the recommendations that none of the roles would receive a pay increase at this time (aside from any universal Cost of Living pay increases).

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Purposes and Activities

The charity has its primary purpose as supporting the development of students’ unions. Its charitable objects are:

The promotion of the efficiency and� effectiveness of charities and voluntary� organisations including students’ unions; The promotion of good citizenship;

The advancement of education of�students;

The promotion for the benefit of the�public of the conservation, protection and� improvement of the environment; and

The promotion of equality and diversity.

In pursuit of these objects the charity has established a number of services and departments for use by students’ unions. These are centred around Union Development, Membership Administration, Trading Support and the provision of shared back office services between the Charity and NUS UK.

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Performance and Achievements

In 2023-24 we continued our work to support strong students’ unions.

Resources

We have over 200 Union Development resources to download on NUS Connect.

They include legal advice worth £1,000s from our partners Bates Wells on topics like the General Election, VISAs and right to work, data sharing and data protection, as well as model documents for all types of constitutions and incorporation. We have a range of HR policy and contract templates, model governance documents for trustees and staff members, as well as research reports and case studies on a huge variety of topics relevant to SUs.

The Big SU Survey

The Big SU Survey is a series of surveys inviting members to contribute to movement-wide data which we then help to analyse and make available to our members. We use the answers to create a valuable set of up-to-date benchmarks for SUs across key themes including HR, Finance, Elections, Campaigns, Student Opps and National data from HESA. These benchmarks will help members formulating your strategies against sector norms and good practice.

This year we published the following reports as part of the Big SU Survey.

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Elections
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HR, People and Pay
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Funding
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Advice Service

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Elections Service

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Elections Support
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Quality Students’
Unions
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Freedom of
Speech
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VAT on Catering
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Developing Students’ Unions

We’ve continued to provide foundational support and advice to members that enable them to grow and be strong.

Our development frameworks are free to members to access and allows members to follow good practice in all areas of operation.

Quality Students’ Unions (QSU) is a framework to help students' unions achieve their full potential. It helps us collect and share good practice in the movement, turning this into useful advice, guidance and tools for unions to help our members be the best they can be.

Partnerships and Campaigns

All NUS Charity members are automatically members of NCVO and their sister organisations in the nations, with exclusive member discounts on training and events and access to all of their charity organisational resources.

NUS Charity fights for and represents the interests of students' unions on issues like the Freedom of Speech Act and have taken HMRC to court over their decision to charge VAT on SU catering.

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Talent and Recruitment

NUS Charity runs SU.Careers, the SU sector's own jobsite. Which offers advertising and posting across socials, including exclusive member pricing.

We ran the Employee Engagement Survey, an SUspecific staff survey created with Agenda Consulting to measure staff satisfaction and engagement, with the ability to tailor to individual SUs.

We’ve also run in 2023-24:

In addition, an annual report of all (anonymised) results to benchmark across the UK sector, with support and webinars to really understand results and recommendations. Exclusive member pricing.

Other talent management support we have provided included:

Events

The biggest event of 2023-24 was Lead and Change, NUS Charity's flagship residential officer development programme. Newly-elected and incumbent officers are brought together for three days of transformative workshops and sessions focussing on how they can empower themselves and the students they represent to transform the world around them for the better.

The event involves small group collaboration led by experienced staff, networking opportunities, and building trust and connections. The aim is for delegates to find courage, authenticity, and integrity to achieve change and legacy at their SUs and beyond.

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Future Developments

The biggest future development for NUS Charity is the launch of our new NUS Charity Strategy.

We’ve crystallised our core mission:

NUS Charity’s mission is that every post-16 student in the UK has an amazing students’ union

And set five goals:

We build unshakeable SUs

We will work with them to expand their reach, grow their income, and consolidate their position as the place where students grow, belong, and find support.

We will build a fit for purpose model of support and services for all students' unions. There will be no more ‘one size fits all’ approach.

We will rebuild a culture of collectivism fit for the future, which leads to better opportunities for all SUs. We will provide leadership in how we want our culture to be.

We will maintain and build new sources of income for all SUs by creating new income and opportunities, building digital capability across the movement, offering tailored and ethical products and services for students.

We will grow and develop a specialist workforce by investing in the future talent pool and SU leadership.

The Trustees have set KPIs to benchmark our progress against this ambitious strategy.

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Financial review

A summary of the results for the year is given in the statement of financial activities.

The charity group ended the year with consolidated surplus funds of £4.23m (2023: surplus of £3.76m) having made a consolidated surplus of £471k (2023: deficit of £35k). This surplus arose from the general trading position of the subsidiary company NUS Services continuing to improve over the previous year. The subsidiary will make a gift aid payment to the Charity of £347k. The gift aid payment has been limited by tax allowances related to NUS Services’ payment of a 9 year discounted contribution to the Students’ Union Superannuation Scheme, despite the company making an operating profit of £1.3m.

The Charity itself ended the year with surplus funds of £324k (2023: £783k) having made a deficit of £459k once the gift aid payment from NUS Services Limited is accounted for. A deed of covenant is in place between the two organisations to enable gift aid payments to be recognised in-year.

Pension Deficit

The consolidated charity balance sheet recognises the pension deficit carried by the Charity’s subsidiary company. NUS Services Limited offered membership of SUSS, a defined benefit pension scheme, to all employees until 30 September 2011, at which point the scheme closed to

future accrual. Since the entry into effect of FRS102 there has been a change of accounting policy regarding pension deficits. Previously, a prior year adjustment was recognised in the NUS Services accounts for the full SUSS deficit plan payable over 17 years as of October 2014.

The scheme is subject to a revaluation every three years with the most recent valuation taking place in June 2019. The 2019 valuation recommended a monthly contribution requirement by each union, expressed in monetary terms, intended to clear the ongoing funding deficit over a period of 15 years, and will increase by at least 5% each year. This showed a funding deficit of around £133m shared between 68 employers. This represented a decrease of c.£7m in the deficit in comparison to the 2019 valuation and resulted in

increased contributions from October 2020 onwards. These contributions also include an allowance for 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 due with an effective date of 30 June 2022. Surpluses or deficits which arise at future valuations will also impact on the company’s future contribution commitment. In addition to the above contributions, NUS Services also pays its share of the scheme’s levy to the Pension Protection Fund. The impact of the re-

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valuation has impacted the finances by increasing the interest payable figure in the statement of income and the liabilities in the balance sheet. During the period the Company's took the opportunity of making a 9 year contribution to the pension scheme in return for a significant discount on its payments. Total contributions in year were £1,854,607. As a result of the lump sum payment, the company will not be making any further monthly contributions until October 2032.

Whilst the closure of the scheme to future accrual goes some way to mitigate the risk it does not eliminate it. When

contributions recommence in October 2032, the Company will be required to make deficit contributions until May 2037 which at current rates represents a liability of £738,996. This is subject to fluctuations in fund performance, changes in apportionment methodology, the life expectancy of the individuals within the scheme and the results of the recent valuation.

Reserves Policy

During 2023/24 year, the Board reviewed its reserves policy for the consolidated Charity. Having previously had a target of working towards holding £1.75m of free unrestricted reserves, the policy was revised in the year to the consolidated Charity holding six month’s operating costs in unrestricted reserves. At 30 June 2024 this was assessed as being equivalent to £1.74m.

The total reserves balance in the Charity group as at 30 June 2024 was £4.23m

(2023 - £3.76m). Of this £8,981 (2023 - £8,981) were restricted funds. The level of unrestricted funds in that total sat at £3.94m (2023 - £3.53m), comfortably in excess of the updated reserves policy of 6 months operating costs. However, this is the consolidated reserves position, with the majority being held by the subsidiary company.

The Charity itself held a total reserve balance at 30 June 2024 of £324,166 (2023 - £783,668). Of this £8,981 (2023 £8,981) were restricted funds.

Future Funding

The trustees confirm that the Charity has sufficient funds to meet all its obligations. As part of the 2020 governance and structure reforms, the Charity now receives funding direct from students’ unions as well as being supported by NUS Services as the trading subsidiary of the charity.

The Charity currently requires members to make a membership contribution based on 0.5% of their annual block grant funding. There is a minimum fee of £50, and contributions are capped at £7,500. In 2023/24 the Charity received a total contribution of £594,044.

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To this end, the organisation does not engage in raising funds directly from the general public or indirectly through a fundraising agent. As such, there is no expenditure from the charity’s resources on raising funds directly from the public.

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Statement of Trustees’ Responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report 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 . Under company law, the Trustees must not approvethe financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charityand of their incoming resourcesand application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

·select suitable accounting policies and then apply them consistently;

·observe the methods and principles of the Charities SORP (FRS 102);

·make judgments and accounting estimates that are reasonable and prudent;

·state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclosewith reasonable accuracyat any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. Theyare also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the preventionand detection of fraud and other irregularities.

Going Concern

The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of the bank facilities. In addition, the Board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2024, the Board considered a three year financial forecast which modelled the possible impact of the pandemic on the group’s activities up to June 2028. The model identified that there were two significant risks – Unions’ ability to pay their membership

contributions, and the level of on-campus trade impacted on the revenues generated through the purchasing consortium.

The Board took a view that of these risks, the impact on the purchasing consortium income would be the most significant, and may require further monitoring and adjustments to the business model. An update on the financial model continues to be regularly considered by the Board meeting during 2024/25 in order for further mitigating action to be taken to maintain the overall financial strategy of the group.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Trustees’ Statement on Public Benefit

The trustees confirm that they have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission regarding Public Benefit.

Deio Owen

Deio Owen (Mar 26, 2025 17:41 GMT)

Deio Owen

Chair of the Board of Trustees Date: 26 March 2025

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NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students' Union Charitable Services

Opinion

We have audited the financial statements of NUS Students' Union Charitable Services (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial 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.

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NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students' Union Charitable Services (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

In the light of the knowledge and understanding of the Group and the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

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NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students' Union Charitable Services (continued)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 an Auditors' Report 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students' Union Charitable Services (continued)

We assessed the susceptibility of the group and charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report

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NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students' Union Charitable Services (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitble 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Hawkins (Senior Statutory Auditor)

For and on behalf of

Dains Audit Limited

Statutory Auditor Chartered Accountants

Suite 2, Albion House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire ST1 5RQ

Date:

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NUS Students' Union Charitable Services

(A Company Limited by Guatantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 30 June 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure) before
taxation
Taxation
12
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Actuarial (loss)/gains on defined benefit
pension schemes
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
-
303,238
2,593,451
827,376
3,724,065
1,270,504
1,957,085
3,227,589
496,476
50,164
546,640
(75,404)
471,236
3,753,641
471,236
4,224,877		 Restricted
funds
2024
£
206,330
-
-
-
206,330
-
206,330
206,330
-
-
-
-
-
8,981
-
8,981		 Total
funds
2024
£
206,330
303,238
2,593,451
827,376
3,930,395
1,270,504
2,163,415
3,433,919
496,476
50,164
546,640
(75,404)
471,236
3,762,622
471,236
4,233,858		 Total
funds
2023
£
227,162
385,202
2,527,174
656,292
3,795,830
1,751,673
2,048,208
3,799,881
(4,051)
(3,463)
(7,514)
(27,666)
(35,180)
3,797,802
(35,180)
3,762,622

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 32 to 58 form part of these financial statements.

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NUS Students' Union Charitable Services Registered number: 07509468

Consolidated Balance Sheet

As at 30 June 2024

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Stocks
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
18
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds
Non-controlling interests		 707
1,395,504
5,531,953
6,928,164
(2,289,223)		 2024
£
327,206
6,687
20
333,913
4,638,941
4,972,854
(738,996)
4,233,858
8,981
3,945,772
3,954,753
279,105
4,233,858		 1,128
1,612,426
7,295,603
8,909,157
(2,901,976)		 2023
£
15,639
112,258
20
127,917
6,007,181
6,135,098
(2,372,476)
3,762,622
8,981
3,531,945
3,540,926
221,696
3,762,622

Page 27

NUS Students' Union Charitable Services Registered number: 07509468

Consolidated Balance Sheet (continued)

As at 30 June 2024

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Deio Owen

Deio Owen (Mar 26, 2025 17:41 GMT)

D Owen

Chair of the Board of Trustees

Date: 26/03/25

The notes on pages 32 to 58 form part of these financial statements.

Page 28

NUS Students' Union Charitable Services Registered number: 07509468

Charity Statement of financial position As at 30 June 2024

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Unrestricted Reserves
19
Restricted funds
19
Total funds		 223,016
2,101,788
2,324,804
(2,291,221)		 2024
£
6,436
6,687
277,460
290,583
33,583
324,166
324,166
315,185
8,981
324,166		 937,491
2,780,274
3,717,765
(3,339,454)		 2023
£
15,639
112,258
277,460
405,357
378,311
783,668
783,668
774,687
8,981
783,668

Page 29

NUS Students' Union Charitable Services

Registered number: 07509468

Charity Statement of financial position (continued) As at 30 June 2024

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Deio Owen

Deio Owen (Mar 26, 2025 17:41 GMT)

D Owen

Chair of the Board of Trustees

Date: 26/03/25

The notes on pages 32 to 58 form part of these financial statements.

Page 30

NUS Students' Union Charitable Services

Consolidated Statement of Cash Flows

For the Year Ended 30 June 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(1,419,674)
(334,717)
(9,259)
(343,976)
-
(1,763,650)
7,295,603
5,531,953		 2023
£
38,582
(13,362)
-
(13,362)
-
25,220
7,270,383
7,295,603

The notes on pages 32 to 58 form part of these financial statements

Page 31

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

1. General information

The Charity is a company limited by guarantee incorporated and registered in England and Wales. The registered office of the Charity is Merseyway Innovation Centre, 21-23 Merseyway, Stockport, SK1 1PN.

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity,

The sole corporate member of the charitable company is the National Union of Students (United Kingdom) and the results of NUS Students' Union Charitable Services are included in the consolidated financial statements of National Union of Students (United Kingdom) and are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

NUS Students' Union Charitable Services meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Financial Statements are prepared in sterling, which is the financial currency of the Charity. Monetary amounts in these Financial Statements are rounded to the nearest £1.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. During the year, the Charity has made a deficit of £459,503 (2023 - surplus of £12,028).

Page 32

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

2. Accounting policies (continued)

2.2 Going concern

The directors prepare annual budgets and forecasts to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of the bank facilities. In addition, the Board, in formulating its plan and strategy for the future development of the business, has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2024, the Board considered a three-year financial forecast which modelled the possible impact of the pandemic on the group’s activities up to June 2028. The model identified that there were two significant risks – students’ unions’ ability to pay their membership contributions, and the level of on-campus trade impact on the revenues generated through the purchasing consortium.

The Board took a view that of these risks, the impact on the purchasing consortium income would be the most significant and may require further monitoring and adjustments to the business model. An update on the financial model continues to be regularly considered by the Board meeting during 2024/25 for further mitigating action to be taken to maintain the overall financial strategy of the group.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from Government and other grants is recognised when the charity has entitlement to teh funds, any performance conditions have been met, it is probable that the income will be recieved and the amount can be measured reliably and not deferred.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

The Charity also benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with Charities SORP, the economic contribution of general volunteers is not recognised in the financial statements.

Page 33

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Pensions

The charity operates a defined contribution scheme for the employees of the Group. Contributions are charged as an expense to the Statement of Financial Activities in the period in which they fall due.

NUS Services operates a multi-employer defined benefit scheme. The scheme is now closed to new admissions. The costs of providing benefits under defined benefit palns is determined seperately for each plan using the projected unit credit method, and is based on acturarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit charges, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to Income Statement in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Page 34

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2024

2. Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Leasehold improvements - 20% straight line
Fixtures and fittings - 20% straight line
Computer equipment - 33% straight line

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 35

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

2. Accounting policies (continued)

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.14 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 36

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

3. Critical accounting estimates and areas of judgment

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements and key sources of estimation uncertainity

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Multi-employer defined benefit pension scheme

The Group participated in the Student Union Superannuation Scheme, a mutli-employer defined benefit pension scheme with other Student Union organisations. In the judgement of the directors, the Group does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, in line with the deficit reduction plan. See note 24 for further details.

Key sources of estimation uncertainity

The Company makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Measurement of multi-employer pension liability

The company must measure its defined benefit obligation on a discounted present value basis. The Company must determine the rate used to discount the future payments by reference to market yields at the reporting date on high quality corporate bonds. The currency and term of the corporate bonds or government bonds shall be consistent with the current and estimated period of the future payments.

Page 37

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

4. Income from grants, donations and legacies

Grants and donations
Grants and donations		 Restricted
funds
2024
£
206,330
Restricted
funds
2023
£
227,162		 Total
funds
2024
£
206,330
Total
funds
2023
£
227,162

5. Income from charitable activities

Events and conferences
HR support unit
Events and conferences
HR support unit		 Unrestricted
funds
2024
£
232,409
70,829
303,238
Unrestricted
funds
2023
£
296,088
89,114
385,202		 Total
funds
2024
£
232,409
70,829
303,238
Total
funds
2023
£
296,088
89,114
385,202

Page 38

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

6. Income from other trading activities

Income from non charitable trading activities

Trading support
Trading support		 Unrestricted
funds
2024
£
2,593,451
Unrestricted
funds
2023
£
2,527,174		 Total
funds
2024
£
2,593,451
Total
funds
2023
£
2,527,174
7.
Other incoming resources
Membership
Surveys
Other
QSU
Solar panel		 Unrestricted
funds
2024
£
713,181
52,433
24,810
7,200
29,752
827,376		 Total
funds
2024
£
713,181
52,433
24,810
7,200
29,752
827,376

Page 39

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

7. Other incoming resources (continued)

Membership
Surveys
Other
QSU		 Unrestricted
funds
2023
£
584,250
44,050
24,392
3,600
656,292		 Total
funds
2023
£
584,250
44,050
24,392
3,600
656,292

8. Analysis of expenditure by activities

Events
Other
Support
Events
Other
Support		 2024
£
13,116
964,678
1,185,621
2,163,415
2023
£
13,526
1,301,133
733,549
2,048,208		 Total
funds
2024
£
13,116
964,678
1,185,621
2,163,415
Total
funds
2023
£
13,526
1,301,133
733,549
2,048,208

Page 40

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Recharges
Legal and Professional
IT costs
Subscriptions
Marketing
Recruitment and training
Venue and building costs
Printing and stationery
Travel and subsistence
Sundry
Loss on disposal of fixed assets		 Events
2024
£
-
-
-
-
-
1,439
-
-
10,454
4
1,219
-
-
13,116		 Other
2024
£
624,311
(652)
(703,808)
474,146
(52,068)
45,571
4,732
80,741
139,356
759
63,548
288,042
-
964,678		 Support
2024
£
440,331
62,666
-
64,338
319,587
11,164
30,683
44,324
145,992
1,401
719
2,398
62,018
1,185,621		 Total
funds
2024
£
1,064,642
62,014
(703,808)
538,484
267,519
58,174
35,415
125,065
295,802
2,164
65,486
290,440
62,018
2,163,415

Page 41

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Recharges
Legal and Professional
IT costs
Subscriptions
Marketing
Recruitment and training
Venue and building costs
Printing and stationery
Travel and subsistence
Sundry		 Events
2023
£
-
-
-
-
-
2,112
-
-
8,933
143
2,338
-
13,526		 Other
2023
£
878,491
-
(753,981)
483,090
-
57,337
1,551
99,105
170,305
3,998
70,699
290,538
1,301,133		 Support
2023
£
270,828
68,550
-
82,406
147,025
14,683
-
46,301
108,264
672
906
(6,086)
733,549		 Total
funds
2023
£
1,149,319
68,550
(753,981)
565,496
147,025
74,132
1,551
145,406
287,502
4,813
73,943
284,452
2,048,208

9. Auditors' remuneration

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 13,750 13,750

The Charity has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 42

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
1,471,618
140,936
84,201
1,696,755		 Group
2023
£
1,492,955
140,577
87,693
1,721,225		 Charity
2024
£
922,445
88,174
54,023
1,064,642		 Charity
2023
£
996,046
92,691
60,582
1,149,319

The average number of persons employed by the Charity during the year was as follows:

Management
Administrative		 Group
2024
No.
4
37
41		 Group
2023
No.
4
45
49

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 -
In the band £100,001 - £110,000 1 1

The key management personnel of the Charity comprise the senior management team as disclosed in the Charity Information on Page 1. The total employee benefits of the key management personnel of the Charity, which encompasses 4 individuals were £248,251 (2023 - £251,989).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 43

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

12. Taxation

Corporation tax
Adjustments in respect of previous periods
Taxation on net income/(expenditure)		 2024
£
(50,164)
(50,164)		 2023
£
3,463
3,463

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

Net income/(expenditure) before tax
Net income multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%).
Effects of:
Non-taxable income less expenses not deductible for tax purposes
Other adjustments
Total tax charge for the year		 2024
£
496,476
124,119
-
(174,283)
(50,164)		 2023
£
(4,051)
(770)
3,704
529
3,463

Page 44

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

13.
Intangible assets
Group
Cost
At 1 July 2023
Additions
Disposals
At 30 June 2024
Amortisation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Computer
software
£
256,301
334,717
(1,317)
589,701
240,662
22,864
262,495
327,206
15,639

Page 45

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

13.
Intangible assets (continued)
Charity
Cost
At 1 July 2023
Disposals
At 30 June 2024
Amortisation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Computer
software
£
256,301
(1,317)
254,985
240,662
8,918
248,549
6,436
15,639

Page 46

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

14. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 July 2023
Additions
Disposals
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
On disposals
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Leasehold
improvement
s
£
221,655
-
(221,655)
-
132,198
40,393
(172,591)
-
-
89,457		 Fixtures and
fittings
£
56,970
-
(56,970)
-
34,169
10,131
(44,300)
-
-
22,801		 Computer
equipment
£
-
9,259
-
9,259
-
2,572
-
2,572
6,687
-		 Total
£
278,625
9,259
(278,625)
9,259
166,367
53,096
(216,891)
2,572
6,687
112,258

Page 47

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

15.
Fixed asset investments
Group
Cost or valuation
At 1 July 2023
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
Charity
Cost or valuation
At 1 July 2023
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Investments
in associate
companies
£
20
20
20
20
Investments
in subsidiary
companies
£
277,460
277,460
277,460
277,460

Page 48

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

15. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names
Company
number
Principal activity
Class of shares
NUS Services Limited
01639519
Wholesale
Ordinary A and B shares
NUS Holdings Limited
01158893
Dormant company
Ordinary shares (held
indirectly)
Student Discount Cards Limited
08873775
Discount cards
Ordinary A and B shares
The financial results of the subsidiaries for the period were:
Names
Income
£
Expenditure
£
Profit/(Loss)
/ Surplus/
(Deficit) for
the period
£
NUS Services Limited
2,464,871
1,113,709
1,351,162
NUS Holdings Limited
-
-
-
Student Discount Cards Limited
109,124
108,590
534
Debtors
Group
Group
Charity
2024
2023
2024
£
£
£
Due within one year
Trade debtors
1,046,907
1,052,416
13,699
Amounts owed by group undertakings
62,981
23,075
62,801
Other debtors
38,315
95,074
1,844
Prepayments and accrued income
247,301
441,861
144,672
1,395,504
1,612,426
223,016		 Holding
97%
97%
100%
Net assets
£
4,008,020
179,074
14,048
Charity
2023
£
1,969
778,641
-
156,881
937,491

16. Debtors

Page 49

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

17. Creditors: Amounts falling due within one year

Payments received on account
Trade creditors
Amounts owed to group undertakings
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 July 2023
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
839,114
292,402
100,542
-
147,842
108,308
801,015
2,289,223
Group
2024
£
62,801
101,508
(62,801)
101,508		 Group
2023
£
1,321,317
390,671
195,011
3,464
83,900
292,382
615,231
2,901,976
Group
2023
£
96,100
42,937
(76,236)
62,801		 Charity
2024
£
-
87,160
1,894,365
-
33,222
25,576
250,898
2,291,221
Charity
2024
£
62,801
101,508
(62,801)
101,508		 Charity
2023
£
-
138,520
2,873,035
-
80,816
96,195
150,888
3,339,454
Charity
2023
£
96,100
42,937
(76,236)
62,801

18. Creditors: Amounts falling due after more than one year

Group Group
2024 2023
£ £
SUSS Pension Scheme 738,996 2,372,476

Page 50

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

19. Statement of funds

Statement of funds Statement of funds
Statement of funds - current year
Balance at 1
July 2023
£
Income
£
Unrestricted
funds
Trading funds
3,753,641
3,724,065
Restricted funds
Spirit of AMSU
8,981
-
Scottish Funding
Council
-
42,913
Think positive
-
162,870
See me
-
547
8,981
206,330
Total of funds
3,762,622
3,930,395		 Expenditure
£
(3,227,589)
-
(42,913)
(162,870)
(547)
(206,330)
(3,433,919)		 Taxation
£
50,164
-
-
-
-
-
50,164		 Gains/
(Losses)
£
(75,404)
-
-
-
-
-
(75,404)		 Balance at
30 June 2024
£
4,224,877
Unrestricted
funds
Trading funds
Restricted funds
Spirit of AMSU
Scottish Funding
Council
Think positive
See me
Total of funds		 Balance at 1
July 2023
£
3,753,641
8,981
-
-
-
8,981
3,762,622
8,981
-
-
-
8,981
4,233,858

Page 51

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

19. Statement of funds (continued)

Statement of funds (continued)
Statement of funds - prior year
Balance at
1 July 2022
£
Unrestricted
funds
Trading funds
3,788,821
Restricted funds
Spirit of AMSU
8,981
Scottish Funding
Council
-
NUS Wales
-
Think positive
-
8,981
Total of funds
3,797,802		 Income
£
3,568,668
-
153,087
17,063
57,012
227,162
3,795,830		 Expenditure
£
(3,572,719)
-
(153,087)
(17,063)
(57,012)
(227,162)
(3,799,881)		 Taxation
£
(3,463)
-
-
-
-
-
(3,463)		 Gains/
(Losses)
£
(27,666)
-
-
-
-
-
(27,666)		 Balance at
30 June 2023
£
3,753,641
Unrestricted
funds
Trading funds
Restricted funds
Spirit of AMSU
Scottish Funding
Council
NUS Wales
Think positive
Total of funds
8,981
-
-
-
8,981
3,762,622

Spirit of AMSU (Association for Managers in Students' Union) - The residual funds of AMSU left over when it merged with NUS Charity. The fund exists to support initiatives developed by and for staff members in Students' Unions.

Scottish Funding Council - A fund to support a programme of development for students' association across Scottish colleges.

Student Mental Health - A fund to develop mental health support for students across Scottish further and higher education institutions.

NUS Wales Effective SUS - A fund to enable NUS to build and support strong and effective students' unions across Welsh higher education institutions.

Page 52

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
6,687
327,206
20
6,919,183
(2,289,223)
(738,996)
4,224,877
Unrestricted
funds
2023
£
112,258
15,639
20
8,900,176
(2,901,976)
(2,372,476)
3,753,641		 Restricted
funds
2024
£
-
-
-
8,981
-
-
8,981
Restricted
funds
2023
£
-
-
-
8,981
-
-
8,981		 Total
funds
2024
£
6,687
327,206
20
6,928,164
(2,289,223)
(738,996)
4,233,858
Total
funds
2023
£
112,258
15,639
20
8,909,157
(2,901,976)
(2,372,476)
3,762,622

Page 53

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation and amortisation charges
Loss on the sale of fixed assets
Decrease in stocks
Decrease in debtors
Decrease in creditors
Tax rebate
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1 July 2023
£
Cash at bank and in hand
7,295,603
7,295,603		 Group
2024
£
546,640
75,960
60,379
421
216,922
(2,272,930)
(47,066)
(1,419,674)
Group
2024
£
5,531,953
5,531,953
Cash flows
£
(1,763,650)
(1,763,650)		 Group
2023
£
(7,514)
68,659
-
189
61,473
(84,225)
-
38,582
Group
2023
£
7,295,603
7,295,603
At 30 June
2024
£
5,531,953
5,531,953

Page 54

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

24. Pension commitments

Defined Contribution scheme

The Company participates in a defined contribution pension scheme where the company contributes either 3% or 6% of salary depending upon each member's level of contribution.

The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contribution payable by the Company to the fund and amounted to £30,178 (2023 - £27,111). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date.

Multi-employer pension scheme

NUS Services Limited offered membership of Students' Union Superannuation Scheme ("SUSS"), a defined benefit pension scheme, to all employees until 30 September 2011, at which point the scheme closed to future accrual.

The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £119,000,000 with these assets representing 44% 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 £136,000,000.

The 2022 valuation recommended a monthly contribution requirement by each participating employer expressed in monetary terms to clear the ongoing funding deficit over a period of 14 years and will increase at 5% per year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the scheme. These rates applied from 1 October 2023 and will be formally reviewed following the completion of the next valuation due with an effective date of 30 June 2025. Surpluses and deficits which arise with future valuations will also impact on the Union's future contribution commitment. See Note 17 and 18 for the liability recognised under the currently agreed deficit funding plan expiring September 2037. Liabilities are shown on a discounted present value basis. In addition to the above contributions, the Union pays its share of the scheme's levy to the Pension Protection Fund.

Under FRS 102, the Multi-employer pension liability has been calculated based on the assumptions of the above expected deficit payments using a discount rate of 5.2% (2023 - 5.2%).

2024 2023
£ £
Present value of provision
Students' Union Supperannuation Scheme 738,996 2,426,675

Page 55

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

Creditors: amounts falling due within one year
Creditors: amounts falling due between 2 and 5 years
Creditors: amounts falling due after 5 years
Provision at start of period
Unwinding of discount factor
Deficit contributions paid
Movement in net present value calculation		 2024
£
-
-
738,996
738,996
2024
£
2,426,675
91,524
(1,854,607)
75,404
738,996		 2023
£
54,199
335,137
2,037,339
2,426,675
2023
£
2,481,795
100,202
(182,988)
27,666
2,426,675

Page 56

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

The following schedule details the deficit contributions agreed between the company and the scheme to settle the company share of the deficit:

Assumptions
2024 2023 2022
% % %
Rate of discount 5.20 5.20 3.70

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

25. Operating lease commitments

At 30 June 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
19,106
7,406
26,512		 Group
2023
£
31,456
21,862
53,318		 Charity
2024
£
9,706
5,056
14,762		 Charity
2023
£
5,056
10,112
15,168

Page 57

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2024

26. Related party transactions

OneVoice Digital Limited

NUS Services owns 20% of the share capital of OneVoice Digital Limited.

In 2018, NUS Services entered into a £2m Loan Facility agreement to OneVoice. As at June 2019 it was assessed by management that the Loan Facility agreement was irrecoverable and a full impairment of £2m was recognised in the year to 30 June 2019. This is still the case in the year ended 30 June 2024.

During the year, the group made sales of £172,498 (2023 - £115,731) and had purchases of £nil (2023 - £nil) from OneVoice Digital Limited. As at the year end £nil (2023 - £nil) was owed by OneVoice Digital Limited to the group.

27. Controlling party

National Union of Students (United Kingdom) is the effective parent undertaking due to its control over the Board of Trustees of the Charity.

National Union of Students (United Kingdom) is the largest organisation producing consolidated financial accounts including the financial statements of the Company. These consolidated financial statements are publicly available from Companies House (registration number 08015198).

Page 58

NUS Students' Union Charitable Services - Final Accounts

Final Audit Report

2025-03-26

Created: 2025-03-26 By: Richard Whitmill (richard.whitmill@nus.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAMXlXduaMFspPsO9iXpY1oJaVCA4u0MXq

"NUS Students' Union Charitable Services - Final Accounts" Hist

ory

Document created by Richard Whitmill (richard.whitmill@nus.org.uk)

2025-03-26 - 11:47:12 AM GMT

Document emailed to Deio Owen (deio.owen@nus-wales.org.uk) for signature 2025-03-26 - 11:47:30 AM GMT

Email viewed by Deio Owen (deio.owen@nus-wales.org.uk)

2025-03-26 - 5:39:55 PM GMT

Document e-signed by Deio Owen (deio.owen@nus-wales.org.uk)

Signature Date: 2025-03-26 - 5:41:45 PM GMT - Time Source: server

Agreement completed.

2025-03-26 - 5:41:45 PM GMT