2023-07-31-accounts - University Of Essex Students' Union

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		Page
Administrative	information	2-3
Trustees' Annual Report
Independent	Auditors' Report	35-38
Consolidated	Statement ofFinancial Activities	39
Consolidated	Balance Sheet	40
Charity Balance Sheet		41
Consolidated	Cashflow Statement	42
Notes to the Financial Statements		43-58

wM)KI )gl ER &T.U 2022-23 Page 4

HOW WE WORK P6

OUR VISION: l* Pagg11

OUR FINANCIAL PERFORMANCE Page 26

OUR PLANS FOR 2023-24 P9 31

		Not	Unrestricted	Restricted	Capital	Total	Total
			Income	Income	Grants	2023	2022
Income and endowments	from:						6
Donations and Grants:
Donations, University Grant,	etc.		2,136,800	647,155	69,863	2,853,818	2,590,177
Grant ofserviced accommodation		2c)	427,700			427,700	429,175
CJRSfurlough grant							18,078
Other trading activities:
Advertising and media			25,617			25,617	20,435
Investment income			19,608			19,608	21
Charitable activities for students:
Bars, venues and entertainments			1,817,429			1,817,429	2 151,907
Shops and vending			2,525,365			2,525,365	1,836,340
Catering			659,240			659,240	369,658
Societies &clubs			7,806	175,001		182,807	145,040
Leitings			249,945			249,945	240,783
Other income resources Total income			6176 ~KLGK~~			6178 ~Soli	58888 ~7K 'iK
Expenditure on:
Costs of raising funds:
Finance costs			6,558			6,589	3,331
Charitable activities for students:
Representation and campaigns			1,359,568	74,614		1,434,182	1,354,377
Advice 5welfare			234,544	155,027		389,571	284,482
Volunteering			130,740	5,422		136,162	282,427
Activities, clubs and societies			303,557	443,015		746,572	718,740
Bars, venues and entertainments			2,175,866	112,055		2,287,921	2,690,457
Catering			639,059	4,404		643,463	454,865
Shops and vending			2,438,276	8,374		2,446,650	2255,922
Lettings			313069	3669		316738	36'9 539
Total expenditure		4-7	~gg37
Net income( (expenditure)			274,449	15,576	69,863	359,888	(553,540)
Transfers between funds:
Capital grant amortisation impairment	and	14	~41 74		~41 374
Net movement in funds			315,823	15,576	28,489	359,888	(553,640)
Fund balances brought forward			~407 002	374362	172283	139843	893283
Fund balances carried forward

				2023	2022
			Notes
Fixed assets
Tangible fixed assets				417202
Current assets
Stocks in bars, shops &other outlets			10	175,428	159,538
Debtors &prepayments			11	157,777	220,215
Cash at bank & in hand				1 070 730	1729535
				2,212,035	2,109,288
Current liabilities
Creditors: Amounts due within one year			12	~4282 009	1325520
Net current assets				929948	782 768
Net assets excluding	pension	liability		1,347,148	1,15'/, 978
Defined Benefit pension	scheme	liability		~047617
Total net assets
Representing Charitable Funds:-
Capital Grants Fund
University Grant for Refurbishment			13	200,772	172,283
Restricted Income Funds			14	389,938	374,382
Unrestricted Income Funds			15	&II1JZR1	407 002
TotalFunds			16
Approved on behalf ofthe	University	ofEssex	Students'	Union on ...../..I~~.......	... by:
Kieran Phillips - Presidenti'

							2022
				8
			Notes
Fixed assets
Tangible fixed assets					417,202		369,210
Investments					3
					417,205		369,213
Current assets
Stocks in bars, shops &other outlets			10	145,450			117,568
Debtors &prepayments Cash at bank & in hand			11	408,895 1~72 tm7		~f	601,297
				2,127,042		2,022,506
Current liabilities
Creditors: Amounts due within one year			12	~3394521		~7298 857
Net current assets					932521		813849
Net assets excluding	pension scheme				1,349,726		'1,163,062
liability
Defined Benefit pension	scheme	liability			47 17		1012335
Total net assets							~727
Representing Charitsbie Funds:-
Capital Grants Fund
University Grant for Refurbishment			13		200,772		172283
Restricted Income Funds			14		389,938		374,362
Unrestricted Income Funds			15		88601		~375918
Total Funds			16				~IUZZ

	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023	UNIVERSITY OF ESSEXSTUDENTS' UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31JULY 2023
	CONSOLIDATED STATEMENT OF CASHFLOWS
						2023	2022
Cash flows from operating activities:
Net incoming / (outgoing)	resources					359,888	(553,640/
Interest receivable						(19,608)	(21/
Interest payable						6,558	3,331
Capital grant movement						(69,863)
Depreciation						113,000	102,929
Impairment							74,984
(Increase) / decrease in stock						(15,890)	(29,890/
Decrease / (increase) in debtors						62,438	(86,299/
(Decrease) / increase in pension (Decrease) / increase in creditors		liability			(184,718) ~43631		473,324 446188
Net cash provided by operating		activities				228214	431666
Cash flows from investing	activities
Interest receivable						19,808	21
Interest payable						(6,558)	(3,331)
Capital grants received Purchase oftangible fixed	assets				69,863 ~16 66		~2M8~7
Net cash (used in)/ provided by investing				activities		78079	288867
Cash flows from financing	activities
Finance leases repayments
Finance lease interest
Net cash (used in) financing activities
Change in cash and cash equivalents in the Cash and cash equivalents at the beginning				year ofthe year	150,195 ~2KB%		142,639 XIII)JIM
Total cash and cash equivalents		at	the end ofthe year
Analysis ofcash and cash	equivalents:
						2023	2022
						6
Cash at Bank					~Za730		~2
Analysis ofNet Funds
					At the Start	Cashflows	At the end
					ofthe year		ofthe year
Cash					1 729535	150195	~1879730
							LfRRZK

Judgements	Judgements	in	applying	applying	applying	accounting	accounting	accounting	policies and	key sources	key sources	key sources	ofestimation uncertainty	ofestimation uncertainty	ofestimation uncertainty
Preparation		ofthe financial				statements			requires management to make judgements					and estimates. The key
sources ofestimation				uncertainty			that		have a significant		effect on the amounts recognised				in the financial
statements	are that ofthe USS pension scheme deficit.										A discount		rate of5.49% (2022:3.33%)has been
used in line	with		industry		standards.
Total resources			expended
				Cost		of			Staff		Rent &		Other Costa
				Sales					Costs	Premises				Total
					6				6			6	6		6
Finance costs													6,558		6,558
Charitable activities
Representation &
campaigns									974,253		138,350		246,965	1,359,568
Advice 8 welfare									188,275			23,867	22,402		234,544
Volunteering									52,832			44,194	33,714		130,740
Activities, clubs and
societies									257,717				45,840		303,557
Bars, venues and
entertainments					655,141				887,717		153,177		479,831	2,175,866
Catering					263,201				261,169			36,006	78,683		639,059
Shops and vending				1,723,680					506,499			79,033	129,064	2,438,276
Lettings									215,997			29,908	67,164		313,069
Restricted Funds									100304				616276		006 080
T I I 0			~uul22					~63u00		~00aS			~2206u	0407017
Pnor year- 2022			Cost		of	Sales			Staff		Rent &
									Costs	Premises			Other Costs		Tofel
									Z
Finance costs													3,331		3,331
Charitable activities
Representation and									1,041,300		115,167		207,910 1,364,377
campaigns
Advice &welfare									232682			23,255	19,565		275,502
Volunteering									150,144			45,528	29,982		225,654
Activities, clubs and
societies									257,892				55,825		313,717
Bars, venues end					757,699				1,237,986		160,458		534,304	2,690,457
entertainments
Catering					152397				218,524			25,793	58,151		454,865
Shops and vending				1,240,417					716,717			92,692	206,096	2255,922
Lettings									259,256			29,322	70981		359,539
Restricted Funds									40312				422 464		470 tT6
I' I I t			~SSS3						4 IS22S3	~42 2			~ISSSu	~4J44l
Included within other costs above							is	the group annual		audit		fee of522,200 (2022 518,300).Total cost of
other services		provided		by the auditors					in the year amounted			to64,750(2022:53,450).Affiliation costs for
the year amounted			to 512,301 (2022:516,890).

5. Central	Overhead Costs included	in Note 4
			Rent 8
			Premises	Other	Total
			6	6	6
Charitable activities
Representation	&campaigns	165,391	138,350	105,541	409,282
Advice &welfare		28,532	23,867	18,207	70,606
Volunteering		52,832	44,194	33,714	130,740
Activities, clubs	and societies
Bars, venues and entertainments		251,140	145,275	126,458	522,873
Catering		62,071	35,906	31,255	129,232
Shops and vending		118,012	68,265	59,423	245,700
Lettings		51,702	29,908	26,034	107,644
Totals
2022			Rent 8
		Staff	Premises	Other	Total
			8	5
Charitable activities
Representation	8 campaigns	379,799	115,167	75,842	570,808
Advice &welfare		76,691	23,255	15,314	115,260
Volunteering		150,144	45,528	29,982	225,654
Activities, clubs	and societies
Bars, venues and entertainments		568,386	157,627	123,851	e49,e64
Catering		88,950	24,668	19,382	133,000
Shops and vending		298,640	82,820	65,074	446,534
Leitings		t05 733	29322	23099	158014
Totals					~2~14

Staff Costs
			2023f	2022f
Wages and salaries			3,137,621	3,144,952
Social security			239,284	235,298
Pension costs Other staff costs			132,989 ~24	762, 22	186 377
The number ofemployees	whose emoluments	exceeded f60,000was:
			2023	2022
			No.	No.
F60,000 - f70,000			2	3
f70,000 - f80,000			2		1
f90,000 - f100,000
The average staffing was as follows:
Full time			88	92
Students —term time only			178	168
Students —out ofterm
The staffing by FTEwas as	follows:
Full time			81	83
Students —term time only

OLUWANIFEMI WILSON-ADU	1,850
CALLUM BROADBENT	19,847
DOROTHY AKUAMOA	19,847
NASHWA ALSAKKA	20,297
JOSEPH HOLMES	1,850
PAK SUN WONG	19,847
KWABENA AGYEMANG	19,847
OLAMIDE ADEKANBI	19,847
ASHAHAR SOOMRO	17,548
QURATULAIN MUZAMMIL	1,057
KIERAN PHILLIPS	1,850
TSZ HO WONG	1,850
JOAR BLUME-ROBERTSSON	1,850
MARIUM MASROOR	1,057

8.	Tangible Fi	xed Assets - Group and Charity
				Fixtures,
			Building	fittings and
			Refurbishment	equipment	Total
					8
	Cost
	At 1 August 2022		1,043,308	710,721	1,754,029
	Additions			160,992	160,992
	At 31July	2023	~~IIII	~~	~121
	Depreciation
	At 1 August	2022	900,095	484,724	1,384,819
	Charge for	the year	15,807	97,193	113,000
	At 31July	2023
	Net Book Values
	-at 31July 2023
	- at 31 July	2022
9.	Investments	- Charity only
				2023	2022
				6
	At Cost
	Investment	in UESU Limited
	Investment	in Essex Student Lets Limited
	Investment	in SU Homes Limited

Investments (continued)
	UESU Ltd Essex Student	Lets Ltd
	noe No 07321517 Roa No 07413047
	2023 2022 2023	2022
Trading Subsidiaries
Turnover Cost ofsales	915,788 1,23S,26S 249,945 ~282388 ~402648	240,783
Gross profit	633,430 833,Sf8 249,945	240,783
Administrative expenses Net (loss)l profit Retained earnings	~18LBR1 ~~722 ~lk5K1 ~2JIRZ ~~~(L(II ~23K(II ~423 ~43( ~23600
UESU Limited had net assets totalling f13,675 (2022:E7,422 net liabilities) at the year-end.		UESU Limited
undertakes certain trading	activities on behalf ofthe Union.

12.	Creditors: Amounts	due			2022	2022
	within one year
			Group F	Charity	Group 6	Charity 6
	Trade creditors		359,661	359,501	753,215	752812
	Social security &other	taxes	240,955	247,117	205,785	239,209
	Other creditors		115,385	24,464	327,242	175,359
	Accruals and deferred	income	566,988	563,439	40,277	40,277
	Intercompany creditors
					~12	~12 7
13.	Capital Grants Fund				2023	2022
					6	F
	At 1 August 2022				172,283	290,405
	Received in year				69,863
	Impairment Amortisation				~41374	(74,337) ~43 785
	Balance at 31 July 2023

	NOT	NOT	ES TO THE	ACCOUNTS,	continued
14.	Restricted Funds —2023		Brought		Expend-		Carried
			Forward	Income	iture	Transfers	Forward
			6	6	6	6
	Funds:
	Sports &Society Equipment		28,170		(637)		27,533
	Reserve
	Sports &Society Restricted		247,083	175,001	(145,253)		276,831
	Funds
	Student Experience	Fund	51,531	795	(52,124)		202
	Essex Sport Board		95	294,814	(294,814)		95
	Sundry Other Funding		29,882	(5,077)	(2,313)		22,492
	Hardship Fund Volunteering Project	Fund	10,763 5,504	50,000	(1,416)	(3,400)	55,947 5,504
	Cost of Living Fund			147,282	(150,682)	3,400
	Community Activities	&
	Events Fund		1,334	5,518	(5,518)		1,334
	World Cup Fund Other Grant Funding			75,000 ~78823	(75,000) ~78823
14.	Restricted Funds —2022		Bmughl		Expend-		Canied
			Forward	income	iture	Transfers	Forward
					E
	Funds:
	Sports &Society Equipment		28,977		(eo7)		28,170
	Resenre
	Sports &Society Restricted		235,970	138,159	(127,056)		247,083
	Funds
	Student Experience	Fund		68,755	(17,224)		51,531
	Essex Sport Board Sundry Other Funding		34,030 22435	226,000 9,'e77	(259,935) (2,430)		95 29,882
	Hardship Fund		19,744		(8,981)		10,763
	Volunteering Project Community Activities Events Fund	Fund &	5,504 40577	~	~4		5,504 1334

14.	Restricted	Funds —2023	(continued)
	Community	Activities 8	Events Funds:	One off University	Grant to fund virtual and on-campus			events
	and activities for students		during the pandemic, the carried		forward balance	will be used to	enhance the
	"welcome' activities for students at the start ofthe 2022-23				academic year.
15.	Unrestricted	Funds
			At 1August				At 31July
			2022 f	income f	Expenditure f	Transfers f		2023f
	Charity		(375,918)	6,709,953	(6,464,010)	41,374		(88,601)
	0 8 tdt 01 d		~184	1165733	1137227		~2570
			~4i~o	~SLhSoli
			At 1August				At31July
			2021f	Income f	Expenditure f	Transfers		2022f
	Charity		40,284	5,925,650	(6,459,974)	118,122		(375,918)
	Subsidiary	funds	(2d,ZQl	~~477	1483390
			~Id'	~~gg	ULR44544		~333203!
16.	Net Assets	ofthe Funds	ofthe Charity	and Group
					Net Current	Long term
	As at 31July 2023			Fixed Assets f	Assets f	liabilities f		Totalf
	Capital Grant Fund			200,772				200,772
	Restricted Unrestricted	income Funds funds		216433	389,938 842 503	7617	389,938 ~88601
	Charity Subsidiary	Reserves		417,205	932,521 2 75	(847,617)	502,109 ~27
	Group
					Nel Current	Long term
	As at31July 2022			Fixed Assets f	Assets	liabilities f		Total
	Capital Grant Fund			172283				172283
	Restricted Income Funds Unreslncled funds			190930	374,362 439487	~f0t2 335	374,362 ~3750t8
	Charity			369,213	813,849	(1,012,335)		170,727
	Subsidiary	Reserves			1081		~31084
	Group

			Note	Unrestricted	Restricted	Restricted	Capital	Total
				Income	Income		Grants	2022
Income and endowments		from:
Donations and Grants:
-Donations, University	Grant, etc.			2,270,545	319,632			2590,177
- Grant ofserviced accommodation			2c)	429,175				429,175
-CJRSfuriough grantincome				18,078				18,078
Other trading activities:
-Advertising and media				20,435				20,435
- Investment income				21				21
Charitable activities forstudents:
-Bars, venues and entertainment				2,151,907				2,151,907
-Shops and vending				1,836,340				1,836,340
- Catering				369,658				369,658
-Societies 8 clubs				6,871	138,169			145,040
-Lettings				240,783				240,783
Otherincome				5!!886				58888
Totalincome
Expenditure on:
Costs ofraising funds:
-Finance costs				3,331				3,331
Charitable activities forstudents:
-Representation and campaigns				1,364,377				1,364,377
-Advice centre				275,502	8,980			284,482
-Student activities and volunteering				225,654	56,	773		282427
- Clubs and societies				313,717	405,023			718,740
-Bars, ventures and entertainments				2,690,457				2690,457
-Catering				454,865				454,865
-Shops and vending				2255,922				2,255,922
-Lettings				358 596				359538
Total expenditure			4-7	~943.354	~ZIZZZ5
Net (expenditure) rincome				(540,665)	(12,975)			(553,640)
Transfers between funds:
Capital grant amortisation		and	14
impairment				118122			~118122
Net movement in funds				(422,543)	(12,975)		(118,122)	(553,640)
Fund balances brought forward				15541	387	337	290405	693283
Fund balances cerned forward				~ZQ~	~74	Q2	~17 28	~1~4