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|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|
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wM)KI
)gl
ER
&T.U
2022-23
Page 4
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HOW WE
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OUR VISION:
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Pagg11
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OUR
FINANCIAL
PERFORMANCE
Page 26
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OUR PLANS
FOR
2023-24
P9 31
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|||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||||||||
##
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|||||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'||||||
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||||||2023|||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|
##
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||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|
##
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|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).|||||||||||||
##
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##
|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|
##
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##
|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|
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|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||||
##
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|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.||
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|12.|Creditors:
Amounts|due||2023||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|||||||
##
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||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||||||||
##
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||||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|