2024-07-31-accounts

	Page	Page
AdministrativeInformation	2-3
Trustees’AnnualReport	4-42
IndependentAuditors'Report	43	-46
ConsolidatedStatementofFinancialActivities		47
ConsolidatedBalanceSheet		48
CharityBalanceSheet		49
ConsolidatedCashflowStatement		50
NotestotheFinancialStatements	51	-66

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� Crowe

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF UNIVERSITY OF ESSEX STUDENTS' UNION (CONTINUED)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor R+ Building 2 Blagrave St Reading

Date 25 November 2024

Crowe U.K. LLP is eligible to act as on auditor in terms of section 1212 of the Componies Act 2006.

Page 46

	Note	Unrestricted	Restricted	Capital		Total		Total
		Income	Income	Grants		2024		2023
Incomeandendowmentsfrom:						£		£
DonationsandGrants:
Donations,UniversityGrant,etc.		2,454,989	402,728		-	2,857,717		2,853,818
Grantofservicedaccommodation	2c)	514,768	-		-	514,768		427,700
CJRSfurloughgrant		7	-		-		-		-
Othertradingactivities:
Advertisingandmedia		43,560	-		-	43,560		25,617
Investmentincome		108,985	-		-	108,985		19,608
Charitableactivitiesforstudents:
Bars,venuesandentertainments		1,326,539	-		-	1,326,539		1,817,429
Shopsandvending		2,700,666	-		-	2,700,666		2,525,365
Catering		612,599	-		-	612,599		659,240
Societies& clubs		11,378	190,357		-	201,735		182,807
Lettings		251,095	-		-	251,095		249,945
Otherincomeresources		43,222	-		-	43,222		6,176
Totalincome		8,067,801	593.085		-	_8,660,886		8,767,705
Expenditureon:
Costsofraisingfunds:
Financecosts		8,784	-		-	8,784		6,558
Charitableactivitiesforstudents:
Representationandcampaigns		1,290,833	1,335		-	1,292,168		1,434,182
Advice& welfare		410,216	37,963		-	448,179		389,571
Volunteering		99,795	-		-	99,795		136,162
Activities,clubsandsocieties		367,614	517,051		-	884,665		746,572
Bars,venturesandentertainments		1,521,366	-		-	1,521,366		2,287,921
Catering		595,899	-		-	595,899		643,463
Shopsandvending		2,540,400	-		-	2,540,400		2,446,650
Lettings		230,083	-		-	230,083		316,738
Totalexpenditure	4-T	_7,064,990	__556,349		=	2,621,339		_8,407,817
Netincome!(expenditure)		1,002,811	36,736		-	1,039,547		359,888
Transfersbetweenfunds:
Capitalgrantamortisationand	14	43,788	(50,000)	6.212			-		.
impairment
Netmovementinfunds		1,046,599	(13,264)	6,212		1,039,547		359,888
Fundbalancesbroughtforward		(91,179)	389,938	200,772		499,531		139,643
Fundbalancescarriedforward		955,420	376,674	_206,984		_1,539,078		_499,531

			2024	2023
		£	£	£	£
	Notes
Fixedassets
Tangiblefixedassets	8		355,886		417,202
Currentassets
Stocksinbars,shops& otheroutlets	10	178,584		175,428
Debtors& prepayments	11	167,651		157,777
Cashatbank& inhand		2,011,958		1,879,730
		2,358,193		2,212,935
Currentliabilities
Creditors:Amountsduewithinoneyear	12	(1,175,002)		(1,282,989)
Netcurrentassets			1,183,192		929,946
Netassetsexcludingpensionliability			1,539,078		1,347,148
DefinedBenefitpensionschemeliability			-		(847,617)
Totalnetassets			1,539,078	— 499,531
RepresentingCharitableFunds:-
CapitalGrantsFund
UniversityGrantforRefurbishment	13		206,984		200,772
RestrictedIncomeFunds	14		376,674		389,938
UnrestrictedIncomeFunds	15		955,420		(91,179)
TotalFunds	16		—1,539,078		499,531

			2024		2023
		£	£	£	£
	Notes
Fixedassets
Tangiblefixedassets	8		355,886		417,202
Investments	9		3		3
			355,889		417,205
Currentassets
Stocksinbars,shops& otheroutlets	10	148,568		145,450
Debtors& prepayments	1	214,080		408,895
Cashatbank& inhand		1,892,241		1,572,697
		2,254,889		2,127,042
Currentliabilities
Creditors:Amountsduewithinoneyear	12	(1,082,718)		(1,194,521)
Netcurrentassets			1,172,171		932,521
Netassetsexcludingpensionscheme			1,528,060		1,349,726
liability
DefinedBenefitpensionschemeliability			:		(847,617)
Totalnetassets			1,528,060		___502,109
RepresentingCharitableFunds:-
CapitalGrantsFund
UniversityGrantforRefurbishment	13		206,984		200,772
RestrictedIncomeFunds	14		376,674		389,938
UnrestrictedIncomeFunds	15		944,402		(88,601
TotalFunds	16		—1,528,060		502,109

		2024		2023
		£		£
Cashflowsfromoperatingactivities:
Netincoming /(outgoing)resources		1,039,547		359,888
Interestreceivable		(108,985)		(19,608)
Interestpayable		8,784		6,558
Capital grantmovement		-		(69,863)
Depreciation		128,495		113,000
Impairment
(Increase)/ decreaseinstock		(3,156)		(15,890)
(Increase)/ decreaseindebtors		(9,874)		62,438
(Decrease) /increaseinpensionliability		(847,617)		(164,718)
(Decrease) /increaseincreditors		(107,988)		(43,531)
Netcashprovidedbyoperatingactivities		99,206		228,274
Cashflowsfrominvestingactivities
Interestreceivable		108,985		19,608
Interestpayable Capitalgrantsreceived		(8,784) -		(6,558) 69,863
Purchaseoftangiblefixedassets		(67,179)		(160,992)
Netcashprovided/ (usedin)byinvestingactivities		33,022		(78,079)
Cashflowsfromfinancingactivities
Financeleasesrepayments
Financeleaseinterest
Netcash(usedin)financingactivities
Changeincashandcashequivalentsintheyear		132,228		150,195
Cashandcashequivalentsatthebeginningoftheyear		1,879,730		1,729,535
Totalcashandcashequivalentsattheendoftheyear	—2,011,958		1,879,730
Analysisofcashandcashequivalents:
		2024		2023
		£		£
CashatBank		2,011,958	_	1,879,730
AnalysisofNetFunds
	AttheStart	Cashflows	Attheend
	oftheyear		oftheyear
Cash	1,879,730	132,228		2,011,958
	—1879,730	132.228	_2011,958

	Costof		Staff		Rent&		Other	Costs
	Sales		Costs		Premises				Total
	£		£		£		£		£
Financecosts		-		-		-		8,784	8,784
Charitableactivities
Representation&
campaigns		-	918,512		118,951		253,370		1,290,833
Advice& welfare		-	332,236		22,829			55,151	410,216
Volunteering		-	-13,755		71,026		42,524		99,795
Activities,clubsand
societies		-	306,321			-		61,293	367,614
Bars,venuesand
entertainments	444,185		460,220		181,284		435,677		1,521,366
Catering	243,197		191,380		73,975			87,347	595,899
Shopsandvending	1,800,002		485,549		111,182		143,667		2,540,400
Lettings		-	169,993		13,784			46,306	230,083
RestrictedFunds		-	37,325			:	519,024		556,349
Totalcosts	—2,487,384		2,887,781		593,031		1,653,143		7,621,339
2023	CostofSales		Staff		Rent&		Other	Costs
			Costs		Premises				Total
	£		£		£		£		£
Financecosts		-		-		-		6,558	6,558
Charitableactivities
Representation&
campaigns		-	974,253		138,350		246,965		1,359,568
Advice& welfare		-	188,275		23,867			22,402	234,544
Volunteering		-	52,832		44,194			33,714	130,740
Activities,clubsand
societies		-	257,717			-		45,840	303,557
Bars,venuesand
entertainments	655,141		887,717		153,177		479,831		2,175,866
Catering	263,201		261,169		36,006			78,683	639,059
Shopsandvending	1,723,680		506,499		79,033		129,064		2,438,276
Lettings		-	215,997		29,908			67,164	313,069
RestrictedFunds		:	190,304			=	616,276		806,580
Totalcosts	2,642,022		3,534,763		504,535		1,726,497		8,407,817

		Rent&
	Staff	Premises	Other	Total
	£	£	£	£
Charitableactivities
Representation& campaigns Advice& welfare Volunteering	(23,036) (4,422) (13,755)	118,951 22,830 71,026	71,218 13,669 42,524	167,133 32,077 99,795
Activities,clubs andsocieties
Bars,venuesandentertainments Catering Shopsandvending Lettings	(14,535) (7,240) (5,517) 2,022	171,238 67,101 97,811 13,784	122,691 46,404 73,096 13,333	279,394 106,265 165,390 29,139
Totals	—(66,483)	562,741	382,935	879,193
2023		Rent&
	Staff	Premises	Other	Total
Charitableactivities	£	£	£	£
Representation& campaigns Advice& welfare Volunteering Activities,clubsandsocieties	165,391 28,532 52,832	138,350 23,867 44,194	105,541 18,207 33,714	409,282 70,606 130,740
Bars,venuesandentertainments Catering Shopsandvending Lettings	251,140 62,071 118,012 51,702	145,275 35,906 68,265 29,908	126,458 31,255 59,423 26,034	522,873 129,232 245,700 107,644
Totals	__729,680	485,765	—400,632	1,616,077

StaffCosts
	2024	2032
	£	£
Wagesandsalaries	3,163,208	3,137,621
Socialsecurity	248,801	239,284
Pensioncosts	(537,702)	132,989
Otherstaffcosts	13,474	24,849
	—2,887,781	__3,534,763
Thenumberofemployeeswhoseemolumentsexceeded£60,000was:
	2024	2023
	No.	No.
£60,000- £70,000	1	1
£70,000- £80,000	3	2
£90,000- £100,000	1	i
Theaveragestaffingwasasfollows:
Fulltime	81	88
Students— termtimeonly	158	178
Students— outofterm	_____36	34
ThestaffingbyFTEwasasfollows:
Fulltime	76	81
Students— termtimeonly	45	_54

OLUWANIFEMIWILSON-ADU	29,495
JOSEPHHOLMES	29,098
QURATULAINMUZAMMIL	21,189
KIERANPHILLIPS	25,152
TSZHOWONG	22,275
JOARBLUME-ROBERTSSON	22,509
MARIUMMASROOR	20,322
LILY-MAYCAMERON	2,518
IANLAU	2,195
GUILHERMECERQUEIRABANARI	2,195

		Fixtures,
	Building	fittingsand
	Refurbishment	equipment		Total
	£	£		£
Cost
At1 August2023	1,043,308	871,713		1,915,021
Additions	38,240	28,939		67,179
At31July2024	1,081,548	900,652	_	1,982,200
Depreciation
At1 August2023	915,902	581,917		1,497,819
Chargefortheyear	17,331	111,164		128,495
At31July2024	933,233	693,081,		1,626,314
NetBookValues
-at31July2024	148,315	207,571		355,886
-at31July2023	127,406	289,796		417,202
Investments— Charityonly
		2024		2023
		£		£
AtCost
InvestmentinUESULimited		1		1
InvestmentinEssexStudentLetsLimited		1		1
InvestmentinSUHomesLimited		1		1
		|		3

	UESULtd RegNo07321517	UESULtd RegNo07321517	EssexStudentLetsLtd RegNo07413547	EssexStudentLetsLtd RegNo07413547
	2024	2023	2024	2023
	£	if	£	£
TradingSubsidiaries
Turnover Costofsales	709,401 (175,683)	915,788 (282,358)	251,095 -	249,945 :
Grossprofit	533,718	633,430	251,095	249,945
Administrativeexpenses	(533.718)	(612,333)	(223.827)	(242,535)
Netprofit/ (loss)	:	21,097	27.268	7.410
Retainedearnings	:	13,674	27,268	7,410

10.	Stocks	Group £	2024	Charity £	Group £	2023	Charity £
	Stocks	178,584	—	148,568	_175,428	—_145,448
11.	Debtors		2024			2023
		Group £		Charity £	Group £		Charity £
	Tradedebtors Otherdebtors Prepayments& accruedincome Intercompanydebtors	15,928 90,621 61,102 -		9,430 89,860 36,060 78,730	20,343 6,566 130,868 -		14,010 6,566 116,109 272,210
		162,651	214080		_157,777	__	408,895

Creditors:Amountsdue		2024	2023
withinoneyear
	Group	Charity	Group	Charity
	£	£	£	£
Tradecreditors	712,170	711,642	359,661	359,501
Socialsecurity& othertaxes	248,430	242,295	240,955	247,117
Othercreditors	108,132	26,795	115,385	24,464
Accrualsanddeferredincome	106,271	101,986	566,988	563,439
	1,175,002	1,082,718	1,282,989	1,194,521
CapitalGrantsFund			2024	2023
			£	£
At1 August2023			200,772	172,283
Receivedinyear			-	69,863
Transferbetweenfunds(restricted)			50,000		-
Impairment
Amortisation(viatransferbetween	funds- unrestricted)		(43,788)	(41,374)
Balanceat31July2024			206,984	200,772

14.	RestrictedFunds— 2024	Brought				Expend-			Carried
		Forward		Income		iture	Transfers		Forward
		£		£		£		£	£
	Funds:
	Sports& SocietyEquipment	27,532		-		(667)		-	26,865
	Reserve
	Sports& SocietyRestrictedFunds	276,831		190,356		(188,709)		-	278,478
	StudentExperienceFund	202		-		(202)		-	-
	EssexSportBoard	95		320,977		(321,072)		-	-
	SundryOtherFunding	22,492		11,751		(6,400)		-	27,843
	HardshipFund	55,947		-		2,037		(20,000)	37,984
	VolunteeringProjectFund	5,504		-		-		-	5,504
	CostofLivingFund	-		70,000		(40,000)		(30,000)	-
	CommunityActivities&
	EventsFund	1,335		-		(1,335)		-	-
		_389,938		_593,085		_(556,349)		(50,000)	376,674
14.	RestrictedFunds— 2023	Brought				Expend-			Carried
		Forward		Income		iture		Transfers	Forward
		£		£		£		£	£
	Funds:
	Sports& SocietyEquipment Reserve	28,170			-	(637)		-	27,533
	Sports& SocietyRestrictedFunds	247,083		175,001		(145,253)		-	276,831
	StudentExperienceFund EssexSportBoard SundryOtherFunding HardshipFund	51,531 95 29,882 10,763		795 294,814 (5,077) 50,000		(52,124) (294,814) (2,313) (1,416)		- - - (3,400)	202 95 22,492 55,947
	VolunteeringProjectFund CostofLivingFund	5,504	-	147,282	-	- (150,682)		s 3,400	5,504 -
	CommunityActivities&
	EventsFund	1,334		5,518		(5,518)		-	1,334
	WorldCupFund		-	75,000		(75,000)		-	-
	Other GrantFunding		-	78,823		(78,823)		:	:
		374,362		_822,156		_(806,580)	_	:	389,938

15.	UnrestrictedFunds
		At1 August						At31July
		2023	Income		Expenditure	Transfers		2024
		£	£		£	£		£
	Charity	(88,601)	7,107,305		(6,118,090)	43,788		944,402
	Subsidiaryfunds	(2,578)	960,496		(946,900)	:		11,018
		——(91,179)	__8,067,801	_(7,064,990)		___43,788		___955,420
		At1 August						At 31July
		2022	Income		Expenditure	Transfers		2023
		£	£		£	£		£
	Charity	(375,918)	6,709,953		(6,464,010)	41,374		(88,601)
	Subsidiaryfunds	(31,084)	1,165,733		(1,137,227)	:		(2,578)
		(407,002)	7,875,686		(7,601,237)	_41,374		(91,179)
16.	NetAssetsoftheFunds	oftheCharity andGroup
				NetCurrent		Longterm
	Asat31July2024		FixedAssets		Assets	liabilities		Total
			£		£	£		£
	CapitalGrantFund		206,984		-	-		206,984
	RestrictedIncomeFunds		-		376,674	-		376,674
	Unrestrictedfunds		148,905		795,497	-		944,402
	Charity		355,889		1,172,171	-		1,528,060
	SubsidiaryReserves		(3)		11,021	-		11,018
	Group		355,886		1.183.192	_____-		~=_1,539,078
					NetCurrent	Longterm
	Asat31July2023		FixedAssets		Assets	liabilities		Total
			£		£	£		£
	CapitalGrantFund		200,772		-		-	200,772
	RestrictedIncome Funds		-		389,938		-	389,938
	Unrestrictedfunds		216,433		542,583	(847,617)		(88,601)
	Charity		417,205		932,521	(847,617)		502,109
	SubsidiaryReserves		(3)		(2,575)	:		(2,578)
	Group	7	417,202	___	929,946	(847,617)		_499,531

				2024	2023
				£	£
Plant	and	machinery
Within	one	year		58,684	56,061
Within	two	tofiveyears		58,054	126,736
			7	6,738	—__182,797

ee	Note	Unrestricted	Restricted	__Capital	Total
Incomeandendowmentsfrom:		Income	Income	Grants	2023 £
DonationsandGrants:
Donations,UniversityGrant,etc.		2,136,800	647,155	69,863	2,853,818
Grantofservicedaccommodation	2c)	427,700	-	-	427,700
Othertradingactivities:
Advertisingandmedia		25,617	-	-	25,617
Investmentincome		19,608	-	-	19,608
Charitableactivitiesforstudents:
Bars,venuesandentertainments		1,817,429	-	-	1,817,429
Shopsandvending		2,525,365	-	-	2,525,365
Catering		659,240	-	-	659,240
Societies& clubs		7,806	175,001	-	182,807
Lettings		249,945	-	-	249,945
Otherincomeresources		6,176	:	-	6,176
Totalincome		7,875,686	_822,156	69,863	_8,767,705
Expenditureon:
Costsofraisingfunds:
Financecosts		6,558	-	-	6,558
Charitableactivitiesforstudents:
Representationandcampaigns		1,359,568	74,614	-	1,434,182
Advice& welfare		234,544	155,027	-	389,571
Volunteering		130,740	5,422	7	136,162
Activities,clubsandsocieties		303,557	443,015	-	746,572
Bars,venturesandentertainments		2,175,866	112,055	-	2,287,921
Catering		639,059	4,404	-	643,463
Shopsandvending		2,438,276	8,374	-	2,446,650
Lettings		313,069	3,669	-	316,738
Totalexpenditure	47	7,601,237	806,580	-	_8,407,817
Netincome/(expenditure)		274,449	15,576	69,863	359,888
Transfersbetweenfunds:
Capitalgrantamortisationand	14	41.374	.	(41,374)		.
impairment
Netmovementinfunds		315,823	15,576	28,489	359,888
Fundbalancesbroughtforward		(407,002)	374,362	172,283	139,643
Fundbalancescarriedforward		(91,179)	389,938	_200,772	499,531