Oxford University Student Union (A Company Limited by Guarantee) Registered Charity Number 1140687 Registered Company Number 07314850 ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 July 2021 OXFORD UNIVERsifY STUDENT UNION Annual Report and Financial Statements Foi the year ended 31 July 2021 Contents Legal and Administrative Information Report of the Trustees Independent Auditorfs Report to the Members of Oxford Universty Student Union 16 Consolidated Staternent of Financial Activibes 20 Consolidated Balance Sheet 21 Company Balance Sheet 22 Consolidated Cash Flt)w Statement 23 Notes to the Financial Statements 24 OXFORD UNIVERSITY STUDENT UNION Annual ReF)Ort and Financial Statements For the year ended 31 July 2021 al and Administrative Information TRUSTEES OF OXFORD UNIVERSITf STUDENT UNION The trustees serving during the year and since the year end are set out below.. Sabbatical trustees Keisha Asare Oluwakemi Agunbiade Anvee Bhutani Devika Devika Aleena Waseem Safa Sadozai Lauren BOLZ Tucker Drew Ben Famier DrAlex Foley Amelia Holt Nikita Ma (appointed 5 July 2021) (appointed 5 July 2021) (appointed 5 July 2021) (appointed 5 July 2021) (appointed 5 July 2021) (appointed 5 July 2021) (vacated office 5 July 2021) {vacated Offi￿ 5 July 2021) (vacated office 5 July 2021) (vacated Offi￿ 5 July 2021} {vacated Offi￿ 5 July 2021) (vacated Offi￿ 5 July 2021) Student trustees Bethan MargaretAdams Wesley Shanley Ding Dhitee Goel Jarnes Nevett Marcin Pisanski Asif Khan (appointed 20 March 2021) (appointed 20 March 2021) (appointed 20 March 2021) (vacated Offi￿ 19 March 2021) (vacated officE 19 March 2021) (vacated Offi￿ 19 March 2021) Extemal trustees Nicholas En￿lStle India Jordan Sarah Owen Chadotte Potter REGISTERED CHARITY NUMBER 1140687 REGISTERED GOMPANY NUMBER 07314850 REGISTERED OFFICE 4 W0￿$ter Street Oxford Oxfordshire OX12BX CHIEF EXECUTIVE Kate Dawson OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 al and Administrative Information continued BANKERS The Co-operative Bank 13 New Road Oxford Oxfordshire OX1 1LG Santander Santander House Carfax Oxford Oxfordshire OX1 1HB AUDITOR Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL SOLICITORS Russell-cooke LLP 8 Bedford Row London WC1 R 4BX OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statsments For the year ended 31 July 2021 ort of the Trustees The board of ttustees, who are also the directors of Oxford Universty Student Union (:Oxford SU.), are pleased to present their annual report along wth the financial statements of Oxford SU for the year ended 31 July 2021. The financial statements have been prepared in aG¢Ordan￿ with the accounting polioes set out in note 4 to the financial statements and comply wth the requirements the Charities Act 2011. the Companies Act 2006, and the Charities Statement of Recommended Practi￿ (°Chartties SORP FRS 102°) issued in October 2019. THE AIMS OF THE CHARITY Oxford SU is a students, union within the meaning of the Education Act 1994. The charitable objects of Oxford SU are the advancement of education of the students at the University of Oxford ('students' and 'the universty, respectÉvely) for the public benefrt by.. Promoting the interests and welfare of students and representing, supporting and advising students., Being the recognised representative channel beknn students and the university and any other extemal bodies- Providing social, cuttural. and recreational activities and forums for discussions and debate for the personal development of students" and Furthering all purposes which are charitable in law, and which are incidental or conducive to the main objects. These objects are pursued by representing and promoting the interests of its student membership to the Universty of Oxford, local and national govemment, the National Union of Students (NUS) and other extemal groups", prowding welfare, support and advocacy services for students experiencing dtfficulty or requiring help during theirtime at university=. campaigning Dn such issues as may affect the membership of the union,. and the provision of other seNiGes as the membership might request or require. Oxford SU will seek at all times to: Ensure that the diversity of its student membership is recognised and that equal access to services is available to all f(s members of whatever origin or orientation; Pursue its aims and objectives independently of any poltbo31 party or religious group., and Pursue equal opportunities by taking positive action within the law to facilitate the participation of under-represented groups in educational. representative, social and Gultural activities. Publlc benefit The trustees have a duty to report on 'public benefft, by explaining: the signfficant activities which are undertaken in order to cary out their aims for the public benefit,. and their achievements measured against those aims. The trustees confirm that they have complied with the duty in section 17{5) of the Charities Act 2011 to have due regard to the public benefft guidan￿ published by the Charty Commission. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Re ort of the Trustees continued THE AMS OF THE CHARITY ICONTINUED) Strategic Development: In November 2017. the board approved the 2017-2021 Strategic Plan. This plan provides a clear direction for the organisation, ensuring our wot* f¢)Guses on improving the overall experience for current and future students at the UnNersty of Oxford. The strategy has the following core themes and goals-. Education: We want lo support and encourage all students to get the most OLrt of their academic experience at the Universty of Oxford Wellbeing: We want to wort together wrih sludents and the university to make a welcoming, safe and inclusive place to live and study with an equally high experience for all students Community.. We want to enable communtknes to ￿nneCt. develop and grow - to improve the Oxford experience as a whole Underpinning these strategicthemes are six enabling plans, which focus on building a stronger and more dynamic organisation. The enablers are.. Student driven Research and eviden Sustainable resour￿$ People and culture Effective communication Partnerships ACHIEVEMENTS AND PERFORMANCE Global Pandemic Mitigations: Whilst the strategic plan was wtthin the. year 202￿21 and these were still the aims and aspirations of the organisation, in March 2020 the COVID-19 pandemic changed the priority areas of the organisation ovemight. Oxford Students, Union changed rfLs mode of operation from primarily face to face service delivery to primarily wrtual delivery. moved all staff Members to working from home, and had to manage the risk associated wlh funding, particulady commercial income. Moving through the uncertainty as an organisation whilst also supporting students through this unprecedented and uncertain times. In determining the appropriate course of action throughout the pandemic, the Board of Trustees approved a Series of priortties underpinning all the decision making in relation to COMD-19 which have been carried through from March 2020 to present". 1. A concentration on the wellbeing and safety of staff and students, immediately and in the longer temi 2. To ensure the ability to provide appropriate and relevant support to students facing hitherto unknown challenges in their lives whilst studyin9 at Oxford, including carrying on activity in alternative fomis 3. To enable the ability for timely amplfficatlon of students. voices to the University to infomi their decision making OXFORD UNIVERSITY STUDENT UNION Annual Report and Financtal Statements For the year ended 31 July 2021 ort of the Trustees Continued Global Pandemic Mitigations (continued): In addition, two ple￿S of work were carried out one being around financial efficiency and ensuring finan¢ial prudency where possible and the other was an immediate review of the risk register considering the pandemic. Financial Prudency & Financial Efficiency: A series of measures were put in place to ensure financial prudency and efFicienw due to the ongoing global pandemic and the unknown challenges to funding.. particularly commercial income.. Re-negotiated our contracts V￿th comMer￿al parthers to ensure that income was still enabled whilst keeping the clients comfortable with altemative fomis of activation Moved to a low risk appetite as an organisation, meaning bigger risks 01 areas where financial risk would be taken would need approval by subcommittees or Trustee Board to assess Worked alongside the University to discuss fvnding and ensure positive relationships to maintain the funding Put in pla￿ a recruitment freeze for a short period of time and assessed any need to recnjit through the Senior Leadership Team Spend approval moved from Managers to Senior Leadership Team to ensure spend is appropriate and ne￿SSary l. To concentrate on the wellbeing and safety of staff and students, immediatsly and In the longer temi Staff wellbeing: In March 2021 the staff engagement SUTvey results showed that 100 /0 of staff said that they thought the organisation had managed the changes as a result of the COVID-19 pandemic effèctively. 940fi of staff said that the organisation is giving them the help they need to manage their mental wellbeing effectively. There were a number of initiatives introduced to enable these results.. Supported staff financially to enable woth from home set-ups and ensured they had the relevant and right equipment to work effectively Conducted a business-critical analysis of all workload to enable effective prioritising and not to overwhelm staff or Sabbatical offi￿rS at a challenging time Utilising the Mind Wellness Action Plan template, held individual meetings with all SU staff and Sabbatical officers with a 1-1 conversation about their wellbeing. These conversations (utilising the template) are n¢)w held every three months. Themes from the wellbeing actions plans were reviewed and long and short-term a￿lOn$ to support stsff wellbeing put in pla￿, these included a four-day working week during August and a weekly staff yoga session Responded to needs to flexble working to enable staff time to engage in wellbeing activities Managed and enabled careful allocation of workload Supported the induction of 4 new starteTS all reTnotely including a full induction programme for the new CEO, wtth a dear focus on wellbeing OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 ort of the Trustees Continued Global Pandemic Mitigations (continued): Conducted a complete review of our People and Cufture plan considering the pandemic as there was an understanding that to enable a high perfoming, empowered organisation the areas of development were now very different to the original strategy. This included adding in an entire section about supporting staff through the pandemic and strategies we needed to put in place to enable this Ail Team Calls at the start and end of the week allow the flow of communication but also provide a consistent space for staff to raise challenges and issues they may be facing Created a thre&phase approach to retuming to the Offi￿ to ensure some darity and anchors of what is currently happening and when decisions and reviews would be made, overseen by the Trustee Board Ensured that when the office was available. staff could utilise the Spa￿ safely. This was to support those who may not have suitable home environments to work (eg. Shared houses) Worked alongside the Universtty. enabled staff to safely retum to the office, should they wish to, wtth all relevant measures put in place to ensure the office is COVID safe Hosted an all staff away day where we clartfied the prTOllties for the academic year to enable for forward thinking and to continually motivate staff and Sabbaticals Student wellbeing: Created a guide on tips and trtd(s for students self-isolating buitt from the experience of students who had prewously self-isolated Ran a student consultation in June 2020 on welfare challenges present from COVID- 19 wth 360+ responses wth the recommendations shared and actioned with the University Enabling the continuation of the welfare supplies (condoms and pregnancy te5ts} at cost price to Common Rooms Welfare menu revrsed to prowde an online provtsion with the same level of service de5ivery Our advice support has moved to an online provision wtth drop-in now offered over the phone and appoinbnents conducted over Teams Hosted a series of online welfare events during Freshefs including medttation, cooking demonstrations and yoga attended by 55 students Moved our training prowsion for Consent Workshops online and trained over 200 students to deliver consent Workshops within their Colleges The VP Welfare and Equal Opportunities has met wth and supported Weware Representatives of Common Rooms to enable nehvorking rnnversations lrnproved and released a new series of compulsory student training focused on wellbeing, inclusion and adheren￿ wth regulations such as GDPR to reduce stre5S and encourage independen The student-led project 'A Place For You, launched facilitated by Oxford SU staff team and supported by Sabbatical Cffficers which is a collective resource of guides created by students, for students, welcoming them to a remote Oxford with information essential to wellbeing Facilitated a student takeover of Oxford SU social media channels sharing real-lrfe stories. wellbeing tips and tricks and student community building through live Q8As OXFORD UNIVERSITY STUDENT UNION nual Report and Financial Statements For the year ended 31 July 2021 ort of the Trustees Continued Global Pandemic Mitigations (continued): 2. To ensure the ablllty to provlde appropriate and relevant support to students facing hitherto unknown challenges in their lives whilststudying at Oxford, including carrying on activity in altemative fonns Hosted a Virtual Freshers Fair where students could, from the safety of their own homes, find communibes and societies to join to build and develop friendships Supported Clubs and Societies to provide online events by producing a training session - Tips and Tricks." Planning a Student Event in a COVID world which was approved by Michaelmas Coordination Group Redeveloped our Societies Directorate to strengthen the information provided online so that students could connect and find other communities of students online Reviewed and strengthened our Student Pad platform with feedback from the Colleges to enable students to find suitable accommodation within the Colleges and Oxford during these uncertain times Hosted the BAME Leadership Co￿erence online wth guest speakers and workshops with 89 tickets sold In partnership with the Safety offi￿ created training on risk assessment to ensure that students could continue delivering safe events Supported The Oxford Student (Oxstu) to move from a regular print to an online broadsheet Wtth a new website and additional software to enable work from home Supported our six student-led SU Campaigns who work to improve the experience of specific groups of students: CRAE (Campaign for Racial Awareness and Equality), Class AGt, Disabilities Campaign. LGBTQ+ Campaign, Intemational Students Campaign, and It Happens Here (the Campaign for sexual Violen￿ suNivors) to move to online everrts and provision Enabled our Volunteering Portal to host online volunteering opportunities within the communty during COVID-19 3. To enable the ability for timely amplification of students, voices to the Untversty to infonn their decision making Lobbied the Universty on a series of issues induding Honour the Offer for students effected by the A Level results changes and Fair OLrtcome for Students, which called on the Unrversity to put in relevant mitigations for students to not to be penalised as a result of the impart of the COVID-19 pandemic. Held our Sabbatical Offi￿r induction entirely online across three time zones equipping the Sabbatical Officers wth the skills and knowledge to be effective representatives. This was centred around a series of streams (Being an ernployee of Oxford SU, Skills, Team Building, Knowledge, Handover from previous Sabbatical ofFi￿r and stakeholder support} Played a key role in decision making during the COVID-19 pandemicwith membership on Bronze, Michaelmas Coordination Group and the Student Experien￿ Coordination Group. in addition to the routine commÈttees and groups that meet Recruited and trained virtually our 8 Dtvisional Representatives OXFORD UNIVERSITY STUDENT UNION Amnual Report and Financial Statements Forthe year ended 31 July 2021 ort of the Trustees Continued Global Pandemic Mitigations (continued): Regular contact. meetings and support for our Divisional Representatives have in the form of a whatsapp group, fortnightly newsletter as well as regular meetings wtth the Policy and Change Coordinator The Sabbati(31 oftl￿rS and SU staff have attended over 600 meetings representing students to the Universty and Colleges Worked in partnership wth the Student Experien￿ coordinats.on Group to produce FAQS and high-level statements on Accommodation and Catering, Social Life, Welfare and Finan￿ to enable danty for students Worked in partnership with the Student Experien￿ Coordinator Group to produce a high-level statement on Student Experien￿ overall The Student Experien￿ Coordinator Group proved very effective and suGGessful that it will continue beyond COVID to enable ongoing dialogue Supported the Sports Federation to enable their volts to be amplffied and guidance for sports at Oxford to be created Worf(ed in partnership with the Universty by attending and speaking at the Town Hall event organised by Oxford Cty Council, reassuring the communty of the measures the University has PLrt in place and what positsve additions students being to oxlord including volunteering work Ensured the continuation in an online format of Student Council to ensure a space for students to Lrtilise thè democratic forum of the Students, Union to create change Supporting and hosting regular meetings between the common room representstives for individual roles to gain regularfeedback to ensure Oxford SU are being truly representative: GradPresCom. Prescom, E+E Repcom, Enlzcom, Academiccom, Ac￿SscOm, Welfarecom. Sportscom. As of 4th November, over 150 Common Room representatives have attended As mentioned, the pandemic changed the seNce delNery of Oxford SU ovemight and the impact of the ever-changing cirCumstan￿S way beyond our control. The short-temi nature of annOUn￿rnents by the govemment means these challenges continue. As we transttion out of the Pandemic and leam to adapt and leam from the experience of the past years, there is still a great deal of uncertainty ahead. Th8 above highlights how adaptable the organisation and the team have been to these changes and we are immensely proud of this. Continuing to focus on growng and developing our servi￿$ and representation even in these Un￿rtain times is a testament to the team. There have also been positives to the pandemic and changes to our working most notably the creation and ongoing development of the Student Experien￿ Coordination Group and some eX￿lIent partnership working with the UnÈversty and Colleges to enable the development of clarity of messages to students around key areas like accommodation and catering. We will Gontinue to be adaptable to the ongoing pandemic, both with our Servi￿ delÈvery, our financial efficiency and ensure conb'nued representation for our members, utilising leamings as we move forward to continually improve despite the uncertainties ahead. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 ort of the Trustees Continued FUTURE PLANS Oxford SU has been on a joumey the last year to make decisions on its strategic direction moving fotwards. The pandemic meant that deasions needed to be made on the best course of action for the future of Oxford SU whilst also taking into account the impact of the ongoing pandemiG which meant horrzon scanning was challenging and students wants and neéds were in the immediate rather than long term. The Trustees were presented with three Options for strategic development moving fO￿ardS. to extend the current strategy, to create a new strategic plan or to create interim strategic aims wth annual plans that sit beneath. The Trustee Board then asked the CEO to conduct a review of the organisation to enable the decision making of this. The review found the following= Oxford SU has seen a transfomation Sin￿ 2017 with huge developments in the professionalisation of Oxford SU as a charity and organisation and increasing its visibility and credibility wtth members and engagemenl overall. The strategy has in the main delivered what it was intended to. This wll act as a springboard for any strategic development and decisions made and has laid strong foundations for the fijlure however tt was wewed that we had moved beyond the current strategy as an organisation. COVID has enabled Oxford SU to s* its unique selling point. Its abilty to be the true representative body of the Universty of Oxford and act as the conduit be￿een the Colleges and University for student members on issues that matter. COVID has taught us that our online presents and ways of working can be just as effeGtive as physical presence and we need to strengthen both. In the interim we need to strengthen our online presence whilst we lobby for a physical presen￿ eg. A new building Academic Representalion needs to be a key area of focus moving fO￿ard for the organisation, parbcularly our interaction wth Course Representatives following on from the Suc￿sS of our engagement with Drvisional Representatives. There are clear 'hot topi￿, WFthin the student body that are important to our members and we need to define and enable engagement within these areas to remain relevant: Mental Health, COVID, Environment, Ra￿-EqUaIty and Ac￿sS Our relationship with the University and their understanding of Oxford SU has improved exponentially Sin￿ 2017, the Colleges understanding of us is mixed and not understood in the main, this is ￿uSing challenges for our engagement with members OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 ort of the Trustees Continued FUTURE PLANS Students. Unions operate wtthin three spheres - Representation (ensuring student voice on a University, local and national basis). Opportunity (offer opportunities to develop through sports clubs, societies, student media, RAG and volunteering) and Community (developing communty links or building communities that students are part ofj. Oxford SU has been attempting to develop and deliver all three spheres wtth key areas of Control and adequate resour￿ missing wrthin them to be able to do this effectively. The conversation on whether the Students. Union should take on Clubs and Societies from the Proctors Offi￿ continues to be a challenge for the organisation. If this was to be the strategic aim mowng foTward, this would need a full strategic review development and a significant shrft in resourcing to support. Oxford SU needs to lean into the way it is different from other Students, Unions and seek to utilise this to our advantage, it may not be about'engagement numbers, in traditional way, but more about lobbyinglimpactlpolicy. As a result of this review the TNstee Board made the decision to move to the option of interim strategic aims wkth annual plans that srt beneath with a foGUS on our USP of representation and unlocking college engagement and pausing the want to take on Clubs and Societies until further scoping is completed. and funding is available. After this clear direction from the Trustee Board: the CEO has been working alongside the organisation to develop Ihe new interim strategic aims. A five-step plan was created to reach these strategic aims. This included desk research, talknng wth students and stakeholders, an analysis of the results, testing and checking and communicating and implementing. The organisation has analysed the results and the following interim strategic aims have been created following a workshop with the staff team which the Trustee Board approved. Oxford Sus Strategic Aims 2021- 2023 Oxford Su's purpose is to improve the overall experien￿ for current and future students at the University of Oxford Our values." We are inclusive. We take action. We challenge. We adapt. We listen. 10 OXFORD UNIVERSITY STUDENT UNION Annual Report and Finan¢ial Staternents For the year ended 31 July 2021 ort of the Trustees Continued FUTURE PLANS Our Strategic Aims for 2023." We want Common Rooms to feel supported and empowered by OxFord SU, adding value to the College experience We want to be the representative voiGe of the students of Oxford, guaranteeing every student's voice is at the heart of what we do We want to a(1 as the nexus to bring people together, showcasing the communty at Oxtord and ensuring students get the support they deserve. To take action on the issues that students care about Mental Health and Wellbeing, Ac￿ss, Ra￿-EqualIty. Sustainability and Sexual Violence Our ways of wothng." High-visibilty, Student-Led, Facilitator, Partnerships, Sustsinable Resources, People & Culture, Research & Ewdence A staffing structure linked to the above strategic aims has been approved and implemented by the organisation and the time will now be taken to ensure benchmarking and impact can be developed and implemented for the organisation. Oxford SU will still be looking to support students as we transition out of the COVID-19 pandemic. FINANCIAL REVIEW In 2020-21 the surplus on total funds forthe yearwas £27,735 (201￿20= a deficit of £139,105). Total funds are made up of restricted and unrestricted funds. The unrestricted funds comprise general funds and the pension reserve. At the year end, the balan￿ of general funds increased to £268,757 (2019-20: a balance of £219,953). The pension fund deficit balance decreased ta £338:375 (2019-20: a defictt balance of £351,547). The surplus balan￿ on restricted funds decreased to £9.285 (2019-20: a surplus balance of £43,526). The total funds deficst balance decreased to £60,33312019-20.' a deficit balance of £88,068). Oxford SU is in a net liability position as a resutt of the pension stheme deficit liabilty- This liability represents the net present value of estimated deficit contributions over the agreed funding plan to 2028 and does not represent an immediate cash oufflow. Excluding this, Oxford SU is in a net asset position both overall and on unrestricted funds. Oxford Su's reserves policy sets the tsrget level of reserves at three months, total running costs less 750k of the grant funding agre&l with the Universty of Oxford for the same period. This gives a target level of reserves of £80.000. This figure applies to unrestricted general fvnds. which at the year*nd stood at £268.757 (General funds are therefore well in excess of the target level). In view of this, the Trustees had planned a deficit on general funds of £43.800 in 2020-21. as part of a strategy to Lrtilise its reserves and bring them doser to the target level. The increase, from £219,953 at the beginning of the year to £268,757 at the end of the year, is considerably higher than planned as a result of less student facing activities that was brought on by the continued impact of the covid-19 pandernic. Aongside this there were also major declines in numerous prowsion schemes held by the company (Pension Resetve & Outstanding Holiday Entitlement Scheme). Whilst the Gompany generated a surplus of general funds this year, it 11 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 still remains a target set by the trustees that Oxford SU wll utilise its reseNes in 2021-22 with a budgeted deficit of £51,764. Oxford SU also held restricted funds at year end of £9,285 (2020.. £43,526). A portion of this relates to funds raised for Oxford Raise and Give (RAG). These funds are not available for the general purposes ofoxford SU. The residual v21ue is made up ofthe fixed assetsthe company holds on its books. The activities of OSSL Limited, Oxford Su's trading subsidiary, are consolidated wtth these financial statements. Key risks and uncertainlles The board oftrustees considers the following to be the key risks that Oxford SU needs to focus on. These are monitored by senior managers and trustees on a regular basis. Pension scheme defictt The current funding shortFall Dn the Universty of Oxford Staff Pension Scheme requires significant, but currently affordable, annual payments. A clear strategy is iri place, overseen by the trustees of the scheme, to recover the deficit. Liquidity Oxford Su's objective in managing liquidity risk is to ensure that Tt can meet tts financial obligations as and when they fall due. Oxford SU expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, Oxford SU has credttfacilities available. GNen the positive cash flows and significant cash balance held at year*nd. Oxford SU is in a position to meet tts commitmerrts and obligations as they come due. Customer credit exposure Oxford SU may offer Gredit terms to its customers which allow payment of the debt after delivery of the goods or services. Oxford SU is at risk to the e*(ent that a customer may be unable to pay Ihe debt on the specified due date. This risk is mitigated by the strong on-going customer relationships. Funding Oxford Su's principal funding sources are grant income from the University of Oxford, and fcs commercial activities. Universty funding has been provisionally agreed until 2022-23. Income from Oxford Su's commercial activiti.es is increasing. The trustees continue to monitor these sources of income dosely. STRUCTURE, GOVERNANCE AND MANAGEMENT The structure of the organisation The trustees who served during the year and since the year end are set out on page 1. The board of trustees as charity trustees is responsible for the overall perfomiance. strategic direction and management of Oxford SU and (subject to relevant legislation, its articles and bye-laws) may exercise all the powers of Oxford SU. The board is rnade up ofr. up to six sabbatical trustees, up to fNe student trustees, and up to four extemal trustees. 12 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 The trustees are responsible for approving the Strategy, major plans (including the annual budget and long-temi financial goals) and policies of Oxford SU and for ensuring that these are implemented via the chief executNe. Sabbatical trustees are elected by the student mernbers. Their main remit is to undertake Oxford Su's representative and campaigning work. Student trustees are similarly elected by the student members, ensuring that the student members are directly represented on the board. External trustees are selected by the nominations committee and then ratified by Oxford Su's CounGiI. Their main role is to prowde a long-term strategic view to the board. Sabbatical trustees and student trustees hold office for one year, and external twstees for up to four years. Studerrt trustees and external trustees are eligible for re-election. There are clear distinctions be￿n the role of trustees and the executive team, led by the chief executive. The board of trustees holds a range of reserved matters and delegates ￿rtain authority to the executive team in order to run the organisation efficiently. Matters such as policy, strategy and budgets are prepared by the executive team for consideration and approval by the trustees. who then monrtor the implementation of these plans. The finance and risk subcommittee is a board subcommittee wth clear terms of referenGe, and which reports directly to the board of trustees. The finan￿ and risk subcommittee has delegated responsibility to manage the fInan￿S of Oxford SU, including monitoring expenditure and developing budgets and financial policies. It also takes a lead role in the management of risk. The board of trustees makes appointrnents to this committee. For new trustees, Oxford SU has a wide-ranging induction programme. The programme is led by the existing extemal trustees and the chief executive. Each new trustee is given an induction guide and supported into their new role through a serres of indudion meetings and briefings. These cover the core aspects of their responsibiltties. induding strategy, finance, legal matters and the relationship be￿een the trustees and the chief executive. New trustees are also given a copy of the charity commission guidan￿. The chair attends specialist training to support their rolè. Under the Education Act 1994, the University of Oxford has a statutory duty to take Such steps as are reasonably practicable to ensure that Oxford SU operates in a fair and democratic manner and is held to proper account for its finances. Oxford SU. therefore, works alongside the Universty of Oxford in ensuring that rts affairs are propedy conducted and that the educational and welfare needs of Oxford Su's student members are met. This is done through a subcommittee of Education Committee of the Untversity of Oxford - Joint Subcommittee of Education Committee and Student Members How management works at Oxford SU Day to day operational and staff management És delegated to the chief executive who is responsible to the trustees for strategy" its development, implementation and operational perfonnance. The chief executive is supported by other members of the senior management team. During the year 2020-21 this comprised: Chief Executive= Kate Dawson Deputy Chief Executive: Sarah Bradley Head of Finance and Organisational Effectiveness: 13 OXFORD UNIVERSITY STUDENT UNION Amnual Report and FirÈancial Statements For the ye8r ended 31 July 2021 Kristy-Anne Field Oxford SU employs 22 full time equivalent salaried staff {20 employees). The chief executive oversees the pay and beneffts of staff, ensuring a fair and consisterrt approach that relates lo the level of responsibilities undertaken. Each year, along with the salaries of other staff. key management salaries are subject to a standard inflationary uplift decided by the Finan￿ and Risk Subcommittee depending on the context of that year. The pay for the chief executive is set by the board and reviewed annually. Pay for sabbatical Irustees is also reviewed by the board. Where the relevant person sÈts on the board of trustees, they are not present while the relevant discussions take pla￿. Risk management The trustees have given consideration to the major risks to which Oxford SU is exposed and have satisfied themselves that systems or procedures are established in order to manage those risks. The risk register is monttored by the Finance & Risk Subcommittee and discussed annual at the full board or more frequently rf needed. Fundraislng Oxford SU only carries out fundraising actwtties to raise funds for Oxford Raise and Give {RAG}. Funds are raised through fundraising events and through sponsored challenges arried out by students. Al fundraising activities are carried out by students with assistance from staff at Oxford SU. No Gomplaints relating to fundraising activities have been r￿1Ved by O￿ord SU during this financial period. Oxford SU does not cajrrently subscribe to any stEcrfic fundraising standards or schemes for fundraising regulation but considers that rf( has set appropriate standards forthe operation and management of its fundraising activibes. In particular, Oxford SU considers that its pro￿$$eS and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or other property. Oxford SU does not currenuy subscribe to any speofic fvndraising standards or schemes for fundraising regulation but considers that tt has set appropriate standards for the operation and management of its fundraising activities. In particular, Oxford SU considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or other property. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of Oxford University Student Union for the purposes of company law) are responsible for prepanng the Trustees, Annual Report and the financial statements in accordan￿ with applicable law and United Kingdom Generally Actspted Accounting Practice (United lQngdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and 14 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 the group and of the incoming resources and application of resources, including the income and expenditure, of the charttable group 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 in the Charities SORP., make judgments and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the finanaal statements,. and prepare the financial slatements on the going COn￿M basis unless it is inappropriate to presume that the charÉtable company V￿[1 continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies AGt 2006 and the provisions of the charity's constitLrtion. They are also responsible for safeguarding the assets of the chartty and the group and hen￿ for tsking reasonable steps for the prevention and detertion of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITOR In accordan￿ wth company law. as the company's directors. we certify that.. so far as we are aware. there is no relevant audrt infomiation of which the company's audrtors are unaware,. and as the directors of the company, we have tsken all the steps that we ought to have taken in order to make ourselves aware of any relevant audÉt information and to establish that the charity's auditors are aware of that infomiation. AUDITOR The auditor, Crowe U.K. LLP, wll be proposed for reappointment in accordance wth section 485 of the Companies Act 2006. The trustees have agreed on these financial statements which have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 20￿. Approved by the trustees and signed on their behaff by: Anvee Bhutani Chair of trustees Date.. 23 February 2022 15 Crowe Crowe U.L LLP ChrteredAccountartts Aqu£s House 49-51 Blagrave Street Reading Berkshire RGI IPL Tel.- +44 (0)118 959 72•2 F&L +441011 L8 958 4640 I¥7￿.Crow¢.CtsM INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERsifi STUDENT UNION We have audited the financial ststements of Oxford Universty Student Union for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activtties, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inGluding Financial, Reporting Standard 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland, (the United Kingdom Generally Accepted Accounting Practi￿}. In aur opinion the financial statements- give a true and fair view of the state ofthe group's and the charitable company's affairs as at 31 July 2021 and of the group's income and expenditureforthe yearthen ended" have been properly prepared in accordance wtth the United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Irrtemational Standards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilttTes under those standards are further described in the auditoff s responsibilities for the audtt of the finanaal statements section of our report. We are independent of the group in accordan￿ wtth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibilTties in accordan￿ with these requirements. We believe that the audtt 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 concem basis of accountÈng in the preparation of the financial statements is appropriate. Based on the work we have perfotmed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast signtficant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilibes and the responsibiltbes of the trustees with respect to going concern are described in the relevant sections of this report. 16 , Crowe Cr0￿u.K. LLP Ch¢wered.4¢cou*Ttants Aqui5 House 49-51 Blwve Street Berkthire RGI IPL Td= t4410)118 7L?? F&x'. +44 {0)118 958 4640 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION (CONTINUED) Other infomiation The trustees are responsible for the other infomiation. The other i￿orniatiOn comprisès Ihe inforniation included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not wver the other infomiation and, ex￿pt to the extent otherwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audtt of the financial statements, our responsibilty is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be rnaterially misstated. If we identy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misststement of the other information. If based an the work have perfomied. we conclude that there is a material misstatement of this other infomation, we are required to report that facL We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the inforniation given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent wtth the financial statements-, and the trustees, annual report has been prepared in accordan￿ wtth applicable legal requirements. Matters on which we are required to report by exception In light of the knO￿edge and understanding of the charitable company and its environment obtained in the course of the audit. we have not iderrtified material misststements in the trustees, annual 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 rf. in our opinion= adequate accounting records have not b*n kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial ststements are not in agreement with the accounting records and retums", or certain disdosures of trustees. remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies r￿Irne and take advantage of the small cornpanies exemption in preparing the TTUStees Annual Report. 17 Crowe Cromr U.L LLP CkorÉÉredAeeouniunts Aquis Hou5¢ 49-51 Bla￿ Stte Bthshitr RGI IPL T¢l- .44 {01118 9)9 7222 F&x-. +44 (0)118 9)8 4640 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNniERSITh STUDENT UNION (CONTINUED) Responsibilities of trustses As explained more fully in the trustees, responsibilities statement set out on pages 14-15, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal 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 e￿or. In preparing the financial statements, the tnjstees are responsible for assessing the group's or the charitable companws ability to continue as a going concem, disclosing. as applicable, matters related lo going COn￿M and using the going con￿rn basis of aGmunting unless the trustees either intend to liquidate the charttable company or to cease operations, or have no realistic altemative but to do so. Audilorfs responsibilities for the audit of tho 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 e￿or, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, bLrt is not a guarantee that an audit conducted in accordance wth ISAS (UK) will always detect a material misstatement when it extsts. Misstatements can arise from fraud or error and are considered material rf: individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. ExteDt to which the audit was collsidered eapable of deteetiDg irrwiariti4 including fraud Irregularities, including fraud, are inStan￿S of non-compliance wtth laws and regulations. We iclentified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audtt team members. We then designed and perfornied audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory framèworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the detemiination of matertal amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Charities Act 2011 togetherwth the Charities SORP (FRS 102). We assessed the required Complian￿ with these laws and regulations as part of our audrt procedures on the related financial statement items. Auditing standards limit the required audit procedures to identÉfy non-complianrE with these laws and regulations to enquiry of the Trustees and other management and inspertion of regulatory and legal corresponden￿, rf any. 18 ## **Crowe** Crowe U.K. LLP _Chartered Accountants_ AquisHouse 49-51 Blagrave Street Reading Berkshire RGl IPL Tel: +44 (0)118 959 7222 fax: +44 (0) 118 958 4640 www.crowe.com ## **INDEPENDENT AUDITOR'S REPORT** www.crowe.com **TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION (CONTINUED}** We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management 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. Our audit procedures to respond to revenue recognition risks include testing a sample of income across the year to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly. 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. 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 auditor's report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 charitable company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Alastair Lyon Senior Statutory Auditor For and on behalf of **Crowe U.K. LLP** Statutory Auditor Reading Date: 9 March 2022 19 OXFORD UNIVERSITY STUDENT UNION Annual ReFX)rt and Financial Statements For the year ended 31 July 2021 Consolidated Statement of Financial Activities Note Unrestricte Restricte Total funds 2021 Total runds 2020 funds 2021 funds 2021 INCOME FROM: Donations 872.101 26.726 1,307 873,408 26,726 852, 803 26,219 Infrastructure support in kind Other trading activits"es: Commercial activity Charitsble acttvlties for students: Welfare 111.211 111,211 232, 725 1,893 281 1,893 281 5, 588 804 other income Totsl income 1.012.212 1.307 1,013,519 1,118,139 EXPENDITURE ON: Raising funds. Commercial activities Charitable actÈvities for students: Advice and representation We￿are 139.087 139,087 191,634 576,878 234.271 612,426 234,271 812,432 253, 122 56 Publications Total expenditu Net expenditure and movement in funds 950.236 985,784 1, 257, 244 61.976 134.241} 27,735 (139, 105) 51,037 Funds brought for￿ard 1131,594) 43,526 (88,068) Funds carried forward (69,618) 9,285 (60,333) (88, 068) All operations are continuing. The notes on pages 24 to 40 form part of these accourrts. 20 OXFORD UNIVERSIry STUDENT UNION Annual Report and Financial Ststements For the year ended 31 July 2021 Consolidated Balance Sheet as at 31 July 2021 FIXED ASSETS Note 2021 2020 Tangible assets 10 5,506 9,327 5,506 9,327 CURRENT ASSETS Stocks 11 1.176 2,312 Debtors 12 259,426 194,373 Cash at bank and in hand 246,699 293, 600 507,301 490,285 CREDITORS.. Amounts falling due wthin one year 13 (234.765) (236, 133) NET CURRENT ASSETS 272.536 254, 152 TOTAL ASSETS LESS CURRENT LIABILITIES 278,042 263,479 LONG TERM LIABIUTIES Pension scheme funding deficti 14 {338,375) (351,547) NET (LIABILITIESVASSETS REPRESENTED BY (60,333) (88,068) RESTRICTED FUNDS 15 9,285 43,526 UNRESTRICTED FUNDS General funds 16 268,757 219,953 Pension reserve 16 (338.375) (351,547) TOTAL FUNDS (60,333) (88,068) The notes on pages 24 to 40 fomi part of these accounts. The profit for the finanaal year dealt with in the financial statements of Ihe parent company was £106,528 (2020.- deficit of £161,310). These accounts were approved and authorised for issue by the trustees and signed on their behalf by: Anvee Bhutani Chair of trustees Date.. 23 February 2022 21 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Com an Balance Sheet Registered Company number 07314850 as at 31 July 2021 FIXED ASSETS Note 2021 2020 Tangible assets 10 5.506 9,327 5.506 9,327 CURRENT ASSETS stocks 11 1.176 289,836 209,220 2.312 211,882 201,823 Debtors 12 Cash at bank and in hand 500,232 13 (216,659) 416,017 (229, 621) CREDrroRS: Amounts falling due within one year NET CURRENT ASSETS 283,573 186,396 TOTAL ASSETS LESS CURRENT LIABILITIES 289,079 195, 723 LONG TERM LIABILITIES Pension scheme funding deficit NET {LIABILITIESVASSETS 14 (338,375) (49,296) (351,547) (155,824) REPRESENTED BY RESTRICTED FUNDS 15 9,285 43,526 UNRESTRICTED FUNDS General funds Pension reserve 16 279,794 16 (338,375) 152, 197 (351.547) (155,824) TOTAL FUNDS {49,296) The notes on pages 24 to 40 fo￿ part of these accourrts. These accounts were approved and authorised for issue by the trustees and signed on their behalf by.. Anvee Bhutani Chair of trustees Date.. 23 February 2022 22 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements Forthe year ended 31 July 2021 Consolidated Cash Flow Statement Note 2021 2020 Cash flov￿ from operats'ng activities Net cash provided by operating activities 19 (46,901) 8,751 Cash flows from investing activities Payments to acquire of fixed assets Proceeds from sale of fExed assets 10 (6. 738) 7,400 Net cash used in investing activities 5.338 Decrease in cash and cash equivalents in the year 146.901) 2,813 Cash and cash equivalents brought forward 293,600 290, 787 Cash and cash equivalents carried forward 246,699 293, 600 The notes on pages 24 to 40 fomi part of these accounts. 23 OXFORD UNIVERSITY STUDENT UNION Annual Rewrt and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements Company information Oxford University Student Union {'Oxford SU,) is a charFtable company limtted by guarantee, incorporated in England and Wales. The address of ts registered Offi￿ is 4 Worcester Street, Oxford, Oxfordshire, OX1 28X. Oxford SU is a students, union wthin the meaning of the Education Act 1994. It is devoted to the educational interests and welfare of the students of the UniversFty of Oxford (the university,) and exsts to further the educational purposes of the university. Basis of preparation The financial statements have been prepared in accordance wrih Accounting and Reporting by CharFties'. Statement of Recommended Practi￿ 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 2015) {'Charities SORP,), the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland ('FRS 102.) and the Companies Act 2006. Oxford SU meets the definition of a public benefft entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿iSe stated in the relevant accounting policy note. The financial statements are presented in Sterfing (£). The group financial statements consolidate the financial statements of Oxford UniversÈty Student Union and its subsidiary undertaking drawn up to 31 July each year. Going concern Oxford SU is in a net liabilty position as a resutt of the pension scheme deficit liabilty. This liability represents the net present value of deficit contributions over the agreed funding plan to 2028, and d￿$ represent an immediate cash outhow. Befo￿ the pension scheme deficit liabili(y Oxford SU has positive funds of £278,042 {2020: £263,479). The Trustees have a reasonable expectation that Oxford SU has adequate resources to continue in operational e￿sten￿ forthe foreseeable future. In making their assessment the Trustees have considered the impact on the business of Covid-19 including the ability of Oxford SU to corrtinue to Cary out its charitable objects, the impact on future income and ￿5￿ collections and the financial position of the wider group. They continue to believe the going COn￿M basis of accounting appropriate in preparing the annual Financial Statements. Significant judgements and estimates Preparation of the financial statements requires management to make signrficant judgements and estimates. The ttems in the finanaal statements where these judgments and estimates have been made include.. Valuation of a present value of future pension deficit contributions In accordan￿ with the requirements of FRS 102. Oxford SU has made provision for the present value of required future pension deficit contributions. The contributions required are estimated by management with the assislance of a qualified actuary. The present value is then calculated using an appropriate discount rate. Further details of the estimate, including the key assumptions used, are given in note 14. 24 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Ststements continued Accounting policies Income All income and capital resources are recognised in the accounts when entitlement to the income or endowment arÉses, there is a probable economic benefrt to Oxford SU and the amount can be reliably quantified. The infrastructure support provided by the universrty is aGGounted for as income and expenditure of the year at an estimated value to Oxford SU by reference to the attematives available on the commercial markeL Grants are accounted for under the performance model as permitted by the Charity SORP. CJRS grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee. Expendlture Expenditure is accrued as soon as a liabilty is considered probable, discounted to present value for longer-tem liabilities. Expendtture includes ]￿e¢OVerable VAT and comprises the direct and indirect costs of delivering public benefft. Expenditure on raising funds comprises the costs associated with attracting voluntary income and the costs of commercial aGtivitÉes of OSSL Limited. Charitable expenditure comprises those costs inCu￿ed by Oxford SU in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directiy to such activtties and those costs of an indirect nature necessary to support them. GovernanGe costs include those costs associated with meeting the constitutional and ststulory requirements of Oxford SU and include the audit fees and costs linked to the strategic rnanagement of Oxford SU. AEI costs are allocated between the expenditure categories of the ststement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directiy, however, salary Gosts are apportianed on the basis of time worked on each activity. Fixed assets and depreciation Fixed assets comprise major items of equipment. Fixed assets are stated at cost. net of depreciation and any provision for impaiment. The useful economic lrfe of all assets is deemed to be four years over which depreciation is charged on a straight line basis. In the period of acquisition, a full years depreciation is tharged. An asset purchased with a cost of over £1,000 are capitalised. Expenditure on asset costing under £1,000 is recognised as an expense in the year of purchase. Stocks Stocks are stated at the lower of cost and net realisable value. In detemining the cost of goods purchased for resale the first in first OLrt basis is used. Debtors Short tem debtors are measured at transaction pri￿. less any irnpaimient. Loans re￿1vable are measured initially at fair value, net of transaction costs. and are measured subsequently . at amortised cost using the effective interest method, less any impairment. 25 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued Accounting policies {continued Creditors Short-term trade creditors are measured at the transaction pri￿. Other financial liabiltties, are measured initially at fair value. net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Financial instruments Basic financial instruments include debtors and creditors. Debtors and credttors are initially recognised at transaction value and subsequently measured at amortised cost. Note 24 provides more infomiation on financial instruments where fLrture cash flows are anticipated, with financial assets referring to f￿ed asset investments and debtor balan￿S excluding prepayments and deferred expenditure, and financial liabilthes referring to all creditor balances excluding advanGe fees, deposits in advan￿ and other taxes and social security. Taxation Oxford Su's profits are not liable to taxation so long as they are derrved from trading ￿th junior members of the universty. No provision has been made for a current or deferred tax within its wholly owned subsidiary on the grounds that OSSL Limiled transfers rts taxable profits by grft aid to the Oxford Universty Student Union and therefore no tax asset or liabilty will be realised. Pensions Oxford SU participates in the University of Oxford Staff Pension Scheme ('OSPS'). This scheme is a hybrid pension scheme, providing defined benefits as well as benefrts based on defined contributions. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual employers and s¢heme-wÈde contribLrtion rates are set. Oxford SU is therefore exposed to actuarial risks associated wth other employers. employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 °Employee benefrts.. Oxford SU therefore accounts for the scheme as rf rtwere a whollydefined contribution scheme. As a resuK: the amount charged to the profit and loss accourrt represents the contribLrtions payable to the scheme. Sin Oxford SU has entered into an agreement (Ihe Recovery Plan) that detemiines how each 8mployer wtthin the schemes wll fund the overall deficit, Oxford SU recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) wth related expenses being recognised through the profit and loss account. Income Included within donations is £47.101 (2020: £14.799) in respect of the Coronavirus Job Retention Scheme. 26 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued Net expenditure for the year Net expenditure for the year is stated after charging.. Depreciation of owned assets Auditorfs remuneration 2021 2020 3,821 4.940 9,020 8, 785 Expenditure 2021 2020 Directly attrÈbutable costs Directly attributable costs Support costs Total costs Support costs Total osts Commercial activities Advice and representation WeKare 139,087 139,087 191,634 191,634 212.031 400.395 612.426 291,275 521.157 812,432 81.108 153,163 234,271 90,750 162,372 253,122 Publications 20 36 56 432,226 553,558 985,784 573,679 683.565 1,257,244 Further details of the costs included in the above headings are provided as follows: Advi￿ and representation elected staff salaries, Oxford SU campaign expenses and communicat'ons expenditure Welfare- student advisor salaries and events costs induding the Oxford SU teaching awards Publications- costs of producing Oxford SU publications including the Altemative Prospectus 27 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued Expenditure {¢ontinued) Governance costs Included within support costs are govemance costs of £32.012 (2020.. £32,963).. 2021 2020 Elections and Referendums 350 368 student officer training Board expenses Audilo¢s remuneration 121 1,555 722 (10} 9,020 22,531 8,785 21,533 Legal and professional 32,012 32,963 Staff costs The average weekly number of petsons employed during the year was: 2021 2020 Elected staff Student adwsors Office staff 14 18 Total 22 26 2021 2020 The total cost of their remuneration was" Wages and salaries Soctal security costs Other pension costs Total employees, remuneration 5ri,561 51,046 90.905 626,124 50,149 155,693 719,512 831,966 28 OXFORD UNIVERSIFf STUDENT UNION Annual Report and Finanaal Statements For the year ended 31 Juiy 2021 Notes to the Financial Statements continued staff costs (continued) No employees, remuneration (excluding employer pension and national insurance contribLrtions) exceeded £60,000 in the year. The remuneration of key management personnel {including employer pension and national insurance contributions) was £232,656 12020: £227,346). This relates to the chief executive and the remunerated trustees. Staff costs include settlement costs of £nil (2020: £33,930). Staff Trustee Remuneration and Related Parties Transactions No trustees re￿IVed any remuneration in the year in their capacity as trustees, but, as pemiitted by Article 6.6.6{a) of Oxford Su's Articles of Association, the following trustees received remuneration for other seNices as sabbatical Offi￿rS during the period. The figures include employer pension and national insurance contributions. 2021 2020 A Faruk 24,892 K Masler 21,264 25,563 21,573 R Mccallion N Misra A Sparks R Williams 25,423 25,178 2,379 2,379 2,379 L Bolz 20,981 22,357 26,015 25,385 H Drew B Famier A Foley A Holt 2,379 26,501 24,648 2,452 2,592 2,452 2.522 2.379 2.246 A Waseem KAsare O Agunbiade D Devika S Sadozai 2,452 2,326 A Bhutani 160,683 158.034 29 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements Forthe year ended 31 July 2021 Notes to the Financial Statements continued Stsff Trustee Remuneration and Related Parties Transactions (continued) Four external trustees had expenses reimbursed totalling £57 in the year in respect of travel expenses to board meetings (2020.. four trustees. £149). Oxford SU made no loans to Trustees in the year {2020=£nil}. 10. Tangible Fixed Assets Group Office equipment Oxford SU OffiGe equipment Cost at 31 July 2020 29.770 29, 770 Additions in the year Disposals in the year Cost at 31 July 2021 29,770 29, 770 Depreciation at 31 July 2020 20,443 20,443 Charge forthe year 3,821 3,821 Disposals in the year Depreciation at 31 July 2021 24,264 24,264 Net Book value at 31 July 2021 5,506 5,506 Net Book value at 31 July 2020 9.327 9,327 11. Stocks 2021 2021 2020 2020 Group Oxford SU Group Oxford SU Finished goods and goods for resale 1,176 1,176 2,312 2,312 30 OXFORD UNIVERSIIY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 12. Debtors 2021 Group 2021 Oxford SU 2020 Group 2020 Oxford SU Trade debtors 13.706 202 14,173 374 Amounts owed by group undertakings Prepayments and accrued income 81,634 31,308 65,720 180,000 28,000 180,000 Other debtors 180,200 180,200 259.426 289,836 194,373 211,882 Other debtors include £180.000 (2020.. £180,000) on depostt with the University of Oxford, held temporarily whilst altemative banking faciltties are a￿anged. 13. Creditors 2021 Group 2021 Oxtord SU 2020 Group 2020 Oxford SU Trade Greditors 18,547 194955 9,396 194.955 10,814 10,631 Other creditors {salaries) Other taxation and social security Accruals and deferred income 182,235 182,235 (881) 22.144 394 210 297 11.914 42,874 36.458 234,765 216,659 236,133 229,621 14. Pensions Oxford SU parti&pates in one principal pension scheTne for its staff - the Untversty of Oxford Staff Pension Scheme ('OSPS'). The assets of the scheme are held in a separate trustee- administered fund. OSPS is a contributory mixed beneftt scheme fi.e. it provides benefrts on a defined benefrt basis-based on length of Servi￿ and pensionable salary- and on a defined contribution basis - based on contrtbutions into the scheme). It is a multi-employer scheme and Oxford SU is unable to identify its share of the undertying assets and liabilities relating to the defined benefits of the scheme on a consistent and reasonable basis. Therefore, in accordance wth the accounting standard FRS 102 paragraph 28.11, Oxford SU accounts for the scheme as rf it were a defined conkn"bution scheme. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the scheme in respect of the accounting period. In the event of the withdrawal of any of the participating employers in OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme. 31 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements Forthe yearended 31 Juby 2021 Notes to the Financial Statements continued 14. Pensions (continued} Oxford SU has also made available the National Employment Sawngs Trust for employees who are eligible under automatic enrolmerrt regulations to pension beneffts but not eligible for osps. Actuarial valuations Qualrfied actuaries periodically value USS and OSPS defined benefits using the 'projected unit method,, embracing a market value approach. The resulting levels of contiibution take account of artuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latesl actuarial valuations and the assumptions which have the most significant effect on the results were.. osps 31 MarGh 2019 19 June 2020 £848m £735m £113m Date of valuation Date valuation results ublished Value of liabilities Value of assets Fundin deficit Principal assumptions: Discount rate Rate of increase in salaries Rate of increase in ensions Assumed lrfe expectancies on retirement at age 65: Males currently aged 65 Females cU￿entlY aged 65 Males currerrtly aged 45 Females currentl a ed 45 Funding ratios.. Technical provision basis Statutory pension protection fijnd basis 'Bu -OUt' basis lo er contribution rate as°Aof Effective date of next valuation Gitts +0.50k.2.25% RPI e RPIICPI Avera 21.7 years 24.4 years 23.0 years 25.8 ears 870 740 60¢/g 19% 31 March 2022 nsionable salaries The discount rate for the OSPS valuation was.. Prethretirement.. Equal to the UK nomina gift curve at the valuation date plus 2.250 p.a. at each term. Post-retirement.- Equal to the UK nominal gilt uJNe at the valuation date plus 0.5Yo p.a. at each temi. 32 OXFORD UNIVERSITf STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued Pensions {continued) Increases to pensions in payment for the OSPS valuation were: RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date: less 0.39A p.a. at each tem. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary's best estimate of the long-term differen￿ be￿een RPI and CPI inflation as applies from time to time (1.OOA p.a. as at 31 March 2019)- For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation cuNes described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme ActuarWs best estimate of inflation volatility as applies from time to time. The OSPS employer contribution rate includes provisions for the cost of ftrture accrual of defined benefits, deficit contributions, administrative expenses and defined contributions. Sensitivity of actuarial valuation assumptions Surpluses or deficits which arise at fLrture valuations may impact Oxford Su's fLrture contribution ccmmttment. The sensrf(ivities regarding the principal assumptions used to measure the scheme liabilities are set out below: Assumption Change in assum tion Decrease b 0.250 Increase b 0.25% Impact on OSPS technical rovislons Increase b £45m Increase b £40m Valuation rate of interest RPI Deficit recovery plans In line wth FRS 102 paragraph 28 11A Oxford SU has recognised a liability for the contributions payable for the agreed deficit funding plan. The principal assumptions used in these calculations are tabled below. osps 30 Janua Finish date for deficil recove Average staff number increase Average staff salary increase Avera e 4over eriod Effect of 0.5 % change in discounl rate Effect of 1 % chan e in staff rowth plan 2028 0.740 £7,900 £15,700 A provision of £338,375 has been made as at 31 July 2021 {2020'. £351,547) for the present value of the estimated future deficit funding element of the contributions payable under this agreement, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme. Pension Charye for the year The pension charge recorded by Oxford SU during the accounting period was equal to the ontributions payable after allowan￿ for the deficit recovery plan, being £88.303 (2020.. £155,693). 33 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial St*ements For the year ended 31 Juty 2021 Notes to the Financial Statements continued 15. Restncted fvnds Oxford SU and Group Asat 1 August 2020 Asat 31 July 2021 Income Expenditure Class Act 142 (12) 130 Comedy versus climate change Green Trashing Oxford RAG Oxide Radio student group Santander grant income 111 111 41,995 1.307 {35,468} 7,834 292 (182} 110 986 111 1.097 43.526 1,307 {35,548) 9,285 Below is the analysis of restrided fijnds at 31 July 2020: Oxford SU and Group Asat 31 July 2020 1 August 2019 Income Expendilure Class Act (58) 142 Comedy versus dimate change Green Trashing Oxford RAG 1,228 (1,117) 111 285 (285) (85,537) 49,691 77.841 41.995 Oxide Radio student group Santander grant income 835 (543) 292 {2,014) 986 50.176 82,904 (89,554) 43,526 34 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 15. Restrictsd funds Icontinued) Restricted income was re￿EVed for the followÉng purposes during the year. Class Act supports, represents and campatgns on behatf of students from working class, low income, first generation and state comprehensNe school backgrounds, as well as care leavers and estranged students. Comedy versus Glimate thange is an initiative to host temily comedy gigs to raise funds for climate-change charities and awareness about the dimate crisis among the student body. Green Trashing sold environrnentally friendly products for use in the Oxford trashing tradition. Profit raised is to be given to an envtronmental charity. Oxford RAG supports four charities which are selected by an all-student election in Hilary Temi. Oxide Radio income is used to support the running of the student radio station. The Santander universities donation: worked on in Collaboration with the University of Oxford, is to be spent on activities that encourage and engage diversity and inclusion across the University. 16. Unrestricted funds Group Asat 1 August 2020 Asat 31 July 2021 Income Expenditure General fvnds 219,953 999,040 (950,236) 268,757 Pension reserve (351,547) 13.172 (338,375) (131,594) 1.012,212 (950,236) 169.618) Oxford SU Asat 1 August 2020 Asat 31 July 2021 Income Expenditure General funds 152,197 1,032.361 {904.764) 279,794 Pension reseNe (351.54n 13.172 (338,375) 1199,350) 1,045,533 (904.764) {58,581) 35 OXFORD UNIVERSIJY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 16. Unrestrtcted funds (continued) Oxford SU Below is the analysis of unrestricted funds at 31 July 2020: Group Asat 1 August 2019 Asat 31 July 2020 Income Expenditure General funds 295,466 1.035,235 (1,110,748) 219,953 Pension reserve {294,605) (56,942) (351,547) 861 1,035.235 (1,167.690) {131,594) Asat 1 August 2019 Asat 31 July 2020 Income Expenditure General funds 249,915 901,885 (999,603) 152,197 Pension reserve {294,605) (56,942) (351,547) (44,690) 901.885 (1.056,545) (199,350) General funds are funds available to be spent on Oxford Su's general purposes as determined by the trustees. The pension reserve represents the net present value of the fLrture Contiibutions required over ten years to clear the funding deficit of the OSPS pension scheme. See note 14 for further details. 36 OXFORD UNIVERSITY STUDENT UNION mnual Report and Finanaal Statements For the year ended 31 July 2021 Notes to the Financial Statements continued q7. Analysis of net assets between funds Restricted funds Unrestrictsd funds Total funds Tangible fixed assets Current assets Current liabiltties Pension scheme funding deficit 5,506 497,975 (234,724) 338,375 169.618 5,506 507.301 {234,765) 338,375) (60,333) 9,326 (41) 9,285 Below is the analysis of net assets be￿een funds as at 31 July 2020: Restrictsd funds Unrestricted funds Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficil 9,327 446,073 (235.447) 9,327 490,285 {236,133) 351.547 (88,068) 44.212 (686) 43,526 (131,594) 18. Financial commitments At 31 July 2021 Oxford SU had future minimum lease payments under non-cancellable operating leases as follows- 2021 Group 2021 Oxford SU 2020 Group 2020 Oxford SU Other Other Other Other Wrthin one year Between one and years Between and five years 3,470 3,470 3,470 3,470 2,602 9,542 3.470 3,470 6,072 13,012 3,470 3,470 6,072 13,012 9,542 37 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 19. Reconciliation of net movement in fund5 to net cash flow from operating activities 2021 2020 Net movement in funds 27,735 3,821 (139,105) Depreciation Profrt on sale of fixed assets (112) 208,105 {969) (121,650} 56,942 8.151 {Increaselldeorease in debtors Decrease/(Increase) in stock (Decrease) in credrtors {Decrease)l InC￿8$e in pension provision Net cash flow provided by operations (65,053) 1,136 11,368) (13,172) (46,901) 20. Analysis of Changes in net debt At1Aug 2020 Cash Ilows other changes At 31 Jul 2021 Cash at bank and in hand 293.600 (46,901) 246.999 293.600 (46,901 246,999 21. Investment in OSSL Limited OSSL Limffted, registered number 07322922. is a wholly owned subsidiary of Oxford University Student Union. The address of the company is 4 Worcesler Street, Oxford OX12BX. The activities of the company comprise primarily printing and distribution of student publications and running student events such as the annual freshers. fair. The book value of the investment in OSSL ￿M[ted in the company acLounts of Oxford Universty Student Union is £nil (2020.. £nil}. During the year Oxford SU charged to OSSL Limited £67.764 {2020: ££58,508) in respect of staff salaries and £9,080 {2020: £8.856) in respect of office costs. During the year gift aid amounting to £67.755 (2020.. £45,553) was paid to Oxford SU by OSSL Limited in relation to 2019-20. There will be no Gtft aid in relation to 2020-21 paid to Oxford SU by OSSL Limited after the year-end. At the year end, the balance owed by QSSL Limited to Oxford SU was £81,634 (2020: £31,308). 38 OXFORD UNIVERSITf STUDENT UNION Annual ReF¥)rt and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 22. Members, liability The company is limited by guarantee and has no share cap¢tal. 13 guarantees were in place at year-end from trustees. In the event of the company being wound up, the liability of the members is limited to one pound. 23. Control relationships Ultimate control of o￿Ord SU rests wÉth tis membership. 39 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2021 Notes to the Financial Statements continued 24. Comparative consolidated statement of financial activities Note Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 INCOME FROM: Donations 769,899 26,219 82,904 852,803 26,219 Infrastructure support in kind Other trading activities: Commercial activity Charitable aGtivities for Students: Welfare Other income 232,725 232,725 5,588 804 5,588 804 Total Income 1.035,235 82,904 1,118,139 EXPENDITURE ON: Raising funds: Commercial activities Charitable activities for Students: Advi￿ and representation Weffare 191,634 191,634 722.878 253,122 89,554 812.432 253,122 56 Publications Total expenditure 1,167,690 89,554 1.257.244 Net movement in funds 1132,455) 861 16.650) 50,176 1139,105 51,037 Funds brought forward Funds carried fornard 1131,594) 43,526 (88,0681 40