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 2022 *AC•BLIC* 3110Y2023 CCMPANIES HOUSE A13 #353 | OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Contents Legal and Administrative Infomation Report of Ihe Trustees Independent Auditor's Report to the Members of Oxford Universty Student Union 23 ConsolKlated Statement of Finanoal Activities 27 Consolidaled Balance Sheet 28 Company Balance Sheet 29 Consolidated Cash Flow Statement 30 Notes to the Financial Statements 31 OXFORD UNIVERSITY STU.DENT UNION Annual Report and Financial Slalements For the year ended 31 July 2022 Le al and Administrative Information TRUSTEES OF OXFORD UNIVERSITY STUDENT UNION The trustees serving during the year and since the year end are set out below.. Sabbalical trustees Michael Akolade Ayodeji Jade Calder Ellie Greaves Ann&Tina Jashapara Omorinre Grace Shreya Dua Keisha Asare Oluwakemi Agunbiade Anvee Bhutani Devika Devika Aleena Waseem Safa Sadozai {Appoinled 27 June 2022) {Appointed 27 June 2022) {Appoinled 27 June 2022) (Appointed 27 June 20221 (Appointed 27 June 2022) (Appointed 26 June 2022) (Vacated Office 26 June 2022) (Vacated orrice 26 June 2022) (Vacated Office 26 June 2022) (Vacated Office 26 June 2022) (Vacated Office 26 June 2022) (Vacated Office 26 June 2022) student truslees Daniele Cotton Uri Sharell Serene Singh Bethan Margaret Adams Wesley Shanley Ding Dhitee Goel (Appointed 27 June 2022) {Appointed 27 June 2022) (Appointed 26 June 2022) (Vacated Office 26 June 20221 (Vacated Office 26 June 20221 (Vacated Office 26 June 2022) External trustees Nichola5 Entwislle India Jordan Sarah Owen Charlotte Potter Anthony Strike (Vacated Office 1 May 2022> (Vacated Office 3 August 2022) (Appointed 21 June 2022) REGISTERED CHARITY NUMBER 1140687 REGISTERED COMPANY NUMBER 07314850 REGISTERED OFFICE 4 Worcester Street Oxlord Oxrordshire OX12BX CHIEF EXECUTIVE Kate Dawson OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 al and Administrative Information continued BANKERS The Co-operative Bank 13 New Road Oxford Oxfordshire OX1 ILG Santander Santander House Carfax Oxford Oxfordshire OX1 1HB AUDITOR Crowe U.K. LLP Statutory Auditor Aquis House 49-51 8lagTave Street Reading Berkshire RG1 1PL SOUCITORS Russell-cooke LLP 8 Bedford Row London WC1R 4BX OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees The board of trustees, who are also the directors of Oxford University Student Union {'OxAord Su'l. are pleased to present their annual report along with the financial statements of Oxford SU for the year ended 31 July 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 4 to the financial statements and comply with the requirements the Charities Acl 2011, the Companies Act 2006. and the Charities Stalement of Recommended Practice fcharities SORP FRS 102") issued in October 2019. THE AIMS OF THE CHARI Oxford SU is a students. union wrthin the meaning of the Education Act 1994. The charitable objects of Oxlord SU are the aifvancement of education of the students at the University of Oxford (students. and Ihe unNersity' respectively) for the public benefit by.. Promoting the interests and welfare of students and representing. supporting and advising students., Being the recognised representatNe channel befvRen students and the university and any other external bodies.. Providing social. cuttural. and recreational activities and forurns for discussions and debate for the personal development of sludent5.' and Furthering all purposes which are ¢haritable in law. and thich 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 government, the National Union of Students INUSI and other external groups.. providing welfare, support and advo¢a¢y services for students experiencing drfficulty or requiring help during Iheir time at university." campaigning on such issues as may affect the membership of the union- and the provision of other servi￿$ 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 its members of whatever origin or orientation,. Pursue its aims and objectives independentiy of any poltti¢al party or religious group- and Pursue equal opportunitie5 by taking posrtive action within the law to facilitate the participation of under-represented groups in educational, represenlative. social and cultural activities. Publ1¢ benefit The trustees have a duty to report on 'public benefrt, by explaining.. the significant actiwties which are undertaken in order to carry 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 Tegard to the public benefit guidance published by the Charity Commission. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees continued THE AIMS OF THE CHARITY (CONTINUED Strategic Development: Oxford SU has been on a journey the last year to make decisions on its strategic direction moving forwards. The pandemic meant that deciS￿n$ needed lo be made on the best course of action for the future of Oxford SU whilst also taking into account the impact of the ongoing pandemic which meant horoon scanning was Challenging and students wants and needs were in the immediate ralher than long twm. Covid mrligations continued during the first lerm of the 21-22 academic year but by the second term we found ovrsefves far more confident moving towaids a more'normal. year. We moved from low risk to medium risk appetite and started to up more in person activity. The Trustees were presented with three options for strategic development moving forwards; to extend the current strategy. to create a new strategic plan OT to create interim strategic aims with annual plans that sit beneath. As a resvll of this review the Truslee Board made the de￿slon to move to the option of interim strategic aims wrth annual plans that sit beneath with a focu5 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. Strotegic Alms: Oxford Su's purpose is lo improve the overall experience for cUr￿nt and future students at the University of Oxford. We do this through three strategic aims set oul by Ihe Oxford SU Trustee Board.. We want Cornrnon Rooms to feel supported and empowered by Oxford SU, adding value to the College experience We want to be the representative voice of the St￿ents of Oxford. guaranteeing every student's voice is at the heart of vthat we do We want to act as the nexus to bring people together, showcasing the community at Oxford and ensuring students get the support they deserve Alongside the above Strategic Aims. we work on five key policy areas that ￿ know students care about.. Rac&Equality, Access. Sustainability. Mental Health & Wellbeing and Sexual Wiolenco OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE Freshers Falr The in-person Fair took place on the 6th and 7th October 2021 (09.01>17.00 each day) in the new location of University Parks, inside Keble gate (prior to Covid rt was held in the Exam Schools). We utilised an external events company, Florey. and liaised wth University Parks to mana9e the event and ensure COVID safety, security, and a positive sludent experience. The Freshers Fair was our biggest ever. To give an idea of scale. the marquees were the size of four standard swimming pools. and held over 441 slalls. 380 of those were student stalls, 49 Businesses and 12 University stalls. Over the two days we gave away 7.500 lote bags and estimated that 9,000 students came to the event. and this number does not include those who were stall holders. Both first and second year undergraduates and poslgraduates were invited to the event to make up for lost experiences last year and we think this really showcased in the numbers. The Freshers Fail had our biggest number of student stalls to date. All 380 student stalls available were booked and filled by 317 societies (some societres chose to pay for more than one table) The higher number of sludenl stalls was based on previous student feedback,. we only had to turn down societies due lo capacity which is a huge improvement on previous years. Sociebes and SU Campaigns reported high engagement at their stalls and b%Ere very positive about the decision to have an in-person event anecdotally. To add to the event there was a Chil￿ZQne area in an open marquee at the end of the Freshers Fair with massage, therapy dogs and BHF furniture as well as a series of food trucks. Thi5 was extremely popular wilh students and stall holders alike and realty added to the event. This year we buiR ovr relationship with the Sports Department and held sports demonstrations on the sports pitches next to the Freshers Fair lo add even more to the expe￿nCe for students. The Digital Fair (https'.IlbThw.oxfordsu.orgA¥el¢omelvirtualfair4 was created as a digital companion to the in-person Freshers Fair. It hosted all the same information for students to access at the same lime and post the in-person event. We also linked with our website provider to create an App which a150 hosted much of the same information. sadly the App was delayed slightly due to our website provider but we were still able to launch the app laler on with the information. The Digital Fair was a pogttve add￿-on to the in-person Fair. alihough there is room for re-thinking moving forwards of how to present the infonnation to students and vthether a digital companion will be needed for future events. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For Ihe year ended 31 July 2022 ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE Hilary Term Fair This year. a Hilary Term Fair was introduced to encourage students to engage with the Students. Union and exira•curricular activities beyond their first temi. The evenl was hosted in the Town Hall and over 1,000 students attended on the day. The theme was wellbeing with a focus on supporting student's mental wellbeing during Hilary term. Stalls included the SU campaigns for them to gain additional members, a¢commodation providers. universty stalls and a serie5 of commercial stalls lo make the event commercially viable. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 ort of the Trustees continued Achievements & Performance (continued): Student-Led Campaigns Oxford SU supports seven student-led campaigns" CRAE (CampaNJn for racial awareness and equality), Class Act (campaign for working class students). Disabiif(y Campaign. It Happens Here (campaign against sexual violen¢el, ISC Ilnternational Student Campaign). LGBTQ+ Campaign and the Womens, Campaign. These campaigns are entirely student-led but gain support with funding, training, development and event planning lincludin9 risk assessments) from staff members within the Students. Union. Students stand to be elected to the Campaign Committees and can also stand to be a Campaign C￿Chair, a shared leadership position on the committee. Students are also able to sign up to membership of Campaigns. The campaigns have all been able to accomplish a huge amount in the academic year 2021122, this has included.. 11 It Happens Here- It Happens Here have organised several wellbeing including arts and crafts events striving lo create peer-led community healing spaces for students. They have ndraised for and Collaborated with Oxfordshire Sexual Abuse and Rape Crisis centre as well as worked with them on spreading awareness through campaigns like the Clothesline Project. The committee has been inVo￿e￿ in the organisation of at least three different demonstrations across the academic year. responding to issues they take a stance against eg. spiking, NDAS. college policies. One example of this is work around lobbying colleges to sign Can't Buy My Silence pledge against the use of coercive non-disclosure agreements by universities. In addrtion. they have been proactive in working with local MPS around Ihis issue and have held events lo provide student5 v￿th 'toolkils' of how tackle sexual violence within colleges. 2) Disabled Student's Campaign (Discam) - The Discam committee have continued to moderate their 24 Facebook support groups for students with drfferent conditions such as eating disorders, visual impaiiment. autism and chronic pain, which creates spaces for students to interact with other students who have experience navigating Oxford vAth the same conditions which is validating and helpful. Similar to most of the campaigns they have held a few wellbeing events that cater to accessibilty needs such as clay moulding and boardgames nights. ID the coming tenn. the new commrttee V￿11 focus on gathering informats.on on college'5 accessibility support. 31 Class A¢t- Class Act has organised many practical events around further integrating first generation. low income and state comprehensive sludenls inlo Oxford and providing support. They have held a Prelims athice workshop and a student renting discussion group this year, both sessions on gNing advice around issues that the campaign members feel strongly about. Class Act campaign was involved in the Boris Johnson resignation protest that occurred locally but also has hosted socials, welcome drinks and bar crawls. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees continued Achievements & Perfomiance (continued): Student-Led Campalgns 4) Women's Campaign (Wom"Cam- after being reinstated, our Women s Campaign has seen a strong first yeaT- they collaborated with It Happens Here on the Girls Night In protest and organised self-care night beforehand wth a turnout of hundreds of students and local people. They continued to host wellbeing events such as Christmas card making and had a small tjut engaged audien￿ for their trans-inclusrve feminism panel. 5) Campaign for Racial Awareness and Equality (CRAE) - CRAE led students in responding to the Rhodes statue consuftation and the addition of the plaque. They were able to express the genuine frustration of the student population. Their committee also managed lo create spaces for communty for BAME students. 6) Intemational students Campaign- ISC has worked with the VI￿ President Welfare and Equal Opportunities to organise welfare teas for students trom areas of conflict following the invasion of Ukraine. Their Co-chairs have been proactive in meeting with invested students and the Ukrainian society to gauge their needs. The cornmittee are planning their project around a muttilingual peer support branch that recognises the barriers international students face expressing their welfare needs. 7) LG8TQ+ Campaign - the co-chairs of the campaign organised a tearful and powerful Trans Day of Remembrance vigil. encouraging key figures within the university and colleges to visit to show solidarty wrth students. Class Act and LGBTQ+ Campaign OTganised a trip to Pitt Rivers Museum to encourage students to come to the Beyond the Binary Exhibition. The campaign worked alongside lo¢al organisation Oxford Against Conversion Therapy and other groups to arrange a protest in response to the government's decision to not protect trans people under the conversion therapy ban. At least 300 people both residents and students came in support and the whole event was well organised with brilliant speakers. LGBTQ+ campaign have continued to SLtpport the Vice President5 Women and WEO in lobbying for colleges lo adopt Ihe newer definition of transphobia that passed Tnnity term 2021 student councils. working with them to find legal advice around the definition. The sexual heatth reps have been essential to the work around sexual health and protecting student sex workers that is b￿n9 led on by our Vice Piesidenl Women. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements FOT the ear ended 31 Jul 2022 ort of the Trustees continued Achievements & Perforniance {continued): student.Led CJnpaign$ During Michaelmas 2021. there was a noticeable amount of Campaign reps, mainly co-chairs. who decided to step down from their roles from several drfferent comrnittees. This prompted our SU staff team to circulate a 5UTvey to Campaign reps on their experiences working with the sabbatical team. campaign training and to reflect on any further supp)rt they would appreciate. The survey responses enlightened the SU to what skills campaign reps fell that they needed to perform their roles. as well as an inswJht into the emotional labour. de￿gatiOn. lime management, policy work and project planning that came the roles. This infomation was used to reform the campaign training to structure rt wth some core focuses such as wellbeing and project planning, Wbth additional optional training to be offered for other areas of interest. The campaign training also gave the staff a point to reflect on what other additions should be made to the training. This led to oui Vice Presidenl Graduates leading a session on how lo represent postgraduate students after feedback from MCR presidents that they did not experience the same level of communication their JCR counterparts did with Campaign Committees. Another development area this year was ensuring that Campaign co-chairs sit on relevant committees, often alongside Sabbatical officers. to accurately represent the needs of their members of their campaign. Currentty It Happens Here sit on the Sexual Violence Subgroup, LG8TQ+ Campaign srtting on the LGBT Advisory Board and Equality & Diversity Forum and Discam sit on the Bodleian Libraries Disability Committee. This decision benefits the c￿chairS as it allows them to further lean into leadership roles, have a better understanding of the university's position and have space to directly respond or ask questions to key members of staff. We have seen that while CaMpa￿n representatives wish to have more influence and direct communication with the university. we must balance this out with a better understanding of their wellbeing needs. As they are voluntary part-time student actNists. they have other commitments e.g. their degrees or employment so an increased emphasis on collaborats'on with all the staff, nol just the Sabbatical team. has continually been reiterated lo the whole committee and this ultimately increased productivty- OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the ear ended 31 July 2022 ort of the Trustees continued Achievernents & Perforniance (continued): Local and National Campaigning In this past year, the SU has been proactrve in resporKling to b)cal issues and *islative changes that would negalivety impact students. There have been numerous demonstrations that have either been organised by or vthh the support of our Sabbatical team and the Campayns. As previously mentioned, our Women's CampaKJn and It Happens Here joined the national Girls Night In movement. organising a boycott of clubs and a demonstration to show how unacceptable the lack of response to the increase in spiking incidents. There V￿re hundreds of people present and it encouraged some clubs such a$ the Bullingdon to tssue public ststements about how they are actively preventing spiking in their clubs. In Hilary Term, the sabbatical team led a protest against the Nationalty and Borders &'ll. There was be￿en 70-100 people present during the demonstration ￿th SFeakers that included fomer CRAE co-chairs, student reps from Solidarilee and the incoming SU President. The officers contacted other sabbatical teams to engage wrlh the wder student movemenl to speak out against the Bill which is v4hal prompted Cambridge SU to hold a demonstration and other Sus lo work with their students to find solutions. In O week Trinity term 2022. LGBTO+ Campaign worked wth Oxford Against Conversion Therapy and some of the sabbatical team to organise a demonstration after the announcement that the ban against conversion therapy the Government had reached would not include protection for Irans and non-binary. 300+ students and local people were in Bonn Square and the Campaign co-chairs led in chants and broughl on speakers from local and national organisations speaking oul on the issue who gave conts¢t detaI5 for people vtho wished to reach out about their experiences or wished to volunteer. The large crowds at all these events shows that students conlinue to expect the SU to lead on responding lo political issues. Speaking out and spreading awareness around these issues aligns us wrth our rnosl vulnerable students and ensures that our students who would otherwise not be aware have a better understanding of public affairs and how it impacts them and their peers. 10 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements FOT the year ended 31 July 2022 Re ort of the Trustees continued Achievements & Perfomiance {continued): Student Aledla The Oxford Student (Student Newspaperj This year. the VP Charities and Communty and the Communications Manager at the SU have worked to facilrtate and rebuild student media following the pandemic. The student radio station, Oxide, had suffered during the pandemic and therefore was disbanded. At the start of this year, the slation was revived. The SU v￿01e a new constrtution. handover documents for each committee member. upgraded and replaced equipment, and recruiled a new committee of 12 members. This commrttee has successfully neared its one-year complets"on. and has produced a series of week￿, regular shows and showcased studenl talenl. The key Suc￿$se$ include a weekly student radio show and the facilitation of a committee Tmth key skills such as l)udgets'ng, recording. edrting and producing show5. Oxide (The Student Radio Station) Oxford SU has continued to support our student newspaper. The Oxford Student. The SU provides media law training, regular catch ups and logistical facilitation. This year the Oxstu have moved from weekly to biweekly printing. which has greatly improved the qualty and management of the newspaper and website. Following student feedback, the Oxstu now has a team of editors in chief. an assistant editor, a Director of Communications and a Director of Strategy to ensure greater continuity and consistency betsyeen handovers. The Oxstu and SU work closely together and is granted exclusivity over the annu81 elections and SU news. Fundraising ami RAG (Raise & Give) RAG, our fundraising arm of the SU. belween August 2021 and Juty 2022, has raised a net surplus of£14,710. RAG have had a drfficull year coming back due to the impact of the pandemic with students priorilising other areas of engagement and not fundraising. This year, the SU have worked hard to ensure that the FiAG committee are acts.ve and engaged and taking the necessary steps lo bring ba¢k the bigger events and activities that have traditionally raised a huge amount of money. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the ear ended 31 Jul 2022 Re ort of the Trustees continued Achievements & Pèrfonnance (continued): The Ball also sold the most tickets of any of the ticketed events. accounting for 170 of the 375 sold throughout this fundraising period. Whether or not RAG continues to organise the Leap. a charty bungee jump event that proved popular in Pfevious year5, will be an area that the RAG committee will need to reflecl on. The u front costs for hirirvJ the bungee company are high enough that the risk of nol breaking even is substantial. Albeit Ihe Leap making enough to cover the Costs, RAG will be focusing on evenls and services that have consistently proven successful lo the extent there is a profit made and do not require a large pay-out before being able to gauge intere51. such as online dating events, the RAG ball and running Casino events al college balls. Access Programme- Taryet Schools Target Schools is the Su's access programme. ￿lch coordinates workshops and shadowing days to support access and outreach work within Oxford. In line wth our access aims. Target Schools have organised monthly virtual shadowng days to connect Year 12 students with Oxford students who volunteer their time. Keeping some shadowing days online has allowed us to expand the programme, reaching areas where travel is a barrier to prospective students considering applying to Oxford. The cornmittee sts"Il have had a large Tesponse to their in-person shadowing days wth 290 young people applying for 4 shadowing days this Trinty term with only 120 places available. The three events during April had 120 people attend. showcasing how well received these nitiatives ale. 12 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 Juty 2022 Re ort of the Trustees Continued . A¢hievements & Perfomiance Icontinued): Race Equality The 2021-22 academic year marked the first full year of the Race Equality Taskforce, set up with the support of the previous Sabbatical team. This year the team was adamant on separating the roles of Chair of the Trustee Board and the co-chair of the RETF Student Issues Working Group as the previous President expressed drfficulty balancing both commilment $0 the latter role was undertaken by our Vice President Wetfare and Equal Opportunities (WEO) with our Vice President Graduates also holding a seat on the subcommittee. Our Sabbatical officers that sit on RETF were involved in the development of the suggestions from the task force's consultation to ensure that student opinion was represented heavily in the recommendations but our Vice President Graduates admits there are areas of improvement in the final draft. Furthermore, the sabbatical team with the SUPF)Ort of our Comms team heavily advertised the consultation to students in order to ensure dirert resF)onses from students influenced the future strategy points. The Sabbatical team has W on conversations around EDI and specifically how Oxford can become anti-racist instttution in various departments. One example has been Y￿rkIng with the Careers Service to bring them in the loop and help inform IheiT upcoming EDI strategy. The Vi President WEO has helped develop the EDI newsletter and worked with EPS to consult on their 'Race in the Curriculum, toolkit which aligns with students, desires to diversify course content. Mental Health & Wellbeing The main mental health initiatives that have been dixussed across all the roles in both academic and welfare committees is the importance of inclusive learning practices. course structures and assessment methods. This has been led by our Vice President Access and Academic Affairs who has advocated for the introducb'on of Some variation of a ReadiThJ Week to be introduced. The Reading Week campaign started V￿th in-person qualitative data collection al our SU Hilary Fair before shtftin9 to a survey to Collect testimonies around how mental health is impacted by the eight-week term wilhoul a Teading week. The campaign has received 242 responses in rts first week as well as having originalty been discussed in several Academic Representative Committees. The orKJinal focus groups led to internal discussions within colleges and the information we have received from the survey provides the SU with essential information around what students ctle as reasons for or against a reading week and vthat they would prefer one to look like10gistically. In addition to this OUT VP Access and Academic Affairs and President has given signrficant contributions in favour of continuing lecture capture and diversifying assessmenl. This information will be processed to present to committees including the newly formed Joint Student Mental Health Task force. 13 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 ort of the Trustees Continued A¢hievements & Perforniance {contlnued)." This year. the Vice President Women and WEO have worked to deepen our relationship with the Studenl Wellbeing and Support Services {SWSS). We have worked in discussions with the Training coordinator, Dr Ruth Collins. to discuss what the mental heallh training provided to colleges look like and who should be recommended to have this training. This comes after discussions on how collegiate v￿lfare teams including porters can better handle mental health conditions and welfare issues. Our Vice President Women has been leading conversations around welfare measures for suspended students and has worked wrth the SU staff team to kick start inlefesl in bringing back our Suspended Students Campaign. Sustainability The VP ChaTlties and Communty has sat in several sustainabih.ty subcommittees on both Conference and the University. These have been impacttul for student input into the environmental and sustainability strategy passed in 2020, and helped to ensure student voice is heard at a top level. expressing support for colleges being more transparent wrth theiT water. gas ond carbon emissions. Our Vi¢e Presidenl Charities and Communty has opened up lines of communications be￿n environment and ethics reps vA)o expressed the desire for colleges to rety on an external 5uslainability consullant. This year has been another Successful year for Bike Doctors. In Collaboration wrth Bainton Bikes. the SU and Universty have worked together to host 9 Bike Doctor sessions over this year. three a term. The turnout has been amazing. so much so thal it has been recommended from Bainton Bikes to increase the sessions by an hour, to allow for more 5tudenls to have Iheir bikes fixed and less turned away. Thi5 budget increase has been approved by the Universty Sustainability Team. The intemational students Flight survey was conducted through join effort of OUT Vice President Charities and Community and other members ofthe Conference of Col*es Sustainabilty Working Group. Survey was airned to gather data regarding flight usage by international students for the sustainability strategy. The key findings from this survey indicate Ihat college provision for international students should be made cheaper and more accessible as this would be fflore environmentalty friendty and would encourage more students to slay over the vacations and redu￿ flight usage and this is vthat the SU has en¢ouraged following the data evaluation. The SU circulated the survey in March 2022 to our mailing list of inlernational students and received 1036 responses from 39 colleges, from students 98 different countries. 57% of responses being from postgraduate slvdents which shows the suNey is represenlalive of the internalional student Community at Oxford. 14 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees Continued Achievements & Perfomiance Icontinued): Access Our Vice President Access and Academic Affairs vffjrked to introduce our new sub fusc scheme to tackle unnecessary barriers to students feeling integrated into Oxford. All 25 applicants to the scheme this year were reimbursed which is a small act that improved their student experience. Through collaboration with fees and finance and a grant from Santander linked lo the Development Office, we are now able to distribute 350 full sets of sub fusc this next academic year and provide students some extra items. This scheme was available to any students who had received means-lested financial aid. Updating the altemative prospe¢lus has been a priority for a few years now and Target Schools (our access programme) and our Vice President A¢¢ess and Academic Affairs has made progress this year. The project group are making massive headway, having collected a large proportion of the pages they need from ¢oNeges to be able to publish in the next year. The objective of the altemative prospectus is to explore other parts of student experience besides academics and debunk the false expectations people have around apptying. studying and living in Oxford. Sexual Violence The Vice President Women has consistently been lobbying for an updated staff student relationship policy for the University. including for student representation in the gTOUP that discusses the draft. Alongside the lobbying for the policy. they have been present in multiple conversations around collegiate policies and what they are doing lo support survivors. Furthemiore, Ihey have PTovided a sludent perspective and support for the intercollegiate disciplinary panel for handling cases of breach of conduct wrthin colleges. reflecting the desire of studenls to have consistency across investyations around sexual misconducl and how its handled by colleges. The Vice Presidents Graduates and Access and Academic Affairs also represented the interests of survivors in commrttees. discussing topics that ranged from reforming the serious crimes policy to reviewing disciplinary procedures and outcomes for acts of sexual misconduct. The Vice President Women has also made signfficant contributions to the consent review working group to discuss how the colleges and university should shape ihe consenl Pfogrammes offered to students. They have worked with the head of sexual Violen￿ support service to push one of the Su's previous suggeslions in our Annual Quality report which was for the student wellbeing services lo undertake and organise the consent workshop facilrtator training. 15 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the ear ended 31 Jul 2022 Re ort of the Trustees Continued FUTURE PLANS Oxford SU continues its recovery frorn the core period of the Pandemic, whilst also examining Itse￿ in terms of its purpose and role within the wider Oxford ecosystem. Our partnerships with our membership. working wilh and through the Common Rooms. Campaigns, student groups and Council will always sit at the core of our efforts lo respond to and improve the student experience at Oxford. The previous CEO, having left the organization, has given the Student Union the opportunity lo further reflect on its core purpose and business. The objectrrfes of the previous short-term strategic plan still stand and will help guide the Student Union during its transition under the new CEO who tskes up office in January 2023. Namely the followng challenges are still in focus". To embrace and develop the Student Union's ability to be Ihe Irue representalive body of the University of Oxford and act as the conduil between the Colleges and University for student members on issues that matter. To achieve this. we have focused on our training offer, particularty to Common Room Reps. and our internal support around policy areas to support University commthee work FulkTime Officers. On the latter point, where campaigns are devolved, such as y￿th rent-setting negotiations. the Student Union will support College Reps in their influencing roles. To continue to strengthen our online presence vthilst we lobby for a better physical Presence. The major redevdopment of the website and our digrtal tools will be completed wrthin the 22-23 academic year. Academic Representstion continues to be a key area of focus moving forward for the organisation. particukTty our interaction viith Course Representatives followng on from the success of our engagement with Divisional Representatives, with record numbers of applications for these roles and successful course rep training events. There are clear -hot topics. within the student body that are important to our members and we need to define and enable engagement within these areas to remain relevant.. Mental HeaRh. Cost of Living. COVID. Enviionment. Race-Equality and Access The overall devdopmenl of our student engagement has long-been a topic in temis of our governance. The establishment of a new engagement team is coupled wrth the establishment of a Sludent Engagement SutFCommittee of the Board, with its role to advise the Board on the organisation's student engagement position and assist the making of attainable goals to Increase student engagernenL This will bnng significant benefts to ensuriro we are taking on strategies and approaches which make the mosl of sector practice, bul completely tailored to the Oxford Universty environment. As reported. COVID, as wf(h evewthere, has been a S￿nIfICant financial challenge, particularly around our income generation efforts. In the year ahead, the Student Union will be reviewing its approach to bU￿nesS development to ensure V￿ have a sustainable and approptiately scaled model of commercial activity. Our full-time elected offi￿rs are the heart and soul of our campaigning and engagemenl actNity, bringing together their work with colleges, Campaigns and student reps to produce a serie5 of key ath"vities and focus, which this year includes= 16 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees Continued FUTURE PLANS Can7p8igning for better support for students With undiagnosed medical conditions. Improving the efle¢tiveness and representaliveness of our democracy. Campaigning for SU$fainability goals across all colleges. Developing our work Mth the local community in Oxford. Campaigning on issues ￿lating to Cost of living with undergraduates and graduates. Supporting our College Representatives to engage in rent negofvations. Campaigning forbetter hardship fvnding and finan¢ial support for grad students.. Creating campawns and events to improve safety within Oxfords night-time economy. Prov￿Ang inforMat￿n and ￿sOUrceS around sexual health. Scrutinising access and the widening participation gap at Oxford. Developing and supporting Divisional Represen¢atives in their work. Improving ourabilrfy lo build ourinstitutional memory. to support advocacy within the Collegiate University. All of this work sits within the context of our short-term strategic plan. The staffing structure linked to the strategic aims has been implemented by the organisation and the Student Union will Continue to ensure benchmarking and impact can be developed and implemented for the organisation. We will continue to review our ways of working and our slructures to deliver on these objectives. The new CEO. along wth the Trustee Board will work to look beyond this plan, to the future. as the 21-23 plan should reach its end in this academic year. 17 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Stslements For the year ended 31 July 2022 ort of the Trustees Continued FINANCIAL REVIEW In 2021-22 the defKit on total funds was £2.114 (2020-21= a sU￿￿S of £27.7351 Total funds are made up of reslricled arbd unrestricted funds. The unrestricted fijnds comprise general fijnds and the pension reserve. At the yearend. the balance of general funds decreased to £254.93812020- 21". a balan￿ of £268.7571. The pension fund deficit balance increased to £344,214 {2020-21'. a defi￿1 balance of £338,375). The surplus balance on reslncted funds increased to £26.829 {2020- 21. a surplus balance of £9,285). Tl* totsl funds defi¢it bala￿ increased to £62,447 (2021>21.. a deficit balance of £60,333). Oxford SU is in a net liabilty p051tion as a result of the pension scheme deficit liabilty. This liabilty 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 thi%. Oxlord SU is in a net asset pwtion both overall and on unrestricted funds. Oxford Su's reserves policy sets the target level of reserves al three months, total running ¢OSts less 75Yo of the grant fvnding agreed the Universrty of Oxford for the same period. This gives a larget level of reserves of £118,465. This figure applies to unrestricted general funds, which at the year-end stood at £254,938 (General funds are therefore well in excess of the targel leveb)- In view of this, the Trustees had planned a defictl on general funds of £57,164 in 2021-22, as part of a strategy to utilise its reseNes and bring them ck)ser lo the target ￿ve1. The decrease. from £268,757 at the beginniNJ of the year to £254.938 at the end of the year. is considered step in the right dire¢lion_ However, this was not as significant a5 the planned budget deficit as the company recongised that the after effect ofthe pandemic was sts"Il looming and the recovery period for companies woukl take a bt longer than prewously hoped. Due to this the company took the chance to naturally reduce it's staff￿9 levels. which in retum ieduced it's predicted deficit pOs￿"0n. Whilst the company generated a lower deficrt this year. il still remains a target set by the trustees that Oxford SU will utilise rts reserves over the coming years vthh a budgeted deficit of £78.936 for 2022-23. Oxford SU also held restricted funds at year end of £26.829 {2021.' £9.285). A portion of this relates to funds raised for Oxford Raise and Give (RAG). These funds are not available for the general purposes of Oxford SU. The residual value is made up of the fixed assets the company holds on its books. The activities of OSSL Limited, Oxford Su's trading subsidiary. afe ¢onsolidated with these financial statements. 18 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Re ort of the Trustees Continued Key risks and uncertainties The board of trustees considers the following to be the key risks that Oxlord SU needs to focus on. These are monitored by senior managers and trustees on a regular basis. Pension schemo deficit The currenl funding shortfall on the Universty of Oxford Staff Pension Scheme requires significant, but currentty affordable. annual payments. A clear strategy is in place. overseen by the Irustses of the Scheme, to recover the deficiL Liquidity Oxford Su's objective in fflanaging I￿uldIty risk is to ensure that rt can meet its financial obligations as and ￿en they fall due. Oxford SU expects to meet its financial obligations through oper21ing cash Ilows. In the e¥ent that the operating cash flows would not cover ali the financial obligations, Oxford SU has credit facilities available. Given the posrtive cash flows and signrficant cash balance held at year-end, Oxford SU is in a position lo meet its commrtments and obligab.ons as they come due. Customer credit exposure Oxford SU may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. Oxford SU is at Tisk to the extent that a customer may be unable to pay the debt on the specrfied due date. This risk is mtbgaled by the stron9 on-going customer relationships. Funding Oxford Su's principal funding sources are grant income from the Universty of Oxford, and its commercial a¢tivitie5. UnNersity funding has been provisionally agreed until 2022-23. Income from Oxford Su's commercial activities is increasing. The trustees continue to monitor these sources of income closely. STRUCTURE. GOVERNANCE AK) MANAGEMEKr The slru¢ture of the organlsation The trustees who served during the year and since the year end are set out on page 1. The board of trustees as charty trustees is responsible for the overall performance. strategic direction and management of Oxford SU and Isubjecl to relevant legislation, its articles and bye-laws) may exercise all the powers of Oxford SU. The board is made up of.. up to six sabbatical trustees, up to five student trustees. arKI up to four external trustees. 19 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 The trustees are responsible for approving the strategy, major plans (including the annual budget and long-term financial goals) and policies of Oxford SU and for ensuring that these are implemented via the chief executive. Sabbatical trustees are elected by the student members. Their main remit is to undertake Oxford SU'S representative and campaigning work. Sludent trustees are similarty elected by the student members, ensuring that the student members are directly ￿presented on the board. External tiuslees aTe selected by the nominations committee and then ratified by Oxford Su's Council. Their main role is lo provide a long-term strategic view lo the board. Sabbatical ITUStees and student tiustee5 hold office for one year. and external trustees for up to four years. Student trustees and external trustees are eligible for reolectron. There are clear distinctions be￿een 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 certain 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 monitor the implementation of these plans. The finance and risk subcommittee is a board sub¢ommillee vrith clear tems of reference. and which reports directly to the board of trustees. The finance and risk subcommittee has delegaled responsibility to manage the finances of Oxford SU, including monitoring expenditure and developing budgets and financial policies. It also lakes a lead role in the management of risk. The board of trustees makes appointments to this committee. For new trustees, Oxford SU has a wde•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 series of induction meetings and briefings. These cover the core aspeds of their responsibilities, induding strategy, finance. legal matters and the relationship behveen 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 role. Under the Education Act 1994. the University of Oxford has a statutory duty to take such sleps 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 its affairs are properly conducted and that the educational and welfare needs of Oxford Su's sludent members are met. This is done through a subcommrttee of Educats'on Committee of the Universty of Oxford Joint Subcommitiee of Education Committee and Student Members How management works at Oxford SU Day to day operalional and staff management is delegated to the chief executive who is responsible lo the trustees for strategy.. its development. implementat￿n and operational performance. The chief executive is supported by other mernbers of the senior management team. During the year 2021-22 this comprised.. Chief Executive". Kate Dawson Head of Advice Wellbeing & Student Engagement= Hanne Clark Head of Finance and Organisational Effectiveness.. Kristy-Anne Field 20 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Oxford SU employs 19 fijll time equivalent salaried staff {was 22 employees)- The chief executive oversees the pay and benefits of staff. ensuring a fair and consistent approach thal relates to the level of responsibilities undertaken. Each year. along wrth the salaries of other staff, key management salaries are subject to a standard inflationary uplrft decided by the Finance and Risk Subcommittee depending on the contexl of thal year. The pay for the chief executive is sel by the board and reviewed annually. Pay for sabbatical trustees is also reviewed by the board. Where the relevanl person sits on Ihe board of trustees, they are not present while the relevant discussions take place. Risk management The trustees have given Consideration to the major risks to vthich Oxford SU is exposed and have satisfied themselves that systems or procedures are established in order to manage those risks. The risk register is monitored by the Finance & Risk Subcommittee and discussed annual al the full board OT more frequently rf needed. Fundraising Oxford SU only carries out fundraising activrties to raise funds for Oxford Raise and Give {RAGI- Funds are raised Ihrough fundraising events and throu9h sponsored challenges carried out by sludents. All fundraising actNilies are carried out by students wilh assistance from staff at Oxford SU. No complaints relating to fundraising activities have been receNed by Oxford SU during this financial period. Oxford SU does not currently subscribe to any specific fijndraising slandard5 or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activities. In particular, Oxford SU considers that its pro¢esses 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 thal no fundraising activities would be unreasonably persistent or ￿a¢e undue pressure on a person to give money or other property. Oxford SU does not currently subscribe to any specific fundraisiNJ slandards or schemes for fundraising regulation but considers that it 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 vulneTatAe people and other members of the public are protected from any unreasonable intrusion on a person's prNacy and that no fundraising activities would be unreasonably persistent or ￿ace undue pressure on a person to give money or other property. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also directors of Oxford Universty Student Union for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Praclice (Uniled Kingdom 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 unths they are satisfied that they give a true and fair view of ihe st*e of affairs of the charitabk conyany and 21 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable group forthat period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- obserye the melhods and principles in the Charrties SORP- make judgments and estimates that are reasonab￿ and prudent., slate whether applicable UK accounling stsndards have been followed. subject to any material departures disclosed and explained in the financial statemenls- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable company wll continue in business. The Trustees are responsible for keeping adequale accounting records that are sufficient to show and explain the charrtable CoMpan￿S Iransactions, disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure thal the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for takiw reasonable steps for the prevention and detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUOITOR In accordan￿ wth company law. as the company's directors, ￿￿ ¢erbfy Ihat: so far as we are aware. Ihere is no relevant audil infomation of which the companvs auditor5 are unaware", and as the directors of the Company. VE have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audrt information and to establish that the charty's auditors are aware of that informats'on. AUDITOR The auditor, Crowe U.K. LLP. will be proposed for reappointment in accordance tmth section 485 of the Companies Act 2006. The trustees have agreed on these financial st*ements which have taken advantage of the small companies exemptions provided by section 41 SA of the Companies Act 2006. Approved by the trustees and stgned on their behalf by.. Chair of trustees.. EIIE Greaves Dale. 17 March 2023 22 , Crowe C¥owe U.K LLP 44k51 Bl¥aveSbt R¢¥Jing Berkshire RGI IPL Tel: +44 (01118 959 7222 Fax.. +44 (01118 958 4640 I￿￿v.￿llweQ)rn INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION Opinion We have audited the financial slalernents of Oxford Universty Student Union for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activitses. the Consolidated Balance Sheet. the Company Balan￿ Sheet the Consolmdaled Cash Flow Statement and notes to the financial statements. induding a summary of signffi¢anl accounting policies. The financial reporting framework that has been applpd in their preparabon is applicable law and United Kingdom Accounting Standards. including Financtal, Reporting Standard 102 The Financial Reporting Standard applicabk in the UK and Repubhc of Ireland, (the United Kingdom Generally Accepted Accounting Practre). In OLJr opinion Ihe financial statements.. give a true and fair vw4 of the state of the group's and the charitable companys affairs as al 31 Juty 2022 and of the group's income and expenditu￿ for the year then ended", have been properly prepared in accordance wth the Unrted Kingdorn Geneially Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK> (ISAS (UK)) and applicable law. Ouf responsibilities under those standards are further described in the audito¢s Tesponsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements Ihat are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilth-es in accordan￿ vath these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provide basis for our opinion. Conclusions relating to going ¢on¢ern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the kYeparatKJn of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertainlies relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibil'ties and the responsibilrties of the trustees with respect to going concern are described in the relevant seGtions of this report. 23 Crowe Cro1￿ U.L LLP CknneredAccothRopftts Aquis Htsus¢ 49-51 Blagr•v¢ Sirttt Readin8 Berkshire RGI SPL Tel." +44101118 959 7222 F￿- +44101118 9)8 4640 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNIVERsifY STUDENT UNION {CONTINUEDI other inforniation The trustees are responsible for the other informats'on. The other infomlation comprises the information induded in the annual report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwse explictlly stated in our report. do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomats'on and. in doing so. consider whether the other information is materialy inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be malerialty misstated. If we identify su¢h material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mtsstatement in the financial statements themselves. If, based on the work we have performed, we condude that there 15 a material misstatement of this other information. we are required to report that fact We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Acl 2006 In our opinion based on the Wofk undertaken in the course of our audr¢ the information given in the truslees. annual report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the trustees. annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the kno￿edge and understanding of Ihe charitable ￿rnpanY and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect ofthe following matters in relation towhi¢h the Companies Act 2006 requires us to Teport to you rf. in our opinion". adequate accounting records have not been kept. or returns adequate for our audit have not been re￿1Ve￿ from branches not visiled by us-. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Irustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audrt.. or the trustees were not entrtled to prepare the financial statements in accordance wrth the small companies regime and lake advantage of the small companies exemption in preparing Ihe Trustees Annual Report. 24 ,, /1 Crowe Cro￿¢ U.K. LLP Chart¢redAetounwnts Aqui5 House 49-51 Blagrave Swetl Rtadin8 Berkshire RGI IPL Tel.. +44 (01118 959 7222 Fax." +44 101118 958 4fj40 w¥%w.¢M￿.cOM INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF OXFORD UNIVERsifY STUDENT UNION (CONTINUED) Responsibilities of trustees As explained more fully in Ihe trustees, responsibilities statement set out on pages 21-22, 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the group's or the charilable companys ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for Ihe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole are free from malenal misstatement. whelher due to fraud or erTOT, and to Issue an auditorfs - report that includes our opinion. Reasonable assurance is a hHJh ￿Ve1 of assurance. but is nol a guarantee that an audit conducted in accordance with ISAS {UK) véill aKvays dete￿ a material misstatement when it exists. Misstatements can arise from fraud or error and are consider&J material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these finar￿la1 statements. Irregularities, inchJJirKJ fraud. are instances of fKJn-compliance vnth lav•S and regulations. We design procedures in line wth our responsibllrt￿s. outlined above. lo detect malerial misstatements in respect of irregularibes. induding fraud. extent to bthich our procedures are capable of detecting 1rregularrt￿s. induding fraud is detailed bebw.. We obtained an understanding of the legal and regulatory frameworks within vknich the charitable company operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disdosures in the financial statements. The laws and regulations we considered in Ihis context were the Companies Act 2006 and Charities Act 2011 together wth the Charil*s SORP {FRS 102) 2019. We assessed the required compliance wrth these laws and wukqtions as part of our audrt Procedures on the related fi'nancial statement items. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspeclion of regulatory and legal correspondence. rf any. 25 Crowe Cruwe U.K. LLP charleredAcct￿thItt￿[$ Aquis House 49-51 Blagrav¢ Stretl Reading Berkshirc RGI IPL Tel.- +44 (01118 959 7222 FLX.. +44 {01118 958 4640 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION {CONTINUED) We idenlrfied the greatest risk of material impact on the financial statements from irregularrties, 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 identtfication and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing a¢¢ounting estimates for biases, reviewing regulatory correspondence wth the Charity Commission and reading minutes of meetings of those Charged with governance. Our audit procedures to respond to revenue recognrtion risk$ include testing a sample of income across the year to supporting documentation, and reviewing income received erther shle of the year end to ensure this has been reco9nised ￿Trectly. Owing to the inherent limitations of an audit, there is an unavoidable risk that V￿ may not have detected some material misstatements in the financial statements, even though we have properfy planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected lo detect nonthcompliance with all laws and regulations. These inherent limitations are particularly significant in Ihe case of misstatement resurting 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 V￿b$ll¢ at= vMv.fr¢.o .ukJaudrtorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report Is made solely to the charita￿e compan￿$ 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 charitsble company's members those matters we are required lo state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the company's membeis as a body. for our audrt 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.. 28 March 2023 26 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Consolidated Statement of Financial Activities Note Unrestricted Funds Restricted Total Funds Fund$ Totsl Funds 2022 2022 2022 2021 INCOME FROM: Donations 819.120 28,515 31.399 850,S19 28,516 873,4Q8 26. 726 Infrastructure SUPPOrt in kind Other trading activitios: Commercial activity Charitable activities for students". 213,664 213.664 111,211 Welfare Other income 8,174 39.028 8.174 39,028 1.893 281 Total income 1.108,501 31.399 1,139,900 1.073,579 EXPENDITURE ON: Raising funds: Commercial activities Charitable activities for students: Advice and representation Welfare 189.641 189.641 139,087 677.915 260.603 13.855 691.770 260,603 612,426 234,277 Total expenditure Net expenditure and fflovement in funds 1,128,159 13,855 1.142.014 985, 784 (19.658) 17.644 (2.1141 27.735 (88.068) Funds brought forward {69.618) 9,285 160,333) Funds carried fonmard (89,2761 26.829 162,447) (60,333) All operations are continuing. The notes on pages 31 to 47 fomi part of these accounts. 27 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Consolidated Balance Sheet as at 31 July 2022 FIXED ASSETS Note 2022 2021 Tangible assets 10 8.207 5, 506 8,207 5, 506 CURRENT ASSETS Stocks 11 2.965 1,176 259.426 Debtors 12 293.482 Cash at bank and in harKI 247.321 246, 699 543.768 507,301 CREDITORS: Amounts falling due within one year 13 1270.2081 (234. 765) NET CURRENT ASSETS 273,560 272, 536 TOTAL ASSETS LESS CURRENT LIABILITIES 281,767 278,042 LONG TERM LIABILITIES Pension scheme funding defictt 14 1344.2141 (338,375) NET {LIABILITIESI 162,447) (60.333) REPRESENTED BY RESTRICTED FUNDS 15 26,829 9,285 UNRESTRICTED FUNDS General fvnds 16 254,938 268, 757 Pension reserve 16 (344,214) (338,375) TOTAL FUNDS 162.447) (60.333) The notes on pages 31 to 47 fom part of these accounts. The deficit for the financial year dealt with in the financial statements of the parent company was £18,820 (2021-. profrt of £106.528). These accounls were approved and authorised for issue by the trustees and signed on their behalf: Chair of trustees.. Ellie Greaves Date.. 17 March 2023 28 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Com an Balance Sheet Registered Company number 07314850 as at 31 July 2022 FIXED ASSETS Note 2022 2021 Tan9ible assets 10 8.207 5.506 8,207 S.506 CURRENT ASSETS Stocks 11 2.965 7.176 289.836 209,220 Debtors 12 261.459 Cash at bank and in hand 240,519 504.943 13 1237,052) 500,232 (216,659) CREDITORS: Amounts faI￿n9 due within one year NET CURRENT ASSETS 267,891 283.573 TOTAL ASSETS LESS CURRENT LIABILITIES 276.098 289.079 LONG TERM LIABILITIES Pension scheme fundiNJ deficit NET ILIABILITIES) 14 1344,214) {338.375) (68.116) (49,296) REPRESENTED BY RESTRICTED FUNDS 15 26.829 9,285 UNRESTRICTED FUNDS General funds 16 249,269 16 (344.2141 279. 794 (338,375) Pension reserve TOTAL FUNDS (68.116) (49,296) The notes on pages 31 to 47 fo￿￿ part of these accounts. These a¢¢ounls were approved and authorised for issue by the Iwslees and signed on their behalf Chair of trustees-. Ellie Greaves Date. 17 March 2023 29 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Consolidated Cash Flow Statement Note 2022 2021 Cash flows from operating activities Net cash providedlused by operating activities 19 9.318 (46, 907) Cash flows from Investing activities Payments to acquire of fixed assets io (8.696) Net ¢ash used in investing a¢tivitlos 622 Increasel (Decrease) in cash and cash equivalents in the year 622 (46.901) Cash and cash equivalents brought forward 246.699 293.600 Cash and cash equivalents carried forward 247.321 246,699 The notes on pages 31 to 47 form part of these accounts. 30 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements Company infomiation Oxford University Student Union Coxford SU? is a charitsble company limited by guarantee. incorporated in Englan(J and Wales. The address of its registered office is 4 Worcester Stieet. Oxford, Oxfordshire, OX1 2BX. Oxford SU is a students, union wilhin the meaning of the Education Acl 1994. It is devoted to the educational interests and welfare of Ihe sludents of the Universty of Oxford (the'university.) and exists to further the educational purposes of the university. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Pracbce applicable to charrties preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20151 I'charities SORP.), the Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.) and the Companies Act 2006. Oxford SU meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless otherwse staled in the relevant a¢￿UntIng policy note. The financial statements are presented in Sterfing 1£). The group financial statements con501idate the financial statements of Oxford University Student Union and its subsidiary undertaking drawn up to 31 July each year. Going concern Oxford SU is in a net liabilty posiknon as a result of the pension stheme deficit liability. This liabilrty represents the net present value of deficrt ¢onlribubons over Ihe agreed funding plan to 2028, and does not iepresent an immediate cash ouffiow. Before the pension scheme deficit liabilrty Oxford SU has posrtive funds of £281.767 {2021= £278.042). The Trustees have a reasonable expectation that Oxlord SU has adequate resources to contsnue in operalional existence lor the loreseeable lulure. In making their assessment the Trustees have considered the impact on the business of current changes to inflation rates including the ability of Oxford SU to conts.nue to carry out rts chantable obiects"ves. the impact on future income and cash collections. and the financial position of the wider group. They continue to believe the going concem basis of accounting appropriate in preparing the annual Financial Statements. Signrflcant ludgernents and estimates Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements Nthere Ihese judgments and estimates have been made include: Valuation of a present value of future pension deficit contributions In accordan¢e wilh the requiremenls of FRS 102. Oxford SU has made provision foT the present value of required future pension deficit contributions. The contributions required are eslimaled by management wth the assistan￿ of a qualrfied actuary. The present value is then calculaled vsing an appropriate discount rate. Further details of the estimate. including the key assUMpt￿nS used. are gNen in note 14. 31 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slatements For the year ended 31 July 2022 Notes to the Financial Statements continued A¢¢ounting policies Income All income and capital resources are Tecognised in the accounts when entitlement to the income or endowment arises, there is a probable economic benefit to Oxford SU and the amount can be reliably quantir￿d. The infrastructure support provided by the university is accounted for as income and expenditure of the year at an estimated value lo Oxford SU by reference lo the atternatives available on the commercial market. 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. Expenditure Expenditure is accrued as soon as a liability is ¢onsidered probable, dis¢ounted to present value for longer-lerm liabililies. Expenditure indudes irrecoverable VAT and Comprises Ihe direct and indirect costs of delbvering public benefit. Expenditure on raising funds comprises the costs associated with attracting voluntary in¢ome and the costs of commercial activities of OSSL Limited. Charitable expenditure ¢omprise5 those costs incurred by Oxford SU in the delivery of ils a¢livities and services for its beneficiaries. It includes Ix)th costs that can ￿ allocaled directly to such activities and those costs of an indire¢t na￿re necessary to support them. Goveinance costs include those costs associated with meeting the constrtutional and statutory requirements of Oxford SU and include the audit fees and costs linked to the strategic managemenl of Oxford SU. All costs are allocated between the expenditure categorie5 of the statement of financial aclivrties on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directty, however. salary Costs are apportioned on the basis of time worked on each activity- Fixed ay•sets and depreclation Fixed assets comprise major iiems of equipment. Fixed assets are stated at cost. net of depreciation and any provision for impairment. The useful economic life of all assets is deemed to be four years over which depreciation is charged on a straight line basis. In the period of acquisilion. a fvll year's depreciation is charged. An asset purchased Nwth a cost of over £1,000 are capitalised. Expendilure 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 determining the cost of g¢)ods purchased for resale the first in first out basis is used. Debtors Short term debtors are measured at transaction pri￿. less any impaimient. Loans receivable are measLsred initially at fair value, net of transaction costs, and are measured subsequently at amorts'sed cost using the effective interest method. less any impairment. 32 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued Accounting policles (continued) Creditors Short-term trade creditors are measured at the transacts'on price. Other financial liabilities. are measured initialty 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 ¢redilors are initially Tecognised at transaction value and subsequentty measured at amortised cost. Taxation Oxford Su's proffts are nol liable to taxation so long a5 they are d￿Ved from trading vthh junior members of the universty. No prowsion has been made for a Currenl or deferred tax within rts wholly owned subsidiary on Ihe grounds that OSSL Lim((￿ transfers r(s taxable profits by grft aid to the Oxford Universty Student Union and theiefore no tax asset or liability will be ￿alISed. Pensions Oxford SU participates in the University of Oxford Staff Pension Scheme (-OSPS'). This scheme is a hybrid pension scheme. providing defined beneffts as well as benefrts based on defined contributions. The assets of the scheme are hehd in a separate trustee-administeTed fund. Because of the mutual nature of the scheme, the assets are not attributed to individual employers and scheme•wide contributs'on rates are set. Oxford SU is therefore exposed to actuarial nsks associated wrth other employers, employees and is unaNe to identtfy r(s share of the Under￿Ing assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" Oxlord SU therefore accounts for the scheme as rf it were a wholly defined contribution scheme. As a Tesult. the amounl charged to the profit and loss account represents the contribub.ons payable to the scheme. Since Oxford SU has entered into an agreemenl (the Recovery Plan) that determines how each employer within the schemes will fund the overall deficit. Oxford SU recognises a liability for the contributions payable that arise from the agreement (to the extent thatthey relate to the deficbt) vthh related expenses beirHJ recognised through the profft and loss a¢¢ounl. Income Included within donations is £nil (2021.. £47.101) in respect of the Coronavirus Job Retention Scheme. 33 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued Net expenditure for the year Net expenditure for the year is stated after charging.. Depreciation of owned assets Audilorfs remuneration 2022 2021 5.995 9.920 3,821 9,020 Expenditure 2022 2021 Directly attributable costs Support costs Total costs Directty attributable Costs Support costs Total costs Commercial aclNlties Advice and representation Welfare 189,641 189.641 139.087 139,087 232.674 459.096 691.770 212.031 400,395 612,426 87,653 172,950 260,603 81.108 153.163 234,271 509.968 632.046 1,142,014 432.226 553.558 985,784 Further details of the costs included in the above headings are provided as follows.. Advi￿ and repTesentation- elected staff salaries. Oxford SU campaign expenses and communications expendtture Welfare- studenl admsor salaries and events costs includwig the Oxford SU leaching avfirds OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued Expenditure {¢ontinued) Governance costs Included within support costs are governance costs of £30.129 (2021". £32.0121: 2022 2021 Elections and Referendums 350 student officer training Board expenses Auditorfs remuneration 5.319 288 121 (10) 9,020 22,531 11.730 11.791 Legal and professional 30.129 32,012 Staff costs The average weekty number of persons employed during the year was.. 2022 No. 2021 No. Elected staff Studenl advisors Office slaff 11 14 Total 19 22 2022 2021 The lotal cost of their remuneration was.. Wages and salaries Social security costs Other pension costs Total employees, remuneration 582.559 55.049 92,650 577.561 51.046 90,905 730,258 719,512 35 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Stalements For the year ended 31 July 2022 Notes to the Financial Statements continued Staff costs {continued) No employees, remuneration (excluding employer pensTron and national insurance contributions) exceeded £60,000 in the year. The remuneration of key management personnel (including employer pension and national insurance contribubon51 was £243,086 (2021.. £232.6561. This relates lo the chief executive and the remunerated trustees. Staff costs include settlement costs of £nil (2021= £Nil). Stsff Tiustee Remuneratlon and Related Parties Transactions No twstees received any remuneration in the year in their capacty as trustees. but. as permitted by Article 6.6.6lal of Oxford Su's Articles of Association, the following trustees received remuneration for other services as sabbatical officers during the period. The ffrjures include employer pension and national Insuran￿ ¢ontributs'ons. 2022 2021 L Bolz 20,981 22.357 H Drew B Farmer 26,015 25,385 A Foley A Holt 26,501 24,648 Nma A Waseem 23.752 22.935 2,452 2,592 2.452 K Asare O Agunbiade D Devika 27,647 24.399 27,310 2,522 2,452 S Sadozai A Bhutani 26,639 2.586 2.586 2.326 A Jashapara E Greaves O Olusola 2.586 J Calder 2,586 2.586 M Ayodeji 165,612 160.683 36 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For Ihe year ended 31 July 2022 Notes to the Financial Statements continued Staff Trustee Remuneration and Related Parties Transactions {continuedl No external trustees had expenses reimbursed in the year in respect of travel expenses to board meetings (2021.. four trustees. £57). 10. Tangible Fixed Assets Group Office equipment Oxford SU Office equipment Cosl at 31 Juty 2021 29,770 29.770 Additions in the year 8.696 8.696 Cost at 31 July 2022 38,466 38.466 Depreciation at 31 July 2021 24,264 24,264 Charge for the year 5.995 5.995 Depreciation at 31 July 2022 30.259 30.259 Nel Book value at 31 July 2022 8,207 8,207 Nel Book value at 31 Juty 2021 5,506 5,506 11. Stocks 2022 2022 2021 2021 Group Oxford SU Group Oxford SU Finished goods and goods for resale 2.965 2,965 1,176 1.176 37 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 12. Debtors 2022 Group 2022 Oxford SU 2021 Group 2021 Oxford SU Trade debtors 39.415 558 13.706 202 Amounts owed by group undertakings VAT re¢overatAe Prepayments and accrued income 72,061 5.688 81.634 4.293 69.774 180,000 3.152 180,000 65,720 28.000 other debtors 180,000 180,000 293.482 261.459 259.426 289.836 Other debtors include £180,000 (2021- £180.000) on deposrt with the University of Oxford. held tempoiariw whilst altemative banking farylities are aThanged. 13. Creditors 2022 Group 2022 Oxford SU 2021 Group 2021 Oxford SU Trade credFtors 34,086 195.418 28.380 18,547 9,396 other creditors (salaries) Other taxation and social securty Accruals and deferred income 195.418 194,955 194.955 1881) 22,144 394 40.704 13.254 11,914 270.208 237.052 234,765 216,659 14. Pensions The Oxford SU partiupates in two principal pension schemes for its staff - the Universities Superannuats'on Scheme IUSS) and Ihe Universty of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are Contributory mixed benefrt schemes li.e. they provide benefrts on a defined benefit basis - based on length of service and pensionable salary- and on a defined contribution basis- based on Contr￿U￿"0nS into the scheme). Both are rnullkempknyer schemes and the Oxford SU is unable to identfy ils share of the undertying assets and liabilrties relating lo defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance wth the accounting standard FRS 102 paragraph 28.11, the Oxford SU accounts for the schemes as rf they were defined contribution schemes. As a result. the amount charged to the Income and Expendrf(ure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the W￿1hdrawaI of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (vthich cannot be olhetwtse iecovered) in respect of thal employer will be spread across the remainin9 participating employers and refie¢led in the next actuarial valuation of the scheme. 38 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements contlnued 14. Pensions (continued) The Oxford SU has also made aVaila￿e the National Employment Savings Trust for employees who are eligible under automatic enrdment regulations to pension benefits but not eligible for either USS or OSPS. Actuarial valuations Qualified actuaries periodically value USS and OSPS defined benefits using the'kyojected unit method,. embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The resurts of the latest actuarial valuations and the assumptions which have the most signtficant effect on the results were.. osps 31 March 2019 19 June 2020 £848m £735m 1£113m Date of valuation Date valuation results Value of liabilities Value of assets Fundin deficit Principal assumptions.. Discount rate Rale of increase in salaries Rale of increase in ensions Assumed life expectancies on reb'rement at age 65.. Male5 currently aged 65 Females currently aged 65 Males currently aged 45 Females currenti aged 45 Funding ratios.. Technical provision basis Statutory pension protection fund basis -out, basis Emplo er contribution rale (as 0/0 of pensionable salaries) Effective date of next valuation ublished Gilts +0.5 /0-2.25° RPI e RPIICPI Avera 21.7 yeais 24.4 years 23.0 years 25.8 ears 87• 740 600 19% 31 March 2022 The discount rate for the OSPS valuation was.. Pre-relirement.. Equal to the UK nominal gilt cwrfe at the valuation date plus 2.750/0 p.a. at each term. Post-retirement= Equal to the UK nominal gilt cuNe at the valuation date plus 1.00% p.a. at each temi. 39 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 14. Pensions (continued Increases to pensions in payment for the OSPS valuats.on V￿re. RPI inflation is derived from the geometric drfference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each teTm. CPI inflation is derived from the RPI inflation assumption. less the Scheme Actuary's best estimate of the long-teffli drfference befvleen RPI and CPI inflation as applies from time to time11.0°/o p.a. as at 31 March 2019)- For pension increases linked to inflation. a ￿nSIOn increase cuNe is constructed based on either the RPI. CPI OT the average of the RPI and CPI inflation curves described above, adiu5ted to alksw for the dtfferent maximum and minimum annual increases that apply, and the Scheme ActuaWs best estimale of inflation volab'lty as applies from time to tmne. The OSPS employer conlribulion rate includes provisions for the cost of future accrual of defined benefits, deficit contributs"ons, adminislrats've expenses and defined contributions. Sensitivity of acluarial valuation assumptions Surpluses or deficits which arise at future valuakn'ons may impact on the c¢)mpany's future contribution commitment. The sensits"vities regarding the principal assumptsons used to measure the scheme liabilities are set out below. Assumption Change in assum tion Decrease b 0.25% Increase b 0.25°h Impact on OSPS technical rovisions Increase b £45m Increase b £40m Valuation rate of interest RPI Deficit recovery plans In line with FRS 102 paragraph 28 11A. Oxfoid 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 1.009 3.00% 3.30% Finish date for deficit recove Average staff number increase Average staff salary increase Avera e5over eriod lan 2028 A provision of £344.214 has been made as at 31 Juty 2022 (2021.. £338,375) 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 defi.crt is paid off according to the pension recovery scheme. Pension charge for the year The pension charge recorded by Oxford SU during the accounting period was equal to the Contributions payatrAe after allowance for the deficit recovery pL3n. being £92.650 (2021.. £88,303)- 40 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 15. Restricted funds Oxford SU and Group Asat August 2021 Asat 31 July 2022 Income Expendlture Class Act Comedy versus climate change Green Trashing Oxlord RAG Oxide Radio student group Santander grant income 130 130 111 111 7.834 29.849 (13,855) 23.828 110 110 1.097 1.550 2.647 9.285 31,399 (13.855) 26,829 Below is the analysis of restricted fijnds at 31 July 2021= Oxford SU and Group Asat 1 August 2020 Asat 31 July 2021 Income Expenditure Class Act Comedy versus climate change Green Trashing Oxford RAG Oxide Radio student group Santsnder grant income 142 (12) 130 111 111 41.995 1,307 (35.468) 7,834 292 (182) 110 111 1.097 43,526 1.307 {35.548} 9.285 41 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 1 S. Restricted funds {continued) Restncted income was re￿Ned for the foll0v￿ng purposes during the year: Class Act supports, represents and CaMpa￿n$ on behalf of students from working class, low income, first generation and state ¢omprehensi¥e school backgrounds, as well as care leavers and estranged students. Comedy versus climate change is an initiattve lo host temily comedy gigs to raise funds for climale-change charities and awareness about the climate crisis among the student body. Green Trashing sokj environmentalty friendly pr¢>Jucts for use in the Oxford trashing tradition. Profrt raised is to be given to an environmental charty. Oxford RAG supports four charities which are selected ty an all-student election in Hilary Term. Oxide Radio income is used to support Ihe running of Ihe student radio station. The Santander univeisf(Rs donation, worked on in collaboration with the Universty of Oxford. is to be spent on activities that encourage arKI engage dNersrty and inclusion across the University. 16. Unrestricted funds Group Asat 1 August 2021 Asat 31 July 2022 Income Expendlture General funds 268.757 1.108.501 11.122.320) 254,938 Pension reserve (338.375) {5.839) (344.2141 {69,618> 1,108,501 (1.128.159) (89.276) Oxford SU Asat 1 August 2021 Asat 31 July 2022 Income Expenditure General funds 279,794 924.268 (954,793) 249,269 Pension reserve (338,375) (5.839) {344.214) {58.581) 924,268 (960.632) (94,945) 42 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 16. Unrestricled funds (Continued Below is the analysis of unrestricted funds at 31 Juty 2021- Group Asal 1 August 2020 Asat 31 July 2021 Income Expenditure General funds 219.953 999.040 1950.236) 268,757 Pension reserve (351.547) 13.172 1338.375) (131,594) 1,012,212 1950,236) (69,618) Oxford SU Asat 1 August 2020 Asat 31 July 2021 Income Expendilure General funds 152.197 1.032.361 {904.764) 279.794 Pension reserve (351,547) 13,172 (338.375> (199.350} 1.045.533 {904.7641 {58.581) 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 future contributions required over len years to clear the funding deficbt of the OSPS pension scheme. See note 14 for further details. 43 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 17. Analysis of net assets between funds Restricted funds Unrestrl¢ted funds Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficit 8,207 516,939 {270.2081 (344.214 (89,276) 8.207 543.768 1270.2081 1344,214) 162.447) 26.829 26.829 Below is the analysis of net assets befv￿n funds as at 31 July 2021= Restricted funds Unrestrletsd funds Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficit 5,506 497,975 {234,7241 (338.375) (69,618) 5.506 507,301 (234,765) (338,375) {60.3331 9.326 (41) 9.285 18. Financial commitments At 31 July 2022 Oxford SU had future minimum lease payments undei non-cancellable operating leases as follows.. 2022 Group 2022 Oxford SU 2021 Group 2021 Oxford SU Other Other Other Other wrthin one year Be￿en one and Iwo years Befv￿en and fwe years 3.470 2,602 3.470 2,602 3,470 3,470 2,602 9,542 3,470 3,470 2,602 6,072 6.072 9.542 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slatements For Ihe year ended 31 July 2022 Notes to the Financial Statements continued 19. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Net movement in funds 12,114) 5.995 27,735 Depreciation Increase in debtors 3,821 (65,053) 1.136 (1,368) (13,172) (46.901) 134.0561 {1,789) 35,443 5.839 9.318 IncreaselDecrease in stock IncreaselDecrease in creditors Increaselused By in pension Provision Net cash flow Providedlused by operations 20. Analysls of changes in net debt At1Aug 2021 Cash flows Other Changes At 31 Jul 2022 Cash at bank and in hand 246,699 622 247,321 246,699 622 247.321 21. Investment in OSSL Limited OSSL Limited, registered number 07322922. is a wholty owned subsidiary of Oxford University Student Union. The address of the company is 4 Worcesler Street, Oxford OX1 28X. The activities of the company comprise primarity printing and distribution of student publications and running student events such as the annual freshers. fair. The book value of the investment in OSSL Limited in the company accounts of Oxford University Student Union is £nil (2021." £nil). During the year Oxford SU charged to OSSL Limited £65.754 (2021.. £67,764) in respect of staff salaries and £3,623 (2021: £9,080} in respect of office costs. During the year grft aid amounting to £nil {2021= £67.755) was paid to Oxford SU by OSSL Limited in ielation to 202 21. Gift aid of £5,670 in relation to the last ￿40 years resutts will be paid lo Oxford SU by OSSL Limited after the yearend. At the year end, Ihe balance owed by OSSL Limited to Oxford SU was £72,061 (2021: £81,634). 45 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements contlnued 22. Members. liabi1Sty The company is limrf(ed by guarantee and has no share ¢apital. 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 Oxlord SU rests with its membership. 46 OXFORD UNIVERSITY STUDENT UNIQN Annual Report and Financial Statements For the year ended 31 July 2022 Notes to the Financial Statements continued 24. Comparative consolidated statement of financial aclivities Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 INCOME FROM: Donations 872.101 26,726 1.307 873,408 26,726 Infrastructure support in kind other trading activities: Commercial activity Charitable activllies for students: 111.211 Welfare Other incorne 1,893 281 1.893 281 Total income 1.012.212 1.307 1.013.519 EXPENDITURE ON: Raising funds: Commercial activities Charitable activities for Students: Advice and representation Welfare 139.087 139,087 576,878 234.271 35.548 612,426 234,271 Total expenditure 950.236 35,548 985.784 Net movement in funds 61.976 134.241) 43.526 27.735 {88.0681 Funds brought forward (131.5941 Funds ¢arried fofward (69.6181 9,286 {60.3331 47