Oxlord UnNersty Sludent Union (A Company Limited by Guarantee) Registered Chanty Number 1140687 Registered Company Number 07314850 ANNUAL REPORT AND FINANCIAL STATEMENTS for the sear eled 31 Juty 2024 *ADVBC863• 112025 COMPANIES HOUSE
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slatements For the year ended 31 July 2024 Contents Legal and Administrative Infomation Rep¢)rt of the Trustees Independent Auditors Report to the Members of Oxford University Student Union 17 Consolidated Slatement of Financial Activities 21 Consolidated Balance Sheet 22 Company Balance Sheet 23 Consolidated Cash Flow Statement 24 Notes to the Financial Statements 25
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Le al and Administrative Inforniation TRUSTEES OF OXFORD UNIVERSITY STUDENT UNION The trustees serving during the year artd since the year end are set out telow.. Sabbatical trustees Addi Haran Diman Eleanor Miller Lauren Schaefer Kennedy Aliu Rosalie Chapman Nicholas Harris Mia Clement Danial Hussain Jennrfer Lynam (Appointed 23 June 2024) (Appointed 23 June 2024) (Appointed 23 June 2024) (Vacated Office 23 June 2024) (Vacated Office 23 June 2024) (Vacated Office 23 June 2024) (Vacated Office 23 June 20241 Ivacated Office 23 June 2024) acated Office 23 June 2024} Student trustees Louie Wells Chades Chao Ror¥J Phua Daniele Cotton Edward Jacobs Fhya Wilson {Appointed 23 June 2024) {Appointed 23 June 2024> (Vacated Office 23 June 2024) (Vacated Office 23 June 2024) Ivacaled Office 23 June 2024) External trustees Jacqueline Clements Ben Ward Fay Shorter Charlie Palmer Anthony Strike India Jordan Nicholas Este {Appointed 04 March 2024) (Appointed 04 March 20241 (Appointed 04 March 2024) Ivacated offi 21 September 2023) {Vacated Office 16 FebnJary 2024) (Vacated off 24 May 2024) REGISTERED CHARITY NUMBER 1140687 REGISTERED COMPANY NUMBER 07314850 REGISTERED OFFICE 4 Worcesler Slreet Oxford Oxfordshire OX12BX CHIEF EXECLrrivE Nicola Srnith CHANGE DIRECTOR Emilie Tapping
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 al and Administratsve Information continued BANKERS The Co-operative Bank 13 New Road Oxford Oxfordshire OX1 1LG Santander Santander House Carfax Oxtord Oxfordshire OX1 1HB AUDITOR Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street ReadiThJ Berkshire RG1 1AZ SOLICITORS Warner Goodman LLP Compass House 1-3 The Avenue Southampton S017 1XG Absolute HR Solutions Limited Unit 1 The Barford Exchange Wellesbourne Road Barfor WaiCkShire CV35 8AQ OAC Beachcroft LLP Adrninistration Centre Portwall Place Portsvall Lane Bristol BS1 9HS Rrader Limited 6 Beacon Way Hull HU3 4AE
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Re rt of the Trustees The 2023124 academic year has seen the start of transfoThative change for Oxford SU. Following a change of Senior Leadership in Febwary 2024. a strategic decision was reached by the TrLJStees to put the charity into a period of lurnaround. in partnership with the instrtution to address recurrent areas of disfunction both internally and wiihin the wder eciFsystem of the Ilegiate Universty. This report viill ouuine organisational impact of the first bNO quarter5 of the year, and the remedial actions and interventions taken to provide a strong framework for change lo safeguard the future and funding ofthe charty. The board of trustees. who are also the directors of Oxford Unlversity Student Union {"Oxford SU.). are pleased to present their annual report along wilh the financial statements. THE AIMS OF THE CHARITY Oxford SU is a students, union within the meaning of the Education Act 1994. The charitable objects of Oxford SU are the advancement of education of the sludents at the University of Oxford (students, and 'the universitl respectNely} for the public benefft by: Promoting the interests and welfare of students and reKYesenting. supporting and advising students" Being Ihe recognised representative channel belween students and the university and any other external bodies" Providing social, cuttural. and fecreational activities and forums for discussions and debate for the personal development of students.. and Furthefing all purposes vthich are charitable in law, and which are incidental or conducive to the main objects. These objectives are pursued by representing and promoting the interests of ils sludenl membership to the University of Oxford. local and national government, the National Union of Students (NUS) and other external groups- providing welfare, support and advocacy servi$ for studenls experiencing difFiculty or requiring help during their time at university; campaigning on such issues as may affect the membership of the union.. and the provision of other services as the membership might request or require. Oxford SU will seek at all times to. Ensure that the diversty of its student membership is recognised and that equal access to services is available to all its mern of whatever origin or orienlats'on., Pursue its aims and objectives independenlly of any polrtical party or religious group; and Pursue equal opportunities by taking positNe action within the law lo facilitate the participation of under-represented groups in educational. representative. social and cultural activities.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 THE AIM E CHARI CONTINUED Public benefrt The trustees have a duty to report on 'public benefrt, by explaining.. the svJnrficanl actNities 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 wtth the duty in section 17{5) of the Charities Act 2011 to have due regard lo the public benefit guidan published by the Charity Commission.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 ort of the Trustees Continued THE AIMS OF THE CHARITY ICONTINUED) Strategic Development: Oxford SU has been through a perM)d of transition between old and ri4 leadership during the 23-24 academic year. Wrth this in mind, the strategy has continued from previous years with new strategy implementation due to take place in 2025. Strategy: Oxford SU is led by sludents for students Our leam represents the intefesls of our members wilh drrve. detemiination and woficiency. Our strategy contains three key goals". Education We want to support and encourage all students to get the most out of the academic experience al the Universty of Oxford. Wellbeing We want to work together wth students and the University to make a welcoming, safe and inclusive place lo INe and study with an equally high experience for all students. Comrnunities We want to enable communities to connect. develop and grow- to improve the Oxford experience as a whole. We are commltted to empowering our members. Oxford SU believes that the Universty of Oxford must lead the vmy in creating an environment where current and future students are governed by faimess.. where everyone has an equal opportunily to flourish in their pursuit of education. We believe that education is the foundation for the future. The tsetter the education. the better the future for all of us. Being a student at the University of Oxford brings unique privileges. opportunitEs and challenges. Oxford SU is committed to empowering its students,. we will ensure that their voice is listened to at every level of the Universty and is a catatyst for positNe change. We embrace the entire student experience, from the grandly institutional lo the intensely personal. We are entirely devoted to the wants and needs of all students. current and future. Our current strategic aims focus on.. Supporting and empowering Common Rooms. adding value to the College experience. Belng the representative volce of the students of Oxford, guaranteeing every student's voice is at the heart of what we do. Bringing people together. showcasing the communty at Oxford and ensuring students get the support they deserve. We believe in making the Univefsty of Oxford a better place. to the benefii of our students and society at large.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE Objectives & Actlvlties Oxford Students. Union has been through a peric#J of Senior leadership and Trustee Board transrtion during the 23124 academic year. An updated strategic plan for the charity was due to be implemented in 2024, however this strategy has been subsumed into the transformation project. one of the aims of which is to produce a 3-5 year strategic plan for the charity in 2025. Despite Ihe absence of a strategic plan, Ihroughout the period of July 23 to March 24 Oxford Students. Union delivered on its objects in the following areas.. Representation Our six Sabbatical Officers were the elected representatives to the institution across all academic and non-academic matters, betsveen them they serviced over 150 committees. working and steering groups lo represent student view5 on a ¥a[ty of issues student views were gathered through a series of engagement initiatives including 35 °Rep Com" events held in colleges with various college reps arKi 8 "meet the SU. events hosted by the Officer team. We recruited and trained 13 divisional representatives to collect student feedback and supported these reps in their efforts to represent students ai a divisional level, with a notable increase in the number of Post graduate representatives recruited in year. We trained and supported 50% of unNersty academic coutse reps recorded on our database We undertook a series of student consultations to inform the Access and Participation plan student submission which included specific identty forums for Black Students, Students with disabilities and students from low so¢ioe¢oDomic backgrounds. The student submission was included in the University of Oxfords submission to the Ofs in May 2024 .o£ra Prior to the suspension of student council in March 2024, 4 student council meetings were held Vth 222 mernbers in attendance. In total. the student council debated 42 Motions and passed 4 new student projects. 35 Colleges were repsented across the meetings and 30 students stood for council posrf(ions in elections. Following the decision to suspend council an Alkstudent meeting was convened to discuss the aims and objectives of the transformation plan and give students an opportunty to shape the strategy for this project in June 2024 wth 30 students, attendance.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the ear ended 31 Jul 2024 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE Elections The 2024 Annual Elections were fairty and property conducted in February 2024 in accordance wf(h the Education Act 1994 and the Goveming tyocuments of Oxlord SU. 4,206 unique students cast a total of 31,925 votes. There were eight roles up for election: The six Sabbatical Officer roles Student Trustee (three places) NUS Delegate (nine places) Key highlights of the 2024 elections, vthen compared to 2023, include-. Voter tum-out increase of 50Y. Halving candidate droFFOUt rate Voters from all 43 colleges," candidates from 27 colleges. Voters and candidates from all academic divisions, including Continuing Education Excellent candidate diversty For the first time we also hosled an Elections "pop up 5hop- in Oxford High Street lo talk lo 158 polenlial candidales. and live streamed our Huslings event from Oxford Town Hall with 643 unique views. As previously noled, whilst six Sabbatical officers were elected in Fthuary 2024. following the decision to put the organisation into turnaround rt wa5 neSSary to reduce the number of Officers to three for the academic year 2024125 as V•t 0¢uS our resources on primary purpose ath"vity. Community and Activities (Campaigns We hosted the annual freshers fair. welcoming over 12.000 students and providing a plafform for over 400 student groups and societies to showcase their work and recruit new members alongside a variety of universty support services and commercial partners. Additionally in 2024 we hosted a refreshers fair event welcoming an additional 500 students and a social action fair th 150 attendees to showcase Oxfords charrties and social impact partners. Across hvo terrns we delivered a series of events ranging from book and clothing swaps. bike safety and maintenance workshops and heatth and wellbeing evenls. inleracting wth approximately 1,500 students. Our eight campah3n groups, supported by the SU slaff team represenl marginalized student groups and each delivered a variety of events and developed multiple resources to support the diverse membership of the Students, Union. In total 79 elected campaMJn commrttee members supported a total of 2,448 campaign members to create spaces and actiVitS to enhance their extracurricular universrty experience in a welcoming and inclusive environment.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the ear ended 31 Jul 2024 ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE Community and Activities (Continued) Campaign activities ranged from Yofmals" (fomal events). and fundraising events. Sub Fusc donation schemes. offering free of charge or subsidised. mandated Universtty formal dress for academic Ceremonies, and targeted freshers, guides for specific student groups to training and workshop events. For the first time since 2017 two new Campaigns were established to work on Environmental affairs and Refugee rights. The Oxford Student newspaper released 12 printed editions acTOSS the year. The Oxford Student website received 130K unique vbsIte visits, 7.2M impressions and 180k unique page views across the year. Advlce & Wellbeing Our Advice Sep4ice receNed 400 contacts in the academic year 23124 The breakdown of cases managed by type is bel¢74V: Academic Accommodation Complaint Disability Discrimination Employment Family Harassment Health Immigralionl Visa Legal (signpost) 130 141 30 10 12 Sexual Violence Student Finance Student life Student Parent Subject Access Request Wewa 20 10
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 ort of the Trustees continued Achievements & Perfonnance Icontlnued): Future Plan Iorganlsatlonal Transforniation) Followng the agreement to embark on a year of transformation. in March 2024. and in advance of Trinity (Sumrnerl temi, the Trustee Board identified an agreed list of "Essential Services. to continLte throughout the transformation year, these seprfices provided the framework to identify the interim staffing structures required. and a number of roles We identified as redundance through this wocess. The services identified as essential are: Completion of the Access and Participation plan Student Submission Continued high quality representation to the institution through committee attendance The funding, support and facilitation of Student-led CampavJns The operation of the SU Student Advi Service Support for academic representation through divisional and course representatives Delivery of the annual SU Freshers Fair Funding and support for student media Facilrtation of fundraising activity through RAG Al Ihe time. of wrtling this report, Oxlord Students, Union has undertaken a significant period of organisational analysis and identlfied the strategic aims to inform the outputs of the transformation Proje as detailed below= Strategic Aim 1.. We V1] develop a strong and clear instrtuts.onal relatK)nship th the University Slralegic Aim 2." We viill, as the primary student representative body, effectively represent students both in terms of their academic experience and their wider student expellen whilst at the Universty of Oxtord Strategic Aim 3.. We Vdill provide the hh-qua1ty Servi required for sludents to support an excellent student experience Slralegic Aim 4.. We wll develop a strorvJ and Clear reLitionship with Colleges Strategic Aim 5.. We be truly student-led, ryth accessible and inclusive democratic procedures enabling our members to lead our work Strategic Aim 6.. That Oxford SU ¥11 demonstrate exlIent intemal govemance: V V11 be an effective organisation. vthich is able to demonstrate its purpose and impact Strategic Aim 7.. That Oxford SU will be a financial stable organisakn"on. able to generate rts, own income and demonstrate value for money Additionally, In August and September 2024. the Twstee Board approved in full (and Transformation Committee approved in principle) a report and 37 recommendations which will fom the foundations of our strategic and operkn.onal Vrk over the coming 12 months.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements or e year en Re rt of the Trustees Continued FINANCIAL REVIEW In 2023-24, Oxford SU reported a surplus of £17,186 across total funds, compa to a surplus of £202.957 in 2022-23. Total funds are comprised of restncted and unrestricted funds. The unrestricted funds include general fijnds and the pension resep4e, though the pension reser¥e has been reduced to zero and is not required at Ihis time, as delailed in the report below. At the year end, the general funds balance increased to £137,879 {2022-23.' £127,368). The pension fund deficit. which was £9.082 in 2022-23. has now been eliminated. results'ng in a balance of £0. Additionally. the surplus on restricted funds decreased to £19.817 {2022-23.' £22,224). Overall. the total surplus tsalan across all funds increased to £157.696 {2022-23.' £140.510). indicatir¥J that Oxford SU remains in a net surplus position. Oxford Su's reserves policy sets a target level of reserves at three months. total running costs. adjusted to account for 750A of the grant funding agreed with the University of Oxford for the same period. Based on this calculation, the target resep4es level is £87,635. In accordance with guidance from the Charty Commission for England and Wales. trustees are required to determine, publish, implement. and monrtor the chariV5 reserves policy to ensure compliance with Iheir legal duties. As of the year-end. unrestricted general funds stood at £137.879. which is above the target reserves level. At the start of the 202&24 financial year, the Truslee Board approved a surplus budget of £17,935. recognising that the organisation could no longer continue depleting ils reserves without adversely affecting operations. To achieve this turnaround from previous years, a reduction in staff structure was implemenled as the yeaf began. However. it became clear during the year that further changes were unavoidable. The organisation entered a signrficant transfomiation pro$S. as it was no longer able to meet operational standards without substantial restructuiing. This led to a redundancy process and a complete leadership change. At this point. rt was decided that only essential operations would continue. and the financial By the end of the year, the actual financial outcome exceeded expectations. Under new leadership, short-terTn adjustments were made to improve the oigani5ation's financial position. while the transformation efforts continued. focusirg on delr¥ering lon9-term structural changes. Looking ahead, the trustees have approved a surplus bLKlget of £19.338 for the transfomiation year, providing the organisation with suffiaent operational fiexibility to continue delNering its core fundions while navigating Ihe ongoing turnaround. At the year-end, Oxford SU held restrided funds totaling £19,817 {2023. £22,224). A portion of these funds is allocated to Oxford Raise and Give (RAGI and is not available for Oxford Su's general operations. The remaining balance Consists of the value of fixed assets held by the organisation. The activities of OSSL Limited, Oxlord Su's trading SUbSlary. are consolrdated wthin these finanoal statements. 10
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements or e year en Re rt of the Trustees Continued . Key risks and uncertainties The Board of Trustees has idenlffjed the folloviing key risks thal Oxford SU must prioritise. These risks are regularly monrtored by senior management and trustees. Liquidity Oxford Su's approach to rnanaging liquidty risk is to ensure rt can meet its financial obligations as they become due. It expects to fu111 these obligations through operating cash flows. In cases where operating cash flows may not cover all financial commitments, Oxford SU has access to credrt facilities. Based on Ihis yearfs cash 0uffl0 and the cash balance at year-end. Oxford SU is weS1-POSitioned to meet its upcoming commitments and obligations. Student Engagement For the transformation plan to be tru transfomative it is critical that the b)ard manages the risks asso¢ialed with historic student apathy towards the Students, Union. Over a number of years, the Students. Union has become less relevant to the collegiate, sludent led, governan structures in place and addressing this issue is a key focus of both the transfomation plan and the day-to-day slakeholder management priorities for both student officers and staff members both during the transforrnation woject. Ensuring these critical relationships are reflected in Ihe outcomes of this project whilst balancing this with retaining engagement from marginalised student groups, already engaged with the Students. Union services is of critical importance to the organisation in the future. University and college relationships Alongside the need to foster stronger working relationships with collegiate student representatives, a parallel stakeholder engagement exercise is being implemented across the collegiate university lo improve representative legitimacy and win over hearts and minds in relation to the unique value proposition of the Students. Union_ The development and nurturing of these cntical relationships represents an ongoing risk to the organisation and one which should remain on the risk register with sufficient checks and balances in place to provKie the board with confidence that this work is priorrtised. Customer credit exposure Oxford SU may offer credit tenns lo customers, allov*ing payment after the delivery of goods or services. The risk arises rf a cuslomer is unable to settle their debt by the due date. This risk is miligated through strong, ongoing relah"onships wth customers.
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 ort of the Trustees Continued . Funding Oxford Su's primary funding sources are grants from the UnNersty of Oxlord and income from commercial activities. Universty fundiTh3 has been provisionally secured until 2025-26, while income from commercial operations continues to grow. The trustees closely monitor these revenue streams to ensure finawal stabilrty. Stsff Oxford SU struggles to recruil and retain staff membets due to its inability to offer a competitive pay and benefits packages, this results in high staff tumover and loss of institutional rnemory. These areas are being addressed as part of the transformation plan but remains an active risk to be monitored. particularly relating to Senior Leadership staff tumover. STrUCTURe GOVERNANCE AND MANAGEM The Sludents, Union is governed by its constr(ution and responsible for providing representation and support lo the students of the University. The constitution and bye-laws were last reviewed 2020 and are suL¥"ect to an ongoing review as part of the Students. Union transformation project. Under the existing constitulion, The Students. Union has provision for up to frfteen members. The constitution allows for up to six Sabbatical Trustees. up to fNe studenl Trustees and a minimum of tjvo. up to a maximum of four Lay Trustees. The standard composition of Oxford Students. Union Trustee Board relevant for the first hatf of the 23124 academic year is as follows.. Six of the trustees are full time student officers of the Union. elected by cr055-campus secret ballot for a one year sabbatical term of office. These are full time or'sabbalical, positions and they receive remuneration as authorised by the Education Act.. Sabbatical Offir$ can serve a maximum of one tenn. The Chair of the trustee board position is reserved for a Sabbatical Officer. The Vice Chair posth-on is an open role lo any trustee board rnember. Four members of the board are lay trustees. These are persons invited to join the board having been selected for their skills, knowledge and experience. These trustee5 are recrutted extemally. Three mernrs of the board are student trustees who are elected by cross campus secret ballot for a one year term. 12
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Re rt of the Trustees Continued . STRUCTURe GOVERNANCE AND MANAGEMENT{Conlinued> Following the decision to put the charity into tumaround and conclusion of temi for several of the lay Iruslees, article 18.3 vrns enacted in March 2024 to support the immediale co-option of lay trustees with the requisite skills and knedge to support the aims and objectpS of organisational transformats'on. Also. after a cross-campus secret ballot to elect the Full-time Sabbatical officer team for the academic year 24125. the decision was made after the event to reduce the number of Sabbatical roles to three from six, wrth the posts remaining reflecting the principle aims of the chartty. Therefore. the composition of the Trustee Board is currently: Three of the trustees a full time student officers of the Union, elected by Cross-campus secret ballot for a one year sabbatical temi of office. These are full time or 'sabbalical' positions and they receive remuneration as authorised by the Education Act,. Sabbatical Officers can serve a maximum of one tem. The Chair of the trustee board position is reseNed for a Sabbab'Gal offir. The VI Chair posf(ion is an open rote to any trustee board member. Four members of the board are lay trustees. These are persons invited to join the l)oard having been selected for their skills. knowledge and experien. These trustees are recruited externally. Th) members of the board are student trustees who are elected by cross campus secret ballot for a one year temi. Additionally The Universty of Oxlord acts a corporate trustee to the charity and is the principle funder through an annual block grant. with addrtional contributions from the university colleges which make up the collegiate universty. All trustees are Provided Trmth a handbook. a code of conduct and opportunities for training and development through external organisations. Specifically the sabbatical and Student trustees are provvJed with a full day training wth a sector specialist. The Students, Union ts a demouatic organisatn with the ultimate decision-making power being vested in the Trustee Board which is the sovereign body. Subcommittees of the board are currently suspended (as of March 2024) with oversight of these areas (Finance & Risk, People & culture. Democracy & Engagement and Nominations) being undertaken by the full board as each area is undergoing a root and branch review within the transformation project. 13
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 ort of the Trustees Continued . STrUCTURE, GOtrERNANCE APL) MANAGEMEKf (Continued) student Council is also currentty suspended and ts replaced in this transformation year by a series of consultative All Student Meetings. Additionally. throughout this year the board are meeting on a more frequent basis in order to monitor progress and property exercise it's duties throughout this penod of signtficant charvJe. The transformation prqect is overseen by a new subcommittee of the tnjstee board. which is constituted as follows. Three full ts'me student officers Ty Students, Union Lay trustees One student representatpie TY University Senior Leadership team TV Collegiate Senior Leader5 The transfomiation committee reports into the Board of Trustees with a parallel reporting line into the Institutions Education Committee to provide oversighl to our corporate Trustee. The University of Oxford. OSSL serves as the commercial am of Oxford SU and is included within the Oxford Universty Studenls, Union group accounts. Its role is to bridge the gap between commercial activtties and the core functions of Oxford SU. Currently, OSSL generates a streamlined revenue slream through media sales, including dwjital plaffomis, screen advertising, and events. Strategic Management The board delegates to the Chief Executive the power to manage the day to day running of the Students, Union by implementing ihe agreed interim operating plans and annual budget and policies approved by the Trustees. and to advise the trustees in relation to such plans and policies. The Students. Union employs full-time staff to ensure effectNe management of its activities and support Officers to fulfil the Charl5, primary purpose of representation to the institution. FollowiN9-the-deEiSIOFF4wUkttrF9aRISat{6tr1AIo-IU8tOntsaftatyS-Wayndert8ken-I identify the essential services to be delivered in year and following agreement of Ihese areas a redundancy Pro$$ was inrtiated resutting in a reduction in fvll time staff members of 50%. There is delegated authority. through the Chief Executive, for operational decision making and accountability within the departments of the Students. Union. Wtlhin this period the Chief Execulive exited the organisation in Febwary wth the interim Deputy Chief Executive appointed by the trustees to Chief Executive in April 2024 followng a period of acting up between February and April. 14
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 Juty 2024 Re rt of the Trustees Conlinued . STrUCTURe GOVERNANCE AND MANAGEkEKf Icontinued) The Board of Trustees has an estsblished management group to which the Chief Executive reports. This group oversees the Chf ExecutNes objectives and performance. and Makes recommendations to the board on pay and renumeration for the Chief ExecutNe. Sabbatical Officer pay and rernuneration is overseen by the board of trustees except for the Sabbatical Officer trustees and Vfds last reviewed in June 2021. Oxford Student Union is currently onty affiliated to the National Union of Students for vthich our total subscription costs for the period amounted to £20,838. Oxford Student Union is not acting as a custodian for any assets or money on beha of any individuals or entrties. 11 does not hoky, manage. or safeguard any funds or assets for others in any capacty. Risk Management The trustees have considered the major risks to which Oxford SU is exposed and have satisfied themselves that systems or procedures are established in order to manage those risks. The risk register is monitored by the board. Fundraising Oxford SU carries out fundraising activities to support both Oxford Raise and Give (RAGI and its own campaigns. Funds are raised Ihrough student-led events and sponsored challenges, with support from Oxford SU staff. During this financial penod. no complaints have been received in relation to any fundraising activities. Although Oxford SU does not subscribe to any fornial fundraising standards or regulatory schemes. it has developed robust internal processes and guidelines to ensure that its fundraising effort5 are effectively managed. These standards are designed to protect vulnerable individuals and members of Ihe public from undue intrusion. excessive persistence. or pressure to donate money or property. Oxford SU is confident that its controls safeguard the privacy of irKlividuals and ensure that all fundraising activities, whether for RAG or SU campaigns. are conducted ethically and responsibly. 15
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 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 staternents in accordance wth applicable law and United Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Standards). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied Ihal they give a true and fair view of the slate of affairs of the charilable company and the group and of the incoming reSoUrS and application of resources. including the income and expendilure, of the charitable group for that penod. In preparing these fi'nanaal statements, the Trustees are required to". select suitable accounting policies and then apply them consistently-, observe the methods and principles in the Charrties SORP. make judgments and estimates that are reasonable and prudent: slate whether applicab UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and ppare the financial statements on the going concern basis unless it is inappropriate to presume that the charitale company wll continue in business. The Trustees are responsible for keepirbg adequale accounb.ng record5 that are sufficient to show and explain the charilable COMpanS transactions. disclose wtth reasonable accuracy at any time the financial position of the charilable company and enable them to ensure that the financial statements comply wth the Companies Ad 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charty and the group and hence for taking asonable steps for the preVentn and detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITOR In accordance wth company law. as the companys directors. we rtsfy that: so far as we are aware. lhe is no relevant audrt infomiation of which the companVs auditors are unaware.. and as Ihe directors of the company, we have taken all the steps thal we ought to have taken in order to make ourselves aware of an relevant audrt inform abjisbjha s auditors are aware of that information. AUDITOR The auditor, Crowe U.K. LLP. will be proposed for reappointment in accorfJan¢e hwth section 485 of the Companies Act 20(. The trustees have agreed on these financial statements which have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by the trustees and sned on their behalf by.. Fay Shorter Vice-chair of trustees: Dale.. 1310112025 16
Crw U.K LLP RG1 1A2 Td. 44 (0)118 9S9rL2 FaK 444 (U)1189584610 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERsifY STUDENT UNION Opinion We have audited the finanal slatemenls of Oxford UnNersity Student Union for the year ended 31 July 2024 which compnse the consolated Statement of Financial Ath"vits"es. the Consolidated Balance Sheel, the Company Balan Sheet, the Consolwjated Cash Flow Statement and notes to the financial statements, including a summary of snIfICant accounting wlicies. The financial reporting framework that has ten applwl in their preparatton is applicable law and United Kingdom Accountr"ng Standards. including Financial. Reportirrfj Standard 102 The Financial Reporting Standard applicabk in the UK and Rewblic of Ireknd. (the Unrted ngdoM Generally Accepted Accounting Practi1. In our opinion the financial ststemenls-. gwe a true and fair Y¥ of the state of the group's and the charitable companys affairs as at 31 ju 2024 and of the group's income and expeThJiture for the year then end&J", have been propedy prepared in accordan with the United Kingdom Generally Accepted Accounting Practice.. and have been Pfepared in acrdanCe th the requirements ofthe Companies Act 2006 and the Charilies Act 2011. Basls for oplnlon We Conducted our audit in accordance with Intemational Standards on Audtting {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilrts for the audrt of the financial statemenls seclion of our report. We are independent of the group in accordance wtlh Ihe ethical requ1mentS that are relevant to our audit of the financial statements in Ihe UK, including Ihe FRC'S Ethical Standard. and we have fulfilled our other elhical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements. we have concluded that the Irustees. use of the going concem basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work VR have performed. V have not identified any material uncertainties relating to events or conditions that, individually or collectNely. may cast significant doubt on the charity's ability to continue as a going concem for a period of al least hyelve months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the trustees with respecl to going concern are described in the relevant sections of this report. 17
Crowe R+ &Jl 2 914ra¥e Sreei Re>Ying RG1 1AZ Td.. +44 (0)118 959 7222 Fax." +4410Tr118 958 4640 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION (CONnNUED) Other infomiation The trustees are responsibfe for the other information. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibilty is to Tead the other infomiation and, in doing so, consider whether the other information is materialty inconsistent v•ith the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identify such rnaterial inconsistencies or apparent material misstatemenls, are required lo delermine whether this gives rise to a material misstatement in the financial ststements theMsees. If, based on the work we have performed, we conclude that there is 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 Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees. annual report for the financial year for which the financial statements are Pfepared is consistent with the financial statements,. and the trustees. annual report has been prepared in accordance with applicable legal reqUIrneAts. Matters on which we are required to report by exceptlon -ligbt_oLtbethnovledgetsnLunderstar)ding-oLthe£haritabI0mpaAY-aAd4lI1v4EONrne obtained in the course of the audit, The have not identrfied material misstatemenls in the trustees, annual report. We have nothing to report in respect of the following matters in relatTron to which the C¢)mpanies Act 2006 requi$ us to report to you rf, in our opinion: adequate accounting records have not been kept. or retums aduate for our audit have not been reived from branches not visited by us.. c the financial ststements are not in agreement with the accounting records and returns" or certain disclosures of tru5tees' remuneration SFecif*d by law are nol made", or we have not received all the information and explanations we require for our audit., or the trustees were nol entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report. 18
Crowe U.K LLP Ch*tertdA¢¢Ounits R+ 2 ela9 Streei Re•Ji RG1 IAZ Td." +44 (01118 959 7222 Fox". +44101118 958 4640 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION (CONTINUED) Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 16, 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 delemiine is necessary to enable the preparation of financial statements that are free from material misslatement. whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's or the charitable company's ability to conb-nue as a going concem, disclosing, as applicable. matters related to going concern and using the going concem basis of a¢¢ounting unless the trustees either intend lo liquidate the charitatrle company or to cease operations, or have no realistic alternative but to do so. Auditotrs responsibilities for the audit of the financial statements Our object5ves are to obtain reasonable assuran about whether ihe financial statements as a ole are freefrom material mitateMent. whether due to fraud orerror, and lo issue an audrtorfs report that includes our opinion. Reasonable assuran is a hKJh Ve1 of assurance, but is not guarantee that an audrt conducted in accordance wth ISAS (UK) wll aayS delect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material rf, Individual or in the aggregate, tw could reasonabty be expected to influence the economr dectsions of users tsken on the basi% ofthese financial statements. Irregularities. including fraud. are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilit'ies, outlined above, to delect material misstatements in respect of legUlareS, IncrLlng fraud. The extenl to which our procedu are capable of detecting irregularibes. including fraud is detaiw below.. We obtained an understanding of the legal and regulatory frameworks wthin which the charitable company operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Charities Act 2011 together wth the Charrties SORP IFRS 10212019. We assessed the required compliance with these lavts and regulations as part of our audit procedu on the related financkql statement items. Auditing standards limit the required audrt procedures to identfy non-compliance with these laws ar¢d regulations to enquiry of the Trustees and other management and inspection of iegulatory and legal correspondence. rf any. 19
Crowe U.K. LLP R+ &Jilthng 2 Blograve S¢ ReaOlr¥J RG1 1AZ Td. +44 101118 959 7222 Fax". +4410)118 958 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 stslemenls from irregularities, including fraud, lo be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of managemenl about their own identification and assessment of the risks of irregularrties, sample testing on the posting of journals, reviewing accounting estimates for biases. reviewing regulatory correspondence bmlh the Charity Commission and reading minutes of meetings of those charged vitth govemance. OVn9 to the inherent limitations of an audrt. there is an unavoidable risk that we may not have detected some material misstatements in the financial ststements. even though we have propefly planned and Ferfomed our audit in accordance vrith auditing slandards. We are not responsible for preventing non40mpliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly sMJnificant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed lo avoid detection. including deliberate failure to record transactions. collusion or the provision of intentional misrepresentations. A further description of our responsibiltties for the audit of the financial statements is located on the Financial Reporting Council's hEbsite at: V.fre.o[ .uklauditorsres nsibilities. This description forms part of our auditors report. Use of our report This report is made solely to the charitable coMpanS fflembers. as a body, in accordance with Chapter 3 of Part 16 of the CompanEs Ad 2006. Our audit work has been undertaken so that we might slate to the charitable companls members those matters we are required to state lo them in an audito¢s report and fof no other purpose. To the fvllest exlent permrtted by law, we do not accept or assume responsibility to anyone olher Ihan Ihe charitable company and the companysfflembers7s-bodrforouratKlifw' ¢yrftor"thI[ffjtrIhe opinlS we ave formed. Alastair Lyon Senior Statutory Audrior For and on behalf of Crowe U.K. LLP statutory Auditor R+ Building 2 Blagrave Street Reading RG1 1AZ Date 14 January 2025 20
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Consolidated Statement of Financial Activities Note Unrestricted Funds Restricted Total Funds Funds Total Funds 2024 2024 2024 2023 INCOME FROM: Donations l Grants 890,000 33,573 40.531 930.531 33.573 882,242 32.069 Infrastructure support in kind Other trading activities: Commercial activity Charitable activities for students: Welfare Other income 155.082 155,082 198,201 4,244 11,358 1.094.257 4,244 11.358 9.276 18.680 1, 140.468 Total In¢)e 40.631 1.134.788 EXPENDITURE ON: Raising funds: Commercial activities Charitable activities for students: 116.250 116,250 270.423 Advice and representation Welfare 817.686 140.729 42,938 860.623 140.729 509,207 217,881 Total expenditure Nel expenditure and movement In funds Funds brought forward 1,074,664 42.938 1,117.602 937,511 19,593 12.407) 17.186 202.957 118.286 22,224 140.510 (62,447) Funds rArried forward 137,879 19,817 157.696 140,570 All operations are continuing. The notes on pages 25 to 41 fom) part of these accounts. 21
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Consolidated Balance Sheet as at 31 July 2024 FIXED ASSETS Note 2024 2023 Tangible assets 10 7,095 11.729 7.095 11,729 CURRENT ASSErs Stocks 2,664 2,896 Oebtors 12 292.053 293, 793 Cash at bank and in hand 169.807 145. 710 464,524 442,399 CREDITORS: Amounts falling due within one year 13 (313.923) (304.536) NET CURRENT ASSETS 150.601 137,863 TOTAL ASSETS LESS CURRENT LIABILITIES 157,696 149.592 LONG TERM LIABILITIES Pension scheme funding deficit 14 (9.082) NET ASSETS 157,696 140,510 REPRESENTED BY RESTRICTED FUNDS 15 19,817 22,224 UNRESTRICTED FUNDS General funds 16 137.879 127,368 .Pension reserve 16 19.082) TOTAL FUNDS 157.696 140.510 The notes on pages 25 to 41 form part of these accounts. The surplus for the financial year dea wth in Ihe financial statements of the parent company (OUSU) VRS £4.481 {2022.' surplus of £222,180) These accounts vftre approved arKI authorised for issue by the trustees and signed on their behalf.. Fay Shorter Vice-chair of trustees: Date.. 1310112025 22
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Com an Balance Sheet Registered Company number 07314850 as at 31 July 2024 FIXED ASSETS Note 2024 2023 Tangible assets 10 7,095 11.729 7.096 11,729 CURRENT ASSETS Stocks 11 2,664 271.316 158,185 2,896 303.827 141,567 Deblofs 12 Cash at bank and in hand 432.164 13 (280,7141 448.290 (296, 873) CREDITORS: Amounts falling due within one year NET CURRENT ASSETS 151.450 151,417 TOTAL ASSETS LESS CURRENT LIA81LITIES 158.545 163.146 LONG TERM LIABILITIES Pension scheme funding deficit NET ASSETS 14 (9,082) 158,545 154,Q64 REPRESENTED BY RESTRICTED FUNDS 15 19,817 22,224 UNRESTRICTED FUNDS General funds 16 138,728 140.922 (9,082) Pension resepie 16 TOTAL FUNDS 158.545 154,064 The notes on pages 25 to 41 fomi part of these accounts. These accounts were approved and authorised for issue by the trustees and signed on their behalf Fay Shorter Vice-chair of trustees.. Date.. 1310112025 23
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Consolidated Cash Flow Statement Note 2024 2023 Cash Ilows from operating activiti Net cash providedlused by operating activrties 19 24.097 (91,770) Cash flows from Investing activities Payments to acquire of fued assets 10 (9,841) Net cash used in investing activities 24.097 101.611 Increase l (Decrease) in cash and cash equivalents in the year 24.097 (101,611) Cash and cash equivalents LKought forward 145.710 247,321 Cash and cash equlvalents carrled forward 169.807 145.710 The notes on pages 25 to 41 forn part of these accounts. 24
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financlal Statements C(*npany information Oxford UnNersity Student Union ('Oxford SU,) is a charitable company limited by guarantee. incorporated in England and Wales. The address of its registered Off is 4 Worcester Street. Oxford. Oxfordshire, OX12BX. Oxford SU is a students. union V•ithin the meaning of the Education Act 1994. It is devoted to the educational interests and vElfare of the students of the Universty of Oxford (the'universty) 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 Practice applicable to charrties preparing their accounts in accordance w¢th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> (effeclive 1 January 2015) ('Charities SORP,), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland I'FRS 102.} and the Companies Act 2006. Oxford SU meets the definition of a public benefrt entty under FRS 102. Assets and liabilrties are inits'ally recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy note. The financial slatements are presented in Sterling (£). The group financial ststements consolidate the financial statements of Oxtord University Student Union and r(s subsidiary undertaking drawn up to 31 July each year. Going concern Oxford SU has positive funds of £157.696 {2023.' £140.510). The Trustees have a reasonable expectation that Oxford SU has adequate resources to continue in operational existen for the foreseeable future. In making their assessment the Trustees have consKlered the impact on the business of current changes to inflation rales induding the ability of Oxford SU to continue to carry out its charitable objectNes. the impact on future income and cash collections and the financial position of the wider group. They continue to believe the going corKem basis of accounting appropriate in preparing the annual Financial Statements. Significant judgements and estimates Preparation of the financial statements requires managemenl to make signthcant judgements and estimates. The rtems in the finanual statements where these judgments and estimates have been made include-. Valuatlon of a present value of future pension deficlt contrlbutlons In accordan with the requirements of FRS 102. Oxford SU has made provision for the present value of required future pension deficit contribution5. The contributions required are estimated by management wth the assistance of a qualthed actuary. The present value is then calculated using an appropriate discount rate. Further details of the ests"mate. including the key assumptions use(I, are gNen in note 14. 25
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Slatem nts ntinued Accounting policies Income All income and capital resour are recrmjnised in the accounts when enlitlement to the income or endowment arises, the is a probable economic benefrt to Oxford SU and the amounl can be reliably quantified. The infrastructvre support provided by the university is accounted for as income and expendrture of the year at an estimated value to Oxford SU by reference to the altemalives available on the commerual market. Grants are accounted for under the perforrnance model as permitted by the Charity SORP. Expenditure Expenditure is accrued as soon as a liabilty is considered probable, discounted to present value for longer-term liabilities. Expenditu includes irrecoverable VAT and comprises the direcl and indirect costs of delivering public benefit. Expenditu on raising funds ¢ornprises the costs associated with attracting voluntary income and the cosls of commercial activities of OSSL Limf(ed. Charitable expenditure comprises those costs incurred by Oxford SU in the delivery of its activities and services for its beneficiaries. It incfudes both costs that can be allocated directly to such a1vitIeS and those cost5 of an indirect nature necessary to support them. Govemance costs include those costs associated with meeting the conslrtutional and statutory requirements of Oxford SU and include the audit fees and costs linked to the strategic management of Oxford SU. I cost5 are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. however, salary costs are apportioned on the basis of time worked on each a¢tivty." Fixed assets and depreciation Fixe(1 assets comprise major items of equipment. Fixed assets are slated at cost, net of depreciation and any provision for impainnent. The useful economic life of all assets is deemed to be four years over which deprecialion is charged on a strai ht line basis. In Ihe riod o acquisifion. a n yea epreciation is charged. An asset purchased wsth a cost of over £1,000 are capilali5ed. Expenditure on asset costir under £1,000 is cOgniSed as an expense in the year of purchase. stocks Stod(s are stated at the k)wer of cost and net realISab value. In determining the cost of goods purchased for resale the first in first out basis is used. Debtors Short term debtors are measured al transadion price, less any impairment. Loar¢s receivable are measufed initially at fair value, net of transaclion ¢osls, and are measured subsequentty at amortised ¢osl using the effective interest methcxl, less any impairment. 26
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Ststements For the year ended 31 July 2024 Notes to the Financial Statements continued Accounllng policies (contlnued) Credltors Short-term trade creditors are measured at the transactton wice. Other financial liabilits"es. are measured initialty at fair value. net of Iransa¢tion costs, and are measured subsequentty at amortised cost using the effective interest method. Financial instruments Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequenty measured at amortised cost. Taxation Oxtord Su's proffts are not liable to taxab.on so lorrfj as they are derNed from trading with junior members of the university. No provision has been made for a current or deferred tax wtthin ils wholly owned subsidiary on the grounds that OSSL Limrted transfers its taxable proffts by grft a to the Oxford UnNersty Student Union ar#J therefore no tsx asset or liakn'lty V•ill be realised. Pensions Oxlord SU participates in the Universty of Oxford Slaff Pension Scheme I'OSPS'I. This scheme is a hybfid pension scheme, providing defined tenefils a$ 11 as beneffts based on defined conlributions. The assets of the scheme are hekJ a separate trustee-adminislered fund. Because ofthe mulual nalure ofthe scheme, the assets are not attributed to individual employers and SCheme-ve contribution rates are set. Oxford SU is therefore exposed to actuarial risks associated wfLh other employers. employees and is unable to Klenlfy rts share of the undedying assets and liabilib.es of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee kneffts-, Oxford SU therefore accounts for the scheme as rf it were a vtholly defined contn"bub"on scheme. As a resurt. the amount charged to the profit and loss account represents the contributions payable to the scheme. Since Oxford SU has entered into an agreement {Ihe Recovery Plan) that detemines how eath employef Within the schemes will fund the overall deficit. Oxford SU recthjnises a liabilty for the contributions payable thal arise frorn the agreement (lo the extent that they relate to the deficit) with related expenses teing recognised through the profft and loss account (nole 14). 27
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statemenls For the year ended 31 July 2024 Notes to the Financial Statements continued Net expenditure for the year Nel expenditure for the year stated after charging.. Depciall0n of owned assets Auditor's remuneration 2024 2023 4.634 6.319 16,5110 12,950 Expenditure 2024 2023 Directly attributable costs Support costs Total Costs Directly attributable costs Support Costs Total costs Commercial activrties Advice and representation Weffare 116.250 116,250 210,423 210,423 237.160 623,473 860.623 216.219 292.988 509.207 88,737 51.992 140.729 92,516 125.365 217,881 442.137 675.465 1.117.602 519,158 418.353 937.511 Furthw details of the costs included in the above headings are provided as follows.. Advice and representation- elected stsff salaries. Oxtord SU campaign expenses and communicats'ons expenditure. Weffare- student adISOr salaries and contractor su 28
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements Continued Expenditure (continued) Governance costs Included wthin support costs are governan costs of £46.872 (2023.. £28,563).. 2024 2023 Elections and Refefendums 3,227 3.420 1,086 25,945 13.194 992 Student officer training Board expenses Auditor's Muneration 3,428 50 14,460 9.633 Legal and professional 46,872 28.563 Staff costs The average weekly number of petsons employed durirKJ the year was.. 2024 No. 2023 Elected staff Student advisors Office staff 10 Total 16 18 2024 2023 The total cosl of th&r remuneration was.. Wages and salaries Social security costs Other pension costs 672.100 50.963 60,090 585.949 55,771 99.706 Total employees. remuneration 683,153 741.426 29
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements Foi the year ended 31 July 2024 Notes to the Financial Statements continued Staff costs (continued) One employee's remuneration (eXcl]ing employer pension and national insuran contributions) exceeded £60.000 in the year. The remuneration of key management personnel (including employer pension and national insurance ntributIOns) was £306,472 {2023'. £255,636). This relates to Ihe chief executive and the remunerated trustees. Staff costs include settlement costs of £54.296 {2023: £Nil) Staff Trustee Remuneration and Related Parties Transactions No trustees receNed any remunerab.on in the year in their rapacty as trustees. but, as permitted by Article 6.6.6(a) of Oxlord Su's Articles of Association. the following tiustees received rernuneralion for other serwices as sabbatical officers during the period. The figures include employer pension and national insurance contributions. 2024 2023 A Jashapara 32.092 E Greaves 31,518 O Olusola 27.292 33.692 J Calder M Ayodeji SDua 34.863 32,755 D Hussain 32.502 30.421 3,275 3,275 3.275 J Lynam K Aliu 29.554 M Clement 30,830 26,686 3.275 N Harris 3,275 R Chapman 32.980 3.275 A Haran Diman 3,327 3.141 E Miller L Schaefer 3,327 192.768 211,862 30
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued Staff Trustee Remuneration and Related Parties Trnnsactions (Continued) Three external trustees had expenses reimbursed in the year in respect of travel expenses to board meetings £367 (2023: £100). 10. Tangible Fixed Assets Group Office equipment Oxford SU Office equipment Cost at 31 July 2023 48,307 48,307 Additions in the year Disposals in the year (16.878) (16,878> Cosl at 31 July 2024 31,429 31,429 Depreciation at 31 July 2023 36.578 36,578 Charge forthe year 4.634 4.634 Disposals in the year (16.878) (16,878) Depreciation at 31 July 2024 24.334 24.334 Net Book value at 31 July 2024 7,095 7,095 Net Book value at 31 July 2023 11.729 11,729 11. Stocks 2024 2024 2023 2023 Group Oxford SU Group Oxford SU Finished goods and goods for resale 2.664 2.896 2.896 31
OXFORD UNIVERSITY STUDENT UNION An.nual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continu 12. Debtors 2024 Group 2024 Oxford SU 2023 Group 2023 Oxford SU Trade debtors 76.184 9.835 67,385 233 Amounts owed by group undertakings VAT recoverale Prepayments and accyued income 46.405 9.507 90.677 3.002 9,187 490 46,408 180,000 29,915 180,000 Other debtors 205,078 205,078 292 053 271.315 293. 793 303. 827 Other debtors include £205.708 {2023: £180.000} on detM)sit with Ihe Universty of Oxford, held temporarily whilst allemalive banking facilrties are arranged. 13. Creditors 2024 Group 2024 Oxford SU 2023 Group 2023 Oxford SU Trade creditors 24,642 227,761 21.739 227,761 19.246 11,765 269,050 Other creditors (salaries) Other taxation and soal security Accruals and deferred income 269.050 2.615. 13,625 61,520 31.214 16,058 313.923 280.714 304.536 296,873 14. Pensions The Oxford University Student Union participates in the University of Oxford Staff Pension Scheme IOSPS). This scheme is a hybrKfj pension scheme. providing defined benefits as well as benefits based on defined contributions. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme. the assets are not attributed to individual employers and schem&wde contribution rates are set. The Oxford University Student Union is therefore exposed to actuarial risks associated with other employers. employees and is unable to idenlfy tls share of the underlying assels and liabilities of the scheme on a consislenl and reasonable basis. As required by Section 28 of FRS 102 °Employee benefits. the company therefore accounts for the scheme as if it were a vtholly defined contribution scheme. As a result. the amount charged lo the profrt and loss account represents the contributions payable to Ihe Scheme and any defirit recovery contributions payable under a s¢heme Recovery Plan. 32
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued 14. Pensions (continued) Schemes accounted for under FRS 102 as defined contrlbution schemes University of Oxford Staff Pension Scheme The University of Oxford Staff Pension Scheme (OSPS) is a multi-ernployer hybrid scheme set up under trust and sponsored by the University- It is the pension scheme for support staff at the Untversty, partiupating colleges and other related employers. New members joining the scheme build up benefits on defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued eamings basis. The latest full actuafial valualion for the OSPS scheme was completed as at 31 March 2022. The fvnding position of this scheme has improved significantly moving from deficit of £113m lo a surplus of £47m at Ihe valuation date. As result, the recovery plan agreed at the last valuation is no longer required and the deficrt contribution ended on 30th September 2023. A provision of £9.082 was made at 31 July 2023 to account for deficit recovery payments up to 30th September 2023. The Trustee and the University have agreed a new contn"bub"on schedule which took effect from 1 October 2023 and lakes account of the benefit impro¥ements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet ts own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund lother statutory levies. The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https'.lffinance.admin.ox.ac.ukJosps-document5 Date of valuation.. Value of liabilities.. Value of assets.. Funding surplus l (deficit): 3110312022 £914m £961m £47m 33
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statefflents continued 14. Penslons (continued) The rinci l assum tions used b the actua Rate of interest (periods up to relirement Rate of interest (periods after retirement were.. Gilts, +2.25% Gilts. +0.5% RPI Break-even RPI curve bess 0.50/0 pa pre-2030 and 1.OQA pa post-2030 RPI inflation assumption less 10h pa Pfe-2030 and 0.10h pa posl-2030 RPI +pa cpi Pensionable Salary inGreases Funding Ratios.. Technical provisions basis-. 'Buy-out' basis_. 105% 62Yo Non-financial assumpts'ons . Non•Pensioners.' 105% of standard S3PxA medium tables for both males and females Pensioners.. 105% of standard S3PxA medium tables for both males and females Non-Pensioners.' 1050A of standard S3PxA medium tables for both males and females Pensioners.. 105% of slandard S3PxA medium tables for both males and females 16.5% 08 for members from 0111012023 10% 112% 114% tL members in relation to 4% 16% 18% cost plan - from 0111012023 3110312025 Post-relirement mortality - base table Post-retirement mortality - rovements Recommended employer's contribution rate (as % of penSionae salaries)= EffectNe date of next valuation". Pension charge for the year These amounts include £9,082 contributions payable to defined contributh)n schemes at rates specified in the rules of those plans. Included in other (cOrS are pension contributions payable of £19.631 (2023.. £99,706). 34
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued 15. Restricted funds Oxford SU and Gr¢)up Asat August 2023 Asat 31 July 2024 Income Expondituro Oxford RAG 21,793 35,893 620 (39,206) (620) {381) 18.480 Class Act Campaign It Happens Here LGBGTQ Campaign Disabilities CampaKJn Women's Campaign CRAE Campaign 381 1(M) 100 50 2.731 1,187 (2,731) 1.187 22,224 40.531 (42,9381 19,817 31 Juty 2023 Analysis Oxford SU and Group Asat August 2022 Asat 31 July 2023 Income Expenditure Class Act Comedy versus climate change Green Trashing Oxford RAG 130 50 (180) 111 1111) (3) 23.828 39.788 (41.823) 21,793 Oxide Radio student group LGBTQ Campaun 110 (110) 400 (41)0) It Happens Here 750 (369) 381 Disabilities Campaign 50 50 Graduates Consullation 7.204 (7.204) Santander grant income 2,647 {2,647) 26,829 48,242 (52,847) 22,224 35
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Flnancial Staternents continued 16. Restricted funds {conlinuedl The restricted funds of Oxford SU primarily relate to the Raising and GNing (RAG) division, which is composed of a team of volunteers. At the beginning of each academic year. this team selects four charities to support. Throughout the year. they organize various fundraising activities and events to raise funds for these selected charrties. Additionally, Oxford SU runs a variety of campaigns aligned Wbth the interests and concems of the student body. These &impaigns fu$ on addressing key social, political. and academic issues pertinent to students at Oxford. with the aim of enhancing student welfare, representation, and engagement. 16. Unreslricted funds Group Asat 1 August 2023 Asat 31 July 2024 Income Expenditure GeneTal funds 127.368 1.085.175 (1.074.664) 137,879 Pension reserve (9,0821 9,082 118,286 1.094,257 <1.074,664) 137.879 Oxford SU Asat 1 August 2023 Asat 31 July 2024 Income Expenditure General funds 140.922 931.212 (933.406) 138.728 Pension reserve (9.082) 9,082 131,840 940,294 {933.406) 138,728 36
OXFORD UNIVERSITY STUDENT UNION . Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued 16. Unrestricted funds (continued) Below is the anatysis of unrestricted funds at 31 Juty 2023.. Gwoup Asat 1 August 2022 Asat 31 July 2023 Income Expenditure General funds 254.938 1.092.226 (1.219.796) 127,368 Pension reser¥e (344.214) 335.132 (9.082} (89,276) 1,427,358 (1.219,7961 118.286 Oxford SU Asat 1 August 2022 Asat 31 July 2023 Income Expenditure General funds 249,269 926.348 (1.034.695) 140.922 Pension reserve (344,214) 335.132 (9,082) (94.945) 1,261,480 (1.034.695) 131,840 General funds are funds available to be spent on Oxford Su's general purposes as detemined by the trustees. The pension reserve repsents the net presenl value of the future contributions required over ten years to clear the funding deficit of the OSPS pension scheme. See note 14 for further details. 37
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued 17. Analysis of net assets between funds Restricted funds Unrestricted fund5 Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficit 7.095 444,707 (313.923) 7.096 464,524 1313,923 19.817 19.817 137,879 157,696 Below is the anatysis of net assets bet*Een funds as at 31 Juty 2023.. Restricted funds Unrestricted funds Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficit 11,729 420.175 (304.5361 (9,082) 118,286 11.729 442,399 (304,536) 9.082 140,510 22.224 22,224 18. Financial commitments At 31 July 2024 Oxford SU had future minimum lease payments under non-cancellable operating leases as follows". 02 Oxtord SU Group Oxlord SU Group Other Other Other Other Within one year Befvn one and two years Belween two and five years 300 400 300 400 2,032 297 2.032 297 700 700 2.329 2.329 38
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slatements For the year ended 31 July 2024 Notes to the Financial Statements continued 19. Reconcillation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds 17,186 4.634 1,740 232 202,957 Depreciation IncreaselDecrease in debtors 6,319 {3111 69 IncreaselDecTease in stock IncreaselDecrease in creditors 9.387 {9.082) 24.097 34.328 (335.1321 {91.7701 Increaselused By in pension provision Net Cash flow Providedlused by operations 20. Analysis of Changes In net debt At1Aug 2023 Cash flows Other changes At 31 Jul 2024 Cash at bank and in hand 145.710 24.097 169,807 145,710 24.097 169,807 21. Investment in OSSL Limited OSSL Limrted, registered number 07322922. is a wholly owned subsidiary of Oxford University Sludent Union. The address of the company is 4 Worcester Streel. Oxford OX1 2BX. The activities of the company comprise primarily printing and distribution of student publications and running student events such as the annual freshets. fair. The book value of the investment in OSSL Limrted in the company accounts of Oxford Unrversty Student Union is £nil (2023- £nil>- 3g
OXFORD UNIVERSITY STUOENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements ¢ontlnued 22. Membefs. liability The company is limited by guarantee and has no shafe caprtal. 9 guarantees were in place al year-end from trustees. In the event of the company being wound up. the liability of the members is limited to one pouThJ. 23. Control relationships UlMate control of oXfd SU rests knilh its membership 40
OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2024 Notes to the Financial Statements continued 24. Comparative consolidated statement of financial activities Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 INCOME FROM: Donations 834.000 32.069 48.242 882.242 32,069 Infrastructure support in kn'nd Other tradlng activilles: Commercial activity Charitable activities for Students: Welfare Other income 198.201 198.201 9.276 18,680 1.092,226 9.276 18.680 Total income 48.242 1.140.468 EXPENDITURE ON: Raising funds: Commercial activities Charitable activities for Students: Advice and represenlatson Welfare 210,423 210.423 456,360 217.881 52.847 509,207 217.881 Total expenditure 884.664 52.847 937,511 Net movement in funds 207.562 (4.6051 26,829 202,957 Funds brought fonvard {89.276) 162.447) Funds carried forward 118,286 22.224 140,510 41