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 el￿￿ed
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 E￿st￿e
{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
Wa￿iCkShire
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 ri￿4 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
V￿th 222 mernbers in attendance. In total. the student council debated 42 Motions and passed
4 new student projects. 35 Colleges were rep￿sented 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 ne￿SSary 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 actiVit￿S 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 v￿bsIte 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 V￿1] 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 h￿h-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 ex￿lIent intemal govemance: V￿ V￿11 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 V￿rk 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 SUbS￿lary. 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 fu￿111 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
Offi￿r$ 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 mern￿rs 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 kn￿edge to support the aims and objectp￿S 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 offi￿r. 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 organisat￿n 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 Charl￿5, primary purpose of representation to the
institution.
FollowiN9-the-deEiSIOFF4wUkttr￿F9aRISat{6tr1AIo-IU￿8tO￿ntsaftatyS￿-Wa￿yndert8ken-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 Ch￿f 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 reSoUr￿S 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
p￿pare the financial statements on the going concern basis unless it is inappropriate to
presume that the charital￿e company wll continue in business.
The Trustees are responsible for keepirbg adequale accounb.ng record5 that are sufficient to show
and explain the charilable COMpan￿S 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 preVent￿n 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 s￿ned 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 finan￿al slatemenls of Oxford UnNersity Student Union for the year ended
31 July 2024 which compnse the consol￿ated 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 s￿nIfICant accounting wlicies. The financial
reporting framework that has t*en 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 Practi￿1.
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 ac￿rdanCe ￿￿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 responsibilrt*s for the audrt of the financial statemenls seclion of our report. We
are independent of the group in accordance wtlh Ihe ethical requ1￿mentS 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 theMse￿es. 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
reqUI￿rneAts.
Matters on which we are required to report by exceptlon
-ligbt_oLtbethnovledgetsnLunderstar)ding-oLthe£haritabI￿0mpaAY-aAd4l￿I1v4EONrne
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 ad￿uate for our audit
have not been re￿ived 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¢¢Ouni￿ts 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 mi￿tateMent. 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 a￿ayS 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 l￿egUlar￿eS, IncrL￿lng 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.
OV￿n9 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 coMpan￿S 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￿[ffj￿trIhe opin￿lS 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 a￿1vitIeS 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-v￿e 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..
Dep￿ciall0n 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 adI￿SOr 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 recoveral￿e
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 so￿al
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
penSiona￿e 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 f￿u$ 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 rep￿sents 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
Befv￿n 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
U￿lMate control of oXf￿d 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