REGISTERED COMPANY NUMBER: 06661477 (England and Wales) REGISTERED CHARITY NUMBER: 1142614
Report of the Trustees and Audited Financial Statements for the Year Ended 31 July 2022 for BIRKBECK COLLEGE STUDENTS' UNION
BIRKBECK COLLEGE STUDENTS' UNION Contents of the Financial Statements for the Year Ended 31 July 2022
| Page | |
|---|---|
| Report of the Trustees | 2 to 11 |
| Report of the Independent Auditors | 12 to 15 |
| Statement of Financial Activities | 16 |
| Balance Sheet | 17 |
| Notes to the Financial Statements | 18 to 25 |
BIRKBECK COLLEGE STUDENTS' UNION
Financial Statements for the Year Ended 31 July 2022
Report of the Trustees for the Year Ended 31 July 2022
The Trustees, who are also Directors of the incorporated charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities'.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 06661477 (England and Wales) Registered Charity number 1142614 (England and Wales) Registered Address Birkbeck, University of London Malet Street London WC1E 7HX
Trustees
| Trustees | |||
|---|---|---|---|
| Trustee | Date appointed | Date resigned | Class of appointment |
| C Danielsson | 1 August 2022 | Non-executive | |
| Z Frediani | 1 August 2018 | Non-executive | |
| A Prestage | 1 August 2018 | Non-executive | |
| S Gibbs |
1 July 2022 | Executive | |
| D Jeanrenaud | 1 July 2022 | Executive | |
| T Moralez | 1 July 2022 | Executive | |
| I Okoye-Ahaneku | 1 July 2022 | Executive | |
| C Stehwien | 1 August 2022 | Non-executive | |
| L Zerain | 1 July 2022 | Executive | |
| N Smith | 1 July 2020 |
30 June 2022 | Executive |
| A Thompson |
1 August 2020 | Non-executive | |
| M Dhesi | 1 August 2021 | Non-executive | |
| N Durrant | 1 July 2021 | 26 August 2022 | Executive |
| E Gichoni | 1 August 2021 | 31 July 2022 | Non-executive |
| G Hope | 1 August 2021 | Non-executive | |
| P Malheiro | 1 July 2021 | Executive | |
| M Massey | 1 July 2021 | 30 June 2022 | Executive |
| K Wilcher | 1 July 2021 | 30 June 2022 | Executive |
| S Augustine | 1 August 2021 | 24 October 2021 | Non-Executive |
| I Badmus | 1 July 2022 | Executive | |
| R Thorpe | 8 April 2022 | 31 July 2022 | Non-executive |
Chief Executive Y Joondan Bankers National Westminster Bank PLC Solicitors DAC Beachcroft LLP
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
COMMENCEMENT OF ACTIVITIES
The company was incorporated on 31 July 2008 and commenced its activities on 1 August 2008 when assets ����������������������������������������������������������������������������������������������������
FINANCIAL PERFORMANCE TO DATE
Overview
The Union received a subvention from the College of £340 ������������������������������������������������������ agreed between the Trustees and the College management in line with the Memorandum of Understanding. The Union generated a surplus of £4,393 which was mainly formed from stall rental income at the welcome fair and donation received from an alumnus.
The Trustees are grateful for the continued support that the College governors, management and staff provide.
Reserves and Restricted Funds
Reserves are classified as restricted or unrestricted. Within Unrestricted Funds are Designated funds where the trustees have committed the union to future expenditure, such as on projects that have received matchfunding. Restricted reserves comprise of balances on Grants, Restricted Donations and on Clubs & Societies where funds have been received for a specific purpose and the union is restricted in its use of these funds.
The Trustees encourage students running clubs and societies, to ensure there is financial activity within their remits, and where possible to develop plans to apply these restricted funds for student benefit within the constitutional objects and mission of their club or society and engaging their membership widely in its application.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Union is controlled by its governing documents; a Memorandum and Articles of Association dated 31 July 2008 (amended 1 August 2009), and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Appointment of Trustees
The Board of Trustees consists of no more than fourteen persons and is made up as follows: Not more than eight Officer Trustees elected annually by secret ballot of the Union membership for a 12month term; Not more than two Student Trustees appointed for a term of one year; Not more than five Lay Trustees appointed for a term of three years.
Risk management
���������������������������������������������������������������� at the Union is adequately insured and, with new financial management, monitoring and control process now agreed with the College, and considers it has an appropriate risk management policy in place.
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
���������������������������������������������������������������������������������������������������������� the insurance broker and underwriters and this work considered and approved by the Trustees. The Trustees have considered and noted the implications of the organisational duties of safeguarding, the appropriateness and needs of checks on individuals who hold elected or paid office or posts in the charity in relation to the information held by the Disclosure & Barring Service and wider corporate duties under the provisions of the Bribery Act 2011 and the Lobbying, Non-Party Campaigning & Trade Union Administration Act 2014.
OBJECTIVES AND ACTIVITIES
Constitutional Aims and Objects
The objects of the Union are the advancement of education of Students at Birkbeck, University of London for the public benefit by:
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promoting the interests and welfare of Students at Birkbeck, University of London during their course of study and representing, supporting and advising Students;
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being the recognised representative channel between Students and Birkbeck, University of London and any other external bodies; and
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providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.
The Trustees have considered the effect of the Charity Commission's statement on public benefit on the operations and constitution of the Union.
The Union is a democratically run organisation, which is led by Birkbeck students and supported by a small but effective staff team. Each year the Union run the Spring & Autumn Elections, to elect the Officers who lead and direct the work and are members of the Board of Trustees, and Student Council which is made up of even more student representatives who hold the Officers to account and help shape ����������� policy.
NEW STRATEGY
���������������������������������������������������������������� which outlines the plans for the next three years, with a focus on four main areas of work:
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Supporting Student Wellbeing
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a. ������������������������������������������������������������������������������������������� experience and their welfare.
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b. ������������������������������������������������������������������������������������������ es.
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c. Increasing participation in ����������� activities by ensuring that the opportunities consider barriers to students.
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�������������������������������������
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a. Increasing engagement and satisfaction with the SU Events programme.
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b. Increasing student group membership numbers and satisfaction.
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c. Increasing awareness of the Activities section.
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
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Representing the View of Students
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a. Ensuring that our members feel they are represented in our work.
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b. Engaging more students in our representation opportunities.
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c. Centring student voice at the heart of the design and delivery of our work.
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d. Rewarding and recognising our student representatives.
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Representing Academic Interests
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a. An awareness �������������������������������������������������������������
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b. Lobbying the College for greater consistency across departments.
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c. Transforming the Course Rep scheme into an effective change-making system.
OFFICERS & BOARD
The Board have decided not to have the post of Company Secretary
DEMOCRACY & REPRESENTATION
SABBATICAL OFFICERS
The eight ���������������������������������������������������������������������� the students to the College and sit on both the Trustee Board and Executive committee, directing the Union and lead on the work it does each year. They are elected each Spring; therefore, students are encouraged to vote.
For the spring elections, there were eight positions available, and thirty-three candidates applied, all eight positions were filled, five of which were contested, eight NUS delegates were also appointed, from votes cast by four hundred and ten voters.
Officers attended at least fifteen panel meeting and fifteen committee meetings in the year.
STUDENT COUNCIL
Student Council is an elected group of representatives who pass policy, debate student issues and hold the Student Leaders to account. There are over thirty positions that sit on Council, which are elected in the Autumn Elections � Birkbeck students can run for a position, and all students are encouraged to vote.
In the autumn election this year there were eighteen positions vacant with eighteen candidates, and three hundred and nineteen voters.
The Student Council had thirteen members and during the year they held four meetings, passed seven policies and completed four campaigns with five still in progress.
SCHOOL & COURSE REPRESENTATIVES
School and Course Representatives are an essential part in helping elevate the student voice and keep the College and Union informed with student feedback.
School Representatives are a paid position that the Union hire over the summer � Birkbeck students can find out who their School Representatives are by visiting the Student Voice tab on ����������� website.
Course Representatives are elected in the classroom at the start of each term and students are also able to nominate themselves.
During the year two hundred and two course representatives were recruited and fifty were trained.
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
STUDENT LED TEACHING AWARDS
There were fifty-eight nominations, and the followings categories were awarded;
� Best personal tutor Rhys Jones
� Best dissertation or project supervisor Dr Bary Maydom
� Best non-teaching staff member Beverly Moles Best Lecturer/Seminar teacher � Dr Felix Reidl and Dr Simon Green Outstanding contribution to student experience � Gillian Woods � Outstanding contribution to Birkbeck Community Yingjie Jenkins � Colleague of the year Uracha Chatrakul Na Ayudhya
OFFICER PROJECTS & CAMPAIGNS
������������ Student Officers lead on liberation networks and campaigns to make changes that have a positive ���������������������������������������������������������������������� Below are some of the highlights from Officer �� Projects & Campaigns in 2021-22:
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Language change in the Dignity and Work and Study Policy to provide better protection for students
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Secured the reopening of services like the prayer room and extended hours of the upstairs canteen after lockdown was lifted.
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���������������������������� -19 related mitigating circumstances being kept on for this year.
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Coordinate meetings between the college and the anti-racist student and the climate change networks
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Securing commitment from the college to provide anonymous reporting and review in regards to the complaints process, and allowing it to be more transparent and inclusive especially at the first stage of the process.
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Agreed with the library to introduce automatic renewals for the borrowed items during lockdown and beyond.
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Improved the two-way collaborative relationship between the college and the Union
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Successfully secured space in Birkbeck Central for the Union and students.
ACTIVITIES
Events
������������������������������������������������������� per year returning to Bloomsbury, reinvigorating the student groups, executing events and implementing new programmes and policy. Below are some of the key statistics;
Events Programme
Events (Total): 118+ Events (Central): 70+ Events (Welcome): 24 Total Engagement (Central): 2099 students
Highlights included the fantastic Pride in London event, bringing the SU Awards back in-person, the Ukraine Donation Drive, and running our first outdoor, COVID-compliant Welcome Fayre.
Clubs and Societies
Student Groups (Clubs, Societies & Networks) Groups (Total): 48 Groups (Sport): 7 Matches (Sport): 22 Win/Loss (LUSL): 11/3/8
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
It was a great year for our Student Groups, as many recovered from the dormant 2020 and 2021 period. Societies had a greater and more consistent output of activity, with highlights such as the Film Society and Pakistani Society having their membership flourish; whilst Clubs largely built on slow growing foundations to � perform and attend trainings and matches consistently particular credit goes to the Badminton Club, who went unbeaten in the league all year and represented the University on the national stage at BUCS Nationals in Sheffield.
STUDENT GROUP ELECTIONS
The Student Group Elections were held in their fully-fledged form first time since 2020, which was rewarded with a bumper turnout. The need for strong directive to return to consistent delivery and the implementation of the student group lifecycle saw a huge increase in election statistics across the board with the mobilisation of engaged students (group members) also provided positive collateral effect on the Spring Election.
Student Group Elections
Votes Cast: 527 (260% increase) Voters: 149 (120% increase) Turnout: 9% (from total numbers of student group members) Candidates: 52 (373% increase)
Student union Advice Service
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The Advice Service has dealt with 321 cases year 2021- 2022 and last year 2020 � 2021 was 216 cases.
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This year there was an ���������������������������������������������������������������
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The following table shows the range of categories in which students are using the advice data.
| Sub Matter Category |
Number of Cases 21-22 |
Number of Cases 20-21 |
Increase/ (Decrease) |
|---|---|---|---|
| Academic Conduct 12.7% |
41 | 18 | 127.7% |
| Appeals 28.7% |
92 | 51 | 80.4% |
| Complaints 27.4% |
88 | 81 | 8.6% |
| Disciplinaries 1.9% |
6 | 15 | (60.0%) |
| Progression/ Assessment 7.8% |
25 | 4 | 525% |
| Other 21.5% |
69 | 51 | 35.3% |
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BIRKBECK COLLEGE STUDENTS' UNION
Financial Statements for the Year Ended 31 July 2022
BBKSU Advice Service offers free confidential advice which is independent of the university. The Union contributed to students obtaining outcomes related to student retention and progression such as:
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Assisted students with academic appeals and Mitigating Circumstances forms resulting in students gaining additional assessment opportunities and not being withdrawn
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Helped students respond to allegations of misconduct and avoid the most severe penalties being applied such as expulsion
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Helped students respond to fitness to study concerns and avoid being withdrawn
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Helped students resolve complaints about the University, improving their experience
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Directed students requiring specialist support to university services such as Disability services and the Student Counselling and Mental Health Service.
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Respond to students within less than 3 working days
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Working with the university to review part of the regulations.
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We Organise Six outreach stalls on campus this academic year to promote the service and speak to spoken about academic issues and especially making student aware of Academic misconduct and Mitigating Circumstances we engaged with 140 students
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We were able to promote the service and put out regularly advice information to the BBKSU Newsletter to all students, sports, and societies to promote amongst their members.
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Currently meeting the target- We have Improve the advice service response time to 80%, to response to student within 3 working days and offer appointment
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Monthly meeting with Director of Academic Standards and Quality & Deputy Academic Registrar Registry Services to raise issues affecting students who use the advice service.
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
COMMUNICATIONS
Newsletter
The Newsletter has been consistent in the last few years. Whereas in 2019 the number of opened emails were roughly 50%, currently the number oscillates between 50% and 51%. We have been doing the newsletter twice a month, every Thursday around 5pm (In June we released it on the 9th and the 24th), however for 2022-23 we are going to explore how often and which days we will send the Newsletter.
The layout of the Newsletter tends to vary depending on the importance of the events. For example, in June we displayed two main events on the top header Pride in both editions as it was the main event of the month, plus the Cat Café and the Bowling, which was the last event of the international team.
From July 2021 to July of 2022, we have had a reach of 9,192, which means an increase of 90.9%, in the same period, the number of Instagram profile visits has been 5,763, meaning an increase of 94.2%. In addition, we have gained 442 followers, making a total of 1,468. This is quite an impressive ongoing growth. For instance, in September 2018 we had 148 followers, in September 2019 we reached 504 followers, and have now almost tripled the number of followers!
The post with more organic reach was the ���������������������������������������������������������������� position was the post about the NUS Strike for Education (642). It might be safe to assume that Instagram visitors are engaged in social causes. Moreover, the 2nd and 3rd post had more reach where two events were organised by the SU, the Ice Skating (672) and the University Challenge (656). The rest of the top-10 were mostly events and posts about demonstrations. Regarding demographics, the Instagram is most popular between people aged 25-34 (53.8%).
The number of followers is 4,401. In the last three months, the Tweets with more engagement were the petition to Demand Fossil Free Careers (5,652), the Teach-in for Climate Justice at Birkbeck (1,285) and the Pride in London (973). Similarly, as in Instagram, this shows that posts with social commitment have more appeal among the followers. In this case, the first two relate to the ecological movements and the LGBTQ+ Community. In the fourth position there is the Mental Health Awareness Week (944), an illustration of the audience concern about a problem which has been exacerbated during the pandemic.
In June 2022, the number of Twitter impressions was 22,1K. To establish a comparison with previous years, we had 18,5k in June 2017 and 21,7k impressions in June 2018. This number is significantly lower than in 2020 (35K) and 2021 (36,8K). One of the explanations might be that in those periods, the restrictions about Covid19 were more rigid and many people spent more time at home, hence using more social media for communication, furthermore, the engagement rate in June 2022 increased by 2.3%, 3 retweets per day and 5 likes per day.
The Facebook page has had a less steady growth in comparison to all the other social media platforms. From June 2021 to June 2022, the reach had been of 15,303, which means a decrease of 30.9% comparing with the year before. At the same time, the number of visits has been 1,784, 26.8% less than the previous year. Continuing with this trend, the number of likes has been 168, 46.8% less than in 2021.
The most popular posts this year have been the SU Awards 2022 (533), followed by the Banner Making Workshop (479) for the NUS Student Strike for Education, and the Job Opportunity to work as a Telephone Fundraiser (417), and closely followed up �������������������������������������������������������������� Communications team about the Graduation ceremony 2022 (372).
Similar to Facebook, the gap between 25- �������������������������������������������� e visitors (52.6%).
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
AFFILIATIONS
During the year, the Union was affiliated to the following groups or bodies, and in compliance with Section 22 of the Education Act 1994, lists them here (along with the affiliation fee paid). Pursuant to Section 22 of the Education Act 1994, the Trustees declare that no donations have been made to any other organisation.
| Affiliations are notified formally to members at the AGM: | Affiliations are notified formally to members at the AGM: |
|---|---|
| Body of Affiliation | Fee Paid (£) |
| Advice UK | 263 |
| National Union of Students (UK) | 5,766 |
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BIRKBECK COLLEGE STUDENTS' UNION Financial Statements for the Year Ended 31 July 2022
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees (who are also the directors of Birkbeck College Students' Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
There is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Knox Cropper, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Declaration
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
.............................................
Pedro Malheiro � Chair of Trustees
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Report of the Independent Auditors to the Members of �������������������������������� Financial Statements for the Year Ended 31 July 2022
Opinion
We have audited the financial statements of Birkbeck College Students' Union (the 'charitable company') for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Report of the Independent Auditors to the Members of Bi ������������������������������ Financial Statements for the Year Ended 31 July 2022
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Members of ������������������������������� n Financial Statements for the Year Ended 31 July 2022
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
������������������������������������������������������������������������������������������������������� knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
�������������������������������������������������������������������������������������������������� framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.
������������������������������������������������������������������������������������������������������ susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
�������������������������������������������������������������������������������������������������������� for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions.
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Report of the Independent Auditors to the Members of ��������������������������������
Financial Statements for the Year Ended 31 July 2022
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Anderson (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ
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BIRKBECK COLLEGE STUDENTS' UNION
Incorporating an Income and Expenditure Account
for the Year Ended 31 July 2022
| Notes INCOMING RESOURCES Donations and legacies 2 Grant income Unrestricted Alumni Donation Incoming resources from charitable activities 3 TOTUM cards (NUS Extra) Birkbeck SU branded clothing Other incoming resources Other Income Total incoming resources Charitable activities - Application of resources 4 SU Student Events & Activities (Central) SU Advice SU Communications SU Voice Clubs and societies TOTUM cards (NUS Extra) Birkbeck SU branded clothing Total resources expended NET INCOME/(EXPENDITURE) FOR THE YEAR RECONCILIATION OF FUNDS 16 Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 365,000 20,000 1,399 945 3,569 390,913 81,729 61,615 74,362 122,328 33,755 2,393 2,393 378,575 12,338 (55,614) (43,276) |
Restricted funds £ - - - - - - - - 7,945 - - 7,945 (7,945) 22,797 14,852 |
2022 2021 Total Total funds funds £ £ 365,000 340,000 20,000 - 1,399 2,470 945 1,026 3,569 2,394 390,913 345,890 81,729 57,396 61,615 68,604 74,362 75,474 122,328 88,158 41,700 38,088 2,393 2,691 2,393 2,691 386,520 333,102 4,393 12,788 (32,817) (45,605) (28,424) (32,817) |
|---|---|---|---|
16
BIRKBECK COLLEGE STUDENTS' UNION Balance Sheet At 31 July 2022
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Debtors 12 Prepayments and accrued income Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS/(LIABILITIES) FUNDS 16 Unrestricted funds General funds Designated funds Restricted funds TOTAL FUNDS |
2022 2021 £ £ 2,065 4,104 2,065 4,104 36,252 60,984 7,258 6,279 22,519 20,219 66,029 87,482 (36,518) (34,403) 29,511 53,079 31,576 57,183 (60,000) (90,000) (28,424) (32,817) (43,276) (55,614) - 14,852 22,797 (28,424) (32,817) |
|---|---|
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:
............................................. Pedro Malheiro - Chair of Trustees
17
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements for the Year Ended 31 July 2022
1 ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': The requirements of Section 7 Statement of Cash Flows
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Support costs have been allocated to Charitable Activities on the following basis:
| ocation and apportionment of costs port costs have been allocated to Charitable Activities on |
the following basis: |
|---|---|
| SU Student Events & Activities (Central) | 9.0% |
| SU Advice | 25.0% |
| SU Communications | 25.0% |
| SU Voice | 25.0% |
| Clubs and societies | 14.0% |
| TOTUM cards (NUS Extra) Card | 1.0% |
| Birkbeck SU branded clothing | 1.0% |
Governance costs have been merged with other Support costs.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Life: | |
|---|---|
| Plant and machinery | 5 years |
| Fixtures and fittings | 5 years |
| Computer equipment | 3 years |
Stocks
Stock comprises physical stock of TOTUM cards (NUS Extra) cards held for resale.
Creditors and provisions
Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
18
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued for the Year Ended 31 July 2022
1 ACCOUNTING POLICIES (continued)
Pension costs and other post-retirement benefits
The company participates in the Universities Superannuation Scheme (USS) and the Superannuation Arrangements of the University of London (SAUL), which are funded, defined benefit schemes. The schemes are contracted out of the State Second Pension (S2P). The schemes are valued formally every three years by professionally qualified independent actuaries using the projected unit method. Informal reviews of the schemes' position are carried out in the period between formal valuations.
The Union has agreed with its parent institution that the deficit funding liability is recognised in the parent institution's accounts. The charge to the income and expenditure account is the contributions payable to the schemes for the accounting period, which is the same as it would be if these were defined contribution schemes.
Going Concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, as disclosed in note 17. For this reason they continue to adopt the going concern basis in preparing the financial statements.
2 DONATIONS AND LEGACIES
| Core Grant Additional Grant for Course Representatives Unrestricted Alumni Donation |
2022 2021 £ £ 340,000 340,000 25,000 - 365,000 340,000 20,000 - 385,000 340,000 |
|---|---|
3 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| Activity Other incoming resources TOTUM cards (NUS Extra) card Birkbeck SU branded clothing Other income |
2022 2021 £ £ 1,399 2,470 945 1,026 3,569 2,394 5,913 5,890 |
|---|---|
19
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued for the Year Ended 31 July 2022
4 CHARITABLE ACTIVITIES COSTS
| SU Student Events & Activities (Central) SU Advice SU Communications SU Voice Clubs and societies TOTUM cards (NUS Extra) Card Birkbeck SU branded clothing SUPPORT COSTS SU Student Events & Activities (Central) SU Advice SU Communications SU Voice Clubs and societies TOTUM cards (NUS Extra) Card Birkbeck SU branded clothing |
Direct costs £ 60,188 1,781 14,528 62,494 8,191 - - 147,182 9.0% 25.0% 25.0% 25.0% 14.0% 1.0% 1.0% 100.0% |
Support costs Staff Costs £ 19,048 52,910 52,910 52,910 29,630 2,116 2,116 211,640 Staff Costs £ 19,048 52,910 52,910 52,910 29,630 2,116 2,116 211,640 |
Support costs Totals Other Costs 2022 £ £ 2,493 81,729 6,924 61,615 6,924 74,362 6,924 122,328 3,878 41,700 277 2,393 277 2,393 27,697 386,520 2022 Other Costs Total £ £ 2,493 21,541 6,924 59,834 6,924 59,834 6,924 59,834 3,878 33,508 277 2,393 277 2,393 27,697 239,337 |
|---|---|---|---|
5 SUPPORT COSTS
Activity Basis of allocation Management, Finance & Governance (Note 6) Support cost allocation %
6 GOVERNANCE COSTS
| Governance office g Auditors' remuneration |
2022 2021 £ £ 4,683 14,590 5,400 5,300 10,083 19,890 |
|---|---|
7 NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):
| Auditors' remuneration Depreciation - owned assets |
2022 2021 £ £ 5,400 5,300 3,896 433 |
|---|---|
8 TRUSTEES' REMUNERATION AND BENEFITS
Trustees' expenses
Trustees received expenses in connection with the performance of their duties £226 (2021: Nil).
The expenses are the reimbursed costs of travel and subsistence on behalf of the union, and the cost of refreshments for union events.
20
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
9 STAFF COSTS
| Wages and salaries Social security Pension costs No employee earned over £60,000 per annum. Average staffing Management and administrative staff Sabbaticals 10 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY INCOMING RESOURCES Donations and legacies Grant income Incoming resources from charitable activities Clubs and societies Events (Freshers' Fayre, etc) TOTUM cards (NUS Extra) Birkbeck SU branded clothing Other incoming resources Other Income Total incoming resources Net incoming resources available Net incoming resources available for charitable application Charitable activities - Application of resources SU Student Events & Activities (Central) SU Advice SU Communications SU Voice Clubs and societies TOTUM cards (NUS Extra) Birkbeck SU branded clothing Total resources expended NET INCOME/(EXPENDITURE) FOR THE YEAR RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 340,000 - - 2,470 1,025 2,394 345,890 345,890 57,396 68,604 75,474 88,158 37,719 2,691 2,691 332,733 13,157 (68,771) (55,614) |
Restricted funds £ - - - - - - - - - - - 369 - - 369 369 23,166 22,797 |
2022 2021 £ £ 244,437 237,765 18,263 17,325 39,242 26,857 301,942 281,947 2022 2021 10.0 6.6 3.8 3.8 13.8 10.4 2021 2020 Total Total funds funds £ £ 340,000 345,000 - - 10,477 - 162 2,470 14,517 1,025 1,705 - 2,394 1,316 345,890 381,737 345,890 381,737 57,396 71,386 68,604 61,278 75,474 72,763 88,158 93,265 38,088 39,813 2,691 14,941 2,691 2,588 333,102 356,034 12,788 25,703 (45,605) 71,308 (32,817) (45,605) |
|---|---|---|---|
21
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
11 TANGIBLE FIXED ASSETS
| COST At 1 August 2021 Additions At 31 July 2022 DEPRECIATION At 1 August 2021 Charge for year p At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 12 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Birkbeck College 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses Birkbeck College General loan |
Plant & Machinery 9,773 9,773 9,730 43 9,773 - 43 |
Fixtures & Fittings 5,219 - 5,219 5,219 - 5,219 - - |
Computer Equipment Totals 12,614 27,606 1,858 1,858 14,472 29,464 8,553 23,502 3,854 3,897 12,407 27,399 2,065 2,065 4,061 4,104 2022 2021 £ £ 36,252 60,984 36,252 60,984 2022 2021 £ £ 6,518 9,403 30,000 25,000 36,518 34,403 |
|---|---|---|---|
22
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued for the Year Ended 31 July 2022
14 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Birkbeck College General loan 1 - 2 years 3 - 5 years Birkbeck College General loan - Total falling due after one year The Birkbeck College General loan forms part of the support for the Union provided by the College. Under the new loan agreement of 13 August 2018, specified sums fall due each year . £30,000 is due in the financial year 2022-23. |
2022 2021 £ £ 30,000 60,000 30,000 30,000 60,000 90,000 |
|---|---|
15 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Current assets Current liabilities Long term liabilities |
Unrestricted funds £ 2,065 51,177 (36,518) (60,000) (43,276) |
Restricted funds £ - 14,852 - - 14,852 |
2022 2021 Total Total funds funds £ £ 2,065 4,101 66,029 87,482 (36,518) (34,403) (60,000) (90,000) (28,424) (32,820) |
|---|---|---|---|
16 MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS Unrestricted funds General fund Designated funds Restricted funds Clubs and societies Restricted Donation TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Clubs and societies TOTAL FUNDS |
Incoming resources £ 390,913 390,913 - - 390,913 |
At 31 July'21 £ (55,614) (55,614) 22,797 22,797 (32,817) Resources expended £ (378,575) (378,575) (7,945) (7,945) (386,520) |
Net Movement in funds At 31 July'22 £ £ 12,338 (43,276) - 12,338 (43,276) (7,945) 14,852 - (7,945) 14,852 4,393 (28,424) Funds Movement in Transferred funds £ £ - 12,338 - 12,338 - (7,945) - (7,945) - 4,393 |
|---|---|---|---|
There was no requirement to transfer funds from the unrestricted funds to the restricted funds to cover the the expenditure on behalf of Clubs and Socities (2021: Nil)
23
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued for the Year Ended 31 July 2022
17 GOING CONCERN
Due to historic financial challenges faced by the union, the College agreed to provide a loan of £175k to the union in 2018. The loan supports the union whlist it seeks to return to a financially sustainable position.
The union is making good progress delivering surpluses for each of the last four years. The College has
comitted to continue supporting the union and as a consequence these accounts have been prepared on a going concern basis.
18 RELATED PARTY TRANSACTIONS
Birkbeck College
The Union's relationship with Birkbeck College is defined in the Report of the Trustees. Various grants were received by the Union from Birkbeck College as detailed in Note 2 to the Accounts.
Sabbatical Officers
The charity's sabbatical officers acted as trustees during their appointment (see Note 8). The table below shows the officers who served during the financial year 2021-22, together with the salaries and expenses paid to them for their services as sabbatical officers.
| Sabbatical post | Post-holder | Term of Office | Salary & On-costs | Expenses |
|---|---|---|---|---|
| Liberation Officer | Massey, Megan | 01-Jul 2021 - current | 5,315 | |
| Student Leader | Ruao Nunes, Jose Pedro | 01 Jul 2021 - current | 15,560 | - |
| Liberation Officer | Wilcher, Katherine | 01 Jul 2021 - current | 5,315 | - |
| Student Officer | Durrant, Nicole | 01 Jul 2021 - current | 5,940 | - |
| Student Officer | Michael O'Brien | 01 Jul 2021 - current | 5,315 | - |
| Liberation Officer | Jeanrenaud, Daisy | 01 Jul 2022 - current | 99 | - |
| Liberation Officer | Okoye-Ahaneku, Paul Ikechukw01 Jul 2022 - current | 118 | ||
| Student Leader | Badmus, Ibrahim | 01 Jul 2022 - current | 118 | - |
| Liberation Officer | Turner, Capres | 01 Jul 2021 - current | 3,548 | - |
| Liberation Officer | Moralez, Tonya | 01 Jul 2022 - current | 118 | 10 |
| Liberation Officer | Gibbs, Sarah | 01 Jul 2022 - current | 118 | - |
| Student Leader | Zerain Mercado, Maria Laura | 01 Jul 2022 - current | 99 | |
| Liberation Officer | Smith, Naomi | 01 Jul 2020 - current | 12,552 | - |
| 54,215 | 10 |
19 PENSION SCHEMES
a) Universities Superannuation Scheme (USS)
The charity participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trusteeadministrated fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The charity is therefore exposed to acturial risks associated with other instititions' emloyees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.
The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2020 (the valuation date) which was carried out using the projected unit method. This was the sixth valuation for USS under the new scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective to have sufficient and appropriate assets to cover their technical provisions.
At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.
Following UK government legislation, from 2011 statutory pensions increases or revaluations are based on the Consumer Prices Index measure of price inflation. Historically these increases had been based on the Retail Prices Index measure of price inflation.
The charity participates in the salary sacrifice pension scheme. The staff costs (note 9) shows the pensionable salary which includes the employee salary sacrifice element. The charity contribution rate payable was 18% of pensionable salaries until 31 March 2019. From 1 April to 30 September 2019 the contribution rate payable rose to 19.5%, increased to 21.1% from October 2019, then increased to 21.4% until March 2022, and since April 2022 the rate has been 21.6%.
24
BIRKBECK COLLEGE STUDENTS' UNION Notes to the Financial Statements - continued for the Year Ended 31 July 2022
19 PENSION SCHEMES (continued)
b) Superannuation Arrangements of the University of London (SAUL)
������������������������������������������������������������������������������������������������������������������������� defined benefit scheme within the United Kingdom and was contracted out of the Second State Pension (prior to April 2016).
SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.
�������������������������������������������������������������������������������������������������������������
������������������������������������������������������������������������������������������������������������������������������� SAUL, but in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.
Funding Policy
����������������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������������������ are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the �����������������������������������������������������������������������
The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.
A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. ��������������������������������������������������������������������������������������������������������������������������� reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.
���������������������������������������������������������������������������������������������������������������������� formal valuation in 2023.
At the 31 March 2020 valuation SAUL was 94% funded on its Technical Provisions basis. However, market movements following the valuation date were positive and the Trustees and Employers agreed to allow for post-valuation experience up to 30 April 2021. As SAUL was in surplus on its Technical Provisions basis at that date, no deficit contributions were required. However, the Trustee and the Employers have agreed that the ongoing Employers' contributions will increase from a rate of 16% of CARE Salaries to 19% of CARE salaries from 1 April 2022 and to 21% of CARE salaries from 1 January 2023.
The charity is a Participatng member in SAUL. The actuarial valution applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL's assets as at 31 March 2020 eas £3,612 million representing 94% of the liabilities. The market value of SAUL's assets at 30 April 2021 was £4,369 million representing 109% of the estimated liabilities.
It is not possible to indentify an individual Employer's share of the underlying assets and liabilities of SAUL. The Charity accounts for its participation in SAUL as if it were a definied contribution scheme and pension costs are based on the amounts actually paid (i.e cash amounts) in accordance with paragraphs 28.11 of FRS102
Althought there was a Technical Provision deficit at 31 March 2020, allowing for post valuation experience to 30 April 2021, SAUL has a Technical Provisions surplus. Therefore no deficit contributions were required following the 2020 valuation and there is no defined benefit liability (i.e the present value of any deficit contribution due to SAUL) to be recognised by the Charity
The total pension cost for the charity (excluding the salary sacrifice element) was £29,608.27 (2021: £17,550).
25