Company registration number: 07623917 R•Jistered charity number: 1142616 University of Central Lancashire Students. Union UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION FINANCIAL STATEMENTS 31 JULY 2024
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 coTrrrENTS PAGE Trust and Union Infomplion Report of the Trustees Independenl Auditors, Rewrl to the Members 14 Statement of Finanaal Activities 18 Balance Sheet 19 Cash Flow Slatement Notes to the Finanaai SlatenEnts 21
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 JULY 2024 TRusfEE AND UNION INFORMATION BOARD OF TRUSTEES 2024125 Luke Fitzgerald President Joseph Bigland VI Pre&dent Welfare Charlotte Lastoweckyi Vice President Education Sophie Barratt Vice President Activities Syed Manan Manya Raj Student Trustee {resigned 22rxt August 2024) Student Trustee (apwinted 28th Novetnber 2024) Emma Sims Dani Beckett External Trustee Externai Trustee BOARD OF TRUSTEES 2023124 Luke Fitzgerald President (appointed 1st July 2023) Joseph Bigland Vice President Welfare (appointed 1 St July 2023) Charlotte Lastoweckyi Vice President Education (appointed 1 St July 2023) Sophie Barratt Vice President Activities (apwinted 1 St July 2023) Syed Manan Student Trustee (aptM)inted 1st December 2023) Mordecai Mambohwa Student Trustee (appointed 1 St Derter 2023. resigned 20th June 2024) Emma Sims External Trustee Dani Beckett External Trustee (appointed 1 Si December 2023) Geoff Birch Extemal Trustee (resigned 2TrJ October 2023) Jose Sedano-martinez Extemal Trustee (resigned 5th Augusl 2023) COMPANY SECREfARY J Russ Resigned 19th December 2023 G Wright Appointed 19th December 2023 KEY MANAGEMEKf PERSONNEL Chief Executive Officer Director of Operations & Activities Director of Finan and Performance Director of Finance and Services Director of Membership Voice S Hartley J Russ L M Stott (regned 6th October 2023) G Wrighl (appointed 1 St November 2023) th H Mason {appointed 18 September 20231
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION REPORT OFTHETRusfEES FOR THE YEAR ENDED 31 JULY 2024 REGISTERED OFFICE 24 Fykle Road Preston Lancashire PR17BY AUDoRs Haines Watts Statutory Auditor 3 Hoor Pacific Chambers 11-12 Victoria Street verwol L2 5QJ BANKERS HSBC PO Box 70, 40 Fishergate Preston PR12AD
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OFTHETRUSTEES YEAR ENDED 31 JULY 2024 The Board of Tnjstees are pleased lo present their Annual Report for the year ended 31 st July 2024 which includes the information set out on page 1 of this report. together wtth an account of activities and impact and the audited accounts for that year. The 2023124 academic year has seen us K)und off our previous strategy and work on our new one for 2024-2028. StLKlents will always remain at the Iart of what we do and a key focus for us as an organisalion is how we can positNely impact stLKlents' lives, both their academic experien and also their university joumey. We do a k)t of things as an organisation, but with Student Life and Student Voice centrd to r( all, our mission always has our members at the forefront of our impa(#. OUR MISSION The Union's mission is Yo make student Itle the best it ian be. wtih the following long-term aims: . To promote the interests of students during their u)urse of study. To represent. supp)rt and advise students. To provide social and recreational activtlies for stjetS arKI, by so doing. advance the 8ducation of the students at the Untversty of Central Lancashire for the benefit of the public. b) The Union has activities and semces lor use by nEmbers and lo support work with the University and other organisations on behaw of stLKlents. Th&se include support for student representation throughout the University. the Unkjn's ilependent SLJdenl Advice Centre, the Union's Activities offi supporting club: society and volunteeriro actwities, Pulse Student Media, induction adivities inclLKling WelrAirne Week, connecting students to discounts Ihrough Totum. The Union also offers space for sludents to socialisg, relax and purchase food and drinks via our social entetprise outlets and social spaces. The Union, en reviewing or planning its activtties. Conside the Charity Commission's general and relevant guidance on public beneftt and has complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidan on public benefit published by the Charity Commission. UNION ACHIEVEMENTS As well as wort(ing iowards our stralegic priorities. we also set annual 'Union Priorilies,. These are shaped from our Full-time OF11S manrfestos and other timely research and insight to ensure we are tocused on the things that students need from us. We embedded these priorities into our operational planning to ensure they are not solely the responsibility of an Off Ir, but they were instead a shared set of organisatK)nal goals permanent staff wuld support.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION REPORT OFTHETRUSTEES YEAR ENDED 31 JULY 2024 STUDENT VOICE Siudents are central to everythir¥J we do. We're a democrat organisation with students at the heart of the decision making and leadership of the Students. UnK)n. Whether we're stioking up for students or empowering them to speak up. the stJent voice is deep rooted nto both the day-to-day and strategy of the Union. This year we continue to support and develop our elected reps, empowering them to use their voice to create positive change on camws and in the community. At a Universty level. we delivered critical voice and feedback on the Universty's Mitigating Circumstances policy and procedure. While this work is ongoing into 2024125, we spent this year gaining helpful insight from the students. including inviting the UnNerstty to a stuthnt roundtable on the issue. Another way we have impact Universty p)IY is knbbying for a preferred name policy ihrough the Say My Name campaign. Similar to Mtligaling Circumstances. this work has laken us into 2024125 however we're working collaboralively wtth the Universty's Equaltty, Diversity and Inclusion team on this as well as other key guKlance for supporting the Tns. Community. We need to continually listen to our students. not just for feedback but to also understand who our students are. Increasing the nUMr of student written tjogs on lived exrienCe across our website and communication channels has helped us gain greater understanding of the student joumey and the issues they face. One way to bring student Vol to the heart of the key decision makers at the Universty was through our VI ChancelEor's Question Time event. This was a new initiative ]ch brought together the most senior staff and our students, who were able to ask questions. share their views and also get lo know the Chancellor's Group IVCG). The first event proved successful and led to a o)mmitment from VCG at the event, to work on bringing free peri(KJ provisions to campus lor students. This work has started a1 we're looking forward to seeing it finalise in 2025. The event worked so well. it's aLso making a retum in Febtuary 2025. Our Get Together progRmme consists of several events throughout the year sutvorting our black students. disabled students. LGBT. students and intemational students. Each community had events aimed at bringing their communty together to socialise, feedback on their experience and find their home away Irom home. Su(x£ssful social evenls also helwl prove as Sussful listening exercises: with the Union able kn gain imwrtant leedback to take to other spaces on behalf of those students. While delivering and acling on student Vol at a MpuS level is key, we also branched out into wKler society throughout the year through iNpactFul campaiJns such as our Ban Gonversion Therapy and Man Down {men's mental heatthl campaigns. Both reaching out to other Students, Unions across the UK, provKJing campaign materials to raise awareness and create an impact further afield. The Ban COnversn Therapy led by our Trans. Students Rep has seen hundreds of tN)Stcards to MPS to lobby Ihe Govemmenl. The aMpaIgn'S impact was noticed nationally and plawl in Ihe lop Ihree at the Student Pride Awards for Campaign of the Year.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OFTHE TRUSTEES YEAR ENDED 31 JULY 2024 Away from campaigns, a lot of wort was undertaken to improve and utxlate the Union's byelaws. They were out of date and proved dtfficuh for students to ¢reate change, our byelaws should never be a barrier to stLKlents. The work done to itnprove thern has seen our processes become less bureaucratic for committee leaders helping them rEJn their student groups more effectively and also ensure the process to make change is clear and simple. Student voice isn't always about lolA)ying for change, our StentS submitted over 1000 nominations in our Golden Roses awards, vthich aims to celebrate ademiC and professional service staff from across the Untversity at all Ihree mPses. Across three ceremonies we awarded several staff and seNces. with students at the heart ol Ihe nominations and shortlisting panels. As the academic year came to a dose. a Generat Election was announced and our Officer Team led the work on collaborating with Ihe Universily on voter registralion and encouraging students to vote on election day. While it's difficull to measure our specific impact on triis, we can say we played a part in ensuring students utKlerstood their right to vote and contributed to the numbers from across the UK in young registering and voting increasing. STUDENT LIFE Being a student has the potential to change your life in so many ways. However, that doesn't always mean that University of Central Lancashire sludents have 1 IKJ°/ts of their lime to dedicale to sludent lrfe. Many of our stLMJents are juggling being a studenl, workitvJ aTKI supporting their families. It's crucial to us students feel like. and know. we're here to suprx)rt with all a3CtS of their student life and over the past academic year, the Studenls. Union has signrfiGanlly enriched student life with a diverse range of innovative projects and initiatives. This year we had the exctling intdUCtion of the Study Break program. which supports students through the exam and assessment periiml. Study Break hosled activities and study support sessions in lIatI)ratiOn with the Universty includit¥J an etKJ of year celebration. We were also able to secLJre funding from the Universty to provide free food to students during exam weeks. With the University's adoption ol the Universty Menkl Health Charter to support mental health on campus, the Students, Union have been invofved in the work and student submission of the charter. Cementir¥J wellbeing as a ptiority and at the heart of everything we do. With over 100 student groups active throughout the year, including a range ol newly formed groups like the reintroduction of the Jewish Society, our campus community has become more diverse and dynamic. With sludent groups playing a vtlal role in the experience of their members, we prioritised making our groups more accessble. Through the inclusion of disability awareness in committee training, we have helped groups loster a more inclusive environment. While the AsS lo Activities Fund seen more students being able to access memberships and thelOre feel part of events a1 activibes.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OFTHETRUSTEES YEAR ENDED 31 JULY 2024 This year seen a rK)table increase in social sports participation, highlighted by the launch of a weekly futsal competition aloThJside rBw tum up and play sesstons, which has energised our recreational sports offer. While we continue to supwrt and deveknp our volunteers throughout the year, the creation of the ACES (Awarding and Celebrating Excellent Sludents) end of year event has provided a celebratory plafform to recInISe the vital contribuiions ol our Voluntee and sludenl staff. Enhanced relationships through our Media Sales have brought local and national companEs doser to students, creating a lively atrnosphere in around our buikling, boosting foottall and helping grow students, knowledge and erstandIng of what we do. Addit)nallY, collaborations with exiemal services such as We Are With You and Gender Outreach have broadened our support networK bringing expertise and stEcialisl support lo our students in need. The launch of Latnpworks cre*ed a [w. exciling socid Spa in our building for our members with a new menu, interactive darts arKI week]y events. LampwOS also launched Payback. a scheme which helps put money back into our student groups. Lampworks also hosted a festive menu during our LamplatKJ lestivities, alongsKle supporting other community events like Pride, intemalDnal and more. Over al our satellite campuses in Bumley and Westlakes. we increas&J the number of events at those campuses including bespoke Welmme and Sludy. Break acttvity. Our satellite campuses were supported by studenl activators %tho helped grow our student groups, through society branches or bespoke groups. Together, these initiatives have not only increased student participation but also strengthened community ties. makirKJ the Students. Union an integral part of enhancing the overall student experien. PLANS FOR THE FUTURE We have crealed a new strategic plan for the aceMiC year 25126. This plan has been shaped by our student metnbers and our staff team and our refreshed mission is to 'Support students to leam well and live more at Universty,. As part ol the research, we undertook to build this new strategy it was clear that students need us to be tocussing on three areas af work to enable them to learn well and live more. These three areas are known in our new strategy as 'core missions, and they are= tackling the costs ol study, l)oosting wellbeing and increasing attainment. We will review these missions annually and will be able to shift focus, if necessary: which should allow us lo keep up wilh the fasl-paced nature of student issues and challenges. We have set new KPIS lo measure our progress against these missions and our new strategy as a whole and we wll be reportig against these in the future. To support our new miSSn, we have also Sha 5 enabling plans as part of this strategy plan. These plans are EDI. Datallnsight. Peoplelculture. FinancelResources and DemocracylRepresentation. These plans have assocAated aGlion plans arKI objectives.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OFTHETRUSTEES YEAR ENDED 31 JULY 2024 We began work on the Democracy / Representation enabltng plan in August 2024 by tendering for an external Gonsultant to SUPFXIrt us to review our representation slnjctures. This work was deern necessary by Trustees the Senior Leadership Team as our engagement in representation and democracy has been steadily dropping over the last straiegic period (Sin 20201. That pieGe of work has now come to an end and we are beginning to implement the recommended changes. Changes to our representation structures are nol yet fully approved by Trustees and our members but they are likely to include changes to our full-time Offr roles atKI representative roles on Students. Council. We are also expbring how to bring in Communty Organising Principals into Ollr organisation in an effort to build more collective power and tackle the feeling of isolation that are becoming more cotnmonplace amongst our membership. We are beginning the work now of ensurirNJ thal our organisation has the right structure and resources to support these important and exctling changes. STRUCTURE AND GOVERNANCE For the period represented by these accounts UCLan Students. Union operated as a company limited by guarantee (Company No. 76239171 and as a registered charity {Registered Charity No. 1142616). The Govemance of the Union and its p)wers are set out in the Articles of Association. The Union operates on democratic principles with a Students. Council having the powers lo approve the general policy of the Union and to represent the voice of students at the University. The Students, Council membership cotry)rises the Union's Elecl&J Officer tearn, logelher with representalives of student communities: demgraphics, and acadernic schools. In Ihe period covered by Ihis rep)rt the Union was governed by its Board of Trustees comprising of elected students, students appointed by the Board and External (Lay) Trustees. This arrangement ensures that the Board has Ihe diverse range of S1[5, knowledge and experience needed in order lo carry out its role effectively. The elected officer roles of Union President: Vice President Education, Vice President Welfare and Vice President Activities are full-time paid posts and remunerated as authorised by the 1994 Education Act. Other Trustee roles are volunteers. The Board of Trustees receive an induction into their legal and administrative responsibililies from the Nationai Council for Voluntary Organisations {NCVO) of which the Union is a member. participate in learning and development opportunities offered by the National Union of Students {NUS) and others and have on-going training to ensure they are sutfiaently well infornEd to carry oul their responsibilities. The Board of Trustees has delegated resp)nsibilTty for the the day-to-day running ot the Union to the Chief Executive offir, Stefanie Hartley, through a Statement of
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION REPORT OFTHETRUSTEES YEAR ENDED 31 JULY 2024 Delegated Authority (SODA}- The Tnjstees of the Charity receive regular reporls from the Chief Executive and senior managers and revtew the Union's pertormance. The relationship between Ihe Board and the Chief Execulive is fundamental to effective governance and management of the Union. It is the responsibility of the Board to ensure that the Chief Executive has clear objectives: to review perfomiance and consider the development of Iheir employees alongside that of the charity. One element of this is to ensure that Ihe CEO is appropriately remunerated, and that the basis of this remuneration is understood by the Board aThJ CEO. The Board has undertaken a review of salaries and benefits paid to CEOS in Students, Unions a1 the voluntary sector in order to establish a suitable level of remuneration. RISK MANAGEMENT The Board of Trustees has examined the major strategic business and operational risks faced by the Union. The Union has a risk register Ihat is remewed and ulated on a regular basis. Where appropriate the Union has established systems or procedures to mits'gate the risks the charity faces. Budgetary, fraud and internal conlrol risks are minimised by Ihe implementation ol procedures for the authorisation of all transactions and projects. Procedures are in place to ensure compliance with health & safety of staff, volunteers, and participants in all the activities organised by the Union. These procgjures are reviewed periodically to ensure they are effective and continue to meet the needs of the charity. The Union has not suffered any serious incident to be reported to the Charity Commission and internal conlrols have been reviewed and are found to be adequate. THE RELATIONSHIP BETWEEN THE UNION AND UCLan The Union receives a grant from the University and occupies buildings owned by the University. The University also pays for utilities, careta5ong and deaning staff as well as providing support for ICT neiworks. health & safety advice. HR advice and telecommunications. This non-monetary support is integral lo the success of the Union and to Ihe relationship belween the University and the Union. In the current year, reflecting the requirements of the SORP, this non-monetary support is induded in the Union's Accounts. In order to strenglhen and deepen our partnership in 2017 the President of the Union, Chair of the Board of the University, Ihe University Vice-chancellor. and Union's Chief Executive Off ir signed a Partnership Agreement. Based on guidance from the NUS (Nalional Union of Students) arKI Association of University Chairs the partnership agreement codifies how the two bodies will work iogether in their mutual interest.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OF THETRUSTEES YEAR ENDED 31 JULY 2024 AFFILIATIONS TO OTHER BODIES The Union affiliates to several organisations in order to benefft from training, professtonal development opportunities and information induding Advice UK. The University itself affiliates to the National Goveming Bodies for many sports: however our clubs affiliate direclly for the following sports: Archery. Ju-Jitsu and Mountaineering to facilitate sludent sport parlicipation and inter-university competition. The Union also affiliates to the National Union of Siudents (NUS UK) for the national representation of student's interests and Ihe NNllder raThJe of benefits, support. and cost sawngs it receives. The Union is an aclive participanl in NUS UK and NUS Charity and their related companies to ensure that the organisation continues to function effectively on behalf of members. The Trustees have reviewed the cost and benefit of NUS menljership and are conlent that there is sgnificant nei benefit from our involvemenl. FINANCIAL REPORT Nel Operating result for the year 2023124 The net operating surplus of £89K shows an increase of 17 /0 over the previous year. In addition, the net unwinding cost of the pension fund deficit is £48K giving an overall net surplus of £41 K (defiat of £20K in the previous year). Accounting for the Union's share of the Students, Union Superannuation Scheme (SUSS) can be affected by external factors including an estimate of the real value of future contributions to the deficit. The actuaries had already increased the recovery period by two years to May 2037. This scheme is now closed to new employees and the majority of current staff are in an auto-enrolled scheme in which contributions have remained at 516 %. The Union's F)olicy is to match employee contributions up to Average slafff ng numbers have remained static. Slaff cosls, reporled in note 12, increased to £1 .258M (2022123 £1.173M).. represenling 4/0 of operating expenditure12022123, 440/.). Expenditure on sludenl wages increased from £160K to £179K supporting studenls to finance their university education whilst gaining employability and life skills aloro the way.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OFTHE TRUSTEES YEAR ENDED 31 JULY 2024 The financia statements reflect the value attributed to the accommodation and serVIS provided to the Union by the University in 2023124 of £664,301 (2022123 . £587,172)., this is reported as a benefit in kind as both restricted charitable income and charitable expenditure. The Union's clubs and societies operate within agreed delegated authorilies though the Union is responsible for reporting income collected and spent. In the year. clubs and societies deposited £174K and expended £175K.- in addition, the Union transferred fvjnds from archived inactive groups (£17K) and provided further grants,- in totaI Clubs and societies benefited lo the tune of £33K. Ba]ances carried fOard at the end of the year totalled £92K (2023: £60K). In addition, funds of £19K were held for specific Student Union Projects. Notes 3 to 12 provide delailed analysis of income and expenditure during the year with previous year's comparisons. Membership services comprise all the dired services and support provided to students including representation. advice services and engagernenl activities such as volunteering, sociai and sports. Totat costs have increased from £1,985K to £2,004K demonstrating levels of activity have been maintained Ihroughoul the year. Primary Purpose Trading comprises our social enterprise activities. The SU Café has continued lo be popular and it is hoped its custorner base will continue to grow. The SU Bar, "Lampworks" re-opened at the slart of the year to prowde a safe space for students to enjoy. By investing in soaa enlerprise. we help a lot of students fund their education through part-lime work, meeting friends al work and ganing work experien. We strive to be a gocKI eryployer. so Students recognise this as they encounter different employers throughout their career. Balance Sheet at 31 July 2024 The Bajance Sheet shows negative nel funds of £964.6K (2023: £1,006.OK). The reduction in the negative net fund reflects Ihe overall sutplus of £41 ,375 (2023 deficit of £20,47n. The Trustees are aware of the issues surrounding the pension liability and recognise it as a long-lerm issue rather than an immediate risk. The fact thal the scheme is closed provides some degree of risk management with respect to the liability, however. the Trustees make sure that both Trustees and Officers keep UP lo date with all issues that inyact on the scheme. Nole 20 shows the detailed breakdown of accurnulated funds held by the Sludenls, Union. Some funds are restricted in their use as they are linked to specific income received in previous years which can only be used for the purposes for which it is given.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION REPORT OFTHE TRUSTEES YEAR ENDED 31 JULY 2024 Restricted funds include balances on dub & society accounts which are held by the Union. on behaif of the groups. for use on their specific activities. The constitution of the groups a]lows the Union to archive groups which are inactive for 2 years and close those which are inactive tor 3 years. such funds are transferred to either an archive designated reserve or a Clublsociety bidding designated reserve. This ensures funds are utilised to benefit students and current groups are supported. The SUSS pension defiat of £1.22 million is a negative restricted fund, which the Union recognises separately for clarity and its unique nature. Unrestricted funds represent accutnulated reserves which can be applied al the discretion of the Union, providing a measure of flexibiliiy and resilience should Ihe Union encounter finanaal chlengeS in any particular year. This year general reserves have fallen from £136K to £115K primarily as a result of cash transfers to the SUSS pension of £961( The Union has for several years benefited from an HM Revenue and Customs {HMRC) calering concession which atlows for Ihe treatment of catering sales on campus to be exetnpt from VAT. Three Unions received official letters from HMRC allowing this treatment and wt has therefore been adopted as mmOn practice for catering sates across tnost Students. Unions. HMRC have recently sad their letters were incorrect and Bar Catering should nol be included. NUS, Bates Wells and severai other Unions, including ours. have launched a legaj challenge. Whilst the dispute continues, we have disclosed a contingenl liability of circa £2k, based on any payments to HMRC being less than 50°/. likely to arise and trust the inconsistent treatment across the industry wi15 ensure Ihis does not ()ystatise irrto a cost to the Union. Designated funds are created when the Trustees themselves choose to ring fen funds for a parlicular projecl or PUTPOSe. Each year the Truslees consider the accumulated funds to make sure that they are satisfied that the Union is making best use of charitable funds. Note 24 shows that, at the end of the year, the Union had an unrestricted nel currenl asset position of £107K {2023.. £166K). Cashflow The activities in 2023124 generated cash of £112K (2023-. £78K) as deiailed in Note 27. The Cash Flow Stalemenl shows other factors which have an i mpacl on Ihe cash reserves of the Union. During the year capitai expenditure totajled £30K and, as reported above, £96K deficit repayments lo Ihe SUSS pension fund. In addition, interest of £2K was received. The closiro cash baiance was £276K, a reduction of 211 K from the previous year.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OF ThE TRUSTEES YEAR ENDED 31 JULY 2024 RESERVES POLICY The Trustees nKsnitor reserves and consider that free reserves should be equivalent lo around 800/0 of unrestricted funds (including fixed assets and designated funds} to ensure the Union has sufficient funds to meet any uneXpeed liabilities and to allow it to develop activities and operations in line wth the strategy for Ihe benefit of students. This equates lo a targel level of free reserves as at the 31 st July 2024 of £118K. Total reserves as at the 31 st July 2024 stood at a deficit of £965K. Restricted funds (due primarily to the pension fund liability) were at a deficit of £1 ,111 K- designated funds were £32K and unrestricted funds ihat are fixed assets are £26K leaving free reserves as a surplus o* £88K. Designated reserves of £32K (2023: £56K) relate lo balanS held by Clubs and Societies. Strict procedures are in place to ensure reserves are not committed unless there are available liquid funds. The Trustees also have the flexitility to release funds from designated reserves at any time. Social enterprise activities are monitored to ensure they are consistent wth the Union's charitable objects. FUNDRAISING REPORT The Union does not make direct fundraising appeals to its members. Our societies: on occasion. can carry out fundraising aclivilies for their society funds and for extemal charities. We provide guidance to stLJdents based on the un)n'S Byelaw 6 16321634) and our Fundraising Policy. No complaints were r]Ved conceming these fundraising activities. CUSTODIAN ACTIVITIES The Union act as custodian fOrfUlS raised by the Union's many dubs and societies from their own activities and for their own use. 12-
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION REPORT OF THETRUSTEES YEAR ENDED 31 JULY 2024 TRUSTEES, RESPONSIBILITIES Charity law and UCLan Students. Union's Artides of Ji8Sociats r8Juire us as Trustees to prepare Annual Financial Statements giviThJ a true arKI fair view of the state of the affairs of Ihe Union at its year-end and of the Union's incy)me and expendtture for the year. In preparing these statemenls we are required to: _ select the most suitable accountiro policies and apply them consistently. make judgements and eslimates that are reasonable and prudent. prepare the Financial Statements on a going conrn basis untess rt is not appropriate lo presume ihat the Unn wll continu8 in business. We are responsible for keeping proper aC(untIng records which disclose with reasonable accuracy at any time the tinancial wsition of the charity arKI enable us to ensure that the Financial Statements comply wtih charity law and the requirements of Ihe Union's Board of Trustees and the University under the 1994 Education Act. We are also respjnsible for safeguarding the assets of the charily and ensuring their proper applicalion in aGo)rdance with charity law, and hence for talong reasonable steps for the prevention and deteGtion of fraud and other irregutaiities. SN(IALL CO1p .1 I rs lilfjTE In preparing this report, the Directors (Trustees) have laken advantage of the small companies, regime exerrpb'ons provided by section 415A of the Compantes Act 2006. This report was approved by the Board on 17 April 2025 and sKJned on its behalr. Luke Fitzgerakl Stefanie Hartley President and Chair of Ihe Board of Truslees Chief Execulive Officer 13-
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION INDEpENDEr AUDITOR'S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2024 Opinion We have audited the financial statements of Universty of Central LanshIre Students, Union (the 'charity') for the year ended 31 Juty 2024 whh cotrprise the Statement of Financial Activities, Balance Sheet: Statement of Cash Rows and notes to the fancIal slatements, including significant acrounting policies. The financial rery)rtiThJ frameworf( that has been applied in their pr8paration is applicable law United KinOM AUntIng Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of IrelarKJ {Untted Kingdorn Generally Accepted Accounting Practice}. In our opinion the financial statements.. give a twe and fair view ol the slate of the charitable company's affairs as at 31 July 2024 and of its incoming resour5 and application of resources, including ils income and expenditure for the year then ermjed" have Ien properfy prepared in accordance with Unt1 KirKJlom Generally Accepted Accounling Practice; and have been prepared in a¢cL)rdance with the requirements of the Companies Acl 26. Basls tOT opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) (ISAS {UKII and applicable law. Our reSnsibl[[bes under those standards are further described in the Auditor's resportsibilities for Ihe audit of Ihe financial slalements section of our report. We are independenl of the charitable company in acix)rdance with the ethical requirements that are relevant to our audwt ol the financial slatements in the UK, indudiThJ the FRC'S Ethical Standard, and we have fu]filled our other ethical reswnsibilities in accordance with these requirements. We believe that the audtt eviden we have obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that ihe trustees. use of the going Collrn basis of accounting in Ihe preparation of the fanCIal statements is appropriate. Based on the work we have perforrned. we have nol Klentrfied any material uncertainties relating to events or condttions that, itKlividualty or colledively, may cast significant doubt on the charitable company's abilty to cnntnue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilTties of the trustees with respect to going concem are described in the relevant sections of this report. Other Snformatlon The trustees are responsible for the other infom)alion contained within the annual report. The other infomialion comprises the infomialion included in the annual report. other than the financial statements and our audttols report thereon.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION INDEPENDE1+ AUDITOR'S REPORTTO THE MEMBERS YEAR ENDED 31 JULY 2024 Our opinion on the financial statements dS not cover the olher information and, except to the extent othemise explicitly stated in our rewrt. we (i nol express any fomi of assuran conclusion thereon. In connection with our audit, our responsibilty is to read the other infomiatton a. in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise aparS to be materially misstated. If we identify such material incx)nSiste[es or apparent malerial misstatements, we are required to detemine whether this gives rise to a material mwtatement in the financial statements themselves. If. based on the woth we have perfomed, we conclude that there is a material misstatement of this other inf0MtiOn. we are required to report that facL We have nothing to report in this regard. Oplnlons on other matlers prexrlbed by the Companles Act 2006 In our opinion based on the work undertaken in the course ol our audit the information given in the twstees, report vthith indudes the direclors, reFOrt prepared for the pUoseS of company law. for the financial year for which the financial statements are prepared is consistent wtth the financial statefflents" and the directors. report inGluded wtEhin the truslees, reF(rt have been prepared in accordance with applicable legal requirements. Aatters on which THe are required lo report by exceptlon In light of the knowledge and understanding of charitable company and its enVi)nMent obtained in the course of the audit. we have not KjentrfiI material misstatements in the directors, rep)rt included within the twstees. report. We have nothing to reFJ)rt in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our oiinion". adequate accounting recolS have not teen kept. or the tinancial statellnts are not in agreement with the aount1g recoKls and retums: or certain disclosures of irustees. rernUneratn SCffled by law are t rnade" or we have not reiVed all the infomialion and explanatK)ns we require for our audit" or the trustees were nol entitled to prepare the financtal statements in accoftlance with the small companies. regime and take advantage of the small companies, exemption in preparing the trustees, report. Responsibilities of trustees As explained more fully in the Trustees, responsbli ities statement, the trustees (who are also the direclors of the charitable company for the pury)oses of company law) are responsible for the preparation of the finanoal statements and lor being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necEssary to enable the
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION INDEPENDENT AUDrroR'S REPORT TOTHE MEMBERS YEAR ENDED 31 JULY 2024 preparation of financial statements that are free from material misstalemerrt. whether due to fraud or error. In preparing the financial statefflents, the trustees are responsibk for assessing the charttable company's ability to continue as a going concem, disdosing. as appIable, matters related to going cOnM and using the going (x)ncern basis of acwunting unless the tNStees either intend to Iyuidate the charTlable oJnpany or to ase operations, or have no realistic aKemative Ixjl lo do so. Auditorfs responsibilities tor the audit of the financial statements Our objectives are to obtain reasonable assuran aboLrt vtheth?r the financial statements as a whole are free from material misstatemenl. whether due to fraud or error, and to issue an auditor's report Ihat indudes our opinion. Reanable assurance is a high level of assuran but is not a guarantee thal an audr( conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consider8J material rf. indivKlually or in the aggregate, they coukl reasonably be expected to influence the eojnomic decisions of users taken on the basis of these financial statements. Irregulartties, including fraud, are instances of rn-COmplian with laws and regulations. We design prOdureS in line with our reSnsIbIlities, outlined above, lo detect material misstatements in reSt of irregularities, includirKJ Iraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We assessed the susceptibility of the company's financial statements to material rnisstalement, including how fraud might OCcr. Audtt pro(EdLJres perfonned by the CA)mpany engagement team included: Identifying and assessing the destgn effectiveness of controls management has in place to prevent and delect fraud; Understanding how those Charged wilh governan considered and addressed the potenlial for override of controls or other inappropriate Influen over the financial reporting prosS. Reviewing financial stalements disclosures and testing to SUPF)Orting documentation to assess Complian with appliGqble law and regulations. Challenging assumptions and Igements made by management in its sKJniFicant accounling estimates, in parti¢>Jlar. Depreciation - we ¢arried out a review and recalculatton of depreciation to assess its appropriateness for inclusion within the finanoal StaleTrnts- Identifying and testing joumal entries. in particularfy any joumal entries posted with unusual account combinations. Despite the audit being planned and conducted in aCcOrdae WTth ISAS (UK} there remains an unavoidable risk that rnaterial mi&statements in the financial slalernents may not be detected owing to inherent limitations of the audiL and that by their very nalure, any such instances of fraud or IegUlar[ty likely involve collusion. forgery, iitenttonal misrepresenlations. or the ovenide of intemal (x)ntrols.
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS. UNION INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2024 A further description of our reswnsli )ilities for the audtt of the financial statements is k)cated on the Financial Reporting Council's website at: www.frc.o .ukJauditorsres onsibilities. This description forrns part of our auditorfs report. Use of our report This reFX)rt is made solely to Ihe charitable mpanY'S mernLers, as a bcxjy, in accordan th Chapter 3 of Part 16 of Ihe Cornpanies Act 2006. Our audit woth has been undertaken so that we mvJht state to the charitable company's members those matters we are required to state to them in an altO¢S rerK)rt and for no other puryTh)se. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the tharitable company s members as a body. for our audit work. for this report, or for the opinions we have formed. Timothy Cherry FCCA Senior Statutory Auditor On beham of Haines Watts 3rd Floor Pacrfic Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ 17 rtf,;l LOLS. -17-
UNIVERSITY OF CErRAL LANCASHIRE STUDErs, UNION STATEMENT OF FINANCIAL ACTlVtriES (INCORPORATING AN INCOME AND EXPENDrruRE Accoumr) YEAR ENDED 31 JULY 2024 2024 Restricted UnrestTiCted 2023 Tolal Total Noto INCOME FROM: Voluntary income Charilable actNities 1,38Qlthl 180,000 1N13,672 1,359,636 1,359,726 Other ITading actwrfcies Investments 15,9 1213 1213 1,700 Income from Operallons 845,072 1,966,803 1811,875 2,724,128 EXPENDITURE ON: Charitable activities.. Membership services Primary purpose trading Expenditure from Operations Pension Discount Uminding 111 Cost 21 Excepliond Expenditure 11 7-9 T11,327 1,23l741 2,004.068 1,984,811 7-9 650,109 n4n2 662,963 839,950 1W1850 2,721800 2,647,T14 47.7LW) 47.71K) 73.621 23.210 Total Expendilure 2,770,500 I744,605 Nel Operating Surplus for the year Net Result lor the year Surplus/{Deficatl 5,122 83,953 89,075 76,354 (4578) 41.375 (20,477) Total funds brought lonvard Reserves Transfer (1,19822n 191224 {1.006,003} {9845261 I29.1 (129,330) Total funds carrted foThMrd {1,111A75) 146.847 {964.628) I1,0,003) The ¢harty has no r(Jn19ed gai or losses other than the relIS as set out aLM)ve. A]1 of the a¢twilies ol the charity are dassed as continuing. The notes on pages 21 to 40 fonn part of these financlal statements
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION BALANCE SHEET Company No: 076917 31 JULY 2024 3110712024 3110712023 Note FIXED ASss Tangible fixed assets Investments 13 14 39,370 26,422 39,371 26,423 CURRENT ASSETS Stock Debtors Cash ai bank in hand 15 16 31293 82.167 275.965 81,780 391,97T CREDrroRS: Amounts due wlhin one year 17 {271.463) {249,567) CURREiif ASSETS Total assets less current liaLN'lities 142 410 168,833 157,333 CREDrroRS: Arnounls due after more than one year NEf ASSETS 18 24 1,121,961 1174 836 FUNDS Restricted funds Pengon Deficit ReseNe Students, Societies & Club Funds - Total Restrided FurKLs {1,222,5331 111,058 1.111.475 {1,270,614) Unrestricled funds General Funds Designated FurKIs Total Unrestricted Funds 114,738 32.1L 146.847 135,922 TOTAL FUNDS 964.628 The financial staterTEnts have been prepared in accordance with Ihe provisions applicable to companies subject to the small companies, regirne. These financial statements were approved and styJned by the Board of Truslees on 17 April 2025. Luke Fitzgerakl President and Chair of the Board of Trustees 17 April 2025 Stefanie Hartley Chief Executive Officer 17 April 2025 The notes on pages 21 to 401orni part of these flnanckil slatem8rts. -19-
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION CASH FLOW sfATEMETr 31 JULY 2024 2024 2023 Net cash (ouiflow}finflow from cperating activtiies 27 111321 77.717 Investin aclivities Payments to aquire tangible fixed assets {30,328) (26,308) Net cash Ilow from investing activitss (30,328) (26,3Q8) Flnancln actlvltles Repaymerrt of Pension Deficit Interest reiVed Net cash Ilow fronv (used in) financlng activlties 195,780) (91,218) 13 193,567) (89.518) Increase/lDecrease) in cash and 12sh equivalents (11.574) (38,109) Cash and cash equivalents at start of year Cash and cash equivalents at erKI of year 325 649 965 Th8 Trctss on paoes 21 to 40 forni part ol these tirAncial SlatrtS
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMErs YEAR ENDED 31 JULY 2024 1. GENERAL INFORMATION University of Centrai Lancashire Sludents. Union is a registered charity in England and Wales, ith the charitable otiect ol a(fvanarMJ the e(hJcation of students at the University ol Central Lancashire. Tho charity is a private Company limited by guarantee {Co No 07623917), wmh the registered office and prinLipd address at Fylde Road. Preston. PRI 6BY. ACCOUfrmNG POUCIES la) in nvenlion The financid slatements are Fryared in accordarre th the Companies Act 2006, Charities Act 2011, Slatement of ReCommeThj Practice'A(xthntiNJ and Reporting by Chartties, 2019 ISORP'I, and Ihe Financial Reporting stard 102. The Trustees wnsider the charity to be a rxjblic Inef[t entity. Thefinancial stalemerts are epared in stediThJ, [Ch ts ihe functional cUrrerY of the c(panY. Monetary amounts in these linanad stements are rourKled to the nearea £ All incoming resources are recognised in the Stement of Finanaal Actmilies (SOFA) when the Charily is legally entiled to the ire the amount can quantified with reasonable rtainty. Incoming resour5 are not net ol extendtture. rnn Revenue grants ot1 than the block grant are credited lo the SOFA in the year in which they are received. The block grant is crethied lo the SOFA in year in which il is receivaLle. In the SOFA grants are shown as income arJ the retal expenditure disclosed as awroprialo. Idl Resources ex l expenditure is aoUnted for on an axnjals basis aThJ is sted net of VAT where this Can be reclaimed. Charitable expendilure c(xnprises IFKJse costs Inrred by the Chartty in ddivery ol its livmes and services for its benefiaarie& It indudes both costs which Can be threctly allocated to liveS and those costs of an indire(a natu ne(*ssary to suN)ort th6Yn. Costs are allccated between the expetTrfftire categories of the SOFA based ¢)n of the resource.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 2. AccouNfiNG POUCIES {coKnNUED) {d} Resources ox ended inued Where costs canrK)t be directly allocated they are appjtioned on an appropriate basis and recognised in SOFA. Govemance costs are tFM)se Irred in connection wlh compliance with constitutional and statutory requiremen1& ible fixed ass Depreciation is calculated so as to write off the cost of an asset. less its estimated redal value, over the useful e(x)rtomic lrfe of Ihat asset as fcAIows: Alterations to premises Fixtures and equipmerrt 25% p.a. straghi line 25%- 33Yo P.& Strght line Assets a capitalised if they cost more than £5,000 a1 are exsHIGtl to la more than one year. (f) Investments Fixed asset investrnenls are vaued at ¢osL {g> AoLk Stfftk is valued at the lower of the cosl aThJ ils net realiSe vdue. (h) Debtors Short term debtors are measured at transaction price, less any inpaimeffl. Loans receivable are measured inttially at fairvaiue, net of transaction costs. and are measured subsequently al amortised cost u&ng the effective interest methcJ, any inwairment. (l) Cash and cash uivalerrts Cash is represented by cash in haThl and detK>sils wtth finanual instttutions repayabte without penalty on notice of not more than 24 hours. Cash equivents a highly liquid investments that mature in no more than three molrths fr(wn the dale of ac(•Jisition and that are readily convertible to amounts of cash wih insigntficarn of change in Yue. l Financial Instruments The charty only enters into basic fina instNments transactions thal result in the reccgnition of financial assets and liaix'lilies like trade olhor ants recetvdle and payable, loans from banks and other third parties. l¢)ans to related parties and investments in non-puttable ordinary shares.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY2024 I ACCOUNTING POLICIES {conllnued} (k) Credito Short tem creditors are measured at the transaclion F)re. Other financid liabilities, including bank loan& are measured initially at fair vaue. net of transaction costs. arKI are measvred subsequently at amortised cost using the effeclwe interest method. eratin lease a Renlals appliGatAe to operaling leases b¥there substanlially the benefits aThJ risks of ownership remain with the leswr are charged agansl profits on a strarght-line basis over the period of the lease. (m) The Students, Union has three dstinct types of a¢cuMated furth in its balance sheet: _ Restricted funds rewesenling un¥ent funds at the e1 of the financial yearlo be St on particular acttvities as specified ty the thr¥)r. Unrestricted general funds arisiTrJ from the accumulatgj surF4us frc¥n its various activtiies hdd to provide a measure of finarJaI flexibility in the fulure. Dgnated Fur5 are general furKts sel aside by the Prf)ard ot Tru5te85 for a specific purpose. The income and expendtture are shown in the Statemeth d Financi A(Awibe& The assets and liabilities representirvJ each fu1 are shown in the notes to ihe accounts. (n) Pènsion costs The Chartty partiopates in the Students. Union Superannuation Scheme, a mulii-employer defined benefft pension scheme. Where r( is rH)l FXJSSitAe for Ihe Charity to obtain suffiThent infallOn to enable it to arx(xJnl for the scheme as a defined benefit heMe. il accounts for the scheme as a defined contribulion scheme. Where the s(*eme is in defiat and vthere the Charity has agreed, with the scheme. to partiapate in a deliryt funding arrangement Ihe Chartty rec(xJnises a liabifity lor this obligation. The amount recognised is the nel txesent vaue of conlribulions payable under ihe agreancnt that relate to the delictl. This amount is expensed in the Statement of Financial Activflies and is held on the Balan(% Sheet as a restricted reserve. The Union also partiapates in a thfined corrtribjtion pension heme administered by Aegon. A defined contrityjlion an is a pension plan utvjer which the Charity pays fixed contributions into a separate enlily. Once the contriLxJlions have teen paid the Charity has no further payments obligalions. The ccrtributions are recognised as an expense in the Slatanent of Financid A1VitieS when they fall due. Amounts not paid are sFKJvm in a¢cruals as a liatylity in the Balan sheet. The assets ol the plan are held separately from the Clwity in indeperthnily administered funds.
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 31 JULY 2024 2 AccouNfiNG POLICIES (COIfflNUED) (o) Taxatton No provision is made in these accounts for cx)rtMYation tax as the Union is exempt Ircth such taxes as a result of its charitabEe status. con The Trustees are aware that Union is thn[Y iwfvenl due to the net liability pyjsilion. However, this is ¢ause(I by the tEnsion creditor vhich is largely payale over the next 13 years. The Union is in a nel current asset 10 and the Unn continues to seek to generate funding from various trrEg artniibes but it will continue to be thpendent on the stJPFX)rt of the UnThrersity of Central Lancashire for which Ihe Trustees express their thanks on beh1 of the members ol the Union. There is no reason for the Union to bdieve this financial or non-rnonetary suN)ort from the Unwersity will not continue for the foreseeable future. In 2011 the Ullion and Untversity agreed a Memcwandum of understalIrJ between It organisalions to SUPFQrt the continuing payment of the blod( grant and the non-monetary 5UPWrt. (q) Jud ements in a in accountin Ilcies and sources of estimation uncertain The charity makes estimates and assumptions co[mIng the future. The resulting accounting estimates will, by definition. sekkmm equ the related actual results. The estimates and assumptions that have a signrfi&qrrt ot causing a material adjustment lo the carwng amounts of assets and liakilities ythin the next fEnarla1 year are aoklressed below. {il Useful economic INes ol taroitle assets The annual depreciation charge lor taThJie 2&8ets is sen5itTve to changes in the estimated useful economic lives and rcsidual values of the a&%ets. The useful e(x)nomic lives and residual values are re-assessed anNally. They are amended when necessary lo refFect current estimates, based on technologicd acfvancement. fulure investmerrts, economic utilisation, aThJ the physic condition of the assets. See note 13 for the cartwr>g amount ol alleratiorL8 to premises and fixtures & equipment arKI nole 2 (e) for useful 0mIC lives for each class of assets. lill Multi-employer defined benefit pewon herne The Chartty participated in Ihe Studerrts, Union SuFerannuation Scheme,. a mutti-employer defined benefil penon scheme with other Students. Union organisations. In the judgement ol the trustees, the Charty does not have sufficient information on the plan's assets and liabilitles to be able lo reliatY accounl for its share ol the defined knelil c&ligations aThJ plan assets. Therefore. the scheme is accounted lor as a thfrned ctribution scheme, see nole 21 for further detail& The Charity musl measure its delined bent otligation on a (rntl present value basis. The Charity must detemine the rate used to discount Ihe future payments by reference to market yields at the retx>rting dale on high qUty corFrt)rate ix)nds. The temi of Ihe corporate bonds shall be COrlstent wth the estimated peric¥J of the future payTllenls. (iii) Treatment of Clubs ar¥J Societies Tre Chartty has SignifinI ¢onird over the finances and athibes of clubs and societies and therefore considers them lo be part of the Chajity. As such, it accounts for them as rf the Union is the principal in transactions with income aThY eXpK11tre tEing presetrted in the Siatemerrt ol Final1 Aclivities.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 VOLuKfARY INCOIAE Flestricted Lknrestricted Total 21)24 Grant Funding 1.380.IMI 1380.000 13600CQ 13800 Restricted Unreslrlded Total 2023 Grant Funding 1359.636 1.359.636 1359 636 1359 636 INCOME FFK)M CHARITABLE AcfivrnES Restricted Unrestricted Total 2024 Voice fe Membership SeiCes 294614 551 804.165 9)4.933 Prlmary Purpose Trading Aclivilies 073 531,501 604,574 Total 845,072 56&6(h) 1,413,672 Charilable activilies Direct Ino)me fr(xn charitable activities Benefit in knrKI- AccomrrE(Klation & Servre Clubs and sieties- Income 568,600 W,61)0 664,301 568 6 1413 $72
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 Reshlcted Unreslrictod Total 2023 Voice Cornmunity Membership Services 261.291 433,429 5,(Y20 266.311 16 757236 Primary Purpose Trading Activities S37,1 6112,49) Total Charitsble activities Direct Income from chartlable activities Benefit in kiThJ - AccL¥nmodalion & See Clubs and Societies- IrOMe 6,417 6(Ki,417 587,171 587,171 172.138 6(j 417 13S9 726 INCOME FROM OTHER TRADING ACTinEs Reslrlcted UnrnstTiCted Total 2024 MarkelirvJ Digital Income Commission 6,975 975 &704 311 311 1&9 Restricted Unrgstricled Total 2023 Marketing Digitd inc(wne COMMIlOn 555 555
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 INCOME FROM INVEsfMEMrs Restricted Unrestricted Totsl 2024 Ba Interesl 2213 1213 2.213 Tolal 2023 Bank Irrterest 1.7j 1.7(Kl ExPE)URE ON CHARABLE ACTivmES Restricted arKI Lknreslrided Expwylilure by Theme Restricted iknrestricted Tolal 2024 Membership Sw¥i¢es Voice Life Projects 719,164 1,017,IX13 513.577 986,475 59) 471898 741 650.109 Primary Purpose Trading Activities 68.623 839.950 718,732 Direct Costs Plus Benefit in KirKI Direct expeThJiture Clubs and Sctieties - ExpeThJiture Benefil in Kind- A%M & Services Projects 1,850 1,882,850 17&059 664301 175,059 664,301 850
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 Restrlcted and Unrestricled Expenditure byTheme Rostricted Lknrestrlcted Total 2023 Mèmbership Services Voice Community Projects 261,291 436,789 739,014 1,000,305 544,781 981,570 153 1283,948 1984 810 598,374 662.963 1 882 322 2 647 713 700,862 Primary PurposeTrading Aclivllles 765.451 Direct Costs Plus Benefit in KINI Direct expenditure Clubs and Societies - Expenditure Benefit in Kind- Ac£om & Services Projects in membership seNi 1,882W3 1,882,323 175,497 587.172 2.782 1 882.323 2 647 774 175,497 587,172 765,451 CHARITABLE ACTIVMES Direct & Support ExpendltUTe by Trrr Activities undertaken directly Support costs Total 2024 Membershlp Servlces Voice Life Projects 851,449 20,921 59) 165.554 1.017.iJ)3 165,554 986,475 960 677.809 1350,769 331 108 1004.068 40,923 718,n2 372,031 2.722.0 Primary Pubpose Tradlng Activities Total Activiies undertaken directly Support costs Total 2023 MernbershSp Services Voice Community Projects 861,743 54WJ,428 138,562 1,0(,305 843,008 138,562 2935 1.707 686 6¥712 34,251 311,375 2,647,773 1501. 447,242 1336,398 Primary Purpose Trading Activities Total
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS. UNION NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 31 JULY 2024 Charitable activities Charitable expenditure by cost type Prim Purpose Cenlral Support Costs Membership Total 2024 tivilies Cost ol SalelAthity Costs 51,242 742,325 245,680 1,954 298,876 Wages & Salaries Training and Subsistere Other emtAoytnent Costs NUS Affiliation Fee Club & kniety Supporl Administralion Insuran Repairs and Maintenance Essenlial Materia]s Equipment arKI software Adverti9r & Promotions Financial Costs Professional Fees Benefit in Kind - AccommcKlation & Services DeprlatIon - Refutlishment Deptlation - Equitment Restricted Project C051s Restrict6yJ Club and Sooety Cost5 1,258,101 16,710 17,854 35,947 1,841 2.528 27.160 13.535 51,616 48,157 20,588 41,754 803 664,301 7,138 10,950 (474) 1.720 1.099 (2911 24.196 225 5,100 11,738 17,109 (3,237) 1,065 10,582 27,420 1692 25.446 19,929 1Q910 18,583 19,310 22,7 3.752 9,694 7.686 590 175,059 1903 175.059 1,672,960 331.108 671,809 372,031 2,722,800 40.923 (371031) Cerrtral Support Cost Allocation I1,068 714n2 2,722,800 Total
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Charitable activities (¢onlinued} Charitable expendilure by $1 type PrÉmary Purpose Central Trading Support Services A¢livities Costs Total 2023 Cost of s@ACtlty Costs 49,787 74Q698 239,296 247,336 203 289,286 177,116 Wages & Salaries Traning and SubsisterKe Other emEoyment costs NUS Affiliation Fee Club & Society SupFQrt Administrdlion Insuran Repairs and Maintenance Essenlial Materials Eryiwnent arKI software Molor CA)sts Advertising & Promolio Financial Costs Profession Fees Benefit in lfjnd - Accommodation & SeNices Depreciation - Refurtishment Depreciation - Equipment Restricted Project Costs Reslricted Club at¥J Sooety Costs 1.173.150 24.172 25.732 32,196 ,262 34,472 24,239 10,534 27,646 34,947 10,195 3.605 31196 83,601 2,354 11,623 22,065 124 372 1537 25,737 18,295 2,609 7093 5.171 1526 13,013 6,408 11,291 3,135 34.718 510,840 19.369 21,867 53,990 587.172 17,040 974 54717 1.692 18,298 17,615 5,597 8,980 11,327 1782 175,651 763 3,178 175.651 1,707,687 277,123 628,712 311R74 1647,773 34251 (311.3741 Central Supry)rt Cost Allocalion 1.984,810 2,647,773 Total
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 10. GOVERNANCE COSTS Total 2024 Total Audit 5%) 8AOO 1.445 1,445 IrEura Travel Expenses Board away days Board eXFnSeS Gifts Tralning statutory filing fee Civil Subscription 1,563 31 400 41 4,193 10.470 13 3,608 15083 24 588 11. EXCEFfioNAL AND SIGNIFicAKf EMs Restricted Unrnstricted Tol81 2024 SUSS Pension UnWnding/ReVUaI10n 47,7 47,700 47.7(rf) Rostricied Unrestricted Total 2023 Long Term Sickness Redundancies 16.WJO 3,910 500 16,800 1910 500 73,621 CNd Invols- Trading Swices SUSS Pension UnwndintyFlevalualic 73,621 23,*0
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 12. STAFF cosrs AND NUMBERS Totsl Total 21)23 Wages aThJ salaries National insurance Pension costs 1,LWI,222 83,278 1,007,617 78,314 87,218 1 173 149 Key managemenl personnel, as dilOSed on page 1, received remuneration of £158,976 12023: £127.099). For the year ended 31 July 2024 a1 31 July 2023 rK) emFJoyee iecEived remuneration in eXsS of £60,OIJ). The aVage numÈer of staff emFloyed by the was: 2024 No. 2023 Full time staff Student Staff 74 13. FIXED ASss Alterations to Fixiures & premlses equipmenl Total Cost As al l August 2023 Additions Disposals As at31 July2024 1,078,190 18.639 558,982 1,637,172 11,689 ,328 1.096.V29 570,671 1,667,500 Accumulated depreciation As at 1 Augusl 2023 Charge for the year On Disposals As al 31 July 2024 1,IAO,264 550,486 1,610,750 7,686 17,380 1.069.958 558.172 1,628.130 Net iM)ok value 31 July 2024 31 July 2023 26,871 496
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 14K FIXED Ass INVESThIE Investmenl In subsidiaries Total As at 1 August 2023 and 31 July 2024 2024 quity held 2023 quity held N&ne of company Investments in subsidiaries 53 Degrees Events Limiled l(xi% Aggregate of share capital Tumover and reserves Profit for the year 53 Degrees Events LimitgJ . domiant 15. STOCK 2024 2023 Bar Shop stock Atrium stock Clothing stock 14,505 9,067 651 4,127 813 16. DEBTORS 2024 2023 Prepayments arKI accrued inccffle Unwersity debtor Other debtors 40,11Y3 10,997 47.229 10,367 81167
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMETrttS YEAR ENDED 31 JULY 2024 17. CREDrroRS: Amounts lalling due withln one yr 2023 Trade crajttors University credttor Socia security and other laxes Other ¢7editors AralS and deferred inccvne Pension liablt ty 25,703 42.260 25.312 48,131 61,725 2,908 20.4B8 49,796 1&873 271.463 249,567 18. CREDITORS: Amounls fallkng due after more than one yr 2023 Pension liability 1.121961 1 121961 836 1174,836 RepayMtt due as fdlows: Due 1-2 Years Due 2-5 Years Due SF Years 105,6 195,$56 449,307 666.813 1.121,961 1.174.836 Please refer to note 21 for further details ¢)n the pension liatility ch as repayrnent leHns and discount rate. 19. FtNANCIAL INSTRUMEpirs Finala1 liailities meawred at amortised cost: 2024 2023 FinaThial liabiltties merA at present vdue: Pension deliat 1 270 614 1a2.533
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTESTOTHE FINANCIAL STATEMEKTS YEAR ENDED 31 JULY2024 20. RESERVES At1 August Incomlng Resources resources expended At 31 July 2024 Transfors Restricted FuTrJs Pension Defic41 Fund Benefit in kiThJ- Accommodation aTrJ Service Clubs and &)cielies (1,270.614) (47.7) (664.301) 95.781 {1,222,533) 664,301 59.973 173W {17&059) 33,549 92,003 StLKlent Union Projects 11414 Total Restrl¢ted Funds 072 1111475 Unrestricted Funds Accumulated GeneraI Fund 135 922 1966 803 Total General Funds 135 922 1966 803 1881132 106 11 738 Deslgnated funds Film and arts designated fund Sport Bdl lunds Clubs and SietieS bi(kling reserve 5,113 (1.718) 1395 4,563 412 22,412 Clubs and sIeties archwe 19.196 (17.457) 5,018 1,739 DeloPMent StJ)rt Total Designaied Funds 22,475 Total Unrestrlcted Funds 1.882.850 129.330 Total Funds 11 1rn.9)0
UNIVERsrrY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTESTOTHE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 20. RESERVES {continued) Pension Deficit Fund The Union is a member of the Stucknt Union Superannuation &heme. a mulli-emFAoyer defined benefit pension scheme. The fund value L £1.27m represents Ihe Union's share of the scheme's deficit at a nel present value, Ythich has a recovery plan njnniry until 2037. (Ncrte 21- Pensions. for more det&ls.l Followng a lull review. the trustees decided to tra[er ttus lurKI from general tjnds to restrioled fu$ to illustrate the rules place on the delicit, for which, the trustees are bound. Beneflt in Ktnd- Accommodation & Services The Students, Union occuties unNersity bjildings vthich are fulty maintai{d and sewiced by the University. The n¢M-monetary told for Ilis SLFFP)rt is £664k and is report in Statement of Fina1 Activilies income and eXperitue, page 23 detailed in notes 4, 6 and 8. Clubs and Society Funds FurKls raised by indivKJual clubs and societies are re(x)gnised as reslricled funds thro(NJh the Statement ol Financial Attwities in the year the Union is entitled lo the irbcome. EXpend[tU is recognised against these funds in the year Vth any uwl funds beiro recognised as restricted funds available to the iThJividual dubs arKI s(Kieties in future periods. General Funds Unrestricted general funds arising frotn the accumulat&l surplus from its various activities held to provide Ilexibility in the future. Sports Ball funds Made Irc SFX)rts Ball rpluses, this fund is used to SUFWrt clubs and societies wth a lorvJ-te investment need. This fuThJ is continuous. Clubs and Societies Designaled Blddlngl knhived Reserves The funds of groups inactive for two or more years are translerred lo an archive reseNe and held for release lo Groups who can bid for these furKts for investment into their aub or Stxiety benefiting students on many level& Film and Arts Deslgnated Fund The Students, Union received a'ontroff grant cl frcKn the UnNersity in 2008 in order to support Ihe Continued presentation of films by the Union's Film &xiely in WttcfEII and Kenyon Cir+ema' on Campus. As this remwns unused the UnNersity have lift&l their restrÉction these fuTrJs have been designated for the generd film arts Student Union Prole¢ts The are furKls ring fenced for pyojects to beneftt sludents and the community. Development Sport Uclan have sponsored iThYcor ciid(et, nj)Y. bad(etbafi and ba5ebdl for SrJJrt development which was invoiced in July 2023 and paid in this linancia year. Unwd illVlm we held in this reseNe until they are paid io ensure the group collects the funds owing.
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 20. RESERVES {contlnued} 2023 Reserves Movement August Incomlng Resour resources expended At 31 July 2023 Tralsfers Restrlcted Funds Pension Defi(it Fu Benefit in kirKI- Accommodation arKI Service Clubs arKI Societies {1.288.211) 173,621) 587,172 (587,172) 91,218 {1.270,6141 7&6 161559 (175,49n (6,7791 59,973 Student Union ProjeLXs 9.617 Total Reslrided Funds 759.310 Unrestricted Funds Accutnulated Gener Fund 173,019 1 95900 1.905.379 Total General Funds 1TJ019 1959 379 Designated funds Film and arts designated fund Sport Ball funds Clubs and SietieS bithfing reserve 5.113 5,113 4.n7 (154) 4.563 22.412 22,412 Clubs SletIes archived 12,417 3(Kl 19,196 Develo[ent Swrt Total Deslgnaled Funds 18 154 56 Total Unrestricted Funds 217.378 818 224 Totsl Funds 985.526 1744.605
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 21. PENSIONS The Charity participates in the Studerrt Union Superannuation Stheme, a MultiemoYer defin8d trnelit rnsion scheme whose membership congsts ol employees of students. unions and related bodies throughout the country. With effect frcrfn 30 SepteMr 2011 the scheme closed to future accrual. The employers share the Uar[al risks asscKiated with all members of the scheme. The Charity is not legJly responsible lor the stheme atKI (k not have cient inlomiation lo use defined benefit accounting. Accorthwly. the heme is account for as rf it is a defird contribution scheme. Tre Charity and the other emtAoyers are joinlly and severafiy liable for t scheme's delicit. Al 30 JLrne 2019. the schetne (werall defi(it was £140,900,000 when a recommended monthly contribution was sel for each parbcipating emF4oyer. Tte figure sel was that estimated lo dear the ongoing delicil, wth contributions to be made to 21y35 (later extended lo 203n increasing by at least 50/0 each year. (A onfrotf increase o18Vo vra5 applied in October 2021). A liaLxlity 01 £1.222,533 P023: £1.270.614) has tEen re(x)gnised lor UCLan SU, rewesenling the present value of the additional conlributions payable belween the year-end and 2037, wllh the resulting movwnent recognised in the Statement of Financi Aclivity under the heading of 'Pension Discounl UnwirKling' rewirting a cost d £47.712023: £73.2611. The discnt rale used lo calculate this liability vrds 5.08V.. As the SUSS is dosed lo f(rtU acuual tIre Ire no em0yer contritrMAiorts paid into the scheme by the Union for the year ended 31 July 202412023 . £nill' the Union i)es however ntinue lo pay funding towards the defictr. For the year ended 31 July 2024, these c0rrtritIOnS amounted lo £95.78012023: £91:2181. The Union s0 partiopates in tw other delined (x)ntiiLxrtion hernes. The assets of these schemes are held separately Irc¥n those of the panY in an iTrendently admirustered fund. 22. RELATED PARTY TRANSACTIONS The Union is a registered charity for the purposes of the Charities Act 1993. The Union is in receipt ol a recurrent grant Ir(xn the U[ivety of centr Lancashire IUCLan} d £1,380,0 {2023.. £1,359,636). In addition, the Union occupies its building on a rent-free basis under an informal licen subject to the Union maintainiry the building in a gcl state of rep&r. In Drdan wlh the Charities SORP120151. the trustees have eslimaled that the provi&on of space and associated services is worth £6,301 12023: £587,171} lo the Union aThJ have recognised this amount in the Statement of Financial Activities. Amounts due from the un91ty al 31 July 2024 were £10,997 12023= £10,367). The Elecl&l OffirS reCve remuneration for thr seNices as provided lor wthin the Arbdes of Association. The aggregate amount payable uThJer such conlracis in the year was £81.729 12023.. £76,668). In addition, the Union has patd Trustees. liability Ir[are of £1,445. {2023.' £1,445).
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TOTHE FINANCIAL sTATEME[s YEAR ENDED 31 JULY 2024 23. coKfROLLIIK PARTY Control of the Union rests wth the Student CcNJncal lch is made up of an elected chairperson and elecled student representatives. The Cwr¥il KIeS on Union wliryy, mandates the trustees to PLrt policies into action and enreS the Board of Truslees keep standards high across all aspects of the Un)n. 24. NEf ASss BY FUNDS Restricted Unrestrictgd Total 2024 Tangible Fixed Assets Investments Net Current Assets 39,370 39,370 107,476 117,962 11,121.9611 Liabilibes due after MO than one year 11.121,961) Total Funds (1,111A751 146,847 (964628) Available Resaves 111.058 146,847 257.905 Accounting Reserves . Total Reserves {1.2215331 (1,111.475) (1,221533) {964,628) 146.847 Restrided Unreslri¢ted Total 2023 Tangible Fixed Assets Investments Net Current Assels 422 26.422 {2I391) (1,174 836) 165.801 142,410 (1.174,836} Liabilibes due after more than one year Total Funds 1.19&2 191224 Avwlable ReseNes Accounting Reserves Totsl Resen 72.387 (1,270,614) (1.19&227) 19l224 264.611 (1,270,614) {1.IX16.003) 191224
UNIVERSITY OF CENTRAL LANCASHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2024 25. C0MMThAqEs UNDER OPERATING LEASES At 31 July 2024 the StLJenls' Union had no outstarKll oljigations under non-cancellaNe 0Frat1[J leases12023." none). 26. TRUSTEES, REMUNERATION AND EXPENSES Each of the Union's 4 Elected 0er$ are paid £20.43212023: £19,791) for the year, as authorised in the union's goveming do(xJment. for the represenlation, campaigning, and SLrpport work they undertake as (stinct frcmn their trust. resF¥)ngbilities. This work iludeS voiryng student opinion with the insbtulion ar]d locai community. defending and extejIng the right of the students through titIOns, di$S0n wtlh MPS and also ojuanising and supporting student VoluntrS and seNice provision for them. total sdary and Nl costs for the elected otticer team amounted to £89.02712023: £76:668). IncILd within these totas are employer pengon contributions of £1.040 {2023.. £5,200)- No other twstee receNed any benefits duriw Ihe year. TrLtee$ were rrburSed a totsl of £nil {2023 - £ril) the year in respect cl personal travel and subsistence expenses. 27. RECONCIUATION OF OPERATING CASH FLOW 2024 2023 Cash flows Irom operating activities Surplus lor the finanad year 41,375 (20,476) Adj'ustments to reconaleprofit for tlpyearto net cash fmm operating athities Interest received Depreoalion (Increaselldecrease in inventories Decrease in trade and other deblors Increase in trade and other ueditors back Pension Discount UnwrKling Costs (2.213) 17.380 (8,635) (387) 17,101 47,700 (1.7001) 20,306 (2,441) (24,126) 32.533 73,621 Cash generated Irom operatiw actlvlties 71.717 28. co1NGEmr LIABIUTY As detailed in the Tnjstees. Report on page 11. the Union is subject to a possible clwm frL¥n HMRC in relation lo the Ireatmenl of calering sales in some ol its commercid trading outiets. The Students, Union, along wlh other Siudenls, Unions and the NUS, is legally challenging the basis for HMRC'S potential daim, which management arKI the Trustees estimate lo be in the region of £1,891 and, as al rep)rting dale and 2pwoval of the finanual slalements, asse55 the claim to I pble rather than probaNe and hence this potential oulflow has been disclosed as a contirt9enl li*lily rather than a provisK)n.