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2021-07-31-accounts

BUCKS STUDENTS’ UNION

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the year ending 31 July 2021 Registered Charity Number: 1144820

Contents

Pages Trustees’ Report including: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-19 statement of Trustees’ responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 reference and administrative details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Independent Auditor’s report to the Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-22 Consolidated statement of financial activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Consolidated and Union balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 Consolidated statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26-34

BUCKS STUDENTS’ UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

Presidents’ Introduction to the Trustees’ Annual Report and financial statements for the year ending 31 July 2021

From our out-going President:

I am proud to introduce the Trustees’ Annual Report and financial statements .

Covid-19 has made this a year like no other; the Students’ Union and the Higher Education sector have encountered many challenges that could never have been predicted . However, in the face of adversity, I am honoured to say that the Students’ Union team rose to the challenge and excelled in making sure that students still received the first class experience they deserve .

We held a rich and diverse programme of events and development sessions, including multiple training sessions such as for CV support, Japanese classes, Sign language, first aid qualifications, and much more . Towards the end of the year, the activities team still managed to hold numerous sports fixtures alongside many ‘sports for fun’ recreational activities . Our Advice Centre has been busier than ever, working around the clock to make sure students get all the support they need at this difficult time . Valuable campaigns have also been run throughout the year including on period poverty, implementing a mental health framework and adopting the use of pronouns, all of which have been incredibly well received by the membership .

This year, more than ever, has shown how vital the Students’ Union is to the student experience as we amplify the voice of the membership and lobby the institution on their behalf . We are building detailed plans to ensure the Union and our services are prepared for the new academic year with a full understanding that extra care and attention will be required to reach and surpass the levels of engagement, participation and activity we have enjoyed in recent years . I am confident we are up to that challenge .

Tamsin Grainger

Bucks Students Union President and Chair of Trustees 2020/2021

From our in-coming President:

My university experience was improved immeasurably by the work of our Students’ Union and my involvement with the many opportunities we create . Joining a society allowed me to become part of a supportive community, volunteering helped me give something back, the Leadership Academy helped me build new skills and plan for the future, the list goes on and on .

As a student, Union run campaigns promoted a sense of inclusivity and enhanced my wellbeing while the lobbying around student hardship and digital poverty gave me a sense that at this university someone always ‘has your back’ . Throughout my Bucks journey I’ve always felt lucky to be a member of such an incredible organisation .

Since starting in office, I have been blown away with how well the Students’ Union has dealt with a tough year . Despite Covid, the finances of the Students’ Union reflect that we are in a strong place to deliver unbelievable experiences for our new and returning members . Witnessing the union bounce back with such a solid foundation is extremely reassuring as I embark on my new role . I look forward to seeing what we can achieve in the year ahead .

Honor Fletcher

Bucks Students Union President and Chair of Trustees 2021/2022

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

3

Making Life Better for Students at Bucks

Bucks Students’ Union Trustee Board Report – 2020/21

Bucks Students’ Union started the 20/21 academic year knowing we were stepping into uncertain times that would require us to prepare a range of options and plans to meet the needs and expectations of our members . In particular, ones that could be delivered in different modes dependant on whichever government restrictions would be in place at any given time .

The Trustee Board are thrilled with the response from our team, whose passion, dynamism and tenacity shone brightest as they faced into the challenges of unusual times . Despite the obstacles, the Union managed to inspire a great many members to participate in activities and programmes, contribute to our wider work and engage with the Union’s mission – ‘Making life better for students at Bucks’ .

From an extremely productive 12 months we present a selection of highlights for your attention…

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

4

We are once again able to celebrate a fine performance in the National Student Survey – where Bucks SU were ranked in the Top 5 Students’ Unions in UK Higher Education for the fifth consecutive year – providing a top level sector measure of our relevance and credibility amongst the membership and as a presentation of our high levels of engagement .

2021 2020 2019 2018 2017
West London West London West London Bucks West London
St Andrews Sheffeld Sheffeld West London Loughborough
Sheffeld Bucks Bucks Loughborough Keele
Surrey St Andrews Loughborough Sheffeld Leeds
Bucks Loughborough Nottingham Trent Keele Bucks

NSS rankings for UK SU’s 2017 – 2021

The following table provides a 5-year breakdown of student satisfaction with the Union, based on Question 26 of the National Student Survey . As you can see from the table, students from a wide cross-section of demographics are consistently positive about the Union, exceeding the national average across the board, once again demonstrating how we outperform the sector and buck trends . This data will support discussions we are having across the institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible experience from September 2021 . We believe this data demonstrates that working together to promote student involvement in SU activities can help to make a significant contribution across a wide range of strategic imperatives for the University .

how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University		 how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University		 how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University		 how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University		 how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University		 how we outperform the sector and buck trends This data will support discussions we are having across the
institution about retention, the Access and Participation Plan, attainment gaps and providing the best possible
experience from September 2021 We believe this data demonstrates that working together to promote student
involvement in SU activities can help to make a signifcant contribution across a wide range of strategic imperatives
for the University
2020/2021
2019/2020
2018/2019
2017/2018
2016/2017
Bucks
SU
Sector
Diff		 Bucks
SU
Sector
Diff		 Bucks
SU
Sector
Diff		 Bucks
SU
Sector
Diff		 Bucks
SU
Sector
Diff
Students with specifc
learning disabilities
Students with other
disabilities
Mature Students
Young Students
Black Students
Asian Students
White Students
Female Students
Male Students		 66 67%
51 66%
+15 01		 69 51%
55 04%
+14 47		 72 6%
55 89%
+16 71		 71 26%
56 23%
+15 03		 70 1%
57 1%
+13
59 26%
50 37%
+8 89		 67 95%
52 54%
+15 41		 57 95%
52 57%
+5 38		 72 46%
53 59%
+18 87		 70%
53 05%
+16 95
63 01%
53 87%
+9 14		 73 78%
56 83%
+16 95		 74 88%
55 7%
+19 18		 74 95%
56 68%
+18 27		 65 12%
55 13%
+9 99
69 44%
53 09%
+16 35		 72 22%
55 73%
+16 95		 72 66%
55 65%
+17 01		 75 9%
56 4%
+19 5		 72 07%
57 37%
+14 7
73 99%
57 09%
+16 9		 79 25%
60 37%
+18 88		 79 31%
60 34%
+18 97		 80 83%
61 82%
+19 01		 65 05%
62 03%
+3 02
70 18%
58 43%
+11 75		 75 29%
60 91%
+14 38		 72 34%
60 86%
+11 48		 81 29%
62 12%
+19 17		 71 69%
62 5%
+9 19
62 5%
51 81%
+10 69		 70 71%
54 53%
+16 18		 73 59%
54 07%
+19 52		 73 05%
54 83%
+18 22		 69 72%
55 12%
+14 6
69 69%
56 06%
+13 63		 73 17%
58 3%
+20 69		 74 39%
58%
+16 39		 78 11%
58 67%
+19 44		 69 57%
59 15%
+10 42
58 26%
49 04%
+9 22		 72 88%
52 48%
+20 4		 71 9%
52 12%
+19 78		 69 82%
53 22%
+16 6		 68 62%
53 39%
+15 23

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

5

Participation

Recent research conducted by WonkHE shows that participation in SU run extra-curricular activities and programmes across the sector can be equivalent to 61% of the FTE student body in a ‘regular’ year .

In institutions like Bucks, where the larger portions of the student body are commonly from lower socio economic groups and where the institution is successful in supporting the Widening Participation agenda, this figure is more commonly around 50% . However, at institutions, or within faculties or schools, where there are higher instances of mature students, or where the courses are based around significant placement activity, this figure falls further (40%) . In 2020/21, with the impact of the national restrictions, the sector commonly reported participation levels dropping by half with engagement levels of between 20% and 30% of the FTE student body .

However, thanks to the Big Deal and the breadth of our programmes we have often outperformed the sector at Bucks, with some of our schools showing participation levels of c85%, a proud record we hope to maintain and better .

In the final stages of the 2020-21 academic year, we ran a short report, which explored the demographic data of students who have formally engaged and participated in Union services and activities .

We monitor such stats as one of a numerous series of ‘temperature gauge’ checks to ensure we understand our reach and relevance to our entire membership . Regularly this data comes from a range of sources, which include signups and registers for recreational activities, developmental sessions and volunteering projects; alongside everything from attendance and participation data at events, trips and meetings to memberships of sports teams, clubs and societies .

While we can’t always measure engagement with, or the impact of, large areas of our work such as awareness campaigns and lobbying of the institution, consumption of our print media and rich digital content or participation in all of our online provision and we don’t record individual student data for every transactional interaction through our bars, cafes, retail, freshers’ fair and other such services or events, nor individual instances of representation support and general advice, or casual consumption of activity such as spectating at sports events, this does give us a reasonable ‘snapshot’ to work with, showing us where we have traction with the student body .

Beyond what we can measure we take satisfaction levels from the National Student Survey and how we perform against the sector benchmarks as an indicator of our reach and relevancy .

Although the first half of the year’s ‘traditional’ Union offer such as freshers’ events, sports and recreation, societies activities etc were significantly curtailed by our new ways of working owing to Government guidelines, such as the ‘rule of six’ and a second and third lockdowns, we have still recorded data for meaningful interactions with some 2,581 individual students, a sample size equivalent to just over 44% of Bucks taught students . Many of these students used a range of Union services and engaged with multiple activities .

This data includes involvement from students on 229 different courses, at every level, across all schools and all modes of study . We aspire to attain ever greater levels of engagement but are satisfied that participation levels by demographic largely map well against the BNU student population .

From the data we have gathered the breakdown, using the University groupings, is as follows:

Gender

Gender Gender
Engagement with Union services
University gender split		 Diff +/-
Female: 56% Female: 63% -7%
Male: 33% Male: 37% -4%
Unknown or other: 10% Unknown or other: 0% +10%
Ethnicity
Engagement with Union services University ethnicity split Diff +/-
White: 37% White: 51% -14%
BAME/other: 63% BAME/other: 49% +14%
Age
Engagement with Union Services University age split Diff +/-
Young: 24% Young: 21% +3%
Mature: 76% Mature: 79% -3%

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

6

Growing Participation with the Collaborative Engagement and Participation Project

In preparation for the new academic year, we have asked senior university colleagues to support us on what we are currently calling the Collaborative Engagement and Participation Project .

The principle is simple . Statistics support the Union’s assertions that schools which have the highest coverage of elected course reps and the highest levels of engagement in extra and co-curricular development programmes and student activities (course-based societies, volunteering, sports, recreational sessions etc) perform better in overall satisfaction in the National Student Survey (NSS) .

The institution’s poorest performing schools regarding student satisfaction have traditionally had the lowest coverage of elected course reps and low levels of engagement in extra-curricular programmes .

Our programmes and overall offer remain incredibly relevant to our students and a powerful tool for the institution, both in terms of recruitment and retention, positively impacting not only on the student experience but also upon the University’s financial performance . From this year’s Membership Survey (1,800 respondents, reflective of the overall student body’s demographic) over 50% of respondents agreed that the Big Deal was a positive influence on their decision to choose to study at Bucks . In addition, amongst a significant number who had considered leaving, one third of students agreed that involvement in Big Deal activities (clubs and societies etc) was the reason they had chosen to stay .

In partnership with the University, we would like to set targets for each school, appropriate to their particular make-up, and to work with key contacts to drive participation in the student representation scheme as well as engagement with the extracurricular programmes . We will be following best practice already adopted in some areas of the institution, thus ensuring students are getting as much from the Bucks experience as possible and that we are positively influencing institutional satisfaction and, through that, retention, progression, attainment and graduate outcomes .

There is no new investment required to move this project forwards . The systems, structures, opportunities and support are all in place . We simply need course teams to actively promote our work within their departments, liaise with us throughout the year to shape our offer, making it as attractive and beneficial to their cohorts as possible and to engage in open, reciprocal dialogue with our team . The Union’s staff team are well prepared to administer all necessary meetings and to monitor and report on progress .

We have powerful case studies showcasing this collaborative approach and in partnership with our academic and University colleagues have achieved tremendously positive levels of engagement in some areas of the University – further support from the institution can unlock the door to greater success across the entire institution leading to higher levels of student satisfaction, more well-rounded graduates and better outcomes for all .

We now need to further develop the support from our institutional colleagues to commit to setting and meeting new levels of engagement and working closely with their SU counterparts to better support their student communities .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

7

Investing in our people

Whilst we have always enjoyed a positive relationship with our staff team, with employee engagement regularly around 90% which is far ahead of the sector, we have been particularly pleased with how we’ve managed to engage and retain our team during the pandemic .

From the recent People Count research the union fairs extremely well with low turnover rates, impressive retention and low levels of staff absenteeism and sickness .

Bucks SU Peers All
Staff Turnover 9 3% 27 8% 20 6%
Length of Service 91 months 50 months 68 months
Average Sick Days 1 6 days 3 5 days 6 1 days
% in management roles 25 6% 25 5% 18 4%

As part of a series of initiatives to support our staff during the pandemic we surveyed the team and received extremely positive feedback with regards confidence in leadership, access to support and advice and communication alongside the opportunities for additional leadership and development .

For the coming year we once again forecast our salaried staff resource (including sabbatical officers) to be less than 50% of our annual budgeted expenditure (49%) with over £150,000 invested in the paid employment of students and graduates in meaningful roles throughout our organisation . We provide them with essential income to support their student journey as well as crucial work experience and opportunities for development . We remain the single largest employer of Bucks students and when asked 100% of the team would recommend to a friend the Union as an employer .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

8

New activity and the year ahead

Throughout the course of 2020-21 we have continued to collect feedback from the students using our services . This has remained overwhelmingly positive and has been used to inform our offer across the year .

We now have a range of trend data that will help us to contextualise results for 2020-21 . In addition, we have embedded systems, through the Union’s annual performance cycle, including reflective departmental team reports and annual operating plans, that require Union teams to analyse data at the local level and set targets and explicit actions for improving participation among underrepresented groups, based on the University’s demographic data . This is an approach that we intend to continue to pursue throughout our current strategic planning cycle .

We are actively developing plans for a vibrant physical programme as lockdown and social distancing restrictions continue to be phased out . Our data is supporting this work as well as enabling us to learn lessons about which features of our online programme were valued and may benefit from being retained in some form, even during more ‘normal’ circumstances . These discussions include a focus on how this approach can help support greater levels of engagement among mature students whilst remaining ever more relevant and valued by our growing ‘Young’ audience in line with the University’s growth strategies .

The full details of our exciting proposition for new and returning students for 2021/22 can be found in our Membership Guide .

The Union has developed many new ways of working and created new ‘products’ and services during the last 12 months that we will be retaining, alongside our traditional modes of delivery, to augment and enhance our offer and service to students . These include everything from digital ‘newspapers’ and a fresh approach to e-communications, online cross-campus forums, a whole range of digital support materials, virtual training events and a new range of laid back, seated cabaret style events .

To realise our collective ambitions; to come back strongly, supporting, developing, and retaining what might be our largest cohort of students in over 5 years, we are thinking creatively . The Union has introduced a small internship programme, employing 3 Bucks graduates to work alongside our existing staff teams . These individuals will provide essential support across a range of Union departments and services as well as gaining meaningful experience and accessing valuable developmental opportunities .

We are also launching a trial for ‘Community Bucks’, a programme of events in partnership with university colleagues, schools and departments, as well as external partners and community groups, which will offer exciting opportunities for course-based activity, create hundreds of hours of valuable work experience and paid employment for students, enhance outreach and relationship building while improving footfall and creating a ‘buzz’ on campus as well as acting as a stimulus for onsite trading operations .

We see these two projects as critical to reigniting the campus experience and are hopeful we can move them both forward for what could be the BNU community’s finest year .

If successful, in subsequent years we hope to support the continuation of our internship programme and ‘Community Bucks’ through growing trading revenues alongside external funding, grants and commercial sponsorship .

Other areas of notable new development for 21/22 include:

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

9

Strategic Planning

As the Union moves into the final year of our three-year strategic plan we are reviewing progress and have formulated detailed operating plans to ensure we meet our success criteria as defined for 2022 . The Union and our Board are confident that the organisation is moving forward in the right direction and that our aspirations will be met or surpassed .

Stakeholder reviews, strategy away days, member surveys and team planning sessions have not only equipped us with what we believe is the right information and data to allow us to modify, enhance and improve our offer for the immediate year ahead, but is also allowing us to build a new plan for the period 2022-25 – now is the time for us to take our organisation to the next level with a plan that will clearly define our direction of travel for a further 3 years, a plan that will embrace greater challenges, speak of higher ambition and that will further enhance the Bucks student experience .

What does success look like?

In 2022 we anticipate the following statements to be true of our Union as we realise the aspirations of this plan…

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

10

Financial review of the year

We are pleased to report that, despite the effects of the pandemic, we end the year in a strong financial position, with net movement in the funds for the year being £154,121 .

In agreement with the University, underspent grants have been retained to create restricted reserves of £65,000 each for our intern project and the ‘Community Bucks’ programme .

As reflected elsewhere in our Annual Report, 2020-21 was far from normal in the life of the Union . Students arrived on campus to start the academic year but only experienced a few weeks of curtailed activities, in-line with government restrictions, before we were subject to local and then national lockdowns which meant that the majority of our activities were restricted to on-line .

The financial impact of this can be seen when the outcome for the year is compared to 2018-19 – our last year of ‘business as usual’:

Income 2020-21 2018-19
£ £
Bars, shops and catering 97,432 300,606
Events and entertainment 3,841 29,960
Societies and clubs 20,153 84,895
Orientation 40,033 -
Grant for furlough 76,792 -
Expenditure 2020-21 2018-19
£ £
Bars, shops and catering 348,648 415,457
Events and social activities 177,332 338,487
Societies and clubs 177,056 276,190
Orientation and development 190,527 115,478

We are pleased to be able to report that by accessing the government’s furlough scheme, none of our staff were made redundant, allowing us to plan for the 21-22 academic year with the necessary resource to support the unique Bucks’ student experience .

The University agreed to fund the already successful ‘Freshers’ Helpers’ scheme so that student ‘Hall Helpers’ could be paid to support students who, because of the pandemic, were isolated in their accommodation . The financial impact of this was to increase both cost and income on Orientation .

In January 2021, our budget was revised to include costs that we would not otherwise be able to cover . Amongst these, small sums have been spent in enhancing the social space in the members’ lounge . Other resources were allocated for running an on-line employability fair, recognising the commitment of our cohort of nursing students, delivering a campaign on hidden disabilities including providing helpful resources, and an on-line event with a guest speaker on overcoming adversity . The union distributed ‘conversion’ packs to thousands of prospective students and alongside this, funds were used to re-brand the entire playing kit of the Athletic Union in-line with the institution’s new visual identity .

Capital additions during the year will further improve the experience of our members . Included in the capital expenditure reported in note 10 are:

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

11

The Union received £610,000 in funding for ‘The Big Deal’ project which allowed Bucks Students’ Union to offer a sector leading and unique package of benefits to its members to enhance the student experience, including:

£85,879 of the grant remained unspent at the end of the year and, as noted above, has been retained to form the basis of new restricted funds as agreed by SEC .

Affiliations

During the year, the Union affiliated to the following organisations in order to support its core objectives:

2020-21 2019-20
The National Union of Students (NUS) £11,576 £17,640
NUS Services Ltd £380 £435
British Universities & Colleges Sports Association £3,465 £4,310

Raise and Give (RAG)

Our members nominated and raised funds for two local charities, Julian Little Foundation and Florence Nightingale Hospice, who each received £2,316 .

BSU Trading Ltd (trading as Bucks Hire)

The Union’s wholly owned subsidiary was severely affected by the restrictions imposed by the pandemic . This resulted in a loss of £17,658 after making a reduced payment of £7,118 to the Union which reflected part of the prior year’s trading profit (which was restated from £17,258 to £11,706) .

Income started to pick up in the last month of the year, and August and September have proved to be unexpectedly busy . Promotional information has been sent to local businesses and also to all university staff . Trustees are optimistic that Bucks Hire will resume a normal trading pattern and revert to making a contribution towards the Union’s funds .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

12

Reserves Position

The Trustees have taken the view that free reserves should not be less than £60,000 or more than £100,000 . The amount of the free reserves is based on the historical performance of the Students’ Union in needing to access free reserves to cover unexpected events . As a result of the surplus for the year, the consolidated free reserves at 31 July 2021 stand at £72,325 (2020: £82,493) .

Designated reserves stand at £120,184 and restricted reserves at £176,180 and are detailed in notes 13 and 14 of the financial statements .

Going Concern

The Union is in a strong financial position, holding cash in hand of over £389k leading into the 2021-22 financial year .

University guaranteed grant income for that year has been confirmed at £1 .606m and the University has confirmed that funding will remain stable in the financial years succeeding 2022 .

The Trustees are confident that the Union has adequate resources to be able to operate its current undertakings for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the financial statements .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

13

STRUCTURE, GOVERNANCE AND MANAGEMENT

Bucks Students’ Union is an unincorporated association, governed by its Constitution adopted on 7 November 2013 . It is an independently registered charity since 11 November 2011 (number 1144820) .

Trustee Board

The Trustee Board is responsible for overall governance, and for the financial and strategic management of the Union .

The Trustee Board delegates the exercise of certain powers in connection with the management and administration of the Union as set out below . This is controlled by regular reporting back to the Trustee Board, to ensure all decisions made under delegated powers can be ratified by the full Trustee Board in due course . As a member driven democratic organisation, the health of our democratic accountability is of paramount concern .

Union Council

Union Council (established in October 2012) is a consultative committee and policy forum that provides an important link between the management and officers of the Union and its membership . Union Council is open to all members, with attendance in excess of 30 members per meeting . The membership can use this forum to hold the elected Officer Trustees to account, share ideas and provide feedback on their experiences .

Finance and Staffing Committee

The Finance and Staffing Committee comprises the three Officer Trustees, one Student Trustee, one Lay Trustee and key management personnel and meets monthly to oversee budgets, performance and the Union team .

Key Management Personnel

Bucks Students’ Union employs a Chief Executive, Tristan Tipping, to work closely with the Officer Trustees and ensure effective management of the charity as head of the senior management team as follows:

Membership Services Manager/Deputy CEO Matthew Kitching Communications and Marketing Manager Simon McDowell HR and Development Manager Sarah Jackson Finance Manager Lesley Favager

Remuneration of the senior management team is based on Buckinghamshire New University’s HERA points system . Each role is banded based on experience, responsibilities and qualification requirements .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

14

Trustees

The Trustee Board is comprised of seven elected and four appointed Trustees and is made up of three different categories:

Effective partnership between Trustees and staff continues to contribute significantly to our success . To increase the effectiveness of the Trustees’ roles and responsibilities, each has portfolio of interests which require an understanding and a responsibility for specific aspects of the Union’s work .

New Trustees receive an induction pack containing everything they need to know about the Union and its work to enable effective and informed decision-making . Trustee training sessions for new Trustees are held annually alongside strategic reviews and as and when needed for any other purpose . The Trustees continue to take seriously the legal requirements of their role and take regard of the guidance published by the Charity Commission on public benefit .

The Trustees who served during the year and up to the date of approval of the financial statements are set out on page 19 .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

15

PRINCIPAL RISKS AND UNCERTAINTIES

The Union’s business risk register is regularly reviewed by Trustees and senior managers, and is analysed in categories as follows:

Corporate and strategic

Ensuring the Constitution, strategic, team and individual plans are aligned, current, and approved . That policies and procedures are up to date, reviewed regularly and in line with governance and legal frameworks . Ensuring that communication between Trustees, senior management, staff, members and stakeholders is effective; that appropriate meetings take place with the required people to enable decision-making .

The principal corporate and strategic risk for the Union is our relationship with Buckinghamshire New University . Union and University staff remain in regular contact both formally and informally to develop new and existing relationships and enable communication . The Union can demonstrate the positive impact we have with our membership and strives to ensure we communicate how this supports the University .

Data, Technological and ICT

Safeguarding our data with passwords, restricting access to systems using multifactor authentication, and ensuring compliance with the requirements of GDPR . All critical systems are managed by the University and data is stored on University networked services which are subject to security and backup . The Union also reviews the IT infrastructure to ensure it is maintained, upgraded and appropriate for use .

Financial

Looking at the financial stability of the organisation and internal controls to safeguard our financial resources, ensuring that the Union is not open to financial malfeasance . Regular and timely reporting of financial information enables review and budgetary control and supports decision-making . Processes are regularly reviewed to ensure appropriate controls are in place to determine the legitimacy of financial transactions .

Our principal risk relates to the University reducing grant funding . As a result, the budgeting process is robust and includes confirmation of grants to be paid by the University . Regular contact with the University enables us to demonstrate how vital the Union is in contributing to students’ overall experience whilst at University .

Governance and legal

Ensuring there are appropriate and adequate governance structures in place so as to meet the requirements of the Charities Act, enabling Trustees to make informed strategic decisions in such a way that we remain student led and accountable to the membership .

The principal risk with governance is ensuring that the Board of Trustees understand and meet their responsibilities, providing adequate governance control and decision making . The Board includes experienced Trustees and follows a robust recruitment process . The knowledge and understanding of annual trustees is assessed individually and any training requirements are addressed .

Health and safety

Assessing and reviewing the health and safety of our operations and activities . Reliance is placed upon the University’s Health and Safety team, alongside a compulsory training programme for all employees .

Over the last two years, manging the risk of a pandemic has been critical to our operations and we ensure guidance issued by the Government is adhered to . Effective policies, practices and procedures to support and manage staff working remotely are in place in line with the University’s policies .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

16

Human resources

Ensuring that our staff are appropriately qualified, experienced, trained and committed to their roles . The Union has a robust recruitment process and a timetable for regular performance reviews and appraisals . Training is made available for staff to ensure that each individual has the opportunity to develop their skills to enhance their performance .

Operations and activities

Ensuring that we deliver opportunities that are appropriate for our membership and develop the reputation of the organisation .

The principal risk for operations, activities and health and safety is the wellbeing of our membership and staff . The Union is actively involved with reviewing and maintaining risk registers for general risks, all activities, and events . As well as ensuring club and society committee members are aware of the responsibilities, they have to safeguard their members . Health and safety training is available for clubs and societies, committee members and all staff . The Union actively ensures that appropriate insurance is in place that covers all current activities of the organisation .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

17

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations . Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law . The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources and application of resources for that period .

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with charity law . They are also responsible for safeguarding the assets of the charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities .

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

18

Reference and administrative details of the Charity, its Trustees and Advisors

Bucks Students’ Union is an unincorporated association and a registered charity number 1144820 .

Principal Offce Auditors
Queen Alexandra Road HW Fisher LLP
High Wycombe Acre House
Buckinghamshire 11-15 William Road
HP11 2JZ London
NW1 3ER
Bankers
Santander UK Plc
Bootle
Merseyside
L30 4GB

Trustees

Officer Trustees (Remunerated) President, Tamsin Grainger Elected 1 July 2020 Retired 30 June 2021 President, Honor Fletcher Elected 1 July 2021 Vice President, Natasha Neal Elected 1 July 2020 Vice President, Tom Featherstone Elected 1 July 2020 Student Trustees Olein Fleming Elected 1 July 2020 Retired 30 June 2021 Lisa Connell Elected 1 July 2020 Kia Wing Elected 1 July 2020 Retired 30 June 2021 Heidi Thorne Elected 1 July 2020 Katie Jedrek Elected 1 July 2021 Brandon Tester Elected 1 July 2021 Kathy Hunter Elected 1 July 2021 (Starting February 2022) Lay Trustees Linsey Taylor Appointed 1 January 2016 Reappointed January 2020 Brian Tranter Appointed 1 July 2015 Reappointed May 2019 Ruth Gunstone Appointed 21 May 2019 Tracy Smith Appointed 1 October 2020

This report was approved by the Trustees on 4 October 2021

and signed on their behalf by:

Honor Fletcher

President and Chair of Board of Trustees

Linsey Taylor Lay Trustee

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

19

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of Bucks Students’ Union (the ‘Union’) and its subsidiary (the ‘group’) for the year ended 31 July 2021 which comprise the consolidated statement of financial activities, consolidated and Union balance sheet, consolidated cash flow statement and notes to the financial statements, including significant accounting policies . The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report . We are independent of the Union 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 Union’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 .

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon . The Trustees are responsible for the other information contained within the annual report . Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon . 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 course of 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 .

BUCKS STUDENTS’ UNION INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

20

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of trustees’ responsibilities, the trustees, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error . In preparing the financial statements, the Trustees are responsible for assessing the group’s and Union’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 company or to cease operations, or have no realistic alternative but to do so .

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder .

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 an auditor’s report 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 .

Irregularities, including fraud, are instances of non-compliance with laws and regulations . We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud . The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

As part of our planning process:

BUCKS STUDENTS’ UNION INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

21

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards . The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the Union .

A further description of our responsibilities is available on the Financial Reporting Council’s website at: frc org uk/auditorsresponsibilities . This description forms part of our auditor’s report .

Use of our report

This report is made solely to the Union’s members, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008 . Our audit work has been undertaken so that we might state to the Union’s trustees 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 Union and the Union’s trustees as a body, for our audit work, for this report, or for the opinions we have formed .

Sailesh Mehta (Senior Statutory Auditor) for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NW1 3ER

Date: …………………………………… .

HW Fisher LLP is eligible to act as auditor of the Union by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 .

BUCKS STUDENTS’ UNION INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

22

Consolidated Statement of Financial Activities For the year ended 31 July 2021

Notes
Income from:
Voluntary income
University and other grants
2
Other trading activities
Marketing
Commercial activities
Investment income
Charitable activities for students
Bars, shops & catering
Events & entertainments
Societies & clubs
Volunteering
Orientation
Other income
Total Incoming Resources
Expenditure on:
Commercial activities
Charitable activities for students
Communications
Campaigns
Advice
Representation
Bars, shops & catering
Events & social activities
Societies & clubs
Volunteering
Orientation & development
Special projects
Other
Total Resources Expended
3-6
Net income for the year
Transfers between funds
15
Net movement in funds
Reconciliation of Funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Restricted
Total
Funds
Funds
2021
£
£
£
874,936
894,861
1,769,797
31
-
31
29,556
-
29,556
-
-
-
97,432
-
97,432
3,841
-
3,841
2,654
17,499
20,153
5
12,432
12,437
40,033
-
40,033
14,218
-
14,218
1,062,706
924,792
1,987,498
34,095
-
34,095
189,130
46,679
235,809
32,041
4,088
36,129
168,204
21,458
189,662
138,612
113,756
252,368
289,328
59,320
348,648
-
177,332
177,332
-
177,056
177,056
32,267
12,432
44,699
109,336
81,191
190,527
-
-
-
2,415
144,637
147,052
995,428
837,949
1,833,377
67,278
86,843
154,121
(50,268)
50,268
-
17,010
137,111
154,121
175,499
39,069
214,568
192,509
176,180
368,689
Year ended 31 July 2021		 Unrestricted
Restricted
Total
Funds
Funds
2020
£
£
£
708,434
970,437
1,678,871
4,369
-
4,369
35,674
-
35,674
217
-
217
154,364
-
154,364
25,644
-
25,644
8,330
33,348
41,678
3,865
-
3,865
-
-
-
33,031
-
33,031
Year ended 31 July 2020
973,928
1,003,785
1,977,713
17,967
-
17,967
197,219
35,529
232,748
35,017
5,474
40,491
119,370
51,309
170,679
151,221
109,569
260,790
274,471
76,594
351,065
-
293,184
293,184
-
196,884
196,884
10,074
17,620
27,694
41,895
95,370
137,265
21,867
-
21,867
56,461
122,275
178,736
925,562
1,003,808
1,929,370
48,366
(23)
48,343
-
-
-
48,366
(23)
48,343
127,133
39,092
166,225
175,499
39,069
214,568

The notes on pages 26 to 34 form part of these Financial Statements .

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

23

Consolidated and Union Balance Sheet as at 31 July 2021

Notes
Fixed assets
Investment
9
Tangible fixed assets
10
Current assets
Stocks
Debtors
11
Cash at bank & in hand
Total Current assets
Current liabilities
Creditors: amounts due within one year
12
Net current assets
Total net assets
Represented by
Restricted funds
Students' societies & club funds
Other restricted funds
13
Unrestricted funds
Unrestricted funds
Designated funds
14
Total reserves		 2021
2021
Group
Union
-
1
57,041
54,108
57,041
54,109
32,421
32,421
72,842
82,462
389,365
385,403
494,628
500,286
(182,980)
(179,755)
311,648
320,531
368,689
374,640
45,680
45,680
130,500
130,500
176,180
176,180
72,325
78,276
120,184
120,184
192,509
198,460
368,689
374,640		 2020
2020
Group
Union
-
1
37,261
32,798
37,261
32,799
32,628
32,628
73,695
62,914
266,955
264,094
373,278
359,636
(195,971)
(189,574)
177,307
170,062
214,568
202,861
38,569
38,569
500
500
39,069
39,069
82,493
70,786
93,006
93,006
175,499
163,792
214,568
202,861

The notes on pages 26 to 34 form part of these Financial Statements .

This report was approved by Trustees on 4 October 2021

and signed on their behalf by:

Honor Fletcher

President and Chair of Board of Trustees

Linsey Taylor Lay Trustee

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

24

Consolidated statement of cash flows For the year ended 31 July 2021

Consolidated statement of cash fows
For the year ended 31 July 2021
Notes
Net cash provided by operating activities
19
Cash flows from investing activities
Interest receivable
Purchase of tangible fixed assets
10
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward at the start of the year
Cash and cash equivalents carried forward at the end of the year		 2021
£
161,812
-
(39,402)
(39,402)
122,410
266,955
389,365		 2020
£
70,226
214
(31,497)
(31,283)
38,943
228,012
266,955

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

25

Notes to the Financial Statements

1 Accounting policies

Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice appicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic Ireland (FRS 102) effective January 2019".

The Union meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value.

Consolidated financial statements have been prepared in respect of the charity and its wholly owned subsidiary, BSU Trading Limited. The parent has taken exemption from presenting its unconsolidated statement of financial activities under the Charities SORP. The net surplus of the Students' Union (excluding BSU Trading Limited) was £171,779 (2020: £36,636).

The Union is a qualifying entity for the purposes of FRS 102, as a member of a group which prepares publicly available consolidated financial statements which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Union has therefore taken advantage of exemptions from the requirements of Section 7 of ‘Statement of Cash Flows’ of FRS 102 which would otherwise have required the separate disclosure of the Union’s own cash flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these statements are rounded to the nearest £.

Going concern

2020-21 continued to be disrupted by the COVID-19 outbreak and the associated restrictions continued to have an impact on income previously forecast by the Union. Expenditure on student activities was much reduced and the University has agreed that the Union can retain the underspend on the Big Deal grant so that the Union is able to enhance the offer to members in 2021-22.

The Union accessed the Government Job Retention Scheme through the furlough of relevant staff which resulted in a £91.8k contribution to staff costs (2020:£60.8k), including the contribution in respect of seconded staff.

The Union is in a strong financial position and had cash in hand of over £389k leading into the 2021-22 financial year (2020: £267k). Further guaranteed university grant income of £1.606m (2020:£1.543m) has already been approved and the University has confirmed funding will remain stable in the financial years succeeding 2022.

At the time of approving the financial statements for the year 2020-21, the Trustees are confident that they have a fair and reasonable expectation that the charity has adequate resources to be able to operate in its current undertakings for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Incoming resources

All income and capital resources are recognised in the financial statements when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. The University grant of free serviced accommodation on the campus is accounted for as income and expenditure of the year at an estimated value to Bucks Students' Union by reference to the alternatives available on the commercial market.

Resources expended

Expenditure includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for Trustees. Overheads, including the value of free serviced campus accommodation is apportioned on the basis of the total costs of each project or activity undertaken.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Assets costing below £1,000 per item are not capitalised . Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:

Building improvements 3 to 8 years
Motor vehicles 5 years
Fixtures and fittings 1 to 5 years
Office equipment 3 to 5 years

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

26

Notes to the Financial Statements

1 Accounting policies (cont)

Pension costs

Some of the permanent staff of the Union are employees of Buckinghamshire New University and as such are covered by the defined benefit pension scheme operated by that body. As a consequence no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102, in these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.

The Union also operates a defined contribution pension scheme and the pension charge of this scheme represents the amounts payable by the Union to the scheme in respect of the year. Differences between contributions payable in the year and paid are shown as accruals or prepayments in the balance sheet.

Stock

Stock is valued at the lower of cost and its net realisable value.

Financial Instruments

The Union has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial

instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Fund accounting

Bucks Students' Union administers and accounts for a number of charitable funds:

i. Unrestricted funds representing unspent income which may be used for any activity/purpose within the Union's objectives at the Executive Committee's own discretion.

ii. Designated funds set aside by the Executive Committee to be spent on a specific purpose at its own discretion.

iii. Restricted funds raised and administered by Bucks Students' Union are for specific purposes as determined by students, such as club and society accounts, as well as grants received for purposes specified by the donor and also any small grants received from the University.

Taxation

No provision is made in these financial statements for corporation tax due to the Union's charitable status, relevant tax relief and exemptions.

Termination benefits

Termination benefits are accounted for where there is a commitment under legislation, or by contractual or other agreements with employees to make payments (or provide other benefits) to employees following the terminatoin of their employment.

Leased assets

Rentals payable under operational leases are charged as expenditure on a straight line basis over the period of the lease.

Valuation of investments

Investments in subsidiaries are measured at cost.

Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

There are no critical accounting estimates or judgements during the year.

Government grants

Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The Students' Union has received grants under the Coronavirus Job Retention Scheme. The scheme is designed to compensate for staff costs, so amounts received are recognised in the income statement as part of the operating income over the same period as the costs to which they relate. Grants are accounted for under the accrual method.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

27

Notes to the Financial Statements

2
Voluntary Income
Block grant
University grant for rent
Big deal
CJRS government grant
CJRS contribution from BNU re seconded staff
Other grants
3
Charitable and other activity costs 2021
Commercial activities
Charitable activities for students
Communications
Campaigns
Advice
Representation
Bars, shops & catering
Events & social activities
Societies & clubs
Volunteering
Orientation & development
Special projects
Other
Total charitable and other costs		 2021
2020
£
£
441,000
441,000
136,861
136,861
610,000
580,000
76,792
52,451
15,062
8,385
490,082
460,174
1,769,797
1,678,871
Cost of
Staff
Rent &
Other
Total
sales
costs
services
costs
2021
£
£
£
£
£
-
-
-
34,095
34,095
-
170,565
26,679
38,565
235,809
-
8,600
4,088
23,441
36,129
-
155,082
21,458
13,122
189,662
-
205,904
28,553
17,911
252,368
23,147
203,713
39,446
82,343
348,649
265
92,980
-
84,086
177,331
3,579
93,448
-
80,030
177,057
-
22,255
-
22,444
44,699
-
142,668
-
47,858
190,526
-
-
-
-
-
-
39,174
16,637
91,241
147,052		 2020
£
441,000
136,861
580,000
52,451
8,385
460,174
1,678,871
26,991
1,134,389
136,861
535,136
1,833,377

Included in the above are governance costs of £89,383 comprising estimated audit fee of £9,750 and the Sabbatical officers' total salary costs of £79,633 .

Charitable and other activity costs 2020
Commercial activities
Charitable activities for students
Communications
Campaigns
Advice
Representation
Bars, shops & catering
Events & social activities
Societies & clubs
Volunteering
Orientation & development
Special projects
Other
Total charitable and other costs		 Cost of
Staff
Rent &
Other
Total
sales
costs
services
costs
2020
£
£
£
£
£
-
-
-
17,967
17,967
8
161,271
26,004
45,465
232,748
141
8,548
4,104
27,698
40,491
-
141,584
19,161
9,934
170,679
-
210,509
28,741
21,540
260,790
51,783
195,731
39,690
63,861
351,065
-
85,138
-
208,046
293,184
1,736
86,651
-
108,497
196,884
-
22,248
-
5,446
27,694
-
96,132
-
41,133
137,265
-
-
-
21,867
21,867
-
47,753
19,163
111,820
178,736
53,668
1,055,565
136,863
683,274
1,929,370

Included in the above are governance costs of £89,658 comprising estimated audit fee of £8,600 and the Sabbatical officers' total salary costs of £81,058.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

28

Notes to the Financial Statements

4
Support costs (included in note 3) 2021
Usage
Charitable activities for students
%
- Communications
19
- Campaigns
3
- Advice
16
- Representation
21
- Bars, shops & catering
29
- Other
12
Total costs
Support costs (included in note 3) 2020
Usage
Charitable activities for students
%
- Communications
19
- Campaigns
3
- Advice
14
- Representation
21
- Bars, shops & catering
29
- Other
14
Total costs		 Staff
Rent &
Other
costs
services
costs
£
£
£
56,129
26,679
11,936
8,599
4,088
1,829
45,144
21,458
9,600
60,070
28,553
12,774
82,987
39,446
17,647
35,002
16,637
7,443
287,931
136,861
61,229
Staff
Rent &
Other
costs
services
costs
£
£
£
47,674
26,004
11,722
11,918
4,106
1,851
35,755
19,161
8,637
56,613
28,741
12,956
95,348
39,690
17,891
50,653
19,161
8,637
297,961
136,863
61,694		 Total
2021
£
94,744
14,516
76,202
101,397
140,080
59,082
486,021
Total
2020
£
85,400
17,875
63,553
98,310
152,929
78,451
496,518
5
Net Income for the year
Net income for the year is stated after charging:
Depreciation
Auditors' remuneration
Auditors' remuneration for tax services
6
Staff Costs
Wages & salaries
Social security
Pension costs		 2021
£
19,622
9,750
600
2021
£
968,156
73,002
93,231
1,134,389		 2020
£
10,032
8,600
375
2020
£
900,020
67,474
88,071
1,055,565
Average staffing
Full time
Students - term time only
During the year ending 31 July 2021 one employee earned over £70,000 and less than £80,000 per annu
£70,000 and less than £80,000).		 2021
2020
26
24
13
36
39
60
m (2020: one employee earned over		 2021
2020
26
24
13
36
39
60
m (2020: one employee earned over
60

7 Key Management Personnel President Tamsin Grainger (replacing Tao Warburton) Vice President for Education and Welfare Natasha Neal (replacing Brooke Pilbeam) Vice President for Student Involvement Tom Featherstone (replacing Christina Demetriou) CEO Tristan Tipping Membership Service Manager Matthew Kitching Communications & Marketing Manager Simon McDowell HR and Development Manager Sarah Jackson Finance Manager Lesley Favager 2021 2020 £ £ Total employee benefits of key personnel 370,644 329,993

Total employee benefits of key personnel

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

29

Notes to the Financial Statements

8 Trustee Remuneration and Expenses

The Trustee Board's Officer Trustees named in note 7, received remuneration of: £23,273 per year served (2020: £22,972), as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the institution and local community, defending and extending the rights of students through petitions, discussion with MPs and also organising and supporting student volunteers and service provision for them. The total salary and NI costs for the Officer Trustees amounted to £76,214 (2020: £75,048) and pension costs of £2,678 (2020: £4,135), which is included under governance costs in note 3.

There were no other trustee benefits for the year (2020: £nil).

Members of the Trustee Board were reimbursed a total of £nil (2020: £nil) for the year in respect of personal travel and subsistence expenses.

9 Union Investments
Net book value as at 31 July 2021
Net book value as at 31 July 2020
Trading Subsidiary - BSU Trading Limited
Turnover
Cost of sales
Gross profit
Administrative expenses
(Deficit)/Surplus for the year		 Subsidiary
investment
£
1
1
2021
£
29,556
9,357
20,199
30,739
(10,540)		 Total
£
1
1
2020
£
35,674
13,985
21,689
9,982
11,707

In the year to 31 July 2021, the Trading Subsidiary paid over £7,118 of its trading profits. The reduced payment reflected the investment in capital items in the year to July 2020.

The investment in BSU Trading Limited was paid on 1 September 2018 and the Union control 100% of the agreed investment. BSU Trading Limited is a registered company in England and Wales (08505399) that undertakes commercial activities outside the scope of the Union's constitution. The registered office of BSU Trading Limited is Queen Alexandra Road, High Wycombe, Buckinghamshire, HP11 2JZ. BSU Trading limited started trading on 1 August 2016. At the year ending 31 July 2021 the company had assets of £12,657 , liabilities of £18,607 and capital and reserves of (£5,950).

The loss in the trading subsidiary was caused by lockdowns during the Covid pandemic. A significant increase in trading has occurred since July 2021 and Trustees are confident that the company will return to making a trading profit in due course.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

30

Notes to the Financial Statements

10 Tangible Fixed Assets
Refurbish-
Motor
Fixtures &
Office
BSU
ments
vehicles
fittings
equipment
Total
Trading Ltd
Group
£
£
£
£
£
£
£
Cost at 1 August 2020
115,562
57,271
212,360
55,337
440,530
4,589
445,119
Additions
12,244
-
27,158
-
39,402
-
39,402
Cost at 31 July 2021
127,806
57,271
239,518
55,337
479,932
4,589
484,521
Depreciation at 1 August 2020
(115,562)
(53,928)
(185,373)
(52,869)
(407,732)
(126)
(407,858)
Charge for the year
(612)
(3,087)
(13,219)
(1,174)
(18,092)
(1,530)
(19,622)
Depreciation at 31 July 2021
(116,174)
(57,015)
(198,592)
(54,043)
(425,824)
(1,656)
(427,480)
Net book value
As at 31 July 2021
11,632
256
40,926
1,294
54,108
2,933
57,041
Net book value
As at 31 July 2020
-
3,343
26,987
2,468
32,798
4,463
37,261
11 Debtors
Group
Union
Group
Union
2021
2021
2020
2020
£
£
£
£
Trade debtors
14,387
10,791
41,635
25,131
Other debtors
11,911
10,806
32,060
30,583
Amounts owed by group undertakings
-
15,381
-
7,200
Prepayments & accrued income
46,544
45,484
-
-
72,842
82,462
73,695
62,914
12 Creditors - Amounts due within one year
Group
Union
Group
Union
2021
2021
2020
2020
£
£
£
£
Trade creditors
104,813
102,563
137,737
126,384
Social security & other taxes
10,109
10,109
7,567
7,567
Other creditors
4,558
4,558
9,530
9,530
Amounts owed to group companies
-
-
-
5,332
Accruals & deferred income
63,500
62,525
41,137
40,761
182,980
179,755
195,971
189,574		 Refurbish-
Motor
Fixtures &
Office
BSU
ments
vehicles
fittings
equipment
Total
Trading Ltd
Group
£
£
£
£
£
£
£
115,562
57,271
212,360
55,337
440,530
4,589
445,119
12,244
-
27,158
-
39,402
-
39,402		 Refurbish-
Motor
Fixtures &
Office
BSU
ments
vehicles
fittings
equipment
Total
Trading Ltd
Group
£
£
£
£
£
£
£
115,562
57,271
212,360
55,337
440,530
4,589
445,119
12,244
-
27,158
-
39,402
-
39,402
127,806
57,271
239,518		 55,337
479,932
4,589
484,521
(115,562)
(53,928)
(185,373)
(612)
(3,087)
(13,219)		 (52,869)
(407,732)
(126)
(407,858)
(1,174)
(18,092)
(1,530)
(19,622)
(116,174)
(57,015)
(198,592)		 (54,043)
(425,824)
(1,656)
(427,480)
11,632
256
40,926		 1,294
54,108
2,933
57,041
-
3,343
26,987		 2,468
32,798
4,463
37,261
Group
Union
Group
Union
2021
2021
2020
2020
£
£
£
£
14,387
10,791
41,635
25,131
11,911
10,806
32,060
30,583
-
15,381
-
7,200
46,544
45,484
-
-
72,842
82,462
73,695
62,914
Group
Union
Group
Union
2021
2021
2020
2020
£
£
£
£
104,813
102,563
137,737
126,384
10,109
10,109
7,567
7,567
4,558
4,558
9,530
9,530
-
-
-
5,332
63,500
62,525
41,137
40,761
182,980
179,755
195,971
189,574

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

31

Notes to the Financial Statements

13 Restricted Funds

tricted Funds
Big Deal
Restricted reserve for Community Bucks
Restricted Reserve for Intern Project
Clubs & societies
Other restricted funds		 As at 1
Incoming
Resources
As at 31
August 2020
resources
expended
Transfers
July 2021
£
£
£
£
£
-
610,000
(524,121)
(85,879)
-
-
-
-
65,000
65,000
-
-
-
65,000
65,000
38,569
17,499
(16,535)
6,147
45,680
500
297,293
(297,293)
-
500
39,069
924,792
(837,949)
50,268
176,180

It was agreed with Buckinghamshire New University to use the underspent Big Deal Grant to fund a one year intern project costing an estimated £65,000. The balance of £18,834 has been used to creat the rserve for the Community Bucks Project. An additional amount of £44,121 was transferred in from unrestricted funds. See note 15.

Big deal
Clubs & societies
Other restricted funds		 As at 1
Incoming
Resources
As at 31
August 2019
resources
expended
Transfers
July 2020
£
£
£
£
£
-
580,000
(580,000)
-
-
38,592
33,348
(33,371)
-
38,569
500
390,437
(390,437)
-
500
39,092
1,003,785
(1,003,808)
-
39,069

The Big Deal is a funded programme of free skills development, sporting, recreational and social based activities for Union members. The scheme also rewards students who give their time to be representatives.

Clubs and societies refers to fundraised balances held on behalf of student run clubs and societies that are part of Bucks Students' Union.

£500 on Other restricted funds is the remaining balance for the 'Underpass project'.

Other restricted funds comprises:

Volunteering - a funded programme of student community volunteering.

Orientation - includes a programme to welcome new and returning students each academic year and a year-round buddying programme that allows existing students to support new students to the University.

Advice services - providing support and advice to students in managing financial affairs.

Inter-campus link services - a free transportation service between High Wycombe and Uxbridge.

14
Designated Funds 2021
Designated reserve for Special Projects
Designated Funds 2020
Designated reserve for Special Projects
Designated reserve for depreciation of assets and
future purchase of assets
Designated reserve for depreciation of assets and
future purchase of assets		 As at 31
Incoming
Resources
As at 31
July 2020
resources
expended
Transfers
July 2021
£
£
£
£
£
7,376
-
-
27,178
34,554
85,630
-
-
-
85,630
93,006
-
-
27,178
120,184
As at 31
Incoming
Resources
As at 31
July 2019
resources
expended
Transfers
July 2021
£
£
£
£
£
15,795
-
-
(8,419)
7,376
45,630
-
-
40,000
85,630
61,425
-
-
31,581
93,006

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

32

Notes to the Financial Statements

15
Transfers between Funds
To increase capital expenditure reserve
Transfer provision from capital expenditure rerserve
To create a restricted fund for Community Bucks ex Big Deal
To create a restricted fund for Community Bucks
To create a restricted fund for Community Bucks ex Unrestricted
To create a restricted fund for Intern project ex Big Deal
To create a restricted fund for Community Bucks
Prior year surplus on societies
Prior year surplus on sports clubs
Transfer provision from capital expenditure rerserve
To create a designated special project fund
16 Consolidated analysis of net assets between funds
Year ended 31 July 2021
Fixed assets
Net current assets
At 31 July 2021
Unrestricted funds include net funds from BSU Trading Limited of £1.
Year ended 31 July 2020
Fixed assets
Net current assets
At 31 July 2020
Union analysis of net assets between funds
Year ended 31 July 2021
Fixed assets
Investment
Net current assets
At 31 July 2021
Year ended 31 July 2020
Fixed assets
Investment
Net current assets
At 31 July 2020
To reflect reduced payment of profits from Trading company		 Unrestricted
funds
£
22,487
49,838		 Unrestricted
Designated
Restricted
£
£
£
(34,554) 34,554-
7,376 (7,376) -
- - (20,879)
- - 20,879
(44,121) - 44,121
- - (65,000)
- - 65,000
(2,045) - 2,045
(4,102) -4,102
Year ended 31 July 2021
(77,446) 27,178 50,268

Unrestricted
Designated
Restricted
£
£
£
8,419 (8,419) -
(40,000) 40,000 -
Year ended 31 July 2020
(31,581) 31,581-

Designated
Restricted
funds
funds
Total
£
£
£
34,554
-
57,041
85,630
176,180
311,648
72,325 120,184
176,180
368,689
Unrestricted
funds
£
29,885
52,608		 Designated
Restricted
funds
funds
Total
£
£
£
7,376
-
37,261
85,630
39,069
177,307
82,493 93,006
39,069
214,568
Unrestricted
funds
£
19,554
1
58,721		 Designated
Restricted
funds
funds
Total
£
£
£
34,554
-
54,108
-
-
1
85,630
176,180
320,531
78,276 120,184
176,180
374,640
Unrestricted
funds
£
25,423
1
45,362		 Designated
Restricted
funds
funds
Total
£
£
£
7,375
-
32,798
-
-
1
85,631
39,069
170,062
70,786 93,006
39,069
202,861

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

33

Notes to the Financial Statements

17 Related Party Transactions

For all Universities situated in the United Kingdom, including Buckinghamshire New University, Students’ Unions are constituted under section 2 of the Education Act 1994.

The Union is in receipt of a recurrent grant from the University of £441,000 (2020: £441,000).

In addition, the Union received Big Deal grant of £610,000 and held for charitable activities (2020: £580,000) from the University relating to sporting and recreational activities, course representation and entertainments. Other grants of £490,082 (2020: £460,173) for specific operational costs and projects were also received.

Transactions throughout the year resulted in a consolidated trading balance as at 31 July 2020 of £27,676(2020: £77,429) owed to the University.

The Union have been given the use of university premises whose rental value is assessed at £136,861 (2020: £136,861).

18 Pension Costs

Defined benefit scheme

The Union has contributed to the pension scheme operated by Buckinghamshire New University for staff members seconded to the Union. Full details of the pension arrangements are set out in the financial statements of Buckinghamshire New University.

The contributions paid into the scheme in respect of eligible employees by BSU amounted to £68,404 (2020: £63,791)

Defined contribution schemes

The Union operates a defined contribution schemes with Aegon and an auto-enrolment scheme with NEST. Contributions are set at 6% for the employer and a minimum of 6% for the employee. The Union cost of contributions amounted to £741 (2020: £506) to Aegon and £24,086 (2020: £23,774) to NEST.

19 Reconciliation of net movements in funds to net cash flow from operating activities

Net surplus for the year
Add back depreciation charge
Interest received
Decrease in stocks
Decrease in debtors
(Decrease) in creditors		 2021
£
154,121
19,622
-
207
853
(12,991)
161,812		 2020
£
48,343
10,032
(217)
3,452
10,119
(1,503)
70,226

20 Analysis of changes in Net Funds

The charity had no debt during the year.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2021

34

Bucks Students’ Union, Queen Alexandra Road, High Wycombe, Bucks, HP11 2JZ[|] bucksstudentsunion.org

BIG DEAL Registered Charity Number.. 1144820