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2022-07-31-accounts

BUCKS STUDENTS’ UNION

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the year ending 31 July 2022 Registered Charity Number: 1144820

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BUCKS STUDENTS’ UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

CHARITY NUMBER 1144820

2

YEAR ENDING 31 JULY 2022

Contents

Pages Trustees’ Report including: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-25 statement of Trustees’ responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 reference and administrative details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Independent Auditor’s report to the Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26-28 Consolidated statement of financial activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Consolidated and Union balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Consolidated statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32-40

BUCKS STUDENTS’ UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

Presidents’ Introduction to the Trustees’ Report and financial statements for the year ending 31 July 2022

From our out-going President:

I am pleased to introduce the Trustees’ Report and Financial Statements.

It’s been an honour to hold the role of President at Bucks Students’ Union over the past 12 months and I am proud of an organisation that is relentless in its pursuit of a high-quality educational experience, a first-rate co-curricular programme and a rich and diverse portfolio of opportunities and support for our members, which is absolutely no less than each and every one of them deserve.

It was difficult to predict what the university journey would be like post-pandemic, and we learnt quickly that the changes to the environment in which we operate were going to be long lasting and widespread. Students at BNU needed more support, more encouragement and a greater level of kindness and understanding as they settled on our campuses, many of whom had travelled form further afield than in previous years.

The Union’s resources were severely tested, and it was inspirational to experience the tenacity and dynamism of our teams as we rose to the challenge. We not only recorded pre-pandemic levels of engagement and participation with our activities but ultimately, once again, significantly outperformed the sector in the NSS amongst all areas of our community.

The Union has an exciting new strategic plan ready to be shared in Autumn 2022 and I’m convinced that with the University’s support, and a greater commitment to partnership, the organisation can go from strength to strength, playing a hugely significant role in the institution’s progress.

Honor Fletcher

Bucks Students’ Union President and Chair of Trustees 2021/22

From our in-coming President:

The Students’ Union made a huge impact on me and my time at BNU, by not only providing me with amazing sports, events, opportunities and so much more (all for free!), but also offering me a safe space to express and be myself.

Through my time as a School Officer, Student Rep and Chair of the Boxing Society, I was able to connect with so many students from all walks of life and take inspiration and knowledge from their stories, which is what encouraged me to run for President. I wanted to give back to the community that looked after me so much and make sure I can make other students feel looked after too.

The Union has yet again proved it is one of the best in the business following yet another successful NSS result of 2nd best in the country, and I feel privileged to be starting my new role in such a strong position. The care, support and opportunities that Bucks Students’ Union provide is something that is truly incredible.

I’ve already experienced an organisation committed to showing our members kindness, removing barriers, promoting inclusivity and welcoming everyone to our community. We are the key to creating a sense of belonging, making life better at Bucks and improving BNU students’ chances of continuing through their studies, attaining great results and progressing meaningful employment which will ultimately contribute to wider society.

I can’t wait to see where the year takes us.

Charlotte Leighton-Woods

Bucks Students’ Union President and Chair of Trustees 2022/23

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

4

Making Life Better for Students at Bucks

Bucks Students’ Union Trustee Board Report – 2021-22

Bucks Students’ Union is an independent, dynamic and thriving membership organisation. Our primary objective is to make life better for students at Bucks. When considering where to focus our attention, Trustees have regard to the Charity Commission guidance on public benefit.

Bucks Students’ Union started the 2021-22 academic year positive that we were in a strong position to ‘Make Life Better for Students at Bucks’ whilst being realistic about the challenges we might face.

We have seen a slower than anticipated ‘return to normal’ with new students, having spent the previous two years in lockdown, being less well prepared, less confident and perhaps less resilient than we have experienced with previous cohorts, understandably they have needed greater levels of support and care.

With the emerging cost of living crisis, lingering Covid nervousness, societal changes that have impacted on social patterns and a student body enlarged by new intakes of international students our team has coped remarkably in reacting to increased student demand.

This has led the Union to reconsider a number of our ways of working and to adapt to our evolving environment, learning many valuable lessons along the way.

Despite the obstacles, the Union managed to encourage a great many members to participate in activities and programmes, contribute to our wider work and make the most of their time at BNU.

An overwhelming observation, and one that will inform our new plan, is that our members value understanding, kindness and acceptance above all else – if next year Bucks Students’ Union, leading by example, inspires the university and our community to be a more caring, thoughtful, open, fair, inclusive, accessible and kind place to study then we will have achieved an awful lot. Our other objectives will all fall into place.

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 2022

5

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

6

We are once again able to celebrate a fine performance in the National Student Survey – where Bucks Students’ Union were ranked in the Top 5 Students’ Unions in UK Higher Education for the sixth 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.

2022 2021 2020 2019 2018 2017
West London West London West London West London Bucks West London
Bucks St Andrews Sheffeld Sheffeld West London Loughborough
Sheffeld Sheffeld Bucks Bucks Loughborough Keele
London Met Surrey St Andrews Loughborough Sheffeld Leeds
Surrey Bucks Loughborough Nottingham Trent Keele Bucks
NSS rankings for UK SU’s 2017 – 2022

The following table provides a 6-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 2022. We believe this data demonstrates that working together to promote student involvement in Students’ Union activities can help to make a significant contribution across a wide range of strategic imperatives for the University.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

7

Bucks Students’ Union NSS performance 2016-2022

Bucks Students’ Union NSS performance 2016-2022 Bucks Students’ Union NSS performance 2016-2022 Bucks Students’ Union NSS performance 2016-2022 Bucks Students’ Union NSS performance 2016-2022
2021/2022
2020/2021
2019/2020
Bucks Students’ Union
ranking in UKHE – 2nd
Bucks Students’ Union
ranking in UKHE – 5th
Bucks Students’ Union
ranking in UKHE – 3rd
Bucks SU
Sector
Diff.		 Bucks SU
Sector
Diff.		 Bucks SU
Sector
Diff.
Q26
Students’ Union satisfaction
Students with specifc
learning disabilities
Students with disabilities
Mature Students
Young Students
Black Students
Asian Students
White Students
Female Students
Male Students		 69.87%
52.55%
+17.32		 65.92%
53.28%
+12.64		 73.08%
55.99%
+17.09
62.96%
49.93%
+13.03		 66.67%
51.66%
+15.01		 69.51%
55.04%
+14.47
68.85%
48.09%
+20.76		 59.26%
50.37%
+8.89		 67.95%
52.54%
+15.41
68.03%
53.98%
+14.05		 63.01%
53.87%
+9.14		 73.78%
56.83%
+16.95
72.09%
52.05%
+20.04		 69.44%
53.09%
+16.35		 72.22%
55.73%
+16.95
79.49%
57.36%
+22.13		 73.99%
57.09%
+16.9		 79.25%
60.37%
+18.88
67.65%
59.08%
+8.57		 70.18%
58.43%
+11.75		 75.29%
60.91%
+14.38
65.89%
50.30%
+15.59		 62.50%
51.81%
+10.69		 70.71%
54.53%
+16.18
71.85%
54.35%
+17.5		 69.69%
56.06%
+13.63		 73.17%
58.30%
+20.69
65.00%
49.84%
+15.16		 58.26%
49.04%
+9.22		 72.88%
52.48%
+20.4
2018/2019
2017/2018
2016/2017
Bucks Students’ Union
ranking in UKHE – 1st
Bucks Students’ Union
ranking in UKHE – 3rd
Bucks Students’ Union
ranking in UKHE – 5th		 2018/2019
2017/2018
2016/2017
Bucks Students’ Union
ranking in UKHE – 1st
Bucks Students’ Union
ranking in UKHE – 3rd
Bucks Students’ Union
ranking in UKHE – 5th		 2018/2019
2017/2018
2016/2017
Bucks Students’ Union
ranking in UKHE – 1st
Bucks Students’ Union
ranking in UKHE – 3rd
Bucks Students’ Union
ranking in UKHE – 5th		 2018/2019
2017/2018
2016/2017
Bucks Students’ Union
ranking in UKHE – 1st
Bucks Students’ Union
ranking in UKHE – 3rd
Bucks Students’ Union
ranking in UKHE – 5th
Bucks SU
Sector
Diff.		 Bucks SU
Sector
Diff.		 Bucks SU
Sector
Diff.
Q26
Students’ Union satisfaction
Students with specifc
learning disabilities
Students with disabilities
Mature Students
Young Students
Black Students
Asian Students
White Students
Female Students
Male Students		 73.53%
55.66%
+17.87		 75.49%
56.47%
+19.02		 69.26%
56.79%
+12.47
72.60%
55.89%
+16.71		 71.26%
56.23%
+15.03		 70.10%
57.10%
+13
57.95%
52.57%
+5.38		 72.46%
53.59%
+18.87		 70.00%
53.05%
+16.95
74.88%
55.70%
+19.18		 74.95%
56.68%
+18.27		 65.12%
55.13%
+9.99
72.66%
55.65%
+17.01		 75.90%
56.40%
+19.5		 72.07%
57.37%
+14.7
79.31%
60.34%
+18.97		 80.83%
61.82%
+19.01		 65.05%
62.03%
+3.02
72.34%
60.86%
+11.48		 81.29%
62.12%
+19.17		 71.69%
62.50%
+9.19
73.59%
54.07%
+19.52		 73.05%
54.83%
+18.22		 69.72%
55.12%
+14.6
74.39%
58.00%
+16.39		 78.11%
58.67%
+19.44		 69.57%
59.15%
+10.42
71.90%
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 2022

8

Participation and impact at BNU

The Big Deal programme is at the heart of the Students’ Union’s offer for students at BNU and is one of the unique selling points for the institution.

This unique offer delivers exceptional value and has a significant impact on satisfaction, recruitment, and retention whilst tackling challenges around equity, inclusivity, and the costs of living crisis.

We also believe that the work of the institution’s Students’ Union continues to contribute to the enhancement of the University’s national reputation. This work is built on the foundations of the Big Deal which undoubtedly supports our strong performance year-on-year in the National Student Survey and at the Whatuni Student Choice Awards amongst other nationally recognised accreditations and accolades and sits alongside our volunteering programmes, outreach, charity fundraising and projects such as the Community Bucks events calendar.

Furthermore, the strength of this programme in its inclusive approach, range and breadth adds great value to the narrative the Union can provide as an independent voice in the Access and Participation Plan, the Teaching Excellence Framework student written submission and within our commitment to the Students Futures Manifesto.

It was extremely rewarding when the University’s department of Strategic Planning and Change confirmed this year through analysing participation data that students from widening participation backgrounds are participating at the same rates as their more advantaged peers no matter their level of deprivation (IMD), which is far less likely to happen at other institutions. This goes some way to proving the Big Deal is successful in removing barriers and creating a level playing field and more inclusive environment at BNU.

Satisfaction

In the Union’s Membership Survey of 2021-22, which attracted 2,141 responses from current BNU students, we asked our members to react to the statement ‘Bucks Students’ Union and the Big Deal makes life better for students at BNU.’

85% of BNU students agreed, an approval rating that if translated to the NSS would have seen the SU top the league table for each of the last 5 years.

In previous papers we have identified that schools within our institution whose students have a deeper level of involvement with Union facilitated co-curricular programmes commonly have higher levels of institutional satisfaction in the National Students’ Survey.

To that end, through partnership working and constructive engagement, we have been partnering with the schools who have previously demonstrated lower levels of involvement to drive participation, with the aim of improving overall NSS satisfaction results in 2022 following a less satisfactory year for the institution in 2021.

Recruitment

From the same survey, when asked if: ‘The Big Deal, which includes free access to being part of a team or society, attending activities or going to events, additional skills sessions and trips, was a factor in me choosing to come to BNU.’

65% of students agreed that the Big Deal had a positive influence on them choosing to attend BNU. The financial implications of this are significant with the fee income of a little over 1% of the taught population, just 70 students, returning the University’s Big Deal investment on an annual basis.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

9

Retention

In this year’s survey, students who had indicated they had considered leaving BNU were asked: ‘What role, if any, did involvement in Big Deal activities (i.e., being part of a team or society, attending activities or going to events, additional skills sessions and trips) play in your decision to remain at BNU?’

40% of students agreed that the Big Deal had a positive influence on their decision to remain at BNU.

When asked: ‘Were there any other services within the Students’ Union (e.g., the Advice Centre) that influenced your decision to stay?’

A further 34% of students agreed that other Union services had a positive influence on them choosing to remain at BNU.

Once again, it only requires 70 students across the entire student body to persist with their studies, choosing to remain at BNU for one more academic year because of the sense of belonging created through participation and engagement in the Big Deal, to fully recover the investment.

The Union suggests that the combined positive impact of The Big Deal on both recruitment and retention makes the programme a significant net contributor to the University’s strong financial position.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

10

Engagement and participation with Bucks Students’ Union services, programmes and activities

‘Membership engagement will be fully representative of the student body’s demographic’

‘What does success look like’ – Bucks Students’ Union Strategic Plan 2019-22

Research conducted by WonkHE shows that engagement in students’ union run extracurricular activities and programmes across the sector can be equivalent to 61% of the FTE student body.

In institutions like BNU, where the student body is largely ‘working class’ and where the institution is successful in supporting the widening participation agenda, this figure is more commonly around 50%. 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.

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

As we draw closer to the final stages of the 2021-22 academic year, we have run a short report which begins to explore 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 have an understanding of our reach and relevance to our entire membership. Regularly this data comes from a range of sources, which include ‘sign-ups’ and registers for recreational activities, developmental sessions and volunteering projects alongside everything from attendance and participation data from events, trips and meetings to memberships of sports teams, clubs and societies.

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. Nor do we 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 or society events. The data we do have 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 Students’ Survey and how we perform against the sector benchmarks amongst specific student groups as an indicator of our reach and relevancy.

You’ll see from the table above, (Bucks Students’ Union NSS performance 2016-2022), evidence of Bucks Students’ Union outperforming the sector consistently over a number of years, across a range of key demographic groups. These levels of satisfaction are undoubtedly buoyed by BNU’s unique Big Deal, allowing the Union to build programmes of activity that can appeal to, and cater for the diverse requirements of our student population.

Although at the start of the academic year we were still dealing with the impact of the pandemic, with campus life returning to ‘normal’ relatively slowly, we have still recorded data for measurable instances of participation from 4,660 individual students, a sample size equivalent of nearly 66% of BNU taught students for us to work with. Many of these students used a range of Union services and engaged with multiple activities on a regular basis.

This data includes involvement from students on 268 different courses, at every level, across all schools and all modes of study. We aspire to attain even greater levels of engagement amongst individual parts of the offer but are reasonably satisfied that participation levels by demographic largely map well against the BNU student population. Each Union department is forming plans to address any areas of under representation in their service area and programmes in the next academic year.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

11

From this data we can present the following breakdowns using the institution’s groupings:

Overall engagement and participation in Bucks Students’ Union programmes, services and activities.

----- Start of picture text -----
Age Home/international Gender Ethnicity
100
90
80
70
60
50
40
30
20
10
0
Young Mature UK/home International Other Male Female Other BAME White Other
(17-20) (21+)
Participation Population
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We have now established 7 new principles and objectives which we believe more accurately reflect the Big Deal in 2022 and moving forward have identified the wide-ranging value it offers BNU:

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

12

Investing in our people

Whilst we have always enjoyed a positive relationship with our staff team, with employee engagement regularly around 93% 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.

In the employee engagement survey of 2022, 100% of our career staff would recommend Bucks Students’ Union as a good place to work to family and friends.

From the recent People Count research, the Union fairs well with low turnover rates and impressive retention (measured by permanent staff only). Our levels of staff absenteeism and sickness have risen this year. A small staff team included in the survey, a series of longer-term illnesses and the longer effects of Covid have skewed this result.

Bucks SU Peers All
Staff Turnover 14.6% 20% 26.7%
Length of Service 122 months 71 months 69 months
Average Sick Days 3.5 days 1.7 days 2.8 days
% in management roles 25.6% 26.1% 22%

Amongst our contracted staff we have experienced higher levels of turnover, as have many organisations coming out of the pandemic, and recruitment has been incredibly tough.

With the market buoyant and being restricted by resources and policy with regards what we can offer new recruits the process of attracting new team members has been arduous and time consuming.

We continue to explore new recruitment methods and communications and will present the benefits of working with such a creative, tenacious, dynamic and inspiring team in a values-driven organisation.

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 on an annual basis, 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 BNU students and when asked, 83% of the team would recommend the Union as a good place to work. This figure has fallen over the year as our rates of pay have fallen below those of local competitors.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

13

2021-22 at Bucks Students’ Union

OVER HOURS 15,000

257 STUDENT REPS HAVE SPOKEN UP

OF VOLUNTEERING LOGGED

OVER 1,059 MORE THAN HOURS OF ENTERTAINMENT 1,200 OPPORTUNITIES TO PARTICIPATE IN RECREATIONAL 1,329 ACTIVITIES

500 MEMBERS INVOLVED IN SPORTS

1,329 OPPORTUNITIES TO ENHANCE EMPLOYABILITY

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OVER 1,200 HOURS OFFERED TO SPORTS TEAMS TO TRAIN & PLAY

NEARLY 600 MEMBERS INVOLVED IN SOCIETIES

2,886 HOURS OF SKILLS WORKSHOPS

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

14

New activity and the year ahead

Throughout the course of 2021-22 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 2022-23. 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.

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.

Areas of notable new focus for 2022-23 include but are not limited to:

.

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

15

Strategic Planning

Academic year 2021-22 was the final full year of our three-year strategic plan. The Union’s management team and our Board are confident that the organisation is moving forward in the right direction and that many of our aspirations and success criteria have been met or surpassed, whilst in other areas significant gains have been made during the cycle of the plan..

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 2022

16

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 three years, a plan that will embrace greater challenges, speak of higher ambition and that will further enhance the BNU student experience.

The new plan, to be launched in the autumn of 2022, will focus on the following areas:

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

17

Financial review of the year

This year (2021-22) saw students returning to campus following two years of their educational experience being highly disrupted by pandemic restrictions. The last year of normal activity was in 2018-19 and the financial information and trading patterns of that year were used to inform the budget for 2021-22.

We invested time and money to ensure that we offered an exceptional standard of orientation, welfare and wellbeing support, activities and developmental opportunities, social events and entertainment.

With the well reported pressure on the mental health and resilience of young people and the impact of Covid affecting our members’ preparedness for university, we prioritised an augmented level of support, investing resources in frontline services.

As the year progressed, we experienced climbing costs and price increases across a wide range of services and suppliers. This was particularly the case in the hospitality and events industry as they struggled to recover from their businesses being at least partially dormant for nearly two years.

An ongoing nervousness around Covid, the ‘on and off’ nature of restrictions at the start of the year and lasting changes to social behaviour has meant that, along with the sector, we have not experienced quite the level of attendances nor ticket sales that we had hoped for in our commercial spaces. This is somewhat compounded by the space itself slowly falling behind the high street competition in terms of levels of décor and facilities.

This year our social spaces operated far more regularly outside the traditional trading model; commonly being utilised as safe meeting spaces, training facilities, teaching locations etc. We have therefore taken the step to fully recognise this and isolate the core costs of the provision of space and facilities from the reduced commercial activity. This more fairly reflects the allocation of resources and staff time in our evolving operating model.

The medium and long-term effects of the pandemic on our organisation could not have been predicted accurately. Combining this with a tactical decision to invest greater resources in student support, coupled with incurring a series of unanticipated costs outside of our control means that for the year ended 31 July 2022 we are reporting a consolidated deficit of £223,652 against a planned deficit of £130,000. The unplanned deficit has been covered by reserves as noted below.

The Union now has a clearer picture on what a ‘business as usual’ year now looks like, and this has been reflected in budget preparations for 2022-23:

The Big Deal

The Union received £647,149 University funding for ‘The Big Deal’ project which was supplemented by £38,813 raised from ticket sales and contributions to sporting activities. This funding allowed Bucks Students’ Union to offer a sector leading and unique package of benefits to its members to enhance the student experience, including:

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Affiliations

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

annual memberships being:
2021-22 2020-21
The National Union of Students (NUS) £11,025 £11,576
NUS Services Ltd £456 £380
British Universities & Colleges Sports Association £3,231 £3,465

Raise and Give (RAG)

Our members nominated and raised funds for two local charities, Roald Dahl’s Marvellous Childrens’ Charity (£2,689) and Drugfam (£2,807). An additional amount of £486 was raised for the Movember charity. These amounts form only a part of the fund-raising activities undertaken by our students, as in some cases they deposit fund-raising monies directly with the Charity involved.

BSU Trading Ltd (trading as Bucks Hire)

The Union’s wholly owned subsidiary resumed a more normal trading pattern, making a profit of £22,679 during the year compared to a loss of £10,540 in 2020-21.

Reserves position

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 upon the historical performance of the Students’ Union in needing to access free reserves to cover unexpected events.

Part of the deficit for the year has been covered by transfers from the designated reserve for special projects. In addition, a decision, (as approved by members of the Finance and Staffing Committee Aug 2022), was made to de-designate £30,000 from the special project reserve and transfer it to free reserves. These transfers are detailed in note 15.

As a result of the deficit and transfers, the Group’s free reserves on 31 July 2022 stand at £43,415 (2021: £49,838).

In previous years, the free reserves figure had been stated including fixed assets and so the prior year comparative has been re-stated. With the creation of a designated Fixed Asset Reserve (see note 14), the entire amount of the general fund on the balance sheet represents our free reserves.

It is the Trustees’ intention to devise a plan whereby the Union’s Free Reserves are re-built over the next two years.

Designated reserves stand at £56,056. Of this, £44,762 is the new fixed asset fund against which depreciation will be expended. We expect to spend the £11,294 special project fund within the next two years.

Restricted reserves are £46,566 and are predominantly Clubs and Societies fund raising accounts.

Further information can be found in notes 13 to 16.

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Going concern

The Union is in a strong financial position, holding cash in hand of £255k leading into the 2022-23 financial year.

University guaranteed grant income for that year has been confirmed at a minimum of £1.706m*, and the University has confirmed that funding will remain stable in the financial years succeeding 2023.

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.

*Further funding for the 2022/23 academic year which will fund a series of special projects and ongoing costs is still under negotiation at the time of writing.

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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.

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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 a 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 25.

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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.

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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.

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.

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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 Office 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, Honor Fletcher Elected 1 July 2021 Retired 30 June 2022 President, Charlotte Leighton-Woods Elected 1 July 2022 Vice President, Natasha Neal Elected 1 July 2020 Retired 30 June 2022 Vice President, Tom Featherstone Elected 1 July 2020 Retired 30 June 2022 Vice President, Jessica Bradbury Elected 1 July 2022 Vice President, Emily Crawshaw Elected 1 July 2022 Vice President, Brandon Tester Elected 1 July 2022

Student Trustees

Lisa Connell Elected 1 July 2020 Retired 1 February 2022 Heidi Thorne Elected 1 July 2020 Retired 30 June 2022 Katie Jedrek Elected 1 July 2021 Retired 30 June 2022 Kathy Hunter Elected 1 July 2021 Peter Ashgiabor Elected 1 July 2022 Amy Pile Elected 1 July 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 2022 and signed on their behalf by:

Charlotte Leighton-Woods President and Chair of Board of Trustees

Brian Tranter Lay Trustee

BUCKS STUDENTS’ UNION TRUSTEES’ REPORT

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

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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 2022 which comprise the consolidated statement of financial activities, consolidated and Union balance sheet, the consolidated statement of cash flows, 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 group 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 group and 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 2022

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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 group or the Union 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:

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CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

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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.

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.

TRUSTEES’ REPORT INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

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Consolidated Statement of Financial Activities For the year ended 31 July 2022

Unrestricted
Restricted
Total
Funds
Funds
2022
Notes
£
£
£
Income from:
Donations and Legacies
University and other grants
2
831,626
784,010
1,615,636
Other trading activities
Marketing
-
-
-
Raising Funds
68,333
-
68,333
Charitable activities for students
Bars, shops & catering
289,296
-
289,296
Events & entertainments
-
27,793
27,793
Societies & clubs
5,721
41,662
47,383
Volunteering
-
6,000
6,000
Orientation
15,261
-
15,261
Transportation (incl Intercampus
Bus)
183,392
183,392
Other income
3,211
-
3,211
Total Incoming Resources
1,396,840
859,465
2,256,305
Expenditure on:
Raising Funds
39,654
-
39,654
Charitable activities for students
Communications
185,794
20,538
206,332
Campaigns & affiliations
24,314
2,705
27,019
Advice
154,651
17,208
171,859
Representation
194,832
37,123
231,955
Bars, shops & catering
319,877
35,592
355,469
Social Activities and Belonging
-
423,259
423,259
Societies & clubs
24,678
248,315
272,993
Provision of space and facilities
135,838
14,184
150,022
Volunteering
6,663
6,930
13,593
Orientation & development
144,259
68,733
212,992
Community Bucks & Intern projects
-
156,342
156,342
Transportation (incl Intercampus
Bus)
214,982
3,486
218,468
Total Resources Expended
3-6
1,445,542
1,034,415
2,479,957
Net (deficit)/income for the year
(48,702)
(174,950)
(223,652)
Transfers between funds
15
(44,336)
44,336
-
Net movement in funds
(93,038)
(130,614)
(223,652)
Reconciliation of Funds
Fund balances brought forward
192,509
176,180
368,689
Fund balances carried forward
99,471
45,566
145,037
Year ended 31 July 2022		 Unrestricted
Restricted
Total
Funds
Funds
2021
£
£
£
874,936
746,861
1,621,797
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
148,000
148,000
14,218
-
14,218
1,210,706
776,792
1,987,498
34,095
-
34,095
189,130
26,679
215,809
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
-
-
-
150,415
16,637
167,052
1,143,428
689,949
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 *

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

29

Consolidated and Union Balance Sheet as at 31 July 2022

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
General funds
Designated funds
14
Total reserves		 2022
2022
Group
Union
-
1
44,762
43,359
44,762
43,360
31,844
28,953
875,579
875,310
255,004
238,721
1,162,427
1,142,984
(1,062,152)
(1,058,036)
100,275
84,948
145,037
128,308
45,066
45,066
500
500
45,566
45,566
43,415
26,686
56,056
56,056
99,471
82,742
145,037
128,308		 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

This report was approved by Trustees on 4 October 2022

Charlotte Leighton-Woods

President and Chair of Board of Trustees

and signed on their behalf by:

Brian Tranter Lay Trustee

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

30

Consolidated statement of cash flows For the year ended 31 July 2022

Notes
Net cash (used)/provided by operating activities
19
Cash flows from investing activities
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		 2022
£
(123,123)
(11,238)
(11,238)
(134,361)
389,365
255,004		 2021
£
161,812
(39,402)
(39,402)
122,410
266,955
389,365

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

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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 net deficit of the Students' Union (excluding BSU Trading Limited) was £246,331 (2021: £164,661 surplus).

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

The Union is in a strong financial position and had cash in hand of £255k leading into the 2022-23 financial year (2021: £389k). Further guaranteed university grant income of £1.706m (2021:£1.606m) has already been approved and the University has confirmed funding will remain stable in the financial years succeeding 2023.

At the time of approving the financial statements for the year 2021-22, 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 2022

32

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, under the performance model, 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.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

33

Notes to the Financial Statements

2
Donations and Legacies
Block grant
University grant for rent
Big deal
CJRS government grant
CJRS contribution from BNU re seconded
staff
Other grants		 Unrestricted
2022
Restricted
2022
Total 2022
Unrestricted
2021
Restricted
2021
Total 2021
£
£
467,857
-
467,857
441,000
-
441,000
-
136,861
136,861
-
136,861
136,861
-
647,149
647,149
-
610,000
610,000
-
-
-
76,792
-
76,792
-
-
-
15,062
-
15,062
363,769
363,769
342,082
342,082
831,626
784,010
1,615,636
874,936
746,861
1,621,797

In previous Financial Statemnets, the income for the provision of the intercampus bus service had been treated as 'other restricted grants'. The amount of £183,392 (2021: £148,000) is now shown as income and expenditure in unrestricted Charitable Activities for students as this better reflects the nature of the funding.

3
Charitable and other activity costs 2022
Raising Funds
Charitable activities for students
Communications
Campaigns & affiliations
Advice
Representation
Bars, shops & catering
Social Activities and Belonging
Societies & clubs
Provision of space and facilities
Volunteering
Orientation & development
Community Bucks & Intern projects
Transportation (incl Intercampus Bus)
Total charitable and other costs
Charitable and other activity costs 2021
Raising Funds
Charitable activities for students
Communications
Campaigns & affiliations
Advice
Representation
Bars, shops & catering
Social Activities and Belonging
Societies & clubs
Provision of space and facilities
Volunteering
Orientation & development
Community Bucks & Intern projects
Transportation (incl Intercampus Bus)
Total charitable and other costs		 Cost of
Staff
Other
Support
Total
sales
costs
costs
costs
2022
£
£
£
£
£
-
-
39,654
-
39,654
-
107,914
34,964
63,454
206,332
-
-
18,661
8,358
27,019
-
116,809
1,885
53,165
171,859
-
147,413
20,622
63,920
231,955
93,734
111,252
40,516
109,967
355,469
-
74,994
333,065
15,200
423,259
921
109,906
154,166
8,000
272,993
-
75,104
31,096
43,822
150,022
-
4,304
6,416
2,873
13,593
-
119,879
43,320
49,793
212,992
-
63,944
73,275
19,123
156,342
-
2,501
150,836
65,131
218,468
94,655
934,020
948,476
502,806
2,479,957
Cost of
Staff
Other
Support
Total
sales
costs
costs
costs
2021
£
£
£
£
£
-
-
34,095
-
34,095
-
114,436
26,629
74,744
215,809
-
-
21,613
14,516
36,129
-
109,937
3,523
76,202
189,662
-
145,834
5,138
101,396
252,368
23,147
120,725
64,696
140,080
348,648
265
92,980
84,087
-
177,332
3,579
93,448
80,029
-
177,056
-
-
-
-
-
-
22,255
22,444
-
44,699
-
142,668
47,859
-
190,527
-
-
-
-
-
-
4,172
83,798
79,082
167,052
26,991
846,455
473,911
486,020
1,833,377

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

34

Notes to the Financial Statements

4
Support costs (included in note 3) 2022
Charitable activities for students
Communications
Campaigns & affiliations
Advice
Representation
Bars, shops & catering
Social Activities and Belonging
Societies & clubs
Provision of space and facilities
Volunteering
Orientation & development
Community Bucks & Intern projects
Transportation (incl Intercampus Bus)
Governance
Total costs		 Staff
Rent &
Other
costs
services
costs
£
£
£
20,840
19,704
5,071
8,624
8,154
2,098
17,460
16,509
4,249
22,470
19,166
4,932
36,115
34,148
8,788
15,200
-
-
8,000
-
-
14,392
13,606
3,502
944
892
230
16,487
15,399
3,963
6,280
5,938
1,528
57,896
3,345
861
86,032
-
19,982
310,740
136,861
55,204		 Total
2022
£
45,615
18,876
38,218
46,568
79,051
15,200
8,000
31,500
2,066
35,849
13,746
62,102
106,014
502,805

Governance costs includes the audit fee of £15,000 and the Sabbatical officers' total salary costs of £87,400.

Support costs (included in note 3) 2021
Charitable activities for students
Communications
Campaigns & affiliations
Advice
Representation
Bars, shops & catering
Transportation (incl Intercampus Bus)
Governance
Total costs		 Staff
Rent &
Other
costs
services
costs
£
£
£
40,605
26,679
10,035
6,221
4,088
1,537
32,659
21,458
8,071
43,456
28,553
10,740
60,035
39,446
14,837
25,322
16,637
6,258
79,633
-
9,750
287,931
136,861
61,228		 Total
2021
£
77,319
11,846
62,188
82,749
114,318
48,217
89,383
486,020

Governance costs includes the audit fee of £9,750 and the Sabbatical officers' total salary costs of £79,633.

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		 2022
£
23,517
15,000
600
2022
£
1,068,708
82,261
93,791
1,244,760		 2021
£
19,622
9,750
600
2021
£
968,156
73,002
93,231
1,134,389

During the year ending 31 July 2022 one employee earned over £70,000 and less than £80,000 per annum (2021: one employee earned over £70,000 and less than £80,000).

Average staffing
Full time
Students - term time only		 2022
29
16
45		 2021
26
13
39

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

35

Notes to the Financial Statements

President Honor Fletcher Vice President for Education and Welfare Natasha Neal Vice President for Student Involvement Tom Featherstone President Charlotte Leighton-Woods (replacing Honor Fletcher) Vice President for Education and Welfare Brandon Tester (replacing Natasha Neal) Vice President for Education and Welfare Emily Crawshaw Vice President for Student Involvement Jessica Bradbury (replacing Tom Featherstone) CEO Tristan Tipping Membership Service Manager Matthew Kitching Communications & Marketing Manager Simon McDowell HR and Development Manager Sarah Jackson Finance Manager Lesley Favager 2022 2021 £ £ Total employee benefits of key personnel 403,120 370,644

8 Trustee Remuneration and Expenses

The Trustee Board's Officer Trustees named in note 7, received remuneration of: £23,318 per year served (2021: £23,273), 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 £84,273 (2021: £76,214) and pension costs of £3,127 (2021: £2,678), which is included under governance costs in note 3.

There were no other trustee benefits for the year (2021: £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 2022
Net book value as at 31 July 2021
Trading Subsidiary - BSU Trading Limited
Turnover
Cost of sales
Gross profit
Administrative expenses
Surplus/(deficit) for the year		 Subsidiary
investment
£
1
1
2022
£
68,333
21,302
47,031
24,352
22,679		 Total
£
1
1
2021
£
29,556
9,357
20,199
30,739
(10,540)

The Union controls 100% of the agreed investment in BSU Trading Limited, 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. At the year ending 31 July 2022 the company had assets of £23,435 , liabilities of £6,706 and capital and reserves of £16,729.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

36

Notes to the Financial Statements

10 Tangible Fixed Assets

gible Fixed Assets
Building Motor Fixtures & Office BSU
improvements vehicles fittings equipment Total Trading Ltd Group
£ £ £ £ £ £ £
Cost at 1 August 2021 127,806 57,271 239,518 55,337 479,932 4,589 484,521
Additions 7,356 - 1,783 2,099 11,238 - 11,238
Disposals (5,936) - (15,453) (10,035) (31,424) - (31,424)
Cost at 31 July 2022 129,226 57,271 225,848 47,401 459,746 4,589 464,335
Depreciation at 1 August 2021 (116,174) (57,015) (198,592) (54,043) (425,824) (1,656) (427,480)
Charge for the year (3,920) (256) (16,491) (1,320) (21,987) (1,530) (23,517)
Disposals 5,936 - 15,453 10,035 31,424 - 31,424
Depreciation at 31 July 2022 (114,158) (57,271) (199,630) (45,328) (416,387) (3,186) (419,573)
Net book value
As at 31 July 2022 15,068 - 26,218 2,073 43,359 1,403 44,762
Net book value
As at 31 July 2021 11,632 256 40,926 1,294 54,108 2,933 57,041
Assets held by BSU Trading Ltd fall into the category of 'Office Equipment'
tors
Trade debtors * Group
2022
£
828,295		 Union
2022
£
825,549		 Group
2021
£
14,387		 Union
2021
£
10,791
Other debtors 26,032 25,919 11,911 10,806
Amounts owed by group undertakings - 2,590 - 15,381
Prepayments & accrued income 21,252 21,252 46,544 45,484
875,579 875,310 72,842 82,462
Trade debtors * includes an amount of £789,388 invoiced in July to the University in respect of the first tranche of grant payment for
2022.23.
This is not included in note 17, Related Party Transactions as it relates to a future year.
ditors - Amounts due within one year
Trade creditors Group
2022
£
228,198		 Union
2022
£
192,883		 Group
2021
£
104,813		 Union
2021
£
102,563
Social security & other taxes 10,339 10,339 10,109 10,109
Other creditors 6,290 6,290 4,558 4,558
Amounts owed to group companies - - - -
Accruals & deferred income * 817,325 848,524 63,500 62,525
1,062,152 1,058,036 182,980 179,755

11 Debtors

12 Creditors - Amounts due within one year

Accruals & deferred income * includes deferred income of £789,388 which is the first tranche of grant income for 2022.23.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

37

Notes to the Financial Statements

13 Restricted Funds

Big Deal
Restricted reserve for Community Bucks
Restricted Reserve for Intern Project
Clubs & Societies
Other restricted 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 2021
resources
expended
Transfers
July 2022
£
£
£
£
£
-
685,962
(710,146)
24,184
-
65,000
-
(85,527)
20,527
-
65,000
-
(64,625)
(375)
-
45,680
30,642
(31,256)
-
45,066
500
142,861
(142,861)
-
500
176,180
859,465
(1,034,415)
44,336
45,566
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
149,293
(149,293)
-
500
39,069
776,792
(689,949)
50,268
176,180

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.

The reserve for Community Bucks was created at the end of the previous financial year to cover costs of activities in wider community engagement.

The reserve for the Intern project was created at the end of the previous financial year to cover the cost of internships provided in the year ended July 2022.

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

Other restricted funds include:

Rent and Services in Kind (income £136,861)

Other small grants received for specific purposes - (income £6,000 in current year)

14
Designated Funds 2022
Designated fund for Special Projects
Designated Funds 2021
Designated fund for Special Projects
Designated reserve for depreciation of assets
and future purchase of assets
Fixed Asset Fund		 As at 31
Incoming
Resources
As at 31
July 2021
resources
expended
Transfers
July 2022
£
£
£
£
£
34,554
-
(23,517)
33,725
44,762
85,630
-
-
(74,336)
11,294
120,184
-
(23,517)
(40,611)
56,056
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

There has been a re-classification of unrestricted fixed assets to create the designated fixed asset fund which represents the net book value of fixed assets held. This gives clarification of our reserves.

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

38

Notes to the Financial Statements

Transfers between Funds
To create a designated fixed asset fund
Transfer from Special Projects to cover overspend on Big Deal activities
Transfer from Special Projects to cover overspend on Community Bucks
Transfer from Intern Project to Special Funds
De-designate special project reserve to start to re-build free reserves
To increase the fixed asset fund
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
Consolidated analysis of net assets between funds
Year ended 31 July 2022
General
funds
£
Fixed assets
-
Net current assets
43,415
At 31 July 2022
43,415
Unrestricted funds include net funds from BSU Trading Limited of £1.
Year ended 31 July 2021
General
funds
£
Fixed assets
22,487
Net current assets
49,838
At 31 July 2021
72,325
Union analysis of net assets between funds
Year ended 31 July 2022
General
funds
£
Fixed assets
18,815
Investment
1
Net current assets/(liabilities)
28,088
At 31 July 2022
46,904
Year ended 31 July 2021
General
funds
£
Fixed assets
19,554
Investment
1
Net current assets
58,721
At 31 July 2021
78,276		 General
Designated
Restricted
£
£
£
(33,725) 33,725 -
- (24,184) 24,184
- (20,527) 20,527
- 375 (375)
30,000 (30,000) -
(3,725) (40,611) 44,336
General
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
(77,446) 27,178 50,268
Designated
Restricted
funds
funds
Total
£
£
£
44,762
-
44,762
11,294
45,566
100,275
56,056
45,566
145,037
Designated
Restricted
funds
funds
Total
£
£
£
34,554
-
57,041
85,630
176,180
311,648
120,184
176,180
368,689
Designated
Restricted
funds
funds
Total
£
£
£
24,544
-
43,359
1
11,294
45,566
84,948
35,838
45,566
128,308
Designated
Restricted
funds
funds
Total
£
£
£
34,554
-
54,108
-
-
1
85,630
176,180
320,531
120,184
176,180
374,640
Year ended 31 July 2022
Year ended 31 July 2021

15 Transfers between Funds

16 Consolidated analysis of net assets between funds

BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS

CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2022

39

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 £467,857 (2021: £441,000).

In addition, the Union received Big Deal grant of £647,149 and held for charitable activities (2021: £610,000) from the University relating to sporting and recreational activities, course representation and entertainments. Other grants of £363,769 (2021: £342,082) for specific operational costs and projects were also received.

A further amount of £183,392 (2021: £148,000) was received to fund the provision of the intercampus bus service. This contracted service is shown as income under unrestricted Charitable Activities.

Transactions throughout the year resulted in a consolidated trading balance as at 31 July 2021 of £96,513 (2021: £27,676) 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).

BSU Trading LTd is wholly owned by the Union (see note 9)

During the year management fees totalling £6,000 (2021: £6,000) were received from BSU Trading Ltd. At 31 July 2022 BSU Trading Ltd owed Bucks Students' Union £2,590 (2021: £15,381).

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 £68,090 (2021: £68,404)

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 £nil (2021: £741) to Aegon and £26,332 (2021: £24,086) to NEST.

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

Net (deficit)/surplus for the year
Add back depreciation charge
Decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2022
£
(223,652)
23,517
577
(802,737)
879,172
(123,123)		 2021
£
154,121
19,622
207
853
(12,991)
161,812

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 2022

40

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

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

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

BIG DEAL Registered Charity Number.. 1144820