## BUCKS STUDENTS’ UNION
**ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS**
For the year ending 31 July 2023 Registered Charity Number: 1144820
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BUCKS STUDENTS’ UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**2**
## 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 Charity Statement of Financial Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Consolidated and Union Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33-41
BUCKS STUDENTS’ UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
## Presidents’ Introduction to the Trustees’ Report and Financial Statements for the year ending 31 July 2023
## **From our out-going President:**
I am pleased to introduce the Trustees’ Report and Financial Statements.
The Union has performed remarkably well this year, constantly evolving and adapting to best serve our membership.
Seeing the Union grow, even in my short time with the organisation, has been a real pleasure and I’m confi dent our Students’ Union is in a really strong place to continue that development and cement our place as one of the very best organisations of its type in the UK.
The students of Buckinghamshire New University (BNU) need and deserve a fantastic co-curricular offer, the best support and a brilliant Union that has their backs through thick and thin.
We have a wonderfully dynamic, inspiring and tenacious organisation that, above all else, is kind, accessible and welcoming to its members and that’s something that BNU should be extremely proud of.
## Charlotte Leighton-Woods
## Bucks Students’ Union President and Chair of Trustees 2022-23
## **From our in-coming President:**
I’ve had the privilege of already serving one year as Vice President Education and Welfare and have seen, fi rst-hand, how the Union’s work has an extremely positive impact on our members’ lives and their personal journeys through higher education.
It’s been a really strong year for the Union and I’m pleased with the way the organisation has adapted and addressed our members’ needs and concerns further enhancing our reputation as the authentic, reliable and professional champion of BNU students.
Having needed the support of the Union during my time as a BNU student, it has been extremely rewarding to lead our work on the cost of living crisis response and I will develop that further in the new year alongside challenging and supporting the University to effectively tackle digital poverty throughout our student body.
It’s an honour to be elected President and I’m really excited for the year to come and to see where the Union develops.
## Brandon Tester
## Bucks Students’ Union President and Chair of Trustees 2023-24
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**4**
## Making Life Better for Students at Bucks
## **Bucks Students’ Union Trustee Board Report, 2022-23**
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 gave regard to the Charity Commission guidance on public benefi t.
Bucks Students’ Union started the 2022-23 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, post-pandemic, with students being less well-prepared, less confi dent and perhaps less resilient than we have experienced with previous cohorts, understandably they have needed greater levels of support and care.
With the continuing cost of living crisis, the emerging housing crisis, societal changes that have impacted on social behaviour, and a student body enlarged by new intakes of international students, our team has coped remarkably in reacting to increased 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 was ranked fi rst for all students’ unions in non-specialist universities across the UK in the 2023 National Student Survey, taking the number one spot for the fi rst time since 2018, recording a remarkable seventh consecutive ‘Top 5’ NSS placing.
- Our approval rating in the NSS rose to 86.30% (69.87% in 2022) against a sector average of 75.90%. (52.55% in 2022).
- The Union was delighted to gain Real Living Wage Employer status as we won University support to improve the pay for our highly valued student staff team. This now put the Union in the position to work with local employers to improve the terms of students in part-time work elsewhere.
- Participation in Union run activities, services and programmes surpassed pre-pandemic levels with thousands of students building new networks, growing skills and confi dences, developing a sense of belonging and enjoying a full and varied university experience.
- We recorded participation with Big Deal activities by 2,997 individual members (1,913 in 2021-22) which represents 43% of the taught population, based on November 2022 enrolment fi gures (up from 19.89% in 2021-22).
- For overall participation in Union co-curricular activities and services we recorded participation with 5,251 individual students (4,660 in 2021-22) which represents 72% of the taught student population, based on November 2022 enrolment fi gures.
- Through tactical changes in our programming, communications and delivery we signifi cantly grew participation in Union run activities by our black student community with participation now standing at 78% of the black student population, an increase of 22%.
- New initiatives saw participation amongst our Asian student community grow to a staggering 88% of the population.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**5**
- In partnership with Santander and the Open University we have been able to introduce Union Black Training for student leaders and staff.
- Through inclusive practices we have signifi cantly increased the diversity of our Trustee Board, student leadership and staff teams.
- New accessible seating options have been added to our social spaces and all events and activities have now gone through (and will continue to be assessed) full Equality Impact Assessments leading to some really valuable and progressive changes to our delivery of events.
- In 2021-22 we undertook a review of the sabbatical offi cer roles, responsibilities and team make-up to ensure we are best equipped to meet the demands on our Union. This resulted in the creation, and subsequent successful election, of a fourth sabbatical role to better serve the education and welfare needs and provide a more equitable experience for our members at satellite sites. This role has now become established, and we have successfully recruited our fi rst full time offi cer from the nursing cohorts for a number of years to fulfi l the role in 2023-24.
- In 2022-23 a further review of the sabbatical offi cer positions led us to replace the position of Vice President Student Involvement with that of Vice President Achievement and Belonging to better represent the Union’s priorities.
- Shortlisted for the Whatuni Student Choice Awards Students’ Union of the Year for the seventh consecutive year.
- Jointly with the University, the Union’s work around cost of living support was recognised with the Whatuni Award for initiatives in the area. The Union is proud to have produced the Budget Busting Booklet, worked with BNU to deliver heavy discounting on food lines in catering facilities across all campuses, initiated a regular free meals programme and delivered free recipes and selected produce in the form of the Monthly Monday Meals scheme.
- Through our collaborative approach, engaging with course teams to encourage support, we fi lled well over 80% of all available course representative positions, with other mechanisms in place to capture feedback from courses who found it diffi cult to elect reps. This enabled us to represent the views of our members from a truly a well-informed base, resulting in improved performance in the National Student Survey for the institution.
- We became a Mindful Employer – signing a pledge committing to embed policies, procedures and systems to support our employees.
- We maintained the Advice Service Alliance’s ‘Recognising Excellence’ advice quality mark after a monitoring assessment which recognised a total of 11 areas of good practice. Across the year 100% of students who answered our feedback survey said that they would recommend the Advice Centre to a friend with a rating of 97% for helpfullness.
- Further establishing and embedding the work of an effective Equality, Diversity and Inclusion (EDI) committee and supporting working groups, strengthening our ongoing work in the areas of equality, diversity and inclusion. Some of the positive impact of this work can be seen through the results of our new recruitment processes and procedures, detailed later in this report.
- Our annual, comprehensive, Membership Survey received 1,232 responses for taught students, giving us exceptional insight into our members expectations, requirements, aspirations and challenges.
- Our team have maintained our commitment to the Mental Health Framework, which will have a demonstrable impact on how we tackle issues surrounding mental health and how we support our members and staff. New training has upskilled a number of our team as Mental Health First Aiders.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**6**
- We have, once again, achieved the status of ‘Excellent’ for the Green Impact accreditation, acknowledging our commitment and action to ethical and environmental issues and to operating responsibly.
- With the support of the University, we have undertaken subtle offi ce refurbishments, replacing offi ce furniture, providing more storage and implementing a reporting structure for offi ce issues resulting in a more effi cient and productive work environment for our highly valued team.
- We launched The Big Conversation – a 1-2-1 induction activity to welcome new students and to build baseline data by which to measure our impact and progress and had hundreds of valuable interactions.
- We delivered a quiet hour at our Freshers’ Fair event for a more appropriate welcome and induction for our members with sensory issues. Alongside this, we broadened our early evening and non-licensed events offer to become more inclusive for our diverse community.
- Our International Students Guide was launched.
- We were awarded the highest accolade in the 2022-23 Best Bar None scheme for corporate social responsibility, customer welfare and service in our social spaces and licensed trade activity – also receiving the overall award for ‘Policies and Procedures’.
- We, once again, robustly reviewed the structures and support for our executive offi cer team which resulted in some really positive developments and new opportunities for some of our previously under-represented student groups.
- We reviewed and successfully restructured the staff resource in our representation and welfare functions, creating greater capacity and expertise in a crucial area for the Union.
- A part of our normal review processes, the Financial Regulations were updated, bringing them more into line with the risk-based approach to charity management, demonstrating that we are committed to securing proper fi nancial administration and complying with statutory and regulatory requirements.
We are once again able to celebrate a fi ne performance in the National Student Survey – where Bucks Students’ Union were ranked in the Top 5 students’ unions in UK higher education for the seventh 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.
|_2023_|_2022_|_2021_|_2020_|_2019_|_2018_|_2017_|
|---|---|---|---|---|---|---|
|**Bucks**|West London|West London|West London|West London|**Bucks**|West London|
|West London|**Bucks**|St Andrews|Sheffi eld|Sheffi eld|West London|Loughborough|
|Newman|Sheffi eld|Sheffi eld|**Bucks**|**Bucks**|Loughborough|Keele|
|Sheffi eld|London Met|Surrey|St Andrews|Loughborough|Sheffi eld|Leeds|
|Glyndwr|Surrey|**Bucks**|Loughborough|Nottingham Trent|Keele|**Bucks**|
NSS rankings for UK students’ unions 2017-23, within non-specialist universities
The following table provides a 7-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 2023. We believe this data demonstrates that working together, to promote student involvement in Students’ Union activities, can help to make a signifi cant contribution across a wide range of strategic imperatives for the University.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**7**
## **Bucks Students’ Union NSS performance 2016-2023**
|2022-23
Bucks Students’ Union
ranking in UKHE – 1st|2022-23
Bucks Students’ Union
ranking in UKHE – 1st|
|---|---|
||Bucks SU
Sector
Diff.|
|Q26
Students’ Union satisfaction
Disability reported
Under 21 on entry
21-25
26-30
31 and over
Black students
Asian students
Mixed students
White students
Female students
Male students|86.25%
75.9%
+10.35|
||85.83%
67.77%
+18.06|
||88.76%
70.53%
+18.23|
||81.51%
73.55%
+7.96|
||78.31%
75.17%
+3.14|
||87.31%
79.02%
+8.29|
||88.52%
76.37%
+12.15|
||86.09%
75.04%
+11.05|
||86.84%
68.35%
+18.49|
||84.95%
70.23%
+14.72|
||86%
74.07%
+11.93|
||86.71%
68.44%
+18.27|
|2021-22
2020-21
2019-20
Bucks Students’ Union
ranking in UKHE – 2nd
Bucks Students’ Union
ranking in UKHE – 5th
Bucks Students’ Union
ranking in UKHE – 3rd|2021-22
2020-21
2019-20
Bucks Students’ Union
ranking in UKHE – 2nd
Bucks Students’ Union
ranking in UKHE – 5th
Bucks Students’ Union
ranking in UKHE – 3rd|2021-22
2020-21
2019-20
Bucks Students’ Union
ranking in UKHE – 2nd
Bucks Students’ Union
ranking in UKHE – 5th
Bucks Students’ Union
ranking in UKHE – 3rd|2021-22
2020-21
2019-20
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 specif c
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%
+16.49|
||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%
+14.87|
||65.00%
49.84%
+15.16|58.26%
49.04%
+9.22|72.88%
52.48%
+20.4|
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**8**
||2018-19
Bucks Students’ Union
ranking in UKHE – 1st|2017-18
Bucks Students’ Union
ranking in UKHE – 3rd|2016-17
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 specifi c
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
72.60%
55.89%
+16.71
57.95%
52.57%
+5.38
74.88%
55.70%
+19.18
72.66%
55.65%
+17.01
79.31%
60.34%
+18.97
72.34%
60.86%
+11.48
73.59%
54.07%
+19.52
74.39%
58.00%
+16.39
71.90%
52.12%
+19.78|75.49%
56.47%
+19.02
71.26%
56.23%
+15.03
72.46%
53.59%
+18.87
74.95%
56.68%
+18.27
75.90%
56.40%
+19.5
80.83%
61.82%
+19.01
81.29%
62.12%
+19.17
73.05%
54.83%
+18.22
78.11%
58.67%
+19.44
69.82%
53.22%
+16.6|69.26%
56.79%
+12.47
70.10%
57.10%
+13
70.00%
53.05%
+16.95
65.12%
55.13%
+9.99
72.07%
57.37%
+14.7
65.05%
62.03%
+3.02
71.69%
62.50%
+9.19
69.72%
55.12%
+14.6
69.57%
59.15%
+10.42
68.62%
53.39%
+15.23|
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**9**
## Participation and impact at BNU
The Big Deal programme, which enables students to participate in all activities, free of charge, 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 signifi cant impact on satisfaction, recruitment, and retention whilst tackling challenges around equity, inclusivity, and the cost 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 our community facing events.
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 confi rmed 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 fi eld and more inclusive environment at BNU.
Last year we redefi ned the principles of our unique programme to ensure we remain focused on the impactful priorities of the Big Deal.
From events and entertainment, societies and sports to recreational activities and personal development our programming is underpinned by the following objectives:
- **Fun** - To enhance student life, bringing vibrancy to our campuses by creating a diverse and exciting extra and co-curricular experience that compares favourably with our competitors within the sector, making campus a place our students want to be.
- **Accessibility** - To support inclusivity, celebrating our diverse student community by removing barriers to opportunity.
- **Belonging** - To cultivate a sense of belonging through supporting and promoting a healthy community, active student groups and a University environment of which we can all be proud.
- **Learning** - To develop and enhance opportunities that support our students’ learning and course-based activity.
- **Employability** - To develop our learners’ confi dence, transferable skills, graduate attributes and general employability through readily accessible paid employment, personal development programmes and volunteering opportunities.
- **Wellbeing** - To enrich our members’ physical and mental wellbeing through a wide-ranging portfolio of support, activity, welfare provision and personal development.
- **Recruitment** - To maintain an easily communicable and marketable ‘offer’ as a unique selling point for the Institution.
## **Satisfaction**
In the Union’s Membership Survey of 2022-23, which attracted 1,232 responses from current BNU taught students, we asked our members to react to the statement ‘Bucks Students’ Union and the Big Deal makes life better for students at BNU.’ 87% of BNU students agreed.
In a series of papers written in advance of this report, the Union has identifi ed 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 Student Survey.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**10**
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. We believe this year’s results show some evidence of the success of that work.
## **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.’
53% of students agreed that the Big Deal had a positive infl uence on them choosing to attend BNU. The fi nancial implications of this are signifi cant for the institution 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.
## **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?’
39% of students agreed that the Big Deal had a positive infl uence on their decision to remain at BNU.
When asked: ‘Were there any other services within the Students’ Union (e.g., the Advice Centre) that infl uenced your decision to stay?’
A further 33% of students agreed that other Union services had a positive infl uence on them choosing to remain at BNU.
In the most recent Membership Survey when asked ‘What gives you a sense of belonging at BNU?’
27% said ‘The support I get from the Students’ Union and the Advice Centre’
20% said ‘Participation in Students’ Union run activities and opportunities’
24% said ‘Involvement in a sports team, club or society’
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, or through the support of other Union services, 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 signifi cant net contributor to the University’s strong fi nancial position.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**11**
## Engagement and participation with Bucks Students’ Union services, programmes and activities
Research conducted across the sector shows that engagement in students’ union run co-curricular activities and programmes across the sector can be as high as equivalent to 60% of the full-time 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 fi gure 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 signifi cant placement activity, this fi gure 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 over 90%, a proud record we hope to maintain and better.
Annually, we run reports which begin 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 Student Survey and how we perform against the sector benchmarks amongst specifi c student groups as an indicator of our reach and relevancy.
As shown in the tables on pages 8-9, you’ll see 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.
As University life returns to normal after the impact of the pandemic has subsided, we have data for measurable instances of participation from 5,251 individual students, a sample size equivalent of 72% 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 304 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 satisfi ed 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 2023
**12**
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+)
|| Percentage of participants from this community
Percentage of the overall student body from this community
**----- End of picture text -----**
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**13**
## 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 team members over a number of challenging years including the pandemic.
In the latest employee engagement survey, 100% of our career staff would recommend Bucks Students’ Union as a good place to work to family and friends.
From the latest People Count research for which we have data, the Union fairs well with low turnover rates and impressive retention (measured by permanent staff only). Our levels of staff absenteeism and sickness have fallen this year which is extremely encouraging, however with a small team the fi gures are skewed by isolated cases.
**----- Start of picture text -----**
Bucks Students’ Union Bucks Students’ Union
Peers* All*
2022-23 2021-22
Staff turnover 5.88% 14.6% 20% 26.7%
Length of service 111 months 122 months 71 months 69 months
Average sick days 3.07 days 3.5 days 1.7 days 2.8 days
% in management
27.0% 25.6% 26.1% 22%
roles
**----- End of picture text -----**
*latest data available
Amongst our contracted staff we had experienced higher levels of turnover in the last couple of years, as have many organisations coming out of the pandemic, and recruitment had been incredibly tough, however these seem to be reversing.
Recruitment seems to have been more effective with 6 out of 8 career staff roles fi lled over the summer from well over 200 applications, with 2 processes ongoing at the time of writing. Application numbers have increased this year and this may be due to the changes implemented to make our recruitment processes more accessible and inclusive. These changes included:
- removal of all desirable criteria from job specifi cations
- online application forms for easier completion
- guaranteed interview schemes for people of colour and/or with a disability
- issuing interview questions in advance.
For the coming year we, once again, forecast our salaried staff resource (including sabbatical offi cers) to be less than 50% of our annual budgeted expenditure.
With nearly £200,000 invested in the paid employment of students, and graduates in meaningful roles throughout our organisation on an annual basis (c£220,000 projected for 2023-24), we provide them with essential income to support their student journey as well as crucial work experience and opportunities for development. Introduction of the Real Living Wage has contributed to a signifi cant increase in applications from BNU students this year, with applications growing by over 100% across all the roles we offer.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**14**
## **2022-23 at Bucks Students’ Union**
OVER
## HOURS **17,900**
**221 STUDENT REPS** HAVE SPOKEN UP
**OF VOLUNTEERING LOGGED**
OVER **1,000 MORE THAN** J we? **HOURS OF** ENTERTAINMENT 1,364 **OPPORTUNITIES TO 707 MEMBERS** a PARTICIPATE IN /)) INVOLVED IN **RECREATIONAL** COMPETITIVE & * **RECREATIONAL 1,432 ACTIVITIES SPORTS** OPPORTUNITIES **TO ENHANCE EMPLOYABILITY OVER 1,100 HOURS** OFFERED TO SPORTS TEAMS park ~~nane,~~ fl TO TRAIN & PLAY **NEARLY 600** MEMBERS INVOLVED IN SOCIETIES **S** h **4,539 HOURS OF SKILLS WORKSHOPS**
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**15**
## New activity and the year ahead
Throughout the course of 2022-23 we have continued to collect feedback from the students using our services. This has remained extremely positive and has been used to inform our offer across the year.
We now have a range of trend data that helps us to contextualise results for 2022-23. In addition, we have embedded systems, through the Union’s annual performance cycle, including refl ective 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 under-represented 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 2023-24 include, but are not limited to:
- Launching the ‘Big Deal: International’ - a programme of events, cultural celebrations, orientation, development and training, to better support our members from overseas.
- Delivering two credit-bearing modules on behalf of the University, in Leadership and Volunteering as part of the new curriculum.
- Re-growing the Leadership Academy to an active cohort to 50+ students.
- Developing systems, including a range of processes and feedback mechanisms, to make it easier and more accessible for students to provide timely feedback.
- Introducing a series of new and rebranded events into the social programme.
- Starting the year with a restructured team within our commercial services which will help provide even greater service for students while we also develop more opportunities to expand our trading activity.
- Re-vitalising The Lounge menu, providing greater choice and even better value to our members.
- Consulting the membership with regards the terminology around our BAME offi cer and activities to adopt a more contemporary and appropriate title.
- Developing a hybrid strand to the delivery of RepCon to ensure even greater accessibility.
- Developing a plan to replace our aging vehicle fl eet with safer, more appropriate and greener vehicles.
- Structuring our fi nances to enable us to build reserves for future capital projects.
- Working with the University to reposition the Big Deal, ensuring it is at the centre of our recruitment proposition and that the full potential of the funding is realised through bouyant recruitment.
- Commit to scoping work for a Union brand re-fresh in 2024-25.
- Continue to review, strengthen and simplify fi nancial procedures in order to assist service delivery teams to minimise the time spent in fi nancial administration.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**16**
## Strategic Planning
Academic year 2021-22 was intended to be the fi nal full year of our three-year strategic plan. As the year developed, we extended the period of the existing document as an interim plan to give us time to construct a new strategy, fully taking into account the developing environment and the University’s direction.
The Union’s management team and Board are confi dent 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 signifi cant gains have been made during the cycle of the plan.
The new strategic vision, covering the period for autumn 2023 to summer 2026, can be found on our website www.bucksstudentsunion.org.
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 2023-26. Now is the time for us to take our organisation to the next level with a plan that will clearly defi ne 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 fully launched in autumn 2023, will focus on the following areas underpinned by detailed annual departmental operating plans, and distinct people and communications strategies.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**17**
## Financial review of the year
While normal student activities fully resumed in 2022-23, much of the Union’s focus has been on how best to support both students and staff through the cost of living crisis which affected everyone in different ways.
In last year’s fi nancial review, we noted that full funding from the University for the 2022-23 was still under negotiation as it allowed fl exibility in covering funding gaps and enabled us to work with the University to quickly respond to meeting our students’ needs.
As the year unfolded, we built a better understanding of the impact of the cost of living crisis and infl ation was having on our trading functions whilst several new projects were developed. The institution increased our grants to ensure we could meet student demand and deliver the fi rst-rate services they had been promised. We also received grant funding to cover the cost of improving our outside social space.
In January, together with the University, we became a Real Living Wage employer (both salaried staff and students) and the additional cost of this was also covered by additional grant funding.
During the year departmental managers were asked to fi nd creative ways to deliver excellent experiences to our members in the most cost-effective manner, and this resulted in some small cost effi ciencies.
By the end of the year student-facing trading began to improve but was still not where we had hoped it would be. Other trading also improved as we entered into additional contracts for service delivery.
Through working closely with the University and managers’ determined monitoring of costs, we are pleased to be able to report net movement in funds of £109,785 against a movement of (£223,652) in 2022, a year in which we had planned a managed defi cit.
For 2023-24, grant funding and additional trading contracts, totalling in excess of £2m, have already been agreed. It is our intention to be able to end 2024 with a small surplus which can be used to provide for further capital expenditure.
## **The Big Deal**
The Union received £647,149 University funding for ‘The Big Deal’ project which was supplemented by ticket sales, sponsorship etc. This funding allowed Bucks Students’ Union to offer a sector-leading and unique package of benefi ts to its members to enhance the student experience, including:
- a wide-ranging additional skills programme, training, personal development and employability enhancing activities
- a network of student societies building community, confi dences and providing opportunities for further development
- a high quality, diverse and exciting programme of social events, entertainment and celebratory occasions designed to bring the student community together
- a wider programme of recreational activities free for students enabling the student body to develop passions and extra-curricular interests, develop skills and expand their comfort zones
- rewarded student representatives, amplifying the student voice and helping our members infl uence their education.
At the end of the year there was a small surplus of £11,049 on the Big Deal fund which relates to timing differences on replacing or renewing equipment.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**18**
##
During the year, the Union affi liated to the following organisations in order to support its core objectives:
||**2022-23**|**2021-22**|
|---|---|---|
|The National Union of Students (NUS)|£11,025|£11,025|
|NUS Services Ltd|£456|£456|
|British Universities & Colleges Sports Association|£3,416|£3,231|
## **Raise and Give (RAG)**
Our members nominated and raised funds for two local charities, Hearing Dogs (£2,643) and Bucks Mind (£2,643). These amounts form only a part of the fundraising activities undertaken by our students, as, in some cases, such as for Movember, they deposit fundraising monies directly with the charity involved.
## **BSU Trading Ltd (trading as Bucks Hire)**
The Union’s wholly-owned subsidiary saw a slight down-turn in printing work, but continued to provide a good printing service to both the University and Students’ Union.
## **Reserves position**
Trustees have reviewed the reserves policy and have taken the view that free reserves should not be less than £100,000 or more than £150,000. 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.
Following the transfers to and from the designated Fixed Asset Reserve, the Group’s free reserves on 31 July 2023 stand at £118,723 (2022: £43,415).
The increase in free reserves is largely attributable to an un-anticipated increase in trading income.
Designated reserves stand at £36,636. Of this, £25,342 is the fi xed 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 of £99,463 include Clubs and Societies funds of £46,015. In addition, two new fi xed asset funds have been created; one relating to the Big Deal: £2,068 and one relating to capital expenditure on our social spaces: £39,831. Future years’ depreciation will be expended against these funds.
Further information can be found in notes 13 to 16.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**19**
## **Going concern**
The Group is in a strong fi nancial position, holding cash in hand of £327k leading into the 2023-24 fi nancial year (£255k going into 2022-23).
University guaranteed combined grant income for 2023-24 has been confi rmed at £1.949m and the University has confi rmed that funding will remain stable in the fi nancial years succeeding 2024. We will continue the contract to provide intercampus transport (agreed income of £300k). Additional project funding for 2023-24 from the University includes £63k for the Big Deal: International and £28k for Curriculum 23 module delivery.
Trustees are confi dent 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 fi nancial statements.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**20**
## STRUCTURE, GOVERNANCE AND MANAGEMENT
Bucks Students’ Union is an unincorporated association, governed by its Constitution adopted on 7 November 2013 and updated in March 2022 to allow for up to four Offi cer Trustees. 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 fi nancial 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 ratifi ed 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 offi cers 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 Offi cer Trustees to account, share ideas and provide feedback on their experiences.
## **Finance and Staffi ng Committee**
The Finance and Staffi ng Committee comprises the four Offi cer 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 Offi cer 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 qualifi cation requirements.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**21**
## **Trustees**
The Trustee Board is comprised of eight elected and four appointed Trustees and is made up of three different categories:
- Offi cer Trustees who were elected by cross campus ballot in accordance with Section 22 of the Education Act 1994 and who serve a term of one year. Following the fi rst year of representation, Offi cer Trustees may ballot for re-election to serve a second term, after serving a second term, Offi cer Trustees must resign.
- Lay Trustees who were selected by an Appointments Committee and subsequently ratifi ed by a special resolution at Union Council and who serve a term of four years.
- Student Trustees who are elected by cross-campus ballot in accordance with Section 22 of the Education Act 1994 and who serve a maximum term of two years. Student Trustees can only remain in post whilst they are an enrolled student of Buckinghamshire New University.
Effective partnership between Trustees and staff continues to contribute signifi cantly 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 specifi c 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
The Trustees who served during the year and up to the date of approval of the fi nancial statements are set out on page 25.
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**22**
## 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. In the fi nancial year just ended, there were several key joint initiatives between the Union and University and these are noted elsewhere in this report. 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 fi nancial stability of the organisation and internal controls to safeguard our fi nancial resources, ensuring that the Union is not open to fi nancial malfeasance. Regular and timely reporting of fi nancial 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 fi nancial transactions.
Our principal risk relates to the University reducing grant funding. As a result, the budgeting process is robust and includes confi rmation 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.
In previous years, manging the risk of a pandemic was critical to our operations and we ensured guidance issued by the Government was adhered to. We remain aware of the possibility of another pandemic and 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 2023
**23**
## **Human resources**
Ensuring that our staff are appropriately qualifi ed, 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.
Over the last two years, the Charity has invested in ensuring that we follow best practice as far as equality, diversity and inclusion is concerned. The recruitment method has been totally reworked so that we can better reach all sectors of the population.
## **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 fi nancial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare fi nancial statements for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. The Trustees must not approve the fi nancial statements unless they are satisfi ed 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 fi nancial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Charities SORP
- make judgments and estimates that are reasonable and prudent
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fi nancial statements
- prepare the fi nancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping adequate accounting records that are suffi cient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the fi nancial 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 2023
**24**
## Reference and Administrative Details of the Charity, its Trustees and Advisors
Bucks Students’ Union is an unincorporated association and a registered charity number 1144820.
**----- Start of picture text -----**
|||
|---|---|
|Principal Offi ce|Auditors|
|Queen Alexandra Road|HW Fisher LLP|
|High Wycombe|Acre House|
|Buckinghamshire|11-15 William Road|
|HP11 2JZ|London|
|NW1 3ER|
**----- End of picture text -----**
## **Bankers**
Santander UK Plc Bootle Merseyside L30 4GB
## **Trustees**
**Offi cer Trustees (Remunerated)** President, Brandon Tester Elected 1 July 2021 President, Charlotte Leighton-Woods Elected 1 July 2022 Retired 30 June 2022 Vice President, Jessica Bradbury Elected 1 July 2022 Vice President, Sruthi K. Subhash Elected 1 July 2023 Vice President, Amy Pile Elected 1 July 2022 Vice President, Emily Crawshaw Elected 1 July 2022 Retired 30 June 2022 **Student Trustees** Kathy Hunter Elected 1 July 2021 Retired 30 June 2023 Peter Ashgiabor Elected 1 July 2022 Rita Ekokotu-Odigie Elected 1 July 2023 Ratu Nailatikau Elected 1 July 2023 Jacob Afedi Elected 1 July 2023 **Lay Trustees** Linsey Taylor Appointed 1 January 2016 Reappointed January 2020 Brian Tranter Appointed 1 July 2015 Retired 30 June 2023 Ruth Gunstone Appointed 21 May 2019 Deceased August 2023 Tracy Smith Appointed 1 October 2020
This report was approved by the Trustees on 3 October 2023 and signed on their behalf by:
**Brandon Tester President and Chair of Board of Trustees**
**Linsey Taylor Lay Trustee**
BUCKS STUDENTS’ UNION TRUSTEES’ REPORT
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**25**
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
## **Opinion**
We have audited the fi nancial statements of Bucks Students’ Union (the ‘Union’) and its subsidiary (the ‘group’) for the year ended 31 July 2023 which comprise the consolidated statement of fi nancial activities, charity statement of fi nancial activities, consolidated and Union balance sheet, the consolidated statement of cash fl ows, and notes to the fi nancial statements, including signifi cant accounting policies. The fi nancial 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 fi nancial statements:
- give a true and fair view of the state of the group’s and Union’s affairs as at 31 July 2023 and of their incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 fi nancial 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 fi nancial statements in the UK, including the FRC’s Ethical Standard, and we have fulfi lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the fi nancial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the fi nancial statements is appropriate.
Based on the work we have performed, we have not identifi ed any material uncertainties relating to events or conditions that, individually or collectively, may cast signifi cant 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 fi nancial 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 fi nancial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the fi nancial 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 fi nancial 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 fi nancial 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 2023
**26**
## **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:
- the information in the fi nancial statements is inconsistent in any material respect with the trustees’ report; or
- suffi cient accounting records have not been kept; or
- the fi nancial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of trustees’ responsibilities, the trustees, are responsible for the preparation of the fi nancial statements and for being satisfi ed that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fi nancial 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 fi nancial 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 fi nancial 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 infl uence the
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:
- We enquired of management the systems and controls the Union has in place, the areas of the fi nancial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The Union did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the Union. We determined that the following were most relevant: the Charity SORP, FRS 102 and Charities Act 2011,
- We considered the incentives and opportunities that exist in the Union, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the Union, together with the discussions held with the Union at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
TRUSTEES’ REPORT INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**27**
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were signifi cant and unusual.
- Reviewing the fi nancial statement disclosures and determining whether accounting policies have been appropriately applied.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Assessing the validity of the classifi cation of income, expenditure, assets and liabilities between unrestricted and restricted funds.
- Documenting and verifying all signifi cant related party balances and transactions.
- Reviewing documentation such as board minutes for discussions of irregularities including fraud
- Testing key revenue lines, in particular cut-off, for evidence of management bias
- Performing a physical verifi cation of key fi xed assets
- Obtaining third-party confi rmation of material bank balances
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the fi nancial 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 2023
**28**
## Consolidated Statement of Financial Activities For the year ended 31 July 2023
**----- Start of picture text -----**
Year ended 31 July 2023 Year ended 31 July 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2023 Funds Funds 2022
Notes £ £ £ £ £ £
Income from:
Donations and Legacies
University and other grants 2 1,168,651 789,149 1,957,800 831,626 784,010 1,615,636
Other trading activities
Raising Funds 59,451 - 59,451 68,333 - 68,333
Charitable activities for students
Communications 2,251 - 2,251 - - -
Campaigns & affiliations - 568 568 - - -
- -
Representation 4,975 4,975 1,713 1,713
-
Bars, shops & catering 276,144 276,144 289,296 289,296
Events & entertainments - 34,403 34,403 - 27,793 27,793
Societies & clubs 6,695 38,433 45,128 5,721 41,662 47,383
- - - -
Volunteering 6,000 6,000
- -
Orientation & development 5,822 5,822 15,261 15,261
- -
Transportation (incl Intercampus 337,720 337,720 183,392 183,392
Bus)
633,607 73,404 707,011 495,383 75,455 570,838
Other income - - - 1,498 - 1,498
Total Incoming Resources 1,861,709 862,553 2,724,262 1,396,840 859,465 2,256,305
Expenditure on:
Raising Funds 9 45,555 - 45,555 39,654 - 39,654
Charitable activities for students
Communications 206,729 16,119 222,848 185,794 20,538 206,332
Campaigns & affiliations 40,113 2,115 42,228 24,314 2,705 27,019
Advice 171,033 13,414 184,447 154,651 17,208 171,859
Representation 239,213 32,157 271,370 194,832 37,123 231,955
Bars, shops & catering 343,884 26,869 370,753 319,877 35,592 355,469
- -
Social Activities and Belonging 382,804 382,804 423,259 423,259
Societies & clubs 26,606 253,605 280,211 24,678 248,315 272,993
Provision of space and facilities 171,866 12,829 184,695 135,838 14,184 150,022
Volunteering 29,813 486 30,299 6,663 6,930 13,593
Orientation & development 158,502 80,950 239,452 144,259 68,733 212,992
- - -
Community Bucks & Intern projects 156,342 156,342
Transportation (incl Intercampus 358,208 1,607 359,815 214,982 3,486 218,468
Bus)
3 1,745,967 822,955 2,568,922 1,405,888 1,034,415 2,440,303
Total Resources Expended 1,791,522 822,955 2,614,477 1,445,542 1,034,415 2,479,957
Net income/(deficit) for the year 70,187 39,598 109,785 (48,702) (174,950) (223,652)
Transfers between funds 15 (14,299) 14,299 - (44,336) 44,336 -
Net movement in funds 55,888 53,897 109,785 (93,038) (130,614) (223,652)
Reconciliation of Funds
Fund balances brought forward 99,471 45,566 145,037 192,509 176,180 368,689
Fund balances carried forward 155,359 99,463 254,822 99,471 45,566 145,037
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**29**
## Charity Statement of Financial Activities For the year ended 31 July 2023
**----- Start of picture text -----**
Year ended 31 July 2023 Year ended 31 July 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2023 Funds Funds 2022
Notes £ £ £ £ £ £
Income from:
Donations and Legacies
University and other grants 2 1,168,651 789,149 1,957,800 831,626 784,010 1,615,636
Charitable activities for students
Communications 2,251 - 2,251 - - -
Campaigns & affiliations - 568 568 - - -
- -
Representation 4,975 4,975 1,713 1,713
- -
Bars, shops & catering 276,144 276,144 289,296 289,296
Events & entertainments - 34,403 34,403 - 27,793 27,793
Societies & clubs 6,695 38,433 45,128 5,721 41,662 47,383
- - - -
Volunteering 6,000 6,000
- -
Orientation & development 5,822 5,822 15,261 15,261
- -
Transportation (incl Intercampus 337,720 337,720 183,392 183,392
Bus)
633,607 73,404 707,011 495,383 75,455 570,838
Other income
- -
Management fees 6,000 6,000 6,000 6,000
- - - -
Donation from BSU Trading Ltd 15,349 15,349
Sundry income - - - 1,498 - 1,498
21,349 - 21,349 7,498 - 7,498
Total Incoming Resources 1,823,607 862,553 2,686,160 1,334,507 859,465 2,193,972
Expenditure on:
Charitable activities for students
Communications 206,729 16,119 222,848 185,794 20,538 206,332
Campaigns & affiliations 40,113 2,115 42,228 24,314 2,705 27,019
Advice 171,033 13,414 184,447 154,651 17,208 171,859
Representation 239,213 32,157 271,370 194,832 37,123 231,955
Bars, shops & catering 343,884 26,869 370,753 319,877 35,592 355,469
- -
Social Activities and Belonging 382,804 382,804 423,259 423,259
Societies & clubs 26,606 253,605 280,211 24,678 248,315 272,993
Provision of space and facilities 171,866 12,829 184,695 135,838 14,184 150,022
Volunteering 29,813 486 30,299 6,663 6,930 13,593
Orientation & development 158,502 80,950 239,452 144,259 68,733 212,992
- - - -
Community Bucks & Intern projects 156,342 156,342
Transportation (incl Intercampus 358,208 1,607 359,815 214,982 3,486 218,468
Bus)
Total Resources Expended 3 1,745,967 822,955 2,568,922 1,405,888 1,034,415 2,440,303
Net income/(deficit) for the year 77,640 39,598 117,238 (71,381) (174,950) (246,331)
Transfers between funds 15 (14,299) 14,299 - (44,336) 44,336 -
Net movement in funds 63,341 53,897 117,238 (115,717) (130,614) (246,331)
Reconciliation of Funds
Fund balances brought forward 82,742 45,566 128,308 198,459 176,180 374,639
Fund balances carried forward 146,083 99,463 245,546 82,742 45,566 128,308
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**30**
## Consolidated and Union Balance Sheet as at 31 July 2023
|**Notes**
**Fixed assets**
Investment
9
Tangible fixed assets
10|**2023**
**2023**
**2022**
**2022**
**Group**
**Union**
**Group**
**Union**
**-**
**1**
-
1
**67,241**
**67,241**
44,762
43,359|
|---|---|
||**67,241**
**67,242**
44,762
43,360|
|**Current assets**
Stocks
Debtors
11
Cash at bank & in hand|**31,061**
**27,870**
31,844
28,953
**110,211**
**113,126**
875,579
875,310
**326,980**
**309,508**
255,004
238,721|
|**Total Current assets**|**468,252**
**450,504**
1,162,427
1,142,984|
|**Current liabilities**
Creditors: amounts due within one year
12|**(280,671)**
**(272,200)**
(1,062,152)
(1,058,036)|
|**Net current assets**|**187,581**
**178,304**
100,275
84,948|
|**Total net assets**|**254,822**
**245,546**
145,037
128,308|
|**Represented by**
**Restricted funds**
Students' societies & club funds
Other restricted funds|**46,015**
**46,015**
45,066
45,066
**53,448**
**53,448**
500
500|
|13|**99,463**
**99,463**
45,566
45,566|
|**Unrestricted funds**
General funds
Designated funds
14|**118,723**
**109,447**
43,415
26,686
**36,636**
**36,636**
56,056
56,056|
||**155,359**
**146,083**
99,471
82,742|
|||
|**Total reserves**|**254,822**
**245,546**
145,037
128,308|
This report was approved by Trustees on 3 October 2023 and signed on their behalf by:
**Brandon Tester**
**President and Chair of Board of Trustees**
**----- Start of picture text -----**
Linsey Taylor
Lay Trustee
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**31**
## Consolidated Statement of Cash Flows For the year ended 31 July 2023
**----- Start of picture text -----**
2023 2022
Notes £ £
Net cash (used)/provided by operating activities 19 118,253 (123,123)
Cash flows from investing activities
Purchase of tangible fixed assets 10 (46,277) (11,238)
Net cash used in investing activities (46,277) (11,238)
Change in cash and cash equivalents in the year 71,976 (134,361)
Cash and cash equivalents brought forward at the start of the year 255,004 389,365
Cash and cash equivalents carried forward at the end of the year 326,980 255,004
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**32**
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.
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 £327k leading into the 2023-24 financial year (2022: £255k). Further guaranteed university grant income of £1.949m (2023:£1.816m excluding funding for capital expenditure) 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 2022-23, 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:
**----- Start of picture text -----**
|||
|---|---|
|Building improvements|3 to 8 years|
|Motor vehicles|5 years|
|Fixtures and fittings|1 to 5 years|
|Office equipment|3 to 5 years|
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**33**
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 termination 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 2023
**34**
## Notes to the Financial Statements
**----- Start of picture text -----**
Unrestricted Restricted Total 2023 Unrestricted Restricted Total 2022
2 Donations and Legacies
2023 2023 2022 2022
£ £
-
Block grant 567,857 567,857 467,857 467,857
-
University grant for rent 104,000 104,000 136,861 136,861
-
Big deal 647,149 647,149 647,149 647,149
Other grants 600,794 38,000 638,794 363,769 363,769
1,168,651 789,149 1,957,800 831,626 784,010 1,615,636
3 Group and Union 2023 Cost of Staff Other Support Total
sales costs costs costs 2023
£ £ £ £ £
Charitable activities for students
Communications - 127,880 34,091 60,877 222,848
-
Campaigns & affiliations 2,054 34,329 5,845 42,228
Advice - 131,307 2,478 50,662 184,447
-
Representation 183,095 16,608 71,667 271,370
Bars, shops & catering 89,591 109,473 70,208 101,481 370,753
-
Social Activities and Belonging 93,402 270,502 18,900 382,804
Societies & clubs 2,816 107,142 158,703 11,550 280,211
-
Provision of space and facilities 101,150 35,094 48,451 184,695
-
Volunteering 23,613 4,850 1,836 30,299
Orientation & development 4,755 132,515 52,082 50,100 239,452
Transportation (incl Intercampus Bus) 259,725 100,090 359,815
Total charitable activities for students 97,162 1,011,631 938,670 521,459 2,568,922
Group and Union 2022 Cost of Staff Other Support Total
sales costs costs costs 2022
£ £ £ £ £
Charitable activities for students
Communications - 107,914 34,964 63,454 206,332
- -
Campaigns & affiliations 18,661 8,358 27,019
Advice - 116,809 1,885 53,165 171,859
-
Representation 147,413 20,622 63,920 231,955
Bars, shops & catering 93,734 111,252 40,516 109,967 355,469
-
Social Activities and Belonging 74,994 333,065 15,200 423,259
Societies & clubs 921 109,906 154,166 8,000 272,993
-
Provision of space and facilities 75,104 31,096 43,822 150,022
-
Volunteering 4,304 6,416 2,873 13,593
-
Orientation & development 119,879 43,320 49,793 212,992
-
Community Bucks & Intern projects 63,944 73,275 19,123 156,342
Transportation (incl Intercampus Bus) - 2,501 150,836 65,131 218,468
Total charitable activities for students 94,655 934,020 908,822 502,806 2,440,303
**----- End of picture text -----**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**35**
## Notes to the Financial Statements
|**4**
**Support costs (included in note 3) 2023**
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
Transportation (incl Intercampus Bus)
Total costs|Staff
Rent &
Other
Governance
costs
services
costs
costs
£
£
£
£
15,582
16,119
8,640
20,536
1,496
1,548
829
1,972
12,968
13,414
7,190
17,090
19,125
18,697
10,023
23,822
25,975
26,869
14,404
34,233
18,900
-
-
-
11,550
-
-
-
12,402
12,829
6,876
16,344
470
486
260
620
15,168
12,431
6,663
15,838
95,574
1,607
862
2,047
229,210
104,000
55,747
132,502|**Total**
**2023**
**£**
**60,877**
**5,845**
**50,662**
**71,667**
**101,481**
**18,900**
**11,550**
**48,451**
**1,836**
**50,100**
**100,090**|
|---|---|---|
|||**521,459**|
Governance costs includes the audit fee of £18,200 and the Sabbatical officers' total salary costs of £110,645
|**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)
Total costs|Staff
Rent &
Other
Governance
costs
services
costs
costs
£
£
£
£
21,722
20,538
5,286
15,908
2,861
2,705
696
2,096
18,199
17,208
4,428
13,330
23,328
19,977
5,141
15,474
37,644
35,593
9,160
27,570
15,200
-
-
-
8,000
-
-
-
15,001
14,184
3,650
10,987
984
930
239
720
17,176
16,051
4,131
12,435
6,546
6,189
1,593
4,795
58,046
3,486
897
2,702
224,707
136,861
35,221
106,017|Total
2022
£
63,454
8,358
53,165
63,920
109,967
15,200
8,000
43,822
2,873
49,793
19,123
65,131|
|---|---|---|
|||502,806|
Governance costs includes the audit fee of £15,000 and the Sabbatical officers' total salary costs of £86,032
## **5 Net Income for the year**
|**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|**2023**
**£**
**23,798**
**18,200**
**800**
**2023**
**£**
**1,166,221**
**89,599**
**95,666**
**1,351,486**|2022
£
19,622
15,000
600
2022
£
1,068,707
82,261
93,791|
|||1,244,759|
During the year ending 31 July 2023 one employee earned over £70,000 and less than £80,000 per annum (2022: one employee earned over £70,000 and less than £80,000).
|Average staffing
Salaried staff - number of full time equivalents
Students - number of full time equivalents|**2023**
**29**
**15**
**44**|2022
29
16|
|---|---|---|
|||45|
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**36**
## Notes to the Financial Statements
- **7 Key Management Personnel**
President Charlotte Leighton-Woods Vice President for Education and Welfare (Uxbridge) Emily Crawshaw Vice President for Education and Welfare Brandon Tester Vice President for Achievement and Belonging Jessica Bradbury President Brandon Tester (replacing Charlotte Leighton-Woods) Vice President for Education and Welfare (Uxbridge) Amy Pile (replacing Emily Crawshaw) Vice President for Education and Welfare Sruthi Subhash (replacing Brandon Tester) CEO Tristan Tipping Membership Service Manager Matthew Kitching Communications & Marketing Manager Simon McDowell HR and Development Manager Sarah Jackson Finance Manager Lesley Favager **2023** 2022 **£** £ Total employee benefits of key personnel **447,971** 403,120
**8 Trustee Remuneration and Expenses**
The Trustee Board's Officer Trustees named in note 7, received remuneration of: £24,418 per year served (2022: £23,318), 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 £108,339 (2022: £84,723) and pension costs of £2,431 (2022: £3,127), which is included under governance costs in note 3. The increase in cost is because we now have four Officer Trustees, instead of three.
There were no other trustee benefits for the year (2022: £nil).
Members of the Trustee Board were reimbursed a total of £nil (2022: £nil) for the year in respect of personal travel and subsistence expenses.
|**9 Union Investments**
Net book value as at 31 July 2023
Net book value as at 31 July 2022
Trading Subsidiary - BSU Trading Limited
Turnover
Cost of sales
Gross profit
Administrative expenses (incl £6k management fee from Charity)
Surplus for the year|Subsidiary
investment
£
**1**
1
**2023**
**£**
**59,451**
**25,693**
**33,758**
**25,862**
**7,896**|**Total**
**£**|
|---|---|---|
|||**1**|
||||
|||1|
|||2022
£
68,333
21,302|
|||47,031
24,352|
|||22,679|
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 2023 the company had assets of £24,598 (2022: £23,435), liabilities of £15,322 (2022: £6,706) and capital and reserves of £9,276 (2022: £16,729).
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**37**
## Notes to the Financial Statements
## **10 Tangible Fixed Assets**
|**gible Fixed Assets**||
|---|---|
|Cost at 1 August 2022
Additions
Disposals
Cost at 31 July 2023
Depreciation at 1 August 2022
Charge for the year
Disposals
Depreciation at 31 July 2023
Net book value
As at 31 July 2023
Net book value
As at 31 July 2022|Building
Motor
Fixtures &
Office
BSU
improvements
vehicles
fittings
equipment
Total
Trading Ltd
**Group**
£
£
£
£
£
£
**£**
129,226
57,271
225,848
47,401
**459,746**
4,589
**464,335**
-
-
46,277
-
**46,277**
-
**46,277**
(16,074)
-
(49,372)
(42,328)
**(107,774)**
-
**(107,774)**|
||113,152
57,271
222,753
5,073
**398,249**
4,589
**402,838**|
||(114,158)
(57,271)
(199,630)
(45,328)
**(416,387)**
(3,186)
**(419,573)**
(3,920)
-
(17,275)
(1,200)
**(22,395)**
(1,403)
**(23,798)**
16,074
-
49,372
42,328
**107,774**
-
**107,774**|
||(102,004)
(57,271)
(167,533)
(4,200)
**(331,008)**
(4,589)
**(335,597)**|
|||
||**11,148**
**-**
**55,220**
**873**
**67,241**
-
**67,241**|
|||
||15,068
-
26,218
2,073
43,359
1,403
44,762|
Assets held by BSU Trading Ltd fall into the category of 'Office Equipment'
## **11 Debtors**
|Trade debtors
Other debtors
Amounts owed by group undertakings
Prepayments & accrued income
**ditors - Amounts due within one year**
Trade creditors
Social security & other taxes
Other creditors
Accruals & deferred income|**Group**
**Union**
Group
Union
**2023**
**2023**
2022
2022
**£**
**£**
£
£
**45,662**
**43,901**
828,295
825,549
**17,002**
**15,956**
26,032
25,919
**-**
**6,482**
-
2,590
**47,547**
**46,787**
21,252
21,252|
|---|---|
||**110,211**
**113,126**
875,579
875,310|
||**Group**
**Union**
Group
Union
**2023**
**2023**
2022
2022
**£**
**£**
£
£
**195,149**
**190,543**
228,198
192,883
**12,686**
**12,686**
10,339
10,339
**9,123**
**8,648**
6,290
6,290
**63,713**
**60,323**
817,325
848,524|
||**280,671**
**272,200**
1,062,152
1,058,036|
## **12 Creditors - Amounts due within one year**
The timing of invoicing the University for grant funding is different between the two years. In 2022 the invoice was raised before the year end, and in 2023, due to the timing of confirmation of the total of the agreed grants, the invoice was raised just after the year end. This gives rise to the large differences between trade debtors and deferred income.
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**38**
## Notes to the Financial Statements
## **13 Restricted Funds**
|**tricted Funds**||
|---|---|
|Big Deal
Fixed Asset fund - Big Deal
Fixed Asset fund - Social spaces
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 2022
resources
expended
Transfers
**July 2023**
£
£
£
£
**£**
-
688,109
(677,060)
**11,049**
-
(10,400)
12,468
**2,068**
-
38,000
-
1,831
**39,831**
45,066
31,875
(30,926)
-
**46,015**
500
104,569
(104,569)
-
**500**|
||45,566
862,553
(822,955)
14,299
**99,463**|
||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**|
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.
The surplus on the fund is due to timing differences on repairs and maintenance.
The Big Deal fixed asset fund represents the net book value of its assets against which depreciation is expensed.
The Union received funding from the University to refurbish the Outside Social space at the Union, with income restricted to this area. The funds were spent on umbrellas which were subsequently capitalised.
A restricted fixed asset fund for social spaces has been created to represent the net book value of fixed assets held, against which future depreciation will be expensed.
Clubs and societies refers to fundraised balances held on behalf of student run clubs and societies that are part of Bucks Students' Union.
The Community Bucks and Intern projects were completed at the end of 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 (notional income and expenditure) £104,000, 2022: £136,861) Other small grants received for specific purposes - (income £569, 2022: £6,000 )
|**14**
**Designated Funds 2023**
Designated fund for Special Projects
**Designated Funds 2022**
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 2022
resources
expended
Transfers
**July 2023**
£
£
£
£
**£**
44,762
-
(11,995)
(7,425)
**25,342**
11,294
-
-
-
**11,294**|
|---|---|
||56,056
-
(11,995)
(7,425)
**36,636**|
||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**|
The designated fund for special projects is a fund set aside to allow the Union to fund additional project opportunities in order to enhance our members' experience.
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**39**
## Notes to the Financial Statements
|**Transfers between Funds**
To re-assign carried forward assets to the Big Deal restricted fund
To correct opening value of fixed asset fund to be Union only
Transfer on general fund to cover deficit on social space fund
Transfer cost of capital to capital fund
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
**Consolidated analysis of net assets between funds**
**Year ended 31 July 2023**
General
funds
£
Fixed assets
-
Net current assets
118,723
At 31 July 2023
118,723
Unrestricted funds include net funds from BSU Trading Limited of £1.
**Year ended 31 July 2022**
General
funds
£
Fixed assets
-
Net current assets
43,415
At 31 July 2022
43,415
**Union analysis of net assets between funds**
**Year ended 31 July 2023**
General
funds
£
Fixed assets
Investment
1
Net current assets/(liabilities)
109,446
At 31 July 2023
109,447
**Year ended 31 July 2022**
General
funds
£
Fixed assets
Investment
1
Net current assets
26,685
At 31 July 2022
26,686|**Transfers between Funds**
To re-assign carried forward assets to the Big Deal restricted fund
To correct opening value of fixed asset fund to be Union only
Transfer on general fund to cover deficit on social space fund
Transfer cost of capital to capital fund
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
**Consolidated analysis of net assets between funds**
**Year ended 31 July 2023**
General
funds
£
Fixed assets
-
Net current assets
118,723
At 31 July 2023
118,723
Unrestricted funds include net funds from BSU Trading Limited of £1.
**Year ended 31 July 2022**
General
funds
£
Fixed assets
-
Net current assets
43,415
At 31 July 2022
43,415
**Union analysis of net assets between funds**
**Year ended 31 July 2023**
General
funds
£
Fixed assets
Investment
1
Net current assets/(liabilities)
109,446
At 31 July 2023
109,447
**Year ended 31 July 2022**
General
funds
£
Fixed assets
Investment
1
Net current assets
26,685
At 31 July 2022
26,686|General
Designated
Restricted
£
£
£
- (12,468) 12,468
1,403 (1,403) -
(1,831) - 1,831
(6,446) 6,446 -
Year ended 31 July 2023|
|---|---|---|
|||(6,874) (7,425) 14,299|
|||General
Designated
Restricted
£
£
£
(33,725) 33,725 -
- (24,184) 24,184
- (20,527) 20,527
- 375 (375)
30,000(30,000) -
Year ended 31 July 2022|
|||(3,725) (40,611) 44,336|
|||Designated
Restricted
funds
funds
**Total**
£
£
**£**
25,342
41,899
**67,241**
11,294
57,564
**187,581**|
||118,723|36,636
99,463
**254,822**|
|||Designated
Restricted
funds
funds
**Total**
£
£
**£**
44,762
-
**44,762**
11,294
45,566
**100,275**|
||43,415|56,056
45,566
**145,037**|
||General
funds
£
1
109,446|Designated
Restricted
funds
funds
**Total**
£
£
**£**
25,342
41,899
**67,241**
**1**
11,294
57,564
**178,304**|
||109,447|36,636
99,463
**245,546**|
||General
funds
£
1
26,685|Designated
Restricted
funds
funds
**Total**
£
£
**£**
43,359
-
**43,359**
**1**
12,697
45,566
**84,948**|
||26,686|56,056
45,566
**128,308**|
## **15 Transfers between Funds**
## **16 Consolidated analysis of net assets between funds**
BUCKS STUDENTS’ UNION FINANCIAL STATEMENTS
CHARITY NUMBER 1144820 YEAR ENDING 31 JULY 2023
**40**
## 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 £567,857 (2022: £467,857).
In addition, the Union received Big Deal grant of £647,149 and held for charitable activities (2022: £647,149) from the University relating to sporting and recreational activities, course representation and entertainments. Other grants of £638,794 (2022: £363,769) for specific operational costs, capital expenditure and projects were also received.
A further amount of £337,720 (2022: £183,392) 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 2023 of £13,710 (2022: £96,513) owed to the University.
The Union have been given the use of university premises whose rental value is assessed at £104,000 (2022: £136,861). The university re-assessed the cost during 2023 and the cost is based on the total costs of these services for the entire High Wycombe Campus prorata to the relative proprotion of the Campus the Union currently occupies.
BSU Trading LTd is wholly owned by the Union (see note 9)
During the year management fees totalling £6,000 (2022: £6,000) were received from BSU Trading Ltd. At 31 July 2023 BSU Trading Ltd owed Bucks Students' Union £6,482 (2022: £2,590).
## **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 £67,660 (2022: £68,090)
## **Defined contribution schemes**
The Union operates 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 £28,006 (2022: £26,332).
## **19 Reconciliation of net movements in funds to net cash flow from operating activities**
|Net surplus/(deficit) for the year
Add back depreciation charge
Decrease in stocks
Decrease/increase in debtors
(Decrease)/increase in creditors|**2023**
**£**
**109,785**
**23,798**
**783**
**765,368**
**(781,481)**
**118,253**|**2022**
**£**
(223,652)
23,517
577
(802,737)
879,172|
|---|---|---|
|||(123,123)|
## **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 2023
**41**
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
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MINDFUL
EMPLOYER
BIG
22
DEAL
EXCELLENT AWARD
Studert6'
Union
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