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2023-07-31-accounts

The University of Northampton Students’ Union Consolidated Financial Statements for the Year Ended 31[st] July 2023

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

CONTENTS

Page
Charity Reference and Administrative Details 3 - 4
Report of the Trustees 5 - 10
Independent Auditor’s Report 11 - 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17 - 29

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

ADMINISTRATIVE DETAILS

Charitable Status

The University of Northampton Students’ Union (UONSU) is an unincorporated charity established under the Education Act 1994 and registered with the Charity Commission (No. 1144827) since 28[th] November 2011.

Principal Addresses

University of Northampton The Engine Shed Development Hub University Dr Cliftonville Rd Northampton Northampton NN1 5PH NN1 5PH

Trustees of the Charity

The trustees who have served during the year and since the year end were as follows:

Name Appointed Resigned W. Irwin 13/11/2013 31/07/2022 Z. Boyer 01/07/2021 30/06/2023 B. Garrett 01/07/2021 30/06/2023 G. Taylor 24/02/2021 28/04/2023 M. A. Erumbadasseri 01/07/2022 30/06/2023 M. Gilham 27/05/2021 04/12/2023 P. Wood 27/05/2021 H. Templeman 27/05/2021 M. Chaudry 05/05/2022 26/01/2023 S. A. Raveendran 19/10/2021 25/08/2022 S. Massiah 09/11/2022 06/02/2024 L. Wilkins 01/12/2022 B. Mohan 19/06/2023 15/03/2024 R. Roy 19/06/2023 F. Ajmal 19/06/2023 M. Windle 19/06/2023 C. Proctor 02/11/2023 C. Okonkwo 18/04/2024

Full-time (Sabbatical) Officers

President Vice-President Education Vice-President Welfare Vice-President Activities

July 2023 July 2022 B. Mohan B. Garrett F. Ajmal G. Taylor M. Windle Z. Boyer R. Roy M. A. Erumbadasseri

Auditors

Bankers

Clifford Roberts, Santander UK Plc., Chartered Auditors, 2 Triton Square, Pacioli House, Regents Place, 9 Brookfield, London, Duncan Close, NW1 3AN Moulton Park, Northampton, NN3 6WL

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Key Management Personnel

UONSU employs a Chief Executive to work closely with the Executive Officers and ensure effective management of the charity as head of a senior management team as follows: -

Chief Executive Head of Finance and Operations Head of Membership Services

R. Weston L. Mobaraki R. Harvey

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

The Vice-President Education presents their Annual Report for the year ended 31 July 2023, which includes the administrative information set out on page 3 and 4, together with the audited accounts for that year. This is the report of the Vice-President Education due to the departure of the President in March 2024

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019

Objectives and Activities

About the Students’ Union

Northampton Students’ Union is a registered charity, associated with, but independent from the University. We are led by students, underpinned by volunteers and staff, we seek to ensure that our members time at the University of Northampton is rewarding, fulfilling, and memorable. We want your student experience to be the best it can possibly be!

Some of our best work and biggest impacts come straight from our students. Whether it’s Student Reps empowering and uplifting the voices of their peers, or Student Group committee members bringing communities together through their activities, we’re proud students are at the heart of everything we do.

Our Charitable Purpose and Public Benefit

The trustees confirm that they have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission regarding the Public Benefit.

The Union’s objects are the advancement of education of Students at the University of Northampton for the public benefit by:

Owned by Students

Student ownership is at the heart of the Students’ Union. Representing over 14,000 student members.

Structure, Governance and Management

The Students’ Union’s governing document is its Constitution supported by the Bye-Laws. A full review of the byelaws was completed in December 2022, with them being passed by students at the Annual General Meeting in January.

The Students’ Union is a democratic membership organisation led by the 4 full-time and 8 part-time Students’ Union Officers. The officers are held to account by the Union All-Student Meeting and three policy forums covering Activities, Welfare and Education.

The officers are all elected by and from the full members of the Students’ Union through an all-member

ballot.

The Board of Trustees are responsible for the governance, financial and strategic leadership of the organisation. The trustees delegate day-to-day management responsibility to the Chief Executive, who in turn is supported by a senior leadership team consisting of the Head of Membership Services and the Head of Finance and Operations.

However, the Trustee Board does have the power to override any decision made by any member democratic meetings or referendums if it is in breach of charity or education law or other legal requirements, is

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

considered to not be in the best interests of the organisation or its charitable objectives, may have financial implications for the Students’ Union or may affect the ability of the trustees to discharge their responsibilities.

Achievements and Performance

Promoting the Interests and Welfare of Students

This year our advice service supported 528 students with a range of issues including academic appeals, terminations, and academic misconduct. In addition to this, the service has also supported 33 students through our emergency hardship funding, giving over £950 and providing them with immediate support in circumstances of financial difficulty.

Our communities team supported our six campaign networks (International, Women’s, BME, Disabled, Mature, LGBT+), with building these communities a real priority for the Students’ Union in 22-23.

We are aware that some student groups within our community are less likely to engage than others and it is vital we ensure their voices are heard, which is the major aim of these networks.

Across the year a minimum of five meetings were run for each network with a mix of in-person and online sessions. The BME network has been a real success, led by the Black Student Advocates, it consistently has students attend each session, ensuring valuable conversations to support their work representing black students on campus.

Registers of interest have been created to further develop these for the coming year, with the international students’ campaign network having almost 50 students registered.

70% of students were satisfied with the campaign networks, demonstrating their value to the communities they represent.

Over the course of 22-23 the union officers worked to ensure our members voices were heard across the institution. Some of their successes included:

A Recognised Representative Channel

We continued to work in partnership with the University to develop an effective and impactful student representation system that delivers benefits for students across the institution.

We appointed three Student Engagement Coordinators who each directly support one faculty in their academic representation work. This allows more engagement with faculties and a more bespoke Students’ Union experience, focusing on engagement with relevant academic societies and work or volunteer opportunities.

Additionally, this year saw the first term of the newly created Faculty Officer and subject rep roles. These ensure effective student voice at subject and faculty level, allowing student voice and feedback to be at the core of academic decision making. Additionally, faculty officers collaborated with Changemaker to put on the LinkedIn Lounge event, helping students to overhaul their LinkedIn accounts and develop their employability.

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

We worked with the University to appoint 412 course reps and 24 subject reps . Who represented student views directly to their course and subject leads. This ensured student voice was heard across the faculties and resulted in some excellent ‘wins’ for our members:

This year’s Student Representation, Activities and Academic Representation Awards received a record of over 1,700 nominations across 16 Categories . This saw almost 100 individuals in attendance to celebrate excellence across the University with many across the institution describing it as ‘their favourite event of the year’.

Additionally, this year saw the appointment of the first ever Black Student Advocates, a project developed by the Students’ Union President and funded by the University. Initially 7 advocates were appointed with a further 2 brought into the team in semester two. 4 of these advocates will be continuing into the 23-24 academic year, demonstrating the value of the experience.

The team regularly meet with university staff and have had direct contact with university leadership team members, demonstrating their importance in the university community.

Over the course of the year 23 University staff members have reached out to ask for advocate input into their projects or working groups. These have included:

In addition to working alongside the University on projects, the group have also led on their own. This has included:

As well as payment for the roles, all advocates are provided with external mentoring and coaching to support them in development both within their role and moving forward.

The advocates expressed they have loved being in the role and being able to share their own experiences as well as that of others. They felt the existence of the role itself demonstrated how much the organisation and university cares. A skills audit revealed Advocates felt they had developed in a wide variety of hard and soft skill areas during their time in the role better supporting them as they progress after university.

Providing Activities, Forums and Personal Development

In September 2022 we proudly unveiled our new Forums: Activities Forum, Education Forum, Welfare Forum and the All-Students’ Meeting. These forums enabled students to shape policy and their experiences at university.

At the All-Students’ Meeting we hosted University VC Anne-Marie Kilday who spoke with the attending students about her priorities, her academic background and her commitment to Equality, Diversity, and Inclusion.

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Education Forum regularly saw 50 attendees and reps used this forum to pass policy that mandated the VP Education to work with the University to provide a more consistent level of support from Personal Academic Tutors across the institution and, with the aim of increasing student participation with this support.

Activities forum attendance saw 30 representatives regularly contributing, with their comments helping steer the involvement of student groups on open days, culminating with an agreed payment for the groups attending.

Welfare Forum worked with the VP Welfare to make it a requirement to complete Look After Your Mate training for all Welfare Reps across the Students’ Union, promoting wellbeing throughout student groups.

When it came to student groups, almost 2,500 memberships were held by students this year an increase of 62.7% from 21/22 .

65 groups were on offer this year, both those with a long-standing legacy on campus, and some brand-new clubs and societies representing different interests. This included 11 academic societies, linked to courses on campus that support course learning and interest in specific subject areas.

Fundraising continues to be a key focus for our student groups with £3,526 raised from Sports Clubs over the course of the year and with Men’s Rugby Union raising over £1,500 alone for Movember through their annual campaign. They collaborated with sport journalists to create a brilliant video encouraging male student athletes to open up about Mental Health

The introduction of welfare reps to all student groups in April 23 ensures that groups have a point of contact for issues to provide signposting and feed back to the Vice President Welfare to ensure effective change across the Students’ Union and institution.

In addition to this, over the course of 22/23, 55 students were trained to better support their peers using the MIND ‘Look After Your Mate’ framework.

Finally, this year we employed 30 students paying them over £50,000 between August 22 and July 23. These roles included our BUCs administrator, retail and café assistants, a marketing assistant and many more. These provided students with impactful personal development opportunities, whilst also providing paid opportunities to support students as cost of living continues to rise.

Trustee Board

Appointment, Induction and Training

The Trustee Board meets a minimum of four times a year and during the year was made up of 12 trustees: 4 (full-time) Officer Trustees, 3 Student Trustees, 1 University Trustee, 1 Alumni Trustee and 3 Lay Trustees.

Student Trustees are elected by cross-campus ballot, whilst external and alumni trustees are appointed and selected on the basis of their skills, knowledge, experience, and characteristics, taking into account the current composition of the Board.

Upon appointment all trustees attend an induction training programme, which includes their legal duties, information about the organisation and their wider trustee responsibilities. The Students’ Union officer trustees receive a more in-depth induction and training programme, including trustee training.

Board Committees

The Trustee Board has two permanent board committees: Finance & Risk and Human Resources, each of which meets four times a year. Each committee includes two external trustees and two other trustees. Terms of reference for these are established by the Trustee Board.

Northampton Students’ Union Services Ltd

NSUSL is a limited liability company wholly owned by the Students’ Union. The company operates a number of commercial services provided to a mix of members and others. The Board of Directors voted to dissolve the company in January 2023.

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Relationship with the University of Northampton

As a major funding body of the Students’ Union, the organisation has a recognised relationship with the University of Northampton. This is detailed in a code of practice which governs the formal interaction between the two organisations. The code outlines how the University of Northampton’s meets its statutory duty under the Education Act 1994 to ensure, such as is reasonably practicable, that the Students’ Union operates in a fair and democratic manner and is responsible in the management of its finances.

Serious Incidents and Related Policies

No serious incidents were reported to the Charity Commission during the year 2022-23. Trustees maintain oversight of the Students’ Union Risk Register in addition to related policies, which include Conflicts of Interest, Safeguarding, Health and Safety and Complaints.

Risk Management

The Trustee Board are responsible for ensuring that the organisation has a robust approach to the management of risk. The Finance and Risk committee reviews strategic level risk and the union risk register when it meets. The Board also has sight of the risk register and has final approval of this. Responsibility for risk is delegated through the organisation and the register is reviewed and actioned by them regularly. In addition to this, a range of processes and systems are in place to mitigate risks faced by the organisation. These ensure legal compliance with health and safety.

Financial Review of the Year

UONSU’s consolidated gross income from all sources this year totalled £1,754,938. Total expenditure of £3,008,165, on the wide-ranging student benefits we provide within a broadly balanced budget, as well as on the modest fundraising and other revenue-generating activities we undertake. The Platform lease ceased during the year, as such total expenditure is inclusive of the loss on disposal of assets which were held at this venue being £934,032, further depreciation of £322,268 is also included within total expenditure. This resulted in a deficit for the year, prior to the capital grant release, of £(1,253,227), decreasing UONSU’s total reserves from £1,906,432 to £653,205. The disposal and depreciation of assets resulted in the Capital grant funds decreasing from £1,732,847 to £482,259 in the year.

Current free reserves stand at £133,789.

Custodian Activities: Clubs’ & Societies’ Funds and the annual RAG

UoNSU acts as custodian for funds raised by the students’ many Clubs and Societies themselves, amounting to £37,157 at the year-end, in addition to the grant-support funds it disburses to them as shown in the accounts. UoNSU is also custodian of the annual RAG proceeds from fundraising events organised by the students under UoNSU auspices for distribution to the intended charities. RAG paid out £5,438 of donation during the year resulting in a balance at the year-end on the fund of £Nil.

Future Funding

The Executive Committee confirms that UoNSU has sufficient funds to meet all its obligations. The Block Grant for 23/24 has been confirmed at £1,500,000.

Investment Policy

The University of Northampton Students’ Union has adopted an ethical investment policy to ensure that its investments do not conflict with its aims. Investment should not be made directly in companies where more than 20% of group turnover arises from: Tobacco or any other smoking related items including e-cigarettes, Alcohol, Gambling, Prostitution and Pornography.

The trustees reserve the right to exclude companies that carry out activities contrary to the Charity’s aims, or from holding particular investments which damage the Charity’s reputation.

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Declaration

The Trustees who held office at the date of approval of this trustee report confirm that they are aware of all the relevant audit information and that there is no relevant audit information which has not been supplied to the charity’s auditors.

Trustee Board’s Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Disclosure of Information to Auditor

The Trustees who held office at the date of approval of this Trustee’s report confirm that, so far as each are aware, there is no relevant audit information of which the Charity auditor is unaware; and each trustee has taken all of the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Charity auditor is aware of that information.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fajar Ajmal Trustee

Dated: 20[th] May 2024

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Independent Auditor’s Report to the trustees of University of Northampton Students’ Union

We have audited the financial statements of University of Northampton Students’ Union (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31[st] July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

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:

Respective responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charity’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 parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-forthe-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our Report of the Auditors.

Use of Report

This report is made solely to the charity’s trustees, 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 charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Clifford Roberts Chartered Accountants & Statutory Auditor Pacioli House 9 Brookfield Duncan Close Moulton Park Northampton NN3 6WL

Date: 20[th] May 2024

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] JULY 2023

Note
Income and endowments from:
Voluntary Income:
-Gifted Block Grant
-Grants received
-University Funding
-Bursary income
Charitable activities for students:
-Bars & Catering
-Retail
-Events
-Marketing
-Rent received
-Clubs & Societies
Other income:
-Government grant
-Minibus
-Rag
-Investment income
-Insurance income
-Other income
Total income
Resources expended
Charitable Activities for students:
-Bars & Catering
-Retail
-Events
-Marketing
-Clubs & Societies
-Advice & Representation
-Minibus
-Rag
-Governance
Total expenditure
Net incoming resources for the year
Capital grant amortisation
Fund transfer
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
income
Custodian
funds
Restricted
funds
Capital
Grants
Total
£
51,350
-
-
-
51,350
-
-
1,789
-
1,789
1,405,062
-
-
-
1,405,062
37,625
-
-
-
37,625
37,101
-
-
-
37,101
134,902
-
-
-
134,902
9,073
-
-
-
9,073
10,551
-
-
-
10,551
-
-
-
-
-
11,512
15,490
-
-
27,002
-
-
-
-
-
-
-
-
-
-
-
5,438
-
5,438
573
-
-
-
573
-
-
-
-
-
34,472
-
-
-
34,472
1,732,221
15,490
7,227
-
1,754,938
705,618
-
-
-
705,618
48,009
-
-
-
48,009
76,909
-
-
-
76,909
144,600
-
-
-
144,600
329,591
31,606
1,789
-
362,986
1,629,523
-
-
-
1,629,523
-
-
1,462
-
1,462
-
-
5,438
-
5,438
33,620
-
-
-
33,620
2,967,870
31,606
8,689
-
3,008,165
(1,235,649)
(16,116)
(1,462)
-
(1,253,227)
1,250,588
-
-
(1,250,588)
-
(341)
8,002
(7,661)
-
-
14,598
(8,114)
(9,123)
(1,250,588)
(1,253,227)
119,191
44,103
10,291
1,732,847
1,906,432
133,789
35,989
1,168
482,259
653,205		 2022
Total
£
-
-
1,319,672
41,585
86,739
23,064
3,260
25,943
33,687
15,879
-
2,329
109
9,596
49,843
1,611,706
699,282
38,110
65,539
156,542
201,118
917,325
3,198
2,329
27,085
2,110,528
(498,822)
-
-
(498,822)
2,405,254
1,906,432

All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year

The notes on pages 17 to 29 form part of these accounts

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

CONSOLIDATED BALANCE SHEET AS AT 31[st ] JULY 2023

Note
Fixed assets
Tangible assets
7
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Current Liabilities
Creditors: amounts falling due within one year
11
Net current assets / (liabilities)
Net assets
Representing Charitable Funds:-
Capital Grant Fund
Capital Grant
14
Restricted Income/ Custodian Funds
RAG Reserve
15
Club & Society Reserve
16
Minibus Reserve
17
Heritage Lottery Fund
18
Unrestricted Income Funds
Undesignated Fund
19
Total charity funds
20		 2023
2022
2023
2022
Group
Group
Charity
Charity
£
£
£
£
487,617
1,743,917
485,010
1,738,718
487,617
1,743,917
485,010
1,738,718
48,948
64,782
-
-
77,537
273,713
197,410
320,437
184,313
84,050
57,493
51,957
310,798
422,545
254,903
372,394
(145,210)
(260,030)
(86,578)
(210,452)
165,588
162,515
168,325
161,942
653,205
1,906,432
653,335
1,900,660
482,259
1,732,847
482,259
1,732,847
-
-
-
-
35,989
44,103
35,989
44,103
1,168
10,291
1,168
10,291
-
-
-
-
37,157
54,394
37,157
54,394
519,416
1,787,241
519,416
1,787,241
133,789
119,191
133,919
113,419
133,789
119,191
133,919
113,419
653,205
1,906,432
653,335
1,900,660

The trustees have prepared group financial statements in accordance with section 138 of the Charities Act 2011.

The Statement of Financial Activities of the individual charity has been omitted from the group financial statements in accordance with UK GAAP.

Approved on behalf of the University of Northampton Students’ Union on 20[th] May 2024 by:

………………………………..

Fajar Ajmal-Trustee

……………………………….. Marly Windle-Trustee

The notes on pages 17 to 29 form an integral part of these financial statements

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The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2023

Note
Cash flow from operating activities
23
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Interest received
Grant income received
Net cash flow from investing activities
Cash flow from financing activities
Receipts from issue of new long term loans
Repayment of long term loans
Repayment of finance lease liabilities
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1st August 2022
Cash and cash equivalents at 31st July 2023
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
100,263
(385,576)
5,536
(371,757)
-
-
-
-
100,263
(385,576)
5,536
(371,757)
-
(63,518)
-
(63,518)
-
-
-
-
-
-
-
-
-
-
-
-
-
(63,518)
-
(63,518)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100,263
(449,094)
5,536
(435,275)
84,050
533,144
51,957
487,232
184,313
84,050
57,493
51,957
184,313
84,050
57,493
51,957
-
-
-
-
184,313
84,050
57,493
51,957

The notes on pages 17 to 29 form part of these accounts

16

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] JULY 2023

1 Summary of significant accounting policies

(a) General information and basis of preparation

University of Northampton Students’ Union is an unincorporated Charity in the United Kingdom established under the Education Act 1994. The address of the registered office is given in the charity information on page 3 of these financial statements.

The nature of the charity’s operations and principal activities are to support students at the university as they progress through their studies by providing guidance and support for educational needs; delivering welfare awareness campaigns; providing personal and team development opportunities, through sports clubs and other societies; and providing social space and activities.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Going concern

The financial statements are prepared on a going concern basis as the charity receives the continued support of the University of Northampton. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Northampton Students’ Union Services Ltd on a line-by-line basis.

(d) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

(e) Incoming resources

All income and capital resources are recognised in the Statement of Financial Activity (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Where applicable, 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 UONSU by reference to the alternatives available on the commercial market.

(f) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

17

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

1 Accounting Policies (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Custodian funds entrusted to UONSU for safekeeping, but not under its management control, eg, Clubs & Societies funds. Such custodian activities are disclosed in the financial statements.

(g) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 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 sabbatical officers. Where applicable, the value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned to charitable and other projects/ activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

(h) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

(i) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. The charity enforces a policy by which assets below the value of £500 cost per item/set will not be capitalised.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fitting and equipment - 25% straight line Motor vehicles - 25% straight line Improvements to property - 10% straight line

Grant income for the purpose of purchasing fixed assets is held within a separate Capital Grant Fund, within Representing Charitable Funds on the balance sheet. This fund is released to the unrestricted income funds through a fund transfer, consistent with the depreciation, impairment and profit/loss on disposal of the purchased fixed asset in the financial statements.

(j) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in formula. Provision is made for damaged, obsolete, and slow-moving stock where appropriate.

(k) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

18

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

1 Accounting Policies (continued)

(l) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated, and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(m) Grant income

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the assets. Where Grants are received or receivable with no performance related conditions they are recognised immediately to income.

(n) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(o) Leases

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

(p) Pension costs

The charity operates a defined contribution pension scheme. Contributions payable to the charity’s pension scheme are charged to the profit and loss account in the period to which they relate, apportioned to charitable and other projects/ activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

(q) Judgements and key sources of estimation uncertainty

The following judgements and estimations have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Valuation of fixed assets

The determination of the useful life of assets involves judgements and estimations that materially impact the financial statements. This determination also impacts the release of the Capital Grant which is unwound at a rate consistent with the useful life of the relating asset. The carrying amount of fixed assets is disclosed within note 7, the carrying amount of the Capital Grant at the year end disclosed within note 14 and the useful life applied to these within policy (i).

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

19

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

2 Income earned from other activities

Government grant income was received in both the parent and subsidiary entity during the prior period in the form of furlough income. The total received furlough income of £Nil (2022: £15,879) is included within other income.

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary. The wholly owned trading subsidiary Northampton Students’ Union Services Limited is incorporated in the United Kingdom (company number 11487264) and operates the bars and café at the Platform site. A summary of the trading results is shown below.

The summary financial performance of the subsidiary alone is:

Turnover
Cost of sales and administrative costs
Administrative expenses
Other operating income
Net profit/(deficit)
Amount gift aided to the charity
Retained in subsidiary
The assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Current liabilities
Total net assets
Aggregate Share capital and reserves		 2023
£
191,822
(173,262)
(136,900)
-
(118,340)
-
(118,340)
-
201,376
(1,013,943)
(812,567)
(812,567)

3 Charitable and other Activity costs

Charitable activities
Bar and catering
Retail
Events
Marketing
Clubs & societies
Advice & representation
Governance		 2023
COS
Staff costs
Rent &
rates
Other
costs
Total
£
£
£
£
£
217,358
106,284
18,781
363,195
705,618
27,350
7,231
1,278
12,150
48,009
43,814
11,584
2,047
19,464
76,909
-
21,781
3,849
118,970
144,600
-
49,645
8,773
271,173
329,591
-
571,996
100,642
956,885
1,629,523
-
5,064
895
27,661
33,620		 2022
Total
£
699,282
38,110
65,539
156,542
180,303
917,325
27,085
288,522
773,585
136,265
1,769,498
2,967,870		 2,084,186

Included in the above governance costs is the annual audit fee of £11,200 (2022: £10,500) covering the audit and consolidation of two entities. Included within other costs , this is considered

20

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

4 Central Overhead Costs included in Note 2

Comm
Usage
Usage
Charitable activities
%
%
Bar and catering
85%
14%
Shops
6%
1%
Events & security
9%
1%
Marketing
-
3%
Clubs & societies
-
6%
Advice & representation
-
74%
Governance
-
1%
Totals		 Staff
Rent &
Rates
Other
Total
£
£
£
£
106,284
18,781
178,569
303,634
7,231
1,278
12,150
20,659
11,584
2,047
19,464
33,095
21,781
3,849
36,593
62,223
49,645
8,773
83,408
141,826
569,536
100,642
956,884
1,627,062
5,064
895
8,508
14,467
771,125
136,265
1,295,576
2,202,966

The charity accounts for gifted services based on a reasonable estimate of the external cost of those services. The total estimated cost of £51,350 is apportioned according to the usage as detailed above and is shown as income on the summary of Financial Activities.

Other Costs comprised: -
Depreciation
Loss on disposal of fixed assets
Insurance
Telephone
Legal & professional
Printing & stationery
Finance charges
Sundry expenses
IT Costs
Training
HR Costs
Unrecoverable VAT
5
Staff Costs
Wages and salaries
Student labour
Social security
Pension costs		 £
213,801
934,032
42,424
15,174
9,066
7,195
3,747
7,276
25,516
28,337
7,791
1,217
1,295,576		 2023
2022
£
£
674,383
643,154
2,460
7,617
40,570
54,815
56,172
53,737
773,585
759,323

During the year there was an average of 37 (2022: 38) members of staff. There was one employees of the Charity whose total emoluments exceeded £60,000; their total emoluments fell within the £70,001 to £80,000 band.

The average staffing was as follows: -
Commercial Activities
Administration and Services
Sabbatical Officers		 2023
4
29
4
37		 2022
6
28
4
38

21

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

6 Trustees’ Remuneration and Expenses

Name
A. O. Basil
N. Noonoottil Paul
B. Garrett
Z. Boyer
G. A. Taylor
M. A. Erumbadasser
B. Mohan
R. Roy
F. Ajmal
M. Windle
Total		 Total
Salary & NIC
Pension
2023
£
£
£
-
-
-
-
-
-
20,976
1,941
22,917
21,424
1,986
23,410
18,263
1,684
19,947
22,035
901
22,936
2,925
-
2,925
2,925
-
2,925
2,925
-
2,925
2,925
-
2,925
94,398
6,512
100,910		 Total
2022
£
10,437
11,378
24,036
24,036
2,534
2,009
-
-
74,430

During the year four trustees were reimbursed for travel, subsistence and training expenses of £1,884 (2022: two trustees - £212).

During the year sabbatical officers G. A. Taylor and M. A. Erumbadasser stepped down and were replaced by F. Ajmal and R. Roy. Each of the Executive Committee’s sabbatical officers receive a salary 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, discussions with MPs and organising and supporting student volunteers and service provisions for them.

All trustees not analysed above did not received remuneration or expenses during the year.

7

Tangible Fixed Assets

Consolidated Tangible Fixed Asset Register:

Cost or valuation:
At 31stJuly 2022
Additions
Disposals
Re-classification
At 31st July 2023
Depreciation:
At 31stJuly 2022
Charge for the year
Eliminated on disposals
Re-classification
At 31st July 2023
Net book value:
At 31st July 2023
At 31stJuly 2022		 Improvements
to property
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
3,014,301
511,503
8,771
3,534,575
-
-
-
(2,112,047)
(38,587)
-
(2,150,634)
-
(267,376)
(8,771)
(276,147)
902,254
205,540
-
1,107,794
1,329,050
453,397
8,211
1,790,658
301,430
20,278
560
322,268
(1,179,381)
(37,221)
-
(1,216,602)
-
(267,376)
(8,771)
(276,147)
451,099
169,078
-
620,177
451,155
36,462
-
487,617
1,685,251
58,106
560
1,743,917

22

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

7 Tangible Fixed Assets (continued)

Individual charity’s Tangible Fixed Asset Register:

Cost or valuation:
At 31stJuly 2022
Additions
Disposals
Re-classification
At 31st July 2023
Depreciation:
At 31stJuly 2022
Charge for the year
Eliminated on disposals
Re-classification
At 31st July 2023
Net book value:
At 31st July 2023
At 31stJuly 2022		 Improvements
to property
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
3,014,301
501,115
8,771
3,524,187
-
-
-
(2,112,047)
(38,587)
-
(2,150,634)
-
(267,376)
(8,771)
(276,147)
902,254
195,152
-
1,097,406
1,329,050
448,208
8,211
1,785,469
301,430
17,686
560
319,676
(1,179,381)
(37,221)
-
(1,216,602)
-
(267,376)
(8,771)
(276,147)
451,099
161,297
-
612,396
451,155
33,855
-
485,010
1,685,251
52,907
560
1,738,718

All assets are used within the Charity for the benefit of the charitable purpose.

The charity ceased the lease of the Platform property prior to the year end, resulting in assets with a carrying value of £934,032 being either disposed of or re-classified as assets held for sale.

8 Investments

The charity has one wholly owned subsidiary company being, Northampton Students’ Union Services Limited. This company is ‘limited by guarantee’, the guarantor being the Charity. The activities and results of this company is summarised in note 2.

9 Stocks

Stock Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
48,948
64,782
-
-
48,948
64,782
-
-

All stock held is for the benefit of the charitable purpose.

23

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

10 Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
29,053
41,621
20,199
2,957
-
-
142,745
207,291
24,755
143,915
10,607
31,610
23,729
88,177
23,859
78,579
77,537
273,713
197,410
320,437

11 Creditors: Amounts falling due within one year

Trade creditors
Accruals & deferred income
Other creditors		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
32,010
50,821
17,492
37,107
75,102
168,607
30,988
140,512
38,098
40,602
38,098
32,833
145,210
260,030
86,578
210,452

12 Operating Lease Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Within one year
Between one and five years
Five plus years		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
58,800
133,800
58,800
133,800
235,200
235,200
235,200
235,200
1,176,000
1,234,800
1,176,000
1,234,800
1,470,000
1,603,800
1,470,000
1,603,800

The charity is committed to one operating lease, for the rental of the Engine shed based on the campus. The lessor has the right to determine the termination terms with immediate effect by giving notice to the tenant. Lease payments recognised as expense in the current year total £143,714.

In the prior year the charity was committed to a second lease, for the rental property in Northampton Town Centre which was used as The Platform Club. Notice was given, and the property vacated during the current financial year.

24

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

13 Deferred income

At 1stAugust 2021
Additions during the year
Amounts released to income
At 31stJuly, 2022
Additions during the year
Amounts released to income
At 31st July 2023		 Under 1 year
Total
£
£
26,667
26,667
2,000
2,000
(26,667)
(26,667)
2,000
2,000
3,500
3,500
(1,789)
(1,789)
3,711
3,711

In the prior year income for a sport grant was recognised as deferred income, the provision has been released as relating costs were incurred, there was a small balance still deferred at the year-end. The remaining balance of the grant is expected to be spent in the 23/24 year end. In the current year a second sports grant has been recognised as deferred income, from Northamptonshire Sport, the provision is expected to be released in the 23/24 year end as the relating costs is incurred.

14 Capital Grant Fund

At 1stAugust 2022
Funding for capital expenditure
Amortisation
At 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
1,732,847
2,044,868
1,732,847
2,044,868
-
61,739
-
61,739
(1,250,588)
(373,760)
(1,250,588)
(373,760)
482,259
1,732,847
482,259
1,732,847

The capital grant fund is a designated fund. The fund is to be used for improvement to the student union properties at the discretion of the trustees. Amortisation of the fund is released as a fund transfer to the fund the relating depreciation and profit/loss on disposal is incurred within.

15 RAG Fund
Funds held at 1stAugust 2022
Funding received
Fundraising costs
Fund transfers
Donations paid
Funds held at 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
-
8,902
-
8,902
5,438
2,329
5,438
2,329
-
-
-
-
-
(8,902)
-
(8,902)
(5,438)
(2,329)
(5,438)
(2,329)
-
-
-
-

The RAG fund (raising and giving fund) is a restricted fund for the raising and donation of money for charitable purposes. The fund transfer is the clawback of the restricted income now the project is completed.

25

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

16
Student Society/Club
_material_funds held were:-
Clubs:
Archery
Badminton
Boxing
Cheerleading
Climbing
Dance
Equestrian
Futsal
Lacrosse
Men’s Basketball
Men’s Cricket
Men’s Football
Men’s Rugby League
Men’s Rugby Union
Netball
Pool & Snooker
Rounders
Self Defence
Snow Sports
Swimming
Trampolining
Women’s Football
Women’s Hockey
Women’s Rugby Union
Women’s Volleyball
Clubs sub-total
Societies:
Afro-Caribbean Society
Airsoft Society
Anime Society
Book Society
British Sign Language Society
Computing Society
Corium Club
Disney Society
First Love NUCC
History Society
Islamic Society
Law Society
LGBT Society
Midwifery
Sociology Society
Student Parent Society
Pole Fitness
Podiatry Society
Psychology
Royal Diadem		 Brought
Income
Expenditure
(including
reserve
transfer)
Carried
Forward
for Fund
(including
reserve
transfer)
Forward
£
£
£
£
-
125
(93)
32
-
125
(108)
17
-
125
(43)
82
1,999
1,167
(2,500)
666
-
43
(43)
-
4,163
6,537
(6,194)
4,506
3,257
1,307
(3,572)
992
-
135
(135)
-
-
68
(43)
25
-
212
(212)
-
-
43
(43)
-
645
212
(857)
-
-
150
(20)
130
389
1,929
(1,452)
866
1,422
275
(957)
740
-
43
(43)
-
1,123
-
(629)
494
-
700
(700)
-
-
125
(43)
82
-
43
(43)
-
808
135
(907)
36
-
500
(500)
-
1,642
-
(563)
1,079
5,716
-
(1,384)
4,332
-
125
(98)
27
21,164
14,124
(21,182)
14,106
3,191
2,400
(3,039)
2,552
5,452
-
-
5,452
3,672
-
(586)
3,086
817
47
(16)
848
-
1,013
(1,013)
-
434
-
-
434
783
-
-
783
716
118
-
834
707
-
-
707
313
-
(216)
97
-
66
(66)
-
-
67
(40)
27
1,025
-
(367)
658
821
180
(212)
789
-
125
(31)
94
-
109
(109)
-
2,251
4,800
(4,720)
2,331
433
-
(9)
424
-
300
-
300
-
38
-
38

26

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

Nursing
Vietnamese Society
Societies sub-total
Total		 2,324
-
-
2,324
-
105
-
105
22,939
9,368
(10,424)
21,883
44,103
23,492
(31,606)
35,989

Club and Society funds are custodian funds. The balances are the money held by the Students’ Union on behalf of the club or society to be used at to be used at their discretion. The fund transfers included within the above figures are the issue and clawback of unrestricted funds to or from the clubs and societies funds. Funds of £8,002 were issued during the year from unrestricted funds.

17 Minibus Reserve

At 1stAugust 2022
Income
Expenditure
Fund transfers
Balance at 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
10,291
11,842
10,291
11,842
-
-
-
-
(1,462)
(1,551)
(1,462)
(1,551)
(7,661)
-
(7,661)
-
1,168
10,291
1,168
10,291

The minibus reserve is a restricted fund. The fund is restricted to the cost of shuttle services on university grounds.

18 Heritage Lottery Fund

At 1stAugust 2022
Income
Expenditure
Fund transfers
Balance at 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
-
2,799
-
2,799
-
-
-
-
-
-
-
-
-
(2,799)
-
(2,799)
-
-
-
-

The Heritage Lottery Fund is a restricted fund. The fund is restricted to the cost of fitting out the new student Union building. The fund transfer is the clawback of the restricted income now the project is completed.

19 Unrestricted Funds

At 1stAugust 2022
Income
Expenditure
Capital grant amortisation
Fund transfers
Balance at 31st July 2023		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
119,191
270,517
113,419
728,932
1,732,221
1,535,677
1,540,397
1,345,489
(2,967,870)
(2,084,186)
(2,770,144)
(2,358,185)
1,250,588
372,113
1,250,588
372,113
(341)
25,070
(341)
25,070
133,789
119,191
133,919
113,419

The unrestricted funds are funding available for use in general Students’ Union activities at the discretion of the trustees. The fund transfers above are the issue and clawback of unrestricted funds to or from the restricted, custodian and capital funds.

27

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

20 Analysis of Group Net Assets between Funds

Fixed Assets
Net current assets
Long term liabilities
Analysis of Group
Fixed Assets
Net current assets
Long term liabilities		 Unrestricted
Funds
Custodian
Funds
Restricted
Income Funds
Capital Grant
Fund
Total
£
£
£
£
£
5,358
-
-
482,259
487,617
128,431
35,989
1,168
-
165,588
-
-
-
-
-
133,789
35,989
1,168
482,259
653,205
Net Assets between Funds – Previous Year
Unrestricted
Funds
Custodian
Funds
Restricted
Income Funds
Capital Grant
Fund
Total
£
£
£
£
£
5,870
-
-
1,732,847
1,738,717
113,321
44,103
10,291
-
167,715
-
-
-
-
-
119,191
44,103
10,291
1,732,847
1,906,432

21 Related party Transactions

The Union receives a recurring grant from the University of Northampton each year, in the current year a grant was received of £1,442,687 (2022: £1,257,933) and further gifted services provided valued at £51,350 (2022: £Nil). There was further one-off capital grant funding of £Nil (2022: £61,739). Commercial sales of £8,063 (2022: 2,095) were received in the year.

Rental, utility and other costs are also charged to the Union from the University of Northampton during the year of £78,900 (2022: £78,410). The net balance owed from the University of Northampton at the year-end date was £6,406 (2022: creditor £34).

The Union provided services to University of Northampton London, a company associated with the University of Northampton, of £29,400 (2022:£Nil).

Detail of trustee remuneration has been provided within note 6. There are no further related party transactions with trustees.

22 Control Relationship

Ultimate control of UONSU rests with its members, represented by UONSU Student council.

23 Reconciliation of net income to net cash flow from operating activities

Net expenditure for year ended 31stJuly
2023
Depreciation and impairment of tangible fixed
assets
Profit/ loss on disposal of tangible fixed
assets
(Increase) in stock
(Increase) in debtors
Increase in creditors
Net cash flow from operating activities		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
(1,253,227)
(498,822)
(1,247,325)
(963,009)
322,268
388,150
319,676
385,553
934,032
-
934,032
-
15,834
13,904
-
-
196,176
(215,301)
123,027
261,319
(114,820)
(73,507)
(123,874)
(55,620)
100,263
(385,576)
5,536
(371,757)

28

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2023

24 Financial instruments

There are only basic financial instruments present in the accounts in the year ended 31[st] July 2023 and 31[st] July 2022.

All income and expenditure is carried out in Sterling eliminating any foreign currency risk. The majority of income is either grant income or cash income. As a result the credit risk is minimal. The entity relies heavily on funding from the university to carry out its day-to-day activities posing a financial risk. However, this is partly mitigated by the confirmation from the university that it will continue to support this entity over the coming 12 months.

29