OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-07-31-accounts

The University of Northampton Students’ Union Consolidated Financial Statements for the Year Ended 31[st] July 2024

1

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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

2

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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 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 P. Wood 27/05/2021 M. Gilham 27/05/2021 04/12/2023 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 30/06/2024 C. Okonkwo 18/04/2024 J. Sparkhall 10/05/2024 A. Mauree 30/05/2024 O. Chapman 01/07/2024 M. Hafiz 01/07/2024

Full-time (Sabbatical) Officers President Vice-President Education Vice-President Welfare Vice-President Activities

July 2024 July 2023 F. Ajmal B. Mohan M. Hafiz F. Ajmal R. Roy M. Windle O. Chapman R. Roy

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

3

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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 Compliance Head of Membership Services

R. Weston J. Dean (appointed 25/09/2024) R. Harvey

4

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Trustees presents their annual report for the year ended 31 July 2024, which includes the administrative information set out on page 3 and 4, together with the audited accounts for that year. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

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 circa 12,000 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 Spring 2024, to support the organisations plan to incorporate the charity in 2025 and develop revised democratic structures for member engagement.

The Students’ Union is a democratic membership organisation led by the 4 full-time and 6 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 Compliance.

5

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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 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 almost 500 students with a range of issues including academic appeals, terminations, and academic misconduct. Half of all students surveyed as part of this year’s Student Life Pulse survey said they would turn to the Students’ Union if they needed help or advice, a 4% increase from 2021-22, demonstrating why the service is so well used.

To further support students, the Union partnered with the University on the Students’ Organising for Sustainability ‘Drug and Alcohol Impact’ programme. This involves working in partnership to adopt a harm reduction approach through a range of initiatives and activities.

The programme has seen significant traction within the institution and has achieved some fantastic

outcomes in year one, including:

Over the course of 23-24 the union officers worked to ensure our members voices were heard across the institution. Some of their successes included:

6

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

A Recognised Representative Channel

The Union 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.

The Vice-President Education secured funding from faculties to provide paid hours for Faculty Officers, rewarding them for their work. The officers ensured effective student voice at a faculty level, allowing student voice and feedback to be at the core of academic decision making.

The part-time officers worked with the black student advocates to clarify student issues with the extensions and mitigating circumstances policies and guidance documents. This led to clear recommendations to the University, who have created a self-certification programme for all students on their first extension for any assignments in response.

The Union worked with the University to appoint 537 course reps , over 100 more than in 22-23, and 3 faculty officers . They represented student views directly to their course. This ensured student voice was heard across the faculties and resulted in some excellent ‘wins’ for Union members:

Following the work of last year’s Black Student Advocates, the team continued to regularly participate in university committees and meetings to share their insights. In addition to continued participation in a number of university committees, the advocates have provided a valuable presence within the FBL Supporting Black Students group.

Advocates have developed their knowledge of black students’ views through recorded conversations with students and met regularly to discuss the common themes.

Key feedback has included:

In addition to their feedback, they have participated in projects:

In response to feedback from black students and previous Advocates, this year’s team took the lead in enhancing the Union’s offer for black history month, hosting film evenings as well as an African-Caribbean games night that saw over 90 students in attendance.

7

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

Providing Activities, Forums and Personal Development

Across the year forums continued to run for members across roles in the Students’ Union, enabling students to shape policy and their experiences at university. This included an All-Students’ Meeting hosting University Vice Chancellor Anne-Marie Kilday who spoke with the attending students about the University’s new strategic priorities.

The Union Spring elections period saw a very visible campaign from both candidates and the Students’ Union with regular e-comms and huge social media campaigns. In total 2,542 voters cast 14,888 votes , representing the highest recorded total turnout for the second year running with 20% of students voting.

When it came to student groups, almost 4,300 memberships were held by students this year a 73% increase on 22/23 .

Over 75 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, they support academic learning and interest in specific subject areas. Further to this, 17 new sports and societies were formed over the course of the year, providing new opportunities for students to build connections and communities.

This year the Union employed 46 students Putting more than £65,000 into student pockets August 23 and July 24. These roles included our BUCs administrator, retail and café assistants 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 Board of Directors voted to dissolve the company in January 2023 and all funds were transferred to the charity in May 2024.

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.

8

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

Serious Incidents and Related Policies

No serious incidents were reported to the Charity Commission during the year 2023-24. 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 £1,900,765. Total expenditure of £1,678,177, 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. This resulted in a surplus for the year, prior to the capital grant release, of £222,588, increasing UONSU’s total reserves from £653,205 to £875,793. The grant funded additions and depreciation of assets resulted in a net movement on the Capital grant fund from £482,259 to £424,106 in the year.

Current free reserves stand at £419,914.

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 £31,773 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 movements included donations raised of £1,807, of which £694 were paid out during the year, resulting in a balance at the yearend on the fund of £1,113.

Future Funding

The Executive Committee confirms that UoNSU has sufficient funds to meet all its obligations. The Block Grant for 24/25 has been confirmed at £1,430,000.

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.

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.

9

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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.

On behalf of the trustees

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fajar Ajmal Trustee

Dated: 20[th] February 2025

10

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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 2024 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

11

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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:

12

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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] February 2025

13

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] JULY 2024

Note
Income and endowments from:
Voluntary Income:
-Gifted Block Grant
-Grants received
-University Funding
-Bursary income
Charitable activities for students:
-Bars & Catering
-Retail
-Events
-Fundraising
-Marketing
-Rent received
-Clubs & Societies
Other income:
-Minibus
-RAG
-Investment 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
£
74,267
-
-
-
74,267
-
-
360
-
360
1,517,725
-
-
47,002
1,564,727
-
-
-
-
-
27,459
-
-
-
27,459
180,739
-
-
-
180,739
2,272
-
-
-
2,272
5
-
-
-
5
14,418
-
-
-
14,418
-
-
-
-
-
11,322
23,254
-
-
34,576
-
-
-
-
-
-
-
1,807
-
1,807
-
-
-
-
-
135
-
-
-
135
1,828,342
23,254
2,167
47,002
1,900,765
244,130
-
-
-
244,130
241,068
-
-
-
241,068
-
-
-
-
-
109,929
-
-
-
109,929
359,903
30,979
360
-
391,242
654,831
-
-
-
654,831
-
-
199
-
199
-
-
694
-
694
36,084
-
-
-
36,084		 2023
Total
£
51,350
1,789
1,405,602
37,625
37,101
134,902
9,073
-
10,551
-
27,002
-
5,438
573
34,472
1,754,938
705,618
48,009
76,909
144,600
362,986
1,629,523
1,462
5,438
33,620
1,645,945
30,979
1,253
-
1,678,177
182,397
(7,725)
914
47,002
222,588
105,155
-
-
(105,155)
-
(1,427)
1,427
-
-
-
286,125
(6,298)
914
(58,153)
222,588
133,789
35,989
1,168
482,259
653,205
419,914
29,691
2,082
424,106
875,793		 3,008,165
(1,253,227)
-
-
(1,253,227)
1,906,432
653,205

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

14

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

CONSOLIDATED BALANCE SHEET AS AT 31[st ] JULY 2024

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
Unrestricted Income Funds
Undesignated Fund
18
Total charity funds
19		 2024
2023
2024
2023
Group
Group
Charity
Charity
£
£
£
£
460,410
487,617
460,410
485,010
460,410
487,617
460,410
485,010
27,758
48,948
27,758
-
101,034
77,537
101,034
197,410
389,285
184,313
389,285
57,493
518,077
310,798
518,077
254,903
(102,694)
(145,210)
(102,694)
(86,578)
415,383
165,588
415,383
168,325
875,793
653,205
875,793
653,335
424,106
482,259
424,106
482,259
1,113
-
1,113
-
29,691
35,989
29,691
35,989
969
1,168
969
1,168
31,773
37,157
31,773
37,157
455,879
519,416
455,879
519,416
419,914
133,789
419,914
133,919
419,914
133,789
419,914
133,919
875,793
653,205
875,793
653,335

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] February 2025 by:

………………………………………….

Fajar Ajmal-Trustee

…………………………………………. Muhammed Hafiz-Trustee

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

15

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2024

Note
Cash flow from operating activities
22
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 2023
Cash and cash equivalents at 31st July 2024
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31st July 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
288,060
100,263
417,487
5,536
-
-
-
-
288,060
100,263
417,487
5,536
(83,088)
-
(85,695)
-
-
-
-
-
-
-
-
-
-
-
-
-
(83,088)
-
(85,695)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
204,972
100,263
331,792
5,536
184,313
84,050
57,493
51,957
389,285
184,313
389,285
57,493
389,285
184,313
389,285
57,493
-
-
-
-
389,285
184,313
389,285
57,493

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 2024

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] JULY 2024

(a) General information and basis of preparation

The 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.

The Charity is currently in consultation with the Charity Commission to incorporate a charity limited by guarantee, with a view to move the charity trade over to the new entity. Consultations are still ongoing, with no agreed date of transfer, therefore the charity accounts have continued to be prepared on the going concern basis.

(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 2024

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 2024

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 2024

2 Income earned from other activities

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 previously operated the bars and café at the Platform site, this trade was moved to the charity at the start of the year, the company was dormant during the current year. 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		 2024
£
-
-
-
-
-
-
-
-
-
-
-
-

3 Charitable and other Activity costs

Charitable activities
Bar and catering
Retail
Events
Marketing
Clubs & societies
Advice & representation
Governance		 2024
COS
Staff costs
Rent &
rates
Other
costs
Total
£
£
£
£
£
16,147
81,037
12,628
134,318
244,130
144,392
80,021
12,469
4,186
241,068
-
-
-
-
-
-
36,490
5,686
67,753
109,929
-
119,467
18,616
221,820
359,903
-
542,017
84,461
28,353
654,831
-
11,978
1,866
22,240
36,084
160,539
871,010
135,726
478,670
1,645,945		 2023
Total
£
705,618
48,009
76,909
144,600
329,591
1,629,523
33,620
2,967,870

Included in the above governance costs is the annual audit fee of £7,500 (2023: £11,200) covering the audit and consolidation of two entities.

20

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

4 Central Overhead Costs included in Note 3

Comm
Usage
Usage
Charitable activities
%
%
Bar and catering
50%
9%
Shops
50%
9%
Events & security
0%
0%
Marketing
-
4%
Clubs & societies
-
14%
Advice & representation
-
62%
Governance
-
2%
Totals		 Staff
Rent &
Rates
Other
Total
£
£
£
£
81,037
12,628
4,239
97,904
80,021
12,469
4,186
96,676
-
-
-
-
36,490
5,686
1,909
44,085
119,467
18,617
6,249
144,333
542,017
84,461
28,353
654,831
11,978
1,865
628
14,471
871,010
135,726
45,564
1,052,300

The charity accounts for gifted services based on a reasonable estimate of the external cost of those services. The total estimated cost of £74,267 is apportioned according to the usage as detailed above and is shown as income on the summary of Financial Activities.

Other Costs comprised: -
Insurance
Telephone
Repairs and renewals
Legal & professional
Printing & stationery
Finance charges
Sundry expenses
IT Costs
Training
HR Costs		 £
19,246
(16,641)
834
7,914
717
(6,178)
9,263
3,328
20,498
6,583
45,564
5
Staff Costs
Wages and salaries
Student labour
Social security
Pension costs		 2024
2023
£
£
673,312
674,383
82,825
2,460
58,270
40,570
56,603
56,172
871,010
773,585

During the year there was an average of 45 (2023: 37) members of staff. There was two employees of the Charity whose total emoluments exceeded £60,000; One whose total emoluments fell within the £60,001 to £70,000 band and the other falling within the £70,001 to £80,000 band.

The average staffing was as follows: -
Commercial Activities
Administration and Services
Sabbatical Officers		 2024
17
24
4
45		 2023
4
29
4
37

Current year commercial activities employees include a significant amount of part time employees.

21

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

6 Trustees’ Remuneration and Expenses

Name
B. Garrett
Z. Boyer
G. A. Taylor
M. A. Erumbadasser
B. Mohan
R. Roy
F. Ajmal
M. Windle
C. Okonkwo
O. Chapman
M. Hafiz
Total		 Total
Salary & NIC
Pension
2024
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
16,231
-
16,231
25,135
429
25,564
25,135
429
25,564
22,992
1,929
24,921
1,804
-
1,804
3,299
115
3,414
3,299
115
3,414
97,895
3,017
100,912		 Total
2023
£
22,917
23,410
19,947
22,936
2,925
2,925
2,925
2,925
-
-
-
100,910

During the year four trustees were reimbursed for travel, subsistence and training expenses of £779 (2023: four trustees - £1,884).

During the year sabbatical officers B. Mohan and M. Windle stepped down and were replaced by O. Chapman and M. Hafiz. 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 2023
Additions
Disposals
Re-classification
At 31st July 2024
Depreciation:
At 31stJuly 2023
Charge for the year
Eliminated on disposals
Re-classification
At 31st July 2024
Net book value:
At 31st July 2024
At 31stJuly 2023		 Improvements
to property
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
902,254
205,540
-
1,107,794
40,546
9,210
33,332
83,088
-
-
-
-
-
-
-
-
942,800
214,750
33,332
1,190,882
451,099
169,078
-
620,177
90,225
20,070
-
110,295
-
-
-
-
-
-
-
-
541,324
189,148
-
730,472
401,476
25,602
33,332
460,410
451,155
36,462
-
487,617

22

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

7 Tangible Fixed Assets (continued)

Individual charity’s Tangible Fixed Asset Register:

Cost or valuation:
At 31stJuly 2023
Additions
Disposals
Re-classification
At 31st July 2024
Depreciation:
At 31stJuly 2023
Charge for the year
Eliminated on disposals
Re-classification
At 31st July 2024
Net book value:
At 31st July 2024
At 31stJuly 2023		 Improvements
to property
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
902,254
195,152
-
1,097,406
40,546
11,817
33,332
85,695
-
-
-
-
-
-
-
-
942,800
206,969
33,332
1,183,101
451,099
161,297
-
612,396
90,225
20,070
-
110,295
-
-
-
-
-
-
-
-
541,324
181,367
-
722,691
401,476
25,602
33,332
460,410
451,155
33,855
-
485,010

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

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
2024
2023
2024
2023
£
£
£
£
27,758
48,948
27,758
-
27,758
48,948
27,758
-

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 2024

10 Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
48,254
29,053
48,254
20,199
-
-
-
142,745
27,800
24,755
27,800
10,607
24,980
23,729
24,980
23,859
101,034
77,537
101,034
197,410

11 Creditors: Amounts falling due within one year

Trade creditors
Accruals & deferred income
Other creditors		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
56,440
32,010
56,440
17,492
20,517
75,102
20,517
30,988
25,737
38,098
25,737
38,098
102,694
145,210
102,694
86,578

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
2024
2023
2024
2023
£
£
£
£
58,800
58,800
58,800
58,800
235,200
235,200
235,200
235,200
1,117,200
1,176,000
1,117,200
1,176,000
1,411,200
1,470,000
1,411,200
1,470,000

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 £58,800.

24

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

13 Deferred income

At 31stJuly, 2022
Additions during the year
Amounts released to income
At 31stJuly, 2023
Additions during the year
Amounts released to income
At 31st July 2024		 Under 1 year
Total
£
£
2,000
2,000
3,500
3,500
(1,789)
(1,789)
3,711
3,711
5,000
5,000
(360)
(360)
8,351
8,351

In the prior year a sports grant had been recognised as deferred income, from Northamptonshire Sport. Further income was received in the current year for which no cost has been incurred. Provisions are expected to be released in the 24/25 year end as the relating costs is incurred.

14 Capital Grant Fund

At 1stAugust 2023
Funding for capital expenditure
Amortisation
At 31st July 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
482,259
1,732,847
482,259
1,732,847
47,002
-
47,002
-
(105,155)
(1,250,588)
(105,155)
(1,250,588)
424,106
482,259
424,106
482,259

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 2023
Funding received
Fundraising costs
Fund transfers
Donations paid
Funds held at 31st July 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
-
-
-
-
1,807
5,438
1,807
5,438
-
-
-
-
-
-
-
-
(694)
(5,438)
(694)
(5,438)
1,113
-
1,113
-

The RAG fund (raising and giving fund) is a restricted fund for the raising and donation of money for charitable purposes.

25

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

16
Student Society/Club
_material_funds held were:-
Clubs:
Archery
Badminton
Boxing
Cheerleading
Dance
Equestrian
Futsal
Lacrosse
Men’s Football
Men’s Rugby League
Men’s Rugby Union
Men’s Volleyball
Netball
Rounders
Trampolining
Snow Sports
Women’s Basketball
Women’s Football
Women’s Hockey
Women’s Rugby Union
Women’s Volleyball
Clubs sub-total
Societies:
Afro-Caribbean Society
Airsoft Society
Anime Society
Art Society
Artificial Intelligence Society
Bangladeshi Society
Book Society
Computing Society
Corium Club Society
Crochet Society
Desi Society
Disney Society
Esports and Gaming (Electronic Sports)
Society
Film Makers Society
Fist Love Society
Hindu Society
History Society
Human Rights Society
Islamic Society
Kharis On Campus Society
Law Society
LGBT Society
Life Drawing Society
Midwifery Society		 Brought
Income
Expenditure
(including
reserve
transfer)
Carried
Forward
for Fund
(including
reserve
transfer)
Forward
£
£
£
£
32
255
-
287
17
118
(135)
-
82
-
-
82
666
1,569
(814)
1,421
4,506
7,411
(10,124)
1,793
992
2,789
(2,662)
1,119
-
125
(124)
1
25
-
-
25
-
617
(617)
-
130
125
(51)
204
866
321
(202)
985
-
125
(36)
89
740
666
(374)
1,032
494
-
(89)
405
36
-
(36)
-
82
-
(82)
-
-
100
(100)
-
-
375
(337)
38
1,079
-
(219)
860
4,332
4,250
(4,897)
3,685
27
-
-
27
14,106
18,846
(20,899)
12,053
2,552
2,036
(1,635)
2,953
5,452
-
(5,452)
-
3,086
305
(1,271)
2,120
-
306
(181)
125
-
683
(153)
530
-
43
(43)
-
848
-
-
848
434
436
(459)
411
783
136
-
919
-
204
(79)
125
-
45
-
45
834
-
(834)
-

-
291
(81)
210
-
18
(4)
14
707
-
-
707
-
558
(225)
333
97
-
-
97
-
400
(7)
393
-
295
(20)
275
-
60
(60)
-
27
250
-
277
658
224
(100)
782
-
125
-
125
789
104
(105)
788

26

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

Nigerian Society
Nursing Society
PENSA Society
Pole Fitness Society
Podiatry Society
Project Management Society
Psychology Society
Royal Diadem Society
Student Voices For Palestine Society
Sociology Society
Student Parent Society
Vietnamese Society
Societies sub-total
Total		 -
50
(50)
-
2,324
359
(164)
2,519
-
90
(90)
-
2,331
4,370
(4,370)
2,331
424
202
(555)
71
-
125
-
125
300
174
(174)
300
38
-
-
38
-
33
(33)
-
94
68
(90)
72
-
251
(251)
-
105
-
-
105
21,883
12,241
(16,486)
17,638
35,989
31,087
(37,385)
29,691

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. Net funds of £1,427 were issued during the year from unrestricted funds.

17 Minibus Reserve

At 1stAugust 2023
Income
Expenditure
Fund transfers
Balance at 31st July 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,168
10,291
1,168
10,291
-
-
-
-
(199)
(1,462)
(199)
(1,462)
-
(7,661)
-
(7,661)
969
1,168
969
1,168

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

18 Unrestricted Funds

At 1stAugust 2023
Income
Expenditure
Capital grant amortisation
Fund transfers
Balance at 31st July 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
133,789
119,191
133,919
113,419
1,828,342
1,732,221
1,828,212
1,540,397
(1,645,945)
(2,967,870)
(1,645,945)
(2,770,144)
105,155
1,250,588
105,155
1,250,588
(1,427)
(341)
(1,427)
(341)
419,914
133,789
419,914
133,919

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 2024

19 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
£
£
£
£
£
42,759
-
-
417,651
460,410
377,155
29,691
2,082
6,455
415,383
-
-
-
-
-
419,914
29,691
2,082
424,106
875,793
Net Assets between Funds – Previous Year
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

20 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 £1,576,097 (2023: £1,442,687) and further gifted services provided valued at £74,267 (2023: £51,350). Commercial sales of £32,418 (2023: £8,063) 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 £94,996 (2023: £78,900). The net balance owed from the University of Northampton at the year-end date was £24,284 (2023: £6,406).

The Union provided services to University of Northampton London, a company associated with the University of Northampton, of £Nil (2023: £29,400).

The Union incurred costs from University of Northampton Enterprise Limited, a company associated with the University of Northampton, of £717 (2023: £Nil).

During the year the Charity purchased all assets and liabilities from Northampton Student Union Services Limited, a 100% owned group company, these transactions are eliminated on consolidation.

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

21 Control Relationship

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

28

The University of Northampton Students’ Union (UONSU) Annual Report and Accounts for the year ended 31[st] July 2024

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

Net expenditure for year ended 31stJuly
2024
Depreciation and impairment of tangible fixed
assets
Profit/ loss on disposal of tangible fixed
assets
Decrease/(increase) in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
222,588
(1,253,227)
222,458
(1,247,325)
110,295
322,268
110,295
319,676
-
934,032
-
934,032
21,190
15,834
(27,758)
-
(23,497)
196,176
96,376
123,027
(42,516)
(114,820)
16,116
(123,874)
288,060
100,263
417,487
5,536

23 Financial instruments

There are only basic financial instruments present in the accounts in the year ended 31[st] July 2024 and 31[st] July 2023.

24 Principal risks and uncertainties

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