Registered number: 07689815
Charity number: 1145400
DURHAM STUDENTS. UNION
{A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

DURHAM STUDENTS. UNION
(A company limited by guarantee)
CONTENTS
Reflection on the 23124 year...................................................................................................
Charitable Objects .
Trustees report on achievements within our strategic goals............................................................
We Brought Students Across Durham Together..........................................................................
We Built Confidence In The Purpose And Value Of The Students, Union....................................
We Tackled the Big Issues That Hold Students Back.
Organisational review
.13
Finances In review.................................................................................................................... 13
Income.........................,.,....................................
13
Governance in Review.
15
Risk Management..........................................
16
Reference and administrative details of the Company, its Trustees and advisers .
.18-20
Independent auditors, report on the financial statements
.21-23
Statement of financial activities..................................................................................................... 24
Balance Sheet.....,..,.....................,............................................................................................... 25
Statement of Cash Flows.............................................................................................................. 26
Notes to the Financial Statements .
. 27-46

DURHAM STUDENTS. UNION
(A company limited by guarantee)
REFLECTION ON THE 2023124 YEAR
At one of the most distinctive universities in the world, there's only one community which welcomes all
students, regardless of course or College, background or inlerest. Durham SU has brought Durham students
together for over 125 years.
Over our long, proud, history, Durham SU has advanced the education of Durham students in two
complementary ways= we hold the infrastructure for sludenls to create and deliver social education to each
other in over 300 student-led organisations. and we democratically raise the voice of students in institutional
decision-making. Our vision for Durham as a better, fairer. University, needs us to perform both of these
functions brilliantly. And we think we do.
We have the privilege of reporting on Durham Su's success, but there's no success we claim that isn't really
the result of the ideas and efforts of Durham students. Our wonderful career staff team help students to do
amazing things. but we can never forget that students are the ones who make the magic happen. In
particular..
We want to celebrate the passionate and socially marginalised students, who overcame significant
challenges to even get to Durham, who shaped Durham University's access and participation agenda. This
work will Iransform our university for decades to come.
Students refused to bow to those who have hijacked a legitimate interest in academic freedom on ¢2mpus to
divide our community with overt racism cloaked in free speech fundamentalism. We know exactly what
culture we need to build. as a foundation for a community where students speak freely, and share education
through dialogue.
And students have shown that protest and lobbying both have a place in making our university better and
fairer. We've can'l opt-out of being global citizens, so we must debate issues of war and peace, and take
action, but- in all things - students at Durham have shown that we care for each other. Not perfectly, but
compassionately, students held space for each other across the year, in a way not seen at many other
campuses.
Access and participation, free speech, and speaking up on issues that students care about, are key themes
in our strategy. We report good progress in our work, delivering on the plan to further Durham Su's purpose,
and our thoughts for the future. We're confident that this is the right work, and we're doing it well.
Graeme Osborn, Chalr
Dan Lonsdale. President
Gareth Hughes, Chief Executlve

DURHAM STUDENTS. UNION
(A company limited by guarantee)
CHARITABLE OBJECTS
Durham SU exists for the advancement of the education of students at Durham university for the public
benefit by..
providing opportunities for the expression of Student opinion and actively representing the interest of
Students,. acting as a channel of communication in dealing with Durham University and other external
bodies-
promoting the interests and welfare of Students at Durham University during their course of study, and
represenlation, supporting and advising Students.,
facilitating the social, recreational and educational interests of its Members, through providing services and
support for its Members.,
supporting Ihe development of and cooperation between the Common Rooms;
working with other Sludents, Unions and affiliated bodies,.
raising funds for such purposes as are charitable according to the laws of England and Wales and to make
grants and donations of such funds to other exclusively charitable bodies or to apply such funds directly for
such charitable purposes.

DURHAM STUDENTS. UNION
(A company limited by guarantee)
TRUSTEES REPORT ON ACHIEVEMENTS WITHIN OUR STRATEGIC GOALS
Durham SU has a strategy for meeting our charitable purposes, with three overarching goals, agreed in
2021122 and developed into action plans each year. Our strategic measures below track our progress.
2023124 was the first year many of these had been measured, and while many results were positive, we plan
to refine our measurement process in 2024125 and increase the number of students we speak to, before we
re-consider some of the measurements of these goals.
STRATEGIC GOAL
ARGET JULY
2027
CTUAL JULY
024
E'LL BRING STUDENTS ACROSS DURHAM TOGETHER
tudents will come together in a community, society or event
orted b Durham SU
tudents will say that student-led activities supported by Durham
U hel ed them feel the
belon
here.
ludents will discover or learn something new through a student-led
ctivil
su
orted b Durham SU
E'LL BUILD CONFIDENCE IN THE PURPOSE AND VALUE OF THE STUDENTS, UNION
Students will agree that Durham Universily needs a collective
800/0
anisation for all students
Students will agree that Durham SU represents students, interests
n relevanl and im
ortant thin
Students will agree that Durham SU represents their academic
interests.
E'LL TACKLE THE BIG ISSUESTHAT HOLD STUDENTS BACK
Students will agree their induction was good
Student rooms in Durham will be affordable and high quality
ccess and participation
'This work was new and measures were being developed.
800/0
0%
3/0
80%
259/0

DURHAM STUDENTS. UNION
(A company limited by guarantee)
We Brought Students Across Durham Together
Goal
Objectlves
y Juno 2024, we
said we'd...
Build on the success
of'speak Free, to
develop three other
programmes that
showcase the groups,
events and facilitated
activities thal add to
the wider student
experience.
By June 2024 we had...
Bring
students
across
Durham
together.
Communities: students
looking for people like
them are active and
well-supported.
We ran Issues to Action, events successfully
five times across the year, including two in
colleges. Students engaged in discussion
with their peers on issues they wanted to
address around Durham.
The International Students, Association-led
collaborative WorldFest event welcomed an
estimated 900 people attend, establishing
itself as the key event of the Durham
University Global Week. It showcased dozes
of cultural student groups to members of the
University and local community.
We collaborated on the Durham
Sustainability Fair involving more students,
with both student groups and staff led
initiatives showcased.
Our student groups involved large numbers
of students with their fundraising efforts this
year, with Durham University Charity Fashion
show having one of its biggest years raising
over £190,000 for CALM (Campaign Against
Livin
Miserabl
We restructured our officer team to include a
new, paid, part-time International Student
Officer. This role was filled by election and
will work to improve the influence and
interconnectedness of international student
communities on campus.
Propose a model for
belter collaboration.
and support of
internalional student
groups on campus.
Design. run, evaluate,
and plan from data
generated when
sludent groups
engage with Durham
su.
We produced our first student group leaders
guidance based on survey, interviews and
membership data. This analysis has
conlributed lo organisational scorecards and.
the induction of the new part-time Societies
Officer and full-time Community Officer. It
has also led to a shared commitment
between us and Durham University's
Colleges and Student Experience Team and
its sabbalical student leaders to collaborate
on measuring student volunteerlsludent
leader experience across campus.
Key improvements in the data we gather,
and track have made better reporting more
sustainable, including our ticketing
partnership with events platform, Native,
which has provided a clearer picture of
student event attendance.
Societies: help
students involve each
Ensure students
access student group
ortunities as easil
We supported 7039 visits to the Sports and
Activities and our Freshers, Fairs, and
17,918 active users visited our various

DURHAM STUDENTS. UNION
(A company limited by guarantee)
other in new interests
and experiences.
online as at our in-
person Fresher's
Fair.
student group information pages, both
increasing from last year. We processed
22,101 student group membership
purchases. Our membership management
platform enabled 126 student groups to elect
their student leaders.
We made various membership system
improvements in the year. The membership
purchasing process was streamlined based
on studenl feedback, and we also worked
with our event ticketing and advertising
partner, Native, to make licketing for student
groups events and for Freshers, Fair easy
and simple, and provide us with more insight
into events students attend.
Make running a
student group easier
by streamlining and
simplifying the
touchpoints,
processes and tools
student group leaders
use, adopting a risk-
based regulatory
framework.
We launched the ASK service, as a single
point of contact for students both in person in
our building and digitally, through our digital
helpdesk. With a clear goal - that students,
whether their query relates to student
groups, advice or anything else should be
able to raise it at single poinl and be directed
to the help they need. We invested in digital
infrastructure, improved processes and
developed and promoted the ASK (Advice,
Support, Knowledge) brand to make
students, lives easier when seeking our help,
with a particular focus on making help easier
to access for student group executives.
Improve our
development and
support offered to
volunteers.
Our guidance for student groups has been
expanded in our knowledge base. We gave
student volunteers a greater range of
guidance and support resources than before,
and by the end of the year, they were using
it, across both course rep and student group
executives, roles.
Experiment with
Dunelm House
spaces to create more
places where more
students can spend
time on their terms.
Creating more, good, student spaces across
several rooms in Dunelm Space was
challenging. However, there were clear
highlights, including students once again
being able to use our second balcony after
repairs, introducing a games table into the
Lounge and getting access to Durham
University's room booking system to
streamline student bookings. Students
continue to engage strongly with the space
as study space and student group space,
and with pop-up events such as plant sales,
poster sales and vintage clothing fairs.
Kingsgate Café was nearly always full in
term time, and students were positive about
having coffee in the building, however,
overall consumption was low, and didn't earn
enou
h mone
to cover the costs of runnin

DURHAM STUDENTS. UNION
(A company limited by guarantee)
the café. As a service, it was both financially
unsustainable and not providing a service
needed by enough students to make it
worthwhile. We closed the café at the end of
the year with the intent to consult and
refocus bolh the resource and the space in
wa
that better serves students.
Student subscribers to our mailing lists
increased, and we used more regular
segmentation to provide tailored
communications to international and
postgraduate students. We also segmented
our campaigns to relevant student study
levels in housing, student insight surveys and
strike impacl advocacy, and each received
higher engagement than for other similar
activities in the past.
Spaces: across
campus and online are
accessible and high
quality.
Help students engage
with the things that
matter to them by
changing how we
collect, structure and
use data to tailor
communications to
student audiences
and key stakeholders
across student
communities.
Understand the key
user journeys and
needs of the
thousands of students
who access Durham
Su's website every
year and invest in
improvements and
solutions.
We created opportunilies for students to
feedback on their website experien￿,
adapted our homepage layout and identified
key improvements to areas students use the
most- our homepage, events, advice and
membership management.

DURHAM STUDENTS, UNION
(A company limited by guarantee)
We Built Confidence In The Purpose And Value Of The Students, Union
Goal
Obj•ctiv•s
By June 2024, wo
sald we'd...
Plafform more
student vol￿S and
reach more students
by prioritising and
resourcing student-
generated content.
By Jun• 2024, we had
We successfully embedded student content
creators in our marketing team, regularly
producing content throughout terms. We
profiled more student groups than ever before
on our channels, one each week of term. and
supported the work of several to be
highlighted on University channels and
publications, including collaborating on
spotlighting the student leaders from our
women-led student groups for International
Women's Week.
Once again, our student media was award
winning, with PalTV, Purple Radio and
Palatinate all winning national student media
awards.
Build
confidence
in the
purpose
and the
value of
the
students,
union at
Durham
University.
Students". support the
ollective organisation
by them, for them.
Embed an annual
insight cycle aligning
with Durham Su's
democratic and
managerial decision-
making.
We piloted four student surveys this year to
help us gather insight and understand and
prioritise the most effective survey questions.
Our All Student Survey, Student Group Exec
survey, Academic Rep Survey and Student
Housing Survey.
While turn-out was a challenge for all, the
almost 800 contributions we received in total
helped us to report on our key organisational
scorecard measures, provide a guidance
report for incoming sludent leaders and
power sludent campaigns, from media
articles on student housing to inclusion in our
Access and Participation Plan submission.
Experiment with
direct student-led
decision-making in
addition to formal
meetings.
When a General Election was called, we
acted quickly to provide students with key
information about both registering and voting,
working with both Durham University and the
National Union of Students to raise
awareness.
Student
organisations: thrive
in their dislinct role,
different but
complementary to
Durham SU.
Help independent
student organisations
access tools that
help them address
their everyday
challenges.
Almosl all Common Room Presidents
attended PresRes our residential training and
network building event. This year. the agenda
and delivery were more tailored to the needs
of Presidents. We also provided Active
Bystander training for volunteers across
Common Rooms, with a focus on equipping
Freshers, Reps to recognise and intervene rf
they see others at risk.
We incentivised culture change in the
Durham Union Society, and allowed them to
access our spaces on a goodwill basis

DURHAM STUDENTS. UNION
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We facilitated dialogue between Durham
University and independent student activists
Durham Students4Palestine, and offered
practical support during the time the protest
encampment was in place. We called on the
University to engage constructively with the
group and safeguard their right to protest,
and shared their goal of securing the
University's agreement to review their ethical
investment olic
which we achieved.
We attended and promoted events across
campus, with a particular focus on
collaborative events both within departments
and colleges. These covered a broad range
of student interests and communities,
including as Nerdcon, Durhack, Teikyo
Festival, Durham Book Festival, the Black
History Month Art Festival, Issues to Action
and many more.
We'll uplift the work
of student
communities across
Durham and make
their offers easier to
find for other Durham
students.
Durham University.. is
committed lo and acts
in partnership with ils
students, union.
Strengthen student
representatives at
Durham University,
including a new
Student Consultation
Framework and a
basis for our
contribution to the
new University
strategy.
We created and elected Faculty Presidents
in each academic faculty, as well as a
Postgraduate Research Officer who will be
led by the Education Officer and form part of
our new SU Education Committee to
slrenglhen and resource greater Faculty
based representation for students.
11
Pilot student
community
associations in
academic
departments,
priorilising student
engagement in
learning in a
democratic
university.
Departmental societies and related academic
student groups engaged students in sludent-
led activity and learning across the year.
Highlights included the Computing Society's
'Women in Tech, group, which collaborated
the Mathematical Problem Solving Society to
put on DurHunt, the Classics Society's well
atlended and engaging Conference, 'Myths
and Madness,, and Durham University's
Women in Law Society, which championed
diversity and inclusion for women students at
Durham across the year through collaborative
aclivities with both industry and the law
school.
We trained over 50 student decolonisation
interns across University departments, with
positive feedback on the value of the training.
These student interns initiated projects
improving the curriculums in their subject
areas, by including more global methods,
resources and topics in their courses and
took part in the first end of year
Decolonisation Intern Conference.
10

DURHAM STUDENTS, UNION
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We Tackled the Big Issues That Hold Students Back
Goal
Objectivos
By Jun• 2024, we
sald we'd...
Define what a good
Durham University
induction looks like.
By June 2024, we had
Make
Durham
better by
tackling
the big
issues
Ihat hold
students
back.
Induction: Durham
prepares every
student to do well
as a learner and a
citizen in our
University
community.
Written and published an induction report
which was shared with the University on
what makes a good induction, and collected
data from students on how well they thought
their induction helped them to have fun, feel
they belonged at Durham and prepared them
as citizens and as learners.
Partner with a Durham
University department
to pilot an improved
induction 202512026.
Disrupt the broken
housing market by
launching a platform
for landlord feedback,
and propose a
business case for
students entering the
housin
market.
Evidence of how
Durham University's
admissions and rent
policies relate to bed
spaces, housing cost,
and the broken
housing market
across the City of
Durham.
Convince Durham
University to relate
their housing cost
policy to actual
student income.
From this work on defining,
recommendations for a pilot were agreed
with the Sociology Department, to
commence in induction 2024125.
Secured funding for Rate Your Landlord
feedback platform to be launched in the
2024-25 academic year, and begun scoping
how we might support a housing co-
operative.
Housing: for
Durham, students is
high-quality,
affordable, and
secure.
We ran a Student Housing Survey, with
support from Durham University to gather
feedback across the summer from students
leaving their houses on the quality, cost and
experience of student renters in Durham.
This will be compared to insight gathered via
our Rate Your Landlord platform for feedback
on student experiences in the future.
We produced a definition of affordability and
student income that was passed by our
student Assembly and received well by the
Vice-chancellor. This gives us a basis for
what we believe is truly affordable for future
universit
cost-relaled decisions.
We produced a report on student leadership
positions, including identifying barriers to
accessing those positions. This was
presented to Wider Student Experience
Committee, and the work will inform future
interventions to improve access to student
leadership, such as a conference in 2024-25.
We also audited existing leadership positions
within the university and how they are
electedlappointed.
Access and
particlpation: to
Durham, and in
Durham, will
advance the
ambitions of
excluded students.
Assess formal and
informal student
leadership
opportunities across
Durham to identify
areas of inequity or
underrepresentation.
Improve participation
and influence in
formal leadership
opportunities for
currently
underrepresented
students.
A student-led board drawn from key widening
participation group5 shaped Durham
University's Access and Participation Plan,
and secured £85,000 for student led activity
from the 2024125 academic year. We
published a Student Leadership Report
articulating the key barriers and challenges
to studenl leadershi
and sha
lans to

DURHAM STUDENTS. UNION
(A company limited by guarantee)
11
engage more students in student leadership
over the following year.
We secured a £500,000 uplift to the Durham
Grant for students from low-income
households and £25,000 for college hardship
funds, to support students experiencing
financial hardship.
Created and elected paid part-time student
officers to provide better and fairer
representation for students who are currently
underrepresented, including international
students and those from liberation groups.
We supported students to create our
Estranged and Care Experienced Students
Association, to bring student with these
shared experiences together and provide
infrastructure for them lo advocate for and
support each other. We worked with the
group lo submit a paper requesting improved
support for estranged students, including out
of term accomrnodation and increased
financial support. This was received
favourably, and we will continue to push for
this to be implemented in the next academic
year.
12

DURHAM STUDENTS. UNION
(A company limited by guarantee)
ORGANISATIONAL REVIEW
Finances In Review
The trustees agreed financial objectives in the 2022 strategy, which underpin the delivery of student priorities
and build organisational sustainability.
Objective One.. three months operating costs in free reserves.
The trustees intend to achieve 8 2 % unrestricted funds surplus against unrestricted turnover in each year of
the slralegy to meet the objective. In 2022123, performance was at 3 % (£40045) and in 2023123,
performance was at 10/0 (£17192).
At £215558, free cash reserves are currently between two and three months operating costs, and there is
good progress on the objective overall. Durham SU is on track to be at £299000 by year-end 2026127.
Objective Two: sustainable incomelexpenditure, with venue trading at break-even.
The sustainability of the business model has been considered using the strategic risk assessment in
2023124, and the focus period for controlling the risk of unsustainable incomelexpenditure will be in 2024125,
as Oufham SU negotiates a new multi-year funding agreement with Durham University.
The higher education sector faces increased financial pressures, and there is no prospect of subslantial
block grant increases from Durham University. The students, union's focus in the future is maintenance of
the value of the block grant, and winning project funding in areas of strategic interest.
Durham SU is, fundamentally, financially slable. with sustained grant income and good controls on
expenditure, and no long-term or significant liabilities. A key concern for the trustees is the inability of either
Durham University or Durham SU to put meaningful capital investment into the premises occupied by the
students. union, with consequential negative impact of trade, reputation, student experience, and business
operations.
Durham SU was unable to make venue trading break even. with increased cost-of-sales, salaries, and other
overheads, in degraded facilities and in light of changed student social behaviour. Venue Irading was
therefore discontinued in the year.
Income
Durham SU is funded in two principal ways.. the majority of income is a block grant of unrestricted funding
from Durham University, which is directed entirely inlo charitable activity, and this is supplemented by some
commercial activity, principally on the sale of media and space, but with some new trade in the sale of
professional services to other students, unions.
Grant income
Durham University continues to support the Durham SU strategy and has confidence in the students, union.
The three-year funding agreement negotiated in 2021122 expired in July 2024 and a one-year bridging
agreement was made for 2024125. Discussions are ongoing regarding a new year agreement from August
2025, within the limitations set by Durham University's own financial constraints. The block grant for 2023124
was £1224070.
Commercial activity
Durham SU, uniquely among Russell Group students, unions, has had no institutional capital investment in
its facilities for decades. This lack of support has meant that the quality of spaces used to generate income.
to offset the cost of running the building for students, has degraded to such a point that they are unfit for
purpose.
The rising cost of running the spaces, with the inability to generate income from them. has required the
trustees to withdraw from venue trading. For the first time in 60 years, students no longer have a bar or cafe
in their students, union building, to help with social events, and offset the cost of operating spaces for
13

DURHAM STUDENTS. UNION
(A company limited by guarantee)
students. This is deeply sad, but the inevitable consequence of a failure to invest in a heritage asset over
time.
Durham SU generates some commercial income from the management of spaces within Dunelm House
which are used for academic activities during the working day. This income is stable given that these rooms
are used for academic activity and have received some institutional investment.
The sale of professional services to other students. unions Ss not used to generate profit but allows Durham
SU to offset the cost of corporate services. This is an area of potential growth, which will be pursued in the
year ahead.
Custodian funds
Durham SU registers over 300 student groups, which have no legal personality distinct from the students,
union, and acts as custodian trustee for funds raised for their activity.
Student groups are created and relired on a rolling basis, 2nd Durham SU dislributes grants to these student
groups, in line wilh a published procedure. £22877 was rolled over from the previous year's pot. At year-end
2023124 annual operating budget was topped up by the rolled over pot, meaning £19467 was available at the
start of the 2024125 financial year.
Student groups also raise funds themselves, with balances held separately in the finance system. At year-
end, these funds tolaled £405768.
Student Group Fundraising
Following a strategic risk assessment, additional management control and oversight of student group
fundraising was required by the trustees. This included the development of a tailored fundraising agreement
to clarify the relationship between Durham SU and any organisalion for which we chose to raise funds above
a reasonable threshold. This proved effective with CALM. the chosen charity partner in 2023124, and is being
used for 2024125 fundraising in aid of Macmillan.
Durham SU raises charitable funds from the public through student volunteers who receive an induction on
good practice in fundraising and the students, union's expectations of their good conduct. Student
fundraisers have a defined portfolio of activities, including 'slreet' fundraising of RAG {raise-and-give} bucket-
shaking, endurance activities (often sponsored athletic events), challenges such as skydives, or ticketed
events such as balls and fashion shows.
The single largesl fundraising event in the year was the Durham University Charity Fashion Show, which
raised funds of £302000, up from £273000 the previous year.
Fundraising cosls in the year were £109051 with total donations of £188566. At year end, there was
£260900 in the charitable fundraising account, and £190239 of this was disbursed to CALM (charity number
1110621) in early 2024125.
Durham SU does not yet subscribe to any standard or code for fundraising practice and has not authorised
any professional or commercial fundraising organisation lo act on its behalf. We strive to act in line with the
Fundraising Code of Practice, and we are developing a comprehensive guide to fundraising, notwithstanding
any future decision by the trustees to formally subscribe to the Code. The trustees received no complaints
about fundraising in 2023124.
Reserves policy
The trustees reviewed and reslated the reserves policy in the year, further to the first strategic financial
objective.
Treasury management
The trustees reviewed and restated the treasury management policy in 2022, and hold funds in three bank
accounts. The trustees intend to receive a reasonable rale of return on good cash balances, and protect
from undue risk of loss of funds in the event of disruption to banking services. Careful management of funds
permitted a good gain in interest received, which increased to £12376.
14

DURHAM STUDENTS. UNION
(A company limited by guarantee)
GOVERNANCE IN REVIEW
Durham SU in its current form was incorporated on 1 July 2011, as a successor to a non-incorporated
charitable organisation dating back to 1899, and is a charitable company limited by guarantee.
The trustees have given consideration, and believe that they have complied with, their duty to have due
regard to guidance on public benefit when exercising any powers or duties to which the guidance is relevant.
The trustees also believe that this report demonstrates that benefits provided are wholly charitable.
The trustees agreed good governance objectives in the 2022 strategy, which underpin delivery of student
priorities and build organisational sustainability.
Objective One.. achieve a 'very good, outcome across the Quality Students, Unions assessment framework.
The trustees have asked for an initial scoping assessment against the framework in 2024125, and intend that
the assessment is undertaken in 2026127.
Objective Two.. 60Q/o 'green' assessments In peer-review against the Charity Governance Code for students,
unions. The Charity Governance Code was under review in 2023124, and will be reissued by the steering
group in early 2025.
The Irustees will consider how the NUS Charity responds to that iteration of the Code, and intend to
undertake a assessment against Ihe whole Code in the 2025126 year.
The Board of Trustees
The trustees are stewards of a thriving democratic culture, and balance their respect for the student
leadership with their legal responsibilities to the organisation. The trustees direct the governance and
strategic management of Durham SU and have reviewed the framework for the delegation of their authority.
The trustees have established..
A General Purposes Committee to oversee the sustainable and effective use of resources, the
identification and conlrol of risk, and the developmental and management of organisational policy
and procedure.
An Officers Committee to bring together elected student leaders to assess and determine the
student interest, and lake any necessary action.
An Appointments Committee to recruit, develop, and evaluate the leadership of Durham SU, in
governance and senior management roles.
A Chief Executive Support and Review Committee, to supervise the senior staff member between
meetings of the trustees.
Appointment of Trustees
Durham Su's three full-time Officers and four student trustees are elected in crOsS￿arnpUs ballots of the
entire sludent membership for a term of office of one year. The election rules are set out in the Standing
Orders. The lay trustees are appointed after widely 8dvertised, competitive, recruitment, to terms of three
years. Initial and ongoing development is resourced and required of all trustees. All trustees are limited to a
total of two terms of office in each category of membership.
Management
The trustees delegate Ihe day-to-day management of Durham SU to the Chief Executive. who reports on the
effective delivery of the objectives and strategy.
All slaff, including the Chief Executive and the remunerated Officer trustees, work within a common
framework for pay and performance management. Every employee has their performance supported
Ihroughout the year, against the expectations of their core role, against core behaviours, and against annual
objectives.
15

DURHAM STUDENTS, UNION
{A company limited by guarantee)
Regulatory oversight
The trustees report each year to Durham University's Council on their compliance with the relevant
expectations of the Code of Practice issue by Council further to the Education Act (1994).
The trustees had understood that the Office for Sludents would begin to directly regulate Durham SU and
had spent a considerable amount of time preparing for new regulatory duties under the Higher Education
(Freedom of Speech) Act 2023. The General Election held in July 2024. however, led to change of
government policy and relevant legislation was, at first, not commenced, and will soon - we understand - be
repealed by Parliament.
RISK MANAGEMENT
The trustees review and 8pprove a Risk Policy each year, which describes their approach to the assessment
and address of risk, in light of Charity Commission guidance on the identification, treatment and reporting of
risk. The trustees consider risks. individually and then collectively, and this supports them to articulate a risk
appetite for Durham Su's work.
The day-to-day management of risk is delegated to the Chief Executive, who provides regular updates to the
trustees on work against the Strategic Risk Register, and insight into emergent risk. This framework allows
the trustees to confirm that they have appropriately considered and addressed the principal risks to Durham
SU. The principal risks which form the Strategic Risk Register.
The principal risks identified to Durham SU are-.
Clarity of authorily.. is a continuing strategic risk. Trustee and management action has improved the potential
risk impact to 'moderate' rather than 'major', through the development of culture and policy which balances
interests and clarifies authority and this is therefore, actually, at target risk level, but one significant control
has yet to be implemented. Durham SU is really waiting for the right opportunity to resolve poor governing
documents, and a referendum has been deprioritised given other pressures. This should, however, be
achieved in the coming year, which should resolve this risk.
Expectation of student need and behaviour.. is a new risk, as Durham Su's student leadership opportunities
rely on a model of student behaviour which, experience across the sector as well as emergent local
evidence, suggests is increasingly anachronistic. Simply put: students value and enjoy crochet get-togethers,
or coming lo iftar, bul don't want to run in an election to be the secretary of Crocheulslamic Society (for
example). And while students wanl to talk about how good their lecture is, Ihey don't want to run in an
election to be a course rep. We rely on students wanting to hold an office rather than wanting to run or
experience an activity, and students are increasingly rejecting the premise of the model and voting with their
feet.
Financial pressure.. acknowledges the income and expenditure challenges in the higher education sector,
and the impact this is likely to have on Durham SU. The risk arises because of the change management
processes involved in transition, rather than in organisational sustainability.. the sludents, union's balance
sheet is strong and there is no fear about the exlenl to which Durham SU is a going concern. Bul there is
inevitable attrition associated with the act of understanding, and responding to, to fundamental shifts in the
operating model, and this has the potential to disrupt Durham Su's work.
Performance management.. is a continuing risk not because of any concern about the quality of Durham Su's
work, per se, but the fact that Ihe management information systems which objectively demonstrate the
quality of that work are still relatively new, and there is limited familiarity in how this informalion is collected
and used.
Legislative changes.. will affect the students, union in that the change burden is uncertain, but inevitable, and
comes at a cost. A new government intends to enact its manifesto, and Durham SU will have to reform some
of its regulations and policies in, for example, employment legislation (the Employment Rights Act), in data
protection rules (the Data (Use and Access) Act), and support for studenl housing (the Renters Rights Act).
Again, the principal risk is change management processes rather than the legislation, as Durham SU doesn't
believe any provision is likely to significantly disrupt delivery.
16

DURHAM STUDENTS. UNION
(A company limited by guarantee)
Fundraising.. continues to be a concern, following an incident in 2022123 which exposed a failure in controls,
in which the trustees and managemenl team had previously had confidence. Durham SU raises a large
amount of money through student fundraisers and this activity required development work. There had been a
hope that this risk could be discharged in 2024, but key staff left the organisation, and expertise and
responsibility has yet to be fully settled.
Student Groups.. is an oplimistic assessment, and reflects the current state of student group support and
development. Potential changes in the support model. initialed as a result of both strategic and financial
changes, will need to be carefully considered to ensure that the risk profile remains within the students,
union's capacity lo service.
Student Satisfact￿n.. is an acknowledged complex area of work, where cause and effect are difficult, and
there is limited data that satisfaction with the corporate organisation contributes positively or negatively to
any other aspect of business performance. NO￿lthstandIng this, the risk assessment recognises the
opportunity cost that comes from limited confidence in organisational legitimacy.
17

DURHAM STUDENTS, UNION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2024
Trustees
Daniel Lonsdale (appointed 1 August 2023)
William Brown (appointed 1 August 2023, resigned 30 June 2024)
Frederick Fossey-warren (resigned 30 June 2024)
Deborah Acheampong (resigned 30 June 2024)
Anna Robinson {appointed 1 August 2023, resigned 30 June 2024)
Hafsa Serajee (appointed 1 August 2023. resigned 30 June 2024)
Dylan Jones (appointed 1 August 2023)
Ben Thomas (appointed 1 August 2023, resigned 30 June 2024)
Graeme Osborn
Hannah Sketchley (resigned 31 January 2024)
Clare Powne (resigned 31 July 2024)
Rachel Taylor (resigned 10 September 2023)
Liam Isaac (appointed 15 September 2023)
Oliver Davis (appointed 1 July 2024)
Robert Drury {appointed 28 February 2024)
Moitreyo Ganguli (appoinled 1 July 2024)
Catherine Howells (appointed 1 July 2024)
Joshua Loan-clarke (appointed 1 July 2024)
Callum Cook (appointed 1 st July 2024)
Helen Cutting (appointed 29th May 2024)
Emma Clarke (appointed 29th May 2024)
Company registered
number
07689815
Charity register•d
number
1145400
Registered office
Dunelm House
New Elvet
Durham
DH1 3AN
Chlef Executive
Gareth Hughes
18

DURHAM STUDENTS. UNION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
(CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors
Newcaslle
First Floor
One Strawberry Lane
Newcastle upon Tyne
NE14BX
Bankers
Lloyds Bank
19 Market Place
Durham
DH1 3NL
HSBC
1 Saddler Street
Durham
DH13NR
Solicltors
Womble Bond Dickinson
The Spark
Draymans Way
Newcastle Helix
Newcastle Upon Tyne
UK
NE4 5DE
19

DURHAM STUDENTS, UNION
{A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
(CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Statement of Trustees, responsibilities
The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for
preparing the Trustees, report and the financial slalements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company
law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the Company and of its incoming resources and application of resources,
including its income and expenditure, for thal period. In preparing these financial statements, the Trustees are
required to..
select suitable accounting policies and then apply them consislenlly-,
observe the methods and principles of the Charities SORP (FRS 102).,
make judgements and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards {FRS 102) have been followed, subject10 any
material departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Company's transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Auditors
During the year, Armstrong Watson Audit Limited were appointed as auditors for a three-year period, replacing
Haines Watts.
Approved by the Board of Trustees on 5th of March 2025 and signed on its behalf on 11th April 2025 by..
Graeme Osborn
Chair
20

DURHAM STUDENTS. UNION
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF DURHAM STUDENTS, UNION
Opinion
We have audited the financial statements of Durham Students, Union (the 'charitable company,) for the year
ended 31 July 2024 which comprise the Statement of financial activilies, the Balance sheet, the Statement of
cash flows and the related notes, 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:
give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its
incoming resources and application of resources, including its income and expenditure for the year then
ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
8asls 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 Auditors, responsibilities
for the audit of the financial statements section of our report. We are independent of the charitable company in
accordance with the ethical requirements that are relevant to our audit of the financial statements in the United
Kingdom, including the Financial Reporting Council'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.
Con¢lusions relating to golng 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 thal, individually or collectively. may cast significant doubt on the charitable company'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.
21

DURHAM STUDENTS, UNION
(A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF DURHAM STUDENTS. UNION
(CONTINUED)
Other information
The olher information comprises the information included in the Annual report olher than the financial
statements and our Auditors, report thereon. The Trustees are responsible for the other information contained
within the Annual report. Our opinion on Ihe 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 Ihereon. 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 misstaled. If we identify such material inconsistencies
or apparenl 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.
Oplnlon on other matters prescrlbed by tha Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report for the financial year for which the financial statements are
prepared is consistent with Ihe financial statements.
the Trusiees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and ils environment obtained in the
course of the audit, we have nol identified malerial misstatements in the Trustees, report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns- or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the Trustees were not entitled lo prepare the financial statements in accordance with the small
companies regime and take advantage of the small companies, exernptions in preparing the Trustees,
report and from the requirement to prepare a Strategic report.
Responslbilities of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of
the charitable company for the purposes of company law} are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees delermine is necessary lo 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 charitable company's
ability to continue as a going concern. disclosing, as applicable, matters relaled to going concern and using the
going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to
cease operations, or have no realistic alternative but to do so.
22

DURHAM STUDENTS. UNION
(A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF DURHAM STUDENTS. UNION
(CONTINUED)
Auditors, responsibilities for the audlt of the financlal statements
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 Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal 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 laken on the basis of these financial statements.
Irregularitles, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misslalements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and
the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected
to have a material effect on the financial statements from our sector experience and through discussion with the
directors and other management. The most significant were identified as Charities Act 2011. Companies act
2006, UK GAAP (FRS 102) and relevant tax legislation. We considered the extent of compliance with those
laws and regulations as part of our procedures on the related financial statements. Our audit procedures
included:
confirming with the trustees and management whether they have any knowledge or suspicion of fraud.
Obtaining and understanding of the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations.
Assessing the risk of management override of controls, including identifying and testing a sample of
journal entries.
Confirming the cash balance as at the end of the period directly with the banks.
Reviewing meetings of those charged with governance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.org.uklauditorsresponsibililies. This description forms part of our
Auditors, report.
Use of our report
This report is made solely to the charitable cornpany's members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
charitable company's members those matters we are required to state to them in an Auditors, report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the charitable company and its members, as a body, for our audit work. for this report, or for the
opinions we have formed.
Karen Rae (Senior statutory auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors
Newcastle upon Tyne
Date: 23 .
23

DURHAM STUDENTS. UNION
{A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JULY 2024
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
1,486,076
78,628
1,564,704
1,453,719
Charitable activities
116,941
854,879
971,820
1,015,455
Other income
102,508
102,508
81,861
Total income
Expenditure on:
1 705 525
933 507
2 639 032
2 551035
Raising funds
167,236
167,236
124, 556
Charitable activities
1,540,487
947,908
2,488,395
2,378,878
Total expendltur•
1707 723
947 908
2 655 631
2 503 434
Net movement In funds
Reconciliation of funds:
Total funds brought forward
217,756
681,069
898,825
851.224
Net movement in funds
(2,198)
(14,401)
(16,599)
47,601
Total funds carried forward
All amounts derive from continuing activities. The Statement of financial activities includes all gains and losses
recognised in the year.
The notes on pages 27 to 46 form part of these financial statements.
24

DURHAM STUDENTS, UNION
(A company limited by guarantee)
REGISTERED NUMBER.. 07689815
BALANCE SHEET
AS AT 31 JULY 2024
2024
2023
Note
Fixed assets
Tangible assets
74,281
114,231
74,281
114,231
Current assets
Stocks
2,905
6,057
Debtors
13
45,604
35, 763
Cash at bank and in hand
807,986
798,931
856,495
840, 751
Creditors.. amounts falling due within one
year
14
{48,550)
(56, 157)
Net current assets
807,945
784, 594
Total net assets
Charlty funds
Restricted funds
15
666,668
681,069
Unrestricted funds
Designated funds
15
19,389
General funds
15
215,558
198,367
Total unrestricted funds
15
21 5,558
217,756
Total funds
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial slalements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Graeme Osborn
{Chair of Trustees}
Date- 1110412025
The notes on pages 27 to 46 form part of these financial statements.
25

DURHAM STUDENTS. UNION
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
Note
2024
2023
Cash flows from operating activltles
Net cash used in operating activities
21
15,894
96,567
Cash flows from investlng activities
Purchase of tangible fixed assets
(6,839)
(24, 366)
Net cash used in investing actlvlti¢s
(6,839>
(24,366)
Cash flows from financlng activities
Net cash provlded by financing actlvities
Change In cash and cash equivalents In the year
9,055
72,201
Cash and cash equivalents at the beginning of the year
798,931
726, 730
Cash and cash equivalents at the end of the year
The notes on pages 27 to 46 form part of these financial statements
26

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
General information
Durham Students, Union is a registered charity in England and Wales, with the charitable object of
advancing the education of students at Durham University.
The charity is a private company limited by guarantee, with the registered office and principal address at
Durham House, New Elvet, Durham, DHI 3AN.
Accounting policies
2.1 Basis of preparatlon of financlal statements
The financial statements have been prepared in accordance with the Charities SORP (FRS
102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Durham Students, Union meets the definilion of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the
relevant accounting policy. 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.
2.2 Golng concern
The financial statements have been prepared on a going concern basis. The Trustees have
reviewed and considered relevant information, including annual budgets and forecasts in making
their assessment. Based on these assessments, given the measures that could be undertaken to
mitigate the current adverse economic conditions, the current resources available and amounts
already confirmed for the next financial year the Trustees have concluded that they can continue to
adopt the going concern basis in preparing the annual report and financial statements.
27

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Accounting pollcles (continued)
2.3 Incoming resources
Block grant received is taken to income on receipt. with the exception of amounts received relating
to future periods which are taken to deferred and recognised in those accounting periods.
Incoming resources subject lo donor imposed conditions that specify the time period in which the
expenditure of resources can take place are recognised over the time period imposed.
The amount of block grant is agreed year on year and the Union has no contractual entitlement to
this.
Other revenue income is taken to income when the conditions of entitlement, probability and
measurement are met.
Donated facilities are recognised as income when the charity has control over the item, any
conditions associated with the item have been met, the receipt of economic benefit from use by the
charity of the item is probable and economic benefit can be measured reliably.
The Union receives donated resources from Durham University in the form of accommodation on
the campus. The value of these services is recognised each year and increases at CPIH inflalion
levels.
2.4 Rèsources expended
Resources expended are accounted for on an accruals basis.
Cost of raising funds comprise the costs of marketing and venue rental and their associated support
costs.
Expenditure on charitable activities includes the cost of bars, events, membership services, DUCK
and Student Societies undertaken to further the purposes of the charity and their associated cost.
Support costs are those costs incurred indirectly by the charily and are allocated to charitable
activities on the basis of usage.
Governance costs are those incurred in compliance with constitutional statutory requirements. such
as the annual audit.
The Union is partially exempl for VAT purposes and expenditure is shown gross of the irrecoverable
proportion of VAT where applicable.
2.5 Taxation
The Company is considered to pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act
2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitable purposes.
28

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Accounting policies (continued)
2.6 Tangible fixed assets and depreciatlon
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model,
tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairment losses. All costs incurred to bring a tangible fixed asset into its intended working
condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the Cost of tangible fixed assets less their residual value
over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Building
Plant and machinery
Furniture and fittings
Computer equipment
409/0
2.7 Stocks
Items of bar and vending stock are stated at the lower of historical cost and net realisable value.
2.8 Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of Iransaction costs, and are measured subsequently at
amortised cost using the effective interest method, less any impairment.
2.9 Cash at bank and in hand
Cash is represenled by cash in hand and deposits with financial institutions repayable without
penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments Ihat
mature in no more than six months from the date of acquisition and that are readily convertible to
known amounts of cash with insignificant risk of change in value.
2.10 Creditors
Short term creditors are measured at the transaction price. Other financial liabilities,. including bank
loans, are measured initially at fair value, nel of transaction costs, and are measured subsequently
at amortised cost using the effective interest method.
29

DURHAM STUDENTS. UNION
(A company limited by guaranteé)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.11 Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from banks and
other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the fulure
cash flows and subsequently at amortised cost using the effective interest method. Debt
instruments that are payable or receivable wilhin one year, typically trade payables or receivables,
are measured, initially and subsequently, at the undiscounted amount of the cash or other
consideration, expected to be paid or received. However if the arrangements of a short-term
instrument constitute a financing transaction. like the payment of a Irade debt deferred beyond
normal business terms or financed at a rate of interest that is not a market rate or in case of an
out-right short term loan not at market rate, the financial asset or liability is measured, initially, at the
present value of the future cash flow discounted at a market rate of interest for a similar debt
instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,
an impairment loss is recognised in the Statemenl of Financial Activities.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an assets carrying amounl and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount
rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an assets carrying amount and best estimate, which is an approximation of the
amount Ihat the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on
a net basis or lo realise the asset and settle the liability simultaneously.
2.12 Pensions
The pension costs charged in the financial statements represents the contributions payable by the
Union during the period in accordance with FRS102.
An explanation of the pension scheme run by the Union and details on payments in the period can
be found on nole 21 to the accounts.
30

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Company for particular purposes. The costs 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.
All income and expenditure is shown in the Statement of Financial Activities. Incoming resources
and resources expended have been presented differently this year to better reflect a true and fair
view of the union's activities.
Critical accounting estlmates and areas of judgement
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates
will, by definition, seldom equal the related actual results. The Trustees do not consider there to be any
significant eslimates or judgements in preparing the financial statements. however, those which have an
impact are as follows..
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are
reassessed annually. They are amended when necessary lo reflect current eslimates, based on
technological advancement, future investments, economic utilisation and the physical condition of the
assets. See note 11 for the carrying amount of the property plant and equipment and note 2.6 for the
useful economic lives for each class of assets.
(li) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors.
When assessing impairment of trade and other debtors, management considers factors including the
current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13
for. the net carrying amount. of the debtors.
31

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Income from donatlons and legacies
Unrestricted ReStrIct￿ Total
funds
funds
funds
2024
2024
2024
University Grant
1,224,070
78,628
1,302,698
Grant of serviced accommodation
254,677
254,677
Other grant
7,329
7,329
Unrestricled Restricted
funds
funds
2023
2023
To181
funds
2023
University Grant
1, 123,000
76,499
1, 199,499
Grant of serviced accommodation
247,019
247,019
Other grant
7,201
7,201
32

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Income from charitable activities
Unrestrlcted Restricted
funds
funds
2024
2024
Total
funds
2024
Bars
98,667
98,667
Membership services
18,274
18,274
DUCK
312,534
312,534
Student groups
542,345
542,345
Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
Bars
122, 805
122, 805
Membership services
17,411
17,411
DUCK
273,000
273,000
Student groups
602,239
602,239
33

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Other incoming resources
Unrestricted
funds
2024
Total
funds
2024
Venue rental
32,383
32,383
Marketing
70,125
70,125
Unrestricted
funds
2023
Tot81
funds
2023
Venue rental
24, 795
24, 795
Marketing
57,066
57,066
34

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Resources expended
Activlties
undertaken
dlrectly
2024
Support
costs
2024
Total
funds
2024
Raising funds
Activities
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
Raising funds
Analysls of expenditure by actlvities
Activities
undertaken
directly
2024
Support
costs
2024
Total
funds
2024
Commercial
95.707
65,642
161,349
Membership services
996,493
241.740
1,238,233
Designated fund activilies
19,389
19,389
DUCK
297,607
40.505
338,112
Student groups
650,301
81,011
731,312
35

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Analysis of èxpenditure by activities (continued)
Activities
undertaken
direGtIy
2023
Support
costs
2023
Total
funds
2023
Commercial
149, 776
61,599
211,375
Membership services
907,814
209, 734
1,117,548
Designated fund actlvities
19,969
19,969
DUCK
276,415
36, 998
313,413
Student groups
642, 576
73,997
716,573
Analysls of support costs
Total
funds
2024
Total
funds
2023
Accommodation - Raising Funds
50,230
43.454
Accommodation - Activities
204,447
203,565
Staff related costs
108,381
77, 539
Facilities
173
434
Equipment and licences
26,862
11,141
Administration charges
20,353
22,994
Travel and conferences
5,700
5,611
Finan￿ expenses
399
12
Professional expenses
573
5,963
Depreciation
3,423
3, 766
Governance costs
8,357
7,849
36

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Analysis of expenditure by actlvities (continued)
Governance costs
Auditor's remuneration
8,357
7,849
Trustee expenses
1,624
703
37

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Net incomelexpenditure for the year
2024
2023
Net income for the year Is stated after charging:
Depreciation
46,788
44,488
Auditors. remuneration
2024
2023
Fees payable to the charity's auditors of the charity's annual accounts
38

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Analysls of staff costs, trustees remuneration and expenses and the costs of key management
10. personnel
Staff costs were as follows..
2024
2023
Wages and salaries
1,010,125
917,777
Social security costs
74,163
68.994
Contribution to defined contribution pension schemes
53,484
48,069
Other staff related costs
26,283
31,297
The average number of persons employed by the Company during the year was as follows..
2024
No.
2023
No.
Full-time
29
27
Casual
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2024
No.
2023
No.
In the band £70,001- £80,000
Travel expenses of £1,624 (2023- £703) were reimbursed to Trustees during the year.
The trustees are made up of external trustees and sabbalical officers. external trustees were not paid or
received any other benefits from employment in the year (2023 - £nil), sabbatical trustees were paid
£121,127 (2023 - £91,067) as permitted by the Students, Union's Ordinance and Regulations. No trustee
received payment for professional or other services supplied to the charity {2023- £nil).
The key management personnel of the charity comprise the Chief Executive Officer, Director of Services,
Director of Campaigns and Director of Communications and Strategy. The total employee benefits of the
key management personnel of the charity were £234,977 (2023 - £213.030).
39

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
11.
Tangible fixed assets
Long-term
leasehold
Improvements
Plant and
machlnery
Computer Furniture and
equipment
fittings
Total
Cost or
valuatlon
At 1 August
2023
98,228
3,500
73,688
228,607
404,023
Additions
4,339
2,499
6,838
At 31 July 2024
98,228
3,500
78,027
231,106
410,861
Depreclation
At 1 August
2023
37,272
3,500
51,194
197,826
289,792
Charge for the
year
9,824
11,016
25,948
46,788
At 31 July 2024
47,096
3,500
62,210
223,774
336,580
Net book value
At 31July 2024
74.
At 31 July 2023
At 31 July 2024 Durham Students, Union had no capital commitments.
12. Stocks
2024
2023
Goods for resale
40

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
13. Debtors
2024
2023
Due within one year
Trade debtors
23,754
16,958
Other debtors
1,509
Prepayments
20,341
6,501
Accrued income
12,304
14. Creditors: Amounts falllng due wlthin on• year
2024
2023
Trade creditors
13,081
11,285
Other taxation and social security
18,633
23.472
Accruals and deferred income
16,836
21.400
41

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
15. Statement of funds
Statement of funds - currènt year
Balance at 1
August
2023
Balance at
Income Expenditure 31 July 2024
Unrestrlct•d funds
Deslgnated funds
Capital fund
General funds
General funds
198 367
1688 334
17055251
215 558
Total Unrastrlcted funds
217,756
1,705,525 {1,707,723)
215,558
Restrlcted funds
DUCK
245,973
312,534
(297,607)
260,900
Student Groups
435,096
620,973
(650,301)
405,768
681,069
933,507
(947,908)
666,668
Total of funds
42

DURHAM STUDENTS. UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1S. Statement of funds {contlnued)
Statement of funds - prfor year
Balance at
1 August
2022
Balance at
Income Expenditure 31 July 2023
Designated funds
Capital Fund
Unrestricted funds
158 322
1599 297
1559 252
198 367
197,680
1,599,297 (1,579,221)
217,756
Restrlcted funds
DUCK
249,388
273,000
(276,415)
245,973
Student Groups
398,934
678, 738
(642,576)
435,096
Other funds
5,222
(5, 222)
653, 544
951, 738
(924,213)
687,069
Total funds
434
43

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
15. Statement of funds (continued)
The Capital fund relates to amounts received from the University for refurbishment undertaken during
2019120, and trustees elected ring fence this as a designated fund. Depreciation is allocated against this
fund over the expecled life of the assets purchased.
Restrlcted funds
Student group funds represent balances held by individual societies and are spent at their discretion
subject to the Union's rules.
DUCK funds represent balances raised by students for charitable purposes. These are paid to
charitable organisations subject to the Union's rules.
Other funds represent an additional amount received from the University carried forward from 2021122.
the balance of £Nil being disbursed in support of academic society membership.
44

DURHAM STUDENTS, UNION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
16.
Analysis of net assets between funds
Analysis of net assets between funds - current perlod
UnrestrScted Restrlcted
funds
funds
2024
2024
Total
funds
2024
Tangible fixed assets
54,443
19,838
74,281
Current assets
209.665
646,830
856,495
Creditors due within one year
(48,550)
{48,550)
Total
Analysls of not assets between funds - prlor perlod
Unrestricted
funds
2023
Restricted Designated
funds
funds
2023
2023
Total
funds
2023
Tangible fixed assets
94,412
19,819
114,231
Current assets
160,112
661,250
19,389
840, 751
Creditors due within one year
(56, 157)
(56,157)
Total
17. Capltal commitments
At 31 July 2024 there were no capital commitments (2023- £nil).
18.
Pension commitments
Durham Students, Union participated in a defined contribution group personal pension scheme which
was open to the members during the financial period to 31 July 2024. Under the scheme Ihe Union
contributed 60/0 of earnings and employees each contributed 5./0 of earnings.
Pension costs for the year ended 31 July 2024 amounted to £53,484 (2023 - £48,069>. Pension costs
are funded from unrestricted income.
45

19. Related party transactions
Durham University owns the building occupied by Durham Students, Union,. a peppercorn rent is charged
on this lease.
At the year end. the University owed the Union a balance of £0 (2023 - £0).
At the year end, the Union owed the University a balance of £0 (2023 - £0).
Transactions wlth Related Partles
The Charity conducts business transactions on a normal commercial basis with. and receives a number
of services from the following related Companies:
NUS Students, Union Charitable Services, NUS Services, and NUS Media. are related parties due to
Garelh Hughes being a Director in common.
During the year, £26,761 was paid to NUS Services. £25,000 of this related to the annual subscription
fee 2nd the remaining payment was for conference and other fees and received income of £1,065.
During the year. £5,533 was paid to NUS Charity for advertising, market research and strategic
conversation training.
At the year end, NUS Services owed the Union £0 (2023- £0).
At the year end, the Union owed NUS Media £0 (2023 - £0).
20. Controlllng party
Control of Durham Students, Union is considered to be in the hands of its membership. and
consequently there is no controlling paty.
21. Raconcillatlon of net movement in funds to net cash flow from operating actlvltles
2024
2023
Net incomelexpenditure for the period (as per Statement of Financial
Activities)
(16,599)
47,601
Adjustments for:
Depreciation charges
46,788
44,488
Decrease in stocks
3,151
1, 706
Decreasel{increase) in debtors
(9,841)
1,685
Increasel(decrease) in creditors
(7,607)
1.087
Net cash provided by operating activities
567
46