Re¢tstered coMnY number: 07695765 (Enihnd and Wale5} ReBbtered Ch•rlty nunthr: 1147242 CONSOLIDATED FINANCIAL STATEMENT5 FOR UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) FOR THE YEAR END 31 JULY 2021 *A80J61VT• 25103r2022 CCWPANIES HOUSE
UNIVERSITY OF SUSSEX STUDENTS, UNION IUMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Tslee5 Nehaal Bajwa, Officer Connor Moylett, Officer Annie O'connor, Officer Paris Palmano. Offir Caitlin Wen. Officer Rebekah Flemin& Student Aaron Willlams. Student Billy Bryan. Eernal Helen Hoogewerf-mccomb. External Cameron Joshi. External Secretary Paul Newton Charity Number 1147242 Ct)mpany Number 07695765 Re8Tstered Offlce & Principal Address Falmer House Universrty of Sle Brighton East Sussex BNI 9QF Auditors TC Group The Coutyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Barclays Bank PIC 77 South Road lawwards Hp.Hth West Sussex RH16 4L8
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BYGUARANTEE) CONTENTS Page Trustees. Report Ilncoiporating Directors Rem} Statement of Trustees, Resp($1b11rtieS Report of the Independent Avditor5 Consolidated Statement of Financial Artwitses 13 Consolidated BalarKe Sheet 14 Charity Balance Sheet 15 Consolidated Cash Flow Ststement 16 Notes to the Financial Statements 17
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITEO BY GUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIRECTORS REPORTI FOR THE YEAR ENDED 31 JULY 2021 The Trustees present their annual rep(Yt together with the audited financial statements of the University of Sussex Students. Union for the year to 31 Jvly 2021. The Trustees confirm that the Annual report ènd finantial statements of the charitable companyandgroup complywiththe ojrrent statutory requirements. the requirements of thè charitsble companvs governing doojment and the provisions of the Statement of Recommended Prartice ISORPI appli¢able to chaflties preparing thèir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irèland IFAS1021 (effective l January 20191. Strurturei governance and management Artlcles of assotlation The Students, Union is a company limited by guarantee and a registered charity. Method of appointment orelttlion of trustees Under the Articles of Association there are 12 trustees: six full-time 'sobbatical' officers Iwho are either recent graduates or intermitting Udents1.. three student trustees- and three lay trustees appointed by the Board for their specialist knowledge. professional experience and independent expertise. Thesabbatical Officers are elerted by¢ross- campus ballot of Union members each swing and hold office for the following academic year, wsth the possibility of re-election for one further year. The three student trustees are also elerted by cross-campus ballot in spring and hold office forone year. alsowith the possibility of re-election foronefurtheryear if they arestill a student atthe Univèrsity. Policles adopted for the Indu¢fjon and trainlni OItntee5 All sabbatical trustees are given two weeks of training before takin8 office onBoin8 learning and development opportunities throughout the year once in offi. The initial training tovers basic govemarb¢e and representstiijn principles, such as le8al requirements. constitutional prot¢xols and lobbying. It also includes shadowing the outgoSng officers in their day-io-day activities. Student trustees are trained once in office on the basic governance and legal requirements of their rolÈ along w¥th reading and understandingfinancial infom1atn. Orgartisatlon stru¢iyre and decision makin The trustee board is responsible for the good governance of the Students, Union. The overall poliry of the Union is made by quorate Members Meetin8s or Referenda open to all member5. Lapsed policy 15 reviewed by the members of the Union Council that consists of approximately 35 elected and rÈpre5entstive students. Union Council also maintains the Rules that govern the Students. Union. The Trustee Board delegates most other decision making to the following committees.. Finance & Risk Cornmittee People & Pay Committee Democracy & Consiitution Committee Communications Committee Equality, Diversity & Inclusion Committee Executive Committee As well as dealingwith policy and rule changesthe Union Council is also responsiblefor representation and democratic atcountability. The following sub-committees report to Council.. Sports Reps Committee Societles Committee Student Media Committee Sustainability Committee Intemational Students Committee Golng coeM & Finanoal Management From the onset of the year we continued with a wide range of measure5 to monitor and mitigate the adverse effects of the lockdown. These included reducing a¢tivity-felated costs. preparing more frewent cash flow forecasts, closelv monitoiing expenditure, scenario plannin& ond fvlly uts"lisin8 the Governmenvs Coronavirus Job Retention Scheme. Throughout this we continued to prtyide a¢knce. support and representation to our membership. We also managed
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BYGUARAMfEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORn FOR THE YEAR ENDED 31 JULY 2021 to provide many of our artNities and semces. both virtually and some fa-tfa. when restrictions allowed, and ensured compliance Government advice on 11th and safety measures acfOSS all of our artr¥ilies and premises. The biggest area of concern for the trustees continued to be the sustainabtlity of the Union's trading subsidiary. Although the company managed to trade in a much reduced fomi throughout the yèar this would havè not been enoueh to maintain the company as a going Concern. The charity made a further grant payment from its reserves to ensure that the trading ¢ompany had enough cash to See it through the financial year. This grant in combination with several successful insurance claims, local authority Erants, a bank loan through the Government.backed. bounceback scheme. using the aRS and agreeing new payment plans for our commercial rents Fneant the company finished the 2020121 financial year in surplus despite most of its tradin8 artivity teasin8. The Board of Dirertors of the trading company continue to monitor the situation and have put in pla afi action plan to ensure that the company remains 501vent 8oin8 into the nert financial year when a more normal level of trading attivity should resume. It is the belief of the trustees that both the charity and its tradirvd subsidiary remain going conorns. Rlsk Mana8ement The trustees have a150 assessed the major long-term ri5k5 to which the Group is exposed, and in particular have highlighted those related to= l. the effects of the pandemic on the commer¢ial Viability of the organisation's trading subsidiary and its ability to continue to contributè to the fi.nances of the tharity- 2. the Union's financial reliance on the reducing core fundi from the unNersity: 3. Our WT infrastruct¢Jre and support- ReseNe levels and cash flows.. 5. the relationship with the parent institution and our ability to act as a critical frnd and affect meaningfvl change; 6. The loss of key staff across the oT8ant5ation and the diffKulty we are facing in recwitment and retention and staff dissatisfartlon with current 5alaries- 7. the threat to the Union's repre5entstional legitimacy by the Universitvs altematNe student engagement programme and a negative perception of the Union relating to the effectiveness of Stydents, Union and its officers,- 8. the low levels of volunteer engagement in Union democratic attivities- ever changing governmental policy in relation to Covid and its effetts on how we operate. A5 a result the Union 15 undertaking a pro8ramme of work to help mitigate these risk5. These include: l. Constant monitoring and reviewing the perfomiance of each Outlet; controlling costs and looking to extend existing contracts and looking for new opportunities.. 2. Reviewing the funding Pfocess with the University to ensure we have adequate funding and at least a three- year rolling arrangement to all¢)w better lon8-terrn financial planning.. 3. Put in place a new Digltal Plan. Invest in more intemal and extemal IT staff 5YPPQrt akJn8 with new hardware and movin8 more core operations to doud based solutions.- 4. Contrnuing to redu activity-related costs where possible. preparing more frequent cash fiow forecasts and closely monitoring expendbture and cash serveS (Ner the next year,. 5. To rleW the Univer5itVs Jnd Su's working rèlationship in partnershrp and agree a nèw Memorandum of Understanding between the two organisation5 along wr(h a new Student Voice Strategy With emphasis on student academic representatives- 6. Reviewing our salary strurtures and recruitment policies to better control costs whilst increasing salaries for lower paid staff. Ensure that area5 Of key riskare properly resourced lor outsourced) at)d operating effectivelv. Put in place an annual L&D plan to increase staff satisfattion and knowled8e; 7. Improve our representative and democratic en8a8ement with Students Ènsuring that feed-in and feedback processes are further devel¢)ped and our communications become more student-focused,. 8. Review our democratic pro$Se5. irKreasing support and the responsibilities of student-led committee5 and our elected representsti¥es'
UNIVERSITY OF SUSSEX STUDENTS. UNION {UMITED BYGUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIRECTORS REPORn FOR THE YEAR ENDED 31 JULY 2021 9. Continuous monitoring of GOnMen5 Covid policyandguKlan¢e and makingany changes needed to remoin compliant. With this work undertaken and measures put in pla the trustees believe that all known risks are being managed adequately in order to allow the Union to meet its tharitsble objettives. ObJertS¥es and ACtItIes Ourobjects The Union's objetts Ithe'objects'l. as detailed in its constytution. 15 the adv•n¢ement of education of students at the University of Sussex for the public benefit, we deliverthis throu8h-. l. The Student Voice and Engagement teams defend and pr¢)mote the interests of students at the University of Sussèx and BSMS. They operate an a¢fvice and a¢fvocacy service provtding individual advice and advocacy as well as facilitating collective student representatyon through campaigning, lobbyin& trainin& reseafch and briefin85for officers and the Student Rep scheme. It also ensure5 that our democrati¢systems are functioning nd effettive as well as facilttating our engagement work within the l¢xal cornrnunity. The Acbvities and Events department provides organised sporting opportunities and facilitates special interest, student run socrèties and groups. The department also supports a student Buddy Scheme. Language Café. We provide studènt run space to facilitate student debate and diSCu10n and att as a platform for social attion, liberatiort and political attivity. Together with student groups the Events Team also provides various key events throughout the university and cultural calendar and general entertainment all of which seNes to improve the student experience. 3. Student Media has many outlets faalrtated by the Union. including TV. radio and print media. and has a large online presence both with websites and on social media. 4. Su55ex Student LettinBs is run for the benefit of Students. ensurin8 that only good quality. reasonably priced housing 15 available in our agency. 5. Commer¢ial Trading services operate on campus licensed social vueS and retail OLrtlets. These operation5 provide essential services and opportunities for students to meèt and socialise with each other. They also provide valued student employment as well as revenue to SUPPQrt our non-commercial seNices. 6. Student Employment opportunities ensure our student staff typically have morè training and development opportunitie5 than with other employers from customer service training through to leadèrship qualrfications for 5upervi50r5. They gain greater experience and shifts are allocated around student commitments where Possible. We also offer rewarding and beneficial employment opportunities for recent Sussex graduates in key roles throughoLTrt ihe Union on one or twoyear placements. Our PriA¢iples Llbelatlon at the core: an SU which fights for Justi and against oppression. One which acts as a hub for all ommunitie5 to come together and make meaningful connections. Part of the rommunity: an SU which is embedded in and open to the local wmmunity. Students as or¥•nlsers: an SU whi¢h develops the knowledge. ski115 and capacity of students to organise for chae. Collertlve care and Joy: an SU which seeks out ¢ollectrve solutions to stnjctural problems, and which creates spa¢es and structures for mutual support. 501idarity and Joy. Bold politi¢al action- an SU which is principled and artive on polrti¢al and sotial issues both at Sussex and beyond. Ourifiyon forth¢ futyre of the Studenw Unlon
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2021 Deeper student engagement: an SU where all students are aware of the union and the impart it can treate, where a significant p¢Jrtion of the student body are acbvety engaged in democratic decision-making. Stnjnz reco¥ery from COVID: an SU which rebuild5 Sustainably from the pandemic. majorly expands commercial operations and offer5 in-per50n spaces for sderrtS to ¢onne¢ socialise and organisè together. A sertor-leadln8 modef: an SU which expèriments and pushes boundaries. Athrivin8model of studerttunionism which is held up in the sector as an example of a unicfft 5uccessfvlly fighting for the interests of their students. Respect from the University: an SU which is valued and listened to by the University. and whith is meaningfvlly consulted with on all decisions impactin8 Students, lives. Greater attessibility: an SU which offers a diversity of pathway5for enga8ement to empower all student communitie5 to participate in shaping their union. In shaping the objectives and planning activities for the year. the tnJstee5 have given consideration to the dutie5 as set out in section 17151 if the Charities Act 2011 to have due regard to public benefiL Achlevements and perfom)ance This year saw a worldwide pandemic and several national lockdowns, puttynB most teachin8 online and students left with very little face-tctrface contart but still faong high Tents and tuiti fees. This meant we continued to implement our digital strategy as all of our service5 and activities went online and ourstaff and ofFicers had to work remotely. We managed to do this very successfully and continued to provide 5UPPQrt. events and informatbon for our membership throughout the lockdown. The Union also supported several student-led campaigns and helped ¢at* the University of Sussèx Renters Union that led a successful rent Strike that, along with Union lobbyin& secured a redutbon in rent for students living on campus. We also secured a¥reement from the UnNersityto Ik at the affordability of campus rents going forward. Financial Re¥lew The Covid pandemic continued to impact on the group. Income for the year wa5 £3,684.180 compared to £5,633.896 in 2020. Expenditure for the year wa5 £3,528,676 compared to £5.806.978. Overall the group made a surplus of £155.504 compared to a deficit of £173.082 in 2020 due to the grants and furlough received to assist dvrin8 the pandemic. Rèservès policv The current environment that the Universlty of Sussex StLtdents' Union operates under Is more uncertain than ever. The ongoing pandemic and its effects are being felt worldwide but the effects on UK HE provision is starl both in regards to the effects on the number of students CLNming to the Unwersity of Sussex but also on the trading environment the Students. Union operates within. These efferts include the funding from Sussex University via a block gran( which has already started to reduce. In addition. the rèlationship between ourselves and the UnNersity needs to be a positive one. otherwise grant payments may be put at risk. The changes brought about bythe pandemio includingconstant Changes in government legislation. reductton of resources available to the sdents, Union and the immediate viability of ourtrading subsidiary are a real cause for concern. Reserves have. as a result of Covid19. been used duringthe year to support the Trading Company as an example of an unexpected but material risk reali5ation which is one purpose of holdin8these reserves. Fortunately the reserves prior to the Covid events were in surplus to minimum requirements which facilitsted their use to a$5iSt the Trading Company. Attion has been initiated to manage ongoing exposures. Reserves have been maintsined just above minimum levels throughout the yèar and into the following yèar. 8udBeting has lotsked fOard to the year ahead to
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) TRUSTEES, REPORT {INCORPORATING THE DIREcfoRS REPORn FOR THE YEAR ENDED 31 JULY 2021 remain confident thaL although stretched, the reserves remain adequate. This has been shared and discussed with the University, who remains the Union's thief funder. The Board monitors these reser¥e5 on a three month fOnard planning basis. A robust budgeting procedure is followed every year, which helps the Students. Union become aware of poterbtial Issues and opportunities going forward. The reserves policy is reviewed at least annually. to make sure it is fit for the Students. Union moving lonvard. The 4 principles below will always form an important part of this. The principles are as follows: Llquidity/Working capital The Union's reserves poliLy is to build and maintain cash reserves at a level equal to 3 months of core operating costs for the or8anisation. Any SerVeS above the level of 3 months operating cost may be used from time to ty'me to enhance the charitable activities. This principle will help us get through any periods where we have a temporary shortfall where blo¢k funding or other income sources have been delayed in the short term. 2. Funding sources The majority of funding recetved by the Student Union comes by way of a block grant from Sussex University- It is Importantto maintain a posiiwe and open relationship with Sussex Unr¥erstty. Itis also importantto ascertain certainty on future funding. as this may vary significantly from one year to the next. It is also important to be aware of fartors outside the control of Sussex University whtch could influence future Grant hJndinE. With this approach, adjustments needed can be implemented in good time. Other sources of income. such as that from the tradingsubsidiary a150 need to be monitored carefully so that any changes in fvnding can be managed correctly. In addition, as we start to look at more funding from outside the University and Trading company. we need to work with reputable organisations and carefully budget the opportunities that this may provide. 3. Winding down of the charity and its tradin8 subsidiary A going concern anatysi5 needs to be condurted in an ongoing manner. The Universtty. as the Union's chief funder, ha5 given reassurances that, should it be needed, the Union would be 8Nen financial support for it to rernain a going concern. They have also agreed to a lon8-terni funding plan to allow bettèr financial planning and security for the Union. With this in mind the Trustee5 no longer feel that the costs of winding down the Union need to be part of this reserves policyas it no longer represents a material risk. In the unlikely event of the Student Union's trading subsidiary needing to be wound down. enough reserves will be put aside to cover statutory costs so thatthts can be fully funded. This item is not an additional item but establishes a baseline below vlhich the total unrestri¢ted reseNes will not be allowed to fall. 4. Capital accumulationlFuture risks The Trustees may decide to build reserves ab the set level for capital investment projects or to cover a future specifi¢ material potential risk. 202112022 Reserye5 Item I: Annually. the current core operating costs of the Union are around £I,240,C. This equates to £103,333 per month. This figure will be reviewed annually by the Trustee5. Three months of expenditure is £310k. Item 2: Trustees have agreed a commitment tocover costs of supporting the student lettings business, which amounts to £24k. This is to expand the business and bring in greater profits for the charity in subsequent years whilst providin8 better housing and conditions for more students. Item 3-. For the year ended 31"jU 2021. this number has been calculated to be £137k to cover redundancy and associated administration costs. Item 4= Changès to our finanoal polrcies mean that the Union will now use the previous yearfs surpluse5 from the tTadin8 company IA its annual bud8et4n8. This gives greater certainty of the level of fundin8 the trading subsidiary will provide. For the next financial year, due to an Èxperted low surplus from thè trading company, thè Trustees have agreed to commit £40K to make up lor the shortfall to 5UPPOrt the services that this funding usually supports.
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2021 The reserves level of unrestricted funds is set at £374k for the current year Iminimum cost of Item I plus Item 2 and Item 41 with an absolLrte operating minimum set at £137k {Item ai. At the year erbd free reseNes totsled £613.267 and is therefo in line with the group's reserve policy. Plans Itx future peritxls New strate8y We are reviewin8 our new Strategic Framèwork-Becoming Your Union- In light of the effècts of the pandemic and what that will mean for our seNice5 and our role within a very different educational environment. As part of this we will be reviewing both the or8anisational strurture and ourfinances. A key element of ¢xJr new strategy has been the development and implementation of our new digital strategy whith we will continue throughoutthè year. A core part of this will be a new website allowir* the better use of data. lrtryeaslD8 engagement and participation in Union demotratyc artithi We continue to build on the work of the last strategy to increase student partiapation in our representative democratic engagement with students ensuring that the feed-in and feedback processes are further developed and our communications become more student-focussed. We will also be looking at ways to increase transparency and strengthen atcountsbility of the Unbon and its officers to its membèrship. A key part of that will be our continuation to regularly moAltor levels of student satisfartion with their experience of University and that of the Students, Union through the Student Life Pulse survey. This survey will also be used to set organisation KPIS. Improvlng 0rrinancial perforniance Due to the worsening financial situation the pandemic will bring we will be reviewing the funding proce55 Wlth the University to ensure we have adequate funding and a three-year rolling arrangÈment to allow better IoAg-term financial planning. We will a150 Start to implement new salary strurtvre5 and recrustment policies to bètter control costs whilst increasing salaries for lower paid staff where possible. We will a150 review all income 8eneratinB activities to ensure we are generating surpluses wherever we are able to do 50. Trustees The trustees Set out below have held office during the whole of the peric4J from I" Au8ust 2020 to the date of this report, unles5 Otherwisè stattd. oiricer.. Roseanne Steffen Iresigned 16 Jul¥. 20211 Officer= Mohamid Khalid (resigned 16 July. 20211 Officer= Nèhaal Bajwa (appointed 17 July. 20201 Officer= Connor Moylett (appointed 17 Juty. 20201 Officer: Annie trconnor lappointed 17 July. 20201 Officer- Paris Palmano lappc4nted 17 July, 20201 Officer: Yasmin James lappointed 16 Juty, 20211 {re5i8ned 11 February. 20221 OfFicer- Caitlin Wen (appointed 16 Juty, 20211 Sttjdent.. Sarah Osborn Ire5igned 16 June, 2021) Student.. Harry Jenkinson Iresi8ned 16 June, 2021} Student: Nisreen Fox Ire518ned 16 June, 20211 Student: Mavi5 Elias (appointed 16 Juty. 20211 Iresigned 29 January. 20221 Student: Rebekah Fleming (appointed 16 July, 20211 Student: Aaron Williams lappointed 16 Juty, 20211 External.. Aishnine Benjamin (resigned 23 September. 20201 External.. lean-Lu¢ Bressard Iresigned 13 November 20201 External.. Lindsay Thomas (resigned 20 October 20211 External.. Billy 8ry3n lappointed 30 April 20211 External.. Helen Hoo8ewerf-McComb (appointed 30 April 20211 External- Gimeron J05hi (appointed 29 October 20211
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORn FOR THE YEAR ENDED 31 JULY 2021 Auditors Durin8 the yearthe TC Group was ¢hosen to act as the Indepèndent auditorto the organlsation. Statement of d•s¢losure to auditor So far as each person who was a trustee at the date of approving this report are aware, there is no relevant audit Information of whith the group's auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have tskÈn as dirertors in ordèr to make themselves awa of all relevant audit infomiation and to estsblish that the group's auditor is aware of that informati¢)rt. This report was approved by the Trustees on and signed on their behalf. by: Annie O'connor Chaii of the Tru5tee5 February 2022 1710212022
UNIVERSITY OF SUSSEX STUDENTS, UNION IUMITED BYGUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 JULY 2021 The Trustees, who are also the direttors of University of Sussex Students. Union for the purpose of company law, are responsible for preparing the Trustees. Report and the acc¢)unts in a¢¢ordance with appli¢able law and Unrted Kingdom Accounting Stsndards (United Kingdom Generally Acopted A¢¢ounting Practiol, including Financial Reporting Standard FR5102 Yhe Finanaal Reportin8 Standard applicable in the UK and Republic of Ireland,. Company law requifes the Trustees. to ppare accounts for each financial year 4thich give a true and fair view of the state of affaifs of the charitsble company and group and of the incomin8 re50urce5and application of resources. includin8 the income and expenditure. of the charitable company and group for that year. In preparing these accounts, the Trustee5 are required to.. 5elert suitable atcountin8 policies al then apply them ¢onsistently- obserye the methods and principles in the Charities SORP- make judgements and estimates that are reaSonae and prudent- and prepa the accounts on the going concern basrs Un$S it is inappropriate to presume that the charitable company will continue in operation. The Trustèes are responsbble for keèJNng proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that thè accounts comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlon We have audited the financial ststements of UnNersity of Sussex Students. Union I'the charitable compan) and its subsidiary I'the group'l for the year ended 31 July 2021 which comprise the Con501idated Statement of Financial Activities, the Group 8alan¢e SheeL the Charbty Balance Sheet. the Cash Flow Statement and notes to thè financial statements, including a summary of significant accounting poliaes. The financial reporting framework that has been applied in their preparation is applieable law and Unrted Kingdom Accounting Standards, in¢ludin8 Finantial Rèporting Standard 102 The Financial RekJOrtingSt8ndard applicable in the UKand Republic of Ireland (United Kin8dom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the stste of thè Éroup's and the parent charitable compa5 affairs as at 31 July 2021 and of its incoming resources and application of resources for the year then ended- have been properly prepared in accordance with Unitèd kn"n8dn Generally Accepted Accounting Prattice. and have been prepared in accordance with the reqLrirements of the Companies Act 2(N]6. Basls foroplnlon We conducted our audit in accordance wth International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards ale further described in the Auditor's responsibilities for the audit of the finaneial statements sèction of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordano with these requrrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Other matter The financial ststements of the 8rouplcharitable company for thè yèar ended 31 July 2020. were audited by another auditor who expressed an unmodified opinion on those Statements on 22 March 2021. Conduslons relatSng to going concern In auditingthe financial statements. we have concluded thatthe tru5tee5' use of thÈÉoing 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 rnaterial uncertalnties relating to events or conditions that. individually or collectively, may cast significant doubt on the ¢hariVs and group's ability to continue as a going concern for a period of at least twelve m(th5 from when the financial statements are authorised for issue. Our responsibllities and the responsibilities of the tnJ5tees with respe¢tto goingconcem are desuibed in the relevant sections of thls reporL Ixher Infom)atlon The other information comprises the inforniation included in the annual report other than the finan¢ial ststements and our auditorfs report thereon. The trustees are responsible for the other Informati contsined within the annual report. Our opinion on the financial statements does not cover the other information and. expt to the extent otherwise explicitly stated in our report we do not express any form of assurance condu5i0n thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is matèrially inconsistent with the financial statements or our knoedge obtained in the course of the audi¢ or otherwise appear5 to be materially misstated. If we identify such material inconsistenoes or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements them5efves. If. based on the Work we have performed. we conclude that there is a rnaterial rnisstatement of this other information. we are required to report that fart. We have nothing to report in this fe8ard.
UNIVERSITY OF SUSSEX STUDEKfs' UNION IUMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlons on other matters pre5crfbed bythe ¢ompani¢s Act 2006 In our opinion. based on the work undertaken in the coursè of the audtt.. the information given in the tru5tee< report lin¢orporating rhe directors, reportl for the financial year for which the financial ststements are prepared is con515tent with the financial statements: and the directors, report has been prepared in accordancè wtih applicable legal requirements. Matters on whith we are required to r¢port by exception In the li8ht of ovr knowledge and underttanding of the charitable compary and grrAJP and its environment obtained in the Course of the audit, we have not identified material misstatements in the dirertor5' reporL We have nothin8 to report in respect of the following matters in relation to whith the Companies Art 2LK)6 requires us to report to you rf. in our opinion- adequate accounting records have not been kept. orreturns adequatefor r audit have not been received from branches not visited by us- or the financial statements are not in a8reement with the accounting records and retums.. or certain disclosures of directors. remuneration specified by law are not made- or we have nol reiVed all the information and explanations we require for our audit,- or the trustees were not entied to prepare the financial statements in accordance with the small companies re6ime and take advantage of thè small companies. exemption in preparing the dirertorfs repgrt and take advantage of the small companies èxèmption fmm the quireMent to prepare a strate8i¢ report. Responsibilities of trustees As explained more ful in the trustees. responsibilities ststement. the trustees (who are a150 the dirertors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is nece$5#ry to enable the preparation of ffinanoal statements that arefree from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companV5 ability to continue as a Boin8 concern. disclosin& as applicable, motters related to going concern and usin8the 80ing concern basis of accounting unless the iruees either intend to liquidate the charitsble company or to cease Operat115, or have no realistic altematNe but to doso. Auditorfs responsibilities lorthe audit of th•fincIal statements OUT objertives are to obtain reasonable aSSurnn about whether the financial statements as a whole arè free from material mi55tatement. whether due to fraud or error. and to issve an auditorf5 report that indudès our opinion. Reasonable axsuran¢e is a high level of assurance. but is not a guarantee that an audit conducted in accordance Wbth 15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or errorand arè considered material rf. individuallyor in theaggregate, theycould reasonably be experted to influence the economic deci5ion5 of users taken on the basis of these financial statements. Irre8ularities. including fraud. a instances of non-compliance wth laws and regulatTron5. The extent t¢ whi¢h our procedures are capable of detecting irregularities. including fraud. is detsId below. Extent to whith the audit was considered capable of detertlng Irregularities. ir*dudini fraud The objertives of our audit, in respect to fraud. are= to Ident and assess the risks of material misststement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fra¢Jd. through designin8 and implementing appropriate responses.. and to respond appropriately to fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of theentity and its management. io
.UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Our approach was as follows= We identified areas of laws and regulations that Cld reasonably be experted to have a material effect on the ffinancial statements from our general commercial and 5ertor experience, and through discussion with the directors and other managernent la5 required by auditin8 Standards), and discussed with the directors and other mana8ement the policies and procedures regardi compliance with law5 and regulations: We rdentified the following areas a5 those most likely to have suth an effert.. health and safety,. General Data Protection Regulation IGDPRI- fraud- briberyand corruptim and employment law. Auditing Standards limit the required audit pro¢edures to identify non-compliance with these law5 and gUlatiOnS to enquiry of the trustees and other management and inspettion of regulatory and legal correspondertce, if any. We considered the legal and regulatory frameworks dirertly applicable to the financial ststements feporting framework IFRS 102 and the Companies Act 21))6 and the Charities Art 20111 and the relevant tsx compliance regulations in the UK- We considered the nature of the group'5 operation5. the control environment and business performance. induding the key drivers for managemènys remuneration- We communicated identified laws and regulations throughout our team and remained alert to anv indications of non-compliance throughout the auditr. We considered the procedures and controls that the group has e5tsblished to addres5 risk5 identified, or that otherwise prevenl deter and detert fraud: and how senior management monttors those programmes and Controls. Based on this understanding we designed our audtt prOdureS to identify non-compliance with such laws and re8u13tions. Where the risk was considered to be higher. we performed audtt pr¢xedures to address eath identifjed fraud risk. These procedures included- testing manual jovrnals.- reviewing the financial statement disclosures and testing to supporting documentation; perfom)ing analytical procedures.. and enquiring of management. and were designed to provide reasonable assurance that the financial statements were fe from fraud or error. Owin8 to the inherènt limitation5 of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perforn)ed our audit in a¢tord3nce with auditing standards. For exarnple. the further removed non-complian with law5 and regulations lirregularitie51 is from the Èvents and transactions reflerted in thè financial statements, the less likely Ihe inherently limited procedures rèquired by auditing standards would identify it. The risk 15 also greater regarding irregularities occurrinB due to fraud rather than error. asfraud invO*S intentional concealment. for8ery, collusion, omission or misrepresentation. We are not SponSible for preventing non•complian¢e and cannot be expected to detect non-compliance with all laws and regulaty"on5. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webstte at.. htt Our-work Audi Audit-and-as5urance Stsndards-and- idance Stanards-and- uidance-for-auditors Auditors-res onsibilities-for-audr¢ f-auditor5- nsibilities-for-audit.as - This description forms part of our auditorf5 report. li
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITEO BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Use ol our report This report is made solely tothe tharitable Ctynpanrfs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2Q06. Our audit work has been undertaken 50that we might state tothe charitable ¢ompanW5 members those matter5 we are reqUId to state to them in an auditorfs 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 tharitable company and the charitable companVs members as a boo. for our audrt Work. for thi5 report or forthe opinion5 we have formed. Mark Cummlns FCCA {Serior Statutory Au(4tor) for and on behalf of TC Group Statutory Auditors Office: Sussex Dated.. %...... ......... 12
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) CONSOLIDATED STATEMENT OF ANANaAL ACTivmES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR EhlDED 31 JULY2021 Unrestrirted funds Re5trirted funds Total 2021 Total as restated 2020 INCOME FROM: Charitable artivities Other trading artivities Investments Other income Total Income 1289.642 2.254.586 162 61,400 78.390 1.351.042 1332.976 162 1,581.111 4,028,714 1,154 22.917 5.633.896 3.544390 139.790 3.684.180 EXPENDITURE ON: Raisin8 funds-trading expenditure Charitable activities 1,268.390 I268.3• 2.849.371 1139.951 3A08.341 120J35 120J35 2.260.286 3.528,676 2,957,607 5,806,978 Total expenthture Net Income / lexpendlturel I Net movèment In funds 136.1)49 19.455 155.%)4 1173.0821 Recon¢iliation of funds Total funds brought forwanl 578.525 48.110 626.63S 799.717 Total funds carriéd for¥Ard 714.574 67.$65 782.139 626.635 The Consolidated Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 17 to 30 form part of these financial statements. 13
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED 8YGUARANTEE) CONSOLIDATED BALANCE SHEET ASAT31 JULY2021 2021 2020 Note5 FIXED ASSETS Tan@ble assets 101.307 158,961 CURRENT ASSErs Stock Debtor5 Cash at bank and in hand 15 16 51837 178.017 68,084 251.624 $49.194 1.126.442 868.902 CURRENT LIABIUnE5 Creditors due within one year 17 1397277) 1401,2281 NEf CURREMI ASSETS 729,165 467.674 TOTAL ASSETS LESS CURRENr LIABIUTIES 830A72 626.635 Creditors: amounts fallin8 du• after more than one year 18 148333) TOTAL NEfASSETS 782,139 626.635 CHARifi FUNDS Restricted funds Unrestrlcted fvnds 19 67.565 714.574 782.139 48.110 578,525 626,635 The Group was entitled to exemption from audit under section 477 of thè Companies Att 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Art 2006. However, an audit is requrred in accordance with Seion 151 of the Charities Art 2011. The Trustees acknowledge their responsibilities for complying with the requirerr*nts of the Act with re5pert to accounting records and preparation of financial statements. The financial statements havè been prePad in accordan£e with the prtr4isions applicable to entr.ties subject to the 5rnall companie5 regime. The financial statements were approved and authmsed by the Board of Trustees on 17m)DD22 and signed on thelr behalf by.. Annie (Yctyinor Company Number-07695765 14
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED BYGUARANTEE) CHARITY BALANCE SHEEr ASAT31 JULY2021 2021 2020 Note5 FIXED ASSETS Tangible assets Investments ia 21,941 36,668 14 21.Y3 36,670 CURRENT ASSErs Oebtors Cash at bank and in hand 16 351.381 530.514 88imS 309.435 445.525 754.960 Creditors due within one year 17 (262.7731 {237.6391 NET CURRENT ASSETS 619,122 517.591 TOTAL NET ASSETS 641.065 554.261 CHARITY FUNDS Restricted funds Unrestricted funds 67.565 573,500 641.065 48,110 506,151 554.261 The Union was entitled to exemption from audit under sertiorb 477 of the Companies Act 2(Th. The members have not reqUId the entity to obtsin an audit for the year in question in accordance with section 476 of the Companies Act 2C4)6. However, an oudit 15 required in accordance ¥th section 151 of the Charities Art 2011. The Trustees acknowledge their responsibilitiès for comptying with the requ1Ments of the Art with fèspett to accounting records and preparation of financial statements. The financial statements were approved and authorised by the Board of Trustees on17twffju and slgned on their behalf bv.. Annie (Yconnor Company Number- 07695765 The notes on page$ 17 to 30 form part of these finanaal 5taternents 15
UNIVERSITY OF SUSSEX STUDENTS. UNION {UMITED BY GUARANTEE) CASH FLOW FOR THE YEAR ENDED 31 JUL Y2021 2021 2020 Cash flows from operat5ng artivities Net tash used in operating artivities 21 304.202 {531,9341 Cash flowsfrom Investing actlT4ft1es Purchase of tangible fixed ossets (6.9241 168.1341 14et Cash used In Investing artivitles (6.9241 168.134) Gish flows from flnanclnB actmtles Repayments of borrowin8S Cash inflows from new borrowings Net cash provlded by finarKlng artiwtles 49,116 Change In $h artd Cash ewl¥al¢nts In the ye¥ 346.394 1600.0681 Cash and cash equivalents at the beginning of the year 549.194 1,149,262 Cash and cash equfvalents at the end ol the year 895.588 549,194 The notes on pages 17 to 30 form part of these financial statements 16
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 STATUTORY INFORMATION The Union 15 a company limited byguarantee. The members if thecompanyare the Trustees named on the legal and admin information pa8e. In the eventof the union being wound up. the liability in respect of the guar3ntee is limited to £1 per member of the Union. ACCOUNnNG POUCIES 2.1 Basls of preparatlon of Ilnanclal statements The financial statements have been prepared in accordarKe with Chorities SORP {FRS1021- Accounting and Reporting by Charities= Statement of Recommended practi applicable to charities preparing their accounts in accordance with Financial reporting Standard applicable in the UK IFRS 1021 leffettivè l January 20191. the Financi31 Reportin8 Standard applicab in the UK IFRS 1021 and the Companie5 Art 2006. The financial 5tateryEnts are prepared in sterlin& which is the functbonal currency of the ¢harity- Monetary amounts in these financial ststemertts a rounded to the nearest pound. University of Sussex Students, Union mets the dèfinition 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 accountinE policy. The Consolidated Statement of Financial Artivities ISOFAI and Consolidated Balance Sheet consolsdatÈ the financial statements of the Union and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Union has taken advants8e of the exernption allowed under sectiLM 408 of the Compan5 Act 2006 and has not presented its own Statement of Financial A¢tivities in these financial statements. 2.2 Golng Concern At the time of approvin8 the financial statemènts. the trustees have a reasonable expertation that thÈ Union has adequate resour$ to continue in operational existence for the foreseeable future. In arrNin8 at this conclusion. the trustees have tsken into account the impact of Cowd-19 on it activities and finances. Thus thè trustees continue to adopt the 8oin8 conrn basis of accounting in preparing the financial statements. 2.3 Income All income is recogni5ed once the Union has entitlement to the income, it is probable that the income will be received and the amount of in¢ome weNable can be measured reliabty. Grants are tncluded in thè consolidated statement of financial actNitie5 on an accruals basis. The balance of income received forspecific purposes but not èxpended during the period is shown in the relevantfunds on the Balance Sheet. Where income 15 received in advance ol entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entiuement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income where they are distributed to the projetts. Gifts donated for resale are included as income when they a sold. Where the donated good 15 a fixed asseL it is measured at fair valuè. unless it is imprattical to measure this reliably. in which case the cost of the item to the donor Should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed att class and depreciated over the useful economic lifè in accordance wtth the Union's accountFng policies. 17
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENrs (coKnNUED) FOR THE YEAR ENDED 31 JUL Y2021 2.3 Income Icontlnued) On recelpt. donated professional semces and faaliknes are recognised on the basis of the value of thegift tothe Union whith is the amount it would have been willing to pay to obtain se15 or facilities of equivalent economic benefiton the open market. a corresponding amnt is then recognised in expenditure in the period of receipt. Income tax cOVerable in relation to d¢ationS received under Gift Aid or deeds of covenant is recognised at the time of donation. Irbcome tax recoverable in relatn to investment income ss recognised at the time the investmeflt income 15 receiva. Other in¢ome is reco8ni5ed in the period which it is recerrfable and to the extentthe goods have been provided or on completion of the seThice. 2.4 Expendtture Expenditure is recwised On there 15 a legal or constructive obligation to transfer economic benefft to a thkd party, it is probably that a trarL5fer of economic benefits wll be required in setdement and the amount of the obligatim can be rneasured reliabfy. Expenditure is dasyfied by a¢tNtty. The rosts of each activity are made up of the total of direct costs and shared costs, induding 5UPPOrt costs invO£d in Undertaki each activity. Dirert costs attributable to a sin8le actNity are allcKated directly to that activty. Shared costs whith contribute to more than one activity and supwt Costs whith are not attributable to a single actwity are apportioned bth¥een those artivities on a ba51S Consistent wtth the use of resources. Central staff costs are albcated on the basis oftime spend, and depreciation tharges allcnted M the portion of asseys use. Expenditureon raisingfundsincludesall expenditure incwredbytheGrouptoraisefvndsfor its¢haritable purposes and included costs of all fundraising activitie5 events and non-tharitsbletradi Expenditure on tharitable actywtie5 15 incurred on direcdy undertaking the artwibes which fither the Groups objecteS. as well as any asK*iated support Costs. All expenditure rs indusfve of irrecoverable VAT. 2.9 Interest reCeiVae Interest on funds held on deposit is included when receNable and the amount can be measured reliably by the Group; thi5 is nomally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tan8lble filed assets and depreclatk Tangible fixed assets costing £5LX) or more are rapitalised and recognised when futtwe economrc benefrts are probable and the cost or value of the assetcan be measure(I reliably. Tangible fixed assets are initialty recognised at cost. After recognty1. underthe cost m¢)del. tanw'ble fixed assets are measured at cost less accvrnulated depreootyon and any accumulated impairment1055e5. All costs incurred to bring a tangible asset into its intended working condition should be included in the measurtment of cost. At each reporringdate the Union assesses whetherthere is any indication of rmpoirment If such rndtcation exrsts, the recoverable amount of the asset is determined to be the higher of its fair value le5S Costs to sell and its value in use. An 5mpalrment10 recognised where the CaIng amrwjnt exceeds the coVerable amount. 18
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2021 ACCOUNTING POUCIES l¢ontlnuedl 2.6 Tan8ible fixed assets and dewetiation <ttInued) Depreciation is charged so as to allocate the cost of talble fixed assets less their residual value over their eimated useful lives, using the straight-line method. Depre¢iation is prOVed on the follong basis: FiXty and frttings offi equipment Computer equipment Societies and dubs equipmènt 21>33% stratght line 233% straight line 20-33% straight line 2(>33% straight line 2.7 Investments Fixed asset investments are aforni of finanaal instrumentand are InitialrecO8n1Sed at thelrtransatt1L Cost and subsequently measured at fair value at the 8alance Sheet date, unless the value cannot be measured reliably in which case it is measurefl at cost less impairment. Investment gains and1055e5, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Ststement of Financial Actiwties. Investments in sub5idiartes are valued atcost less provision for impaim)ent. 2.8 Stoth5 Stocks are valued atthe lower of cost and net realisabk value after Makn1 due allowance for obsdete and slow- moving stocks. Cost induded all direct costs and an apwipriate proporbon of fixed and variable overhèads. 2.9 l>ebtors Trade and other debtors are recognised at the settlement amount after arytrade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand indude tash and short-term highly liquid investsnents with a short malIty of three months or lèss from the date of acquisition or opening of the deposr( or similar accounL 2.11 Llabilltles and pro¥islt)ns Liabilities are recognised when thwe is an oblytion at the Balance Sheet date as a result of a past event, bt is probable that a transfer of economi¢ benefftvrill be required in sethemenL andtheamountof the settlementcan be estimated reliablv. tiabilities are recaniSed at the amount that the Union antsopates rt will pay to settle the debt or the amount it ha5 received as advanced payments forthe goods or serwces rt must prnwde. Provisions are measured at the best esbmate of the amounts required to settle the obl1%3ti. Where the effett of the time value of money is material, the provision is based on thè prèsentvalue of those amounts. discounted at the pre-tax discount rate that ref*ts the risks specifi¢ to the liability. The unwinding of the discount Is recogni5ed in the Consolidated Statement of Financial ActNities a5 a finance ¢OSL 19
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED) FOR THE YEAR EAIDED 31 JUL Y2021 2 ACCOUNnNG POLICIES (<ont5nued) 2.12 Ananclal Instruments The Group only has finanaal assets and financial liabilitie5 of a kirtd that qualify as basic fmanc¢al instruments. Basic ffinancial instruments are initialty recc£nised at tran5Ortion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost usin8 the effertTrve intèrest method. 2.13 Oper•tln8 leas Rentals paid under operatinB leases are chaed to the Consolidated Statement of Financial Activities on straight line basis over the lease temi. 2.14 Pensions The Group operates a defined contribution pension stheme and the pension drge represents the amounts payable by the Group tothe fund in respert of the year. 2.15 Fynd actounting General funds are unrestricted funds whith areavailableforuse at the disuetion of the Tmstees in furtherance of the general jectIVeS of the Group and whith have not been de5iBnated for other purposes. Restrirted funds are lunds which are to be used in acCdarKe with $tifiC restrirtions imposed by donors or which have been raised by the GrP for particular purposes. The costs of raising and administering such funds are ¢harged against such funds are charged a8ainst the specific fund. The aim and use of each restricted fund is set in the notes to ihe financial statements. INCOME FROM CHARITABLE AcfiviTES Unrnstricted funds 2021 Restrirted funds 2021 Total funds 2021 Total funds as restated 2020 University grant- general funds University- other funding Other grant income Artivittes, dub5 and societies Membership fees L234,000 1.234.IMI 1,225,172 1.794 61M 61.400 36.355 18,287 1.351.042 1.581.111 36.355 18.287 1.289.642 1,581,111 228.854 125.291 1.581.111 61M Total 2020 20
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED BYGUARAKTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2021 OTHER TRADING AcnvmES Unrestricted funds 2021 Restrfrted funds 2021 Total fund5 2021 Total funds as restatèd 2020 UnNersity- accommodation. utilities and cleaning aRSICovid grant income Catering and lettings management charges Other income Sales and operating income Publications and advert15ing 786,000 786.000 786,000 315.154 288,126 74390 393.544 288.126 246,653 120,013 7&554 771.446 15.306 2.254.586 3.782.061 78.554 771.446 15.306 2.332.976 4.028,714 331,730 2,437.795 IC6.523 4.028.714 78.390 246.653 Total 2020 lNvE5fMEP INCOME Unrestrfrted Restrlrted funds funds 2021 2021 Total funds 2021 Total funds 2020 Investment income 162 162 1.154 ANALYSIS OF EXPENDITURE ON CHAIIITABiE AcrviriES BY FUND Vnrestrirtd Reslrirted funds fvnd5 2021 2021 Total funds 2021 Total funds as restated 2020 Reprèsentation and democracy (Note 71 Publications (Note 81 Activitie5, club5 and so¢ieties (Notè 9) Governance costs (Note 101 674.024 272.140 1.171.303 22,484 2.139,951 2,708,Ice 61730 9,555 736,754 281.695 1,219,353 22,484 2,260.286 2.957.607 942,450 319,273 1,650.419 45.465 2.957.607 120335 249.498 Total 2020 21
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITEO BY GUARANTEE) NOTES TO THE FINANaAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2021 EXPENDtTURE ON CHARITABLE AcnvmES Totsl fund5 as restated 2020 nds funds 2021 lunds 2021 RepresentstSon and deThwa Permanent staff costs Sabbatical officers NUS affiliats.on Campaigns and conferences Support costs IZ4,141 136,507 25,361 35.43> 352.582 674.024 792,79) 30A94 155.03S 136.507 25.361 287.305 128.320 38.464 72.437 415.924 942.450 11.051 20.785 62,730 149,660 3n.367 736.754 942.450 Total 2020 EXPENDtruRE ON CHAR ABLE AcfMTIES (COPINUED> Unrestrirt funds 2021 Restrirt funds 2021 Total funds 2021 Total funds as restated 2020 Publlcatlons Permanent staff costs Admini51ratyve c¢sts Student media Union rnarketing Website Support costs 69.814 350 5.450 4.479 29,948 162,099 272.140 319,273 69.814 350 5,450 4,479 29,948 171.654 281.695 319,273 60,517 136 18.692 19,477 30.323 190.128 319.273 9.555 9,555 Total 2020 EXPENDttURE ON CHARifABLE AcfiviTIES ICONTINUED) Unrestrlcted funds 2021 Restricted nds 2021 Totsl funds 2021 Total fund5 a5 restated 2020 AcnviriE5, CLUBS AND SoclEs Permanent staff costs Administration Entertainments. expenditure & events Fresher5 week evènts Sports club eXndItUre Sport5 club funding Club and society expendilure Club and society fundraising BUSA and regional affilration Support costs 123,968 1,760 170,834 37,629 12,943 1.760 SA12 14.918 17.741 61A19 10.310 111.913 8.760 815.112 1,171,303 1.552.581 14.918 17.741 61,419 10.310 111.913 8.760 863.162 1.219,353 1,650.419 83,105 66.466 91,333 38,437 180,090 13.533 956.049 1,650.419 41050 48,050 97.838 Total 2020 22
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2021 10 EXPE14DifvRE ON CHARITABLE ACTMTIES (CONTINUED) Total funds 2021 Total funds 2020 lunds 2021 lunds 2021 Governance ¢o#s Audit and accountanry Con5ultsncy services Professional ser¥ices 9.025 IL226 2.233 9.025 11.226 2.233 22.484 45,465 34,564 3.9Ql 45,465 Totsl 2020 43.465 11 AUDITOWS REMUNERATION Totsl 2021 Total 2020 Fees payable to the Union's current auditor forthe audit Fees payable to the Union's Previous auditorfor the audtt Fees payable to the Union's auditor in respert of= All assurance seThices not included above (previous auditor) 12.4fy) 1,3C 12 AFF COSTS Group 2021 GTOUP 2020 Union 2021 Union 2020 Wages and Salaries Social security costs Contribution to defined contribution pension schemes 1.758.480 108.651 2.574,501 145,374 974,969 83,4Mi 1.263.197 96.992 54,159 63,336 39.497 39,227 1.921.290 2.783,211 1.097.9D7 1,399,416 The average number of persorb5 employed by the Unim during the year was as follow5.' Grnup 2021 Group 2020 No Union 2021 No Union 2020. No 40 University of Sussex Students, Union University of Sussex Students Union Trading Ltd Is 55 43 40 The number of employees, whole benefits lexduding employer pension c05ts1 exceeded £60, was: Group 2021 Group 2020 No In the band £70.LKII- £80,CO) Key mana8ement pers¢)nnel are the trustees, CEO. Director of Operati¢)ns, Head of Central Support, Director of Di8ltal Engagement and the Head of Finance. The aggregate remuneration of key management personnel was £417,662 12020= £496.5291. 23
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {coffflNUED) FOR THE YEAR ENDED 31 JUL Y2021 13 TANGIBLE FIXED ASSETS Group Office Computer EqUI¢t Total ttings Equlpment Cost or Valuatlon At l August 2020 Additions 531.080 194,749 2.665 112.122 1.675 837,951 6.924 2,584 533.664 At 31 July 2021 197,414 113,797 844.875 Deprectstlon At l August 2020 Char8e for the year At 31 July 2021 439,246 32.359 471.605 145.122 94,622 9,722 104,344 678,990 64.578 743,568 22,497 167,619 Net book value At 31 July 2021 62,059 29.795 9.453 101.307 At 31 July 2020 91,834 49.627 17,500 158,961 Unk¥n Freehold Offi Computer Equiprnent T¢Aal ttln85 Equipment Cost or ¥aluatlon At l August 2020 Addition5 209,540 33.126 112.122 354.788 1.685 io 1.675 At 31 July 2021 2CVJ.540 33.136 113,797 356A73 Depredatlon At l August 2020 Charge for the year At 31 Jyly 2021 193.643 4.843 29,855 1.847 31.702 94.622 318.120 16.412 9,722 104.344 198,486 334.532 Net book valu• At 31 July 2021 At 31 July 2020 11054 15,897 1.434 9.453 21,941 3.271 17,51JO 36,668 24
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2021 14 FIXED ASSET INVESMENTS Investments in sub51dlary company Unlon Cost orvaluatlon At l August 2020 At 31 July 2021 Net book ¥alu• At 31 July 2021 At 31 July 2020 15 sfocKS Group 2021 Group 2020 Finished goods and Boods for sale 52,837 68.084 16 DEBTORS Group 2021 Unlon 2020 2021 2020 Due within one year Trade debtor5 20,683 60.873 5.421 35.240 Amounts owèd by 8roup undertakings Other debtors 195,721 31.999 118,240 160,619 96,313 17,263 3(8.435 24.336 132.998 96.984 93.767 251.624 Prepayments and accrued income 178.017 351.381 25
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 17 CREOITORS: AMOUP4TS FAWNG DUE WtfHIN ONE YEAR Group Unlon 2020 2021 2020 Bank loan and overdraft5 191 191 Trade creditors 66,261 21,100 77.048 189,335 113.554 401.228 3,558 18.984 199.447 40.784 262.773 6.215 37.530 171,618 21.815 237.369 Other taxation and social security Other Creditors 206.279 76.S12 Accruals and deferred income 397277 18 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Group 2021 Union 2020 2021 2020 Bank loan and overdrafts 48.333 48.333 The loan is a Coronavirus Bounce 8a¢k Loan. The loan is repayable in equal instalments over 60 months. The loan is interest free for the first twefve rnonths. 19 sTATEMEr+ OF FU14DS Balante at l AUgt 2020 Intomè Expendlturn Transfers Balance at 31 July 2021 Unrestr5rted funds General funds 578.525 578.525 3.544.3 13.408.341) 3,544.3 13.408.341) 714.574 714.574 Restrfded lunds University grant Sussex fund IAlumnil Community soaal fund Role m¢xlels Sport projects Good night owls BAME ambassador Resilience skills Job retention scheme 5.693 25.267 626 9.820 476 1,351 4,877 5,693 25,267 626 9.820 476 1,351 24.332 51.8 9,6LXI 78.390 139,7 132.3451 19,6001 178.3901 1120,3351 44iU) 67.565 Totsl lunds 626,635 3.684.180 {3,528,6761 782.139 26
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMThED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONfiNUED) FOR THE YEAR EIVDED 31 JUL Y2021 19 STATEMENT OF FUNDS {CONTINUEDI statément of funds prior year Balance at l August 2019 Expendlture Transfers Balance at 31 July 2020 Unrestrlrted lunds General funds 751.556 751.5% 4.879.699 15.049.936) 4.879,699 15.049.936) 12.7941 12.7941 578.525 578.525 R¢strirted funds University grant Sussex fund (Alumni) Community social fvnd Buddy scheme Role models sport projects Volunteers Good night owls BAME ambassador Job retention Scheme 5.693 25.267 626 5.693 25,267 626 19.119 52.68S 77,267 6.370 6.982 {19,1191 152.6851 168.7731 120.8941 110.0251 13.4491 129.1231 145,4301 1249.4981 1,326 15.CKKJ 249 9,820 476 2.794 i.a51 4,877 34,C 45.430 246.653 48.161 2.794 48,110 Total ndS 799,717 5.126352 {5,299.4341 626,635 The Sussex Ful IAlumni) provides the Student Unron with fvnding to support projects that enhance the student experience. Role Models the Union receives fundrng for expenses and lor l or 2 staff members to run the Role Models programme. The programme is a peer mentoring scheme within l¢xal schools. whère out university Students run work5hop5 for their YOU students on Mentsl Health and Wellbeing. The Community Social Fund was again a proposal for a number of dIffertt Sdent souety projects, almost all of which were completèd in the year. Sports Project {RFU) 15 to deliver social and recreational rugby sessions on campus that appeal to. and engage, new participants. and those returning to the sport. Good Night Owls to train and suppcrt student volunteers to go out late at night in Brighton to help Sdents in trouble while out on the town. BAME AmbassadorlRace equity to gather feedback from BAME students on how lifelstudent experience can be improved for BAME studènts on tampus. ResllSen¢e Skills liottery fvnd) is for resilience 5ki115 training to be delivered to Sussex Student Union staff. 27
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR THE YEAR ENDED 31 JUL Y2021 20 ANALYSIS OF NET ASSEfs BETWEEN FUNDS Analysis of net assets between funds-current period UnrestriLted funds 2021 Restrirted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year Creditofs due after one year 101307 1,058,877 1397.277) 48.333 714,574 101,307 1.126.442 {397.2771 (48.3331 782.139 67.565 67.565 Analysis of net asset5 bets¥een fvnds-prior period Unrestritted funds 20ZO Restricted funds 2020 Total funds 2020 Tangible ffixed assets Current assets Creditors due wthin one year 158,961 820,792 1401,2281 578.$25 158,961 868.902 1401,2281 626.635 48,110 48,110 21 RECONCIIIATION OF MOVEMENT IN FUNDSTO NETCASH FLOW FROM OPERATING A1vlEs Group 2021 Group 2020 Net incomelexpen(liture for the period las pèr Statrment of Finanoal Activitie51 Adjustmentsfor. 155.5 1173,0821 Depreciation charges 64.578 66AIO Oecrease in stocks 15.247 5,876 Oècrease in debtors 73.607 107,718 (Decreasè) in creditors {4.734) 1539,2561 Net cash provided byllus•d in) operatlw artIleS 304,202 1531.9341 22 ANALYSIS OF CASH Af4D CASH EQUIVALErirs Group 2021 Gmup 2020 Cash in hand 895.588 549,194 Total cash and cash equ6valents 895.588 549,194 28
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANaAL STATEMENTS (coiinNUED) FOR THE YEAR ENDED 31 JUIY2021 23 ANALYSIS OF CHANGES IN NET DEBT At l Augiist 2020 Cash flows At 31 July 2021 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within one year Debt due after one year 549.194 11911 346394 191 {1.2671 {48.3331 296,985 895.588 (1.267) {48,3331 845,988 549.Q)3 24 PENSION COWTRIBUTK)NS The group operates a combined pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribution5 payable by the group to the fund and amounted to ,159{2020- £63,336). Contributions totalling £7,34712020: £8,9581 were payable to the fund at the balance sheet date and are included in creditors. 25 OPERATIPIG LEASE CQMMfrMENT5 At 31 July 2021 the Group and the Union had cornmitments to rnake fvture minimum lease payments under non-cancellable operating leases as folkJws- Unlon 2020 2021 2020 Not later than l year 557 4.482 4,482 557 4.482 4.482 26 RELATED PARTY TRANSAcfioNS One or morè trustees have bèèn paid remuneration or recer¥ed other benefrts from an employment with the charity. These 5tsff member5 only receive remuneration in re5pectof services they provide undertheir contrarts of employment. No trustee received any reimbursements for expenditure12020.. Nill. The value of trustees, remuneration and other benefits was as follows= 2021 2020 F va5ilijevic B Matthews C Harding N Hallberg R Doran M Khalid C Moylett R Steffen P Palmano A O'connor N Bajwa Cung V James 20.323 19,098 19.845 19.693 19.142 22,428 1,797 1.797 1,797 1.797 1.797 22.696 21.691 22,696 21696 21545 1,668 136,453 129,514 29
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (colNUED> FOR THE YEAR ENDED 31 JULY2021 27 CONTROLUNG PARTY The ¢haritsble ¢ompany is controlled by the Board of Trustee5, who are a150 directors under company law. 28 PRINCIPAI SUBSIOIARIES The followin8 wa5 a subsidiary undertaking of the Union Name Company Registered office or printipal Number plate of buslness 02146582 Falmer House, Unrversity of Sussex. Brighton. BNI 9QF Prfndpal artlvlty University of Sussex Students. Union Trading Limited Trading Activftles Class of shares Ordinary Holding Induded in ¢onsolidation Yes The financial resutts of the subsidiary forthe year were: Name Income ExnditUre Net assets University of Sussex Students. Union Tradin8 Limtted 1.323.423 1.255.723 141,076 29 2020 FIGURES RESTATED The 2020 figure5 have been re5t3ted to correctthe allocation of income between charitable attivities and other trading activities. Totsl income ha5 not changed as a result of the restatement. They have also been restated to correct the income and expenditure receNed for donated seryice5 from the Univer5ity- 30