Aegirtered Company numbèr: 07695765 IEn8land and Wales) Re8lStered Charity numbèr: 1147242 CONSOLIDATED FINANCIAL STATEMENTS FOR UNIVERSITY OF SUSSEX STUDENTS, UNION {LIMITED BY GUARANTEE) FOR THE YEAR END 31 JULY 2022 lllll .BzA2• 14103r2023 COMPANIES HOLISE 111 A16 *57
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Trustees Nera Cornell. Officer Riko Kunisue. Officer Rose Linehan. Officer Liam Pem. Officer Niamh Tickner. Officer Aaron Williams. Officer Muthoni Kahuho. Student Amelia Mcmahan. Student Jatob Whitear, Student Billy Bryan, External Helen Hoogewerf-mccomb, External Cameron Joshi. External Charity Number 1147242 Company Number 07695765 Re8istered Office & Principal Address Falmer House University of Sussex Brighton East Su55ex BN19QF Auditors TCGroup The Courtyard Shoreham Road Upper 8eeding Steyning West Sussex BN44 3TN Bank Barclays Bank PIC 77 South Road Haywards Heath West Sussex RH164LB
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) CONTENTS Page Trustees, Report Ilncorporating Dirertors Report) Statemeni of Trusiees, Responsibilities Report of the Independent Auditors io Consolidated Statement of Financial Activities 14 Consolidated Balance Sheet 15 Charity Balance Sheet 16 Consolidated Cash Flow Statement 17 Notes to the Financial statements 18
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) TRUSTEES, REPORT {INCORPORATING THE DIREORs REPORT) FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report together with the audited financial statements of the Universily of Sussex Students, Union for the year to 31 July 2022. The Tru5tee5 confirm that the Annual report and financial statements of the charitable company and Broup complywith the current statutory requirement5, the requirements of the charrtable company's governing ¢Jocument and the provisions of the Statement of Recommended Proctice ISORPI applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK ènd Republic of Ireland IFR51021 leffertive l January 20191. Strurture, govemance and management Articles of association The Students, Union is a company limited by guarantee and a registered charity. Method of appointment or elertlon of trustee5 Under the Article5 of Association there are 12 trustees= six full-time 'sabbatical' officers Iwho are either recent graduates or intermittent students): three student trustees. and three lay irvstees appointed by the 8oard for their specialist knowledge, profe55ional exper*nce and independent expertise. The Sabbatical Officers are elected by cross- campus ballot of Union members each spring and hold office for the following academic year. with the possibility of re-election for one further year. The three sludent trustees are also elected by cross-campus ballot in spring and hold office for one year. also with the possibilityof re-election forone furtheryear if they are still a student atthe Universltv. Policies adopted for the induction and training of trustees All sabbatical trustees had two weeks, of training before taking office with ongoing learning and development opportunities throughout the year once in office. This included a one week online intensive with an external trainer. The initial training covered basic governance and representation principles. such as legal requirements, constitutional protocols and lobbying. It also included shadowingthe outgoing officers in their day-lo-day activities where applicable although the majorily of the sabbatical trustees had been elected to hold office for J setontl year. Student trustees were trained at the beginnirng of the academic year once in office on ihe basic governance and legal requirements of their role along with how to read and understand financial information. Organisation strurture and decision making The trustee board is responsible for the 8o¢xI governance of the Students, Union. The overall policy of the Union is made by quorate Members Meetings or Referenda open to all members. Lapsed poliry is reviewed by the members of the Union Council that conslsts of approximately 35 elected and representative students. The Union Council also maintains the Rule5 Ihat govern the Students. Union. The Trustee Board delegates most other decision making to the following cornmittees.. Finance & Risk Committee People & Pay Committee Democracy & Constrtution Committee Communications Committee Equality, Diversity & Inclusion Committee Executive Committee As well as dealing with policy and rule changes the UnÈon Council is also responsible for representation and democratic accountability. The following sub-committee5 report to Council: Sports Reps Committee Societies Committee Student Media Committee Sustainability Committee International Students Committee
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIREORs REPORT) FOR THE YEAR ENDED 31 JULY 2022 Going Concern & Financial Management From the onset of the year we were rebuilding our services within the Union and its Trading subsidiary. while monitoring and mitigatin8 the adverse effect5 left over from the pandemic. These included reducing activity-related Costs. closely monitoring expenditure and driving income where possible. Throughout this we continued to provide advice. support and representation to our membership. We also managed to provide most of our activities and services fate-to-face as restrictions allowed. and ensured compliance with Government advice on health and safety measures across all of our activities and premises. Where appropriate. we operated a hybrid face-to-face and virtual approach to services. Our commercial servi5 continued to support the campus community with the Co-op and Falmer Bar open throughout. A pragmatic approach was taken with the Union Shop and the decision was made lo elose from May onward. in line with the start of the as5e5sment period when footfall on campus was vastly reduced. This allowed for work to be undertaken for the successful build and launch of 'the Union. the Students. Uniorn dedicated merchandise store as part of the new Student Centre at the heart of camw5. The biggest area of concern for ihe tm5tees continued to be the sustainability of the Union's trading subsidiary. In 20121 the support from grants, insurance claims and the QRS left the Trading Company in a good posltion to build upon after the pandemic. While the Tradin8 Company provided a small Surplus for the 21122 financiol year. this is still an area of concern due to the post pandemic Uncertainty that still prevails in terms of rising supplier costs and their unpredictable nature, but also of the footfall on carnpus which has not gone back to pre pandemic leve15. Having said that, trading patterns have started to emerge, which the Trading company will be able to build on. The Board of Directors of the irading company continue to monrtor the situation and have put in place an action plan to ensure that the company remains solvent going into the next financial year1221231 when a more normal level of tradinB activity should resume. The Union requested an additional £207k from the University for 22123 to match-fund £207K to be taken from the USSU reserves. This enabled the USSU reserves poliry to be maintained while not going into a negative cash position, and to continue all the services currently provided by the USSU during the UniversitvlUSSU partnership review. Match funding also protetted the Vnion against an uncertain year whilst providing financial scope to implement potential changes resulting from the review. Following discussions with the Unwersity, they agreed a one-off £200K emergency payment conditional upon no trading deficit and a financial plan being presented as part of next year's bud8et planning process. It is the belief of the trustees that both the charity and its trading subsidiary remain going concerns. Risk Managemenl The trustees have also asse55ed the major long-term risks to which the Union is exposed, and in particular have highli8hted those related to.. l. The effects of the pandernit on the commercial viability of the orBanisation's trading subsidiary and its ability to continue to contribute to the finances of the charrty.. The Union's financial reliance on the reducing core funding from the unNersity: 3. Our IT infrastructure and support- Reserve levels and cash flows,- The relationship with the parent institution and our ability to act as a critical friend and affect meaningful change,. 6. The loss of key staff acr055 the organisation and the difficulty we are facing in recruitment and retention and staff dissatisfaction with current salaries and workload. The threat to the Union's representational legitimacy by the UnNers[S alternative student engagement programme and a negative perception of the Union relating to the effectivene55 of the Student5, Union and 115 officers- 8. The low levels of volunteer engagement in Union democratic activities-
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2022 As a result the Union is undertaking a programme of work to help mitigate these risks. These include: l. Constanl monitoring and reviewing the performance of each outlet.. controlling costs and It)oking to extend existing contracts and lookin8 for new opportunities. Review of the funding process with the University to ensure alignment of the Unlon's funding with kev strategic priorilies. This forms part of a governance review commissioned to be undertaken in 2022123. 3. Put in place a new Digital Plan. Invest in more internal and external IT Staff support along with new hardware and moving more core operations to cloud based solution5. 4. To review the University's and Su's working relationship in partnership and agree a new Memorandum of Understanding between the two or@anisations as part of a governance review to be carried out by Counterculture in 2022123 and jointly sponsored by LISSV and the Universlty. 5. Review of salary structures and recruitment policies to better control costs. to increase salaries for lower paid staff by moving towards a real living wage. Ensure that areas of key risk are properly resourced lor out50urcedl and operating effective. Pul in place an annual L&D plan to increase staff 5alisfaction and knowledge. 6. Conduct a governance review to improve our representative and democratic engagement with students ensuring that feed.in and feedback pro¢esse5 are further developed and our communication5 become more student-focu5sed. 7. Review our democratic processes. increasing support and the responsibilities of student-led committees and our elerted representatives. With this work undertaken and measures put in place the trustees believe that all known risks are being managed adequately in order to allow the Union to meet its charitable objettives. Objectives and Activities Ourobjects The Union's objects Ithe"Objects"I, as detailed in its constttution, is the advanment of education of students at the University of Sussex for the public benefit, we deliver this through= The Studenl Voice and Engagement teams defend and promote the interests of students at the University of Sussex an(J BSMS. They operate an advice and advocacy Servi providing individual advite and advocacy as well as facilitating collertive student representation through campaignin& lobbying, training. research and briefings for officers and the Student Rep scheme. It also ensure5 that our democratic systeffls are functioning and effective as well a5 facilitJtinE our en8agement work within the local community. 2. The Activities and Events department provides organised sporting opportunities and facilitates special interest, student run societies and Efoup5. The department also supports a student Buddy Scheme, Language Café. We provide student run space to faciliiate student debate and discussion and act as a platform for social action. liberation and political activity. Together with student groups the Events Team also provides various key events throughout the university and cultural calendar and general entertainment all of which serves io improve the student experience. 3. Student Media has many outlets facilitated by the Union, including TV. radio and print media, and has a large online presence both with websites and on social media. 4 Sussex Student Lettings was run foi the benefit of students. ensurin8that only good quality, reasonably priced housing is available in our agency. In 2022123. we shall review rfthis is the mosi vièble wayto support students with viable and alfordable housing. When reviewed due to changes in staffing and legislation which made this project commertially unviable. Ihe service ceased trading on the 31st january 2023. 5. Commercial Trading services operate on campus licensed social venue5 and retail outlets. These operations provide e5sentsal services and opportunities for students to meet and 50¢ialise with each other. They also provide valued student employment as well as revenue to support our non-commercial services. 6. Student Employment opportunities ensure our student staff typically have more training and development opportunities than with oiher employers from customer service training through to leadership qualifications for SLbpervisors. They gain grealer expefience and shifts are allocated around student commitments where
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) TRU5TEES' REPORT (INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENDED 31 JULY 2022 possible. We also offer rewarding and beneficial employment opportunrties for recent Sussex graduates in key role5 throtjghovt the Union on one or Iwo year placements. Our Principles liberation at the core.. an SU which fights for justKe and against oppression. One which acts as a hub for all communities to come together and make meaningful connections. Part of the community: an SU which is embedded in and open to the local community. Students as organisers: an SU which develops the knowdge. skills and capacity of students to organise for change. Collertive care and joy= an SU which seeks out collective solutions to structur31 problems. and which creates spaces and structuies for mutual support. solidarity and joy. Bold politlcal actian- an SU which is principled and active on political and social issues both at Sussex and beyond. Our Wision for the future of the Students, Union Deeper student engagement: an SU where all students are aware of the union and the trmpaci it can create, where a significant portion of the student body are aCtve engaged in democratic decision-making. Strong recovery Irom COVIO: an SU which rebuilds sustainably from the pandemic, rnajorly e¥pand5 commercial operations and offers in-person spaces for students io connect. socialise and organise together. A 5e¢tor-leading model: an SU which experiments and pushes boundaries. A thriving model of student unionism which 15 held up in the sector as an example of a union successf¢Jlty fighting for the rnterests of their students. Rèspect from thè Unlversity.. an SU which is valued and listened to by the University. and which is meaningfully consulted with on all decisions imparting students, lives. Greater acce55ibility: an SU which offers a diversity of pathways for engagement to empower all student communities to participate in shaping their union. In shaping the objecfives and planning acrivities for the year. the trustees have given consideration to the duties as Set out in section 17151 if the Charities Act 2011 to have due regard to public benefit. Achievements and performance This year saw a cautious return to campus following a worldwKle pandem and several national lockdowns. With return to face-to-face learning and hybrid workin& this created anxious times for our students and staff. Thi5 was compounded by an emerging cost of living crisis with students and staff facing hiEher rents and general living Costs. This meant we continued to implement our digital strategy as many of our seNices and activitie5 remained onlinelhybrid and our Staff and officers were offered the opporrunily to work at least two days, per week from home. We managed to do this very successfulty and continued to provitle support. events and information for our membership throughout the year. While it has been a challenging trading environment on campus, the Trading Company has been able to generate a small profit before donations to the charity. Our Venues Team achieved Gold in Best Bar None - accredited scheme regardin6 the safe and responsible retarl of alcohol- demonstrating high level of due diligence and customer care.
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BY GUARANTEEI TRUSTEES, REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2022 The opening of the Arch in April 2022 was completed to a high standard and on budget. The Arch started trading on the 25th of April as part of the opening of the Student Cenire.. the onty retailer to have met the Univer51ty deadline. Staff Engagement Award 84% of all Sludents, Union staff In-2051 completed the Engagement survey.in 2022. This included 172 student staff and 33 recent graduate or permanent staff. Across the SU sector, the 'Killer question, "I would recommend this organisation as a good place to work" scored an average of 84% positive. At Sussex the score was 92% positive. vp by 12% on the previous year. Student staff were the most positive with 95% recommending the Union as a good place to work. Acr055 the Unbon a5 3 whole, 513ff gave the highest scores for the sentences.. l. Colleagues trust and ¥espect each other l am treated with fairness. respect and dignity at work I receive support and encouragement from colleagues at work On the basis of the high scores. Sussex SU gained the NUS award-overall Employee Satisfaction All Stars". The Union a150 SUPPOrted several student-led campaigns as follows.. Student SolOrIty with striking staff Iteach outs, pickei line support, fundraisin& d1ct actionl Hybrid learning- passed SU referenda and offKers continue to work Wbth uni management and particular schools to increase accessibility of teaching Fossil free careers - sustainability committee worked with the univeTSlty employability Cent to design a uni policy on this. A new university affordable housing poliry la8reed followin8 lobbying after the Tent strike the previou5 yearl Mitie Must Fall - a campaign raising awareness of the issues of outsovrcing which contributed to the university's recent decision to bring some staff back in house • Sexual safety - student responses to increased incidents of spikrng by boycotting the biggest club. Thi5 resulted in the adoption of new measures by local clubs to better protett students. A new stakeholder group was set up with USSU and clubs in town to discuss ongoing issues and feedback. New student job roles- night-time safety advocates- were put in place to support students on nights out. Financial RleW The Covid pandemic continue(J to impact on the group. Income for the year was £5,427.792 compared to £3,684,180 in 2021. Expenditure for the year was £5,451.252 compared to E3.528,676. Overall the group made a deficit of £23.460 compared to a surplus of £155,504 in 2021. Reserves policy The current environment thal the University of Sussex Students. Union operates under is more uncertain than ever. The ongoin8 pandemic and rts effetts are being felt worldwide but the effects on UK HE provision is stark, both in regards to the effects on the number of students coming to the University of 5us5ex but a150 on the trading environment the Students. Union operate5 Wlthin. These effects include the ftJndin8 from Sussex University via a block grant. which has already started to reduce. In addition. the relationship between ourselves and the VnNersity needs to be a positive one, otherwise grant payment5 may be put at risk. The change5 brought about by ihe pandemic, includingconstant change5 in government legislation. reduction of resources available to the Students, Union and the immediate viability of our trading Subsidiary are a real cause for concern. Reserve5 have been used during the year to support the Trading Company as an example of an unexpected but material risk realisation which is one purpose of holding these reserves. Fortunately the reserves prior to the Covid
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEEI TRUSTEES, REPORT {INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENDED 31 JULY 2022 events were in surplu5 to minimum requirements which facilitated their v5e to assist the TradinB Company. Action has been initiated to manage on80ing exposures. Reserves have been rnaintained Just above minimum levels throughout the year an(1 into the following year. Budgeting ha5 looked forward to the year ahead to remain confident that, although stretched. the reserves rernain 3dequate. This has been shared and discussed with the Univefslty, who remains the Union'5 chief funder. The Board monitors these reserves on a three month forward planning basis. A robust budgeting procedure is followed every year, vthich helps the Students. Union become aware of potential issues and opportunities going forward. The reserves policy is reviewed at least annual, to make sure it Is fir for the Students, Union moving forward. The 4 principles below will always fomi an important part of this. The principles are as follows: LiquidilylWorkinB capital The Union's reserves policy is to build and maintain cash reserves at J level equal to 3 months of core operating ¢osts for the organi5ation. Any reserves above the level of 3 months operating cosi may be used from time to time to enhance ihe charitable activitie5. This principle will help us get through any periods where we have a temporary shortfall where block funding oi other income sources have been delayed in the short term. Funding sources The majority of fundin8 received by the Student Union comes by way of a block grant from Sussex University. It is important to maintain a positive and open relationship with Sussex University. It is also important to ascertain certainly on future fundin& as this may vary significantly from one year to the next. It is also important to be aware of factor5 Outside the control of Su55ex University which could influence future Grant funding. With this approach, adju5tment5 needed can be implemented in good time. Other sources of income, such as that from the trading subsidiary also need to be monitored carefulw so that any change5 in funding (an be managed correctly. In addition. as we start to look at more funding from outside the University and Tradin8 company, we need to work with reputable organisation5 and carefully budget the opportunities that this may provide. 3. Winding down of the charity and it5 trading subsidiary A going concern analy515 need5 to be condutted in an ongoing manner. The Universrty, as the Union's chief funder. has given reassurances thai, should rt be needed, the Union would be given financial support for il to remain a 8oing concern. They have a150 agreed io a long-term funding plan to allow better financial planning and security for the Union. With thi5 in mind the Trustees no longer feel that the costs of winding down the Union need to be part of thi5 reserves policy as it no longer represents a material risk. In the Unlike event of the Student Union's trading subsidiary needing to be wound down, enough reserves will be put aside to cover statutory costs $0 thai this can be fully funded. This item is not an addilional item t)ut establishes a baseline below which the total unrestricted reserves will not be allowed to f811. 4. Capital accumulationlFuture risks The Trustees may decide to build reserves above the set level for capital investment projects or to cover a future specific material potential risk. 202112022 Reserves Item l.. Annually, the turrent CO operating costs of the Union are around £1,240,(K)O. This equates to £103,333 per month. This figure will be reviewed ar?nUal by the Trustees. Three month5 of eypenditure is £310k
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENDED 31 JULY 2022 Item 2- Trustees have aEreed a commitment to cover costs of supporting the 5tvdent ttIng$ business. whTrch amounts to £24k. This is to expand the busines5 and bring in greater profits for the charity in subsequent years whilst providing better housing and conditions for more students. Due to changes in staffing and legislation which has made thls project commercial unviable. the service ceased trading on the 31st January 2023. Item 3.. For the year ended 31" Juty 2021. this number has been calculated to be £137k to cover dundancY and associated administration costs. Item 4.. Changes to our financial policies fflean that the Unn will now use the previous year's surpluses from the trading company in its annual budgetirbg. This gwe5 greaier certainty of the level of funding the trading Subsidiary will provide. Foi the next financial year, due to an expetted low Sufplus from the trading company, the Trustees have agreed to commrt £40K to make up for the shortfall to support the services that this lundin8 usually supports. The reseNes level of unrestricted funds is sei at £374k for the (ren1 year (minimum cost of Item I plus Item 2 and Item 4} with an absolijte operating mrnimum set at £137k Iirem 31. Plans for future periods New strategy We reviewed our new Strategic Framework "Becoming Your Union" in light of the effect5 of the pandemic and what that will mean for our services and our role within 3 very different educational environment. As part of this we committed to reviewing both the organisational structure and our finances. A key elernent of our new strategy has been the development and implementation of our new digrtal strategy which we will continue throughout the year. A core part of this will be a new website allowing ihe better use of data. Increasin8 engagement and parti¢ipation in Union demotratic aiti¥ity We continue to build on the work of the last strategy to increase student participation in our representative and demo¢r3tic engagement with students ensuring that the feed-in arhd feedback processes are further developed and our communications become more student-focussed. We will also be looking at ways to increase transparency and strengthen actountability of the Union and its oflicers lo its rnember5hip. A key part of that will be the governance review and our continuation to regLTrlarly monitor levels of student $3tisfaction with their experlence of University and that of the Students, Union through the Student Lrfe Pulse survey. Improving our financial performance Due to the worsening financial situation due io the pandemic and the cost-of-living CTISIS. we are reviewingthe funding process with the Universily to ensure we have a sustainable funding model to allow better lon8-term finèncial planning. We have started a pay & 8radin8 review to implement new salary structures and recruitrnent policies to better control costs whilst increasing salarie5 for lower paid staff where possible. Trustees The trustee5 set out below have held oftice during the whole of the period from I" Au8USt 2021 to the date of this report, unless othenwise Stated. Officer.. Nehaal Bajwa Iresened 15 July 2022 Officer.. Connor Moylett Iresigned 15 July 20221 Officer.. Annie O'connor Ire51gned 15 July 20221 Officer.. Paris Palmano (resigned 15 July 20221 Officer.. Yasmin James Iresigned February 20221 Officer.. Caitlin Wen (resigned 15 july 20221 Officer.. Nera Cornell (appointed 15 July 20221 Officer.. Riko Kunisue (appointed 15 July 20221 Officer.. Rose Linehan lappointed 15 july 20221 Officer.. Liam Pem lappointed 15 July 20221
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEEI TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2022 Officer.. Ni3mh Tickner (appointed 15 July 20221 Officer.. Aaron Williams lappointed 15 July, 202ZI Student.. Mavi5 Elias Ire51Bned 29 J3nuary 20221 Student.. Rebekah Flemin8 Iresigned 15 July 20221 Siudeni.. Aaron Williams Iresigned IS July 20221 Siudent.. Muthoni Kahuho (appointed 26 September 2022} Student.. Amelia Mcmahan (appointed 26 September 2022 Sludent., jacob Whitear (appointed 26 September 202211 External.. Lindsay Thornas Iresigned 20 October 20211 External.. Billy 8ryan (appointed 30 April 20211 External.. Helen Hoo8ewerf-McComb (appointed 30 April 20211 External.. Cameron Joshi lappointed 29 October 20211 5tatemertt of dSsclo5ure to auditor So far as each person who was a trustee 3t thè date of approvinE this report are aware. there Is no relevant audit information of which the 8roup's auditor 15 unaware. Additionally, the trustees individually have taken all the necessary steps that they ought lo have taken as directors in order to make themselves awère of all relevant audit information and to establish that the group's auditor 15 aware of that infom7ation. This report wa5 approved by the Trustees on an(1 signed on their behalf. bv= Liam Pem Chair of the Trustees February 2023
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2022 The Trustees, who are also the direttors of Universrty of Sussex Students, Urtion for the purpose of company law, are responsible for preparing the Trustees. Report and ihe accounts in accordance with applicable law and United KinBdom Accovnting Starbdards Iunited Kingdom GeneralW Actepted Accounting Practice), including Financial Reporling Standard FR5102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires the Trustees. to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditvre, of the charitable company and group for that year. In preparing these accounts, the Trustees are required to: select surtable accounting policies and then apply them conslStently- obseNe the methods and principles in the Charities SORP- make jud8ements and estimates that a reasonable and prudent.. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting CordS that disc105e with reasonable accuracy at any time ihe finantial position of the charitable company and group and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Opinion We have audrted the financièl statements of Uniyersity of Svssex Students. Union I'the charitable company'l ènd its subsidiary I'the group'l for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, the Group Balance Sheet, the Charity Balance Sheet. the Cash Flow Statement and note5 to the financial statements, including a 5umm3ry of significant accounting policTres. The financial reporting frèmework that has been applied In iheir 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 General Accepted Accounting Prarticel. In our opinion. the financial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 lu 2022 and of its incoming resources and application of resources for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- nd have been prepared in accordance with the requirements of the Companies Act 2C(16. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibililies under those standards are further described in the Auditor'5 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b•sis for our opinion. Conclusion5 relating to going concem In audiling the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the prep¥ration of the financial statements is appropriate. Based on the work we have performed. we have not identrfied any material uncertainties relatin8 to events or conditions that. individually or collectively. may cast signilicant doubt on the charitVs and 8roup's ability to continue as a Eoing concern for a period of at least twelve months from when the financial staiements are auihorised for issue. Our responsibilitie5 and ihe responsibilities of the trustees with respect to going concern are described tn the relevant sections of this report. Other infomiation The other informalion comprises the information included in the annval report other than the financial statements and our auditorf5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing 50, 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 rnaterially misstated. If we identify such material inconsisiencies or apparent material misstatement5, we are required to deiermine whether this gives rise to a material mi5Statement in the financial statement5 themselve5. 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. io
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Opirtions ¢n other matters prescribed by the Cornpanies Art 2006 In our opTrnion, based on the work undertaken in the course of the audit: the information given in the trusiees. report (incorporating the direttors, report) for the financial year for whrch the financt8151atements are prepareil is con515tent with the financial statements.. and the directors, report has been prepared in accordance with applicable legal reqU1MentS. Matters an which we are rtquired to report by exception In the light of our knowledge and understanding of the charitable company and group and its environment obtained n the course of the audit. we have not identified material missiatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 26 requires us to report to you if. in our opinion.. adequate aecovnting 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 directors, remuneration specified by law are not made.. or we have not received all the information and explanation5 we requ¥re for our auLlit- or the trustees were not entitled to prepare the financial $13tements in accordance with the small companies regime and take advantaEe of the small companies. exemption in preparing the directols report and take advantage of the small companies exemption from the requirement to prepare a 5trate8ic report. Responsibilities ol trnstees As explained more fully in the trustees, responsibilities 5talement, the trustees (who are a150 the directors of the haritable company for the purposes of company lawl are responsible for the preparath)n of the financial statements and for being sat15fied that they give 3 true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fravd or error. In preparing the financial statements, the trustees are responsible for asses5inB the haritable companvs ability to continue as a going concern. disclosin& as applicable, matters related 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. Audltorfs responsibilities for the audit of the financial statements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due io fraud or error, and to Issue an auditofs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and ore considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemertts. Irregularittes, including fraud. are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irre8ularitie5, including fraud. is detailed below. Extent to which the audit was considered tapable of detecting irregularities. including fraud The objective5 of our audit, in respect to fratjd, are." to identify and assess the risks of material misstatement of the financial statement5 due to fraud.. to obtain sufficient appropriate audit evidence regarding the a55e55ed risks of material misstatement due to fraud, through designing 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 governance af the enticy 8nd ils management. li
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Our approach was as follows.. We identified areas of laws and gulationS that could reasonably be expected to have a matertal effect on the financial statements from our general cornmercial and sector experience, and through discussion with the directors and other management las required by auditing standards), and discussed with the direcrors and other management the policies and proceduTes regarding compliance with laws and ¥egulations- We identified the following areas as those most likely to have such an effect.. health and safety.. General Data Protection Regulation IGDPRI.. fraud.. bribery and corruption and employment law. Avditing standards limil the required audit procedures to identify non-compliance with these laws and regulations lo enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applitable to the financial statements reportinE framework IFRS 102 and the Companies Act 2006 and the Charitie5 Act 20111 and the relevant tax compliance regulations in the UK- We considered the nature of the group's operations. the control environment and business performance. including the key driver5 for management's remuneration: We communicated identified laws and gUlationS throughout our team and remained alert to any indications of non-compliance throughout the audit.. We considered the procedures and controls that the group ha5 established to address risks identified, or that othemlse prevent, deter and detectfraud- and how senior management monitors those programmes and corbtrol5. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be highÈr, we performed èudit pro£edvres to address each identified fraud risk. These procedures included-. testing Manual journals,. reviewing the financial statement disclosures and testing to supporting documentation. performing analytical procedures- and enquiring of management. and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owin8 to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material rnisstatements in the financial staternents, even though we have property planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the event5 and transactions reflected in the financial 5tatementS. the less like the inherently limited procedure5 required by auditing standard5 would identify it. The risk is also greater regarding irregularities occurring due io fraud rather than error. as fraud involves Intentional concealment. forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to (Jetett non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web5rte at: htt www.frc.or Our-work Audit Audit-and-assurante Standards-and- uidance Stanards-and- vidance-for-auditors Avditors-res onsibilities-for-audi Descri tion-of-auditors- onsibilities-for-audit.as x. This description forms part of our auditorfs report. res 12
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Use of our repori This report is made solely to the charitable company's members. as a body. in atcordante with Chapter 3 of Part 16 of the Companies Act 2(X)6. Our audit work has been undertaken so that we might state lo ihe charitable company's members those matters we are required 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 charitable company and the charitable company's members as a body. for our audit worK for this report. OT for the opinion5 we have formed. Mark Cummins FCCA Isenior Statutory AudltoTI for and on behalf of TC Group Statutory Auditors Office: 5vssex 13
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUOING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JUL Y2022 Unrestrlcted fund5 Designated fvnds Restricted funds Total 2022 Total 2021 INCOME FROM: Charitable artivities Other trading activities Inve5tment5 Total income Notes 1.421,646 3.816,800 91 176.637 1.598.283 3.829.418 91 1.351,042 2,332,976 162 12.618 5.238.537 176.637 12.618 5.427.792 3,684,180 EXPENDITURE ON.. Raising funds- trading expenditure Charitable activities Total Èxpenditure 2.625.680 2,625.680 1,268,390 2.616.738 5.242.418 202.216 202.216 6,618 6.618 2,825.572 5.451.252 2,260,286 3,528,676 Net income / lexpendlture) 13.8811 125.5791 123.4601 155,504 Transfers between funds 19 1193,2991 193.299 Net movement in funds 1197.1801 167,720 123,4601 ISS.504 Reconciliation of funds Total funds brought fOard 714.574 67.565 782,139 626,635 Total fund5 carried forward 517.394 167,720 73.565 758,679 782,139 The Consolidated Statement of Financial Activities includes all gain5 and losse5 recognised in the year. The notes on pages 18 to 31 form part of these financial statements. 14
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) CONSOIIDATED BALANCE SHEET A5AT31JUIY2022 2022 2021 Alotes FIXED ASSETS Tangible assets 13 159.020 101,307 CURRENT ASS$ Stock Debtois Cash at bank and in hand 15 16 67,766 119,820 802,540 S2,837 178.017 895,588 990.126 1.126.442 CURREN7 IIABIL VnES Creditors due within one year 17 1352.1341 1397.2771 NEf CURRENT ASSETS 637,992 729,165 TOTAL A55ETS LE55 CURRENT LIABILITIÉS 797.012 830,472 Creditors- amounts lalling due after more than ane year 18 138.333) 148,3331 TOTAL NET ASSETS 758,679 782.139 CHARITV FUNDS Restricted fund5 Designated funds Unrestricted funds 19 73.565 167.720 517,394 758,679 67.565 714.574 782,139 The Group was entitled to exemption from audit under settion 477 of the Companbe5 Act 2006. The members have not reqtJire(I the entity 10 obtain an audit for the year in question in accordance with section 476 of the Compallies Att 2006. However, an audit is required in accordance with sectign 151 of the Charities Act 2011. The Trustees acknowledge their re5ponsibilitie5 for complwng with the requirements of the Act with respect to 3tcounting records and preparation of fin8rncial statements. The financial staternenis have been prepared in accord3nce with the Provisions applicable to entities Subject to rhe small companies regime. The fiftancial statements were approved and authorised by the Board of Trustees on U.l. l)nd signed on their behalf bv.. Liam Pem Company Number- 07695765 15
UNIVERSITY OF SUSSEX STUDENTS. UNION {LIMITED BY GUARANTEE) CHARITY BALANCE SHEEr ASAT31 JUIY2022 2022 2021 Notes FIXED A55ETS Tangible assets Investments 13 22.795 21.941 14 22.797 21,943 CURRENT ASSETS Debtors Cash at bank anil in hand 16 198.361 601.049 799.410 351.381 530.514 881,895 Creditors due within one year 17 190.5061 1262.7731 NETCURRENT ASSETS 708.904 619,122 TOTAL ASSETS 731.701 641.065 CHARITY FUNDS Restricted funds Designated fund5 Unrestritted funds 19 73.565 167,720 490.416 731.701 67.565 573,500 641.065 The Union was entitled to exemption from 3udit under section 477 of the Companies Act 2006. The mernber5 have not required the entity to obtain an audr( for the year in question in accordance with section 476 01 the Companies Act 2006. However. an audit is qUIred in accordance with section ISI of the Charitie5 Act 2011. The Trustees acknowledge theii responsibilitie5 foi compfying wtth the requirements of the Act wirh rospect io accountin8 records and preparation of hnancial 5tstements. The financial statements were approved and authorised by the Board of Trustees on 13.7 l&nd signed on their behalf bv= Liam Pem Company Number- 07695765 The notes on pages 18 to 31 forrn part of these financial statements 16
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31 JUIY2022 Notes 2022 2021 Cash flows from operating activities Net cash used in operatinE activities 21 28.485 304.202 Cash flows frem investing acti¥ities Purchase of tangible fixed assets 13 1120.266) 16,9241 Net cash used In investing activities 1120.266) 16,9241 Cash flows from financing activities Repayments of borrowings 11.2671 18841 Cash inllows from new borrowin8S 50,000 Net ta5h provided by financinB activities 11.2671 49,116 Change In cash and cash equivalents in the year 193,0481 346.394 Cash and cash equivalents at the beginning of the year 895.588 549.194 Cash and cash equivalents at the end ol the year 802.540 895.588 The notes on pages 18 to 31 form part of these financial statemerbts 17
UNIVERSITY OF SUSSEX STUDENTS, UNION qLIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y2022 STATUTOR Y INFORMATION The Union 15 a company limited by guarantee. The members if the company are the Trustees named on the legal and adrnin information page. In the event of the union being wound up. the liability in respect of the guarantee is limited to £1 per member of the Union. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with Charities SORP IFRS1021 Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in ccordance with Financial reporting Standard applicable in the UK IFRS 1021 (effective I january 20191, the Financial Reporting Standard applicable in the UK IFRS 1021 and the Companies Acr 2006. The financial statements are prepared in sterlin& whKh is the functional currency of the charily. Monetarv amounts in these financial statements are rounded to the nearest pound. University of Sussex Students. Union meet5 the definrt40n of a public benefit entity under FRS 102. Asset5 and liabilities are initially reco8nised at hisiorical cost or transattion value unless otherwise stated in the relevant accounting policy. The Consolidated Staternent of F¥nancial Activities ISOFAI and Con501idated 8alance Sheet consolidate the financial statements of the Union and its subsidiary undertakin8. The results of the stsbsidiary are consolidated on a line by line basis. The Union ha5 taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial ActNities in these financial statements. 2.2 GoinB Concem At the lsme of approving the financial statements. the trustees have a reasonable expectation that the Union has adequaie resources to continue in operational existence for the foreseeable future. Thu5 the trustees continue to adopt the going concern basis of accounting in prepariftg the financial statements. 2.3 Incomè All income is recognised once the Union has enlitlement to the income. it is probable that the income will be received and the amount of income CeiVable can be measured reliablv. Grants are included in the consolidated statement of financial activitie5 on an accruals basis. The balance of income recewed for specific purposes but not expended during the period is shown in the relevant fund5 on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition 15 deferred and included in treditors as deferred income. Where entitlement 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 pfoiects. Gifts donated for Sale are included as income when they are sol(l. Where the donated good 15 a fixed asset, rt is measured at fair value. unless it Is impractic31 to measure this reliably, in which case ihe c05t 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 asset tlass and depreciated over the useful economic life in accordance with the Union's accouniing policies. 18
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 2.3 Income l£ontinued) On receipt. donated professional 5ervice5 and faciltties a recogni5ed on the basis of the value of the gift to the Union which is ihe amount it would have been willing to pay to obtain service5 or facilities of equivalent economic benefit on the open market- a correspondin8 amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relatron to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the peri¢xl which it is receivable and to the extent the goods have been provided or on completion of the 5etvice_ 2.4 Expenditure Expenditure is cOgnised once there 15 a al or constrvctive oblydation to transfer economic benefit to a third party. it is probably that a transfer of economic benef will be required in settlement and the amount of the obligation can be measured reliably. Éxpenditure is classified by artNity- The costs of each activity are made up of the toial of direct costs and shared costs, including support costs inVoed rn undertaking each activity. Direct Costs attributable to a single actwity are all(tsted directty to that activity. shared costs which contribute to more than one activity and support costs which a not attributable to a singbe acttvity are apportioned between those activitie5 on a basis consistent with the use of resources. Centralstaff costs are albcated on the basis of timespend, ar¥d depreciation charges allocated on the pOrtn of as5eVs use. Expenditure on raisingfunds includes allexpendrture incurred bythe Group to raisefundsfor its charitable purposes nd included costs of all fundrai5irg aclNrties events and non-charitable trading. Expendrture on charitable activitie5 is incurred on direct undertaking the activities which further the Groups objectives. a5 well as any associated support costs. All expendrture is incluSe of irrecoveraNe VAT. 2.5 Interest receivable Interest on funds held on deposit is included when recewable and the amcwnt can be measured reliably by the Group.. this is normally upon notifrcation of the interest paid or payable by the institution wtth whom the funds are deposited. 2.6 Tangible fixed assets and dePrlatIOn Tangible fixed assets costing £500 or more are caprtali5ed and recognised when future economie benefi.ts are probable and the cost OT value of the asset can be measured reliablv. Tongible fixed assets are initialty recniSed at COSI. After recognition. under the cost model, tangible fixed asse15 are measured at cost les5 accumulated depreciation and any accumulated impairment losses. All costs incurred to brin8 a tangible asset into its intended working condition should be included in the measuremènt of cost. At each reporting date the Un)n assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impèirment loss is recogni5ed where the carrying amount exceeds the recoverable amount. 19
UNIVERSITY OF SUSSEX STUDENTS, UNION ILIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JUL Y 2022 ACCOUNTING POLICIES {coi)linuedl 2.6 Tan8ible fixed assets and deprecialion Icontinuedl DeptiatIOn is charged $0 a5 to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Oepreciation bs provided on the following basis: Fixtures and fittings Office equiprnent Computer equipment Societies and clubs equipment 20-33% straight line 20-33% straight line 2(k33% straight line 20-33% straight line 2.7 Investments Fixed asset investments are a form of financial instrument and are initially reco8ni5ed at theirtran5action c05t and subsequently measured at fair value al the Balance Sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unreali5ed, are combined and presented a5 'G3ins/lLossesl on investments, in the Con501idated Statemerbi of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stock5 Stocks are valued at the lower of cost and net realable value after making due allowance for obsolete and slow- movin8 51ocks. Cost in¢lyded 311 dirett £osts and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are reco8nised at the settjemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any ttsde discounts due_ 2.10 Cash èt bank and in hand Cash at bank and in hand include cash and short-term hghty liquid investments with a short maturity of three month5 or less from the date of acqvisition or OFening of the deposrt or similar account. 2.11 Liabilities and prov15ions Liabilities are recognised when there is an obligation at the Balance Sheet date a5 a result of a past event. it is Probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be e5tin7ated reliably. Liabilities are Tecognised at the amount that the Union anticipate5 It will pay to settle the debt or the amount it has received a5 advanced payments for the goods or service5 It must provide. Provisions 8re rneasured at the best estimate of the amoun15 quIred to sett5e the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax disc¢xJni rate that reflects the rkS specific. to the liability. The unwinding of the discount is rewnised in the Consolidated Statement of Finantval Artivities as a finance cost. 20
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 2 ACCOUNTING POLICIES {continuedl 2.12 Financial in5trurnents The Group only has financial asset5 and tinancial liabilities of a kind that qualify as basic financial instruments. Basic f¥nancial in51ruments are Initial recognised at transaction value and Subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amort15eLI cost V5in6 the effeaive interest method. 2.13 Operating leases Rentals paid under operating leases are charged to the Consolidated Siatemefit of Financial Activities on a straight line basis over the lease term. 2.14 Pen511)ns The Group operates a defined contritHJtion pension scheme ènd the pension charge represents the amounts payable by ihe Group to the fund in respett of the year. 2.15 Fund accounting General funds are unrestricted fvnds which a available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Reslricted funds are fvnds which a to be used in accordance with specth"c restrittrons imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against such funds are charged aBainst the 5pecrfic fund. The aim and use of each restricted fund is set in the notes to the financial staternents. INCOME FROM CHARITABLE AcrivtTES Unrestricted funds 2022 Designated funds 2022 Restricted funds 2022 Total fvnds Total funds 2021 2022 University grant- general funds Univer5ity- Other funding other grant income Activities, clubs and 50cietie5 Membership fees 1,234.000 1.234.000 1,234,0(K) 9.530 9.530 61,400 36.355 139.789 176,637 316.426 38.327 1.421.646 1.289.642 38,327 1,598,283 1,351,042 18,287 1,351,042 176.637 Total 2021 61,4 21
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JUL Y2022 OTHER TRADING AcfiviTIES Unrestricted funds 2022 Designated funds 2022 RestrlctÈd funds 2022 Total fund5 2022 Tot81 funds 2021 University- accommodation. utilities and cleaning Other grant income Catering and lettings management charges Other income Sale5 and operating income Publications and advertising 786.(KlO 786.000 786.000 12.618 12.618 835,834 393.544 288,126 835.834 50.416 2,053.842 90.708 3.816.800 2.254.586 50.416 2,053.842 90,708 3.829,418 2.332,976 78.554 771.446 15.306 2,332,976 12.618 78,390 Total 2021 INVESTMENT INCOME Unrestri¢ted funds 2022 Designated funds 2022 Restrirted funds 2022 Total funds 2022 Total funds 2021 Investment income 91 91 162 ANALYS15 OF EXPENDITURE ON CHARITABLE AcfvJTIES BY FUND Unresiricted funds 2022 Designated fund5 2022 Restrltted funds 2022 Total funds 2022 Total funds 2021 Representation and democracy INote 71 Publications INote 81 Activities, club5 and societie5 INote 91 Goverrhance c05t5 (Note 101 818,035 6.618 824.653 736.754 331.414 1.436,654 331,414 1,638.870 281,695 1,219,353 202,216 30.635 2.616,738 2.139.951 30,635 2,825,572 2.260.286 22.484 2.260,286 202,216 6.618 120.335 Total 2021 22
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENOED 31 JUL Y2022 EXPENDITURE ON CHARITABLE ACTIVITIES urtricted funds 2022 Designated funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Representation and democracy Permanent siaff costs Sabb3tical officers NUS affiliation Campaigns and conferences Support costs 164.659 149,171 24.OCKI 16.079 464.126 818.035 674.024 164.659 149.171 24.000 22.697 464.126 824,653 736.754 155,035 136.507 25.361 46,484 373,367 736.754 6.618 6.618 62.730 Total 2021 EXPENDITURE ON CHARITABLE AcnviTIES ICONTINUEDI Unrestrirted Designated funds funds 2022 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Publications Permanent staff costs Administrative costs Student media Union marketing Website Support costs 72.415 121 10.234 5,131 30,132 213.381 331.414 272.140 72.415 121 10.234 5,131 30.132 213,381 331,414 281.695 69,814 350 5.450 4,479 29,948 171,654 281,695 Total 2021 9,555 EXPENDITURE ON CHARITABLE AcfiviTIES ICONTINUEOI Unrestricted funds 2022 Designated funds 2022 Restricted funds 2022 Total fund5 2022 Total funds 2021 ACTIVITIES. CLUBS AND SOCITIES Permaftent staff costs Administration Entertainment5. expenditure & events Freshers week events Sports club expenditure Sports club funding Club and society expenditure Club and 50£iety fundraising 8U5A and regional affiliation Support costs 111,151 2,472 31.138 111,151 2,472 31.138 123,968 1,760 5,402 91.841 11.859 101.734 413 91,841 11,859 101,734 413 202,216 13,064 1,072,982 1,638,870 1,219,353 14,918 17,741 61,419 10,310 111,913 8,760 863,162 1,219,353 202.216 13.064 1.072.982 1.436.654 1.171.303 202.216 Total 2021 48,050 23
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2022 10 EXPENDITURE ON CHARITABLE ACTIVITIES ICONTINUEOI Unrestrirted Designated lunds funds 2022 2022 Re5trirted fvnds 2022 Total funds 2022 Total funds 2021 Governance costs Audit and accountancv Consultancy services Professional services 8.300 21.959 376 30.635 22,484 9,025 11,226 2,233 22.484 21.959 376 30.635 22.484 Total 2021 11 AUDITOR'S REMUNERATION Total 2022 Total 2021 Fees payable to the Union's current auditor for the audit 14.250 13.000 12 STAFF COSTS Group 2022 Grovp 2021 Union 2022 Union 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 2.172.896 135.187 1.758.480 108,651 1.106.330 93,503 974,969 83,441 62.164 54,159 43.826 39.497 2.370.247 1,921.290 1.243.659 1,097.907 The average number of persons employe(I by the Union durin8 the year was as follows= Group 2022 No 38 12 50 Group 2021 No 34 Union 2022 No 38 Union 2021 No 34 University of Sussex Students, Union Vniver51ty of Sussex Students Union Trading Ltd 43 38 34 The number of employees, whole benefrts lex¢luding employer pension costsl exceeded £60,1)XS was: Group 2022 No Group 2021 No In the band £60.001- £70.C In the band £?0.001- £80,0(KJ All key managernent personY)el for the year are the Trustees. Interim CEO, Deputy CEO, Director of Digital Eneagemenl. Head of Finance. Head of Central Support and Irbterim Head of Commercial Operations. The a8gregate remuneration of key management personnel was £427,6S212021: £417.6621. 24
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2022 13 TANGIBLE FIXED ASSET5 Fyeehold Office Computer Equipmenl Total Group Fittings Equipment Cost or valuation At l August 2021 Additions 533.664 77.392 1146.5161 464.540 197,414 113,797 15.335 141,7811 87.351 844,875 120,266 1258,6981 706,443 27.539 170,4011 154.552 Disposals At 31 July 2022 Depreciation At l Augusi 2021 Disposals Char8e for the year At 31 July 2022 471.605 167,619 170.1761 16,866 104,344 141,7811 10.858 743.568 1258,4681 62.323 1146.5111 34.599 359.693 114,309 73,421 547.423 Net book value At 31 July 2022 At31 july 2021 104.487 40,243 13.930 159,020 62.059 29,796 9.453 101,307 Fieehold Office Computer Equipment Total Unlon Fittir Equipment Cost or ¥aluation At l August 2021 Ailditions 209.540 1,320 191.7311 119.129 33.136 113,797 15,335 41,7811 87,351 356.473 508 17.163 {151.7031 221,933 Disposals At 31 July 20Z2 118,1911 15.453 Oepreciation At l August 2021 Disposals Charge for the year At 31 Juty 2022 198,486 191.7311 4,261 111.016 31,702 118,1881 1,187 104.344 141,7811 10.858 334.532 1151.7001 16,306 199,138 14.701 73,421 Net book value At 31 July 2022 At311uly2021 8.113 752 13.930 22,795 11,054 1.434 9,453 21.941 25
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITEO BY GUARANTEE} NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 14 FIXED Ass INVESMENT5 Investments in subsidiary company Union C05t or valuation At l August 2021 At 31 July 2022 Net book value At 31 July 2022 Ai 311vly2021 15 STOCKS Group 2022 Group 2021 Finished Boods and goods for sale 67,766 52,837 16 DEBTORS Group 2022 Union 2021 2022 2021 Due within one year Trade debtors 50.831 20.683 9,773 143,717 28.273 5.421 195.721 Amounts owed by group undertakrngs Other debtors 39.454 24.336 31.999 Prepayments and accrued income 29.535 119.820 132,998 178.017 16,598 118.240 351.381 198.361 17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2022 Union 2021 2022 2021 Bank loan and overdrafts 10.000 101.107 61.899 18.320 160.808 3S2.134 1.267 66,261 46.9S8 206,279 76.512 Trade creditor5 22,908 21.224 6.252 40,122 90.506 3,558 18.984 199,447 40,784 262,773 oth.er taxatioft and social security Other creditors Accruals and deferred income 397.277 26
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 JUL Y2022 18 CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR Group 2022 Union 2021 2022 2021 Bank loan and overdrafts 38.333 48,333 38.333 48.333 The loan is a Coronavirus Bounce Back Loan. The loan 15 repayable in equal instalntS over 60 months. The loan is interest free for the firsi twefve months. 19 STATEMENTOF FUNDS Balance at l August 2021 Income Expenditure Transfers Balante at 31 July 2022 Unrestricted funds General funds 714.574 714.574 5.238,537 15.242.418) 5.238.537 15.242.418) 1193,2991 1193,2991 517,394 517,394 Designated funds Clubs & Societies 176,637 176.637 1202,2161 1202,2161 193.299 193.299 167,720 167,720 Restricted funds University grant Su55ex fund IAlumnil Community social fund Role models Sport projects Good night ow15 8AME ambassador Interim strurture 5.693 25.267 626 9.820 476 1,351 24.332 S,693 25.267 626 9.820 476 1.351 24,332 6,OLYJ 73,$65 6,618 16,6181 67.565 12,618 16.6181 Total funds 782.139 5.427.792 {5.451.252) 758,679 * The transfer above represents a change in the accounting treatment of the Clubs and Societies balance from previous year5. 27
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 19 STATEMENT OF FLINDS ICONTINUEDI Statement of fiinds prior year Bal•nce at l August 2020 Income Expenditure Transfers Balance at 31 July 2021 Unrestricted funds General funds 578,52S 578,525 3,544,390 13,408,3411 3,544,390 13.408.341) 714.574 714,574 Restrirted funds University grant Sussex fund (Alumni) Community social fund Role models Sport projects Good night owls 8AME 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 51,800 132.3451 19,6001 178.3901 1120.3351 78,390 139.79) 48.110 67,565 Total funds 626.635 3,684,180 13,528,676) 782.139 The Sussex Fund {Alumnil provides the Student Union with funding to support projects ihat enhance the student experience. Role Models the Union receives funding for expenses and for l or 2 staff members to run the Role Models pro8ramme. The programrne is a peer mentoring scheme wtthin local schools. where out university students run workshops for their young students on Mental Health and Wellbeing. The Community Social Fund was a8ain a proposal for a number of different student society projects. almost a51 of which were completed in the year. sports Project IRFUI is to deliver social and recreational rugby sessions on campv5 that appeal to, and engage, new participants, and those returning io the sport. Good Night Owls to Irain and support student volunteers to go out late at rhight in Brighton to help students in trouble while out on the town. BAME Amba55adorlRa¢e equity to gather feedback from BAME students on how lifelstudent experience can be improved lor BAME students on campus. Resilience 51(ills (Lottery fund) is for resilience skills training to be delivered to Sussex Student Union Staff. 28
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 JUL Y2022 20 ANALYSIS OF NEf ASSETS &EEN FUNDS Analysis of net assets between funds- current period Unrestrirted funds 2022 Oesignated funds 2022 Restricted funds 2012 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year Creditors due after one year 159.020 748.841 1352.1341 {38.3331 517.394 159.020 990.126 1352,1341 138.3331 758.679 167,720 73.565 167,720 73.565 Analysis of net Jssets between fvnds- prior period Unrestricted funds 2021 Designated funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year Creditors due after one year 101.307 1.058.877 1397,2771 148,3331 101,307 1,126,442 1397,2771 148,3331 782,139 67.565 714.S74 67.565 21 RECONCILIATION OF NET MOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING AcfiviTIES Group 2022 Group 2021 Net incomelexpenditure for the period las per SOFA) 123.4601 155,504 Adjustments for: Depreciation charges Loss on disposal of fixed assets Decrease in stocks Decrease in debtors (Decreasel in c¥editors Net cash provided by/lu5Éd in) operating arti¥ities 62.323 230 114.9291 58,197 IS3,8761 28.485 64.578 15,247 73,607 14,734 304,202 22 ANALYSIS OF CASH AND EQUIVALENTS Group 2022 Group 2021 Cash bn hand 802.540 895,588 Total cash and cash equivalents 802,540 895,588 29
UNIVERSITY OF SUSSEX STUDENTS, UNION {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JUIY2022 23 ANALY51S OF CHANGES IN NET DEBT At l August 2021 Cash flow5 At 31 Julv 2022 Cash at bank and in hand Debt due wtthin one year Debt due after one year 895.588 (1.2671 148.3331 845.988 193,0481 18.7331 10.000 191.7811 802,$40 110,oDo) 138.3331 754.207 24 PENSION CONTRIBUTIONS 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 contributions payable by the group to the fund and amounted to £62.16412021-. £54.1591. Contribution5 totalling £7.58112021 ." £7.3471 were payable to the fund at the balance sheet date and are included in credrtor5. 25 OPERATING LEASE COMMITMENTS At 31 July 2022 the Group and the Union ha(1 commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2022 Union 2021 2022 2021 Noi later than I year 38.814 38.814 557 557 26 RELATED PARTY TRANSACTIONS One or more trustees have been paid remuneration or received other benefits from an employment with the charity. These staff members only receive remuneration in respect of services they provide undertheircontracts of employment. No trustee received any reimbursements for expenditure12021.. Nill. The value of trustees. remuneration and other benefits was as follows.. 2022 2021 20.793 22.696 21,691 22,696 22,696 22.545 1.668 1.668 M Khalid C Moylett R Steffen P Palmano 23,292 25.636 23.280 23,243 26,953 763 1.014 1.014 1.014 1.014 1.014 1.014 129.251 A O'connor N 8ajwa Cung Y J8mes R Linehan N Cornell A Williams N Tickner LPem R Kunisue 136.453 30
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEEI NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 27 coMfROLLING PARTY The charitable company is controlled by the Board of Trusiees, who are also directors under company law. 28 PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking of the Union Name Company Registered office or principol Number place of business 02146582 Falmer House. University of Sussex. Bri8hton. BNI gQF Prin¢ipJl artivity University of Susse¥ Students. Union Trading Limited Trading Activities Class ol shares Ordhnary Holding Included in Consolidation Yes The financial results of the subsidiary for the year We.. Name Income Expenditure Net assels University of Sussex Students. Union Trading Limited 2.629,179 2.743.275 26,980 31