Reelstered C(m)p•nynumber. 07695765 (Enzland ¥nd Wales} ReK15tsfed Ch•rlty nymber: 114n42 CONSOLIDATED FINANaAL STATEMENTS FOR UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) FOR THEYEAR END 31 JULY 2024 Illlllllllll *AE12H88)• 23104r2025 COMPANIES HOUSE A14
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UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) LEGAL AND ADMINislliATIVE INFORMATION Truste Ester Adeyemo. Officer Ardeshir eXander-S)fve. Officer Naina Bahl, Officer Jada Orlebar-Earle. Officer Elena Southard. Officer Lewis Wilson. Officer Max Mazo. Student Helen Hoogewerf-mccomb. Extemal Billy Bryan, External Charity Nymber 1147242 Company Nwhber 07695765 Rewtered Offlce & Prlncipal Addvess Falmer House Universty of 5u55ex Brighton East Sussex BNI 9QF Auditors TC GrtyJp The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bank Barclays Bank Pk 77 South Road Haywards Heath West Sussex RH16 4LB
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARA14TEE) CONTENTS Pa8e Trustees, Report Ilncorporating Directtys Report) Statèment of Trustees. Responsibilities Report of the IndependentAuditor5 io Con501idoted Statement of Financial Artrvities 14 consolated Balance Sheet 15 Charity Balance Sheet 16 Consolidated Cash Flow Ststement 17 Notes to the Finan¢ial Statements 18
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BYGUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENDED 31 JULY 2024 The Trustees pent their annual reJx¥rt together wrth the audited financial ststements of the UnNersity of Sussex Students, Union for the year to 31 Jufy 2024. The Trustees confirm that the Annual report and financial statements of the charitable c(¥npany and group comply with the current statutory requirements, the requirements of the charitable companvs governing document and the prowsions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Finanoal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffective I january 20191- The Higher Education sertor and students. unions are going through some of the biggest changes in a lifetime, with redurtions in the numbers of students, ¢han8es to students. needs and expectations and more reBulation. But leY5 take a few minutes to think about what you have achieved over the past year. Tradlng Overthe past year we have seen a welcome return of students 8èttin8 Invoted in the Union's aciivities. In trading we had the busiest graduation ever, the weekty market returned with a flourish. the Co-op surpassed its income targets by over £IIJO.OLKJ, we Saw events that overfillèd Room 76 and a summary partnership with Education First IEFI that delivered trainin& catering and events to thov5and5 of En81ish language students. Falmer Bar had a quiet makeover. decorated by the staff themselves. Student artlvlsm & umpal8nln8 As a whole Union we supported the weekty pro-Pale5tine dem05 and rnarthes and then the encampment. as well as hundreds of student actwities and campaigns. We had our IR5t Freshers for years, despite the closure of the Mandela Hall on the Friday before Freshers The Race Equlty Advocates IREAS) Our Race Equity A¢fvocates from the follovthng two Khools= Media. Arts & Humanitie5 IMAHI and the 8usiness School at Sussex 165SI have made remarkable Strides in creating and implÈmentin8 Strate&'es aimed at reduong the attainment and awarding gap among ethnically minoritised student communities. The MAH REAS carried out a successful 'Decoloni5ing the Curriculum Working Group, pilot study in the History department. Collaborating with students, course convenors and the Dean of People, Culture & Indusion. the REAS established the Working Group that will make recommendation5 to the facumy on a termfy basis, and aim to dNersify the Undergraduate taught history courses. Simultaneousty, the REAS have recorded four sessions for their upcomlng podcast series. 'Liberation 8ites' which will go live in November 2024. The BSS REAS successfully set up a 'Multicvltural Students, Forum. aimed at providing a safe and innovative space for ethnically minoritised Students at the Business School to orÈanise and neOrk together for a more inclusive environment wsthin their school. The forum has proved to drastically increase student engagement among Chinese and other East Asian students. The forum is a celebratory space for students to connect to each other and create a strong sense of belonging and camaraderie. Moreover, the REAS from both schools have artively been invofved in providing recommendations for expanding the Race Eq¢Jity Advocates Project across more schoo15lfaculties at sussex. They have had significant contribution5 in ensuring the projert becomin8 a part of the univer5iVs Acce55 and Participation Plan IAPP) 2025-2029,. promisin8 a more sustainable lthure for the projerfs aims and goals. The REAS have outreached to the Race Equality Charter team at the University, which has granted the REA Project inc¥eased credibility and autonomous v(Mce in race eouality action across >Jssex.
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BYGUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENDED 31 JULY 2024 Mandela Hall Throughout 202314 the Mandela Hall in Falmer House was closed due to roof repairs. The Students, Union was informed of the closure on the Friday before the 2023 Freshefs week and worked with the University to get the site secure, to find homes for the 15fv student-led artivitie5 that were planned for the Autumn term alone and to find Immediate alternatives for the FSher5 Fair that was planned to take place the following week. With a team effort and findbng every nook and cranny to store the student society and sports equipment that was stored in the Hall. aeMatIVe locations were found across the campus forthe student events. While not every booking could be found a suitable aernate space. the Univer5iVs Estatès team, the ACCA and Sussex Sport all provTrded Invaluable assistan. As we write thls report in September 2024, the Mandela Hall has reopened. Elertions The Spring elections see the involvement of thousands of students for the sabbatical Offir. and parr-time officer positions. plus the election of students who will lead the Society and sport clubs for the ¢omin8 year. Votèr turnout in the officer eleclions was up 6% from 2023, with an overall turnout of 21% of students votyng in these elertions. This was the highest turnout in 8 years. We implemented many of the recommendations for the election review and appeal in Spring 2023. including mandatory General Oata Protection Regulation IGDPRI trainin& new mandatory training material and a new set of rule5 which led to a redurtion in complaints. Volunteerin8 Individually the Students. Union officers and staff 5LlPPQrted students in Some of their times of need. with advice, campaigning SUPPOrt and a listeningyear. Vdunteering commitments by students in the highly popular Language Cafe, the Buddy Scheme, the involvement in s(xieties and 5PQrt5 club5, through the student media, committees and Nightline were commendable by both the amount of hours devoted by studentsto helping students and by how ihey went about supporting each other. This year, the Buddy Scheme helped over 600 studentsfind a friend ihrough personalised friend-matching. Events run by the Buddy Scheme attratted 7LM) attèndees across the year. and helped students with their wellbein& and finding new friends. The Language Cafe ran 20 sesslOn5 across both term5 attractin8 an avera8e of 80 students per 5e5si0n arbd teathing lon average) 10 different languages each week. Student Volce and Officers StafF and officers supported students to see change across the Uni¥ersity. with a new academic rep scheme. changes to the University'5 investment approach and the University final realising that the Union's race equity advocacy scheme wa5 the way forward.
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORTI FOR THE YEAR ENDED 31 JULY 2024 Advlce Our advi team supported 744 students with new cases. duri a year where the team was short- staffed for an extended period of 3 months. For the first time students were involved with the team as we recruited, iriducted and trained M students to bè employed as Advice As515tants in a pilot project. Some feedback from students: hank you so much for your support all throughout the procèss. I wish all the best for you." hank you $0 muth for your support.. l truly aF)preciate it. Rectrn this outcome ¢)n my graduation day made the celebration even more special." hank you very much for your prompt clear and very comprehensive reptyl l just wish that all instituiions were as professional and efficient as you guysll! Sport Clubs Sussex studentswon the annual Varsityagainstthe UnNersity of Brighton again and as more studentsbe¢ome inVoed in sport, we've seen them achieve mole success in their competitions. Here are some highlights= Sussex finished in 52nd place in the Bfltish unersitieS and Colleges Sport IBUC51 with 868.5 points lout of 149 institutionsl with Men's Lacrosse undefeated league run Imen's South Eastern Tier 11 whi¢h led to a promotion to the Premier Division and 3 cup run in which the team made it to the National Trophy final. Women'5 Tenni5 won the BUCS cup as well as the league. which they had never done before. The Fencing Club was able to increase its membership and form a competitive team that participated in both the British Fencing Championships and the BUCS Indrviduals. Sussex Dance organi5ed a home ¢ompttition, Sussexjam, where 13 universities attended and over dancers eath day came to dan at Su5se The Men's Volleyball team finished second in BUCS South Eastern Region fier One Ileaguel and for the first time qualified for student cup finals and finished ranked in the top 6 in the UK.
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BYGUARANTEEI TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2024 -Pl•- *aii Ji ill The Waves (Cheerleading) are such a large supportv4e and inclusive so¢ietythat has accomplished $0 much in 202314r. Between supporting the various sports teams at games every Wednesday, brin8inB their entire team to support at Varsity as well as going to various competitions auoss the country and placin8 well. They also made a ¢(tribUtIon to charity with their Pink Night raising money for Mind Charity. Varsity The 2024 Vafsity Series. an annual SPing event between the University of Su55ex and the University of Bri8hton, con¢luded with the University of Sussex emerging as the overall winner, securing a 12.5 to 4.5 vÉctory. De5Plte the final score, the Competition was marked by numerous dose encounters and strong performances from both sides. Vag jl I'jli
UN IVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIREcfoRS REPORT) FOR THE YEAR ENOED 31 JULY 2024 The University of Sussex maintained its winning streak. claiming victory for the 8th consecutive year. Sussex excelled across various sports. Standout Performances.. Climbing: The series opened with an 18-3 win for SLtssex. setting the tone for their success. Rugby: In a significant highlight. Sussex's men's rugbyteam secured a 36-22 win. with theVic&Captain leadin8 the way, 5coringfour tries. The women's rugby mat¢h saw Briehton triumph with a late try, endin8 17-10. Football: Brighton's women's football team delNered a strong 7-2 victiyy. while Susse5 men's team respondèd with a close 3-2 win. Basketball: SuSSes women's basketball team reCded 3 58-37victÉxy. while Brighton's men's team Clinched an overtime win. 79-73. •40 The Varsity Series continues to be a highlight of the sporting calendar for both universities. fosieritva camaraderie and competltive splrrt. This yearfs series showcased the dedication of students and the importance of sport in university A special mention goes tothe participation of cheerleadinggroup&'The Waves" and"Sussex Swallows." who provided high-energy halftime perfomiances. The 2024Vars¢ty Series ha5 solidified the University of Susse¢s sportingdominance. with anticipation buildingfor next yearfs competition.
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BYGUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2024 Sodetles We had approximately 140 societies this year, an additional 46 BSMS l16ht0n and Su55e¥ Medical School) societies and 4 studeni media groups. there were also 80 society adoptions. He are some highlights of their achievements this year. Minecraft society painstakingly recreated a Virtual version of the UnNersity of Sussex campus in the popular game Minecraft. it was created from 19 million digital building blocks. equating to more than l(XJ gigabytes of data. They spent month5 downloading satellite imagery from Google Maps to recreate a scaled version of the 142 hectare1350 auel campus. They a150 then replicated the Freshers Fair on their serverl They featured in an ITV Meridium re ort. Credit.. Sussex University Minecraft Society/ Tom Horwood The Sussex Tableiop Society has had an exceptional year. they have hosted a diverse range of aaivities. from weeklv meet-ups to Dungeons & Oragons sessions, board game nights. and collaborations with thè LG6TQ+ Society. all designed to be welcoming and accessible. Their commitment to inclusivity. creativity. and ctynmunity buildin& along with offerin8 many free events. has made them a standout society- Despite being run by a small committee. their efforts have enriched Student life by pr¢)vidin8 Opportunities for students to cortnett and en8a8e in tabletop gaming. Hatksussex has successfully organised events. includin& national level Hackathons and workshops. attracting over 400 attèndees. Hacksussex provides a space where partiapants from various backgrounds can connect. learn. and innavate in the world of technology. The Thai Society has con5Tr5tently hosted a variety of events throughoutthe year. rangingfrom cultural celebrations to socials. In addition to organising monthly events, they have contributed to larger universty initiatives, such as participating in the 8Ltsiness School's One World event and co-h05ting the Sussex Spring Ball in collaboration with the Japan Society. The Japan So¢iety has demonstrated outstartdin8 teamwork. or@anising over 20 events this academic year. includlng sushi nights, Evoza sessions. calligraphy workshops. and larger collaborations like the Sussex Spring Ball. Weekly committee meetings have fostered a collaborative environment where ueative ideas and detailed planning ensure suc£e55ful events, both large and small.
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORTI FOR THE YEAR ENDED 31 JULY 2024 The Friends of Palestine Society ha5 Shown remarkable dedication and impact through9 the year. organi5ing events and campaign5 to raise awareness and advocate for ju5ti¢e for Palestinè. Their activities, including solidarity demonstrations and cultural nights, have f05tered a stron8 sense of community and inclusivity. The society is committed to amplifying Palestinian voices and collaborating wffch other student group5. The Badger has grown from a small team into one of the largest student media groups on campus, serving as a platform for student expression. This year. they produced six editions featuring over 100 articles. hosted events like the Media Ball raising £500 for UNICEF. and won five national awards at the Student Publication Association Award5. Their impactlul coverage spans topics such as mental health. financial struggles. LGBTQ+ visibility. and climate chaAge efforts. Staff & culture While our retail, venue and artivitie5tearns have had Some staff stabiltythis year, we have seen considerable staffing changes in student voice. Student engagement, IT, communication5 and finance. We've also seen a significant change in the senior leadership team. Staff networks We've seen a new staff network, the trans and non-binary network be established and we've seen the amazing work of the BAME staff network over the past 12 months. social events and book clubs. alongside listeningto concerns and raising them with senior managers and elected officers. Representatives from the BAME staff network have been integral to the anti-raeist training that was delivered throughout 202314. The commff(ment of all those involved in the staff networks is ext¥aordinary and the Union will build on their commitment to equality. diversity and inclusion. Learning & De¥elopment We've seen the brilliantly delivered anti-racist training and tran5 and non-binary awareness. Other trainin8 has Sncluded in-house recruf(ment trainin& externalty delrvered complaint handling rnanagement, accredited project management and community organising training. A number of staff completed the ILM Level 3 Management training to ensure that our staff are following best Practi and are aligned in their actions to provide consistent and fair approach when managing their staff and projects. Lèadership The Trustee Board has approved the engagement ofthe Socialjustice CIAlertive to have a deep dNe into how we work and how we can become the organisation we want to be. Trustees have been provided with bespoke training on their roles and responsibilities as trustees. The senior leadership team has changed dramatically. with only the Chief ExecutNe and DeputyCEO remaining in post by July 2024. A new smaller SLT has been recruited to and has been leading on revie¥vs across governance. EDI. communication. finance. IT. student engagement and commercial strate.
UNIVERSITY OF SUSSEX STUDENTS, UNION IUMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIRECTORS REPORTI FOR THE YEAR ENDED 31 JULY 2024 Trustees Trustees in p05t during the year were as follows= E Adeyemo- appointed 1010712024 A Alexander-Safre- appointed 1010712024 N Bahl 8 8ryan N Cornell - resigned 2910812023 H Hoogewerf-mccomb SJackson- resiBned 1010712024 C Joshi- resigned (611112023 M Kahuho- resigned 1710812023 R Kunisue- resigned 1010712024 R Linèhan- resigned 1010712024 M Maio-appointed 1010712024 A McMahan- resigned 1310912023 M Murray- resigned 1010712024 J Orlebar-Earle- appointed 1010712024 L Pem- resigned 1711012023 T Salami-appointed 2310912023. resigned 1311212023 D Smith- appointed 2310912023. resigned 1010712024 E Southard- appointed 1010712024 N Ti¢kner- resigned 1010712024 A Williams- resignèd 2910812023 L Wilson- appoTrnted 2310912023 Flnandal Review USSU Gross intome from all sources totaled £6.738.83812023: £6.328.8051. Revenue has started to settle after issue created by Covid 19 in previous years. Expendrbjre was E6.660.85912023.. £6.425.8301. The reserves figure increased by £77,979 and rW stt at £739.633. This is made up of unrestrirted funds of £481.432. restricted funds totaling £66,803 and designated fund5 of £191.398. The gross cash balance at the end of the year totsled £883,926, an increase of £168,479 compared to 2023. Both debtors and creditors at the year end We lower than in 2023. Statement of di5dowre to auditor SO far a5 each person who wa5 a trustee at the date of approving this report are aware, there is no relevant audit information of which the group's auditor is unaware. Additional. tht trusttes indNidually have taken all the necessary steps that they ought to have taken as dirertors in order to make themselve5 aware of all relevant audit Information and to establish that the group's auditor is aware of that information. This report was approved by the Trullees on arml sEned on their behaw. by: Naina Bahl Trustee Date.. bi..902[
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMrrED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The Trustees. who are also the directors of Univèrsity of Sussex Students. Union for the purpose of company law. are responsible for preparin8 the Tru5tee5' Report and the accourbts in a¢¢ordance with applicable law and United KiTh8dom Accounting Standards (United Kingdom General ACpted Accounting Prarticel. including Financial Reporting Standard FRS102 The Financ¢al Reporting Stsndard applicable in the UK and Republic of Ireland.. Company law requires the Trustees. to ppart accounts for each financial year whith gr¥e a true and fair view of the state of affairs of the charttable company and group and of the incoming resources and applTrcation of resources. includin6 the income and expenditure, of the charitable cornpany and 8rovp for that year. In preparing these accounts. the Trusiees are required to= select suitable accounting policies and then apply them consirtentlr. observe the method5 and principle5 in the CharitE5 50RP.. make judgements and estimates that are a$ortable and prudent- and prepare the accounts on the going ¢on¢em basis unless it is inappropriate to pume that the charitable company will continue in operation. The Trustees are responsible for keeping 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 the accounts comply with the Companies Art 2006. They a also responsible for safeguarding the assets of thè charitable company and group and hence for taking reasonable steps for the prevention and detertion of fraud and other irre8ularities.
UNIVERSITY OF SUSSEX STUDENTS. UNION (UMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlon We have audited the financial statements of Universty of Sussex Students. Union I'the charitsble comparfl and its subsidiary lfthe group'l for the year ended 31 July 2024 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, induding a summary of significant accounting poliaes. The financial reportinE framework that has been applied in their preparaty'on is applicable law and Unr(ed Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reportingstandard appli¢able in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the frnaneial statemertts-. givè a true and fair view of the state of the group's and the parent charf(able companrfs affairs as at 31 Juty 2024 and of its in¢oming resources and application of resources for the year then ended- have been properly prepared in accordance wsth Unrted Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the rèquiremènts of thè Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Stsndards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sertion 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 requifements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bays fty our opinion. Concluslons relatlng to going concern In auditing the financial statement5, we have concluded thatthe trustees, use of the goingtoncern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectrvely. may cast signifjcant doubt on the charitys and group's ability to continue as a going concern for a period ol at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the trustees with Spect t08oing ¢Ohrn a described In the levant sections of this report. Othèr information The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The tnjstees are responsible for the other information contained within the annual report. Our opinion on the financial statemenis does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not exp$5 any fom of assurance condusion thereon. Our responsibility is to read the other information and. in doing so, Consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materialty misstated. If we Ident suth material incon515tencies or apparent material mi5Statements. we are required to determine whether ths gives rise to a material misstatement in the financial ststements themselve5. If, based on the work we have perfornied, we condude that there is a material misstatemènt 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 BYGUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlons on other matters prexribed by the Companle5 Art X6 In our opinion, based on the work undertaken in the course of the audrt= the information given in the trustees, report (incorporating the dirertors, report) for the financial year for which the financial statements are prepared is con515tent with the financial statements.. and the directors, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and group and its environment obtained in the course of the audit, we have not identified material misstatements in the dirertor5' report. We have nothingto report in respert of the following matters in relatn to which the CompaniesArt 2006 requires us to report to yOLt rf. in our opinion.. adequate accounting records have not been kept. or returns adequate for ouraudit have not been re¢eived from branches not visited by us- or the financial statements are not in agreement with the accounting records and retums- or certain disclosures of directors, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our atsdit- or the trustees were not entitled to prepare the financial statements in accordance with the small companlès regime and take advantage of the small companies. exemption in preparing the dirèctorfs report and take advantage olthe small companies exemption from the requirement to prepare a strategic rèport. Rèsponsibilities of trnsteès As explained more ful in the trustees. responsibilities statèment. the tfustees Ivtho are also the directors of the haritable company for the purposes of company lawl arè rèsponsiblè for the preparation of the financial statèments and for being satisfied that they give a tfue and fair view. and for such intèrnal control a5 the trustees determine is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud or effor. In preparing ihe financial statements. the trustees arè rèsJ>onsible for assessin8 the charitable companvs ability to continue as 3 80ing toncern, disclosin& as applicable, rnatters related to going concern and using thegoin8concern basis of accounting unless the trusteeseither intend to liquidate the charitable company or to cease operation5, or have no realistic alternatv¥e but to do so. Auditorfs responsibilities for the audil of the fithantial statements Our objective5 are to obtsin reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit condurted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or errorand are considered material if. indsvsduallyor in the aggregate. they could reasonably be expected to inflLbence the economic decisions of users taken on the basis of these finanoal ststements. Irregularities, including fraud. are instances of non-complian with laws and regulations. The extent to whi¢h our procedures are capable of detecting IrUl3T1ttes. including fraud. is detailed below. Extent to the audlt was ¢ons5dered capable of detertSng IrrelarItse5. IndudSng fraud The objectives of our audit. in respect tofraud. are- to identify and assess the risks of material misstatement of the rinancial statements due to fraud.. to obtain sufficient appropriate audit ev1deft regarding the assessed risk5 of material misstatemènt due to fraud. through designing and implementing appropriate response5.' and to respond appropriately to fraud or suspetted fraud identified during the audit. However. the primary SponsIbl11ty for the prevention and detection of fraud restswith boih those charged with 8ovemance of the entityand its manogement. li
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 could reasonably be expected to have a material effert on the financial statements from our general commercial and sector experience. and through discussion with the dirertors and other management las required by audttin8 Standards). and dis¢ussed with the dirertors and other mana8ement the policies and pr¢xedure5 regarding compliance wth laws ind regulations; We identified the following areas as those most like to have such an effect.. health and safety.. General Data Protection Regulation IGDPRI.. fraud- bribery and corrupts'on and employmeot.law. AudItig standard5 limit the required audit procedures to identify non•compliance wilh these laws and regulations to enquiry of the trustees and other management and inspe10n of regulatory and le8al c(xrespondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Companie5 Art 2((6 and the Chorities Art 20111 and the relevant tax compliance regul3tions in the UK- We considered the nature of the group's operations. the control environment aha b)sineSs ¢erformance, including the key drivers for managemenfs remuneration- We communicated identified laws and regulations throughout our team and remained alert to any Indications of non-compliance throughout the audit- We cOndered the proCedUS and contrds that the group has established to address risks identified, ( that otherw¢se prevent. deter and detect fraud- and how senior management monitors those programmès and controls. Based on this understanding we designed our audrt procedures to identify non<ompliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedures to address each identified fraud risk. Thesè procedures included.. testing manual joumals.. reviewing the financial statèment disclosures and testing to supporiing documentation.. performrng anatio1 procedures- and enquiring of management, and were designed to provide reasonable assurance thatthe financial statements were free from fraud or error. Owing to the inherent limitations of an audit. there 15 an unavoidable risk that we rnay not have deterted some material mis5t3tements in the flnancial Statements, even though we have properly planned and performed our audit in accordance with auditing 5tandard5. For example. the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions refiected in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud ratherthan error. asfraud involves intentional concealment. fgery. collusion, omission or misrepresentation. We are not responsible for preventing non•compliance and cannot be expe¢ted to detect non<ompliance with all laws and regulations. A further description of our responslbilities for the audit of the financial statements is located on the Financial Reporting Countifs website at= htt v&ww.frc.o ibra standards-trA4es- audit-a5surance-and- ethics auditors-res onsibilities-for-the-audi This description forms part of our auditorfs report. 12
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED 8Y GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Ipse of our report This report is made solely tothe charitable companrf5 member5. as a body, in accordance with Chapter 3 of Part 16 otthe Companies Art 2ctIS. Our audit work has been undertaken $0 thatwe miEht 5tatetothe charitsble companvs members those matters we are required to state to thern in an auditoFs 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 companvs members as a bth. for our audft work. for this report. or for the opinions we have formed. cqr> Mark Cun*nins FCCA (Senior Siai for and on behalf of TC Gr¢>up Statulory Auditor5 Auditor) Offi¢e-. Sussex 13
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JUL Y2024 Unrestrirted funds Oesiated Restrirted funds Totsl 2024 Totsl 2023 INCOME FROM: Chafltable activrties Othertrading activities Investmernts Totsl Income 1.8128 4,661 10.034 6.484.733 205.110 31.076 17.919 1035.928 4.692.876 10.034 6.738.838 1.883,429 4.442,713 2.663 6,328,8Q5 17.919 EXPENDITURE ON: Raising funds-trading expenditure Charitable activities Total expendlture Y,458,123 3A58.123 3.254A88 2.968,157 6.426280 204,306 204.306 30.273 30,273 3.202,736 6,660,859 3,170.942 6.425.830 Net Income l {expendlturel and Net movement in funds 58A53 31. 1123541 77,979 197,0251 Reconclllauon of funds Total funds brouBht forward 4U979 159.518 79.157 661.654 758,679 Total funds rarritd ftMrd 481,432 191398 739.633 661.654 The Consolidated Statement of Financial Activitie5 includes all gains and thses recogni5ed in the year. The notes on pages 18 to 33 form part of these finanaal statements. 14
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET ASAT31 JULY2024 2024 2023 Notes FIXED ASSETS Tanble assets 13 97,229 121,067 CURRENT ASSETS Stock Debtors Cash at bank and in hand 15 16 78.023 89.fy)7 883.926 93.120 163.637 715,447 I50.956 972.203 CURRENT LIA81UTIES Credrtors due within one year 17 1390,2191 1403,2831 NET CURRENT ASSETS 660,n7 568,920 TOTALASSEfs LESS CURRENf UA81LmES 757.966 689.987 Credltors: amounts fallin8 due after more than oneyear 18 118.333) 128.3331 TOTAL NET ASSETS n9.633 661,654 CHARITY FUNDS Restritte(I fund5 Designated funds Unrestricted funds 19 79.157 159,518 422,979 661,654 191.398 481.432 739,633 The Group was entitled to exemption from audit under section 477 of the Companies Act 2CK6. The members have not required the entity to obtain an audit for the year in question in accordan with section 476 of the Companies Act 2006. However. an audit is required in accwdance with sertion 151 of the Charities Att 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Att with respett to accountin8 records and preparation of financial statements. The financial statements have been prepared in accordance wtth the prOS1On$ applicable to entitie5 subjert to the small companies regtme. The financial statements were approved and JhorIsed by the Board of Trustee5 on7.3- ts and signed on their behalf bv.. Nalna Bahl Trustee Company Number-07695765 15
UN IVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEE) CHARITY BALANCE SHEET ASAT31 JUL Y2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 13 11.035 20.876 14 11.037 20.878 CURRENT ASSErs Debtors Cash at bank and in hand 16 259,965 427,702 687,667 528,407 748.661 Creditors due within one year 17 {141,375) 1116.2051 NET CURRENT ASSETS 607,286 571.462 TOTAL NErET5 618.323 592.340 CHARITY FUNDS Restricted funds Designated funds Unrestricted funds 19 66.803 191.398 360.122 618,323 79,157 159.518 353.665 592.340 The Union was entitled to exemption from audit under sertion 477 of the Companies Act 2CKJ6. The members have not required the entity to obtain an audit for the year in question in accordance with 5ertion 476 ofthe Companies Act 26. However, an audit is required in accordance with section isi of the Charrties Act 2011. The Trustees acknowledge their responsibilities for compfying with the requIrents of the Act with respect to accounting records and preparation of financial staternents. The finantial statèmènts wère approved and authorised by the Board of Trustees onl. i- ZS and signed on thelr behalf by.. Nalna Bahl Trustee Comporty Number-07695765 The notes on pages 18 to 33 form part of these financial ststements 16
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BY GUARANTEEI CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31 JUL Y2024 Notes 2024 2023 Cash flows from operaling act5wtles Net cash used in operating activities 21 191,646 161,319} Cash flows fr<m irwesting artivities Dividends. interest and reni from investhients Interest paid Purchase of tangible fixed assets 10.034 18451 {22.356) 125,7741 Net $h used In Investln8 artlwtles {13,167) 125,774 Cash flows from financing artiwties Repayments of borfowings {io,ooo) Net cash provlded finandni artl¥Stles {io.000) Change in cash and cash equivalents in the year 168.479 187.0931 Cash and &ish equNalents at the beginning of the year 715.447 802.540 Cash and tash équivalents at the end of theyear 883,926 715,447 The notes on pages 18 to 33 form part of these finanoal statements 17
UNIVERSITY OF SUSSEX STUDENTS. UNION {UMrrED BYGUARANTEE} NOTES TO THE FINANCIAL STATEMENfs ICONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 STATUTORY INFORMATION The union is a charitable company, limited by guarantee. registered in England and Wales. In the event of the union being wound up, the liability respert of the guaranttè is limited to £1 per member of the Union. The members of the company are the Trustee5. These, alon8 Wlth the charitable compan5 registered number and address, Can be found on the legal and administrative infonnation page. ACCOUNTING POUOES 2.1 Ba515 of preparation of financial statements The financial statements have been prepared in accordance wrth Charities SORP IFRS1021 A¢countlng and Reporting by Charitiès.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with Financial reporting Standard applicable in the UX IFRS 1021 leffective l January 20191, the Financial Reporting Standord applicable in the UK IFRS 1021 and the Companies Act 2CK)6. The financial statements are prepared in stedin& which is the funrtional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest pound. University of Sussex Students. Union meets the definition of a public benefit entity vnder FRS 102. A55ets and liabilities are initially rewnised at historical cost or transaction value unless otherwise stated in the relevant accounting policv. The Consolidated Statement of Financial Artivitres ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Union and its subsidièry undertaking. The resutts of the subsidiary are consolidated on a line by line basi5. The union has taken advantage of the exemption allowèd under section 408 of the Companies Act 2CK16 and has not presented its own Statement of Financial Artivitye5 in these financial statements. 2.2 Goin£ Contem At the time of approving the financial statements. Ihe trustees have a reasonable expectation that the Union has adequate resour5 to continue irb operational existence for the fOSeeable future. and there are no material uncertaintie5 relating to going concem. Thus the trustees continue to adopt the going concern basls of accounting in preparing the financial statements. 2.3 In¢ome All income is recognised once the Union has entttlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the consolidated statement of financial actNlties on an accruals basis. The balan of income received for5pecific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advante of entitlement of receLPL its rècognition is deferred and included in creditors as deferred income. Where entitlement o¢¢urs before income is received. the income is accrued. Gifts in kind donated for distribLrtion are included at valuation and recogntsed as income where they are istributed to the projects. Gifts donated for resale are included 05 income when they are sold. 18
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 2.3 Income (font5nued) Where the donated good is a ffixed asset. it is measured at fair value, unlèss it is imprartical to measure this reliably. in which case the cost of the item tothe donor should be used. The gain 15 recogni5ed as income from donations and a correspondinB amount is included in the appropriatefixed assetclass and depreciated over the usefvl e¢onomi¢ life in a¢¢ordan¢e wrth the Union's a¢countin¢ polbcies. On receipL donated professional seThices and facilrties are reccenised on the basis of the value of the giftto the Union which is the amount it would have been lling to pay to obtain 5ervice5 or facilities of equivalent economic benefit on the open market,. a corre5pondin8 amount 15 then reCOgned in expenditure in the period of receipt. Income tax recoverable in relation to donations reIved under Gift Aid or deeds of covenant is recognised at the time of the donation. Incometax recoverable in relation to investment income is re¢ogni5ed at the time the investment income is receivable. Other income is recognised in the peritsj whi¢h it is ceIvable andtothe extent the goods have been provided or on completion of the servi. 2.4 Expendlture Expenditure is recognised 0e therè is 3 legal or constnjctwe obligation to transfer economic benefft to a third party, r( is Probab that a transfer of economic benefrts will bè required in settlement and the amount of the obligation can be measured reliably. Expenditure is dassified by artNrty. The costs of each activity are made up of thetotal of dirÈrt costs and shared c¢)Sts, includi1¥ wpport costs imiow in undertsking each activity. Direct costs 8ttributable to a single actwity are allLKated directW to that artivity. Shared costs which contribute to rn0 than one activrty and support Costs whith arè not attribLrtablÈ to a single artivity a apportioned between those attivff(ie5 on a bays congstentwiththe use ofre50uros.Central Staff ¢05ts are alkxated onthe basis of timespend, and deprèciation tharges allated on the portion of a55eYs use. Expenditure on rai5rn8funds includesall expenditure incurred bythe Grouptoraisefundsforitscharitsble purpose5 and induded costs of all fundraising actr4fiies elents and noTrtharitable trading. Expenditure on charrtatAe actIe5 is incurred on dIrert undertaking the athities whith fLrther the Group5 objectives as well a5 any associated supm costs. All expenditure is inclu5Ne of irrecoverable VAT. 2.S Interest re¢eivabfe Interest on hjnds held on deposit is included when re1vable and the amount can be measured reliably by the Group. this is nomially upon notification of the interest paid or payable by the institution whom the funds are deF4)5ited. 2.6 TIble Itxed assets and depreciation Tangible fixed assets costing £5 or more are c3pit31ised and recoKni5ed when future economic benefits are probable and the cost or value of the a55et be measured reliably. Tangible fixed assets are initialty re(nised at cost. After reCnl0ft. under the c05t model, tsngible fixed a55et5 are measured at Cost le55 accurnulated depreciation and any accumulated impatrment losses. All costs incurred to bring a tan'ble asset into its intended workin8condition should be included in the measurement of cost. 19
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 2.6 Tanglble fixed assets and depredat1 {contTnued) .At each reportingdate the Union assesses whetherthere 15 any indication of impairment. If such indication exists, the recoverable amount of the asset Is detemiined to bethe higher of its fair value less costs to sell and i(s value in use. An impairment lo55 15 rerognised where the carrying arnount exceeds the recoverable amount. Depreciation 15 charged $0 as to allocate the cost of tanw'ble fixed aets less their residual value over their estimated useful lives, using the strJight-line rw*thod. Depreciation is provided on the followtfvd basis: Fixture5 and fittings Office equipment Computer equipment Societies and dubs equiprnent 20-33% straight line 2LK33% straight line 233% straight line 20-33% straight line 2.7 Investments xed asset investments are a form of finanoal instrument and are inf(ialty recognised at their transaction cost and subsequenily measured at fair value at the Balance Sheet date. unless the value cannot be measured reliably in which case ri is measured at cost less impairment. Investment gains and losses. whether realised or unrealised. are c¢)mbined and presented as 'GainsllLossesl on investmert in the Consolidated Statement of Financial Artivities. Investments in subsidiaries are valued at cost less prowsion for impaÉrment. 2.8 5totks Stocks are valued at the lowef of cost and net realisable value after making due allowance f(Y obsdete and slow- moving 5tod(5. Cost included all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors arè rÈwnisÈd att sèthÈment am¢wnt after anytrade discount offered. Prepoyments 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 cash and short-term hiqhly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Llabllltles and wovlslons abilities are recognised when there is an oblytion at the Balance Sheet date as a result of a past event. tt is probable that a transferof economic benefrtwill be required in settlement. and the amount of the settlement can be estimated lIably. abilities are rectrdnised at the amount that the Union 3nti¢ipates it wll pay to settle the debt or the amount it has received as af1¥and payments for the goods or services it must provide. Provisions are measured at the best èstimate of the arnnts required to see 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 discount rate that reflects the ri5k5 specific to the liability. The unwinding of the discount is recognised in the Consolidated Ststement of Financial Activities as a finan cost. 20
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMrrED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 2 AccouNfiNG POLICIES (continued) 2.12 Flnancial instruments The Group onty has financial assets and finanoal liabilities of a knnd that qualify a5 basic finanoal instruments. Basic financial instruments are initially recognised at transattion value and Subsequently measured at their settlement value with the exception of bank loan5 which are subsequently measured at amortised cost using the effective interest method. 2.13 Operatlng leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Artivities on a straight line basis over the lease term. 2.14 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in pert of the year. 2.15 Fund accountlng General funds are unTe5tricted fund5 which are available for use at thedt5CTetion of the Trustees in furtherance of the general objectives of the Group and whi(h have not been designated for other purposes. Restricted funds are funds which are to be used in accordance Iwth specific restrictions imwsed by dgnors or which have been raised by the Group for particular purpose& The costs of raising and administering suth funds are charged against such funds are charBed against the specific fund. The aim and use of ea¢h restrirted fund is set in the ne$tothe finanoal ststements. 2.16 Judgements and key sources of estlmatlon uncertalTrty Inthe application of the companrfsaccounting polictes. the directors3 requiredto make judgements, èstimates and assumpiions about the carrying amount of assets and liabiliiies thai are not readily apparènt from other Sre*S. The estimates and associated assumptions are based on historical experien¢e and other fartors that are consldered to be relevant. Actual results may drffer from these estimates. The estimates and underIng assumptions are rèvièwed an basis. Revi5ion5 to accounting estimates are recoBnised in the period in which the estimate is revisèd wherèthe revision affects only that period, or in the period of the rewsion and future periods Whe the revision affects both current and future periods. In the opinion of the directors there are no Si1ficantJudgernents or areas of esbMati¢ Unrtainty. 21
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMrtED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 INCOME FROM CHARITABLE AcnviTES Unrestrirted fvnds 2024 Des•Rnated funds 2024 Restrirted funds 2024 Total funds 2024 Total fund5 2023 University grant-Beneral funds University- other funding Other grant income Artivities, club5 and societies Membership fees L•)6.111 11660 1,818,771 1,234,01)0 6.788 109 5.150 6,897 5.150 61.772 202,856 238,432 165,856 61772 143,338 205.110 163.228 143.338 2,035.928 1.883,429 42.285 1.883.429 1,812,899 1.481.769 17,919 238.432 Total 2023 OTHER TRADING AcrivtflES Unrestritted Desi8natsd Restrirted funds fvnds funds 2024 2024 2024 Total funds 2024 Total funds 2023 University- accommodation. utilities and cleaning Other grant income Catering and management charges Other income Sales and operating income Publication5 and advertising 1,064J 1,064,¢XX) 786,OC 733.833 733W3 990,322 59.843 2.671,850 127,274 4.661,800 4.442.713 59,843 702,926 127,274 4.692,876 4,442,713 70,157 2.47S,429 120,805 4.442.713 31.076 31.076 Total 2023 INVESTMENT INCOME Unf•Strlcted funds 2024 Desi8naied funds 2024 Restrirted funds 2024 Totsl funds 2024 Total funds 2023 Investment in¢omÈ 10.034 10.034 2,663 22
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Af4ALY515 OF EXPENDITURE ON CHARThABLE ACFVMES BY FUND Unrestricted Deslgnated funds lunds 2024 2024 Total fvnds 2024 Total funds 2023 funds 2024 Representation and democracy (Note 71 Publications INote 81 Acttb*s, clubs and socseties (Note 91 Governance costs (Note 101 930.594 960.867 870.411 333.936 IA29.261 333,936 1,633,567 340,403 1,686,435 274.366 2.968.157 2.766.672 274.366 3,202.736 3,170.942 273.693 3,170,942 204.306 171.430 30.273 232,840 Total 2023 EXPENDITURE ON CHARITABIE AcnvinES UnrestrSrted Deslgnated lunds funds 2024 2024 Total funds 2024 Total funds 2023 funds 2024 Representatlon and dern¢¢ra(y Permanent staff ¢osts Sabbatical officers NUS affiliation Campai8n5 and conferenos Support costs 21X)m5 178,050 30,850 53,066 467,753 930.594 840.028 ZW,875 178.050 30.850 83.339 467.753 960,867 870,411 180,867 149,766 24.680 47,284 467,814 870,411 30.273 30.273 30.383 Total 2023 EXPENDITURE ON CHARtrABLE A1vlEs IcoKnNUED) L)esignated funds 2024 Re5trfcted funds 2024 Total funds 2024 Total funds 2023 funds 2024 Publications Permanent staff costs Admsnistrativt costs Student mèdia Union marketing Website Support costs 83.931 1.273 23369 83,931 1,273 23,369 5.850 4.231 215.282 333,936 340,403 60,551 291 23,621 5,911 34,953 215,076 340,403 4.231 215.282 333.936 340,403 Total 2023 23
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEpifs (CONnNUED) FOR THE YEAR ENDED 31 JULY2024 EXPENDITURE ON CHARITABLE ACIMTIES (CONTINUED) Vnrestrirted Designated funds funds 2024 2024 Restrlrted funds 2024 Total funds 2024 Total funds 2023 ACTMTIES, CLUBS AND socmES Permanent stsff costs Administration Entertainments, expenditu & events Freshers week events Sports club expenditure Sports club funding Club and s¢xiety expenditure aub and society fundraising BUSA and regional affiliation Support costs 103N20 103A20 104,490 1,771 23,253 35JX15 35,1)05 616S9 4.633 126.556 62.659 4.633 126.556 98,181 11.791 177.973 231 171.430 15,807 1,081.508 1.686,435 204,306 13.647 1.082,282 1.633.567 1,686,435 13.647 1.082,282 IN29,261 1.503.841 204.306 171.430 Total 2023 11,164 10 EXPENDITURE ON CHARITABiE AcfiviTIES {CONTINUEDI Unrestrirted Deslgnated funds funds 2024 2024 Totsl funds 2024 Total funds 2023 fur)ds 2024 Govemance costs Audit and accountancy Consultaney servi¢es Profe55ional 5eMces Support costs iO.OOD 72.556 io,fyJo 72,556 13 191,797 274,366 273,693 8,5C 73,887 13 191.293 273,693 191.797 274.366 82.4 Total 2023 191,293 11 AUDOR's REMUNERAT1014 Total 2024 Total 2023 Fèès payablè tothe Union's current auditorfor the audrt 16,5CKI 14.500 24
UNIVERSITY OF SUSSEX STUDENTS, UNION (LIMITEO BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (coKnNUED) FOR THE YEAR ENDED 31 JUL Y2024 12 STAFF COSTS Group 2024 Group 2023 Unlon 2024 Union 2023 Wages and salaries Social security ¢OSts Contribution to defined Contribution pension schemes 2N90,a48 164,826 2,475,640 156.459 1,277.818 112.691 1,287,422 105,671 49.515 48.181 34,a02 29,235 2.705.189 2.680.280 1.424.811 1.422,328 The average number of persons employèd by the Uni¢)n during the year was as follows.. Group 2024 No Group 2023 No 35 io 45 Union 2024 No 34 Union 2023 No 38 University of Su55e¥ Students. Union University of Sussex Students Union Trading Ltd 43 34 38 The number of employees. whole benefrts {excludrng employer pension costs) exceeded £60.orA) was 112023.. nill. Group Group 2024 2023 No In the band £70.th)1- £80.C All key mana8ement personnel for the year are the Tru5tee5, CEO. I)eputy CEO, Director of Digital and Marketin Director of Finance and Interim Head of Student Rewesentation. The ag8re8ate remuneration of key management personnel was £443.31112023= £490.0961. 25
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 13 TANGIBLE FIXED ASSETS Freehold Computer Equipment Total Group Fittin8S Equipmènt Cost orvaluatlon At l August 2023 Additions 402.238 4.077 141.8491 364.466 150.166 15.957 16.228 83,626 2.322 53.7301 31118 636,030 21356 1111.807 546.579 Disposals At 31 July 2024 149.895 Depredatlon At l August 2023 Charge for the year Disp05als At 31 July 2024 327.270 118.915 514.963 23.617 141.8371 309.050 11,554 115.0711 115,398 8,315 152.1911 24.X12 43,486 1109.0991 449,350 Net book value At 31 July 2024 At 31 july 2023 55,416 34.497 7316 97.229 74.968 31.251 14.848 121.067 Freehold Computer Equlpment Total Union Fittin8S Eqwlpment Cost or valuation At l August 2023 Additions 95,410 14.940 83.626 2.322 153,7301 31218 193.976 4.766 166.7041 132.038 Disposals At 31 July 2024 110.2101 85,Z(N) 12,7641 14.620 Depreciation At l August 2023 Charge forthe year Disposa15 At 31 July 2024 91.077 13.245 68.778 173.100 3.371 110,2101 959 8.315 152,1911 24.902 12.645 164,7421 121.(103 12,3411 11.863 Net book value At 31 July 2024 At 31 July 2023 962 2.757 7.316 11.035 4,333 1,695 14,848 20,876 26
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE VEAR ENDED 31 JUL Y2024 14 FIXED ASSET 114VESMENTS Investments in subsld5ary companv Union Cost orvaluatlon At l August 2023 At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 IS STOCKS Group 2024 Group 2023 Finished goods and Boods for sale 78.023 93,120 16 DEBTORS Group X124 Unkni 2023 2024 2023 Due withln one year Trade debtors 46.431 6?.231 42.722 148.998 11,739 16.795 53.942 139,532 9.700 56.791 Amounts owed by group undertakings Other debtors 63lXI 36,276 23.5(P3 72,897 Prepayments and accnjed income 89.1x17 163.637 220.254 259.965 17 CREDITORS: AMourir5 FALLING DUE WIThIN ONE YEAR Group 2024 Unlon 2023 2024 2023 Bank loan and overdraft5 io,(yJ) 158.586 70.486 io.oco Trade cred5tors 100.182 70.833 8L525 24,988 2.506 18,022 35.178 Other taxati and s¢xial security Other Creditors 15,217 135.930 23,041 199,227 403,283 7.962 55.043 Accruals and deferred income 31356 390.219 141.375 116,205 27
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BY GUARANTEE) NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 18 CREDITORS: AMOUNTS FAWNG DUE AFfER ONE YEAR GrtP 2024 Union 2023 2024 2023 Bank loan and overdrafts 18333 28,333 18333 28.333 The loan is a Coronavirus Bounce Back Loan. The loan is rèpayable in equal instalments over 60 months. The loan is interest free for the ffirst twelve months. 19 STATEMENT OF FUNDS Balafi at l August Income ExpendIre Transfers Balance at 31 July 2024 Unrestrlctèd funds General funds 422.979 422.979 6.484.733 6.484.733 6.426.280 16.426.280) 481.432 481,432 Oeslgnated funds Clubs & S¢xieties 159.518 159.518 236.186 236,186 1204.3061 1204.3061 191.398 191,398 Rertrirted funds University grant Sussex fund (UMn1) Community social fund Role models Sport projerts Good night ¢)wls BAME ambassador IT Ilcences Researth Focus Groups 5.693 25.267 626 9.820 476 17.576 10,259 5.693 25.267 626 9.820 476 15,345 15,6911 123.1131 12.854 9,440 136 66.803 1,605 17.919 11.4691 130.2731 79.157 Total funds 661.654 6.738.838 16.660A591 739.633 28
UNIVERSITY OF SUSSEX STUDENTS, UNION IUMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 19 STATEMENT OF FUNDS ICOlmNUEOI Statement of funds prloryear Balance at l August 2022 Incorne Expendlture Transfers Balance at 31 July 2023 Ihresirfcted funds General funds 517,394 517.394 5.927.145 16,021.5601 5,927,145 16,021.5601 422,979 422.979 Designated funds Clubs & Sotièties 167.720 167,720 163.228 163.228 1171.4301 1173.4301 159.518 159.518 Restrlrted I)dS University grant Sussex fund (Alumnil Community s¢xial fund Role models Sport Pfosect Good night owls BAME ambassador Interim structure IT licensès Ambulance Cer Real Lbving Wage 5,693 25.267 626 9,820 476 1.351 24,332 5,693 25.267 626 9.820 476 17.576 10,259 21.844 10.691 21,LXK) 15.6191 124.7641 127,(KQl 11.164 164,293 238.432 111,1641 1164.2931 {232.8401 73.565 79.157 Total funds 758.679 6.328AOS 16.425uI) 661.654 The Clubs & S¢xieiies Fund is collected bysport dubs and societies from artivit$ and memtershipstosupport the running of the student-led groups in their purp¢)se and acttvf(ies. The Universtty grant is made up of annual funding from the UnNer5ity to support the services and artivities provided by the Students. Un¥on. The Su55ex Fund (Alumni) provides the Student Union with funding to support projects that enhance the student experience. The Community sla1 Fund wa5 again a proposal for a numberof drfferènt student society projects, almost all of which We completed in the year. Role Models the Union receives fundin8 for expenses and for l or 2 staff rnembers to run the Role Models programme. The programme is a peer mentoring scheme within local schools. where out university Students run workshops for their young students on Mental Health and Wellbeing. 29
UNIVERSITY OF SUSSEX STUDENTS. UNION IUMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEMfs {CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 19 STATEMENT OF FUNDS (CONTINUED) Sports Prolert is to delr4er Social and recreational Tugby sessions on campus that appeal to, and engage. new participants, and those retumingto the sport. Good Nlght Owls to train and supptyt student vofunteers to go t)ut late at night in BriEhton to help students in trouble while out on the town. BAME Amba55ador/Race equity to gather teedback from 8AME students on how life/student experience can be improved for BAME students on campus. Interlm Stnxture support from the unNersityf(Y the period between CEO5. IT Ucenses sUPPOrt from the university to fund liwi5 for Zoom. Linkedln Learnin8 and Micr050ft 365. Ambulano C¢)ver support from the university fLY the provision of professional first aid at sporting events. Real Llving Wage support from the Univers forthe uplift to real Living Wage which took place in the financial year ended 31 July 2023. The Research Focus Groups 15 made up of fvnd5 from the University to run focu5 groups to a55iSt with the Students, Union researcher for reports supporting work carried out by the Students. Union.
UNIVERSITY OF SUSSEX STUDENTS, UNION (UMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 ANALY515 OF NEfASSEfs BrnVEEN FUNDS Analysis of nèt assets between funds- current period Vnrestrl(ted funds 2024 DesIated funds 2024 Restrfcted funds 2024 Totsl funds 2024 Tangible fixed assets Current a5se15 CTeditor5 due within one year Creditors due after one year 97.229 791755 13*1.2191 118,333) 481A32 97,229 1.050,956 1390.219) 118.333) 739,633 1913 66WY 191398 66.803 Ar¢alysis of net assets between funds- prior period Unrestrirted fund5 2023 Oesi8nated funds 2023 Restrirted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wrf(hin one year CdItorS due after one year 121.067 733.528 1403.2831 128.3331 121,067 972.203 1403.2831 128.3331 661.654 159.518 79,157 42Z.979 159.518 79,157 21 RECONCIUATION OF MOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING AcfiviTIES Group 2024 Group 2023 Net incomelexpenditure for the period las per SOFA) 77,979 197,0251 Adlu5tments for. Depreciation charge5 Loss on disposal of fixed assets Interest payable Investment income Dec¥ease I lincrea5el in st¢xks Deciease / lincreasel in debtors Ioecreasel / increase in creditors Net cash pr•)vlded byllused in) operatlnu actlvftles 43A86 2,707 63.727 {10,0341 15.097 74.630 113.0641 191.646 {25.3541 143,8171 41,149 161.3191 22 ANALYSIS OF CASH ANDCASH EQUNALENTS Group 2024 Group 2023 Cash in hand 883.926 715.447 Total ash and cash equivalents 883.926 715.447 31
UNIVERSITY OF SUSSEX STUDENTS, UNION {UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUIY2024 23 ANALYSIS OF CHANGES IN NET DEBT At I AuBu5t 2023 Cash At 31 July 2024 Cash at bank and in hand Debt due within one year Debt due after one year 715N47 (10.1} 128.333) 677,114 168,479 883,926 iio,000) 118.3331 855,593 10.000 178A79 PEN510N COPITRIBUTION5 Thè group operates a combined pension scheme. The assets of the xhème are held separately from those of the Eroup in an independentty adrninistered fund. The pension cost charge represents contributions payable bv the group to the fund and amounted to £49.51512023 .. £35,371). ContribLrtions totallin8 £74212023 .. £9,310) were payable to the fund at the balance sheet date and are included in creditors. 25 OPERATING LEASE COMMtrMEpirs At 31 July 2024 the Group and the Union had commitments to make future minbmum lease payments under non-cancellable operating leases as follows= Group 2024 Unlon 2023 2024 2023 Not later than l year 12,9)9 li 25,876 25.876 26 RELATED PARTYTRANSACTIONS One or more trustee5 have been paid remuneration or received other benefrts from an employment with the charity. These staff membersonly receive remuneration in re5pert of5eNices they provide under theircontrarts of ernployment. No trustee received any reimbursements'for expenditure12023- Nill. The value of trustees, remuneration and other beneftts was as follows.. 2024 2023 24,336 23.664 23,747 24,841 22,791 24,462 2,025 1,871 2,025 R Linehan N Cornell A Williams N Tickner 27.026 I739 LPem R Kunisue M Murray N Bahl S Jackson 29.9)1 27.176 29.32S 27,736 2343 2.343 2343 2.365 E Southard A Alexander-sef L Wi150n J Orlebar-Earle EAdemayo 180.440 149,762 32
UNIVERSITY OF SUSSEX STUDENTS. UNION (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 JULY2024 27 CONTROLLING PARTY The charitable company 15 controlled by the Board of Trustee5. who are a150 directors under company law. 28 PRINCIPAL SUBSIOIAIVES The following was a subsidiary undertaking of the Union Name Company Re8isQered office or prfncipal Number . place of buslne55 02146582 Falmer House. Universrty of Sussex. Brighton. BNI 9QF Principal activity University of Sussex stUdefi Union Trading Limited Trading Attivities cla of share5 Ordinary Holdin8 lTrduded in consoiidatioii Yes The financial re5uIt5 of the subsidiary for the year were- Name Intome Expenditure Net assets University of Sussex Students, Union Trading MIted 3.367.220 3.315.219 121,317 33