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 #19 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 consol￿ated 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 p￿ent 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 Invo￿ted 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 ne￿Ork 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 F￿Sher5 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. a￿eMatIVe locations were found across the campus forthe student events. While not every booking could be found a suitable a￿ernat￿e 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 Offi￿r. 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. Rectr￿n￿ 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 inVo￿ed in sport, we've seen them achieve mole success in their competitions. Here are some highlights= Sussex finished in 52nd place in the Bfltish un￿ersitieS 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 SP￿ing 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 Susse￿5 men's team respondèd with a close 3-2 win. Basketball: SuSSe￿s women's basketball team reC￿ded 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 l￿16ht0n 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 r￿W 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￿ AC￿pted 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 p￿part 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 p￿ume 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 ¢Oh￿rn 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 X￿6 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 relat￿n 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 Ir￿Ul3T1ttes. including fraud. is detailed below. Extent to the audlt was ¢ons5dered capable of detertSng Irre￿larItse5. 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. AudIti￿g standard5 limit the required audit procedures to identify non•compliance wilh these laws and regulations to enquiry of the trustees and other management and inspe￿10n 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 cOn￿dered the proCedU￿S 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 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 Oesi￿ated 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 Tan￿ble 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 I￿50.956 972.203 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 prO￿S1On$ applicable to entitie5 subjert to the small companies regtme. The financial statements were approved and J￿horIsed 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 NEr￿ET5 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 2￿6. However, an audit is required in accordance with section isi of the Charrties Act 2011. The Trustees acknowledge their responsibilities for compfying with the requIre￿nts 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