Charity Registration Number: 1148212 Company Registration Number: 07702161 (England and Wales) Your Ljnderland" "Students, Union The University of Sunderland Students, Union Trustees. Report and Financial Statements For the year ended 31 July 2024 UNIVERSITY OF SUNDERLAND STUDENTS. UNION {A COMPANY LIMITED BY GUARANTEEI CONTENTS Pag¢ Trusteeg, report Auditors, report 15-18 Statement of fin8nci81 actThiilies 19 Balance sheet 20 Statement ofcash flows 21 Notes to the financial statements 22-34 UNIVERSITY OF SUNDERLAND STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report for the year ended 31 JUSY 2024 under the Charities A¢1 2011, together with the audited financial slalemenls for the year. Reference and admlnistrative information The University of Sunderland Students, Union is a company limited by guaTanlee governed by its Memorandum and Articles dated 12 July 2011, amended on 11 December 2018 and registered as a charity with the Charity Commission. Charity number: 1148212 Company number.. 07702161 Registered Office: Edinburgh Building, University of Sunderland, Chester Road, Sunderland, Tyne and Wear. SR13SD Charity Trustees: Prince Chinedu Ikechi Oludolapo Dada Jessica Fogaty Kayleigh Tague Al L2wley-Powell Rose Guy Felieia Udofiah Babatunde Jimoh Jouhayna Mffjbet George Cosmas {Chairl {Appoinled 1 July 2024) {Appointed 1 July 2024) {Appoinled 1 July 2024) {Appointed 11 December 2023) {Resigned 7 October 20241 {Appoinled 11 December 20231 {Resigned 7 October 20241 (Appointed 2 October 20231 (Resigned 30 June 20241 (Resigned 30 June 20241 (Resigned 30 June 20241 (Resigned 30 June 20241 (Resigned 11 December 20231 (Appointed 7 October 20241 (Appointed 7 October 2024} Alison Kubwalo Joshua Ri¢hardson Peter O'Brien Badr Adnani Oladimeji Adepoju Oluwalosin Solarin Sai Yarramselty Jacqueline Clements Jamie Young UNNERSITYOF SUNDERLAND STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (Contlnu8dJ FOR THE YEAR ENDED 31 JULY 2024 Professional Advisers: Auditors CLA Evelyn Partners Limited 17 Queens Lane Newcastle upon Tyne NE16SU Bankers Nalwesl Sunderland Branch 52 Fawcell Street Sunderland. SR11 SB Advlsers Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M12JW DAC Beachcroft LLP 3 Hardman Street Manchester M3 3HF Key Management Personnel The Union employs a Chief Executive lo work closely with the Trustee Board and ensure effective management of the charity as head of a management team as follows.. Chief Executive l& Company Secretary) Katherine Luke Head of Sludenl Engagement Chrissy Wall Head of London Operations Dan Fow HR and Operations Manager Louise Dixon Finance Manager Lynne Gordon Marketing and Communications Manager Frank Sverha {10 31 March 20241 Student Experience Manager Zoe Jones (from 1 April 20241 student Voice Manager Helder Cosla (to 31 May 20241 Student Opportunities Manager Zoe Jones (to 31 March 2024- mal cover) Vicki Okatch Ifrom 1 April 20241 UNIVERSITYOF SUNDERLAND STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (Contlnu•d) FOR THE YEAR ENDED 31 JULY 2024 Stru¢turg. govornance and management The Union is constituted under the Education Act 1994 as a charity, with internal regulations or Rules approved by the governing body of the University of Sunderland Ilhe University). The Union's charitable object is the advancement of education of the students of the University of Sunderland for the public benefit. The Sabbatical Trustees are elected annually by cross-campus secret ballot of the Union's membership. These four posts of President." Education, President.. Activities, President Wellbeing and President.. London are full-lime posts remunerated as aulhorised by the Education Acts and cannot exceed two years duration lor each holder. The four full-lime Sabbatical Officers, four Student Trustees and live External Trustees are regarded as the charity Iruslees of the Union for the purposes of the Charities Acts and Company Directors for the purposes of the Companies Act. Student Trustees shall remain in office for a term of one or years as agreed by the Appointments Committee, serving a maximum of two consecutive terms. The external trustees may serve a term of four years, renewable up lo a maximum term of office of eight years. Trusteo training New trustees are inducted into the workings of the Union, as a registered charity and company limited by guarantee, including Board Policy and pro￿dures, al both internal and external training and induction workshops. Organisational Management Day lo day responsibility for seNices rests with the Chief Executive along with service managers and other stsff. The Chief Executive is responsible for ensuring that the charity delivers the services specified and that performance is monitored and controlled. The remainder ofthe management team las set out in the key management personnel), is responsible for the delivery of the Union, strategy through their departmental teams. The remuneration of key management personnel is sel by the Finan￿, Risk and Resources Committee, with the policy objective of ensuring that they are rewarded for their individual contributions lo the Union's success. Delivery of the Union's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest Single element of our charitable expenditure. UNIVERSITY OF SUNDERLAND STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (Continueofj FOR THE YEAR ENDED 31 JULY 2024 Charity Govemanee Code Self-Assessment The Board undertook an initial self-assessment against the version of the code developed specifically for Students, Unions by NCVO and NUS in January 2019, together with a Board development session which considered feedback from the self-assessmenl. A further review was undertaken in early 2021 which identified new development tasks and actions for the board to pursue. The intention remains lo review performance against the Code annually. Relation$hip with Universlty of Sunderland The relationship be￿een the University and the Union is established in the regulations of the University and in the Relationship Agreement approved by both organisalions. The Union receives a Block Grant from the University 2nd part-occupies a building owned by the University, which also pays for utilities, caretaking and cleaning staff. This non-monetary support is intrinsic to the relationship between the University and the Union. Although recommended by the Charities SORP, which has been adopted for this and future financial years for due compliance with the requirements for Students, Unions provided for in the Charities Act 2011, il is not F)ossible lo identify an estimated value lo the Union for this free serviced accommodation as the University does not separate out the property costs of individual floors of its buildings. Although the Union continues lo generate supplementary funding from various trading activits'es, it will always be dependent on the University's financial support. The Iruslees consider il reasonable lo anlicipale that this or equivalent support from the University will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University lo ensure the financial viability of ils sludenl representative body in one form or another. The trustees therefore consider the Union lo be financially viable for the foreseeable futu￿. UNIVERSITY OF SUNDERLAND STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2024 Principal Risks and Uncerialntles The Board reviews the Union's current and planned future activities in the light of any major risks arising from time lo time and the effectiveness of Systems and procedures designed lo manage them. The table below shows the principal risks and uncertainties currently facing the Union, as identified by the Board, and the level of residual risk each oses lo the Union once mili alions are taken into accounts Risk Risk lo key stakeholder relationships should there be any changes in university leadership. This could hold financial risk to the organisalion in annual budget planning rounds. Ability to resource the spaces we have if there are any financial impacts to the Union. Uncertainties linked to the launch of the new free speech complaints scheme which will enable past and present students to complain about free speech issues. Failure lo build a relationship with the membership, leading to poor en emenl with the Union. Governance structures fail to satisfy Charity Commission requirements, Non-compliance with safeguarding, HR, H&S and Finance laws and ulations. USSU employees, non-complian￿ with staff visa reslriclions imposed on them. Loss of personal data. Non-compliance with DPA and GDPR regulations leadin lo investi alion and fines. Loss of data sharing agreement with the University both in Sunderland and London. The Union fails to deliver on approved strategic plan leading to widespread dissatisfaction from members. This could occur if officers, teams, and staff are not kept on track to deliver the terms in the plan. Impact of cost-of-living crisis sees the union block grant funding reduced, this could im act abilit to deliver or row in the wa the Union lans lo. Cost of living could also see impact on retention levels and the ability to ielain staff. Impact ofthe Students, Union Superannuation Scheme ISUSSI. Change in student profile means that our Union no longer provides ro riale services. Ability lo maintain cross campus relationships both internally and exlemally lo the Union. Failure to reflect the University of Sunderland's strategic goals in Union plans and future developments leading to conflict or lack of support with University Rating 10 11 12 13 14 15 16 17 Officerlstaff team lo negatively impact relationship and reputation with nificanl stakeholders. Failure to engage membership in democratic activity threatens legitimacy of Union. 18 Risk Key.. High Medium Low These risks are regularfy reviewed by the Board, with mitigation plans updated on a regular basis by the management team to ensure that the agreed control and mltigafjon measures are effettive. UNIVERSITY OF SUNDERLAND STUDENTS, UNION {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT fcontinuedj FOR THE YEAR ENDED 31 JULY 2024 Aims, Objectlves and aetivities The Union's Arti¢les ofAssocialion sel out the aims and objectives of the Union as follows.. The objects of the Union are the advan￿Ment of education of Students at the University of Sunderland for the publi¢ benefit by.. promoting the inlere51s and welfare of Students al the University of Sunderland during their course of study and representing, supporting and advising Sludenls., being the recognised representative channel between Students and the University of Sunderland and any other external bodies., and providing so¢ial, cultural. sporting and recreational activities and forums for discussions and debate for the personal development of ils Students. In pursuit of these aims for the public benefit, the Union will ensure the diversity of ils membership is recognised, valued and supported and has established departmen15 and services for use by ils members and lo support ils work with the University and other organisalions on behalf of students. Executive Officers of the Union sil on key commillees of the University and meet regularly with provider5 of public services affecting students. The Union's 2022-2025 strategic plan sets out the following objectives for the organisalion lo pursue,. Your Strategy 2022/25 Mlsslon $b2plw$bJd¢nt•l￿•5f0Yth¥fyl¥ Wg {> Y￿r Pkc• . SY¥dentsYthl(N￿￿0sIlld1rfthI￿:. 1ngpart0ftheuni￿rSItIj ¢ammunkwlmpfvvirywlder su￿￿rtIlIty& Launched our new spa￿- Your SU @ Riverside- February 2024. > Ran our biggest Freshers week with 23 events across 9 days for 2023. > Our events programme had over 1 Q,000 attendees during 2023-2024. > Our benchmark position in the National Student Survey was above benchmark by 8.64'/4. > SU Crew are excelling their employability skills with over 1,950 hour$ paid lo our student staff across Sunderland and London. > We had over 13,000 voles from 2,600 students for our Elections 202312024 giving us a 9% increase compared lo 202212023. UNIVERSITY OF SUNDERLAND STUDENTS, UNION IA COMPANY LIMITED BYGUARANTEE} TRUSTEES, REPORT Icontinued) FOR THE YEAR ENDED 31 JULY 2024 Proleets and initiatives The Students. Union and University continue to work on the joint project 'Shine a Light, which is now entering phase o, looking at the recommendations and how they can be implemented lo improve the experience of ethnic minority students and encouraging access to support services. The Students, Union have also been supporting the University with their Mental Health Charter submission. gathering student feedback and completing a sludenl submission to highlight examples of best practi￿ within the university and areas of improvement. A number of collaborative projects have been initiated over the past year including the Welcome Project, aimed at improving the student experience on arrival at the University of Sunderland. student Voice In the 202312024 we recruited 388 Course Reps across the university, with the majority of schools ex￿edIng our tsrgel coverage. We also recruited 18 of the 26 Sludenl Voice Reps. ￿lIst this recruilmenl left some gaps, a further recruitment effort is planned to help fill any gaps. A highlight has been the number of Sludenl Voiee Reps who have returned lo the role in order to continue the work they had started in previous years. Although we had less Course Reps in place than the 22123 academic year, our overall was the same and one notable increase was in the number of Course Reps who completed our training. Previously, around 60,/0 of the Course Reps were trained in the 22123 academic year. During the 23124 academic year, 900/0 of Course Reps were trained. Sludenl Represenlalives frtsm the School of Psychology led on efforts lo change university policy on allowing students lo use their preferred name on their student ID cards. This was successfully passed and was also announced al the end of year Rep Conference before the summer break. This is obviously a huge win for students who are gender non- conforming and who wish to identify themselves other than their legal given name. These success stories truly show the difference sludenl representation can make lo all students studying al the university and how important it is in enhancing the student experience. Your SU supports many national campaigns throughout the year, here some from 2023-2024: > Give It A Go week > Agent Integrity > Black History Month > NUS Elections > Student Volunteer Week > General Election We also have a number of campaigns specific to Your SU: > Flexible Payment Plans > Movember > 12 Days of Christmas > Holly Jolly Members Mingle > Your SU Awards > Spring Into Your SU UNIVERSITY OF SUNDERLAND STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (Contlnu•d) FOR THE YEAR ENDED 31 JULY 2024 Change It Change It launched in October 2023. and in the past year has been used by students lo develop campaigns. Over the past year we have had 11 submissions. with 8 being published. Across those published submissions. there has been 1843 inleraclions (signatures, thumbs up, and thumbs downl, as well as 374 comments. The current slate of Change11 is.. Changing It- 1 11 Has Changed - 3 Not Changed- 4 Unlon Councll Union Council's engagement decreased this year, however the amount of submilled policie$ inC￿aSed over the year previous al 8 passed motions - including a motion that was the result of 8 Change11 submission on the conflict and humanitarian crisis in Gaza.11 mel 4 limes this academic year. Union Council was one of many meetings observed by Counterculture for the purposes of the Democracy and Governance Review, with aims lo increase engagement with union democracy as a result of proposed changes. Members. Megting Members, Meeting achieved quoracy for the first time in several years, with 162 voting members present. All agenda items were approved. There was no need for 8 reconvened meeting this year. NUS., The Union's increased engagement with the NUS continued from last year. with 14 confirmed candidates and full delegacy for National Conference. 837 voles were cast this year. an increase from 529 the year previous. Turnout was 2.840/0. Delegates engaged with the motion submission process, however unfortunately Sunderland's proposed motion was not voted to send to conference. This marks the final NUS National Conference, as delegates voted for the NUS Reform Motion which marks il as the final meeting, Electlons: Elections saw increased engagement this year. with 13,107 votes cast from 2609 individual voters. This was a turnout of 9.54010 overall {13.26'10 with Hong Kong campus removed from turnoull. 618 voters were from London Campus. Average voter age was 28, with 46D/o of voters being male and 540A being female. There were 34 confirmed candidates, with one withdrawal, across the following.. P￿sident.. Activities- 4 President.. Education- 3 President.. London- 5 President.. Wellbeing- 9 Chair of Union Coun¢il- 4 Equality and Diversity Officer- 2 International Officer- 4 London Campus Officer- 2111 Mature and Postgraduate Offi'cer-1 LGBTQ+ Officer- O Advlce: The Advice servi￿ has seen significant improvements this academic year. The addition of a second caseworker has been a subslanlial benefit, allowing the service to expand and increase the number of students we support. The primary focus of the Advice Service has been Academic Misconduct, Complaints and Appeals, there has been a slight shift this year where we have also aided with Fitness to Pmclits IFTPI, disciplinary cases, and extenuating circumstances (Ecs}. UNIVERSITYOF5UNDERLANDSTUDENTS' UNION {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2024 This year, we handled 357 cases at the Sunderland Campus.. Academic Misconduct.. 72 Complaints.. 61- Appeals.. 109 - Extenuating Circumstan￿S IECS).. 1 Finance.. 9 Progression.. 73- DisciplinarylFitness lo Practice (FTPI." 19 - General Advice.. 13 Emphasis on awareness and promotion has seen Academic Misconduct. once our primary issue, remarkably has decreased by 55 /0 compared to last year. dropping from 155 10 72 cases. London Advice London campus has become more consistent in the nature of the cases we handle. This year, we handled 89 appointments at the London campus.. Academic Misconduct.. 28 Complaints.. 10 Appeals.. 20 - Exlenualing Circumstances IECsl'. 1 Finance.. 20 - Progression". g - DisciplinarylFitness to Practice IFTPI.. 2 General Advice.. 1 Academic Misconduct remains the most common issue, accounting for 37'k of our casework. Appeals and finance issues each represent 220h of our caseload. Notably, all of our appeals al the London campus involve students facing withdrawal or inability lo submit assignments due lo unpaid debts. Most finance-relaled inquiries are also debt-related, where students have missed fee deadlines and become trapped in a Cycle of debt. This year. we had two Fitness lo Practice cases, both of which were serious and required significant casework and capacity, one also involving a dis¢iplinary component. Events and Activities We held our biggest Freshers week yet - 23 events over g days enticing over 4000 attendees across this week. Increasing our numbers by 107QA compared to 2022 freshers, Your SU Awards was held al Your SU @ Riverside il was a very wholesome evening, Celeb￿tIng our students and their hard work outside of studies. We had 12 categories covering areas including reps, societies, volunteering, fundraising and inclusion. 37 shortlisled from over 65 nominations we had an overwhelming response lo our Awards. Global Culture Day was a great success with over 500 students engaging with Your SU, Societies and external venders. Societies Our societies have played a phenomenal part of our engagement this year, with much increase in our student led activity taking place on campus. across our leading venues now available for students. We saw a 90kn increase in societies from 2022-23, with a lotsl of 58 societies aeross the ye8r, 20 new societies being starting this academic year. Appetite continues lo grow for sludenl led activities on campus. Our increased visibility and space5 on campus have helped us raise the profile of the SUI We have also seen an increase in academic societies this year, with a total of 16. Societies have enjoyed having access lo book our Your SU @ Cityspace but with the addition of Your SU @ Riverside we have seen engagement growing month on month with over 300 Society activities happening across these spaces. We launched Give it a Go Week IGIAG) after freshers, having 9 events across the 7 days and over 250 allendees, with such success we launched GIAG 2.0 after refreshers in February having 11 events across l O days. During welcome we saw 22 Stalls at Freshers Fair 2023 and 18 Stalls at Refreshers. Our memberships lotslled 1047 students this year with 95 Committee members being fully trained. We were proud lo allocate £21,861.58 worth of grant funding through our executive committee for this academic year. This allocation was made from 33 grant applications. Sludenl engagement has never been higher.. we are seeing more engaged student led activities due to efforts being made from our societies. Grant fundlng helps students increase their events, it helps to pay for food, decorations, entertainment, travel costs and $0 much more. 10 UNIVERSITYOF SUNDERLAND STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2024 Soclety Highlight events: Nigerian Independence Day- Nigerian Society Movie Nights ran by Movie Society all year Carol-oke- Catholic Society Lunar New Year Global Culture Day- led by Societies and Your SU Future Plans Our key priorities for 2024125 are.. Continuing lo increase SU visibility and engagement across each campus, continuing to develop our St Peters offer and working towards 8 London Campus move in 2025. Continue lo shape the future of Your SU through the Democracy and Governance review which is taking place during 2024125. Move towards a community organising approach lo support skill development with our student members, in student communities. Refresh our strategic direction during 202S, ensuring we are fit for purpose for our members. Deliver spe¢ifi¢ programme5 of support for key student groups and their experience a5 students at the University of Sunderland. Understanding the next generation's de$ife$ and need5 and adapting to ensure the SU is relevant and fil for purpose for future students. Ongoing staff team Iransformalion lo build a stable base for the students, union. Ongoing development on graduate outcomes, developing relationships with key stakeholders to support with opporlunilies such as volunteering, employability, and leadership skills. Embed Wellbeing and EDI across what we do. What are our next challenges? We will continue lo embed our strategic direction and ensure that we work to achieve the needs of our students, including next steps with our 2025 strategic refresh. Recognising the financial challenges of the wider Higher Education sector in general, and the University of Sunderland in particular, we will strive to secure the best funding selllement possible lo continue funding our ambitious plans. As we continue lo focus on improving $tudent engagement both in Sunderland and in London. we will significantly ulilise the learning from our Democracy and Governance review 2024 to develop and fundamentally shill our approach to be driven by our memberships needs and expectations for the future through student communities. This radical shift will require learning and development lo ensure the approach is reviewed and modified lo suit our members. Driving the development of sludenl communities and engaging with community organising models lo facililale these communities. Our London Campus move in 2025, will require review and development lo ensure our service and space is fil for our members. We will continue our growth to a more robust working relationship with the wider community. We will continue lo embed EDI and wellbeing across our work. We will continue lo work with staff to support increased students, participation. 11 UNIVERSITYOF SUNDERLAND STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2024 Financlal revlew The Union's gross income from all sources this year tolalled £1.410,964 (2023.. £1,377,231). Total expenditure of £1.528.75412023.' £1,468,122) on the wide-ranging student benefits we provide within a broadly balanced budget, as well as on the modest fundraising and other revenue-generaling activities we undertake, left an operating deficit for the year of £117,79012023.. deficit of £90,891) after movements between unreslricled and designated fund$ and the annual adjustment of the Union's pension deficit obligations. A debit of £167,813 within the operating costs relates to the adjustment of the pension liability as outlined below. Since the entry into effect of FRS102 there has been a change of accounting policy regarding pension deficits. Previously, a prior year adjuslmenl was recognised for the full SUSS delieil plan payable over 17 years allowing for the three year advance payment made in October 2014 and unwinding the discount received on that early payment. In June 2022 SUSS underwent ils lalesl triennial actuarial valuation and the outcome was reported to member Unions in March 2023. Notifications of increases in deficit contributions were received in May 2023, and therefore the accounts recognise the Union's liability for those charges up lo 2037. During the 2023124 financial year, the Union made a three year lump sum deficit reduction contribution of £582,283. The year-end accounts have recalculated the net present value of the revised expected contributions up to May 2037. An adjuslmenl to the revised future contributions has been debited to the SOFA, leaving the Union's total reserves with an accumulated delicil 01 £1,424.519 12023.. £1,306,729}. Having made the three year payment in November 2023, the Union will not owe any further contributions until November 2026, and will be in negotiations with the University up lo that point about how they will be able lo support future delicil contributions wilhing the overall funding envelope awarded lo the Union. The Trustee Board look a decision in July 2016 to create a designated fund lo contribute lo the three year Students. Union Superannuation Scheme ISUSSI deficit payments that have been required from October 2017 onwards. At 1 August 2023 the fund stood al £255,129. During the 2023124 financial year £142,283 was spent from the fund together with £440,000 from reslricled funds previously provided by the University in making a three year discounted lump sum payment towards the pension deficit. Al year end, following a transfer of £42,167 from general unreslricled funds, the fund stood al £156,154. Additionally. al the end of the 2018119 financial year another designated fund was established lo support the costs of delivering the Union's People Strategy. developed in 2018119 to Ljnderpin the strategic plan. £7,978 was spent from this fund during 2023124 leaving a balance of £3.492 al year end. A further £6,508 was added lo the fund bringing il back up lo £10,000. Al the end of 2020121. a further fund was established lo support the development of the Union's website. £5,586 was spent from an opening balance of £7,125 during 2023124, leaving a balance of £1,539. Two further designated funds were established al the end of 2022123. One lo provide funds for the five-yearly review of the Union's memorandum and articles containing £7,000, and one lo support the Union's data and insight work containing £5.000, The articles review fund was spent in full with the data fund being carried over to 2024125. Reserves lovel and policy The Trustees have adopted a reserves policy, the objective of which is lo protect the Union and ils charitable activities by ensuring adequate liquidity while the organisation adjusts to any short term (two to three months) changes il encounters in ils financial and operating environment. At the same lime the Trustees wanted to ensure reserves were not too high in order lo maximise the resources applied lo the Union's charitable purpose, and to be 8ble lo designate specific funds to support the ongoing activities of the Union. Following this policy the Trustees have sel a target of the Union holding £200,000 in unrestricted funds {nol including the pension deficit reserve). As noted above, due lo the recognition of the pension scheme requirements of FRS102. the Union's income and expenditure reserves are an accumulated deficit of £1,424,519 12023.. £1,306,729). Within that figure, unreslricled reserves lolal £220,001 {2023.' £200,000). As that figure exceeds the £200,000 tsrget, the Union is confident that it has a sustainable level of resetves, subject to future changes in pension deficit contributions. 12 UNIVERSITYOF SUNDERLAND STUDENTS, UNION (A COMPANY LIMITED B Y GUARANTEEI TRUSTEES, REPORT {Continu8dJ FOR THE YEAR ENDED 31 JULY 2024 The implementation of this policy sees the Union holding the following reserves for the stated purpose.. 31 July 2024 31 July 2023 Unrestrlcted funds 220,000 200,000 Penslon Reserve 11,842,601) 12,257,071) Restricted Pension Reserve 2026 - being a fund representing the reslricled funding provided by the University to support the Union's pension deficit payments between 1 August 2023 and 31 July 2026 15,388 440,000 Deslgnated Capltal Fund being a fund representing the net book value of fixed assets owned by the charity 156,154 24,618 Designated Penslon Deflclt Payment Reserve- being a fvnd selling aside a contribution lo future pension deficit payments 10,000 255,129 Dosignated Staff Development Reserve- being a fund lo cover staff learning and development in support of the people strategy 1,539 11.470 Designated Articles Review Reserve- being a fund to cover the cost of the five yearly review of the organisation's governing documents 7.000 Deslgnated Website Development Reserve - being a fund to support the redesign and reslrucluring of the Union's website 5,000 7,125 Designated Date & Inslght Reserve- being a fund lo finance the Union's data development proje¢t 5,000 Designated Change Management Fund being a fund lo SUPPOrt the Union's implementation of its new democracy and governance structure 10,000 Total Reserves 11,424,519> 11.306.729) Going Concern Following negotiations w51h the University the Union has been successful in retaining significant block grant funding for 2024125, though it has been reduced slightly compared to 2023124. The budget indicates th21 a small operating Ioss WOLJld be incurred that may require the Union to utilise some of its unrestricted reserves to Cover the shortfall. should savings not be made in the course of the year. The trustees continue to review and update their financial forecasts for the short- and medium-term future. Senior management of the Union have regular briefing meetings with the University's senior leadership and are reassured that the University remains committed to maintaining ils grant funding of the Union at the current level for at least the next financial year. The trustee board also receives regular updates directly from the University's Director of Sludenl Journey which underscores the inslitulion's ongoing financial support for the Union. Al the point of signing the accounts, the trustees are satisfied that Sunderland SU remains a going concern. 13 UNIVERSITYOF SUNDERLAND STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2024 Trustges. Responslbllitles The charity Iruslees (who are also the directors of the University of Sunderland Students. Union for the purposes of company lawl are responsible for p￿parIng 8 Iruslees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice}. Company law requires the charity Iruslees lo prepare accounts for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these accounts, the trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charitable company will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable aecuracy al any time the financial position of the charitable company and to enable them to ensure that the accounts Comply with the Companies Act 2006. The trustees are also reSF)onsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and di$semination of financial statements may differ from legislation in other jurisdicts'ons. Trustees, statement of disclosure of information to the auditors In $0 far as the trustees are aware at the dale of approval of this report.. there is no relevant audit information of which the charity's auditor is unaware, and the Iruslees have taken all steps they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Approved by the Board of Trustees on ....... and signed on ils behalf by Pr e Chinedu Ikechi Chair of the Trustee Board 14 UNIVERSITYOF SUNDERLAND STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEM8ERS OF UNIVERSITY OF SUNDERLAND STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 Opinion We have audited the fi'nancial statements of University of Sunderland Students, Union Ilhe 'charitable company'l for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Slalement of Cash Flows and notes to the financial statements, including significant aceounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 8ppIiG8ble in the UK and Rgpublic of Ireland (United Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion the fi'nancial statements.. give a true and fair view of the stale of the charitsble company's affairs as al 31 July 2024, and of ils incoming resources and application of resources. including ils income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in 8c¢ordance with the ethical requirements that are relevant to our audit of the financial slalemenl$ in the UK, including the FRC'S Ethical standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going ¢oncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identifi'ed any material uncertainties relating to event$ or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going Goncern for a period of at least ￿eb}e months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 15 UNIVERSITYOF SUNDERLAND STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF UNIVERSITY OF SUNDERLAND STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 Other Information The other information comprises the information included in the trustees. annual report. other than the financial statements and our auditor's report thereon. The Iruslees are responsible for the other information contained within the annu81 report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misslalement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to reF)Ort that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report lincorporating the directors, report) for the financial year for which the financial statements are prepared is consislenl with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which wg arg rgquirgd to rgport by gxception In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the directors, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 lequires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not enlilled lo prepare the financial slalemenls in accordan￿ with the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 16 UNIVERSITY OF SUNDERLAND STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF UNIVERSITY OF SUNDERLAND STUDENTS. UNION FOR THE YEAR ENDEO 31 JULY 2024 Responslbllltle8 of trustees As explained more fully in the Iruslees, responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the h'nancial slatemenls. the Iruslees are responsible ft)r assessing the charitable company's ability lo continue as a going concern, disclosing. as applicable, matters related to going con￿rn and using the going concern basis Of accounting unless the Iruslees either intend lo liquidate the charitable company or to cease operations, or have no realistic allernalive but to do so. Audltor's responslbllltles for the audlt of the financlal statemonts Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo inffuence the economi¢ decisions of users taken on Ihe basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud. is detailed below. We obtained an understanding of the legal and ￿gUlatOry framework applicable to both the company itself and the industy in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Charities Act 2011, Companies Act 2006, UK GAAP {FRS1021 and relevant lax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included.. ¢onfimiing with the trustee$ and management whether they have any knowledge or suspicion of fraud., obtaining an understanding of the intemal controls established to mitigate risks related to fraud or non- compliance with laws and regulations., assessing the risk of management override including identifying and testing a sample of journal entries., confirmation received from the banks to verify the balance as on the last day of the accountin9 year., reviewing minutes of meetings of those charged with governance.. and challenging the assumptions and judgements made by management in ils significant accounting eslimales. in particular the appropriateness of the assumptions within the valuation of the pension scheme liability. 17 UNIVERSITYOF SUNDERLAND STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF UNIVERSITY OF SUNOERLAND STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slatemenl$ is located on the Financial Reporting Council's website al.. www.frc.org.ukJaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cralg Henderson (Senlor Statutory Auditor} For and on behalfofCLA Evelyn Partners Llmited statutory Auditors 17 Queens Lane Newcastle upon Tyne NE1 1RN 18 UNIVERSITYOF SUNDERLAND STUDENTS. UNION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Deslgnated Restricted Funds Funds Funds Totsl 2024 Total 2023 Notos Incomefrom: Donations Charitable activities Investment income 1.296,000 97,396 17,568 1,296,000 97,396 17,568 1,179,850 182,972 14,409 1,410,964 1,410,964 1,377,231 Expenditur¢ on: Charitable activities Unwinding of pension liability 1,340,377 167,813 20.564 1,360,941 167,813 1,331,773 136,349 1,508,190 20.564 1,528,754 1.468.122 Net movement In funds before transfers 10 { 97,2261 120,5641 1117,7901 190,891 1 Transfers 17 117,227 322,773 { 440.000 } Net movement in funds 20.001 302,209 { 440,000 } 1117,7901 190,891 1 Reconclllatlon of funds Fund balances brought forward 200.000 11.946.729) 440,000 11,306,729) { 1,215,838) Fund balances carrfed forward 220,001 { 1,644,520) 11,424,519) 11,306,729 ) The results for the year derive from continuing a¢bvities and there are no gains or losses other than those shown above. 19 UNIVERSITYOF SUNDERLAND STUDENTS, UNION BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notes Fixed assets Tangible asset$ 13 15,388 23,477 Current assets stocks Debtors Cash al bank and in hand 6.282 27,111 473,459 8,944 50,172 994,235 14 506,852 1,053.351 Liabilities Creditors.. amounts falling due within one year 15 { 104,167 } 1305.6161 Net current assets 402,685 747,735 Creditors.. amounts falling due after one year Pension liability 16 11,842.5921 12,077,941 1 Net assets 11,424,519) 11,306,729) Funds Unrestricted funds Designated funds Restricted fund Pension reserve 220,001 198,081 200,000 310,342 440,000 12,257,071) 11,842,601) 17 { 1,424.5191 11,3(%,7291 These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the sm811 companies regime. Ap ved bythe Board on............................2024 and aresigned on their behalf by.. Prince Chinedu Ikech Chair of the Trustee Board CompanyRggistration Number. 07702161 20 UNIVERSITYOF SUNDERLAND STUDENTS, UNION STATEMENT OF CASH FLOWS AS AT 31 JULY 2024 2024 2023 Notes Cash used In operating activities 21 1538,851) 1146,087 } Cash flow8 from Investlng activitie$ Interest income Purchase of tangible fixed assets Proceeds from sale of fixed assets 17,568 14,409 14,168 } 119,5491 14,675 } Cash (used in) investlng actlvltles 117,5681 15,1401 Change in cash and cash equivalents in the year { 520,7761 { 151,2271 Cash and cash equiv81ents at the beginning of the year 994.235 1.145,462 Cash and cash equlvalents at the end ofthe year 473,459 994,235 Cash and cash gquiva19nts consist of: Cash al bank and in hand 473,459 994,235 21 UNIVERSITYOF SUNOERLAND STUDENTS, UNION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting Policies 1.1 Basls of preparation The financial slalements have been prepared in accordance with Accounting and Reporting by Charities.. ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. University of Sunderland Students, Union meets the definition of a public benefit under FRS 102. The financial statements are prepared under the historical cost convention or transaction value unless otherwise slated in the relevant accounting policy notelsl. The financial statements are prepared in Sterling which is the functional currency of the charity and rounded lo the nearest £. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless othe￿ise staled. 1.2 Golng concern The Union is dependent, in the absence of other funding, on the continued financial support of the University of Sunderland. The Trustees believe. on the basis of discussions held, that further support will continue lo be made available from the University. A pension liability of £1,842,592 shown in notes 15 and 16 has been provided in the financial statements in accordance with FRS 102. The liability represents the additional contributions required in line with the Recovery Plan which runs lo 2035. Further detail in relation to the recognition of the liability can be found in note 1.14. The pension liability does not fall dLJe immediately therefore the Iruslees continue lo prepare the financial slalemenls on a going concern basis. 1.3 Funds Unreslricled funds are available for use al the discretion of the Directors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Reslricled funds are funds which are to be used in ac¢ordance with specific reslriclions imposed by donors which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial slatemenls. 22 UNIVERSITY OF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {ContinuedJ FOR THE YEAR ENDED 31 JULY 2024 1.4 Incorning rosourcgs All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity has entitlement to the funds, any perforfflan￿ conditions have been mel, the amount can be measured reliably and il is probable that the income will be recewed. Income from charitable activities includes income received under contract or where entillemenl lo grant funding is subject lo specific performance conditions and is recognised as earned. Grant income included in this category provides funding lo support performance activities and is recognised where the￿ is entitlement, certainly of receipt and the amount can be measured with ￿asonable certainty. Income received to deliver services over a specific period covering more than one financial year is accounted for over the specific period., related expenditure is accounted when incurred. Investment income relates to interest earned through holding assets on deposit. 1.5 Donated servlces and facilities Donated services and facilities are recognised as income when the charity has control over the item. any conditions associated with the donated item have been mel, and the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time is not recognised and refer to the directors report for more information about their contribution. Donated servi¢e$ and donated facilities are recognised on the basis of the value of the gfft to the charity which is the amount the charity would have been willing lo pay lo obtain seNices or facilities of equivalent benefit on the open market., a corresponding amount is then recognised in the expenditure for the period. 1.6 Expenditure and irrgcoverable VAT All expenditure is a¢¢ounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation lo make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged against the cost in which the expenditure was incurred. 1.7 Support cost allocation Support costs are those that assist the work of the charity bul do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. 23 UNIVERSITY OF SUNDERLAND STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS {Continu8d) FOR THE YEAR ENDED 31 JULY 2024 1.8 Tangible fixed assets Tangible fixed assets are slated at cost lor deemed costl or valuation less attumulaled depreciation and accumulated impairment losses. Cost inoludes costs directly allributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, al rates calculated to write off the Cost, less eslimaled residual value, of each asset on a syslemalic basis over ils expected useful life as follows.. Fixtures and Fittings Motor Vehicles 2001¢ and 33Yo on a straight line basis 33Yo on a straight line basis All assets costing more than £500 are capilalised. 1.9 Stock Stock is included al the lower of cost and nel realisable value. 1.10 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.11 Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.12 Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their selllement after allowing for any trade discounts due. 1.13 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. UNIVERSITY OF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2024 1.14 Pensions University of Sunderland Students, Union participates in the Students. Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the Slate Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement. with contributions paid al a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed lo the University of Sunderland Students. Union. Under the terms of FRS17, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid throughout the year. In line with FRS 102 any additional contributions required as part of a recovery plan need to be recognised in full at net present value at the balance sheet dale. 1.15 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il mee15 the definition of charitable company for UK corporation tax purposes. 1.16 Judgements In applylng accountlng pollcles and key sources of estimatlon uncertainty The charity makes estimates and assumptions Con￿rning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are addressed below. The trustees consider that the principal accounting estimate is in relation lo the discount rale used in the valuation of the pension scheme liability. Legal status University of Sunderland Students, Union is a company limited by guarantee, registered in England and Wales, (No 077021611 and not having a share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. 25 UNIVERSITYOF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 JULY 2024 Comparative Statement of Financial Actlvltles Unrestricted Deslgnated Restricted Funds Funds Funds Total 2023 Total 2022 Notes Income from: Donations Charitable activities Investment income 1.179,850 182,972 14.409 1,179,850 182,972 14,409 1,504,587 172,191 1,061 1,377,231 1,377,231 1,677,839 Expenditureon: Charitable activities Unwindin9 of pension liability 1.316,352 136,349 15,421 1,331.773 1,069,398 136,349 1395,5811 1,452,701 15,421 1,468.122 673,817 Not movement In funds before transfers 175,4701 115,421 } 190,891 } 1,004,022 Transfers 17 36,201 23,872 160,073 } Net movement In funds 139,2691 8,451 { 60,0731 { 90,891 1 1,004,022 Reconclllatlon of funds Fund balances brought forward 239,269 11,955,180 1 500,073 11,215,838) 12,219,860) Fund balances carrled forward 200,000 11.946,7291 440,000 11.306,7291 11,215,838 1 26 UNIVERSITYOF SUNDERLAND STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2024 Donations 2024 2023 University of Sunderland Block grant Other 1,296,000 1.116,150 63,700 1,296,000 1,179.850 Incomlng resources from charitable actlvltles 2024 2023 Sludenl services income Commercial income 84,938 12,458 84,599 98,373 97,396 182,972 Investment income All of the charitable company's investment income arises from money held in interest bearing deposit accounts. Charitable expenditure Actlvitles undertakgn directly Support costs 2024 2023 Student servI￿s Commercial 1,263,993 1.477 262,977 307 1,526,970 1,784 1,329,765 2,008 1.265,470 263,284 1,528,754 1,331,773 27 UNIVERSITY OF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2024 Support Costs 2024 2023 Finance Administration Information Technology Governance Inole 91 92,615 164.769 300 5,600 83,835 209,903 300 5,600 263,284 299,638 Support costs are allocated based on the overall expenditure of the activities. Governance 2024 2023 Audit fee 5,60Q 5,600 5,600 5,600 10. N¢t In¢omellexpenditur¢l for the year This is staled after charging.. 2024 2023 Depreciation of tangible fixed assets.. - owned by the charity Unwinding of pension scheme liability 7,582 167,813 7,216 136,349 11. Audltor8' remuneration 2024 2023 Fees payable lo the charity's auditor for the audit of the charity's annual accounts 5,600 5,600 28 UNIVERSITY OF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 JULY 2024 12. Analysls of Staff ¢osts, trustoe remuneratlon and expenses, and the cost of key management personnel Staff costs were as follows.. 2024 2023 Wages and salaries Social security costs Other pension costs 810,846 72,028 42,635 755,656 67,622 41,931 925,509 865,209 The average monthly number of employees during the year was as follows.. 2024 Number 2023 Number DI￿¢1 Adminislralion Management 21 17 29 24 No employees received total employee benefits (excluding employer pension costs) of MO￿ than £60,000. {2023- one} The trustees are made up of external trustees and sabbatical officers,. external trustees were not paid or received any other benefits from employment in the year12023 - £nill, sabbatical trustee5 were paid £42,596 (2023 £82,421) as permitted by the Students, Union's Ordinance and Regulations. No trustee received payment for professional or other Services supplied lo the charily12023- £nil}. The reimbursement of Iruslees expenses was as follows.. 2024 Number 2024 2023 2023 Number Travelling expenses 4,864 3,236 The key management personnel of the charity comprise the Chief Executive OffiTrr, Head of Student Engagement. Marketing and Communications Manager, Student Opporturiilies Manager, Finance Manager. HR & Operations Manager and the Studentvoice Manager. The lolal employee benefits of the key management personnel of the charity were £304,91212023- £329.1721. 29 UNIVERSITY OF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2024 13. Tangible flxed assets Flxtures, Fittings & Equipment Cost Al 1 August 2023 Additions Disposals 93,549 4,168 15.700 ) At 31 July 2024 92,017 Depreciation At 1 August 2023 Charge for the period Disposals 70,072 7,582 11.025) At 31 July 2024 76,629 Net book value Al 31 July 2024 15.388 At 31 July 2023 23,477 14. Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 18,006 4,413 4,692 33,277 4,021 12,874 27,111 50,172 15. Creditors: amounts falling due within one year 2024 2023 Trade creditors Taxes and social security Other creditors Accruals and deferred income Pension liability 34,168 22,69a 21,752 25,557 45,916 26,294 24.518 29.757 179,131 104,167 305,616 In other creditors are funds of £15,67512023- £16,411) held on behalf of the Students, Union societies. 30 UNIVERSITYOF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS fContinu¢d) FOR THE YEAR ENDED 31 JULY 2024 16. Creditors: amounts falling due more than one year 2024 2023 Pension deficit payment plan liability 11,842,592) { 2,077,941 } 17. Analysis of funds Yearended 31 Jul 2024 Brought forward Carried fonvard Income Expenditure Transfers Unrestricted fund General fund 200,000 1.410.964 { 1,508,190) 117,227 220,001 Designated funds Capital fund Pension payment fund Pension deficit Staff development fund Website Development Fund Articles Review fund Data and Insight fund Change ManagementFund 24.618 255,129 { 2,257,071 1 11,470 7,125 7,000 5,000 19,2301 15,388 { 98,9751 156,154 414,470 11,842.601 } 6,508 10,000 1,539 17,978) 15.5861 17,0001 5,000 10.aoa 10.000 Restrictod funds Pension fund 2023 Pension fund 2026 440,000 1440,0001 { 1,306.729 1 1,410.964 11,528.754 1 11,424,519) Year ended 31 Jul 2023 Brought foTh4ard Carried fotward Income Expendlture Transfers Unrestricted fund General fund 239,269 1,377.231 11,452.701 1 36,201 200,000 Designated funds Capital fund Pension payment fvnd Pension deficit Staff development fund Website Development Fund Articles Review fund Data and Insight fund 11,144 300,000 { 2,291,324 1 15,000 10,000 {7,0161 20,490 24,618 (44,871 1 255,129 34,253 12,257,071 1 11,470 7,125 7,000 5,000 {3,5301 {4,8751 2.000 7,000 5.000 Restrlcted funds Pension fund 2023 Pension fund 2026 60,073 440,000 160,0731 440,000 { 1,215,838) 1,377,231 11,468,122) { 1,306,729 } 31 UNIVERSITYOF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2024 17. Analysis of funds (Continued) Deslgnated funds Capital Fund- being a fund representing the nel book value of fixed assets owned by the charity. The pension deficit fund has been designated under FRS 102 to represent the nel present value of the future contributions required over 13 years lo clear the pension fund deficit. Pension Deficit Payment Reserve payments being a fL¢nd setting aside a contribution lo future pension deficit Web$ite Development Fund- being a fund to cover the implementation costs of the Union's new brand idents'ty Staff Development Reserve- being a fund lo cover staff learning and development in support of the people strategy. Articles Review fund- being a fund to cover the cost of the five yearly review of the organisations governing documents. Data and Insight funé - being a fund to finance the Union's data development project. Change management fund - being a fund lo support the Union's implementation of its new democracy and governance structure Restrlcted funds The pension funds relates lo the additional grants received from the University lo fund the additional deficit contributions over the specified ts'me period. 18. Analysls of net assets Year ended 31 Jul 2024 Unrestrlcted Fund Deslgnated Fund Restricted Fund Total Fund Tangible assets Cash and current investments Other current assets Current liabilities Creditors more than one year 15.388 275,387 33,393 {104,167) 15,388 473,459 33,393 { 104,167 1 11,842,592) 198,072 { 1,842,592 ) 220.001 11,644.520 ) 11.424,5191 32 UNIVERSITYOF SUNDERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {CgntinuedJ FOR THE YEAR ENDED 31 JULY 2024 Yearend8d 31 Jul 2023 Unrestricted Fund Deslgnated Fund Restrictod Fund Total Fund Tangible assets Cash and current investments Other current assets Current liabilities Creditors more than one year 23,477 286,866 23,477 994.235 59.116 1305.616 } { 2,077,941) 267,369 59,116 1126,4851 440,000 1179,131 1 12.077,941 1 200,000 (1,946,729 1 440,OOQ 11,306,729 } 19. Penslon$ Pension Scheme- Deflned contrlbutlon Since 1 October 2011 all participating employees have been in a defined contribution pension scheme, National Union of Students Pension Scheme INUSPSI. Contributions are al the rale of 60/0 for the employer and 6°A for the employee. The Union's cost of contribution in the year amounted lo £42,63512023 - £41,931). students, Union Superannuation Scheme- Defined beneflt University of Sunderland Students Union p8rticipales in the Students, Union Superannuation Scheme, which is a defined benehl Scheme whose membership consists of employees at Students, Unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a'final sa￿ary, basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings ICAREI basis. With effect from 30 September 2011 the Scheme closed to future accrual. In accordance with FRS 102, the net present value of the future contributions required by the University of Sunderland Students, Union over 13 years lo clear the funding deficit is £1,842,59212023- £2,257,072). The most recent valuation of the scheme was carried out as at 30 June 2022 and showed that the market value of the scheme's assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in eamings. The deficit on an ongoing funding basis amounted to £133.6m. The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rate of return on investments and the rates of increase in salaries 2nd pensions. The following assumptions applied al 30 June 2022'.- The investment return would be 4.OQA per annum before reliremenls and 2.0% pef annum after retirement Pensions accruing on post 1997 basis would revalue al 3.7QA per annum and 3.4% per annum on the post 2000 basis Present and future pensions would increase al Tales specrfied by Scheme rules with appropriate assumptions where these are dependent on inflation. 33 UNIVERSITYOF SUNt)ERLAND STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2024 Penslons (Continued) The 2022 valuation extended the scheme's recovery plan until May 2037, and recommended a monthly contribution requirement by each Participating Employer. This was expressed in monetary terms intended lo clear the ongoing funding deficit over a period of 15 years and increased by 5Yo in October 2023 and at least 50A each year thereafter. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. These rates will be fomially reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions, the Union also pays its share of the scheme's levy to the Pension Protection Fund. 20. Related party transactions Included within trade creditors is an amount of £nil12023 £nill owing to The University of Sunderland. Included within trade debtors is an amount of £3,252 12023 £12,000} owed by The University of Sunderland. 21. Reconclllatlon of net incornellexpenditure) to net cash flow from operatlng actlviti¢s 2024 2023 Nel lexpenditurellincome for the year { 117,790 } 190,8911 Interest received Depreciation of tangible fixed assets Ilncreaselldecrease in stock Ilncreaselldecrease in debtors (Decreasellincrease in creditors including pension liabilities 117,568 ) 7,582 2,662 123.061) 1436,798 1 114,4091 7,016 { 2.232 1 12,476 1 { 43,2951 Net cash in operating activities 1538,851) { 146.2871