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2022-07-31-accounts

Registered Company Number: 08155140 (England and Wales)

Registered Charity Number: 1148393

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Page Page
Reference and Administrative Information 1
 2
Report of the Trustees 3
 12
Independent Auditor 13 15
Statement of Financial Activities 16
Comparative Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows and Notes 19 20
Notes to the Financial Statements 21 34

REFERENCE AND ADMINISTRATIVE INFORMATION

Administrative Information

Registered charity name: University of Registered charity number: 1148393 Company registration number: 08155140

Principal Address

The Park Cheltenham Gloucestershire GL50 2RH

The Board of Trustees

nion are its Trustees for the purposes of Charity law

and throughout this report are collectively referred to as the Trustees. The Trustees are:

External Trustees Role Committee Appointed Resigned
Nikki Greenway AR, P 9 January 2018
Laura Batty P 18 February 2020
Jeremy Davies Chair (from January
2021)		 (AR) 18 February 2020
Angela McNaught A&R Chair (from
February 2021)		 AR 3 November 2020
Consulota Price P Chair (from March
2021)		 P 6 April 2021
Officer Trustees
Asha Sutton Welfare and Diversity P 1 July 2020 30 June 2022
Aimee Jones Education and
Community		 P,AR 1 July 2021 8 April 2022
Charlotte Mcfarland Activities and
Opportunities		 AR 1 July 2021 30 June 2022
Paige Archer Activities and
Opportunities		 AR 1 July 2022
Eleanor Hill Education and
Community		 P, AR 1 July 2022
Beth Timmons Welfare and Diversity P 1 July 2022
Student Trustees
Huthayfa Patel P 3 November 2020 2 November 2021
Georgie Kerssenbrook P 3 November 2020 2 November 2021
Billy Wassell AR 3 November 2020 2 November 2021
Gary Foxley AR 3 November 2020 1 December 2022
Charlie Bengeyfield 2 November 2021 1 November 2022
Jessica Bleazard P 25 January 2022
Ellie Fagan 25 January 2022 30 June 2022

Notes on Committees: AR Audit and Risk P People

1

REFERENCE AND ADMINISTRATIVE INFORMATION

Clerk to the Trustees

Karen Hill

12 October 2020

Senior Management Team

Josh Clare Emma Boobyer Emma Pethybridge Rebecca Fieldhouse

CEO Finance Manager Marketing and Commercial Services Manager (until August 2022) Marketing and Commercial Services Manager (from September 2022)

Auditors

Cooper Parry Group Limited Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Bankers

National Westminster Bank plc 31 The Promenade Cheltenham Gloucestershire GL50 1LH

2

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their report with the financial statements of the charity for the year ended 31 July 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)

Objectives and Activities

Objectives

The prim , SU, UoGSU) is the advancement of education of students at the University of Gloucestershire (the University, UoG) for the public benefit by:

-2020 ended during the Covid-19 pandemic and an interim strategic document was approved to keep the organisation focussed during 2020-21 whilst not attempting to create a longer-term strategy during a period of great uncertainty.

During 2021-22 a new strategy was produced following a consultation exercise with members. The strategy was based on values which remain important to the Union:

Inclusive characteristics

Democratic

Sustainable we know that decisions we take have an effect in the world and want to make decisions that contribute positively

Courageous

Student focussed our members will always be at the centre of our decision making

Honest

Supportive are

Fun being a part of UoGSU should be transformative but also exciting

Under these values, the three main areas of work identified were:

Building Strong Communities

What we know:

Our members told us that a huge part of university life is beyond the classroom and that they look to the SU to be a central part of their student experience. We know that on campus student life is central to feeling a part of community and that these people are less likely to want to stay and complete their studies which is a real shame.

3

THE UNIVERSITY OF GLOUCESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The destination:

s and student life, delivering events and activities which suit our increasingly diverse membership and help student leaders develop skills which make them more employable in later life. Our strong community offer will contribute to people feeling a sense of belonging and well whilst at UoG.

Shaping Your Academic Life

What we know:

Every student at UoG is here to study and rightly, our members told us that their academic life was really important to them. Our members want to be involved in designing their courses, want help when things go wrong with their studies and want to feel represented by the SU on academic matters which affect them. Our Student Subject Coordinators are valued highly by University partners and want to be involved in supporting representation at school level.

The destination:

Every programme of study will have a local representative who contributes to the co-creation of their programme of study, students will recognise the SU as the place to cause change on academic issues and the

Supporting You to Bring About Change

What we know:

Students and young people have always been at the forefront of social change and our members are no different. They told us that being active on issues beyond UoG was important to them and that UoGSU should be an organisation that will help them organise and develop their campaigns into something impactful.

From calling for action on climate change to tackling injustices perpetrated against those in our community with protected characteristics, there is a desire in the student population at UoG to see change happen.

The destination:

Students at UoG will recognise that UoGSU is the on-campus home for student led campaigns and change. Our members will be confident change makers with the support of an expert team to shape their ideas into multifaceted campaigns which make their world a better place and help them develop skills beyond the classroom.

Behind these three themes sit some enablers of action:

The full document is available to view on the Union website (https://www.uogsu.com) and progress against it is reviewed routinely at the Board of Trustees.

Public Benefit Statement

The direction taken by the Union has been set in consultation with the student body at the University and the Trustees ensure the organisation is focused on its primary purpose of the advancement of the education of students at the University. The Board acts with due regard for the requirements under the Charities Act to ensure its activities meet its obligations with regard to public benefit.

4

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

Activities

The Union provides a wide range of services and activities for students. The majority operate with the involvement of student volunteers who are supported by members of the staff team. This includes:

Representation and the Student Voice

The Union leads a well-established Course and Student Subject Coordinator schemes which aim to improve services for students and enhance their academic experience by representing the voices of the students to the University and other partners.

Both schemes work closely with both University staff and students to resolve issues, develop academic support and course content.

To enhance the ability of the Student Voice team to gather and analyse student data the Union utilised a two part tool called Voice It and Change It online systems which integrate with our existing systems seamlessly and helpfully split out new idea suggestions from simple feedback.

This enables students to give feedback using a simple system which means information can be quickly shared with Reps and University partners. The Union has utilised feedback gained from these tools and other avenues to collect thousands of contributions from members and bring about change in teaching and learning as well as the wider student experience.

The Union also represents students in community partnerships and on issues which affect students. The Union takes an active role in developing community relations through its involvement in the University Community Liaison groups established at each University teaching site and both the Gloucester and Cheltenham Nighttime Economy Groups.

Each year our student leaders deliver three priority campaigns which run from September to July in order to show the Union as a campaigning organisation. For 2021-22 these campaigns were:

Each campaign was led by one of the Full Time Officers with support from the Student Voice team and conducted research, lobbied the institution and shared student success online.

Advice and Support

Following extensive conversations with University partners about the growing need for an independent, SU housed advice service we are pleased to report that we were able to establish this student service from July 2022 due to financial support from The Barnwood Trust.

The case was made for this service on the back of growing complexity due to the number of professional or Professional Statutory Regulatory Body accredited programmes growing, the increasing population of international students who typically are more likely to require support for breaches and the higher-than-average number of students at the University reporting a disability.

5

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

Thanks to the partnership with The Barnwood Trust, we have been enabled to hire a part time, dedicated advice worker who has taken up post and begun to create a professional, student focussed, independent service that we can be proud of.

Whilst funding for the post was received at the end of 2021-22, the service will start to deliver for members in 2022-23 and as such, spending will be shown in the 2022-23 accounts. Developing this service was a key part of our strategy for 2021-

Volunteering and Student Development

The Union supported a variety of fundraising activities for charities nominated by student groups.

A significant proportion of students actively engage internally within the Union as Liberation or Academic Representatives, on the committee of Clubs or Societies or as Experience Officers.

These students are supported to gain skills which add valuable experience to their future employability and personal interests. In total over 900 students volunteered in such roles during 2021-22.

Clubs and Societies

With a choice of over 70 clubs and societies in 2021-22 covering a wide range of interests and activities there were plenty of opportunities to get involved. Each club and society has a committee of students who volunteer to take on the organisation of their group. The Covid-19 pandemic had a huge impact on the amount of activity our clubs and societies were able to support in the previous year however we were pleased to see a great number of groups delivering more during this year as we were coming out of the pandemic.

in person events for the first time in two years; Sports Awards recognising student success and achievement in Sport and the Student Involvement Awar volunteering, placements and employability.

We took the opportunity to review how these events took place, amending the format and including organising external catering vans with different food offerings for the attendees to choose from. This followed a survey of during the year.

During the year BUCS leagues took place in a manner similar to years prior to the Covid pandemic. The Union worked hard to continue to facilitate safe access to training and friendly games for our sports teams when these were permitted. We were also extremely pleased to be able to provide a Varsity in person with spectators welcomed back to the event, the annual sporting centre piece played against Worcester University.

Entertainments and Events

For every stage of their path through their University experience the Union aims to provide opportunities for students to have fun and engage with the rich and varied student experience available to them. We were pleased to deliver a number of on-campus activities which helped to connect students to their communities.

6

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

ices

Financial Review

The Union has two main sources of income:

The cost of providing our services, which are an essential part of the wider student experience, are greater than the level of block grant received. The Union remains reliant on the ability of these income generating initiatives to both provide services for students and support the work of other areas of activity. Although activity has increased, the recovery post Covid has been slower than desired in certain area.

Commercial Performance

identify an alternate provider for Varsity kit and for the new financial year (2022-23) sports kit. We therefore were unable to recover commission budgeted for the 2021-22 year from Playerlayer, and were left with some items of sportswear stock.

On site trading has been restored but at reduced levels versus pre covid. Campus spaces remained less vibrant as students were still accessing some learning from home.

The Union has explored other external partnerships, and in 2021-22 entered into a relationship with Native and Crowd for our Media sales and to provide a platform for selling tickets for Union events.

Reserves Policy

ed short term downturn in funding or additional calls on resources without immediately curtailing activities.

The Trustees current policy is that unrestricted funds not committed or invested in tangible fixed assets should be between 3 and 6 months of the resources expended by the Union as a whole, which equates to between £193,000 to £386,000. At this level, the trustees feel that they would be able to continue the current activities of the Charity in the event of a significant interruption to the work of the organisation and ensure it is able to meet its legal obligations.

7

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

This thinking has been tested by Covid-19 at the Union and at many other charities who found the period challenging. The Trustees are reviewing the current Reserves Policy to ensure the level of reserves is appropriate for its future needs and that a clear rational for holding a particular value is set out.

At 31 July 2022, the total unrestricted general funds (excluding the designated pension provision fund and designated volunteering fund) were £328,980 (2021: £291,466) and the unrestricted cash reserves, being total cash at bank and in hand of £364,187 less the amount relating to restricted finds of £56,450, amounted to £307,737 (2021: £281,287).

Affiliations

In 2021-22, the Union was affiliated to the following organisations:

Funds Held as Custodian Trustee on Behalf of Others

Clubs and Societies

The Union acts as custodian for the funds of the students' various clubs and societies. These monies are accounted for through At the end of 2021-22, the Clubs and Societies had a balance of £56,450 remaining at year end. It is to be noted that the income and expenditure for clubs and societies varies annually and that during 2021-22 income and expenditure fell sharply for most due to membership levels being lower and in-person activities not being permitted during large parts of the year.

Raise and Give (RAG)

control and as such are not included in the accounts. All funds raised are deposited in a separate bank account . Clubs and societies raise money for specific charities throughout the year. The clubs and societies give instructions to pay beneficiaries. When societies or club committees have completed their fundraising they give instructions to the Union to pay the beneficiaries.

Structure, Governance and Management

adopted on 24[th] July 2010. The Articles govern what the Union can do and how it will be administered by the Board of Trustees on behalf of the membership.

The Board of Trustees oversees the strategic, financial and legal affairs of the Union. It is chaired by an External Trustee and is comprised of up to 3 Full Time Officers, 4 Student Trustees and 5 External Trustees who bring their professional expertise to the Board. All Full Time Officer Trustees are elected by secret ballot to serve for a term of one year and may be re-elected to the post for a maximum further term of one year. Candidates for the positions of External Trustees and Student Trustees are selected by the People Committee and their appointment recommended by the Board of Trustees. External Trustees remain in office for a term of up to three years and can serve a maximum of two terms which may either be consecutive or non-consecutive. Student Trustees remain in office for up to one year and can serve a second consecutive year.

The Board has two sub committees to deal with specific areas of business. These are:

8

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

During the course of the academic year a full review of the governing document of the Union was undertaken following many years of them being outdated and no longer fit for purpose. Working with an expert in SU governance, the articles of association and by laws were updated to better reflect good practise and to ensure that we were best serving our members in all we do.

Staffing in the organisation

The staff team in the Union is made up of a CEO and two further Senior Managers, a group of managers and coordinator career staff. This team is supported by part-time student staff to deliver the objectives of the Union.

During the course of the year there was some turnover in the staff team following a relatively settled period during Covid-19 and immediately after. Each July, the Full Time Officers handover takes place and this year the period of change coincided with several career staff leaving the Union, making the team feel rather on the ground

Later in the year, The Education and Community Officer left post early to pursue a career in the subject field they had studied. Due to this being an elected role and the elections for the year ahead having already concluded, there was insufficient time to hold a byelection to fill the post in year.

Finally, in the later part of the period a senior manager, the Marketing and Commercial Services Manager, left to take up a role at another SU having worked at the Union for just over two years. All positions which were vacant have now been filled.

Training for Trustees

The Union undertakes a skills audit to inform the appointment of External Trustees when vacancies arise and will continue to do so as required to ensure the Board contains a mix of skills and experience to support its continued effectiveness. During this period it has not be necessary for the Union to recruit any External Trustees to the Board which has allowed for a settled period at this level of the organisation.

Trustees are provided with a variety of information upon their induction and are briefed on their legal obligations and the responsibilities of Trustees. Training is provided, and supported by a Trustee guide containing all relevant information and the Tru

Officer and Student Trustees are provided with additional support from both staff members and outgoing Officers to ensure a smooth transition period and to support the new trustees to understand and undertake their responsibilities. They also have on-going staff support, in the role of our Governance and Administration Coordinator to guide them through Board and Committee papers and to advise on areas such as conflicts of interest.

Delegated Responsibilities

The Board of Trustees delegates day-to-day management of the organisation to the Chief Executive, who is responsible for:

The Chief Executive is further supported by the Management Committee comprising the Sabbatical team, and Senior Managers from the Union who take on responsibility for overseeing the day to day running of the Union. There is an additional Senior Management Team made up of Senior Managers and the Chief Executive who ensure staffing matters are given proper day to day oversight.

9

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

Relationship with the University of Gloucestershire

The Union has always had a good relationship with the University which is maintained through regular meetings Sabbatical Officers.

The University is the owner of the premises used by the Union for its offices.

Academic Board. Representatives from the Vice Senior Management team, act as Deputy Returning officer for Union elections and also as the University Board

Alongside t in accordance with the Education Act 1994, Section 22. This document outlines the relationship with and officers, finances, operations, estate requirement, complaints processes and notification requirements.

Risk Management

The Board of Trustees has overall responsibility for ensuring the major strategic, operational and business risks facing the organisation are identified and controls are in place. The Audit and Risk Committee advise the Board of Trustees on the thoroughly reviewed in 2020 and monitored by regular review by the Audit and Risk Committee) and the

The five main risks identified by the Union in 2021-22 were:

Risk Area Risk Description Mitigation Actions
Falling membership engagement
Students engage less frequently
with
the
Union
and
the
organisation is seen as less
relevant
to
the
student
experience.		 Ensuring
feedback
tools
are
robust so we are able to speak to
student
issues.
Continue
to
carefully monitor engagement and
diversify
offer
into
new,
developing demographics.
Falling commercial revenue The Union revenue from nightclub
sales continues to contract and
there is limited scope to raise
revenue elsewhere.		 Develop on the merchandising of
graduation,
explore
additional
commercial
relationships
and
seek out new partnerships with
funding charities.
University growth plan not realised The Union has as umbilical link
with the University and the growth
plan to attract a greater number of
students to the institution is
fundamental to its future.		 Support the delivery of vibrant and
attractive open days and share
positive news stories with CMSR
colleagues for dissemination.
Changing campus environments
lead to less engagement
As City Campus is developed,
campus life in Gloucester will
change significantly and there
may be fewer students visiting
existing Union spaces.		 Engage with the City Campus
project ensuring that dedicated
space is available here for the
Union and work with estates
colleagues
to
ensure
other
campus spaces are fit for purpose.
Service delivery costs rise higher
than membership contributions
As costs around sport in particular
continue to rise, with fuel costs
rising sharply, the Union finds
itself in a situation where income
is outstripped by outgoings for
student activities.		 Monitor costs closely and take
difficult decisions on team entries
in a timely manner.
Work
with
partners
and
stakeholders to identify additional
revenue streams.

10

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

In last years audited accounts we identified the following risk areas:

We continue to monitor these risks carefully as part of our risk register where these items are not referenced in the above table.

The Union has a range of policies and procedures to ensure the Health and Safety of staff, volunteers, participants and visitors. These are periodically reviewed to ensure they remain fit for purpose and performance is monitored by the Audit & Risk Committee.

Business Continuity

The Union has created a business continuity plan and submits this annually to the University. The Union is covered by the University s Major Incident Plan as so much of the hardware and infrastructure is run in conjunction with University systems and procedures.

Going concern

The Trustees considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements. These factors have included the review January 2024.

Having regard to the above, the Trustees believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The Trustees (who are also the directors of the Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

11

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

Disclosure of Information to Auditor

In so far as the Trustees are aware:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the Board of Trustees on 31 January 2023 and signed on its behalf by:

Paige Archer Activities and Opportunities Officer

12

INDEPENDENT AUDITOR ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF FOR THE YEAR ENDED 31 JULY 2022

Opinion

We have audited the financial statements of t 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable Reporting Sta Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern

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 collectively, may cast significant doub continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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 report that fact.

We have nothing to report in this regard.

13

ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF

FOR THE YEAR ENDED 31 JULY 2022

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatement in the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of trustees

As explained more fully in the Statement of Trustees' responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 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 to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focused on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities, including fraud. Our approach to detecting irregularities, including fraud, included, but was not limited to, the following:

14

ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF

FOR THE YEAR ENDED 31 JULY 2022

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 to 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 statements is located at the Financial https://www.frc.org.uk/auditorsresponsibilities. This description forms

Use of our report

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other the opinions we have formed.

Simon Atkins FCA (Senior Statutory Auditor)

for and on behalf of:

COOPER PARRY GROUP LIMITED

Statutory Auditors Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

14 February 2023

15

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
Notes
Funds
£
INCOME FROM ENDOWMENTS FROM
Donations and legacies
3
528,000
Charitable activities
6
Opportunities and volunteering
-
Marketing
-
Entertainments
55,926
Student activities
91,895
Miscellaneous commissions
6,866
Government Coronavirus support
-
Other trading activities
4
85,937
Investment income
5
166
_
Total
768,790
EXPENDITURE ON
Raising funds
7
44,232
Charitable activities
8
Opportunities and volunteering
-
Marketing
157,435
Entertainments
102,759
Student activities
403,685
Miscellaneous commissions
2,525
_
Total
710,636
Movement in pension provision
23
-
__
NET (EXPENDITURE) / INCOME
58,154
Transfers between funds
21
-
_
Net movement in funds
58,154
RECONCILIATION OF FUNDS
Total funds brought forward
21
(220,803)
______

TOTAL FUNDS CARRIED FORWARD
21
(162,649)
 Restricted
2022
Funds
Funds
£
£
-
528,000
-
-
-
-
-
55,926
70,166
162,061
-
6,866
-
-
-
85,937
-
166
__
_
70,166
838,956
-
44,232
-
-
-
157,435
-
102,759
61,237
464,922
-
2,525
_
_

61,237
771,873
-
-

_

8,929
67,083
-
-

_
8,929
67,083
47,521
(173,282)
_
_____

56,450
(106,199)		 2021
Funds
£
515,700
-
-
6,718
113,899
5,696
8,840
63,826
52
_
714,731
40,297
-
169,688
32,279
394,763
13,205
_
650,232
-
_
64,499
-
_
64,499
(237,781)
__
(173,282)

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 34 form part of these financial statements.

16

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2021

Unrestricted
Notes
Funds
£
INCOME FROM ENDOWMENTS FROM
Donations and legacies
3
515,700
Charitable activities
6
Opportunities and volunteering
-
Marketing
-
Entertainments
6,718
Student activities
36,686
Miscellaneous commissions
5,696
Government Coronavirus support
8,840
Other trading activities
4
63,826
Investment income
5
52
_
Total
637,518
EXPENDITURE ON
Raising funds
7
40,297
Charitable activities
8
Opportunities and volunteering
-
Marketing
169,688
Entertainments
32,279
Student activities
320,501
Miscellaneous commissions
13,205
_
Total
575,970
Movement in pension provision
23
-
__
NET (EXPENDITURE) / INCOME
61,548
Transfers between funds
22
(1,889)
_
Net movement in funds
59,659
RECONCILIATION OF FUNDS
Total funds brought forward
22
(280,462)
______

TOTAL FUNDS CARRIED FORWARD
22
(220,803)
 Restricted
2021
Funds
Funds
£
£
-
515,700
-
-
-
-
-
6,718
77,213
113,899
-
5,696
-
8,840
-
63,826
-
52
__
_
77,213
714,731
-
40,297
-
-
-
169,688
-
32,279
74,262
394,763
-
13,205
_
_

74,262
650,232
-
-

_

2,951
64,499
1,889
-

_
4,840
64,499
42,681
(237,781)
_
_____

47,521
(173,282)		 2020
Funds
£
442,000
15,182
3,767
82,889
171,574
21,095
12,880
109,844
407
_
859,638
58,381
19,020
144,004
85,965
498,134
8,683
_
814,187
(154,968)
_
(109,517)
-
_
(109,517)
(128,264)
__
(237,781)

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 34 form part of these financial statements.

17

BALANCE SHEET COMPANY NUMBER 08155140 AT 31 JULY 2022

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PROVISIONS FOR LIABILITIES
18
NET LIABILITIES
FUNDS
21
Unrestricted funds:
General fund
Designated
Volunteering
Designated
Pension
Restricted fund:
Sports clubs and Societies
Enterprises
TOTAL FUNDS		 2022
£
19,000
60
_
19,060
25,734
31,053
364,187
_
420,974
(49,908)
_
371,066
_
390,126
(496,325)
_
(106,199)
328,980
4,696
(496,325)
_
(162,649)
54,568
1,882
_
56,450
_
(106,199)		 2021
£
21,958
60
_
22,018
16,087
37,245
328,808
_
382,140
(60,475)
_
321,665
_
343,683
(516,965)
_
(173,282)
291,466
4,696
(516,965)
_
(220,803)
45,639
1,882
_
47,521
__
(173,282)

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 31 January 2023 and were signed on its behalf by:

Jeremy Davies Chair of Trustees

The notes on pages 21 to 34 form part of these financial statements.

18

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

2022 2021
Note £ £
Cash flows from operating activities:
Net cash provided by operating activities A 39,805 48,081
Cash flows from investing activities:
Purchase of tangible fixed assets (4,592) (3,606)
Interest received 166 52
_ _
Net cash used in investing activities (4,426) (3,554)
_ _
Change in cash and cash equivalents in the year 35,379 44,527
Cash and cash equivalents at the beginning of the year 328,808 284,281
_ _
Cash and cash equivalents at the end of the year 364,187 328,808

The notes on pages 21 to 34 form part of these financial statements

19

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022

A. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2022 2021
£ £
Net income / (expenditure) for the reporting period
(as per the statement of financial activities) 67,083 64,499
Adjustments for:
Depreciation charges 7,550 8,662
Interest received (166) (52)
SUSS pension cost (less contributions paid) (20,640) (17,439)
Fair value movement in SUSS pension liability - -
(Increase) / decrease in stocks (9,647) 193
Decrease in debtors 6,192 5,140
(Decrease) / increase in creditors (10,567) (12,922)
_ _
Net cash provided by / (used by) operating activities 39,805 48,081

20

THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. LEGAL STATUS OF THE CHARITY

domiciled in England and Wales, registration number 08155140. The registered office is The Park, Cheltenham, Gloucestershire, GL50 2RH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019 applicable in have been prepared under the historical cost convention with the exception of investments which are included at market value.

The presentational currency of these financial statements is £ sterling.

Going concern

The Union is dependent on the continued financial support of the University and the Trustees believe that further support will be made available. To this end the University, as the major funder of the Union, has provided the Union with a letter of support for the financial year 2023-24. On this basis the Trustees consider it appropriate to prepare the financial statements on the going concern basis.

The Trustees, when reviewing the financial position of the Union, note that the unrestricted cash reserves amounted to £307,737 before factoring in the SUSS pension provision and designated volunteering fund. The pension liability is a long term liability, not payable in one lump sum but with a payment plan over

Income

The Union receives block grants from the University and these are credited to the financial statements in respect of the period to which each grant relates.

The amount of block grant is agreed year on year and the Union has no contractual entitlement to this.

Other revenue income is recognised in the statement of financial activities when the conditions of entitlement, probability and measurement are met.

The Union acts as a banker for certain sports clubs and societies. All deposits are controlled by the Trustees, as sports clubs and societies can only spend the funds with the authorisation of an appropriate officer. Consequently, contributions from sports clubs and society members deposited with the Union are recognised as income in the statement of financial activities on a receivable basis.

Donated facilities are recognised as income when the charity has control over the item, any conditions associated with the item have been met, the receipt of economic benefit from us by the charity of the item is probable and economic benefit can be measured reliably.

The Union receives donated resources from the University in the form of accommodation on the campus but as the value of these services cannot be quantified the income and expenditure has not been recognised in the statement of financial activities.

21

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

2. ACCOUNTING POLICIES continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified under headings that aggregate all costs related to that category. Expenditure on raising funds include both the direct and support costs incurred for non-charitable trading activities.

Charitable activities expenditure includes both the direct costs and support costs incurred in the delivery of its activities and services for its beneficiaries. Support costs, being indirect staff, overheads and governance costs, are apportioned on a usage basis, proportional to the total costs of each activity undertaken.

The Union is partially exempt for VAT purposes and expenditure is shown gross of the irrecoverable proportion of VAT where applicable.

Leases

All leases are operating leases and the annual rentals are charged to income and expenditure on a straight-line basis over the lease term.

Tangible fixed assets

Assets costing more than £500 are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates estimated to write each asset down to its estimated residual value evenly over the expected useful life, as follows:

Equipment - over 3 to 10 years
Computer equipment - over 3 years
Radio equipment - over 3 to 10 years
Motor vehicles - over 5 years

Net book values are regularly reviewed by the Trustees and any appropriate adjustments are made to carrying values.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at 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 amount.

Creditors

Creditors 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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

22

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

2. ACCOUNTING POLICIES continued

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 at transaction value and subsequently measured at their settlement value.

Taxation

The charity is exempt from corporation tax on its charitable activities. The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Fund accounting

General funds are available at the discretion of Trustees in furtherance of the general objectives of the Union. Designated funds are general funds that have been set aside by the Trustees for specific purposes.

Restricted funds are raised and administered by The Union for specific purposes, such as Sports Club and Societies accounts and externally funded ring-fenced projects.

Custodian funds are entrusted to the Union for safekeeping but are not under management control. Such custodian activities are disclosed in the Trustees Report, but as they are not managed by the Union they are not included in the accounts.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of the State 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 at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. The liability of the future payments has been estimated using net present value calculations and included on the balance sheet. Further information can be found in the notes to the financial statements.

From 1 August 2014, the Union has been providing staff with a pension scheme under its auto-enrolment duties as an employer. The Scheme is provided through NEST and both staff and the Union pay into this fund with amounts calculated on the pensionable earnings for each active scheme member.

Critical accounting estimates and areas of judgement

The Union makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The present value of the SUSS pension liability under the recovery plan instigated by the Trustees of the pension scheme in 2014 depends on a number of factors using a variety of assumptions including estimates of future increases in deficit contributions payable and the discount rate. Any changes in these assumptions will impact the carrying value of the pension liability.

23

THE UNIVERSITY OF

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

3. DONATIONS AND LEGACIES

----- Start of picture text -----
2022 2021
£ £
Grants 528,000 515,700
Grants received, included in the above, are as follows:
University of Gloucestershire annual block grant 508,000 485,200
University of Gloucestershire other funding - 30,500
Barnwood Trust project cost grant 20,000 -
4. OTHER TRADING ACTIVITIES
2022 2021
£ £
Advertising income 32,014 21,210
Ticket sales and miscellaneous income 53,923 42,616
_ _
85,937 63,826
5. INVESTMENT INCOME
2022 2021
£ £
Deposit account interest 166 52
6. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
£ £
Opportunities and volunteering - -
Marketing - -
Entertainments 55,926 6,718
162,061 113,899
Government Coronavirus support - 8,840
Miscellaneous commissions 6,866 5,696
_ _
224,853 135,153
----- End of picture text -----

24

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

7. RAISING FUNDS

Other trading activities 2022 2021
£ £
Sundries - -
Nightclub and ticket expenses - -
Clothing and other cost of sales 29,337 22,647
Support costs 14,895 17,650
_ _
44,232 40,297

8. CHARITABLE ACTIVITIES COSTS

Opportunities and volunteering
Marketing
Entertainments
Student activities
Miscellaneous commissions
SUPPORT COSTS
Marketing
Entertainments
Student activities
Miscellaneous commissions		 Direct
costs
£
-
104,418
68,155
308,356
1,675
_
482,604

Manage
-ment
costs
£
32,761
21,383
96,747
525
_
151,416		 Support
costs
£
-
53,017
34,604
156,566
850
_
245,037
Govern
-ance
costs
£
20,256
13,221
59,819
325
_
93,621		 2022
Total
£
-
157,435
102,759
464,922
2,525
_
727,641
2022
Total
£
53,017
34,604
156,566
850
_
245,037		 2021
Total
£
-
169,688
32,279
394,763
13,205
_
609,935
2021
Total
£
74,319
14,137
172,895
5,784
_
267,135

9. SUPPORT COSTS

Activity Management Governance costs

Basis of allocation

Pro-rata based on total costs of each activity Pro-rata based on total costs of each activity

25

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

10. NET EXPENDITURE

Net expenditure is stated after charging:

2022 2021
£ £
11,500 9,500
Depreciation 7,550 8,662
Finance cost of pension scheme 9,732 10,137
Stocks recognised as an expense 32,488 23,194

11. REMUNERATION AND BENEFITS

External Trustees

External Trustees are voluntary positions and receive no remuneration for their work as a trustee.

Officer Trustees

During the year and in accordance with t Officer Trustees were paid £19,408 (2021: £18,571) per annum (pro-rated for change in appointments) in respect of qualifying services for the representation, campaigning and support work they undertake, as distinct from their Trustee responsibilities. The total salary costs for these officers amounted to £62,635 (2021: £80,246). Officers are paid at the pre-agreed level decided upon and voted at the Board of Trustees meeting prior to Officer change over each year. Officers that are re-running for posts are not permitted to take part in the pay level discussion or vote.

No Trustees held a paid position at the Union during 2021-22 (2021: no Trustees held a paid position). However, one trustee held a paid position as Student Subject Coordinator prior to beginning the role of Sabbatical Officer and was paid £520 during this period.

Student Trustees

Student Trustees may be paid in the 4-weekly payroll for work unconnected with their Trustee responsibilities. It is paid on the basis of hours worked at the pre-agreed hourly rate for that activity and contracts for work are signed. Students often apply to be Trustees following involvement with the SU through working as a receptionist, taking part in volunteering or projects etc.

Trustees are reimbursed out-of-pocket expenses in respect of travel and subsistence expenditure incurred in performing their duties as Trustees. During the year no Trustees claimed expenses (2021: £Nil expenses claimed).

12. STAFF COSTS

STAFF COSTS
2022 2021
£ £
Wages and salaries 344,979 357,235
Social security costs 25,768 24,496
Other pension costs 8,879 9,547
_ _
379,626 391,278

26

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

12. STAFF COSTS - Continued

Staff numbers

The average monthly number of employees during the year was as follows:

2022 2021
No. No.
Permanent staff 14 15
Student staff 19 24
_ _
33 39

Higher paid staff

No employees received emoluments in excess of £60,000 (2021: None).

Key management remuneration

Total key management personnel compensation for the year was £117,415 (2021: £128,019). We ensure organisations to ensure we can attract and retain staff. A pay and reward project took place for all Union staff in 2021-22 which included benchmarking of senior positions, with amendments coming into effect from August 2022.

13. TANGIBLE FIXED ASSETS

Green fund General
equipment equipment
£ £
COST
At 1 August 2021
17,485
19,300
Additions
663
3,929
Disposals
-
-
_
_
At 31 July 2022
18,148
23,229
DEPRECIATION
At 1 August 2021
12,805
18,629
Charge for year
788
1,223
Elimination on disposal
-
-
_
_
At 31 July 2022
13,593
19,852
NET BOOK VALUE
At 31 July 2022
4,555
3,377
At 31 July 2021
4,680
671		 Motor
Radio
Computer
Vehicles equipment equipment
£
£
£
16,682
14,672
21,488
-
-
-
-
-
-
_
_
_
16,682
14,672
21,488
6,394
11,637
18,204
3,336
696
1,507
-
-
-
_
_
_
9,730
12,333
19,711
6,952
2,339
1,777
10,288
3,035
3,284		 Motor
Radio
Computer
Vehicles equipment equipment
£
£
£
16,682
14,672
21,488
-
-
-
-
-
-
_
_
_
16,682
14,672
21,488
6,394
11,637
18,204
3,336
696
1,507
-
-
-
_
_
_
9,730
12,333
19,711
6,952
2,339
1,777
10,288
3,035
3,284

Totals

£

89,627

4,592

-
_

94,219

67,669

7,550

-
_

75,219

19,000

21,958
18,204
1,507
-
_
19,711
1,777
3,284

27

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Other investments
There were no investment assets outside the UK.		 2022
£
60		 2021
£
60

15. STOCKS

15. STOCKS
Goods for resale
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals
18. PROVISIONS FOR LIABILITIES
Multi-employer defined benefit pension scheme liability		 2022
£
25,734
2022
£
20,174
4,699
6,180
_
31,053
2022
£
15,459
10,554
4,935
18,960
_
49,908
2022
£
496,325		 2021
£
16,087
2021
£
25,108
3,399
8,738
_
37,245
2021
£
12,861
12,997
4,324
30,293
_
60,475
2021
£
516,965

28

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted
Funds
Funds
£
£
Fixed assets
19,000
-
Investments
60
-
Current assets
364,524
56,450
Current liabilities
(49,908)
-
Provision for liabilities
(496,325)
-

_
_
(162,649)
56,450
20. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted
Funds
Funds
£
£
Fixed assets
21,958
-
Investments
60
-
Current assets
334,619
47,521
Current liabilities
(60,475)
-
Provision for liabilities
(516,965)
-

_
_
(220,803)
47,521		 2022
2021
Funds
Funds
£
£
19,000
21,958
60
60
420,974 382,140
(49,908)
(60,475)
(496,325) (516,965)
_
_
(106,199) (173,282)
2021
2020
Funds
Funds
£
£
21,958
27,014
60
60
382,140 342,946
(60,475)
(73,397)
(516,965) (534,404)
_
_
(173,282) (237,781)

29

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

21. MOVEMENT IN FUNDS

Net Transfers Transfers
movement in between
At 1.8.21 funds funds At 31.7.22
£ £ £ £
Unrestricted funds
General fund 291,466 37,514 - 328,980
Designated Volunteering 4,696 - - 4,696
Designated Pension (516,965)
20,640		 - (496,325)
_ _ _ _
(220,803) 58,154 - (162,649)
Restricted funds
Sports clubs and societies 45,639 8,929 - 54,568
Enterprises 1,882 - - 1,882
_ _ _ _
TOTAL FUNDS (173,282) 67,083 - (106,199)
The net movement in funds, included in the above, are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 768,790 (731,276) - 37,514
Designated - pension - 20,640 - 20,640
_ _ _ _
768,790 (710,636) - 58,154
Restricted funds
Sports clubs and Societies 70,166
(61,237)		 - 8,929
_ _ _ _
TOTAL FUNDS 838,956 (771,873) - 67,083

The Sports Clubs and the Societies Funds are the aggregate fund balances for all sports clubs and all societies respectively. These funds can only be expended by the elected committee of the club or society for the benefit of that club or society or in accordance with the club or society aims.

30

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

22. COMPARATIVE MOVEMENT IN FUNDS

Net Transfers
movement in between
At 1.8.20 funds funds At 31.7.21
£ £ £ £
Unrestricted funds
General fund 249,246 44,109 (1,889) 291,466
Designated
 Volunteering 4,696 - - 4,696
Designated
 Pension (534,404) 17,439 - (516,965)
_ _ _ _
(280,462) 61,548 (1,889) (220,803)
Restricted funds
Sports clubs and societies 40,799 2,951 1,889 45,639
Enterprises 1,882 - - 1,882
_ _ _ _
TOTAL FUNDS (237,781) 64,499 - (173,282)

The transfers from the General Fund to the Sports clubs and Societies Funds represent budgeted amounts given by the Union to the Sports clubs and Societies.

The net movement in funds, included in the above, are as follows:

Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 637,518 (593,409) - 44,109
Designated - pension - 17,439 - 17,439
_ _ _ _
637,518 (575,970) - 61,548
Restricted funds
Sports clubs and Societies 77,213 (74,262) -
2,951
_ _ _ _
TOTAL FUNDS 714,731 (650,232) - 64,499

31

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

22. PENSION COMMITMENTS

SUSS Pension Scheme

, which is a defined

salary basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value 19,100,000 with these assets representing 46% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £260,000,000. The assumptions which have the most significant effect upon the results of the variation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The total contributions paid into the Scheme by the Union in respect of eligible employees for the year ended 31 July 2022 amounted to £30,372 (2021: £27,576) including funding deficit contributions of £30,372 (2021: £27,576).

The SUSS pension liability of £496,325 is greater than the Union s total assets less liabilities of £390,126, but it is important to note that this amount is collected through annual payments as part of the remaining 12 year payment plan and is not due for repayment all at once. The payment for the 2021-22 year was £30,372. The Union budgets for the annual payment as part of the annual budget cycle. The deficit contributions below are increasing by 5% each year over the remaining repayment term. The Trustees are aware of the issue and are proactively monitoring the situation on a routine basis. The Union is attending SUSS meetings to keep informed of any updates relating to the pension fund. The Union is also in contact and dialogue with the University regarding the pension liability and they are aware of our risk mitigation plans.

SUSS deficit contributions

From 1 August 2022 to 30 July 2035:

minimum of £31,896 per annum

Where the scheme is in deficit and where the Union has agreed to a deficit funding arrangement the Union recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Assumptions
31 July 2022
31 July 2021
% per annum
% per annum
Discount factor
2.0%
2.0%

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. Although discount rates have increased over the period to 31 July 2022, which would have the temporary effect of reducing the value of the pension scheme liability recognised in the financial statements at 31 July 2022, the Trustees have continued to use a discount rate of 2.0% for the purposes of the calculation of the pension scheme liability at 31 July 2022 as they believe this is the most prudent approach given the level of uncertainty around the comparability of discount rates going forward. The next valuation of the Scheme will be at 30 June 2022 and a remeasurement of the pension scheme liability based on the updated deficit contribution plan set out from this valuation and relevant discount rates will be for the year ending 31 July 2023.

32

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

23. PENSION COMMITMENTS - Continued

Reconciliation of opening and closing provisions
31 July
2022
£
Provision at start of period 516,965
Unwinding of the discount factor (interest expense) 9,732
Deficit contributions paid (30,372)
Remeasurements - impact of any change in assumptions -
Remeasurements-amendments to the contribution schedule -
Provision at end ofperiod 496,325
Statement of Financial Activities impact
31 July
2022
£
Interest expense 9,732
Remeasurements - impact of any change in assumptions -
Remeasurements - amendments to the contribution schedule -
Contributions paid in respect of future service -
Costs recognised in income and expenditure account 9,732

NEST Pension Scheme

The Union also contributed to a defined contribution pension scheme in the year: The NEST Pension Scheme. The assets of this scheme are held separately from those of the Union in independently administered funds. The pension charge represents contributions payable by the Union to the scheme and amounted to £8,880 (2021: £9,547), which includes both the NEST pension figure £7,035 plus the levy relating to the SUSS scheme of £1,845. At the year end, £1,644 (2021: £10) of pension contributions were outstanding and included within other creditors.

24. CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date (2021: £Nil).

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NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

25. RELATED PARTY DISCLOSURES

The University of Gloucestershire is deemed to be related due to the fact that President and Education Officers of the Students' Union are members of the Council which is the governing body of the University of Gloucestershire.

The Union received a block grant from the University of Gloucestershire of £508,000 (2021: £485,200), plus monies for additional conditional funding of £Nil (2021: £30,500).

During the year, the Union provided no temporary staff for the University (2021: £Nil) and recharged a further £25,178 for the cost of events, other services and sales (2021: £51,619).

During the year, the Union purchased goods and services from the University of Gloucestershire totalling £3,022 (2021: £372).

As at the balance sheet date amounts owed to the University of Gloucestershire included within creditors totalled £198 (2021: £372l) and amounts owed from the University of Gloucestershire included within debtors totalled £20,174 (2021: £18,039).

The Union occupies offices on a rent-free basis.

26. ULTIMATE CONTROLLING PARTY

Ultimate control of the Union rests with its members.

27.

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

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