ANGLIA RUSKIN STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Company Limited by Guarantee Number: 08064796 Charity Number: 1148574
NG NIO MEN ED3 srJuLY 2 24 CONTENTS Page Board of Trustees and Union Information Trustee5 Report Independent Auditors, ReFQrt 10-12 Statement of Financial Attivities 13 Balan Sht 14 Statement of Cash Flows 15 Notes to Financial Statements 16-26
KIN DENT TRUSTEE D UNION IN RM BOARD OF TrusrEES Ramees Nazar- Pregdent and Chair of Trustees (Appointed l July 2024) leena Thomas- WKe President FHEMS {AppointaY l July 2024) Sreya Dileepan- VI Presldent F8L (Appointed l July 2024) Rohan Rajesh - VI Presdent FAHESS {Apwinted l July 2024) Gawdham Melath- Vice President FSE {Appolnted l July 2024) Muneeb Iqbal - Presldent and Chair of Trustees (Appolnted l Juty 2023, Resign&Y 30th June 2024) Nithin-Raj Govindan Krishnan - Vice l>wdent FHEMS (Appointed l July 2023, Resignej 3 June 2024} Adora 5iqueird- Wice Presldent FSE (Appw)inted l July 2023, Reslgned 30th June 2024) lima Muraleedharan Menon - Ve Presithnt FBL {Appointed l July 2023. Reslgned 30th June 2024) Arya Shajl - WI President FAHESS (Appointed I july 2023, Resign June 2024) Richard Halderthay- External Trustee (Chair Of A&G Committee) Teresa Jordan - Extemal Trl (Chair Of F&R Committ) Richard Watson- Extemal Trustee Sian Myers- External Trustee (Chair Of HR & EE Committee) Ashley Cory- External Trustee CHIEF EXEcirrivE John Valerkou REGISTERED OFFICE East Road Cambridge CBI IPT AUDITORS Knox Cropper LLP 65 Leadenhall Str London EC2A 2AD BANKERS Lloyds Bank Ilc l Legg Street Chelmsford Essex CMI IJS
ARUS DEN NXON Tru REP The Trustees (who are also the Dlrectors of the tharitable company for the wrpose5 of the Companies Act) pre4ent their combined Directors, retx)rt and TTUStees' annual report, as requir by company law, together with the audlted financial statements of Anglia Rusk]n Studenw Unn {the company) for the year ended 31 July 2024. The Trustees confirm that the Annual Report and finandal ststements of the company CoMY with the current statutory requirements, the requirements of the companvs goveming document and the provisions of the Statement of RecOmended PraLtice (SORP) 'Accounting and Reporting by Charitie5' issued in January 2015. The Trustees and Directors Reports have teen combined undw the Companies Act 2006. Alm$ objedlves and actlvltles The Union 15 govemed by Arbcles of Association and the obiett of the Union is the advanrnet of education of dents at Anglia Ruskin University for the Publ benefit by: Promoting the interests and welfare of thdents at Ang5ia Ruskin UniversSty during their period of study and representing. supporting, and advising students eeing the recognised repre5entstlve thannel between studerkts and Anglia Rknn Unwersity and any other extemal bodies Prowding social, cultural, sportingi and reatIonal acbwtie5 and forums for discussiorns and debate for the personal development of Anglia Ruskin students. Our seNlces and attlvflS that we provide shape our work to deliver our strategy. The Students Union is S1t Into the following aws of work. Our work in eSentatIOn supports students to campaign for change and represent their views at all levels acros5 ARU. We hDld annual el)n5 for a variety of leaehip positions. In 2023-24 over 550 course, tsculty, campus, and institutional tevel representstives were elected, ensuring that wr members tead the direction of our Union. We Saw a further increase in the amount of course representstives this year as the Universlty continued to grow. Our advSce 5ervKe is an invaluable se1 to our students promding confidential, i[pendent advice to our students who need a55iStance and hdp wlth navigatii)n of academic regulauons, a5515ting with exceptional circumstsnces, aPFeals, acadpJnic miscondutt, student to student complaints and student to university complaints. We continue to see an increase in demand for the Se and this year have seen an increase of over 20% in appointsnents tsking us over I6(j individual appointments for the team. The Students, Union provide5 a krge Choi of rerreational clubs and societie5 across our campuses for sttjdents to join. Our aim has been to grow the number of clubs and soaeties and the number of stents who are members of these groups and sweties. AaDss all of our campus's we exeded 150 groups and socleties with over 3000 student members. These groups are all student-led and, with sUprt from our staff team, ran over 500 events last year both on and off campus. This year we had an e%tra f(KU5 on our cours*based g)cieties in conjunction with our sts7tegic theme of 'lmproving your learning,. At our Chelmsford campus we have seen a large rise in the number of MJCal based course societies and tF now totsl 21.
Page 13 rs, UNI ND 2024 We now run dedicated events across all of our campuses throughout the year SUPF<)rting our belonging strategic theme. Our events wot* trj bring students together and give them a sense of community. This year we delivered hugely successful welcome weeks In Cambridge, Chelmsford, Petertxirough and Lon(h)n. These were delivered during both the September and January intake perlod% In addlon to thls a further welcome week was provided at our London campus in May to wdcome the new students who started then. These weeks provide a wami welcome to all new ARU Students, helping them to connect, make friends and ptEpare for studwng at ARU. At these weeks we provide a large number of events almed to provlde wami welcome to all of our students. Highlights this year included the welcome frdlrs whlch saw over 7000 Students attendln9. We continue this provision throughout the year. Highlights within the year were our Winter fair5, end of year celebratlons and our Holl events where hundreds of sbjdents came together to celebrate Holl. This year we focussed on our g¢xial 5pace5 in Chelmsford and Cambridge installing more Tv's and X boxes which have proven to hLMJely POPLtlar. Aongside this we prov¢de free fruit, porridge and tea arKI coffee maklng facilities to encourage our students to use the Spa to relax and come together. We offtr a range of commeroal se$ across our campus's. All campuses can make use of the online shcp to purchase stationery and branded clothlng. In Chelmsford we run 92 which is a fé style operation seiling hot drinks and fwd to students during the day. In the evening, we run marTry events in the spa with a fully licensed bar. In Cambridge we prowde 2 retsil Ouets, one of which dosed this year due to the University furbI5hin9 the rear area of campus. Alongside these we have 2 Caf at smalter SeS in Cambridge. These 2 cafes are daytime operations selling hot drlnks and food. To provide for students struggling wlth the cost of living we provide a meal for Just £1 each day to help them better manage their bltrts. ARU opened its brdnd-new ARU Peterborough campus in Septsmber 2022. The Students, Union was an integral part of this. The team at Peterborough have further grown the Students, Union presence this year. running events throughDUt the year f(sSIng on celebtionS, liberatson months and craft events. 15 new ieties have formed with over 200 members. Alongslde this the team have elerted 35 course reps to represent students feedback and concerns back to the University. The team In London are split over 2 sites, one in Farrlngdon and one in East India in doCandS. The London tearn have 2 elerted officers who work alongslde a team of 6. Over the past 12 Fnonths, the London team have overseen 13 student socleties who are mainly course based. The team have a150 run numerous events that are besrL)ke to London students 5how(asing derSty, lebratIonS and empbyee and skills-based events. The Students, Union Is now split over 5 different sites, Cambridge, Chdmsforyl, Londcffl, Peterborough and the nevve5t addition Writtle. The University merged wlth Writde Universlty College on the ISI of March 2023 forming ARU Writue and as part of that merger the Students, Union at Wiitde became part of ARU stLtdents Union. This was a major piece of work overIng the rnerger of staff, finan5 and attivities. Writhe Students, Union now indudes a café, bar, suite of societies and activities, alongside a fully dected teèm of volunteers and a Students, Union presldent.
Page 14 ANGUA R UDENTS, U TRusfEES R RT 202 2023-2024 OUT Strategy This yearfs focu5 Wa5 on continuing to deliver the 5-year stFategk plan for the Students, Union that was launched In September 2020. The Strategic plan is detslled bdow. CMJr Strategy shapes all the work that we do as a Studentg Union. Our vision is to make a difference to every student with our miss6on for every student to discover new things, build friendships and love their time at ARU. The worl( of the Students, Unlon is divided into 4 dlfferent themes (the words you and your refer to the studenvs). Theme l. Conversation5 With You- We wlll have meaningful and nest conversations together. which shapes what we do along your journey Theme 2 Belonging- We will help you fomi strong communities and friendships to have fun and feel SUPFrfJrted by the Universty, by us and by each other Theme 3. Improving your Learning- We will Pla your education at the heart of our woth. Collat*xating with you and the Unwersty to make a positive impact now and for the students who come after Theme 4. Bro&1ening your Horizons- We w511 help you develop and discover your ambitions for the future. We 115UPP)rt you to be brave, resilient and explore opportunities on your joumey through ARU This is underpinned by values that shapE our behaViOu and our ways of workir¥J Creative- We think outside the box, leam from mlstskes and our imaginauon. Challenging- We push ourselves, the University and students to think do things differenty. o Inclusive- We will champknn the diversity of our skndents and of the communitses we are part of. Sustslnable- We will champion wdlkirol equality, and justice, make ethical dlSIonS and help to grow cleaner, fairer planet. Collaboratlve- We are better when we work tother.
Page 15 ANGLIA RUSKIN S. UNION YEAR ENDED 31sr Our vision 15 to make a difference to every student with our mission for every student to discover new thlngs, buSld friendships and love their time at ARU. The Students, Unlon shapes its work and direcbon thrOh consultstion stents. All staff are encouraged to tslk to and lis to students to find out their ne5. The Students, Union delivers its work through a projects- based system. Proiects are shaped from the conversations with students as embedding these strateglc conversations at the outset of all of our worK ensures our overall organlsational strategy is progressing. This also helps staff to have Strategy at the forefrc¥)t of hvork day-tQ-day, as well as at key reflection le.g. reporting to board). The studen UnSon aims to have extended its reath to as many students as possible and to ensure that the students feel that the Students, Unkjn is there to support them throughout their unwersty journey. We use an extunal insights company to survey our students through)ut the year whlch enables us to trad( (Jur progress. This year we have seen 9)me decllnes In our key metriG from this suryey. '1 am satisfied wth my Students Union' Tar 49%, achieved 48% 'SU communications are relevant to me' Target 48%, achiev&142% We also track our National Student Survey Sc(e on qltestion 23 The target for th55 KPI Is that the pert of skndents who agree with the Student V0e question5 in the National Sbjdent Survey {NSS} are materially ab)ve the TEF benchmark. We achieved 71.7% of respondents agreeing with the questions that make up the Student Votce lon m NSS, Th15 was not above the benchmark of 74.1%. As a remiThYer. the Student Voice section is measured on aggregate scores of following que5tion5: Q22. To what extent t) you get the right opportunitie5 to give feedtock on your COUT5e? Q23. To what extent are sbJ(lents' opinions aiythut the course valued by staffP Q24. How clear is it that siudents, feedback on the COU b acted on? Q25. How well doe5 the students, union (alatIOn or guild) represent students, ac&Jemlc interests? We are nearlng the end of our current strategic plan. In the 4 years slnce tts inception, we have seen many changes to the operations of the Students, Union most notsbly an increase in Ia"On$ frotn 3 to 5 and a change in student demographics as our intemational student populailon ha5 increased. We bdieve this is a fallor in the shortfall in our perf0mlan. Looking ahead to 2024-25, we will using the start of this year to develop our new strategic plan, to focus on our size and Sha as an organisation and put fijrther fcKus onto the needs of our students. This 15 heduled to be approved by our trLt board in March 2025
Page 16 TUDENfs' UNIO LY 2024 FInCIal review The accounts show an incwse to the Union's general unrestricted reserves of £260 (2023: an increase of £188,684). The Union spent £1.052,968 (2023: £972.058) on Athce and Retesentstion and E609,739 {2023: £576,899) on Student Actiwties and £493,881 {2023: £333,931) on communications and maTketing. The Union'5 defiat on Student Venues and Entertainments has worsened to £606,394 (2023: £371,634) on a full cost basis. A deSnated reserye has been set up to refleci the remaining per6lon1Sabillty of £717,367 which is payable over the next 12 years. The inclusion of the overall nSIOn defiot and other designated reserves results in the total net a amountsThJ to £485,46012023: a55ets of £483,616). The Trustees note the Union has ended the finanoal year with a surplus of £1.844 {2023'. Surplus of £256,883) and retained General RerVes, exduding the pension defiat, of £1,034,423 (2023- £1,034,163). The Unlon had net assets of £485,460 at the yearnd (2023.. assets of £483,616) and remaSns finanaally strong. At the year end, restrict ftjnds of £56,143 (2023.. £40,461) and £16,248 (2023., nil) represent the unspent part of the univeIty grdnt which has been rlng-fenced for in relation to ARU Lond(n and ARU Peterborough respectively. The Union has a general re5erve5 policy of 3 ITnthS 0rating costs plus the finanaal implications of the top 5 risks in the union's risk register which follows Charity C(thmissiDn guidan. We also have an investment llIcI which invests teFnpxJrary exce reseNes which subject to rewew enables addlOnal strategic spending. We currenvy Iiave exc$ r&EeNes approved by the Trustee Board pending the competitton al approval of the new strategic plan. Strurtur< Govemance And Managemont Anglia Ruskin Students, Union {the'Unlon? Sncorporated as a company limited by guarantee (Company no. 08064PJ6) on 10th May 2012, and on 15th August 2012 registered as a new legal entity with the Charity Commission (Charity no. 1148574). The Charitable Company took over the assets and activitie5 of the exisknng unincorpDrated Union on Isi Septgnber 2012 from which date it commenced operations. The Trustee Board operates three sub-committees to support their work and decision maklng. The Finance & Risk Commitke oversees the financial rfsk management of the Union. The Appoinbnents and Governan Committee oversees the appoinlment, inducbon and development of the Board and SenK)r Management Team of the Union and the HR and Employ Engagement Committee oversees the sUPPOrt and development of employed stsff and volunteers. Thi5 indudes the overslght of the Union's pay 5truLture, which includes the p3y & remunerat of senior personnel. oFfir Trustees are elthd by the sbjdent body. Extemal and Student Trustees are appointsd by a constituted Appointments & Governan Comrnittee and their appointsnent is ratified by Union Council. Trustee5 receive a full induction into the Union and all categories of Trustee a offered tralnltvj and development optx)rtunities to SUPtY)rt them to be effective in thelr roles. The Twstees have pald due regard to guidaMe issued ty the Charty Q)mmis& on putdic benefit and other areas in deCIng what actiwties the tharity sFM)uld rertake. The &heme of Delegated Authotity is reviewed annually by Trustees. Delegated authrrrity is given to lef Executfve to manage the Union by implementing the policy and strategy adopted by and within a budget approved by the Trustees.
Page 17 ANG USKIN STUDEN NION TR YEAR ED31-J LY2 The Unlon is prinopally ftjnded wa a block grant from Anglia Ruskin Univer5ity- The Unlon works cl¢)sely with t Universlty and our Strategic Plan, recognising the imwrtance of LEing a key parther with the University, reflects our desire to work in partnership with the Instriution to ddiver t1r Corporate Plan. The Senlor Management Team Tl Chlef Executwe is 5UPPOrted by DireLtor5, and along&de ScIaliSt finan, HR and strategic project stsff they form the Senior Management Team. This team prnvid strategic management of the union, manages Its 0ra"OnS and prowdes leadership for the staff and volunteers. The Senior Management Team report to the P4)ard and its sub-committees, ensurirrfJ they are kept infornied of all aspects of the organisation. The board approve the strategy and budgets for the unn. Key Personnel Salarfes TFE 5alarie5 of key personnel are determlned by placlng the role within a grade boundary on the Union's pay scale and are subjeLt to the approval of the Trustees. Amnually remuneration is lewed, and appropriate increments are awarded to employees in line with budgets. Each time the Job Des(rlptk)n or respon&bilities of a role are changed consideration 15 given to the grade Lx)undary best Suit to the responsibilitEs of that ro. Relationship with the univeIty The relati[ShIp beeen University and the UnTrDn is establlshed in the RegLlatiDn5 of the Unlversity. The Unlon r1Ve5 an annual Block Grant from the University, and part-occupie5 a number of buildings owned by the UnlversTty. Although the Union continues to generate suppleMtary fundlng from various mutual trading activiknes. It will aayS be dependent on the University's support. ThetE Is no reason to believe that this or equivalent support the University will not contr'nue for the foreseeable future, as the Educatfon Art 1994 imposes a duty on the Unlversity to ensu the financial viability of its siudent representative y, Rld( Management The Trustees have examined the major strategK, business and operational risks tsced by the Sthdents, Union. A rlsk register has been established and is updated at least annually. Where appropriate, syStS or proureS have been established to mitigate the risks the charity fa$. BL*Jgetary and intemal contrd ri5k5 are minimised by the SmplementstK¥n of procedures for authorisation of all trnnsactions and projetts. PrdreS are in pla trj ensure Complian wlth health and safety of staff, volunteer5 and partlcipants on all actie$ organised by the Union. These procedures are pericdically reviewed to ensure that they continue to meet the needs of the charlty. The Trustees rsJularty review the Union s key strategic risk5 to ensure the identified risks, aThJ the asso(ia actions, remain levant to the Union's developing needs arKI environment.. The FInan and Risk Committee a)nsider rfsks at each meeting as circumstances and events unfold and each sub-committee of the Board regularly rewews the ri5k5 penent to their areas of interest. This year has seen the continued development of the Risk Register by managenent as it 15 used In practi, liaising with the Flnance and Risk commiitee's extemal risk expert as needed.
Page | NGLI NION TR EES PORT The key Strategic risks remaln as Identifigj in prior years grouped utk1er the fdlowing subjects: Measuring internal and extemal tisk5; Compllan Financial Governance & Strategy Operational Reputation Pwple External tosk The key strategic rosks facing the Union were.. Internal External &)vernment Policy Higher Education Policy (partlcularfy Teaching Excellen Framework and National stt Survey), Non-Higher Education Ongryng jndIng University Strategy- Recruitment succwts & Funding Merger with Writde College ARU merged with Wrttle College a5 of 29th February 2024 which increa1 student numbers - the work a1 risks in this area changed as the proiert evolved and the deadline ached. Legislative Framework- with referen to Charity Law ARU Students, Union 6s affiliated to the National Unlon of Students. NUS is a confederation of students. ursions and afflllation therefore has no ifflpatt on the opwatsng pdloes adopted by ARU StIKlentg Union.
DE EE ENDED 31ST JULY 2024 srATEMENT OF TRUSTEES, RESPONSIBILrrIES The Tru5tee5 are responsible for preparing the Annual Report and financial siatements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Pratbce). Company Law UireS the Charitsble Company's Tnjstees to prepare financial statements for ead) financSal year whlch give a true and fair view of the state of affairs of the Charitsble Company and of its incoming resources applicati of resou$ for that peric*J. In preparlng these finandal stathents. the Tw5W are required to: SeleLt sultsble account1j policies and apply them consistently: Observe the methods and principles of the Charities SORP,. Make ]jgements and estimates that are rea)nae and prud State whether applicable accounting standards have followed, Subject to any materk41 departures disdosed and explained in the financial statements,. and Prepare the ffnarKial Statements on a going concern basls unless it Is inappropriate to presume that the Charttalle Company Mll continue to operate. The Trustees are responsible for keeping prOr accwnting records whith disclose with reasonable accuracy at any time the financial p)sition of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the governSng th)cument. They are aEs0 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenOn and detettion of fraud and other irwularities. The TTUStees confirm thaL in the case of each ofthe persons who areTrnstees atthe date of this report, the followng applies: So far as eath Trustee is aware tre is no levant audit Informatlon (infOmiati needed by the Charitable CoM[nS alitorS in connection preparing thar report) of which the Charttsble Companls auditors are unaware. and Each Trustee has taken all the step5 necessary to make herselflhSmsdf aware of any evant audit information and to ethbllsh that the Charitable Company audito are aware of that Information. roved by the Trustee5 on 12th DecemLEr 2024 and signed on thar behalf by,. Ramees Nazar Chalr of Trustees
Page 110 DE PE Opinion We have aiKJited ts finanaal siateftnts of Anglrd Rusknn Studentg unl {the'tharitable companl) for the year ended 315t Juty 2024 which CCNnprfse the statement of financval actNlties, the balance shee¢ the siatement of sh flows notesto the finBrKial Statements, includir¥J a 5umrnary of significant accounting p)licies. The financial ¥eptsrting framework that has been applled in thelr preparatlon is applicable law aThJ United Kingdom Accounti Standards, including finarKial RetK)rbng Standard 102 Th R8pothg Stsndard pLae the UK RebIle of JrdanLI (United Kingdom Generally Atpted Accountlng Practice). In our 4)inion, the finar1 staternents.. give a true an(5 fair view of the aate of the charitable ccmpany's affairs as atiistluty 2024 and of its iOrnIng re50UTtes and application of resour for the wr then ended,. have been propedy prepated in Bcc(xdarce wth Unted Kingdom Generally Accepted AcccKJntiThg prnct1,. and have bea) PTepared In accordance with the ¢jrements of the Companies Act 21XJ6. Basls for oplnion We conducted our audit in aCcLYdèn wh Intemat)nal StaThJards on Auditing {UK) (ISAS {UK)l and aPIcaNe law. Our reswnsibilikn.es under those standards are further desuibed in the Auditoi's respOlbilrtles fortkauditof finar(ial statements secbon of our re>rt. We are 1rndetndent of the charltsble cofflpany In aLtordance with the ethlcal reqtsIments that3 rdevant LLJ our audlt of the financial ststements in the UK, including the FRC'S EthKal Stsn(krd, and we have fulfilled our otr ethical nsibilitse5 in accordarKe with these requIre[nts. We telieve thot the audit ewdellce we have obtsitl is sijif1cnt and appropr&4te to provide a 1$ foT our opinion. Condusions relatlng to yoin9 cLxKern In auditing the financial staternents, have coKluded that the trustees. use of the going concem of Kc(yJTrting in the tyeparation of the finaal s¥atsnentS 15 appropriate. Based on the work we have performed, we have not kjenty.fied any nRterial urKatsints"es lating to events or conditions that, dividualty or collectivew, rnay cast Si9nificant doubt OTr the charitsble cornpanls ability to continue as a going cOnM foT a periiyj of at least twelve months from when the finandal staternents a authortsed for je. Our $rSIbilit*S and reSpOb]itieS of the trustees with re9ct to going conrn are described in the rdevant secifors of this rert. Other Infoymallon The other inforrnation comprw5 the infomiatyon irKIed in the annual report, other than the financial statements and our auditor'5 report thereon. TFE trnstees a r&portsible for the other informabon. Ouroplnlon on the finarKial statements doe5 not cover otr information and, except to the eytent otherwise explicitly stated in our report, we do not express any form of ass1ran (J)nclu5ion thereDn. In connection with our audit of the financial stètements, our responsibllity to read ihe other information and, in doing so, consider whether the other infvmatyon is rnatsrk4lly ion95tent with the financial staternents or our knowledge obtained in audit cr otherwise appear5 to be MaterllY Fni55tated. If we identify such material incons(stencEs or appant material misstatements, we a qUired to determine whether there is a material misststement in the fina131 teFnents or a materia1 ThState[ent of the ottr informatK)n. If, bèsed on the work we have performed, we conclude that there is a rnatwial misststement of this other inf0m1atK, we are required ts) report that fart. We have nothing to rewrt in this regard. Opini(w on other matters preScrIb by thè Compjnles Att 2006 our opinion, Lo5ed on the work undertaken in the course of the audit.. the inforrnation gwen in the tru5tEes' report, whith includes the dTreciDr5' rep)rt for the purpx)ses of company law, the finanual year for which the finarKial statements are prermred consistent with the finanoal statements; and the threctors, reFOrt included wlthln the trustees, report has teen prepared in accordan wlth appliCae legal requiRments.
Page 111 ANGUA RUSKIN STUDENTS, UNION REP EMBE tters on which wa art required to report by exceptlon In the light of Ihe krK)wledge understandiTrJ of charItse company and its envlronment obtained in the course of the udlt, we have not kjentified materkal mtsstatements in dSrectors' report included within the trystee5' rert. We have nothlng to report In respect of the folkwing matters in rektK)n to whith the Companies Act 2006 rewires US to report to you if, In our opinion.. adequateaccounbng record51we nc been kept, orretums adeouateforour audfchave not been re from branche5 not visited by us. or the financial statements are Th)t in agreemwt with accountiro records and returns,. or certaln disclosures of trustees, MUnerati specified by law a not rnade; or we have not received all the infomiats"cx) and explanaknons we requi for our audit; or the trustees were not entitkd tts prepare the financial tements in accordarsTr With the small companles reglme ar take advBntage of the gnall companieg exemptions in preparing a strdtegit reporL Responsibllitles ot trustEes As exp¢alned more ful in the truste reSpon%trAI2 statement. the trnstees (who a aLso the ditorS of the chaTrtsble company f¢x the of company lawl a responSie for preparation of the financial statements and fvr being satisfied that they gwe a true and fair view, and for such internal control as the truste& determine Is necessary to enab preparatDn of financial statements that are free from material misaterTwt, whetlr due to froud w error. In pparIng the financkil statements, the trusLffs are reswnsible for awing the company'5 abilty to conty.nue as a goir concern, disc105ing, as appliuble, rnatters related to going COnM using the going concem basis of accounting Unl tfr trustees elther intend to liquidate lJ)¢ company w io cease operatbn5, or have no realisty"c altemab.ve but to do so. AudStorfs responslbllltles lor the audlt of the financial statements ¢lJr obiecbves are to obtaln reasonable assuTrnce about whethw the fina11 statements as a WlIe a fw from rnaterial rnisstatemt, whether due to fratsd or error, and to iue an audf(Drfs report that iludeS our Opin}n. Reasonable assuran s a high levd of assufdrKe but is not a guardntee that an audit conducted ITh accordan witt) ISAS IUKI will always detett a moterial misstaternt when ff( exists. Misstatements can arise from fraud or error and are congdered materi?1 if, indwidually or in the aggregate, they could reasonably be eXpted to influence the econornK deosions of users taken on the basis of these financial statements. Irregularities, including fraud, a instances of rKJn-compliantr wf(h kws and regulations. We d&ign prDtsdure5 in lir Mth our resporsitr¢lities, outllned above, to detect material misstatements in respect of Irregularits, indudiw fraud. The extent to vthich our procethres are Cab]e of detbng irregularities, includiro fraud 15 detai telow: The Charitable Company is rewird to comply with Ixjth company law tharity law and, based on our knowledge of its activities, we identified that the kgal wuirement to accurately account for restricted funLts was of key significance. We galned an understaIng of the charitable comp3ny complied with its legal and regulatory frameworf<, InCILing the requirement to properfy account for restrthd funds, through dtscLwons with management and a review of the dcKumented PDlicies, protsdvres and controLs. The audit team, which is experienced in the audit of chareS, considered the charitable company's susceptibillty to material rni55taternent and how ftaud may occur. Our con5ider3tiorLS included the risk of management override. Ov¥ appnach was to check that all restricted income was prriFErly identified and separatelyaccoynted for and to er6u th6t only valid and appropriate exrEnditure was charffj to ¥trIcted fur¥Js. This irtluded revIewi fvurnal adjustments and unusual tranSactn$. A futhw description of our resFcnsibilitEs for the audit of the financial statements is k)cated on the FinarKN41 Re[rtyng Councll's website at: www.frc.oro.uklaudltorsresponsibilities. This teriptIOn fc*ms part of our auijitorfs rert.
Page 112 INDEP T AUDThORS RE F THE MEM ipse of our report TNS ¥eport is made solely to the charitable ccwntk3ny's ftMI, as a brxly, in arcordano with Chapter 3 of Part 16 of the ComtN3nies Art 2006. audit work has been undertaken, so that we might state to charitsbEe cornpan(s memters those matteFS we are requlred to slate to them in an auditorfs pOrt and for no other purpose. To the ful extent rmitted by law, we do not accept or assume re5ponsithlty to anyone other than the charitae comkkny and the charitatAe (Dmpanls memter5 as a body, for our alt worK for ths report or for the opinions we have formed. Stephen Andemn (Senior Statutory Audits)rl For and behalf of Knox Cropper LLP, Statutory Pthitor 65 LeadeTrhall Street London EC3A 2AD Date.. I I Pec*y4er?u?¥
Page 113 ' UNIO TATEMENT OF FINAN NCO COME AND PEND E ACCO FOR END Unrestricted General Funds Restrtcted Deslgnated Funds Funds Total 2024 Totsl 2023 Note INCOME AND ENDOWMENTS FROM: Donations and Grants Block Grant Sports Grant Other Grants Other Donations Charitable Activities student Social Venues Student Actiwties Advice and Representation Communications and marI.ng Other Total Income 1,856,540 109,360 480,000 1336,540 109,360 102.349 37,909 2,138,100 89,8 41,671 47,100 55,249 37,909 345,151 23,681 345,151 90,185 354,958 65,622 66,504 72,546 100 874 508 152 71546 110 897 159 662 3 204 937 42,457 2 853 648 EXPENDrruRE ON: Charitable Artlvitie$ Student Soual Venues Student Actimties Alce and Representstion Communications and Marketing Revaluatlon of Penslon Provision Total Expendlture 728,189 404,733 870,691 415,762 130.198 130,198 182,277 78,119 93,158 74,809 951,545 609,740 1,051968 493,881 726,592 576,899 972,058 333,931 15 520 792 262 926 3 203 093 2 596 765 Net Incomel(Expenditure) Transfer Betsween Funds Net movement In funds 88,777 16,331 (103,264) 1,844 256,883 15 260 Reconclllation of Funds Totsl Funds brought forward Funds Carried Forwanl 1034 163 23 483 616 391 621354 483 616 All transartions r11 above derive frDrn continulng cperations. The rntes on 16 to 26 form part of these financial statements
Page 114 DE SHE srJuLY 24 2024 2023 FIXED ASSETS Tangible Assets li 52,323 22,542 CURRENT ASSErs Stocks Debtors Cash at Bank and In HaThJ 33,427 128,208 1 251378 IN13,013 31.249 108,583 1265 483 1,405,315 12 CREDITORS: Amounts falling due within one year 13 CURRENT ASSErs 1,107,421 1,104,735 CREDITORS: Amounts falling due after more than one year Pension Provislon 14 {674,284) (643,661) Total Net Assetsl(Liabilities) Represented by: Restrlcted Funds 15 72,391 40,461 Unrestrirted Funts General Rese Designated Funds 15 15 1,034,423 621 354 1,034,163 483 616 These financial statements were approved by the Board of Trustees on 12th Dmber 2024 and are signed on thr behalf by: John valeOU Chief Executive Ramets Nazar Pwdent The notes on pages 16 to 26 forni part of these financial ststements Registered Company Numter: 080647%
srATEMENT OF CASH FLOWS 2024 2023 Cash Flows from Operallng Actlvltles Net movernent of funts for the peri IM44 256,883 Adjustments for: DepreoatKJn Write off of flxed asset Invegfftnt Interest reived from nVestments De¢a$¢I11nCreèseI In Stock Decreasellfjncrease) in Debtor5 ln¢r¢asellDecsel in Pension PrOvsn IntrellDeCrease> in Other Creditors Net Cash used in OpÈratiny Activities li 21343 19.675 (1178) (19.625) 22041 13594 34019 1,029 (47,740) {67,2171 13 14, 15 14 156,983 Cash Flows from Envesting Activiues Interest reNed from investments Payft*nts to acquire fixed assets Net Cash used in Investin9 Actlvltles [52,124) 117,8211 Cash Fl¢)ws from Financing Actlvltles Loan repayments Net Cash used in nanCing Activitie5 Change in cash and equivalents in tIE period Cash and equivalents at the start of the tEriod ash and equlvalents at the end ofthe per11 (14.105) 1 265 483 1251378 139,162 1126 321
Page 116 DENTS. UNION E FINAN ATEMENTS R THE YEAR ENDED 31sf JULY 2024 ACCOUNTING POLZCIES Bgsis of Accountlng The finanoal staternents have been prepared in accordaTKe with the recommendations of the Statennt of Recommended pra"..,AcC0Unting and Reporting by aritieS. {SORP 2015), the Companies Act 2C()6 and UK Acrounting Standards induding FRS 102. Finanoal Reporting Stsndard apFlble in the UK and Republic of Ireland. Awlk Ruskln Students, Union constitutes a public trkneffc entity as defined by FRS 102, The trustees con5Kler that there are no material uttertainbes about the Charity's abi16ty to as a ok)ing cOnM. Income recognltlon All income is reCOgne On the charity has entitlernent to the income, it is WObab that the income will be received, and the arrount of irKome rlable can be measlljred relk?bty. DIatrOn5 are recognised when Anglia Ruskin Students, Union has been notrfied In w¥iting of th)th the amount atKI 5eWement date. In the event that a donation is subject to conditions that require a level of performance before the charty is entitled to the funds, the income is def arKI not recognid untll ther those (onditiorts ore fulfy met, or the fulfilment d those conditions is wholly within the control of charity and it is probable that those wrxlibons will fulfilled In the rerThting period. Interest on fvnds held on deposit is IrKlUd when rerelYab and the amount can tE measured idiably by the dwrity. this is nomially upon nthficath)n of the interest paMI or payable by the bank. Expenditure reco9nition abiliti a reCOgned as expenditure as soon as there is a kgal or constructive obli9ation crynmitting the charity trj that expenditure, it is probable that settlement will be required, and the arnount of the oblwatKJn can be measured reliably. AJI expendittjre is accounted for on an accrual basis. All experbses induding 5UPPOTt costs and governan costs aTe allocated or apportioned to the applicable expenditure Iwdings based on the number of personnd in each area of tharitable acbvity. Irrecoverable VAT 1rrecoverae VAT is charged agaln# the expendlture headiry for whth it was 1ThJJYrJ, Operating Lease Awements Rentals applicable to operating aSe$ Ythere sub51anbally all of the bw)efits and rlsks of ownership remain with the are thar1 against profits on a straight-11 basis over the perfod of the lea. Pension costs Anglia Rusknn Sbjdents, Union participat& M the Student UnK)n Superannuation Scheme, a deftned benefft scheme which is externally funded contfactsd out of the Stste Second Pension. The herne 15 n¢>w Cled to future accrual. The fund is valued at least every th years by a professionally qualifie(I itKlepeThJent acitkiry with the rates of contribution payate being dete¥min&Y by the scheme trustee5 on advlce of the actuary. The scheme is B multi-employer scheme and operates as a poded arrangernent with contributs'ons paÈd at a Central agreed rate. a (tsnsequee, no share of the underfyitvJ assets and Ilabllities can be dirertly attributed to the Union. In these arcufflstsns, wntributton5 are accounted for as tt the thme w4e a defi contrllyjtyon sthen based on acbjal contributions pahl though the year.
Page 117 DENTS, U THE FINANCIA STATEME ED ULY 2024 ACCOUNTING POLZCIES Icontinued) Taxatlon No provisron is rnade these accounts for tsx as the UnKJn is entrtkd to the exemptions avablae to charfjies provided all income is aPd for charitsble purtws. Tangible flxéd assets and depredatlon xed assets are stated at C05t less accumulated depreclation. Assets are not captslised below £l,OOD cost Itern. Deyeoatwjn is charyed on a straight-line b35is over their estrTrated ufvl life as folbws: Fixtures and Fittings 5 years Offlce Fumlture and Fumitsjre 4 years ITeChnICal Equipinent 3 years Commerckl Equipment 3 year5 Investmert5 xed a55et Investments are stated at cr6t le55 impairrnenL Stocks stocks are valued at the low of costs and net realtsable value, after rnakn.ng allowan obxbkte arKI 1)w- moving Stock. Fund accountlng Restricted fur comprise irKome re¢eNed ro used in accordan with 5pecffic inbtnJ¢timS imposed by donors, kn asSk?ted costs. The airn and use of each re5trited fund is set out In the note5 to fv accounts where material. Unrestrtcted furmts are funts avaIlae for use at the d15cret(on of the Trust in fvrtherance of the general obitiveS clthe charity. Dignated funds are set aside at the discretK)n of the Trugtees for specrfK purp)$85 and indude 1x1anS allocated to indlvidual dubs and sociebes. They w(y1 otheMse form part of the general reserves. GRANTS UTrrestiicted Restricted Designated Total 2024 2023 Grants From University ock Grant Sports and Societte5 Grant Other Grant Other Donations 1,856.540 109,360 480,000 336,540 109,360 102,349 2,138,100 89,800 41,671 47,100 55,249 1 965 91H) 93 158 2 586 158 2 269 571 The University also provide the Union wlth rent fr accommodajon, in accordarKe with an infomial lince agreement. The value of th15 in-kind Rnefit ha5 not been valu1 and Induded in the accounts. The restritted Income represents parts of the University funding which is ring ferd for use In relation to ARU London, ARU PeterroUgh and ARU Writtle. See Note 16. The designated income of £55,249 relates to the Univergty commitment to support the cafes in Compass House and Young Street. The designated Other Donations Is the amount of cash held by Writde Cdlege Unlon ot the tirre it merged with ARSU.
Page 118 THE FINANCIAL sfATEMENTS FOR THE YEA 24 sruDENT SOcL VENUES -2024---------------------- Retall Entertainment 2023 Total Café Totsl Sales Cost of Sales Gross Profit Staff Salarfes and Wages Other Dirert Costs SuppTht Costs 92,669 166,163 83,952 (29,747 104,582 53,978) 62,922 61,581 29,974 (79,825) (136,273) {66,397) (22,336) (21,090) (7,126) (83,573 (83,573) 83,572} (122,812) (179,355) (127,121) 2,367 345,151 354,958 (188,307 179.285} 2,367 156044 175,673 (56,614) (339,109) (248,455} {39,2871 (89,839) {59,765) {83,572 (334,290) 239,087 177,106) (606,394) (371,634) sruDENT AcfIviTIES --2024--___ Unrestricted Rertrtcted Designated Total 2023 Totsl Income Direct Costs Stsff Salaries ar Wages Support Costs 23,681 (57,8681 (142,7731 204,092} 130 198 (381,052) (130,198) 66,504 90,185 65.622 (74,8091 (132,677) (130,415) (142,773) [131,325) 334,290) (315,159) {8,305) (519,555 511.277) ADVICE AND REPRESENTATION -2024--___ Unrestrirted Restricted Deslgnated 2023 Totrl Total Income Lirert Costs staff Salaries and Wages SLPPXJrt Cosis (61,433) {523,529) {285,7291 1182,277) (870,691) (182,277) (61,433) (67,549) (523,529) (513,277) (468.006LL391,232 1,052,968) (972,058) COMMUNICATIONS AND mARKING -202-----------__ Unrestricted Restricted Designated Total 2023 Totsl Income Dlrett Costs Stsff Salaries and Wages Support Costs 72,546 (109,281) 1184,026) (122,455) 78,119 1343,216} (78,119) 72,546 (109,281) (184,026) (200,574) 421.335 41457 (70,160) {122,493) 141,278 291,474)
Page 119 UA RUS NIO TO THE FINAN ATEMENTS E YEAR ENDE LY 2024 SUPPORT cosrs -2024- Unrertrlcted Restricted Designated 2023 Total Totsl Central SeNices Salaries and Wages Pension ¥ Premises and Equipment Costs Administration and Finance Human Resour and Payroll Professional Fees Governan <510,285) (394,932) (5,661) {23,056) (14,282) (208,028) (107.046) 129,085) (4,532) 131,153) (9,100) 816,368) (520,792 (905,217) (762,328> (5,661) (3,221) (37,338) (59,800) {315,074) (178,059) (33,617) (19,611) (31,153) (43,337) {9,100) (20,400 {1,337,160) 1,086,756) Apportinedto.. student Sodal Venue5 student Act(vSties Advlce and Representation Communications and Marketing (204,092) (130,198) (204.092) (130,198) (285,729) (182,277) (122,455) (78,119) (816,368 520,792 (334,290) (239,087) (334,290) (315,159) (468,006) (391,2321 (200,574) (141,278) (1,337,160) 1,086,756) STAFF COSTS 2024 2023 Salarie5 and Wages Employers Nl PensK)n ContribLrtions (curremt employee5) PensKJn Levy student Staff Staff costs current 1,699,028 148,081 80,215 5,661 167.330 100,315 1,406,884 132,563 59,821 3,221 178,610 1,781,099 Pension Contributions (past deficit) 94.960 (12,715) 2.195,275 1,768,384 No redundancy payments were made during the year (2023.. nil). The average number of employees (full time equivalents) during the period amourbtgj to 60 {2023: 54). One mpIo earned emoluments between £80,000 and E90,00012023.' 1). Key management personnel con5i5ts of 6 petsons whose cornbin emoyee benefits including pEnsions amountal to £275.620 In 2024 {2023: 7 people, £276.290}. Offiw tyustees recelve remuneration for their services as OffirS of the Unw)n and the amounts paid during the pEriod are set out in note 21. No other trustee received remuneratiorb for their Ser5 (2023: n51). Expenses amountlng to £65 were reimbursed to the trustees during the period (2023.. £205).
Page 120 NOTES TO THE FINANCIAL sfATEMENTS Continued TH DE PENSIONS The Union partrcipated in the Students, Union Superannuation Scheme, which is a defined benefit scheme whose memLErship consists of employees of students, unions and related bodies throughout the country. Benefits in spect of service up to 30th September 2003 are accnjed on a'final salary" basis, with benefits in resp of seNce from 1st (ktober 2003 accruing on a Career Average Revalued Eamings (CARE) basis. With effett from 30th September 2011 the scheme dosed to future accrual. The m05t recent Wdluation of the 5theme wa5 carrEd out at 30th June 2022, with the report publisha in mid-2023 sTrK)wa that the market value of the scheme's assets was £106.7m. The assets represented 44% of the value of benefits that had accrued to members after allowing for expected future InLyea in earning5. The defictt on an ongoing fuFKling bas5 amounted to £136.6m. The 2022 valuation Tecommended a contribution requirement by each Union expressed in monetary temis intsnded to clear the on-g)ing funding deficit over a period of 13 years from October 2023 (to May 2037) and will increase by 5% each year. These contributions a150 indude an allowan for cost of the on%oing administrative and operational expense5 of running the scheme. These rdtes appli with effect from I October 2023. In accordance with FRS 102 w)vision ha5 been made for the discounted value of contributions payable. Surpluses and deficits which arise at future valuations will also impacL on the Unions future contributior> commitment. In addition to the atKsve contributions. the Union also pays its share of the schemes levy to the Pension Protection Fund, a5 per Note 8. The discount rate applied was 5.0% (2023: 5.4%). The net present value of the contributions that Anglia Ruskin Students, Union have agreed to pay over the next 12 year5 represents a liability at the year-end of £717,367 (an increase of £22,041 from 2022123) note 16. The increase in liability is due to the unwinding of the discount for the last year being more than the monthly payments made towards the funding deficit. The total contributions paid into the scheme in respett of the fvnding deficit for the period end 31st July 2024 amounted to £72.918 {2023.' £54,057). The Union now patticipates in a further pension 5chemes,' the NUSPS Pension Scheme, a defined contribubon scheme, of which 6% of gross salaries are paid in by the Union and 6% of net salaries are paid in by employees and the AEGON pension scheme, of which 3Wo of gross salarE5 are paid in by the Union and 5% of net salaries are pa¢d in by employees. The total contributions paid into these further schemes by the Union in reSpt of eligible employees for the year ended 31st July 2024 amounted to £80,215 {2023: £59,821) see note 8. 10. NET INCOMING RESOURCES FOR THE PERIOD This is siat8J after charglng: 2024 2023 Depreciation Audltors Remuneration Operating Lease Costs 22,343 9,500 19,675 9,000
Pa9e | 21 ANGLI KIN sfuDENTS' U NOTES TO TH IAL STATEME inued FO END 11. TANGIBLE FIXED ASSErs Equipment & Flttlngs Other Assets Total cosr At Istr August 2023 Additions At 31tJuly 2024 87,466 23,354 26,977 137,797 23 139 590 54 189 921 DEPRECIATION At 1st August 2023 Charge for the year At 316t July 2024 65,759 23,354 26,142 835 115,255 137 598 NET BOOK VALUE At 31 July 2023 835 12. DEBTORS 2024 2023 Due from the University Other 105,208 93,595 126,443 99,973 Other Debtors VAT 6,558 11.878 108 583
Page 122 TEM nu RTHE NDED 31-JULY 2024 CREDThORS.. Amounts falling due wlthln one year 2024 2023 rrdde credito.. Due to the University Other 31275 34,659 32 37,773 66,934 37.805 other Creditorsinduding Taxabon and SLL/seCUrity.' PAYE and Social SeoJrity Penston Liability Accruals 36,204 43,083 159,371 67,423 51,665 143,687 238,658 305.592 262,775 300,580 14. CREDrroRS: Amounts falling due after more than one year 2024 2023 Penston Liability 643 661 The pension liability is due tr) be paid over the next 12 years and is based on information provided by the SUSS. The Pension Liabilty is repayable over the following periods.. 2024 2023 Due Within One Year Between Two and Fwe Years More Than Five Years 43,083 270,802 403 717 367 51,665 204,025 439 636 695 326
Page | 23 ANG UDEN TES MENTS R T isf JULY 20 15. FUNDS Balance Brought Forward Income expendIre Transfe Balance Carried Forward Restricted Funds ARU London ARU Peterborough ARU Writtle 40,461 338,423 142,097 56,603 537,123 (322,741) (125,849) (72,202) (520,792) 56,143 16,248 15,599 15,599 40,461 72,391 Designated Funds aubs and ScKieties Other Sports Writtte Merg Café5 Pension Liability 74,114 30,204 66.504 (74,809) 65,809 30.204 37,909 55,249 (37,9)9) (55.249) (94,9591 (262.926} (695,326) (591.008) 72,918 72,918 (717,367) (621.354 159,662 Vnre5tricted Funds General Reserv¢s 1,034,163 1508,152 (2,419,375) (88.517) 1,034,423 Totsl Resems 483,616 3,204,937 (3.203,093) 485,460 The ARU London, ARU Peterborough and ARU Writtle restricted funds represent unspent parts of the University grant which are ring fenced for use in relation to ARU London, ARU Peterborough and ARU Writtle. The designated funds have been estat4ished for use for the following purposes: GubSandSooetSBJ18CdS.' Funds rnised through membership, fundraising etc. by Universlty clubs and societies are ring fenced by the Ir1VIdUal club5 and societies for their own use. ot1r5p0rtS80lJnceS.'The policy of the Union is that any SUTplus on these funds a fiNJ fenced and are to be allocated by the Students. Writtle Merger.'The amount of cash held by Writtle College Union at the t.me of the merger wa5 Set lde to help cover the c05t of ARU Writhe activiknes post merger. Cafe Funding.. Funds provided by the University that allowed the Union to tske over operation of tN fes on the Cambridge campus that run at a defKiL PeJi&on 0b}lIty.. These funds represent the nStort liability as set out in note 9. Contribuknons are paid out of general resee5 and then allocated against the pension liabllity via reserve transfer.
Page 124 ANGLIA R ON NOTES THE FIN ENTS Contlnued FOR THE 16. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Restrlcted Deslgnated Unregtrlcted Total Funds Funds Funds Funds 2024 Non-current Assets Net Current Nssets Creditors due after one year 52.323 982,100 51323 1,107.421 (674,284) 485,460 72,391 52,930 {674,284) (621,354) 72,391 1.034,423 ANALYSIS OF NEf ASSETS BETWEEN FUNDS (COMPARATIVEI Restricted Funds Designated Funds Unrestrirted Funds Ti)tsl Funds 2023 Non-current Assets Net Current Assets Cr8Jitors due after one year 22.542 1,011,621 22,542 1,104,735 (643,661) 483,616 40,461 52,653 [643,661) (591,008) 40,461 1,034,163 17. COMMrrMENTS UNDER OPERATING LEASES At 31# July 2024 the following operating lease payments are committed to k paid Assets other Than Land & Bulldlngs 2024 2023 Expiring- Within l year Within 2 to 5 years 2,838 18. DONATIONS The Union made no donations to external bodie5 during the year. Where Collectior were made by students on behalf of varb)us charities and lodged with the Union, we acted as their agent in remittiThJ the funds to the deslgnated d)arity. 19. TAXATION The rharty is mt liable to corporation tsx as it is entitled to the exemptions available to charities where income earned is applied for charitable pury)oses.
Page 125 LIA KIN DENTS, NION NOTES THE FINANCIAL TEME RTH 20. RELATED PARTY TRANSAcfIoNS The Union's relati¢)nship with Anglia Ru5kn'n Universty is govemed by the Education Art 1994, under whlch the &)veming Body of the Univw5ity has a Segal reqtjirement to, Inter alia, ensure the financial affairs of the Union are property condutted. The Union is also dependent upon the Universty for finanual support During the year the Union was in receipt of a bl¢Kk grant of £2,336,5È10 {2023.' £2,138,100}, a designated Sport5 grart of £109,360 {2023: £89,800) and further grants of £55.249 {2023: £41,671) to alk)w the Union to tske over cafes previously operated by the University without additsonal financial liabilities, and £47,100 to support the Union with the extra costs incurred during the merger with Writhe College. In addition. the UnK>n occupies its building on a rent-free basis under an informal licen subjert to the Union maintsining the building in a gOC stats of repair. Amounts due to and from the university are set out In notes 13 arKI 14. The sabbacal members of the Trustee Board rb]e remuneration for their service5 as provided for wlthin the Cc)nstitution. The total amount payatle for the officers during the year was £137,975 (2023: £130,216), 21. NON-ADJUSTING POST BALANCE SHEET EVENT HMRC have challenged the VAT treatment of catering at ARSU'S bar5 and the SU have pald £26,187 to setde the bill to avoid further fine5 and penalties. ARSU disagrees with this assessment and have commenced an appeal, with the 5UPPOrt of NUS. It ts CU]Tently unclear what the outcome of the appeal will be, and several other StrJdent Unions are also afferted. Addltlonally, MMRC have Started a routine VAT review covering all elements on the VAT return5 across the whole Union. Some errors have been identified on categ0ri5ation, and so far a liabilty of £10,500 has b agreed for three quarters ending in 2020, and this has been included in accruals. The remaining quarters are still being investigated and so their liability is too uncertain to be recognised at this stage. It is anticipated that it will not exceed £lQO,000.
Page 126 'UNI TES E FINAN TEM FOR TH YEAR ENDE 31-JULY 2 23. COMPARATIVE SOFA 2023 Unrestrirted General Fund5 Restricted Funds tksignated Funds Totsl 2023 INCOME AND ENCOWMENTS FROM.. Donations and Grants Block Grant Sports Grant Other Grants Charitable Activlkn"es Student la1 Venue5 sdent Activitie5 Advice and Representation Communications and Marketing Other Totsi Income 1,818,100 89,8 320,000 2.138,100 89,800 41,671 41,671 354,958 10.535 354,958 65,622 55,087 42,457 120 365 2 436 215 42,457 121040 675 320 675 EXPENDITURE ON.. Charitable Attivities stvdent Social Venues student ArtiveS Adm and Representation Communications and Marketing Revaluation of Pension Proviston Total Expenditure 574,667 433,711 854,857 291,608 71,623 94,412 117,201 42,323 80,302 48,776 726.592 576,899 972,058 333,931 325 559 116 363 2 596 765 Net Income1(EXd1tUre) Transfer beeen Funds Net movement in funds 281,372 (4,884) {19,605) 256,883 188 684 R&onciliation of Funds Total Fund5 brought forward Funds Carried Forward 226 733 1034 163 591008