Registered number: 08140750
Charity number: 1149922
STUDENT UNION LETTINGS LIMITED
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
CONTENTS
Page
Reference and admlnlstratlve detalls of the Company, Its Trustees and advlsers
Trustees. report
Independent auditor's report on the flnanclal statements
ststement of financial activitlOS
3-12
13-16
Balance sheet
18
ststement of cash flows
Notes to the financial statements
20-33

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2023
Trustees
Dr Paul Groves, Chair
Mr Ceri Davies
Mr Ga￿th Oughlon (resigned 27 April 20231
Mr Richard Osborn
Mr Martin Miller (resigned 22 September 20231
Ms Debbie Muddimer
Miss Karla Wagener I￿s1gned 12 July 20221
Miss Gemma Lomas
Mr Martin Chuter
Miss Sarah Bradley
Miss Hoor Pathan lappoinled 2 August 2022, resigned 29 September 20231
Mr Liam Davis lappoinled 12 October 20231
Company registered number
08140750
Charity registered number
1149922
Registered office
First Floor Campus Centre Building
Mill Lane
Leicester
Leicestershire
LE2 7DR
Chief Executive Officer
Mr Irving Hill
Independent auditor
Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG
Page 1

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2023
Solicitors
Shakespeare Martineau LLP
Leicester
LE1 1QH
Hatch Legal
Seascale
CA20 1QU
Bankers
RBS
5 Market Street
Leicester
LE1 6DN
Page 2

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The Trustees Iwho are also directors of the charity for the purposes of the Companies Act) present their annual
report together with the audited financial statements of Student Union Lettings Limited (the company) for the
period ended 30 June 2023. The Trustees confirm that the annual report and financial statements of the
company comply with the current statutory requirements, the requirements of the company's governing
document and the provisions of the Statement of Recommended Practice ISORP 20191, applicable to charities
preparing their awounts in awordance with the Financial Reporting Standard applicable in the UK and Republic
of Ireland IFRS 1021 leffeclive 1 January 20191.
The company trades under the name Sulels.
STRUCTURE. GOVERNANCE AND MANAGEMENT
CONSTITUTION
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of
Association on g July 2012.
The company is also a registered charity, number 1149922.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The oversight of the company is the responsibility of the unpaid Trustees. The company consists of a Board
comprising up to 12 Trustees. Currently, there are 10 Trustees in post.
There is a mixture of extemal trustees who are recruited and those who are co-opted onlo the Board. The
University of Leicester Students, Union and De Montfort University Students, Union are members of the charity
and each appoint up to 3 trustees lo the Board.
The charity has purchased indemnity insurance in favour of the trustees of the charity.
The Senior Management Team of Sulels comprises a Head of Operations, a Finance Manager, a Digital
Marketing Manager along with the Chief Executive Officer who Is responsible for the day-to-day operation of
Sulets and is directly responsible lo the Trustee Board.
The Board meets regularly to receive reports from the Chief Executive Officer, to review the charity's
performance and administration and to decide policy issues arising.
The company operates from Ils base al De Montfort Students, Union, although we have a significant presence at
University of Leicester Student Union both online and al key student events throughout the year.
Page 3

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
MISSION, VALUES AND PUBLIC BENEFIT
The objects for which the company Is established are the advancement of education by providing and managing
accommodation and related services for educational institutions, their students and other persons associated
with educational instilub"ons.
Our Mission Is..
To raise standards in accommodation for the students of Leicesler. To be honest, transparent and fair in our
actions and lo enhance the sludenl experience.
Our Values are..
To raise standards in student housing in Leicester
To be transparent & fair
To offer value for money
To be student friendly
In setting our objectives and planning our activities the Trustees have given carefvjl consideration to the Charity
Commission's general guidance on public benefit.
The Trustees believe that there is a clear and continued public benefit from the operation of Sulets. This
includes..
A not for profit, ethical operating model.
Private rented sector properties that are of a high standard and have been assessed against our own
code of standards.
Clear eviden￿ that we continue lo have a posib.ve impact on the stsndards of the Leicester HMO market.
No 'summer rent, periods for students Ihalf rent charged but with no right to live in the property).
Page 4

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
REVIEW OF ACTIVITIES
We are pleased lo announce that the overall Leicester market continues to improve after a couple of difficult
years post-covid. Sulets has had another successful year where we have delivered a healthy surplus, in exce5S
of plan as well as purchasing our second propety-
The business continues to operate a major contract with Sludenl R0051 where we have an exclusive agreement
lo let all of their Leicester accommodation. This contract is due to end in 2025 and remains a key focus of the
charity.
We operate 124 properties in a mix of our own houses, Let Only, Managed and leased properties, which we call
Head Tenancy IHTSI. In addition, we manage two small blocks of flats lotalling 20 rooms. The HTS houses are
let to us on short leases and then we sublet these to students with other additional services.
The on-going cost of living crisis is difficult for students to navigate with student loan amounts virtually
unchanged after an increase of just 2.3°kn. However due to a very competitive local market, prices have changed
very little although we have witnessed some of the major PBSA providers adopting a dynamic pricing model as
the next academic year approaches and more of the accommodation is starting to fill up.
Whilst the increase in rental prices have been contained, the impact of higher energy bills has had a real impact
on students and have been difficult lo contain for the charity. Last year we took the decision lo slop offering
Inclusive bills in our managed houses after bills had increased by over fourfold. Prices have fallen sharply but
remain around twice the pre-ukraine invasion price. This year, all our properties have either been rented on a
bills-exclusive basis or with a bills package included from UniHomes who offer inclusive utility packages. This is
expensive bul does come with the benefit of a guaranteed cost and unlimited utilities. We will monitor prices
closely and hope lo reintroduce a bills inclusive package for the next rentsl year assuming world energy prices
remain stable or preferably decrease.
This year we have increased the staff in Finance by 0.75 FTE after the return of our colleague after long temi
maternity leave. This has boosted the capability of finance and we have moved deposit collection, reconciliation
and return to this team from Operations. In addition, we have appointed a new sales manager from within the
team and reallocated one of the team to a full lime propety manager post. This Continues a pattern of
establishing discrete Operation5, Finance, and Sales teams to focus the right people on the relevant tssk.
We rarely report misses, bul unfortunately thi5 year, we took the decision to close our landlord rating site, Rate
Your Student Landlord, as Il had received only around 100 reviews over the last 2 years and was a continuing
drain on resources. Whilst we still believe in the power of review siles, we have concluded that the very
Infrequent nature of feedback on property sites makes it very difficult to gather a significant number of reviews.
The lack of any high-profile sile in the UK, suggests lo us that it is the lack of use that is the problem rather than
the principle itself.
Page 5

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
OPERATIONS
Developing our own properties
This year we completed on the purchase of our second property al Cambridge Street Leicesler, and al the time
of writing, have agreed terms for a third propety al Whealsheaf Way, Leicester.
Due to the existence of Article 4 planning restrictions, which have been further expanded in Leicester, the only
way to grow a housing portfolio Is by acquiring existing assets. Inevitsbly, this means that the process is slower
than we would wish. This Is a nationwide problem and most university cities have some fomi of control
mechanism to restrict HMO housing which inevitably restricts student choice and pushes up prices.
However, Sulels will continue lo purchase properties that are well located and reasonably priced and we are
actively looking to expand our portfolio.
Student Survey
Every year we survey students in all our PRS housing to measure overall satisfaction and lo drive improvements.
This year we sent our survey lo 427 tenants and 101 responded, a response rate of 23.6°￿. This is an increase
on last year's figures which had a response rale of 20 /9
Highlights include..
85,/0 of students staled that they would recommend Sulels to other students.
83,/0 of students agreed that their rent provided good value for money. This was 86,/0 in 2018.
83'k of students agreed that we are 'easily a¢￿ssible and responsive, when they needed lo contact us.
Our survey results are further supported by the extemal reviews we receive on Trustpilot and Google My
Business. The rankings for both independent sites rate at 4.5 out of 5. These have Improved over the year, up
from a previous score of 4.4.
These results are a powerful example of Sulets values in action. Our honest and ethical approach along with
supported and well-trained staff means that we deliver high quality homes to the key beneficiaries of our charity,
students.
We intend to expand our feedback processes to include a landlord survey, late in 2023, to gauge satisfaction
from our landlord community.
Page 6

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
Stsffing
Every year we run an independent, anonymous staff survey measuring area5 such as happiness in the role,
support from their manager. how valued they feel by the business and training and development. This year we
achieved an employee engagement score of 97°kn. This Is a slight increase on the previous score of 94°k which
is very positive. This was based on the following key stslements..
I feel happy al work.
I'm proud to be a member ofthe Sulets, team.
I feel l am supported by my immediate line manager.
I can count on my peers when I need support and aSsistsn￿.
We believe that engagement, management support, as well as training and development are a key reason for
our Impressive staff engagement score. Whilst many companies (particularly in this seclorl appear to view
training and development as a cost, we view this as a benefit that supports staff retention which in tum results in
our enviable Trustpilol and Google reviews.
We have excellent stsff retention with the average In post across the business of 4.1 years with 3 members of
staff having worked for over 10 years In the business. When we do lose stsff. Il is usually as a result of them
moving lo a higher role which has been made possible as we have helped develop their career through
extensive training and support.
This year we also IntrodU￿d a new staff coaching and mentoring program and we are pleased to announce that
some of the team have already signed up to help develop themselves and further their career.
Finally, following our annual reappraisal, we are pleased to announce that Sulets has retained ils Investors in
People Gold status. IIP has been awarded to over 50,000 business which collectively employ 11 million people
across the world.
Next year our IIP accreditation is due lo be renewed and an initial review by the IIP assessor has suggested that
we may be able to obtsin the highest level, platinum award. Only 3010 of companies achieve this level so we are
excited about the reassessment and are hopeful that we will join the top tier of companies in the UK.
Marketing
Effective marketing remains a key focus of the business given that the nature of student accommodation is that
a customer will normally only purchase from you over a 3-year period. This is particularly important in difficult
markets.
Sulets has continued to invest and optimise marketing campaigns and has enhanced and simplified the
customer journey on our website. It remains the highest ranked site for organic search amongst students
seeking accommodation in Leicester. Our key links with the Student Unions and the Universities remain crucial
lo our success as well as our location in the heart of the DMU campus. This direct access to students on
campus and strong partnership links help position Sulels as the 'go lo, student accommodation provider in the
city.
During the year, there were over 119,000 users to the site which is a subslanlial number for an operation based
in a single city. The total number of visits was down 1.80/0 YOY. This does not however reflect the markelpla
and sales figures which are ahead YOY. Viewing requests from the website for the 23124 letting season are
currently ahead by 229 rooms comparing to the same period last year suggesting that even though the slight fall
in traffic, we are now acquiring more valuable & engaged users lo the site who are more likely to convert and
submit a viewing request or book a room.
Page 7

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
From an organic search perspective, for the key term 'student accommodation Leicesler,, we consislenlly rank in
the lop three results in both organic search results and local map results. We also rank consislenuy in the top 3
results for the relevant keywords with the highest search volumes. The effective review collection on both Google
& Truslpilot with now over 560 reviews al 4.5 star ratings help support our search presen￿ and promote the
brand as a trustworthy provider. These consistent results mean that we rank higher than all local competitors as
well as outranking the major national operators In local organic results.
Governance
Currently there are 10 members who make up the board of Sulets. The board is chaired by an external Trustee.
Upon joining the board, new trustees are given a comprehensive induction which includes meeting the 51aff and
senior team, the chance to view a selection of Sulels properties and advice from our solicitors on Board
responsibilities and legal requirements. This year, there were no new additions to the board membership,
The Board met on 4 occasions to discuss regular board related business. In addition. one meeting was to
discuss strategic planning as well as 8 separate strategic away day. Two of the meetings were in person with
the remainder online. There was a maximum number of 6 allendances possible throughout the year. Board
attendance is as follows..
Name
Maxlmum number of
attendances
Actual number
of attendances
Paul Groves
Debbie Muddimer
Richard Osborn
Hoor Pathan
Gareth Oughton
5 (resigned from Board)
Sarah Bradley
Marti n Chuter
Marbn Miller
Ceri Davie5
Gemma Lomas
Page 8

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Icontinuedl
This year we said goodbye to Garelh Oughton as he left his position of CEO at University of Leicester Sludenl
Union. We wish him success in his future career and thank him for his support.
LOOKING AHEAD
Changes to the market and the Renter Reform 8111
There has been a significant amount of new legislation, regulations and tsx changes over the last few years as
well as an increasingly hostile environment towards landlords. Whilst there is some very poor accommodation
and landlords, there is also plenty of good accommodation and investors that want to make a de￿nt return by
offering a reasonable service. There have been multiple tsx changes, an increase in licensing schemes, Article
4 planning restrictions and most recenuy, the Government has annoUn￿d the Renter Reform Bill.
This proposed new bill will be the biggest change in the residential accommodation market in 35 years. Amongst
the major headline changes, the new bill will remove S21 possession grounds, remove fixed term agreements
and allow tenants to give 2 months, notice at any point. The student HMO market will be very badly affected and
there is considerable resistsnce from some of the larger operators.
Virtually all the legislation and licensing changes have been aimed at the HMO market and there is a clear
perception that the Government wants a much smaller residential letting market and far more, large scale
operators. Anecdotally, we have seen a steady stream of landlords in Leicester exiting the market and selling
up. Noticeably, PBSA and University accommodation will be exempted from the proposed changes and as such,
will still be able to offer fixed term tenancies with no break clause. This will further reinfor￿ a ￿0-ller market for
student accommodation
However, we believe that Sulets will be in a very good position irrespective of whatever legislative changes do
occur and we remain positive about the future.
Sulets plans
For over 10 years, Sulels has been a successful not for profil operator serving the students of Leicester. We are
proud of how the charity has developed and the positive impact we have had on student housing in the city and
we feel that we have made a demonstrable improvement to the student housing experience via our code of
standards and ethical business practices.
Whilst we believe there is still growth to be achieved in Leicester, we are mindful of the impending change in one
of our major lettings contracts and the changes that are proposed in the Renters Reform Bill. Sulets is
developing a 5-year plan with an aim lo expand the operation outside of Leicester and look at ways we can help
others develop an ethical, values led operation either via training from Sulets or in collaboration.
The Board's ambition is for Sulels to continue to be a success and to expand ils offering to pursue growth
opportunities.
Page 9

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
FINANCIAL REVIEW
Reserves Policy
The general reserve policy as detailed below is lo cover trading activity and to cover redundancy costs in the
event that we needed to wind the business down.
The Board have reviewed the risks lo the business and decided Sulets should hold 4 months operating costs
plus the cost of redundancy payments for staff as a general operating reserve. Where there are insufficient
sums lo cover this amount, Sulels will detail Il's plans lo reach this base level of reserves in the shortest possible
lime. Where funds are held in excess of this, The amount will be separately held to build an investment fund
which Is being developed to support Sulels long term goals which are being developed in ils forthcoming 2023-
2026 strategic plan.
All free cash sums in eX￿$S of the operating reserves are held In short-temi Interesl-bearing bank accounts to
provide an additional return to the operation.
The reserves policy covers..
4 months operating costs + an additional fund lo cover redundancy costs for all staff Igeneral reservel +
a designated fund for investment.
Operating costs being defined as payroll costs plus direct purchases.
Redundancy costs being the slatulory level for all staff employed.
Our designated reserves policy sum is.. £261,045
Our current level of reserves is.. £1,337,373
Going Concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate
resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial statements. Further details regarding the adoption of the going
COn￿M basis can be found In the Accounting Policies.
MATERIAL INVESTMENTS POLICY
Sulets has purchased Ils second propety during the current financial year and al the time of writing this report, Is
progressing the purchase of a third property. The Trustee Board have adopted an Investment policy lo ensure
that our investment fund is used to further the aims of the charity by purchasing additional student properties for
rent.
Page 10

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
RISK MANAGEMENT
The Trustees have assessed the major risks to which the company Is exposed, in particular those related lo the
operations and finances of the company and are satisfied that systems and procedures are in place to mitigate
our exposure lo the major risks.
A risk register has been established and it Is formally reviewed once every 12 months by the Trustee Board. The
sk register was last reviewed and updated by the Board in June 2023.
The principal risks and uncertainties we face are considered regularfy and in line with good governance.
We consider that the top two risks that the charity faces are..
Lettings risk. A significant decline on lettings could Impact the charity.
Renters Reform Bill. Proposed changes lo the legislative landscape could have a considerable impact on
the student PRS.
The Board has considered these risks and has a range of mitigabng strategies and controls in place which are
reviewed and tested on a regular basis
STAFF REMUNERATION
The CEO'S role is reviewed by a Remuneration Committee. This committee was established In October 2016 10
set the pay and conditions of the CEO. The Committee reports to the Trustee Board on an annual basis and this
Information is used lo set the terms and conditions of the post.
The CEO and the entire staff team at Sulels were subject lo an external pay review which re-evaluated the roles
against the sector to ensure we remain Competitive. This was conducted by Hays in 2020. All stsff also benefit
from a cost of living pay rise that is approved by the Board during the annual budget meeting in June.
Page11

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
ststement of Trustees. responsibilities
The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for
preparing the Trustees. report and the financial statements In accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounb"ng Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of
the stale of affairs of the Company and of ils incoming resources and application of resources, Including Ils
Income and expenditure, for that period. In preparing these financial stslemenls, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principle5 of the Charities SORP IFRS 1021
make judgements and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards IFRS 1021 have been foll()wed, subject to any materi81
departures disclosed and explained in the financial statements",
prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the Company's transactions and disclose with reasonable accuracy al any time the financial position of the
Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and
disseminab'on of financial ststemenls may differ from legislation in other jurisdictions.
Dlsclosure of Infomiatlon to audltor
The Trustees al the time when this Trustees, report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the charitable company's
auditor is unaware, and
that Trustees have taken all the steps that ought lo have been taken as Trustees in order lo be aware of
any information needed by the charitable company's auditors in connection with preparing their report and
lo establish that the charitable company's auditors are aware of that information.
Auditor
The auditors, Crowe U.K. LLP, have indicated their willingness to continue in offi￿.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by
section 415A of the Companies Act 2006.
Approved by order of the members of the board of Trustees on Oct 23, 2023
and signed on their behalf by..
Dr Paul Groves
Chair
Page 12

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LETTINGS LIMITED
Oplnlon
We have audited the financial statements of Student Union Lettings Limited (the 'charitable company'l for the
year ended 30 June 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement
of cash flows and the related notes, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi￿1.
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 30 June 2023 and of its
incoming resources and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordan
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is
sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial slatemenls, we have concluded that the Trustees. use of the going con￿rn basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast signilicanl doubt on the charitable company's ability to
continue as a going con￿rn for a period of at least ￿e1ve months from when the financial statements are
aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 13

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LETTINGS LIMITED
ICONTINUEDI
Other Informatlon
The other information comprises the information included in the Annual report other than the financial statements
and our Audilovs report Ihereon. The 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 expliciuy staled in our report, we do not express any form of assurance conclusion Ihereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears lo 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 perfomied, 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.
Oplnlon on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report for the financial year for which the financial statements are
prepared is consistent with the financial ststements.
the Trustees, report has been prepared in accordan￿ with applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, report.
We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires
us to report to you if, in our opinion".
adequate accounting records have not been kept, or returns adequate for our audit have not been
ceived from branches not visited by us", or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the Trustees were not entitled lo prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, report and
from the requirement to prepare a Strategic report.
Page 14

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LETTINGS LIMITED
ICONTINUEDI
Responslbllltles of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary lo enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability
lo continue as a going COn￿rn, disclosing, as applicable, matters related to going concern and using the going
cOn￿M basis of accounting unless the Trustees either intend lo liquidate the charitable company or to cease
operations, or have no realistic alternative but lo do so.
Audltorfs responslbllltles for the audlt of the flnanclal statements
Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a whole are free
from material misstalemenl, whether due to fraud or error. and to issue an Auditorfs report that includes our
opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will a￿ayS detect a material misstatement when il exists. Misstalemenls can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial ststemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prO￿dureS
in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities,
including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
We obtained an understsnding of the legal and regulatory frameworks within which the charitable company
operates, focusing on those laws and regulations that have a direct effect on the determination of material
amounts and disclosures in the financial ststements. The laws and regulations we considered in this context
were the Companies Act 2006, Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed
the required compliance with these laws and regulations as part of our audit procedures on the related financial
stslement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements bul compliance with which might be fundamental to the charitable company's ability to
operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within
the charitable company for fraud. The key laws and regulations we considered in this context were General Data
Protection Regulation, health and safety legislation and employee legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the fi'nancial statements from irregularities, including fraud,
lo be within the timing and completeness of income recognition and the override of controls by management.
Our audit procedures to respond lo these risks included enquiries of management and those charged with
governance about their own identification and assessment of the risks of irregularities, sample lesling on the
posting of journals, sample testing on income recognition, reviewing accounting eslimales for biases, reviewing
regulatory Corresponden￿ with the Charity Commission, and reading Minutes of meetings of those charged with
governance.
Page 15

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LETTINGS LIMITED
ICONTINUEDI
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial slatemenls, even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and
regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely
the inherendy limited prO￿dureS required by auditing stsndards would identify it. In addition, as with any audit,
there remained a higher risk of non-detection of irregularities, as these may involve collusion, foryery, intentional
omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-
compliance and cannot be expected to delect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.or
.uklauditorsres
onsibililies. This description forms part of our
Auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitsble
company's members those matters we are required to slate lo them in an Audilo¢s report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than
the charitsble company and ils members, as a body, for our audit work, for this report, or for the opinions we
have formed.
Helen Blundell FCA FCIE DChA {Senlor statutory audltor)
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG
Dale.. 7 November 2023
Page 16

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 JUNE 2023
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Donations and grants
Charitsble activities
Other income
1,780
1,446,279
11,433
1,444,607
40,982
1,444,607
40,982
Total income
1.485,589
1.485,589
7,459,492
Expenditure on:
Charitsble activities
1,306,033
1,306,033
1,328,056
Total expenditure
1,306,033
1,306,033
1,328,056
Net movement In funds
179,556
179,556
131,436
Reconclllatlon of funds:
Tot81 funds brought forward
Nel movement in funds
1,641,341
179.556
1,641,341
179.556
1,509,905
131,436
Total funds carrled forward
1,820,897
1,820,897
1,641,341
The notes on pages 20 to 33 form part of these financial statements.
Page 17

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
REGISTERED NUMBER: 08140750
BALANCE SHEET
AS AT 30 JUNE 2023
2023
2022
Note
Fixed assets
Intangible assets
Tangible assets
Investment property
12
13
14
2,384
3,991
477,149
7,584
8,475
249,245
483,524
285,304
Current assets
Debtors
Cash al bank and in hand
15
19,728
1,407,318
7,529
1,484,413
1.427.046
1,491,942
Creditors." amounts falling due within one
year
16
189,673)
(115,905)
Net current assets
1,337,373
1,376,037
Total net assets
1.820,897
7,641,341
Charity fund$
Unrestricted funds
17
1.820.897
7,641,341
Total funds
1.820,897
1,641,341
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Dr Paul Groves
Dale. Oct 23. 2023
The notes on pages 20 to 33 form part of these financial statements.
Page 18

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
2023
2022
Note
Cash flows from operating activities
Nel cash used in operating activities
18
150.809
90,678
Purchase of tangible fixed assets
Purchase of investment propety
(794)
(249,245)
1227.904}
Net cash used in investing activities
1227,904}
{250,0391
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
177,095) {159,3611
1.484.413
1,643, 774
Cash and cash equlvalents at the end ofthe year
19
1,407,318
1,484,413
The notes on pages 20 to 33 form part of these financial statements
Page 19

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
General Infomiatlon
The charitable company is incorporated and registered with the Charity Commission in England and
Wales, registered number 1149922. The company registration number is 08140750. The principal Offi￿ is
First Floor Campus Centre Building, Mill Lane, Leicesler, Leicestershire, LE2 7DR.
The company is limited by guarantee. The members of the company are De Montfort University Students,
Union Limited and University of Lei￿ster Students, Union Trading Limited. In the event of the company
being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
Sulets principal activity is the provision of accommodation for students based at De Montfort University
and the University of LeI￿Ster.
Accountlng pollcles
2.1 Basis of preparation of financial statements
The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities
preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Sludenl Union Lellings Limited meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in
the relevant accounting policy.
2.2 Going concern
As slated In the Trustee's Report, the Trustees believe there are no material uncertainties that call
into doubl the charitable companls ability to continue as a going concern and the accounts have
therefore been prepared on the basis that the charitable company is a going concern.
2.3 Fund accounting
General fvnds are unreslricled fvjnds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
2.4 Income
All income is recognised once the Company has enlillemenl lo the income, il is probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of
income re￿iVed for specific purposes bul not expended during the period is shown in the relevant
funds on the Balan￿ sheet. Where income is re￿iVed in advan￿ of entitlement of receipt, ils
recognition is deferred and included in creditors as deferred income. Where entitlement occurs
before income is re￿ived, the income is accrued.
Other income is recognised in the period in which il is receivable and to the extent the goods have
been provided or on completion of the servi￿.
Page 20

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Accountlng pollcles Icontlnuedl
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly
to that aclivily. Shared costs which contribute to more than one activity and support costs which are
not attributable lo a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the
company and include project management carried out at Headquarters. Governance costs are those
incurred in connection with administration of the company and compliance with constitutional and
ststulory requirements.
Expenditure on charitsble activities is incurred on direcuy undertaking the activities which further the
Company's objectives, as well as any associated support costs.
2.6 Intanglble assets and amortlsatlon
Intangible assets relate lo website development costs and computer SO￿are, which are capitalised
and recognised when future economic benefits are probable and the cost or value of the asset can
be measured reliably. Intangible assets are initially recognised al cost and are subsequently
measured al cost net of amortisalion and any provision for impaimient.
Amortisalion is provided on intangible assets at rates calculated to write off the cost of each asset on
a straight-line basis over its expected useful life.
Amortisalion is provided on the following bases..
Website
Computer SO￿are
33010 straight line
250/0 straight line
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be
included in the measurement of cost.
Page 21

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Accountlng pollcles Icontlnuedl
2.7 Tangible fixed assets and depreciation Icontinuedl
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives, using the straighl-line method.
Depreciation is provided on the following bases..
Fixtures and fittings
Computer equipment
250/0 straight line
250/0 straight line
2.8 Investment property
Investment property is carried at fair value determined annually by management and external valuers
as necessary and derived from the current market rents and investment property yields for
comparable real estate, adjusted if necessary for any difference in the nature, location or condition of
the specific asset. Changes in fair value are recognised in the Statement of Financial Aclivilies.
All investment propety is let for students.
2.9 Flnanclal Instruments
The company only enters into basic financial instruments that result in the recognition of financial
assets and liabilities such as trade and other debtors and creditors.
Debtors
Short temi debtors are measured al transaction price, less any impairment.
Creditors
Short temi creditors are measured at the transaction price. Other financial liabilities are measured
initially at fair value, net of transaction costs, and are measured subsequently al amortised cost
using the effective interest method.
2.10 Penslons
The Company operates a defined contribution pension scheme and the pension charge represents
the amounts payable by the Company lo the fund in respect of the year.
Crltlcal accountlng estlmates and areas of judgement
Preparation of the financial ststemenls requires management to make significant judgments and
estimates. The items in the financial ststements where these judgements and estimates have been made
include the following..
Critical accounting estimates and assumptions..
Investment property valuation
The investment propety is revalued annually to the estimated open market value as at the year-end.
Page 22

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Income from donatlons and grants
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Government grants
1,780
Total 2022
1,780
1, 780
In prior years the Company w8s eligible to claim additional funding from the fudough support scheme
provided by the government.
Income from Charitable activities
Unrestrieted
funds
2023
Total
funds
2023
Total
funds
2022
Commissions receivable
Rentals receivable
650,219
794,388
650.219
794.388
581,375
864,904
1,444,607
1,444,607
7,446,279
Total 2022
1,446,279
1,446,279
Other incoming resources
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Other income
40,982
40,982
11,433
Total 2022
11.433
11,433
Page 23

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Analysls of expendlture on charltable actlvltles
Summary by fund type
Unrestrlcted
funds
2023
Total
2023
Total
2022
Rental and commissions
1,306,033
1,306,033
1,328,056
Total 2022
1,328,056
1,328,056
Summary by expendituro type
Stsff costs Depreciation Othgr costs
2023
2023
2023
Totsl
2023
Total
2022
Rental and commissions
427,346
9,684
869,003
1.306.033
1,328,056
Total 2022
403,570
11,864
972,622
1,328,056
Anatysls of expendlture by actlvltles
Actlvltles
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
Total
funds
2022
Rental and commissions
1,117,906
188,127
1,306,033
1,328,056
Total 2022
1, 154, 781
173,275
1,328,056
Analysis of direct costs
Page 24

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Analysls of expendlture by actlvltles Icontlnuedl
Analysls of dlrect costs {contlnued}
Total
funds
2023
Total
funds
2022
Staff costs
427,346
690.560
403,570
751,211
Letting costs
1,117,906
1, 154, 781
Anatysis of support costs
Total
funds
2023
Total
funds
2022
Depreciation and amortisation
Rent
Printing, postage and stationery
Travel
Advertising and marketing
Legal and professional
Software subscription
Repairs and renewals
Bank charges
Credit card charges
Sundry expenses
Finance, Human Resources and Marketing
Governance costs
9.684
20.000
316
71,864
20,000
1,194
1,004
31,491
12,760
29,887
10,617
3,869
11,816
12,677
20,000
6,096
1,974
36.600
10.457
36,732
12,513
6.272
144
18,892
23,633
10.910
188,127
173,275
Auditorfs remuneration
The auditor's remuneration amounts to an auditor fee of £12,000 (2022- £6,050J, and other servi￿$
amounting to of £50012022- £6501.
Page 25

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
10. Staff costs
2023
2022
Wages and salaries
Social security costs
Contribution lo defined contribution pension schemes
379.562
32,396
15,388
358,378
30,484
14,708
427.346
403,570
The average number of persons employed by the Company during the year was as follows..
2023
No.
2022
No.
Administration
12
12
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2023
2022
In the band £90,001- £100,000
Key management personnel are considered lo be anyone who has authority and responsibility for
planning, directing and controlling the activities of the company. During the year, key management
personnel received remuneration of £106,51012022.' £105,304), including employers. National Insuran
and employers. pension contributions.
11.
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed any remuneration or other benefits (2022- £NIL).
During the year ended 30 June 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 26

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
12. Intanglble assets
Webslte and
software
Cost
At 1 July 2022
39,268
At 30 June 2023
39,268
Amortisation
At 1 July 2022
Charge for the year
31,684
5,200
At 30 June 2023
36,884
Net book value
At 30 June 2023
2,384
At 30 June 2022
7,584
Page 27

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
13. Tanglble flxed assets
Fixtures and
fittings
Cost or valuation
At 1 July 2022
32.917
At 30 June 2023
32.917
Depreciation
At 1 July 2022
Charge for the year
24,442
4,484
At 30 June 2023
28.926
Net book value
At 30 June 2023
3,991
At 30 June 2022
8,475
Page 28

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
14. Investment property
Freehold
investment
property
Valuation
At 1 July 2022
Additions
249,245
227,904
At 30 June 2023
477,149
The investment property held at 1 July 2022 was purchased in October 2021 and valued at cost.
On 29 September 2022, an investment property was purchased for a total cost, including legal and other
associated acquisition costs of £202,500.
The valuation of the properties at the year-end was deemed to be in line with it's purchase price plus
improvements made in the year.
Page 29

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
15. Debtors
2023
2022
Trade debtors
Prepayments and accrued income
16,306
3,422
2,531
4,998
19.728
7,529
16. Creditors: Amounts falling due within one year
2023
2022
Trade creditors
other laxalion and social security
Other creditors
Awruals and deferred income
7.017
27.875
1,763
53,018
5,281
25,045
85,579
89.673
115,905
2023
2022
Deferred income
Deferred income at 1 July 2022
Resour￿5 deferred during the year
Amounts released from previous periods
29.027
28.777
{29,027)
19,756
29,02T
(19, 756)
28,777
29,027
Deferred income represents rent and associated income received in advance.
The Company holds funds as intermediary on behalf of landlords and tenants. These amount to £175,871
12022.. £232, 5051 al the year end dale and are not included as assets or liabilities of the Company in line
with the SORP recommended treatment.
Page 30

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
17. Statement of funds
Statement of funds - current year
Balance at
30 June
2023
Balance at 1
July 2022
Income Expendlture
Unrestricted funds
General Funds
1,641,341
1,485,589
11,306,033) 1,820,897
statomont of funds - prior year
Balan￿ at
30 June
2022
Salance al
l July 2021
Income Expenditu
Unrestrlcted funds
General Funds
1,509,905
1,459,492
(1,328,056)
1,641,341
18. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
2023
2022
Nel income for the year las per Statement of Financial Acliviliesl
179.556
131,436
Adjustments for:
Depreciation charge$
Amortisation charges
Decreasellincreasel in debtors
Decrease in creditors
4,484
5.200
{12,199}
126,232)
6,664
5,200
3,597
(56,219)
Net cash provided by operating activities
150,809
90,678
Page 31

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
19. Analysls of Cash and cash equlvalents
2023
2022
Cash in hand
1.407.318
1,484,413
20. Analysis of changes in net debt
At 1 July
2022 Cash flows
At 30 June
2023
Cash al bank and in hand
1.484.413
{77.095} 1.407.318
1,484,413
177,095) 1,407,318
21.
Capitsl commitments
2023
2022
Contracted for but not provided in these financial statements
Repairs, maintenance or enhancements to investment property
3,976
22.
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an Independently administered fund. Contributions totalling
£1,763 were payable to the scheme at the balance sheet date12022.' £ni4.
Page 32

STUDENT UNION LETTINGS LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
23. Operatlng lease commltments
At 30 June 2023 the Company had commitments lo make future minimum lease payments under non-
Can￿lIable operating leases as follows..
2023
2022
Not later than 1 year
512.477
497,045
During the year lease payments have been recognised as an expense in the Statement of financial
activities for £498,22112022.' £574,054).
The properties above are sub-let to students.
At 30 June 2021 the total of the Company's future minimum lease receipts under nOn-Can￿lIable
operating leases were..
2023
2022
Within 1 year
644.968
T28,￿1
24. Related party transactlons
The Company has rented office space from De Montfort Students Union during the year at a cost of
£20,00012022. £20,0001 The Company also paid £10,00012022. £10, 0001 in advertising lo De Montfort
Students Union. Al the year end £Nil12022.' £Ni4 remained outstanding.
The Company also paid £13,63312022.' £10,000) for advertising expenses to The University of Leicester
Students, Union. At the year end £Nil12022.' £Ni4 remained outstanding.
Page 33