imperial college union 2023 Trustees Annual Report and Financial Statements for year ended 31 st July 2023 IMPERIAL COLLEGE UNION REGISTERED CHARITY 1151241
Table of Contents Section Page Structure, Governance & Management Trustees, Amual Report Financial Review Affiliations and t)onations 12 Independent Auditors, Rerx)rt Statement of Financial Activlties 13 18 Balance Sheet 17 Cashflow Statement 18 Notes to th8 Financial Statements 19 App8ndices to the Finanaal Statements 29 ImperpalCol*Unknn Annu Attounts lorlhe year J1 2023
Structure. Governance & Management Charhable Objects & Public Benefit lrnperial Colleg8 Union is an unincorporated association and a registergd charity (number 1151241>. Th? Union's objects are the advancement of education of students at Imperial College London for the public benefft Promoting the educational interests and welfare of sludents at Imperial College London durlng th8ir cOue of study and representing, SUPkYJrting and advising students. Being the rQgnised representative channel betsv88n students and Imperial College London 4j any other external bodies. Il Providing social, culiural, sporting and recreational activiti85 and forums for discussions and debate for th8 personal development of its students. Democratic Structure ICU is a membership organisation that is governed by a written constitution and via d8mo¢ratic structures detailed within it. students at Imperial College London automatically become members of ICU a5 soon a5 they enrol at the College. Students have the right (under the Education Act 1994} to opt-out of Union membership., once their student status at Imperfal College ends, they lose their membership of ICU. They can however appty to join as associat8 mèmb8rs, with some of the rights to setvices bLrt none of the democratic rights of full rnembers. The Union's ¢onstitutlon is reviewed at least every five yèars and eontains the provision for various democratic structures and processgs including.. The establishment of Policy that reflects the collective OnIOn of Imperial College Union and its members via referenda. The election of student legdels in a wde rang8 of leadership and reprèsentational roles across the organisation. The 8slablishm8nt of a Union Council Ibwth various diffeTent subcommitteesl. that serves as forum to dgbale. discuss and decide on issues relating to the Union and student Inleresls. The establishment of Constituent Unioll5 to ensure the effective democratic represontatton and engagement of students wrf(hin their academic untt or cohort. The establishmenl of Management Groups to ensure the eff8ctiYe democratic engagement and management of Clubs, societies and projects. The dire¢t ele¢tion of seven student members and appolntment of a fvrther three to th6 Board of Trustees, meaning third memb8rship of the body is made up of students. Governance As Set out in charity law and wrthin the governing documenl, Ihe Board of Trustees is ulMate legally r8sponsible for the organi5ation's aGtivities. The Board is mada up of the following memb8rs- Not more than five Officer Trustees Not more than INO Elected StLtdent Trustees Not more than two furth8r Student Trustees iv One Alumni Truste8 Not more than fiv¢ Extemal Trustoes vl The Chalr of Unlon Council An External Trustee serves as the Chair of Trustees. The Offi¢er TNstee5 work full-time for the Union, receiving an allowance and completing a portfolio of duties, alongside their role as Irustee of the Union. External and Student Trustees do nol ieceive any allowance. Officer Trustges may stand for r8-8lection for a second year but, under the Education Act 1994, may only serv8 for two years in total. Tha Student Trustees are either elected of appointed by and from the membefship, but the student Trustees are not employed by the Union and do not r8ceive an allowance. They s8nf8 g one-year term of offic&. The External Trustees are appointed via an open recruitment process and serve a three-yoar t8rm of office and can be reappointed for a further term subject to Board of Trustees and Union Council approval. IrIal College Unkjn Annwal Rwrt pnd AcMuTrIsforl yeor Bnded 3t Juty 2023
All Tru51ee5 re¢eive a Gomprehensive induction co-ordinatgd int8mally by the Managlng Director and Union President. Board Members The Trustee Board for the 2022r23 year had the following m8mbers'. Officer Trustees Hayley Wong Niamh McAuley Dylan Hughes Jason Zheng Nathalie Podder student Trustees Michaola Fl8grova Charlotte Drastich Sam Lovatt Yuki Yuan Ang External Trustees Professor Stephen Richardson (Chair) Professor Dorothy Griffith5 Dani81 Wagner Gen8vieve Landricombe Jane CouLson Alumni Trustèes Philip Power Board Subcommitte8s The Tru5tee5 make use of a number of constitutional subcommiltees to help manage the business of the Board. In a usual year, the Union runs the fvllowing subcommittees.. People, Appointments and Remuneration Committee Finance, Audit and Risk Comnwttee iii Governance Comnvttee Management Team Inforniation ICU employs staff to work alongside the trustees. &lected students, and other volunteers in order to run the charity. These are led by a Managing DireGtor, who in turn acts as the head of the Senior Managem8nt Taam. Managing Director {to Sep 20221 Managing Direclor (from Sep 2022) Thomas Ftynn Torn Newman Dire¢tor of Finance and Resources (to May 2023) Director of Membership S&rvic8s (to Sep 2022) Director of Membership Services (from Jan 2023) Dire¢tor of Marketing and Communications (to Aug 20221 Deputyllnterim Director of Mzrk8ting and Comms (to Apr 2023) Interim Oirector of Support S8rvic85 (from Apr 2023) Robert Scul Tom Newman Cat Turhan Juliette Coopey Ashley Cory Ashley Cory Kèy management personnel compris8 th8 Officer Trustees and the Managing Director. The Officer Trustees are remunerated in accordanc8 with Imperial College London pay scales, wth individual pay rales benchmarked and equal pay audits conducted anllually. The Managr¢g Dire¢tor's salary is Set by the Trustees via the Union's People, Appointments & Remuner*ion Committee. InWalColW Unloll Ropprt andA¢tourtis ftrthèy•arèd 31 2023
Relationship with Imperial College London The relationship beeen tha College and ICU Ss estabfished in the Regulations of th8 College and dètailed in tho ICU Constr(ulion and approved by both organisations. Undèr the Education Act 1994, Imperial Colleg London has a statutory duty to take such step5 as are reasonably practicable to ensure that ICU operates in a fair and derrvjcratic manner and is held to proper account for its finances. ICU therefora works alongsid6 Imperial College London in ensullng that the affairs of ICU are proper conducted and that the educational and welfare needs of Imperlal rnember5 are met. The for1 relationship with th8 Universty is govemed by a Code of Practice. ICU re¢elves a block grant from the College, and oc¢upies buildiros owned by the College. which also pays for utilities and the provision of basic services such as the maintenance of the fabric of the buiklings. The funding model and block grant for future years wère Tenegotiated as part of the transformation programme. A new partnership ag¥eement was developed to infomi the relationship betsveen the College and Union. This wa5 fomially agreèd by kM)th parties in October 2021. The addfaonal non-monetary 5UPPOrt is inlrinsic to the relationship been the Colege and ICU. As recommended by the Charits'es SORP. an estimat8d value to ICU for this seNiced accommodation has been included in the Financial Statements. Although ICU continues to generate supplementary funding from various mutual trading activities, the organisation is not reliant on these to run its core seNices and it is therefore dependent on th8 College's supwrt. There is no reason to believe thatthis or equivalentsupport from the Collegewll not continue forthe foreseeable future, a5 the Education Act 1994 imposes a duty on the College to ensure the ffinancial viability of its student repre58nlative body. Key Infomiation Princi l Address Imperial College Union Belt Quadrangle Prince Consort Road South K8nsington SW7 2BB Imperial College Union Auditors Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers National Westmlnster Bank PO Box 592 18 Cromwell Place London SW7 2LB urance Broker Arthur J. Gallagher station Square One Gloucester Stroet Swindon, SNI 1 GW wi*w.aiginternational.¢om Irnpgdalcolkge Unh ATrnuHI Rwrt andAcwint¥forlhTry•erendod 31 JY 2023
Trustees, Annual Report B1. Our Back to Basies Slrategy As a membership charity it's critical that we d8monstrate to students and our other key stakeholders the positive Impact that we have. In May 2021 we launched our Strategic Plan Back to Basics. Delivery of this plan is supported by a new funding model, agreed in pathership with Imperial College London, which sees our core activity funded by grant and any surpluses generated through enterpris8 aclivtty funding incremental and strategic projects. The academic year 2022-23 is the final yéar of the Back to Basics strategy, we have made grèal progress, explored in mor8 d8tail in section B2, allowing for solid foundations for our next iteration of our strategic cycle. The Union began its consultation and r8search for its new strategy in January 2023. with the new stralegy to be aunched in October 2023. Our Mission To make a posilN8 impa¢t on the experiences and outcomes of all Imperial Gollege students from all backgrounds. Our Strategic Plan 2021123 Our new strategy 2021123 is called Back to Basics and it breaks down our aclvty under 7 clear aims, each with thair own core themes ofwork. 1. To Improve the academic and educational experience of stud8nts 2. To support and enhance the wellbeing of students 3. To strengthen and help create active and inclusive studenl communities 4. To empower students lo ¢hange thè world around Ihem 5. To challeng8 and reduce inaqualitses affeill9 students 6. To enable studenls lo have fun 7. To facilitate the pèrsonal and PTofessiontl development of students. Our Theory of Change Our Theory of Chang8 sets out the overarching contextual framework for how our impact will be achieved. Positive impact is delrvered by a combinBtion of seNlce provision (doing things for studènts, or h8lping them do things for themselves), arKI advocating for students {iepres8nting their interests to others). 2. Providing services for students can be done via direct delivery {doing it oUeles), in partnership with another oiganisation {mosl often the College), or via third parties. The appropriate rrM)del will differ depending on the nature of Ihe service and where competitive advantage lies. 3. Advocating for students can be done at both the indNidual and collective levol, using a rango of lobbying and campaigning techniquès that both rely on a combination of student voice, student insight am1 Student interest. 4. We must be a sustainable, effective and credible organisatlon In orderto provide services and advocate for students, interests successfulty. Legitimacy rnust be earned and will be a key driver for success in both area5 of impact. Our Enablers Our Enablers outliné what we will need in the future to become a successful organisation. 1. Great people and cuhure 2. Sustainabl8 resource5 and infrastructure 3. Effective governanc8 and strong democracy 4. Integrated and innovative technology S. Engaging Gommunication S. Comprehensive research, 8vidence and insight 7. A constructNe relationship with the College and wider sector. College Unic Annl Report and end 31 ju
Ourvaluès We also hav8 a number of coro values that sit at th8 heart of the organisation and help guide how we go about achieving our impacL O. We acl with integrity We are democratic in our approach 2. We arg inclusive In everything that we do 3. We are accountable for our work 4. We are ambitious in what we want lo achiev8. B2. Our Impact Student Voi¢e. Representatlon and Democracy Representlng the student voice to the Collego is the core role of the Union. Our new Strat9gy 2021- 2023 aiff To improve the academic and educational experience of students,. Across the 2022123 academic ye8r. representation around issues related to return to in person 18aTning, teaching and research after COVID-19 have been extremely important and our elected feps have remained proactive in discussions around education and the wider student experience. National S udent SuNe In 202Y23, we producod NSS reports which included recomm8ndations for the College and coordinating separate recommendations for different departments. Buy4n to the recommendation5 at the College level was high with staff assigned to ensure these were progressed. Strong progress was made in several key areas, including overall satisfaction. learning opportunibes and teaching. Some Pfogress was made on the issue of assessment and feedback however this is still a priority for 2023r24. The Teaching Excellent Framework 1$ a national exerGise inc8ntivising improvement in toaching, learnlng and student outcomes at Universitie5 and Colleges. The TEF allows for student evidence, feedback and insight to supplement an institution's submission. Led by the Depbjty President Education. the Union provided the sludent èngagement submission arkd supported Imperial College London achieve an oveiall Gold TEF rating. Stren theni theRe Network During 2022r23 we worked to strength6n our neOrk of academic reps by increasing the regularity ofm88tings and providing greater levels of support. We undertook a review of the representation neOrk support in 2021122 and started the implementation of the recommendations from the academic year 2022123. We r¢cognised and elebrated the successes of our rep5 via our Rep of the Month and Rep of the Y8ar awards. Area5 we have highlighted to continue improvement within for the 2023124 academic year include developing our Irainlng and developing an impact framework lo better d&mon5trat8 th8 changes reps achieve. Elections Our ele¢tions are the vehicle through which we ensure we are a democraticalfy led organisation with the student Interests at our heart. They allow us to ensure rèpresentatives are in place at all levels across the College and give Students an opportunity lo raise their voice and engage in the derrv)cratic process. Belw88n 13 March 2023 and 17 March 2023 we held elections for the variety of positions including all 5 Full Time Officer Positions. Council Chair, Student Trustees and CSP Committee Positions. For the Lead8rship Elections, there were a total of 5,541 voters of a 24,411 strong electorate., this equates to a 22.7%. There were 16 candidates a¢ross the Officer Trustee positions. The Union ran CSP elections concuirentty with the main elections. This year 2.617 positions ware available in the election. This election saw a 38.68% turnout. The Union reviewed election rules for the 2022123 elec1ion cycl8 aNJ implemented amended rules for the Leadgrship Election 2023. Th1$ review was intended to improve thè ¢andidate experience with a s8t of less IMPerlcO1gts Unjpn Annugl Flowrt *d Awount5 fOr1heye¥ènd 31 Juty 2023
complicated rules. The Union had a significant reduction in complaints with onty 8 complaints received in 2022123. 89 complaints were rèceived in 2021122. studgnt Advice & Support Imperial College London is a higlkpressure environment, and a Union priorty is helping studènts not onty to 3uNive, but to thrive. The 2022123 academi¢ year was a return to in person activity, teaching and résearch bul a0 saw the added pressure of the cost-of-living crisis impact students. Our Deputy President Welfare was an active mèmber of the College project group worknng to implement positive policies to support students. This Included incTeas8s lo student bursaries and th8 introduction of the pantry shop providing low cost food staples for students and staff. Liberalion and Communi We continued to support minority groups at Imperial through our Liberation and Community Officers. Thesè officers Gover the traditional, minority groups {LGBT+ BME. Gender Equality, Disabilities) and four communitylinterest groups (International. Interfaith, Mental Health, Ethics & the Environment, Working Class). Our officers represented their particular groups on College committees. organised activities to buikl communities and acted as a point of contact for welfare related issues exp8ri&nced by those they represent. Advice The Imperial College Union's Athice CèntrÉ want from strength to strength In 2022123. A new adviGe servic& W85 8Stablished in January 2022. The Advice service provides students with aeademic advice and advi¢e for sludents in College hal& of residence. The service has grown from on8 advice caseworker lo a team of four and the team achieved the Advice Quality Standard in 2022123 for the second year in a row. In 2022123 the service deam with 383 student cases. As tha College looks to expand its presence at Vvhrte City the Union trialled pop up advice services in 2022123, with plans to continu8 thi5 service in 2023124. Wellbein Re resentalion Network Our Wellbèing Representation Nelwork had a successful fifth year in existence. Wellb8ing Reps were especially proactive during the transition out ofthe pand8mic, ensuring that communitieswere able to rebuikl with in person activi1185 across deparhments. student Activities & Developmenl Clubs Societies & Pro ects Restrictions relating to the Covid pandemic were removed allowing a return to in person activity to take place for our 380+ clubs. societies and projects. We provided 5ignificanl levels of support lo our CSPS to ensure CSP activities coukj reconvene following multiple academic years of restrictions caused by the panderruc. This invofved worknng lo review processes and systems that support Clubs. Societi8s and Projects. CSP oficies rocessès and ocedures Following consultation wth our CSPS, we established a process improvement roadmap lo make it easier for members to manage their finances and activities. This r8suhed in changing over 50 processes for CSPS to help ensure a mole effi¢ient and responsNe s8rvice and included a new Annual Budgetng system and Email ricketing system implementation. We will continue our approach to seNice improvement in 2023124 as we seek to offer excellent support service5 to CSP committees. Welcom8 Fair Th8 INelGom8 Fair retumed to an in-person format so all of our members had a chance to engage with our Clubs, Soci81ies, Projects, Constituent Unions. Campaigns and Liberation and Communty Groups. We saw over 5,000 students attend on the day with 6,922 membership sign ups to student groups, a record numb6r that indicatès a higher demand for CSP activity p05t panderrllc. Im erial Awar The Union continued host and support the College th the Imperial Award, a programme which allows students to reffact on Iheir experiences over the course of their studies and galn recognition of efforts on their transcTiPts. lrnpwLg1 C<4kge Union An1 Rwrt and Aorounl&fDrthpyearendtrJ 31 JU ZQ23
Our Venues and Events Our venues and events s¢Jff8red Considerab as a resuh of the coronavirus pandemic. In 2022123 our focus was on being operatiorkal again to provide an important social space in support of the Imperial Community- In 2022r23 we implemented a new structure for commèr¢iol with an interim Director of Comm8rcio118ading the directorale. We recruited a number of permanent staff roles to our new structure which also included a new permanent Director of Commercial, as well as a larger number of casual workefs who are absolute core to our ability to deliver 5eNices through our venues. Wg saw an increas¢ in casual worker salisfaclion with a 53% increase in staff recommending the Union as a good place to work. VlthiL8t significant f¢XUS was on delwering the day-t(aY OTa.0n of our venues. it was also apparent that our processes and systems needed upgrading to meet even our basie noeds. We implemented a new staff rota and timesheet recording system, and a new EPOS system - bolh of which have had a slgnlficant Impact on the efficient and effectiv8 operations as well as customer and staff satisfaction. Our Retail Union Shop undeant a 'r8fr8sh' in Summer 2021, which made improvement5 to the physical space in which th8 shop operates. This enabled a better layoul and merchandising plan, which has in turn supported now product lines. In 20Z2123 the retail team w8re able to develop an improved graduation offerwlth in person shops offered at 8a¢h ¢8remony. Shop Extra, our convenience store, ha$ been more signifjcantty impacted by the effects of the ¢oronaviNS pandemi¢, largety due lo the changes in the way Imperial students and slaff use Gamws. The space was 'iefreshed' during summer 2022. Vve continue to operate the Online Store, however this wll require some investment and significant change to become an efficient part of our fetail offer in the long term. The new Director of Commercial Services will dèv¢lop a new long term commercial strategy in 2023f24 seeking to improve th8 Seice offer to studants throughoul all commerclal area5. Our Culture and Staff This year there have been two significant factors that have Impacted the staff team.. we hav8 experienced much more consistency in the operating environment compaTed to the hetght of the pandgmic, and our recruttment for the Back to Basics stsff slructuie was compleled. All staff now work at least thr&e days on sile (orthe equivalent for part-time 5taffj. which is enabling us to deliver our services lo our membets effectively whilst ietaining the flexibility we know staff appreciate. This year is the third time we have taken part in the NUS Staff Engagement SuN8y. It was available to all fvll- time and casual staff employed in a rol8 with the Union. plus our Officer Trustees. There were 51 full-time staff and Officer Trustees included in the suN&y. The response rate of permanent staff was 78%. This is an 8% d8crease on the response rale of last year's permanent staff. 68% of pèrmanent staff answered positivety when asked if they woukl recommeTrJ our organisation as a good place to work. However, this represents a deGTease of 7 points on last year. When viewing the whole organisalitsn resuts. including student staff. the Union answered 67% positively. This, in line with our increased response rate, represents a 12% increase on last y8arfs results. We remain committed to improving our cuttur8 and the working gnvironment for our staff and know ther8 are areas in which we need to focus. These are being addressed thfough our People & Cumure Development Plan which will bè ièfrÉshèd and impl6m8nled in 2023124. Annual R¢pofl and A¢¢¢unisfurlho yeor •Dded 31 Juty 2Q3
Financial Review The financial performance In the year is summarised below.. Statement of Financial Aclivilies Total income of £10,410k (2022.. £9,540k) was £870k higher than prior year primarity due to a 54% (£632kl increase in Servic8d Accommodation income represenl'ng the free 'in kind, support provided by the College for building and support services - piedominanlly for increased energy costs- as well as a 13% 1£322k) increase in Social Enterprise income, mainty on r8tail activities being re-eslablished following the pandemic-related downtuin. These increases were offset by a 1 Ooh {£274kl reduction in re5trictod Student Activès/HalI income, which can vary due to flucluations in leve15 of member yarticipstion. Expenditure has increased by 5% {£512k) from £9,755k to £10,267k. TIMS was mainW due to increases in Social Enterprise a¢tivity1£159kl linked to re-e51abli5hmFnt of commercial areas ofwork. and Student Activitses which includ8s apportioned Service Accommodation costs provlded on and In kind. basis by Ihe College (and covered by income, referenced above). The Statement of Financial Activities includ8s a decrease in the long term defined benel7ts pension schemes deficit piovision of £91 k Q022.. £204k increase), which has a p0Sve ffinancial impact. On an operating ba51s, the Union's general fund surplu5 was £204k 12022.. £87kl excluding changes in the pension deficit, after designated fund allocations. This was ahead of budget mainty due to a retail conlribution of £230k in year {which was offset by a £99k venue loss). some Staff vacancies and a combination of rninoi undèrspends during the year. The resutt Includes a £60k new designation which Twstees agreed in year for digital transformation project. Balance Sheet The balance sheet remains heatthy, with net cuirent assets of £2,808k (2022.. £2,682kl. Net assets havg incr8ased to £2.657k {2022'. £2,514k> mainw as a result of the financial performance in yeai, and reduction in both th@ pension liability and the restricted Student ActwfaeslHall fund. The General Reserve stands at £506k (2022.. £211 k), an incroas8 driven primarily by the financial performanc8 in year and decrease in the long-term pension fund liability to £288k (2022.. £379k). Excluding the pension liability, the Genèral ResetV8 stands at £795k (2022.. £591 k). Reserves Policy The Charity reviews its reserve5 policy annually using a risk-based approach which considers whether thè minimum lev81 of free resetV85, which are unrestricted funds excluding fixed assets and designated funds. Following the Reserves R8vlew undertaken in November 2022 the Trustees determingd a target level of £479k. The current18v81 of free ieserves, excluding the pension deficit, is £795k {2022'. £591 k). The policy larggt is due to be updated in November 2023 and Is expected to take account of increased working capital requirements due to inflation and increased trading operations compared with last year. The Union is a150 ¢urrentty reviewing option5 for future strategic invesknent from its surplus reserves, including catal inveslm8nt and studellt projects being dev8loped following the balance sheet dale. Investment Policy The Union doe5 not hold any investm8nts, nor does it have any immediate plans to purchase new investments in the future. lThyeriolColhgg Lknto Annual Raport adAGGrIt3 forlhèy¢orended 31 ju
Risk Managem•nt In June 2021, after significant cOnsuation, the Board of Trustees approved a new Strategic Risk Register based on the following principles.. The register is based on the themes identified within the strategic plan, with a parlicular focus on the challenges, aims and enablers within it. The register is developed and presented on the basis of bolh Inherent and residual rfsk after th¢ mitigating adions ar8 taken into consideration. This ensures that the Board remains focusged on the major issues and makes the document a more effective and live piece of work. The overall approach aligns with how the College is developing tis own work in this area (where major changes are taknng place), to enable our strategic risks to be incorporat8d within th8ir own r8porting and management Soare. The register Is predominantly based on Ihreats,, but where aFJpropriate thgse are also articulatgd as 'opportunitle8' The Strategic iisk register is reviewed by the 8oard annualfy, the Finance Audit and Risk Comnittee i&view rbsk at each meeting. The principal risks currontty re¢ognised are- Uncertainty.. The continuation ofthe pandemic and potential future lockdown5 OT restrictions create an uncertain environment, but we also consider the potential for futur8 shocks to the organisation unrelated to coronavirus. Bu5ines5 continuity and crisis communication planning is und&rw8y to h&lp mitigate tIMs, and a strong relationship with the Colleg& creates better resilience. Strategic.. Our new Back to BaslQ5 Strategy is seen as an opportunity. but there 15 a risk that thls opportunity is missed wf(hout propar monitoring and focus on delivering the detail of the plan. Financial.. Strong p8rforman¢e in the face of $ignifi¢ant challenge in 2020r21 and the new funding model mthgate an imrnediate finanoial threat. however strong financial controls and reporting and a longer term plan for our social enterprise activitie5, as well as s8curing access to longer t8rm capital investment funding woukl further mitigate the risk of under-resourcing. Health and Safèty.. Significant change In th6 organisation over tho last two years and a nonstandard operating model during that time creat8s th8 risk that established heaMh and safety procedures and protocols are either forgotten or no longer relevant. An comprehensive review of H&S policies has been undertaken and the recruilment of a Facilities, Heamh and Safety Manager will hèlp mitigate this, al¢)ngside regular monitoring and evaluation by the Senior Managemont Team and the Board of Trustees. Staffing.. Our atility to attract and relain high performing staff is key lo arhieving our stralegic ambitson. A 'People and Culture, review has been undertaken and a roadmap of actions developed. IT & Systems.. We rely heavity on our digital infrastructure. which is largety bespoke and highly complex. There is a risk that the failure of critical systems or kèy slaff leavlng would have a significant impact on the vider organisation. System do¢umentation and stabilisation plans are being developed. Relationship5'. The success of the organi5atron is 5ignifficantty influ8nced by our ability to maintain strong relationships with key stakeholders, 8specialty Imperial College. The relationship is currentty strong and a Partnership Agreement and revised Code of Practice have been agreed to support the longevity of this. Sector relationships ar8 also being developed to ensure ICU ha5 acce55 to best practice from other Students, unions. External Factors.. There is a risk that external changes Ipaitcularly regulatory) may have a negatsve impart on the sludents, union seGtor directly, or on higher gdu¢ation more broadty. We are proactsvo in undgrstanding potential changes and work collaborativety with the CDllege to approach these issuès. iv. vi. The risk register has been reviewed regularty throughout the year by Senior Managers, and scoring adjusted as deemed appropriate. 10 Inyerlal Collegè Unbn Annual Rtyort *J AcG0Uhlsforlhey&vOed 31 Juty 2023
Golng Concern Th8 Trust885 hav8 consid8r8d going concern are satisfied that with the Guent level of reserves, new fijnding model and the budget posf(ion that tho organisation has sufficient resources to bè abl8 to continue as a going concern for at least the next 12 months. The ability to operate as a going ¢oneern is subjed to the ontinued 5UPPX)rt of Imperial College London. the Board of Trustees are very grateful for this support and have no r8ason to b81i8V8 that it will cease or reduce in the foreseeable future. ststement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustee5' Annual Report and the financial statements in accordance with applicable law and regulation5. Charity law requires the Trustees to prepare financial statements for each financial year which givo a true and lair vlew of the state of affalrs of the charity at the end of the year and of its financlal activities during the year in accordance wtth United Kingdom Generalty Accepted Accounting Practice (United Kingdom Accounting Stsndards). In piepaiing these financial statements. the Trustees are required to.. select suitable accounting policies and apply them consislantly., rrpke judgements and accounting èstimates that are reasonablts and prudent,. follow applicable UK Accounting Standards and Charities SORP. disclosing and explaining any departure5 in the accounts.. prepare the financial statem8nts on th8 going concem basis unless it is inappropriate to presume the charity continue to operate. The Tiustees are responsible for ensuring that adequate aGcounb'ng record5 ale rrHintain8d that are 5uffiGient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the ffinancial position of the charity, and enable them to ensure that the financial statemènts compty with the Charities Act 2011. They are also reswnsible for safeguarding th8 ass8ts of the charity and ènsuring their proper application In accordance with charity law, and hence for taknno reasonable steps for the prevention and detection of fraud and other irregularities. Approved on behalf of Imperial Collego Union on the Board of Trustees>'. by Professor Stephan Richardson (Chair of Coifege Unlon Anntsal and 31 2023
Affiliations and Donations In thè 2022123 financial year. the Union made the followlng affiliation peymonts and donations to external organisations.. Affiliations Donations Lasharn Gliding Society Wembley Sailing Club British Fencing BTitish Shorinji Kempo Federation Amateur Football Alliance BTSti5h Rowing National RSfle Association The Jitsu Foundation Hudl UK LimitBd Unlted HospitaL4 Cricket Club Surrey Rifte Association British Universtb'es and Coll8g8s Sport Brth'sh Canoeing Royal College of Surgeons England Advice UK Brttish Caving Association Untted Hospitsls Football Club England Boxing United Hospitals Lawn Tennis Club Britlsh Universities Sailing A5soclation British Universities Ice Hockey Asso¢iation Swim England London Boxing Archery GB Unlted H05Pltals Hockey Club stud&nt Wndsurfing Association (SWA) UK Cinema Association Star Surfcamps The Royal College of Surg80ns of Edinburgh London Hockey British American Football storic Commercial Vehicle Society Middlesex County Archery Association Bullnose Morris Group Morris Commercial Club British Kendo Association 10,248 2.280 1.493 781 715 676 611 600 Anthony Nolan Serenthp Chiklrgn's Home Ocean Slats Trust Right To Play UK TanMI Diaspora Alliance Hope for Chiklr?n Kivuli Trust Cancer Rege8rch UK Bamet RefiJg8e Service stop Domestic Abuse World Vision UK Every Nation London Tha St Giles Christian Mission Women's Environmental Neh¥ork National Ads Trust Abortion Talk Medecins sark8 Frontieres {UKI Pets as Therapy Islamic Relief Cool Earth 9.595 9.000 9.000 8,783 4,886 4,738 2.200 2,200 1,C0 1.CwJO 790 309 150 103 90 491 450 430 426 419 350 326 289 280 75 60 59 20 54,123 250 230 215 204 200 170 133 132 120 104 100 75 58 50 36 32 20 23,281 ¢2 1ryor&l Cthlege UnknTr An1 R¢pNt •ndAttounlGforlhe yearended 31 Juty 2023
Independent Auditors, Report Independent auditorfs report to the trustsgs of Imperial Colge Union Oplnion We have audited the accounts of Imperial College Union (the 'charity) for the ygar ended 31 Juty 2023 which Gomprise the statement of financial activities, th8 balance sheet, the statements of cash flows principal accounting policies and the notes lo tha accoun15. The ffinancial reporting framework that has bèen applied In their preparation is applcabl8 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 Pra¢lce). In our OFMnion, the accounts: give a true and fair view of the state of the charity's affairs as at 31 Juty 2023 and of its income and expenditurè for the year then ended., hav6 been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wf(h the requirements of the Charities Act 2011. Basis for opinion We condu¢ted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsililities under those standards are further described in the audltor's responsibililles forthe audit of the accounts sèction of our report. We are independent of the cherity in accordance with the ethical requirements that ar8 rèlevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiiements. We believe that the audit evidenGe we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going Concem In auditing the accounts, we have concluded that the trustees, use ofthe going concèm basis of accounting in the preparation of the accounts is appropiiate. Based on the work w8 have performed, we hav8 not identif5ed any material uncertalnties relating to 8v&nts or conditions Ihat, individually or collective, may cast significant doubt on the charity's ability to Continuè as a going concern for a p8riod of at least twelve months from when the ae¢ounts are authorised for issue. Our responsibiliti8s and the iespDnsibilities of the trustees tsth rèspect to going concern 8re described in the ielevant sections of this report. Other inforrnation The trustees are responsible for the olher infomiation. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor's reF)Ort thareon. Our opinion on the accounts does not covèr the other information and we do not expres$ any form of assuranc8 conclusion thereon. In connection with our audit of the accounts. our responsibifity is lo read the other information and. in doing so, consider whether the other informats'on is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwisè appears lo be materially misststed. If we idèntfy such material inconsistencies or apparent material misstatoments, wg are required to determine whether there is 8 mat8rial misstatement in the accounts or a material misstatement of Ihe other information. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other infomiation, we are required to report that fact. We have nothing to report in this regard. 13 Inworf*l Union Annu Report kndAc¢ounts lorlhe y8arendad 31 2023
Alatters on which w¢ are required to report by exceptlon We have nothing to rèport in respect of the following matters In relation to which tha Charfaes Act 2011 roquires us lo report to you if, in our oplnlon: the information given in Ihe trustees. annual report is inconsistènt in any material respect with the accounts., or sufficient accounting records have not been kèpt., or the 8ccounts are not in agreement with the accounting records and retum5-, or we have not received all the infoimation and explanations we require for our audit. Responsibililies of trustees As explained more ful in the trustees. r8sponsibilities statement, the twstees are responsibl8 for thè preparation of the accounts and for b8ing Sotisfied that they give a true and fair view. and for such intemal control as the trustees deterrrine is necèssary to enable tha praparation of accounts that arè free fiom material rnisststement, whether due to fraud or error. In preparing the accounts, the twstees are responsible for assessing tha charity's abllity to contlnue as a going concern, disclosing, as applicable. matters related to going concern and using the going con¢ern basis of accounting unl8SS the trustees eithèr intend to liquidale the charity OF to cease operations, or have no iealistic alternative bul lo do so. Auditofs responsibiliti•$ lor the audit of the accounts Our objectives are to obtain reasonable 8ssuran¢e about whèther tho a¢¢ounts as a whole 8re free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will ahvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individualty or In the aggregate, they coukl reasonabty be expected to influèn¢e the economic decisions of users taken on the basis of those accounts. IrregUlarie$, including fraud, aro instances of non-compliance with laws and regulations. We design proceduies in line with our responsibilities. outlined above. to detect material misslalements in respect ol irregularities. including fraud. The axtsnt to which our procedures are capable of detecting irregularibas, including fraud is detailed below: How Ihe a{lt wes considered capable ofdetecting irregulanties incluthng fraud Our approach lo identifying and assessing the risks of material misstatement in respect of Irregularitses, including fraud and non-¢ompliance wth laws and regulations, was as follows: Th¢ engagement pather ensured that the engagam8nt t8am colleclivety had the appropriate competenc6, capabllltles and sknlL8 to identify or recognise non•complianc8 with applicable laws and regulations,. We obtained an understan(fing of the legal and regulatory fram8works that are applicable to the charity and determined that the most significant frameworkg which are directly relevant to specific assertions in th8 financial statements- We focused on specific laws and regulations which we ¢on$idered may have a direct material effèct on the accounts. We assessed the extent of complianc8 Wlth th8 laws and regulations identified above through making enquiries of Tepresentatives of managemerrt and the r8vi8w of rninutes of Board of Trustee meetings. We assessed the susceptibility of the charity'5 financial slat8ments to material misstalemenl, including obtaining an understanding of how fraud might occur, by-. Making Ènquiries of where managoment considgrs Ihgrg wa5 susceptibilty to fraud and knowladgg of actual, susp8ct8d and alleged fraud., and Considering tha int8rnal controls in place to mitigate risks of fraud and non4ompliance with laws and regulations. 14 1rnpedalCrAp¢ Un AnThual RWN 0ndA¢¢oUits ltyiho year4dj 31 Juty 2023
To address th8 risk of fraud through managemènt Ixas and override of controLs, wè: Performed anatytical procedures to identify any unusual or unexpected relationshiF6', Tested and reviewed journal Èntriès to identify unusual trar15actions-. Tested the authorisation of expenditure., Gained an understanding of the processe8 in place for the managem8nt of the charty's Investments and confirmed the validty of wthdrawals ftom inve5tmerrts', and Investigated the rationa18 b8hind significant or unusual transactions. In response to the risk of irregularities arKI non-compliance with law5 and regulations, we designed procedures which included, but waro not limited to.. Review of the minutes of meetings of those charged wrf(h governance. Enquiring of managem¢nl as to actual and potential litigation and clai,. and Agreeing accounts dlsclosures to undertying supporttng documentation. As a résu of our procedures we did not identify any key audit matters relating to irregularities. Thèr& are inh8rent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, Ihe18ss likety it is that we would become awar8 of non- compliance. Auditing standards also limit the audit procedures ¥equired to identify non-compliance with laws and regulations to enquiry of the trusteès and other management and th8 inspoction of regulatory and lègal correspondence. if any. Material misstatements that arise due to fraud can be harder to d8tect than those that arise from arror 8S they rnay invOe deliberate concealment or collusion. A fvrther de5Giiption of our responsibilities for the audit of the accounts 15 located on the Financial Rewrting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's Teport. Use of our report This report is made solely to the charity's trustee5, as a body. in accordance with section 144 of the Charities Act 2011 and with regulations made undèr sèction 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to slate to them in an auditr)¢s report and for no 0th8r purpose. To the fullest extent rMitted by law, we do not accept or assume responsibility lo anyone other than the Gharity and the charity's ttusteos as a body, for OUT audit work, for this report, or for the opinions we have formed. Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date 23 Janaury 2023 Buzzacott LLP is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2006 IrWal Cokge Unn Annuol Report ar A¢¢ourt3 forth¢ywèndod 31 2023
statement Of Financial Activities as at 31$1 July 2023 2023 2022 Unrestrkted R05trIcted Sludent Activitie51 Halls General De9•t*d Funds Capital Grants Total Fund$ Tolal Funds Not¢ Incom• aml endowments Donations and legacies Block Grant 2.676.228 2.67fj,226 2,527,(K SeTrl¢ed Accommdadon & Suwort SeNIcès 2,Q32. 2,U32,955 1.376,526 Charitabl• activitios Social Enterprise student ACtttEe9 and Development student VaKe 2.eiJo,277 2.8CQ,277 2.479.106 93.whj 2.599.fJ)2 2.693,¥02 2,935.484 1.028 Other tradlrwJ actlvltles Roorn Hlr¢ 118.635 118,elS 88,234 118,514 othèr 68,123 20,111 103,254 Total in¢om• and •ndoWMnts 7.710,118 2.819,713 10A09.831 9.539,912 ExpendlturÈ Charitable 4ctivitlp5 Social Énlerprf student Act6vit and Devalopm8nt student VoKe 13.e84,2791 130,02SI 14,7181 16,3131 I3.925.3) 13,766,1051 175.3241 12,716,814) 121.6951 15.365,3731 15,th)9,e631 16.782) 15,5271 11.7281 1976.3641 I976.61 1112,1311 12.78T.05gI (29.7111 110.2670721 19.764.824> 12.491.$401 1962.32 Total expenditure ¢7,338,1461 Not incom•ll•xp•nditurel 4S1,972 1112,1311 IN7,9461 Pg,7361 142.769 (214.81 Transfers botw•ewt lunds 1187.Q661 167.066 Net movqmfnls in furnls 294.906 1167,3401 (29,7381 142.769 1214.9121 R¢¢on¢l4atlon of fun+J$ Total lund8 brou9ht foyward Total fund8 carried forward 211,288 6.194 192.124 2.040.411 69.932 2,513,755 2.S56.S14 2,728,e67 2.513.755 237.C69 1.873,CeS 40,196 All owlaan6 ar• ¢ortinukng. The note5 on Pa 19 to 32 form part ofthese accourts. 1$ Unlon Annual Roport ané ACcount$lort¥¢¥r ond8d )1 2023
Balance Sheet as at 316tJuly 2023 2013 2022 Tartglbla Fixed Assets 11 118,293 186.797 Investments 12 Current A$5ets Stocks 13 W2,278 Debtors & Prepaymènts 14 186,279 Ca$h and bank balanca8 2873198 3.421,755 2.906.173 3,642,922 ¢redMors: Anunt$ falling du8 within one year 613 925 Net Current Assets 2.807.852 2.681.997 Credhors: Arnounts f4lkThg due after more tmn one year 16 1269,6311 .0391 Total Net Assets 2,666,614 2,513,75S RepTestnted By: Restri¢t•d Funds Caprtal Grant5 studentALtlvMeslHalls 4D.196 1 873 065 1.913,261 2.110.343 Unrestrl¢ted Fund$ De$lgr$8led Funds 237.059 192,124 General Reserve 743.253 403,412 2.666I14 2.513.755 The not88 on pages 1>10 32 fomi Fqrt olthe5• acG¢unts. Apprtsved on b8haK¢f Imperlal College Union on 17 Inww thlege Unlon RoNxt Ac¢ou$50rIhÈyèArIndtsd 31 Juty 2023
Cash Flow Statement as at 31 lY 2023 2023 2022 Cash Ilow$ frorn operilng actmttes Nel mov8m8ntoffund8 perfod Adjusknents lor.. DepreGlatEon charges Ilncreaselldecrea8e In Stock tieere8selllnere8sel In debtors ID8creaselAncrease in cr8dors Net ¢ash used operatlng aCtIvl¢S 142,759 1214,9121 76,625 121,9931 210,18S {4Y2.4301 124,1641 102,130 1133.6001 1240.3571 434,187 162.6821 Cash Ilow$ from Inv•sUn# a¢Uiritl•s P8yments to acqulre llxed assets Net cash used In investing 4ctlviti•5 (8.1211 18,1211 196.9191 196.9191 Ghange In cash and equfvalents In th perWJd Cash aTrJ equivalenis 81 the Stgrt of Ihe pthod Cash anJ e4ufvaknts •t the end olthe perlod IW2,9751 2,906,173 1149,4711 3,055,644 2.906.173 2,87a.191 Anaty$l8 of changes In net debt At srt of y•ar Cash-llows Atend of year Cash 2,906,173 IrL.9751 2.873,198 Ttstal 2.906.173 (32.9751 2.873.198 The noles on pages 19 to 32 lorni part orthase 8ceount8. 16 Imporkl Collèuè Unlor nual Ilepjrt and A(oumlBforI yeayended 31 2023
Notes to the Financial Statements as at 31 St July 2023 Accounting Policres Tre principal accounting polic$ adopted, judgernonts and key sour¢e$ of esllmalknn uncertalnty in thé preparavon of the financi81 s¢ateMents are laid put bel¢w. Basis of preparation These finantial statèments have been prepared for yearto 31 July 2023 and are pre8ent8d in 5tertry and are round8d to th• n•ai•st pouThl. The lknan¢ll rep¢rtlng 11amewo t1 has been 8M)Iled in their preparatKn is aFlae and Llnit8d Kingthm A¢e¢unting Standards Iunlled Klngdorn Generalty Accepted ACDun1I Practice). including FRS102'the Financlal Reporting Slandard aP1¢able In the UK and Republ1¢ ol Ireland. and the Charrtlés Statement of R8commended Pradice Icharltles SORPI Second Edhion effectlve l January 2019. Imperlal College Union rn88ts th8 definitkin of a Publ bernfft entrty under FRS 102. The princlpal accountlng policies adDPted arB set out bdDW and havB bean applled con$l8tenty throughjut the period. Going Con¢em Thp Ehatrty has Bash resources and Is Sukyed by Imperknl College. The Trustees haye algo considered how fvlur• pand•mios or othr 8hocks Could affect the accounting polic8 that undedie these financial statements and have reviewpd Incorlle budgpt5 and made 8sses8ments 18gaiding possible urKertainlies and the adequaGy ol disclosures. Followlng thi$ review. the trustees ¢on$td¢r that the 4r¢ sufficient reseNes ag at 31 JUW 2023 to manago any foreseeable downtum In the UK and global Èconomy and Ihat theie is a reasonaNe expe¢lath)n the Charity ha5 adequate resources to continue in operatlonal exlstence for the foreseeab future and for this reason, the Trustees ¢ontinue to adopt th•'going concern. basks in prepadng the a¢¢ounts. TaMtlon No pr¢vl$bn Is made In thèsa finartial slalements kr corpotIon tsx as the Unlon is exempt rrom Such tax a8 a r89uM of its charita? Staius. Stocks Stocks are valued at the lower ofcosl and rEt reallsable ¥ae. Tangibl• Fixed As5•t$ Fixed a55ets are depre¢lat¢d over thelr e$tlm#t¢d useful economlc Ie$. The thweshold h)r caprtalisation is £3.LNJO and the useful life for e8ch asset Is detemined as 8Mwn below. FreÈhokl property Building improvements (major) Bulldlng Improvements Iminorl FLxluies and ffttings IT Equiprn8nt 50 yea 10yea 5 yaars S years 3yèa The Clubs and SrKietie$' ed assets are deyeGlated In the yèarof acqudoon a8 Indwidual ¢lub6 and societie8 may not conllnue In exi5tenoe frrthe fpresPe4b future. Inveslrnents Inve$bnents are $tsted al market Value al the balance 8k81 dale. Pen05 The Union p8rticipales in the Unfveisities Superannuatlon Scheme IUSSI Syperannu4Uon Arrangern¢nb for the UTrnrprsty of London ISAULI. Both ar8 muttlmployev defined benefft schemes and are exlemally funded. Provksion 15 mado in the aocounls, appioprlale dlscounled, for the total contribLrthins payable to fwd past serrfi¢e deficit5. The Statement of Financ1 Actnfrfies iefleGts thB contritxrtb?n5 payable for Ihe year in respect of Current Seice and any rnovement in the provl$l¢n In re$pe¢l of pa$1 $eNke. Debtors Debt0 are recognised aiihelr$ettlemenlamount. any pmwl$lon fornon-rècovérabilty. Prepayments ar8 valuedattheamount prepahl. They have been discounted to the presentvalue of the future Gash receirl where 5uGh diSCDiinOry 1$ materfal Creditthrs Creditor8 and provk8ion5 are rocognisgd whgn there B an obllg¥U¢n atlhe balan¢e $heel date as 8 re8utt of a past went. rt Is Probab that a transfer of e¢onoml¢ tr£nÈfit will be rUIred in $etUemÈnt, and the amount of the settlement can estimated relkqbly. Credllors and provi$kJns are r¢¢ognlsed althe amountthe Unlon antlclpalas Ilwl pay lo seme thedebt. They have l)een dls¢ouNed lOth¢ present value ofthe fLAure ¢ash payment wPre su¢h dL*counlnu kn Material. Inc¢ffte aftd Expenditure IncamB Is rPcD9nrd in the accounts whBn the Union galty enffI lo the IrKome and amount can b8 quantified wrth reasonable certainty. Income Is stated net of VAT and Irada discounts. The most rnaterlal item5 th2 year were the bloEk grant as discIDGed in the SOFA and free 8etyed accornmodatbn as disGkn8ed in the not• on Donatod S4Tvke$ hereunder and whkh * a¢¢owled lor ot a value esomated by Ihe College. Liakn"lities are reGognisod as •xp•nditure assoon a5 there 1$ a leaal or ¢on$tructlve obligatien commrtting the charty to make a payment lo third kwrty, rt 15 probable that a Iransf8r or ecorvjmic beneffts will be rKelved in s2ttlement and the Bmoutrt of Ihe oblvJation Gan be measured reliabty. 19 lryerlgl Colhgè Unkn Annual RepDn 4ndA¢countsforlhayèarerwJed 31 2023
Expendltuie16 Stated net of VAT aTrJ trade dlscounls and IKlude$ Irrecoverabl8 VAT unle85 it r¢lat$8 lo a ¢apltal •55et in which case the Irrecoyerae VAT is Included a5 part olthe c05t of the a8s81. Expendtture ¢¢mprh•s tha direct and Indirect Costs ofdeliverlng the UN¢n' aGtDfitips. GDvernancB costs are those SrKurrod for compiianG wth COnonl and 8talutory rèquirements, $uBh as the annual audlt, annual •l•¢tions, and trainiThJ for Sabbatal offj¢ets. The valuo ol free 8erv1ced a0MOd?On and other prerni568 and equynenl ¢¢$l• are appDEtiofied to Unlon's activities on e$llmattrd ffoor space occupied. (kn¥eman¢e and Administrntion & FinaTe Costs are apportloned a trme basis. The value of free Support Servke$ ¢osts IHR ond IT are apFOrtbnèd on a staff hea(Dunt basi5 Fund$ Re5tr1cled Fund8 are held for re$lrl¢led puwos•8 and IrKlude cap1 grants re¢elved to fund fixèd asset8, and the un$p•nt balarKes of Jnds self-generaled by ¢lub5 and 50oieli8s. Desated Fund& are held for partl¢ular purwses Bt Ihe dl¥trreon orth¢ Tru$te•5. Crltical aceountlrvJ estknate$ and ar•i$ ofiwjgemert Prep8raUon ofthe fiMncHI staternpnts requires Tru8taes and manag¢mont to rnake s1gnlficantdgem8nls and È&lmates. Th• tt*m8 in flTraKSal 8tatements wh8re these ludg•m8nl# and estimates have been madp clUde.. valuatlon of donations ln kind recei¥¢d during the year ?sUmalln9 the u5è1ul e¢onomk fe of langibla Ilxed assets allocallpn glSL4PPDrt SDSt5 acr055charltatye athttlol actuarial assUmptn$ used to ermIne Ihe valuatlon of the perffjvJn scherne liaknlltiès in reFall¢n to th¢ Univ•rstti•s Sup•rannuatlon SGheme IUSSI. A dlsceunt rnte ¢f 5.52%120f2.. 3.3f%l has been used Inllne %vrfh industry standards Financial InstnentS The Union only has financial 4858ts and financial l1abllrt Of a klnd that quak.ty 88 basf¢ finan¢lal InslNrnent& Baslc financlql kn8trument8 ale Initk71ty re¢ognlsèd at transa¢tiDn value ond $utsoquen15y measured at theli setuement value. Donated Sevvlees 2028 2022 Unrestrfjeted Restricted Capltal Total Uniestrl¢l Restric¢ed Capllal Total servd Accommodallon 1.795.950 1,795.950 1.164.169 1,164.169 HR and Payroll IT Sarvlca8 Is3.8 153.366 143,488 143.488 65,189 65.189 $3,679 $3.67> Aud Fge$ 18,450 18,4SO 15,190 15,1 2.132.956 2,032.gS6 I,37128 The Unilbn Lwildinj 15 pfDvided by the College trée of ¢har9e tog•th•rwith the provi8ion of support sarvices IlUdIng HR, Payroll & IT 3 Soclal Enterwlse 2023 Unr•stricted RestrIad Capltal Total Unrestrided Restrl¢t•d Caplta T¢Jtal Sales 2,8O),2T7 2,eoJ,277 2.478.106 2478.106 Cost of Sales 11.08D.2861 ,720.011 11.oeo.266} 1952,442} 1.525.e64 11.226,5471 1494.8761 11.079.078) 1952.4421 1.525.664 Gro88 Profll 1,720,011 staff Salafies & Wages Other C4rect Costs 11,1Cfj,0581 1503,3211 (1,105.05BI 1503.3211 14.7181 16.3131 11,236,690) 14,718} 16.3131 (1.126.068> 11.226.54n 1494.6761 17,0491 16,3131 IT,2,440) (7.0491 16.3131 11.217.999) Support Costs 11,225,659) 11.114.027) It,274,6371 Social Entèrprfse erKapsulat•$ thè actwrties ofour It¢erKed tsade and retall 01$. 20 ImperlalCDlleuè Unh)n ATral RW 4ndAccouTrls fcrflhe yearèndod 31 2023
4 Other Income
In the year ended al Juty 2022. other lrtcc¢nè tonlalned Goverrm8nt grantstolalllng £7l relat5ng to the Coronavlrus Job RetentlDn Schema
12023.. £nill
student Activities
6 & 0eveloptNent
2023
2022
UnSl¢t¢ Restrictad Capltal
Total
Unrestricled Restd¢t¢d
Capftal
Total
Income
93.0
2.599.602
2.693.502
62.284
2,873.200
2.935.484
Direttt Costs
(S,230) 12,708,941) 18.7781 13,217,949)
(347.8481
I63,1)
I411,3)
11.718,786)
14,718) 112.917) 11,73$.4211
1521,72QI 12,754,4571 18,7711 (3.284.954)
1281.7961
137,5731
1319,3691
11,385.5741
fl,0491 112.gin 11.4D5,5401
74.121 121,6941 P.074,3791
Staff Salarie5 & *9¢$
Support Costs
12.472.964) {177.2121 121,6951 I2.671.8711
2,126M061
student Acb"vrties and Development caplures all our wort( around ¥onte¢nll and the acttvitles of clubs. socEIE5 and Proje5.
studÈntVolce
2Q23
2V22
Unresincted Restricted CapKal
Tolal
Unrestrf¢ted Restricted Capital
Total
Income
28
1.028
DiroGt Cosis
127.6431
1320.9801
1620,486)
1969,1091
126,8781
1320.9WI
16,2921 11,7281 I8,5)
IS,S271 11,728) 1976,3641
122.8371
1282.OSg1
1662.3401
1515
(23.3521
1282.¢)381
19.3>81 11,7281 1673.4661
18.9131 11.7211 1977A281
staff Salad¢s & Wages
Support Costs
P67,1871
Stsff Salaries & Wages
2023
2022
Unrestrlcted R85tricÉ8d Capltal
Total
Unrestricted Restrfcted Catal
Total
Salwies & K
Pensn5 cost5are diractty attribJl4dtotbe a¢tfvty and fund in Whhthe 0rf9inatinu Mlary costs w85ides. %Yhere sakgry ¢OSt$ ar• qpporboned bgtWo•n eharrtablv a¢lNitie8 pènsion costs arè appDrtloned on Ihe same b8$1$. In year no $alary or pelOn costs were apportioned a¢ross rarent fund5. The average number of pgm8nent 5taffduring th8 yearwa$ 49 (2022.. 431 The average number ol¢asual slaff during the yearwas 9412022.. 1141 There was 1 •mploy8e earning behveen £60.OO69.999 att year 8nd12022.' 2) Thfirè Vds l employee Barnlng bthaen £80.GQOQ89.999 al the year end12022.. 01 There w8r8 O employees earnlng £9),QCN)-£,99g 8t the year end(222.. 11 Th• tvtal r•mun•ration of key management yrsonnel. ¢onslstiw of Ihe Mqnaglng Dlwlor S OffiGer Trusl88s, In t yr was £345.033 I2.. £344,6B21 Durlhg thè year Imperial Colkgge Union made non-GontraEtual severarKe payments of£o12022'. £3,2Q21. Th•50 p8ym?ni8 were approvèd by the tru5tee5 for payrnenl. Supwt Costs 2023 2022 Unrestrl¢ted Rtstrlet•d Capllal Total Unrestslct8d Re8trl¢ted Capltal Total Premises & Equipment Costs Administration & Finan¢e Costs Governance Human Re80urces & Payroll IT SeTrkes 11.818.689) 120,9581 11.839.647> 11,1B7,6511 120,9581 112C6,6) 11,414,480) 115.7281 11.430,208 11,634,523) 123.4961 11.658.019) 1113,2071 1113.20n (lo7,1} 1107,4511 1153,3661 1153,366) (143.4881 1143,4881 165,1891 165.1891 153.6791 lJ.126.9921 153.6791 P3.4961 120.9081 13,171,446) 116,72e) po,9581 13,601,617) Apportlon8d to." Social Enterpris8 studert Actttle8 & De¥8loFrfnent student Volce 1,225.659} 14,7181 16,3131 11,226,6K)I 14,7181 112,9171 11,n6.4211 16,29a 11.7281 I628,) 115.7281 (20.9681 13.601.61n 11,079.07ei 17,0491 10.313) 11.092.440> 11.718.7861 11.385.574) <7,0491 112.917) 11.405.S401 19.3981 11.n8I [673,4661 PS.4961 PO,9681 13,171,446> 1620,4661 1ffi2.3401 IJM64.9311 (4126,9921 g Governance 202J 2022 Unr•strlctad Rèslrf¢led Capital Totsl Unrestricted Restrktad Capltal Tt)tal I18.4) 118,4501 115.1901 Staff salae8 & Wages Trtee5 Expense$ 193.ecvai 193,8091 190.e791 J,6791 9481 {1,582) 11,5821 1113.2071 11132071 1107.4fj11 1107,4611 Apporti¢e to.. Soclal EnterPre student AGtivitie5 & Development Siudent VoKe 133.9621 133.962 132,235 132.2351 I.982) I33.2 132.2351 (32.2351 145,2831 1113.2071 14S,283} {113,2071 142.9811 142,9811 1107A611 1107.4611 Trusteés, EYpen$es pald in the year were £94S12D22. £1.582) 22 Imperlalcollw Lknlon AnnthAI Report and Yeared 31 JlY 2023
TNs¢ees' Remuneration The Union'5 Offi¢er TrustÈé$' ¥ecefved the folowlrvJ amounts inth8 TePQrtlng pe0d, a8 aL*h0ri5ed In the Unlon's gjverniry d(Kument.' Pay Pension Total PsId&t 37,381 7,S29 44,909 41.0 DPCS 34,099 DPFS 34,767 7,032 7.286 41.799 DPE 36,102 .388 DPW 37,381 7,5 These amounts are forthe representation. carnpalgning and supportwork they undertakè as diGtlnct from their INste8 respon8iblitie5. Th1$ work includes voicing student oplnltsn with the Colge and local Commundy. delendlng and extending the rfghts olAtudent& throu9h pelrtions. disCUS5ion wth MPG and aLso orgaTrlsing and Supwrting siudent volunteers and seNlce provBion for tm. There were no Dtheittuslee benefts lor tha year. BuSldirKJ Relurbishmert Flxtures. Flttlngs & Equlpment Total 11 Flxed Assets Co818s at 31 July 2022 AddlUon8 6.765.668 2,5,269 8,121 9,320.937 8.121 Disposa15 1135,1931 2,408,197 1135,1931 Co81 as al 31 Juty 2023 6,785,¢88 .193.865 AccLmulated DeprectIOn as at 31 Juty 2022 Depreciation Di8posaLs A¢¢umulalad DBpreclatlon as at 31 July 2023 6.733.335 2.4W.805 9,134,140 25.12a 51.505 76.5 1135,1931 2.317,117 1135,1931 ,768,46S 9,076,572 Net Book Value a$ at 31 Juty 2022 52.333 134.464 18fj,797 Net Book Value as at 31 Juty yJr6 27,213 91,080 118,293 12 StodE 2023 2022 st¢¢k 2.278 340,285 362.278 340,286 Tho am¢unt ¢1 stk Tecogni5ed as an expense in the yearwas È1,080,266 (2m'. £986.2011 23 Inyial Cokn Union ArnU Ropofl And AA¢ouni4forlhoyeareThled 31 2023
13 Detknrs )d PrEpaents 2023 2022 Trade Debtor5 53.310 166,2 other DebtorE 28.015 38,202 PrOV10n for Bad Debts 114.759 128.11MI Prepayments ArY¢d InGDme 85.814 47.049 134,1 186.279 396,464 14 Cash and Bank Balanc•s 202J 2022 Bank Accounts 2.872,965 2,9)5.540 Cash Floats Petty Cash 1873.198 2,906,173 15 Creditors 2023 2022 Due wlthln oneyè•r Trad¢ Creditors 144,579 46.2e Other Creditors 51.429 Imperhl Colkgp Credlor VAT 282.860 433.976 32.514 34.gW3 A¢¢Nal$ 149.797 208,976 Delerred Income 16 staff ben8fft5 accrued 26.&M) PEn5K)n Schernes Deficlt ProvLsion 17 18,857 24.272 813,903 960.925 Du• ft8roneyear Pension Scheme$ D•firit Provi8Jn 17 269,631 883.634 1,316,964 16 Deferred Income 2023 2022 Opening Bdknce In¢om• Recewed 44.269 14.386 Income Utith52d {44.269} 114.3861 44369 ClosiThJ Baknce Deferred In¢om• r•kt•S to advance paymBnt5 fDi gTr)d51seNkes tt wlll b• supplkd by the Ur4¢n In the row financlal year, 24 lrnperial u1 Annual Rèport Aroounlsfwlhey09rdtd 31 Juty 2023
Deflned Ben4ffts Penslon Schemes Defltit Provlsio 2023 2022 Opening balance Additional staff co&ts 379,311 175.759 202.W23 1103.3781 I2.5 Inler8St payabte 1.529 288,488 375,J11 11 Funds OpÈnlNJ Balance Closlng Balance Income Expendlture Transfers Revalualions Restricted Funds student Act5vMies l Ha115 2,040.411 69,932 2,110,149 2,819,713 12.787.0591 129.7361 12A16,7$51 1,873.065 40,196 Capital Grats Total RÈstrlcted Funds 2,619.713 1.913261 Designate¢J Funds Fixed As$et8 Fund 116.865 146,8901 165,241} 8,122 88,944 60,(X)0 78,097 98.962 studentAcli¥llies DÈ>)ated Fund8 Digital Transfomiallon I SUMS Projocl Total Deslgnated Fur$ 75.259 192,124 1112.131) 167,066 237,089 General Reseryes Ceneral Reserve 5SO.59 1379.3111 211,288 7,790.118 17,428,969 ,823 1157.W61 21,7 794.682 Petwpn Fund (288.4881 606.194 Total General Reserves 7,790,118 ,338.1) 1157.0661 Totsl Reser¥es 2.513.755 1D.409.831 110,267.0721 21,790 2.666.514 unre51ied FuThJ5 which require th8 sale of Investments ttr realtse £0 P072.. £01 The Restri¢ld Sludent Aclwrties Fd r8presen18 the n5nI balan¢¢$ of all Club5, Soclelies. Ptojacts and Stud•nt Hall Commltteees. The RestrKl8d Capltal Grnnts Fund represent5 the balance offvnds, recdved ts finance Capital purcha8$ and lo which their deweciatlon 1$ ¢harged. The Fixed Awt& Fund represents the balan¢e 01 Flxed Assats not covered by C8WI Gfants 21 Pension schuw Union portlclpates in separate. kndep8ndenUy marA98d, defined beneht occupational ppnthn schem•s. whkh were contsactett out ofthe Slate Second Pension IS2PI utrtil 31 March 2016. Each is Yaluedtrtenni211y by professionally quallled and independent actuarks. ThE UniversitiÈs SuperanTruali•n S¢heme IUSSI and Ihe Superannuatlon AangeMents ¢f the Unfvarsity ol London ISAULI are mulll. emplwer sCrMe5 and it is Thjt po88lbk lo identify the Unlon'i share of the undertying a$$ets and IbblI.8$ of the sthames on a con818tsnt and reasonab b3sis. Her8. as requlred ty S8Ction 28 of FRS 102. CDntrlbutlons1o the xheme$ are accounted foras rfth¢y were defined GQTrtribLrtlon schemes. meansthe amount8 charged to the statement olflnanclal activities ISOFAI repr858nl the Contnbutr payab to the schames in respe¢t of Ihe accounting ped For both USS and SAUL, in the eyenl of the insofvency of any of the participa"ng t0YerS, the amount of any pansion funding shortrall Iwhl¢h ¢aMol 0th8rv115e be recovéred) In re8pe¢t ofthat employer may be 8pread a¢ros8 tha rpmaining Part1panI employers and rèiiected in the next aciuarial valuatlon. uss Staft paid On academlc and acad8mK-r•kted ¥ales Iwho are otherwise eligible), Can acquir• yrdon whts through USS. whiGh 1$ a natbnal %hqme admIntered ¢entrally for UK Unl¥ar58. Wth •ffv¢t from l Octoba¥ 2016. the schetne ohanged from a defined benefit 2$ IM31 co1 UnioTh Annual Report AcwUnl$forih¢relled 31 Juty 2023
onty peknTh scheme to a hybrld pension 8chgme, provlding defined b8neffts (for all mémb8r8188 well a$ ¢¢fkned Gontribl0 benefits, abDV8 a threSId amourt olsalary, Th• asset8 ofthe schème are hold In a 8epara¢¢ furKI admlnlslered by thé Trustee. The total cost forlhe Unlon for tho yew ended 31 July 20rJ wa8 £55.782120r2.' £81,802). Slrts irrJtituth)n oannot identlfy tt$ $har• of scheme ass¢ts and liabilities. the followirvJ dL8¢losure$ reflect th08e ravant for the scheme a8 a vthok. The L85t avalLqble Comet¢ actuarial valuation of the RÈtirom8nl Income BulldersBcODn Ort Scheme h at 31 March 2020 flhe valuat dato'l, whh wa$ ¢arrf¢d out uslng the proi2Cted un nielhod. Al the valuation dale. th8 valuE of asGet5 Df the xheme wa$ £fj6.5 1110 and the value of the scheme's technical provIsn$ wa$ £eo.e billion. Indlcatlng a Srtfall 01£14.1 blllknn. Thp a5setB were Iherefore $uffi¢nt to ¢OV8r 83% of tho ben•frt8whlch had a¢Crd to membern, afler 8llowfng for•xp•¢lod luLura IreaSe8 In eamlngs. In the March 2022 recovery plan. the r•quir8d defrctt ¢ontd1OnS were updatgd a$ fv110.. From 1 April 2QZ2 to 31 March 2024.. e.2% 01 Salary From 1 Awil 2024 onward$'. 6.3% of Salary SAUL The Union PdrtKipates in the SuFeFannuatlon Arrangements of the Unfvttsity of Lon(S)n fsAUL'I. whirh b6 a centralisad dèffned b•n•fft 8¢heme wNttin Ihe United n10M and was c¢rlra¢l•d out ofthe Second Sldle Per10 (prior to Awl 20161. SAUL l& an IndependèntEy rTr&naged p8nSkin scheme lor th• npn-academk staff lintsludng Union 8talD ofover50 ¢oll•ges and InstttutiarA th lknks to highai edu¢atlon. P8Trsn benefft$ a wthin SAUL currenlty bulld up ¢n a Career Average Revalued Earnlng8 fcARE'I tyasts. The Unlon 1$ not expected to be liable lo SALIL 101 any other current partipatIng empjoyer's obl115¢n$ umlgf Rulas of SAUL. but In event Of an Ins)Iv•ncy of any pa1pating employer within SAVL. an amount ol any penslon shortrall lknvhi¢h cannot olheNl$¢ L recovered) In re5peGt of that employer. may b¢ 6[xod &cro88 the remaknlno parU¢4pabng empb)yer6 and reliecled In Ihe naxt actuarial valu81bn. Fub)ding Pollcy SAUL'8 slalutory lundlng ot1tIVe 18 to have sufficlent and dpwoprialo aB$ets lo megt the costs kncwred by the Twsté• in poyirvd SAUL6 benefits as they tdll due (thB 'T8chnKal ProvSsbn$'l. The Trustee a¢pt$ assumptsons which, laken as a whole. are intended lo be Sufficiently prud¢ntf¢Fpen5ions and tenefils atrÈady In payrn8nl lo conUnu&to be paid and forlhe commItmentswhh arisefrom M&mb2F5' accruad pènsk)n llghts lo be met. TeGhnlGal Provisions 8s8umptlon$ include approprlate margins to alkny for tha W$$IlIty of •v8rts turning out worse than expe¢ted. However, the fundlng MhOd and as5umptlons do not ¢ompkntety rgmove tha risk that the Teehnical Provfj8fon$ ¢¢uld bB insufficienl to pro¥ldE bEngflts in lubJi8. A formal actuarh71 Vdluatlon of SAUL Is carrled out every three years * • prof•s8ronalty qu8lMed and independent actuary. llw last a¢ar1 valuatl¢n was ¢atri¢d out with an eff8cli¥e date of 31 March 2020. Informal reviews of SAUL'8 w$lYon, refleclirvJ changes market conthth)ns, cash Aow Inf¢imalion and now awwal 01 benerrt5. Bre Carried out betwe•n formal ¥aluatK¢ns. The fvnding nCIPle$ wer• agrged bythe TNstae and ernpbyers inJune 2021 and will b8 revlewad again at SAUL'$ rtext fornial valualon in 2023. At thè 31 Maroh 2020 valuatkjn SAUL was 94% nded on its T•Chal Prov15n$ bas15. However. marf<d mrJv•m•nts followlng the valuatn date were posIe and the Trustees and Ihè Èmpk)yers agraed to allow for ppst-valual)n expertae up to 30 April ?1. As SAUL was In 5urplu5 on It5 Technical ProYlsknn$ baspd al that dal8, no defLIt ¢onlribution$ were r¢qulrtd However, the Trustéa and the Employers have agreed that th8 orvJolrvJ Empioyers. eonlrlbutiorss 11 lrtrease from a rqle 0116% af CARE SalJrk•s lo 19% of CARE Salaries from 1 Aprll 2022 and tts 21% of CARE Salgrfe$ from 1 Janry 2023_ Accounting Poll¢y The Union is a PartS¢lpatlno Employer in SAUL. aEtuark71 valuation opplk$ to SAUL 88 a whota and doe$ not id•ntty $urpluse$ or defic11sapplicaetO IndldU41 ernpbyers. A88 whole, the marketvalueof SAUL'S a8setsat31 March2020was £3.612 million representing 94% of the liabilities. The mal<et valu• of SAVL'S assels at 30 April 3)21 was £4,369 mlllk)n repregentlng I(% of thè e$tSmated liabi1it1o8. It va not pD$$lbl¢ to identify an lTrJivldual Employer's share of the uThIer1ThI ass•ls and lkbl1ttS of SAUL. knperlal College Unlon a¢¢ounts lor tts partl¢lpallon In SAUL as if tt wer8 a denned ¢ontr11tion schemo atyl pRnsian costs bssed on the )moLmli ictually pakl 11.e cash amounts) In a¢¢¢rdaN wrth paragraphs 28.11 of FRS 102. Aychough thero was a Technkal ProViSnS deficil at 31 M¥ch 3)20, allowiThJ for post valuation experFence to 30 April 2021. SAUL had Technical PrOv10S surplus. Therefore, no defkl ¢ontrtiOnS were required lollow¢ThJ the 2020 vaILmon and thpre is m defid tenfft liabilty1S.e. the pr$ent ¥alw of ary deficit contributbns du• te SAULlto be recognised by Imp8ri&l College uon. 21 Capitsl ¢¢mmltsn•ni¥ There were no caprtal commmments at th• yearend12022.. NIII Imperfal Colkgb Uffiio Annu Rwrn ar NMUnIsfor1h0yarendod 31 202)
Conlingent Liabilitles HMRC B currentty chalkroing the 4patn of tha ter1 to$S1on by Students, unn8 rf they ¢on$kJer the eElablishmenl to be a pub or bar. INhilsl the Unton bgli•ves it ha$ e0mpli with the con¢e¥si+Jn 9ood tslth, the subJe¢twè nature of tha Interpretation of the ¢on¢e$8k)n could mean that HMRC lak& a differentVi8w. No Conngent Ilabllty has been quantified. Analysls olassets behyeen funds Restrlctod Funds Capitsl Grants student Activitivs UnreStrted Funds Total Funds TangiilE Flxed Assets Investments 40.196 78.097 118,293 Curronl Assets 1.873,065 1.548.6 3,¢21,755 1883.5341 2.656.514 Crerfl¢rs 1863.5341 74J,263 40.196 1Mn,086 Thlrd Party Transacti¢)n$ Imperial College London A block grant from Impwial College 01£2.676.728120t.. £2.527.CM)01 was re¢¢fvable by th8 unrt In the ye2r_ TransaGllons throughoulth• year resulted in a trading balare a5 at 31 JUW 20ZJ of £312,87512022.' £467.2271 due to the Colk8g8. Ther• was albo a belance of£30.01512022.. È33,2511 due frorn the Collep. In addluon, the Union bull(Ing fj& provid8d byth? Colge free 01¢hargetolh with the provision of5UPPOrt 8evvio8s includiNJ HR. Payroll & IT. This donation ofser¥l¢ed aGcommodatlon Is valuod by th8 Unh)n al £2,014,s12022'. £1,361,336), Spe Note 2 [jortert Servkes for d•tsil$. 27 Irnp8riqlCdhgF Union Annuol RoPQrt ard Accounls lortk4 yearended 31 Juty 2Q23
25 Conyaratlve SOFA for2022 Unrestwkted Restrlded Qeneral DegTrat¢ Funds Sludent A¢tlvlUesl Halls Capttal Gt4nts Totsl In¢¢)me and endowmlnts Donatlons and leyaclea Block Grant 2,527.QOO 2.927,000 1.376.526 SeNlced AccorTmDdation & Support ServKes Char5tabJ8 activiknes 1,376,526 SoElal EnterPre stUnt Aclvrtks ¥nd Oev•lopme studènt Voi¢0 2,478.106 Z478,106 2935.484 62.284 2,873,200 26 1,028 Other trading activ6tles Room Hire 118,514 118,514 Invesknents othw 23.49fj 103.254 Total In¢om• endrntS 2 $97 896 9 639 912 Expewwjiture Charitale actlvhles Social Entorprise studert Activ5 and Oevelwmtht student Volce (3.743.293) (2,180,276) 960,480 19,4501 18,814 (T.0491 2,799.0791 9.913 18,3131 121,6941 1.728 13,768.1051 (S.9.863) Total expendjture 2 816 041 764 824 Nd In¢omellexpendllur•l 214 912 Transfers btheen funds 148.8341 48,834 N•t movermnts In 214 912 Reconciliation ollund8 Tolal fund5 brought lorward Total Fund$ ¢arrfed foTh¥ard 1.955 168.269 I724 1.958.756 99,e67 69.932 2,728,867 2,513,755 211.288 2,040,411 Inyerfal CO198 Llnlon Anhu•i Rryorf and Attounl3forlhèyBaf£ndod31 July 2023
Appendices to the Financial Statements as at 315t July 2023 A1 ¢lths. Socletles & Projects 2023 2022 Unrestricted RestrlctÈd Total Unrestricted Restrict Total Arts & EntertaimntS Sedor Income 226.824 232.546 1275,4631 142,9171 500 254.668 255.168 135.1fj51 1251.OLIII 1292.1711 134,6651 12.3361 137.W31 ExpendY¢ure 142.2961 1233.1e71 13fj.$141 16.3431 CGCU Icity & Guilds College) 341.031 345,789 113,3361 14S5.0101 1448.34fj1 18.5181 193.9791 1102.5571 1,300 40D, 402,145 1449,5D21 147.3571 Expenditure 116,0911 1433.4111 114,7911 I32.5) ConNnunSty Sector Income 46.1 47.133 46.322 171,7991 125.47n Expendiu {53.6aoi I7.5) I,611) 16.4781 14941 I71.3) I25.3) 977 Culture Sector 244.139 244.589 1302.6601 1302.8601 (58.5211 158.0711 2,077 271,fj75 1273,9WI 12,2851 273.752 (273.%01 12081 ExpendY(ure 2.077 ICSMSU Chool of Medlclnél Income 439,379 442.818 2.410 381.0 383. 1382.887) 618 Empendituro (6T,5) 1412.8521 1480,707) 164,4161 26,527 137.8891 142.6961 1340.1911 140,2861 40.904 Imperfal Athletes Income 16.861 16.e61 355.223 355.223 1132,2981 1359,6461 1491,9441 132.2981 14,4231 1136.7211 Exp2nditure 110,211) 6.69) 6,650 Knowledge Sedor In¢ome 3,265 31,446 34,711 137,407) 12.6961 452 45.741 46.193 Expendmure 11.8451 1,420 135.5621 14.11S1 11.6451 136.3981 9,3 (38.0431 6,150 NAI (New Actlvldes Incubator) InGQ 14.299 116,6761 12,3771 18,887 117,4161 1.471 838 Expendrtuye (7401 18761 1381 18761 1381 RCSU (Royal College of Sclencel Income 109.112 1131.SCh)1 1131.5001 I.38) P2.3881 109.112 150.447 151,447 13.1011 1146,0141 1149.1151 12.1011 2.332 Expenthture Recreation Sector In¢ome 13. 212.406 226,361 7.920 1flJ,112 (70,S401 I133,9) 162.6201 46,122 188,032 1204.5301 116,4981 Expendrture 181.8K)7I 1214,5581 167.8521 (2,152) 1296,36 I70,4) RSM (Royal School ol Min•sl lrtome 37,on 139.8141 40.416 48,914 164.oegl 48.914 Expenditwe ,W31 12f) 143.41n 13.Tr)11 12.6311 p,ffJii 166,7191 117,8051 12.7411 115.1741 In1 Collo9¢ Union Antsual Rwrt alA0¢j1SI0rjh9¥aarqn 31 Juty 2023
Sllwoo(I Isllwood P•rkl Income 4.219 4,219 (7.392) (3.173) 2.654 13,3081 16S41 2.E54 15.1931 12.5391 Expendltura (2,665) 12,6651 14,7271 1gJ81 11.885 11,8 Sports S•ctor In¢ome 24.734 1187,1401 1162,4061 492.501 517,235 ISS6.3701 (743,5101 I.869) 1226,2751 20.199 391,239 1112,8411 133S,3251 192.6421 55,914 411,438 1448,186) I.728) Expanditixe All Societfres & ProJ•ets 65.242 2.215,438 2,280.677 1401.2981 P,446.70n 12.848,W51 1336,0661 1231,271) 1567.3281 36, 2.529.3 2.565,631 1419,3871 12.455.518) (Z874.¥M)5) lJ83.1491 7370 1309,2741 Expendlwe A2 Sludenl Halls 2023 2022 Restrided Restrlctèd In¢i¥n• Expendtture Total I¢)me Expendilure Bell 27.787 126.&31 26,334 7,806 131,646) 14.0791 15,312) 3,729 4.484 Chapter IslinglM IParagonl Evetyn Gqrden8 Falmouth & Kats 15,432 116.168 110.29)1 176,159} {12.3S21 (7361 6,862 {1.7611 1,543 13,417 112.166) Gabor 17,152 13.869 5.977 Kemp Porter Lln$l&a 74.398 13,895 67,392 14.068 158,095) 112,4541 12,717) {8,6591 {7,7T81 111,2891 {9.2151 114.3201 146.0201 195.2911 9,297 1,614 1,57> Parson$ 4,296 8.861 PernbrSdge Selkl 11,231 10,817 15.660 17.605 37.101 73,897 1 6,927 16.1 e2) 11.8711 116.6241 P1,7401 134,8641 (74,8071 117,f171 1326.3861 lo.4 2.528 s1hyd HalL8 If,0541 19641 14,1351 2,237 17101 (7WI 6,S17 12.416 1.147 Tttard 11.335 2.120 ¥Mlkin50n 17.421 39,821 76,720 3,101 16,1991 118,5711 551 150n HouBe Woodward Hall Xenla 15,262 331.902 343.808 3£.S121 7,296 A3 Prembses & E9Ulpnt Costs 2023 2022 Unrestricted Capllal Unr•rtcted Capltal Clean9 BuildirTg Redevetopm8nt Deweclatlon Servked Axommodalion 118,57n 18.5rn 119.5201 119,$201 125,1201 14.162) IX.95B} 125.1201 11.795.950) (20.908} 11.139,6471 14.162 120.9581 11,795,950) 11118.6891 11,164,189 11.187.#SII 11,164,189 (20,968) 11,208.8091 Apporfon•dlo.' Iryy8rial Colhg& Union nuol RepDrt andAGo¢wnl¥ loJthe year eTrded31 Juty 2023
Social Etrterprlse student A¢tfvitkn & Devebpment student Voke 1549.8101 11,118,359) 11SJ,5201 11,812.6891 16,313 1556.1 fol 112.9171 11,131.278 11.7281 1152,2481 0,9681 11.839.647) 1357,8311 ff32,1321 197,8881 11.187,851 ie,313 1384,14141 112,9171 (745.0491 11.7261 199.6161 120.9681 If,208.8091 A4 Admlnistrathin & Flnance Costs 2023 2022 Unr¢$trf¢ted Restricted Total Unre5trfcted Restrf¢ted Total Bad Debt ExFer Bank Chargès Depre¢latlon of Flktur8S, Fiting$ & Equlpmenl IrrecoveroNe VAT 1123181 (20,6081 {12.3181 I.606} 124,5WI 124.S)O 121.1391 136.9641 {48.1331 14.4121 (?2,) 113.2011 110.6551 11,201,209) 14,4671 117,597) 1131,7921 90.822 15,0201 115.7281 11.430.208) I21.1> (24,316) 124.3161 (36.9641 I48.1} 14.4121 122.5361 113,2011 11,19),5541 14,467) 117,5971 1126.7191 9D.822 119.6601 179.5891 13,0311 (34.7551 15.650) 11,105.1011 16.LW} 116,218 1115,154} 1203.552 11.492 119.6eOI (79,6) 13,0311 134.7551 5,6501 (23,1291 11.128.230} 16,IA31 116,2181 1115,1541 (203,5521 11.492 Office EquiFth8nl Officer TrnIng Other Staff Cost8 13871 Printing. Slalionery & Postage Staff SaStheE Tglephon¢ and Fax Training Mi5cellaneuus 15.0731 P•nsKin scheme deflctt expense staff benef&s accrued ,0201 11,414J801 11.634,52Jl JA961 11,618.0191 Appotffoned to". Sooial Entewrise SludÈrt A¢lwrti8s & Devebpment Stuthrl Voice 1534.6021 ISC6,3411 {3n,5371 11,414,480) {4,7181 I9,320> 14,7181 1511.0591 16.2921 379.8291 116,7281 11,430,208) IS81.1311 I580.7) 1473,0551 11.634.523) 17.0491 1588,1801 ,0491 1587,3461 I9,8) 1482.4931 123,4961 11,6S8,0191 Human Resourcès & Payroll 2023 2022 Unrostricted Unrestrlcted HR Rale l FTE I2.3) 54,14 12,6181 54.81 FTE$ Iln¢luding casual workers) 1163.%61 1143N881 Appothn•d to.. Socbal Enterprise Sluderrt AEtlvrtles & Devebpmert Slu¢Jenl Votce I62.4) 138,e331 131,8291 1153.3611 187,5801 (25.9401 129.9681 1143.4811 31 IrwTho1 Cdlege Unlon AnU1 RepDrt 4ndA¢eounlSforlhgyear*d 31 2023
A8 IT Servlcas 21J23 2022 Unrestrlcted IT Rate l FTE 11,746) 37.34 11.808 FTEg (including casual workers) (66,189) 153,6781 Social Ent8rpri8e Student Actfvits & Devekfjpment Slud•nt VoKe (24.3811 121.4911 119.3171 166,1891 (20.3011 114,9701 118.4081 1S¥.fjYg1 A7 Trade Debtors 2023 2022 Unrestrfeted Unrtstrl¢l¢d Debtor control 47.361 5.949 156,370 7,992 166.362 Oebtors &th ¢redtt balarKes 53,310 A8 Tiad• Credilors 2023 zozz unres¢¢1¢d Unrestrkted Ciedtt ¢ortrol 16,1e61 50.063 5.949 87.35e Cieditors wh dèbil balan¢eÈ 49,231 7,9¥2 144.579 D•btor5 Wlth credti balances 49,841 Pwer>aym•Ms 2023 2022 Unr•stricted Uryeslrfded Prepayments Creditors with debit balan 49.231 72,664 8$,114 Impeti CDlky Lknlon Annal RepDrt •ndA¢counl&forlhB yagredj )1 ju 2023