Smalles Goldie Group CREATI￿￿ ADVANT AGE Hull University Union Limited Annual Report and Financial Statements 31 July 2023 *AcuyuIJv' 1PJ01r2024 ¢Ok4PANIES HOUSE A13 ICAEVI CHARTERED ACCOUNTANTS Hull University Union Limlted Contents Reference and Adminislratib* Detals Trustees, ReF(Vt 2to8 Independent Auditors, Rep)rt 9t012 consolidat￿ Statement of FI￿n¢￿1 ktiv"rties 13 Consolidated BalarKe S 14 Balance Sheet 15 Cong)IKlat&l Statanent of Cash Ftr 16 Notes to the Financial SlatWbEnts 17to34 Hull University Union Limited Reference and Administrative Details Ch•r S llkbb. Extemal Trustee Chlef Execullvfr officer Jane Stafford Secretary Stafford Senior Managèmont I Leadership Team J￿e Stafford ChEf ExecLrtNe oificer Andy ￿'ng. CcAnmereial SeM"ces Director N￿ole Steele. Membershp Sentices ￿"rectOr Kewn Pearson. Finance aTrJ HR Direclor Charity Rogislration Numb•r 1152549 CompaDy Registration Number 08475916 The d)arty is InccKp￿*ed in England. Registered Office Student Central CothrvJham ROJJ Hull Hl￿ 7RX Auditor Smalles G￿d￿ GroLP Regenfs Court Hull HU2 8BA Solicitors B￿$S V4hiting LLP The Deep Business Centre Tower Street Hull HU14BG Rollits LLP Citsdel House 58 Hrgh Street Hull HU1 1QE Page 1 Hull University Union Limited Trustees, Report The Tnjslees of Hull Universty UnK)n Limited IHUSUI are pkased lo present their annual Iruslees. report together with the audited consdidated finanoal ststements of the charity and its sUbS￿lary for the year end8d 31 JU￿ 2023. In this regard, the TnJ5tees have consMJered the requirements of the Statement of Recommended Prath"ee appl￿b￿ lo charrtvés preparing their ￿OUnt$ in accordan￿ the Financial Rewjrting Standard applicable in the UK and Republrc of Ireland IFRS 102) leffectNe 1 January 2015). Reference and Administratfft detaiFs of Hull UnNetsrty Union Limrt&J. its Trustees Advisers The Board of Tru¥lees student President and Trustws P￿Sident Education President of Opportunities Presh*nl Inclusivity & DNetsity President of Union Development Ito 14.07.23) (from 14.07.23) Peace Igi-Ehon Chloe Fenton Muhammad Sohaib Hameed {to 14.03.231 Ebenezer Aniemeka OlatomKle Fady (to 28.03 23) Ily-Jane Rcthtt Huseyin Arslan Raji Ibrahim Bamidele Student Trustees Chinonyelurn Udemu {to 17.01.23) AbdulgLKldus Sotayo (to 12.09.22) Matthew Lloyd Scott Barrett-smith {from 24.01.23) Oluwafemi Rahmon (from 24.01.23 to 14.07.23) Oluwabukok Shaba (from 24.01.23 to 14.07.23) External Tru8tees Sara wet￿ {Chairl Gaius {to 01.08.231 an Bolchover Phillip Chjlling He*n Duncan {Irom ￿.07.23) HUSU empk)ys Jane Stafford as Chief Execuli¥e. t•kn>works cb)sety with the Student PresKlents and Trnslee Board lo ensure effective governance and management of the organisation. The Chief ExecutNe's senior direct reports indude. Anty Ktng Iccmmercial ser¥￿s DweLtorl, N￿ole Steek {Membership Ser¥Kes Director) and Kevin Pearson (Finance and HR Difectorl. TRUSTEES. REPORT The Iruslees (WI￿ are also director5 of Hull University un￿ Limited IHUSUI for the purFoses of company p￿sent their Annual Rewrt ￿ the year erKling 31 Juty 2023 whth indudes the administrative information set out on page 1. together with the aLKlrted accn demtxrtcy and and are inlerpreled in such a manner as not to conflKt with Artth of ASSttiat￿. The Artides of Associath)n were last updated foll¢)wing a successful referendum in October 2019. Union Couneil may rAinS￿er any Matte￿ affectirKJ the interests of students al the University. Union Council's major roje 15 to make ehange via Mot￿)nS and 5cruh.nise and I￿￿ to ￿OUnt dected presidenls Isatrbalical Trustees). The decisions of Ctyjncil are Sub￿dinate to those by referenda or the Board of Trustees. Prior to 2013, HUSU OFerated as an unincowaled as￿lat￿n formed under the EdLKalion ALt 1994 for many years. On 5 April 2013 HU￿ Universty Un￿n was incorporated as a charitable company (company number 8475916, charity numter 11 $25491. On 1 August 2013 the tharitab￿ company tcok over the activities and operatlOn5 of a connected un1ncorF￿rnted charity Hull UnNetsity UnKin. The primary aim of HUSU is the advancement of the ￿u¢811￿ of students at the Univer*ty of HUU for the public benefit. Hull University Union Limited Trustees. Report HUSU established a wholty oW￿d SubS￿￿ry c£Knpany. HUSU se￿1￿ Ltd. on 14th January 2000 Icompany number 39068371. HUSU and its subsidiary company comprise.the Group.. HUSU carrE5 out the d)arilable activities and the trading aclivilEs are carried out thromjgh the subsidiary Company. The main activilEs ol the trading subsidiary are the operations of the bar5. fc*Jd outlets. entertaIn￿nI, and ts retail shops of HUSU. The subsidiary has the same year erKI of 31 Juty 2023. Recruitment and appoirrtmentof twstees The Board of Trustees are responsible forts strategic ¢th'recti)n, governance and sustainability of HUSU. Thg Board ts rnade up of four President Trustees, four Student Trustees and foul Exlemal Ttuslees. The President Trustees are elected by a ￿ret balbt by the memters each year." are able lo serve a second lem) in office ol a further year rf r￿leCted. The Student Trustees are selected wa a recruitment and interview process and folk)wing a simple majorrty vote of a panel made up from the Ap￿intments, Governan(tand Development Committee. The Exlemal Twstees are rewtted to Ihe Board through an inleNiew prctess to bring a wider perspective and skill sel frcffn wtside HUSU. A lemi for an External Trustee is up to three yeats. and they may serve for up lo trwo temi& Induction and training of twstees Upon appointment all trustees receive tsvo detailed trainiThJ sewons led by the Chief Executive and Finan and HR Director, Supported by a Charity sol￿tOr and Audrtor eaeh ofaround three hours. A Trustee handboc* provide$ a detailed overview and access to relevant policies. The Trustees also have an online wding room, Past papers for both Board and Commrttee meetings are available along with useful articles and weblinks. Trustees are briefed on their ￿gaI Obligat￿nS and other trustee reswnsibilities. The President Trustees and some Student Trustees are new to the Board each year unless re0￿cted for a second year and they all undergo a range of training to SW thwr Uniq￿ r￿$ in addrtion to the training sel out ab¢)ve. President training covers all asFeds of I￿"r ro￿ including strategy, operational p&nning and govemance, the HUSU Articles and Bye-k7ws, their legal reSFonsitMlib"es as tru51ee5. key issues and decIS￿n$ that have been made by the Board of Trustees and Serv￿ prrN•Jed to the rnembeTS. A number of Iraining sessions are given over the sunvmer vacatK)n ￿ri(X1 abngside sessicw the UnNersty complemented by crfic role training prov*Jed by ex1emal trainers. OrganisationalstnKture The Finan￿ and Human Resources Committee reviews HUSU'S finan￿. human ￿$¢*jrces, risks, and compliance wrth all relevant legislatK)n and other matters that could affecl HUSU'S future perfO￿ance. The Commrttee reviews aLbJit woth and scrutinises the annual aC0￿nts. financwl perfomiance and annual bLKlgel. It also scrulinises the future financial and HR strateg*s. The ￿pointmentS and Governance Oevekipn￿nl Commillee is responstjle for monitoring and improving all x)vemance al HUSU. 51 is atso reSp￿SIb￿ for ensurirKJ that newtrustees are effectNely recrurted and inducted and that awrLyiate training and (knlopment is planned and undertaken ty all Trustees.11 i8 also responsible for recfuiting the CEO. The Membership Participation and Indu5Dn c0rnmrtt￿ is re5ponsti)le for overseeing, reviwng and making rewmmendalions to the Board on matter5 rekting to Stu(knt engagement, participation, equality. diversity and Inclus￿n. Al Presidents srt on this corrwnrttee. P&Je 3 Hull Univer6ity Union Limited Trustees. Report The ChiefExewbveis swpcrted byljyee t*erto￿that kvm the ￿lOr Leadersl#pTeam. team provide5 the executive management of HUSU. HUUS Ltd managing the group's a¢tivites, provid¥ig leadership to staff and erts￿ing that the Board5 and commiltees are infom)ed on al aspects oflhe or￿NSa￿on. Unlversity of Hull Under the Education Act 1994. the UIMvuwty ofH￿l has a StalUt￿ thty to take such stW5 a8 are feasonabty prdctiobte to ensure Ihat HUSU operates in a fair deTTrxratic marner and E held to proper account for its flnantss. HUSU in partn￿￿p with the Unpier* of H￿[ in ensumg that the affais of HUSU are properly ¢onduded and that the edufAtional and ￿￿fare needs of HUSU¥ membeTr are met. The fornial relatio￿lP the Univuwty * govemed by the Co(* of F*a(*e vknith is revI￿*d regjlarfy. The Path¥ship Aoreemwrt is reviv*ed by both pwties annualty. The agreement establishe5 a icint set of operating princ4ples and wovides the terwts ofreference for a Partnershp Comrrmttee members from the Unvlersty Leadetship team and the ithion Pffesidents. Lead*shp team and a T￿￿tee. The Twstees fijlfil their role in assesstng the risk5 thatfxe HUSU. The Board has responsitslity for oVe￿eeN19 risk management as a *thole and uses the frA0V￿n9 approad) to list. There ts ￿ open arKI receplive aFyoath to solving risk woblems adopted by the Board and its Comnwttees. HUSU makes ¢ortseryative and prudent recoW￿ ths(Josure of the financial and non.ffinan¢tal implicalic￿S ol ii5ks. Al Stsff are responsible for en¢wrawg good fBk management wAhin ther areas of*r¢*. Key Ti5ks are rdenlified ty Ihe 8owd and key and VAM be (aos* monitored a regular basis. HUSU uses a (fyTramlc apwoath to%wd5 ils tsk retser. It Is ￿ated on a warterty basls and Is revlewed by the F￿ance Audit and Human Resowces Cornmittee overal. 7hilh eath of the remain￿￿ committee5 fo￿Sing on their key areas of risk and miligation. This awroath feeds any issues and actions being undertaken to the Board of Trustees irtothe Board of HUU Seryi¢es Ltd. The focu5 Ojring the year ha5 been on corrtvmmg to Thmtigate ￿kS as%>ciated 7Afjlh HUSU'$ finances with a reliance on the retum from our commer(¥al operati(Th and the grant from the Universty of Hull. Our commeraal services had a good year tri5 year as ¢an be seen in the Fwmnce Report. The UnNer5ty grwrt inc*eased to £1.47m in 2022r23 from £1.4rn n 2021r22. There corrtinues to be a risk of inL¥eases in pension ctssts and h'abilities associated *olh the Lkniversities &peranwation Stheme althfW Ihe TN5tees of 1he stheme have inth¢ated an improvng pOsitM￿ for Ihe 2023 vthatitsn. Trustees recogni5e the depenthnce on the ￿tfr￿rn the ik¥vusity and 15 reffe¢ted in Ihe reserves polioy in the finan¢ial revtew. Hull University Union Limited 014e¢tivos and A¢ti¥ities The objectives of HUSU Is the athmiornent of the eth￿atiOn of students at the Unrrfernity of Hull. HUSU admeves this by: Promcrtwig the intsrests and ofsbjdents atlhe ofHull thring tr*1r¢ou￿e ofstudy and represenling. supwtwig and athsmg Membws. Bwng the re¢ogntseil representalive ¢hannel bdween $knde￿ the LkniveNty and any oth extemal boddes. provid¥￿ cutral. sporbng. so(4al and recreational a(knties. oppwtunities to vc4unteerin the (¥)mmunity and forums fcf (tiswssic￿ and debate for Ihe personal development of its Members. Providtng opporbjnrties lo devdop fu￿re e[￿abIlitY skAls thrW effwoyment in HUSU'S venues. Thi5 year, wrveying of n￿nber$ to HUSU¥ pmws agabnst KPIS took ph¢e through the Alterline student Lifr Pulse &rvey. I,ff21 studerrts corypleted the swvey be￿een Ortober2022 and June 2023 vA)ich PTovided a wealth of dats about the Student experience, engage￿￿t 7hrylh and knovledge of the Students, Uruon and the Tange of services and a(Yivkne5 provided. student wups-At thLyr peak during year, a choirE of 53 spor15 dubs and 91 soc4eties offered a diverse range of opportunrfies for sludents to develop their s￿illS, interests and wla1￿e. 5126 students regISte￿d to join a HUSU student group or get irNofved bi $ludent4ed or o)mmunty vobjntewing during the year, a growth in student engagement Mmpared V*ith the wious year. There are some sludent tyoups and sttjdent-led voiunleering projects whith have ¢onlinuedto remain inactive the to the impart of the pandemic. The Student Opportui*ties team is made up ofslaff and provides supwt and asststan¢e in the safe running of actsvities indudwig health and safety. re¢D￿￿ and fin￿ce incluthg fundraising and development. Stydent Vuce and Inffuence~ Eleclions were held n March ￿23 tr the four President posrlions and for the voluntary role of Chair of Union c￿nCil and attracted a healthy nu￿thr of $tudents Infr￿Sted in running for a positon - 37 inth'vi￿ajS expressed initial interes( vthich then reduced lo 17 candidates for President roles and 2 candidates for Chair of Cwncil. Unforlunately. a number of ￿thdates were to have breached Ihe election Nles irKlu{f￿g tampering *Thlh other *udents' votes. Caus1￿ the Rthjming Officer to dedare the first Voting period as nua and v￿d and four candidates beng th5qUa￿fied YAth several others withdrawng from Ihe process. A second ballot was held thith 697 sththnts casthg 5.093 voles and was dedared fair. This expeiience prompted a review of HLLSUS democracy in sprin￿SumMer 21f23 vthith will have an impact on 2023124 and beyond. Elections tsvo￿nteer Student Rewesentatives were very popul* ￿ October 2022, wilh 0 high proportion of intsmational POSt￿a&ja1e tau￿ student ￿￿IdateS. The Student Vosc* and Inlluence team is made up ofslaff and skndents workng to improve the academic expwience all students and lead5 on al democrati¢ adivilies of the Union in(*J(fng faulitating Lknion Co(m(#l and proV￿1ng SLbPPOrt and training and assistance in the eleclicrts by.eledions arKI referwthm athity. The Aifvice Centre has maintsined its extended opening h(xAs of 10am.5pm thrtyJghout the year offers pre-bookable appointments to stydents needng attlice a ￿lde range of I￿1c5 indudww housing, finance. academic appeals and beneffts. 1414 sbjdents were gjpwted through the servtce. thch is broadty ￿ Thne ith the previous Ye￿5. service levels. Athisors have also SLPPOrted sbjdents to access an additional £382.551 over the past year through a range of Sour￿ ￿dUthng beneffts. grants and bursaries. This is an Inuease of 58.fj% ￿ the fvnds unkx*ed fol skn1ents thrtyw theAthice Centre in 2021.22. Catering outlets. tiC￿Ced PreThises Events- HUSU ha5 2 IKenced txemises: Sancknary bar andAsylum night dub. 80th venues operate as JD Welhefspoon ouuets under a franchise agreement. Sanduary bar is the ffrain student urion bar vthich provides the full wether5pOc￿ experience, including extensive food menu daily (8am - 11pm). customer food and diink app and ther thb deals curry dub, steak club and fish Fridays. Sanctuary bar aLso has SKY & TNT Sport. darts and pool t*les and a large outdoor beer garden for customers to use and ftsh Fridays. Sancknary bar also ha5 SKY & Sport. darts and pool tables and a large LNJtdoor beer garden for rABtomers to use. Page 5 Hull University Union Llmitsd Trustees. Report Asylum nigm dub hosts the city's larpst student n*JM ToAEr' e*ry Wkdnesday and has regular live events and entertainment acts at other times throughoLrt the year. The venue also holds weekty quiz and karaoke events for students, during lem) time arKI B￿0 Bingo once a week th￿Ug1￿ut the year. The venues are also used lo host large scale student events indudiThJ Fre5her5 in Septen**r and end of year celebralions al the end of May. Shop- HUSU operate a full Convenien￿ store comWe vthh bakery under a purchase only agreement with SPAR. The store also indudes a UnNersrty of Hull rjothing range and full stalk￿ry offer. FINANCIAL REVIEW Summary of the Year There has been an overall positive net MOv￿nt in furKls of £1k compared to a negalive mownenl of £526k in 2022. Totsl income for the year was £6.45m ccffipared to £5.29m in 2022. The University subvention was £1.47m compared to £1.4m in 2022. Our commercial (watKJn had a very Suc￿$fUl year with sales at £4.62m compared to £3.53m in 2022. Total expendrture was £6.41m ccffnpared to £5.84m in 2022. The Tnjstees have recognised a requirement lo hold free reseryes as a contingerkcy Io Pfotecl the day lo day and short-lem finanaal stabilrty of the crfganisation. This may cccur rf there is 8 cffje off or series of evenl$ that threatens our key income sources. The KK)Iw. revIev￿d in 2023. is to hold £1.2m of free reserves to meet 6 months of operating costs of the group to recthier, al￿4 the organisatvjn lo manage the impact of reduction in income and put plans in pL￿ lo ensure that finanual sustsinability is maintained. AnnLtally, the Trustees wll assess the need lo deggnate some ￿thefree reserves lo invest in prqecls todeliver the strategic plan. The reserves Fositson as at 31st Juty 2023 ￿ £2.07m of which £574k is altsaled to tangible fixed assets leaving £1.49m of Iree reserves Investment policy and obj•¢tiv•s The Chief Executive is authorLsed lo make short a￿1 medium-term investments. eonsistent with the oliectives of the Union stated at(Jve. LorrfJ term Investff￿ls are to be made on the advi￿ of a Managerwho is regulated under the terms cl the FinarKial Services Act 1986. The Trustees are resFonsibk ts appointmg a Manager. Any decisions by the Trustees lo invest must be cent￿d on the Inte￿¢$ of HUSU and not of the Trustees. Trust￿ may not exclude. to the fina￿￿1 detriment of HUSU. a particular range ￿ class of inveslmenls in order to give effect to some moral, kx)lthcal. %￿￿91, environmental or ethical belief hekl by the Trustees tr¥Jt not directty rdated to the interests of the UniM. Plans for ￿tUre peri¢)d8 Over the nexi 12 months, the Board of Trustees wil on the develowient of a revised strategy taking HUU 10 2030. which will be Launched al the start of 2024-25 Academr year. ￿r the course of the next 12 months HUU wll also Collcreate and delNer several pibt schemes ￿th students awntid at inwroving student engagement, and deM￿racy. The on9)ing Prestyjent reform woth will be taken through a series of workshops, Union Council aTrJ uttimatety the Board to &Jree any changes to Ihe leam fomiat. In the student opportunities space, there will be a keen ￿uS on incfeasing the number of AC￿eM￿ and transforming the student-led Athlelie Union. Page 6 Hull University Union Limited Tntstees. Report Vision By 2025, we want lo be a seclor-kading Students. UnKJn in both ￿adern￿ non-academic representation for our membefs. will have a fiexible arKI awable (thr. whth creates hwh leveL8 ol ssjstained participation across our student communty. Values The values unde￿In the wsion and are a demonstratw)n of the culture and apwoa¢h we strive for al th8 Union. These were refreshed in consuttation vAth staff and students during the 2019-20 academic year.. Inclusive.. V4e actNety support Equalty and Oiversty. we adapt our servtts lo reflect a)d meet the evc4ving needs of wr memters. Innovalrrfe.. Wle bok to the firture. seeking opp)rtunities, collab)rations and partnerships.. we afe imaginative. tt&th"ve and prc*Jressp￿. Posilwe." We o)ntinualty wob* to your Union. * are eonfident. Optimist￿ and solution focused. Fun.. We fr￿￿$ on making wr time at Uni¥ErW as eryoyable as pos51￿e. Suppjrtive: We listen. knk out for your test interests and make sure your voice is heard. There are four Key 0￿.e¢ll￿￿ thal create the comerstor*s of the strategy. these are.. Being sustainable and secu￿. that Students knLx¥ who we are, what we do and trust us, that we are effective at making chaTh3e and a￿ krKrwn as change makers and finalty that V•E are part of the St￿lent, Unwersty and City Communities. t￿ring the coming year, the Students. Union will focus rm raising student engagement across all of Ihe Student Union acliwl￿s, making c￿r seNices rnye Visib￿ ar￿ accessitAe to memters. We have seen improvements lo our social space and our cc¥nmerual areas during prior to the erKI of the last financial year these will be completed by mid-N¢)vember 2022. A key fctus will be to ensure these sp&es are wdl uts"lised and meet the needs of our member5. Our President of Union Devebwnenl is focJJsed on ensuriThJ we have a robust mental health support plan in place, using the Student Minds SU mental heallh Framework. The Un￿n is abo working with the University of Hull as they prc•Jress l(wards achieving the Mentsl Health Charter. Page 7 Hull University Union Limited Trustees. Report Statement of trust••s' rnsponsibilities The trustees (who are also the directors of Hull UnNwgty Unw)n Limrt&J for the purposes of compary lawl are Tesponsible for preparing the tru$tees' report and the finar￿la1 sL*ements in &cordance with ap￿ICable and Unrted ￿'n9d¢￿￿ AC￿ntrn9 Stsndards (United lQ"ngdom Generally Accepted Accounting Practtcel, inelLiding FRS 102 'The Financial Rep￿ting Standard aFvI￿able in the UK and Republic of Ireland". Company law requires the trustees lo prepare finanoal stalements for each financial year. Under company law the trustees must not approve the finanoal statwments unless they are sab"sfied that they give a true and fair VIEW crf the slate of affairs of the Pa￿nI charitatAe c(Mnpany and the group and of the incoming resources and applicat￿n of resources. irKiuding its irttime and expenditure. of charitable group for Ihal pervj. In preparing these finanaal slaternents, the twstees are reqyired to.. select suit*Jle accounlirvJ FdKies arKI them consistentty.. observe method5 and principles in the Charit*s SORP", make judgements and estimates that are reasonabk and wudent.. Slate whether appluble accounting standards, cL)mprising FRS I￿2 have teen folhywed. Subl￿t io any material departures disclosed and expk3ined in the financial statements". and prepare the finarK#al ststements on Ihe con￿rn ba%5 unkns it is inappropriate to presume that the parent charitaNe C(￿panY will conb.nue in business. The InJslees are responsible for keeping KKoper aco)unting rec￿ts that can dt￿lose with reasonable a¢¢uraw at any lime the finanaal posrtion of the parent chaittalxe c(xnpany and the group and enable Ihem to ensure that the finanual statefflents Comp￿ wrth the Companes Act 2CK6. They are also responwble for safeguarding the assets of the parent charrt*e eompany and the group and hence for taking reasonable steps for the Prevent￿ and detecti￿ of fraud and other irregularitles. The trustees are reSwnSib￿ for the Maintenan￿ and integnty of the COT￿rate and finanaal infomiation included on the charita￿e company's website. LegisiatKsn goveming the preparation and dissemination of financial statefnents may drffer legis￿10￿ in other jurtsdiclws. Disclosure of irrformation to audltor E¥h trustee has taken step5 that they ought to have tsken as a truslee in order lo make themselves awaie of any relevant audrt infomWt￿ and lo estsblish that the charty's audrtor is aware of that infomialion. The trustees confiThn that there is no rethnt inf0rnt￿n that Ihey know of and of which they kn￿ the audilor is unaware. The annual report was approved by the Iwstees ofthe charity on 30 November 2023 and syned on its behaff by.. s.webb Chair and Trustee President ekyrTent aTrJ Trustee P•J8 8 Report of the Independent Auditors to the Members of Hull Unlverslty Union Limited Opinion We have audited the financK?I statements of Hull Universty UnDn Limited (the 'eharilable parent eompany) and its subsKlk4ries (the 'group'l for the year ended 31 Juty 2023, iiihth comprise the and . indudiry a summary of svJnff￿anI ￿nting wJlic#es. The financial rerx)rti'ng framework Ihat has been aFvlied in their preparatK)n is United KingknAccounting Standards. comprising Charfties SORP- FRS 102 'The Finanaal Reporting Standard aFplICab￿ in the UK and Republ￿ ol Ireland. and appluble law Iuniled ￿"ngdCrfn Generalty k￿ptedACcOunIln9 PraaKe). In our opinion the financk41 slalen*nts". give a true and fair rn¥ of the state of the 9￿up,$ and parent thaiity's affairs as al 31 Juty 2023 and of its incoming resou￿5 and appl￿tI)n of re50urce5. induding its inc4xne ￿K1 expenditure. for the year then ended: have been properfy prepared in aCCc￿arKe wrth United Kingdom Generalfy Accepted Accounting Practice." and have been prepared in accord￿ with the requirements of the CompaniesAcl 20￿. Bas18 for opinion We conduded our audrt n accordance with 1ntemats.onal Standard5 on Auditing (UK) (ISIS {UKII and applicable law. Our responsibilit￿ under those standards are further descrthd in the auditor responsibilrt*s for the audrt of the fir￿nCIal statements section of our report. We are independent of the gT¢>JP in aCCc￿dance wlh the elhul requirements that are relevant to our audil of the financial Statements in the UK, induding the FRC'S Ethical Standard. and we have fUlfil￿d our other ethical responsibilrties in accordance with these requirements. We believe that Ihe audil evidence we have obtained ￿ suffvent and aFfJrryiate to prov#Je a bags for our ￿￿nI￿. Con¢lu$ions relating ¢0 going concem In auditing the financial slalements, we have c4)ncluded that the trustees use ofthe g)ing concem basis of accounting in the preparat￿ of ihe finanaal ststanents is appropriate. Based on the wryk we have perf0m￿, we have Th)t id8ntrf*d any material uncertainties relating lo events or conditions that, indNhdualty CY col*tNety. may cast sb3nrfi￿nI doubt on the group's ability lo onlinue as a going concem for a peri￿ of al least trRfve months from when the orNJinal finan¢ial statements We￿ aulhorised for issue. Our responsibilities arKI the ￿Sp?￿sbil￿tles of the trustees with respect to gcrfng cxjncem are deFKribed in the re￿Vant sectThs of this repcxt. Olher infomiatiDn The Ifuslees afe responsible f¢X the other Informa￿n. The other informalKJn comprises the information included in the annual reFrt)rt. other than the financial staterr*nts and our audilorfs rewi Ihereon. Our opinion on the financial statements does not cover the other infomalh)n and. except lo the extent othemise explicrtty slated in our reFOrt. do not express any fomi of assurance CC￿￿uS10n thereon. In conneth.on wrth our audit of Ihefinancaal slater￿lI& our responsibilty is to read the other infcxmation and, in doing so. consider whether the other infomiabon is materialty inconsistent wrth the financial statements or our knowledge obtsined in Ihe audit or otherwise appears lo be maleriauy misstated. If we identify such material inconsK8tences or apparent material misstslemenls, we are rouired to detemiine whether there is a matenal misstslemenl in the financial statements or a material misstatement of the other info￿ation. If, based cffl thework we have performed. we conclude that there is a mateiAI misstatement of this other infO￿atrOn. we are requir&J to re￿rt that fact We have nothing to rep)rt in this regarf. Page 9 Report of the Independent Auditors to the MembeTS of Hull University Union Limitsd Opinion on other mattets pr•xribod by Ihg Companies Act 20D6 In our opinton, based on the WO￿ undertaken in the c£wrse of the audrt.. the infom7alion given in the and for the financial yearfor whth the financial statemwts are prepared is consislenl with the fina￿tal statwrents: and the and have b￿n prepared in acctydance ￿￿th yhcabie legal reqUir￿nts. Mattern on whlch we are required lo report by exception In the light of our knowledge and ur￿erstandIng of the group and the parent tharitab￿ company and ils environment obtsined in the course of the audit. we h￿￿ not #Jentthed matenal misstatements in the Rep)rt of the Trustees. We have nothing to report in respect of the fofbM"rwJ matt￿5 where the Cc¥rpaniesAct 20C￿ requires us to feport lo you rf. in our opinion_. adequate armunting records have not been kept ty the parent charrts￿e company. or retwns adequate for our audit have not been reCe￿d frcm brancthes r￿1 visrted by us.. or the financial slalements are not in agreement wlh the ￿Unting records and relums; or certain disclosures of trustees remuneration specffjed by W are not made.. or we have not received all the infomiation and explanations we require for our audit. Respon$lb51itiK of trusts As expL4ined more fulty in the Slaterwil of Trustees Resp)nsibilit*s. the twstees (who are also the d1￿Clor5 of the Charitab￿ company for Ihe PufF¢)ses of o)mpany I￿) are ￿SpOnsible for the preparation of the financial stslemenls and for t￿"ng satIsf￿d that they gTve a true and fair v￿, and for such internal control as the trustees detemiine is necessary lo enab￿ the P￿Parat￿)n of financial statements that are ffft from material misstatement. whether due lo fraud or error. In preparing the financial statements, ￿ trustees a￿ reswnsiNe for assessing the charitable company's ability to continue as a going COr￿ern. di$d￿n9, as appl￿atsIe, matters relaled to going on¢ern and using the going concern ba515 of accounting unless the Iruslees erther intend to l*]uid8te the charrtable ￿mpanY or to cease OFerations. or have no realist￿ allematNe but to do so. Auditor responsibililles for the audit of tho financial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whde are freè from material mis5tstanenl, whether due to fraud or errcw, and to issue an auditor's rep)rt that indudes our wnion. Reasonable assurance is a high *1 of assurance. bul is not a guarantee that an audit ￿ndUCted in accordance with ISAS (UK) wll a￿ayS ¢Yele¢t a material misstatement when it exi51s. Misstatements can arise from fraud or error and are cx>nsidered material rf. indivklualty or in the aggregate, they coukl reasonabty te expected to Influen￿ economic dectsion$ of users L*en on the basts of these fmanoal slalements. The extent to whKh our procedures are cap*e of detects.ng wreguLqrittes. induding fraud is detailed below.. Irregularities, including fraud, are instances of non-compliance wilh and regulalions. We design procedures in line with our responsibilrties, outlin&J above. to detect material misstatements in res￿1 of irregularities, including fraud. Page10 Report of the Independent Auditors to the Members of Hull Unlverslty Union Limited Auditor rgsponsibilitios for th• audil ofthe lknandal statements (cwtinu•d) Our approach lo thntrfying assessin9 t￿ risks ofmaterwl rrisStat￿I in respecl of irregularrtw, including fraud an¢J non-complianee wrth IwN5 and regulalKJns. was f￿USed on ¥secffj￿ laws and regulations Wh￿ we considered may have a direct rrAterial effeL* on the charlty onty and consolidaled financial statements or the operations of the charitable company and the group, induding the COMpan￿sACt 20(6. the Charit*5 Act 2011. dats proteci￿n, anti-bribery. enV)loyn￿nl and health and safety leg￿latiOn. An understanding ol these Lffi¥s and regulatk)ns and the extent of compliance was c4)tsined Ihrough discussion with managem8nl and inspecting legal and reg￿atory eorrespondence. We assessed the susceptitrj'lity of the charitable c(Nnpany's and ¢¢￿$01￿ted financ￿1 statements to material misstatement, including cl)taining an understsnding of ftaud mtght CCCLK, by making enquiries of man¥ment and C￿s￿lerIng the intemal contrc4s in place lo mrfi'gale risks crf fraud and rth-cLJmpliartt wlh laws and reguLqtions. To address the risk of fraud through rnanage￿￿nt tsas and overrpje of ¢*ntrols. we performed analytical procedures to idenlrfy any unusual or unexFected re￿t￿nShI)s", tested jwmal entrEs lo idenlty unusual trans￿lI0￿5.. assessed whether judgements and assumplvJns made in determining the accounting eslirnates were ind￿t￿e of ￿tent￿4 knas.. and investyt&J the fatmina￿ behind signrfunt or unLssual Iransaclions. In resFxxtse lo the risk cl irregulanties and rbon-compfrance with Ithvs and regulalKy￿, we desKJned procedures whth included. bul were not limrted to agieeing charity only and consDIKlaled financial statement di$¢l¢)sures to undetying supporting ¢knJmenlatKJn' r&iding the minute5 of meetings of those charged with governance", enquiring of management as lo actual and wtentsal lrtigation and claims," and reviewring COrresp￿dence wrth HMRC, reknnt regulators and the chartsble company's gal advisots. Due to the inherent INmitations of an audit. there is a rtsk thatwe will not detect all irregularTiies. including those ￿adIng to a material mi8Statement in the financial ststements or non-complian￿ wrth regulation. This risk in¢￿aseS the more that cxJmplkanrE or ￿ulatiOn is removed ffom Ihe events and transaction5 refiected in the financkql stslements. as we will be *s likely to become aware of instsnces non-cornplrdn￿. Auditing slan¢Jards aLso limrt the audit procedures required lo identfy non- complianc£ wrth law5 and regulalw)ns to enquiry of the directors and other man&Jemenl and the inspection of regulatory arKI legal eorre5pondence, rf *y. The risk is also greater regarding Irregularit￿ ctcurriThJ due to fraud ratherthan error. 8sfraud ¥)volves inlent¢onal concealrnent. forgery. collusKJn. omissKJn. or misrepresentakn. A further descrpt￿n of resp)nsib￿1ti.es for the aLhJrt of the financkil statements is knated on the Financial Reporh'ng Counafs website at www.frc.0rg.uklauditorsres￿nS1ts.IrtES. This deseriplion f￿rn$ part of our Repyl of the IndependentAud"tors. P4e. 11 Report of the Independent Auditors to the Members of Hull University Union Limited Use of our report This report is made solety to charitable compan￿$ members, as a body. in a¢￿rdan￿WIth Chapter 3 of Part 16 of the compan￿ Act 201%. Our audit worf("has undertaken so Ihat we might state lo the charitable Company's ￿Mbers th)se mattets are ￿Uired to state to them in an audrtors. reFx)rt and for no other purwse. To the fUl￿t extent pemrtted by Law. we do not accept or assume respon￿bIl￿ to anyone other than the charitable company and the charitsble company's members as a body, for our audrt woth, for rewjrt or the opinN)ns we have formed. Luke Taylor Bsc., ACA ISenMJf StalLrtory Audit￿) for and behalf of Smalles GoklE Gfoup Regent's Court Prin￿sS Street Hull East Yorkshire HU2 8BA Page 12 Hull University Union Limited Consolidated Statement of Financial Activities for the Year Ended 31 July 2023 (Including Consolidated Income and Expenditure Account and SLitement of Total Recognised Gains and Losses) Unrnstrid•d Unrestricted fixed asset funds funds Total 2023 Total 2022 Not• Income and Endowm•nts from: Donations and legac Charrtable activities other trading acts'wties Investment inccrfne Other inc¢xne 1,484,993 31>).002 4.617.928 49.775 962 1.484.993 3W,002 4.617,928 49.775 962 1.428,349 250.743 3,533,470 32,722 39 232 Total income 6.453.660 6.453 660 5284 516 Expenditurn on: Raising fund5 Charitabte actiwl {4.175.519) 2 076 667 14.175.519> 2 235 692 {3.340,6371 159025 Total expendilure Gainpjlosses on investment assets Net incC¥nellexpendrtu￿) Transfers bets￿ert funds Net movement in fvnds {6.252.186) (159.025) 16.411.211) (5.834.581) 41.256 160,218 41.256 1.193 24.228 (159,025) 525.607 366.582 1525.8371 (365.389) 1.193 1525.8371 Reconciliation of funds Total funds brought foThwd Total funds carried foThvard 21 1 859 4CK) 207 488 2 592 724 1,494.011 574.070 2.C68 081 2,066,887 All of the group's aclNities derive from continuing owalions during the above Nvo Ferths. The funds break(k*¥n for 2022 is shown in note 21. Page 13 Hull University Union Limited (Registration number: 08475916) Consolidated Balance Sheet as at 31 July 2023 2023 2022 Flxed a880ts Tangible assets Investments 13 574.070 1.325,759 1.899.829 207.488 1.302 580 14 Curr•nt ass•ts Stocks Debtors Cash at bank and in hand 15 16 115,621 69.024 866,265 1,050.910 99,138 59,992 1,501,520 Croditor5." Amounts falling du• within on• year Net currnnt assets 17 441 314 456.720 609 596 ToLg1 assots less curyent liabilities 2.509.425 2,554.868 Pvovi$ion$ Net assets 19 441.346 2,(68,079 487,981 2,066 887 Fund$ of the group: Unwe8tricted incomo l￿d5 UnreslrKled Fixed Asset Funds General Funds Total funds 574.070 1.494.¢)09 2.(68.079 207.488 1,859,399 21 The financral statements on pages 1110 32 were apyo4ed by the Iruste8$. and authori5ed for issue on 30 November 2023 and s￿ned on their behalf by". s.webb Chair and trustee ide President of Un elowent and Truslee The notes on pages 16 to 33 fwn an integral part of ttrE5e financial statements. Page 14 Hull University Union Limited (Registration number: 08475916) Balance Sheet as at 31 July 2023 2023 2022 Fixed assets Tangible assets Investments 13 574.070 1,325 761 1899 831 207.488 1 302 582 1510070 Current assets Debtors Cash al bank and in haTrJ 16 97,122 540 172 637.294 96,225 1 114907 1.211,132 Creditorn: Anv)unts falling due within one year Net currnnl assets 17 130.070 150809 1 060 323 Total assets less curvent liabilities 2.407.055 2.570,393 Provlslons N•t assets 19 320,049 2,087.01 362 506 2,207,887 Funds of the charity: Unr•$tricted income lunds Unrestricted Fixed Asset Funds General Funds 574.070 1512 936 207.488 2 000,399 Totslknunresll￿ted funds Totsl lunds 2,207,887 2.207.887 21 2.087.006 The financial statements on paJe5 8 to 29 vRre apwDved by the trustees. and authorised ￿ issue on 30 November 2023 and swjned on their behair ty". S.Wet*J Chair and tnjstee R.Bami PreYAdenl of Union DeVekyr￿I arKI Tntstee The r￿e$ on pages 16 10 33 fomi an integral part oftlwe finaroal statemen Page 15 Hull University Union Llmited Consolidated Statement of Cash Flows for the Year Ended 31 July 2023 2023 2022 Cash flows op•rdting aetiviti Nel cash experKlitUTe Adjustments to ca¥h IIow5 fn>m non4ash items Depreciation Loss on disFM)sal of lang1* fixed assets Moverwil on lisled investrnents 148,582) (558.559) 150.938 93,827 232,122 4.321 (228,289) 23,179 79.177 Working ¢apital adjustments Increase in slod(s Increase in debtors {Decreasellincrease in creditors {In¢￿ase)/decrease in retirement benefrt of 8cluarial changes Net cash fltyvs from operatirg aCtI￿t 15 16 17 {16,483) {9.032) (15.4071 (7.025) 131.640) 68,898 20 46.635 129414 Ca6h flows from invosting a¢livitiOS Interest received AcquisrthJllS of tsngible assets . Proceeds from sale of invesbmwts Dividend income 8.590 {517.520) 690 1201,2301 15,670 32.032 41.185 Net cash flows from invesb.ng actrlities Net decrease in cash ￿ cash equNalents 467.745 152,838 (23.424> 1476.1251 Cash and cash equwalenls 811 Augusl Cash and cash equivalents al 31 July 1365 814 866.265 1 342.390 Al of Ihe ¢a$h Ilw are derived Irom continuing cwal*)ns during the above ￿￿1 Feri)d$. Reconcili•tlon of net movement In funds to net Cash fl¢x from opefating activities 2023 2022 Net movement in fijnds per ¢￿￿oI￿￿ated staterrwt d fmancial activity Income frcffi fixed asset Investm￿1$ Int￿$t receivabte (1.193) 41,18S 525,837 32.032 690 Cash flows from operating actl¥itle8 The n￿e$ on pages 16 to 33 fom) an integral part of these finawal sL*menls. Page 16 Hull University Union Llmited Notes to the Financial Statements for the Year Ended 31 July 2023 1 Charity status The charty is limited by guaranlee, incoryx)rth iri Engknd, and consequentty does not have share capital. Exh of the trustees i$1￿ble to conlribute an wTh)unl exceeding £1 towards the assets of the charity in the event d IKwK1al￿n. The principal actV￿ty of the charitable compwy to prrNide SUFPYt and entertainment to the students of Hull University. The charilatle comparry ty￿ateS frTrm ivs registered clfice. The add￿$$ of ts registered 0￿e. . Student Central Cottingham Road Hull HU6 7RX se financial sL7ternents have been present&J in Pound Sterlry as thi5 is the currency ofthe ￿￿rtary ecorKJmK environment in the company yr*es. 2 Accounting policie# Summary of Signifi￿nt ¥c¢ounting policies and k•y accounting •stimat•s The principal xcounling policies applied in the preparation of these financral Statements are set out beiow. These policies have teen cJJnsislentty appli￿ to ail the years presented. un￿5 otherwh%e slated.. ststement of Compliance The financial slalemenls have been prepared in ￿￿rdance with Accrxjnting and Reporting by Charities". Staternenl of Recomrnended Pract￿ (a￿l¢ab￿ lo charit*s prepaTirrfJ Iheif accounts in accordar￿￿ wrth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}I li5sued in October 20191- (Charrties SORP {FRS 10211, the Financial ReFQrting Standa applicable in the UK and Republic of Ireland IFRS 102) and the Cornpan￿5 Act 2006. Ba$1$ of preparation Hull University'UnKJn Limited meets the defbnrt•Jn of a wblic benefft entty ur*Jer FRS 102. Assets and IBbililies are inilialty rec(YJnised at historKal cost or transaction fdlue Un￿ otherwise slated in Ihe relevant accounting wlicy notes. Basi$ of ¢onwlidation The consolidale(I financial statwnents consoli¢Jate the fina￿la1 statanenls of the chartty and its SUbs￿lary undertakings drawn up lo 31 Juty 2023. No slatement of financial ￿b￿lI¢S is presenled the tharity as pennrtled by section 408 of the Companies Act 2006. Page 17 Hull Universlty Union Limited Notes to the Financial Statsments for the Year Ended 31 July 2023 Going Concern The Iruslees feel that the charit*Jbe cOM￿Y is pL￿ed to newlrate Ihe unique set of conditions currently facing the UK economy and has Tecovered wdl since the ￿$t￿ctiOnS frLYn the pandemic vffjre ful￿ lifted. The charitsble company's current bvel of and investments is in a wsttw and they could be IiquKli5ed should it be necessary. In addition to this. grven the strong nel a5sel [￿1￿)n. cash bal3n￿ and confimied subVen1b￿ for the year ended 31 July 2024, the Iruslees conshler it reasonab￿ that the charitab￿ company will'be able to pay its debts and known committed costs as Ihey fall due for at least 12 months the dale of approval of these finanual sLqtements. After cons*Jefatson of all factcys, the trustees continue to adept the going conc￿n basis in preparing the finanoal slalements. Income All income is recognised once the charity has entitlewtht to the income. r( is Probab￿ that Ihe inc4)me will be ￿¢￿Ved and the amount of the inccffie receNable be measured reliably. Voluntaryincome Voluntsry income is received by way of grants. I￿￿￿ts"0nS and grfls is irthled in fvll in the SOFA when receNable. Grants we wognised when the g￿P has an entitknnt to the funds and any fJ)nditions linked to the grants have been met. Where p*rf0Mwn￿ conditions are ottthd to the grant and are yet lo ￿ mel, the income 15 recognised as a liability and included on the bo&n￿ sheet as deferred income to be released. Where enlrtlement ctcur5 before income is I￿e￿. the income is accrued. Investment income Investment is recognised when re￿IVab￿. In￿rne from ¢haritabl• activities Ineorning resources frLYn chantable Iradiw xliwties are a(zounted for when earned. Inwme frnm subsidiary AdminTStration charges. being rentsl incpjne fr￿ H.U.U Ser¥￿e$ Limited, are recognLsed when they are due. Grft ineome from H.U.U SeNtts Limited is recwwl arMKBIty when the cakulation has been perfomied. Page 18 Hull University Unlon Llmited Notes to the Financial Statements for the Year Ended 31 July 2023 Expendilure Al eX￿ndrtUre is recognised once there ￿ a ￿gaI or Obl￿t￿ to that expendrture, it is probable settlernent is required and the amount can be measured relw. here e05ts cannot be directy attributed to partM￿lar headings tly have t*en alkcaled to arAivities on a basis consistent wrth use of resources. Fundraising costs a￿ those incuwred in seeking vduntsry conlribut*)ns and ¢*> not indude the cKJ$ts of d￿SeMinatIng informatK)n in support of the thaIrtab￿ activrties. GoVernar￿e costs are those ir￿Urred in connection with administratWb of the charit* company and C<%nplIan￿ with consts"lutwal aThJ slalulory requirements. R•ising funds Costs of generating funds t*e costs Ir￿TTed in attrxting voluntary and those incurred in trading activities that ratse furKIs. Expenditure on raising funds includes all e>wKliture incurted by the grwp to raise funds for its charitsble purposes arKI inelLKles cosls crf all fvTrJraising a(#Niltes. events a￿1 non-charitable trading. Charitable activftios Charitable activities and govemance costs are costs incurred on the companls educalK)nal operations, including support cost5 arKI cAJsts relatsng to Ihe governance of the charitable ccffipany apporticmed lo charitable activities. Expenditure on charitable a¢tNittes FS incurred on directty undertaking the actTriti"es which further the group's objectNes. as well as any a$S￿lated SUFP)rt costs. Support costs Support eosts include central funraion$ have ljeen allocated to acbvrty cost categLYie$ on a basis consistent wrth the use of resources, for example. alkxating prrwty ¢￿ts by floor areas. or ￿r ￿Pts, staff costs by the time spenl and other costs by thehr usage. Taxation The chanty is wsidered to pass the tests set out in Paragraph 1 schedu￿ 6 of the Finance Aet 2010 and therefore il mee15 the definition of a d￿rIta￿e company for UK corFws.' Asso¢ class short.lern leasehokl proFerty Motor vehtc Depreciation method and rnlo StraNJht line over ler￿ of ￿ase SltaKJhl line basis of 5 years StraKJht line basis befvRen 3 - 10 yea F￿ureS and frtb.ngs lrnpalm)enl of fix•d ass•ts A review for impaimenl of a fixed asset ts eaffied out rf events or charw in arcumslances indicate that the carrying value of any fixed asset may not be rectherable. Shortlalls betr￿n the carrying value of fixed assets and their recoverable amounts are reccgni5ed as impairments. Impaimient losses are recowised in the Statement of Finanoal ActNths. Fi￿d asset inveslments Fixed asset investrnents are a fom? cl financ￿1 instwment and are initK?lty recognised at their tran&iction cost and subsequently measured at fair vakje al the Slatement of Financial Positvjn dale, unless the value cannot be I￿sured relrdbty in which case il measured at ￿$1 kss impairment Investment gains and 105ses, whether realised or unrealised, are combined presented as 'Gain￿(LO$Se$l on inveslments. in the Statement of Finanaal Actiwties. Irweslmenls in asKKiates are accounted for at cosl less wnpaimient. St￿k stoc*s are valued at the by14er of ts)st and net reall&￿￿ value after makiThJ due alk)wance for obsolete and slow-moving stoc*s. Cost ¥￿udeS all 4IYect costs and an appropriate prop1)rt￿ of fixed and variable overheads. Al each repjrting dale. St￿kS are assessed for impainnent. If st￿k is impatfed, the carryiThJ amount is reduced lo rt5 selling Pr￿ less costs to c￿￿lete and sell. The impa1rff￿nt loss is recognL8ed immediately in profrt and loss. Debtors ' Trade and other (￿tC￿5 are recowised at Ihe settlement rnnt after any trade discount offered. Prepayments are valued at the amount Prepa￿ net of any trade dscounts due. Cash and ¢ash •quivalonts Cash and cash equwaknts includes cash ar￿ short-tem hKJhty louid investments with a short maturity of three months or less from the dale of acquisrtion or cyeniThJ of the deFQ5rt or similar xcounl. Page 20 Hull University Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 Cr¢ditorn Liabilities and provistons are recognised when there i¥ an c&lyalh)n al the stat￿ent crf Financkgl Position dale as a result of a past evenl, rt is prcts￿e that a transfer of eCOnMi￿ benefit wll be required in settlement, and the amount of the settknenl can be e51imaled reliabty. Liabilities are ￿t￿nIsed al the amount that the ¢hari1*4e ￿npanY anttcip*es il will pay to Sett￿ the debt or the amunt it ha5 received as advanced payments the g)ods or ser¥i¢es tt must prov*Je. Provisions Provisions a￿ recognised when the charity has an cknligatK)n at the rewrting dale as a res￿￿ of a past event. il is probab￿ that the eharity will be required lo settle that (knI￿at￿n and a reliab￿ estimate can be made of the amount of the oiAualion. ¥the￿ the effect rA the time value of money is material, the prov1510n 15 based on the present value of these amounts. discounted at the p￿-tsx disc(xJnt rale that reflects the risks SFeufic lo the liabilty. The unwirKling of the diseounl is required in the Statement of Financial Acb"vitEs as a finance cost. Fund structurn Unrestrtcled income funds are general fuTrJs that are avaikble for use at the trustees discretion in furtherance of the general oty"e¢ti¥es of Ihe wup aThJ have not been de5VJr￿ted for other purposes. Restitled fijnds arE fund5 7*hKh are to accordanc* with specfft restrKt￿ns imposed by donors or wh￿h have been raised by the grc#Jp for part￿ular purposes. The costs of raising and administellng such funds are charged against the spe￿￿ fund. The aim and use cl restn.eled fund is set out In the notes to the financial statements. Inveslment income, gains and k>sses are allocated to the appropriate fund Pen8ion8 and other post relirement obligations The group operates a defined ￿ntri1￿1￿n pensKJn scheme the pension charge represents the amounts payable by the group lo the fvnd in respect d the year. The group operates a defined benefrts peTr$￿ schwne. the Universitw Superannuation Scheff IUSSI. However. the scheme i8 a mulli enwk)yer scheme arnl group v& unable lo identify ils share of the undedying assets army liabilil*s. As kwmitted ty SectK>n 28 - Empbyee Beneffts. the scheme has been aCC¥)un￿ for. wi these financiab sL**nents as rf *heme was a defined contributK)n scheme. FinancTal instrum•nts Clauifi¢ation The group onty has finanoal assets and financial liabilitss of a kiThl that qualrfy as b￿C financial instruments. Basic financpl instruments are initialty recognised at transacb.on value and subsequently measured at their settlement value wth the excew crf bank loans whKh are subsequently measured at amortised cost ugng the effectNe inte￿1 mcxlel. Page 21 Hull Unlversity Union Limited Notes to the Flnancial Statements for the Year Ended 31 July 2023 Critlcal accounting estimatss and areas of judgement FRS102 makes the disti￿n belween a grtyjp and a mutti-wnpk)yer scheme. A group plan consists of a collectson of enlrties under c¢¥nr￿n control with a 4)onsoring employer. A mulli*mpbyer scheme is a scheme for entrtte5 not under ccthmon conliol and ￿preSentS {tyw¢ally) an induslry-wNle scheme such as UnNersitw SuFerannualb)n Scheme. The accounting for a mulli- employer scheme where the empbyer will fund a defut results in the recognrtion of a liability for the contributions payabte that arise from the agreement {to the extent that they rdale to the deficrtl and the resulting exFense in the profit and loss in aCcOrdar￿ 7Mih Sect￿ 28 of FRS102. The directots are satisfied thatthe scheme provkled by the unr1e￿￿*S Syrannuat•)n Scheme meets the dèfinition of a mullpempbyer sctw)e and has therefore rer)Jgnised the dracounled fair value of the contractual CC￿tribUtIOnS under the funding plan in eXtste￿ at the dale of approving the financial statements as a provisicfi. A key judgeTh*nl is a pr0vision1a￿r￿al for future pensKM l￿bIlIt￿ relating to the USS scheme. These reflect the known deficrt contribution scheduks lo which the entsty is due to pay in line with the ayreement between the entity and the pensKJn fund. The calculalKJn of this judgement is dependent upon certain assumptions including the kength of the defiul lepayrr￿ftt scherre. 16 years, Ihe discount applicable lo the lime value d fulure money 3.37% and salary increases 5%. This results in a liability on the balan￿ sheet of £441,346 for the group. If the length crf the der￿t was Ir￿eas&￿ by 1 year the liability would increase by £33,294 for the group. A change in salary increase variation of 1% would cause a change in liability of £36.509 for the group. A thange in salary increase of 1% along with an increase of 1.63% for the discount rates would produce a decrease in l￿bI1￿Y of £21,866 for the group. Vvhilsl acknowledging these amemalive SCenarK￿ exist management are of the view that the assumptr'ons applied reflect ts krK>wn gtuatw at ￿ balance sheet date. 3 Income from donatiOML and lega¢i•s Unrnstricted funds Genoral Total 2023 DonalK)ns and kgacEs'. Hull UnNersty subventN)n grant Grants, including capital grant4 Other grant income 1,471.8(6 1,471.8 13.187 1.484,993 Unrn8tri¢tod funds G?n¢rnl 13,187 Total 2022 Donations and legacies". Hull University subvent*)n grant Grants, W￿l￿dIng capitsl grant& Other grant income 1.400.000 1.400,￿0 28,349 1428.349 1,428,349 Page 22 Hull University Union Limited Notes to the Financial Ststements for the Year Ended 31 July 2023 4 Income from charitablo activitie Unrestricted funds General Total 2023 Charitsble ￿1vrtIeS 300,CKJ2 Unr8stricted funds G•neral 3CQ.002 Total 2022 Charitable adivit 250.743 250.743 5 Income froffl other tradirvj acti¥iti95 Unrestricted funds Gen•ral Total 2023 Sales 4617 928 4 617 928 Unrestrict funds General Total 2022 Sales 3.533.470 3.533,470 6 Investment Income Unrestricted funds General Total 2023 Income from divKJends', Dividends from investmenls Interest receivable and similar income." Bank interest receNed 41.185 41.18S 49,775 Unrestri¢tsd funds G•n•rdl 49.775 Total 2022 Incloyees and ¥4ill be closely mon*ored a regular basis. HUSU uses a dynamic approath towartts rts risk register. It 15 updated on a warterfy ba¥TS and is reviewed by the Finan(* Audit and Fbjman Resources Committee overal. ￿1th eath of the remaining committees foujsing on their key areas of r￿k and ￿bga11￿. This approath feed5 any issue5 and aclions being undertaken to the 8oard rA Tntstees and the Board of HUU Seryices Ltd. The focus during the year has been (ffi corrtxiuing to nytigate ￿￿kS associated wilh HUSU'S finances with a reliance on the retum from our Comm￿(1￿ operations and the grant from the UnrieTrty of Fkll. Our mmer(aal services had a good year this year as can be seen in the Finance Report. The Unrverth grant eased to £1.47m in 2022r23 from £1.4m in 2021r¥2. There continues lo be a risk of increases in pension Costs and liabilities a550¢iated the thwietsities &pwannuation S¢heme althou￿ the Trustees of the sGheme have in(kated an inxoving positron fur the 2023 valuation. Twstees recO￿lSe the (*pendence ￿ the want from Ihe •)d thi5 15 refiected in the reseryes poltcy in the finanfAal review. Page 4 Hull Univer51ty Unlon Llmlted Trust•es' Report Objectives A¢tiviti•s The objeclives of HUSU is the athancement of the ethcalion of students at the University of Hull. HUSU athieves ttms by: Promotuig the interests and ￿lfare of students atlhe ikniveNty ofFkAI thelr ofstutty and representing. supporting and athisuw Members. Being the re¢ognised repieserrtative channel between Students and the Unr¥ersty and ￿ other extemal bothes. Prowthng Cu￿￿81. 5porb"ng, socid and recreational aclivitss. opp¢vlunilie$to volunteerin the ¢ommunty and forums for disojssion and debate frrf the personal development of its Member5. Provithng Opp￿￿nIbe5 to develop fLrture employability slolls Ihrouuth employment in HUSU'S venues. This year, suryeying of men*￿$ to monitor HUSU'S prtyes5 against KPIS took place throu￿ the Aterline Sludent Life Pulse &Jryey. 1.821 students ¢ompkted the survey beiween October 2022 and June 2023 vthich provided a weath of data about the sbjdent experience. engagement *ilh and knoN¥1edge of the Students. Unton and the range of seryices and aclivibes provlled. Sludent groups- At their peak during thi5 year. a (knce of 53 spots dubs and 91 societie5 offered a diverse range of opportunitie5 for strjdents to develop their sklls. interests and so(ialise. 5126 students registered lo join a HUSU student ￿0Up or get invofved n sludent4ed or communty vrAunteering during the year, a growth in $tuderrt engagement compared ￿1th the previous year. There are some student woups and sbjdent-led volunteering projects vthich have continued to remain inactbve to the impact of the pandemic. The Student opportUnrt￿ team B rrrade LP ofstaff and thdents provides support and assistance in the sale running of a¢tivlies indudng healh and safety. reeruitment and finance Inc￿thng lundraising and developmenL s￿dent Voice and Inffluence - Elections were held ￿ March 2f23 for Ihe four President posita)ns and for the voluntary role of Ch￿r of Union Council and attracted a heallhy nunknr of siudents Int￿sted in running for a position - 37 ndividuals expressed initial interesL *thich then reduced to 17 can(*dale$ for President roles and 2 candidate5 for Chair of Coun(al. Unforlunately, a number of ¢anthdates were found lo have b￿ached Ihe election wles indu<*ng tampefing *ith other students. votes, ¢au$•)g the Retuming Officer to dedare the first voting period as nul and void and four canthdates being thswaliffied Vlith several othets Withtha￿ng frorn the process. A second ballot vms held with 697 $tydents Casting 5.093 votes and Vfds dedared fair. Thss experience prompted a review of HUSU'$ denwra¢y #i w1n￿Summer 2023 vthith wll have an impact on 2023124 and beyond. Elections for voknnteer S￿dent Ryesentati¥e5 7•Yere very popular in October 2022. hwlh a high prowtson of intemationd wgraduate laU￿t sfvdent candHlates. The &udent Voice and Influence team 1$ made up of staff and students workng to inyo4e the academic exwience for all students and lea(i$ on all democrnt"c activities of the Union induthng facibtating 1th1c￿ Coun¢il ¥nd provii*w ￿p￿t and training and assistance n the electbons and by4ections and referenthm a¢bvity. The Advice Centre has maintained its extended opening hwrs of 1 Oam-Spm throughtxrt the year and offers pr&bookable appointments to sbjdents neethng advice on a ￿ryde range of topics induthng housing, finance, academic appeab and benefits. 1414 skndents were supwted through the service. vknich is broadty in line with the previous years, 5er¥i¢e leve￿. PthBors have also supported sludents to access an addilional £382,551 over the past year throu&th a range of sources induding beneffts, grants and bursaries. This is an inc*ease of 58.6% on the fLnds unlocked fcff skndents through theAtt4ice Centre in 2021-22. Catemg outtets. Licenced Prenyses ¥td Events- HUSU has 2 licenced premi5es.' Sancbjary bar andAsylum night club. Both venues operate as JD Wethetsptson ouvets under a fran(*ise agreement. Sanduary bar is the main Student union bar vthith provide5 the fijl Wether5poon exwience, inctuolng extensive food menu daily (8am - 11pm), I￿￿tOmer food and thnk app and their famous dub deals including ¢urry dub, steak club and fish Fridays. Sanctuary bar a150 has & TNT Sport, darts and pool tables and a large outdoor beer garden for CLFStomers to use c￿b and fth Fridays. Sancknary bar also has SKY & TNT Sport. darts and pool tables and a large cmjtdoor beer garden for Customers to use. Page 5 Hull University Union Limited Trust•es' Report Asylum night club hosts the ￿ty'S largest student nght TOV￿r. every Wednesday and has regular live events and entertainment acts al other limes throughout the year. The venue also holds weekly quE and karaoke events for students. during tem time and B￿0 Bingo once a week throughout the year. The venues are also used to host large scale student events including Freshers in September end of year ￿lebratIonS at the end of May. Shop- HUSU OFwate a full ConVen￿nce store wmFlete blith bakery under a wrchase only ajreement Ythh SPAR. The store also includes a University of Hull clothing range and full stationery offer. FINANCIAL REVIEW Summary of the Year There has been an overall positive nel movement in funds of £1k ¢ompared to a negative movement of £526k in 2022. Total Ir￿ome for the year was £6.45m compared to £5.29m in 2022. The Universty subvention was £1.47m compared to £1.4m in 2022. Our cx)mmercial operation hJJ a very successful year with sales at £4.62m Compared to £3.53m in 2022. Total exFwNJilure was £6.41m c£rfnP￿￿￿ to £5.84m in 2022. The Trustees have recc¥gnised a requirement lo hc+J free reserwes as a conliThJency to protect the day lo day and short-lem financBI Stat￿lty of the organisation. This may cKcur rf there is a one off or series of events that threatens our key incOff￿ sources. The Fo1￿y, revithved in July 2023. is to hokl £1.2m of free resetves to meet 6 months of oFerating cA)sts of the group to recover. alkny the ￿ganiSation to manage the impact of a reduction in income and pul plans in F4xe to ensure that financial sustainatx.lity is maintained. Annually, the Tr¥Jstees will assess the need to desKJnate some of the free reserves to invest in projects to deliver the strategic plan. The reserves position as at 31st July 2023 ￿ £2.07m of £574k is allocated to tangible fi'xed assets leawng £1.49m of free reserves. Invèstrnent poli¢y and obie¢tives The Chief Executive is authorised to make shc*t and medium-lemi lnvestrr￿ts, consistent with the objectives of the Union stated above. Long temi investments are to be m&Je on the adv￿ of a man￿er who is regulated under the terms of the Finartial Semces Act 1986. The Trustees are resFonsible for appointing a Manager. Any deosions by Trustees lo invest tre centred on the inleresls of HUSU ancl noi of the Trustees. Twstee$ may not exelude, to the finarrial detriment of HUSU. a partKular range or class of investments in order to give effe¢t to some moral. polit]'cal. social. envircmmental or ethical bdief held by the Trustees but not directly ￿lated to the interests of the Union. Plans for future periods Over the next 12 months, the Board of Trustees will le￿ on the developrnent of a revised strategy taking HUU to 2030, which will be launched at the start of 2024-25 Academic year. Over the course of the next 12 months HUU will also ¢o-¢reate and deh.ver several schemes with students aimed at improving sludenl enpjement, and dern￿raCy. The ongoing Presh*nl reform work wll te taken through a series of WOTkshops, Union Council and ultimately the Board to agree any changes to the team fomial. In the student opportunities space. there will Èe a keen focus on increasirKJ the number of Academic *tiet￿5 and transforming the student-led Athletic Union. Page 6 Hull University Union Limited Trustees. Report Vlslon By 2025. we wanl to be a sector-leading Students. Union in trt)th academic nOn-¥adeM￿ representatton for our memters. We wll have a fiexible and ajaptable offer. creates high kvels of sustained partiapation across our student communily. Values The values under￿n the vision and are a demonstration ofthe curture arKI approach w￿ strive for at the Unk￿. These were refrest*d in cOnsUtstK￿ V4ith staff and students during the 2019-20 ac*mic year. Inclusive.. We actively supp)rt Equaity and Di¥wsity. ￿ aw our services to refle¢t n￿et the ev0￿1ng needs of our memtrers. Innovative.. We I￿k to the future. seekKu new cwytunrtEs, wlkL*)rations arNJ patnerships.. we are imaginative. creatwe and prcy3ressive. Positive.. We continualty to improve your Unl￿. are confident. OFlimisk aThJ solulK•n focused. Fun.. We focus on makn'ng your time at Unlvw￿ty as enjoyable as Frf)ssible. SupwiNe'. We IL8ten, look out for ycur test interests JKI make sure your voice is heard. There are four Key Objectives that ryeate C(￿n￿￿one5 of the strategy. ihese are.. Being sustainable and secure. that Students know who we are, ￿al we do and trust us. that we are effeelive al making change and are krrfjwn as change makers and finally that are part of the student, Unwersity and City communit￿$. During the cknming yea, the Students. Union wll foujs raisirrfJ student er￿a￿ement xross all ofthe Student Union activrties, making our Serv￿ mc¥e wsible and accessible lo members. We have sen improvements to our social space and our commercial areas during prior lo the end of the last financial year these will be completed by mid-November 2022. A key f￿uS will be to ensure these spxes are well utilised and meet the needs of our members. Our President of Union Devebpment is focused on ensuriNJ have a fcbusl mental health support plan in place. using the Student Minds SU mentsl health Framev•orl(. The Union i8 also vthing wth Ihe University of Hull as they progress towards achieving the Mental Health C￿er. Page 7 Hull University Union Limited Trustees, Report Statement of trustees. responsibilities The trustees Iwho are also the directots of Hull Universrty Union Limited for the purposes of company law) are reSponsi￿e for preparing the trustees. reFM)rt WKI the finartral statements in accordan￿ wlh applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Pr￿.￿),. including FRS 102 'The Financk41 Repsb"ro Startrjard applicable in the UK and ReputAic of Ireland.. Company law requires the trustees to Prepa￿ financial statements for e￿ financ￿1 year. Under company law the trustees must not approve the finanryal ststements unless they are satisfied that they give a true and fair v￿W of the state of affairs of the parent chantable company and the group and of the incoming resources and applicatKJn of ￿our￿$, induding its income and expendrture, of the charrtable group f￿ that peri¢)d. In preparing these financrdl statements. the trustees are ￿Uired to." select suitable accounting poI￿leS and apply them consi$tently; observe the methods * pnwples in the Charities SORP". make judgeffEnt$ and estimates that are reasonable aThJ Kwu￿( state whether appliCaL￿e ￿UntIng st￿dards. comwising FRS 102 have been frAkxed, subj'ect to any material departures disck)sed and eX￿ained in the financial statements.. and prepare the financial statements on the gc4ng c{￿￿n basi5 unless rt is inappropriate to presume that the parent charitable company will continue in business. The trustees are resFonsible for keepng proFer *￿ftting records that can discbse Imth reasonable accuracy al any tirrE the finanaal p05ib.on of the pa￿nt Charitable company and the group and enable them to ensure that the financial staternents comply the Companies Act 2CL)6. They are also resFonsible for safeguarding the assets of the parent Charitab￿ cxxnpany and the group and hence for taking reasonable steps fLY the preventiL￿ arKI deteCtIc￿ of fraud and olher IrregularitEs. The Iruslees are reswnsitrAe for the rnaintenan￿ and Integrity of the cL)rwrate and financial infomalion included on the charrtabk company's websrte. LegiSlat￿n governing the preparation and dissemination of firtancial statements may dfftr from legO￿lOn in otherjurisd￿t1Ons. Disclosure of informat￿￿ to auditor Each trustee has taken steps that they ought lo have taken as a trustee in order to make themselves aware of any rdevant audit information and lo estsUish that the charity's aud((or is aware ￿ that information. The trustees confirn that there relevant inforM*￿n that they know of and of which they know the auditor is unaware. The annual report was approved by ihe Iruslees of the charity C￿ 30 November 2023 signed on rts behatf by.. s.webb Chair and Trustee am de President ol Unth DeVelopn￿t and Trustee Page 8 Report of the Independent Auditors to the Members of Hull University Union Limited Oplnlon We have audite¢J the finanaal statements of Hull Universrty Union Limf(ed {the 'charilable parent company'l and ils subsidiaries (the 'grwp'i for the year ended 31 Juty 2023, ￿th￿h comprise the and , including a summary of s￿nIficant accounlirKJ px)liaes. The financial rewrtirNJ framebth that has been applied in Iheir preparatKJn is United KingdomAccounting Standards. comprising Chartties SORP- FRS 102'The Financial Reporkn"ng Stsndard appltsble in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting praCt￿e). In our oynion the financial statements". give a true and fair vthy of the slate of the group's and parent chanty's affairs as al 31 July 2023 and of its incoming resources and apF4icab"on of reS￿r￿. induding its income and expeThJiture. for the year then ended., have ￿en propedy prepared in aCCc￿dance with United King¢kni Generally Accepted Accounting Practice,. and have been prep¥ed in *¢¢￿darKe vthh the requirements of the COM￿n*$ Ad 2CI6. Basis for opinion We conducted our audit in accordance InleMat￿)naI Standards on Auditing {UKI IISAS IUKI) and applicable law. Our responsibilrties under those stsndards are further descrited In the auditor respxjnsibilities for the audit of the finanaal statements section of our report. We are independent of the group in accordan￿ wth the eth￿1 requi￿rnents that a￿ relevant to audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have futh'lled our other ethical resFrf)nsibilities in accordance wth these requirements. We beI￿ve that the audit eVIde￿e we have obtained is sufficwit and approwale to pyovide a basis for opinion. Conclusions relating to going concern In auditing the finar￿la1 statenEnts. we have Concl￿ that the trustees ofthe goirvJ concem basis of accounting in the p￿paration of the finanual Stat￿￿nIS is 4)propriate. Based on the work w￿ have perfomEd. have not KlenlifEd any material uncert&nts"es relating to events or conditions that, individually (x collecttvely. rnay ￿$t signifrant thbt on the group's a￿lIty to continue as a g￿ng ¢onorn f(x a per￿1 of at least mnths from s*hen the original financial statements were authorised for issue. Our resFonsibilities and the reS￿￿sibilItieS of the Irustees Y￿h respect to goirvJ concem are described in the relevant sections of this reFXYt. Other information The trustees are responSi￿e for the other infomab"on. The other inf¢)rmath)n comprises the information included in the annual rewrt, other Ihan the finarKial statements and our audrtorfs report Ihereon. Our opinion on the financial statements does not cover the other InformalK￿ and, except to the extent otherwise explicitly stated in our report. not express any f¢ym of assurance conclusion Ihereon. In connection with our audrt of the financial statements. our res￿nSi￿.1fy i8 lo lead the other infomiation and. in doing so. C￿nSHIer whether the cther inf0m￿tIOn is materially inconsistent with the financial slalements or our kn￿edge obtained in the audrt or othewse appears lo be materially misstated. If we Klenlify such material incongstencies or apparent material misstatements, we are required to detemiine fftther there is a material misstatement in the financial st*ements or a material misstalerrEnl of the other inf(KmatK)n. If. based on Ihework ￿￿ have perforned, we concI￿le that the is a material misstatement of this other Infornab"c￿, are required to report that fact. We have ￿thIng to report in th￿ regard. Report of the Independent Auditors to the Members of Hull University Union Limited Oplnlon on other fflatte￿ pr￿Cribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of Ihe audrt.. the information given in the and for the financial year for ￿lch the financial statements a￿ prepafed is consistent with the finarKial statenwts," aTr the and have been wepared in a¢¢lydan￿ with appluble legal requirements. Mattets on *thlch we are requlred to report by exceptlon In the light of our kn￿edge and understanding of the group and the parent ehartlable company and ils environment obtained in the ¢(￿rse of the audrt. have not K1entffj￿d material misstatements in the Report of the Trustees. We have nothing to rep)rt in respect of the folth￿ry matters where the Companies Act 20C6 requires us lo report to you rf. in our opinion.. adequate accounlirKJ r￿ordS have ￿t been kept by the pwt Charitab￿ company. or returns adequate for our audit have r￿1 been re¢￿Ved from branches Mt visFted by us." or the financial slatements are not in ￿reernent ￿1h the ¥¢ounbng records and returns. certain disclosures of trust￿ remuneration specified by are not made,. or we have not retsived all the infonnatK)n and exptanations Y￿ require fcY our audiL Responsibilities of tntstees As explained more fully in the Statement of Trustees ResFK)nsibilities. the trustees {wl)o are also the directofs of the charitable company for the purpxes of Company lawl are responsible for the preparation of the financk31 statements and for being satisfied thal they give a true and fair view, and for such internal control as the trustees determine is rrtessary to enable the preparation of finanoal statements that are free from material misstaterrEn( ￿1)ether due lo fraud or error. In prepanng the financial statements. the trustees ￿e resK￿sIble for assessing the charitable cnmpany's abilrty to continue as a going COn￿rn. disdosing. as applicable. matters related to going ¢em and using the going concem basis of accounting unless the trustees either intend to liquidate the Charitable Company or to eease 0￿rat￿n5, or have no realistic altemative but to do so. Auditor responsibilitles for the audit of the financial $L￿eMents Our objectives are lo obtain reas￿3b￿ assuran￿ about vthether the ffinancial stalements as a who are free from material misststemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance B a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll aws detect a material misstatement when rt exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the econom￿ decisions of users taken on the basis of these financial staterrents. The extent to whith our prrxedures are Capab￿ of detects.ng I￿egu1arrtieS. irKluding fraud is detailed telow.. Irregularilies, including fraud, are instances of non-comFAiance with lawE and regulatKMS. We design procedures in line wth our resFrfMSi￿'l1ties. ¢￿thined above. to detect mater￿1 misstatements in respect of irregularities, inclLKling fraud. Page 10 Report of the Independent Auditors to the Members of Hull University Union Limited Audltor responsibilities for the audit of the flnaneial sLthments (continued) Our approach to identifying artd assessing the risks of material misstatement in respect of irregularities, including fraud and non-¢omplonce wrth lavts and regUlat￿nS, was frrused on specifi¢ laws and regulations which we considered may have a direct material effect on the charty only and consolidated financial statements or the operations of the charitatje company and the group, including the CompanEs Act 20Qb, the charit￿ Act 2011. data protect￿n, anti-briLw. empbymenl and health and safety legislation. An understanding of these kws and regulations and the extent of o)mpliance was obtained through di￿US￿on wth management and In$￿tIng legal and regulatory correspondence. We assessed the susceptib.llty of the thantable comFkiny's aThJ consolidat&Y financlal statements to material misstatement, induding obtaining an understanding of how fraud might C￿CUr. by making enquiries of management and consKlering the intemal contrds in plxe to mits'gate risks of fraud arKI non-compliance ￿th laws and regulations. To address the risk of fraud through management bias and override of contro15. we Ferfomied analytical prcreduw to identify any unusual or unex￿ted relationships", tested ioumal entries lo identify unusual Irdnsactions,. assessed whether judgements and aWmpl￿n5 made in delemiiniThJ the accounting eslimales were indicative of wtential tsas." and investsgated the rath)nale behind significant N unusual transactions. In response to the risk of irregularities and rK)n-compfiarKe laws regulations. V+e designed pr￿edureS %thich included. but were not limited to agreeing chanty only and consolidated financial statement disclosures to underfying supports.ng drxumentation." fe*lirYJ the minutes of meetsngs of those charged with gOverna￿e,. enquiring of management as lo Xtual aThJ potential litigation and claims., and revithMng corresFoTh*nce with HMRC. reknnt regufators and the thwilable company's legal advisors. Due to the inherent limitations of an audil, there is a risk that we ￿11 not detect all irreguLarit￿S, including those leading to a material misstaternent in the financial State￿nts or non-complian￿ with regulation. This risk increases the more that Compl￿n￿ V￿th a law or regulation is removed from the events aThJ transactions reflected in the financial statements, as we wll be less likely to become aware of instances of non-eompliance. Auditing standards also limil the audrt pr(Kedures required to idenbfy non- complia￿e wrth laws and regulations to enquiry of the directors and other managerr¢nt and the inspection of regulatory and *al correspM)ndence. if ￿y. The risk is also greater regarding irregularities ¢xcurring due to fraud ratr£r than error, as fraud involves intentional Con￿alment. forgery, collusion. omissKJn, or misrepfesentation. A further description of Our res￿￿￿SibilitieS for the audit of ￿ finanryal statements 1$ b¢ated on the Financial Reporting Council's websrte at ww.frc org.ukJaudrtorsresFrJnsibilities. This description fomis part of our Re￿rt of the IndeFendent A￿l￿orS Page 11 Report of the Independent Auditors to the MemberJ of Hull University Union Limited Use of our report This rerrt)rt is made solely to the charilat4e company's mernters, as a b¢)Jy, in accordance ￿th Chapter 3 of Part 16 of the C(mpanies Act 2G￿. Our a￿Jrt has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors. report and for no other wrFM)se. To the fvllest extent Pe￿rtte￿ by Lffiv. we do not ac￿p1 or assume resFonsibility to anyone other than the charitable company and the chantal)le company's members as a bc#Jy, for our audrt wtyk. ts thi$ report c* for the opinions we have formed. Luke Taylor 8Sc.. ACA {Senior Stalulory Auditor) for and on behalf of Smalles Goldie Group Regent's Court Princess Street Hull East Yorkshi HU2 8BA Page 12 Hull University Union Limited Consolldated Statement of Flnancial Activities for the Year Ended 31 July 2023 Ilncluding Consolidated Income and Expenditure Account and Statement of Tolal Recognised Gains and Losses) Unreslrfcted Unvestri¢t¢d fixed asset funds funds Totsl 2023 T¢)tsl 2022 Nolo Income and Endowmenls from: Donat￿n$ artsj legacies Charitable activities Other trading activrties Investment inccthe Other income 1,484,993 300.C(J2 4.617,928 49.775 1.484.993 300,002 4.617.928 49.775 1.428.349 250,743 3.533.470 32,722 39.232 Total income 5284 516 Expendithre on: Raising funds Charitable activities 14.175.519) 2 076 667 (4.175.519) 2.235.692 (3.340.637) 159,025 Totsl eX￿nditUre Gainsllosses on investment assets Net ino)meJ{expenditurel Transfers tetsveen fvjnds Net movement in funds 16.252.186) (159.025> (6.411.211) 15,834.5811 180.218 1159.0251 1.193 {525,8371 {*5.389) 3e6.582 1,193 {525,8371 Reconciliation of funds Total fund5 brought forward Total funds carried foTh¥ard 21 1 859 400 2 592 724 1494.011 574.070 2.068 081 2,066 887 All of the group's aCtNIt￿ derive fr(Kn continuiry 0￿rationS during the atove perichts. The funds breakdthvn for 2022 is shown in note 21. Page 13 Hull University Union Limited {Registration number: 08475916) Consolidated Balance Sheet as at 31 July 2023 2023 2022 Fixed assets Tangible assets Investments 13 574,070 1325 759 1899 829 207,488 14 1 510 068 Current assets Stocks Debtors Cash at bank and in hand 15 16 115,621 69,024 866,265 1.050,910 99,138 59,992 1 342 390 1.501,520 Creditor&: Amounts falling due within one year Net current ass* 17 456 720 609 596 Total assets less Currgnt liabilitie8 2.509.425 2,554.868 Provisions Net assets 19 441 346 487.981 2.C66.887 2.C68,079 Funds of thegroup: Unrestrbcted income funds Unrestricted Fixed Asset Funds General Funds Total funds 574.070 207,488 1 859 399 21 2,068,079 The financial statements on pages 11 to 32 V•ere appr(wed by the trustees. aThJ authorised for issue on 30 November 2023 and S￿ned on tr￿lf behalf by". s.webb Chair and tnjslee el President of Union Devew￿l and Trustee The notes on pages 16 to 33 form an integral part of these financial statements. Page 14 Hull University Union L•mited {Registration number: 08475916) Balance Sheet as at 31 July 2023 2023 2022 Flxed assets Tangible assets Inve$tmenl$ 13 574.070 1,325,761 1 899 831 207.488 1302 582 1510 070 Current assets Debtors Cash at bank and in hand 16 97,122 ,225 1 114,907 1,211,132 637,294 Creditor8: A TrK•unts lalling due within one year Net current assets 17 Total assets1os$ curvMt liabililies 2,407,055 2,570,393 Provisions Net assets 19 320 049 362 SC 2 207 887 Funds of Ihe charity: Unrestricted income funds Unrestricted Fixed A55et Funds General Funds 574.070 1,512.936 207.488 2 OCQ 399 Total unrestricted funds Total funds 2 207 887 21 2,087.C#J6 2 207.887 The financial statements on w3e5 8 to 29 approved by the trustees. and authorised for issue on 30 Novemter 2023 and $￿fted ￿ their behatf by: s.webb Chair and trustee ide PresKlent of Un*Jn Devebpmenl and Trustee The notes on pa9￿ 16 to 33 an integral part of ttEse firk2n¢ial statements. P￿e 15 Hull University Union Limited Consolidated Ststement of Cash Flows for the Year Ended 31 July 2023 2023 2022 Cash flows from operating activilies Net cash expendilure (48,582) 1558.5591 Adjustments to cash flo￿ from non-cash items Depreciation Loss on disposal of tawble fixed assets Movement on listed investments 150.938 93,827 232.122 79.177 1228,2891 Wort(ing ¢apital adjustments Increase in slccks Increase in debtors (De¢￿ase￿in¢rease in Creditors Ilncreaselldeerease in retirement tenefft Obligat￿ net of a¢tuarBI changes Net cash flows from operatin9 activit 15 16 17 (16.483) 19,032} (15.407} 17,0251 {31,6401 68.898 20 46 635 327 470 129,414 Cash flows from Investlng activitles Interest re￿Ived Acquisitions of tangible assets Pr￿eedS frcffi sak of investmenls Dividend income 8,590 {517,5201 690 1201,2301 15,670 32 032 Net cash flobwJ from investirKJ &tivities Net decrease in cash and cash equivalents 152 838 (476,1251 {23,4241 Cash and cash equivalents at 1 August Cash and cash eq¢￿alentS at 31 July 1 342 390 1365 814 866 265 1342,390 All of the cash flows ￿e derived frorn ¢￿tInuIng (werathjns during the atove peric*Js. Reconciliation ol net movgment in funds to net cash flow from opernting activities 2023 2022 Net nxwernent in funds per eC*￿￿1dated sLileM￿ of f1w￿la1 activity Income from r￿ed assel investffenl$ Interest reCeiVa￿e (1.1931 41.185 525.837 32,032 690 Cash flo￿ from operating actlvitles 48.582 558 559 The notes on py 16 to 33 fomi an integral part of these finartial statements. Page 16 Hull University Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 1 Charity status The charity is limited by guarantee, incorFrfnled in ETh)knd. and consequently does not have sha capital. Each of the trustees is liable to contribute an ¥nount not exceedirrfj £1 towards the assels of the charity in the event of I￿Ulda110n. The prI￿1paI actmty of the chartsble company is trj provide sUp￿rt and entertainment to the students of Hull Universty. tharitat4e company operates from if5 registered offiee. The ￿dresS of its registered office ts.. Sludenl Central Cottingham Road Hull HU6 7RX These financial statement5 have been presented in Pound Sterfing as this is the currency of the primary economic environment in which the company operates. 2 Accounting policies Summary of sSgnlfi¢ant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these fIna￿SaI statements are set out below. These policies have been consistenty appl￿d to all the years presented. unles5 Otherwise slated. Statement of comp14anee The financial statements have been prepared in ￿)rdar￿e vhth Accounting and Reporting by Chanties". Stslement of Recommended Pfxtice {a￿Alcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicatrAe in the UK and Republic of IreL4nd (FRS 1021) (issued in Octoter 2019) - (Charilies SORP IFRS 10211. the Finarrial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 arnl the Compan*s Act 20L%. Basis of preparatlon Hull Universty Union Limtted n￿et$ the definthon of a public benefft entty under FRS 102. Assets and liabilities are inf(ially recognised al hislorical cost or transaction value unless otherwise sL*ed in the relevant accounting policy notes. Basis of consolidalion The consolidated financial statements consolKlate tre fin￿claI ststawits of the charity and its subsidory undertakings drawn up to 31 Juty 2023. No statement of financial aclmties is presented the chanty as pemiitted by section 408 of the Companies Act 2CQ6. P4e 17 Hull University Unlon Limited Notes to the Financial Statements for the Year Ended 31 July 2023 Going ¢on¢em The trustees leel that the charrtable company is well pl&ed to negotiate the unique set of Lxtrndilions currently facing the UK economy and has r￿Vered well since the reStr￿tIonS from the pandemic were fully lifted. The charits￿e company'$ current level of cash and investments is in a gDJd po$rt￿n and they could be liquid￿ed shoukl it be necessary. In addition to this, given the strong net asset posrtron, cash balance and (a)nfirmed subvention for the year ended 31 July 2024. the trustees ccffisider il reasonatAe that the charitable company wll be able to pay its debts and known committed Costs as they fal due for al least 12 Ir￿th9 from the date of approval of these finan¢ial statements. After Considerat￿ of all f￿orS. the trustees o)ntinue lo ajept the gC4ng cOn￿M basis in preparing the financial statements. Income All income is recognised once the chanty has entitlement lo the i￿Ome, it is probab￿ that the incorne 11 be received and the amount of the inccrfne recei￿a￿le can te w￿aSured rdiably. Voluntary Incon Voluntary income is reCeI￿d by ifdy of grants, dOnatiL￿s aThJ gifts ￿ is includ&J in full in ihe SOFA when rec*vable. Grants rnceivable Grants are recognised when the group has an entidement to the funds and any condit￿nS linked lo t￿￿ grant5 have b*n met. ￿ere perf0rrnan￿ condrtions are attached to the grant and are yet lo be met. the income is reccgnised as a liability and included on the baLqnce sheet as deferred income to tr released. Where entideffent txcurs before income is ￿￿e1ved. the income is accrued. Investrnent income Investment is recognised when re¢eNable. InconR from chaiitable &tiviliès Incoming resources frc#n charital￿e tradir¥J &tivilies are accounted for vrt)en earned. Incon￿ fmm subsithary AdministratThi ¢harge$, b￿ng rental inc(The from H.U.U SeThw Limrted, are rec<>Jnised when they are due. Gift Aid income from H.U.U SeN¢es Limtted is recoJnised annually when the calcula1K￿ has been p%rfonned. Page 18 Hull University Union Limited Notes to th• Financial Statements for the Year Ended 31 July 2023 Expendilure All exFendilure is reccgnised once there is a legal or constructNe obligaticm to that exFenditwe, it 15 probable settlement ts required and the amount can be measured reliably. INhere costs cannot directly attribuled to particular headings they have been althaled to adivities on a basis consistent with the use of res(MJrces. Fundratsing costs are those incurred in seeking voluntary contrtbulions and do not include the wsts of disseminating informatKJn in support of the charitatje aciiwties. Govemance costs are those incurred in connection wrth administration of the charitable company and compliance with constitutional and slatulory requirements. Raislng funds Cost$ of generating funds we costs incurred in attrxtr"r¥J voluntary irKome and those ir￿U[red in tradirvJ activities th* raise funds. Expenditure on raising funds includes all expenditure Ir￿Tred by the group to ra15e fvnds for rts ¢haritable purpose$ and incI￿je5 costs of all fundrasing actmtps. events arKI nonn fr(Kn the group during the year. other than the internal trustees disch)sed in the Staff cosls note below. No trustees have received reimbursed expenses from the ¢tsi"ty during the year. Pa9e 25 Hull University Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 12 Slaff costs The aggregate payrdl costs vftre as folbAts: 2023 2022 Staff costs during the year were: Wages and salanes National insurance Pension wnlributions 2,466.630 135,409 75 302 2,677.341 2.035.720 169,370 446,694 2 651.784 The rrK)nlhly average nurnter of per$C¥￿ li￿1u￿ng senior management I leadership team) employed by the group during the year expres*1 as full til￿ equivalents was as foHows.' 2023 No 2022 No Charitable activities Cost of generating funds Management and administral*?n of the union 19 17 47 17 81 14 87 The number of employees bthose emoluments fell *ithin the folky*ing bands vRs.' 2023 2022 No £70,001- £80.C410 The total employ* beneffts of ihe key rnanageTr￿nt Per%￿ne1 of the group were £349.550 12022 - £307,9001 Studont offi¢ern remuneration 2023 2022 P Igi-Ehon H Arslan O FadiFe M S Habeeb C Fenton R l Bamidele L-K Rockett E Aneimeka H Burton P Basliani S Dohety E Leonard 21,468 20,534 14,346 12,379 1.278 1,278 1.278 1.278 20.262 2.767 2.767 1.495 13.416 18.552 18,552 13.426 73,839 The Inlemal Trustees we remunerated in ￿{¥darKe with a pay scale used by HUU to pay its employees. The amount is not related to the resF4jn￿bIlitieS of the roles. as it is for other staff memtrm, but merely to reimburse them for ¢ost of Imng expenses, as they are precluded from other full time work during their period of office. They undertake full time. full year executive management a¢tiwties. Authority payment is by HUU Constitution. Page 26 Hull University Union Limited Notes to the Financial Statements for th• Year Ended 31 July 2023 13 Tangible fixed assets Group Land and buildings Furniture and equipment Total Cost At 1 August 2022 Addibon$ 3.148.553 679.821 3.828.374 517 520 At 31 July 2023 3.596 073 749.821 4.345.894 D•prn¢iation At 1 August 2022 Charge for the year 3.148.553 55,940 472.333 3.620,886 At 31 July 2023 3.204 493 3 771824 Net book value At 31 July 2023 391,580 182490 574 070 At 31 July 2022 207.488 Charity Land and buildirys Furniture and equlpment Total Al 1 August 2022 Additions 3.148.553 447.520 679,821 3,828,374 517520 At 31 July 2023 3.5￿.073 749 821 Depreciation At 1 August 2022 Charge for the year 3.148.553 472,333 3.620,886 150938 At 31 July 2023 3.204.493 567,331 3 771824 Net book value At 31 Juty 2023 391.580 574 070 At 31 Juty 2022 207.488 207,488 Page 27 Hull University Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 14 Flxed ￿et investments Group and Charity Listed investments Total Other Inveslments Cost or Valuation Al 1 August 2022 Revaluation Additions Disposals 1.302,582 (17.2101 267,669 1.302,582 117,210} 267.669 227 282 At 31 Juty 2023 1 325,759 1,325,759 Net book value At 31 July 2023 1,325.759 1.325.759 Al 31 July 2022 1302.582 1.302.582 Analysts of investments.. 2023 Analysls of Investments UK Equities and Unit Trusts Global Equities and Unit Trusts UK Government Bonds International Bonds Multi Asset Funds Other 222,886 574.255 150.565 74,023 44,820 259.210 1 325 759 2023 Inveslments exceeding S% of market value of portfollo: Vanguard S&P S(JJ UCITS ETF Schrc of Hull University Union kn"mited. The profit for the financial of H.U.U. Services Limited was £122,072 {2022 - £157.44711 and the aggiegate amount of capf(al and reserves at the ￿ of the was £(18,923) {2(r22 - £{140,99511 15 Stock Group Charlty 2023 2022 2023 2022 Sloths 115,621 Group The cost of stock recognised as an expense in the year arTh)unted to £2.443,6￿l2022 - £1,7g9,218). Page 29 Hull Univernity Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 16 Dobtorn Grnup Charfty 2023 2022 2023 2022 Trade debtors Prepayments Accrued income VAT recOVera￿e Other debtors 43.445 14.950 15.521 24.464 10,384 6.399 3,224 59.992 86.570 76.219 10,384 6.399 5.120 5.120 5.432 97,122 69.024 96,225 17 Credltov8: amounts lalllng due wthln ¢)ne year Group Charlty 2023 2022 2023 2022 Trade creditors Other taxation and sctial security Other creditors Accruals 93.244 115.Crf)5 12.493 47,986 150.481 619 196.970 172.185 15.970 22,685 542 20.859 5.125 76.839 456.720 130070 18 Obligations under leases and hirn PU￿hase contracts The total value of fijlure minimum lease payments was as folkms". Group Charity 2023 2022 2023 2022 Within one year In to five years In over five years 202.oc 808.0 471.333 1 481 333 202,000 808,LN)O 673 333 1683,333 202,C￿0 808,￿0 471,333 1 481 333 202,OIXI 808,O¢XI 673,333 1683 333 Page 30 Hull University Union Limited Notes to the Financlal Statsments for the Year Ended 31 July 2023 19 Provisions Group Pension contributions provision Total At 1 August 2022 Ulilised during the 487,981 46.635 487,981 At 31 July 2023 441.346 441,346 Charlty Pension contributions provision Total Al 1 August 2022 Ulilised during the period 362.51 362,506 Ai 31 July 2023 320.049 The key assumpb'ons in ￿k￿lating thk8 promsion include a di￿Unt rale of 3.4% and an estim*ed cost of living increase of 5%. 20 Pension and other schemes The latest availatrAe full actuarial valuation of the ￿heme Wds at 31 MaTch 2017 (the valuation datel, which was carried out using the projected cost method. Since the instituticfi cannot identrfy ts share of scheme assets l￿1¥.1￿"es, the follcTr*ing disclosures ref￿1 those relevant for the scheme as a The 2017 valuation was the third valuatk)n for USS under the scheme spe¢ift funding regime introduced by the Pension5 Act 2004. whth requires schemes to adopl a stalutory funding objKtive, whith is lo have sufficient and appropnate assets to cover their techn￿al provisions. At the valuation date. the Wdlue of the asset5 ￿ the scheme ￿as £60.0 ￿'1110n and the value of the scheme's technical provis￿)nS was £67.5 billion induting a Short￿11 of £7.5 bill￿. Defined benefrt liability numters for the scheme have been prcrfj￿ed usitVJ the fC4kW￿rrfJ assumptions.. 2023 2022 Discount Rate 2.5% 2.5° Pension salary growth Pension increases (CPI) nla 1.5% 1.5% Pa3e 31 Hull University Union Limited Notes to the Financial Ststements for the Year Ended 31 July 2023 20 Pension and other schemes {conlinued) The main dem(>Jraphic assumption used related to the mortality assumplwjns. These assumptions have been upjated for the 31 March 2023 accounting F4)srtion, based on upjaled analysis of the Scheme's experience carried (*Jt as part (rf the 2017 ￿tUana1 valuation. Mortality in retirement is assu￿1 to be in wth the Contin￿1￿ Mortality Invest￿allonS {CMII SI NA tables as folkyws: ortallty base la>le Pre-Retirement". 2023. 710fi of AMCCO Idurat*Jn 01 for males and 112% of AFCOO (duration 01 for females. 2022: 71% of AMCOO {dufatM)n 01 for males arKI 112% of AFCOO (duration 01 f￿ females. Post-Retirement'. 2023.. 97.61>A of SAPS S1 NMA'l•3hl' for males and 102 7% of RFv￿ for ferna￿. 2022.. 97.61>k of SAPS S1 NMA'luhl' for males and 102.7% of RFVCQ for females. Future improvemgnts to rnortality 2023. CMI 2017 Ythh a smcKJthing parameter of 8.5 and a Icry tenn improvement rate of 1.8% pa for males and 1.6% pa for females. 2022". CMI_2017 V￿th a smwlhing parameter of 8.5 w)d a term improvement rate of 1.80A pa for males and 1.6% pa for females. 2023 2022 Males currently aged 65 {yearsl Femaies currently aged 65 (years) Males currently aged 45 {ye¥s} Females eurrently aged 45 (ye*s) 24.4 24.4 25.9 25.9 27.7 27.7 2023 2022 Scheme assets £63.7bn £63 7bn Total sche￿* l￿bIlItIeS £67.3bn £67.3bn FRS102 lolal xheme dtht £3.6t £3 6bn FRS102 tota funding level 95% 95Y. Page 32 Hull University Union Limited Notes to the Financial Statements for the Year Ended 31 July 2023 21 Funds Group Balance at 1 Incomlng Re8ourt¢s recognised Balance at 31 August 2022 resourceJ expend•d Trangfwg gainsl{10s8e8) July 2023 Unrestricted fvnds General 1,859,4 6,453,660 (6.252.186) (525.607) (41,2￿) 1,494,011 Unrestricted fixed asset nds Total funds 159,025 6411211 574 070 2 Cfi6 888 6 453.660 Other recognlsed Balance at 31 Transfern gainsl(105sesl July 2022 Balance at 1 Incoming Resources August 2021 resources expended Unrestricted fvnds General 2,244,843 5.284.516 (5.508.632) (185,556) 24,228 1.859.399 Unrestricted fixed asset funds Total funds 347 881 2,592 724 5 244 473 24 228 Page 33 Hull University Union Limited Notes to the Financial Ststements for the Year Ended 31 July 2023 22 Analysis of net assets belween lunds Group Totsl funds at 31 July Unrestrlcted Unrestricted fixed assel fund¥ funds 2023 Tangible fixed assets Fixed asset investrnents Current assets Current I1a￿.11t1eS Provisions 574.070 574,070 1,325,759 1,050,910 {441,3141 1.325.759 1.050,910 (441.314) Total nel assets 574 070 2,IX8 079 Total funds at 31 July Unrestrictod Unrestricted fixed a5S¢t funds funds 2022 Tangibk fixed assets Fued asset investments Cu￿ent assets Cufrenl liabilrties PrO￿510n5 207.488 207,488 1,302,580 1,501,520 {456,7201 487 981 1.302.580 1.501.520 1456.7201 487.981 Total net assets 1 859,399 207.488 2 C66 887 23 Related party trangactions Group During the year the group made the folhm.ng related party transadions: UnSversity of Hull There are a number Oft￿sactIOnS bel￿￿ HUU and The University of Hull to enable HUU to continue to achieve its objectives and provision of sUp￿rt. The folbmng transactions (￿cUrred during the year.. Income.. Subvention grant £1,471,924 {2022'. £1.4LM).IXiI}. Sales £48,955 (2022. £28,626) Expenses.. Rent £202,00012022'. £202.0001. Purchases £295,49812022.. £1,230) At the balan¢e sheet date the ￿ount due to the University of Hull was £2.13812022'. £13,849). Al the balance sheet dale the ￿OUnt due from Univer* of Hull byas £25.687 (2022 - £270). Page 34