# **Trustees’ Report and Consolidated Financial Statements**
for the year ended 31 July 2022
**Registered Charity Number 1153350 Registered Company Number 8619653**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **INDEX**
||**Page**|
|---|---|
|**Reference and administrative details**|**1**|
|**Trustees’ report**|**3**|
|**Independent auditors’ report**|**16**|
|**Consolidated statement of financial activities**|**20**|
|**Group and parent charity balance sheet**|**21**|
|**Group and parent charity statement of cash flows**|**22**|
|**Notes to the financial statements**|**23**|
**SOLENT STUDENTS’ UNION** CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Trustees (and Directors)**
|**Full-time (Sabbatical) Officer Trustees**||
|---|---|
|President|Vaios Koukouletsos (resigned 15 July 2022)|
||Winston Alla (appointed 18 July 2022)|
|Head of Student Welfare|Teodor Mitsev (resigned 15 July 2022)|
||Stephanie Stangroom (appointed 18 July 2022)|
|Head of Student Education|Alexandra Stefania David (appointed 19 July 2021)|
|Head of Student Engagement|Daniel Humby (resigned 6 May 2022)|
||Catherine Eager (appointed 18 July 2022)|
|**Student Trustees**||
|Non-Portfolio|Josefine Wagner (appointed 12 October 2021)|
|Non -Portfolio|Francessco Italino (appointed 12 October 2021 resigned 12 November 2021)|
|**External Trustees**||
|Non-Portfolio|Andrew Gameson (resigned 3 February 2022)|
|Non-Portfolio|Bonnie Amato Southcott (resigned 12 October 2021)|
|Non-Portfolio|Darren Xiberras (resigned 14 October 2021)|
|Non-Portfolio|Tom George Wood (resigned 21 July 2022)|
|Non-Portfolio|Stephen Carter (appointed 14 October 2021)|
|Non-Portfolio|Annie Lordon (appointed 12 October 2021)|
|**Company Secretary**|Lorna Reavley (resigned 3 June 2022)|
|**Chief Executive**|Lorna Reavley (resigned 3 June 2022)|
||Andy Squire (appointed 22 August 2022)|
|**Finance Manager**|Judith Strike (resigned 31 August 2022)|
||David Cooke (appointed 28 November 2022)|
## **Registered Office**
Solent Students’ Union East Park Terrace Southampton Hampshire, SO14 0YN
**Page 1**
**SOLENT STUDENTS’ UNION** CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Charity Number Registered Company Number** 1153350 08619653
## **Auditors**
Godfrey Wilson Ltd 5[th] Floor Mariner House 62 Prince Street Bristol BS1 4QD
## **Solicitors**
Paris Smith LLP Blake Morgan 1 London Road New Kings Court, Tollgate Southampton Chandlers Ford Hampshire Hampshire SO15 2AE SO53 3LG
## **Bankers**
Barclays Bank Plc Triodos Bank Charity Bank Limited Southampton Bargate Branch Deanery Road Fosse House, 182 High Street 106 Above Bar Street Bristol Tonbridge Southampton, SO14 7DT BS1 5AS TN9 1BE
**Page 2**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
The Trustees of the Union, who are also the Directors of the company for the purposes of company law, present their annual report for the purposes of the Charities Act 2011 and the Companies Act 2006, together with the audited financial statements for the year ended 31st July 2022.
## **ACHIEVEMENT AND PERFORMANCE**
This year we have:
- Implemented a comprehensive events programme to increase student engagement after the pandemic, hosting events such as winter ball, cinema in the park, quiz nights, union awards and Pride arts & crafts.
- Implemented a period poverty campaign across campus.
- Created a housing guide for our website and held a housing Q&A session.
- Donated 50 menstrual cups to female Warsash cadets.
- Increased the number of societies we offer to students from 29 to 40.
- Recruited 238 course reps.
- Implemented a Spike Wise campaign to promote safer nights out for students, offering testing kits and drink covers.
- Worked on safety initiatives for students from support cards to a new VISU card which is an alternative to the ask for Angela campaign.
- Revamped the Solent Scheme for societies.
- Launched a volunteering scheme.
- Worked with the local council on women’s safety and secured funding for personal alarms.
- Worked with the university to create the frame for hybrid learning.
- Initiated Warsash pop-up SU at the St Marys campus to ensure the students’ union was available to all cadets.
- Hosted a husting for the local elections which was open to students and staff.
- Implemented President and Chief Executive sessions with students to gain valuable feedback.
- The President signed the Civic agreement on behalf of the students’ union.
- Held a goat yoga session during welcome week.
## **RISK MANAGEMENT**
The Trustees examine the major strategic, business and operational risks faced by the Union. The Union maintains a risk register which is reviewed regularly by the Risk & Control Committee and updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks faced by the Union. Budgetary and internal risks have been minimised by the implementation of financial procedures which include authorisation limits. Policies and procedures are also in place to ensure compliance with health and safety, equality, diversity and other legislation and these are periodically reviewed to confirm they continue to meet the needs of the Students’ Union and are up to date with any changes to legislation. The risk register was additionally reviewed in relation to the Covid 19 pandemic and updated in line with the changing situation.
**Page 3**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
## **OBJECTIVES AND ACTIVITIES**
The Union remains committed to furthering its charitable objectives which are outlined in the Memorandum & Articles of Association as:
The advancement of education of Students at Solent University for the public benefit by:
- Promoting the interests and welfare of Students at Solent University during their course of study;
- Providing representation, advice and assistance to Students on matters affecting their welfare and interests as Students;
- Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students;
- Being the recognised representative channel between Students and Solent University and any other external bodies; and
- Promoting and encouraging contact and cooperation between Students in all matters affecting their interests as Students without regard to ethnic origin, nationality, gender, sexual orientation, religion, disability or age _._
In pursuit of these aims, the Union represents around 9,000 students to the University, the local community and nationally via the National Union of Students and supports students in campaigning about the issues which affect them. The Union offers a diverse and inclusive range of activities, opportunities and services to enrich student life. These include advice, training, societies, volunteering opportunities and other services which promote inclusion, friendship and personal development.
The Trustees confirm that they have had due regard to the guidance on Public Benefit published by the Charity Commission in exercising their powers and duties.
On the 1[st] August 2019 the Unions’ five-year strategic plan was launched which sets out the following aims: **Vision: Developing confident students at the heart of the Union and University Mission: We enrich the student experience through opportunities, support, influence and action. Values: Inclusive** We want you to feel valued and that you belong. **Passionate** We care deeply about people, our community and what we do. **Progressive** We build on strengths, encourage new ideas and challenge boundaries of thinking. **Trust** We trust and establish trust by being open, honest and responsible in everything we do. **Balance** We embrace a balanced life which leads to good health and greater chances of success.
**Page 4**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
## **Confidence**
## **Representation**
## **Community**
**Confidence is at the heart of success. We want you to have confidence in yourself, the Union and the University.**
**Representing you and giving you a voice is our primary purpose and priority. We want you to directly influence your student experience.**
**A supportive inclusive community is the key to you being at the heart of the Union & University. We want you to be at the heart of the Solent experience.**
_We commit to:_
- Provide opportunities which build your self-confidence and act on issues which impact your wellbeing.
- Prioritise your mental health and work with the University to ensure the right support is available at the right time in the right place to allow you to succeed and develop.
- Listen, share and act on your feedback to develop the Union and University.
- Ensure the Union focus is relevant to you through democratic structures which allow you to have a direct influence.
- Work in partnership with our University colleagues to build a sense of pride and confidence in your Union, your University and your Solent experience.
_We commit to:_
- Actively seek, respond to and discuss your feedback with the University to develop policy and a student experience which puts your academic interests first.
- Ensure all elected representatives have access to training, support and information to represent effectively and deliver change at a national, university, school and course level.
- Develop officer positions which are relevant to the majority of you and ensure the minority voices are heard.
- Invest in our independent Advice Service to grow this vital support service for you.
_We commit to:_
- Offer a range of fun, safe and affordable social opportunities which offer something to everyone.
- Encourage events which provide you with opportunities to apply your learning, skills and talent to support your career ambitions.
- Establish relationships and partnerships in the local community to help you feel welcome, valued and influential in Southampton.
- Recruit passionate and committed staff who put you first.
- Develop a one team culture which supports every member of the team and encourages development and success.
## **TARGETS**
The Board of Trustees set our annual targets in line with the strategic priorities outlined in the strategic plan and elected officer priorities, using the Alterline Student Life Pulse feedback from students as a measure of progress. The Annual targets 2021 - 2022 progress was hindered at the start of the year with the ongoing Covid 19 restrictions.
**Page 5**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
|**Confidence**|**KPI**|**Progress**|
|---|---|---|
|Increase student awareness of their
influence on decisions at the Union to
30%.|**Increase the SLP Alterline score for “I**
**can influence decisions made by the**
**SU” from 24% to 30%.**|Score was 28% so increased but did not
hit target.|
|Provide free workshops for students on
drug harm reduction and run a
campaign highlighting safety initiatives
in the city for students.|**To hold 3 sessions for student in**
**partnership with No Limits by end of**
**May 2022.**|We were unsuccessful in arranging
suitable opportunities to run this with
the external organisation.|
|Ensure at least one sustainability
campaign is run this academic year,
working in tandem with a newly
created, student led, environmental/
sustainability-based society.|**A sustainability society is active and**
**runs at least one campaign by 31 May**
**2021.**|We did not manage to create
sustainability society. Sustainability
agenda has continued into next year.|
|Hold an independent review of the
recruitment process to identify any
barriers for applicants.|**Review and recommendations for**
**change are complete and submitted to**
**the HR committee in June 2022.**|This was not recruited but will be a
workstream next year.|
|Develop a year-long event programme
to connect with students and give
them multiple opportunities to meet,
connect, apply learning and have fun in
a post-covid world.|**Increase the Student Life Pulse**
**question, ‘The SU provides a wide**
**range of activities and events that I**
**can get involved in’ from the current**
**54% to the benchmark percentage of**
**58%.**|This score unfortunately reduced to
51%, making a slight drop in
performance compared to last year.|
|Run a comprehensive review of Union
services and opportunities with
members gaining at least 1000
responses to review our offer in line
with current needs.|**At least 1000 students respond to the**
**Keep Stop Start survey by 31 July**
**2022.**|Around 35 responses were gained from
Refreshers Fayre. Extra effort achieved
another 15.|
|**Representation**|KPI|**Progress**|
|Build on the skills-based training
course for Academic Reps by more
targeted training per faculty.|**See our academic representation SLP**
**score increase to 60%,with a**
**completion rate of training at 70% and**
**a positive feedback rate of training at**
**85%.**|We did not hit the target of 60% in
academic representation, however we
did have a completion rate over 70%
and all of the course reps who
attended training gave us positive
feedback regarding the training.|
|Develop and implement an NSS
strategy agreed by LT which targets
low scoring NSS courses and reaches
the sector average for question 26 in
the NSS by July 2022, 53%.|**NSS score increases from 48% to 53%**
**in July 2022.**|We were not able to hit this target,
however after dropping to 46% in
2021, we did come back up to 48% in
2022 so we are effectively back where
we started a couple of years ago.|
**Page 6**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
|Increase the usage of the advice
service by 20% with 300 students using
the advice service by July 2022.|**300 students use the advice service by**
**July 2022 and to be the number 1**
**rated advice service in SLP benchmark**
**report.**|We did not achieve either of these
points – we had 183 students use the
advice service this year (which is a
higher figure compared to last
academic year) and we don’t have the
specific listings available to us in SLP
but it looks like satisfaction in the
advice service dropped slightly (58,
previously 63%).|
|---|---|---|
|Build the confidence and impact of
elected officers through training and
involvement in project groups.|**Increase the SLP score ‘the SU**
**represents the views of students’ to**
**52%.**|We hit 45% this year, which is
unsurprising due to the lack of
campaigns that went out in the last
academic year – steps have already
been taken to ensure more campaigns
will be seen by students this year.|
|Increase online voter turnout with an
aim of 2000 voters.|**Have 2000 individuals vote in online**
**Officer Elections by 31 March 2022.**|For the year, we had 586 individual
voters (505 in main spring elections, 81
in winter bye elections). Obviously this
is a disappointing year for elections
however a target of 2000 voters was
never going to happen based on trends
from the last 3-4 years.|
|**Community**|KPI|**Progress**|
|Aim for at least 33 societies to be
active by May 2022 and for the
membership of societies to be at least
400 across all societies.|**At least 33 active societies with 400**
**members on the membership system**
**by 31 May 2022.**|Finished with 38 societies and 655
members, beating our targets for the
year.|
|Ensure a targeted approach to the
growth of Solent Students’ Union
Academic society offering. Increasing
the current number by50%.|**9 Academic Societies are active by July**
**2022.**|Finished with 10 academic societies,
surpassing our target for the year.|
|Refresh the Solent Scheme for
Societies|**At least 25% of societies achieve silver**
**and 10% of societies achieve gold.**|Due to increasing society numbers this
was not achieved. We did have four
societies continue all the way until
diamond but there were only five
societies that engaged with the scheme
in total.|
|Create and launch a volunteering
scheme with at least 10 students
engaged and achieving a gold award by
July 2022.|**10 students achieve a gold**
**volunteering award by July 2022.**|Volunteering awards didn’t really take
off or wasn’t fully advertised. There is
ongoing work in volunteering area with
University.|
**Page 7**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
|**Communications**|KPI|**Progress**|
|---|---|---|
|40% of the student population to
engage with at least one Union officer
campaign.|**Increase email open rates to reach at**
**least 40% of the student population.**|The lack of students on campus
hindered our performance in this area
and the target was not hit.|
|Work to increase the relevance of our
communications by 5% using targeting
and mailing groups in MSL.|**Increase the SLP Alterline score for**
**“The SU communications are relevant**
**to me” from 31% to 36% (exceeding**
**the benchmark by 5%).**|The score was 26%, representing a fall
in performance.|
|Work closely with the University ER
departmentincrease the reach of our
communications by 8%.|**Increase the SLP Alterline score for 'I**
**am well informed about what is going**
**on at the SU' from 28% to the Union**
**benchmark of 31%.**|The score was 25%, representing a
fall in performance.|
|Increase engagement – Increase email
open rates by 5% & social media
engagement by 2%.|**Increase email open rates from 34% to**
**39% and Increase Social Media**
**average engagement to 2.5%. [Non-**
**profit industry benchmark is 1.75%,**
**Higher Ed industry benchmark is**
**3.5%].**|With no students on campus to open
emails, none were sent.
Social media engagement for the year
hit 1.1%
Social media engagement is increasing,
mainly on Instagram and TikTok, with
regular posting.|
|**Finance**|KPI|**Progress**|
|1.
Achieve the SOSUT 2021 2022
budgeted surplus by July
2022.|**Achieve a SOSUT trading profit of at**
**least £67,083 by 31 July 2022.**|This year has been particularly hard to
with staff shortages and partnerships
agreements not working out as
planned.
We are looking into a new strategic
direction for our income.
Currently, we are forecasting to bring
in 16**.5k**profit for the year.|
|2.
Achieve the 2021-2022
budgeted surplus by July
2022.|**Surplus of at least £955 achieved by**
**31 July 2022.**|The target was hit.|
|3.
Maintain a GP of 46% for the
Shop by July 2022.|**Achieve a GP of 46% or above by 31**
**July 2022.**|The shop finished the year with a GP of
44%|
**Page 8**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
|||Sales at the start of the year were
strong but reduced as the year went
on.|
|---|---|---|
|4.
Secure 2 new annual partner
advertising contracts by June
2022.|**Contracts for additional advertising**
**contracts signed by June 2022.**|With the staff shortages and reviewing
the strategic direction of the Unions
income generation activity, we have
not secured 2 new annual contracts.
We have had a couple of organisations
approach us about working with us to
promote their services to our students,
but none have been finalised yet.|
|5.
Identify 10 new Freshers
booking leads and book 5
by end of May 2021.|**Freshers booking forms sent and**
**bookings secured by end of May 2021.**|We have been without a salesperson
since November so identifying new
leads has been difficult.
We have managed to secure 4 new
bookings for Refresher's fayre which
we hope will lead to Freshers Fayre
bookings as well.
We will be looking into inviting private
halls providers to Freshers Fayre as the
university exclusivity deal ends in July
2022.|
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Solent Students’ Union is a students’ union as defined in the Education Act 1994 linked to Solent University. As a student led, independent, democratic organisation, the Union represents students to the University and the wider community and provides a range of opportunities, activities and services to enrich their experience.
Solent University exercises its duty under the Education Act 1994 to take such steps as are reasonably practicable to secure that the Students’ Union operates in a fair and democratic manner and is accountable for its finances.
The Union is a registered charity number 1153350 and also a company limited by guarantee registered in England number 8619653.
During 2016 – 2017, the charity's Trustees established a wholly owned subsidiary undertaking Solent Students' Union Trading Limited (incorporated in England with company number 10353271). Solent Students' Union owns 100% of the company's ordinary share capital. The results of the subsidiary are consolidated into these financial statements.
**Page 9**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **SOLENT STUDENTS’ UNION**
## **TRUSTEES’ REPORT**
## **Governance**
The Union is constituted by its Memorandum & Articles of Association, which were revised during 2019 – 2020, approved by the University Board of Governors in November 2019 and adopted by the members in March 2020. The Union is controlled by a Board of Trustees, who act as Directors for the purposes of company law and Trustees for the purposes of charity law. Decisions are made collectively by a simple majority vote.
The Union has up to eleven Trustees made up of the following persons:
- i. Four Officer Trustees are elected annually by a cross campus ballot of ordinary members of the Union in accordance with the Union’s Memorandum & Articles of Association and Bye Laws.
- ii. Three Student Trustees were appointed in accordance with the Union’s Memorandum & Articles of Association.
- iii. Four External (non-student) Trustees, appointed in accordance with the Union’s Memorandum & Articles of Association.
All Trustees are provided with the Charity Commission’s guidance to Trustees and are introduced to the activities of the Union by the Chief Executive and other senior managers as required. Trustees are given training as and when required on an individual and collective basis.
The four full time sabbatical posts are remunerated as authorised by the Education Act 1994 and cannot exceed two years duration for each holder. Officers are appointed Trustees when due consideration is given to the legal automatic disqualification conditions.
The Union’s Board of Trustees meets at least quarterly and is responsible for maintaining legal, financial and reputational stewardship of the Union. The Board of Trustees determines the mission, vision and values and sets organisational strategy in line with membership requirements. The Board of Trustees approves policy, annual accounts and annual budgets.
The Board of Trustees delegates some authority through three subcommittees: Finance Committee, Risk and Control Committee and HR committee.
Finance Committee meets at least three times a year and is responsible for overseeing all financial affairs of the Union including monitoring performance against budget, the preparation of annual accounts and ensuring appropriate levels of audit, financial control and financial procedures are in place. Membership consists of:
- One External Trustee (Chair)
- Two Officer Trustees
- One Student Trustee
- Finance Manager
- Chief Executive (in an advisory capacity)
**Page 10**
**SOLENT STUDENTS’ UNION** CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **TRUSTEES’ REPORT**
Risk and Control Committee meets at least once a year and has the responsibility to ensure that levels of risk are monitored and appropriate levels of control are maintained across all operational activities including appropriate frameworks for accountability, assessing risk and systems to review controls are in place. Membership consists of:
- One External Trustee (Chair)
- One Officer Trustee
- One Student Trustee
- Chief Executive (in an advisory capacity)
HR Committee, established in June 2016, meets at least twice a year and has the responsibility to oversee employment related policies, the performance of the Chief Executive, changes to staff remuneration and any other employment matters. Membership consists of:
- One External Trustee (Chair)
- One Officer Trustee
- One Student Trustee
- Chief Executive (in an advisory capacity)
The Union periodically reviews the performance of the Board in the framework of the NUS SU specific code of governance.
## **Democracy**
The political and campaigning policies of the Union are set by Student Council and executed by the Officer Trustees and other elected student officers. The Board of Trustees maintains oversight of these policies in accordance with their duty to maintain legal, financial and reputational stewardship.
Student Council membership includes the elected student officers and the president of Sonar Media, the president of RAG society, the Sports Management Group chair and the chair of Societies Council. Sabbatical Officers report to Student Council who are responsible for scrutinising the performance of the Sabbatical Officers.
The Officer Committee, consisting of the four elected sabbatical officers and the other elected student officer positions, exists to implement policy and administer all recommendations from Student Council and referenda. The Officers also represent the concerns and interests of the members of the Union both within the University and the wider community.
## **Operational**
The Board of Trustees delegates the day to day running of the Union to the Chief Executive who is employed to ensure effective management of the Union and to lead the Senior Management Team.
The Union employs 12 permanent staff positions for the sake of continuity in the management of its activities. All staff are accountable to the Chief Executive for the performance of their duties. The Chief Executive provides HR support to the sabbatical officers to ensure consistency of employer support. The officers remain accountable to the membership through Student Council for their performance as elected representatives.
**Page 11**
**SOLENT STUDENTS’ UNION** CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **TRUSTEES’ REPORT**
The Union’s Senior Management Team meet on a fortnightly basis and consists of:
- Chief Executive
- Finance Manager
- Student Communities Manager
- Communications Manager
- Representation, Advice & Democracy Manager
In 2021 – 2022 they were:
Chief Executive Lorna Reavley (resigned 3 June 2022) Interim Chief Executive Judith Strike (appointed 3 June 2022, resigned 31 August 2022) Finance Manager Judith Strike (resigned 31 August 2022) Student Communities Manager Philip Kloppenborg Communications Manager Ellie Sennett (appointed 28 February 22) Communications Manager Alice Reid (resigned 14 January 22) Representation Advice & Democracy Manager Josh Whale
The Union’s Leadership Team meets fortnightly and exists to ensure effective operational procedures and performance in line with strategy and policy set by the Board of Trustees, Student Council and other democratic procedures. It consists of:
- Chief Executive
- The four Sabbatical Officers
- Finance Manager
## **Solent Students’ Union Staff Structure 2021-22**
**----- Start of picture text -----**
Chief Executive
Representation, Student
Advice &
Communities Communications
Democracy Finance Manager
Manager Manager Manager
Academic Union Design & Finance & Payroll
Caseworker Coordinator Communications Assistant
Coordinator
Caseworker Shop Supervisor
**----- End of picture text -----**
**Page 12**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
**TRUSTEES’ REPORT**
## **SOLENT STUDENTS’ UNION**
## **RELATIONSHIP WITH RELATED PARTIES**
The relationship between the University and the Union is established in a Memorandum of Understanding. The Union receives a Block Grant from the University and part-occupies buildings owned by the University. This support is intrinsic to the relationship between the University and the Union.
Although the Union continues to generate supplementary funding from various trading activities, it is dependent on the University’s financial support for which we are very grateful, and Solent University have confirmed their funding for the next financial year as the same as 2021-2022.
Solent University exercises its duty under the Education Act 1994 to ensure that the Students’ Union operates in a fair and democratic manner and is accountable for and manages its finances appropriately. The Education Act code of practise was reviewed and updated during the year.
The Union paid an annual affiliation to the National Union of Students (NUS) of £11,731. This affiliation ensures that the Union has an influence on national student matters and has access to specialist training and support. This affiliation is approved annually by members via the AGM and decided via referendum at appropriate times.
The Union paid a subscription of £1,080 to WonkHE for information, training and policy support.
The Union paid a subscription of £2,000 to Warner Goodman to provide Employment Law advice and HR support through their “Peace of Mind” package.
The Union paid a subscription of £2,200 to Alterline for student feedback and data analysis services.
As noted above, the charity has a wholly owned trading subsidiary to whom management charges amounting to £18,916 were charged.
## **FINANCIAL REVIEW**
Our total incoming resources for the year were **£660,243.**
Our largest source of income continues to be our block grant and other grants from the University totalling £525,921. This was supplemented with a gift in kind of £61,026 applied as a rental charge to the building we occupy bringing the total income from the University to £586,947. Income from our charitable trading activities was £5,562 and additional income from the rental of space and advertising equated to £53,854, other income of £3,505 and interest on funds held amounting to £375.
Our total resources expended were **£608,343.**
Our largest expenditure was on charitable activities at £561,876 which includes support and governance costs of £154,752.
**Page 13**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
**TRUSTEES’ REPORT**
## **SOLENT STUDENTS’ UNION**
The free reserves level was reviewed by Trustees during the year and set at a range of £300,000 to £600,000 based on approximately three to six months of core expenditure plus creditors and contractual obligations, the annual SUSS pension’s deficit liability and previously agreed reserves expenditure. Our free reserves level (which does not recognise the pension liability) is £623,482 and reserves are within the safe levels set. There are additional restricted reserves held of £9,474, which are explained in more detail in note 19 of these financial statements.
Careful controls on expenditure and staff cost savings in the year resulted in the group returning a surplus on general funds of £47,181 in the year. At the end of the year our general fund level is £326,008.
The Union accounts show a provision for the future liabilities due to the Students’ Union Superannuation Scheme. The latest valuation of the liabilities as at 30 June 2019 show the amount available to pay pensions benefits in the future has declined when compared to its future liabilities. The Union in common with other participating students unions has to pay its share of the increased funding shortfall and is required to pay increased contributions based on previous contributions payable and the term has been extended. The University has historically given the Union additional funding to cover this pension deficit for which we are very grateful. It is anticipated that this financial support will continue but is not guaranteed in the future.
The Trustees have considered the charity’s current and future financial position. As Solent University have confirmed their funding for the next financial year at similar level to 2021-22, the Trustees consider that the charity will be able to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
## **PLANS FOR FUTURE PERIODS**
The Trustees will continue to plan in response to the increased financial risk to the Union. Although there is more clarity around our block grant, income generation remains difficult in the economic climate, but we will continue to explore options available in becoming less reliant on funding from the University.
The Trustees will consider what investment may be necessary in the Advice Service to manage the increase in demand.
We will aim to rebuild our student societies to ensure there are multiple opportunities for students to connect, socialise, build confidence, apply learning and develop skills which will ease their transition into employment.
The Safe Solent taxi scheme will continue, and we will explore additional funding opportunities to expand this service across the whole academic year rather than just during the 24-Hour Library period.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting
**Page 14**
## **SOLENT STUDENTS’ UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **TRUSTEES’ REPORT**
Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **AUDITORS**
Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.
Approved by the directors and signed on their behalf.
## WINSTON ALLA
Stephen Carter Winston Alla Trustee Trustee 24 January 2023
**Page 15**
**SOLENT STUDENTS’ UNION** CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **INDEPENDENT AUDITORS’ REPORT**
## **Opinion**
We have audited the consolidated financial statements of Solent Students’ Union (the 'parent charity') and its subsidiary (the ‘group’) for the year ended 31 July 2022 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group and parent charity's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
**Page 16**
## **SOLENT STUDENTS’ UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **[INDEPENDENT AUDITORS’ REPORT ]**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us;
- the parent charity financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
**Page 17**
## **SOLENT STUDENTS’ UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **[INDEPENDENT AUDITORS’ REPORT ]**
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
(2) We reviewed the charity’s policies and procedures in relation to:
- Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
- Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
- (3) We inspected the minutes of trustee meetings.
- (4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
- Testing the appropriateness of journal entries;
- Assessing judgements and accounting estimates for potential bias;
- Reviewing related party transactions; and
- Testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
**Page 18**
## **SOLENT STUDENTS’ UNION**
## CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **[INDEPENDENT AUDITORS’ REPORT ]**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.
## Alison Godfrey
## **Alison Godfrey FCA**
## **Senior Statutory Auditor**
Date: 25 January 2023
## **GODFREY WILSON LIMITED**
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
**Page 19**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
**Consolidated statement of financial activities** _(incorporating an income and expenditure account)_
|Restricted
Note
£
**Income from:**
Donations and legacies
3
65,579
Charitable activities
4
-
Other trading activities
5
-
Other income
-
Investments
-
**Total income**
65,579
**Expenditure on:**
Raising funds
-
Charitable activities
39,655
**Total expenditure**
6
39,655
**Net income**
25,924
Transfers between funds
(22,083)
**Net movement in funds**
7
3,841
**Reconciliation of funds:**
Total funds brought forward
5,633
**Total funds carried forward**
9,474|Unrestricted
£
531,368
5,562
53,854
3,505
375
594,664
46,467
522,221
568,688
25,976
22,083
48,059
279,510
327,569|**2022**
2021
**Total**
Total
**£**
£
**596,947**
554,851
**5,562**
1,427
**53,854**
39,818
**3,505**
-
**375**
1,136
**660,243**
597,232
**46,467**
51,564
**561,876**
465,332
**608,343**
516,896
**51,900**
80,336
**-**
-
**51,900**
80,336
**285,143**
204,807
**337,043**
285,143|
|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the accounts.
**Page 20**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Consolidated balance sheets**
|Note
**Fixed assets**
Tangible assets
10
Investments
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due within 1 year
15
**Net current assets**
**Total assets less current liabilities**
Provisions for liabilities
17
**Net assets**
18
**Funds**
19
Restricted funds
Unrestricted funds:
Designated funds
General funds
**Total charity funds**
11 & 12|**The group**
**2022**
**£**
**1,561**
**-**
**1,561**
**5,271**
**95,525**
**591,494**
**692,290**
**(59,334)**
**632,956**
**634,517**
**(297,474)**
**337,043**
**9,474**
**1,561**
**326,008**
**337,043**|The group
2021
£
683
-
683
6,876
64,744
612,959
684,579
(65,562)
619,017
619,700
(334,557)
285,143
5,633
683
278,827
285,143|**The charity**
**2022**
**£**
**1,561**
**1**
**1,562**
**5,271**
**113,371**
**568,337**
**686,979**
**(54,024)**
**632,955**
**634,517**
**(297,474)**
**337,043**
**9,474**
**1,561**
**326,008**
**337,043**|The charity
2021
£
683
1|
|---|---|---|---|---|
|||||684|
|||||6,876
75,907
595,459|
|||||678,242
(59,226)|
|||||619,016|
|||||619,700
(334,557)|
|||||285,143|
|||||5,633
683
278,827|
|||||285,143|
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 24 January 2023 and signed on their behalf by
## WINSTON ALLA
Stephen Carter Winston Alla Trustee Trustee
**Page 21**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Consolidated statement of cash flows**
|**Cash used in operating activities:**
**Net movement in funds**
Adjustments for:
Depreciation charges
Interest from investments
Decrease in stock
Increase in debtors
Decrease in creditors
Decrease in provision for liabilities
**Net cash provided by operating activities**
**Cash flows from investing activities:**
Interest from investments
Purchase of fixed assets
**Net cash provided by investing activities**
**Increase in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2022**
**£**
**51,900**
**1,129**
**(375)**
**1,605**
**(30,781)**
**(6,228)**
**(37,083)**
**(19,833)**
**375**
**(2,007)**
**(1,632)**
**(21,465)**
**612,959**
**591,494**|2021
£
80,336
1,410
(1,136)
1,267
(6,884)
(17,315)
(24,970)|
|---|---|---|
|||32,708|
|||1,136
-|
|||1,136|
|||33,844
579,115|
|||612,959|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
**Page 22**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **1. Accounting policies**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Solent Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b) Group accounts**
These financial statements consolidate the results of the charitable company and its wholly-owned (controlled) subsidiary, Solent Students' Union Trading Limited, on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.
## **c) Going concern basis of accounting**
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
## **d) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of provision of advertising and events is deferred until criteria for income recognition are met.
**Page 23**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **1. Accounting policies (continued)**
## **e) Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
The Solent Students' Union building is owned by Solent University and provided at £nil consideration. Therefore a donation in kind and corresponding expenditure is recorded in the financial statements for rent in kind assessed as the market rate of the square metres provided (see note 3).
## **f) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
## **g) Funds accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particularly areas of the charity's work or for specific projects being undertaken by the charity.
## **h) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **i) Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the basis of staff costs, as follows:
||**2022**|2021|
|---|---|---|
|Raising funds|**9%**|12%|
|Charitable activities|**91%**|88%|
**Page 24**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **1. Accounting policies (continued)**
## **j) Tangible fixed assets**
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Welcome Centre 20% straight line Union furniture 20% straight line Motor vehicles 20% straight line Computer equipment 33% straight line
Items of equipment are capitalised where the purchase price exceeds £500.
## **k) Investment in subsidiary undertakings**
The charitable company has one wholly owned subsidiary, Solent Students' Union Trading Limited, (registered company number 10353271). The subsidiary is used for non-primary purpose trading activities. The subsidiary undertaking is valued at cost less any cumulative impairment losses in the charitable company's accounts.
## **l) Stock**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **m) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **n) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **o) Creditors**
Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **p) Financial instruments**
The group and charitable company only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
## **q) Defined contribution pension scheme**
The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
**Page 25**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **1. Accounting policies (continued)**
## **r) Defined benefit pension scheme**
Solent Students' Union participates in the Students' Union Superannuation Scheme, a defined benefit pension scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the pension scheme trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to Solent Students' Union. Under the terms of FRS102, the discounted present value of future cash flows under a deficit funding arrangement is included as a liability in these accounts and the change in that valuation from year to year is taken to the statement of financial activities.
With effect from 30 September 2011, the scheme was closed to future accrual. Payments to the Students' Union Superannuation Scheme continued after the closure of the scheme in the form of deficit funding and levies.
## **s) Accounting estimates and key judgements**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
## **Depreciation**
As described in note 1j to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.
## **Defined benefit pension scheme**
As described in note 1r to the financial statements, the Union recognises a liability for their share of the Students' Union Superannuation Scheme as the discounted present value of future cash flows. The assumptions behind the valuation of this scheme are set out in full in note 17 to the accounts.
**Page 26**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **2. Prior period comparatives: statement of financial activities**
|**2.**
**Prior period comparatives: statement of financial activities**||||
|---|---|---|---|
|**Income from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net income**
Transfers between funds
**Net movement in funds**
**3.**
**Income from donations and legacies**
Block grant from Solent University
Other grants from Solent University
Donations in kind
Safe Solent grant from Southampton City Council
**Total income from donations and legacies**
**Prior period comparative:**
Block grant from Solent University
Other grants from Solent University
Donations in kind
**Total income from donations and legacies**|Restricted
£
30,744
-
-
-
30,744
-
9,012
9,012
21,732
(22,551)
(819)
Restricted
£
-
55,579
-
10,000
65,579
Restricted
£
-
30,744
-
30,744|£
524,107
1,427
39,818
1,136
566,488
51,564
456,320
507,884
58,604
22,551
81,155
£
435,887
34,455
61,026
-
531,368
£
428,196
34,885
61,026
524,107
Unrestricted
Unrestricted
Unrestricted|**2021**
**Total**
**£**
**554,851**
**1,427**
**39,818**
**1,136**|
||||**597,232**|
||||**51,564**
**465,332**|
||||**516,896**|
||||**80,336**
**-**|
||||**80,336**|
||||**2022**
**Total**
**£**
**435,887**
**90,034**
**61,026**
**10,000**|
||||**596,947**|
||||2021
Total
£
428,196
65,629
61,026|
||||554,851|
**Page 27**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **4. Income from charitable activities**
|NUS Extra / Totum Card income
Events income
**Total income from charitable activities**|Restricted
£
-
-
-|£
612
4,950
5,562
Unrestricted|**2022**
2021
**Total**
Total
**£**
£
**612**
877
**4,950**
550
**5,562**
1,427|
|---|---|---|---|
All income from charitable activities in the prior period was unrestricted.
## **5. Income from other trading activities**
|Welcome Centre sales
Rental and advertising income
**Total income from other trading activities**|Restricted
£
-
-
-|£
7,447
46,407
53,854
Unrestricted|**2022**
**Total**
**£**
**7,447**
**46,407**
**53,854**|2021
Total
£
1,544
38,274|
|---|---|---|---|---|
|||||39,818|
All income from other trading activities in the prior period was unrestricted.
**Page 28**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **6. Total expenditure**
|Cost of rental and advertising sales
Welcome Centre costs
Event costs
Sabbatical officer salaries (inc. employers' NI and pension)
Comms costs
Communities / student involvement
Project costs
Rent - donation in kind
Staff wages
Other staff costs
Printing, postage and stationery
Other office costs
Affiliation fees
Pension deficit and levy
Depreciation
Bad debt provision
Audit and accountancy
Legal and professional fees
Trustee expenses
Irrecoverable VAT
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising funds
£
2,766
4,775
-
-
-
-
-
-
24,676
-
-
-
-
-
-
-
-
-
-
-
32,217
14,250
**46,467**|Charitable
activities
£
-
-
30,474
84,321
16,989
29,297
11,214
61,026
177,408
-
-
-
-
-
-
-
-
-
-
-
410,729
151,147
**561,876**|Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,480
2,165
-
-
10,645
(10,645)
**-**|Support costs
£
-
-
-
-
-
-
-
-
94,329
21,450
3,237
24,440
11,731
(11,624)
1,129
4,762
-
-
229
5,069
154,752
(154,752)
**-**|**2022 Total**
**£**
**2,766**
**4,775**
**30,474**
**84,321**
**16,989**
**29,297**
**11,214**
**61,026**
**296,413**
**21,450**
**3,237**
**24,440**
**11,731**
**(11,624)**
**1,129**
**4,762**
**8,480**
**2,165**
**229**
**5,069**|
|---|---|---|---|---|---|
||||||**608,343**
-|
||||||**608,343**|
**Page 29**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
|**6.**
**Total expenditure (continued)**
**Prior period comparative:**
Cost of rental and advertising sales
Welcome Centre costs
Event costs
Sabbatical officer salaries (inc. employers' NI and pension)
Comms costs
Communities / student involvement
Project costs
Rent - donation in kind
Staff wages
Other staff costs
Printing, postage and stationery
Other office costs
Affiliation fees
Pension deficit and levy
Depreciation
Bad debt provision
Audit and accountancy
Legal and professional fees
Trustee expenses
Irrecoverable VAT
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising funds
£
798
2,222
-
-
-
-
-
-
29,883
-
-
-
-
-
-
-
-
-
-
-
32,903
18,661
**51,564**|Charitable
activities
£
-
-
9,012
77,622
11,996
14,240
4,734
61,026
144,054
-
-
-
-
-
-
-
-
-
-
-
322,684
142,648
**465,332**|Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,965
1,840
-
-
9,805
(9,805)
**-**|Support costs
£
-
-
-
-
-
-
-
-
96,747
3,075
3,296
28,284
11,240
(355)
1,410
(1,392)
-
-
1,692
7,507
151,504
(151,504)
**-**|**2021 Total**
**£**
**798**
**2,222**
**9,012**
**77,622**
**11,996**
**14,240**
**4,734**
**61,026**
**270,684**
**3,075**
**3,296**
**28,284**
**11,240**
**(355)**
**1,410**
**(1,392)**
**7,965**
**1,840**
**1,692**
**7,507**|
|---|---|---|---|---|---|
||||||**516,896**
-|
||||||**516,896**|
**Page 30**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **7. Net movement in funds**
This is stated after charging:
|**Net movement in funds**
This is stated after charging:|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Depreciation|**1,129**|1,410|
|Payments under operating leases|**3,830**|3,830|
|Trustees' remuneration (see note 20)|**78,759**|36,672|
|Trustees' reimbursed expenses (see note 20)|**229**|1,692|
|Auditors' remuneration:|||
|▪Statutory audit (excluding VAT)|**8,480**|7,965|
|▪Other services|**600**|600|
## **8. Staff costs and numbers** Staff costs were as follows:
|Salaries and wages
Social security costs
Pension costs|**2022**
2021
**£**
£
**346,049**
312,993
**20,975**
19,529
**13,710**
15,784
**380,734**
348,306|
|---|---|
No employee earned more than £60,000 during the year.
The key management personnel of the charitable company comprise the Trustees, Chief Executive, Finance Manager, Activities, Events & Income Manager, Representation Advice & Democracy Manager, and Communications Manager. The total employee benefits of the key management personnel were £184,368 (2021: £171,237).
|Average number of employees|**2022**
**No.**
**15**|2021
No.
15|
|---|---|---|
## **9. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
**Page 31**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
|**10. Tangible fixed assets**
**Cost**
At 1 August 2021
Additions
At 31 July 2022
**Depreciation**
At 1 August 2021
Charge for the year
At 31 July 2022
**Net book value**
**At 31 July 2022**
At 31 July 2021
**The group and the**
**charity**|Welcome
Centre
£
6,382
-
6,382
5,699
683
6,382
**-**
683|Union
furniture
£
11,151
-
11,151
11,151
-
11,151
**-**
-|Motor
vehicles
£
16,187
-
16,187
16,187
-
16,187
**-**
-|Computer
equipment
£
-
2,007
2,007
-
446
446
**1,561**
-|**Total**
**£**
**33,720**
**2,007**|
|---|---|---|---|---|---|
||||||**35,727**|
||||||**33,037**
**1,129**|
||||||**34,166**|
||||||**1,561**|
||||||**683**|
**Page 32**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **11. Subsidiary undertakings**
## _Solent Students' Union Trading Limited_
The charitable company owns the whole of the issued share capital (1 ordinary £1 share) of Solent Students' Union Trading Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are donated to the charitable company. A summary of the results of the subsidiary is shown below:
|**Turnover**
Cost of sales
**Gross profit**
Administrative expenses
**Profit on ordinary activities before taxation**
Tax on profit on ordinary activities
**Profit for the financial year after taxation**
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds|**2022**
**£**
**44,606**
**(2,766)**
**41,840**
**(25,367)**
**16,473**
**-**
**16,473**
**2022**
**£**
**24,667**
**(24,666)**
**1**|2021
£
34,576
(798)|
|---|---|---|
|||33,778
(19,351)|
|||14,427
-|
|||14,427|
|||2021
£
22,364
(22,363)|
|||1|
## **12. Parent charity**
The parent charity's gross income and the results for the year are disclosed as follows:
|Gross income
Results for the year|**2022**
**£**
**660,243**
**51,900**|2021
£
596,283
80,336|
|---|---|---|
**Page 33**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
|**13. Stock**
Shop stock
**14. Debtors**
Trade debtors
Accrued income
Prepayments
Intercompany
Other debtors
**15. Creditors : amounts due within 1 year**
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income (see note 16)
**16. Deferred income**
At 1 August 2021
Deferred during the year
Released during the year
At 31 July 2022|**2022**
2021
**£**
£
**5,271**
6,876
**2022**
2021
**£**
£
**1,699**
5,564
**78,327**
40,321
**13,634**
18,859
**-**
-
**1,865**
-
**95,525**
64,744
**2022**
2021
**£**
£
**15,636**
14,718
**11,337**
9,403
**6,576**
4,819
**22,995**
29,452
**2,790**
7,170
**59,334**
65,562
**2022**
2021
**£**
£
**7,170**
1,458
**2,700**
7,170
**(7,080)**
(1,458)
**2,790**
7,170
**The group**
**The group**
**The group**
**The group**|**2022**
2021
**£**
£
**5,271**
6,876
**2022**
2021
**£**
£
**2,496**
2,300
**78,327**
40,321
**13,634**
18,859
**16,473**
14,427
**2,441**
-
**113,371**
75,907
**2022**
2021
**£**
£
**15,636**
14,718
**11,337**
7,502
**5,556**
4,819
**21,405**
27,952
**90**
4,235
**54,024**
59,226
**2022**
2021
**£**
£
**4,235**
198
**-**
4,235
**(4,145)**
(198)
**90**
4,235
**The charity**
**The charity**
**The charity**
**The charity**|**2022**
2021
**£**
£
**5,271**
6,876
**2022**
2021
**£**
£
**2,496**
2,300
**78,327**
40,321
**13,634**
18,859
**16,473**
14,427
**2,441**
-
**113,371**
75,907
**2022**
2021
**£**
£
**15,636**
14,718
**11,337**
7,502
**5,556**
4,819
**21,405**
27,952
**90**
4,235
**54,024**
59,226
**2022**
2021
**£**
£
**4,235**
198
**-**
4,235
**(4,145)**
(198)
**90**
4,235
**The charity**
**The charity**
**The charity**
**The charity**|
|---|---|---|---|
||||4,235|
Deferred income relates to events and advertising income received in advance.
**Page 34**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **17. Provisions for liabilities: defined benefit pension scheme liability**
## **The group and the charity**
The Union is a Participating Employer in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the United Kingdom. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis.
The most recent Triannual Valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of the Scheme's assets was £119,100,000 (2016: £101,131,000) excluding AVC's and insured pensioners with these assets representing 46% (2016: 46%) of the value of benefits that have accrued to members. The deficit on an ongoing funding basis amounted to £140,900,000 (2016: £119,700,000).
The 2019 valuation shortfall recovery plan requires a monthly contribution requirement by each Participating Employer up to 30 June 2033 increasing by 5% each year, but with a one-off 8% increase for 2021/22. This is to cover additional liabilities resulting from the discovery of a historical change to the pension benefits which had not been documented correctly. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. These rates applied with effect from 1 October 2019 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2022 (the charity expects to receive the 30 June 2022 valuation in March 2023 therefore the effect of the valuation will be reflected in the 2022-23 accounts). Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme's levy to the Pension Protection Fund.
The total amount of contributions paid into the Scheme by Solent Students' Union in respect of eligible employees during the year ended 31 July 2022 amounted to £Nil (2021: £Nil).
At the balance sheet date the charity had commitments to pay deficit funding contributions starting at £2,054 per month. This monthly payment is scheduled to increase by 5% per annum at October each year until 30 June 2033.
Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.
**Page 35**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **17. Provisions for liabilities: defined benefit pension scheme liability (continued)**
|**Present value of provision**
Present value of provision
**Reconciliation of opening and closing provisions**
Provision at the start of the year
Deficit contributions paid
Unwinding of the discount factor (interest expense)
Impact of (increase) / decrease in discount rate
Provision at the end of the year
**Income and expenditure impact**
Interest expense
Remeasurement movement charged to statement of financial activities
**Assumptions**
Rate of discount|**2022**
**£**
**297,474**
**2022**
**£**
**334,557**
**(24,192)**
**7,790**
**(20,681)**
**297,474**
**2022**
**£**
**7,790**
**(20,681)**
**2022**
**%**
**3.85**|2021
£
334,557|
|---|---|---|
|||2021
£
359,527
(22,552)
6,841
(9,259)|
|||334,557|
|||2021
£
6,841
(9,259)|
|||2021
%
2.51|
The discount rates shown above are the equivalent single discount rates which, when used to discount future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
**Page 36**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
|**18. Analysis of net assets between funds**
**The group**
Tangible fixed assets
Current assets
Current liabilities
Provisions for liabilities
**Net assets at 31 July 2022**
**Prior period comparative**
Tangible fixed assets
Current assets
Current liabilities
Provisions for liabilities
**Net assets at 31 July 2021**|£
-
9,474
-
-
**9,474**
£
-
5,633
-
-
**5,633**
Restricted
funds
Restricted
funds|Designated
funds
£
1,561
-
-
-
**1,561**
Designated
funds
£
683
-
-
-
**683**|General
funds
£
-
682,816
(59,334)
(297,474)
**326,008**
General
funds
£
-
678,946
(65,562)
(334,557)
**278,827**|**Total funds**
**£**
**1,561**
**692,290**
**(59,334)**
**(297,474)**|
|---|---|---|---|---|
|||||**337,043**|
|||||**Total funds**
**£**
**683**
**684,579**
**(65,562)**
**(334,557)**|
|||||**285,143**|
**Page 37**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
|**18. Analysis of net assets between funds (continued)**
**The charity**
£
Tangible fixed assets
-
Investments
-
Current assets
9,474
Current liabilities
-
Provisions for liabilities
-
**Net assets at 31 July 2022**
**9,474**
**Prior period comparative**
£
Tangible fixed assets
-
Investments
-
Current assets
5,633
Current liabilities
-
Provision for liabilities
-
**Net assets at 31 July 2021**
**5,633**
Restricted
funds
Restricted
funds|Designated
funds
£
1,561
-
-
-
-
**1,561**
Designated
funds
£
683
-
-
-
-
**683**|General
funds
£
-
1
677,505
(54,024)
(297,474)
**326,008**
General
funds
£
-
1
672,609
(59,226)
(334,557)
**278,827**|**Total funds**
**£**
**1,561**
**1**
**686,979**
**(54,024)**
**(297,474)**|
|---|---|---|---|
||||**337,043**|
||||**Total funds**
**£**
**683**
**1**
**678,242**
**(59,226)**
**(334,557)**|
||||**285,143**|
**Page 38**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **19. Movements in funds**
|**Restricted funds**
Pensions contributions fund
Freshers' Marquee
Safe Solent
**Total restricted funds**
_Designated funds:_
Capital reserve
_Total designated funds_
General funds
Solent Students' Union Trading
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|At 1 August
2021
£
4,614
1,019
-
5,633
683
683
278,827
-
279,510
285,143|Income
£
28,434
27,145
10,000
65,579
-
-
550,058
44,606
594,664
660,243|£
-
(27,546)
(12,109)
(39,655)
-
-
(540,555)
(28,133)
(568,688)
(608,343)
Expenditure|£
**£**
(24,192)
**8,856**
-
**618**
2,109
**-**
(22,083)
**9,474**
878
**1,561**
878
**1,561**
37,678
**326,008**
(16,473)
**-**
22,083
**327,569**
-
**337,043**
Transfers
between
funds
**At 31 July**
**2022**|
|---|---|---|---|---|
## **Purposes of restricted funds and transfers between funds**
Pension contributions fund
Funds received from Solent University in support of pension deficit contributions to the Student Union Superannuation Scheme. The transfer to general funds represents contributions made during the year.
Freshers' Marquee Funds received from Solent University to cover costs of the Freshers' Fayre.
Safe Solent
Funds received from Southampton City Council to fund a safety scheme aimed at providing free transport for students linked to late opening of the University library.
## **Purpose of designated funds and transfers between funds**
Capital reserve
This represents the net book value of the Union's fixed assets. The transfer to the general fund represents the movements on fixed assets during the year.
**Page 39**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **19. Movements in funds (continued)**
|**Prior year comparative**
**Restricted funds**
Pensions contributions fund
Freshers' marquee
**Total restricted funds**
_Designated funds:_
Capital reserve
_Total designated funds_
General funds
Solent Students' Union Trading
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|£
5,433
1,019
6,452
2,093
2,093
196,262
-
198,355
204,807
At 1 August
2020|Income
£
21,732
9,012
30,744
-
-
531,912
34,576
566,488
597,232|£
-
(9,012)
(9,012)
-
-
(487,735)
(20,149)
(507,884)
(516,896)
Expenditure|£
**£**
(22,551)
**4,614**
-
**1,019**
(22,551)
**5,633**
(1,410)
**683**
(1,410)
**683**
38,388
**278,827**
(14,427)
**-**
22,551
**279,510**
-
**285,143**
Transfers
between
funds
**At 31 July**
**2021**|
|---|---|---|---|---|
## **20. Related party transactions**
The Union's 4 (2021: 4) sabbatical officers received total employee benefits, including employer pension contributions, totalling £84,882 (2021: £77,622). These payments are permitted under the charity's articles of association. In 2022 all sabbatical officers were also trustees (2021: two sabbatical officers received remuneration, but these individuals were not trustees).
|Alexandra David
David Humby
Vaios Koukouletsos
Teodor Mitsev
Incoming sabbatical officers (3 officers)|**Salary**
**£**
19,975
15,343
19,182
19,182
4,756
**78,438**|**Pension**
**2022**
**£**
**£**
83
20,058
-
15,343
-
19,182
-
19,182
238
4,994
**321**
**78,759**|
|---|---|---|
During the year a total of £229 (2021: £1,692) was reimbursed to or paid on behalf of the sabbatical officers and other trustees for travel, subsistence, clothing and training.
**Page 40**
## **SOLENT STUDENTS' UNION**
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **Notes to the financial statements**
## **21. Relationship with Solent University**
The Union receives a substantial part of its income by means of grant funding from Solent University. The core block grant amounted to £435,887 (2021: £428,196) in the year under review with an additional grant of £5,293 (2021: £373) being received to fund other projects, £27,145 (2021: £9,012) of restricted support for Freshers' Fayre costs, £28,434 (2021: £21,732) of restricted income received to fund the pension deficit, and a £29,012 (2021: £34,512) grant uplift for exclusivity over housing advertising and the gym. At the balance sheet date £72,712 (2021: £35,748) was outstanding. The trustee board are of the opinion that this financial assistance is not an influencing factor with regards to the formulation of Union policy nor does it have any effect on the internal management and decision making of the Union.
During the year under review other income and expenses recharged to the University amounted to £286 (2021: £Nil), with a balance of £30 (2021: £Nil) outstanding at the year end. Purchases of goods and services from the University amounted to £3,057 (2021: £1,095) with a balance of £380 (2021: £Nil) outstanding at the year end. All transactions took place at commercial values.
The building the Union occupies is owned by Solent University and provided rent free. This free rent has been recognised as donation in kind in note 3 and note 6.
## **22. Operating lease commitments**
The group and charity had operating leases at the year end with total future minimum lease payments as follows:
|Amount falling due:
Within 1 year
Within 1 - 5 years|**2022**
2021
**£**
£
**3,830**
3,830
**2,554**
6,384
**6,384**
10,214
**The group**|**2022**
2021
**£**
£
**3,830**
3,830
**2,554**
6,384
**6,384**
10,214
**The charity**|
|---|---|---|
**Page 41**