Company no. 08619653 Charity no. 1153350 Solent Students. Union Report and Audited Financial Statements 31 July 2024
Solent Students, Union Reference and administrative details For the ear ended 31 Jul 2024 Company number 08619653 Charity number 1153350 Registered office and Solent Students, Union operational address East Park Terrace Southampton Hampshire S014 OYN Trustees Trustees, vtho are also directors under company law, who served during the year and up to the date of this report were as follows= Full-time (sabbatical) Officer Trustees Union President Chinmaykumar Darii nston Ala Appointed 17 June 2024 Resigned 14 June 2024 Vice President EdUCatn Mohandas Jeyakumar Sanidhya Shetty Resigned 14 June 2024 Appointed 17 June 2024 Vice President Communities and Wellbeing Jignesh Kiree Resigned 30 April 2024 Syed Hossain Appointed 17 June 2024 Vice President Engagement Rebecca Johnson Resigned 27 February 2024 Student Trustees Noah Forde External Trustees Stephen Carter Annie Lordon Mihaela Spirova Resigned 16 April 2024 Chief Executive Officer Joshua Whale Andy Squire Interim CEO- appointed 12 August 2024 Resigned 16 August 2024 Company Secretary David Cooke Finance Manager David Cooke
Solent Students, Union Reference and administrative details For the ear ended 31 Jul 2024 Principal bankers Barclays Bank PIC Southampton Bargate Branch 106 Above Bar Street Southampton S014 7DT Triodos Bank Deanery Road Bristol BS15AS Charity Bank Limited Fosse House 182 High Street Tonbridge TN9 1BE Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
Solent Students. Union Report of the trustees For the year ended 31 Juty 2024 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 Charities Act 2011 and Companies Act 2006, together with the audited financial statements for the year ended 31st July 2024. Achievements and Perfomiance Improved the student voice of Warsash Maritime Cadets Lobbied the university to provide more support for intemational students Improved and supported the library services Enhanced postgrads experience Sexual health awareness events Men's Mental Health Campaign NUS referendum Southern Unions conference Welcome WeeklFreshers nter Ball SU Exchange- Cost of Living Campaign Give it a Go Events Course Rep Drop Ins Drink Safe Campaign Period Povety Campaign Access and Participation Plan Submission Risk Management The Trustees examine the major strategic, business, and operational risks fad by the Union. The Union maintains a risk register which is reviewed regularly by the Finance, Risk and Control Committee and updated quarterly. Where appropriate, systems or prOdureS 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 indude 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 confimi they continue to meet the needs of the Union and are up to date with any changes to legislation. At year end, the top risks to the Union were as follows.. 1) Government policy changes to the higher education sector could impact University recruitment, and therefore affect funding available to the Union. 2) The Union's lack ofincome diversification and reliance onthe Universityforthe majority of it's funding. Objectives The Union remains committed to furthering its charitable objectives which are outlined in the Memorandum & Articles of Association as follows. The advanment of education of students at Solent Universty for the public benefit by: promoting the interests and vrfelfare 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.
Solent Students. Union Report of the trustees For the year ended 31 Juty 2024 being the recognised representative channel between students and Solent University and any other external bodies. promoting and encouraging contact and cooperation between students in all matters affecting their interests as students wthout regard to ethnic origin, nationality. gender, sexual orientation. religion, disability or age. In pursuit of these aims. the Union represents around 7.600 students in the University, the local Community and nationally via the National Union of Students and supports students in campaigning about the issues which affect Ihem. 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 ServIS which promote inclusion, friendship, and personal development. The Trustees confimi that they have had due regard to the guidance on Public Benefit published by the Charity Commission in exercising their powers and duties. On 18 July 2023. the Union's annual strategic plan was approved by Board of Trustees and sets out the following aims for the coming years: Theme 1.. Create a better univeitY experience We will amplify the student Vol of students at Solent University, effectively representing the views and interests to cultivate an inclusive and transfomiative leaming experience. Theme 2.. Change your wortd We will empower students through campaigning and development work, to enhance their welfare, skills development. and ability to Influen the soety and World around them. Theme 3.. Together as one We wll build campus community and a sense of belonging among students, creating togetherness through clubs, societies, and opportunities to contribute meaningfully to life at university. THEME 1: Create a better university experience We commit to: We will ensure staff and student representatives are equipped to communicate and stand up for students, interests and views at every level of the university structure. THEME 2: Change your world THEME 3: Together as one We commit to.. We wll take action to lessen our impact on the environment and use our Influen to encourage sustainable behaviour on and off campus, where possible. We commit to: We will run activities in locations that will maximise participation for all our students. We will facilitste opportunities for students to make friends. We will work with the University to ensure that every student has fair access to high quality provision. We wll undertake research to have comprehensive understanding of student eXperienS. providing Solent Students, Union the context in which its members live and study. Students will understand the impact we have on their lives at university and know how to affect our priorities. We will wot1( to make Solent University a place where all members feel safe, respected, and valued. We will build our relationship with community groups and organisations. We will provide opportunities for students to take a lead on the delivery of our work within
Solent Students. Union Report of the trustees For the year ended 31 Juty 2024 We will provide a strong and clear platfomi for the student voice within the university. clubs, societies. communities, campaigns, and the representative model. We will use processes that aid our work to improve paths of engagement with our activities. We will provide high qualty and caring support to students. By responding quickly to issues affecting students, members will understand what we are doing to represent their views and interest. Our elections and other democratic activities will be representative our membership and achieve strong engagement. We will use your insight to create evidence led change within the University and wider context. Campaigns will be delivered with students as partners.
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Solent students. Union Report of the trustees For the ear ended 31 Ju 2024 rue ty 20% 1 engagemep.I fl weasety efrxuswill i itNtsted p¥¢Jirj stnt Ctyrril - now slL#Jents (An sutfftt etrLlr ty25% rfylto 22-231 unN Sttknts7MII uThlerstaTh1the ano ewt4ro sfrJts lo ma lyge vrw tt"[ thr INes urwversty c(W ratesso25%of ourtm0rrts. We 11 bk1 LX rdatIonsIpVthh CLvnmunrti growls Ihe year. at ast si% rFK year. . COfTwrNJnrty panty ¢knalKl0 erwie tre ri ¢isle4sutWol rterTB knsI( lknated comp 10%dUEtolalaf&L*. ¢¥i)rxiunfoe5 1(K structure, Governance and Management Solenl 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 wder community and provides a range of opportunities, activities and services to enrich their experien. Solent University exercises its duty under the Education Act 1994 to take such steps as are reasonably practicable to make sure that the 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 08619653). During 2016 to 2017, the charity's Trustees established a vtholly owned subsidiary undertaking, being Solent students, Union Trading Limited (incorporated in England wth company number 10353271). Solent Students, Union owns 1000A of the company's ordinary share capital. The results of the subsidiary are consolidated into these financial statements. 12
Solent students. Union Report of the trustees For the ear ended 31 Ju 2024 Govemance The Union is constituted by its Memorandum & Articles of Association, which were revised during 2019, 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 simple majority vote. The Union has up to eleven Trustees made up of the follov4ing roles.. Four Officer Trustees elected annually by a cross-campus ballot of ordinary meTnbers of the Union in accordance wth the Union's Memorandum & Artides of Association and Bye Laws. Three Student Trustees appointed in accordan with the Union's Memorandum & Artides of Association. Four Extemal (non-student) Trustees. appointed in accordance wth the Union's Memorandum & Articles of Associab'on. All Trustees are introdUd 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 years duration for each holder. Officers are appointed Trustees when due consideration is given to the legal automatic disqualification conditions. The Union's Board ofTrustees meets at least quarterly and is responsible for maintaining legal, financial and reputational stewardship of the Union. The Board of Trustees detennines 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 sutFcommittees.' Executive Committee Finance, Risk and Control Committee People and Culture Committee Executive Committee meets as often as the committee wish and is responsible for ensuring the collective student voice is heard and to give each student group category a point of contact with the Union. Membership consists of Sabbatical Officers, Part-Time Officers and Senior Management Team, who may attend in an advisory capacity. Finance, Risk & Control Committee meets at least three times a year and is responsible for overseeing all financial affairs of the Union. This includes monitoring performance against budget, the preparation of ststutory accounts and ensuring appropriate levels of audit. financial control and financial procedures are in place. 11 is also responsible for ensuring the levels of risk are monitored and appropriate levels of control are maintained across all operational activities. This includes appropriate frameworks for accountability, assessing risk and systems to review controls are in place. Membership consists of one Extemal Trustee (Chair), Officer Trustees. one Student Trustee, the Finan Manager and Chief Executive (in an advisory capacity). People and Culture Committee, established in June 2016, meets at least lce a year and has responsibility to oversee employment related policies, the perfomiance 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 and the Chief Executive lin an advisory capacity). 13
Solent students. Union Report of the trustees For the ear ended 31 Ju 2024 The Union periodically reviews the performance of the Board in the framework of the NUS SU specific code of governan. Democrac The political and campaigning policies of the Union are set by Student Council and executed by the Offir Trustees and other elected student offirS. 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 Swrts 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 Sabbats'cal Officers and the other elected Student Offir positions, exists to implement policy and administer all recommendations from Student Council and referenda. The Officers also represent the concems and interests of the members of the Union. both within the University and the wider community. erational The Board of Trustees delegate 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 adivities. All staff are accountable to the Chief Executive for the performance of their duties. The Chief Executive provides HR support to the Sabbatical offirS to ensure consistency of employer support. The Sabbatical Officers remain accountable to the membership through Student Council for their performance as elected representatives. The Union's Senior Management Team meet on a fortnightly basis and consists of the Chief ExecLrtive, Head of Communications & Engagement and Head of Membership Services. Relationshi with related arties The relationship betsveen 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 beeen the University and the Union. Although Ihe Union continues to generate supplementary fvnding from various trading activities, it is dependent on the University's financial support for which we are very grateful. The Union paid an annual affiliation to the National Union of Students (NUSI of£10,897. This affiliation ensures that the Union has an influence on national student matters and has access to specialist training and support. In September 2023, the Union members voted to disaffiliate from the NUS, which will come into effect from January 2025. As noted above, the Charity has a vtholly owned trading subsidiary to whom management charges amounting to £9,228 were charged. Financial Review Our total incoming reSoUrS for the year were £690,296. 14
Solent students. Union Report of the trustees For the ear ended 31 Ju 2024 Our largest source of income continues to be our Block Grant and other grants from the University totalling £502,895. This was supplemented th gift in kind income of £104.924 applied as a rental charge to the building we occupy, which increased from £60,026 in the prior year. The uplift was the result of a change in office space allocated to the Union. along wth a change in market pri in line with inflation. This brought the total income from the University up to £607,819. Income from our charitable trading activities was £18.971 and additional income from the rental of space and advertising equated to £58,248, with interest on funds held amounting to £5,258. Our total resources expended We £727,734. Our largest expenditure was on charitable activities at £616,226 vthi¢h includes support and governance costs of £143,636. The free reserves level was reviewed by TrUStS during the year and set at a range of £300,000 to £600,000. This was based on approximatelythree to six months of core expenditure, plus creditors and contractual obligations, the annual SUSS pension deficit liability and previously agreed resetves expenditure. Our free reserves level (which dS not recognise the pension liability) is £475,465 and reseNes are within the safe levels set. There are additsonal restricted reseNes held of £23,631 which are explained in more detail in note 19 of these financial ststements. Careful controls on expenditure and staff costs during the year resulted in the group returning a deficit of £37,438 in the year against the forecast deficit of £70,655. At the end of the year our general fund level is £123,221. The Union accounts show a provision for the future liabilities due to the Students, Union Superannuation Scheme (SUSS). The latest valuation of the liabilities as at 30 June 2022 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 contn"butions, as well as being over a longer term. The University has historically given the Union additional ftjnding 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. As Solent University have Confimied their funding for the next financial year at a similar level to 2023- 2024 (with a 5 % reduction in Block Grant and other related grants). the Trustees consider that the charity will be able to continue as a going COnM 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. With the reduction in Block Grant funding, and income generation remaining difficult in the current economic climate, the Trustees will continue to explore options the available to become less reliant on funding from the University. The long-term aim is to reduce the annual deficit in order to maintain the Union's reseNes at an acceptable level to the Trustees. The Trustees will work collaboratively wth the university to identfy possible spaces which students can use as educational and mindful area. with plans to develop this space in the future. We will aim to reorganise our course rep system and training to better reflect the wants of students on courses and provide a more robust feedback system to academic staff. The generation of new academic soaeties wll be a priority for students to allow students on courses to share good practi, connect with other students on their course and develop key skills. 15
Solent students. Union Report of the trustees For the ear ended 31 Ju 2024 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 wth applicable law and United Kingdom accounting standards. This includes Financial Reporting Standard 102 IFRS 102}, which is the financial reporting stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prath'ce). The Trustees are required to prepare financial statements for each financial year. The financial statements should 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 appty them consistenlly; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and pruden( slate whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disdosed and explained in the financial statements ,' and prepare the financial statements on the going cOnM 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 wth the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and for taking reasonable steps towards the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware" there is no relevant audit infomiation ofwhich 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 informalion 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 Wlson were retained as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacty. Approved by the trustees on 19 November 2024 and signed on their behalf.. S J Cart8t stephen Carter Trustee Chinmaykumar Daryl Trustee 16
Independent auditors, report To the members of Solent Students, Union Opinion We have audited the financial ststements of Solent Students. Union {the 'parent charity'} and its subsidiary (the 'group') for the year ended 31 July 2024 lch 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 ststements, 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 the 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 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance Yth Intemational Standards on Auditing (UK) IISAS {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 accordan with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities. in the circumstances set out in note 7 to the financial ststements, 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 concem In auditing the financial statements. we have concluded that the trustees, use of the going concem 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 group and parent charity's ability to continue as a going conrn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees respect to going concern are described in the relevant sections of this report. Other information The other infomiation comprises the infonnation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 fom of assurance conclusion thereon. 17
Independent auditors, report To the members of Solent Students, Union In connection wth our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other infomiation is materially inconsistent wth the financial statements or our knoedge obtained in the audit or othetwise 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 ststements 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, which includes the directors, report prepared for the purposes of company law. for the financial year for vthich the financial statements are prepared is consistent with the financial statements.. and the directors, report included )Mthin 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 knoedge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included wthin 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 charty. or retums adequate for our audit have not been received from branches not visited by us., or the parent charity financial statements are not in agreement wth the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report. Responsibilities of the trustees As explained more fully in the trustees. responsibilities statement set out in the trustees. report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as they detemiine 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 ststements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. 18
Independent auditors, report To the members of Solent Students, Union 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. thether 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) wll 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 instsnces of non-compliance wth law5 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 group and parent charity operates in, and assessed the risk of non-compliance wth applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance. (2) We reviewed the group and parent charity's policies and procedures in relation to= Identifying, evaluating and complwng with laws and regulations. and whether they were aware of any instances of non-complian. Detecting and responding to the risk of fraud, and vthether they were aware of any actual, suspected or alleged fraud- and Designing and implementing intemal 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 wth applicable laws and regulations. (6) We perfomied 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- Reviewng related party transactions., and Testing transactions that are unusual or outside the nomial course of business. Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance wth 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. 19
Independent auditors, report To the members of Solent Students, Union A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: NY4fyW.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exient pemiitted by law, we do not accept or assume responsibility to anyone other than the charitys members as a body, for our audtt work, for this report, or for the opinions we have formed. William &uy Bla*e Date.. 20 November 2024 William Guy Blake ACA (Senior Statutory Auditor) For and on behalf of= GODFREY WILSON LIMITED Chartered accountsnts and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 20
Solent Students, Union Consolidated statement of financial activities (inCoOratIng an income and eXpendrtu account) For the ear ended 31 Jul 2024 2024 Total 2023 Total Restricted Unrestricted Note InGome from: Donations Charitable activities Other trading activities Investments 56,411 551,408 18.971 58,248 5,258 607,819 18,971 58,248 5,258 574,747 4,255 46,703 2,845 Total income 56,411 633.885 690,296 628,550 Expenditure on: Raising funds Charitable activities 111,508 592,522 111,508 616,226 113,736 582,085 23,704 Total expenditure 23,704 704,030 727,734 695,821 Net income l (expenditure) 32,707 (70,145) 137,438 (67,271) Transfers between funds 25.241 25.241 Net movement in funds 7,466 (44,904) 137,438 (67,271) Reconciliation of funds: Total funds brought fomard 16,165 195,533 211,698 278,969 Total funds carried forvrard 23,631 150.629 174,260 211,698 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. 21
Solent Students, Union Consolidated balance sheets As at 31 Jul 2024 The group The group The charity The charity 2024 2023 2024 2023 Note Fixed assets Tangible assets Investments 10 11 &12 27,408 13.500 27,408 13,500 27,408 13,500 27,409 13,501 Current assets stocks Debtors Cash at bank and in hand 13 14 1,900 218,162 352.916 5,757 264,491 353.019 1.900 261,628 307,729 5,757 294,804 320,685 572,978 623,267 571,257 621,246 Liabilities 73,882 Creditors.. amounts falling due wthin 1 year 15 (53.878 72,162 51,858) Net current assets 499,096 569,389 499,095 569,388 Total assets less current liabilities 526,504 582.889 526,504 582,889 Provisions for liabilities 352.244 371,191 352,244 371,191 Net assets 18 174.260 211.698 174,260 211,698 Funds Restricted fvnds Unrestricted funds.. Designated funds General funds 19 23,631 16,165 23,631 16,165 27,408 123,221 13.500 182,033 27,408 123,221 13,500 182,033 Total charity funds 174,260 211.698 174,260 211,698 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 19 November 2024 and signed on their behalf by SJ Cartet Stephen Carter Trustee Chinmaykumar Darii Trustee 22
Solent Students, Union Consolidated statement of cash flows For the ear ended 31 Jul 2024 2024 2023 Cash used in operating activities: Net movement in funds Adjustments for.. Depreciation charges Profit on disposal of fixed assets Interest from investments Decrease l {increasel in stock Decrease l {increase) in debtors Increase l (decrease) in creditors Increase l (decrease) in provision for liabilities (37,438) (67,271) 10,728 (2,452) (5,258) 3.857 46,329 20,004 18,947 3,517 (2,8451 (4861 (168,966) (26,489) 15,643 Net cash provided l (used) by operating activities 16.823 246,897 Cash flows from investing activities: Interest from investments Purchase of fixed assets Proceeds from disposal of fixed assets 5,258 (25,1691 2,985 2,845 (15,456} Net cash provided by investing activities 16,926 12,611 Decrease in cash and cash equivalents in the year (103) (259,508) Cash and cash equivalents at the beginning of the year 353,019 612,527 Cash and cash equivalents at the end of the year 352,916 353,019 The charity has not provided an analysis of changes in net debt as it does not have any long temi financing arrangements. 23
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 Accounting policies a) General infomiation and basis of preparation Solent Students, Union is a charitable company limited by guarantee registered in England and Wales. The registered office address is East Park Terrace, Southampton, Hampshire, S014 OYN. The financial statements have been prepared in accordance wth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Stsndard 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 ststed 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 behveen the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the 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 advantsge 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 COnrn. which the trustees consider appropriate having regard to the current level of unrestricted reserves. The trustees acknowledge the provision for pension liabilities held on the balance sheet, howeverthis will not crystallise in the short tem) and a repayment plan is in pla to ensure these liabilities are met over the next 13 years. There are no material uncertainties about the charity's ability to continue as a going concem. d} Income Income is recognised when the charity has entitlement to the funds, any perf0mlan conditions attached to the item of income have been met, it is probable that the income wll 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 fvnds, any perfomiance 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. 24
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 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 wth 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 offices are 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 31. fj Interest receivable Interest on funds held on deposit is included vthen 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. gl 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. Governan costs are the costs associated wth the governance arrangements of the charity. including the costs of complying with constitutional and statutory requirements and any costs associated wth 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 foll0v.. 2024 21° 79° 2023 20% 80° Raising funds Charitable activities 25
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 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.. Union exchange Union fumiture Motor vehicles Computer equipment 33 % straight line 200A straight line 25% straight line 33% straight line Items of equipment are capitslised 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 impaimient losses in the charitsble 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 marf(et. 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. nl Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi 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. ol 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 paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowng 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. ql 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. 26
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 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 detemiined 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 flovts 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 underfying 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 11 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. 27
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 Prior period comparatives: statement of financial activities 2023 Total Restricted Unrestricted Income from: Donations Charitable activities Other trading activities Investments 63,475 511,272 4,255 46,703 2,845 574,747 4,255 46,703 2,845 Total income 63,475 565,075 628,550 Expenditure on: Raising funds Charitable activities 113,736 542,021 113,736 582,085 40.064 Totsl expenditure 40,064 655,757 695,821 Net income l {expenditurel 23.411 (90,682> 167.2711 Transfers between funds 16,720 16,720 Net movement in funds 6.691 (73,962 167,271) Income from donations 2024 Total Restricted Unrestricted Block grant from Solent University Other grants from Solent University Donations in kind 435,884 10,600 104,924 435,884 67,011 104,924 56.411 Totsl income from donations 56,411 551,408 607.819 Prior period comparative 2023 Total Restricted Unrestricted Block grant from Solent University Other grants from Solent University Donations in kind Safe Solent grant from Southampton City Council 435.818 15,428 60,026 435,818 71.903 60.026 7,000 56,475 7,000 Total income from donations 63,475 511.272 574,747 28
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 Income from charitable activities 2024 Total 2023 Total Restricted Unrestricted NUS Extra l Totum Card income Events income 590 3.665 18,971 18.971 Total income from charitable activities 18,971 18,971 4,255 All income from charitsble activities in the prior period was unrestricted. No govemment grants were received by the group in the current or prior year. Income from other trading activities 2024 Total 2023 Total Restricted Unrestricted Union Exchange Rental and advertising income 5,092 53,156 5,092 53,156 3,596 43,107 Totsl income from other trading activities 58.248 58,248 46,703 All income from other trading activities in the prior period was unrestricted. 29
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 6. Total expenditure Raising Charitable Govemance funds activities costs Support costs 2024 Total Events costs Communication costs Student involvement Project costs Rent - donation in kind Staff wages (see note 8) Union exchange costs Other staff costs Printing, postage and stationery other office costs Affiliation fees Pension deficit and levy Depreciation Audit and accountancy Legal and professional Trustee expenses Irrecoverable VAT 52,651 15,288 15,030 4,578 104,924 271,052 9,067 52,651 15,288 15,030 4,578 104,924 434,184 9,067 16,942 72,885 90.247 16,942 4,915 18,753 10,897 8,928 10.728 4,915 18,753 10,897 8,928 10,728 9,263 2,220 9.263 2,220 48 9.318 9,318 SUltotal 72,885 472,590 11,483 170,776 727,734 Allocation of support and governance costs 38,623 143,636 11.483 170.776 Total expenditure 111.508 616,226 727.734 30
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 6. Total expenditure (continued) Prior period comparative Raising Charitable Govemance funds activities costs Support costs 2023 Total Events costs Communication costs Student involvement Project costs Rent - donation in kind Staff wages (see note 8) Union exchange costs Other staff costs Printing, postage and stationery other office costs Affiliation fees Pension deficit and levy Depreciation Audit and accountancy Legal and professional Trustee expenses Irrecoverable VAT 13,802 18,732 30,661 9,338 60,026 273,980 7,839 13,802 18,732 30,661 9,338 60,026 422,008 7,839 15,894 70,551 77.477 15,894 6,387 28,924 11,474 42,347 3.517 6,387 28,924 11,474 42,347 3.517 9,925 1,141 14 13.792 9,925 1,141 14 13.792 SUltotal 70,551 414,378 11,066 199,826 695,821 Allocation of support and governance costs 43,185 167,707 11.066 199.826 Total expenditure 113,736 582,085 695,821 31
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 7. Net movement in funds This is stated after charging= 2024 2023 Depreciation Profit on disposal of fixed assets Payments under operating leases Trustees, remuneration (see note 20) Trustees, reimbursed expenses (see note 20) Auditors, remuneration. Statutory audit (excluding VAT) Other services (excluding VAT) 10,728 2,452 2,940 77,136 139 3,517 3,298 83,189 141 8,400 1,200 8,000 1,750 In common with other charities of our size and nature we use our auditors to assist wth the preparation of the financial statements of the group and filing of corporation tax retums. 8. Staff costs and numbers Staff costs were as follows.. 2024 2023 Salaries and wages Social security costs Pension costs Redundancy payments 382.126 29,624 16,610 5,824 375,030 28,967 18,011 434,184 422,008 Included in staff costs are redundancy and temination costs totalling £5,824, comprising entirely of statutory redundancy payments. Redundancy and tem)ination costs have been funded from unrestricted general funds. No employee eamed more than £60,000 during the year. The key management personnel of the charitable company comprise the Trustees, Chief Executive, Finance Manager. Head of Membership Services. and the Head of Communications and Engagement. The total employee benefits of the key management personnel were £266,698 (2023= £242,776). 2024 No. 2023 No. Average number of employees 15 15 32
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 9. Taxation The charity is exempt from corporation tsx as all its income is charitable and is applied for charitable purposes. The subsidiary company distributes any profits to the charity and therefore no corporation tax is payable. 10. Tangible fixed assets The group and the charity Union exchange Union fijmiture Motor vehicles Computer equipment Total Cost At 1 August 2023 Additions Disposals 1.790 2,131 1,263 7,096 16,187 9,400 (16,187) 14,410 6,542 (685 33,650 25,169 16,872 At 31 July 2024 3,921 8,359 9,400 20,267 41,947 Depreciation At 1 August 2023 Charge for the year Disposals 489 1.277 117 1,199 16.187 2,350 16,187 3,357 5,902 152 20,150 10,728 16,339 At 31 July 2024 1.766 1,316 2.350 9.107 14,539 Net book value At 31 July 2024 2,155 7,043 7,050 11,160 27,408 At 31 July 2023 1.301 1,146 11,053 13,500 11. Subsidiary undertakings Solent Students, Union Trading Limited The charitable company ovlns the vthole 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 resutts of the subsidiary is shown below: 33
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 11. Subsidiary undertakings (continued) 2024 2023 Turnover 53,156 43,107 Cost of sales Gross profit 53,156 43,107 Administrative expenses 10.378 11,348 Profit on ordinary activities before taxation 42,778 31,759 Tax on profit on ordinary activities Profit for the financial year after taxation 42,778 31,759 The aggregate of the assets. liabilities and funds vRs'. 2024 2023 Assets Liabilities 46,787 46,786 34,933 34.932 Funds 12. Parent charity The parent charity's gross income and the results for the year are disclosed as follows= 2024 2023 Gross income Results for the year 689.146 37,438 626,431 67,271 13. Stock The group 2024 The charity 2024 2023 2023 Shop stock 1.900 5.757 1,900 5,757
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 14. Debtors The group 2024 The charity 2024 2023 2023 Trade debtors Accrued income Prepayments Amounts owed by group undertakings VAT Other debtors 3,149 190.718 18,090 543 244,686 14,800 1,549 190,718 18,090 42,778 3.909 4,584 543 242,088 14,800 31,760 3,157 2,456 1.621 4.584 2.006 2.456 218,162 264,491 261,628 294,804 15. Creditors . amounts due within 1 year The group 2024 The charity 2024 2023 2023 Trade creditors Taxation and social security Other creditors Accruals Deferred income (see note 16) Funds held on behalf of societies (see note 22) 15,047 7.275 1.065 12,799 12,131 1.269 9,506 1,006 9.500 4.485 15,047 7,275 545 11,599 12,131 1,269 9,506 486 8,000 4,485 25,565 28,112 25,565 28,112 73,882 53,878 72,162 51,858 16. Deferred income The group 2024 The charity 2024 2023 2023 At 1 August 2023 Deferred during the year Released during the year 4.485 12,131 4,485 2,790 1.695 4,485 12.131 4,485 90 4,395 At 31 July 2024 12,131 4.485 12,131 4,485 Deferred income relates to events and advertising income r1Ved in advance. 35
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 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 serNice up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of Servi from 1 October 2003 accruing on a Career Average Revalued Eamings (CARE) basis. The most recent Triannual Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106,700,000 (2019= £119,100,000) excluding AVC'S and insured pensioners these assets representing 440h (2019.. 46 % } of the value of benefits that have accrued to members. The deficit on an ongoing funding basis amounted to £136,600,000 (2019= £140,900,000). The 2022 valuation shortfall recovery plan requires a monthly contribution requirement by each Participating Employer up to 30 June 2037 increasing by 5% each year. 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 2023 and will be fomially reviewed followng completion of the next valuation due with an effective date of 30 June 2025. 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 2024 amounted to £Nil (2023.. £Nil). At the balance sheet date the charity had commitments to pay deficit funding contributions starting at £2,264 per month 12023.. £2,157 per month). This monthly payment is scheduled to increase by 50A per annum at October each year until 30 June 2037. 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 contnbutions 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. 36
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 17. Provisions for liabilities: defined benefit pension scheme liability (continued) Present value of provision 2024 2023 Present value of provision 352,244 371,191 Reconciliation of opening and closing provisions 2024 2023 Provision at the start of the year Deficit contributions paid Unwinding of the discount factor (interest expense) Impact of extension to repayment period Impact of change in discount rate 371,191 (26,847) 16,047 355,548 (25,575) 12,704 54,065 25,551 ,147 Provision at the end of the year 352,244 371,191 Income and expenditure impact 2024 2023 Interest expense Impact of extension to repayment period Impact of change in discount rate 16,047 12,704 54,065 25,551 8,147 7,900 41,218 Assumptions 2024 2023 Rate of discount 5.04 4.66 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 AAA corporate bond yield cuNe to discount the same recovery plan contributions. 37
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 18. Analysis of net assets between funds The group Restricted funds Designated funds General funds Total funds Tangible fixed assets Current assets Current liabilities Provisions for liabilities 27,408 27,408 572,978 (73,882) 352,244 23,631 549,347 (73,882) 352.244 Net assets at 31 July 2024 23,631 27.408 123.221 174,260 Prior period comparative Restricted funds Designated funds General funds Total funds Tangible fixed assets Current assets Current liabilities Provisions for liabilities 13,500 13,500 623,267 153.8781 371,191 16.165 607,102 (53.878) 371,191 Net assets at 31 July 2023 16.165 13,500 182.033 211,698 The charity Restricted funds Designated fvnds General funds Total funds Tangible fixed assets Investments Current assets Current liabilities Provisions for liabilities 27,408 27,408 23.631 547,626 (72,162) 352,244 571,257 (72,162) 352,244 Net assets at 31 July 2024 23,631 27,408 123.221 174,260 Prior period comparative Restricted funds Designated funds General funds Total funds Tangible fixed assets Investments Current assets Current liabilities Provision for liabilities 13,500 13,500 16.165 605,081 (51,858) 371,191 621,246 151,8581 371,191 Net assets at 31 July 2023 16,165 13,500 182,033 211,698 38
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 19. Movements in funds Group and charity At1 August 2023 Transfers between At 31 July funds 2024 Income Expenditure Restricted funds Pensions contributions fund Freshers I Welcome Week Period Poverty Food Pantry 10,876 5,289 28,296 23,000 1.933 (26,847) 12.325 11.306 (16,983) (2,244) 4.477 311 1,295 Totsl restricted funds 16,165 56,411 23,704 25,241 23.631 Unrestricted funds Designated funds.. Capital reseNe 13,500 13,908 27,408 Total designated funds 13.500 13.908 27.408 General funds Solent Students, Union Trading 182,033 580,729 (693,652) 54,111 123.221 53.156 10.378 42.778 Total unrestricted funds 195,533 633,885 704,030 25,241 150,629 Total funds 211.698 690.296 727,734 174,260 Purposes of restricted funds and transfers between funds Pension contributions fund Funds received from Solent University in support of pension deficit contributions to the Students. Union Superannuation Scheme. The transfer to general funds represents contribLrtions made during the year. Freshers I Welcome Week Funds received from Solent Universty as a subsidy to cover costs associated wth Freshers and welcoming students in the eady months of their study. Period Poverty Funds received from Solent University in support of a campaign to provide students with free period products. Food Pantry Funds reiVed from Solent University in support of a community pantry to assist students during the cost of living crisis. 39
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 19. Movements in funds (continued) Purpose of designated funds Capital reseNe This represents the net book value of the Union's fixed assets. The transfer to general fiJnds relates to the movement in fixed assets carrying value in the year. Transfers The transfer out of the pension contributions restricted fund relates to the payments made to pension deficit provision. See note 17. Prior year comparative Transfers between funds At 1 August 2022 At 31 July 2023 Income Expenditure Restricted funds Pensions contributions fund Freshers I Welcome Week Safe Solent Period Poverty Food Pantry 8,856 618 27.595 23.000 7,000 1,468 4.412 (25,575) 10,876 5,289 (18.329) (14,440) (1,468) 5,827 7,440 1,415 Total restricted funds 9,474 40,064 16,720 16,165 Unrestricted funds Designated funds.. Capital reserve 1,561 11,939 13,500 Total designated funds 1,561 11,939 13,500 General funds Solent students, Union Trading 267.934 521.968 (644.409) 36,540 182,033 43,107 (11,348) {31,759) Total unrestricted funds 269.495 565.075 655,757) 16,720 195,533 Total funds 278,969 628,550 (695,821) 211,698 40
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 20. Related party transactions The Union's 412023.. 4) sabbatical officers received total employee beneffts, including employer pension contributions, totalling £77,136 {2023. £83,189). These payments are permitted under the charity's articles of association. In 2024 all sabbatical officers were also trustees (2023.. all sabbatical officers were trustees). Salary Pension 2024 Winston Alla Chinmay Darji Syed Hossain Mohandas Jeyakumar Rebecca Johnson Jignesh Kiree Sanidhya Shetty 18,854 2.697 2.697 19,226 13,410 16.125 2.697 939 19.793 2,697 2,697 19,136 14.081 16,035 2,697 (90) 671 (90) Totsl trustee remuneration 75,706 1,430 77,136 During the year a total of £139 (2023.- £141) was reimbursed to the sabbatical officers and other trustees for travel. subsistence. clothing and training. Solent Students. Union Trading Limited The charitable company's wholly owned subsidiary undertaking is Solent Students, Union Trading Limited (SOSUT), a registered company in England and Wales (number= 10353271). The company gifts available taxable profits to its parent undertaking. The balance owing from SOSUT at 31 July 2024 was £42.77812023'. £31,760). Transactions between the entities during the year have not been disclosed in accordan with section 33 of FRS 102. 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 £435,884 (2023.. £435,818) in the year under review, along with an additional £600 of ad hoc fvnding received from the University (2023.. £5,428). In the year there was an additional grant of £10,000 {2023= £10,000) being received to fund other projects. £28,115 (2023= £28,880) of restricted support for Freshers, Fayre costs. Welcome Week contributions, period poverty campaign. and the food pantry. £28,296 {2023'. £27,595) of restricted income received to fund the pension deficit. At the balance sheet date £190,567 (2023.. £242,088) was outstsnding. The trustee board are of the opinion that this financial assistance is not an influencing factor wth regards to the formulation of Union policy nor does it have any effect on the intemal management and decision making of the Union. During the year under review other income and expenses recharged to the University amounted to £551 (2023= £895), with a balan of £Nil {2023.' £1501 outstanding at the year end. Purchases of goods and services from the University amounted to £16,144 {2023'. £5,145) with a balance of £Nil {2023.' £Nil) outstanding at the year end. All transactions took place at commercial values. The ¢)ffices the Union occupies are owned by Solent University and provided rent free. This free rent has been recognised as donation in kind in note 3 and note 6. 41
Solent Students, Union Notes to the financial statements For the ear ended 31 Jul 2024 22. Funds held on behalf of other organisations During the year, the charity acted as custodian of funds of the University student societies. An analysis of the funds received and paid by the charity is given below. Funds held at year end are detailed in the creditors note (note 15). Funds held at 1 August 2023 Funds held at 31 July 2024 Funds received Funds paid Student societies 28,112 8,110 10,657 25.565 23. Operating lease commitments The group and charity had operating leases at the year end viith total future minimum lease payments as follows= The group 2024 The charity 2024 2023 2023 Amount falling due= Within 1 year Within 1 5 years 2,940 6,860 2.940 9,800 2.940 6,860 2,940 9,800 9,800 12,740 9,800 12,740 42