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 EdUCat￿n
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 fa￿d 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 prO￿dureS 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 advan￿ment 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 ServI￿S 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 unive￿itY 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 so￿ety 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
eXperien￿S. 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.

Solent Students. Union
Report of the trustees
For the year ended 31 Juty 2024
Target8
TNeffje l." CREATE ￿E1￿uNNERsITY EIPERIENCE
2&24
2&25
2&26
vveMI ensure Mar￿ parrnw
vtogain reed￿J¥j
We ensure
first 23124
equiFWto
111
3tond
vel oltr
"￿1 ty FeiYu&y 2￿24, ¢
Akm 70¥
AOsW45%
11
T￿¢t
70%
to InfiwKE ￿￿SIty7￿￿mkar4j
. ￿th0needS￿ ad¥tt servKes
We*illMTh%vAh
the to
15%
access to hKJh
WewH Lmwsty io
LKH¥etW staff I
11
WevAI thV￿th Io
. ep5Ute12wt we have a reptewitslhE

Solent Students. Union
Report of the trustees
For the year ended 31 Juty 2024
shar&J slu(ÈntC(MJrKil is %￿[￿￿j
Dy SU.
st￿t to te
ieij 2W24
È wll M)rkto
Seo
Èd
a rthe
7eaTik71Lus
and
AthA601b
100
. effeclNeV ￿ feedback tegm Y
1(M)%OfC￿Jfsec0rnrnitt
Aw7YA.
*•
vAtNnthe
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slan￿5 0fm￿Jen￿ P8Fyg
are hWlWte(fty
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FW lo in
fol#pM"ThJ up (xjtsta￿fi
-' tolheSUSov￿￿e
llii
75% met
Theme 2 CHANGE YOUR WORLD
to ks%n (k
Impad on the
H￿ea Tc￿20 Cr￿￿￿
useourinfiUer￿e
AtleaS125%￿all wnt8J
i¥i&ywuii ¢swJ
off £zws. Where
[thYS￿ couaterl, %vhde also slwJ
. wthin biMWatKI lu
Ir

Solent students. Union
Report of the trustees
For the
ear ended 31 Ju
2024
Wewllcortmueloirmyease c
10%
5%dI(*astc￿ try the
LY m*Jefore&*
lo ￿hty aTh11gh¢.
15* of
25% of
%of
. handm* 3Th1 cosl*ffectNe
ettems
We wll wyk I￿re Icx
10
io
t ol w m*eftaL8 ar¥J
Refj￿e the wr(nagrKJ ol
wrchasesecor&W wfve
-. Is*Ls1kn￿l thJriTrJ rdres1￿S to
- W n￿e qLMIrtNefJats lo
Both wrveys to te
comFkte(S by 10% ortt
••
research to have a
SFtak 1020th11erent st*Jdeftts
wo¥ThJing Sclenl
st￿ts. UnKXb
the ccmlexl In
fflicn Ths rnemDers
INe aw¥J st￿ty
thro￿h(￿tt the year
5% ￿ IKAh
LrknAn
to have
eSoknlSUs
At kast 1￿￿ ol
(volryi ￿the
We wll t¥ovi
[tUnrt￿s1
stLthntslotake a
kal￿the
ivery of¢JJr
wrrtTrhltfvn dut6,
o* Wla to allow all so(Jeks ¥J
AtÈasl
we￿11 5UPtK¥t lafv￿e.
51uaents lo ano

Solent students. Union
Report of the trustees
For the
ear ended 31 Ju
2024
WevAllueate a￿￿10￿/ FAQ
(￿ the %%et)srt" e. %)
We wl1 use
cesse51hatad
(wr N%thlo
ÉyYJaJrg￿thIhÉ.1 8LI
We aim lo have mLYe advLKate5 an
AH slaff s)0
shJnrrt)sb"ThJ to aprKotxiate
servKes ￿Nj harHJouts WAI LE
. ￿l￿the comnwrNty. lo er6utev
111
11
We￿Ill oxllNElohavecw
()JKk[esK￿serate I
h￿￿qUaty arh1
tt W wten)"al ￿UeS when
trEy ar￿ to IIE I[￿t relevant
ts. UNC￿. aTh1 Irr￿t
vAhin day of
Wewll er￿reth3tStLk￿N$2re
1CQ% of shK*ots ￿ Ihe
afv£e servKe wdl ajree Ihal
ot nun q￿rty.
By re5rxNk1wwJ
lo issues
aflecw stuoents.
n￿[S￿lI1
We c(th"n￿ to u¥r￿t c
na￿￿1 atwj Byjes
-" staterrthtstolhe S￿la[
r*3se
IK)K¥FirwJ¢Jays ofisgje
7Ae ate (kn"￿ to

Solent students. Union
Report of the trustees
For the
ear ended 31 Ju
2024
Wewllv+YxkvthttE sat￿¥bCa
at kast 5%olfdl(vEts
the$ut￿￿
asl 75% of rok% have at
In St￿nts. Union
IrKrea5e1he nuntrr of
Extema Lsnk clicks Ir(x
forthem to stt(y*￿ their
campaws. hdp sthdentsget ￿trA￿h
{Stixtes) to Solent oifK2t5
pa9e by 3%. drive sr(e p
arKI irKrease rt by 5%.
crtheriJenKKrat
t￿"e$ wll te
reprfsw)talJve of
Wewll St￿Jents in a
-. way lo engjre tyxekded
dadweve strot¥J
St￿71
Wpwll pnqiirpthxt
Airo *AC4A
We*q make rteasy [orsk*el￿rs
. to ￿n￿rstarKI IKpNthe st￿nts.
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Wewll useyc¥Jr
insHJht tocreak
ReFKJt ￿ De ty
J￿2024.
uniwsity aThY
data and irtsuht*ill
wovKJed to PaJatdolTnJ5tees
an(f Lea(JpJ5M"pTeamona
io

Solent students. Union
Report of the trustees
For the
ear ended 31 Ju
2024
Klea5 and fee(Jbackare atlhe (Me of
cAJrvKJrk
invoWI ￿ Ihe tdanriThJ staje
ofall.01￿rc3mpagnS
SQ that we can ImproveTrJr
tehaif olslutsnts
Ihe evJuakn st￿e
te
deliveredwilh
st￿lsaS
Klore ttus *rfl te SFtnt on enswr#J
th* (Mjf Parttsn* officers fed
of IfKÈe
0￿S
to St￿nts at AGM.
lthj in (awrts dunrot
(*{￿esS skl lo fr)tsh.
Theme 3 TOGETHER AS ONE
We WMI ensure SI￿vraC￿
ofwevents ark1
3theriro ithatNes tote
weV￿￿n
acmiesin
hxations thatv
1CiYA oftyJTevents
-. We wll fa)"ht* r£wsbJMs
maw ffiervts *
We VAI ￿lItate
xIun￿5 for
Exp3￿ Ine GIAG evetrt to
-' ￿￿let£S￿a￿e IIE olthbs a￿1
Ind￿ njye dtts
s(xiefes, a mThmum 0125
st￿lents￿lI
U￿tersta1¥j tl
tr￿.1 Irves £Jll
unwetsrty and
-. ￿r5￿%)rt$aThj scE*t*stoalk
- our exthJ srKMts and sc(tbe5 we
w#othe 24f25￿FTr.￿ y￿.
iry Jul￿ 2024
li

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¥¢J￿ir￿j st￿￿nt Ctyrril
- now slL#Jents (An sutfftt
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rfylto 22-231
unN
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uThlerstaTh1the
ano ewt4ro sfrJ￿ts lo m*a lyge
vrw tt￿"[
th￿r INes
urwversty
c(W ratesso25%of
ourtm0rrt￿s.
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rdatIons￿IpVthh
CLvnmunrti growls
Ihe year. at *ast si%
rFK year.
. COfTwrNJnrty panty ¢knalK￿l0
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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 introdU￿d 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
Offi￿r Trustees and other elected student offi￿rS. 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
Offi￿r 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 offi￿rS 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 be￿een 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 reSoUr￿S 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 TrUSt￿S 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 d￿S 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 COn￿M 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 cOn￿M 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 Y￿th 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 con￿rn 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 kno￿edge 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 kno￿edge 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 con￿rn 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 (inCo￿OratIng 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 COn￿rn. 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
SUl￿total
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
SUl￿total
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 r￿1Ved 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 re￿iVed 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