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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
CONSOLIDATED REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31[ST] JULY 2024
Company Limited by Guarantee Number: 06967378 Charity Number: 1153426
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
FINANCIAL STATEMENTS
YEAR ENDED 31[ST] JULY 2024
CONTENTS
| Page | |
|---|---|
| Board of Trustees and Union Information | 1 |
| Trustees Report | 2 – 6 |
| Independent Auditors’ Report | 7 |
| Consolidated Statement of Financial Activities | 8 |
| Consolidated Balance Sheets | 9 |
| Consolidated Statement of Cash Flows | 10 |
| Notes to Financial Statements | 11 – 19 |
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
TRUSTEE BOARD AND UNION INFORMATION YEAR ENDED 31[st] JULY 2024
BOARD OF TRUSTEES Mia-Nicole Brown (appointed 1 July 2025) Sumandeep Harris (appointed 20 February 2024) Craig Obsen (appointed 20 February 2024) Jacob Love (resigned 1 April 2025) Jumara Stone (resigned 12 December 2023) Louise Chiu (resigned 20 February 2024) Kelly Lambert (resigned 30 June 2025) Jessie Leong (resigned 14 June 2025) Tyler Payne (resigned 30 June 2025) Katherine Pickard (resigned 2 May 2025) Lewis Woolston (resigned 21 March 2025) Company Number 06967378 Charity Number 1153426 REGISTERED OFFICE Library Building Neptune Quay Ipswich IP4 1QJ INDEPENDENT EXAMINERS Knox Cropper LLP 65 Leadenhall Street London EC2A 2AD BANKERS Barclays Bank plc Princes Street Ipswich IP1 1PB
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UNIVERISITY OF SUFFOLK STUDENTS’ UNION
TRUSTEES REPORT
YEAR ENDED 31[ST] JULY 2024
The trustees present their Annual Directors’ Report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 July 2024. The financial statements have been prepared in accordance with accounting policies set out in note 1 to the accounts and comply with the Parent Charity’s constitution document, the Charities Act 2011, the statement of recommended practise: Accounting and Reporting by Charities 2015 (FRS 102) and the requirements of the Companies Act 2006.
Structure, Governance and Management
The University of Suffolk Students’ Union (UoSSU) is a company limited by guarantee having no share capital, formed by its constitution document, the Memorandum and Articles of Association, and under the Companies Act 1985 to 2006. UoSSU is a registered charity (1153426), registered on 15 August 2013. The Charity was established to serve its members, students at the University of Suffolk.
The Board of trustees is responsible for UoSSU’s financial, legal and charitable affairs. Student Council is responsible for UoSSU’s democratic processes and priorities for UoSSU’s charitable services. The Student Officer committee, in conjunction with staff members, is responsible for the day-to-day running of UoSSU’s activities.
Trustees continue to be appointed in the following ways:
-
Sabbatical Trustees- Up to two sabbatical trustees may be appointed for a term not exceeding two years. Sabbatical Trustees are elected student leaders and representatives who are employed by the UoSSU.
-
Student Trustees- Up to two student trustees may be elected by a majority vote of the Student Council. Student Trustees are volunteers.
-
External Trustees- Up to four external trustees are appointed by a simple majority vote of the Student Council from persons nominated by the Appointments Committee to serve a three-year term, with reelections possible for an additional term. External Trustees are volunteers.
Objectives and Activities
The objectives of the SU are to advance students’ educational and social experiences whilst at the University of Suffolk and for the public to benefit by:
-
Promoting the Interests and welfare of students at the University of Suffolk during their course of study and representing, supporting and advising students.
-
Being the recognised representative channel between students and the University of Suffolk and other external bodies; and providing social, cultural, sporting, and recreational activities and forums for discussion and debate for the personal development of its students.
In shaping objectives for the year and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
Financial Review
During the period, a continued period of turnaround saw a change of leadership. Dionne Walton joined as CEO in April 2024. The gross income of the SU totalled £635,654 (2023: £642,135) comprised mainly of the University’s block grant contribution. Expenditure totalled £577,978 (2023: £596,291), increasing reserves to £200,893, from £143,217 in 2023.
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
TRUSTEES REPORT
YEAR ENDED 31[ST] JULY 2024
Reserves Policy
Restricted reserves total £16,489 (2023: £10,494), unrestricted total £184,404 (2023: £132,724), slightly below targeted reserves of 4 months operating costs (£192,659). The Union plans to achieve the planned level of unrestricted reserves within the next financial year, via surplus. Future allocations of income will then be reinvested in to student needs. Reserves levels will be reviewed bi-annually due to the increasingly dynamic nature of the Higher Education sector.
Going Concern
The Trustees are assured that UoSSU and its subsidiary have adequate resources to continue operations for the foreseeable future. In reaching this conclusion, they have confirmed the level of University grant for 24/25 and 25/26 as this is a key risk to the ability of the organisation to continue as a going concern. The impact of other principal risks and uncertainties have been considered and controls put in place to mitigate the concerns where possible.
Future Plans
During 2024, University of Suffolk SU implemented a Turnaround Board to drive change and create a foundation for sustainable success. Following the Turnaround Board, which ended in February 2024, the Trustee Board will be made up of some members of the Turnaround, as well as existing members of the Trustee Board. This will ensure a smooth transition, institutional memory being protected, and solidify the aims of turnaround in the future success of the students' union. In the immediate future, the board will aim to do the following:
-
To work with the local community to bring increased opportunities for student engagement.
-
Work alongside the University to create spaces, for students to shape and develop University experience.
-
Review and update policies and procedures to ensure that the Union is working efficiently and effectively in line with students priorities.
-
Review and develop commercial opportunities that will enhance student life.
-
Strengthen the board with the recruitment of additional trustees alongside student representatives.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires Trustees of the Charitable Company and the Group to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Group and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and apply them consistently;
-
Observe the methods and principles of the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charitable Company will continue to operate.
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
TRUSTEES REPORT
YEAR ENDED 31[ST] JULY 2024
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Approved by the Trustees on ________ and signed on their behalf by:
Name: Sam Harris
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REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF THE
UNIVERSITY OF SUFFOLK STUDENTS’ UNION
I report to the charity trustees on my examination of the consolidated accounts of the Parent Company (University of Suffolk Students’ Union) and Subsidiary (Suffolk Union Services Ltd) for the year ended 31 July 2024.
Responsibilities and basis of report
As the charity’s trustees of the Parent Company and Group (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Parent Company and Group are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Parent Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent Examiner’s Statement
The parent charitable company and the Group's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Parent Company and Group as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Liv Burrell ACA CTA (Senior Statutory Auditor) Date: 03-09-25 For and on behalf of Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31[ST] JULY 2024
| Note INCOME AND ENDOWMENTS FROM: Donations and grants Charitable activities Other trading activities Other income Total Income EXPENDITURE ON: Raising funds Trading activities Charitable Activities Student activities Engagement, communication and events Student advice Student voice Total Expenditure Net Income/(Expenditure) Transfer Between Funds Net movement in funds Reconciliation of Funds Total Funds brought forward Funds Carried Forward |
Unrestricted General Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ 561,994 - 561,994 581,080 4,706 8,491 13,197 10,975 60,442 - 60,442 45,926 21 - 21 4,154 |
|---|---|
| 627,163 8,491 635,654 642,135 |
|
| 66,839 - 66,839 48,731 48,251 2,496 50,747 95,462 37,768 - 37,768 38,505 72,709 - 72,709 79,597 349,915 - 349,915 333,996 |
|
| 575,482 2,496 577,978 596,291 |
|
| 51,681 5,995 57,676 45,844 - - - - |
|
| 51,681 5,995 57,676 45,844 |
|
| 132,724 10,494 143,218 97,374 |
|
| 184,405 16,489 200,894 143,218 |
All transactions noted above derive from continuing operations.
The notes on page 11 to 19 form part of these financial statements
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
CONSOLIDATED BALANCE SHEETS
AS AT 31[ST] JULY 2024
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4,493 | 8,636 | 4,493 | 8,636 | |
| Investments | - | - | 1 | 1 | |
| 4,493 | 8,636 | 4,494 | 8,637 | ||
| CURRENT ASSETS | |||||
| Stocks | 1,425 | 1,425 | - | - | |
| Debtors | 11,980 | 21,965 | 58,356 | 50,186 | |
| Cash at Bank and In Hand | 214,521 | 146,985 | 193,330 | 139,734 | |
| 227,926 | 170,375 | 251,686 | 189,920 | ||
| CREDITORS: Amounts falling | |||||
| due within one year | (31,525) | (35,793) | (28,233) | (34,793) | |
| NET CURRENT ASSETS | 196,401 | 134,582 | 223,453 | 155,127 | |
| Total Net Assets/(Liabilities) | 200,894 | 143,218 | 227,947 | 163,764 | |
| Represented by: | |||||
| Funds | |||||
| Unrestricted funds | 184,405 | 132,724 | 211,458 | 153,268 | |
| Restricted funds | 16,489 | 10,494 | 16,489 | 10,494 | |
| 200,894 | 143,218 | 227,947 | 163,762 |
For the year ended 31 July 2024 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect accounting records and for the preparation of the accounts. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
03-09-25
These financial statements were approved by the Board of Trustees on ___ and are signed on their behalf by:
Name: Sam Harris
The notes on pages 11 to 19 form part of these financial statements
Registered Company Number: 06967378
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
CONSOLIDATED STATEMENTS OF CASH FLOWS
AS AT 31[ST] JULY 2024
| Notes Cash Flows from Operating Activities Net movement of funds for the period Adjustments for: Depreciation Disposal of fixed assets Decrease/(Increase) in Stock Decrease/(Increase) in Debtors Increase/(Decrease) in Creditors Net Cash used in Operating Activities Cash Flows from Investing Activities Payments to acquire fixed assets Net Cash used in Investing Activities Change in cash and equivalents in the period Cash and equivalents at the start of the period Cash and equivalents at the end of the period |
2024 £ 57,676 4,143 - - 9,985 (4,268) 67,536 - - 67,536 146,985 214,521 |
2023 £ 45,844 4,065 1,200 (7) (4,562) 3,709 |
|---|---|---|
| 50,249 (554) |
||
| (554) 49,695 97,290 |
||
| 146,985 |
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] JULY 2024
1. ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with the recommendations of the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ (SORP 2015), the Companies Act 2006 and UK Accounting Standards, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.
University of Suffolk Students’ Union constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Consolidation
The Statement of Financial Activities and Balance Sheet consolidate the results of the subsidiary company, Suffolk Union Services Ltd.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
All income, unless received for a specific or restricted use, has been credited to a general accumulated fund.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings based on the number of personnel in each area of charitable activity.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
Pension costs
Employees of the charity are invited to join a defined contribution pension scheme.
Tangible fixed assets and depreciation
Expenditure on fixed assets is capitalised and valued at historic cost. Items that cost over £2,000 are considered for capitalisation. Depreciation is charged on capital expenditure and written off at 25% per annum straight line on cost over the estimated useful life of the asset.
Investments
Investments are stated at the lower of cost and net realisable value. All are held in the UK.
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] JULY 2024
1. ACCOUNTING POLICIES (Continued)
Taxation
The charity meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is exempt from taxation to the extent that such income or gains are applied exclusively to charitable purposes.
The trading subsidiary is subject to the normal taxation rules.
Stocks
Stocks are valued at the lower of costs and net realisable value, after making allowance for obsolete and slow -moving stock.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Union and which have not been designated for any other purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or raised by the Union for particular purposes. The costs of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the accounts to financial statements.
2. DONATIONS AND GRANTS
| University grant Donated facilities |
Unrestricted Restricted Total 2024 2023 £ £ £ £ 561,994 - 561,994 581,080 - - - - |
|---|---|
| 561,994 - 561,994 581,080 |
3. OTHER TRADING ACTIVITIES
| Suffolk Union Services Ltd Merchandise income |
Unrestricted Restricted Total 2024 2023 £ £ £ £ 60,330 - 60,330 45,926 112 - 112 - |
|---|---|
| 60,442 - 60,442 45,926 |
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
4. COST OF RAISING FUNDS
| COST OF RAISING FUNDS | |
|---|---|
| Staff costs Other Direct Costs Support Costs (Note 6) |
Total 2024 Total 2023 £ £ 4,296 10,025 48,865 23,503 13,678 15,203 |
| 66,839 48,731 |
5. EXPENDITURE ON CHARITABLE ACTIVITIES
| 5. EXPENDITURE ON CHARITABLE |
ACTIVITIES |
|---|---|
| Student activities Engagement, communication and events Student advice Student voice |
Staff costs Other direct costs Support costs (Note 6) Total 2024 Total 2023 £ £ £ £ £ 2,753 12,373 35,621 50,747 95,462 3,098 2,053 32,617 37,768 38,505 2,753 - 69,955 72,709 79,597 52,292 6,644 290,980 349,915 333,996 |
| 60,896 21,070 429,173 511,139 547,560 |
6. SUPORT COSTS
| Staff costs Other staff costs Office & Equipment Legal & Professional Audit & Accounting Licence & Subscriptions Depreciation Bad Debt Write off Irrecoverable VAT Sundry Expenses |
Raising funds Student activities Engagement, communication & events Student advice Student voice Total 2024 Total 2023 £ £ £ £ £ £ £ - 27,375 25,066 53,760 223,617 329,818 389,863 - 1,678 1,536 3,295 13,706 20,215 15,091 - 700 641 1,376 5,722 8,439 - 371 2,147 1,966 4,216 17,538 26,237 29,747 - 457 418 897 3,729 5,501 3,525 - 1,260 1,154 2,475 10,293 15,182 3,247 - 344 315 675 2,809 4,143 4,066 8,838 (176) (161) (346) (1,438) 6,716 4,898 - 488 447 958 3,984 5,876 - 4,470 1,349 1,235 2,649 11,020 20,724 30,370 |
|---|---|
| 13,678 35,621 32,617 69,955 290,980 442,851 480,807 |
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
7. NET INCOMING RESOURCES FOR THE PERIOD
This is stated after charging:
| Depreciation Auditors Remuneration Independent Examiners Fee Operating Lease Costs |
2024 2023 £ £ 4,143 4,066 - 3,525 3,500 - - - |
|---|---|
8. STAFF COSTS
| Wages and salaries Social security costs Pension costs |
Group 2024 Group 2023 Charity 2024 Charity 2023 £ £ £ £ 349,752 333,372 345,456 333,372 31,619 31,487 31,619 31,487 14,030 14,098 14,030 14,098 |
|---|---|
| 395,401 378,957 391,105 378,957 |
No redundancy payments were made during the year (2023: nil).
The average number of employees during the period amounted to 13.2 (2023: 13). No employee earned emoluments over £60,000 (2023: none).
Key management personnel consists of 2 sabbatical officers whose combined employee benefits including pensions amounted to £52,292 in 2024 (2023: 4 people, £47,278). The sabbatical officers are also trustees.
No other trustee received remuneration for their services (2023: nil). Expenses amounting to £750 were reimbursed to the trustees during the period (2023: £1,993).
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
9. TANGIBLE FIXED ASSETS
| COST At 1stAugust 2023 Additions At 31st July 2024 DEPRECIATION At 1stAugust 2023 Charge for the year At 31st July 2024 NET BOOK VALUE At 31st July 2024 At 31stJuly 2023 |
Office Equipment £ 11,995 - 11,995 5,997 2,999 8,996 2,999 5,998 |
Motor Vehicles £ 7,917 - 7,917 5,279 1,144 6,423 1,494 2,638 |
Total 2024 £ 19,912 - |
|---|---|---|---|
| 19,912 | |||
| 11,276 4,143 |
|||
| 15,419 | |||
| 4,493 | |||
| 8,636 |
10. INVESTMENTS
| Value brought forward Additions Disposals Revaluation |
Group 2024 £ - - - - - |
Group 2023 £ - - - - - |
Charity 2024 £ 1 - - - 1 |
Charity 2023 £ 1 - - - |
|---|---|---|---|---|
| 1 |
Trading subsidiary
The wholly owned subsidiary, Suffolk Union Services Ltd (SUSL), which is incorporated in England and Wales, donates all its profits to the charity under Gift Aid. SUSL’s principal activities are the operation of the Union shop. The charity owns the entire issued shared capital of 1 ordinary share of £1. A summary of the trading results are shown below.
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
| Profit and Loss account Turnover Cost of Sales Gross Profit Administrative expenses Other income Interest payable Donations under gift aid Profit/loss on ordinary activities Balance Sheet Current assets Creditors: amounts falling due within one year Total net liabilities Called up share capital Retained profit and loss Shareholders’ funds |
2024 £ 60,330 (48,865) 11,465 (17,974) - - - (6,509) 21,492 (48,546) (27,054) 1 (27,055) (27,054) |
2023 £ 40,926 (33,528) |
|---|---|---|
| 7,398 (15,203) 5,000 - - |
||
| (2,805) | ||
| 8,678 (29,222) |
||
| (20,544) | ||
| 1 (20,545) |
||
| (20,544) |
11. DEBTORS
| Trade debtors Amounts owed by subsidiary undertakings VAT receivable Other debtors Prepayments and accrued income |
Group 2024 £ - - 4,895 (745) 7,832 11,980 |
Group 2023 £ 300 - 7,025 - 14,640 21,965 |
Charity 2024 £ - 46,074 4,073 377 7,832 58,356 |
Charity 2023 £ 300 28,034 7,212 - 14,640 |
|---|---|---|---|---|
| 50,186 |
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
13. CREDITORS: Amounts falling due within one year
| Trade Creditors Social security and other taxes Accruals Other creditors |
Group 2024 £ 7,977 7,440 12,935 3,173 31,525 |
Group 2023 £ 24,892 2,254 5,500 3,147 35,793 |
Charity 2024 £ 5,685 7,440 11,935 3,173 28,233 |
Charity 2023 £ 24,892 2,254 4,500 3,147 |
|---|---|---|---|---|
| 34,793 |
14. FUNDS - GROUP
| Restricted Funds Clubs and Societies Unrestricted Funds General Reserves SUSL general fund Total Reserves FUNDS - CHARITY Restricted Funds Clubs and Societies Unrestricted Funds General Reserves Total Reserves |
Balance Brought Forward Income Expenditure Transfers Balance Carried Forward £ £ £ £ £ 10,494 8,491 (2,496) - 16,489 153,268 566,833 (508,643) - 211,458 (20,544) 60,330 (66,839) - (27,053) |
|---|---|
| 132,724 627,163 (575,482) - 184,405 |
|
| 143,218 635,654 (577,978) - 200,894 |
|
| Balance Brought Forward Income Expenditure Transfers Balance Carried Forward £ £ £ £ £ 10,494 8,491 (2,496) - 16,489 153,268 566,833 (508,643) - 211,458 |
|
| 163,762 575,324 (511,140) - 227,947 |
The restricted funds have been established for use for the following purposes:
Clubs and Societies: Funds raised through membership, fundraising etc. by University clubs and societies are ring fenced by the individual clubs and societies for their own use.
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UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP
| Non-Current Assets Net Current Assets Creditors due after one year |
Restricted Funds Unrestricted Funds Total Funds 2024 £ £ £ - 4,493 4,493 16,489 211,436 227,926 - (31,525) (31,525) |
|---|---|
| 16,489 184,405 200,894 |
ANALYSIS OF NET ASSETS BETWEEN FUNDS – CHARITY
| Non-Current Assets Net Current Assets Creditors due after one year |
Restricted Funds Unrestricted Funds Total Funds 2024 £ £ £ - 4,494 4,494 16,489 235,197 251,686 - (28,233) (28,233) |
|---|---|
| 16,489 211,458 227,947 |
16. RELATED PARTY TRANSACTIONS
The Union’s relationship with University of Suffolk is governed by the Education Act 1994, under which the Governing Body of the University has a legal requirement to, inter alia, ensure the financial affairs of the Union are properly conducted. The Union is also dependent upon the University for financial support. During the year the Union was in receipt of a block grant of £561,994 (2023: £581,080). At the year end there were no amounts due to or from the University.
SUSL is a wholly owned subsidiary. The amounts owed by SUSL to University of Suffolk Students’ Union at the year end are detailed in Note 11.
The sabbatical members of the Trustee Board receive remuneration for their services as provided for within the Constitution. The total amount payable for the officers during the year was £52,292 (2023: £47,278).
Expenses amounting to £750 were reimbursed to the trustees during the period (2023: £1,993).
17. SURPLUS FOR THE FINANCIAL YEAR
As permitted by section 408 Companies Act 2006, University of Suffolk Students’ Union’s individual Statement of Financial Activities has not been included in these financial statements. The surplus for the year is made up as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| University of Suffolk Students’ Union’s individual surplus for the financial year | 64,184 | 48,649 |
Docusign Envelope ID: 86534AC7-F81D-42FF-87A3-0700BAFDD5A6
P a g e | 19
UNIVERSITY OF SUFFOLK STUDENTS’ UNION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31[ST] JULY 2024
18. COMPARATIVE SOFA 2023
| Note INCOME AND ENDOWMENTS FROM: Donations and grants Charitable activities Other trading activities Other income Total Income EXPENDITURE ON: Raising funds Trading activities Charitable Activities Student activities Engagement, communication and events Student advice Student voice Total Expenditure Net Income/(Expenditure) Transfer Between Funds Net movement in funds Reconciliation of Funds Total Funds brought forward Funds Carried Forward |
Unrestricted General Funds Restricted Funds Total 2023 £ £ £ 550,618 30,462 581,080 10,975 - 10,975 45,926 - 45,926 4,154 - 4,154 |
|---|---|
| 611,673 30,462 642,135 |
|
| 48,731 - 48,731 84,968 10,494 95,462 38,505 - 38,505 79,597 - 79,597 333,996 - 333,996 |
|
| 585,797 10,494 596,291 |
|
| 25,876 19,968 45,844 9,474 (9,474) - |
|
| 35,350 10,494 45,844 |
|
| 97,374 - 97,374 |
|
| 132,724 10,494 143,218 |