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← Reading University Students' Union

2024-07-31-accounts

READING UNIVERSITY STUDENTS’ UNION FINANCIAL STATEMENTS

31[st] JULY 2024

Registered Charity Number 1158523 Registered Company Number 08840709

READING UNIVERSITY STUDENTS’ UNION FINANCIAL STATEMENTS YEAR ENDED 31[st ] JULY 2024

CONTENTS

Trustees and Union Information 1
Trustees Report
A: Structure, Governance & Management 2
B: Strategy 4
C: Change Priorities 7
D: Financial Review 8
Independent Auditors’ Report to the 13
Members
Consolidated Statement of Financial 16
Activities
Consolidated Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to Financial Statements 19

Reading University Students’ Union Trustee and Administrative Information

Trustees Jack Maddock (Co-Chair) Debra Soper Tim Bertram Ray Ellison Mike Phillips Gwyneth James Edward Gregory until 21.07.24 Aishath Ish Aa Sujau until 21.07.24 Shaniya Dyer until 21.07.24 Sophie Jordan until 20.02.24 Leighton Monty until 21.07.24 Rachel Ng until 21.07.24 Talor Boyd until 21.07.24 Thomas Hudson until 21.07.24 Jessica Sams until 21.07.24 Shreyas Gandhi from 21.07.24 James Haxell from 22.07.24 Eghoghon Ifidon from 22.07.24 Nathan Norris from 22.07.24 Emanual Adoyeye from 22.07.24 Madison Rundle from 22.07.24 Salman Ali Agha from 01.11.2024 Tulsi Kumar from 01.11.2024 Sammy Darling from 01.11.2024 Tobe Okonkwo from 05.11.2024

The Co-Chairs of Trustees were Jack Maddock, and Edward Gregory until 21.07.2024 and James Haxell from 22.07.24.

Charity registration number 1158523 Company registration number 8840709 Website www.readingsu.co.uk Registered address Whiteknights Campus, Pepper Lane, Reading. RG6 6EH Chief Executive Officer Ceri Davies until 14 April 2024 Chief Executive Officer Catherine Bodin from 15 April 2024 Company Secretary Ceri Davies to 14 April 2024 Company Secretary Catherine Bodin from 15 April 2024 Auditor Critchleys Audit LLP, 23-28 Hythe Bridge Street, OX1 2EP Bankers Barclays Apex Plaza, Reading RG1 1AX Solicitors Barrett & Co LLP, 87 Castle Street, Reading. RG1 7SN

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Reading University Students’ Union Trustees’ Report

The Board of Trustees, who act as Directors for the purposes of Company Law, present their Annual Report for the year ended 31 July 2024 which has also been prepared to meet the requirements for a directors’ report and accounts for Companies Act Purposes. The administrative information is set out on page 1, together with the audited accounts for the year.

A: Structure, Governance & Management

Charitable status

Reading University Students’ Union (Reading SU) is a company limited by guarantee registered in England and Wales (company number: 8840709) which was formally registered as a charity with the Charity Commission in September 2014 (charity registration number: 1158523). The Directors of Reading SU are its Trustees for the purposes of Charity Law and throughout this report are collectively referred to as the Trustees. Reading SU is governed by its Articles of Association which were amended in March 2022.

Governance

Reading SU is a students’ union within the meaning of the Education Act 1994. The SU’s Articles of Association are approved by the governing body of the University of Reading, which has a statutory duty to ensure that the organisation operates in a fair and democratic manner and is held to proper account for its finances. Reading SU is devoted to the educational interests and welfare of its student members and works alongside the University of Reading to achieve its aims. The Articles of Association and supporting Byelaws have been structured to give the Trustees authority to manage the affairs of the organisation in a professional manner. The Trustees give the utmost consideration to the views of the student members.

The objects of Reading SU are the advancement of education of Students at the University of Reading for the public benefit by:

In shaping Reading SU’s strategy and objectives the Trustees have considered the Charity Commission guidance on exercising of duty and power for the public benefit.

Board of Trustees

The Board of Trustees is responsible for the strategic direction, governance, and financial sustainability of Reading SU. The Board is made up of five Officer Trustees, four Student Trustees and five External Trustees. The Officer Trustees and two of the Student Trustees are elected by and from the students at the University of Reading each year, through a cross-campus secret ballot, and serve in office for one year. The External Trustees and the remaining two Student Trustees are appointed by the Board via the Appointments Committee. The External Trustees are recruited to bring a wider perspective and skill set from outside Reading SU.

A term in office for an External Trustee lasts up to four years and they may be reappointed for a second term of up to a total maximum of eight years. The Student Trustees are appointed for a term in office of one year and they must be a registered student for the duration of their term in office. Student Trustees can be appointed for a second year. They are selected based on their skills, knowledge and experience, taking into

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account the demographics of the elected student Board members. Selection decisions of the appointments committee must be ratified by the Trustee Board.

The Trustee Board holds a minimum of four meetings per academic year and is responsible for establishing and delegating to committees.

Committees

The Trustee Board has 4 formally constituted committees:

  1. Finance & Risk Committee has delegated responsibility from the Board of Trustees to oversee the finances of the organisation and to analyse and monitor risk management. Matters considered include financial and risk strategy, approval of annual budgets, ongoing monitoring of financial performance and quarterly review of the risk register.

  2. People & Culture Committee has delegated responsibility from the Board of Trustees to oversee people, development and cultural matters of the organisation. Matters considered include Reading SU’s people strategy and associated plans, staff satisfaction, employee related policies and procedures and work to improve equality, diversity and inclusion.

  3. Remuneration Committee is responsible for considering the remuneration of the Chief Executive and Officer Trustees.

  4. Appointments Committee is responsible for overseeing the appointment of External Trustees, Student Trustees and other key governance roles, such as Student Voice Chair and Subsidiary Board Directors.

The Board delegates day-to-day oversight of Little Learners Nursery to a Subsidiary Company Board, with a reporting line to the Finance & Risk Committee. Most operational decisions are delegated to the Leadership Team, which consists of the Officer Trustees and members of the Senior Leadership Team.

Training of Trustees

Upon appointment, all trustees receive an induction, which includes their legal obligations and other trustee responsibilities and is tailored according to their knowledge and experience. The Officer Trustees receive a more intensive and in-depth induction and training programme as they have a variety of responsibilities within the organisation, University, and local community in addition to their unpaid Trustee roles.

Senior Leadership Team

Reading SU employs a Chief Executive, Ceri Davies (until 14[th] April 2024) and Catherine Bodin (from 15[th] April 2024), who supports the Officer Trustees and the Board of Trustees. The day-to-day management of the organisation is delegated to the Chief Executive who manages Reading SU by implementing the policy and strategy adopted by and within a budget approved by the Trustees and, where appropriate advises the Trustees in relation to such policy, strategy, and budget.

The Chief Executive was supported during the year by a Senior Leadership Team consisting of:

Student Council

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Student Council is the democratic policy making body of Reading SU. It has the authority to represent the voice of students and set our policy as outlined in the Byelaws. Student Council receives updates from Officer Trustees and holds them accountable for their representative work. It considers ideas, campaigns and projects that impact the student experience. A referendum may be called on any issue by either a resolution of the Trustees, a majority vote of Student Council or a petition by at least 4% of the student members. Annually Reading SU holds a Student Members’ meeting (known as The Big Student Update) in accordance with the Byelaws. During this meeting a report is from the Trustees, annual accounts are formally presented, affiliations are approved as required by the Education Act (1994), appointment of auditors is approved and questions are asked of the Trustees by our student members.

Relationship with the University of Reading

The relationship between the University of Reading (UoR) and Reading SU is established in a Students’ Union Code of Practice which has been agreed by the governing body of the University. Reading SU is grateful for the financial contribution it receives from Reading University via an annual Block Grant which is subject to approval by the governing body of the University. Reading SU occupies premises owned by the UoR, which are provided free of charge. Reading SU is responsible for the day-to-day maintenance of its buildings. Reading SU also receives a range of administrative support which enable its operations to continue successfully. Reading SU continues to operate various trading activities for students; these are dependent on UoR’s support, for which the organisation is grateful. There is no reason to believe that the support from UoR will not continue for the foreseeable future. Our University has a regulatory responsibility for oversight of the proper financial management of Reading SU under the Education Act 1994.

Relationship with Subsidiary Companies

Little Learners at RUSU Ltd (company number 03723877) and RUSU Trading Limited (company number 08308331) are both limited liability companies wholly owned by Reading Students’ Union. Little Learners at RUSU Ltd operates a day nursery which provides childcare for students and staff at the University of Reading, and the local community. RUSU Trading Limited operates several services for non-students which are classed as non-primary purpose trading.

Relationship with the National Union of Students

Reading SU had been a member of the NUS and paid an annual affiliation fee to access training, resources and centrally negotiated purchasing agreements for many years. In 2022, however, the members of Reading SU voted in a referendum to leave NUS UK. However, they remain affiliated to the NUS Charity which allows them continued access to group purchasing and trading support services which benefit the Union’s commercial operations. As a result of this decision Reading SU has strengthened its links with other students’ union sector groupings and consultancy services to ensure that its elected representatives and staff have access to support and sector research and good practice.

B: Strategy

In 2021/22 Reading SU undertook a full strategic review and has continued to implement its new strategy, ‘Helping Students have the Best Time’ this year.

Purpose: Our top priority is making sure students at the University of Reading have the best time.

Vision: To be a strong, inclusive, and dynamic students’ union that is central to the student experience.

To achieve this, Reading SU is focusing on building communities, facilitating opportunities, and harnessing the collective voice of students to effect positive change.

Values: How we do things is important and so underpinning our work are five key values:

  1. Student-led: putting students at the heart of everything we do

  2. Purposeful: being bold, principled and a force for good

  3. Inclusive: challenge inequalities, create diverse spaces, activities and services that are accessible to all students from all backgrounds

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  1. Sustainable: championing sustainability in all that we do and harnessing opportunities to collectively make a difference

  2. Accountable: ensuring we are transparent and fair in what we say and do. Ensuring democracy drives us.

Reading SU’s work is also focused around four strategic themes, which will drive our work and allocation of resources over the coming years:

  1. Being the voice of students: We will ensure an effective voice on the issues facing students and harness the collective power we have to achieve positive change

  2. Supporting students to succeed: We want to help students on their journey. We will do this through providing support, advice, employment and personal development opportunities.

  3. Creating a sense of belonging and community: We will facilitate opportunities for students to come together and encourage participation in our activity. We know it takes time to feel part of a community and we recognise our role in helping to make this happen in an inclusive way.

  4. Making university life fun: We want to ensure students have the best time at Reading, making memories for life.

To transform the way we work and to underpin the strategic themes, we utilise eight foundations:

  1. People & Culture

  2. Wellbeing

  3. Digital Transformation

  4. Engaging Communications v. Resources & infrastructure

  5. Partnership

  6. Engagement & Outreach

  7. Good Governance & Democracy

As part of the strategy Reading SU has committed to two overarching measures of success:

  1. % of students that agree we have had a positive impact on their life during their time at the University of Reading (2020: 41%, 2021/22: 57%; 2022/23: 50%, 2023/24: 54%)

  2. % of students that are satisfied with the students’ union (2020: 49%, 2021/22: 72% 2022/23: 56%, 2023/24: 68%)

Being the voice of students:

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• We conducted a study with the University of Reading and Reading Students' Union (July-August 2024), surveying 84 students via an online survey and two focus groups. The research explored rental property conditions, management, safety, and affordability in Reading. Key findings revealed concerns over poor property conditions, high costs, and inadequate management. The results helped shape Reading Borough Council’s proposed changes to licensing conditions in the town.

Supporting students to succeed:

Creating a sense of belonging and community:

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• Ran three landlord forums alongside the University, to help engage with landlords to ensure open channels of communication, and to ensure they are better informed about the rules and regulations as relate to student housing. The ultimate goal is to create better landlords for students.

• The Welfare Officer organised fortnightly “Treat Tuesday” activities, for students to come into the Students Union to undertake various craft-based activities. There was consistent attendance at these events, peaking at 30 students attending a session on “flower crown” making. This activity supported students’ wellbeing, as well as encouraging them into the Students’ Union spaces.

• At RSU, we're dedicated to creating an inclusive space where everyone feels welcome, especially those from underrepresented groups. This year, we focused on bringing students from different backgrounds together through our Get-Together programme. It was great to see over 285 students join us in the first term alone, a big jump from last year, with 70% more attending. It’s been a great way for students to build friendships and strengthen our community.

• We had an evening footfall of 93,053 in our venue spaces providing a space for students to socialise and unwind from their studies. This is up from 91,508 the year prior.

Making university life fun:

Services for Students:

C: Change Priorities

Progress has been made in our agreed change programme where Trustees agreed to designate funds to support the delivery of the strategy in five key areas; summarised updates are provided below:

1. Spaces

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2. Brand & Identity

3. Digital Systems

4. Student Voice & Support

5. Building Community

6. Cost of Living Fund

Further resources have been allocated to the 2024/25 academic year and SMT will review these to ensure impact is measured and any revisions which need to be made can be incorporated. The spend of the designated funds is reported to, and monitored by the Trustee Board.

D: Financial Review

The Consolidated Statement of Financial Activities outlines the income and expenditure for Reading SU during the financial year of 2023-24. Total income was £5,330,309 (2022-23 £5,109,712) and total expenditure before movement in pension deficit was £5,461,837 (2022-23 £5,179,172).

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Income for Bars increased by 8% resulting in the overall contribution up by 3%. Unfortunately in catering, although Mojos bar did better the sales in the Coffee Shop declined sharply from January and did not increase even after the change in coffee brand. The overall result was an increased loss by £41,159. The Coffee shop has been rebranded over the Summer 2024 which is showing significantly better results. Overall the income for commercial (excluding Little Learners) increased by 4% but the overall contribution reduced by 5% as a result of increased costs and salaries.

The income for Little Learners increased by £89,810 – an increase of 11% - but the challenges of staffing and the use of agency, particularly at the beginning of the year resulted in a reduction of contribution of £5,527 (7%)

The Block Grant was the same as for 22/23. Bi-annual meetings have now been agreed with the University to discuss the Block Grant going forward.

Spending increased by £282,665 driven by the increase in salaries, in light of the 9% increase in the National Minimum wage, balanced by savings. This included £199,669 spend from Designated reserves of the Change Priority funds.

The final result for the year, before the movement in pension deficit, was a £117,058 deficit of which £199,669 was the expenditure on Designated.

Custodian Activities

Reading SU acts as a custodian for several activities:

Reserves Policy

The Reserves Policy was reviewed during 2023-24 by the Finance & Risk Committee and approved at Board level.

Reading SU sets the level of reserves which reflects circumstances based on:

The risks identified and the suggested requirement are detailed in the table below: The risks identified and the suggested requirement are detailed in the table below: The risks identified and the suggested requirement are detailed in the table below: The risks identified and the suggested requirement are detailed in the table below:

Risk
Risk Assessment
Suggested
Requirement
Block Grant Medium £100,000
Commercial Contribution High £340,000
Working Capital Low £250,000
Student Clubs & Societies Low £10,000
Pension Deficit Low £100,000
Future Plans Low £50,000
Reserves Policy £850,000

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This will be reviewed and agreed by the Board on an annual basis.

The General Reserve amounts to £1,309,993. After the £850,000 reserves this leaves a balance of £459,993.

A balance of £300,113 is held in the Change Priorities projects from the original transfer agreed by the Board of £647,225 in 21/22. During 23/24 £700,000 was transferred to the Commercial Refurbishment Fund to deliver a “no nails” refurbishment of the commercial spaces. This work was carried out over the summer and straddled two financial years. The Capital commitment note 25 details the amount committed at year end. Included in the Designated Reserves is the £1,039,501 long-term pension deficit provision and £184,000 University loan resulting in a Designated reserve balance of £9,368.

The Restricted Reserves totalling £322,167 includes the balances on Student activities and the JCR accounts.

Investments

The Trustees reviewed the Investment Policy in 23/24 and made the decision to invest £0.5M in a CCLA COIF Ethical Investment Fund with a target of achieving CPI plus 3% over a period of five years. The majority of Reading SU cash are held in Barclays Deposit accounts, monthly Treasury Deposits and £0.5M is held in a CCLA COIF Deposit account. Interest generated in 23/24 was £71,784 (21/22 £24,405)

Fundraising

The charity has no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Pension Liabilities

The defined benefit pension provision is included on the Balance Sheet to comply with the Charities SORP (FRS 102). The overall impact of this inclusion is a liability of £1,039.5k (2022-23 £1,343k.) Despite the inclusion of this substantial amount the considerable level of the accumulated reserves, noted above, ensure that Reading SU remains a going concern.

Risk Management

The Board of Trustees reviews the major strategic, operational and reputational risks faced by the organisation on an annual basis or as required. The Risk Management Policy notes the major risks and identifies both their probability and likely impact on the organisation. On behalf of the Trustees, Senior Managers regularly review major risks and mitigating measures. Financial and control risks are mitigated through a robust budget management process and supporting Financial Procedures for the authorisation and processing of transactions. Procedures are also in place to ensure the health and safety of staff, volunteers and participants in all activities organised by Reading SU.

The Trustees believe that all major risks are appropriately addressed. A Risk Assessment Policy is utilised which stipulates that each department to maintain their own Risk Register. This is reviewed and monitored at Senior Leadership Team level and then the top five risks are taken to the Finance & Risk committee at least twice a year.

Future Funding and Going Concern Assessment

The Trustee Board reviewed the going concern assumption by:

In evaluating the going concern assumption, stress tests were applied to assess the potential impact of identified uncertainties. These were a reduction of £165.2K in commercial income in 2025/26 and £150K in 2026/27; the Block Grant not increasing in 2025/26 and decreasing by £37.2K in 2026/27; and the pension deficit increasing by a further £300K. In the unlikely event that all of these should crystallise together the total

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financial impact on reserves could total c652K. The uncertainties identified above, do not individually or collectively cast significant doubt on Reading SU’s ability to continue as a going concern.

Declaration

The Trustees who held office at the date of approval of this trustees’ report confirm that they are aware of all the relevant audit information and that there is no relevant audit information which has not been supplied to the charity’s auditors.

We wish to thank all staff and volunteers at Reading SU for their continued commitment and hard work to make this another successful year for our members.

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Reading University Students’ Union Trustees’ Report

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Reading University Students’ Union for the purposes of Company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law and Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to: -

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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies:

This report was approved by the Trustees and signed by order of the Board:

.............................................. ……………………………….. Jack Maddock - Co Chair Date

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Reading University Students’ Union Independent Auditors’ Report

Opinion

We have audited the financial statements of Reading University Students’ Union (the ‘charitable company’) for the year ended 31[st] July 2024 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information 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 form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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Reading University Students’ Union Independent Auditors’ Report

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

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Reading University Students’ Union Independent Auditors’ Report

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor) For and on behalf Critchleys Audit LLP, Statutory Auditor First Floor, Park Central, 40-41 Park End Street Oxford OX1 1JD

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Reading University Students’ Union Consolidated Statement of Financial Activities (Including the Income and Expenditure Accounts) For the Year Ended 31[st] July 2024

Note
Unrestricted
Funds
INCOME AND ENDOWMENTS
£
Grant Income
Grants and Donations
2
1,727,335
Charitable Activities
Student Social Venues and Events
3
1,680,451
Student Activities (Clubs and Societies)
3
39,472
Student Democracy and Representation
3
2,300
Little Learners (Nursery)
3
923,310
Other Trading Activities
Franchised Space
4
47,130
Business Development
4
235,887
Commercial Trading
4
54,436
Interest Receivable
70,130
Other
25,276
Total Income
4,805,727
EXPENDITURE
Charitable Activities
Student Social Venues and Events
5
1,970,143
Student Activities (Clubs and Societies)
5
649,925
Student Democracy and Representation
5
277,765
Student Development
5
-
Advice Services
5
331,572
Digital and Communications
5
407,375
Affiliations
5
18,313
Governance
5
168,820
Little Learners (Nursery)
5
854,870
Raising Funds
Franchised Space
6
3,185
Business Development
6
106,039
Commercial Trading
6
64,263
Marketing and Sponsorship
6
82,674
Total Operating Expenditure
4,934,943
Net Operating Income/(Expenditure)
(129,217)
Gain on investments
12,159
Movement in Pension Deficit
32,984
Transfers between Funds
(5,405)
Net Movement in Funds
(89,479)
Reconciliation of Funds
Total Funds brought Forward
1,408,841
Funds Carried Forward
1,319,362
All transactions noted above derive from continuing operations.
A full Comparative SOFA for 2023 is included in note 26.		 Restricted
Funds
£
-
-
524,582
-
-
-
-
-
-
-
524,582
-
539,052
-
-
-
-
-
-
-
-
-
-
-
539,052
(14,470)
-
-
5,405
(9,065)
331,232
322,167		 Total
2024
£
1,727,335
1,680,451
564,054
2,300
923,310
47,130
235,887
54,436
70,130
25,276
5,330,309
1,970,143
1,188,977
277,765
-
331,572
407,375
18,313
168,820
854,870
3,185
106,039
64,263
82,674
5,473,996
(143,687)
12,159
32,984
-
(98,544)
1,740,073
1,641,529		 Total
2023
£
1,727,335
1,629,748
569,720
2,200
833,499
55,903
182,652
68,662
24,405
15,588
5,109,712
1,870,307
1,196,908
287,405
131,118
309,346
287,450
47,679
115,736
761,990
3,328
117,961
49,944
5,179,172
(69,461)
167,412
-
97,952
1,642,121
1,740,073

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Reading University Students’ Union Consolidated Balance Sheet As At 31[st] July 2024

Fixed Assets
10
Investments
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at Bank and In
Hand
CREDITORS:
Amounts falling due
within one year
14
CREDITORS:
Amounts falling due
in more than one
year
15
PROVISION FOR
LIABILITIES
16
NET ASSETS
RESERVES
General Funds
21
Designated Fund
21
Restricted Fund
22
Total Reserves		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
733,428
490,686
724,607
477,999
512,159
-
512,163
4
1,245,587
490,686
1,236,770
477,503
92,099
111,490
91,840
111,235
120,062
145,554
110,896
149,422
2,118,833
3,041,274
1,942,242
2,871,952
2,330,994
3,298,318
2,144,978
3,132,609
(765,551)
(521,690)
(677,220)
(452,204)
1,565,443
2,776,628
1,467,758
2,680,405
(130,000)
(184,000)
(130,000)
(184,000)
(1,039,501)
(1,343,241)
(1,039,501)
(1,343,241)
1,641,529
1,740,073
1,535,027
1,630,667
1,309,994
2,305,397
1,203,496
2,195,991
9,368
(896,556)
9,368
(896,556)
322,167
331,232
322,167
331,232
1,641,529
1,740,073
1,535,031
1,630,667		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
733,428
490,686
724,607
477,999
512,159
-
512,163
4
1,245,587
490,686
1,236,770
477,503
92,099
111,490
91,840
111,235
120,062
145,554
110,896
149,422
2,118,833
3,041,274
1,942,242
2,871,952
2,330,994
3,298,318
2,144,978
3,132,609
(765,551)
(521,690)
(677,220)
(452,204)
1,565,443
2,776,628
1,467,758
2,680,405
(130,000)
(184,000)
(130,000)
(184,000)
(1,039,501)
(1,343,241)
(1,039,501)
(1,343,241)
1,641,529
1,740,073
1,535,027
1,630,667
1,309,994
2,305,397
1,203,496
2,195,991
9,368
(896,556)
9,368
(896,556)
322,167
331,232
322,167
331,232
1,641,529
1,740,073
1,535,031
1,630,667		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
733,428
490,686
724,607
477,999
512,159
-
512,163
4
1,245,587
490,686
1,236,770
477,503
92,099
111,490
91,840
111,235
120,062
145,554
110,896
149,422
2,118,833
3,041,274
1,942,242
2,871,952
2,330,994
3,298,318
2,144,978
3,132,609
(765,551)
(521,690)
(677,220)
(452,204)
1,565,443
2,776,628
1,467,758
2,680,405
(130,000)
(184,000)
(130,000)
(184,000)
(1,039,501)
(1,343,241)
(1,039,501)
(1,343,241)
1,641,529
1,740,073
1,535,027
1,630,667
1,309,994
2,305,397
1,203,496
2,195,991
9,368
(896,556)
9,368
(896,556)
322,167
331,232
322,167
331,232
1,641,529
1,740,073
1,535,031
1,630,667		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
733,428
490,686
724,607
477,999
512,159
-
512,163
4
1,245,587
490,686
1,236,770
477,503
92,099
111,490
91,840
111,235
120,062
145,554
110,896
149,422
2,118,833
3,041,274
1,942,242
2,871,952
2,330,994
3,298,318
2,144,978
3,132,609
(765,551)
(521,690)
(677,220)
(452,204)
1,565,443
2,776,628
1,467,758
2,680,405
(130,000)
(184,000)
(130,000)
(184,000)
(1,039,501)
(1,343,241)
(1,039,501)
(1,343,241)
1,641,529
1,740,073
1,535,027
1,630,667
1,309,994
2,305,397
1,203,496
2,195,991
9,368
(896,556)
9,368
(896,556)
322,167
331,232
322,167
331,232
1,641,529
1,740,073
1,535,031
1,630,667
1,245,587
1,565,443		 477,503
2,680,405
2,330,994
(765,551)		 3,298,318
(521,690)
(130,000)
(1,039,501)		 (184,000)
(1,343,241)
1,641,529 1,630,667
1,309,994
9,368
322,167		 2,195,991
(896,556)
331,232
1,641,529 1,630,667

These financial statements were approved by the Board of Trustees on and are signed on their behalf by:

…………………………….. Salman Ali Agha - Chair of Finance Company Number 08840709

…………………………………… Jack Maddock - Co Chair

17 | P a g e

Reading University Students’ Union Consolidated Statement of Cash Flows For the Year Ended 31[st] July 2024

Note
Cash Flows from Operating Activities
Net movement of funds for the period
Adjustments for:
Depreciation
Interest received from investments
Decrease/(Increase) in Stock
Decrease in Debtors
Increase/(Decrease) in Pension Provision
Increase/(Decrease) in Other Creditors
Net Cash provided by Operating Activities
Cash Flows from Investing Activities
Interest received from investments
Payments to acquire fixed assets
Payments to acquire investments
Net Cash provided by Investing Activities
Cash Flows from Financing Activities
Loan Repaid
Additional Loans in year
Net Cash provided by Financing 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
£
(98,544)
152,705
(70,130)
19,390
25,492
(303,740)
231,702
(43,125)
70,130
(395,446)
(500,000)
(825,316)
(54,000)
-
(54,000)
(922,441)
3,041,274
2,118,833		 2023
£
97,952
224,374
(24,405)
(9,202)
12,657
(167,412)
8,964
142,928
24,405
(255,695)
-
(231,290)
(54,000)
-
(54,000)
(142,362)
3,183,636
3,041,274

18 | P a g e

Reading University 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 Charity's governing document, which is the Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Union is a Public Benefit Entity as defined by FRS 102.

Going Concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. As detailed in the Trustees Report, in forming this opinion, they have considered a period of at least twelve months from the date of approval of these financial statements.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life of that asset as follows:

Other Equipment 5 – 10 years 5 – 10 years Shops 5 – 10 years Office and Facilities 3 – 10 years Motor Vehicles 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

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

The Union participated in the Student Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. This scheme is now closed to future accrual. The fund continues to be valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable in respect of the past deficit being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Under FRS 102 the discounted value of contributions payable in respect of past service deficit have been provided for.

The National Union of Students Pension Scheme (NUSPS), and the National Employment Savings Trust (NEST) are defined contribution schemes and are accounted for in the year in which they are due.

19 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

Investments

Investments are stated at cost less any provision for diminution in value.

Taxation

No provision is made in these accounts for tax as the Union is entitled to the exemptions available to charities provided all income is applied for charitable purposes.

Consolidation

The Statement of Financial Activities and Balance Sheet consolidate the results of the two subsidiary companies, Little Learners @ RUSU Ltd and RUSU Trading Ltd.

2. DONATIONS AND GRANTS

Annual Grant
CHARITABLE ACTIVITIES
Unrestricted Restricted
Funds
Funds
£
£
Student Social
Venues and
Events
1,680,451
-
Student
Activities
39,472
524,582
Democracy &
Representation
2,300
-
Little Learners
Nursery
923,310
-
2,645,533
524,582		 Annual Grant
CHARITABLE ACTIVITIES
Unrestricted Restricted
Funds
Funds
£
£
Student Social
Venues and
Events
1,680,451
-
Student
Activities
39,472
524,582
Democracy &
Representation
2,300
-
Little Learners
Nursery
923,310
-
2,645,533
524,582		 2024
2023
£
£
1,727,335
1,727,335

1,727,335
1,727,335
Total
Unrestricted Restricted
Total
2024
Funds
Funds
2023
£
£
£
£
1,680,451
1,629,748
- 1,629,748
564,054
56,831
512,889
569,720
2,300
2,200
-
2,200
923,310
833,499
-
833,499

3,170,115
2,522,278
512,889 3,035,167		 2024
2023
£
£
1,727,335
1,727,335

1,727,335
1,727,335
Total
Unrestricted Restricted
Total
2024
Funds
Funds
2023
£
£
£
£
1,680,451
1,629,748
- 1,629,748
564,054
56,831
512,889
569,720
2,300
2,200
-
2,200
923,310
833,499
-
833,499

3,170,115
2,522,278
512,889 3,035,167
Total

2024
£
1,680,451
564,054
2,300
923,310

3,170,115
2,645,533
524,582		 2,522,278
512,889 3,035,167

3. CHARITABLE ACTIVITIES

The Nursery is operated by a subsidiary company, Little Learners Ltd, which is 100% owned by Reading University Students’ Union.

  1. OTHER TRADNG ACTIVITIES
Franchised Space
Business Development
Commercial Trading		 2024
£
47,130
235,887
54,436
337,453		 2023
£
55,903
182,652
68,662
307,217

20 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

5. EXPENDITURE ON CHARITABLE ACTIVITIES

Student Social Venues and Events
Student Activities
Student Development
Democracy and Representation
Advice Services
Digital and Communication
Affiliations
Governance
Little Learners Nursery		 Direct
Costs
Support
Costs
2024
Total
£
£
£
1,583,519
386,624
1,970,143
985,689
203,288
1,188,977
-
-
-
152,038
125,727
277,765
215,896
115,676
331,572
173,977
233,398
407,375
18,313
-
18,313
168,820
-
168,820
826,124
28,746
854,870
4,124,378
1,093,459
5,217,837		 Direct
Costs
Support
Costs
2023
Total
£
£
£
1,554,383
315,924
1,870,307
1,011,529
185,380
1,196,908
131,118
-
131,118
177,550
109,855
287,405
207,844
101,502
309,346
166,174
121,276
287,450
47,679
-
47,679
115,736
-
115,736
732,034
29,956
761,990
4,144,846
863,893
5,007,939

6. EXPENDITURE ON OTHER TRADING ACTIVITIES

Franchised Space
Business Development
Commercial Trading
Marketing and Sponsorship		 Direct
Costs
Support
Costs
2024
Total
£
£
£
-
3,185
3,185
57,831
48,208
106,039
47,143
17,120
64,263
82,674
-
82,674
187,648
68,513
256,161		 Direct
Costs
Support
Costs
2023
Total
£
£
£
-
3,328
3,328
85,238
32,453
117,691
38,131
11,813
49,944
-
-
-
123,369
47,594
170,763

21 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

7. SUPPORT COSTS

Student Social Venues and Events
Student Activities
Democracy and Representation
Advice Services
Digital and Communication
Little Learners Nursery
Franchised Space
Business Development
Commercial Trading		 Support
Staff
Repairs,
Maintenance
& Cleaning
Office
Costs
Other
Costs
2024
Total
2023
Total
£
£
£
£
£
£
244,086
49,985
96,550
(3,997)
386,624
315,924
128,472
26,236
50,678
(2,098)
203,288
185,380
76,709
17,189
33,203
(1,374)
125,727
109,855
76,978
13,570
26,213
(1,085)
115,676
101,502
179,866
18,773
36,261
(1,502)
233,398
121,276
28,746
-
-
-
28,746
29,956
3,185
-
-
-
3,185
3,328
37,244
3,845
7,427
(308)
48,208
32,453
9,380
2,714
5,243
(217)
17,120
11,813
784,666
132,312
255,575
(10,581)
1,161,972
911,487

22 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

8. NET INCOMING RESOURCES

The net incoming resources is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets 152,705 224,374
Operating Lease rentals 100 200
Audit Fees 15,300 12,000

9. STAFF COSTS AND KEY MANAGEMENT PERSONNEL

Permanent Staff
Gross Salaries
Termination payments
Employers N.I.
Employers Pension
Part Time Students
Total Staff Costs		 2024
£
1,809,155
10,000
177,890
73,200
409,753
2,479,998		 2023
£
1,622,800
71,349
148,635
74,093
347,665
2,264,542

The average number of permanent staff in the year was 66 (2023: 66) The average number of temporary student staff in the year was 100 (2023:79)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £70,000 was nil (2023: one).

The total employee benefits (including employer pension and employer national insurance costs) of the key management personnel which consists of nine managers was £296,362 (2023: five managers, £279,456).

Expenses totalling £1,113 were paid to trustees during the period (2023: £777).

23 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

10. TANGIBLE FIXED ASSETS

Cost
At 1stAugust 2023
Additions
Disposals
At 31st July 2024
Depreciation
At 1stAugust 2023
Charge for the Year
Disposals
At 31st July 2024
Net Book Value
At 31st July 2024
At 31stJuly 2023		 Venues
Other
£
£
342,129
1,043,861
25,027
368,575
(3,736)
(30,043)		 Office and
Facilities
£
798,476
1,844
(131,797)		 Nursery
£
38,886
-
-
38,886
25,699
4,366
-
30,065
8,821
13,187		 Total
£
2,223,352
395,446
(165,576)
363,420
1,382,393		 668,523 2,453,222
255,797
785,391
29,673
82,443
(3,736)
(30,043)		 665,779
36,222
(131,797)		 1,732,666
152,704
(165,576)
281,734
837,792		 570,204 1,719,794
81,686
544,602		 98,320 733,428
86,322
258,470		 132,697 490,686

Included within this balance is the Net Book Value of all assets purchased using the designated Future Projects fund, which is £243,623 at 31 March 2023 (2023: £243,623).

11. INVESTMENTS

Subsidiary Companies:
Little Learners @ RUSU Limited
RUSU Trading Limited
Ethical investment fund:
Brought forward as at 1 August 2023
Additions
Change in market value
Carried forward as at 31 July 2024		 2024
£
2
2
4
-
500,000
12,159
512,159		 2023
£
2
2
4
-
-
-
-

Little Learners at RUSU Limited (Company Number: 03723877) operates a nursery. The results of the subsidiary are consolidated in these accounts and are set out in notes 3 and 5. The net assets of the company at the year end amounted to £106,502 (2023: £109,410).

RUSU Trading Limited (Company Number: 08308331) was incorporated on 27[th] November 2012 and commenced to trade on 1[st] August 2015. The company was dormant throughout 2022/23. The net assets of the company at the year end amounted to £2.

24 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

12. STOCKS

Bars
Merchandise
Sports Kit
Catering
Nursery		 Consolidated
2024
2023
£
£
42,036
48,296
25,271
22,998
21,193
31,940
3,345
8,001
255
255
92,099
111,490		 Parent
2024
2023
£
£
42,036
48,296
25,271
22,998
21,193
31,940
3,340
8,001
-
-
91,840
111,235		 Parent
2024
2023
£
£
42,036
48,296
25,271
22,998
21,193
31,940
3,340
8,001
-
-
91,840
111,235
111,235

13. DEBTORS

Trade Debtors
Other Debtors
Intercompany Balance
Prepayment and Accrued Income		 Consolidated
2024
2023
£
£
51,997
51,373
7,720
22,689
-
-
60,345
71,493
120,062
145,555		 Parent
2024
2023
£
£
43,384
45,522
7,719
23,304
(397)
9,259
60,190
71,337
110,896
149,422		 Parent
2024
2023
£
£
43,384
45,522
7,719
23,304
(397)
9,259
60,190
71,337
110,896
149,422
149,422

14. CREDITORS : Amounts falling due within one year

Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
University Loans
54,000
54,000
54,000
54,000
Trade Creditors
167,328
105,566
162,707
94,465
Other Creditors including Taxation:
PAYE Social
Security
58,858
46,062
58,858
46,062
Other Creditors
195,538
77,262
120,531
28,845
Holiday Pay accrual
31,182
16,351
31,182
16,351
Accruals and
Deferred Income
258,645
222,449
249,942
212,481
544,223
362,124
460,513
303,739
765,551
521,690
677,220
452,204		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
University Loans
54,000
54,000
54,000
54,000
Trade Creditors
167,328
105,566
162,707
94,465
Other Creditors including Taxation:
PAYE Social
Security
58,858
46,062
58,858
46,062
Other Creditors
195,538
77,262
120,531
28,845
Holiday Pay accrual
31,182
16,351
31,182
16,351
Accruals and
Deferred Income
258,645
222,449
249,942
212,481
544,223
362,124
460,513
303,739
765,551
521,690
677,220
452,204		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
University Loans
54,000
54,000
54,000
54,000
Trade Creditors
167,328
105,566
162,707
94,465
Other Creditors including Taxation:
PAYE Social
Security
58,858
46,062
58,858
46,062
Other Creditors
195,538
77,262
120,531
28,845
Holiday Pay accrual
31,182
16,351
31,182
16,351
Accruals and
Deferred Income
258,645
222,449
249,942
212,481
544,223
362,124
460,513
303,739
765,551
521,690
677,220
452,204		 Consolidated
Parent
2024
2023
2024
2023
£
£
£
£
£
£
£
£
University Loans
54,000
54,000
54,000
54,000
Trade Creditors
167,328
105,566
162,707
94,465
Other Creditors including Taxation:
PAYE Social
Security
58,858
46,062
58,858
46,062
Other Creditors
195,538
77,262
120,531
28,845
Holiday Pay accrual
31,182
16,351
31,182
16,351
Accruals and
Deferred Income
258,645
222,449
249,942
212,481
544,223
362,124
460,513
303,739
765,551
521,690
677,220
452,204
677,220 452,204

25 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

15. CREDITORS : Amounts falling due after one year

University Loans Consolidated
2024
2023
£
£
130,000
184,000
130,000
184,000		 Parent
2024
2023
£
£
130,000
184,000
130,000
184,000		 Parent
2024
2023
£
£
130,000
184,000
130,000
184,000
184,000

The Union currently has two interest free loans with the University which are repayable in instalments. As at July 2024, £25,000 is repayable in instalments until 2027 and £105,000 is repayable in instalments until 2028.

16. PROVISION FOR LIABILITIES

Pension Provision Consolidated
2024
2023
£
£
1,039,501
1,343,241
1,039,501
1,343,241		 Parent
2024
2023
£
£
1,039,501
1,343,241
1,039,501
1,343,241		 Parent
2024
2023
£
£
1,039,501
1,343,241
1,039,501
1,343,241
1,343,241

17. PENSIONS

The Union participated 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 country. Benefits in respect of service up to 30[th] September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1[st] October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30[th] September 2011 the scheme closed to future accrual.

The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m.

The 2022 valuation saw scheme Trustees take steps to ensure that the level of contributions will remain affordable for participating employers. The regular increase of 5% due in October 2023 will proceed as they had planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037. This is an extension from August 2035. Contributions due from 1 October 2026 onwards will be reviewed following the next actuarial valuation, due with an effective date of 30 June 2025. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. 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 .

In accordance with FRS102, the net present value of the future contributions required over 14 years to clear the funding deficit is £1,039,501 (2023: £1,343,241).

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

In calculating this net present value, the extension of the deficit recovery period and then the annual increases of 5% have been taken into account and a discount rate of 6.1% representing the typical yield of high-quality corporate bonds has then been applied. The total contributions paid into the scheme in respect of the funding deficit for the period ended 31[st] July 2024 were £356,964 (2023: nil).

From 1st October 2011 the Union has participated in the National Union of Students Pension Scheme, NUSPS, which is a defined contribution scheme. This scheme was closed to new entrants on 31st January 2014. From 1st February 2014 new staff are automatically enrolled in the National Employment Savings Trust (NEST). Contributions to these schemes are accounted for in the year in which they are due and amounted to £53,893 (2023: £53,507).

18. COMMITMENTS UNDER OPERATING LEASES

At 31[st] July 2024 the company had total commitments under non-cancellable operating leases as set out below:

eases as set out below:
Operating Leases which expire
:
Within 1 year
After more than 5 years		 2024
Land &
Buildings
Other
Items
£
£
100
-
1,100
-
1,200
-		 2023
Land &
Buildings
Other
Items
£
£
200 -
1,100 -
- 1,300 -

The above amount relates to the lease on the nursery building which was renewed during the prior year and runs until March 2024 and the lease on the Student Union building which runs until 2036. Other accommodation is provided free of charge by the University. Were the Union to pay for additional space it uses for its operations this charge would increase by up to £675,000.

19. DONATIONS

The Union made no donations to external bodies during the year except where collections were made on behalf of various charities and lodged with the Union prior to payment to the charity.

20. RELATED PARTY TRANSACTIONS

The Union is in receipt of a recurrent grant from the University of Reading of £1,727,335 (2023: £1,727,335). The Union also received loans from the University in previous years, and in 2024 made repayments totalling £54,000 (2023: £54,000).

In addition, the Union occupies its building under a lease from The University of Reading for a charge of £100 per year until 25[th] March 2036 under an agreement whereby the Union maintains the building in a good state of repair.

The trustees of the Union are the members of the Trustee Board. The Officer Trustees of the Trustee Board receive remuneration for their services as provided for within the Constitution.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

21. UNRESTRICTED FUNDS

Balance B/F Income Expenditure Transfers Balance C/F
DESIGNATED FUNDS 2023 2024
Capital Equipment Fund 243,623 - (83,405) 362,093 522,311
Commercial - - - 383,592 383,592
refurbishment
University Loan Fund (238,000) - - 54,000 (184,000)
Spaces 109,740 - (15,255) (1,003) 93,482
Brand and Identity 31,358 - (9,663) (17,623) 4,072
Digital Systems 66,863 - (6,249) - 60,614
Student Voice 68,700 - (13,533) - 55,167
Building Community 91,668 - (4,892) - 86,776
Pension Reserves (1,343,243) - (32,984) 336,724 (1,039,503)
Cost of Living Fund 33,649 - (12,352) (12,190) 9,107
UoR#Bit 9,086 - (5,816) - 3,270
Student Engagement Fund 30,000 - (15,520) - 14,480
(896,556) - (199,669) 1,105,593 9,368
UNRESTRICTED FUNDS
General Funds 2,195,987 3,870,227 (3,825,574) (1,037,148) 1,203,496
Little Learners Reserve 109,410 923,310 (852,368) (73,850) 106,502
2,305,397 4,793,537 (4,677,942) (1,110,998) 1,309,994
1,408,841 4,793,537 (4,877,611) (5,405) 1,319,362

Funding of Capital Expenditure

The Capital Equipment Fund represents the Unions investments in fixed assets. All capitalised assets acquired from other designated funds (e.g. Future Project Fund, Spaces, etc) are represented by the Capital Equipment Fund and appropriate transfers are made. Fixed assets depreciation is charged against this fund.

University Loan Fund

The University Loan Fund represents the amount still owed to the University to repay loans which have financed fixed asset acquisitions.

Spaces

The Spaces fund is intended to be used to reconfigure several spaces in the summer of 2024, including:

.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

Brand and Identity

The Brand and Identity fund has been designated and used for rebranding across the Union. It was used for the design, physical assets and cultural elements of the project to ensure that it was fully comprehensive in scope.

Digital Systems

The Digital Systems fund will cover the upgrade of the IT network and facilities, as well as the investment in a new online membership system and a range of improvements to membership services. This has been partially achieved with further work planned.

Student Voice

The Student Voice fund will be used to research project capacity and provide improvements to the Union’s advice and policy systems. It will also help to make democratic improvements (linked to digital systems), and to fund a salaried role within the data and insights team.

Building Community

The Building Community fund is to be used for a community engagement project with Halls, to provide targeted interventions for EDI, to provide support for a Belonging Project associated with The Lounge, and to fund comprehensive segmentation research which will give the Union an indepth understanding of our student community, upon which we can make decisions, develop and implement initiatives.

Pension Reserve

The Pension Reserve represents the pension provision in respect of the SUSS Scheme of £1,039,501. See note 16 for details of the pension liability.

Commercial Refurbishment

In the summer of 2024, the Union completed a refurbishment project of its commercial spaces, comprising of 3SIXTY, Mojos Bar and Kitchen, Glitch and Flex, the downstairs toilets and corridor, and the accessibility lift. This project directly reponded to student feedback about these spaces and has given the Union a better foundation to provide an improved student experience in these areas.

Cost of Living Fund

This fund was created as a match fund to the University's of the same name. The joint initiative was founded to address student concerns about the rise in the cost of living, and create meaningful projects and interventions to support students struggling financially throughout their time at university. To date, the fund has been used for initiatives such as free Aldi vouchers, free student discount cards, subsidised membership to sports clubs and societies, and free breakfasts.

Student Engagement Fund

This fund was created to provide access to financial resource for strategic projects developed by the Officer team. To date, the fund has been used to support a number of initiatives including enhancements for Welcome 2023, and resources for a campaign called 'Girls Nights In'.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

UNRESTRICTED FUNDS COMPARATIVE

Balance B/F Income Expenditure Transfers Balance C/F
2022 2023
DESIGNATED FUNDS
Capital Equipment Fund 159,182 - (154,223) 238,663 243,623
University Loan Fund (292,000) - - 54,000 (238,000)
Spaces 350,825 - (36,166) (204,969) 109,740
Brand and Identity 51,000 - (19,642) - 31,358
Digital Systems 72,600 - (5,737) - 66,863
Student Voice 68,700 - - - 68.700
Building Community 104,100 - (12,432) - 91,668
Pension Reserves (1,510,653) - - 167,412 (1,343,243)
Cost of Living Fund - 23,167 (32,022) 42,504 33,649
UoR#Bit - - (5,214) 14,300 9,086
Student Engagement - - - 30,000 30,000
Fund
(996,246) 23,167 (265,386) 341,911 (896,556)
UNRESTRICTED FUNDS
General Funds 2,180,133 3,740,155 (3,502,144) (222,156) 2,195,987
Little Learners Reserve 144,279 833,499 (757,030) (111,339) 109,410
2,324,412 4,573,656 (4,459,174) (333,495) 2,305,397
1,328,166 4,596,823 (4,524,564) 8,416 1,408,841

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

22. RESTRICTED FUNDS

Student Activities
Activities Balance
Sporting Balances
Volunteering
Good Lads		 Balance B/F
2023
Income
Expenditure
Transfers
Balance C/F
2024
309,276
514,582
(522,763)
5,405
306,500
15,896
-
(2,069)
-
13,827
3,220
10,000
(12,720)
-
500
1,340
-
-
-
1,340
1,500
-
(1,500)
-
-
331,232
524,582
(539,052)
5,405
322,167

RESTRICTED FUNDS COMPARATIVE

Student Activities
Activities
Balances
Sporting Balances
Volunteering
Good Lads		 Balance B/F
2022
Income
Expenditure
Transfers
Balance C/F
2023
294,099
498,889
(475,296)
(8,416)
309,276
15,896
-
-
-
15,896
2,620
12,500
(11,900)
-
3,220
1,340
-
-
-
1,340
-
1,500
-
-
1,500
313,955
512,889
(487,196)
(8,416)
331,232

Student Activities

These are the funds held for the Student clubs and societies. Income is in the form of club membership and income to hold events. Expenditure is on running the club or society including coaching and training, hiring venues, purchase of equipment and the running of events.

CSE Activities Fund

Funds given by the University Alumni Department to fund Sports and Societies projects.

Sporting Excellence

These are annual funds from the university alumni to be used for Scholarships for Sports students.

– Volunteering Shenley Foundation

Funding from the Shanley Foundation to support student volunteering projects.

Good Lads

This is a grant from Reading Borough Council to fund Equality, Diversity and Inclusion training.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

23. SURPLUS FOR THE FINANCIAL YEAR

At permitted by section 408 Companies Act 2006, Reading University 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:

Reading University Students’ Union’s individual deficit for the financial year 2024
2023
£
£
(95,636) (132,827)

24. CONTROLLING PARTY

The Union is controlled by the Trustee Board, up to 10 members of which are subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the Union. The Trustee Board also contains a minimum 4 externally appointed Trustees.

25. CAPITAL COMMITMENTS

At the year end the Union had committed to building refurbishment works and other capital projects totalling £455,918 (2023: £nil).

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2024

26. COMPARATIVE SOFA 2023

INCOME AND ENDOWMENTS
Grant Income
Grants and Donations
Charitable Activities
Student Social Venues and Events
Student Activities (Clubs and Societies)
Student Democracy and Representation
Little Learners (Nursery)
Other Trading Activities
Franchised Space
Business Development
Commercial Trading
Interest Receivable
Other
Total Income
EXPENDITURE
Charitable Activities
Student Social Venues and Events
Student Activities (Clubs and Societies)
Student Democracy and Representation
Advice Services
Digital and Communications
Affiliations
Governance
Little Learners (Nursery)
Raising Funds
Franchised Space
Business Development
Commercial Trading
Total Operating Expenditure
Net Operating Income/(Expenditure)
Movement in Pension Deficit
Transfers between Funds
Net Movement in Funds
Reconciliation of Funds
Total Funds brought Forward
Funds Carried Forward		 Unrestricted
Funds
£
1,727,335
1,629,748
56,831
2,200
833,499
55,903
182,652
68,662
24,405
15,588
4,596,823
1,870,307
709,712
287,405
131,118
287,450
47,679
115,736
761,990
3,328
117,961
49,944
4,691,976
(95,153)
167,412
8,416
80,675
1,328,166
1,408,841		 Restricted
Funds
£
-
-
512,889
-
-
-
-
-
-
-
512,889
-
487,196
-
-
-
-
-
-
-
-
-
487,196
25,693
-
(8,416)
17,277
313,955
331,232		 Total
2023
£
1,727,335
1,629,748
569,720
2,200
833,499
55,903
182,652
68,662
24,405
15,588
5,109,712
1,870,307
1,196,908
287,405
131,118
287,450
47,679
115,736
761,990
3,328
117,961
49,944
5,179,172
(69,461)
167,412
-
97,952
1,642,121
1,740,073

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