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2022-07-31-accounts

Registered number: 10279393 Charity number: 1169283

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Charity Trustees: and advisers 1 - 2
Trustees' report 3 - 29
Independent auditor's report on the financial statements 30 - 33
Statement of financial activities 34
Balance sheet 35 - 36
Statement of cash flows 37
Notes to the financial statements 38 - 61

Charitable Status:

The University of Derby Students’ Union (UDSU), referred to throughout this document as the Union, is an incorporated charity established under the Education Act 1994 and is registered with the Charity Commission (No. 1169283). The Union is a company limited by guarantee in England and Wales, with the company number 10279393.

Principal Office:

Kedleston Road Derby DE22 1GB

Officer Trustees:

These are known by, and will be referred to within the achievement overview, by several names including Executive Officers, Executive Committee, Sabbatical Officers and Officer Trustees. They were elected to office by the student population to hold office from 12 July 2021 to 10 July 2022. The Executive Officer Trustees during the financial period and up to the date of the approval of the accounts are:

Jack Tymon President (resigned 5 November 2021) Beth Baxtrem Vice President Activities (resigned 25 May 2022) Nina Cupric Vice President Education (resigned 10 July 2022) Owen Marques Vice President Welfare Alexandra Mazilu (appointed 11 July 2022) Dominic White (appointed 11 July 2022) Callum Young (appointed 11 July 2022)

Other Trustees:

External Trustees

Chris Hughes Chairperson Anthony Atherton Helen Roberts (resigned 10 September 2021) Michael Spencer (resigned 6 July 2022) Nicola Hartley Rosie Smith (appointed 8 September 2022)

Student Trustees

Joseph Webster (resigned 10 July 2022) Matthew LeDoux-Deakin (resigned 25 May 2022) Josh Brunning (appointed 13 October 2022) Angel Fosu (appointed 13 October 2022) Havinder Saluja (appointed 13 October 2022) Andrew Wilson (appointed 13 October 2022)

Auditor:

BHP LLP 1 Waterside Place, Basin Square Brimington Road Chesterfield S41 7FH

Bank:

Barclays Bank Sir Frank Whittle Road Derby DE1 9UU

1

Senior Leadership Team:

The Union employs a Chief Executive Officer to work closely with the Officer Trustees and to ensure effective management of the charity. The Trustees delegate the day-to-day running of the Union to the Chief Executive Officer and the Senior Leadership Team. During 2021/2022 the senior managers were as follows:

Chief Executive Officer: Victoria Hossack (resigned 31 December 2021) Colina Wright (appointed 14 February 2022) Head of Membership Engagement: Suzy Stevenson (resigned 10 July 2022) Emma Taylor-Large (appointed 1 July 2022) Head of Operations: Martin Beaumont Finance Manager: Steve Taylor Marketing, Brand and Partnerships Manager: Heather Gunn

2

Trustees’ Report

The Trustees present their annual report together with the audited financial statements of the company for the year ended 31 July 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP) 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 report serves a both a trustees’ report and a directors’ report under company law.

1. Objectives and Activities

The main aim of the Union as set out by the organisation’s constitution is the advancement of education of students at The University of Derby for the public benefit by:

The Union is committed to enhancing the academic experience of our members, both through lobbying the University to improve the quality of provision and through creating a supportive and rewarding learning environment in which to study, work and live. In setting our objectives and planning our activities the Trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

2. Structure, Governance and Management

Under the legal name of The University of Derby Students’ Union (UDSU), the Union is an incorporated charity established under the Education Act 1994 and is registered with the Charity Commission (No. 1169283). It is led by students, for students with an underlying purpose to be a Union dedicated to the educational interests and welfare of its members. The governing document is its constitution adopted on the 30 June 1992 and last amended in March 2018 as part of a governance review of trustee proceedings; this is subject to a review at the coming Annual General Meeting (February 2023). On 30 September 2016 the Union completed a transfer to become a Company Limited by Guarantee and incorporated in England and Wales (no.10279393).

3

The composition of the Board

The Trustee Board is made up of a mixture of Officer Trustees, Student Trustees and External Trustees.

----- Start of picture text -----
The Trustee Board
Four Officer Four Student Five External
Trustees Trustees Trustees
----- End of picture text -----

Both Student Trustees and External Trustees are appointed by the Board (and ratified by Scrutiny Panel) to ensure a balance of skills and experience. External Trustees remain in office for a term of three years. Both can serve a maximum of two consecutive terms, although for Student Trustees this is provided that they remain a student for the duration of this time.

Whilst the Officer Trustees are elected annually by cross campus ballot based on a portfolio based manifesto, they also act in their capacity as a Trustee of the organisation. They can serve a maximum of two years in office.

Responsibility is cascaded from the Trustee Board and committee structure of the Union to the management and staff team of the Union. The Union employs a number of full-time staff to ensure effective management of its many activities and to implement the policy decisions made by the Trustees. A clear staff structure is in place and all staff are ultimately accountable to the Chief Executive, who in turn is accountable to the Board of Trustees.

In ensuring its success the Union takes significant steps each year to ensure the experience of the Officer Trustees is a fulfilling one and helps meet the needs of the organisation; this includes internal training and information induction sessions at the start of their elected term of office. Officers also participate in regional and national training opportunities and the Union is a member of both the National Union of Students, a national representative and campaigning organisation, and WonkHE, a national policy making body, for further support throughout the year. There are two representatives from the Union that also receive specific training to assist their participation and engagement as Governors of the University.

Staffing

This year the Union had two senior management changes; the CEO and the Head of Membership Engagement, and several changes within the staffing team.

Strategy

The Union continues to be a values driven organisation. It exists to meet the needs of the members who are students at the University of Derby and associated colleges by upholding the following values:

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The Union began consultation on what the new mission, vision, values and strategic priorities for the Union should be and look forward to launching this in the next academic year.

Engaging with students

The Union is committed to being student-led, continuing to provide opportunities for its members to take a lead in the organisation, particularly with regards to making the student experience better for students. Opportunities include becoming a programme representative, a volunteer, a general participant in a sports team or society, a Committee member of a sports team or society, a leader on the Peer Assisted Mentoring scheme, a Student Officer (a role undertaken alongside students’ studies), Student Trustee or a full time Officer Trustee.

The Union attempts to engage as many students as possible however this is not always practical and the Union needs to continually ask about its relevance and ensure its mechanisms for receiving and acting on student feedback are embedded. This year saw the first in person Annual General Meeting following the pandemic; this is moving towards being more Trusteeled as this is the opportunity to hold them to account. Internal scrutiny takes place through the Officers’ Scrutiny panels where they report on their manifesto progress throughout the year. Student Summits also take place periodically as was as faster mechanisms for obtaining student feedback including “Thursday Thoughts” and roadshows.

3. Related party relationships

The relationship with the University continues to be a positive one. This is outlined and reinforced via a standing Partnership Agreement which was fully revised and agreed in November 2018. The Officers engage at all major University Committees and the University believes the Union is integral to ensuring the student voice at Derby is heard and represented. This commitment is further evidenced by ongoing commitment for Officers Trustees to coChair several University meetings, including Student Affairs Committee, Equality Diversity and Inclusion Committee and the Learning and Teaching Committee. In addition, the President and Vice President Education reside over all committees and sub-committees of the University Governing Council.

The Union is primarily funded by the University via a block grant. This was £974,884 for the 2021/2022 financial period, an increase from the previous year’s funding which was £862,880. This ensured that the Union was able to continue effectively representing the student voice at all levels, empowering students by providing ongoing developmental opportunities including engagement with sports teams and societies and providing job opportunities for students.

The Union is grateful to the University for its continued support and investment into our student services through the block grant; it acknowledges that the University provide a significant proportion of the Union’s space on a rent free basis, enabling more activity with the block grant provided.

During this financial period the University continued to invest in the Peer Assisted Learning scheme, enabling more students to benefit.

4. Key Achievements

The Union’s key achievements are noted below:

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Student Community

Our aim has always been to bring our students’ communities together and the desire to feel part of a wider community started at day one, during Freshers, where we sold over 1,000 Freshers Wristbands, allowing new students to experience the city together and to meet new friends and likeminded peers in safe, vetted, venues.

The success of last year’s Freshers Village was also expanded on, where we welcomed thousands of students over the first week of intake. Our Commercial team also led on Welcomefest/Intake Day where we saw over a thousand new students come to enjoy some music, food, and drink on their first day in the city.

Continuing that tradition of community building through socialising – our weekly student night, Mukky Duck, totalled over 18,000 attendees over the course of this academic year, strengthening both our student community as well as our commercial and brand partnerships with Stonegate and various city centre venues.

This sense of community was also shown through our activities provision; with over 2,100 students involved in our sports, societies, and student-led services throughout this academic year.

With over 1,200 members joining our sports clubs, it was an amazing increase over last year’s total of 734 and proof that despite the impact of COVID-19 and any lingering health worries, our students are, at heart, social beings and still want to come together as a community.

Our Union Societies weren’t hit so hard during the pandemic, and with the resilience of the Activities staff and the student committees we have seen over 1,040 total members across 58 separate societies this year showing not only the desire for student community but also the breadth and diversity of communities here at Derby.

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Celebrating our communities

We love to celebrate student achievements and this year we returned to in-person events for our three Union Award ceremonies; We saw the Activities Awards split back into the Sports Awards and the Community Awards as well as the return of the Education Awards – celebrating achievements of both students and staff at the University of Derby.

We fit 100 of our society and student-led service members into the club at Popworld – unrecognisably transformed by our Activities team and the University’s SLLET students into a sophisticated round-tabled awards venue – where, again, they experienced some great food and celebrated their peers through 12 awards categories.

Our Sports Council have worked really hard this year ensuring they support our clubs; championing what they do and actively working with and supporting us – culminating in them having an official Sports Council Award at the Sports Awards. Speaking of which, we had over 300 sporty students cram themselves into the venue at Bustler Market to enjoy amazing food and celebrate the achievements of their friends and teammates across 15 different awards.

Back with a bang from two years online this year’s Education Awards saw 230 students and staff come together at the Museum of Making to celebrate the successes of 2021/22 – of which there were more than enough to generate the 344 nominations for staff and students. A change of format and venue didn’t phase our Voice team with 100% of the attendees rating the evening as ‘good’ or ‘excellent’ (compared to 76% for last year’s online event).

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Being there, not square

The cornerstone of our community building is all the unique and amazing events run by both our own Union staff as well as the student groups and representatives we work with – and this year has been no exception. Fully embracing the return to in-person events while learning lessons from lockdown, this year has been a great mix of in-person, online, and hybrid events working to bring our students together.

History, Occupational Therapy, and Law each held their own end of year external balls – History sold over 80 tickets, Law sold over 90 and Occupational Therapy over 60

▶ First Midwifery Conference

The brand-new Midwifery Society organised external speakers and created a new annual networking event

▶ Musical Theatre’s Seussical

▶ Chinese New Year

The Chinese New Year celebration won ‘Best event’ at the Union Education Awards

▶ Indian Society’s Holi

Our Indian Society planned and hosted the first faceto-face Holi event in two years which even had BBC Radio Derby in attendance

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▶ A Very British Picnic

The Union and our International Society, Derby Worldwide, hosted an International Students’ welcome event in the Atrium for those students who were travelling from restricted access countries and who may have been isolating whilst the Union delivered Freshers’ Fair

▶ Phantom Radio

Our very own Phantom Radio hosted and supported several events during Freshers Fair and recruited six committee members through their involvement (they also helped with 19 graduation ceremonies, Basecamp’s opening, and the University’s Christmas carol service)

▶ RAG Week 1

The first RAG Week raised £1,500 and won an award for the Blorange Wednesday event

▶ RAG Week 2

The second RAG Week saw another successful Blorange Wednesday and raised a further £500

▶ Student Volunteering Week

We hosted five charity fairs in five days and recruited 55 new charities for the Union’s volunteering platform

▶ Phantom Radio

Phantom Radio returned from lockdown to their studio to host 80 successful live shows throughout the year

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----- Start of picture text -----
Home is where the
Herts is
Varsity 2022 celebrated the
return to in-person sports
this year in style. While some
clubs like Taekwon-Do, Dance,
and Equine managed to keep
virtual training up online –the
rest of our students were
waiting to get back into action
and after eight months of
fixtures and training we went
head-to-head with Hertforshire
for the first time in two years...
We had around 800 students
participating as spectators or
competitors across the 21 games and
three showcases. With 63 points up
for grabs over the course of the day
a Men’s Football draw left the event
hinging on the final game of the
evening – after a hard battle fought
on the Futsal pitch, both sides came
away with a 31 Varsity-point draw
and a deep hunger for next year.
▶ We sold around 1,300 pints
on Varsity day – that’s about a
pint every 20 seconds for the
duration of the day!
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----- End of picture text -----

Sports, Societies, and Student-Led Services

Building communities within the wider Activities provision the Union has celebrated our student-led

groups in many ways on top of those already mentioned.

RAG have raised over £13,000

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Wellbeing and Support

The Union Advice team are available to provide a helping hand all year round and this year the team have challenged themselves to become more accessible than ever.

Events

During Freshers the Advice Service hosted two Freshers stands, where advisors invited students to take part in a lucky dip activity allowing the opportunity to chat to students about what the service can offer – ‘if they need it.’ Students were informed about the C-Scheme, which saw 93 students sign up on the day.

This year the service planned an Alice in Wonderland themed event, building on the momentum of previous Advice Tea Party events and taking the opportunity to be more ambitious – the event ran from 11.00am– 6.00pm, and offered students a safe space to meet like-minded students over hot drinks and plenty of cake. The event engaged over 200 students and received positive feedback from its attendees.

Campaigns

The Advice Service has led on two campaigns this year Consent Is… and Suspected Academic Offences, both campaigns were created and delivered based on the cases seen by the service. The Advice team worked with Marketing to deliver the campaigns both in-person and via social media and have created evergreen assets that can be used again at strategically placed moments throughout the academic year.

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Training

Advisors have delivered Consent training to over 100 students. In addition, monthly Look After Your Mate sessions have been delivered to students, with a new bespoke version of this being created to deliver to an FE audience. Remedi, one of the local partnership agencies, has offered monthly workshops to students regarding domestic violence.

Enhancements to provision

The Advice team appointed two new Information and Advice Assistants (IAAs), this has allowed the Union to make efficiencies within the advisor team to ensure more appointment availability for our membership whilst also offering a more effective and supportive first point of call. In addition to the support the IAAs have offered to the Advice team, they have been able to support the wider Union teams.

The Union has invested in training two advice staff who are qualified to support students who have been affected by sexual violence. Next academic year the team will be working to promote the service and working with the University to enhance this provision further.

The Advice team have worked with stakeholders in the city to offer on campus specialist support to our membership, this has included Samaritans, Remedi, and SV2.

Buxton and Leek College

With the appointment of a newly created Union role; Further Education Coordinator, the Union has been able to offer a programme of engaging campaigns, championed the student voice, and offered safe and comfortable social spaces for our Buxton and Leek College learners.

The FE Coordinator has successfully facilitated Course Rep meetings, allowing students to share the opinions and suggestions of their peers directly to the curriculum leaders. There have been some great wins for these students:

This year the Support and Inclusion Manager and Vice President (Welfare) began attending the University’s Skills Committee meetings, this has provided an opportunity to report and present on the work undertaken with our Buxton and Leek College membership. It has been received positively by the committee and we believe this to be a contributing factor to the College agreeing to fund the role for next year.

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Buxton and Leek College Events

Supporting the Samaritans and the opening of the social spaces at Buxton and Leek Campuses. 30 students attended in Buxton and 25 in Leek

▶ Voting stand

To find out which clubs and societies students would like to see offered

▶ Careers Fayre

Recruited five students who are now Wellbeing Ambassadors and attracted five who were interested in joining the LQBTQIA+ Society

▶ Destresstival

An igloo was set up with face masks, yoga mats, fairy lights, foot spas, magazines, and refreshments. 70 students attended in Buxton and around 20 at Leek

▶ Mental Health Awareness Week

Stress Brain Challenge, de-stress activities – engaging with over 20 students

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Advice Service Statistics

Some statistics and feedback from our Advice Service for this academic year

Case Outcome
Count Number of Cases		 Case Outcome
Count Number of Cases
Appeal Successful 13
Appeal Unsuccessful 7
Case Concluded Successfully 2
Complaint Partially Upheld 2
Complaintupheld 5
Debt Managed 1
EECupheld 13
FeeWaiver 2
Financial gain other 1
Housing Financial gain/improvement 2
Mediation successful 1
Other financial gain - estimate (annual
amount)		 1
Other outcome - non-financial 3
PCPS - Case dismissed 4
PCPS - proven, advisory note 17
Procedure undertaken by client upheld 1
Reinstated to Course 5
SAO - Not proven, dismissed 14
SFE issue resolved successfully 1
Signpost 7
Student satisfied with outcome 29
Tenant dispute resolved successfully 1
Tuition Fee Refund 2

Advice cases opened during the period September 2021 - May 2022

----- Start of picture text -----
100 92
90 82
80
70 59 62
60
50 42 41 41 46
40 33
30
20
10
0
Sept Oct Nov Dec Jan Feb March April May
----- End of picture text -----

----- Start of picture text -----
Rate your
experience
with the
Advice
Service
----- End of picture text -----

Poor (0%) Good (16.9%) Unsatisfactory (0%) Excellent (78.4%) Satisfied (4.6%)

----- Start of picture text -----
Was the
advice you
received
useful?
----- End of picture text -----

Yes (98.5%) No (1.5%)

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Do you have any suggestions or comments for how we can improve the Union Advice Service?

I would like to give special thanks to my advisor she really helps and supports me. I really appreciate time on my case.

Keep up the good work!

Just wanted to say a massive thank you to my advisor, who went above and beyond to help me with my rental contract dispute, even when I thought it was at a loss. It was only by chance that I thought of contacting the Union, if one suggestion possibly just to raise awareness that they offer such services, I couldn’t fault it at all.

I was so upset when I came to the SU and everyone was busy and I didn’t have an appointment, but an advisor made time for me and sat with me for a long time and made some calls to make sure my issue was resolved. I felt that she went above and beyond to help me when I was in a really difficult position. I am so grateful to my advisor for what she did to help me as I felt listened to which is not always the experience I have had.

The Union Advice Service is 100% excellent!

I would like to say a massive thank you my advisor for all her help and continued support whilst I attempted to solve the situation.

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Officer Impact

As ever, our full-time Officer Trustees balance the day-to-day student-led work of the Union alongside their own manifesto pledges and campaigns. Held to account at our Scrutiny Panels through the year some highlights from our team include:

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Owen Marques Beth Baxtrem
----- End of picture text -----

We have managed to get We saw seven teams become services such as Samaritans, BUCS league winners and many Remedi, SV2, and Derbyshire teams become runners-up, LBGTQ+ on site providing which is a great success for us support to students as a Union and University Introduction of ‘tackling 12 students across sports, loneliness’ workshops to societies, and student led Union staff and students services have received Mental Health First Aid training

Worked with Team Derby to promote sport and the benefits to mental health

Men’s Football partnered with HUMEN to support men’s mental health, they have raised awareness and funds throughout the year. Our Men’s and Women’s Rugby team have also partnered with Balls for Brains, a charity that focuses on mental health specifically in rugby

Nina Cupric Go Green Week was successful, 57 stalls booked with 52 charities at Kedleston Road, Markeaton Street, and One Friar Gate Square. 51 stalls taken with 46 charities across all campuses Pushed for disinvestment from fossil fuel at the University’s Governing Council

Secured verbal agreement on the location of allotments, to be run by ENACTUS

24-hour library during assessment periods was reinstated for another year

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Student Voice and Feedback

Student voice is at the heart of everything we do and it has never been more important that we channel representative and effective student voice. We are led by students for students and we would like to take this opportunity to thank every single student. Whether they are a Student Rep, a member of a sport or society, or voted in the elections, your voice matters and it is listened to.

In order to ensure student voice continues to be heard and channelled effectively, this year we have implemented the new institution-wide Academic Representation Policy and innovative Student Voice Portal. The Student Voice Portal has seen over 600 Reps register and submit over 900 pieces of individual student feedback. This has given us an unprecedented ability to track trends of student voice in real-time with our Officers and affect change quickly and efficiently.

We held our first hybrid Annual General Meeting this year, chaired by the Trustee Board, and saw a turnout of 65 voting members. Between them they cast 552 votes in two hours to make changes to our policies and governance structure which will take effect for the upcoming academic year.

We played a lead role in ensuring that the virtual induction was vibrant and student-led providing new and returning students with details of how the Union effectively represents their academic interests. Full and part-time Officers filmed induction videos and, combined, these were viewed 7,583 times in the first few weeks.

Throughout the year we have consistently gone out for the most dynamic and up-to-date student voice through our Instagram poll ‘Thursday Thoughts’. This year we’ve had a total of 17,089 responses which is an average of 610 students per post! And we have used these on a variety of topics; from how comfortable students feel about the safety measures on site to how they want to see the Virtual Learning Environment develop and change.

This year students studying a UDOL course were invited to join Ian Whitehead (Academic Head of Online Learning) and other academic leads at a Student Forum, in an opportunity to provide feedback regarding their courses and to have any questions answered directly.

In our Officer elections we increased the voter turnout by 111 voters, casting 12,510 individual votes between them.

Positive stats from our Student Officer team this year:

We have continued to produce our bimonthly ‘Trend Reports’ to categorise 1,000+ forms of student voice feedback. These have become a key standing agenda item across the Universities deliberative structure and have come integral to providing updates on student voice through an informed, data driven approach.

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Peer Assisted Learning

The Union’s Peer Assisted Learning scheme has gone from strength to strength since it was launched last year. We’ve worked collaboratively with the University to allow this to be an ‘opt-out’ scheme, meaning that all first-year students are now automatically added onto our PAL Teams sites, giving us unprecedented ability to support them from day one.

A survey of PAL Learners identified the following positive results from the programme:

Quotes from the survey:

A survey of PAL Leaders identified the following positive results:

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Life on Campus

Coming out of a global pandemic, online teaching, and addressing the changing needs of our students means life around campus has embraced a ‘new normal’ – and as a Union we have remained student-led on the needs and wants of our membership.

The Venues team improved and expanded our offering over the last year, with new outlets opening, and some of our spaces getting re-purposed. We now currently employ 34 student staff, assisting them in their development and allowing them to finance their time at University

Notably this year; Markeaton Street got its own Blends Coffee Shop, with a trailer going into the building just before Christmas allowing students (and staff) at this site to enjoy barista-made hot drinks, something which has not been available previously, with the University caterers providing a lesser bean-to-cup offer.

Further to this, our biggest footprint – the Academy space – has been re-purposed and turned into Basecamp with a sit-in Blends outlet at its centre. The old, and tired, looking Academy bar has now been replaced with a new and fresh feeling venue which has sustainability at its heart. Waste has been reduced significantly with not having a disposable cup option, food waste is recycled, and drinks/ jams/spreads etc. are all served in glass to reduce plastic waste. The build was also as carbon neutral as possible, with carpets and upholstered seating made from recycled polyester and recycled plastic bottles. Even our new outdoor furniture saved 24,000 plastic milk bottles from going to landfill!

We also took the opportunity presented from the new Blends outlets to rebrand all of our coffee outlets, so they come together under one consistent Blends brand. This helps build brand familiarity, customer retention, and improve the student experience across multiple sites. It also means the student staff can work under a modern, welldesigned, brand that they can be proud to champion.

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Awards

All our venues currently hold a Five Star Environmental Health Score, and after getting 100% on our mystery shop/customer service report and also 100% on our Health and Safety/ Procedures audit we are the current holder of the NUS Best Bar None award; after being runner-up for several years this is something we are really proud to achieve (with the Academy closing due its metamorphosis into Basecamp we are not eligible for this moving forward so it’s been good to go out on a high)

Green Initiatives and Accessibility

The Commercial Services department successfully applied for two sets of funding from Semble/Molson Coors totalling £4,330. This meant that we could purchase equipment and infrastructure to improve the biodiversity of campus, and also purchase some sports wheelchairs to improve our accessibility into sports activities.

Our honey sales from our very own Union hives have generated over £300 to put back into the biodiversity of the campus.

We also made the decision to reinvest the profits from our 15p surcharge on Blends disposable cups into a funding pot for students to access for sustainability and green initiatives. We hope to see proposals from students beginning with the September intake.

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5. Financial Review

The principal funding sources for the Union are the block grant received from the University and the surplus derived from commercial trading activities:

We saw an increase of £49,997 on the block grant received this year, taking it to £912,881. In addition, a £62,000 Peer Assisted Learning block grant was received in the year.

The overall financial performance of the period was a loss of £72,926, compared to a surplus of £160,305 the previous year. Reasons for this are increased expenditure in the form of £125,000 as a capital contribution to re-modelling of new ‘Basecamp’ student area, combined with reduced government job retention scheme and business support income to the value of £210,075.

6. Reserves Policy and Going Concern statement

As agreed by the Board the reserves position continues to be set at 6 months operating costs (£691,951). At the year end the Union had free reserves of £786,609.

The Board of Trustees consider that the organisation is a going concern on the basis of the continued support from University of Derby.

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future: Whilst this year saw us return to a “new normal” following the pandemic, the new normal is still to be defined and continues to impact on commercial performance.

We are in a healthy position in relation to our reserves however we must act with continued diligence; teaching on campus has not returned to pre-Covid levels and there is the possibility that this may never return as blended learning presents different opportunities although student activity, and consequently associated costs, begins to increase.

Re-opening of Basecamp

Following an investment of £125,000, the Union was able to repurpose the Academy Bar and invest in a blended social learning and commercial space, Basecamp. This space was intended to provide a social return on investment and not anticipated to generate a profit but equally to complement the Blends service we operate within close proximity.

Basecamp opened at the end of February 2022 and has been well received. As expected it is meeting its predicted budget, which was not expected to make a profit but to enhance the student experience. The Trustee Board and Senior Leadership Team acknowledge that this is not financially sustainable in the long term and continue to closely monitor and evaluate the budgets and take remedial action as and when required.

The single biggest threat to the Union's financial position continues to be a material cut in the block grant from University of Derby, which would be influenced by future student numbers and university income.

After review, it was concluded that the Union can continue to provide its services safely and still be financially viable for this period. For this reason they continue to adopt the going concern basis in preparing the financial statements.

7. Risk Management

The Union regularly evaluates its risk, this is via the risk register which presented annually to the Board after being reviewed by the Audit and Risk Committee.

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The risks are categorised as follows:

and

The significant risks outlined in the most recent review relate to finance: a decline in income from the University, our commercial outlets and / or media sales / sponsorship opportunities; the orphan liabilities of other Unions within the SUSS pension scheme being wound up and external factors impacting on the student experience, including but not limited to government policies relating to higher education including higher education funding and the impact of Brexit on student recruitment, particularly from the international market; the unlikely occurrence of subsequent epidemics / pandemics and the continued social and financial impact of Covid and blended learning.

8. Setting Pay and Remuneration

The Board recognises its responsibilities to protect the reputation of the Union of Students, to reflect the values and ethos the Union and a registered charity. The Board therefore works to ensure that the pay to senior leadership is not excessive and is justifiable to the membership and the Union's wider stakeholders. This is achieved by conducting regular benchmarking of pay and benefits across the sector, regionally and to the University’s pay structures. The pay of the Senior Leadership Team is reviewed and considered by the Finance and HR sub-committee of the Board, who also conduct the annual performance appraisal of the CEO.

9. Information on fundraising practices

Fundraising activities – Raise and Give (RAG) - take place within the Union who manage and distribute these funds to the chosen charity(ies) accordingly. Funds raised this year by RAG amounted to just over £12,200 and this cash will be distributed following the end of the financial year to the relevant charity. The Union does not employ any professional fundraiser or commercial partner for this activity and received 0 complaints regarding fundraising in the year.

Due to the low level of fundraising the charity undertakes, the charity is not a participant of a voluntary scheme for regulating fundraising, or any voluntary standard of fundraising for any activities carried out on behalf of the charity.

10. Future plans

This year was the last year of the extended strategic plan; it also meant that the Union started to engage in strategic consultation for the strategic plan for 2022 -2025. Our mission, vision and values continued to be the same, the strategic priorities for the year and our progress is outlined below were:

Strategic priority 1: Building a vibrant student community

Create innovative shared spaces in partnership with the University with access to the services you need, where you need them

26

Support you through all transitions of the student journey by connecting you with each-other

This remains ongoing

Strategic priority 2: Develop you through transformative opportunities

Listen to your course feedback and actively lobby and campaign for changes to improve your learning experience

Review and improve the student voice mechanisms that are open to all students to contribute through (Ideas Forum & College Forums), to ensure that they are utilised and acted upon

Strategic priority 3: Championing clear and effective student voice

Give recognition and awards for the skills you develop and support you to evidence your capability

27

Prioritise the creation of paid student work opportunities

Strategic priority 4: Delivering flexible support and guidance

Expand our high quality, independent, Help and Advice service in all locations

Increase awareness of our support services to provide the guidance you need

Strategic priority 5: Create data driven, positive outcomes

Measure the impact we have to ensure we make a difference to your University Experience

Collate Union data outputs to tell the Union story across each department

The future is bright…

We are excited to launch the new strategic plan, with a revised mission and values, in the upcoming year.

28

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

In so far as the trustees are aware:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Chris Hughes

Chair of the Trustees Date: Feb 23, 2023

Page 29

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF DERBY STUDENTS' UNION

Opinion

We have audited the financial statements of University of Derby Students' Union (the 'charitable company') for the year ended 31 July 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, 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 United Kingdom, including the Financial Reporting Council'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.

Page 30

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF DERBY STUDENTS' UNION (CONTINUED)

Other information

The other information comprises the information included in the trustees' report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees' report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 our 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.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 31

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF DERBY STUDENTS' UNION (CONTINUED)

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 charitable 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 32

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF DERBY STUDENTS' UNION (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Feb 24, 2023 15:44 GMT)

Jane Marshall (Senior statutory auditor) for and on behalf of BHP LLP Chartered Accountants Statutory Auditor One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH Date: Feb 24, 2023

Page 33

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
12
Other expenditure
13
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
1,038,188
126,485
988,029
990
15,964
2,169,656
1,150,117
973,592
125,000
2,248,709
(79,053)
737,314
(79,053)
658,261		 Restricted
funds
2022
£
106,003
140,887
-
-
-
246,890
-
240,763
-
240,763
6,127
112,752
6,127
118,879		 Total
funds
2022
£
1,144,191
267,372
988,029
990
15,964
2,416,546
1,150,117
1,214,355
125,000
2,489,472
(72,926)
850,066
(72,926)
777,140		 Total
funds
2021
£
1,181,857
85,284
164,575
309
226,039
1,658,064
539,467
958,292
-
1,497,759
160,305
689,761
160,305
850,066

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Page 34

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee) REGISTERED NUMBER: 10279393

BALANCE SHEET AS AT 31 JULY 2022

Note
Fixed assets
Tangible assets
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due within one year
21
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
22
Total net assets
Charity funds
Restricted funds
24
Unrestricted funds
General funds
24
Pension reserve
Total unrestricted funds
24
Total funds		 28,526
55,597
1,001,069
1,085,192
(199,993)
907,771
(249,510)		 2022
£
131,728
131,728
885,199
1,016,927
(239,787)
777,140
118,879
658,261
777,140		 38,669
44,635
1,111,286
1,194,590
(201,323)
995,231
(257,917)		 2021
£
106,311
106,311
993,267
1,099,578
(249,512)
850,066
112,752
737,314
850,066

Page 35

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Christopher Hughes

Date: Feb 23, 2023

The notes on pages 38 to 61 form part of these financial statements.

Page 36

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
27
Cash flows from investing activities
Bank interest
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
SUSS pension contributions
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
28		 2022
£
(25,204)
990
(69,539)
(68,549)
(16,464)
(16,464)
(110,217)
1,111,286
1,001,069		 2021
£
302,799
309
(42,217)
(41,908)
(14,460)
(14,460)
246,431
864,855
1,111,286

Page 37

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. General information

University of Derby Students' Union is a company limited by guarantee (no. 10279393) and a registered charity (no. 1169283). The registered office is Kedleston Road, Derby, DE22 1GB.

The members of the company are the Trustees named on page 1. In the event of the Union being wound up, the liability in respect of the guarantee is limited to £1 per member of the Union.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

University of Derby Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements have been prepared in £ stering, which is the financial currency of the union and rounded to the nearest £.

2.2 Going concern

The Board of Trustees consider that the organisation is a going concern on the basis of the continued support from University of Derby.

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future: Whilst this year saw us return to a “new normal” following the pandemic, the new normal is still to be defined and continues to impact on commercial performance.

We are in a healthy position in relation to our reserves however we must act with continued diligence; teaching on campus has not returned to pre-Covid levels and there is the possibility that this may never return as blended learning presents different opportunities although student activity, and consequently associated costs, begins to increase.

Page 38

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Donated services or facilities are recognised when the union has control over the items, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the union of the items is probable and that economic benefit can be measured reliably.

On receipt, donated services and donated facilities are recognised on the basis of the value of the gift to the union which is the amount the union would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income relating to the Coronavirus Job Retention Scheme is recognised in the period for which the funding is claimed.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 39

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following bases:

Leasehold improvements - 3 - 10 years
Catering equipment - 5 years
Office equipment - 3 - 5 years

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 40

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Union participates in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the Union’s deficit contribution is recognised as a liability in accordance with SORP (FRS102).

The Union also contributes to defined contribution pension schemes for its employees. The pension charge represents the amounts payable by the company to the fund in respect of the year.

2.14 Employee benefits

When employees have rendered services to the charity, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Page 41

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.15 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 company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Union makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Pension deficit contribution

The charity has entered into a commitment to provide deficit funding to the Students' Union Superannuation Pension Scheme, of which it is a contributing employer. Under FRS 102, the present value of the commitment is recognised. The calculation of the present value of the commitment is subject to an assumption of the discount rate. The discount rate is determined by reference to market yields at the reporting date on high quality corporate bonds.

(ii) Donation of facilities by University of Derby

In accordance with the Charities SORP (FRS 102), the Union has valued the benefit it receives from occupying facilities owned by the University on a rent free basis, at the Trustees’ estimate of market value of £129,744.

(iii) Support costs

Staffing and administration support costs are allocated across the various activities of the Union. Support costs are allocated on the basis of staff time spent on each charitable activity.

Page 42

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

4. Income from donations and legacies

Notional rent
Grants
Total 2021		 Unrestricted
funds
2022
£
129,744
908,444
1,038,188
1,127,736		 Restricted
funds
2022
£
-
106,003
106,003
54,121		 Total
funds
2022
£
129,744
1,014,447
1,144,191
1,181,857		 Total
funds
2021
£
129,744
1,052,113
1,181,857

5. Income from charitable activities

Athletic union
Clubs and societies
Marketing
Welfare and education
Societies and volunteering
Total 2022
Total 2021		 Unrestricted
funds
2022
£
87,360
-
29,245
1,749
8,131
126,485
28,514		 Restricted
funds
2022
£
-
140,887
-
-
-
140,887
56,770		 Total
funds
2022
£
87,360
140,887
29,245
1,749
8,131
267,372
85,284		 Total
funds
2021
£
2,881
41,770
25,633
-
15,000
85,284

Page 43

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

6. Income from other trading activities

Bars and entertainments income
Catering income
External events income
Shop income
Total 2022
Total 2021		 Unrestricted
funds
2022
£
44,174
289,363
63,889
590,603
988,029
164,575		 Total
funds
2022
£
44,174
289,363
63,889
590,603
988,029
164,575		 Total
funds
2021
£
11,844
48,942
878
102,911
164,575

7. Investment income

Bank interest
Total 2021		 Unrestricted
funds
2022
£
990
309		 Total
funds
2022
£
990
309		 Total
funds
2021
£
309

Page 44

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

8. Other incoming resources

Coronavirus Job Retention Scheme grants
Insurance claims
Other income
Total 2021
Expenditure on raising funds
Bars and entertainments
Catering
External events
Shops
Total 2022
Total 2021		 Unrestricted
funds
2022
£
15,896
-
68
15,964
226,039
Unrestricted
funds
2022
£
131,518
310,637
37,894
670,068
1,150,117
539,467		 Total
funds
2022
£
15,896
-
68
15,964
226,039
Total
funds
2022
£
131,518
310,637
37,894
670,068
1,150,117
539,467		 Total
funds
2021
£
196,529
29,510
-
226,039
Total
funds
2021
£
25,819
239,747
4,890
269,011
539,467

9. Expenditure on raising funds

Page 45

(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

10. Expenditure on raising funds

Bars and entertainments
Catering
External events
Shops
Total 2022
Total 2021
11.
Support costs analysis
Raising funds
Governance (note 15)
Information technology
Depreciation
Staff costs
Pension contributions
Other costs		 Direct costs
2022
£
107,730
254,451
31,040
548,869
942,090
361,401		 Support costs
2022
£
23,788
56,186
6,854
121,199
208,027
178,066		 Total
funds
2022
£
131,518
310,637
37,894
670,068
1,150,117
539,467
2022
£
5,908
4,054
4,360
82,428
4,366
106,911
208,027		 Total
funds
2021
£
25,819
239,747
4,890
269,011
539,467
2021
£
5,032
4,274
4,115
75,740
3,823
85,082
178,066

Staffing and administration support costs are allocated across the various activities of the Union. Support costs are allocated on the basis of staff time spent on each charitable activity.

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UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

12. Analysis of expenditure on charitable activities

Summary by fund type

Athletic union
Clubs and societies
Marketing
Democracy and elections
Societies and volunteering
Representation
Welfare and education
Total 2021		 Unrestricted
funds
2022
£
332,627
29,756
167,724
93,924
83,601
128,426
137,534
973,592
910,873		 Restricted
funds
2022
£
-
134,760
-
67,003
-
-
39,000
240,763
47,419		 Total
funds
2022
£
332,627
164,516
167,724
160,927
83,601
128,426
176,534
1,214,355
958,292		 Total
funds
2021
£
101,215
42,510
201,064
188,653
108,557
159,975
156,318
958,292

13. Other expenditure

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Learning hub contribution 125,000 125,000 -

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

14. Analysis of expenditure by activities

Athletic union
Clubs and societies
Marketing
Democracy and elections
Societies and volunteering
Representation
Welfare and education
Total 2021		 Activities
undertaken
directly
2022
£
272,463
134,760
137,386
131,820
68,480
105,196
144,604
994,709
663,182		 Support costs
2022
£
60,164
29,756
30,338
29,107
15,121
23,230
31,930
219,646
295,110		 Total
funds
2022
£
332,627
164,516
167,724
160,927
83,601
128,426
176,534
1,214,355
958,292		 Total
funds
2021
£
101,215
42,510
201,064
188,653
108,557
159,975
156,318
958,292

Analysis of support costs

Governance (note 15)
Information technology
Depreciation
Staff costs
Pension contributions
Other costs
Total 2021		 Athletic union
2022
£
1,709
1,172
1,261
23,839
1,263
30,920
60,164
31,169		 Clubs and
societies
2022
£
845
580
623
11,791
624
15,293
29,756
13,091		 Marketing
2022
£
862
591
636
12,021
637
15,591
30,338
61,918		 Democracy
and elections
2022
£
827
567
610
11,533
611
14,959
29,107
58,096		 Societies and
volunteering
2022
£
429
295
317
5,992
317
7,771
15,121
33,431

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UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

14. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Governance (note 15)
Information technology
Depreciation
Staff costs
Pension contributions
Other costs
Total 2021		 Representatio
n
2022
£
660
453
487
9,204
488
11,938
23,230
49,265		 Welfare and
education
2022
£
907
622
669
12,652
670
16,410
31,930
48,140		 Total
funds
2022
£
6,239
4,280
4,603
87,032
4,610
112,882
219,646
295,110		 Total
funds
2021
£
8,340
7,081
6,821
125,525
6,335
141,008
295,110

Staffing and administration support costs are allocated across the various activities of the Union. Support costs are allocated on the basis of staff time spent on each charitable activity.

15. Governance costs

2022 2021
£ £
Auditor's remuneration 12,147 13,372

16. Staff costs

Wages and salaries
Social security costs
Contributions to defined contribution pension schemes		 2022
£
991,813
73,276
22,527
1,087,616		 2021
£
870,049
72,204
24,310
966,563

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(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

16. Staff costs (continued)

The average number of persons employed by the company during the year was as follows:

Charitable activities
Governance		 2022
No.
74
2
76		 As restated
2021
No.
48
2
50

The average headcount expressed as full-time equivalents was:

Charitable activities
Governance		 2022
No.
44
2
46		 2021
No.
45
2
47

No employee received remuneration amounting to more than £60,000 in either year.

During the year key management personnel's remuneration amounted to £189,402 (2021: £197,646). This includes gross pay, employer's national insurance and pension contributions.

The Union considers its key management personnel to comprise the senior management team as listed on page 2 of this report.

17. Trustees' remuneration and expenses

The 7 Executive Officers (2021: 7 Executive Officers) received total remuneration of £68,660 (2021: £86,852) for the year, as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their Trustee responsibilities. This work includes voicing student opinion with the instituition and local community, defending and extending the rights of students through petitions and discussion with MPs and also organising and supporting student volunteers and service provision for them.

No expenses were reimbursed to trustees in either year.

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UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

18.
Tangible fixed assets
Cost or valuation
At 1 August 2021
Additions
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for the year
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021
19.
Stocks
Bars
Shops		 Leasehold
Improvements
£
876,191
10,845
-
887,036
819,195
22,069
841,264
45,772
56,996		 Catering
equipment
£
40,555
7,974
(2,944)
45,585
1,801
8,582
10,383
35,202
38,754		 Office
equipment
£
85,098
50,720
-
135,818
74,537
10,527
85,064
50,754
10,561
2022
£
2,811
25,715
28,526		 Total
£
1,001,844
69,539
(2,944)
1,068,439
895,533
41,178
936,711
131,728
106,311
2021
£
6,742
31,927
38,669

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UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

20. Debtors

Trade debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
SUSS defined benefit scheme funding deficit liability (note 30)
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 August 2021
Resources deferred during the year
Amounts released from previous periods		 2022
£
14,004
41,593
55,597
2022
£
9,724
37,809
24,677
48,625
79,158
199,993
2022
£
35,667
20,528
(35,667)
20,528		 2021
£
5,713
38,922
44,635
2021
£
8,211
32,640
24,589
48,697
87,186
201,323
2021
£
497
35,667
(497)
35,667

21. Creditors: Amounts falling due within one year

At the financial year end £20,528 (2021: £35,667) was recognised in deferred income in relation to grants received for freshers stalls and team kit sponsorship which relate to the 22/23 financial year.

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UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

22. Creditors: Amounts falling due after more than one year

2022 2021
£ £
SUSS defined benefit scheme funding deficit liability (note 30) 239,787 249,512

The SUSS defined benefit scheme liability includes aggregate amounts of £172,869 (2021: £189,378) which fall due after five years.

23. Affilations, subscriptions and membership

NUS
BUCS		 2022
£
21,572
13,083
34,655		 2021
£
16,099
9,270
25,369

Individual clubs and societies affiliate to the national governing body or membership organisation. These are reviewed and approved by the AGM. No donations were made during the period to any external institutions.

Page 53

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

24. Statement of funds Statement of funds - current year

Unrestricted funds
General funds
Pension reserve
Restricted funds
Clubs & societies
University of Derby - Student
Event Marquee fund
University of Derby - Student
Catering Experience
Block grant - Peer assisted
learning funding (PAL)
Block grant - Market research for
strategic plan development
Block grant - Information & advice
triage
Total of funds		 Balance at 1
August 2021
£
995,231
(257,917)
737,314
102,186
606
9,960
-
-
-
112,752
850,066		 Income
£
2,169,656
-
2,169,656
140,887
-
-
67,003
25,000
14,000
246,890
2,416,546		 Expenditure
£
(2,240,456)
(8,253)
(2,248,709)
(134,760)
-
-
(67,003)
(25,000)
(14,000)
(240,763)
(2,489,472)		 Transfers
in/out
£
(16,660)
16,660
-
-
-
-
-
-
-
-
-		 Balance at 31
July 2022
£
907,771
(249,510)
658,261
108,313
606
9,960
-
-
-
118,879
777,140

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UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

24. Statement of funds (continued) Statement of funds - prior year

Unrestricted funds
General funds
Pension reserve
Restricted funds
Clubs & societies
Block grant - Graduate societies
Block grant - driven funding
Peer assisted learning funding
(PAL)
University of Derby - Student
Event Marquee fund
University of Derby - Student
Catering Experience
Total of funds		 Balance at
1 August 2020
£
863,857
(263,931)
599,926
89,835
-
-
-
-
-
89,835
689,761		 Income
£
1,547,173
-
1,547,173
41,770
1,000
2,000
15,000
19,621
31,500
110,891
1,658,064		 Expenditure
£
(1,441,894)
(8,446)
(1,450,340)
(29,419)
(1,000)
(2,000)
(15,000)
-
-
(47,419)
(1,497,759)		 Transfers
in/out
£
26,095
14,460
40,555
-
-
-
-
(19,015)
(21,540)
(40,555)
-		 Balance at
31 July 2021
£
995,231
(257,917)
737,314
102,186
-
-
-
606
9,960
112,752
850,066

Page 55

UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

25. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds		 Balance at 1
August 2021
£
737,314
112,752
850,066
Balance at
1 August 2020
£
599,926
89,835
689,761		 Income
£
2,169,656
246,890
2,416,546
Income
£
1,547,173
110,891
1,658,064		 Expenditure
£
(2,248,709)
(240,763)
(2,489,472)
Expenditure
£
(1,450,340)
(47,419)
(1,497,759)		 Transfers
in/out
£
-
-
-
Transfers
in/out
£
40,555
(40,555)
-		 Balance at 31
July 2022
£
658,261
118,879
777,140
Balance at
31 July 2021
£
737,314
112,752
850,066

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(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

25. Summary of funds (continued)

Restricted funds

Clubs & Societies: Funds raised by individual clubs and societies are recognised as restricted income and will be applied to the expenditure of that club or society. Any unspent funds are carried forward at the end of the period and will be spent in future years by the appropriate club or society.

University of Derby – Student Event Marquee fund. Funding received from the University of Derby for the purchase of a Marquee to be used at Student Events and additional funding for student celebration items.

University of Derby – Student Catering Experience Funding received from the University of Derby for the purchase of a catering trailer and catering equipment.

Block grant - PAL (peer assisted learning) funding – costs were for any training costs (if external trainers needed) promotional resources for the scheme (leaflets) and t-shirts and incentives (doughnuts) for the students who delivered PAL sessions.

Block grant - market research and strategic plan development - External company appointed, and carried out MR and associated work, to direct formulation of the new three-year strategic plan.

Block grant - information & advice triage - Additional staffing structure put in place (at "Infopoint"), to better process, and inform students of, the Union's services.

Block grant - Graduate societies - Funding used to establish new academic societies, allowing new activity to be planned and paid without financial risk. Including but not limited to new equipment, facilities/venue hire, transport cost and guest speaker fees.

Block grant - driven funding - Funding used to employ a University graduate.

26. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
121,162
976,879
(199,993)
(239,787)
658,261		 Restricted
funds
2022
£
10,566
108,313
-
-
118,879		 Total
funds
2022
£
131,728
1,085,192
(199,993)
(239,787)
777,140

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(A company limited by guarantee)

UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

26. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
95,745
1,092,404
(201,323)
(249,512)
737,314		 Restricted
funds
2021
£
10,566
102,186
-
-
112,752		 Total
funds
2021
£
106,311
1,194,590
(201,323)
(249,512)
850,066

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
Decrease/(Increase) in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Pension finance costs
Loss on disposal
Net cash provided by/(used in) operating activities		 2022
£
(72,926)
41,178
(990)
10,143
(10,962)
(2,843)
8,252
2,944
(25,204)		 2021
£
160,305
36,615
(309)
(5,146)
39,169
63,719
8,446
-
302,799

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UNIVERSITY OF DERBY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

28. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
Analysis of changes in net debt
Cash at bank and in hand		 At 1 August
2021
£
1,111,286
1,111,286		 2022
£
1,001,069
1,001,069
Cash flows
£
(110,217)
(110,217)		 2021
£
1,111,286
1,111,286
At 31 July
2022
£
1,001,069
1,001,069

29. Analysis of changes in net debt

30. Pension commitments

The Union participates 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 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 onwards accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.

The most recent valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of the Scheme’s assets was £119.1m with these assets representing 46% 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 £140.9m.

Valuations are conducted every three years based upon assumptions agreed by the trustees, and is used to set the contibutions payable by the participating employers.

The outcome in financial terms is set out in the table below:

30 June 2016 30 June 2019
£m £m
Assets £101.3 £119.1
Liabilities £221.0 £260.0
Deficit (£119.7) (£140.9)
Funding level 46% 46%

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UNIVERSITY OF DERBY STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

30. Pension commitments (continued)

The increase shown in the deficit since 2016 is in line with the changes previously reported, following annual reviews, but makes allowance for the impact of the 7% pension increase issue. This has increased the deficit in SUSS but its impact has been mitigated by the member consent exercise.

Whilst the assets have performed well, rising by over 17% over the three years, the liabilities have increased by a similar percentage. The sustained low yield on government bonds has continued to affect the liabilities, but the increase was driven in large part by the pension increase issue. The Trustees have concluded that the level of contributions to clear the deficit will have to rise above the planned 5% annual increase in order to address this. However, in order to allow time for unions to make the necessary arrangements the increase in contributions will come into effect from October 2021.

The increase of 5% due in October 2020 will proceed as planned, and these contributions form part of the plan to remove the funding deficit in SUSS.

Following the 2020 increase, and in order to attribute the further increase in costs as fairly as possible, the Trustees have allocated the additional liabilities arising from the 7% pension increase issue to those unions whose members are directly affected by it. This means that a union with many affected members may see a substantial increase in their contributions to SUSS from October 2021, while a union with no members affected by the issue would see a much smaller increase.

The Trustees also considered whether the costs of carrying out the member consent exercise should be borne only by those unions whose members are directly affected by the pension increase issue. After careful consideration, and keeping in mind the principle of collectivism, they concluded that a significant proportion of the costs incurred were justifiable expenses of running SUSS as a whole (because benefits needed to be adjusted, and members written to, whether or not the compromise offer was made). What remained, once allocated to the many affected unions and reclaimed over a reasonable period of time, was not material in the context of the overall level of payments being made to SUSS by the unions, and so no additional charges will be made in respect of this.

The existing recovery plan, based on the results of the 2016 valuation, was due to end in 2033. One option considered by the Trustees was to retain this target end date, in line with the Pensions Regulator’s guidance that funding deficits should be addressed over as short a period as possible. However, given the already substantial level of contributions being made to SUSS by the employers, the Trustees concluded that extending the recovery period, and hence reducing the initial increase in contributions that unions would be required to make, struck an appropriate balance between removing the deficit as quickly as possible while remaining affordable.

In summary, employer contributions will increase by 5% in October 2020 as planned and then by around 18%, on average, from 1 October 2021 (8% for those without any members affected by the compromise issue, and more for those with affected members). Contributions will increase by 5% each year thereafter until the end of the deficit recovery period, which is expected to be in August 2035. However, contributions due from October 2023 onwards will be reviewed following the next actuarial valuation.

Under FRS102 the Union is required to recognise as a liability the present value of its agreed share of future deficit contributions. Finance costs are recognised as the present value unwinds.

The total contributions paid into the Scheme by University of Derby Students' Union in respect of eligible employees for the year ended 31 July 2022 amounted to £16,464 (2021: £14,460). The liability owed by University of Derby Students' Union in respect of future deficit contributions at the year end was £249,511 (2021: £257,723), split between amounts falling due within one year of £9,724 (2021: £8,211) and amounts falling due after more than one year of £239,787 (2021: £249,512).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

30. Pension commitments (continued)

The Union also operates various defined contribution pension plans for its employees. The amount recognised as an expense in the period in relation to these schemes was £22,527 (2021: £24,310)

31. Related party transactions

The following are considered to be related parties for the reasons stated. The transactions with these related parties are set out below.

The 7 Executive Officers (2021: 7 Executive Officers) received total remuneration of £68,660 (2021: £86,852) for the year, as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their Trustee responsibilities. This work includes voicing student opinion with the instituition and local community, defending and extending the rights of students through petitions and discussion with MPs and also organising and supporting student volunteers and service provision for them.

University of Derby

The Union is in receipt of a block grant from the University of Derby of £912,881 (2021: £862,884).

In addition, sales and other income was received of £106,000 (2021: £270,991), resulting in a debtor balance of £4,978 (2021: £23,054) at the year end. Expenditure of £139,609 (2021: £46,887) was incurred resulting in a creditor balance of £13,155 (2021: £nil) at the year end.

The Union occupies buildings on a rent free basis. The value of the donation relating to this rent free arrangement has been assessed at £129,744 (2021: £129,744).

Page 61