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2022-07-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS 1 S T A U G U S T 2 0 2 1 - 3 1 S T J U L Y 2 0 2 2

Charity number : 1172269 | Company number : 10464111

CONTENTS

Reference and Administrative Details ����������������������������������������������������������������������������4 Trustees’ Report �������������������������������������������������������������������������������������������������������������������5 Structure, Governance and Management ���������������������������������������������������������������������������������������������������������5 Statement Of Public Benefit ������������������������������������������������������������������������������������������������������������������������������6 Governance �����������������������������������������������������������������������������������������������������������������������������������������������������������6 External Affiliations ����������������������������������������������������������������������������������������������������������������������������������������������7 Student Life Pulse Results �����������������������������������������������������������������������������������������������������������������������������������8 NSS Q26 ����������������������������������������������������������������������������������������������������������������������������������������������������������������9 Students’ Union Impact ��������������������������������������������������������������������������������������������������������������������������������������10 Student Advice Case Studies ����������������������������������������������������������������������������������������������������������������������������12 Environmental Sustainability �����������������������������������������������������������������������������������������������������������������������������13 Our Union Our Colleges �������������������������������������������������������������������������������������������������������������������������������������14 Financial Review and Results ����������������������������������������������������������������������������������������������������������������������������17 Ambitions and Long-Term Strategies ���������������������������������������������������������������������������������������������������������������19 Disclosure of Information To Auditor ��������������������������������������������������������������������������������������������������������������20 Statement of Trustees’ Responsibilities in Respect of the Trustees’ Annual Report and the Financial Statements ��������������������������������������������������������������������������������������������������������������������������20 Independent Auditor’s Report �������������������������������������������������������������������������������������21 Consolidated Statement of Financial Activities �����������������������������������������������������24 Consolidated and Union Balance Sheets �������������������������������������������������������������������25 Consolidated Cash Flow Statement ���������������������������������������������������������������������������26 Notes to the Consolidated Financial Statements ���������������������������������������������������27

President’s Foreword

I can’t put into words how proud I am to have been part of the Students’ Union in 2021-22. Despite the challenges that we’ve had post-COVID, we have well and truly put our mark back on Lancaster. Roses, Extravs, those Sugar nights where the queue went right round the block, the moments where I’ve been able to stop and think “This is it, we’re back” - that’s what will stick with me.

Lancaster University is a genuinely special and unique community to be a part of, and the Students’ Union plays such an important role in that. Over the next year, we must build back to where we were pre-pandemic and ensure that our students believe in the value that we offer. I am more hopeful than ever that we will succeed, and that we can give students the LUSU that they deserve.

For the Full-Time Officer team, 2021-22 was a year of hard work, new beginnings and happy endings. We finally got the governance reforms passed through referendum, so we can now build and grow a Union which is infinitely more democratic and firmly student led. We delivered the first ever Freshers’ Fest and Live Well Expo, which were so successful that they’ve become calendar events and have transformed the way we do things. I am eternally grateful for my 2021-22 team and I wish them all the best for their futures; I know they’ll do great things.

Let’s have some fun next year, I can’t wait to see where we can take our Students’ Union in 2022-23!

Welcome from the Chief Executive

In this year’s Annual Report, you’ll see and read lots of stories and successes. I want to really thank the dedicated student volunteers, hardworking staff members, leadership of the Elected Officers and the support of our Trustees and Lancaster University, who have all played a part in making 2021-22 what it was. Thank you.

From supporting our students through the second year of a global pandemic, to navigating how we work in a truly hybrid way, to delivering work of the highest quality for our students and achieving exceptional results, we have collectively pushed boundaries and gone beyond expectations.

Despite some uncertainty and challenges, we are still standing up for students, tackling issues head on and providing practical advice and support. We were overjoyed for the return of in-person student-led activity from our Sports Clubs, Societies and Volunteering Projects and Academic Reps and could see not only how much students had missed it, but also how important it was to them.

It’s been a remarkable year and we have our sights set firmly on plotting a strategic direction and supporting the growing vibrancy on campus.

Our biggest challenges are yet to come as we support students as we see the the cost of living rise and student hardship increase.

Everything we do has students at the heart of it. We’re student first and always will be and I am always so very proud to be a part of it.

REFERENCE & ADMINISTRATIVE DETAILS

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Board Of Trustees at 31st July 2022
Amanda Chetwynd External Trustee & Vice Chair Appointed 07/09/2019
Tony Camp External Trustee Appointed 29/06/2021
David Morris External Trustee Appointed 29/06/2021
Richard Soper External Trustee Appointed 29/06/2021
Michael Leckie External Trustee Appointed 01/06/2022
India Ellis Officer Trustee / Chair Appointed 26/06/2021
Daniel Goodwin Officer Trustee Appointed 01/07/2022
Megan Homburg Officer Trustee Appointed 01/07/2022
Noah Katz Officer Trustee Appointed 01/07/2022
Victoria Phillips Officer Trustee Appointed 01/07/2022
Callum Slater Officer Trustee Appointed 01/07/2022
Rhys Peploe Student Trustee Appointed 01/07/2021
In addition, the following individuals served as trustees during the year:
Oliver Robinson Officer Trustee Resigned 30/06/2022
Gayatri Shewani Officer Trustee Resigned 27/06/2022
Paul McCarthy Officer Trustee Resigned 30/06/2022
Dom Casoria Officer Trustee Resigned 30/06/2022
Amy Merchant Officer Trustee Resigned 30/06/2022
Callum Slater Student Trustee Resigned 30/06/2022
Sam Maesschalck Student Trustee Resigned 30/06/2022
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Principal Ofce Bankers Auditor & Tax Advisers Solicitors
Bowland College NatWest Bank PLC Crowe U.K. LLP Oglethorpe Sturton &
Lancaster University PO Box 94 3rd Floor Gillibrand
Bailrigg Church Street The Lexicon 16 Castle Park
Lancaster Lancaster Mount Street Lancaster
LA1 4YT LA1 1LB M2 5NT LA1 1YG

4 Annual Report & Financial Statements for the year ended 31[st] July 2022

THE TRUSTEES’ REPORT

The trustees of Lancaster University Students’ Union (SU) present their report together with the audited financial statements for the year ended 31 July 2022.

Structure, Governance And Management

Lancaster University Students’ Union is a student-led educational charity. It is legally a company limited by guarantee (Registered No 10464111) with the Trustees as company law members, and a registered charity (Registered No 1172269) . Whilst being an independent charity in its own right, the Students’ Union is also ‘separate but part of’ Lancaster University and subject to the University’s Charter and Statutes. It owns two trading subsidiaries: LUSU Services Company Limited and LUSU Housing Limited, which help to provide services for our members and raise income.

As a charity we have a Trustee Board that is responsible for the management and administration of the Students’ Union. In particular, they are responsible for governance, finances, strategy and regulatory compliance. The Trustee Board consists of the six elected Full Time Officers, three Student Trustees and five External Trustees. The Trustee Board is assisted by its subcommittees (in particular the Finance and Risk, Governance, and the Executive Committee). The Students’ Union’s principal governing document is its Articles of Association (adopted 1st August 2017). Further detail is set out in the Bye-Laws.

The Trustee Board delegates the dayto-day management of organisation to the Chief Executive through an agreed schedule of delegations. The Trustees receive regular reports from the Chief Executive and Senior Leadership Team about performance against agreed targets. The Chief Executive coordinates the Senior

Leadership Team and staff of the Students’ Union who work closely with the elected student officers to provide services and opportunities to benefit our student members. Staff ensure that the Students’ Union’s strategy and operating plans are carried out in line with the agreed budgets.

Democracy is at the heart of the Students’ Union. Student members elect representatives at all levels of the organisations. Policy is set by those representatives at the Executive Committee, by members directly through referenda and student members’ meetings, and by student juries.

The Full Time Executive Officers are elected by cross campus ballots annually in accordance with the Education Act 1994. Each officer has a specific political remit as well as being jointly responsible for effective and clear student representation to the University. Officers are accountable to our members through the Executive Committee, student members’ meetings and referenda.

Governing Bodies

The Trustee Board has responsibility for overseeing the administration and management of the Union. They are responsible collectively for the overall well-being and strategic direction, efficient operation and good governance of the Union, including compliance with legal and financial requirements.

The relationship between the Board and the Chief Executive is fundamental to effective governance and management of the Union. One element of this is to ensure that the Chief Executive is appropriately performance managed and remunerated. It is the responsibility of the Board to ensure that the Chief Executive has clear objectives, to review performance and consider the development of their employee alongside that of the charity. The Board uses the University’s Senior Role Pay Framework for remuneration,

and the salary was specifically benchmarked against the salaries and benefits paid to Chief Executives in students’ unions’ and the third sector in order to establish a suitable level of remuneration.

The Students’ Union employs (on joint contracts with the University) 37 full and part-time staff to ensure the effective management and operations of its wide range of activities. Those employees are accountable to the Chief Executive for the performance of their duties. The Senior Leadership Team consists of the Chief Executive, Financial Controller, Engagement Manager, Advocacy & Governance Manager and the Head of Strategic Projects. These staff members are accountable to the Chief Executive for operations in their areas of responsibility, acting on operating plans produced annually. These plans must be in line with the strategic plans and budgets, as agreed by the Trustees, the relevant democratic bodies and the University.

Recruitment and Training of Trustees

All new trustees are recruited according to good practice and inducted into the Students’ Union through a bespoke training programme. This year the Trustee Board has collectively received bespoke external training and development. This has been delivered by an external specialist.

The Trustee Board has been trying to appoint an external Trustee with Financial expertise and we were delighted to appoint Mike Leckie in June 2022. This appointment completes the external trustee complement on the board. Two of the student trustees left the board at the end of June 2022, Sam Maesschalck had completed two terms of office and Callum Slater was appointed as Vice-President Union Development. The remaining student trustee, Rhys Peploe, will no longer be a student in October 2022 and the search for student trustees has begun. We

lancastersu�co�uk 5

THE TRUSTEES’ REPORT

expect to appoint three student trustees in September 2022 and two more once the new articles are implemented.

Three Officer Trustees - Oliver Robinson, Amy Merchant and Paul McCarthy were re-elected in March 2021 and served as Officer Trustees for the year 2021-22, alongside three new Officer Trustees, Gayatri Shewani, Dominic Casoria and India Ellis.

Group Structure and Relationships

As previously stated, the Students’ Union has two wholly owned trading subsidiaries. The Directors of both companies are the Students’ Union President, Vice- President Union Development, Chief Executive and Financial Controller.

Risk and Mitigations

The Union’s risk management strategy includes the annual review of the risk policy and a twice-yearly detailed review of the risk registers. The process seeks to identify major risks and assess them with regard to impact, likelihood of occurrence and proximity. A risk score is then formulated for each risk, so they can be prioritised into low, medium and high. The risk register identifies the mitigating controls in place and a residual risk score after these controls are taken into consideration. Any further actions that are deemed necessary are included in the risk register and monitored on a quarterly basis.

The Union’s highest strategic risks include:

• Students’ Union becomes unable to meet our current activity (JCRs, societies, sports, rec sport, academic reps) within the income funding we have

• Volatility of commercial income

• Inability to manage student expectations and insufficient student awareness of all the different Students’ Union activities and

services

• Not representing all students

Mitigations include:

• Reviewing all activities and ensuring the key activities can be maintained and stopping or reducing lower priority activities that are unaffordable

•Regular review of all commercial activity and ensuring budgets are not overspent

• Managing student expectations and awareness through communications and better branding

• Better information gathering from all students

Public Benefit

The Trustees have reviewed the Charity Commission’s published guidance on public benefit requirements and are satisfied it meets this definition.

The Students’ Union is ‘devoted to the educational interests and welfare of its members’ and exists for the advancement of education of students at the University of Lancaster for the public benefit.’ This is through:

1 Promoting the interests and welfare of students during their course of study and representing, supporting and advising students

2 Being the recognised representative channel between students and the University of Lancaster and any other external bodies

3 Providing social, cultural, sporting and recreational activities and forums for discussion and debate for the personal development of its students.

It operates within the requirements of the University to satisfy the 1994 Education Act. The Articles state that the Students’ Union will seek at all times to:

• ensure that the diversity of its membership is recognised and that equal access is available to all members of whatever origin or orientation;

• pursue its aims and objectives independent of any political party or religious group; and

• pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society

Democracy & Governance Review

Process to Date

In 2019, students voted in a quorate AGM for a majority elected Trustee Board and a Council Model of democracy. This was followed up with a referendum that indicated 90% in favour of a majority elected trustee board.

In 2020, the Board of Trustees appointed an external consultant Counter Culture to review the Students’ Union’s democratic and governance structures. The external consultants engaged with students, student officers, trustees and key stakeholders in the University and developed a list of recommendations. The Board considered these recommendations in January 2021 and a new set of revised articles of association were drafted to incorporate and enable these changes to be implemented going forward.

The changes to the Articles of Association were put to the membership in a referendum alongside the Full Time Officer elections in March but failed to meet quorum however did see a majority vote in favour of those proposals. Two further attempts to approve the articles were taken at members’ meetings on 22nd and 29th April 2021. Unfortunately these did not reach the necessary quorum for changes to the Articles of Association, so they were unable to bepassed.

6 Annual Report & Financial Statements for the year ended 31[st] July 2022

THE TRUSTEES’ REPORT

In January 2022, Trustee Board went back to the original proposals and reconsidered the recommendations from CounterCulture in January 2021 and a new revised set of proposals and articles of association were drafted to incorporate these changes to be implemented going forward.

Students were invited to submit amendments on this first draft of the new and revised proposed articles of association. Open meetings were held where students were invited to discuss the proposed articles.

The Board resolved to put a proposal to a referendum (vote) of student members to adopt the proposed articles of association in April – May 2022.

Under the union’s Articles of Association, a turnout of at least 10% is required in order for referendum policy decisions to be considered valid.

1884 votes were received, a total turnout of 11.31%, with 84% of students

voting in favour of the proposals, and achieving the required 2/3 majority for the new articles to be approved.

The University Council voted to approve the changes to the articles of association in July 2022. Following this approval the Trustee Board approved an implementation date of January 2023 to switch on the new articles and subsequent governance changes. A company law resolution and final approval from the Charities Commission is required prior to the articles of association being able to be fully and legally adopted.

The ‘Proposal’

The formal proposal of the Board of Trustees was for the Students’ Union to adopt the Proposed Articles of Association.

The byelaws deal with the more dayto-day arrangements and rules about how the Students’ Union operates. A draft set of byelaws was produced to support and aid members with the consultation on the proposed articles

and provide context and set out the future intent of the Trustee Board regarding the proposed changes being put to members as part of the Democracy & Governance Review. These included:

· Abolition of the Executive Committee, and replacement with a more inclusive Union Assembly

· An easier method for removing FTOs and other Trustees

· An updated system of member-led campaigns, including revising the ideas process

Student members were advised that the byelaws would still be subject to some minor changes due to final legal checks, and a period of further consultation with student on final operational implementation details.

EXTERNAL AFFILIATIONS

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Name Amount (£)
Advice UK £1,575
British Universities & Colleges Sport (BUCS)
£10,238
Fee for league entry
Lancaster & District Chamber of Commerce £479
Nightline Association £66
National Student Television Association (NaSTA) £40
National Union of Students (NUS) £21,794
National Homelessness Advice Service (NHAS) Free
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STUDENT SUPPORT & ACTIVITY

ACADEMIC REPS ANNUAL CLUBS & SOCSMEMBERSHIP REGISTERECOMPLETEDTRAINING D & ELECTIONS TURNOUT

15.8% Sports Clubs and 385 Academic Reps 6.7% Societies appointed and registered 4.4% 1200+ 97% of reps 1.3% exec members appointed completed training ADVICE STUDENT Members HOURS STAFF Enagaged JOBS 35,831 hours 906 Sports members Increasing jobs and 6292 Society members helping students fund their Total members in Clubs and studies Societies 7198

FTO&LCO 15.8% JCR 6.7% NUS Delegates 4.4% PG Board 1.3%

2020/21 925 hours 2021/22 952 hours Providing advice and advocacy

Sugarhouse scored 93% in the national NUS Best Bar None Award, and were 3rd place national winners also scoring a Gold accreditation for the 5th year running

ADVICE & SUPPORT

Advice Cases 2019/20: 666 cases Advice Cases 2020/21: 726 cases Advice Cases 2021/22: 786 cases 8% increase 20/21 to 21/22

NSS Q26

SUSTAINABILITY

“The students’ union effectively represents students’ academic interests” GROUP FREE RESERVES GREEN LANCASTER NSS question for 2022 21-22 20-21 89 2427 Q26 39.67% National Average 53% £1,025,619 £1,171,114 and eventsActivities Studentsinvovled 1.83% increase in satisfaction s ~~c~~ ore 20/21 to 21/22

STUDENT VOICE

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I feel I belong YE 2020 YE 2021 YE 2022
" I know exactly who the Students’ Union are and what they do" 34% 29% -
-
"The SU has had a positive impact on my sense of belonging to the Uni or College" 27% 24%
"I feel part of a community of staff and students" 61% 37% 57%
I’m actively involved in student life at Lancaster
"The Students’ Union helps me make the most of my time as a student" 28% 21% -
“The SU had a positive impact o n my social life” 37% 27% 29%
“The SU offers a wide range of sports clubs and societies that I can get involved in” 81% 77% 82%
“The SU offers a wide range of activities and events that I can get involved in” 70% 65% 70%
Nothing holds me back from succeeding at University
“The SU has a positive impact on my wellbeing” 23% 52% 17%
"The SU is welcoming and inclusive to all types of students" 61% 61% 55%
I know I can go to our Union for help and support
“The SU provides useful advice to students” 42% 61% 32%
I feel I can make my voice heard through my SU and we’re a collective force for positive change
“I can influence decisions made by the SU” 24% 23% 18%
“The SU represents the views of students effectively” 27% 32% 27%
"I know what the SU is doing to represent my academic interests NSS Qu 26" 27% 28% 16%
My uni experience is preparing me for my future
"The SU has helped me develop useful life skills" 15% 12% -
“The SU is making me more employable" 15% 9% 8%
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8 Annual Report & Financial Statements for the year ended 31[st] July 2022

Q26. The students’ union Q26. The students’ union (association or guild) (association or guild) effectively represents efectively represents students’ academic interests students’ academic interests

The National Student Survey (NSS) is essential in understanding academic experience for our students.

Every year, the survey asks Lancaster students about how well their Students’ Union represents their academic interests

• The 2022 survey ran between January and April 2022

• A total of 2303 final year undergraduates from Lancaster responded to the survey, a response rate of 67% an increase on last year’s 64% The Students’ Union question, Q26, is does the students’ union (association or guild) effectively represents students’ academic interests

• We are continuing to improve in the area and although disappointed with a score of 40% satisfaction this is a small improvement on last year’s score of 37%. We are determined to improve and to communicate better the work that we and our team of 450 academic reps do in this area.

• A large number (relative to the responses to other NSS questions) of students 30% said they were neither satisfied nor dissatisfied which suggests these students did not know about the SU activities. We have agreed to improve our communication to students about the the work the SU does in representing students’ academic interests.

• The wording of the Students’ Union questions in the NSS is unhelpful to collegiate Universities as it excludes activities delivered through the Colleges with Oxford, Cambridge, Durham and York usually scoring even lower (For example this year students at Durham had a satisfaction score of 27%)

We know that when students are asked about activities and events organised by the SU they are very positive and our scores are in the top quartile.

B6.1 I have had plenty of opportunities to interact socially with other students 80%

B6.2 I am satisfied with the range of clubs and societies on offer 86%

B6.3 I am satisfied with the range of entertainment and social events on offer 77%

The free text comments in the NSS included positive remarks about the support and advice team in the SU, the Sugarhouse nightclub and the number and range of societies and clubs.

The negative comments included poor communication and inadequately representing students’ interests.

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England
Q26 Lancaster Top quartile
average
Definitely Agree 15% 38% 20%
Mostly Agree 24% 33% 33%
Neither 30% 22% 34%
Mostly Disagree 16% 4% 8%
Definitely Disagree 15% 3% 6%
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lancastersu.co.uk 9

UNION IMPAC ~~T~~

Union Impact 1 August 2021 – 31 July 2022

The union amassed a wide range of activities that contribute to helping students achieve the outcomes outlined in our strategy. They include:

I FEEL LIKE I BELONG

• The Sugarhouse managed and maintained a society guestlist, giving over 100 queue jump spots every night to enhance weekly socials to ensure students had a vibrance student experience. • The Sugarhouse social media accounts grew: Facebook to 21,289 fans and Instagram to 6,584. The team also introduced a staff run TikTok account which has over 5,000 followers and has had over 12m views and 675k likes. • VP Welfare worked in partnership with the Islamic Society to organise food to open iftar after prayer. Over 160 students gathered in Alexander Square and were provided with food to enjoy together.

I’M ACTIVELY INVOLVED IN UNIVERSITY LIFE

supported our sustainability commitments

NOTHING IS HOLDING ME BACK FROM SUCCEEDING

I KNOW I CAN GO TO OUR UNION FOR HELP & SUPPORT

• SU Living has given out over 70 electrical timers to students, to help with the environment and encourage students not to leave lights or heaters on when not at home. We also ensured that Smart meters have been fitted

10 Annual Report & Financial Statements for the year ended 31[st] July 2022

UNION IMPACT

into most of our properties and this work is in progress.

The Roses Team lowered the carbon impact of the event by eradicating single use plastic cups from the Roses Village bar by successfully introducing a reusable cup and deposit scheme. This was a pilot scheme which could see single use plastic cups eradicated from all future Union events.

• The Students’ Union supported and helped facilitate 34 elections and referendums.

• Sugarhouse employ a dedicated Welfare Supervisor via FGH Security and are proud to be one for the first nighclubs to have this provision in place. • Sugarhouse ran an anti-spiking campaign and highlighted welfare provisions available at the venue.

• Sugarhouse scored 93% in the national NUS Best Bar None Award, and were 3rd place national winners also scoring a Gold accreditation for the 5th year running.

• VP Welfare re-introduced the HIV testing and advice monthly drop-in at the Union.

• VP Welfare organised the Live Well Expo, sponsored by the SU Advice service. It brought together a range of different wellbeing activities, support services, and charities, as well as providing lunch, refreshments, and a chill-out space for students. There were 40 HIV/sexual health interventions, 80 College Advisor Team engagements, 43 sports centre health assessments. 

  - As part of the Academic Rep Scheme, a total of 18 forums were run over the year within Faculties, enabling students to feed back to the Students’ Union and each other on their academic experience.

• The Children & Young People’s Team have provided support to over 50 students in completing applications for further study (inc PGCE and SCI Teacher Training schemes). We have also provided references for over 30 students.

MY UNIVERSITY EXPERIENCE IS PREPARING ME FOR MY FUTURE

• The Societies team resolved 1028 tick ~~e~~ ts through their online help service.

• The Societies team had over 360 ‘Drop-in’ hours for students and society executives.

• The Societies Team managed on campus weekly space bookings for 30+ societies delivering 180 hours of activity every week. 

  - This year 133 students were elected into leadership positions this year within the Students’ Union.

I FEEL I CAN MAKE MY VOICE HEARD THROUGH MY SU AND WE’RE A COLLECTIVE FORCE FOR POSITIVE CHANGE

The coaching provided to officers has given them more clarity about the direction they want to go in for the rest of their careers, and has been an incredibly positive and helpful experience.

• SU Living has encouraged all students who have a contract with SU Living to cash their £150 Cost of living Payment from the government to help towards paying their bills.

Central has employed over 30 members of student staff during 21/22.

• After the adoption of the new Articles of Association referendum was voted “YES”, the articles were taken to University Council in July which there, they were approved unanimously. This demonstrates that students can truly influence their students’ union.

Children and Young People’s Partnership have employed over 60 student staff, many of which are going into graduate destinations as part of the children’s workforce or in school, colleges and alternative education providers.

• VP Welfare worked closely with the Women+ forum to co-host both the ‘Staying In: Speaking Out’ event and the Reclaim the Night March. The purpose of these events was to give students a collective space to speak out on issues rooted in misogyny.

1114 Registered Society Exec members, leading 170 different student societies and communities.

• LGBTQ+ officer brought a policy to the Executive Committee on mandatory consent training, a cause the Sexpressions society were campaigning for. VP Welfare used this policy to support university plans to make this training mandatory as part of the student induction.

• After the campaign on spiking from the Lancaster Night In student group, the SU closed The Sugarhouse for one night to re-train its staff on how they can contribute to student safety during nights out. •

In BUCS sport we scored 994 BUCS Points Scored (a record breaking amount for Lancaster) which was collectively scored by 38 different clubs who were led by 338 student leaders with 542 weekly fixtures played and additional individual competitions and events throughout the year.

• Don’t Ditch It was delivered in full in summer 2021, with 32.4 tonnes of houshold goods donations received by the project. The upcycling ECOShop in Alexandra Square during welcome week 2021 generated £4,500 income for reinvestment in Green Lancaster sustainability projects. The team is in action once again for 2022, collecting and sorting donations at the dedicated Circular Resources Hub.

Through the Academic Rep Scheme, 329 students were appointed as reps and given high quality training in key skills such as: public speaking, communication, facilitating discussion, negotiation, problem solving, and leadership.

• The ECOWoods and ECOWild projects have fostered significant student engagement, leadership and collaboration with external organisations across the North of England, delivering significant positive change and engagement on nature-based solutions to the climate emergency.

Our Academic Rep Scheme enabled 329 students to enhance their CV through receiving a contribution towards the ‘Lancaster Award’ and by recording their volunteer work through the scheme on their final transcript.

• VP Welfare worked closely with the Women+ forum to co-host both the ‘Staying In: Speaking Out’ event and the Reclaim the Night March. The purpose of these events was to give students a collective space to speak out on issues rooted in misogyny.

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STUDENT ADVICE CASE STUDIES

Case study one: Academic Support

A postgraduate student was called to a departmental hearing regarding an accusation of plagiarism. During the hearing, the student initially denied the accusation; the department stated that they would therefore be taking the case to SAC (Standing Academic Committee).

The student was accompanied by one of our advisors who was able to take the student out of the hearing for a private conversation. As a result of the advisor explaining what the issues were with their essay, the student was able to recognise their faults and therefore accept the allegation of plagiarism. This meant that a referral to SAC was no longer necessary. The student’s essay was remarked with the plagiarised sections removed enabling them to pass the assignment.

Case study two: Housing Support

A group of students approached the service for help after they failed to receive the return of their housing deposit at the end of their tenancy. The group had tried on multiple occasions to contact their private landlord; however, their landlord had started to ignore their messages.

The Advice Service was able to support the students by making them aware of their legal rights and action they could take against the landlord. The students were provided with a template letter to amend and send to their landlord.

Upon receipt of the letter the landlord immediately returned their deposit totalling almost £2,000.

Case study three: Fitness to Study

A student contacted the Advice Service for guidance following being found unfit to study. The advisor assigned to the case immediately detected that there had been a number of material and substantial procedural irregularities in relation to this case.

The advisor supported the student to appeal the decision in writing. The appeal was upheld, and the student was allowed to return to study and complete their degree.

Here for you, no matter what life throws at you.

advice@lancastersu.co.uk 01524 593765 lancastersu.co.uk/advice

Case study four: Fitness to Study

A PhD student contacted the Advice Service requesting help with submitting a complaint against the university. The complaint involved concerns regarding accessing Covid relief funding during the pandemic and difficulties with obtaining the correct disability support/equipment.

Our advisors were able to support the student throughout their complaint, including helping them to construct their complaint and gather evidence. An advisor was able to accompany the student to the complaints hearing and supported them to ensure their voice was heard.

The complaint was upheld. Outcomes included an apology from the university, additional funding, an assurance that the correct disability support would be provided and £2,500 compensation due to distress and inconvenience.

Testimonials

Thank you so much for the help, the housing agency and landlord were definitely motivated by the email and over the past few weeks have done nearly everything I asked for.

Thank you so much for understanding, and for all your help and support. I really appreciate everything you have done to help me in the past couple of days.

I really appreciate your help and support through these proceedings. I would have been drastically more lost and confused if it wasn’t for your support.

Thank you for your support; I really appreciate the fact that there was someone I could turn to regarding this.

I wanted to offer my gratitude for your support last week. I genuinely appreciate everything that you did for me, and it meant a lot.

VP Welfare with the LUSU team at the very first Live Well Expo which was sponsored by SU Advice and Santander Universities.

12 Annual Report & Financial Statements for the year ended 31[st] July 2022

ENVIRONMENTAL SUSTAINABILITY

Lancaster SU Environmental Sustainability

Highlights 2021-22:

The Students’ Union plays an active delivery role in the Green Lancaster partnership of the Union and University. This year has seen the establishment of the Green Lancaster board, chaired by the Pro-Vice Chancellor Digital, Global and Sustainbility. The board provides strategic oversight with budget and activity agreed annually. Our Green Lancaster team consists of the Green Lancaster Manager, Green Lancaster Assistant and a team of projectfocussed student staff and volunteers. Highlights from the academic year 2021-22 include the following.

The Green Lancaster team delivered 89 activities and events within the 2021-22 academic year with a total engagement of 2,427 students. This included participation in a range of activities and events from the weekly ECOWoods volunteers to students attending the ECOShop during Welcome Week.

In October 2021, the team supported the University’s COP26 Festival, with a range of events delivered across campus including the team featuring in the University’s public lecture on action on the Climate Emergency.

Our core student engagement activities continued to provide an essential offer on the student experience, sustainability, skills and wellbeing agendas. Our ECOWoods and ECOWild projects have provided students with an ongoing programme of nature-based learning opportunities consisting of 63 trips and events engaging 609 students. We have collaborated with seven organisations focussing on nature-based solutions to the climate emergency to deliver a programme of off-site field trips

The Green Lancaster team have continued to support the Edible Campus student society the main student stakeholder group based at the ECOHub. Edible Campus is an active member of the national Food and Farming network of SOS-UK (Students Organising for Sustainability

UK).

The Green Lancaster Sustainability Leadership Development training residential was delivered on the Isle of Eigg, Scotland in April 2022 for our core Green Lancaster student leaders, with the Lancaster SU CEO attending.

Eight teaching module partnerships were supported in 2021-22, in line with the blended model of online and inperson learning. These activities reached 156 students, with activities ranging from lectures and virtual tours to on-site planting at our ECOWoods site.

Working in partnership with the Widening Participation team, Green Lancaster hosted 151 pupils from 5 secondary schools at our ECOWoods site, engaging young people in learning on nature-based solutions to the climate emergency.

The Don’t Ditch It Project operated successfully in summer 2021, delivered by a dedicated staff team. The students’ union invested in an upcycled marquee to provide an undercover space at the Circular Resources Hub for sorting donations and meeting charities. A total of 32.4 tonnes of donations were upcycled and passed on to 33 local charities and organisations. The project is back up and running for summer 2022, with a dedicated team of 16 student staff overseeing operations.

Following a hiatus in 2020-21, we recruited a dedicated Green Lancaster team in 2021-22, consisting of three student leaders working throughout the academic year to plan, support and facilitate all Green Lancaster events, activities. This team helped implement our renewed priority action areas area as set out in the Green Lancaster 10-Year Plan.

@Green_Lancaser @GreenLancaster @GreenLancaster

lancastersu�co�uk 13

OUR UNION OUR COLLEGES

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Welcome Fair
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Welcome Fair for Freshers
during Welcome Week
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Food bank donations
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Donated to Morecambe Bay
Food Bank.
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Founders Bowland Extrav
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Annual Competition against Las Vegas themed party to cele-
Lonsdale College brate the end of the year
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Patriots Winter ball
Where cartmel competed A wonderful evening spent
against Furness celebrating the end of term
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Bar Crawl
Quizzing with the Queens
for Refreshers
A collaboration event with 8 of Bar crawl round campus
the colleges
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Extrav
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Celebrating that the year is
over
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14 Annual Report & Financial Statements for the year ended 31[st] July 2022

OUR UNION OUR COLLEGES

15hr Bar Crawl

A huge involvement who loved the theme of Marvel vs DC

Winter Ball

Very successful with a great turnout

Extrav

A diverse range of entertainment alongside a theme

Winter Ball

First Winter Ball since 2019 Selling almost 200 tickets

Live Well Expo

Weekly welfare event on tour to the Live Well Expo

Extrav

Fylde invaded by Cowboys and Aliens

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Postgraduate Community Kitchen
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For food-based group activity
or event
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Herdwick Family Study Room

Transformed into a Family Study Space

Grad Netball team qualified for Roses 2022

Women Netball Team qualified to compete against York

lancastersu�co�uk 15

OUR UNION OUR COLLEGES

Grize Prix

First time ever that the theme.

Welcome Week

We beat Pendle in the our weekend long competition.

Boars Bingo

A night full of bingo and whacky challenges

Founders

Bringing Founders home for another year

Curse of the Red Lion

College Spirit

Hosting what we have been told is the ‘Best Extrav of the Year’

We will always bleed blue!

Celebration Night

Pendle Cup 2022

Born with a smashing newly The annual intra-college designed. sporting competition.

Jurassic Park-strav

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A dino-tastic end of year
celebration.
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16 Annual Report & Financial Statements for the year ended 31[st] July 2022

FINANCIAL REVIEW & RESULTS FOR THE YEAR

Financial Review and Results for the Year

There was a total net deficit for the year of £195,202 [2021: £192,710 deficit] i.e. slightly higher than the previous year. There was a significant increase in the provision for the USS Pension Deficit Recovery Plan liability (£108,297) this year compared to a reduction in the provision last year of £38,472. This has been offset by an improved financial position in LUSU Services Co. Ltd as last year there was a full annual negative financial impact of COVID.

Last year Covid 19 had a significant impact on the financials (income and expenditure). The majority of activity within the Union either ceased or was significantly reduced all year and only essential expenditure was incurred. Trading was significantly impacted with the nightclub shut, retail sales showing a significant drop due to a lower number of customers on campus and commercial marketing income being severely impacted. Housing was also affected with the continuation of COVID and a one week rent reduction provided to tenants who were unable to take up occupancy in their accommodation.

This year has seen an increase in activity with the nightclub reopening and student activities and events recommencing on campus.

Total income increased by £445,954 to £6,430,167. Trading turnover in LUSU Services Co. Ltd and LUSU Housing Ltd increased by a combined total of £125,532. This income is shown as ‘other trading activities’ in the Statement of Financial Activities (SOFA). Income from donations and legacies increased by £212,534. The majority of income within this category is funding from Lancaster University.

reduction in cash in the Union (£462,316) as a result of the deficit. Also, Housing has seen a cash reduction of £298,786. The cash balance increased in LUSU Services Company Ltd. by £366,757, a key factor being the opening of the nightclub.

The Union [Group] has total reserves at 31st July 2022 of £1,731,384 [2021: £1,926,586]. This consists of general unrestricted funds £1,563,138 and restricted funds of £168,246. Further details of the restricted funds are shown in note 22.

The Union’s free reserves are those reserves contained within the Group’s General Fund which are readily available for spending i.e. free reserves do not include those which could only be realised by disposing of fixed assets held for charitable purposes. At 31st July 2022, the level of the Group’s free reserves is £1,025,619 (2021: £1,171,114). At 31st July 2022, the level of the Union’s free reserves is £707,841 (2021: £768,952).

The Union’s revised reserve policy for 2022-23 is that the Union should have sufficient free reserves to cover:

  1. the future expected budget deficit for 2022-23 and any expected deficit for 2023-2024.

  2. to cover modifications and improvements to the Students’ Union to ensure we have a better space for students.

  3. to make investments into areas be they commercial or new services.

The target level of free reserves is to be within the range of £945k-£980k.

The group had no fundraising activities requiring disclosure under s162A of the Charities Act 2011.

Consequently, with the increase in activity, total expenditure increased by £448,446 to £6,625,369. Trading expenditure (which is shown as ‘Raising Funds’ in the SOFA) increased by £79,205. Charitable activity expenditure increased by £311,118. This is due to the general increase of activity across the Union mentioned above following COVID and the lock downs.

There will be a Gift Aid donation from LUSU Services Company Limited of £220,000 [2021: £nil]. There will be no Gift Aid donation from LUSU Housing Limited [2021: nil].

Cash decreased by £394,345 over the year to a closing balance of £1,560,155. The main reasons are the

lancastersu�co�uk 17

FINANCIAL REVIEW & RESULTS FOR THE YEAR

Union (Group) Income Analysis

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£50,397
£27,416
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Expenditure Within the Union : Year-ended 31 July 2022

*Expenditure excludes trading costs and provision release

18 Annual Report & Financial Statements for the year ended 31[st] July 2022

AMBITION AND LONG-TERM STRATEGIES

Ambition and Long-Term Strategies

This year a significant amount of time went into delivering the Democracy and Governance Review for students. We continued to face difficulties, a narrowest-ever resource envelope, staff shortages and diminished student engagement due to COVID-19. Despite this we continued to maintain all our activities and services: representing students on University committees, re-opening our nightclub with increased dates, continuing with our advice service and support and running all clubs and societies. 6,770 unique students were members in clubs and societies were active.

The Students’ Union has been working with Alterline Research to take the Student Pulse throughout the year, measuring both Union-specific and national performance indicators. Every student is being asked to participate once a year and this will continue for the next year giving a longitudinal view.

The Students’ Union has also been working with Alterline Research on the ‘Being Well Doing Well’ survey. This survey provides evidence into student mental health. This covers identifying institutional and personal factors, exploring the impact of mental health issues on students’ lives (both personal and academic), understanding the support students are receiving and what is missing and informing preventative campaigns. The cost of living, student mental health and wellbeing remains a key priority for the students’ union.

We have also been working with Alterline on “Engaging students for a sustainable future”, a collaborative project between Lancaster University Students’ Union, Anglia Ruskin University Students’ Union, and Liverpool John Moore’s University. This project will provide national and local data into students’ concerns about the environment and sustainability and how we can best engage students to contribute, and lead on, environmental issues on campus.

The COVID-19 related restrictions in 20-21 severely impacted the donations from our commercial services to the charity in 21-22. The nightclub was closed all year and the shop which was kept open to benefit students was economically challenged. The impact of the restrictions also meant that many of our students had not been involved in student activities in previous years and the learning built up over many years was lost - for example Extravs. Our membership’s expectations are increasing, and we must ensure that our efforts are deployed as efficiently as

possible so as to ensure that we maximise our impact on their experience.

Over the next year we will build on the start we made in 21-22 to continue rebuilding our student communities The new student assembly will start in 22-23 and this will be the opportunity to ensure all groups of students are represented and have a voice in the Students’ Union. We will be encouraging representatives from Colleges, Academic Reps, Sports and Societies to all get involved. Our priorities will continue to be ensuring the students’ union is delivering events and activities for students to help drive the campus community experience. We want to help students find their community though our events and services, make the change through our democracy structures and be part of creating a more inclusive university.

Last year our focus was on returning to our core and having a ‘COVID-19 recovery year’ where we did everything we could within the resources that we had. We planned to stabilise and have a holding year. We were able to re-open the Sugarhouse and have seen an increased attendance and strong support from students throughout the year. The Housing market has been particularly challenging for LUSU living. We will be focused this year on supporting LUSU living to continue to bring good quality housing to our students.

A main focus this year would be ensuring the Students’ Union represents and supports all students. We really want to focus on increasing student awareness of the services and activities of the Students’ Union. The main priority for the Union will be supporting students with the cost of living. We want to ensure we are a Union for all students.

We have to continue to remain focused on financial stability and ensure we break even by 31 July 2024.

The Students’ Union remains committed to the advancement of education as “Helping everyone to have successful learning experiences by being a force for positive change, supporting wellbeing, and offering opportunities for a fulfilling student life”. We will be improving our academic representation system and ensuring student voices are heard, supporting the mental health and wellbeing of all students. The cost of living will be an important focus for our activities, and we will continue to work with the University and others to keep costs as low as possible and look for other ways to support students in difficulties.

lancastersu�co�uk 19

DISCLOSURE OF INFORMATION TO AUDITOR

Disclosure of information to auditor

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Union’s auditor is unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Union’s auditor is aware of that information.

Statement of responsibilities of the Trustees of Lancaster University Students Union in respect of the Trustees’ annual report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the group and parent company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 group and charitable company and of the group’s excess of expenditure over income for that period. In preparing each of the group and charitable company financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so. .

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

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

Approved by the Trustees of Lancaster University Students’ Union on 21 October 2022 and signed on their behalf by:

India Ellis

Students’ Union President 2022-23 Chair of the Students’ Union Trustee Board

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• assess the group’s and the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they

20 Annual Report & Financial Statements for the year ended 31[st] July 2022

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s report to the members of Lancaster University Students’ Union Opinion

We have audited the financial statements of Lancaster University Students’ Union (the “charitable company”) for the year ended 31 July 2022 which comprise Consolidated Statement of Financial Activities, Consolidated and Union Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including 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:

• give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2022 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 group 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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 our audit

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

lancastersu�co�uk 21

INDEPENDENT AUDITOR’S REPORT

• the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the charitable company and their 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:

• the parent company has not kept adequate accounting records; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and expanation we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20 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’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder

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.

Irregularities, including fraud, are instances of noncompliance 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS 102).

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and

22 Annual Report & Financial Statements for the year ended 31[st] July 2022

INDEPENDENT AUDITOR’S REPORT

inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and completeness of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, testing income from underlying evidence such as block grant confirmations from the University, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

misrepresentations.

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 forme

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional

Michael Jayson (Senior Statutory Auditor)

Date : 21 October 2022

For and on behalf of

Crowe U.K. LLP

Statutory Auditor The Lexicon Mount Street Manchester M2 5NT

lancastersu�co�uk 23

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022

Notes Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
2022
£		 Total Funds
2021
£
Income and endowments from:
Donations and Legacies 2 881,650 470,735 1,352,385 1,139,851
Charitable Activities 3 118,218 33,424 151,642 43,871
Other tradingactivities: 4 4,925,967 - 4,925,967 4,800,435
Investments 5 173 - 173 56
Total 5,926,008 504,159 6,430,167 5,984,213
Expenditure on:
RaisingFunds 4 (4,774,592) - (4,774,592) (4,695,387)
Charitable Activities 6 (1,371,097) (497,562) (1,868,659)
Other
Provisions		 7
8		 (21,977) -
39,859 -
Total (6,127,807) (497,562) (6,625,369) (6,176,923)
Net (Expenditure)/Income (201,799) 6,597 (195,202) (192,710)
Net movement in funds (201,799) 6,597 (195,202) (192,710)
Reconciliation of Funds: 1,764,937
161,649
1,926,586
2,119,296
Total Funds Brought Forward
Total Funds Carried Forward 1,563,138 168,246 1,731,384 1,926,586

All income and expenditure derive from continuing activities.

.

All gains and losses recognised in the year are included in the Statement of Financial Activities. The notes on pages 27-41 form part of these financial statements.

24 Annual Report & Financial Statements for the year ended 31[st] July 2022

CONSOLIDATED AND UNION BALANCE SHEETS AT 31 JULY 2022

Notes 2022
Group
£		 2022
Union
£		 2021
Group
£		 2021
Union
£
Fixed Assets
Tangible Assets 14 516,219 516,219 551,223 551,223
Intangible Assets 15 21,300 21,300 42,600 42,600
Investments 16 - 256,954 - 256,954
537,519 794,473 593,823 850,777
Current Assets 63,791 - 55,511 -
Stock 17
Debtors 18 317,829 643,773 139,884 215,134
Cash at Bank and In Hand 1,560,155 741,076 1,954,500 1,203,392
1,941,775 1,384,849 2,149,895 1,418,526
Liabilities
Creditors FallingDue Within 1 Year 19 (561,826) (322,678) (699,486) (410,138)
(561,826) (322,678) (699,486) (410,138)
Net Current Assets 1,379,949 1,062,171 1,450,409 1,008,388
Total Assets Less Liabilities 1,917,468 1,856,644 2,044,232 1,859,165
Creditors FallingDue After More Than 1 Year 20 (186,084) (186,084) (77,787) (77,787)
Provision For Liabilities 21 - - (39,859) -
Net Assets 1,731,384 1,670,560 1,926,586 1,781,378
Funds
General Funds 22 1,563,138 1,502,314 1,764,937 1,619,729
Total Unrestricted Funds 1,563,138 1,502,314 1,764,937 1,619,729
Restricted Funds 22 168,246 168,246 161,649 161,649
Total funds 1,731,384 1,670,560 1,926,586 1,781,378

In accordance with FRS 102, no separate Statement of Financial Activities or statement of cash flows has been presented for the Union alone.

The notes on pages 27-41 form part of these financial statements.

Approved by the Trustees of Lancaster University Students’ Union on 21 October 2022 and signed on their behalf by:

............................................................

India Ellis President

............................................................ Callum Slater VP: Union Development

............................................................ Misbah Ashraf Chief Executive

lancastersu�co�uk 25

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

RECONCILIATION OF GROUP NET INCOME RESOURCES TO NET CASHFLOW FROM OPERATING ACTIVITIES

2022
£		 2022
£		 2021
£
Net expenditure/income for the reporting period (195,202) (192,710)
Adjustments for:
Interest receivable (173) (56)
Depreciation 80,211 89,352
Amortisation 21,300 21,300
(Increase)/ Decrease in Debtors (177,945) 179,728
(Increase) /Decrease in stock (8,280) 360
(Decrease)/ Increase in Creditors within 1year (137,660)
(39,859)
108,297		 146,482
(98,154)
(38,472)
(Decrease) in Provisions for liabilities
Increase /(Decrease) in Pension Liability
Net Cashprovided byoperatingactivities (349,311) 107,830
Cash flows from operating activities:
Net Cashprovided byOperatingActivities (349,311) 107,830
Cash flows from investing activities:
Interest Receivable 173 56
Purchase ofproperty,plant and equipment (45,207)
(45,034)		 (21,006)
(20,950)
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period		 (394,345) 86,880
Cash and cash equivalents at the beginning of the
reporting period		 1,954,500 1,867,620
Cash and cash equivalents at the end of the
reporting period		 1,560,155 1,954,500

Due to there being no borrowings, the above statement also reflects the net debt position.

The notes on pages 27-41 form part of these financial statements.

At 1 August 2021 Cash flow At 31 July 2022
£ £ £
Net Debt
Cash at bank and in hand 1,954,500 (394,345) 1,560,155
- 1,954,500 (394,345) 1,560,155

26 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(1) PRINCIPAL ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

A private company limited by guarantee was incorporated in England on 4th November 2016 under the name “Lancaster University Students’ Union ‘. On 1st August 2017 Lancaster University Students’ Union registered as a charity (no.1172269). On 1st August 2017 the entirety of the trade and assets/liabilities from Lancaster University Students’ Union (no. 1138622)were transferred to the new entity.

The Union is a public benefit entity.

Consolidation

These financial statements consolidate the financial statements of the Union and its two wholly owned subsidiary companies (LUSU Services Company Limited and LUSU Housing Limited) on a line by line basis. In accordance with FRS 102, no separate Statement of Financial Activities or statement of cash flows has been presented for the Union alone. The Union had gross income of £1,844,565 (2021: £1,291,736) and net movement of funds of £110,818 outflow (2021: £322,073 outflow).

Fund Accounting

Unrestricted funds are those funds which are available for use at the discretion of the trustees in pursuing the objectives of the Union, and which have not been designated for other purposes. Allocations to these funds are by way of the surpluses generated by the activities. Funds received for which the wishes of the donor are legally binding on the trustees are taken to restricted funds. The aim and use of each restricted fund is set out in the notes to the financial statements.

Pension Schemes

The Students’ Union participates in two pension schemes, a University Superannuation Scheme (USS) and a Lancashire County Pension Fund (LCPF), via Lancaster University. In the case of each multi-employer scheme, the Students’ Union is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis and therefore, as required by FRS 102, section 28.11, accounts for the schemes as if they were defined contribution schemes.

For the LCPF scheme the amount charged to the statement of financial activities, for both the group and the parent company, represent the contributions payable to the schemes in respect of the accounting period. For the USS scheme, the deficit recovery element is captured within the headline employers contribution rate. These contributions are paid over to the University through a recharge invoice. The USS deficit recovery plan has been recognised on the balance sheet, the value being £186,084 (2021: £77,787). The Students’ Union also participates in a defined contribution pension scheme (Nest).

lancastersu�co�uk 27

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

Investments

Investments are valued at cost.

Expenditure

The accounts are prepared on an accruals basis and expenditure is recognised when committed. Governance costs represent the costs incurred for compliance with constitutional and statutory requirements.

Income

All incoming resources are recognised once the Union has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Tangible Fixed Assets and Depreciation

Capital purchase items amounting to £1,000 or more are recorded in tangible fixed assets. Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged so as to write off the cost less the estimated residual value of each asset over the estimated useful life of that asset, subject to annual review. The depreciation rates applied are as follows:

Freehold Property & Leasehold Improvements 2-10% Office and Sundry Equipment 15-33%
Entertainment Equipment 15-33% Radio and Film Equipment 10-15%
Sugarhouse Furniture and Fittings 10-33% Boats 25%
Shops Fittings and Equipment 10-25% Housing Office Equipment 10%

Intangible Fixed Assets and Amortisation

Intangible fixed assets are stated at cost less accumulated amortisation. Amortisation is charged so as to write off the cost over a ten year period on a straight-line basis. The asset relates to a contribution paid to the University for the space occupied in Bowland by the Students’ Union.

Stock

Stock is stated at the lower of cost and estimated selling price less costs to sell.

Taxation Status

The Union, as a registered charity, is exempt from taxation on its income and gains falling within Sections 478-488 of the Corporation Tax Act 2010 (CTA 2010) or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

The subsidiaries are trading companies and are liable to pay corporation tax on profits.

28 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

Going Concern

University block grant funding for the year 22-23 has been agreed. Activity and hence costs are being closely monitored in line with this.

The Trustees have reviewed the future income and expenditure and cash flow forecasts and have assessed that the Charity and Group are considered to be a going concern based on the above.

Key Sources of Estimation Uncertainty

Creditors Due after more than 1 year (Note 20) represents the USS deficit recovery plan liability. The calculation is based on assumptions on salary inflation, discount rates and pensionable payroll growth.

Financial Instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and investments in ordinary shares.

Government Grants

Government grants, such as CJRS, are recognised when entitlement to the income passes to the charity, receipt is probable and the funding can be measured. There are no unfulfilled conditions in relation to government grant funding.

Settlement Payments

Settlement payments are accounted for as soon as the organisation is aware of the obligation to make the payment.

Key Judgements - Clubs & Societies

The Trustees consider that clubs and societies should not be included in the SoFA as the Union does not have sufficient control over or benefit from the arrangements of clubs and societies. The key determining factors are:

lancastersu�co�uk 29

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

(2) INCOME FROM DONATIONS AND LEGACIES

Unrestricted Funds 2021
£
740,987
9,900
Lancaster UniversityGrant Funding
Students’ Union contribution to JCRs / PG Board
Coronavirus Job Retention Scheme Grant - 21,079
881,650 771,966
Restricted Funds
2022
£
VolunteeringActivities - Lancaster UniversityFunding
284,458
VolunteeringActivities - External Funding
-
Sport - Lancaster UniversityFunding
100,708
Sport - External Funding
12,170
Events - Lancaster UniversityFunding
43,523
Events - External Funding
4,000
Welfare - Lancaster UniversityFunding
19,073
Welfare - External Funding
-
Nightline Donation Fund
803
Other - LU Funding
6,000
Coronavirus Job Retention Scheme Grant
-
Restricted Funds 2021
£
212,672
9,343
50,250
6,350
70,281
-
10,429
1,500
689
-
6,371
VolunteeringActivities - Lancaster UniversityFunding
VolunteeringActivities - External Funding
Sport - Lancaster UniversityFunding
Sport - External Funding
Events - Lancaster UniversityFunding
Events - External Funding
Welfare - Lancaster UniversityFunding
Welfare - External Funding
Nightline Donation Fund
Other - LU Funding
Coronavirus Job Retention Scheme Grant
470,735 367,885

(3) INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Funds

Includes other income from the Union of £118,218 [ 2021: £40,708]. This includes income from socials, events and sporting activities.

sportingactivities.
2022
£
2,789
4,227
26,408
Restricted Funds 2021
£
3,163
-
-
VolunteeringActivities
Events
Sport
33,424 3,163

30 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(4) INCOME FROM OTHER TRADING ACTIVITIES / EXPENDITURE ON RAISING FUNDS

Unrestricted income includes the turnover of the two trading subsidiaries detailed below.

2022 2021
£ £
LUSU Services Company Limited - Turnover 2,738,792 841,162
LUSU Services Company Limited - Other Income - 56,730
LUSU Housing Limited - Turnover 2,187,175 3,900,926
LUSU Housing Limited - Other Income - 1,617
4,925,967 4,800,435

Unrestricted expenditure[expenditure on Raising Funds] represents the costs of the two trading subsidiaries below, less an intra-group management charge and the audit fees which are included within charitable activity expenditure.

The Union owns the whole of the called up share capital, consisting of £256,953 ordinary shares of £1 each [ 2021: £256,953}, of LUSU Services Company Limited and 1 ordinary share of £1 of LUSU Housing Limited.

The two subsidiaries usually donate their taxable profits to the Union each year by Gift Aid.

This year LUSU Services Company has a taxable net profit and there will be a deed of covenant payment due to the Union. LUSU Housing Ltd. made a taxable loss this year.

The results for the year, as extracted from the audited financial statements are summarised below:

LUSU Services Company Ltd Profit and Loss Account
Company number:03411073 2022 2021
£ £
Turnover 2,738,792 841,162
Cost of Sales (1,270,413) (549,671)
Gross Profit 1,468,379 291,491
Distribution Costs (1,054,372) (313,550)
Administrative Expenses (166,628) (184,851)
Other Income - 56,730
Profit / (Loss)pre other items 247,379 (150,180)
Provision 39,859 98,154
Profit / (Loss) before Taxation 287,238 (52,026)
Tax
Profit / (Loss) for the Financial Year 287,238 (52,026)
(220,000) -
Gift Aidpayment
Profit / (Loss) for the Financial Year 67,238 (52,026)
lancastersu�co�uk31

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

Current Assets
Stock
63,791
55,511
Debtors
61,875
40,142
Cash at Bank and in Hand
662,516
295,759		 Current Assets
Stock
63,791
55,511
Debtors
61,875
40,142
Cash at Bank and in Hand
662,516
295,759		 Current Assets
Stock
63,791
55,511
Debtors
61,875
40,142
Cash at Bank and in Hand
662,516
295,759
788,182
391,412
Creditors fallingdue within 1year
(505,386)
(135,995)
Net Current Assets
282,796
255,417
Provisions
-
(39,859)
Net Assets
282,796
215,558
Share Capital
10,000
10,000
Share Premium
246,953
246,953
Profit and Loss Account
25,843
(41,395)
Shareholders' Fund
282,796
215,558
LUSU Housing Ltd Profit and Loss Account
Company number:07358617		 2022
£		 2021
£
Turnover
2,187,175
3,900,925
Cost of Sales
(2,077,613)
(3,225,792)
Gross Profit
109,562
675,133
Distribution Costs
(246,283)
(406,113)
Administrative Expenses
(27,873)
(46,205)
Other Income
-
1,617
Operating(Loss) / Profit
(164,594)
224,432
Tax Credit / Tax onprofit on ordinaryactivities
12,971
(43,043)
(Loss) / Profit for the Financial Year
(151,623)
181,389
Gift Aidpayment
-
-
(Loss)/Profit for the Financial Year
(151,623)
181,389

32 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

LUSU Housing Ltd Balance Sheet 2022 2021
£ £
Tangible Fixed Assets - -
Current Assets
Stock - -
Debtors 30,844 25,474
Cash at Bank and in Hand 156,563 455,349
187,407 480,823
Creditors fallingdue within 1year (152,426) (294,219)
Net Current Assets 34,981 186,604
Net Assets 34,981 186,604
Share Capital 1 1
Profit and Loss Account 34,980 186,603
Shareholders' Fund 34,981 186,604

lancastersu�co�uk 33

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

(5) INVESTMENT INCOME

Investment income totalling £173 [2021: £56] represents interest receivable on a cash deposit held.

(6) ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

2022
£		 2021
£
885,526
274,163		 818,692
156,120
Staff and Full Time Officer Salaries*
Student Activities; includes Sport and events
OperatingExpenses 249,555 186,917
Officer and Committee Expenses 20,293 16,096
NUS Affiliation Fees 21,794 18,525
Depreciation 4,305 50,035
Education & Support Costs 32,945 17,240
Non-Recoverable VAT 2,367 2,459
Audit fee 25,000
9,633		 11,650
15,929
Trustee Board expenses
Fundingfor JCRS/ PG Board 9,900 9,900
JCRS/ PG Board expenditure 51,724 13,879
VolunteeringActivities 280,770 239,984
Joint Media MembershipFund - 115
Nightline Donor Fund 420
80
184		 -
-
-
Women Against Violence Fund
Rugby Development Fund
1,868,659 1,557,541

*The Union does not directly employ any person included in this category. There is a joint contract with Lancaster University and employees’ costs are recharged from the University to the Union.

The salary costs include the USS pension deficit recovery plan liability movement of £107,620 debit (2021: £39,320 credit).

(7) ANALYSIS OF OTHER COSTS

(7)
ANALYSIS OF OTHER COSTS
2022
£		 2021
£
Bowland amortisation costs 21,300 21,300
Interestpayable on USSpension deficit recovery plan 677 849
21,977 22,149

(8) PROVISIONS

A provision has been recognised in relation to certain amounts that may be payable in respect of fund raising events conducted by LUSU Services Company Ltd in previous periods. The provision has been released over 4 years. This year is the final release of the provision hence nil in the balance sheet.

34 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(9) ANALYSIS OF GOVERNANCE COSTS

Governance costs consist of the audit fee at £25,000 [2021: £11,650] and expenditure relating to the Trustee Board at £9,633 [2021: £15,929].

These costs are included in ‘Expenditure on Charitable Activities’ - see note 6.

(10) NET EXPENDITURE FOR THE YEAR

(10)
NET EXPENDITURE FOR THE YEAR
This is stated after charging: 2022
£		 2021
£
Audit of Lancaster UniversityStudents' Union Annual Accounts 13,842 6,450
Audit of LUSU Services CompanyLimited Accounts 5,579 2,600
Audit of LUSU HousingLimited Accounts

(11) ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL


OF KEY MANAGEMENT PERSONNEL
GROUP COSTS 2022
£		 2021
£
Salaries and wages
1,093,297 1,148,287
Social securitycosts 82,263 87,456
Pension costs
USS Pension Deficit Recovery Plan Liability Movement		 132,280
107,620		 159,429
(39,321)
1,415,460
1,355,851

In addition to these costs are casual wages in LUSU Services Company Limited which amount to £256,028 (2021: £71,264)

This is analysed across the Group as follows:

Union 2022
£		 2021
£
1,048,189 966,922
LUSU HousingLimited 141,146 208,550
LUSU Services Company Limited 226,125 180,379
1,415,460
1,355,851

The Union staff costs of £1,048,189 includes £885,526 for ‘Unrestricted’ and £162,663 for Volunteering. The latter is included within the £280,770; both are reported in note 6.

lancastersu�co�uk 35

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

(11) CONTINUED

One employee had employee benefits falling within £60,000 - £70,000 and one employee between £80,000 - £90,000 [2021 : 3 falling within £60,000 - £70,000].

The Trustees did not receive any remuneration in their role as Trustees, although reasonable expenses are reimbursed.

Officer Trustees as identified on pg. 4 are remunerated for their role as Officers of the Union.

The employment benefits paid were as follows:

----- Start of picture text -----
2021 2021
2022 2022
Gross Employers Pension Gross Employers Pension
Oliver Robinson - reappointed £21,103 £401
India Ellis- reappointed £21,727 £350
Atree Ghosh £19,345 £368
Paul McCarthy £19,866 £381
Amy Merchant £19,866 £381 Paul McCarthy - reappointed £21,103 £401
- Amy Merchant - reappointed £21,103 £301
Gayatri Shewani £18,961
India Ellis £2,362 -
Dom Casoria £19,866 £381
Bethan Morgan £12,401 £242
Oliver Robinson £19,866 £381
Callum Slater £1,812 - Shannon McCaul £19,345 £368
-
Megan Homburg £1,812 - Guyatri Shewani £2,238
Noah Katz £1,812 - Dom Casoria £2,362 -
Daniel Goodwin £1,812 -
Victoria Phillips £1,812 -
----- End of picture text -----

One trustee was reimbursed for travel and subsistence expenses of £200 [2021: £nil].

The Officer Trustees also received subsidised bus passes this year.

The Students’ Union has not entered into any related party transactions with trustees.

The key management of the personnel of the parent charity, the Union, comprise the trustees , the Chief Executive and the Financial Controller.

The total employee benefits of the key personnel of the Union were £143,366 [2021: £129,485].

(12) STAFF NUMBERS

(12)
STAFF NUMBERS
The average monthly head count during the year were as follows: 2022 2021
Union
24 27
LUSU Services CompanyLimited 7 7
LUSU Housing Limited 4 6
35
40
The average monthly number of full-time equivalent employees
duringtheyear were as follows:		 2022 2021
Union
23 26
LUSU Services CompanyLtd 7 7
LUSU Housing Limited 4 5
34
38

36 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(13) PENSION SCHEMES

The Students’ Union participates in two pension schemes, a University Superannuation Scheme (USS) and a Lancashire County Pension Fund (LCPF), via Lancaster University. In the case of each multi-employer scheme, the Students’ Union is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis and therefore, as required by ‘FRS 102 28.11’ , accounts for the schemes as if they were a defined contribution scheme.

LCPF Scheme

For the LCPF scheme the amount charged to the statement of financial activities, for both the group and the parent company, represent the contributions payable to the schemes in respect of the accounting period.

The last formal triennial actuarial valuation (for which the results are known) of the scheme was performed as at 31 March 2019 by a professionally qualified actuary.

The valuation as at 31 March 2022 is underway but not yet completed.

The net pension liabilities of this scheme were £14.4million as at 31 July 2022.

The number of Students’ Union members as at 31 July 2022 was 30 out of a total of 1,679 (includes LU members).

USS Scheme

For the USS scheme, the deficit recovery element is captured within the headline employers contribution rate. These contributions are paid over to the University through a recharge invoice. The USS deficit recovery plan liability has been recognised on the balance sheet, the value being £186,084 [2021:£77,787].

The obligation to fund the past deficit on the Universities Superannuation Scheme (USS) arises from the contractual obligation with the pension scheme for total payments relating to benefits arising from past performance.

Management have assessed future employees within the scheme and salary payment over the period of the contracted obligation in assessing the value of this provision.

The latest available complete actuarial valuation of the USS Retirement Income Builder is at 31 March 2020 (“the valuation date”), and was carried out using the projected unit method.

Since the Students’ Union cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%. The number of Students’ Union members as at 31 July 2022 was 4.

(14) TANGIBLE ASSETS

(14)
TANGIBLE ASSETS
Freehold Buildings
£		 Furniture & Equipment
£		 Total
£
Cost 861,990 1,219,387 2,081,377
At 1st August 2021
Additions - 45,207 45,207
Disposals - - -
At 31st July2022 861,990 1,264,594 2,126,584
Depreciation 450,309 1,079,845 1,530,154
At 1st August 2021
Charge for the Year 18,845
-		 61,366
-		 80,211
-
Disposals
At 31st July2022 469,154 1,141,211 1,610,365
Net Book Value 411,681 139,542 551,223
At 1st August 2021
At 31st July2022 392,836 123,383 516,219

lancastersu�co�uk 37

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

(15) INTANGIBLE ASSETS

(15)
INTANGIBLE ASSETS
Bowland Contribution
£
Cost
At 1st August 2021 and 31 July2022 213,000
Amortisation 170,400
At 1st August 2021
Charge for the Year 21,300
Disposals -
At 31st July2022 191,700
Net Book Value
At 1st August 2021 42,600
At 31st July2022 21,300

(16) INVESTMENTS

(16)
INVESTMENTS
2022 2022 2021 2021
Group Union Group Union
£ £ £ £
LUSU Services CompanyLimited -
-		 256,953
1		 -
-		 256,953
1
LUSU HousingLimited
- 256,954 - 256,954

LUSU Services Company Limited was formed in July 1997 and is a wholly owned subsidiary of the Union. LUSU Housing Limited commenced trading on 1 August 2011 and is a wholly owned subsidiary of the Union. Lancaster University Students Union invested in a further £250,000 to LUSU Services Company Ltd last year.

(17) STOCK

(17)
STOCK
2022 2022 2021 2021
Group
£		 Union
£		 Group
£		 Union
£
Finished Goods and Goods for Resale
Bar Stock 18,945 - 20,426 -
Shop Stock 44,846 - 35,085 -
63,791 - 55,511 -

38 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(18) DEBTORS

2022 2022 2021 2021
Group Union Group Union
£ £ £ £
Amounts Falling Due Within 1 Year
Trade Debtors 42,411 11,063 32,256 5,993
Prepayments and Accrued Income 235,393 201,350 90,789 62,296
Amount Due From Subsidiaries - 411,733 - 140,344
Other Debtors 20,292 240 - -
Social Security and Other Taxes 19,733 19,387 16,839 6,501
317,829 643,773 139,884 215,134
(19) CREDITORS
2022 2022 2021 2021
Group Union Group Union
£ £ £ £
Amounts Falling Due Within 1 Year
Trade Creditors 279,171 165,376 324,294 281,035
Amount Due To Subsidiaries - 6,790 - 456
Accruals and Deferred Income 196,745 115,257 311,972 126,517
Social Securityand Other Taxes 25,728 - 43,043 -
Other Creditors 60,182 35,255 20,177 2,130
561,826 322,678 699,486 410,138

Deferred Income

Deferred Income
£
Balance at 1st August 2021 14,303
Amount released in theyear -
Amount deferred in theyear -
Balance at 31st July2022 14,303

The balance relates to deferred income of the RFU University Cluster programme.

lancastersu�co�uk 39

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

(20) CREDITORS DUE AFTER MORE THAN 1 YEAR

(20)
CREDITORS DUE AFTER MORE THAN 1		 YEAR
2022 2022 2021 2021
Group Union Group Union
£
186,084		 £
186,084		 £
77,787		 £
77,787
USS Pension Deficit Recovery Plan Liability
186,084 186,084 77,787 77,787
(21)
PROVISION FOR LIABILITIES
£
Balance at 1st August 2021
39,859
Provision released during the year
(39,859)
Balance at 31st July2022
-
Further detail is provided in note 8.

(22) ANALYSIS OF MOVEMENT GROUP FUNDS

At 1st August
2021		 Incoming
Resources		 Outgoing
Resources		 At 31st July
2022
£ £ £ £
General Funds
Union Unrestricted Fund 1,619,729 1,000,041 (1,117,456) 1,502,314
TradingSubsidiaries P&L Account 145,208 4,925,967 (5,010,351) 60,824
Total 1,764,937 5,926,008 (6,127,807) 1,563,138
Restricted Funds
VolunteeringActivities 137,930 287,247 (280,770) 144,407
Sport - Lancaster University - 112,878 (112,878) -
Sport - 26,408 (26,408) -
Events - 51,750 (51,750) -
Welfare - 19,073 (19,073) -
Recruitment - 6,000 (6,000) -
Involve'Voltage' Project Fund* 1,835 - - 1,835
Involve Primary'Voltage' Fund* 13,847 - - 13,847
Nightline Donation Fund (overnight advice/
support)		 6,123 803 (419) 6,507
Women Against Violence 1,122
184
608		 -
-
-		 (80)
(184)
-		 1,042
-
608
RugbyDevelopment Fund
LUSU Gives CharityAccount
Total 161,649 504,159 (497,562) 168,246
Total Funds 1,926,586 6,430,167 (6,625,369) 1,731,384

*volunteering; schools

40 Annual Report & Financial Statements for the year ended 31[st] July 2022

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

(23) NET ASSETS OF THE GROUP’S FUNDS

Fixed Assets Investments Current
Assets		 Liabilities Fund
Balances
£ £ £ £ £
General Funds 537,519 - 1,773,529 (747,910) 1,563,138
Restricted Funds
VolunteeringActivities - - 144,407 - 144,407
Sport - Lancaster University - - - - -
Sport - RFU - - - - -
Events - - - - -
Welfare - - - - -
Involve 'Voltage' Project Fund - - 1,835 - 1,835
Involve Primary'Voltage' Project Fund - - 13,847 - 13,847
Nightline Donation Fund - - 6,507 - 6,507
Women Against Violence - - 1,042 - 1,042
RugbyDevelopment Fund -
-		 -
-		 -
608		 -
-		 -
608
LUSU Gives CharityAccount
Total 537,519 - 1,941,775 (747,910) 1,731,384

(24) COMMITMENTS

At 31 July 2022 and 31 July 2021 the Union had no capital commitments contracted and approved.

(25) FINANCIAL INSTRUMENTS

(25)FINANCIAL INSTRUMENTS
Financial Assets 2022
£		 2021
£
Financial assets that are debt instruments measured at
amortised cost		 1,666,357 2,042,267
Financial Liabilities
Financial liabilities measured at amortised cost		 (521,795) (642,140)

Financial assets measured at amortised cost comprise stock , trade debtors and cash

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

lancastersu�co�uk 41

T H E S U ’ S C O R E P U R P O S E

Helping everyone to have successful learning experiences by being a force for positive change, supporting wellbeing, and offering opportunities for a fulfilling student life.

Environmental sustainability is a key students’ union priority. This booklet is printed on 100% recycled stock.

Charity number : 1172269