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← The University Of Plymouth Students' Union

2024-07-31-accounts

Registered number: 10676070 Charity number: 1172830

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3
Trustees' responsibilities statement 11
Independent auditors' report on the financial statements 12 - 15
Consolidated statement of financial activities 16
Consolidated balance sheet 17
Charity balance sheet 18
Consolidated statement of cash flows 19
Notes to the financial statements 20 - 44

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024

Sabbatical Officers 2024/25 (From 1 July 2024 to 30 June 2025)
Chimdindu Okechukwu, President (Chair of the Board)
Krupa Naik, VP Wellbeing and Diversity
Darcie Jones, VP Education
Joshua Frost, VP Activities
2023/24 (From 1 July 2023 to 30 June 2024)
Tonari Arikekpar, President (Chair of the Board)
Daniella Marley, VP Wellbeing and Diversity
Darcie Jones, VP Education
Isla Symons, VP Activities
Student Trustees Vivian Hocking MBCS
Harry Simpson
Christopher Styles (appointed 1 July 2024)
Ellesha Hatch (appointed 1 July 2024, resigned 2 October 2024)
Zachary Patel (resigned 30 June 2024)
Zoe Pearson (resigned 20 May 2024)
External Trustees Jane Hopkinson, (Deputy Chair of the Board)
James Hemsley
David De-Beger (appointed 23 August 2023)
Naomi Wrigley (appointed 23 August 2023)
Company registered
number
10676070
Charity registered
number
1172830
Principal Office
Students' Union Building
University of Plymouth
Drake Circus
Plymouth
PL4 8AA
Chief Executive
Nicky Goldthorpe (resigned 25/02/2024)
Sarah Davey (appointed 26/02/2024)
Independent auditors
Bishop Fleming LLP
Chartered Accountants
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
Bankers
HSBC Bank Plc
PO Box 26
4 Old Town Street
Plymouth
PL1 1DD

Page 1

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Solicitors

Foot Anstey Salt Quay House 4 N E Quay Sutton Harbour Plymouth PL4 0BN

UPSU employs a Chief Executive works closely with the Sabbatical Officers and the Board of Trustees to ensure effective governance and management of the organisation. The Chief Executive is head of a Senior Management Team made up of:

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their Annual Report together with the audited financial statements for the year 1 August 2023 to 31 July 2024. The Annual Report serves the purpose of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Trustees Report and Financial Statements of the charity company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

UPSU is constituted under the Education Act 1994 as a charity with its governing document, UPSU's Articles of Association being approved by the governing body of the University of Plymouth. UPSU's charitable objects are to advance the University's educational purposes by providing representation and support for the students of the University and are supplemented by the further object of helping members to develop their own charitable activities as active participants in civil society.

The Board of Trustees is responsible for the strategic direction, governance, and sustainability of UPSU. The Board met 6 times in the year ended 31 July 2024 and considered amongst other issues the cost of living crisis and its impact on students and on UPSU services, key performance indicators, the most effective way to represent students and the portfolios of the sabbatical Officers, the SUSS Pension Scheme, the performance of the trading areas and patterns of student activity and engagement, completion of the formal 5 year review of the Articles of Association, and a review of the effectiveness of the committees of the Board.

Committees of the Board

The Board discharges its responsibilities through several formally constituted committees. Following a review in 2023, the committees from 1 August 2023 are Governance and Staffing Committee and Finance, Audit and Risk Committee. The Board has established terms of reference for each committee which clearly set out the powers delegated by the Board and the committees' authority to take decisions and act on behalf of the Board The composition of the committees is designed to ensure an appropriate balance of External, Sabbatical Officer and Student Trustees.

Appointment of Trustees

The Trustees of the Union are the four elected Sabbatical Trustees (President, Vice President Activities, Vice President Education, Vice President Wellbeing and Diversity), four selected Student Trustees, and four selected External Trustees. During the year the Finance, Audit and Risk Committee have co-opted additional external expertise in finance to help advise the committee and Board.

The Sabbatical Officer Trustees are elected annually by a cross-campus ballot of all student members. The Sabbatical Officer Trustees are full-time, remunerated officers with a term of office of one years They may rest and for a second year if they wish to do so. The selected Student Trustees are recruited from within the student body. Selected Student Trustees are appointed by the Governance and Staffing Committee and ratified by Union Council. External Trustees are recruited from outside the student body. External Trustees are appointed by the Governance and Staffing Committee and ratified by Union Council.

Trustee Induction and Training

Upon appointment all trustees receive a variety of information as part of their induction. Trustees are briefed on their legal obligations and other trustee responsibilities and receive an induction information pack which includes their role responsibilities, historical and current information about UPSU and information on the strategic plan. All Trustees are provided with links to the Charity Commission online resources with Sabbatical Chairs receiving additional specialist training to support development within the role of both Chair of the Board and Chair of the Governance and Staffing Committee.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The annual Away Day was held in December this year and enabled Trustees to have a refresher on their responsibilities as Trustees as well as spend time considering good governance in relation to UPSU and discuss key strategic issues.

Union Council (Open Meeting)

Open Meetings are a place to make important decisions that affect the student body and ensure that the wide diversity of the student body is fairly represented in these decisions.

Open Meetings are open for all students to attend and participate in, however a small group of elected students need to be there as a minimum to make key decisions. This group is called Union Council and is made up of the 12 School Reps, the 12 Network Chairs and the 4 Sabbatical Officers.

Forums and Networks

We host 2 forums for our sports and societies communities, bringing together voices across a diverse range of groups to shape the union and improve the student experience.

We support 12 Networks, spaces for students, to build communities, meet other students with shared interests to discuss lived experiences, and even lobby the university for change.

Relationship with the University of Plymouth

Under the Education Act 1994, the University of Plymouth has a statutory duty to take such steps as are reasonably practicable to ensure that UPSU operates in a fair and democratic manner and is held to proper account for its finances. UPSU therefore works alongside the University of Plymouth in ensuring that the affairs of the Union are properly conducted and that the educational, social and welfare needs of UPSU's members are met. The formal relationship with the University is governed by a Code of Practice.

UPSU receives a block grant from the University, and occupies buildings owned or leased by the University for an Annual Charge of £581k. which also includes some utilities. From August 2023 this charge will be managed differently and an equal reduction to the block grant will be made. As recommended by the Charities SORP, for due compliance with the requirements for Students' Unions provided for in the Charities Act 2006, an estimated value for USPU for free, partially serviced accommodation will be included in the accounts.

Although UPSU continues to generate supplementary funding from various trading activities, it is dependent on the University's financial support. There is no reason to believe that this support will not continue for the foreseeable future and the University provides a letter of support to UPSU each year confirming this continued financial support.

The Senior Management Team

The Chief Executive has been supported by 3 permanent directors that form the Senior Management Team. This team provides the strategic management of UPSU, managing its operations, giving leadership to its staff and ensuring that the Board and its sub-committees are kept fully informed on all aspects of the organisation and are regarded as being the key management personnel of the charity outside of the trustees.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

OBJECTIVES AND ACTIVITIES

Charitable Objects

UPSU exists to support the wellbeing of all the students that are studying with the University of Plymouth.

UPSU’s objectives are the advancement of education of the students of the University of Plymouth for the public benefit by:

The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

In pursuit of these aims for the public benefit, UPSU ensures that the diversity of its membership is recognised, valued and supported and has established departments and services for use by its members and to support its work with the University and other organisations on behalf of students.

Activities in the Year

UPSU provides a variety of services and activities for students including:

Advice Service — we provide a specialist service to our members in the areas of housing, money and academic issues. We have supported many students with complex needs such as mental ill-health. In the year we supported 1,189 students with 2,265 enquiries (2022/2023: 2,215 / 3,368).

Activities — a choice of 50 clubs and 121 societies offer a diversity of opportunities for social and skills development. 6,316 students registered to join a UPSU club or society during the year, a 4% increase on last year. We run a "Give it a Go" programme that provides taster sessions to give students an insight into the range of activities available to them, as well as trips to many locations in the Southwest. We also support student-led volunteering, facilitating a variety of community volunteering opportunities. The Sports and Student Activities teams also provide support, advice and help with the safe running of activities especially around health and safety, recruitment, communication, delivery and finance.

Representation — we support students in campaigning and representation activities. We continued our support for school, course and faculty reps with new recruitment and training initiatives and undertake to help students partner with the University to innovate and improve their education experience. The number of students voting in the sabbatical elections this year was 3,036 the equivalent of 16% of the total student population and an increase of 3% votes and 13% of the population on last year.

Bars and Entertainments — we run a day and evening bar service which provides coffee, alcoholic, and nonalcoholic beverages. The Events Team provides a range of entertainments including live music, comedy shows and a night club. We also organise Welcome events and the UPSU Summer Ball which attracts over 4,000 students.

Retail — we operate a convenience shop on campus which provides sandwiches, snacks, drinks, stationery and University branded gifts and clothing. The shop also runs a merchandise stall at the University graduation ceremonies.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Gym — we run the gym, fitness suites and sports hall on campus enabling students and staff to purchase membership to take part in gym classes, sports hall activities and to use the fitness facilities.

Fundraising UPSU does not undertake fundraising from the public and does not use professional fundraisers. As such no complaints procedures or further policies in this area are considered necessary.

Achievements and Performance

We launched a new strategy in 2022 which focusses on 4 key strategic themes:

These themes are supported by 6 enablers:

The Trustees have agreed the following key performance indicators:

Question Data
Source		 2022/23 Target
2023/24		 2023/24
% of students agree we have a positive impact on
theirstudent experience		 Annual
Survey		 79% 85% 71%
% of students satisfied with UPSU Annual
Survey		 87% N/A 85%
% of students who agree that the SU represents
students' academic interests well or very well*		 National
Student
Survey		 58% 65% 74.7%
% of students who feel that they belong to the
student community at Plymouth		 Annual
Survey		 68% 81% 59%
% of students agree "UPSU has a positive impact
on the academic experience of students"		 Annual
Survey		 75% N/A 71%
% of students agree "UPSU has a positive impact
onthewellbeing ofstudents"		 Annual
Survey		 71% 75% 73%
% of students agree "UPSU provides services,
activities and events that are entertaining and fun"		 Annual
Survey		 82% 85% 74%
% of staff who would positively recommend UPSU
as a place to work		 Staff Survey n/a 84% 69%
Free reserves in line with the policy agreed by
Trustees		 Line
Manager		 £643k £600k £663k
% of students agree with the statement "UPSU is
democratic and accountable to members"		 Annual
Survey		 71% 75% 59%
% of students that say that the communications they
see from the SU are interesting / engaging		 Annual
Survey		 83% 85% 82%

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

During the year we progressed several priorities in line with our strategy, for example:

PLANS FOR THE FUTURE

2024-25 will be the third year of UPSU’s 3 year strategic plan. We will continue to work towards our 4 key strategic themes:

Risk Management

UPSU has a clear framework, policy and set of procedures in place to ensure risks are anticipated and mitigated effectively and consistently. Trustees are responsible for ensuring that UPSU has robust and effective risk management processes in place and the Finance, Audit and Risk Committee are delegated to oversee the UPSU strategic risk register. The Senior Management Team take collective responsibility to monitor risks and mitigations.

The wider assurance framework includes policies on health and safety, anti-fraud, bribery and corruption, management of complaints and raising concerns (whistleblowing). These policies ensure that where incidents

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

give rise to risks, these are identified, acted on swiftly, and reported according to our regulatory responsibilities.

Principal Risks faced by UPSU and Mitigating Actions

Risk Theme Risk Mitigating Actions
Physical
Facilities		 Physical facilities are not to the
standard
required
impacting
upon delivery and the student
experience		 Relationships with University Estates Teams
Agile internal response
Discussion with ley University stakeholders regarding
the future of the physical SU space
Funding Financial pressures lead to no
increase in block grant funding
from university		 Budgeting and forecasting Relationship with key UoP
staff
SU UEG meetings
Benchmarking other SU block grants Articulation of
value for money of SU
Commercial
Income		 Reduction in expected income
from commercial operations		 Review breadth of offer to ensure viability.
Restructure of aspects of delivery.
Implementation of change management
Continued exploration of revenue diversification
Price advantage due to NUSSL membership
Regular financial forecasting
Relationship
with
University		 Poor
relationship
with
key
university staff members and
lack of understanding of value
of the SU to the student
experience		 Representatives and staff sit on key university
committees
Regular meetings in place
Articulation of value for money of SU
Presentations and reports to university staff and
committees
Pension SUSS pension deficit becomes
immediately payable leading to
catastrophic financial impact, or
substantial increases in annual
repayments resulting in ingoing
significant cost pressures		 Funds allocation within 3-year budget planning
Attendance at SUSS AGM meetings Monitoring of
Experian scores

FINANCIAL SUMMARY

UPSU began 2023/4 with a budget deficit of £210k. This assumed there would be no further impacts from changing patterns of involvement in the training areas, however there was recognition that trading may not return to levels experienced prior to 2020.

UPSU's gross income from all sources this year totalled £5.17m (2023: £5.26m), this includes a block grant for the University of Plymouth of £2.10m (2023: £2.10m). A total of £5.33m (2023: £5.36m) was expended on student benefits and revenue making activities and investment gains/(losses) of £8k (2023: £(7k)) were incurred in the year.

UPSU ended the year with a net income and expenditure deficit of £158k (2023: £109k deficit). This deficit includes a £98.1k surplus on the valuation of the SUSS pension liability reserve (2023: £98.6k deficit).

Due to the significant deficit on the pension liability reserve, UPSU are showing a negative balance sheet position of £177k (2023: £19k).

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Investment Policy

UPSU invests funds not required to meet the Charity’s objects or satisfy working capital requirements. The Investment Policy states that the purpose of financial investment is to yield the best financial return within the level of risk considered to be acceptable and must, at minimum, seek to preserve the assets of the organisation. The investment portfolio should be well diversified to reduce investment risk. Short term deposits should be split between UK based institutions with different banking licences, to reduce the risk from institutional failure and to ensure maximum protection from the Financial Services Compensation Scheme (FSCS). Medium/longer term investments used must allow for fund withdrawals so that the Union can access its funds should the need arise. There are no ethical restrictions on where cash deposits are placed but where competing institutions offer similar products in terms of risk and return, it may be appropriate to take account of their ethical credentials.

Investment income of £37,641 (2023: £23,056) was received in the year. Fund values increased by £11,279 during the year to £196,081.

Reserves Policy

During the year the Board of Trustees have reviewed and updated the reserves policy. The revised policy states that:

UPSU will maintain free reserves to achieve the following objectives:

UPSU considers that a certain level of free reserves should normally be maintained to safeguard against unexpected expense or shortfall in income. This minimum amount to be designated for the free reserves level will be established as an amount sufficient to maintain ongoing operations and programs for a set period of time.

The free reserves serve a dynamic role and will be reviewed and adjusted in response to internal and external changes.

UPSU has identified that the reserves required are 3 months of the full net annual cost (total unrestricted expenditure less block grant contribution) less casual wages plus statutory redundancy costs.

This would allow core activities to be continued in the event of a significant drop in funding from the University of Plymouth or downturn of commercial activity whilst the organisation adapted.

The target minimum for the free reserves will be calculated each year as part of the annual budgeting process.

The Board is committed to ensuring that UPSU is run in a sustainable way, to ensure that any unexpected fluctuations in revenue and expenditure can be met within reasonable limits whilst also ensuring that UPSU does not hold excessive reserves.

At the end of 2023/24 UPSU’s free reserves were £662,505.

The policy will be reviewed by the Finance, Audit and Risk Committee on an annual basis.

Provision for Pension Liability

UPSU is required to adopt Financial Reporting Standard 102 (FRS 102). Under FRS 102, a contractual agreement under a multi-employer defined benefit pension scheme to fund a past deficit should be accrued

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

for as a liability to net present value. During 2023/24 the total liability provision is estimated to have decreased from £1.72m to £1.62m.

Future Funding

The Trustees confirm that UPSU has sufficient funds to meet all its obligations.

UPSU's 2024/5 budget is set to generate a small operating surplus of £38k and has been approved by the Board of Trustees.

UPSU continues to meet with the University to ensure future funding is in line with organisational need and to support activity in line with the strategic direction of both the University and UPSU.

Going Concern

The concept of going concern is particularly relevant in times of economic difficulties and the cost of living crisis has significantly increased going concern risks for many organisations. We have carried out a detailed going concern assessment based on the following key factors:

As a result of Business planning and reorganisation to be implemented in the financial year 2024/25, the Trustees are satisfied that the Union should be considered a going concern and we have, therefore, prepared the financial statements on this basis.

Custodian Activities

UPSU administers funds on behalf of the Raising and Giving Society who support clubs and societies and other groups in charitable fundraising activities. These funds are identified as belonging to the Raising and Giving Society and not UPSU. The balance held at the year-end was £1,576 (2023: £1,818) which is included in other creditors.

Auditors

In so far as the Trustees are aware:

There is no relevant audit information of which the charitable company’s auditors are unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information to establish that the auditors are aware of that information.

Trustees report was approved by order of the Board of Trustees, as company directors and signed on the Board’s behalf by:

Chimdindw Okechukinw

Chimdindu Okechukwu

(Chair of Trustees) Date: 26th February 2025

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024

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

Company law requires the Trustees to prepare financial statements for each financial . 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 the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

Approved by order of the members of the Board of Trustees and signed on its behalf by:

Chimdindu Okechukwu

(Chair of Trustees) Date: 26th February 2025

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION

OPINION

We have audited the financial statements of The University of Plymouth Students' Union (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As Group auditors our assessment of matters relating to non-compliance with laws and regulations and fraud encompassed all entities within the Group for the period that they were part of the Group, at both component and Group level.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the Group and Charitable company for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override and the valuation of the defined benefit pension deficit repayment plan.

We have also obtained an understanding of the legal and regulatory frameworks that the Group and Charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102, Charities SORP and UK tax legislation.

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 may be fundamental to the Group or Charitable Company’s ability to operate or avoid a material penalty. These include, licensing laws, data protection legislation, health and safety regulations, environmental regulations and employment law.

Our procedures to respond to the risks identified included the following:

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 Auditors' 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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Oliver FCA (Senior statutory auditor)

for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN

Date:

Page 15

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
Charitable activities
8
TOTAL
EXPENDITURE
NET INCOME/
(EXPENDITURE)
BEFORE NET
GAINS/ (LOSSES)
ON INVESTMENTS
Net gains/(losses) on
investments
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED
FORWARD		 Unrestricted
funds -
pension
liability
2024
£
-
-
-
-
-
-
(98,132)
(98,132)
98,132
-
98,132
(1,715,769)
98,132
(1,617,637)		 Restricted
funds
2024
£
-
767,584
-
-
767,584
-
778,821
778,821
(11,237)
-
(11,237)
312,344
(11,237)
301,107		 Unrestricted
funds -
general
2024
£
2,103,996
2,238,025
20,665
37,641
4,400,327
10,540
4,642,603
4,653,143
(252,816)
7,668
(245,148)
1,384,911
(245,148)
1,139,763		 Total
funds
2024
£
2,103,996
3,005,609
20,665
37,641
5,167,911
10,540
5,323,292
5,333,832
(165,921)
7,668
(158,253)
(18,514)
(158,253)
(176,767)		 Total
funds
2023
£
2,103,996
3,128,814
-
23,056
5,255,866
54
5,357,763
5,357,817
(101,951)
(7,040)
(108,991)
90,477
(108,991)
(18,514)

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 44 form part of these financial statements.

Page 16

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:10676070

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

2024 2024 2023 2023
Note £ £
FIXED ASSETS
Tangible assets 16 327,258 413,166
Investments 17 196,081 184,802
523,339 597,968
CURRENT ASSETS
Stocks 18 128,365 140,799
Debtors 19 53,719 130,348
Cash at bank and in hand 26 1,012,810 1,703,157
1,194,894 1,974,304
Creditors: amounts falling due within one
year 20 (277,363) (875,017)
NET CURRENT ASSETS 917,531 1,099,287
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,440,870 1,697,255
Creditors: amounts falling due after more
than one year 21 (1,617,637) (1,715,769)
TOTAL NET ASSETS/ (LIABILITIES) (176,767) (18,514)
CHARITY FUNDS
Unrestricted - pension liability 22 (1,617,637) (1,715,769)
Restricted funds 22 301,107 312,344
Unrestricted funds 22 1,139,763 1,384,911
TOTAL FUNDS (176,767) (18,514)

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

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

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

Chimdindu Okechukwu

(Chair of Trustees) Date: 26th February 2025

The notes on pages 20 to 44 form part of these financial statements.

Page 17

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:10676070

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2024

2024 2024 2023 2023
Note £ £
FIXED ASSETS
Tangible assets 16 327,258 413,166
Investments 17 196,082 184,803
523,340 597,969
CURRENT ASSETS
Stocks 18 128,365 140,799
Debtors 19 63,509 130,372
Cash at bank and in hand 1,000,269 1,703,146
1,192,143 1,974,317
Creditors: amounts falling due within one
year 20 (274,613) (874,696)
NET CURRENT ASSETS 917,530 1,099,621
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,440,870 1,697,590
Creditors: amounts falling due after more
than one year 21 (1,617,637) (1,715,769)
TOTAL NET ASSETS (176,767) (18,179)
CHARITY FUNDS
Endowment funds 22 (1,617,637) (1,715,769)
Restricted funds 22 301,107 312,344
Unrestricted funds 22 1,139,763 1,385,246
TOTAL FUNDS (176,767) (18,179)

The Charity's net movement in funds for the year was £(158,588) (2023 - £(108,937)).

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

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

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

Chimdindu Okechukwu

(Chair of Trustees) Date: 26th February 2025

The notes on pages 20 to 44 form part of these financial statements.

Page 18

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities
25
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Gain/ (loss) on investments
Interest received
NET CASH PROVIDED BY/ (USED IN) INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
26
The notes on pages 20 to 44 form part of these financial statements		 2024
£
(700,959)
400
(27,429)
-
37,641
10,612
(690,347)
1,703,157
1,012,810		 2023
£
77,005
900
(60,922)
(7,040)
23,056
(44,006)
32,999
1,670,158
1,703,157

Page 19

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. GENERAL INFORMATION

The University Of Plymouth Students' Union is a private company, limited by guarantee, registered in England and Wales, registration number 10676070. The registered office is University of Plymouth Students Union, University of Plymouth, Drake Circus, Plymouth, Devon, PL4 8AA.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 GOING CONCERN

The financial statements show a total net liability position of £176,767 (2023: 18,514). This includes a total liability of £1,617,637 (2023: £1,715,169) which represents the total present value of future deficit repayments relating to the Student Union Superannuation Scheme as detailed in note 28.

Despite future budgeted deficits, UPSU forecasts and projections clearly show that it has sufficient resources to operate for at least twelve months from the date of approval of the accounts. The Union has a strong relationship with the University of Plymouth, its principal funder, and engages in continuous discussions about future funding in line with the University strategy. No matters have been drawn to its attention to suggest that future funding may not be forthcoming at budgeted levels.

The Trustees have a reasonable expectation that UPSU has adequate resources to continue in operational existence for the foreseeable future and it is the opinion of the Trustees that UPSU will continue as a going concern. Thus, UPSU continues to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3 COMPANY STATUS

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

Page 20

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES (continued)

2.4 INCOME

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

As a Charity, UPSU receives grants from the University of Plymouth; income under the provision of charitable services; public donations and sponsorship; contributions from members; income from trading activity closely associated with its charitable purposes.

Income from investments is included in the year in which it is receivable.

2.5 EXPENDITURE

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

Charitable activities and Governance costs are costs incurred on the Group's educational operations, including support costs and costs relating to the governance of the Group apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following bases:

Student union refurbishment - 3 to 10 years straight line - Furniture and equipment 3 to 5 years straight line

Page 21

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES (continued)

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 STOCKS

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

2.9 DEBTORS

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

2.10 CASH AT BANK AND IN HAND

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

2.11 CUSTODIAN FUNDS

Custodian funds entrusted to the Group for safekeeping, but not under its management's control, i.e. those of the Raising and Giving Society. Such custodian activities are disclosed in the Annual Report but as the funds are not managed by UPSU they cannot be included in the accounts.

2.12 LIABILITIES AND PROVISIONS

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

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

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

2.13 FINANCIAL INSTRUMENTS

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

Page 22

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES (continued)

2.14 PENSIONS

UPSU participates in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to UPSU. Under the terms of FRS102 only the agreed future deficit contributions are included as a liability at their present value.

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

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

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

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

Critical accounting estimates and assumptions:

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

Critical areas of judgement:

The Group has entered into an agreement with its pension provider that determines how the Group will fund the deficit, and as such the present value of future contributions is recognised as a liability. Assumptions and judgements have been made over the rate of future salary increases and pension contributions, as well as the discount rate used. The discount rate used is consistent with a high quality corporate bond.

Page 23

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2024
£
University Block Grant
2,103,996
TOTAL 2023
2,103,996		 Total
funds
2024
£
2,103,996
2,103,996		 Total
funds
2023
£
2,103,996

5. INCOME FROM CHARITABLE ACTIVITIES

Retail and other trade
Representation and Representation
sponsorship
Sports and Recreation Members Contributions
Sports and Recreation Sponsorship
Income from charitable activities -
Representation sponsorship
External funding grants
Clubs and societies
TOTAL 2024
TOTAL 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
1,992,539
-
1,360
-
227,985
-
8,586
-
-
-
7,555
767,584
-
767,584
2,238,025
766,880
2,361,934		 Total
funds
2024
£
1,992,539
1,360
227,985
8,586
-
7,555
767,584
3,005,609
3,128,814		 Total
funds
2023
£
2,137,422
1,350
201,301
3,911
8,000
9,950
766,880
3,128,814

Page 24

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
UPSU Trading Limited 20,665 20,665 -

7. INVESTMENT INCOME

Unrestricted
funds
2024
£
Investment income
37,641
TOTAL 2023
23,056		 Total
funds
2024
£
37,641
23,056		 Total
funds
2023
£
23,056

Page 25

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds -
pension
liability
2024
£
Retail and Other Trade
-
Welfare
-
Representation and
Representation Sponsorship
-
Societies, Sports and
Recreation Sponsorship
-
FRS102 Pension Deficit
Liability
(98,132)
Governance
-
Clubs and Societies
-
TOTAL 2024
(98,132)
TOTAL 2023
98,591
9.
GOVERNANCE COSTS
Auditors' remuneration
Trustee Board expenses
Executive travel and phone expenses
Support staff costs
Support facilities costs
TOTAL 2024
TOTAL 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
2,242,174
-
228,605
-
1,025,929
-
1,063,259
-
-
-
82,636
778,821
-
778,821
4,642,603
737,821
4,521,351
Unrestricted
funds
2024
£
18,100
5,322
1,707
35,529
47,123
107,781
93,568		 Total
2024
£
2,242,174
228,605
1,025,929
1,063,259
(98,132)
82,636
778,821
5,323,292
5,357,763
Total
funds
2024
£
18,100
5,322
1,707
35,529
47,123
107,781
93,568		 Total
2023
£
2,235,602
208,117
954,633
1,046,191
98,591
76,808
737,821
5,357,763
Total
funds
2023
£
14,800
796
1,164
34,696
42,112
93,568

Page 26

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. STAFF & FACILITIES SUPPORT COSTS

Wages and salaries
Training costs
General adminstration
Legal and professional
Depreciation
Rent
Other expenses		 2024
£
710,587
8,616
241,116
43,704
53,656
580,752
14,298
1,652,729		 2023
£
693,958
14,588
162,927
47,271
25,215
580,752
11,478
1,536,189

Support costs detailed above are apportioned to projects as below:

Basis of
apportionment
%
Retail and other trade
30
Societies, Sports and
Recreation
20
Welfare
7
Representation and
Representation
Sponsorship
38
Governance
5
Total costs apportioned
100		 Support staff
2023
£
213,176
142,118
49,741
270,023
35,529
710,587		 Facilities
costs 2023
£
282,643
188,428
65,950
358,014
47,107
942,142		 Total costs
2023
£
495,819
330,546
115,691
628,037
82,636
1,652,729		 Total costs
2023
£
460,857
307,238
107,533
583,753
76,808
1,536,189

11. NET INCOME

This is stated after charging:

Depreciation of tangible fixed assets
Auditors' remuneration - audit
Auditors' remuneration - other services
Operating lease rentals
(Profit)/loss on the sale of fixed assets		 2024
£
80,869
15,385
2,715
580,752
40,498
720,219		 2023
£
88,883
12,580
2,220
580,752
2,813
687,248

Page 27

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

12. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Retail and Other Trade
Welfare
Representation and Representation
Sponsorship
Sports and Recreation Sponsorship
FRS102 Pension Deficit Liability
Governance
Clubs and Societies
TOTAL 2024
TOTAL 2023		 Activities
undertaken
directly
2024
£
1,746,355
112,914
397,891
732,713
(98,132)
-
778,821
3,670,562
3,821,574		 Support
costs
2024
£
495,819
115,691
628,038
330,546
-
82,636
-
1,652,730
1,536,189		 Total
funds
2024
£
2,242,174
228,605
1,025,929
1,063,259
(98,132)
82,636
778,821
5,323,292
5,357,763		 Total
funds
2023
£
2,235,602
208,117
954,633
1,046,191
98,591
76,808
737,821
5,357,763

13. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Operating costs of defined benefit pension
schemes
FRS102 pension deficit liability		 Group
2024
£
1,866,252
130,944
67,773
127,179
(98,132)
2,094,016		 Group
2023
£
1,802,224
122,659
62,827
121,119
98,591
2,207,420		 Charity
2024
£
1,866,252
130,944
67,773
127,179
(98,132)
2,094,016		 Charity
2023
£
1,802,224
122,659
62,827
121,119
98,591
2,207,420

There were total redundancy and compromise agreement payments of £61,528 (2023: £Nil) made during the year.

Page 28

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

13. STAFF COSTS (CONTINUED)

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

Trustees - Sabbatical Officers
Permanent Staff
Student Staff		 Group
2024
No.
4
48
218
270		 Group
2023
No.
4
47
222
273		 Charity
2024
No.
4
48
218
270		 Charity
2023
No.
4
47
222
273

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 - 1

Key management personnel, including the previous interim finance director (who was employed on a consultancy basis) and other members of key management, received remuneration (including employer pension contributions, excluding employer's national insurance contributions) during the year totalling £214,179 (2023: £254,665).

14. TRUSTEES' REMUNERATION AND EXPENSES

In 2023/24 Executives Committee's sabbatical officers received £24,923, £23,976, £23,013 and £22,935. (2022/23: officers received £25,584, £24,964, £22,597 and £21,305). Further to this, three incoming executive officers received £2,590, £2,590 and £1,075 (2022/23: two officers received £2,037 and £2,037) as part of the handover period. The executive officers received this as authorised in UPSU's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the institution and local community, defending and extending the rights of students through petitions, discussions with MPs and also organising and supporting student volunteers and service provision for them. The total salary, NI and pension cost for the sabbatical officers amounted to £101,102 (2022/23: £98,525).

External members of the UPSU Trustee Board were reimbursed for hotel and/or travel expenses, totaling £5,322 (2022/23: £796) within the year.

In addition, the four executive officers who are also Trustees were reimbursed a total of £1,707 (2022/23: £1,164) for the year, in respect of travel and subsistence expenses, in accordance with their role as elected Executive Officers. These costs are included within Governance costs.

15. TAXATION

UPSU's activities fall within the exemptions afforded by the provisions of Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

16. TANGIBLE FIXED ASSETS

GROUP AND CHARITY

COST OR VALUATION
At 1 August 2023
Additions
Disposals
At 31 July 2024
DEPRECIATION
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Short-term
leasehold
property
£
652,594
-
-
652,594
322,423
55,682
-
378,105
274,489
330,171		 Fixtures and
fittings
£
370,339
27,429
(59,462)
338,306
287,344
25,007
(26,814)
285,537
52,769
82,995		 Total
£
1,022,933
27,429
(59,462)
990,900
609,767
80,689
(26,814)
663,642
327,258
413,166

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17.
FIXED ASSET INVESTMENTS
GROUP
COST OR VALUATION
At 1 August 2023
Revaluations
AT 31 JULY 2024
NET BOOK VALUE
AT 31 JULY 2024
AT 31 JULY 2023
CHARITY
COST OR VALUATION
At 1 August 2023
Revaluations
AT 31 JULY 2024
NET BOOK VALUE
AT 31 JULY 2024
AT 31 JULY 2023		 Investments
in
subsidiary
companies
£
1
-
1
1
1		 Investments
£
184,802
11,279
196,081
196,081
184,802		 Investments
£
184,802
11,279
196,081
196,081
184,802
Total
£
184,803
11,279
196,082
196,082
184,803

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. FIXED ASSET INVESTMENTS (CONTINUED)

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business UPSU Trading Limited 09689028 University of Plymouth Running events Students' Union, University of Plymouth, Drake Circus, Plymouth, Devon, PL4 8AA. Class of Holding shares Ordinary 100%

The financial results of the subsidiary for the year were:

Name Income Expenditure Expenditure Profit for Net assets
£ £ the year £
£
UPSU Trading Limited 20,665 (10,540) 10,125 1
18. STOCKS
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Finished goods and goods for resale 128,365 140,799 128,365 140,799

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19. DEBTORS

Group
Group
2024
2023
£
£
DUE WITHIN ONE YEAR
Trade debtors
12,523
11,305
Amounts owed by group undertakings
-
-
Other debtors
7,061
62,715
Prepayments and accrued income
34,135
56,328
53,719
130,348
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
2024
2023
£
£
Trade creditors
15,390
629,532
Other taxation and social security
36,512
96,112
Other creditors
49,550
56,308
Accruals and deferred income
175,911
93,065
277,363
875,017
Group
Group
2024
2023
£
£
Deferred income at 1 August 2023
4,799
4,780
Resources deferred during the year
18,987
4,799
Amounts released from previous periods
(4,799)
(4,780)
18,987
4,799		 Charity
2024
£
12,523
9,790
7,061
34,135
63,509
Charity
2024
£
15,390
36,512
49,550
173,161
274,613
Charity
2024
£
4,799
18,987
(4,799)
18,987		 Charity
2023
£
11,329
-
62,715
56,328
130,372
Charity
2023
£
629,211
96,112
56,308
93,065
874,696
Charity
2023
£
4,780
4,799
(4,780)
4,799

The Charity has deferred income balances of £18,987 relating to funds received in advance for University Freshers Funding and other future events.

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors
The aggregate amount of liabilities payable or
reporting date is:
Payable or repayable by instalments		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,617,637
1,715,769
1,617,637
1,715,769
repayable wholly or in part more than five years after the
Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,617,637
1,715,769
1,617,637
1,715,769		 Charity
2023
£
1,715,769

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Creditors due after more than one year is the net present value of the agreed deficit recovery plan for the defined benefit pension scheme operated by the Group. For further information, see note 28.

HSBC UK Bank plc holds a fixed and floating charge over the assets of the Charity in respect to payment and discharge of any debt becoming due. There was no such debt at the 31 July 2024.

Page 34

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
August 2023
£
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital reserves
413,166
Staffing reserve
38,930
External/ Matched
funding
22,663
Digital and
technology fund
30,000
Sport development
reserve
8,000
Buildings repair
fund
12,500
Gym reserve
32,000
Facilities
development
reserve
34,901
Pension deficit
reserve
150,000
742,160		 Income
£
-
-
-
-
-
-
-
-
-
-		 Expenditure
£
(113,337)
-
-
-
-
-
-
-
-
(113,337)		 Transfers
in/out
£
27,429
(38,930)
(22,663)
(30,000)
(8,000)
(12,500)
(32,000)
(34,901)
-
(151,565)		 Gains/
(Losses)
£
Balance at
31 July 2024
£
-
327,258
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
-
477,258		 Gains/
(Losses)
£
Balance at
31 July 2024
£
-
327,258
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
-
477,258
477,258

Page 35

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS (CONTINUED)

Balance at 1
August 2023
£
GENERAL FUNDS
Free reserves
643,086
Trading subsidiary
(335)
642,751
TOTAL
UNRESTRICTED
FUNDS
1,384,911
PENSION
LIABILITY
Unrestricted
pension liability
(1,715,769)
Balance at 1
August 2023
£
RESTRICTED
FUNDS
Clubs and societies
312,344
TOTAL OF FUNDS
(18,514)		 Income
£
4,379,662
20,665
4,400,327
4,400,327
-
Income
£
767,584
5,167,911		 Expenditure
£
(4,519,477)
(20,329)
(4,539,806)
(4,653,143)
98,132
Expenditure
£
(778,821)
(5,333,832)		 Transfers
in/out
£
151,565
-
151,565
-
-
Transfers
in/out
£
-
-		 Gains/
(Losses)
£
Balance at
31 July 2024
£
7,668
662,504
-
1
7,668
662,505
7,668
1,139,763
-
(1,617,637)
Gains/
(Losses)
£
Balance at
31 July 2024
£
-
301,107
7,668
(176,767)

Page 36

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital reserves
Staffing reserve
External/ Matched
funding
Digital and
technology fund
Sport development
reserve
Buildings repair
fund
Gym reserve
Facilities
development
reserve
Pension deficit
reserve		 Balance at
1 August
2022
£
472,939
38,930
22,663
30,000
8,000
12,500
32,000
34,901
150,000
801,933		 Income
£
-
-
-
-
-
-
-
-
-
-		 Expenditure
£
(91,695)
-
-
-
-
-
-
-
-
(91,695)		 Transfers
in/out
£
31,922
-
-
-
-
-
-
-
-
31,922		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-		 Balance at
31 July 2023
£
413,166
38,930
22,663
30,000
8,000
12,500
32,000
34,901
150,000
742,160

Page 37

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS (CONTINUED)

GENERAL FUNDS
Free reserves
Reserves
TOTAL
UNRESTRICTED
FUNDS
PENSION
LIABILITY
Pension liability
RESTRICTED
FUNDS
Clubs and societies
TOTAL OF FUNDS		 Balance at
1 August
2022
£
610,852
(281)
610,571
1,412,504
(1,617,178)
Balance at
1 August
2022
£
295,151
90,477		 Income
£
4,488,986
-
4,488,986
4,488,986
-
Income
£
766,880
5,255,866		 Expenditure
£
(4,429,656)
(54)
(4,429,710)
(4,521,405)
(98,591)
Expenditure
£
(737,821)
(5,357,817)		 Transfers
in/out
£
(20,056)
-
(20,056)
11,866
-
Transfers
in/out
£
(11,866)
-		 Gains/
(Losses)
£
(7,040)
-
(7,040)
(7,040)
-
Gains/
(Losses)
£
-
(7,040)		 Balance at
31 July 2023
£
643,086
(335)
642,751
1,384,911
(1,715,769)
Balance at
31 July 2023
£
312,344
(18,514)

Page 38

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS:

Capital Reserves

The Trustees' policy is to provide, as far as possible for the future depreciation of fixed assets at the time UPSU becomes committed to acquiring them. The Trustees' may allow exceptions to this policy when an asset will generate increased net income. The Capital Reserve is a designated unrestricted fund. Transfers represent the increase or decrease in net book value of fixed assets covered.

Staffing Reserve

To cover short term staffing needs that will arise in future periods.

External/Matched Funding

Matched funding to cover the cost of the Active Universities programme in future years.

Digital and Technology Reserve

This is to prepare to meet future essential investment needed for the digital and technological enhancement of our systems and digital platforms.

Sports Development Fund

Towards the development of the sports facilities.

Building Repair Fund

This fund is to meet future repair costs.

Gym Equipment

Towards the purchase of gym equipment.

Facilities Development Reserve

To fund major capital projects within the facility in the future (as opposed to general repairs to the fabric of the building covered within designated funds). The aim is to build a fund of £150,000 for this purpose.

Pension Deficit Reserve

To cover costs of the SUSS deficit that may arise in future years.

UNRESTRICTED FUNDS:

The Free reserves (undesignated) are to provide working capital.

PENSION LIABILITY:

This reserve represents the present value of the agreed future contributions towards the SUSS pension scheme as required under FRS102.

RESTRICTED FUNDS:

Clubs and Societies

Clubs and societies funds consist of the monies belonging to individual clubs and societies raised from things such as membership fees, sponsorship and fundraising. Each club manages its own affairs by committee and are financially and constitutionally separate from UPSU. UPSU does however have overall control over the money and must approve all expenditure. On this basis the income and expenditure has been included within the accounts.

Page 39

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

23. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Transfers Gains/ Balance at
August 2023 Income Expenditure in/out (Losses) 31 July 2024
£ £ £ £ £ £
Designated
funds 742,160 - (113,337) (151,565) - 477,258
General funds 642,751 4,400,327 (4,539,806) 151,565 7,668 662,505
Pension liability (1,715,769) - 98,132 - - (1,617,637)
Restricted funds 312,344 767,584 (778,821) - - 301,107
(18,514) 5,167,911 (5,333,832) - 7,668 (176,767)
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 August Transfers Gains/ Balance at
2022 Income Expenditure in/out (Losses) 31 July 2023
£ £ £ £ £ £
Designated
funds 801,933 - (91,695) 31,922 - 742,160
General funds 610,571 4,488,986 (4,429,710) (20,056) (7,040) 642,751
Pension liability (1,617,178) - (98,591) - - (1,715,769)
Restricted funds 295,151 766,880 (737,821) (11,866) - 312,344
90,477 5,255,866 (5,357,817) - (7,040) (18,514)

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
- pension
liability
2024
£
Tangible fixed assets
-
Fixed asset investments
-
Current assets
-
Creditors due within one year
-
Creditors due in more than one year
(1,617,637)
TOTAL
(1,617,637)		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
327,258
-
196,081
301,107
893,787
-
(277,363)
-
-
301,107
1,139,763		 Total
funds
2024
£
327,258
196,081
1,194,894
(277,363)
(1,617,637)
(176,767)

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Unrestricted
- pension
liability
2023
Restricted
funds
2023
£
£
Tangible fixed assets
-
-
Fixed asset investments
-
-
Current assets
-
312,344
Creditors due within one year
-
-
Creditors due in more than one year
(1,715,769)
-
TOTAL
(1,715,769)
312,344
25.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net expenditure for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
(Gains)/ loss on investments
Interest received
Profit/ (loss) on the sale of fixed assets
Decrease/ (increase) in stocks
Decrease/ (increase) in debtors
Increase/ (decrease) in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		 Unrestricted
funds
2023
Total
funds
2023
£
£
413,166
413,166
184,802
184,802
1,661,960
1,974,304
(875,017)
(875,017)
-
(1,715,769)
1,384,911
(18,514)
FROM OPERATING
Group
Group
2024
2023
£
£
(158,253)
(108,991)
80,689
88,883
(11,279)
7,040
(37,641)
(23,056)
32,248
(2,813)
12,434
(28,419)
76,629
(11,707)
(695,786)
156,068
(700,959)
77,005

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

26. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2024
£
1,012,810
1,012,810		 Group
2023
£
1,703,157
1,703,157

27. ANALYSIS OF CHANGES IN NET DEBT

At 1 August
2022 (as At 31 July
restated) Cash flows 2024
£ £ £
Cash at bank and in hand 1,703,157 (690,347) 1,012,810

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THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

28. PENSION COMMITMENTS

UPSU participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent valuation of the scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £107m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £137m.

The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The following assumptions applied at 30 June 2022:-

The 2022 valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 15 years and will increase by at least 5% in each following year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. Surpluses or deficits which arise at future valuations will also impact on UPSU’s future contribution commitment. In addition to the above contributions, UPSU also pays its share of the Scheme’s levy to the Pension Protection Fund.

The accounts include a liability for the agreed future deficit recovery payments included at their net present value as required by FRS102.

Brought forward
On unwinding
Change in assumptions		 2024
£
1,715,769
87,848
(185,980)
1,617,637		 2023
£
1,617,178
65,657
32,934
1,715,769

Page 43

THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

29. RELATED PARTY TRANSACTIONS

The Charity has one 100% subsidiary, UPSU Trading Limited. The Charity has therefore taken advantage of the exemption contained in FRS102 not to disclose transactions or balances with entities which form part of the group.

UPSU is in receipt of a recurrent Block Grant from the University of Plymouth of £2,103,996 (2023: £2,103,996).

UPSU occupies its buildings under a licence to occupy and paid rent to the University of Plymouth of £580,752 (2023: £580,752). The Union shares the costs of decoration and maintenance with the University. At the year end, £Nil (2023: £580,752) was payable to the University of Plymouth in respect of rent.

UPSU made sales of £28,170 (2023: £83,256) to the University of Plymouth. At the year end, a balance of £60 (2023: £909) was outstanding from the University of Plymouth.

UPSU made purchases of £23,456 (2023: £2,083) from the University of Plymouth. At the year end, a balance of £Nil (2023: £394) was payable to the University of Plymouth.

30. CONTROLLING PARTY

The ultimate control of UPSU is vested under the Constitution in the members in the Annual General Meeting. As such no single person or entity controls the Union.

31. AFFILIATIONS

UPSU, on behalf of the generality of the students, is currently affiliated to, and paid affiliation fees and memberships during the year to the following external organisations:

National Union of Students
NUS Services membership
Advice UK
Cronier I
British Universities and Colleges Sports
ACCA membership
NASMA membership
WonkHE		 2024
£
7,500
424
1,465
184
14,192
297
405
4,100
28,567		 2023
£
7,500
380
276
-
11,610
-
350
3,936
24,052

Page 44