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2023-07-31-accounts

Charity number: 1173328

Keele University Students’ Union

Trustees' Report and Financial Statements

For the Year Ended 31 July 2023

w™DAINS ACCOUNTANTS

Keele University Students’ Union

Contents

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees’ report 2-10
Trustees’ responsibilities statement 11
Independent auditors’ report on the financial statements 12-15
Consolldated statement of financial activities 16
Consolidated balance sheet 17
Charity balance sheet 18
Consolidated statement of cash flows 19
Notestothefinancialstatements 20-42

Keele University Students’ Union

Reference and Administrative Details of the Charity, Its Trustees and Advisers For the Year Ended 31 July 2023

Reference and Administrative Details of thethe Charity, Its Trustees and Advisers
For thethe Year Ended 31 July 2023		 Reference and Administrative Details of thethe Charity, Its Trustees and Advisers
For thethe Year Ended 31 July 2023		 Reference and Administrative Details of thethe Charity, Its Trustees and Advisers
For thethe Year Ended 31 July 2023
i
Trustees Arjun Sinha (resigned 13 September2023)
Jack Medlin (resigned 30 June 2023)
Tom Guilbert-Newell (resigned 30 June 2023)
Dan Lay (resigned 30 June 2023)
Jade Cioffi
Maisie Glock
Andrew Harris, Chair
Valerie Newman
ProfMarilyn Andrews
Georgia Souter (appointed 14 September 2022)
Arjun Patel (appointed 14 September 2022, resigned 13 June 2023)
Simon Rutter (appointed 22 March 2023)
Samuel Hackney (appointed 71 July2023)
Tom Robinson (appointed 1 July2023)
Abdelrhman Rayiz (appointed 14 December 2023)
Charity registered
number 1173328
Principal office Keele University
Student Union Office
Newcastle-under-Lyme
ST5 5BJ
SeniorManagement
Team		 S Ellis, Chief Executive Officer (until 19 January 2024)
F Harris, DeputyCEO - Membership Services
D Brown, Chief Operating Officerand interim CEO from 20January2024
independent auditors Dains Audit Limited
Suite 2, Albion House
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshire
ST1 5RQ
Bankers Santander
Bridle Road
Bootle
Merseyside
L30 4GB
The Co-Operative Bank
PO Box 250
Skelmersdale
WN86WT

i Page 1

Keele University Students’ Union

Trustees’ Report For the Year Ended 31 July 2023

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 August 2022 to 31 July 2023.

Objectives and activities

a. Policies and objectives

Keele SU's objects are the advancement of education of students at Keele University, for the public benefit, by;

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Keele University Students’ Union

Trustees’ Report (continued) For the Year Ended 31 July 2023

OTS

Objectives and activities (continued)

b. Strategies for achieving objectives

In pursuing our aims and objectives, and providing various opportunities for our members, Keele SU seeks at all times to;

Keele SU hasa rolling student facing Strategic Plan which is updated annually to ensure that it is current and relevant. Within that plan we outline our Vision, Mission and Values.

Our Vision is to “Empower every student to be who they want to be and makea difference to the world”.

In order to pursue this Vision, our Mission is that “Through the delivery of our quality support, activity, representation, entertainment and value for money services, we will ensure that our students feel part of a community which is inclusive, where they can grow in confidence and simply, be students”.

Our values as an organisation, are:

Supportive

We will support you through your entire student journey, both through the good times and not so good times

Friendly

We will make you feel welcome when engaging with us and ensure we are approachable. Whether you engage with us every day or once a year, we'll be there

Creative

We want you to be creative, inspired to try new things with us and become who you want to be. We also want our staff to be creative, trialling latest ideas to ensure we can keep up to date with what you need

Putting Students’ First

It goes without saying, we are a Students’ Union, we exist because of you, we will change and flex as you need us to so we can stay relevant to you

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Keele University Students’ Union

Trustees’ Report (continued)

For the Year Ended 31 July 2023

Objectives and activities (continued)

c. Main activities undertaken to further the charity's purposes for the public benefit

Keele SU provides a variety of services, activities and opportunities for our members, including;

Achievements and perfonnance

a. Key performance indicators

The net movement of funds reported for July 2023 is a deficit of£ 249,697 (2022: £ 85,659 deficit). Net Current liabilities were £ 593,505 (2022 £ 160,666). The cash holding is £ 49,290 (2022 £ 388,194).

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Keele University Students’ Union

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Trustees’ Report (continued) For the Year Ended 31 July 2023

a

Achievements and performance (continued)

b. Review of activities

Against the backdrop of a difficult financial year, due to the cost of living impacting our own costs going up and student disposable income, we still had a successful year in delivering our charitable objects for students.

Student Voice

Our student voice team offer support for campaigning about student life in general. This year we had 310 Student Voice Representatives, an increase on the previous year, representing students on their course.

This year was the first full year of our Student Networks. Student Networks are a way for marginalised groups to meet up, discuss issues that need to be raised through democratic structures at Keele SU and to run student led campaigns on important topics close to the heart of students. A successful way we find out what matters to students, is via them being able to submit ideas to us about what would make their life better at University. This year we had 38 ideas submitted which helped inform policy and campaigns for our full time and part time officers. The biggest success though was the number of network members; with recruitment being a priority through the year we were able to recruit 275 members. We hope to increase this number in the coming year as the Network becomes more established.

This year in our main elections we had 1519 individual voters with 17 people putting themselves forward for our 4 full time officer positions. This was the first round of elections with a new elected officer system. We moved from 5 down to 4 full time officers, the new positions being: Development & Democracy Officer; Education Officer; Wellbeing Officer; Experience & Community officer. Those elected take up these new positions in July 2023.

Our elected officers this year campaigned tirelessly on the Cost of Living Crisis, working behind the scenes with different departments year-round to secure big wins for students, such as securing an ‘Engagement Fund’ for the 2023/24 academic year, a fund to whihc students in hardship can apply to in order to be able to engage in clubs & societies, and free period products across campus. Alongside the Cost of Living campaign, our officers also ran 11 other campaign events, including Diversity Festivals, Spinathons, Human Rights stalls, Race Equity Week and Sexual Violence Awareness week.

It’s important to us that we know what our students want, so along side year-round feedback gathering, we run a big ‘Speak Week’ after Easter to get information from students to help us plan our strategy and campaigning for the following year. This year we had our highest engagement ever with 927 students speaking to our voice team over the week.

This year saw the latest round of the Teaching Excellence Framework submission for which the voice & elected officer team wrote the student submission. It was well received by the University and helped them to achieve a Gold ranking.

We've also continued to score highly in the NSS (Nationa! Student Survey), scoring a 74.9% positive result which is significantly above the benchmark for the sector, and Keele’s joint highest response rating.

This year also saw the return of our Keele SU Awards, which saw awards not only for our student leaders, but also for University staff with students having the opportunity to nominate them for excellent teaching and support.

Student Activities

We built on the success of the previous year and saw an increase in engagement of our societies and AU sports clubs, with 3,132 students a member of a society, and 1,368 students a member of an AU sports club. We even saw 33 new societies set up over the course of the year. Two of our societies (Ariel Dance, and Dance) had over 100 members each.

Each year we deliver training to society and club committee members to support them to run successful clubs & societies, this year we trained 811 students.

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Keele University Students’ Union

Trustees’ Report (continued) For the Year Ended 31 July 2023

Achievements and performance (continued)

Society success wasn't just limited to membership, with 120 nominations received for the society awards, successful academic societies such as the Psychology Society working closely with their department to run numerous events. Our activities team achieved a lot this year, working with an external consultant to work through recommendations to ensure we were giving the highest possible level of service to our societies alongside creating the ‘Societies of Keele’ brand which will provide greater belonging and opportunities for students, as well are greater marketability for societies.

Looking at our AU sports clubs, we had our highest ever BUCS score, ranking 63rd out of 147. Our top 5 performing teams were Cricket, Futsa!, Badminton, Fencing and Rugby Union.

Collectively our clubs & societies this year achieved a 40% turnout in their elections, with 775 students putting themselves forward and 1,248 students voting.

The activities team also did a deep dive into student engagement by taking a random sample of 250 students and looking at how they engaged with Keele SU. We found that 63% of the sample had recorded engagement with us in one way or another. This was presented to our Board Sub Committee and will continue to be developed over the coming year.

We also run volunteering activities, with over 14,500 volunteering hours banked with 888 active volunteers.

Advice and Support at Keele SU

Supporting students is at the heart of what we do, it is one of our values as an organisation, therefore we do our utmost to support our students however we can. One of the keyways we do this is through Advice and Support at Keele SU (ASK). ASK is a free and confidential service that is independent of the University and is staffed by professional and experienced advisers trained to provide advice and support to students.

This year we opened 1447 cases with students which is a 24% increase on the previous year so we are now seeing a clear pattern of increased demand for the service with last year being a 42% increase on the previous year. On top of this, once again we have 98% of students who used the service said they would recommend ASK to other students. ASK also run an annual housing fair which this year had 450 students attend.

One of the students who used ASK has said: "They are absolutely amazing. They are the only people who understood and empathised with my case"

Entertainment, Commercial and Retail

Last year, our Venues department hosted 410 events with an impressive 70,400 attendees across the year. We ran our annual Woodstoke event over two days with fairground rides, food stalls, multiple stages and a range of acts to suit all tastes. For the first time we did free entry into the outdoor area of Woodstoke during the afternoon; this meant that students and staff with families could engage and students who may not have been able to afford a ticket to the main event were also able to attend, this was received very positively.

This was the second year of running our Co-op franchise and saw a successful year with increased engagement and a now established staff team. We had a visit from Shirine Khoury-Haq, the CEO (Chief Executive Officer) of Co-op Group along with other senior Co-op group staff, who were extremely impressed with the store. We are proud to be a franchise store which the Co-op group choose to highlight to senior staff and prospective franchisees. Over the year we sold a whopping 59,962 meal teals and signed up 1,307 people to Co-op membership.

Our commercial team had a busy year, with 41,832 transactions in Union Kitchen across the year, with the best seller as always being our curly fries with 14,369 portions sold!. This was a our biggest year for Keele branded merchandise sales with 8,645 items sold; we ship over seas with the furthest away being Australia. The Print House was disrupted at the start of the year by building work, but none-the-less delivered a much needed service to campus, printing a total of 448,194 pages; 100% of which was on Forest Stewardship Approved paper.

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Keele University Students’ Union

Trustees’ Report (continued) For the Year Ended 31 July 2023

RY

Achievements and performance (continued)

Behind the scenes

We carried out a significant project over 6 months of the lived experience of international students; this culminated in a report which included 16 recommendations to improve the experience of international students, not only at Keele but in general, and was presented at the UKISA conference.

Being able to offer all of these activities and services to students requires a significant amount of work behind the scenes. In order to do that, we employed 61 career staff and 150 student staff over the year. Regarding our student staff, we are proud that through the work they carried out, we were able to put over £350,000 in their pockets via their wages.

We again took place in the annual staff survey which is run by an external organisation, allowing us to benchmark against other third sector companies. This year saw our highest staff satisfaction result, with 90% of our staff saying they would recommend Keele SU; this was an internal target to achieve in 5 years time so to have hit it already is fantastic. We hope to be able to consistently achieve a minimum of 90% in this in future years. Other standouts from the survey were “The organisation gives high priority to employee welfare and health & safety” at a 98% satisfactions, up 13% on the previous year. We continue to score highly in areas where staff are able to work flexibly and in a way that suits both them, and the organisation; for example “I feel empowered to adopt ways of working that suit the needs of the organisation as well as my lifestyle and non-working commitments" is 85% satisfaction, up 13% on the previous year.

Our finance team and HR team works tirelessly behind the scenes to keep the business running. Extra projects this year included: work on Holiday Pay and how it is calculated given the change in law; the introduction of a salary sacrifice scheme which was introduced to all staff having undertaken a project on pension contributions, and a new way of commercial reporting to ensure that managers can review prior weeks in a more efficient way and allowing discussions/actions to be taken more quickly.

Our marketing & engagement team have had a successful year; getting information out to our members is a vital behind the scenes activity, necessary to tell our members what we're doing. This year saw an increased engagement on our main social media platforms with a 20% increase in Instagram followers, and a 51% increase in Tiktok followers. The team have been working closely with student staff to ensure that our content is always current and relevant. The team also continued to invest in more branded equipment which can be used across the organisations ensuring a professional and cohesive presence at all times.

Financial review

a. Going concem

The Charity has net current liabilities of £ 273,113 and net liabilities of £ 1,529,022 after long-term creditors. The net liabilities include the long-term liability relating to the recognition under Charities SORP (FRS 102) of the net present value of the funding deficit on the SUSS (Students Union Superannuation Scheme) pension recovery plan. The latter is a long-term commitment which has increased in time and now due to end in 2037 and the trustees are confident that annual payments towards this plan will be met out of income each year. Separate to this the trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the near future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

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Keele University Students’ Union

Trustees' Report (continued) For the Year Ended 31 July 2023

b. Principal funding

Keele SU continues to benefit from the support of Keele University, with totals grants and donations totaling £ 1,132,438, including a notional rent donation of£ 687,989.

Additionally, Keele SU generates income by means of primary purpose trading, with a portfolio including bars, catering, retail, marketing, print services, transport hire and entertainments generating income of £3,794,391.

Clubs and societies generate income by membership fees, activity subsidies and other fundraising activities and earned income of £378,859, which is maintained in restricted funds for the purposes of those clubs and societies.

Structure, governance and management

a. Constitution

Keele SU is a Charitable Incorporated Organisation, registered with the Charity Commission (no. 1173328). The Constitution is the governing document of the charity and provides the framework for the governance and operations of the charity.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the trustees, who are appointed or elected under the terms outlined in the Constitution.

c. Policies adopted for the induction and training of Trustees

Trustees commit to an annual round of training to ensure complete awareness of the duties and obligations of trusteeship. Training is delivered by qualified external consultants who specialise in students’ union and charity governance and management.

d. Pay policy for key Senior Staff

During the last academic year, a whole staff team pay & reward review was carried out which included senior staff, using external consultants, Atkinson HR. This review resulted in a new pay structure, job evaluation, and pay & reward policy being agreed which would span across the organisation. Implementation of this occurred on ist August 2022.

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Trustees’ Report (continued) For the Year Ended 31 July 2023

Keele University Students’ Union

a

Structure, governance and management (continued)

e. Organisational Structure & Decision making

The trustees are responsible for the strategic direction, governance and sustainability of the charity. The board of trustees is comprised of five Officer Trustees (four from July 2023), four External lay Trustees and three Student Trustees (a student trustee vacancy occured during the year)

Officer trustees are elected by a secret ballot of the beneficial membership, serve for one full year, and may be re-elected for a maximum second year. The four External lay Trustees are recruited by the Appointments Committee for their skills and experience, with their appointment ratified by the Board of Trustees External Lay trustees serve four-year terms and may be re-appointed for a maximum second term. Student Trustees are recruited by the Appointments Committee for their skills and experience, with their appointment ratified by student council. Student Trustees are appointed for 2-year terms and may be re-appointed for as many terms as they remain eligible as a student beneficial member.

Upon commencement, all Trustees are provided with induction materials, guidance and support. The Trustees’ cycle of business includes an annually training day for Trustees, which ordinarily is extermally facilitated by a sector expert to ensure optimal knowledge, competence and teamwork.

Keele SU aims to be student-led and is responsive to the needs and interests of students, operating in core principles of democracy. During the year, the beneficial embers have the opportunity to bring forward policy motions to the student council and/or Union General meeting, at which students may discuss, debate and decide upon student-led policy to steer the work and/or corporate positioning of the SU. Trustees retain a right of veto over any policy decisions to assure the legal, strategic, reputational and financial sustainability and integrity of the charity.

The trustees delegate certain operational authorities to the Chief Executive and Leadership Team, who in turn delegate onwards throughout the staffing structure as appropriate for effective fulfilment of the Trustees’ mandate. The Leadership team are considered the key management personnel of the charity, beyond the Trustees, and have each signed an eligibility declaration as persons of significant control. Levels of delegation are laid out in a Scheme of Delegated Authority.

f. Risk Management

A Risk Register is presented to the Board of Trustees at intervals throughout the year. This is a live document managed by the Leadership Team. The Trustees have assessed the risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems, plans, support and procedures are place to mitigate exposure to the major risks.

Plans for future periods

During the 2023-24 academic year, we will be developing a sustainable plan for the future of Keele SU,[including] a 3 year financial plan, updated reserves policy and long term planning.

We will be working with the University on sustainable fuding support for Keele SU, its campus development plans and how this can positively impact Keele SU, and how we serve our members over the coming years.

Funds held as custodian

Keele SU holds funds raised for other charities and organisations, predominantly by the Raising and Giving (RAG) activities of our student clubs and societies. The monies raised at the yearend had been paid over to

charities. i

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Keele University Students’ Union

Trustees’ Report (continued) For the Year Ended 31 July 2023

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

Auditors

The auditors, Dains Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Alda of the members of the board of Trustees and signed on their behalf by: iIme. ChairDate: Lo ofwy\hy

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Keele University Students’ Union

Statement of Trustees’ responsibllities

For the Year Ended 31 July 2023

i

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

| Ap ae of the members of the board of Trustees and signed on its behalf by: J![H][wv] \ Date:rusteejo }3 Uy.

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Keele University Students’ Union

Independent Auditors’ Report to the Members of Keele University Students’ Union

Opinion

We have audited tha financial statements of Keele University Students’ Union (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 July 2023 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 charity'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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Keele University Students’ Union

Independent Auditors’ Report to the Members of Keele University 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concem, 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 charity or to cease operations, or have no realistic alternative but to do so.

le

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Keele University Students’ Union

Independent Auditors’ Report to the Members of Keele University Students’ Union (continued)

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act 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 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) wil! 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:

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

We assessed the susceptibility of the parent charity and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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Keele University Students’ Union

Independent Auditors' Report to the Members of Keele University Students’ Union (continued)

Ne

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

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

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Dains Audit Limited

Statutory Auditor Chartered Accountants Suite 2, Albion House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire ST1Date: 5RQZZ (Mexzh TT

Dains Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Keele University Students’ Union

Consolidated Statement of financial activities For the Year Ended 31 July 2023

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ £
Income from:
Donations and legacies 4 1,820,427 76,550 1,896,977 2,001,959
Charitable activities 5 109,016 379,859 488,875 444 432
Other trading activities 6 3,882,581 - 3,882,581 3,992,337
Investments 7 2,425 - 2,425 233
Other income 1,204 : 1,204 3,608
Total income §,815,653 456,409 6,272,062 6,442,569
Expenditure on:
Raising funds 4,183,174 - 4,183,174 4,310,287
Charitable activities 8 1,933,358 §33,082 2,466,440 2,217,941
Total expenditure 6,116,532 §33,082 6,649,614 6,528,228
Net movement in funds before other
recognised gains (300,879) (76,673) (377,552) (85,659)
Other recognised gains:
Gains on revaluation of pension
scheme 127,855 - 127,855 -
Net movement in funds (173,024) (76,673) (249,697) (85,659)
Reconciliation of funds:
Totai funds brought forward (1,808,156) 308,110 (1,500,046) (1,414,387)
Netmovement in funds (173,024) (76,673) (249,697) (85,659)
Totalfundscarriedforward (1,981,180) 231,437 (1,749,743) (1,500,046)

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

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Keele University Students’ Union

Consolidated Balance Sheet

As at 31 July 2023

Consolidated Balance Sheet
As at 31 July 2023		 Consolidated Balance Sheet
As at 31 July 2023		 Consolidated Balance Sheet
As at 31 July 2023		 Consolidated Balance Sheet
As at 31 July 2023
i
Y
2023 2022
Note £ £
Fixed assets
Tangible assets 13 644,826 703,393
644,826 703,393
Current assets
Stocks 15 141,809 182,668
Debtors 16 266,435 163,448
Cash atbank and in hand 49,290 388,194
457,534 734,310
Creditors: amounts falling due within one
year		 17 (1,051,039) (894,976)
Netcurrent liabilities (593,505) (160,666)
Total assets less current liabilities §1,321 542,727
Creditors: amounts falling due after more
than oneyear		 18 (1,801,064) (2,042,773)
Total net liabilities (1,749,743) (1,500,046)
Charity funds
Restricted funds 19 231,437 308,110
Unrestricted funds
General funds 19 (573,809) (206,834)
Pension reserve 19 (1,407,371) (1,601,322)
Total unrestricted funds 19 (1,981,480) (1,808,156)
Totalfunds (1,749,743) (1,500,046)

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

Andrew Ha vl rustee Date: do } LY

The notes on pages 20 to 42 form part of these financial statements.

ee

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Keele University Students’ Union

Charity Statement of financial position As at 31 July 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 13 89,571 97 681
Investments 14 100 100
89,671 97,781
Current assets
Debtors 16 502,873 391,852
Cash at bank and in hand 23,349 354,732
§26,222 746,584
Creditors: amounts falling due within one
year 17 (799,335) (654,147)
Net current liabilities / assets (273,113) 92,437
Total assets less current liabilities (183,442) 190,218
Creditors: amounts falling due after more
than one year 18 (1,345,580) (1,525,092)
Total net liabilities (1,529,022) (1,334,874)
Charity funds
Restricted funds 19 206,642 308,110
Unrestricted funds
Genera! funds 19 (328,293) (41,652)
Pension reserve 19 (1,407,371) (1,601,332)
Total unrestricted funds 19 (1,735,664) (1,642,984)
Totalfunds (1,529,022) (1,334,874)

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

rew/Harr NUL TrusteeDate: lé ik/ if

The notes on pages 20 to 42 form part of these financial statements.

Page 18

Keele University Students’ Union

Consolidated Statement of Cash Flows For the Year Ended 31 July 2023

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |gpLY| |2023|2022| |£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|(240,593)|429,165| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|2,425|233| |Grants|received|1,204|3,608| |Purchase|of tangible fixed|assets|(50,680)|(717,905)| |Net cash|used|in|investing|activitles|(47,051)|(714,064)| |Cash|flows|from|financing|activities| |Repayments|of borrowing|(55,175)|(62,581)| |New|loans|8,768|596,009| |Interest|payable|(4,853)|(5,368)| |Net cash|(used|in)/provided|by financing|activities|(51,260)|528,060| |Change|in|cash|and cash|equivalents|in|the|year|(338,904)|(56,839)| |Cash|and cash|equivalents|at|the|beginning|of the|year|388,194|445,033| |Cash|and|cash|equivalents|at the end|of the|year|49,290|388,194| |The|notes|on|pages|20|to 42|form|part|of these|financial|statements|

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a Page 19

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

1. General information

Keele University Students’ Union is a Charitable Incorporated Organisation: The address of the registered office is given in the reference and administrative details on page 1 of these financial statements. The nature of the charity's operation and principal activities are detailed in the trustees’ report.

2. Accounting policies

2.1 Sasis 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 treland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Keele University 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 charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Golng concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

The trustees have considered the consolidated net deficit position for reserves of £1,749,743 reported in these accounts. This deficit reflects the recognition of the pension scheme liabilities as disclosed in note 24 of the accounts. The pension scheme liability of £1,407,371 (2022: £1,601 ,322) represents the net present value of future payments to fund the scheme deficit in relation to past service. These payments are payable in monthly instalments over a period of 14 years.

The trustees have reviewed cashflow forecasts and the pension recovery payment plan and have received assurances of sufficient financial support from Keele University to enabie the Union to meet its liabilities as they fall due. On this basis, the trustees are satisfied that the Union has adequate resources and cash flows to meet obligations as they fall due and therefore they are of the opinion that the going concern basis is appropriate.

Page 20

Notes to the Financial Statements For the Year Ended 31 July 2023 vONTIS oe)

Keele University Students’ Union

  1. Accounting policies (continued)

2.3. 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.

2.4 Basis of consolidation

The financial statements consolidate the accounts of Keele University Students’ Union and its subsidiary undertaking (‘subsidiary’).

The income and expenditure account for the year dealt with in the accounts of the charity was a deficit of £194,148.

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

Donated services or facilities are recognised when the charity has contro! over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised and refer to the Trustees’ report for more information about their contribution.

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

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

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

at

Page 21

Notes to the Financial Statements For the Year Ended 31 July 2023

Keele University Students’ Union

  1. Accounting policies (continued)

2.6 Expenditure

Expenditure is recognised once there is a fegal 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.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at the Union.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

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

2.7 Tangibie fixed assets and depreciation

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 charity 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.

Depreciation is provided on the following bases:

Building improvements - 10-20% Straight Line Motor vehicles - 20-50% Straight line Fixtures and fittings - 20-50% Stralght Line

2.8 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.

Page 22

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

i

2. Accounting policies (continued)

2.9 Interest receivable

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

2.10 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.11 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.

2.12 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.

2.13 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.

2.14 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 charity 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 refiects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.15 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.

eg

LG Page 23

Keele University Students’ Union

,

Notes to the Financial Statements For the Year Ended 31 July 2023

2. Accounting policies (continued)

2.16 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

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

Where the charity has entered into an agreement to fund a deficit in the scheme, the charity recognisesa liability for the contributions payable that arise from the agreement and recognise the resulting expense in the statement of financial activities. The charity also participates in the NUS Pension Scheme (NUSPS), a defined contribution scheme. Contributions are accounted for as paid throughout the year. Critical accounting estimates and areas of judgment judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

  1. Critical accounting estimates and areas of judgment judgment

Critical accounting estimates and assumptions:

The charity 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 judgment:

Penslon scheme discount rate

As previously explained a pension liability is recognised in the accounts for the present value of contributions payable to fund the deficit in the defined benefit scheme (see note 24 to the accounts). A key estimate made when calculating the present value of future payments is the discount rate applied. The trustees have approved a rate of 5.1% as recommended by the advisors of the NUS. However, a change in the rate applied could have a material impact on the calculated laibilities and therefore a material impact on the balance sheet and statement of financial activities.

Page 24

Notes to the Financial Statements For the Year Ended 31 July 2023

Keele University Students’ Union

A

4. income from donations and legacies

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Donations 687,989 76,550 764,539
Grants 1,132,438 - 1,132,438
1,820,427 76,550 1,896,977
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Donations 674,499 69,525 744,024
Grants 1,231,365 - 1,231,365
Coronavirus Job Retention Scheme - 26,570 26,570
1,905,864 96,095 2,001,959
— —S—— SS

The Union furloughed certain staff under the government's Coronavirus Job Retention Scheme (CJRS). Total funding above of £Nil (2022 - £26,570) was received and relates to claims made in respect of the year.

5. Income from charitable activities

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Services & Welfare Income 109,016 - 109,016
Income from Clubs& Societies - 379,859 379,859
409,016 379,859 488,875

ern Tt A Page 25

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

5. income from charitable activities (continued)

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Services & Welfare Income 105,302 6,611 111,913
income from Clubs & Societies - 332,519 332,519
105,302 339,130 444432

6. Income from other trading activities Income from fundraising events

Unrestricted Total
funds funds
2023 2023
£ £
Marketing Income 48,053 48,053
Commercial hire of transportation 38,738 38,738
Otherfundraising income 1,399 1,399
88,190 88,190
Unrestricted Total
funds funds
2022 2022
£ £
Marketing Income 79,912 79,912
Commercial hire of transportation 16,948 16,948
Otherfundraising income 1,474 1,474
98,334 98,334

Page 26

Keele University Students’ Union

Notes to the Financia! Statements For the Year Ended 31 July 2023

tl

6. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted Total
funds funds
2023 2023
£ £
Trading Subsidiary income 3,794,391 3,794,391
Unrestricted Total
funds funds
2022 2022
£ £
Trading Subsidiaryincome income 3,894,003 3,894,003
pm0rt ——

7. Investment income

Unrestricted Total
funds funds
2023 2023
£ £
Investment income 2,425 2,425
Unrestricted Total
funds funds
2022 2022
£ £
Investment income 233 233
———SS—S—S—_ eT ————————

i

Page 27

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Restricted
funds funds Total
2023 2023 2023
£ £ £
Services & Welfare 1,910,650 82,554 1,993,204
Clubs & Societies - 450,528 450,528
SUSS Pension Costs 22,708 - 22,708
1,933,358 §33,082 2,466,440
Unrestricted Restricted
funds funds Total
2022 2022 2022
£ £ £
Services & Welfare 1,755,916 131,183 1,887,099
Clubs & Societies - 305,058 305,058
SUSS Pension Costs 25,784 - 25,784
1,781,700 436,241 2,217,941

Summary by expenditure type

Staff costs Depreciation Other costs Total
2023 2023 2023 2023
£ £ £ £
Services & Welfare 932,762 33,235 1,027,207 1,993,204
Clubs & Societies - - 450,528 450,528
SUSS Pension Costs - - 22,708 22,708
932,762 33,235 1,500,443 2,466,440

Page 28

aE

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

8. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type (continued)

Staffcosts
2022		 Depreciation
2022		 Othercosts
2022		 Total
2022
£ £ £ £
Services & Welfare 703,329 37,019 1,146,751 1,887,099
Clubs & Societies - - 305,058 305,058
SUSS Pension Cost - - 25,784 25,784
703,329 37,019 1,477,593 2,217,941
Analysis ofexpenditure by activities
Activities
undertaken
directly		 Support
costs		 Total
funds
2023 2023 2023
£ £ £
Services &Welfare 576,954 1,416,250 1,993,204
Clubs& Societies 450,528 - 450,528
Direct costs
-SUSS Pension Costs		 22,708 - 22,708
1,050,190 1,416,250 2,466,440
Activities
undertaken
directly
2022
£		 Support
costs
2022
£		 Total
funds
2022
£
Services & Welfare 518,268 1,368,831 1,887,099
Clubs & Societies 305,058 - 305,058
SUSS Pension Costs 25,784 - 25,784
849,110 1,368,831 2,217,941
SSS ST—FC—OT—=—~DDDS__T—CL

9. Analysis of expenditure by activities

----- Start of picture text -----
ne
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Page 29

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

  1. Analysis of expenditure by activities (continued)

Analysis of direct costs

SUSS
Services & Clubs & Penslon Total
Welfare Societies Costs funds
2023 2023 2023 2023
£ £ £ £
Staffcosts 349,054 - - 349,054
Depreciation 16,764 - - 16,764
Purchases 211,136 450,528 22,708 684,372
576,954 450,528 22,708 1,050,190
SuUSS
Services & Clubs & Pension Total
Welfare Societies Costs funds
2022 2022 2022 2022
£ £ £ £
Staffcosts 185,948 - - 185,948
Depreciation 16,370 - - 16,370
Purchases 315,950 305,058 25,784 646,792
518,268 305,058 25,784 849,110

Page 30

Keele University Students’ Union

Notes to the Financial Statements

For the Year Ended 31 July 2023

aE

  1. _ Analysis of expenditure by activities (continued)

Analysis of support costs

Total Total
funds funds
2023 2022
£ £
Staffcosts 583,708 517,381
Depreciation 16,471 20,649
Administration 68,833 67,521
Finance 28,513 32,532
Rent 687,989 674,499
Auditfees & othergovernance 15,858 13,371
Facilities & premises 14,878 42,878
1,416,250 1,368,831
10. Netincome/(Expenditure)
2023 2022
£ £
Depreciation of tangible fixed assets 109,247 96,725
Auditors remuneration 9,500 12,000
Operating lease rentals 23,558 26,171
142,305 134,896
11. Staffcosts
Group
2023
£		 Group
2022
£		 Charity
2023
£		 Charity
2022
£
Wagesand salaries 1,948,801 1,798,555 1,063,969 721,062
Social securitycosts 129,307 123,305 81,016 74,920
Other pension costs 88,082 463,619 §9,579 142,831
2,166,190 2,085,479 1,204,564 938,813
—_————SS=———====__— ——.-——_1 ——=<={={__—

ee

Page 31

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

41. Staff costs (continued)

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

Group Group
2023 2022
No. No.
Trustees 5) 5
Permanent 57 67
Student 101 109
163 181

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

Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 1 -

The key management personne! of the Union comprise the trustees and members of the senior management team which comprise the members of staff listed on the administrative details page. Total key management remuneration during the year amounts to £271,709 (2022: £272,310).

12. Trustees’ remuneration

2023 2022
£ £
Remuneration 107,109 104,087
107,109 104,087

As authorised under section 5.3 of the Articles of Association, 6 (2022 - 7) of the trustees (or any persons connected with them) received remuneration during the year as totalled above. During the year, 2 (2022: 2) were reimbursed a total of £223 (2022 - £191) travelling expenses.

Page 32

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

I

13. Tangible fixed assets

Group

.

Building
Improvemen Motor Fixturesand
ts
£		 vehicles
£		 fittings
£		 Total
£
Cost or valuation
At 1 August2022 446,581 127,518 1,533,332 2,107,431
Additions - - 50,680 50,680
At31 July2023 446,581 127,518 1,584,012 2,158,111
Depreciation
At 1 August2022 446,581 127,518 829,939 1,404,038
Charge fortheyear - - 109,247 109,247
At 31 July2023 446,581 127,518 939,186 1,513,285
Net book value
At 31 July2023 - - 644,826 644,826
—_——— fsa ssarvve Soe oo
At 31 July2022 - - 703,393 703,393
—————————— —— qK—z—a ————*K"_EKz—aseEeEE

ee

Page 33

Notes to the Financial Statements For the Year Ended 31 July 2023

Keele University Students’ Union

13. Tangible fixed assets (continued)

Charity

Plant and Motor Fixtures and
machinery vehicles fittings Total
£ £ £ £
Cost or valuation
At 1 August 2022 446,581 127,518 867,660 1,441,759
Additions - - 25,125 25,125
At 31 July2023 446,581 127,518 892,785 1,466,884
Depreciation
At 1 August 2022 446,581 127,518 769,979 1,344,078
Charge for the year - - 33,235 33,235
At 31 July2023 446,581 127,518 803,214 1,377,313
Net book value
At 31 July2023 - - 89,571 89,571
At 31July2022 - - 97,681 97,681

Page 34

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

i

14. Fixed asset investments

Investments
in
subsidiary
companies
Charity £
Cost or valuation
At 1 August2022 100
At31 July2023 100
Net book value
At 31 July2023 100
At 31 July2022 100
oo
Principal! subsidiaries
The following was a subsidiary undertaking ofthe charity:
Name Company Holding Included in
number consolidation
KeeleSU Trading Limited 11414142 100% Yes
The financial results ofthe subsidiaryfor the year were:
Name Income Expenditure Profit/(Loss) Net assets/
£ £ /Surplus/ liabilities
(Deficit) for £
theyear
£
KeeleSU Trading Limited 3,795,595 (3,846,291) (55,549) (220,621)
15. Stocks
Group Group
2023 2022
£ £
Finishedgoods 141,809 182,668
—— ——eo

ee A Page 35

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

15. Stocks (continued)

Charity

The charity has no stock.

16. Debtors

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 23,225 21,375 8,908 5,338
Amounts owed bygroup undertakings - - 415,334 309,485
Other debtors 92,825 40,736 36,174 4,438
Prepayments and accrued income 150,385 101,337 42,457 72,591
266,435 163,448 502,873 391,852
Creditors: Amounts falling due within one year
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Other loans 59,201 44,615 - -
Trade creditors ‘ 144,252 203,389 43,470 92,317
Other taxation and social security 79,448 88,488 79,448 88,488
Other creditors 242,842 152,550 220,565 140,388
Accruals and deferred income §25,296 405,934 455,852 332,954
1,051,039 894,976 799,335 654,147
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Deferred income at 1 August 338,075 289,772 287,972 289,772
Resources deferred during the year 454,120 333,211 450,512 283,108
Amounts released from previous periods (338,075) (284,908) (287,972) (284,908)
454,120 338,075 450,512 287,972

17. Creditors: Amounts falling due within one year

Deferred income relates to grant funding for 23/24 and income for student union events which will take place in the 23/24 year..

Page 36

Keele University Students’ Union

Notes to the Financial Statements

For the Year Ended 31 July 2023

a

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

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Other loans 455,484 517,681 - -
Other creditors 1,345,580 1,525,092 1,345,580 1,525,092
1,801,064 2,042,773 1,345,580 1,525,092

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

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Payable orrepayable by instalments 1,146,172 1,419,090 1,146,172 1,155,866
1,146,172 1,419,090 1,146,172 1,155,866
eS —O—™>™>—>—EE ——TSS O—=—=EEESESS

i

Page 37

Keele University Students’ Union

Notes to the Financial Statements

For the Year Ended 31 July 2023

19. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|1|Transfers|Gains/|Balance|at| |August|2022|Income|Expenditure|in/out|(Losses)|31|July|2023| |£|£|£|£|£|£| |Unrestricted| |funds| |General|Funds|(206,834)|5,815,653|(6,116,532)|(66,096)|-|(573,809)| |Pension|reserve|(1,601,322)|-|:|66,096|127,855|(1,407,371)| |(1,808,156)|5,815,653|(6,116,532)|-|127,855|(1,981,180)| |Restricted| |funds| |International| |Loan|Fund|14,281|-|(5,835)|-|-|8,446| |Safety|Bus|7,924|76,550|(76,719)|“|-|7,755| |Clubs|&| |Societies|285,905|379,859|(450,528)|-|-|215,236| |308,110|456,409|(533,082)|-|-|231,437| |Total|of funds|(1,500,046)|6,272,062|(6,649,614)|-|127,855|(1,749,743)|

----- End of picture text -----

Designated Funds

Student opportunities — to increase and support participation and engagement in student activities, volunteering and representation.

Restricted Funds

Lindsay Loan Fund - to provide an immediate source of funds to students in severe, short term financial difficulty.

International Loan Fund - to provide aid for overseas students with monetary problems.

Safety Bus - to provide a free and safe transport for students who attend student union events and also picking up overseas students.

Safeguarding Projects - specific monies received designed to improve the student experience.

Clubs & Societies - funds are received from membership subscriptions and charges for activities and events by individual clubs and societies. Monies collected are used to support activities and events hosted by those clubs and societies. Any amounts unspent at the year end are carried forward to the subsequent year for spending by each club and society.

Coronavirus Job Retention Scheme - funds received under the government's job support scheme

The deficit carried forward on general funds of £573,809 is expected to return to surpius in future years as a result of the trading activity through the Co op ouilet.

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Keele University Students’ Union

Notes to the Financial Statements

For the Year Ended 31 July 2023 en eT

19. Statement of funds (continued)

Statement of funds - prior year

Balance at Balance at
1 August Transfers Balance at
2021 Income Expenditure infout 31 July 2022
£ £ £ £ £
Unrestricted funds
Generalfunds (41,706) 6,007,344 (6,066,203) (106,269) (206,834)
Pension reserve (1,676,655) - (25,784) 101,117 = (1,601,322)
(1,718,361) 6,007,344 (6,091,987) (5,152) (1,808,156)
Restricted funds
LindsayLoan Fund 1,459 - (6,611) 5,152 -
International Loan Fund 7,670 6,611 - - 14,281
Safety Bus 36,198 69,525 (97,799) - 7,924
Safeguarding Projects 203 - (203) - -
Clubs& Societies 258,444 332,519 (305,058) - 285,905
Coronavirus Job Retention
Scheme - 26,570 (26,570) - -
303,974 435,225 (436,241) 5,152 308,110
Total offunds (1,414,387) 6,442,569 (6,528,228) - (1,500,046)
Analysis of netassets between funds
Analysis of netassets between funds - current year
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Tangible fixed assets 644,826 - 644,826
Current assets 226,097 231,437 457,534
Creditors duewithin one year (1,051,039) - (1,051,039)
Creditors due in more than one year (1,801,064) - (1,801,064)
Total (1,981,180)
SSS		 231,437
————		 = (1,749,743)
e—EEEEE

20. Analysis of net assets between funds

ae

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Keele University Students’ Union

Notes to the Financial Statements

For the Year Ended 31 July 2023

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Tangible fixed assets 703,393 - 703,393
Current assets 426,200 308,110 734,310
Creditors due within one year (894,976) - (894,976)
Creditors due in more than one year (2,042,773) - (2,042,773)
Total (1,808,156) 308,110 (1,500,046)
  1. Reconciliation of net movement in funds to net cash flow from operating activities
Group Group
2023 2022
£ £
Net expenditure for the year (as per Statement of Financial Activities) (377,552) {85,659}
Adjustments for:
Depreciation charges 109,247 96,725
Release of grant (1,204) (3,608)
Gains on pension 134,088 -
Dividends, interests and rents from investments (2,425) (233)
Interest payable 4,853 5,368
Decrease/(increase) in stocks 40,859 (93,485)
Decrease/(increase) in debtors (102,987) 16,517
Increase/(decrease) in creditors (45,472) 193,540
Netcashprovidedby/(usedin)operatingactivities (240,593) 129,165

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Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

OO 22. Analysis of cash and cash equivalents

Group Group
2023 2022
£ £
Cash in hand 49,290 388,194
Total cash and cash equivalents 49,290 388,194
Analysis ofchanges in net debt
Other non-
At 1 August
2022		 Cashflows New loans cash
changes		 At 31 July
2023
¢ £ £ £ £
Cash at bank and in hand 388,194 (338,904) - - 49,290
Debtduewithin 1 year (44,615) 63,604 - (78,190) (59,201)
Debtdue after 1 year (517,681) - (8,768) 70,965 (455,484)
(174,102) (275,300) (8,768) (7,225) (465,395)
—— —E—E—E—>] 1 ————— ————————

23. Analysis of changes in net debt

24. Pension commitments

Defined contribution schemes

The Union operates defined contributions pension schemes. The assets of the schemes are held separately from those of the Union in an independently administered funds. The pension cost charge represents contributions payable by the Union to the funds and amounted to £59,579 (2022: £142,831). Contributions totalling £4,651 (2022: £10,842) were payable to the funds at the balance sheet date and are included in creditors.

Defined benefit schemes

The Union participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 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 £119,000,000 with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,000,000.

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 2022 valuation recommended a monthly contribution requirement by each participating employer expressed in monetary terms to clear the ongoing funding deficit over a period of 14 years and will increase at 5% per year. These contributions also include an allowance for the cost of the ongoing i tt Page 41

Keele University Students’ Union

Notes to the Financial Statements For the Year Ended 31 July 2023

24. Pension commitments (continued)

administrative and operational expenses of running the scheme. These rates applied from 1 October 2023 and will be formally reviewed following the completion of the next valuation due with an effective date of 30 June 2025. Surpluses and deficits which arise with future valuations will also impact on the Union's future contribution commitment. See Note 17 and 18 for the liability recognised under the currently agreed deficit funding plan expiring September 2037. Liabilities are shown on a discounted present value basis. In addition to the above contributions, the Union pays its share of the scheme's levy to the Pension Protection Fund.

25. Operating lease commitments

At 31 July 2023 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Not later than 1 year 43,999 23,558 20,545 23,558
Laterthan 1 year and not Jater than 5 years 90,145 40,327 19,782 40,327
134,144 63,885 40,327 63,885

26. Related party transactions

During the year the Group has received grants from Keele University of £1,132,438 (2022: £1,231,365). The Union has also made purchases during the year of £29,471 (2022: £29,731). A balance of £102 (2022: £25) was owed to the University at the year-end. Rent and overhead costs have also been donated by Keele University amounting to £687,989 (2022: £674,499).

The Union also made sales of Enil (2022: £8,937). A balance of £nil (2022: £794) was owed by the University at the year-end.

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