Charity number: 1173330 Staffordshire University Students’ Union Trustees’ report and financial statements for the year ended 31 July 2023 7wiIDAINS ACCOUNTANTS ## Staffordshire University Students Union Students’ Union ## (Charitable Incorporated Organisation 1173330) |Contents|Page| |---|---| |Reference and administrative details ofthe Charity, itsTrustees, and advisers|3| |Trustees’ report|4-13| |External Affiliations|14| |Trustees' responsibilities statement|15| |Independent auditors' report on the financial statements|16-19| |Consolidated Statement offinancial activities|20| |Consolidated Balance sheet|21| |Charity Balance Sheet|22-23| |Consolidated Statement of cash flows|24| |Notestothefinancialstatements|25-45| Staffordshire University Students Union (Charitable Incorporated Organisation 1173330) Reference and administrative details of the Charity, Its Trustees and advisers for the year ended 31 July 2023 Trustees Andy Wright Anesu Choto (resigned June 23) Anthony Wallace (resigned June 23) Danny Smith Eleri Tumer (resigned June 23) Hannah Blackburn [Chair] (resigned June 23) Hayden Tsang (resigned June 23) Jack Marshall (resigned February 23) Len Stuart Lilith Tolley Ryan Merrick Sally Elizabeth McGill Vuk llic Olayemi Ajiteru (appointed June 23) [Chair] Faran Sabir (appointed June 23) Joseph Knight (appointed June 23) Charity registered Number 1173330 Registered office Staffordshire University College Road Stoke on Trent ST4 2DE Chief Executive Officer Ken Sankson Deputy CEO Membership Lisa Hough Deputy CEO Finance & Kevin Barry Enterprises Independentauditors Dains Audit Ltd Suite 2, Albion House, 2 Etruria Office Village Forge Lane Stoke on Trent ST1 5RQ Bankers National Westminster Bank PLC Campbell Place Stoke on Trent Staffordshire ST4 1ND Solicitors Wrigley's Solicitors LLP 19 Cookridge Street Leeds LS2 3AG ## a * Page 3 Staffordshire University Students Union (Charitable Incorporated Organisation 1173330) ## Trustees’ report for the year ended 31 July 2023 ## oe ## INTRODUCTION The Trustees present their annual report together with the audited flnanclal statements of Staffordshire University Students’ Union (the charity} for the year ended 31 July 2023. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charitles 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 official name of the organisation is Staffordshire University Students’ Union; however, the organisation Is also referred to as 'the Union’ and 'Staffsunion’. ## STATUS AND ADMINISTRATION Since August 2017, Staffordshire University Students Union, has been incorporated as a Charitable Incorporated Organisation (Charlty reg 1173330) and is the sole shareholder of its trading subsidiary, Staffordshire Students Union Enterprises limited (company reg 09849741). The Students’ Union is responsible for the provision of support and representation to the students of Staffordshire University and is governed by its constitution and supporting bylaws. The Students‘ Union has provision for up to 15 members on its Board of Trustees, but in line with its byelaws currently aims to operate with 11 postholders. ## STRUCTURE, GOVERNANCE, AND MANAGEMENT The Union is a membershlp organisation that is governed by a written constitution and via democratic structures detailed In its constitution. The constitution of the Union is the collective of the major governing document and the minor governing document, the Byelaws of Staffordshire University Students' Union. Students of Staffordshire University are invited to become members of Staffordshire University Students’ Union upon enrolment at the University. Students have the right (under the Education Act 1994) to opt-out of Union membership. Once their student status at the University ends (upon recommendation for an award or withdrawal from their course) they cease to be members of the Union. The Union's Articles of Association are reviewed at least every five years and any changes approved by members, through a General Meeting, and by the Governing Body of the University. The Union has several formal and informal agreements with the University that ensure effective regulation under the 1994 Education Act as well as establish the Independence of the Union from the University, whilst ensuring the two organisations work in close partnership for the benefit of students. These are: - ® The Student and University Memorandum of Co-Operation, which includes the Code of Practice for the Operation of the Students’ Union, as defined by the Education Act 1994. - « The Data Sharing and Protection Agreement. The Board of Trustees comprises of up to fifteen trustees with the following designations: - e Upto six (6) Sabbatical Trustees, elected by a secret ballot open to all members of the Union. - e Upto five (5) Student Trustees, open to all members of the Union, elected and appointed by the Appointments Panel of the Union. - ¢ Upto four (4) Lay Trustees, selected by the Appointments Panel of the Union. Sabbatical Trustees are also full-time Representatives of students and as post holders, receive a salary from the Students’ Union to reflect this. They may serve up to two terms of[one][(1}][year.][ Appointed][Student][ Trustees][are][ volunteers][and][are][not] remunerated, but may clalm legitimate expenses, and they are eligible to serve two (2) terms of one (1) year. Lay Trustee are volunteers who may claim legitimate expenses and can currently serve two (2) terms of four (4} years. The President of the Students Union Chairs the Board, supported by the Deputy Chairs of the Board of Trustees elected by the Board of Trustees, in accordance with the Constitution. Page 4 Staffordshire University Students Union (Charitable Incorporated Organisation 1173330) ## Trustees’ report (continued) for the year ended 31 July 2023 ## INDUCTION AND TRAINING OF TRUSTEES The Union has a structured programme of induction and training for its Trustees that is run within the organisation, with the additional option to undertake an annual Trustee Training programme co-commissioned with local Students Union partners. Further training Is offered to trustees during their trusteeship In partnership with both NUS and NCVO. ## CHARITY GOVERNANCE CODE The Union Is best placed to achieve its ambitions if it has effective governance, the right leadership structures, and skilled and capable staff and trustees. Good governance also supports the Union's compliance with relevant legislation and regulation and promotes a culture where everything works towards fulfilling the charity's vision. The Charity Governance Code has been developed by a steering group, with the help of over 200 charities, and is endorsed and recommended by the Charities Commission. The Code aims to help charities and their trustees develop high standards of governance and is intended as a practical tool to help trustees achleve this, and as a tool for continuous improvement towards the highest standards. The Code is not a legal or regulatory requirement. Instead, the Code sets the principles and recommended practice for good governance and is deliberately aspirational: some elements of the Code will be a stretch to achieve. The enhanced Code for students’ unions covers: 1. Organisational Purpose - The board is clear about the charity's aims and ensures that these are being delivered effectively and sustainably. 2. Leadership - Every charity is headed by an effective board that provides strategic leadership in line with the charity's aims and values. 3. Integrity - The board acts with integrity, adopting values and creating a culture which helps achieve the organisation's charitable purposes. The board Is aware of the importance of the public's confidence and trust in charities, and trustees undertake their duties accordingly. 4. Decision making, risk and control - The board makes sure that its decision-making processes are informed, rigorous and timely, and that effective delegation, control and risk-assessment, and management systems are set up and monitored. 5. Board effectiveness - The board works as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions. 6. Diversity - The board's approach to diversity supports Its effectiveness, leadership and decision making. 7. Openness and accountability - The board leads the organisation In being transparent and accountable. 8. Representation, Interests and Democracy - The students’ union is established as a democratic organisation that fundamentally exists to represent the needs of Its membership. The principle of Democracy’ is fundamental to alt Students' Unions and is enshrined in the 1994 Education Act. This principle looks for students’ unions to demonstrate that their membership is at the heart of the organisation. It also sets an expectation that students’ unions should have fair and transparent democratic processes and procedures which are accessible to all. The application of the Charity Governance Code as an evaluation tool was revisited in Summer 2022 as part of the onboarding of newly appointed trustees, with the facilitation of an external Trustee Training provider. ## Actions undertaken through 2022/23 - e Areview of the Union strategy, progress, and adaptation to the inflationary pressures on students and the Union. - ¢ An €xecutive Summary of Union activities provided at all Board and sub-committee meetings. © Ananalysis and report to the Board and University Governors on the diversity of elected student representatives and maintenance of board gender balance - e — Regular fortnightly catch ups scheduled to allow time for trustees (particularly student trustees) to discuss board matters and understand how they relate to the day-to-day operation of the Students’ Union. a Page 5 Staffordshire University Students Union (Charitable Incorporated Organisation 1173330) ## Trustees’ Report (continued) for the year ended 31 July 2023 ## DATA PROTECTION As there was no forma! requirement to do so, Trustees have decided to not appoint a formal Data Protection Officer as detailed in the Regulations, however, compliance with the regulations is the responsibility of a formally appointed Data Protection Champion, which during 2022/23 was the Chief Executive Officer. !n addition, one of the lay trustees is Data Protectlon Officer for a law firm and is able to provide specialist support in this area. There were no reportable incidents in 2022/23 ## SUSTAINABILITY Staffordshire University Students’ Union has embedded a commitment to sustainability throughout its work, which has extended in partnership with the University. The Student’s Union is an active partner in a joint working group with the University with the joint goals of achieving carbon neutrality of buildings by 2030 and making significant reductions in carbon emissions associated with all activities on order to become a net zero University. The Student’s Union was awarded ‘Excellent’ in the NUS Green Impact Award scheme, for the sixth consecutive year. ## RESPONSIBILITIES OF THE TRUSTEES The trustees are ultimately responsible for the governance of Staffordshire University Students’ Union. They are also responsible for the operations of the Union. This includes approving policy, procedure, strategy, budgets, and ensuring compliance with the Constitution, Byelaws and the requirements of companies acts and education acts. The trustees are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and regulations. The Trustees will: - Accept ultimate responsibility for directing the affairs of the charity, and ensuring It is solvent, wellrun, and delivering the charitable outcomes for the benefit of members. - Abide, individually and collectively, to the Nolan Principles. - o Undertake a skills audit upon recruitment (Community Trustees, University Trustee and Selected Student Trustees only). - Undergo a full induction upon starting office. - Undertake continuous professional development as a trustee, and - Complete and keep an updated Register of interests. The Student’s Union is a democratic organisation and the Board of Trustees delegate authorities (subject to limitations and safeguards that ensure the legality of its decisions) to the Executive Committee, that then harnesses the wider input of students, through Student Representative Council and Student Forums, in policy shaping decisions. The Officer Trustees oversee the day-to-day operation of the Students Union as its Executive Team. They meet regularly with the management of the Students Union as a Leadership Team, ensuring the continued focus of the organisation on its objectives. There is delegated responsibility through the Chief Executive Officer for operational decision making and accountability within the departments in accordance with a regularly reviewed framework of delegated responsibility. The trustees meet a minimum of four times per year, with the dates of these meetings set for the year ahead according to availability of the members. ## PUBLIC BENEFIT The trustees confirm that they have complied with the duty in Section 4 of the Charities Act (2006) to have due regard to the Charity Commission's general guidance on public benefit. The charitable purposes of Staffordshire University Students' Union are stated in the ‘Objects and Activities’ and the Trustees ensure that these purposes are carried out for the public benefit. Page 6 Staffordshire University Students Union (Charitable Incorporated Organisation 1173330) ## Trustees’ Report (continued) for the year ended 31 July 2023 ## OBJECTIVES AND ACTIVITIES Staffordshire Untversity Students’ Union's ("the Union") charitable objectives are the advancement and education of students at Staffordshire University for the public benefit by: - ¢ Promoting the interests of students at Staffordshlre University during their course of study and representing, supporting, and advising members - e Being acknowledged as the recognised representative channel! between the students and the university anda representative channel between the students and any other external bodies - ¢ Providing social, cultural, sporting, and recreational activities and forums for discussions and debate for the personal development of its members The Union has referred to the guidance contained in the Charity Commission's general guidance on public benefit (PB1) when reviewing its’ aims and objectives and in planning future activities. The 2022/23 Academic year was Year One of the Students Unions implementation of its Strategy: Towards 2030. This strategy has recommitted to the vision, refined the values and adopted three core themes of: - e A Sense of Belonging, e An Experience You Shape - « Support you Can Trust. Our Vision is that every Staffordshire University student will be proud to be a part of Staffs - Its’ University, its’ Students’ Union, the locality, and its’ learner community. ## Our Values Putting Students First Our students are the focus of our work. We are passionate about them, led by them and represent and advocate them at every opportunity. They are our first consideration in everything we do. Welcoming We recognise the importance of creating an open and honest environment that our students can trust. We will be there for you; helping you to feel welcome and part of the wider student community. ## Enabling We recognise our role Is to support students through their time at University and what underpins our approach is a focus on giving our members and staff the abillty and confidence to undertake things for themselves, rather than always serving up a solution. Actively Inclusive Our membership is constantly changing and reflects a broad range of backgrounds, ages, lifestyles, and experiences. Our approach Is to actlvely find ways to Ilsten to, connect and welcome in those Individuals to unite as a community and to demonstrate that everyone is valued. - innovative We believe we can make things happen and seek out ways to challenge ourselves and find new approaches or solutions to achieve results. We don’t feel constrained by convention, and we are willing to revisit and reengineer our work if it gets better results. Responsible We recognise the responsibilities we have as an organisation towards our members, our staff, the University and the wider communities we are part of. We ensure we understand the impact of our actions and actively seek ways of eliminating or mitigating any negative impacts or consequences. eo Page 7 > = = 8 -5e5ap SsakesefaSQeeiesto2255=o45BLAScee:°oDs2ag<3=noDaeeeeoge2-aos.=£ ~2£3§Lo532poatewv&322mySoRscotSedefestoeVEEeSseeges23eti=vn5S3v28ok5.26Q2QcoeoocY£2=D 4-op§&83cme~s2 Pw]2”owofrpocgsa=2%por.©5cooes> **a** EwOoa3oe8°wEeceow ©Oowv8S272#8. : =za&==eQo2z3=Fra}OooOrs0g2y4£Y=®% co.so=cn~SoOsona.me=Eans2¢ctawE23oBasSLc5aeeORsaeoo6a8322ran26£7g>vwcw=2g28% sUbrPBfe)fe)xEec#&2o_5 Ssxsac]era:=]eo]PppwwosFA=gatos~~..eatsveceee2eVeSe>et32E&8 **S** o5a ts<¢~»o0=aeoGaoaaaa2saa.as,BSg3“oO> oOae6 xRe)aD5rm)2t“ae©22Q2wAl@8=i9= ~@¢s2oao223&=ges7osees3c=oeGooan=ncf@«Socog5°a20:tS>OG0 =£==is3g.ie]icroya¢2$—&°a]a . asa2p=2£6>Pse=[e}»£2oid3evo9cSaaa&vGv oOfoe]Oo©® xcw~r~w a2see#o2e2So¢seSa, uestesyar] GB2eersFSS3ScSwyoook[3] © nomeaaw5 # d&5 2 ®c vvof & oa 2 moeEa = > rf)v fEEassas **e** neazee ed ts **e** s **s** sagegod a)a28i) S38 t eo & PYvon onS|pats)e ba2eieescsugss5cee 2 3[e][ sees] Say5 raoO sie2[zene] $=é@Gsu22sak eséSave€5%Ses[co] f£oea[8] DaeBEEEE=SEaBESESSesoe?7TH yaa 3> **s** :2 232S&S3upee235cafoo2osafgs¢€oYo 7°ra>a5 828Eps+aafSEEcoSbe7oves]OD£ =raed=gegesoo= ®8a95a)22 xNN 82Se2%Psssf235SsRaeeaszsOo”oSatesPessatsxSSeSc2h288es2FEEDSyeseeeséESzsSees283=0BEaE5—e¢_ -EsB3@@ welFoe€ aes EseQf£283oposfeSE2° oOBSEésOo38ai)'54b§ cw)28ERe2zs5¢onBESSBoe~wmseat£g6aiaYenaov232s*Sa8SaS548Yio 239 vavw. nmaEow5 Sgd22Cc=w sreea22st.<=Be **B** aHees~$[2] ws otwregs¢aaoese ESSexosteeimud~woee Oo ee E>?£uc[OE] bloev4@ =gen¢raees5of=gagesSeag8Beess=ssooSswpeBYDeSgf£L28aveZEeeg-~c>of0°6$ezuaeewes 253SsoOEDarksuvQ@Qeouo-28&=4 raja>[2ox] 2cmocme)$st@graoctesfa @+[5] °Y #28So2GF8sessoce=s¢oBS8D8ESwvggzacss7]Fegreseg26seoBEergogs728.288gepseceaF426eyaSESoo(yeeskELEo6x=SES55 xSSa852o3 @725 > Ed sB **e** ae Reeo of goo> am a x[Cfe] Log ~Q So **e** rcrePvs5 2 > 5 G233 9 oo BOERsOES RRBz SEea Ss&ésKa ow @ 23563So w Fat“o's hoE nee¥ **e** 225282 3 i eiceecee5sSbseessSSoFESebc2 e2ee85S23258©53[RLSES] FS} oaEey8Eu 22a2SHEBeaosawc>oO53~ lm3ios$soe5eeve £762eaeSsse76cocca3088ea528cwa) agoetsSES35E2[vee] £0cueskaa eseaoOo[ES] w[=] **a** £33reo]Soc[ OL] AYY£Ggc Beeses?Efxtecg2teers[ece5esé] Sacy®& 225nSses3© w > BissseisESS S8EE8= §8he.88sesee2aeSeteEAD **2** S52 Esog[cor] oe oeveto3 **s** ezSEs230 8%o BesegaSuSueSeteE£ geeawzseE2 #Y Z2#£Ea SSE Essses 23 3%2 BSE BESR ERS 7 ee * © oe ee eo. oo @ * ° ° ° ee 7. rap)ve]S© £ ||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |National|Council|for|Voluntary|Organisations|(included|in the|NUS|affiliation|fee)|£|Nil| |Natlonal|Union|of Students|(NUSUK})|Membership|£16,640| |NUS|Charity|Membership|£4,160| |Citizens|Advice|Bureau|£273| |Institute|of Money|Advisers*|£520| |Activity Group Affiliations| |Historia|Normannis|Living|History|Society|£24| |UCCF:|The|Christian|Unions|£|NIL| |Student|Radio|Association|£96| |Believers|Love|World|Campus|Ministry|£|NIL| |Subsidiary|Affiliations| |Chartered|Institute|of|Housing*|£169| |The|Property|Ombudsman|£195| |National|Residential|Landlords|Association|£228| |TOTAL cost|of|all|affiliations|In the year|£22,305| **----- End of picture text -----**
* Affiliation of professional staff members/CIPD Page 14 ## Staffordshire University Students Union ## Charitable Incorporated Organisation 1173330) ## Statement of Trustees’ responsibilities for the year ended 31 July 2023 The charity trustees are responsible for preparing a Trustees' Annual Report and 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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: - . select suitable accounting policies and then apply them consistently. . observe the methods and principles of the Charities SORP (FRS 102). . make judgements and accounting estimates that are reasonable and prudent. ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. - . prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and all financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. - Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that: e so far as that Trustee is aware, there is no relevant audit information of which the charitable group's bad auditors are unaware, and e that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. ## CONCLUSION The Trustees would like to sincerely thank the members, volunteers, staff, and stakeholders of Staffordshire University Students’ Union, not least Staffordshire University, who all provide an invaluable contribution to the ongoing success and development of the Union. This report was approved by the Trustees on 20" October 2023 and signed on their behalf. Olayemi Ajiteru Chair of the Trustees and President of the Students Union 2023-2024 Page 15 ## Staffordshire University Students’ Union ## Independent auditors’ report to the Members of Staffordshire University Students’ Union ## Opinion We have audited the financial statements of Staffordshire 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 lretand' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 July 2023 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended; - e have been properly prepared in accordance with United Kingdam Generally Accepted Accounting Practice; and - e have been prepared in accordance with the requirements of the Charities Act 2011. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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. Page 16 Independent auditors’ report to the Members of Staffordshire University Students’ Union (continued) ## Staffordshire University Students' Union ## i ## 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: - ° the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - ° the parent charity has not kept sufficient accounting records; or ° the parent charity financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit. ## 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 contro! 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 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 charity or to cease operations, or have no realistic alternative but to do so. ## eas Page 17 ## Staffordshire University Students’ Unlon ## tndependent auditors’ report to the Members of Staffordshire 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 fevel 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: 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: - e the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - * we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; - e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the financial reporting legislation, Charities Act 2011, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; - e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group and Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud: - e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. - To address the risk of fraud through management bias and override of controls, we: - e performed analytical procedures to identify any unusual or unexpected relationships; e tested journal entries to identify unusual transactions; e assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and - e investigated the rationale behind significant or unusual transactions. Page 18 ## Staffordshire University Students' Union ## independent auditors’ report to the Members of Staffordshire University Students’ Union (continued) nNONT In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - e reading the minutes of meetings of those charged with governance; ¢ enquiring of management as to actual and potential litigation and claims; and * reviewing correspondence with HMRC, relevant regulators and the group and charity's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentiona) 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. **----- Start of picture text -----**
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Dains Audit Limited Statuatory Auditors Chartered Accountants Suite 2, Albion House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire ST1 5RO Date: LO). (6- Zs Dains Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. ## aa Page 19 ## Staffordshire 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|5|1,134,600|88,285|1,222,885|1,217,045| |Charitable activities|6|1,618,927|25,660|1,544,587|1,523,328| |Lettings and other income||197,001|-|197,001|186,722| |Investments||16,429|-|16,429|503| |Total Income||2,866,957|113,945|2,980,902|2,927,598| |Expenditure on:|||||| |Lettings and other expenditure||136,989|-|136,989|132,977| |Charitable activities|7|2,779,026|138,475|2,917,501|2,757,661| |Total expenditure||2,916,015|138,475|3,054,490|2,890,638| |Net movement in funds before other|||||| |recognised gains||(49,058)|(24,530)|(73,588)|36,960| |Other recognised gains:|||||| |Gain on revaiuation ofpension scheme||93,317|-|93,317|-| |Netmovement in funds||44,259|(24,530)|19,729|36,960| |Reconciliation of funds:|||||| |Total funds brought forward||42,866|77,743|120,609|83,649| |Net movement in funds||44,259|(24,530)|19,729|36,960| |Totalfundscarriedforward||87,125|53,213|140,338|120,609| Page 20 ## Staffordshire 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
A|||| |||2023|2022| ||Note|£|£| |Fixed assets|||| |Tangible assets|12|31,441|37,531| |||31,441|37,531| |Current assets|||| |Stocks|14|44,950|37,727| |Debtors|45|83,299|100,414| |Cash atbankand in hand||1,152,904|1,216,152| |||1,281,153|1,354,293| |Creditors: amounts falling due within one
year|16|(190,919)|(180,893)| |Netcurrent assets||1,090,234|1,173,400| |Total assets less current liabilities||1,121,675|1,210,931| |Creditors: amounts falling due aftermore
thanoneyear|17|(981,337)|(1,090,322)| |Total netassets||140,338|120,609| |||——SSS|[_—————| |Charity funds|||| |Restricted funds|18|§3,213|77,743| |Unrestricted funds|||| |General funds|18|16,365|-| |Unrestricted funds excluding pension liability|18|1,085,583|1,205,336| |Pension reserve|18|(1,014,823)|(1,162,470)| |Total unrestricted funds|18|87,125|42,866| |Totalfunds||140,338|420,609| |||————————————_—|———=zx=:___| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Olayemi Ajiteru Chair of the Trustees and President of the Students’ Union 2023-2024 Date: 70. (0 “23 The notes on pages 25 to 45 form part of these financial statements. i Page 21 ## Staffordshire University Students’ Union Charity Statement of financial position As at 31 July 2023 ||||2023||2022| |---|---|---|---|---|---| ||Note||£||£| |Fixed assets|||||| |Tangible assets|12||31,228||36,446| |Investments|13||1||1| ||||31,229||36,447| |Current assets|||||| |Stocks|14|44,950||37,727|| |Debtors|15|138,467||137,131|| |Cash at bank and in hand||1,076,327||1,177,669|| |||1,259,744||1,352,527|| |Creditors: amounts falling due within one|||||| |year|16|(169,298)||(178,043)|| |Netcurrentassets|||1,090,446||1,174,484| |Total assets less current liabilities|||1,121,675||1,210,931| |Creditors: amounts falling due aftermore|||||| |than one year|17||($81,337)||(1,090,322)| |Total net assets|||140,338||120,609| |Charity funds|||||| |Restricted funds|18||69,578||77,743| |Unrestricted funds|||||| |Unrestricted funds excluding pension liability|18|1,085,583||1,205,336|| |Pension reserve|18|(1,014,823)||(1,162,470)|| |Total unrestricted funds|18||70,760||42,866| |Totalfunds|||140,338||120,609| Page 22 ## Staffordshire University Students’ Union ## Charity Statement offinancial position (continued) As at 31 July 2023 ## ec The charity's net movement in funds for the year was £19,729 (2022 - £36,960). The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Olayemi Ajiteru Chair of the Trustees and President of the Students’ Union 2023-2024 Date: 79-10 23 The notes on pages 25 to 45 form part of these financial statements. tt Page 23 ## Staffordshire University Students' Union Consolidated statement of cash flows for the year ended 31 July 2023 **----- Start of picture text -----**
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|(53,613)|(5,477)| |Cash|flows|from|investing|activities| |Purchase|of tangible|fixed|assets|{9,635)|(26,793)| |Net|cash|used|in|investing|activities|{9,635)|(26,793)| |Cash|flows|from|financing|activities| |Net|cash|provided|by|financing|activities|-|:| |Change|in|cash|and|cash|equivalents|in|the year|(63,248)|(32,270)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|1,216,152|1,248,422| |Cash|and|cash|equivalents|at|the end|of the|year|1,152,904|1,216,152| |The|notes|on|pages|25|to 45|form|part|of these|financial|statements| **----- End of picture text -----**
Page 24 Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## i ## 1. General information Staffordshire University Students’ Union is a Charitable Incorporated Organisation (CIO), registered number 1173330. The CIO is registered in England and Wales and the registered office is at College Road, Stoke-on-Trent, Staffordshire, ST4 2DE. The Charity has no share capital. 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 Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Staffordshire 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 Going concern As stated in the Trustee’s Report, the Trustees believe there are no material uncertainties that call into doubt the group’s ability to continue as a going concern and the accounts have therefore been prepared on a going concern basis. The Trustees have reviewed the group's finances considering the current climate and consider cash holdings to be sufficient to ensure adequate cashflow for the foreseeable future. 2.3 Income 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. Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 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. 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. ## a Page 25 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## 2. Accounting policies (continued) ## 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the consolidated statement of financial activities as the related expenditure is incurred. ## 2.6 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## 2.7 Tangible fixed assets and depreciation The de minimis level for the capitalisation of tangible fixed assets is £1,000 which are recognised when future economic benefits are probabie 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 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. Page 26 ## Staffordshire University Students’ Union ## Notes to the financial statements for the year ended 31 July 2023 ## tt ## 2. Accounting policies (continued) ## 2.7 Tangible fixed assets and depreciation (continued) 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 basis: Fixtures and fittings - 25% - 33% per annum The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. ## 2.8 Investments investments in subsidiaries are valued at cost less provision for impairment. - 2.9 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. ## 2.10 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. ## 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. ## Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity from the date of acquisition or opening of the deposit or similar account. ## 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. EEee Page 27 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## 2. Accounting policies (continued) ## 2.114 Pensions The Union contributes to the Student's Union Superannuation Scheme (SUSS) which is a defined benefit pension 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. The financial statements reflect at fair value the assets and liabilities arising from the Union's retirement benefit obligations and any related funding. The operating costs of providing retirement benefits to employees are recognised in the accounting period(s) in which the benefits are earned by the employees, and the related finance costs and any other changes in value of the assets and liabilities are recognised in the accounting periods in which they arise. The Union also auto-enrolls employees into the National Employment Savings Trust (NEST), an independently run defined contribution scheme, and participates in the Aegon money purchase scheme which is accounted for as a defined contribution scheme. ## 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the genera! objectives of the group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the 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. Page 28 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## eS 3. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## Critical accounting estimates and assumptions: The 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. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. This is re-assessed annually and amended to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Pension deficit contribution The charity has entered into a commitment to provide deficit funding to the Students’ Union Superannuation Pension Scheme, of which it is a contributing employer. Under FRS 102, the fair value of the commitment is recognised. The calculation of the fair value of the commitment is subject to an assumption of the discount rate. The discount rate is determined by reference to market yields at the reporting date on high quality corporate bonds. See note 24. (iii) Donation of facilities by Staffordshire University In accordance with the Charities SORP FRS 102, the Union has valued the benefit it receives from occupying 3,088.50 sqm of facilities owned by the University on a rent-free basis, at the trustees’ estimate of market value (£98 sqm) at £302,600 (2022 - £302,600). (iv) Support costs Many of the costs incurred by the Union such as support staff costs and service costs are shared between activities. The Union's policy is to allocate these costs on the basis of assessed consumption. gn Page 29 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## A. Subsidiary trading company Staffordshire University Students' Union owns 100% of the issued ordinary share capital of its subsidiary, Staffordshire Students’ Union Enterprises Limited, Company number 09849741. The subsidiary was incorporated on 30 October 2015. Its taxable profits are donated to the Union. A summary of the subsidiary's trading results is shown below. The net assets of Staffordshire Students’ Union Enterprises Limited at 31 July 2023 amounted to £1 (2022 - £1). ||2023|2022| |---|---|---| ||£|£| |Turnover|197,001|186,722| |Administrative expenses|(136,989)|(132,977)| |Interest receivable and similar income|179|6| |Giftaiddonation|(60,191)|(53,751)| 5. Income from donations and legacies ||Unrestricted|Restricted|Total| |---|---|---|---| ||funds|funds|funds| ||2023|2023|2023| ||£|£|£| |Support in Kind|302,600|-|302,600| |Recurrent Block Grant|832,000|-|832,000| |Other University grants|-|88,285|88,285| ||1,134,600|88,285|1,222,885| ||Unrestricted|Restricted|Total| ||funds|funds|funds| ||2022|2022|2022| ||£|£|£| |Support in Kind|302,600|-|302,600| |Recurrent Block Grant|832,000|-|832,000| |Government grants|7,945|-|7,945| |Other University grants|-|74,500|74,500| ||1,142,545|74,500|1,217,045| Page 30 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## A ## 5. income from donations and legacies (continued) The government grants figure consists of £nil (2022: £7,945) relating to a Coronavirus Job Retention Scheme (CJRS) Grant from the government. The CJRS grant was set up to cover the costs of staff placed on furlough due to the Covid19 restriction and this amount represents the costs which can be claimed under CJRS for the period to 31 July 2023. ## 6. Income from charitable activities **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2023|2023|2023| |£|£|£| |Advice|and|representation|161|-|161| |Other|income|5,315|-|§,315| |Clubs and|societies|-|25,660|25,660| |Venues &|retail|1,513,451|-|1,513,451| |1,518,927|25,660|1,544,587| |—|———————_——_—|—————| |Unrestricted|Restricted|Total| |funds|funds|funds| |2022|2022|2022| |£|£|£| |Advice and|representation|12,809|-|12,809| |Other income|14,924|-|14,924| |Clubs|and|societies|-|19,289|19,289| |Venues &|retail|1,476,306|-|1,476,306| |1,504,039|19,289|1,523,328| |—*—*—*—&————|——————————_——LLS—— —| **----- End of picture text -----**
a Page 31 ## Staffordshire University Students’ Union ## Notes to the financial statements for the year ended 31 July 2023 ## 7. Analysis of expenditure on charitable activities ## Summary by fund type ||Unrestricted|Restricted|| |---|---|---|---| ||funds|funds|Total| ||2023|2023|2023| ||£|£|£| |Adviceand representation|284,196|98,696|382,892| |Venues& retail|1,901,851|-|1,901,851| |Employability, activity & skills|135,522|16,365|151,887| |Campaigns and communications|150,833|-|150,833| |Clubs & societies|4,024|23,414|27,438| |Provision ofspace|302,600|-|302,600| ||2,779,026|138,475|2,917,501| ||Unrestricted|Restricted|| ||funds|funds|Total| ||2022|2022|2022| ||£|£|£| |Advice and representation|327,532|33,757|361,289| |Venues& retail|1,765,447|-|1,765,447| |Employability, activity & skills|146,349|18,135|164,484| |Campaigns and communications|138,319|-|138,319| |Clubs & societies|3,873|21,650|25,523| |Provision ofspace|302,599|-|302,599| ||2,684,119|73,542|2,757,661| Page 32 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## eo ## 7. Analysis of expenditure on charitable activities (continued) ## Summary by expenditure type **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Staff|costs|Depreciation|Other costs|Total| |2023|2023|2023|2023| |£|£|£|£| |Advice and|representation|267,266|2,444|113,182|382,892| |Venues &|retail|915,486|26,213|960,152|1,901,851| |Employability,|activity &|skills|116,273|-|35,614|151,887| |Campaigns|and|communications|117,882|-|32,951|150,833| |Clubs|&|societies|2,480|-|24,958|27,438| |Provision|of space|-|-|302,600|302,600| |1,419,387|28,657|1,469,457|2,917,501| |—|SSE|PS|.- ——_—_____- j|——| **----- End of picture text -----**
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|||||||| |---|---|---|---|---|---|---| |Staff costs|Depreciation|Other costs|Total| |2022|2022|2022|2022| |£|£|£|£| |Advice|and|representation|210,527|3,461|147,301|361,289| |Venues|&|retail|901,691|40,450|823,306|1,765,447| |Employability,|activity &|skills|128,791|220|35,473|164,484| |Campaigns|and|communications|119,487|185|18,647|138,319| |Clubs|&|societies|3,873|34|21,616|25,523| |Provision|of space|-|-|302,599|302,599| |1,364,369|44,350|1,348,942|2,757,661| |——|—————|oe|—=| **----- End of picture text -----**
## aT oy Page 33 ## Staffordshire University Students' Union ## Notes to the financial statements for the year ended 31 July 2023 ## 8. Analysis of expenditure by activities ||Activities||| |---|---|---|---| ||undertaken
directly|Support
costs|Total
funds| ||2023|2023|2023| ||£|£|£| |Advice and representation|269,464|113,428|382,892| |Venues&
retail|1,793,467|108,384|1,901,851| |Employability, activity & skills|125,952|25,935|151,887| |Campaigns and communications|129,024|21,809|150,833| |Clubs and societies|23,414|4,024|27,438| |Provision ofspace|-|302,600|302,600| ||2,341,321|576,180|2,917,501| ||Activitles||| ||undertaken
directly|Support
costs|Total
funds| ||2022|2022|2022| ||£|£|£| |Advice and representation|253,105|108,184|361,289| |Venues&
retail|4,661,182|104,265|1,765,447| |Employability, activity & skills|139,534|24,950|164,484| |Campaigns and communications|117,338|20,981|138,319| |Clubs and societies|21,650|3,873|25,523| |Provision ofspace|-|302,599|302,599| ||2,192,809|564,852|2,757,661| Page 34 Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 tt ## 8. Analysis of expenditure by activities (continued) ## Analysis of support costs |||Total|Total| |---|---|---|---| |||funds|funds| |||2023|2022| |||£|£| ||Staff costs|168,632|169,294| ||Depreciation|2,444|3,461| ||Provision ofspace|302,600|302,599| ||Indirecttrading|380|531| ||Finance & administration|21,001|20,073| ||Othersupport costs|26,486|22,024| ||Development|§4,050|44,135| ||Defined benefit pension liability movement|(13,755)|(13,965)| ||Governance costs - auditors remuneration|14,342|16,700| |||576,180|564,852| ||||_——
EE|| |9.|Auditors’ remuneration||| |||2023|2022| |||£|£| ||Fees payable tothe charity's auditorforthe audit ofthe charity'sannual
accounts|14,850|16,700| ## 10. Staff costs ||Group||Group|Charity|Charity| |---|---|---|---|---|---| ||2023||2022|2023|2022| ||£||£|£|£| |Wages and salaries|1,373,924|4,312,328||1,269,664|4,217,583| |Social securitycosts|83,196||82,057|77,099|75,613| |Contribution to defined contribution pension
schemes|78,010||77,062|72,624|71,172| ||1,535,430|1,471,447||1,419,387|4,364,368| ||==|—O—E—EE|ee|SSS|—SSEEEEe| ne Page 35 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## 10. Staff costs (continued) The average number of persons employed by the charity during the year was as follows: ||Group|Group| |---|---|---| ||2023|2022| ||No.|No.| |Management and administration|42|41| |Student staff|108|120| ||150|161| 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|4| Key management personnel are considered to be anyone who has authority and responsibility for planning, directing and controlling the acivities of the charity. During the year, key management personnel received remuneration of £281,575 (2022 - £275,862). ## 11. Trustees’ remuneration and expenses During the year, Trustees received remuneration of £90,119 (2022: £88,583). Each of the Executive Committee's sabbatical officers received remuneration as authorised in the Union governing document for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. During the year, four (2022: 4) sabbatical officers were paid as allowed. During the year ended 31 July 2023, expenses totalling £699 were reimbursed or paid directly to 1 Trustee (2022 - ENIL to no trustees). Page 36 ## Staffordshire University Students’ Union ## Notes to the financial statements for the year ended 31 July 2023 i ## 12. Tangible fixed assets |Group|| |---|---| ||Fixtures and| ||fittings| ||£| |Cost orvaluation|| |At 1 August 2022|353,423| |Additions|9,635| |At31 July2023|363,058| |Depreciation|| |At 1 August2022|315,892| |Charge fortheyear|15,725| |At 31 July2023|331,617| |Net book value|| |At 31 July2023|31,441| ||—_—__——| |At 31 July2022|37,531| ||[|$——————_—}| en Page 37 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 |12.|Tangible fixed assets (continued)|| |---|---|---| ||Charity|| |||Fixtures and| |||fittings| |||£| ||Cost or valuation|| ||At 1 August2022|349,603| ||Additions|9,635| ||At 31 July 2023|359,238| ||Depreciation|| ||At 1 August 2022|313,157| ||Charge forthe year|14,853| ||At 31 July 2023|328,010| ||Net book value|| ||At 31 July 2023|31,228| ||At 31 July 2022|36,446| |13.|Fixed asset investments|| |||Unlisted| |||investments| ||Charity|£| ||Cost orvaluation|| ||At 1 August 2022|1| ||At 31 July2023|1| ||Net book value|| ||At 31 July 2023|1| ||At31July2022|1| Page 38 eeoo ## Staffordshire University Students’ Union ## Notes to the financial statements for the year ended 31 July 2023 ## 13. Fixed asset investments (continued) 400% of the issued share capital of Staffordshire Students’ Union Enterprises Limited is held by the Charity. Staffordshire Students’ Union Enterprises Limited's principal activity are the advancement of education by providing and managing accomodation for students of the University. The Company is registered in England and its company number is 9849741. ## 14. Stocks **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |2023|2022|2023|2022| |£|£|£|£| |Finished|goods|and|goods|for resale|44,950|37,727|44,950|37,727| |SSS|OSS| |Debtors| |Group|Group|Charity|Charity| |2023|2022|2023|2022| |£|£|£|£| |Trade|debtors|43,634|16,025|41,625|45,717| |Amounts owed|by group|undertakings|-|-|60,191|67,270| |Other debtors|3,010|56,025|1,000|38,695| |Prepayments|and|accrued|income|36,655|28,364|35,651|15,449| |83,299|100,414|138,467|137,131| |EE ———|———__|———|——| **----- End of picture text -----**
## 15. Debtors a Page 39 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## 16. Creditors: Amounts falling due within one year ||Group|Group|Charity|Charity| |---|---|---|---|---| ||2023|2022|2023|2022| ||£|£|£|£| |Trade creditors|22,559|49,236|22,559|49,236| |Other taxation and social security|19,629|17,909|19,629|17,909| |Other creditors|68,590|78,158|49,370|78,158| |Accruals and deferred income|80,141|35,590|77,740|32,740| ||190,919|180,893|169,298|178,043| 17. Creditors: Amounts falling due after more than one year |||||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---|---|---|---| |||||||2023|2022|2023|2022| |||||||£|£|£|£| |Defind|benefit|scheme|deficit|funding|liability|981,337|1,090,322|981,337|1,090,322| Of the defined benefit scheme deficit funding liability £156,374 (2022 - £314,737) is due between 2 and 5 years and £824,964 (2022 - £775,585) is due after more than 5 years. Page 40 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## a ## 18. Statement of funds ## Statement of funds - current year **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1|Gains/|Balance|at| |August|2022|Income|Expenditure|(Losses)|31|July|2023| |£|£|£|£|£| |Unrestricted|funds| |General|Funds|1,205,336|2,866,957|(2,970,345)|-|1,101,948| |Pension|reserve|(1,162,470)|-|§4,330|93,317|(1,014,823)| |42,866|2,866,957|(2,916,015)|93,317|87,125| |Restricted|funds| |Clubs|and|societies|55,135|25,660|(23,414)|-|57,381| |Digital|Institute|Funding|6,243|38,173|(38,173)|-|6,243| |Reinvigoration|Funding|16,365|-|(16,365)|-|-| |Project|income|-|18,000|(28,441)|:|(10,411)| |International|Co-ordination|-|15,763|(15,763)|-|-| |Staffordshire|Co-ordination|-|16,349|(16,349)|-|-| |77,743|113,945|(138,475)|-|§3,213| |Total|of funds|120,609|2,980,902|(3,054,490)|93,317|140,338| **----- End of picture text -----**
A summary of the aims of the key restricted funds are: Clubs and Societies - These are funds raised by the clubs and societies and administered by the Union for the specific benefit of that club or society which is ultimately under the control of the Union. The digital institute funding is for supporting activities held at the shared space at University London. The Reinvigoration Funding to support the reinvigoration of Student Groups & Activities. ## ee Page 41 ## Staffordshire University Students' Union ## Notes to the financial statements for the year ended 31 July 2023 ## 18. Statement of funds (continued) ## Statement of funds - prior year **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |1|August|Balance|at| |2021|Income|Expenditure|31|July|2022| |£|£|£|£| |Unrestricted|funds| |General|Funds-|all|funds|1,240,720|2,833,809|(2,869,193)|1,205,336| |Pension|deficit|(1,214,567)|-|52,097|(1,162,470)| |26,153|2,833,809|(2,817,096)|42,866| |Restricted|funds| |Clubs|and|societies|57,496|19,289|(21,650)|55,135| |Digital|Institute|Funding|-|40,000|(33,757)|6,243| |Reinvigoration|Funding|-|34,500|(18,135)|16,365| |57,496|93,789|(73,542)|77,743| |Total|of funds|83,649|2,927,598|(2,890,638)|120,609| **----- End of picture text -----**
## 19. Analysis of net assets between funds Analysis of net assets between funds - current year **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2023|2023|2023| |£|£|£| |Tangible|fixed|assets|31,441|-|31,441| |Current|assets|1,227,940|53,213|1,281,183| |Creditors|due|within|one|year|(190,919)|-|(190,919)| |Creditors|due|in|more|than|one|year|(981,337)|-|(981,337)| |Total|87,125|53,213|140,338| **----- End of picture text -----**
Page 42 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## en ## 19. Analysis of net assets between funds (continued) ## Analysis of net assets between funds- prior year **----- Start of picture text -----**
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2022|2022|2022| |£|£|£| |Tangible|fixed|assets|37,531|-|37,531| |Current|assets|1,276,550|77,743|4,354,293| |Creditors|due|within|one|year|(180,893)|-|(180,893)| |Creditors|due|in|more than|one year|(1,090,322)|-|(4,090,322)| |Total|42,866|77,743|120,609| |ee——S|_|eeVeGVEeE_0™”hn=—_|——E=_| |Reconciliation|of|net movement movement|in|funds|to|net|cash|flow from from|operating|activities| |Group|Group| |2023|2022| |£|£| |Net|income/expenditure|for|the|year|(as|per|Statement|of|Financial| |Activities)|(73,588)|36,960| |Adjustments|for:| |Depreciation|charges|15,725|41,551| |Increase|in|stocks|{7,223}|(11,397)| |Decrease/(increase)|in|debtors|17,115|(2,411)| |Increase/(decrease)|in|creditors|48,688|(18,083)| |Increase/(decrease)|in|pension|deficit funding|liability|(54,330)|(52,097)| |Net cash|used|in|operating|activities|(53,613)|(5,477)| **----- End of picture text -----**
20. Reconciliation of net movement movement in funds to net cash flow from from operating activities 21. Analysis of cash and cash equivalents **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Group|Group| |2023|2022| |£|£| |Cash|in|hand|1,152,904|1,216,152| |Total cash|and cash|equivalents|1,152,904|1,216,152| |———|Ole| **----- End of picture text -----**
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Page 43 ## Staffordshire University Students’ Union Notes to the financial statements for the year ended 31 July 2023 ## 22. Analysis of changes in net debt |||||||At|1 August||At 31 July| |---|---|---|---|---|---|---|---|---|---| ||||||||2022|Cash flows|2023| ||||||||£|£|£| |Cash|at|bank|and|in|hand||1,216,152|(63,248)|1,152,904| ||||||||1,216,152|(63,248)|1,152,904| ## 23. Contingent liabilities HMRC is currently challenging the application of the catering concession by Students Unions if they consider the establishment to be a pub or bar. Whilst the Union believes it has complied with the concession in good faith, the subjective nature of the interpretation of the concession could mean that HMRC take a different view and means that an accurate estimation of any potential liability cannot be made. ## 24, Pension commitments SUSS Scheme (closed to future accrual in 2011) 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 Entire Scheme was carried out as at 30 June 2022 and showed that the market value of the Entire Scheme’s assets was £106,700,000 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 £136,600,000. 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 following assumptions applied at 30 June 2022: - e The return on investment would be 4.0% per annum before and 2.0% per annum after retirement. e Pensions accruing on the CARE basis would revalue at 3.6%. - « Present and future pensions would increase at rates specified by Scheme rules where appropriate where these are dependent on inflation. 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 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 Notes 16 and 17 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. Page 44 Notes to the financial statements for the year ended 31 July 2023 ## Staffordshire University Students’ Union ## i ## 24. Pension commitments (continued) The tota! contributions paid into the Scheme by the Union in respect of eligible employees for the year ended 31 July 2023 amounted to ENIL (2022 - Enil). Additional contributions towards the scheme deficit amounted to £72,306 (2022 - £69,709). ## Aegon Scheme The Union also participates in the Aegon money purchase scheme and the NEST scheme, which are both accounted for as defined contribution schemes. The total contributions paid into these two Schemes by the Union in respect of eligible employees for the year ended 31 July 2023 amounted to £78,929 (2022 - £96,946). ## 25. Related party transactions ## Staffordshire Students’ Union Enterprises Limited The wholly owned subsidiary, Staffordshire Students' Union Enterprises Limited, is included within the consolidated accounts The Union paid for expenditure on behalf of the subsidiary in the year and the subsidiary madea gift aid payment of £60,191 (2022 - £53,751) to the Union. As a result the Union were owed £60,191 (2022 - £67,270) by Staffordshire Students' Union Enterprises Limited. ## Staffordshire University Staffordshire University Students’ Union is an independent body operating separately from Staffordshire University, but the two entities work together closely, primarily the Charity's income is derived from the University. The Trustees are of the opinion that this financial assistance is not an influencing factor with regards to the formulation of Union policy, nor does it have any effect on the internal management and decision making of the Union. Staffordshire University Students’ Union is in receipt of a Block Grant of £832,000 (2022 - £832,000). There was an additional grant provided by the University for project support of £88,825 (2022 - £74,000). During the year the Union made purchases totalling £3,268 (2022 - ENIL) from the University and made sales totalling £100,968 (2022 - £87,101) to the University. In accordance with the Charities SORP the value of buildings and services are determined at market value. The Student Union occupies its building on a rent-free basis. Donated services have been included in both income and expenditure in respect of this for £302,600 (2022 - £302,600). At the end of the year there was a debtor owed to the Union from the University for £15,281 (2022 - £13,519). Other related parties are the Sabbatical Officers and Trustees as detailed in the Trustees’ report. Details of remuneration received by these individuals are shown in note 11. Remuneration of key management personnel is shown in note 10. ## nl Page 45