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2021-07-31-accounts

CHARITY NUMBER: 1173492

UNION OF BRUNEL STUDENTS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

UNION OF BRUNEL STUDENTS

CONTENTS

PAGE
Administrative information 1
Report of the Trustees 2 – 7
Auditors’ Report 8 – 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 – 26

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

ADMINISTRATIVE INFORMATION

Charitable Status The Union of Brunel Students is an incorporated charity established under the Education Act 1994. The Union is registered with the Charity Commission under the s.11(9), Charities Act and is constituted as a Charitable Incorporated Organisation (CIO), charity number 1173492.

Principal Address Cleveland Road Uxbridge Middlesex UB8 3PH

Chief Executive Craig Lithgow

Charity Trustees

President VP Student Activities VP College of Business, Arts and Social Sciences VP College of Health, Medicine and Life Sciences VP College of Design, Engineering and Physical Sciences* Student Trustee Student Trustee Student Trustee Student Trustee External Trustee External Trustee External Trustee External Trustee

2020/2021 Anvitha Paruchuri Connie Fernandes Pritesh Shah

Sam Johnson

Eshna Sikri

Mohammad Khalifa

Jason Francis Dhiren Wadher Vacant Nathan Townsend Julie Atherton Katie Ross Peter Smallwood

2021/2022 Kulvant Singh Connie Fernandes Archan Raval

Vacant

Noah Yeates

Mohammad Khalifa Jason Francis Ravina Jignesh Krison Kirit Nathan Townsend Julie Atherton Katie Ross Peter Smallwood

*denotes full-time sabbatical officers

Senior Management Team

Craig Lithgow Richard Parkin Andy Proudfoot Francesca Stirling

Chief Executive Director of Finance and Resources Director of Operations Head of Student Activities

Auditors

Bankers

Solicitors

Solicitors (licencing)

Crowe U.K. LLP Statutory Auditor 49 - 51 Blagrave Street Reading Berkshire RG1 1PL

HSBC Blandy & Blandy Poppleston Allen PO Box 41 1 Friar Street 37 Stoney Street High Street Reading The Lace Market Uxbridge Berkshire Nottingham UB8 1BY RG1 1DA NG1 1LS

Page 1

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

TRUSTEES’ REPORT

The Charity Trustees present their annual report for the year ended 31 July 2021, which includes the administrative information set out on page 1, together with the audited financial statements for that year.

Structure, Governance and Management

The Union is structured by its Constitution & Governing Bye-Laws. The Union of Brunel Students is a democratic student led organisation which exists to represent its members to the University, the media and to other external organisations and bodies such as the National Union of Students. In addition, we provide key support, various welfare services and a variety of sporting, cultural and development opportunities for all our members. Student democracy lies at the heart of all that we do but alongside this, we are a ‘not for profit’ organisation with all surpluses generated from various commercial activities committed and invested into providing and improving our services to our members. We are a registered charity primarily funded by an annual block grant to help us ensure that we can work together to provide a diverse and exciting array of support, services and development opportunities for the mutual benefit of our membership.

The President and four Vice-Presidents (Student officers) are annually elected and mandated to create and set union policy whilst also being strategically responsible for the direction and lead of all union activity. The Trustee Board, which is currently made up of the President, four Vice-Presidents, four elected Student Trustees and four External Trustees have responsibilities for the financial and legal compliance of the Union. The various members of staff employed by the union are so employed to help, support and advise the officers so that they can fulfil their specific duties within their various roles/portfolios.

Charity law requires the Trustee Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Union and of the surplus or deficit for that year. In preparing the financial statements the Trustee Board is required to select suitable accounting policies and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The Trustee Board must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Union will continue to operate.

The Trustee Board is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Union. It is also responsible for safeguarding the assets of the union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key Management remuneration

The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union’s success. The appropriateness and relevance of such remuneration reviewed annually, including reference to comparisons with other Unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere.

Relationship with Brunel University

The relationship between the University and the Union is recorded in the regulations of the University and detailed in the Union constitution; both approved by both organisations. This relationship is legally complied by a Memorandum of Understanding, where both parts agree on the terms of the partnership.

Page 2

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

The Union receives a block grant from the University and part-occupies a building owned by the University. Various Union Officers hold seats on several University governing committees, including University Council and Senate, thus ensuring the voices of students are represented at the top-level meetings. There is no reason to believe that any sort of support will cease to exist from the University for the foreseeable future not only due to the imposed duty as outlined in the Education Act of 1994 on Universities safeguarding Student Unions, but also due to the healthy working relationship which exists and constantly is being developed between the University and the Union.

Risk Management

The Trustees have undertaken to examine the major risks that the Union faces. That review is an integral part of the annual planning cycle. The Union has, and continues to develop, systems to monitor and control these risks in order to mitigate any impact that they have on the Union and its operations.

The principal risks and uncertainties currently facing the Union are considered to be:

Our plans and strategies for managing risk include maintaining effective internal controls, risk registers, incident-reporting and monitoring systems and insurance cover wherever appropriate.

STRATEGIC REPORT

Our Purpose

The Union exists to ensure that every Brunel Student has the opportunity to enjoy, challenge, influence and benefit from all aspects of their studies and the wider student experience.

The Union acts for the benefit of Brunel Students at all times ensuring our sustainable, membership led Union thrives as a result.

Our Mission

We deliver on our core purpose through 4 main areas of operation:

  1. Advice and Support

  2. Student Voice

  3. Student-led Activities

  4. Commercial Services

Our Values

Page 3

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

In 2016/2017 the Union identified key priorities when the new strategic plan was developed. The following themes were identified:

Our Strategic Themes

Achievements and Performances

This year has understandably been dominated by Covid. Our commercial business has been forced into closure for much of the year and under significant restrictions when we have managed to open. Our clubs and societies have had to deliver much of their activity online with many unable to engage in their activities in any shape through the year. Our advice and support functions have at times been overwhelmed with enquiries as government legislation and guidance constantly changed to keep pace with the pandemic, causing significant anxiety and unrest amongst our membership. Many of our members were left stranded abroad or as lock down kicked in, stuck on campus, isolated, and trapped.

The closing of many of our services saw us utilising the Government Coronavirus Job Retention Scheme through August to May ensuring that we achieved our aspiration not to make any redundancies during this turbulent period. The reduction in services costs, retention of our core grant, successful business interruption insurance claims and benefits of furlough have enabled us to weather this current storm well, bolstering our reserves and putting us in a strong position to cope with the uncertainties that 2021-22 may bring as the pandemic and vaccination schedules battle it out between themselves.

We tackled pandemic challenges that left some of our elected officers halfway across the world in differing time zones. This caused us to work very differently on both our representative engagement but also in our governance. We pushed meetings to earlier in the day to smooth out time zone issues and moved our governance meetings to a virtual environment. Our democratic meetings also moved online, from our rep congresses and even our AGM. We were delighted that far from causing accessibility barriers, more students chose to be involved in this way and participate in these meetings, enabling the largest number of students in many years to be able to participate and influence our democratic framework.

Supporting our members

Our advice service saw a 30% increase in the number of clients this year with many of the enquiries being covid related. Whilst our advice still centred around academic support issues, housing and student living, students contacting us in financial crises was the area of significant growth. Our annual hardship fund which grants small sums to students in need, increased from an average of approximately £15,000 pa to over £75,000 in this period. We were grateful that much of this fund was provided from the University directly as they recognised our ability to get funds to students quicker than their more bureaucratic processes.

The pandemic saw major disruption to campus life, with most of the teaching delivered online through lockdowns, pretty much all social facilities closed, and students isolated in halls of residences that many felt had no value to them or that they were even mis sold that accommodation on the premise of a vibrant campus experience.

Page 4

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

We negotiated hard to help those students who had signed residential contracts, enabling those that had not returned to campus to not be charged, those that were on campus to get a token good will payment and the opportunity for a rent-free period when restrictions lifted in June to have some level of social experience on campus. In total through rents not raised, and rebates and good will payments and a long-awaited agreement to release students from contracts in term 3, we saved residential students at Brunel an estimated £5m collectively. We only wish we could have done more.

The changes to teaching practices and examination protocols was significant this year, much of which was forced in very quickly in November as lockdown number one hit. For some courses this was easily managed but for most it was completely transformative and for some overwhelming. Many of our students were accessing online content from abroad and from many different time zones, some from countries with poor internet infrastructure, and some with restricted access. We were able to secure a no detriment policy with the University which essentially enabled students effected by the significant changes to be able to have pre pandemic assessment considered or be able to retake exams if they performed poorly with no restriction on potential end grading.

Sports, Clubs and Wellbeing

In any normal year we actively engage with thousands of students through our student led groups and our commercial facilities. All our activities were decimated by the pandemic with groups unable to meet up, train or compete. This led us to introduce a wide range of online activity. Our clubs and societies embraced ZOOM and held many their meetings online. This was a lifeline for many of our students, enabling them to have contact with others whilst very restricted to movement on campus. We also ran a full health and fitness programme online, helping students keep on top of their physical fitness and mental wellbeing. Classes ranged from mindfulness and Yoga to intensive cardio and strength and conditioning.

In the periods between lockdowns, we worked swiftly and collaboratively with the university sports department to provide training sessions in person as and when guidance allowed and were delighted to provide some level of friendly competition towards the end of May despite an academic year with no competitive sport at all, no trips and little social engagement.

Mental wellbeing was one of our key activity areas through the year and we introduced our members to the FIKA App. This app is aimed at helping students work on and develop their mental fitness as much as they would their physical fitness. There is a recognised mental health crisis on university campuses with more and more students needing intervention or suffering in silence through loneliness, anxiety, and depression. Making the app available to all students we hope to encourage a culture of mental fitness training in our community, with the aim that, as with physical ill health, it is often easier and quicker to cope and to recover the fitter you are. This introduction will be the first step in us developing our own mental wellbeing strategy and focus through the next academic cycle.

Looking forward

Our current strategic period ended this year and with the pandemic still looming large we adopted a shorter term flexible strategy as we moved into the new academic year. One of our key focusses this next year will be to develop a more robust strategy as we come out of Covid enabling us to respond to the needs of a membership with potentially a very different view of the world. Our aims this year will be to improve accessibility to all students, ensure that we tackle the mental health crises head on, make value for money a clear priority driver after such a tough financial period for students, put our full attention to reinvigorating a vibrant campus experience and to make sure that our commitments to climate change are not forgotten or overshadowed by changes in practices brought about by the global pandemic.

Page 5

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Financial Review

The Union’s gross income from all sources this year totalled £2,414,077 (2020: £2,828,517) ; a fall caused by the restrictions in place to tackle Covid-19. Total expenditure was also reduced to £2,110,911 (2020: £2,688,745 ), again reflecting cost savings due to the University campus being closed to students for the spring term and its outlets being closed for much of the year. Ignoring the movement on the pension deficit contributions creditor, a surplus of £303,166 (2020: £139,722) was achieved as a result of these cost savings and the Coronavirus Job Retention Scheme grant money received.

In 2021 the pension deficit contributions creditor decreased by £190,785, resulting in a surplus for the year of £493,951. In 2020 there had been a large increase in the pension deficit contributions creditor of £1044,155 resulting in an overall deficit of £904,383.

The Union has continued to benefit from the recognition and support of Brunel University with an annual block grant of £1,137,375 plus further grants as disclosed in note 4.

Reserves level and policy

We have reviewed the Union’s reserves requirements. Excluding the pension deficit, free reserves stood at £712,096 (2020: £466,277) at the year-end. This position is after deducting from total unrestricted funds (excluding the pension scheme liability) of £767,360 the amount of £55,264 invested in our existing tangible fixed assets. An amount of £1,285 ( 2019: £3,585 ) is held as designated funds to finance the further development of student facilities over the next 2 years. The Union is currently affiliated to many organisations, our largest single subscription cost amounted to £28,178 (2020: £60,646) for the year to the NUS, and no donations were made during the year to any external institutions out of the Union’s own resources.

The Risk committee conducted a detailed review in 2020 of the free reserves requirement and concluded that the 2 months operating costs (circa £400,000) is a sufficient amount to set aside to cope with any unexpected downturn in funding or additional calls upon cash resources without immediately curtailing existing activities.

Current total funds of the Union stand at negative £2,161,248. This is comprised of negative £2,352,908 unrestricted funds, £1,285 in designated funds and £190,375 in restricted funds. As per the Trustee’s policy, the Union considers its reserves position against ‘cash in hand’ balance (bank & cash balances minus current liabilities), and this stood at £844,715 at the year-end.

In respect of any surplus or deficit recognised in relation to the Union’s share of the SUSS Pension Scheme, this would generally result in a cash flow effect for the Union in the form of an increase or decrease in employer’s pension contributions over a number of years. The deficit of £3,120,268 recognised in this year’s accounts does not represent an immediately realisable liability that requires payment but will be funded over more than 14 years from the Union’s future incomes.

Custodian Activities: Clubs’ & Societies’ Funds and the annual RAG

The Union acts as custodian for funds raised by the students’ many Clubs & Societies themselves, amounting to £123,676 (2020: £112,249) at the year-end, in addition to the grant-support funds it disburses to them as shown in the accounts. The Union is also custodian of the annual RAG proceeds from fundraising events organised by the students under the Union’s auspices for distribution to the intended charities. Funds raised by this year’s RAG amounting to £962 (2020: £10,809) less costs of £0 (2020: £872) were added to the undistributed balance of £7,364 (2020: £4,757) from the previous year, out of which £6,892 (2020: £7,330) was distributed among the charities nominated by the RAG Committee, leaving a balance of £1,344 (2020: £7,364) in hand for next year’s RAG. No funds have subsequently been donated after the year end to charities. The remaining cash funds are held by the Union.

Page 6

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED.31 JULY 2021 Future Funding The Charity Trustees confirrn that the union has sufficiehl. funds lo meet all its obligations. The core Block Grant for 2021122 has been confirmed 81 £1,151,024 plus a further £210,120 in respect of the SUSS pension scheme deficit payments and the associated PFF Levy. A reslride(J grant of £185,000 has been agreed lo facililale free sport Club memberships and free Aclive@Brunel fitness and introductory sports sèssions for staff and students on campus. Additionally catering compensation of £96,617 and other smaller grants of £53,739 have been agreed with the University- TRUSTEES, RESPONSIBILITIES Thè Trustees (who arè also directors of the ¢haritable company for the purpose of company lawl are responsible for pieparing the Truste8s' Report and.the financial st8t6menls in accordance with applicable law and regLJlalions. Company law requires the Trustees to propare financial slateiments for e$ch financial year in accordance with Unil¢d Kingdom Generally Accepted AcGounling Practice (United Kingdom A¢counling Standards) and applicable law. Under company law the Trustees mu51 not approve the fihancial slalemenls unless they are satisfied they give a true and fair view ol the sl¥lè of affairs of the ¢hgritable company aF)d of ils net incoming resources for that year. In preparing these financial statements,'.Ihe. Tiustees are rèquired to.. selest suitable ac¢oLJnling policies and then apply'lhern ¢onsislently', obsorve the methods 8nd principles in the Charitie5 SORP., make judgmanls and accounting eslimat8s that are:r@asonable and prud?nl- stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statemonls., preparè the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue lo operate. The Trustéès are responsible for keeping accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the ch8Tilable company and enabl8 them to ensure that the financial stalemgnls comply with the Companies Act 2006 and regulations rnade thereunder. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, PROVISION OF INFORMATION TO AUDITORS The Trustees al the time when this Trustees, Report is approvèd have confirmed Ihal.. SD lar as the Trustees are awaTe. there is no relevant audit information of which the Union's auditors are unaware. and the Trustees have taken all the steps that OU9hl Id have been taken as the Trustees in order to be aware of any information needed by the Union'4, &udilors in connection with preparing their report and lo establish that Ihe Union's auditors are aware.of that informaliDn. This report was approved by the board on... and slgned on it5 beha￿ by.. Peter Smallwood Deputy Chair Page 7

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Independent Auditor’s Report to the Trustees of the Union of Brunel Students

Opinion

We have audited the financial statements of the Union of Brunel Students for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and the Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Page 8

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Independent Auditor’s Report to the Trustees of the Union of Brunel Students continued

Matters on which we are required to report by exception

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 7, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and Charities SORP (FRS102) 2019.

Page 9

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Independent Auditor’s Report to the Trustees of the Union of Brunel Students continued

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the Union were Health and Safety and General Data Protection Regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of non-grant income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognised in the accounts, reviewing accounting estimates for biases and reviewing board meeting minutes for any issues we need to be aware of.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

Use of our report

This report is made solely to the 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

Reading Berkshire

Date: 13 January 2022

Page 10

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR (including income and expenditure account)

Notes
Income
Donations:
- Grant income
4
Other trading activities:
- Advertising & marketing
Investment income
Charitable activities for students:
- Bar & catering
- Entertaining
- Societies & clubs
- Other
Covid Job Retention Scheme
Total income
Expenditure
Raising Funds:
- Advertising and marketing
Charitable Activities for students:
- Advice, welfare & representation
- Student activities
- Bar & catering
- Entertainment
- Transport
- Societies & clubs
Total expenditure
5
Decrease in pension deficit
Net income/(expenditure)
Transfer between funds
12
Net incoming resources after
transfers
Fund balances brought forward
Fund balances carried forward
12		 Unrestricted
Fund
Designated
Fund
Restricted
Fund
£
£
£
1,437,375
-
499,987
59,321
-
-
82
-
-
191,329
-
-
12,793
-
-
-
-
98,463
1
-
-
114,726
-
-		 Total
2021
Total
2020

£
£
1,937,362
1,831,512
59,321
64,340
82
4,103
191,329
479,894
12,793
95,602
98,463
228,331
-
45,100
114,726
79,635
1,815,627
-
598,450		 2,414,077
2,828,517
9,168
-
-
482,475
-
75,222
399,059
-
-
464,886
-
-
159,208
-
-
-
-
-
241,289
-
279,604		 9,168
88,618
557,697
187,322
399,059
371,055
464,886
723,786
159,208
302,821
-
70,385
520,893
944,758
1,756,085
-
354,826		 2,110,911
2,688,745
190,785
-
-
250,327
-
243,624
168,300
-
(168,300)		 190,785
(1,044,155)
493,951
(904,383)
-
-
418,627
-
75,324
(2,771,535)
1,285
115,051		 493,951
(904,383)
(2,655,199)
(1,750,816)
(2,352,908)
1,285
190,375		 (2,161,248)
(2,655,199)

The notes on pages 14 to 26 form part of these accounts

Page 11

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 BALANC.E SVEET Charity numbgr: 1173492 2021 2020 Notes Fixed assets Tangible fixed assets 55,264 73,241 Current assets Stocks DebtOTS Cash at bank & in hand 19.388 39.653 976 337 21,IT3 74, 756 6C17 596 10 1,035,378 T03,525 Current liabllities Creditors.. amounts due within one year 131622 120 912 Ng1 current a559ts 903 756 582 613 Net ass815 excluding p8nsitsn liabilities 959,020 655.854 Pension scheme funding deficit 15 3 120 268 3311053 Totsl n¢t liabllltle$ Representlng Charitable Funds.. Restricted Income funds Sludenls, So¢ieties & Club funds Olh&r rèstri¢led grants Sports fund Hardship fund 12 12 124,356 . 24,254 ' 39,934 112.249 190.375 175,051 Unrestricted incom& funds Free reservès Iundesignatedl Pension reserve Special projects reserve 767,360 {3,120,2681 539,518 (3,311,053) 2 351 623 2 770 250 Total d8ficit 13 The financlal slatemenls wer? approved by the Trustees on . .2oZU...and signed on their behalf. by.. Peter Smallwood Deputy Chair The notes on pages 14 10 26 fomi part of these accounts. Page 12

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

STATEMENT OF CASH FLOWS

Notes
Cash flows from operating activities:
Net income/(expenditure)
Depreciation
Interest received
Decrease in stock
(Increase)/decrease in debtors
Revaluation of pension deficit
Increase/(decrease) in creditors
Net cash generated by operating activities
Cash flows from investing activities
Interest receivable
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
17/18
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year
Cash at bank and in hand		 2021
£
493,951
49,905
(82)
7,785
35,103
(190,785)
10,710
406,587
82
(31,928)
(31,846)
374,741
601,596
£
976,337
2021
£
£
976,337		 2020
£
(904,383)
52,698
(4,103)
5,353
(27,559)
1,044,155
(1,912)
164,249
4,103
(42,640)
(38,537)
125,712
475,884
£
601,596
2020
£
£
601,596

The notes on pages 14 to 26 form part of these accounts.

Page 13

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

1 Charity Information

The Union’s principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. Union of Brunel Students is a charitable incorporated organisation (CIO) registered in the UK (Charity registration no. 1173492). The address of the principal office is Cleveland Road, Uxbridge, Middlesex, UB8 3PH.

2

Accounting Policies

The financial reporting framework that has been applied in the preparation of these accounts is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland”, and the 2015 Charities Statement of Recommended Practice based thereon – the Charities SORP and the Companies Act 2006. Union of Brunel Students meets the definition of a public benefit entity under FRS 102

Going concern

(c) At the time of approval of the annual report and accounts, the Covid-19 pandemic whilst still present is having much less of an impact on the Union’s activities, Sport is now fully back in operation as are the bar and nightclub the latter of which was closed for the entirety of the 2020/21 financial period. The Trustees have reviewed the position carefully with a view to ensuring the ongoing provision of student representation and services as well as employment of staff. The Union has cash resources and net current assets currently well in excess of stipulated minimum levels. The pension scheme funding deficit represents amounts payable by the Union for the next 15 years and will be paid out of future income, and the Union are working closely in conjunction with the university in respect of funding this deficit. University grant funding remains increased year on year which reflects the importance of the union’s work despite challenging economic factors. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the Union are adequate to meet its obligations as they fall due. Accordingly, the Trustees believe the Union’s financial resources are sufficient to ensure the Union will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements, and have therefore prepared the financial statements on a going concern basis.

All incoming resources are included in the Statement of Financial Activities when the Students' Union is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Students' Union where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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

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UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

(c) Income continued

Covid Job Retention Scheme grant income is recognised on a straight line basis over the furlough period of each relevant employee, as permitted by the Charity SORP.

(d) Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Expenditure includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers. The value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

(e) Tangible fixed assets Fixed assets are capitalised if over £500 and are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:-

Fixtures and Fittings - 20-25% per annum straight line. IT & Hi-tec equipment - 33% per annum straight line. Motor vehicles - 33% per annum straight line.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.

(g) Debtors

Short term debtors are measured at transaction price, less any impairment.

(h) Creditors

Short term creditors are measured at transaction price.

Union of Brunel Students 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 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 Union of Brunel Students.

Page 15

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

Pension costs (continued)

However the Union entered into an arrangement to clear the scheme deficit over a 20 year period. This period has since been extended and there are still 15 years remaining. The Net Present Value of Union student union’s contributions as part of this plan are reflected as a liability on the balance sheet, which will reduce as they are paid.

The Union now operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Union to the fund in respect of the year. Differences between contributions payable in the year and paid are shown as accruals or prepayments in the balance sheet.

Leased assets

Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.

(m) Taxation

Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union terminates their employment.

The charity 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. The present value of the pension deficit is measured at fair value.

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UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

3 Critical areas of judgement

Preparation of the financial statements requires management to make judgements and estimates.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are that of the SUSS pension scheme deficit. A discount rate of 1.8% has been used in line with industry standards.

4 Voluntary Income

Block grant
Grant for rent in kind
Free sport grant
Other restricted grants
Hardship fund
SUSS Pension deficit contributions & PFF Levy
External grant		 2021
£
1,137,375
300,000
205,000
49,586
74,251
168,300
2,850
1,937,362		 2020
£
1,138,381
300,000
205,000
17,757
9,969
160,405
-
1,831,512

The University provides rent-free accommodation to the Union. Under the Charities SORP the ‘donations in kind’ must be valued and included within the accounts. The value to the Union is considered to be £300,000 and is included as ‘Grant for rent’ above.

5(a) Total expenditure - charitable and other activity costs

Activities for generating
funds
Advertising & marketing
Charitable activities
Advice, welfare &
representation
Student activities
Bars & catering
Entertainment
Transport
Societies & clubs
Total costs		 Cost of
sales
£
-
-
-
40,341
-
-
-
40,341		 Staff
costs
£
2,647
328,529
268,821
274,728
86,895
-
222,476
1,184,096		 Rent
£
1,336
81,285
58,163
67,757
23,205
-
68,254
300,000		 Other
costs
£
5,185
147,883
72,075
82,060
49,108
-
230,163
586,474		 Total
£
9,168
557,697
399,059
464,886
159,208
-
520,893
2,110,911		 Total
2020
£
88,618
187,322
371,055
723,786
302,821
70,385
944,759
2,688,745

Included in the above costs is the fee for the preparation and audit of the statutory accounts of £12,950 (2020: £12,575)

Page 17

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

5(a) Total expenditure - charitable and other activity Total expenditure - charitable and other activity Total expenditure - charitable and other activity costs (continued) costs (continued)
2020 Cost of Staff Other Total
sales costs Rent costs 2020
£ £ £ £ £
Activities for generating
funds
Advertising & marketing - 49,326 9,922 29,371 88,618
Charitable activities
Advice, welfare & - 121,129 21,531 44,662 187,322
representation
Student Activities - 197,399 43,608 130,048 371,055
Bar & catering 137,356 350,582 83,194 152,654 723,786
Entertainment 55,697 138,335 34,807 73,982 302,821
Transport - 17,744 8,090 44,550 70,385
Societies & Clubs - 376,235 98,848 469,676 944,759
Total costs 193,053 1,250,749 300,000 944,943 2,688,745
Affiliation fees are:
2021 2020
£ £
BUCS 10,650 10,850
NUS 28,178 60,646
38,828 71,496
5(b) Central overhead costs included in Note 5(a)
2021 Staff Rent Other Total
Usage £ £ £ £
Activities for generating funds
Advertising & marketing 0.4% 2,647 1,336 741 4,724
Charitable activities
Advice, welfare & representation 27.1% 161,027 81,285 45,045 287,357
Student Activities 19.4% 115,223 58,163 32,231 205,617
Bar & catering 22.6% 134,229 67,757 37,548 239,534
Entertainments 7.7% 45,969 23,205 12,859 82,033
Transport 0.0% - - - -
Societies & Clubs 22.8% 135,212 68,254 37,823 241,289
Totals 100% 594,307 300,000 166,247 1,060,554

Page 18

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

5(b) Central overhead costs included in Note 5(a) (continued)

2020
Usage
Activities for generating funds
Advertising & marketing
3.3%
Charitable activities
Advice, welfare & representation
7.2%
Student Activities
14.5%
Bar & catering
27.8%
Entertainments
11.6%
Transport
2.7%
Societies & Clubs
32.9%
Totals
100%
6
Staff costs		 Staff
£
21,761
47,224
95,644
182,466
76,341
17,744
216,802
657,981		 Rent
£
9,922
21,531
43,608
83,194
34,807
8,090
98,848
300,000		 Other
£
10,646
23,105
46,795
89,274
37,351
8,681
106,074
321,926		 Total
£
42,329
91,860
186,047
354,933
148,499
34,516
421,724
1,279,908
Wages and salaries
Social security
Pension costs		 2021
£
902,257
73,149
208,690
1,184,096		 2020
£
976,013
77,945
196,791
1,250,749

The number of employees whose emoluments (gross pay plus taxable benefits) exceeded £60,000 during the year were as follows:

£70,001 - £80,000 1 1

Pension contributions totalled £4,456 for the above higher paid employee.

The key management personnel of the Union are the Trustees and the Senior Management Team, listed on page 1. The aggregate remuneration (including employer NI and employer pension contributions) of key management personnel was £374,723 (2020: £334,586) . The average staffing was as follows:-

Permanent staff
Students – term time only		 27
26		 30
28

No redundancies in the year (Nil in 2020).

Page 19

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

7 Trustees’ remuneration and expenses

Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and service provision for them.

The total salary and social security costs for the sabbatical officers amounted to £129,538 (2020: £129,308) . Full time sabbatical officers in post were paid a salary of £19,963 (2019/20: £21,815) for 11 months of the year whilst the new Sabbatical officers were paid £3,630 (2019/20: £3,469) for two months of the year, with the Postgraduate Officers being paid for a part-time role paid on a pro-rata basis.

No trustees were reimbursed (2019/20: 3) with a total of £nil (2019/20: £221) in connection with their duties during the period. The expenses reimbursed during the year related to training and attendance at conferences and meetings.

8 Tangible fixed assets

COST
At 1 August 2020
Additions
At 31 July 2021
DEPRECIATION
At 1 August 2020
Charge for the year
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020		 Fixtures &
fittings
£
210,733
26,334
237,067
160,961
35,672
196,633
40,434
49,772		 IT and Hi-tec
equipment
£
110,333
5,594
115,927
86,864
14,233
101,097
14,830
23,469		 Total
£
321,066
31,928
352,994
247,825
49,905
297,730
55,264
73,241

Page 20

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

9
Stock
Bar and shop stock
10
Debtors
Trade debtors
Other debtors
VAT debtor
Prepayments & accrued income
11
Creditors:
amounts due within one year
Trade creditors
Social security & other taxes
Other creditors
Accruals & deferred income
Deferred income
Balance as at 1stAugust 2020
Amounts released to income in the year
Amounts deferred in the year
Balance at 31 July 2021		 2021
£
19,388
2021
£
6,353
5,424
2,218
25,658
39,653
2021
£
21,537
20,306
3,267
86,514
131,622
2021
£
842
(842)
2,150
2,150		 2020
£
27,173
2020
£
17,051
11,455
-
46,250
74,756
2020
£
18,155
17,530
7,364
77,863
120,912
2020
£
5,500
(5,500)
842
842

Deferred income includes receipts relating to the subsequent period, being income received in advance for events taking place after the year end.

Page 21

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

12 Fund analysis

Unrestricted Funds
Free reserves
(Undesignated)
Pension Reserve
Special projects reserve
Restricted Funds
Students’ Societies &
Clubs Funds
Hardship Fund
SUSS Pension deficit
contribution
Other restricted grants
Sports Fund
Total Funds		 As at 31
July
2020
£
539,518
(3,311,053)
1,285
(2,770,250)
112,249
2,802
-
-
-
115,051
(2,655,199)		 Incoming
resources
£
1,815,627
190,785
-
2,006,412
98,463
74,251
168,300
52,436
205,000
598,450
2,604,862		 Resources
expended
£
(1,756,085)
-
-
(1,756,085)
(86,356)
(75,222)
-
(28,182)
(165,066)
(354,826)
(2,110,911)		 Transfers
£
168,300
-
-
168,300
-
-
(168,300)
-
-
(168,300)
-		 As at 31
July
2021
£
767,360
(3,120,268)
1,285
(2,351,623)

124,356
1,831
-
24,254
39,934
190,375
( 2,161,248)

The transfer of £168,300 from the SUSS pension deficit restricted fund to unrestricted funds is to reimburse the Union for the SUSS pension deficit contributions and PPF levy it has made during the year.

Page 22

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

12 Fund Analysis (continued)

Analysis of net deficit between funds
At 31 July 2021
Fixed Assets
Current assets
Current liabilities
Pensions
At 31 July 2020
Fixed Assets
Current assets
Current liabilities
Pensions
2020
As at 31
July
2019
£
Unrestricted Funds
Free reserves
(Undesignated)
412,378
Pension Reserve
(2,266,898)
Special projects reserve
3,585
(1,850,935)
Restricted Funds
Students’ Societies &
Club Funds
89,210
Hardship Fund
10,909
SUSS Pension deficit
contribution
-
Other restricted grants
-
Sports Fund
-
100,119
Total Funds
(1,750,816)		 Unrestricted
Funds
Restricted
Income Funds
£
£
55,264
-
845,003
190,375
(131,622)
-
(3,120,268)
-
(2,351,623)
190,375
Unrestricted
Funds
Restricted
Income Funds
£
£
73,241
-
588,474
115,051
(120,912)
-
(3,311,053)
-
(2,770,250)
115,051
Incoming
resources
Resources
expended
Transfers
£
£
£
2,207,055
(2,145,334)
65,419
-
(1,044,155)
-
-
(2,300)
-
2,207,055
(3,191,789)
65,419
228,331
(256,653)
51,361
9,969
(18,076)
-
160,405
-
(160,405)
17,757
-
(17,757)
205,000
(266,382)
61,382
621,462
(541,111)
(65,419)
2,828,517
(3,732,900)
-		 As at 31
July
2020
£
539,518
(3,311,053)
1,285
(2,770,250)
112,249
2,802
-
-
-
115,051
(2,655,199)
Total
£
55,264
1,035,378
(131,622)
(3,120,268)
(2,161,248)
Total
£
73,241
703,525
(120,912)
(3,311,053)
(2,655,199)

13 Analysis of net deficit between funds

Page 23

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

14 Control Relationship

The Union is controlled by the Board of Trustees which is subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the Union.

15 Related Parties

The Union is in receipt of a recurrent grant from Brunel University of £1,137,375 (2020: £1,138,381). A further grant of £205,000 (2020: £205,000) has been received to facilitate free sport club membership and £168,300 ( 2020: £160,425 ) was received as a contribution towards the SUSS pension deficit payments. Smaller restricted grants are made as the need arises; in 2021 these totalled £124,107 ( 2020: £27,726 ).

In addition, the Union occupies its building on a rent free basis under an informal license subject to the union maintaining the building in a good state of repair. A notional value for rent in kind is included in the accounts and amounted to £300,000 (2020: £300,000) .

The Union received catering compensation from the University of £95,661 (2020: £94,720 ). This is included within bars and catering income on the Statement of Financial Activities.

The Sabbaticals of the Union are the members of the Trustee Board and receive remuneration for their services as provided for within the Constitution. Whilst basic pay is consistent for these 4 paid Trustees, the amounts paid are variable due to holiday pay. The remuneration included in the accounts are noted in note 7.

The amount owed to Brunel University at the year-end was £399 (2020: £3,097 was due to Brunel University).

16 Pension Costs

Student Union Superannuation Scheme

The Union participates in the Student Union Superannuation Scheme, a multi employer defined benefit pension scheme whose membership consists of employees of students' unions and related bodies throughout the country. With effect from 30 September 2011 the scheme closed to future accrual.

The employers share the actuarial risks associated with all members of the scheme. The Union is not legally responsible for the scheme and does not have sufficient information to use defined benefit accounting. Accordingly the scheme is accounted for as if it is a defined contribution scheme.

The Union and the other employers are jointly and severally liable for the scheme’s deficit. At 30 June 2019, the date of the latest available information, the SUSS scheme deficit was £140.9m, up from £119.7m as at 30 June 2016. Recommended monthly contributions by participating employers have therefore been increased in order to clear the ongoing funding deficit. These contributions will be made until 2035 and will increase by at least 5% each year, with an additional one-off increase in 2021 of varying amounts depending on how many members were affected by the compromise issue. The average would by 18%; for the Union of Brunel Students the increase is 28.8%.

A liability of £3,120,268 (2020: £3,311,053) has been recognised by the Union, representing the present value of the additional contributions payable between the year-end and 2035, with the resulting movement recognised in the Statement of Financial Activities under the heading of ‘Decrease in pension deficit” reporting a cost of £190,785.

Page 24

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

16 Pension Costs (continued)

Defined Contribution Pension Costs

As the SUSS is closed to future accrual there were no employer contributions paid into the scheme by the Union for the year ended 31 July 2020; the Union does however continue to pay funding towards the deficit. For the year ended 31 July 2021, these contributions amounted to £144,300 (2020: £137,440).

The Union also operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the Union in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £38,542 (2020: £25,023). Contributions are accounted for as part of the Union’s unrestricted funds.

Pension costs as disclosed in staff costs note (note 6) also include Death in Service premiums.

17 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Increase in cash and net funds in the year
Net funds at 1 August
NET FUNDS AT 31 JULY
18
ANALYSIS OF CHANGE IN NET FUNDS
Net funds as
At 1 August
2020
£
Cash at bank and in hand
£
601,596		 2021
£
374,741
601,596
£
976,337
Cash
Change
£
£
374,741		 2020
£
125,712
475,884
£
601,596
Net funds as
at 31 July
2021
£
£
976,337

Page 25

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

NOTES TO THE ACCOUNTS

19 Comparative Statement of Financial Position

Income
Donations:
- Grant income
Other trading activities:
- Advertising & marketing
Investment income
Charitable activities for students:
- Bar & catering
- Entertaining
- Societies & clubs
-Other
Covid Job Retention Scheme
Total income
Expenditure
Raising Funds:
- Advertising and marketing
Charitable Activities for students:
- Advice, welfare & representation
- Student activities
- Bar & catering
- Entertainment
- Transport
- Societies & clubs
Total expenditure
Increase in pension deficit
Net income/(expenditure)
Transfer between funds
Net (outgoing) resources after
transfers
Fund balances brought forward
Fund balances carried forward
-		 Unrestricted
Fund
Designated
Fund
Restricted
Fund
Total
2020
£
£
£
£
1,438,381
-
393,131
1,831,512
64,340
-
-
64,340
4,103
-
4,103
479,894
-
-
479,894
95,602
-
-
95,602
-
-
228,331
228,331
45,100
-
-
45,100
79,635
-
-
79,635
2,207,055
-
621,462
2,828,517
86,318
2,300
-
88,618
169,246
-
18,076
187,322
371,055
-
-
371,055
723,786
-
-
723,786
302,821
-
-
302,821
70,385
-
-
70,385
421,723
-
523,035
944,758
2,145,334
2,300
541,111
2,688,745
(1,044,155)
-
-
(1,044,155)
(982,434)
(2,300)
80,351
(904,383)
65,419
-
(65,419)
-

(917,015)
(2,300)
14,932
(904,383)
(1,854,520)
3,585
100,119
(1,750,816)
(2,771,535)
1,285
115,051
(2,655,199)

Page 26