Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 CHARITY NUMBER: 1173492 UNION OF BRUNEL STUDENTS TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS CONTENTS PAGE Administrative infomalion Report of the Trustees Auditors, Report Statement of Financial Activiti6s 13 Balance Sheet 14 stalemenl of Cash Flows 15 Notes to the Financial Statements 16-29
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 ADMINISTRATIVE INFORMATION Administrative In*ormalion Charitable Status: The Union of Brunel Students is Én Ineorporaled charity established under the Education Act 1994. The Union is registered with the Charity Commission under the s.11 (91, Charities Act and is consliluted as a Charitable Incorporated Org3nisalion ICIOI,Charily number 1173492. Principal Address Cleveland Road Uxbridge Middleséx UB8 3PH Chief Executive Craig LilhgDw Charity Trustees 202212023 Archan R3val 202312024 Ana Monica Pereira VP College of Business, Arts and Social Sciences. VP College of Health, Life Sciences. VP College of Design, Engineering and Physi[ Sciences. Student Trustee Student Trustee Sludenl Trustee Exlemal Trustee Exlernal Trustee External Trustee °denotes ftjll-limè sabbatical officers Wiktoria Swoboda Naveed Sabugar Medicine and Suraj Shaw Suraj Shaw Mohammad Khalifa Ravina Jignesh Krison Kirit Nathan Townsend Julie Alherton Peter Smallwo(xl Fabyeon Burgessyearwood Ravina Jignésh Florence Goodyale Nathan Townsend Julie Alherton Peter Smallwo( Senior Management Team Craig Lilhgow Francesca Slirling Ruth Sharma Chief Executive Head of Communications and Student Engagement Head of Advice and Sludenl Representation Auditors Crowe U.K. LLP Slalutory Auditor 49-51 Blagrave Street Reading Berkshire RG1 1PL Bankers HSBC PO Box41 High Street Uxbridge UB8 1BY Pag& 1
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Solicltors Blanéy 8nd Blandy 1 Friar Street, Reading Berkshire RG1 1 DA Soli¢itors Ilicencingl Popplelon Allen 37 Sloney Street The Lace M8rkel Nottingham NG1 1LS Page 2
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 The Charity Trustees present their annual report for the year ended 31 July 2023, which includes the administrative information sel out on page 1, logetherwilh the audited financial statements for that year. Structure, Governance and Management The Union is slructLJred by ils Constitution & Governing Bye-Laws. The Union of Brunel Students is a democratic student led organisalion which exists lo represent ils members lo the University, the media and lo other external organisations and bodies such as the National Ullion of Students. In addition, we provide key support, various welfare sérvices and a variety of sporting, curtural and development opportunities for all our members. Student democracy lies al the heart of all that we do but alongside this. we are a'nol for profil, organisation with all SLirpluses generated fr(Jm variou5 commercial activities committed and invested into providing and improving our services lo our members. We are a registered charity primarily fvnded by an anrkual block grant lo help us ensure that we can work logelherto provide a diverse and exciting array of support, seN1$ and development opportunities for the mutual benefit of our membership. Thè Présidént snd four Vice-Presidents Isludenl officers) are annually elected and mandated to create and set union policy whilst also being stralegically responsible for the direction and lead of all union aclivily. The Trustee Board, which is currently made up of the President. four Vice-Presidenls, three ele¢led Student Tnjslees and four External Trustees have Tesponsibililies for the financial and legal compliance ofthe Union, The various members of staff employed by the union are so employed lo help. support and advise the officers so that they can fulfil their specific dultes within their various role8lportfolios. Charity law requires the Trustee Board to prepare financial slalernents for each financial year which give a Iwe and fair view of the stale of affairs of the Union and of the surplus Dr deficit for that year. In preparing the financial slalemenls the Trustee Board is required lo sele¢l suitable accounting policies and then apply them on a consistent basis, making judgements and @slimales that are prudent and reasonable. The TrLJStee Board musl also prepare the financial slalemtnls on the going concern basis unless il is inappropriate lo presume th81 the Union will continue to operate. The Trustee Board is responsible for keeping accounting records which disclose with reasonable accuracy at any limethe financial position of the Union.11 is also responsible for safeguarding the assets of thé union and hence for taking reasonable steps for the prevention and detection of fiaud and other irregularilie8. Key Management remuneration The remuneration of key management personnel is sel by the Board. with the policy objective of ensuring that they arè provided with appropriate incentives lo encourage enhanced performance and are, in a fair and responsible manner, reviarded for their individual contributions lo the Union's success. The appropriateness and relevance ol such remuneration reviewed annually, including reference to comparisons with other Unions to ensure that the Union remains sensitive lo the broader issues of pay and employment conditions elsewhem. Relationship with Brunel University The relationship between the University and IhÈ Union is recorded in the regulations of the University and detailed in the Union conslilulion., both approved by both organisalions. This relationship i816gally complied by a Memorandum of Understanding, where both parts agree on Ihg terms of the partnership. The Union receives a block grant from the University and part-oGGupies a building owned by the University. Various Union Officers holé seats on several University governing commillees, including University Council and Senate, thus ensuring the voices of students are represented at the lop-level meetings. There is no reason to believe that sny sort of suppr)rt will cease lo exist from the UnThiersity for the foreseeable future not only due lo the imposed duty as outlined in the Education Act of 1994 on Universities safeguarding SILJdenl Unions, bul also due lo the healthy working relationship which exists and constantly is being developed bebNeen the University and the Union. Page 3
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Risk Management The Trustees have undertaken lo examine the major risks that the Union faces. That review is an integral part of the annual planning cycle. The Union has, and continues lo 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 curn11Y f8¢ing the Union are considered to bè.. Risk of cuts lo Universty funding of the Union, caused by either perception of value of the Union or the universities own financial sustainability. The financial health of the univeitY is itself dependent on government funding, which in turn is sus¢eplible to factors beyond the control of the Union, such as academic offering, NSS survey resu115, affordabilrty driven by fees level, numbers of students and other demographic faclo¥s. Significantly increasing pension liabilities that the Union has no control over. Rèputational damage in the unlikÈly event of a high-profile activity by a student, officer or Iruslee. Failure to be seen by students or the university as the voice of students Supply chgin concerns following signifi'cant and sustained high levels of inflation through 2022. Our plans and strategies lor managing risk include maintaining effective internal Gonlrols, risk registers, incidenl-reporting ar monitoring systems and insurancè cover whe¥ever appropriate. Method of appolntment of TnJsle8S The governance and management of the Union is the responsibilty of the Trustees who are elected or appointed under the tèmis of the constitLrtiDn. Student Offi¢ers are elected annually for a one-year térm, and able to sènje a second term if re-elected. They provide invaluable insight from their own experiences as a stLJdenl and their daily interactions with the management of the union 8nd the university. Independent Trustees apply and are appointed by the Sludenl Assembly ftsllowing recommendation from the appointment Gommittee, for a term of up to three years and Can serve a maximum oflwo terms. Our Independent Trustees provide wider skillsels and experience from outside the Sludenl UnK)n. Student Trustees apply and are approved by the appointment commitlee to be put fotward for election by the memk)ership. They 8re elected for a period of up to two years and Gan serve a second term if re- elected. The sludenl trustees provide valuable experience and insight as curtent beneficiaries of union aclivilies. Upon appointment all Trustees are briefed on theIrlal obligations and other Trustee responsibilities. A11 Trustees receive an induction information pack which includes their role responsibilities, their legal responsibilities, historical and current information about The Student Union, information on its Strategic Plan and how to deal wrth potential conflicts of interest. Kgy Challenges and activity in 2022-23 The Universrty and the Union faced real challenges as we emerged from the Covid Pandemic, with teaching and campus living chan9ed for the long term. We have seen signrficant reductions in student footfall and spènd within the commercial business and alongside the backdrop of inflation levebs not seen in generations, our fin¥n¢ial outlurn has fallen short of our budgetary expectations. This year for the first-lime overseas sludenl numbers exedd those of home students and the steady growth of Post Graduate students continues to change the student demogr8phic. Ve have continued in planning and developing how we represent and engage with this ch8nging demographic and we agreed the introduction of a new part lime volunteer representation role specifically for Post Graduate students. We have also spent thè year planning the introduction of a new digital @ngagerllenl plafform for acadewnic representation at Course level. This platfarm has been agreed to launch in September 23 with level 1 students as a trial, with the aspiration that If successful we can roll out thrjgh the rest of the student population through 2024. Our advice service ¢onlinued lo see great8r demand from students in need with, academic issues dominating and a signifioanl increase in support lo Post Graduate students whereas hislorically undergraduate students were by far the majority of students we engaged directly with from the service. We continued lo deliver small scale emergency hardship grants lo complement the university Hardship seNice and have agreed with the Pa9e 4
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 universty a fast track access lo their service for those most in need, 88 a response lo students being hit disproportionately harder during this period of high inflation. Our campaign to tackle sexual violence, parti¢ularly against women continued to gather pace, with Sexual Violence liaison officers being appointed within the university slruclure. We also encouraged for the first time, consent training to be delivered as a mandatory part of every student's induction. Our Period poverty campaign also look a step fOard from free products being supplied wllhin the Union bathrooms. lo a campus wide provision within key b21hrooms across the entire sile. Our sport has conlinLJed lo grow from being decimated through 2020-21 with a further increase in aGlive memberships of 21Qkn lo 2137 members. Our aspiration is this year to exceed pre-pandemi¢ levels for the ftrsl lirne. We have 8150 introduced alongside the university, the Brunel hAoves App, which rewards people being active lo promote a more active and healthy campus. Brunel Moves has seen more than 2000 people sign up with 72°A ofthem not active in sport in any other way. We hope lo further develop the rewards and recognition through 2023, Our one Brunel cultural celebration programme continued to develop with more events thsn in the previous year. Our feedback suggested that we were also hilling our key project largels of the events providing a positive experien¢e, those in attendance feel like the event improved their cultural awareness and enhancing the Unions reputation arnongsl inlern&lion8181udenls. In December we saw the departuie of one of our longer serving senior managers, and this gave us the opportunity lo reconsider our structure and processes lo tackle modernising our infraslruclure and tackling our representation and engagement challenges, parti¢ulgrly wilhill our commercial arena. We employed swices of finance, wmmercial and union sp@cifiG consultancies wrth the result in a restructure lo create a nèw Chièf of Operstions overseeing finants, commercial and compliance. To make this change there needed to be resltucluring within the commercial and linance teams, which should be concluded by Christmas 2023. We were assessed for the first limÉ under the NLIS Quality Assurance Accredilalion and are delighted lo have aGhieved an accredilalion standard of 'Good' in 10 of the 12 categories and'very gcx)d' in thè remaining 2. We will be reassessed in October 2D24 and have ambition to be accredited as Very Good in more than 50°h of the categories available. STRATEGIC REPORT Our Purposo Every student Thrives al erunel Our Mission To positively impact OUT membeTS' university experience through.. 1. High qualty, vslue for money services 2. Championing and challenging the student voice 3. Supporting and growing Inclusive and welcoming communities Ourvalues Driven by you Open lo all Passionatety positive Integrity Page 5
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 2023-24 operation Priorities student Support and representation Develop a welcoming and acsIble reception for our rnain office environment Develop our data capturing provision to better access students, needs , traGk engagement and seek member feedback Priorilise lime lo lully embed and engagè wlLh our new Digital platform for course reps developing demonstrable change and impact Initrate and test recommendations from our democracy review and develop comprehensiv8 future thange recommendations to be agreed this year, Support and devèlop our officers, campaigns portfolio helping maximise impact and reach. Work with the Student activities team to ensure the new role of Community Living Officer is properfy supported lo deliver success arid effectively engage across its wide and varied portfolio. Absorb the work Advent Advocacy has been delivering OT) our behalf into the department worf(load now we have a full, stable, experienced and highly funGtioning departmental team. Culture and attitude Demonstrate our valué of Passionately Positive in all our interactions by empowering 2nd supporting staff and elected represenlalives to have a can- do attitude lo all we do, to seek out alternatives and to Overcome or side slep barriers, and lo work on a¢tivilies. inleraclions and celebrations that make the Union a fun and exciting place for staff and students alike Ensure our value of Open to All is clearfy demonstrated in our planning and delivery of all of our activitiès, including an ED&1 Accessibilty assessment for all m8jor events To rtrengage wfch our Environmentgl policy, engaging students and staff alike to ensure our sustainability message is embedded and delivered, 8nd we are in a position to consider applying for green impact accdr(all0n. Communications and Marketing Investigate and develop a model that enables us to segment our membèrs along activities and interests not just ethnicity or course, and encourages targeted langUe and information To build a structured and documented service llaboratIOn with the university communications departments, enabling better reach for of our marketing initiatives when relevant and appropriate, To support the commercial business by ensuring analytics are uséd to maximise and tsrget advertising carnpaigns, with events live on our website and social media a minimum of three weeks in advance. Do develop with the new Head of Privacy at the University, a comprehensive, robust and valuable single data sharing agreement that is fil for purpose all of our departments neèds and uses. We will ensure we have all the data on our members we need, rt Is safe, secure, monitored and used appropriately and delivers against the universty expectations as well as ours. Commercial Operations and Events Develop an abundance of opportunities for members and elected representatives to help influence and shape the a¢tiv&ties and offer wé present, with the aim of our club to deliver on average 3 profitable sessions par week. Improve the reFx)rting of comrnercial parformanoe to enable managers to make timely, relevanl and valuable intetvenlions lo keep the business thriving, welcoming and 1 si choice lo the membership and on budget. Retum 8 commercial operating surplus to the organisalion in year in excess of £200,000 To generate venue specifiG menu, serviee standard, marketing strategy and foottall initiatives to deliver catering sales in Locos in excess of £100.000 by June 2024 Deliver cost effective on ¢arMpus events with clear measurable goals and outcomes, Page 6
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Student activities Work with the officers to deliver a raft of clear inclusion campaigns in sport clubs lo widen their engagement footprint and increase heamh and wellbeing activity throughout all campus communities Redefine the offer in Active@brunel lo include experiences and adventure. 8nd introduce nominal single event fees lo introduce members and avoid the need for membership payments before engagement. Introduce and monitor new systems lo streamline transport efficiencies. student expense reimbursement and acwmmodation booking, meeting the members nèeds and expectations and proleGling the business form waste. Develop the Brunel moves concept, helping Shape incentives and rewards lo be more representattve of the target audien¢e. lrnprove engagement in our celebratory events by hosting on campu8 and minimising ovèrheads, and lickel price barriers. Continue development of the one Brunel concept, with spechlic focus on delivering al least 2 core events focused on curr@ntly underrepresented cultures. Increase engagement slalislics. Freshers fair- 4250, Team 8runel- 2700, gocielies 4500, Brunel moves- 3000 new sign ups. Back of house and organisational infrastructure Write and publish a clear 3nd accessible ED&1 policy identifying howwe recognise, support and encourage diversity and inclusion in all of our aclivilies. Publish a peoFile plan that identifies the support. development, engagement and feedback opportunities all staff have, with particular focus on developing our student sl8ff team experience to feel as inclusive £nd valuable as OLsr career team expertence. Implement a slraighl forward and safe poIY 8nd d¢xument contrd process lo ensure compliance, accuracy ?nd transparency. Develop our skills and qualrfieations within the finance team lo match their experience, and slruGture workload lo better support a part lime or Contracted Heacl of function. To develop detailed, accurate, timely and inforrnative management information relevant lo key stakeholder needs. Financial Review The Union's gross In¢ome from all sources thi5 year lolalled £3,075,23512022'. £2,849,113) the increase being predominantly Irom grant income. Total expenéilure was £3.219,13612022". £2,785,785) back in line with a full program of unioll activity and signilicanl inflationary pressures on costs. Ignoring the movement on the pension deficit contributions creditor. a defictt of £143,901 12022.. £63,328 surplus) was achieved. In 2023 the pension deficit contributions Creditor Llecre88ed by £331,200, resulling in a surplus for the year of £187,299. In 2022 there had been a decrease in the pension deficit contributions creditor of £542,490 resulting in an overall surplus of £605,818. The Union has continued to benefit from the recognition and support of Brunel University th an annual block grant of £1,295,970 plus further grants as disclosed in note 4. Reserves level and policy We have reviewed the Union's resewes requirements. Excluding the pension deficit, free reserves stood al £775,202 12022.. £893,304) al the year•end. This position is aft&r deducting from total unrestricted funds {ex¢luding the pension scheme liability) of £845,542 the amount of £70.34Q invested in our &xisling tangible fixed assets. The Union is currently affiliated lo many organisalions, OUT large51 sirTrgle subscription cost amounted lo £32,940 12021.. £33,165 lo the NUSI 8nd no donations were made during the year lo any external inslilulions out of the Union's own resources. The Risk committee conducted a detailed review in 2023 of the free reserves requirement and concluded that the 2 months op8rating costs {circa £500.0001 is a sufficient amount lo set aside to cope Page 7
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 with any Unexpect downturn in funding or additional calls upon cash resources wiihoul immédiately curtailing existing activities. Current total fund5 of the Union sland at negative £1,368,131. This is comprised of neg*ivè £1,401,136 unrestricted funds and £32,905 in restricted funds. As per the Trustee's policy, the Union ¢onsiders 118 reserves position against'cash in hand, balance Ibank & cash balances minus current liabilities), and this slood al £665,323 al the year-end. In respect of any surplus or deficrfc recognised in relation to the Union's share of thè SUSS Pension Scheme, this would generally result in a ¢8sh flow effeGI for the Union in the form of an increase or decrease in employer's pensio contributions over a number of years. The deficit of £2,246,578 recognised in this year's accounts does not represent an immediately realisable liability that requires payment bLrt will be funded over 13 years from the Union's lulure incomès. Custodlan Activitie$: Clubs, and Societies, Funds and the annual RAG The Union acts as custodian for fLtnds raised by the students. many Clubs & SletIes themselves, amounting to £nil12022." £23,004) at the year-end, in addition lo the granl-SUPPOrt fun(Ss it disburses to them as shown in the acGounls. The Union is also Gustodian of the annual RAG proceeds from fundraising events organised by the 51udenls under the Union's auspices for distribution to the intended Charities. Funds raised bythis year's RAG amountin910 £15,15512022.. £5,027) less costs of£6512022'. £0) were added to the undislributed balance of £3,563 12022.. £1,344) from the previous year. out of which £12,697 {2022". £2,808) was distributed arnong the charities nominated by the respective fundraising societies, leaving a balance of £5,95612022'. £3,563} In hand for next year's RAG. No funds have subsequently been donal¢d after the year end lo charib"es. The rèmaining cash funds are held by the Union. Futurè Funding The Charity Twstees Gonlimi that the union has SLrfh'ciènt funds lo meet all ils obligations. The core Block Grant for 2023124 has been confirmed at £1,242,862 plus a further £224,656 in respect of the SUSS pension scheme deficit payments and the associated PFF Levy. A restricted grant of £215,000 has been agreed to facilitate fe sport club memberships and free AGlive@Brunel fitness and introductory sports sessions for stsff and students on campu5. Additionally, catering compensation of £113,520 and other smaller grants of £99,675 have been agreed with the University. TRUSTEES, RESPONSIBILITIES The Trustees are rèsponsible for preparing the TrLJStees' Annual Report and the financial stslemenls in accordance with applicable law and United Kingdom General Accepted Accounting Practice (Uniled KingdorN Accounting Standards). The law 8pp5icable lo Gharities in England and Wales, requires the Trustees to prepa financial statements for each financial year which give a true 8nd fair view of the state of affairs of the charty and of the incoming rèsources and application of resources of the charity for that period. In preparing these financial ststements, the Trustees are required to. select suitsble accounting policies and then apply them consistently, observè the methods and principles in tho Charities SORP., make judgments and aGcounting estimates that are reasonable and prudent", slate whether applicable accounting standards have been followed, subject lo any material departures dis¢losed and explained In thè financial statements.. prepare the financial statements ON the going concern basis unless it is inappropriate to presume that the charty wll continue in business. The Trustees are responsiblè for keeping accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial slalements ccrfnpty with the Charities Act 2011, the Charities IAc¢ounts and Reports) Regulations 2008 and the provisions of the ¢harity's constitution. They are 81s0 responsible for safeguarding the assets of tre charity and hence for taking reasonable steps for the prevention and detection (rf fraud and other irregularities. Page 8
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 PROVISION OF INFORMATION TO AUDITORS The Trusleès al the time when this Trijslees, Report is approved have confirmed Ihal.. so far as the Trustees are aware, there is no relevant audit information of which the Union's auditors are unaware, and the Tslee5 have taken all the steps that ought lo have been taken as the Trustees in order to be aware of any information needed by the Union's auditors in connection with preparing their report and to establish thal the Union's auditors are aware of Ihal information. This report was approved by the board on 23 November 2023 and signed on ils behalf by.. Page 9
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Independent Auditor's Report to the Trusteas of the Union of Brunel Students Opinion We have audited the financial statements of the Union of Brunel Students for the year ended 31 Juty 2023 which Comprise the Slalement of Financi81 Aclivrties, the Balance Sheet, the Statement of Cashflows and the Notes lo the Financi81 Statements, Including a summary of significant ac¢ounting policies. The financial reporting framework that h8s been applied in their preparation is applicable law and United Kingdom AccoLJnting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gènerally Accepted Accounting Prscticel. In our opinion the finanaal statements.. give a true and fair view of the slate of the charity's affairs as al 31 July 2023 and of tts incoming rèsources and application of resources, including ils income and expenditure for the period then ended., have been properly prepared in accordance wf(h United Kingdom Generally Accepted AOUntIng Praetice,. and have been ppared In accoréance w(ch the requirements of tha Charities AGt 2011. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitabl6 company in accordan with the ethical requirements that a relevant lo our audit of the financial statements In the UK, inGluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 8udil evidence we have obtained is sufficient and appropriate to provide a basis for OLJr opinion. Coneluslons relating to going concern We have nothing lo report in respect of the following mallers in relation lo which the ISAS IUKI require us to report lo you where.. the Trustees, use of the going concem basis of accounting in the preparation of the financial 8talemenls is not appropriate., or the Truslees have not dis¢losed in the financial statements any identified material uncertainties Ih8t may cast significant doubt about the charity's ability to continue to adopt the going concern basis of 3¢countin9 for a period of al least twelve months from the date when the finala1 slalements are aulhorisèd for Issue. other information The Trustees are responsible for the other infomation. The other information comprises the information included in the annual report, other than the financial statements and our audrf(orfs report thereon. Our opinion on the financial statements does not cover the other infom)ation and, except lo the extent DtheTwise explicitly stated in our report, we do not express any form of 8SSkJrance conclusion thereoll. In connection with our audit of the financial slatemenls, our responsibility is to read the other infomialion and, in doing $0, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audrt or otherwise appears to be materialty misstsled, If we identify such material Inconsistencies or apparent material misslalements, we are required to determine whether there is a material misslalemenl in the financial statements or a material rnisstatement of the other information. If, based on the work we have perfonned, we Gonclude that there is a material misstatement of this other inform*ion, we are required lo report that fact. We have nothing to report in this Tegard. Page10
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Independenl Auditor's Rgport to the Trustees of the UnSon of Brunel Students continued Matt¢Ys on which we are required to report by exception We h8ve nothing to report in respect of the following mallers in relation to which the Chartties (Accounts 2nd Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the infoallOn given in the financial statements is inconsistent in any material respect with the Trustees, report,. or SLrfficienl accounting records have not been kept,. or the financial slalemenls are not in agement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit Responsibilities of Trustee3 As explained more fully in the Trustees, responsibilities statement sel out on page 8, the Trustees (who a also the directors of the ¢hariiable company for the purposes of company lawl are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of fin8ncial stslernents that are free frorll material misslatemenl, whether due to fraud or error. In preparing the fi'nansial statements, the Trustees are responsible for assessing the charity's ability lo continue 88 a going concern. disclosing, as applicable. matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity orto cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statèments We have been app(*nled as auditor under section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations rllade or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalernenls as a whole sra free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantée that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists. Misslalernents can arise from fraud or error and are considered material if, individually or in the aggreg2te, they could reasonably be exp@ct@d lo inffluen¢e the economic decisions of users taken on the basis of these financial slalemenls. Extent to which the audit was consider8d capabla of d&t8cting irregularlties. Including fraud Irrègularit16s, including fraud, arè instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oulliNed above, to delect material misslalemenls in respect of irregularvties, including fraud. Thè extènt lo which our procedures are capable of detecting irregularities, including fraud is detsiled below.. We obtained an understanding ol the legal and regulatory frameworks within whiGh 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 slalemenls. The laws ancl regulations we considered in this context were the Ch8rbties Act 2011 and Charities SORP IFRS10212Q19. Page 11
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 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 dilect effect on the financial ststements bul compliance with which might be fund8mental to the charitable comp8ny's ability to operate or lo avoid a material penatty. We also considered the opportunities and incentives that may exist within the charitable company forfraud. The laws and regulations we Gonsidered in this context for the Union were HeaVLh and Safety and General Dats Protection Regulations. Auditing standards Iirnil the quired audit pracedures to identify non-compliance with these laws and regulations to enquiry of the Tnjstees and other management and inspeGtion of regulatory and legal Gorrespondents, if any. Auditing st8ndards limit the wuired audit procedures lo idenlify non-compliance with these laws and regulations to enquiry of the Trustees and other managernent and inspection of regulatory and legal correspondence, rf 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. Our audit procedures lo respond lo these risks included enquiries of management about their own identrficalion and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing a¢counling 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 st8lements, even though we have properly planned and performed our audit in accordants with audiLing standards. We are nol responsible for prèventing non- compliance and cannot be expécted to delecl non-cornplianGe with all laws and regulations. These inherent limitations are particularly signifi¢anl in the case of misstatement resutting from fraud as this m8y involve sophislicaled schemes designed lo avoid dete¢tion, including deliberate failure to record transactions. collusion or the provision of inlenlion81 mlsrepresentslis. Afurther description of our responsibilitiès forthe audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibililies. This description forms part of our audf(or's report. Use of our raport This report is made solely to the charity's Trustees, as a body, in aGGordance w((h P8rt 4 of the Charitie5 (Accounts and Reports) Regulations 2008. Our audTt work has been undertaken so that we might stale tr) the charity's Trustees those matters we are required lo ststè to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by l¥w, we do not accept or assumè responsibilty lo anyone other than the charity and the charity's TrLJStees as a body, for our audit work, for this report, Dr for *he opinions we have fomed. Crowè U.K. LLP Statutory Auditor Reading Bethshire Date.. 28 November 2023 Page 12
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR (including income and expenditu account) Notes Unrestricted Designated Restricted Fund Fund Fund Total 2023 Total 2022 Income Donations: Gr3nt income Other trading activities: Advertising & marketing Investment Income Charitable activitiès for studènts: Bar & catering Entertaining Societies & clubs othér 1,720,499 555,037 2,275,536 1,910,333 80,700 3.072 80.7 3,072 101,443 248 470,276 124,359 470,276 124,359 113,458 601, 606 145,376 89,407 700 113,458 Total income 2 406 740 668 49S 3 07S 235 2849 113 Expenditure Raising Funds.. Advertising and marketing Charitable Actlvlties for students: AdvicÉ. welfare & representation Sludenl activities Bar & Caten Entertainment Transport Societies & clubs 21.593 21,593 32,941 627,724 261,590 934,880 237,700 1,299 515 841 12,260 639,984 261,S90 934,880 237.700 1,299 1122 090 612, 779 348, 902 779,092 211, 695 726 799 650 Total expenditure 2.600,627 61 8,509 3,219,136 2, 785, 785 Decrease in pension deficit 331.200 331,200 542,4go Net Incomellexpènditurel 137,313 49,9B6 187.299 605,818 Transfer between funds 12 Nèt incoming resources after transfers Fund balanc&s brought fonmard 185,190 1586 226 2,109 187,299 1555 430 605, 818 2 161248 Fund balances carried forward 12 11,401,036 32,90S 11,368,131) (1,555430) The notes on pages 16 to 29 fom part ofthese accounts P2ge13
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 BALANCE SHEET Charity number.. 1173492 2023 2022 Notes Fixed assèts Tangible fixed assets 70.340 98,248 Guent assets stocks Debtors Cash al bank & in hand 32,5S1 110,233 15,979 72,480 1005 973 10 986,840 1,094,432 Current liabilities Creditors." amounts due wfchin one year 178733 170 332 Net current assets 808 107 924 100 Nel assets excluding pension liabil((ies 878,447 1,022,348 Pension scheme funding delicit 16 2 246 578 2 577 778 Total net liabilities Representing Charitable Funds.. RestriGted income funds students, Societiès & Club funds other restTi¢led grants Sports fund Hardship fund 12 12 12 12 23,004 2, 760 29,111 32 32.905 30, 796 Unrestricted Income funds General reseNes Iundesignaledl Pension reserve Special projects reserve 845,542 {2,246.578) 991,552 f2.577, 778) 12 140103£ 1586 226 Total deficit 13 23rd November 2023 The financial statements were approved by the Trustees on and signed on their beha]f, by.. Docu8vaMdty'. 930EF53E508048D. Petér Smallwood Deputy Chair The notes on pages 16 to 29 form part of these accounts. Page 14
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 STATEMENT OF CASH FLOWS 2023 2022 Notes Cash flows from operating activities: Nel iNcomel{expendilurel Depreciation Interest received (Increaselldec¥ease in stock Ilncreaselldecrease in debtors Revaluation of pension deficit Increaselldecreasel in creditors 187,299 42,331 13,0721 116,5721 {37,7S31 1331,2001 605,818 41,161 (248) 3,409 {32,827) (542,490) 38 7fO Net cash generatèd by operating activities 150 566 Cash flows from investing aotivitles lllterest receivable Purchase ol18ngible fixed asse18 3,072 248 Net cash used in investing actlvltlo$ 83 897 Change in cash and cash equivalents in the year 17 {161,917) 29,636 Cash and cash equivalents 81 the beginning of the year I OOS 973 976 337 Total cash and cash u1ValentS af the end of the yeay 18 005973 2023 2022 Cash al bank and in hand The notes on pages 16 10 29 fomi part ofthese aGGounl8, Page 15
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Charity Information The Union's principal 8Ctivities are campaigning. iepresentation, provision of social activities and the organisation of sporting and recreational activities and opportunities. Union of Brunel Students is a ch8ritable incorporated organisstion ICIOI registered in the UK (Charity registration no. 11734921. The address of the principal offre is Cleveland Road. Uxbridge, Middlesex, UB8 3PH. Accounting Policies {al Aeeountlng convention The financial reporting framework that has been applied in the preparation of these accounts is applicable law and Unitèd Kingdom Accounting Standards (unit Kingdom Generally A¢pIed AccoLJnting Practi1, including FRS102 'the Financial Reporting Standard applicable in the UK and Republic of Ireland., and the 2015 Charities Slalemenl of Recomrnended Practice based théreon-the Charrties SORP and the Companies Act 2006. Union of Brunel Students rneels the definition of a public benefit entity under FRS 102 Going con¢em At the time of approval of the annual report and accounts, the Twst&s have reviewed the Going Concem position carefully with a view to ensuring the ongoing provision of studenl representation and Services as well as einployment ol staff. The Union has Cash resourGes and nel Current assets currently well in excéss of slipulaled rninimum levels. The pension scheme funding deficit represents amounts payable by the Union for the next 13 years and will be paid out of future income, and the Union are working closèly in conjunction w.rth the niversty 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 lo meet its obligations as they fall due. Accordingly, tha Trustees believe the Union's financial resources are sufficient to ensure the Union will continue as a going concérn for the foreseeable future, being al least 12 months frorn the ale of approval of the financial statements and have therefore prepared the financial slalemenls on a going concern basis. Icl Income All incoming resour9 are included in the Statement of Financial Activities when th8 students, Unic>n is legally entitled to the inwme, receipt is probable and the amount can be quantifEd wth reasonable accuracy. Gifts in kind donated for distribution are included at valuation and rècognised as income when they are distribut la 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 th6 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 valLJalioN which is an estimate ol the financial cost bome by the donor where such a cost Is quantifiable and measurable. No income is recognised where there is no finan¢iaS cost borne by a third party. Income tax recoverable in relation to donations received under Grfi Aid or deeds of wvenant is recognised at the time of the donation. Income lax recoverable in relation lo Investment income is recnISed al the lime the investment income is receivable. Page18
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Idl Expènditure All expenditure is ac¢ounleLI for on an accruals basis and has been in¢luded under expense categories that aggregate all costs for allocation lo aclivilies. Where costs cannot be directly attributed lo particular activities they have been allocated on a basis consistent with the use of the resources. Expendilule includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Govemance costs are those inGuried for Cornplian with constitutional and slalutory requirements, such as the annual audit, annual elections and training for sabbaliGal officers. The value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs aTe apportioned to charitable and other projeclslackn'vities on a usage basis, pro rala lo the total costs of each project or activity undertaken. Fundr8ising Costs are those incurred in sèÉking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. {el Tangible fixed assets Fixed assets are ¢apitalised il over £500 and are slated al cost les8 accumulated depreGl81ion, Depreciation is provided al the following annual lates in order lo wrrte the cost of assets off over their eslimaled useful lives".- Fixtures and Fittings IT & Hi-tec equipment Motor vehicles 2Q-25'h per annum straight Fine. 33°/. per annurTr) straight line. 330 per annum sliaighl line. Cash at bank and hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short malurily of 3 months or less from the date of acquisition or opening of the depos(£ or similar account. Igl Debtors Short term debtors are MsUred at transaction pri, less any impainmenl. Ihl Creditors Short term credf(ors are measured at Ir8nsaclion prits. Pension costs The Charity participates in the Sludenl Union Superannuation Scheme {SUSSI. a mulli- employer defined benefit pension scheme whose membership consists of employees of studenls, unions and related bodies throughout the Country. The Charity is therefore exposed to actuarial risks associated with other employers, employees and is unable to identty ils share of the underlying assets arid liabilities of the schemes on ? consislenl and reasonable basis. As required by Section 28 of FRS 102 °Employee benefits" the Charity therefore accounts for the schemes as if they were wholly defined contribution SGhemes. As 8 result, the amount charged lo th6 profit and Ioss account représents the contributions payable to the scheme. Since the Charity has entered into an agreement Ilhe Recovery Plan) that determine how each employer within the schemes will fund the overall deficit, the Charity recognises a liability for the contributions payable that arise from the agreement Ilo the extent that they relate to the deficill with reialed expenses being recognised through the profil and loss aG¢ounl. The Union now operates a defined contribution pension Scheme and the pension charge repre8enls the amounts payable by the Union to the fund in respèct of the year. Differences between contributions payable in the year and paid are shown as a¢Gruals or prepayments in the balance shèèt. Page 17
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Leas8d assets Rentals payable under opèrating leases are charged as expenditure on a straight line basis over the period of the lease. Ikl Stock SIoGk is valued al the lower of the cost and its net realisable value 8fter making due allowance for obsolete and slow-rmoving stocks. Fund accounting Unrestricted Funds Geneml funds are unrestricted funds which are 8vailablè for use at the discretion of the Trustee in furtherance of the general objectives of the Students, Union and which have not bèen designated for other purposes Designated Funds Designated fndS comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial slalements Restricted Funds raised and administered by the Union for specific purposes as determined by sludenls, such as Club anct Societies Accounts, as well as revenLJe received for purposes specified by the donor. The cost of r8ising and administering such funds are Gharged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. {m) Taxation No provision is made in these accounts for corporation lax as the Union is exempt from such laxe8 as a result of ils charilable status. Inl Termination benefits Termination benefits are accounted following a comm((menl by legislation, by ¢onlraclual or other agreements wth employees lo make payments {or provide other benefits) to employees when the Union terminates thèir employment. lol Financial instruments The charity only has financial assets and financial liabilities of a kind th* qualify as b8SIC financial instruments. Basicf nancial instruments ale initially recognised at transaction value and subsequently measured al their settlement value. The present value of the pension doficrfc is measured al fair value. Critical areas of judgement Preparation of the financial slalements requires rmanagement to make judgements and estimates. FRS 102 makes the distin¢tion belween a group plan and a mulli-employer he&. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A mulii4mployer scheme is a scheme for entities not under common control such a5 the Student Union Superannuation Scheme. The accounting fDr a MU1•eMploYer scherne where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of 8 liability for the contributions payable that arise from the agreement Ilo the extent that they relate lo the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that SUSS meets the definition of a mufti-employer scheme and the Charity has theref(Ye recognised the discounted fair value of the conlradual contributions under the recovery pl8n in existence al the date of approving these financial stalemenls. Page 18
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Voluntary Income 2023 2022 Block grant Gralll for rent in kind Free sport grgnt Other restricted grants Hardship fund SUSS Pension defiut contributions & PFF Levy External grant 1,295,970 424,529 210.000 91.485 11,022 220,626 1, 146,072 300,000 185, 000 50,697 15,D50 210, 120 The University provides renl-free accommodation lo the Union. Under the Charities SORP the 'donations in kind, rnusl be valued and included within the aOuntS. The value lo the Union is considered lo be £424,529 and is included as 'Granl for rènt, above. Slal Total expenditure- charltable and other activtty costs Cost of sales staff costs Other costs Total 2023 Rent Total Actlvltios for generatlng funds Advertlsing & matkeling 5.372 2,848 13,373 21,593 32,941 Charitable activities Advice, welfare & representstion Student aclimlies Bars & catering Entertainment Transport Societies & clubs 4S7.770 84.398 97,816 839,984 6f 2, 779 159.737 305,489 120,388 1,025 34.498 123.289 31,347 171 147 978 67.355 261,590 301,841 934,880 85.965 237,700 103 1,299 630 338 1122 090 348,902 779, 092 211, 695 726 799 650 204,261 Total costs Included in the above Costs is the fee for the preparation and audit of the slalulory accounts of £18,690 (2022.. £16,450) Pe 19
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 51al Total expenditure - charitable and other actlvity costs Icontinuedl 2022 Cost of sales Staff costs Olher cosls Tolal 2022 Rent Total AGtwities forgenerating funds Advertising & MaetIng 6,685 3,547 22, 709 32,941 9, 168 Charilable activities Advffce, welf8re & prcscnlalion Sluderil (Iclivities Sars & catering Enterf8inmenl Traiisport SoCiets & Glubs 464, 151 65,990 82,638 612, 779 557,697 222,26Q 37,573 230, 719 83,900 103,592 22.797 593 79 216439 114 89,069 248,362 85,306 54 497097 348,902 719, 092 211,695 126 799 650 399, 059 464, 886 159,208 216,111 520 893 Total costs 216 Affiliation fees are: 2023 2022 BUCS NUS 32,940 33,165 8049 Slb) Central overhead costs Included in Note Slal 2023 Staff Rent Other Total Usage Activities for generating funds Advertising & marketing 0.7Q/o 5,371 2,848 1,707 9.926 Charitable activities Advice, welfare & representation Student Activities Bar & catering Entertainments Transport Societies & Clubs 1?.10 8.10/. 29.0°/o 7.4Q 0.04° 34.9° 159,208 65,075 232,5S8 59,132 323 279 140 84,398 34,498 123,289 31,347 171 147 978 50,604 20,684 73.921 18,795 1Q3 294,210 120,257 429,778 109,274 597 Totals Page 20
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 51bl Central ov8rh8ad costs included in Note 5(al Icontinuedl 2022 staff Renl Olh@r Total Usag8 AGlivilies forgeneralpng lunds Adv8rtising 8 mart6tin9 1.2% 6,685 3,547 2,508 12, 740 Charitable &ctivilies Advice, welfare & representation student Activities Sdr & Cclteriff Entertainments Transport Societies & Clubs 22.0° 12.5% 27.80A 7.6°A 0.03% 28.7% 124,3 70,803 158, 103 42,960 149 162 275 65,990 37,573 83,900 22,797 79 46, 655 26,564 59,318 f6,118 55 236, 998 134, 940 301,321 81,875 283 Tot81s iooy. 77 429 Staff costs 2023 2022 Wages and salaries Social secut¢ly Pension costs 1,062,772 96.177 234 606 915,085 109,945 219 409 The number of employees whose emoluments Igross pay plus taxable benefits) exceeded £60,000 during the yearwere as follows.. £70,001- £80.000 Pension contributions lotalled £4,707 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 Nl and employer pension conlributionsl of key management personnel was £266,533 (2022.. £275.29fJ. The average staffing was as follows:_ Pemanenl staff Students- larm lime onl 27 26 28 22 There was ono redundanGy in the y8ar lotslling £10,OOQ (Nil in 2022). Page 21
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Trustees, remuneration and expenses Sabbatical Offi1$ a paid 8$ authorised in the Union's goveming document, for the represenlalion, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing sludenl opinion with the University and lo¢al community, defending and exlending the hl$ of students through petrtions etc. and also organising and supporting student volunteers and service provision for them. The lolal salary and social securty costs for the sabbatical officers in post in the year was as follows.. Total remuneration VP College of Health, Medicine and Life Sciences VP College of Business, Arts and Social sGiens VP College of Design, Engineering and Physical SCiens Community Living officer 27,742 28,453 26,140 2.059 Eleven trustees were reimbursed1202112022'. Four) with a total of £2,8321202112022.' £2,006) in connection with their duties during the period. The expenses reimbursed during the yèar related to training and attendance at conferences and meetings. Tangible fixed assets Flxtures & IT and Hi-tec fittings equipment Total COST At 1 August 2022 Addrtions 298.275 738,864 43r.139 At 31 July 2023 307 644 14 918 DEPRECIATION At 1 August 2022 Charge for the year 222, T59 116, 132 338,891 At 31 July 2023 252 487 381 222 NET BOOK VALUE At 31 July 2023 At 31 July 2022 Page 22
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Stock 2023 2022 Bar and shop stock 15 2023 2022 10 Debtors Trade debtors Other debtors VAT debtor Prepayments & 8¢¢rued incorne 41,445 5,315 9,254 38,083 5,369 794 11 CYedltors- amounts due within one yèar 2023 2022 Trade creditors Social securtty & other taxes Other creditors Accruals & deferred income 50.222 51,877 6,862 47,505 22,029 3,544 Deferred Income 2023 2022 Balance as al 1st August 2022 Amounts r&l8as@d lo income in the year Amounts deferred in the year 2,600 12,6001 2,150 (2, 150) Balance 8131 July 2023 2600 Deferred income includes receipts relating to the subsequent period, being income received in advance for events taking place after the year end. Page 23
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 12 Fund analysis Asat31 Jiily 2022 Asat31 July 2023 Incomlng resourGes Resources expended Transfers Unrestricted Funds General reseNés Iundesignaledl Pension Reserve 991,552 2,406,740 331200 12,600,627) 47,877 845,542 2 246 578 1586 226 2 737 940 2 800 627 1401036 RestriGted Funds students, Societies & Clubs Funds Hardship Fund SUSS Pension deficit conlribulion Other Teslricted grants Sports Fund 23,004 5032 113,458 11,022 1309,2111 112,2601 172,749 3.794 220,626 113,389 210000 1220,6261 2, 760 187,0381 210000 29,111 796 668 495 618 509 Total Funds The transfer of £220,626 from Ihe SUSS pension deficit restricted fund to unrestricted funds is to reimburse the Union for the SUSS pension deficit contributions and PPF levy il has made during the year. The transfer of £172,749 from the Students, Societies & Club5 Funds to unrestricted funds represents the additional costs absorbed by the Union. Page 24
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 12 Fund Analysis l¢ontinuedl 2022 Asa131 July 2021 Asat31 July 2022 Incoming resources Resources expended Transfe UnstrICte(l Funds General reseN6S (Undesign8ledJ Pension Roserve Speoialpmje6ts r8s8Ne 767,360 (3. 120.268) 2,295,445 542,490 {2,281,373J 210, 120 991,552 (2,577, 778) 2 351623 2 837935 2 282 658 210 120 1586 226 Rest17Cted Funds stiJcl8nl.%' Sncp6)tios & Clubs Funds H2Klsliip Fund SUSS Pension deficit contribution Ollierres1rged grants Sports Fund 124.356 1,831 89,407 15,950 (190, 759) (12, 749) 23.004 5,032 210, 120 53.191 (210, 120) 24,254 174,685) 224 934 2, 760 190 375 553 668 )3 127 Tolal Funds 612 13 Analysis of net deficit between funds Unreslricled FLJnds RestriGted Income Funds Total At 31 July 2023 Fixed Assets Current assets Current liabilities Pensions 70,340 953,S35 (178,7331 2 246 578 70,340 986,840 1178,7331 2 246 578 32,905 2022 UnTrstricled Funds Restted Income Funds Total At 3f July 2022 FIx8d A88Sts CUent Éssets Current liabilil Pensions 98,248 1,023, 126 (170,332) 2 5T7 778 98,248 f,094.432 (170,332) 2577 778 71,396 Page 25
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 14 Control Relationshlp 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 rmeeting. As such no single person or entity controls thé Union. 15 Related Partles The Union is in receipt of a recurrent grant from Brunel Universty of £1,295,970 (2022.. £7, 146,072). A further grant of £210,000 (2022." £185,000) has beer) received 1¢) facililale free sport club m&rrbership and £220,626 {2022.. £270,120) was received as a contribution towards the SUSS nsion deficit payments. Smaller restri¢ted grants are made as the need arises., in 2023 these lotallèd £124,411 12022. £69, 141). In addition, the Union occupies its building on a rent free basis under an informal license subject to the union maint8ining the building in a good state of repair. A notional value for rent in kind is included in the accounts and amounted lo £424,529 (2022." £300,000). The Union received catering compensation from the University of £108,114 (2022.. £96,426). This 18 included within bars and catering inGome on the Slalement of Financial Acliwlies. The Sabbaticals of thè Union are the members of the TTuslee Board and receive remuneration for their serviS as provided for within the Constitution. Whilst basic pay is consistent for these 4 paid Twstees, the amounts paid 3re variable due lo holiday pay. The remuneration included in the accoun15 are noted in note 7. The amount due from Brunel University al the year-end was £13,31 S (2022." £31,337 was due to Bwnel University). 16 Pension Costs student Union Superannuation Scheme 2023 2022 Provision as at 1 August Unwinding and Impact of chan e of discoLJnl rale Deficit contributions aid Provision as at 30 Ju 2,577,778 134,568 3 120,268 362, 128 196,632 2 246,578 180.362 2,577,778 The Union participates in the Student Union Superannuation Scheme, a mulli*mployer defined benefit pension scheme whose membership consists of employees of students. unions and related bodies throughout the counlry. Benefits in respect of Se]ee up to 30 September 2003 are accrued for on a "fi'nal salary. b8sis, wich benefits in respect of service fiorll l October 2003 8ccruing on a Career Average Revalued Earnings ICAREI basis, With effect from 30 September 2011 the scheme closed lo future accrual. The fund is valued al least every three years by a profession8lly qualified independent actuary with the ratè of contribution payable being determined by the Irustees on thè advice of the actuary. The emloyers share the actuarial risks associa18d with all members ofthe scheme. The Union is not legally rèsponsible for the schéme and does not have sufficient information to use defined benefit a¢Unting. Accordingty the scheme is accounted for as if it is a defined contribution scheme. Page 26
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS Penslon Costs Icontlnuedl The most valuation of the Scheme was carried OLJI as al 30 June 2022 and showed that the market value of the Scheme's assets Was £106,697,000 with these assets repwesenting 44°/. of the value of benefits that had accrued lo members aftér allowing for expected future increases in eamings. The deficit on an ongoing funding basi8 amounted lo £127,640,000. The assumptions which have thè most significant effect upon the results of the valuation are those relating lo the rale of return on invèstments and the yield on govemment bonds. The following assumptions applied al 3LI June 2022.. Discount rate- Gills curve + 1.5Vo pa. linearly changing over a term of 13 years to gilts ¢uNe + Retail price inflation IRPII- Merrill Lynch swap-implied innalion curve Consumèr price inflation pre 2030 ICPII- RPI inflation less D.7ts/0 pa Consumer price inflation post 2030 (CPII- RPI inflation less 0.1.10 pa Pension increases - A model of each increaso. allowing for Insurers, relative pricing of drfferenl caps and Collars The 2022 Valu8tion recommended 8 monthly contribution requirement by each Participating Employer expressed in monetary terms intended lo clear the ongoing funding deficit over a perrod of 13 years 7 months and will increase by 21 least 5Dlo each year. Surpluses or de(ici18 which arise al future valuations will also impact on the Union's future contribution commitment. In addition to the above conlribulions, the Union also pays its share of the Scheme's Levy lo the Pension ProteCtIn Fund. FRS102 and the Charities SORP IFRS1021, require that the charitable company share of past service shortf811 is reflected In the financial slalemenls. Based on the most recent valuatn, the charitable company contribution to eliminating the shortfall was £196,632 for the year ended 2023 {2022'. £180,362}. At 31 July 2023, the balance sheet of the Charitable company includes a liability of £2,246,57812022.' £2,577,778), which iepresenls the nel present value of all future contributions towards eliminating this shortfall. The discount rale used is 5.2Oh12022.' 3.70hl which is ctynparable lo that of the Bank of England Gilt Curve plus 1.50A per annum, changing over a term of 13 years + 0.250A per annum. The estimated liability is based on the 2022 Iriannual valualK)n of the Scheme and will nec8ssarily require rèvision after subsequent revaluations. In &dition, the Charitable company paid Pension Protection Fund Levy tsf £15.192 12022.. £12,221) during the year. Defined Contribution Pension Costs The Union also operates two defined contribution pension schemes. The assÉts of the schemes are held separalelyfrom those of the Union in independently administered funds. The pension cost Gharge represents ¢onlribulions payable by the company to the funds and amounted lo £37.974 (2022.. £39, 107)- Contributions are accounted for as part of the Union's unreslricled funds. Pension costs Ss disclosed in staff Costs note (note 61 also include Death in Service premiums. Page 27
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 17 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2023 2022 {Decreasellln¢rease in cash and nel funds In the year {161,9171 29,636 Net funds at 1 August 1005 973 976 337 NET FUNDS AT 31 JULY 18 ANALYSIS OF CHANGE IN NET FUNDS Nel funds as At l August 2022 Cash Change Netfunds as at31 Juty 2023 Cash al bank and in hand Page 28
Docusign En¥ÈlopÈ ID". C6BOFAC6-FF38-4068-9DDg-89609C068074 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 19 Comparative Statement of Financial Position Unrestrictod Fund Designaled Fund Res117cled Fund Total 2022 Income Donations.. GTrnt incDm8 Other Irading activitS.. - Advertising & marketing Inveslm&nl inGome Ch8ritable activities forstudents.. - Bar & calering Enlcrtoining Societies & clubs Olher Covid Job Rel8nlion Scheme f,446,072 464,261 1.910,333 101,443 248 101,443 248 601,606 145,376 601,606 145,376 89,407 700 89,407 700 Total income 2,295 445 2849 713 Expendilijrsp RaIng Furjds.. - Advertising and markoting Charitable Activities for students.. - Advie(4, welfare & rEpresentalion Sludent aclivities Bar & catering Ent6rtaii?ment - Transport Societies & clubs 32,941 32,941 598, 745 348, 902 779,092 211,695 726 309 272 1,285 12, 749 612,779 348,902 T79.092 211,695 726 799 650 490378 Total expenditure 2,281,373 1,285 503. 127 2, 785, 785 Decrease in pension c18fiept 542.490 542,490 Net income/(expeMditureJ 556,562 11.285) 50,541 605,818 Transfér b8tween funds 210 120 210 f 20 Nol incoming rgsoUeS after ltsnslers Fund balances broughl foThvard 766,682 2 352 908 (7,285) {159.5T9) 190 375 605, 818 2 161248 Fund balances carried forward (1,586,226) 30, 796 {1,530) Page 29