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2023-07-31-accounts

Beds SU Registered company 10823944

CHARITY REGISTRATION NO.1173887 COMPANY NUMBER 10823944

BEDS SU TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDING 315 July 2023

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Beds SU Registered company 10823944

CONTENTS

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Legal and Administrative Information 3-4
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Board of Trustees’ report 5-25
independent auditors’ report 26-29
Statement of financial activities 30
Balance Sheet 31
Statement of Cash Cash Flows 33
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Statement of Cash Cash Flows

Notes to the financial statements

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34-49
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Beds SU Registered company 10823944

LEGAL AND ADMINISTRATIVE INFORMATION

Charitable Status Beds SU is a charity established under the Education Act 1994.

Beds SU registered with the Charity Commission for England and Wales on the 20th July 2017.

Registered Charity Number: 1173887

Company Beds SU is a charitable company limited by guarantee and registered in England and Wales on the 16" June 2017.

Registered company number: 10823944

Board of Trustees

External Trustees Tania Struetzel Daniel Login Paidamoyo Mashingaidze John Dix

University of Bedfordshire Beverley Hoare trustee

Student Trustees Fiona McFeeley

Sabbatical Officers

Laura Tamara (resigned 30th June 2023) Quadri Yusuf (resigned 30th June 2023) Tabitha Ajao (resigned 30 June 2023) Ryan Murphy Chidinma Akwada (appointed 1° July 2023) Mina Awal {appointed 1 July 2023) Chidera Umeh (appointed 1°July 2023)

Chief Mark McCormack Executive Officer

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Beds SU Registered company 10823944

Registered Office

University Square Campus Centre Luton Bedfordshire LU1 3JU

Auditors

FKCA Ltd 260-270 Butterflied Park Great Marling’s Luton Bedfordshire LU2 8DL

Bankers

National Westminster Bank PLC PO Box No 33 31 George Street Luton Bedfordshire LU1 2AH

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Beds SU Registered company 10823944

Beds SU Report of the trustees for the Year Ending 31* July 2023

The trustees (who are also the Directors of the Company for the purposes of company law) present their annual Trustees’ report and financial statements of the charity for the year ended 31st July 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice (“Charities SORP”) (applicable to charities preparing their accounts in association with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS102) issued in October 2019.

Structure, governance and management

Status

BEDS SU (“the Union”) is constituted under the Education Act 1994 and is a charitable company Limited by Guarantee. The University of Bedfordshire (“the University”) takes such steps as are reasonably practicable to ensure that the Union operates in a fair and democratic manner and is accountable for its finances.

Governing Document

The Union is governed by its Memorandum and Articles of Association dated 16 June 2017 which is subject to the approval of the Board of Trustees and the Governing Body of the University of Bedfordshire.

Members of the Union

Full members are defined as each and every student of the University of Bedfordshire who have not opted out by notifying the University of Bedfordshire or the Union of their wish to not be a member of the Union; and the Executive Officers of the Union. Full members of the Union are entitled to access all services of the Union and participate in elections of the Union, provided they adhere to the Members’ Code of Conduct. Each member of the Union is liable to contribute £1 in the event of the Union winding up.

The Union shall also have the right to award Associate Membership to students in the following groups, upon request, students studying on University of Bedfordshire courses franchised to a partner institution in the United Kingdom; students studying on University of Bedfordshire validated courses at a partner institution in the United Kingdom; staff of the University of Bedfordshire.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Board of Trustees

The Union’s Board of Trustees (The Board) has the ultimate responsibility for directing the affairs of the Union. This includes ensuring that the Union is solvent, well governed and delivers the objectives for which it was established. The Board ensure that the Union is run in accordance with its governing documents, applicable laws and regulations. The Board is responsible for approving annual budgets and ensuring effective use of resources. The Board also approves the strategic direction of the organisation and monitors progress against organisational priorities and associated plans.

In addition, the Board considers core strategic and business risks, which are consolidated into the Risk Register, which is reviewed at least quarterly. Mitigation strategies are in place to minimise the impact of risk to the organisation and include implementation of policies and procedures relating to financial management and Health & Safety, which are all periodically reviewed to ensure they are compliant and meet the needs of the organisation. To these ends, the Board of Trustees may veto overturn or return to the originating body for reconsideration the decision of any Union Officer, committee, meeting or employees which would either prejudice the legal, financial or charitable objectives of the Union, or affect the Trustees ability to discharge any of their responsibilities referred to in the Union’s Memorandum and Articles of Association. The Board of Trustees receives regular reports from the Chief Executive Officer, the Executive Committee, the Finance and HR Committees and other relevant standing committees and any other relevant minutes or papers.

The Board of Trustees is chaired by one of the Co-Presidents, an elected Executive Officer, and shall consist of no more than 12 members: not more than five Executive Trustees; not more than two Student Trustees; not more than four External Trustees; and not more than one University appointed Trustee.

a) Executive trustees who are elected by a cross campus secret ballot of members of the Union on an annual basis. There are four Executive Officer positions; these are paid positions and there is a two-year maximum term of office. Executive Trustees may be either consecutive or non-consecutive. Each Executive Officer must be a student or an Executive Officer at the time of their election. At the same time as commencing the term of office as an Executive Officer, the Executive Officer will enter a contract of employment with the Union for a term determined by the By-Laws.

b) Two Student trustees shall be appointed by a simple majority vote of the Board of Trustees provided that the appointment of each Student trustee is ratified by a 75% majority vote of the Union Parliament. Each Student trustee must be a student at the time of their appointment and for the duration of their term as a Student trustee. Student trustees shall remain in office for a term of one year commencing in accordance with the ByLaws. A Student trustee may serve a maximum of two consecutive terms.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2022 (continued)

c) There are four External trustees’ positions. Vacant positions are advertised publicly. Candidates are interviewed by The Appointments Committee and are ratified by a 75% majority vote of the Union Council. External trustees shall remain in office for a term of up to three years commencing in accordance of the By-Laws. External trustees may serve for a maximum of two terms which may be either consecutive or non-consecutive.

d) The University Appointed trustee shall be appointed by the Governing body provided that the appointment of each University appointed trustee is ratified by a 75% majority vote of the Union Parliament. University appointed trustees shall remain in office for a term of up to three years commencing in accordance with the By-Laws. External trustees may serve for a maximum of two terms which may be either consecutive or non-consecutive

Recruitment and training of the trustees

All trustees are provided with comprehensive induction and training to support them in their role. Trustees are also supported in attending national events and conferences and provided with additional on-going training as and when required.

Governance meetings

Annual Members Consultation

The Union shall hold an Annual Members’ Consultation once in each academic year in such a time and place as the Trustees think suitable to allow the maximum number of members to engage, in accordance with the Memorandum and Articles of Association. For the avoidance of doubt, this meeting shall not be a genera! meeting of the Union for the purposes of the Companies Act.

The Annual Members’ Consultation provides an opportunity for the members and partners of the Union to review copies of the Union’s accounts and information about the Union’s activities for the past year and ask any questions about the direction of the Union for the future.

In order to engage the maximum number of students Annual Members Consultation the trustees have decide that this will be held digitally as an online consultation with members. This approach has seen an increase in student engagement with over 475 students taking part last year.

Extraordinary Members Meeting

The Trustees shall have the ability to call an Extraordinary Members Meeting as required for the consideration of non-recurring business requiring the approval of all members before the next scheduled Annual Members’ Meeting (i.e. alterations of the governing documents).The Members shall also have the ability to call an Extraordinary Members

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Meeting as required for the consideration of a non-recurring issue, following the submission of a secure online petition of not less than 5% ofthose eligible to vote at such a meeting. All full members of the Union shall be eligible to attend and vote at an Extraordinary Members Meeting. All associate members of the Union shall be entitled attend an Extraordinary Members Meeting with speaking rights only.

No business can take place at the Extraordinary Members’ Meeting unless 50 members eligible to vote are present. All votes shall require a simple majority to pass, except those regarding changes to the governing documents which shall require a two thirds majority.

The Union shall follow Charity Commission recommendations for the running of an Extraordinary Meeting wherever practicable.

Union Parliament

Union Parliament is the democratic, agenda-setting body of the Students’ Union which determines the collective views and policies of Beds SU members. The purpose of the Union Parliament meetings will be to act as a forum for all elected officers to come together.

The voting members of Union Parliament shall be, the Executive Committee; the Campus Liaison Officers; elected Liberation Network Chairs (or nominee) plus one additional Network member appointed by each Network Committee; elected Student Voice Champions (or nominee); elected Society Committee Chairs (or nominee); elected Sports Team Presidents (or nominee).

Union Parliament will meet a minimum of once per month. At the Chair’s discretion, any motion may be decided by secret ballot. In the event of Union Parliament not achieving quoracy, items for voting will be referred to the Executive Committee for ratification. Union Parliament will offer the provision for online collaboration to ensure that all members have the opportunity to engage with Beds SU’ democratic process. No votes will be binding at Union Parliament unless a minimum of 21 voting members are present (such is commonly referred to as “quorum"). All votes shall require a simple majority to pass unless otherwise stipulated in the Memorandum and Articles or these Bylaws; the Memorandum of Articles takes precedence in any contradiction.

Scrutiny Committee

In April 2023 the Annual Members Consultation agreed to disband Union Parliament and replace it with the Scrutiny Committee.

The Scrutiny Committee membership is fifteen of which four are Sabbatical Officers, six Campus Reps, four NUS the remaining places reserved places for missing demographics e.g. ethnicity, level/mode of study, fee status, gender, liberation group etc.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

The Committee is held monthly during term time. To be quorum ten members need to be present including at least one Officer, Campus Rep and NUS delegate.

Scrutiny Committee determines the direction the Union takes by questioning the Sabbatical Officers, implementing policy, and overall perform a year-round scrutiny of Union democratic processes. The Scrutiny Committee has the remit to Change by-laws , Officer Accountability (eg they can issue sanctions on behalf of membership, receive appeals against automatic sanctions ,the ability to call referenda, ratify/remove Trustees and has the authority to request quarterly reports from Trustees .

Executive Committee

The purpose of the Executive Committee meetings will be to: Serve as a vehicle for effective work on issues pertaining to students of the University of Bedfordshire and local

stakeholders.

Act as a sub-committee of the Students’ Union’s Board of Trustees, and will carry out this purpose through:

The membership of the Executive Committee shall be all Executive trustees, who all have voting rights. The chair of the Executive Committee will be one of the Co-Presidents of the Students’ Union. The Vice-Chair of the committee will operate on a rotating basis between the other officer trustees. The Executive Committee will meet a minimum of once per month, usually fortnightly during term time. No business can take place at the Executive Committee meeting unless 50% plus one of all voting members are present. All votes shall require a simple majority to pass. Any full member of the Union may submit questions to their elected representatives to be answered in this forum.

Scheme of delegation

Finance Sub Committee

The finance sub-committee acts as a formally recognised sub-committee of the board which aims to provide financial scrutiny and decision making on matters relating to financial management of the charity. Its purpose is to ensure sufficient discussion and monitoring for the trustees to undertake their financial management responsibility and governance oversight.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Human Resources Sub-Committee:

The human resources sub-committee acts as a formally recognised sub-committee of the board, which aims to provide scrutiny and monitoring of all aspects of employment legalisation and effective human resources governance and practices to aid the development of the Charity. Its purpose is to ensure sufficient discussion and monitoring for the trustees to undertake their human resources responsibility and governance oversight.

Senior Leadership Team Committee:

The senior leadership team committee acts as a formally recognised sub-committee of the board which aims to provide scrutiny and monitoring of the operational delivery of strategic plan, the operational plan, delivery of the boards priorities and facilitate the day-to-day management of the charity. Its purpose is to ensure sufficient discussion and monitoring for the charity to function and continually develop and improve its performance. It is also responsible for managing the Health & Safety requirements of the Charity.

Operational Management and Staffing

The Union employs a Chief Executive officer (CEO) who has the delegated responsibility for the day to day running of the organisation. The CEO sits on the Board of Trustees but has no voting rights.

Two Deputy CEO’s report to the CEO, the Deputy CEO of Resources who is responsible for the Union’s accounting and financial management systems as well as HR and commercial activities and the Deputy CEO Membership who is responsible for education and representation, advice service and student activities.

Role and contribution of volunteers

The Union benefits from the contribution of a number of volunteers who fulfil key unpaid roles in the organisation including external and student trustees: student officers: course and faculty representatives: the Union team volunteers and general student volunteers. The union works to best practice to provide induction, training and out of pocket expenses to all volunteers undertaking an unpaid role at the Union.

Fund Raising

The Union does not carry out significant fund raising activities.

Related Parties

Relationship with the University of Bedfordshire

The Education Act 1994 requires that the financial affairs of the union are properly conducted and that appropriate arrangements should exist for the approval of the Union budget and the

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Monitoring of its expenditure by the Board of Governors. The relationship between the University and the Union is established in the regulations of the University and confirmed in the Memorandum of Understanding, jointly signed by both parties. The Union receives a block grant from the University and free serviced accommodation in designated areas of the University premises in Luton and Bedford campuses. The University provides a range of additional support services including IT network and hosting services. The value of services in kind has been included and shown within the financial statements. The Union is currently dependent on the University’s financial and non-financial support. The Union has no reason to believe this support or equivalent support will be withdrawn in the foreseeable future.

Relationship with the National Union of Students

The Union is formally affiliated to the National Union of Students.

Risk Management

The Trustee Board has examined the main strategic, business and operational risks faced by the Union. A risk register has been established and is formally reviewed and updated at least quarterly. Where appropriate systems and procedures have been established to mitigate the risks that the Union faces, and these are periodically reviewed to ensure that they continue to meet the needs of the Unions.

Budgetary and internal control risks are minimised by the implementation of procedures for authorisations of all transactions and projects. Procedures are in place to ensure compliance with the health and safety of staff, volunteers and participants in all activities organised by the Union. These procedures are periodically reviewed to ensure they continue to meet the needs of the Union. The key major risks identified are:

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Risk|Action|Plan| |Succession|planning,|Review of SLT|pay| |workforce|required|to|advance|mission|and|roles,|Stakeholder engagement| |and|strategic|aims.|plan|and|SU|wide|Race|Action|plan.| |University|unable|or unwilling to|maintain|| Stakeholder engagement|plan,|Block grant| |financial|status|quo|in|SU|funding|proposal|and|strategic|measurers|monitoring.| |relationship.| |Inadequate|physical|spaces|and/or|CEO|involvement|in|University|planning| |presence to|deliver|high|quality|and|group,|Development|of|‘vision’|of SU|spaces| |equitable|services,|representation|and|balancing|students/SU|needs|against|UOB| |operations.|recruitment|ambitions.|Strategic|planning| |2025+.|Student|consultation.| |Unviability|of SU-led|Member|service|Data|collection|exercise|in|social|opportunities.| |provision|in|SU|spaces.|CEO|involvement|in|University|planning|group.| |Deterioration|in|relationship|with|Stake|holder engagement|plan.|Impact|Report,| |University which|inhibits|charity's|Officer support and|engagement frame work,| |objectives.|Bedford|Engagement|plan,|Review of MOU.|

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Public Benefit

The trustees consider this matter, in conjunction with the guidance contained in the Charity Commission’s general guidance on public benefit. As a registered charity, Beds SU supports and works with around 16,000 students who register to study at the University of Bedfordshire all of whom can directly benefit from the work of the Union. In planning our work, we test that the strategy and the primary goal of all our activities are linked to our core aims and therefore are for the direct benefit of our member students.

Objectives

The objects of the Union are the advancement of education of students at the University of Bedfordshire for the public benefit by:

Promoting the interests and welfare of students at the University of Bedfordshire during their course of study and representing, supporting and advising students. Being the recognised representative channel between students and the University of Bedfordshire and any other external bodies.

Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.

Our Vision

To bring positive change to each student’s journey and to be championed by the students, our members.

Our Purpose

To bring students together, empower their voice and advocate for a fair, equitable and rewarding student experience at every campus

Values

To be Bold - We will be independent from the university whilst partnering with them; we'll take risks and be adaptable and speak up when we need to.

Student First - Above all we will be led by the, students their interests and needs and priorities.

Present -We will be with students in their life and as visible and accessible to students wherever they study.

Caring - We will look out for, our students; be inclusive, have their back and be helpful.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Our Ambition

The SU brings clear benefit to students’ educational journey- we are with them along the way, we add value and we empower them to go further.

We have brilliant student representatives who inspire and empower other students to engage and who lead on the most important agendas affection our students.

We enable student communities and students to come together peer to peer activities, societies, representatives, student staff, our venues, Liberation campaigns etc.

We make life easier for students with help, advice, information, care and problem solving, and opportunities to meet other students. We are proactive in doing it!

Student Representation

Student Voice - Clear and accessible feedback channels continue to drive engagement

We continued to see positive engagement from our Members that sought improvements in their course and student experiences, through consistently promoting three easy ways for students to share their feedback.

This included 103 enquiries via our Feedback online channel and the delivery of 20 in person campus forums - double our target for the year — and 78 campus visits beyond Luton and Bedford campuses.

We delivered on our promise to be more visible across all campuses with our new in-class induction programme reaching just shy of 4,000 students across 60 sessions. The feedback we gathered led to us being able to deliver a number of key wins, alongside our Campus Reps, who were instrumental in delivering beneficial changes on their campuses. For example in Milton Keynes, Campus Rep Lynsey Rush secured a hot drinks vending machine for the communal area, 25% student discount for Middleton’s Steak House and a cut-price student offer at Bannatyne gym.

Elsewhere, we welcomed the University’s commitment to offer a Laptop loan scheme to students on outer lying campuses for the first time. We celebrated the introduction of a hot drinks vending machine in London Bridge, this came on the back of last year’s successful introduction of an initial vending machine, and we supported Arts and Creative Industries students in delivering their first Green Fashion Show

is

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Student Wins:

Stats:

Student Rep - Students proudly representing students

Dedication from our students stepping into representative roles reached a new high this year with 90% of our Course Rep positions filled. This equated to 406 students volunteering as peer representatives and led to 324 unique course rep engagements. This result was achievable through a unified effort across the SU, University and our students who gave their time to support their peers.

The positive impact of having a greater presence of our student reps was reflected in surveys including the NSS with the University’s and UoB being ranked the most improved University. Our own surveys saw 12.5% student participation an increase of 56% on the previous year, with 88% of students agreeing they are well-represented in their course.

Increasing our members’ understanding of their student rights was a core focus of the year, which was in part achieved through our surveys including our Cost-of-Living survey which received 1,259 student responses. Key take outs included 60% of participants expressing ‘difficulties in affording travel’ (and 73% of Bedford-based students). We took action on this by supporting the National Union of Students, (NUS), a UK wide movement for students, focused on seeking change for students on a national level, Free Transport for Students campaign to ask the Government for free transport for students.

In addition, 84% of students’ responded to the Cost-of-Living survey stating they were worried they ‘would not be able to afford basic necessities due to the rising cost of living’ and 80% agreeing that ‘the rising cost of living is having a negative impact on my studies’. We acted on these concerns by launching a community pantry in Luton offering basic food and hygiene products. The Sabbatical Officers took part in an ‘Under a Fiver’ cook-off challenge to inspire students on the ways in which they could make affordable and nutritious meals.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

The Officers also met with local MPs to get their backing of a national cost-of-living campaign that resulted in an additional £15million in student hardships grants nationwide, of which Bedfordshire students received over £200k.

This year also saw us implement ‘Chat for Change’ forums, each focused on matters brought to us by students. The sessions allowed students to participate in informal conversation with the SU to share ideas on how the SU could take matters forward on their behalf. 10 sessions were delivered within the year with further planned going forward.

Other key Student voice stats:

Elections

Our annual Student Elections are a key moment to further encourage student participation both in standing for one of four positions and voting for students they believe will best represent their needs.

Our 2023 elections mirrored the good engagement from 2022. 14 candidates stood for SU office, once again representing students from across the University’s campuses, with 57% of candidates being International and 43% Post Graduate.

We are pleased to report that voting participation from all of our campuses was achieved in the year. Broad engagement was enabled by campus-wide face-to-face interaction with students throughout the election campaign, coupled with a targeted digital campaign that saw email communications tailored to student groups, with a combined open rate of apply and vote emails of 25.01% and strategic use of our social media channels including the University of Bedfordshire Facebook group. 1,908 students’ votes, equating to a 13.5% turnout.

Elections — pull out stats

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Student Community - Enriching our students experience with varied and inclusive social opportunities

Societies

Our students’ passion for creating and participating in societies reached new levels postpandemic. We welcomed 11 new societies including the Applied Educations Blended Learning Society and The Muslimah Society, with 958 sign-ups. We are proud to report we were able to grant over £1,900 to supporting society events and activities, such as the Tourism and Events Society’s Festive World Travel Market.

It is also worth noting away from our social activities we are proud that the space we created on Facebook for our students to connect both before and during their time at university continues to grow year on year. Within the time period for this report the channel had approximately 11,880 participants an estimated increase of 2,899 on previous year. In addition our dedicated Beds SU website which offers students access to our services, events and a wealth of articles on relevant topics saw a 27% increase in unique website sessions.

Awards - Celebrating students enriching their student community

Celebrating the extra mile so many of our students go to enhance the student experience here at the university is a highlight of our year. We are pleased to report our members continue to see the importance of this event too with over 200 nominations being placed. To ensure the award ceremony could be enjoyed by as many students as possible we once again held an early evening event in the Metro Bar and live streamed via our YouTube channel for others to attend.

Student Advice -Offering support and advice to meet our students’ needs

Following previous years’ commitment to deliver a blended support service, guided by student feedback, we have continued to review and embed how we join together our support services.

New staffing structures within Beds SU this year have meant that our helpdesk teams and member relations staff now work more closely with our team of advisors. This provides a more integrated approach to advising students during their time of need.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Our help@bedssu.co.uk enquiries inbox continues to be the main gateway for students to reach us. Knowing students seek prompt support, we commit to responding to queries within two working days, no matter the query.

This year, we have responded to 3,767 enquiries and the advice service have supported with 869 student cases (an increase of 406 on previous year).'Academic' related student cases continued to be the most common reason why students sought support from our advice service, 710 cases. This was then followed by Finance, 101 cases and Housing, 32 cases.

In response to feedback from part-time students and via our Project Reach Out check-in initiative, within the year we increased the weekly drop-in sessions delivering - 277 hours’ in total — with our professional Student Advisors to include “out of hours” availability.

Typeofcase
710 (81.70%)
‘Housing
1 (0.12%)
Wellbeing 14 (1.61%)
4(0.47%)

Our “Knowledge Hub” is an online ‘help’ tool for students seeking advice and guidance on any number of matters within their unique student experience, such as housing, finance, well-being and assessments. We significantly increased the number of articles available via our online “Knowledge Hub” to 73 (up from 28), and achieved near 42,000 site visits in the year.

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Student Events - Bringing students together

This year we built on the popular events from the previous year and furthered our focus on delivering activities that celebrate the diversity of our students. We delivered 285 in-person events — an increase of 110 — including Afrobeats, Silent discos, Desibeats and a Eurovision party held across our two social spaces, The Metro Bar and Metro Café and The Hub.

Afrobeats remained one our most popular music nights in Luton and by students request we launched the night in Bedford welcoming 120 students to the first event.

Student feedback continued to inform our plans for Cultural and Awareness activities, resulting in an increase in afternoon and early evening events such as Diwali, Christmas crafting and a Festive Parent/Carer Children event. As part of Black History Month we hosted a Cornrow Demonstration and Party and Paint event. For LGBT+ History Month we introduced Drag Bingo which was well received and will return as part of our 2024 events. We screened the FIFA world cup fixtures and delivered a Varsity Party following the tournament.

Much of our multi-channel social media content complemented our social opportunities programme for students. In particular those focused on raising awareness and understanding of the cultural diversity in our university. Examples include: ‘What to Watch, Read, Listen’ article which we worked alongside the university library to deliver, by ensuring the books were available for students via the library, curated sustainability content to acknowledge Go Green week and a celebration of South Asian Heritage Awareness month.

On our outer lying campuses we focused on bringing cohorts together through lunchtime activities including crafting and quiz sessions.

Working for students not for profit

Financially, 2022/23 was a ‘break-even’ year for Beds SU.

Trading income challenges continue and The Hub continued to have a decline in bar sales with an in-year loss of £14.4k, however this loss was off set against the profits made on Media sales and The Metro operation ,so did compromise Beds SU core services.

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Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

We continued supporting the University in their employment of International Students, which enabled International students to earn almost £225k.

Our venues not only provide a space for activities and socialising but student employment. We successfully recruited and trained teams of student staff for both The Metro Bar and Metro Café, The Hub and our Bedford Helpdesk as well as offering opportunities to two individuals in our communications and marketing department. These opportunities offer work designed to flex around students’ studies; they are comparatively well-paid and on campus. Employing student staff across the organisation enabled us to put £80k into students’ pockets via salaries. To enable us to keep our prices as low as possible for students we hired out our venues on 17 occasions. As well as giving student staff the opportunity to earn extra income our hires also generated profit of over £11.2k which helps to maintain the café and social activities available to students.

Student staff quote:

“Metro is a fantastic work environment which help provide idea support for students looking for work during their study, personally working at metro has helped manage my studies around a stable work environment allowing me to manage money better and develop and improve key social skills. Working at Metro has given me many strong friendships and ensured my time at the University will always be remembered fondly.”

Matt Leaper, 3 Year Computer Science, Undergraduate

The Year ahead

For 2023/24 we will continue to deliver against our four year strategic plan ‘With you on your journey’.

Delivering under the four pillars of our strategy:

With you in your course

Supporting our students in their studies and informing them of the role we as their SU can play in this as well as ensuring their voices are heard.

Goal 1: Every student interacts with Beds SU when they start their studies and hears about how the SU benefits their educational journey.

Goal 2: Students learn about how their SU impacts upon their education and can access the SU in their physical and virtual classroom space. Goal 3: Students come together in support of their career and skills development.

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Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

With you in your student life

Delivering an engaging, inclusive programme of social opportunities and activities throughout the year with something for everyone, be it in person, online, day or night. Celebrating students’ own journeys in student life.

Goal 4: All students can connect and build rewarding relationships with their peers. Goal 5: All students can access and enjoy vibrant campus communities. Goal 6: Beds SU celebrates our students, their achievements and their stories.

With you to creative positive change

Empowering our students to seek ways to improve their student experience and that we deliver an impactful, democratic, and representative Student Voice.

Goal 7: Students are empowered and supported to better their student experience. Goal 8: We promote an equitable student experience and enhances student's interests throughout.

Goal 9: Beds SU enables an impactful, democratic and representative Student Voice at UoB.

With you when you need support

Finally, we want our students to know that we foster a caring and student-centred university community that will help them navigate all aspects of student life.

Goal 10: Beds SU fosters an inclusive, caring and student-centred university community. Goal 11: Students are equipped to navigate Student Life successfully.

We are proud that this report illustrates our progress made in the year and the ways in which we have met the four objectives we set in 2021/22:

For the year ahead we will continue to support students on the matters of greatest importance to them including the launch of a student petitions initiative to deepen the work we do alongside students on empowering their voice and call for changes. Support our

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Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

members on accessing more Mental Health support, widen our Community Pantry offering to Bedford as part of our ongoing commitment to tackling the pressures of the cost-of-living and trial a new social opportunities programme

Financial Review

Principle sources of funding

The principal source of funding is the block grant from the University of Bedfordshire £1,004,990 (2022: £966,145). Total income was £1,672,200 (2022: £1,477,690) and expenditure £1,629,725 (2022: £1,430,287). Income from trading activities £420,263 (2022: £279,921). This resulted in a net surplus of £46,403 (2022: £37,261) on unrestricted funds and £42,475 (2022: £47,403) on total funds.

We continued to process international student salaries for the University, which enabled international students to earn over £225.9K (2022:£73.4k) working for the university.

The trustees set a breakeven budget for 2022/23 and this has been achieved with a small surplus of £431 on unrestricted funds.

Facilities in Kind

The Union occupies the University’s buildings on a free basis under an informal arrangement. In accordance with Charities SORP (FRS102) the trustees include an estimated value in the accounts. This year a revaluation occurred based on current rental values and the in-kind value for the use of facilities has been estimated at £214,448 (2022 £196,618).

Pensions

The Union continues to participate in the closed Students’ Union Superannuation Scheme (SUSS), 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 valuation of the scheme carried out as at 30 June 2022 showed that the market value of the scheme’s assets was £106.7m (June 2019 £119.1m) with these assets representing 44%.

21

Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

(June 2019 46%) of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an on-going funding basis amounted to £136.6m (June 2019 £140.9m.) The assumptions which have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

In light of the results of the June 2022 valuation, the Pension Trustees have agreed with NUS (the “Principal Employer”) that Participating unions will make deficit reduction contributions of £745,671 per month from 1 October 2023, increasing by 5% pa each subsequent 1 October to address the deficit revealed by the valuation. These contributions are expected to eliminate the shortfall in 13 years 7 months from 1 October 2023, which is by 1 May 2037. These contributions include an allowance for the expenses of running the Scheme equivalent to £536,038 pa from 1 October 2023, increasing at 5% each subsequent 1 October. These contributions also include an allowance for an expense reserve of £3,000,000 to cover the estimated cost of winding-up the Scheme and completion of the GMP equalisation exercise. Deficit reduction contributions have been apportioned between the participating unions in line with the split of liabilities accrued, apportioned by service with each union. The 2022 valuation recommended a monthly contribution requirement by each participating students’ union expressed in monetary terms intended to clear the on-going funding deficit over a period of 15 years and will increase by at least 5% each year. These contributions also include an allowance for cost of the on-going administrative and operational expenses of running the Scheme. These rates applied with effect from 1 November 2023 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment.

In addition to the above contributions the Union also pays its share of the schemes levy to the Pension Protection Fund.

For accounting purposes, the SUSS is reported in accordance with the relevant accounting standard — FRS 102, where we value our pension deficit based on the discounted future cash flows of payments under the agreed recovery plan. The June 2022 valuation resulted in Beds SU reporting an Actuarial loss of £70.3k in the accounts.

On 31st July 2022 the pension deficit was valued at £581,393 (2022 £548,291). This is made up of £40,095 due within one year and £541,298 due after one year.

The total deficit contributions paid into the scheme by the Union in respect of eligible employees for the year ended 31* July 2023 amounted to £37,269 (2021: £34,131).

The Union presently offers eligible employees the opportunity to join NEST stakeholder’s pension. Employer contributions 2022 were £20,568 (2021: £15,069).

22

Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

It is important to note that the disclosure of a pension liability does not mean that the equivalent amount is already committed and is no longer available to the trustees to further the charity's objectives. Our current obligations to the SUSS are through an agreed recovery plan and this has previously been funded out of on-going income and subject to any future changes in the recovery plan being unknown, pension contributions are expected to continue to be funded from cash generated through operations. As a result of this the Trustees do not feel they need to designate any of their existing funds or reserves to meet future pension commitments.

Reserves Policy

The accounting changes from implementing FRS102 relating to pensions have a significant impact on the balance sheet of the Union. Reserves will be assessed by reference to unrestricted funds excluding the designated pension deficit.

The reserves policy of Beds SU is to maintain a level of unrestricted funds, not committed or invested in tangible assets, which will enable the Union to ensure continuity of activity and have the ability to adjust, in a measured way, to any significant changes to resources. The reserves policy recognises that reserves are necessary to maintain the day-to-day operations of the Union for a period of up to 4 months. The appropriate measure of free reserves is therefore net assets, less restricted and designated funds, less fixed assets attributable to unrestricted funds that future year’s depreciation is not accounted for in a designated reserve.

The Board of Trustees are aware that Beds SU unrestricted reserves are not currently at the desired level and to ensure the financial stability of the Union, plan to operate at a small surplus until the reserves are at the desired level.

The SUSS pension fund deficit is included as a designated fund (£581,393) (2022; £548,291). Please refer to note 18 in the accounts for the recovery plan required to clear this deficit.

In order to maintain the financial stability of the organisation, the Trustees have designated unrestricted funds to cover future year’s depreciation charges on unrestricted fixed assets. This enables unrestricted reserves reported to more accurately reflect the cash balances of the Union and will ensure in future the purchase of fixed assets will be accounted for in the current years funding. Total designated funds at 31% July 2023 to cover future years depreciation £42,846 (2022 £34,131).

Although the trustees are pleased to support an enhanced maternity/paternity package for employees they also recognise the strain this could have on Beds SU finances if a senior member of staff or multiple staff member went on maternity/paternity. Therefore they have designated to cover future maternity/paternity costs. This designated reserve was at £16k at the 31% July 2023 (2022 £16k)

23

Beds SU Registered company 10823944

Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

Total designated funds at 31% July 2023 (£522,547) (2022 (£498,148)).

By the time a project funded by restricted funds is completed its restricted reserves should be nil. All restricted project expenditure is budgeted for the whole of the project and then by financial year and any income received in advance is brought forward in reserves to cover future year’s expenditure. The current level of general unrestricted funds £346,362 (2022 £345,931) is building towards the desired level of four months operating costs of £374,502. The reserves held at the year-end are set out in the notes to the accounts.

Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also the directors of the Beds SU for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report: e there is no relevant information of which the charitable company’s auditor is unaware, and

24

Beds SU Registered company 10823944

« the trustees have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Beds SU Report of the Trustees for the year ended 31st July 2023 (continued)

On behalf on the trustees Ryan Murphy -Sabbatical officer

Chidinma Akwada — Sabbatical officer

8 April 2024

sth April 2024

25

Beds SU Registered company 10823944

Report of the trustees for the Year Ending 31* July 2023 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BEDS SU

Opinion

We have audited the financial statements of Beds SU (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. The trustees are responsible for the other information.

26

Beds SU Registered company 10823944

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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities (set out on page 19), 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters

27

Beds SU Registered company 10823944

related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

28

Beds SU Registered company 10823944

Tara Aldwin ACA (Senior Statutory Auditor) for and on behalf of FKCA Limited 260-270 Butterfield Park Great Marlings Luton Bedfordshire LU2 8DL

Date: 22. Ppel 2024.

29

Beds SU Registered company 10823944

STATEMENT OF FINANCIAL ACTIVITIES (Including income and expenditure) FOR YEAR ENDING 31* JULY 2023

Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
2023
2022
INCOME £
£
£
£
£
Donationsand legacies 2 1,219,438
5,045
-
1,224,483
1,162,763
Othertradingactivities 3 420,263
-
-
420,263
279,921
Incomefrominvestments
Incomefromcharitable
activities		 4
5		 3,473
-
-
3,473
171
20,158
-
-
20,158
26,381
OtherIncome 6 3,823
-
-
3,823
8,454
.
Totalincome		 ee
1,667,155
5,045
-
1,672,200
1,477,690
EXPENDITURE
Raisingfunds 7 729,349
4,036
-
733,385
545,175
Charitable activities 8
SocietySupport
StudentRepresentation
Student Advice
MembersCommunications
Totalcharitableexpenditure		 68,461
2,280
-
70,741
60,346
438,718
2,589
-
441,307
400,970
114,193
68
-
114,261
112,596
270,031
-
-
270,031
311,200
891,403
4,937
-
896,340
885,112
Totalresourcesexpended a
ee
1,620,752
8,973
-
1,629,455
1,430,287
eee
PES
ED,4S5
1,430,287 —
e
tJ
Netincome/(expenditure)		 eemS
46,403
(3,928)
-
42,475
47,403
Transferbetweenfunds ———————
ee
(45,972)
-
45,972
-
-
Actuarial losson defined benefit Sn
Pensionscheme
,
Netmovementinfunds		 -
-
(70,371)
(70,371)
-
$a
eee
Se
431
(3,928)
(24,399)
(27,896)
47,403
RECONCILATION OF FUNDS
TotalfundsBoughtForward		 ee
eee
345,931
19,543
(498,148)
(132,674)
(180,077)
;
Totalfundscarriedforward		 a et.
346,362
15,615
(522,547)
(160,570)
(132,674)
ee

30

Beds SU Registered company 10823944

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BALANCE SHEET

AS AT 31st JULY 2023

2023 2023 2022
£ £ £
Fixed assets
Tangible assets 14 55,137 50,470
Current assets
Stock 13,214 12,357
Debtors 15 135,858 47,565
Cash at bankand in 381,384 419,499
hand
530,455 479,421
Creditors:amounts 16 (204,870) (151,549)
fallingdue within one
year
Net current assets 325,585 327,872
Total assets less current 380,722 378,342
liabilities
Defined benefit 17 (541,293) (511,016)
pension scheme
liability
Total net liability (160,570) (132,674)
FUNDS
Unrestricted funds: 19
General fund 346,362 345,931
Restricted funds 20 15,615 19,543
Designated Funds (522,547) (498,148)
TotalFunds (160,570) (132,674)

31

Beds SU Registered company 10823944

The financial statements were approved by the Trustee’s on the 8° April 2024 and were signed on its behalf by:

Ryan Murphy -Sabbatical officer

Chidinma Akwada — Sabbatical officer

----- Start of picture text -----
j
----- End of picture text -----

STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31st July 2023

32

Beds SU Registered company 10823944

STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31st July 2023

Year Ending Year Ending
July2023 July2022
£ £
Cash flowsfrom operating activities:
Netcash provided byoperatingactivities 21 (17,353) 35,857
Cashflowsfrom Investing activities
Cash flowsfrom investing activities: 4 3,473 171.
Sale oftangible fixed assets 300 -
Purchase oftangible assets 14 (24,535) (26,483)
Net cash used in investing activities (20,761) (26,312)
Net Cash Flows: (38,115) 9,545
Change in cash and cash equivalents inthe (38,115) 9,545
reporting period
Cash and cash equivalents atthe beginning ofthe 419,499 409,904
reporting period
4
Cash and cash equivalents atthe end ofthe 21 381,384 419,499
reportingperiod

33

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31* July 2023

1.Accounting policies

1.1 General information and legal status of the Union

Beds SU is a charitable company Limited by guarantee and domiciled and incorporated in England and Wales. The registered office is detailed within the legal and administrative information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Beds SU is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.2 Basis of preparation and going concern basis

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) (Charities SORP (FRS102)), the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Companies Act 2006.

Beds SU meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant account policies.

Beds SU received a block grant from the University of Bedfordshire and occupies part of a University building. The University pays for certain utilities, security, and cleaning staff. Although Beds SU continues to generate funds from various trading activities, it will always be dependent on the University’s support.

There are no material uncertainties about the charitable company’s ability to continue as a going concern. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.3 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

34

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

1.4 Incoming Resources

All incoming resources are recognised in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Incoming resources are not shown net of expenditure. All incoming resources are stated net of VAT were applicable.

Grants receivable from the University of Bedfordshire are credited to the SOFA in the year in which they are receivable.

The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt,

its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Trading income and income from Charitable activities are recognised in the accounts in the year the activity the income relates to occurs.

Facilities provided by the University of Bedfordshire are included at the estimated cost/value to the charity where this can be quantified. A notional rent value is calculated on the square footage based on local current rates and utilities calculated on the national average of similar operations. No amounts are included in the financial statements for services donated by volunteers. Support costs are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity on a per capita body basis.

1.5 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual basis and is stated net of VAT.

Support costs are allocated between the expenditure categories of the SOFA based on usage of the resources. Overheads and other costs not directly attributable to particular functional activity categories are apportioned on a per capita body basis.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings, and equipment - 20-33% per annum

35

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

1.7 Stock

Stock is valued at the lower of cost and net realisable value.

1.8 Pensions

The Union participates in the Students Union Superannuation Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the Trustees on the advice of the actuary

Whilst the scheme operates a pooled arrangement, under FRS 102, a contractual agreement under a multi-employer defined benefit scheme to fund a past deficit should be accrued for as a liability discounted to net present value. As at 31° July 2023, the liability to the Union was calculated as amounting to (£581,393).

The Union also runs a stakeholder pension for employees with NEST with an employer contribution of 3%.

1.9 Taxation

No provision has been made in these accounts for corporation tax since the Union is exempt from such taxes as a result of having charitable status.

1.10 Financial instruments

Beds SU only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of the pension deficit which is set out in 1.9 above.

1.11 Debtors

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

1.12 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 three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

36

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

2. Donations and legacies

Unrestricted Restricted
Total
Total
Funds Funds
2023
2022
£ £
£
£
Donationsand gifts
Grants receivable forcore
activities		 214,448
1,004,990		 -
214,448
196,618
5,045
1,010,035
966,145
a
1,219,438
5,045
1,224,483
1,162,763
—ee
AOL, 103
Donations and Gifts
Facilities in kind provided
bythe University		 214,448 -
214,448
196,618
214,448
-
214,448
196,618
——————
EG,
OLE
Grants receivable forcore
activities
Blockgrantfrom University
OtherGrants		 1,004,990
-
1,004,990
946,145
-
5,045
5,045
20,000
EU
1,004,990
5,045
1,010,035
966,145
i
8G,14S
3. OtherTrading Activities
Incomefromtrading Total
Total
2023
2022
£
£
TheHUBVenue
TheMetro Kitchen
The Metro Bar
International student
recharge		 31,272
43,451
124,800
104,186
38,228
58,823
225,963
73,461
a
420,263
279,921
Se
IIE

37

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

4. Income from investments

Total Total Total
2023 2022
£ £
Deposit account interest 3,473 171
Ss
5. Income from Charitable activities
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Be Supported - - 176
Marketing and
communication 20,158 - 20,158 26,205
20,158
-
20,158
26,381
are
26,381
6. Other Income
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Recharges 3,573 - 3,573 380
Sale ofFixed Asset 250 * 250 -
Kick startgrant
Job retention Scheme
Grant		 -
~		 -
-		 -
-		 6,713
1,361
3,823
a		 =
ee		 3,823 8,454
8A

6. Other Income

38

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

7. Expenditure on Raising Funds: Trading costs and expenses

Direct costs and operating expenses

Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
The Metro Kitchen 177,836 4,036 181,872 159,105
The Metro Bar 104,189 - 104,189 109,678
The HUB 153,944 - 153,944 138,805
Fresher’s 2023 3,001 - 3,001 6,792
International student payroll 225,932 - 225,932 73,723
664,902 4,036 668,938 488,103
Metro Metro Hub Total Total
Kitchen Bar Venue 2023 2022
Support Costs: £ £ £ £ £
Facilities provide by 2,600 1,733 1,857 6,190 7,626
UOB
Governance 755 504 540 1,799 1,847
Depreciation 1,424 950 1,017 3,391 3,820
Staffcosts 15,965 10,643 11,403 38,011 33,243
Other __ 6,323 4,216 4,517 15,057 10,536
27,067 18,046 19,334 64,447 57,072

8. Charitable Activities Costs

Support
Direct Costs Totals
costs (Seenote 9) 2023
£ £ £
SocietySupport 51,408 19,334 70,742
Student Representation 325,299 116,008 441,307
Student Support 82,037 32,224 114,261
Membership 205,581 64,449 270,030
Communications
664,325 232,015 896,340

39

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

9. Support Costs

Society Student Student Members Total
Support Represent Support Communic
£ ation £ ations £
£
£
Facilities provide by 1,857 11,145 3,096 6,191 22,289
UOB
Governance 540 3,238 899 1,799 6,476
Depreciation 1,017 6,103 1,695 3,391 12,206
Staffcosts 11,403 68,420 19,006 38,011 136,840
Other 4,517 27,102 7,528 15,057 54,204
19,334 116,008 32,224 64,449 232,015

10. Net Income (Expenditure)

Net income/(expenditure) is stated after charging

2023 2022
£ £
Depreciation 19,633 27,433
National Union ofStudents 22,162 20,912
AuditorRemuneration 8,500 8,500

11. Trustees Remuneration and benefits

Payment to the Sabbatical trustees is permitted in Beds SU Constitution on the basis that not more than half of the trustees serving receive remuneration from Beds SU.

The total cost of the six Sabbatical trustees to the Union was £102,944 (2022 £92,355) including NI costs. Pension Benefits were paid of £2,290 (2022 £1,333) Sabbatical trustees received remuneration for their employment with Beds SU as Sabbatical Officers and received no remuneration for their trusteeship.

The trustees who received payment during the year are as below:

Trtistee nBnie Remuneration received
2023		 Pension Benefits
Received 2023
Laura Tamara £21,193 £511
QuadriYusuf £20,224 £482

40

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

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|||||||||| |---|---|---|---|---|---|---|---|---| |Chidinma Akwada|£5,140|£93| |Chidera|Umeh|£2,765|£83| |Ryan|Murphy|£22,449|£549| |Tabitha|Ajao|£20,743|£489| |Amina|Awal|£2,765|£83| |Travelling|expenses|of £76|were|reimbursed|to two|trustee’s|(2022|£132)|

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12. Employees

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|||||| |---|---|---|---|---| |Total|Total| |2023|2022| |£|£| |Wages|and|salaries|932,952|781,161| |Social|Security|Costs|75,909|64,102| |Other|Pension|Costs|20,568|15,069| |1,029,429|860,332|

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One employee received remuneration between £60,000 to £69,999. {2022 one employee)

Number of employees

The average number of employees during the year was:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |number|number| |Society Support|2|2| |Student|Representation|9|9| |Student|Advice|3|3| |Members|Communication|5|5| |Trading|activities|2|2| |Administration|and|management|3|3| |Student|Staff|15|15| |International|Student|Staff|18|7| |57|46|

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4i

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

13. COMPARITIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR

STATEMENT OF FINANCIAL ACTIVITIES (Including income and expenditure) FOR YEAR ENDING 31°* JULY 2022

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Designated|Total|Total| |Funds|Funds|Funds|2022|2021| |£|£|£|£|£| |INCOME| |Donations and|legacies|2|1,142,763|20,000|-|1,162,763|1,068,949| |Other trading activities|3|279,921|-|-|279,921|65,069| |Income from|investments|4|171|-|-|171|46| |Income from|charitable|5|26,381|-|-|26,381|13,335| |activities| |Other|Income|6|2,241|6,213|-|8,454|44,759| |Total|income|SEES87,690ee1,451,477EE|26,213OME|-|1,477,690|1,192,158|1,192,158| |EXPENDITURE| |Raising funds|7|541,317|3,858|~|545,175|246,727| |Charitable|activities|8| |Society Support|60,346|-|-|60,346|64,661| |Student|Representation|388,757|12,213|~|400,970|428,511| |Student Advice|112,596|-|-|112,596|137,149| |Members|311,200|-|-|311,200|312,150| |Communications| |Total|charitable|872,899|12,213|-|885,112|942,471| |expenditure| |Total resources expended|(1,414,216|16,071|~—Ss-|1,430,287|1,189,198| |Net income/(expenditure)|ee37,261|10,142|-|47,403|2,960| |Transfer between|funds|(38,855)|-|38,855|-|-| |Net movement|in funds|(1,594)|10,142|=.38,855|47,403|2,960|_|

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42

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS continued)

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |RECONCILATION|OF|FUNDS| |Tota!|funds Bought|347,525|9,401|(537,003)|(180,077)|(183,037)| |Forward| |Total|funds carried|345,931|19,543|(498,148)|(132,674)|(180,077)| |forward|ee|

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|||||| |---|---|---|---|---| |14. Tangible|Fixed|Assets| |Fixture| |Fittings &| |Equipment| |£| |Cost| |At|15 August|2022|173,323| |Additions|24,534| |Disposals|(8,224)| |At|31° July 2023|189,633| |Depreciation| |As|at|1% August|2022|122,853| |Charge|for the year|19,633| |Disposals|(7,990)| |At|31% July|2023|134,496| |Net|Book|Value| |At|1 August|2022| |50,470| |At|31% July 2023|55,137|

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43

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued

2023 2022
£ £
15. Debtors
Trade Debtors 126,608 38,400
Other debtors 1,759 1,483
Prepayments& accrued income 7,491 7,682
Vat refund - -
135,858 47,565

16. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 48,857 24,387
Taxes and social security costs 28,013 23,477
Other creditors 39,036 16,074
Amounts held for Clubs& Societies 28,995 30,047
Defined pension 40,095 37,275
Accruals 19,874 20,289
204,870 151,549

Amounts held for societies represent balances held on behalf of these bodies, these funds have been generated separately from the activities of the Union and the use of these funds is directed by the individual society. Beds SU acts as a custodian for these funds.

17. Creditors: amounts falling due after one year

----- Start of picture text -----
2023 2022
£ £
Defined pension long term liability 541,293 511,016
541,293 511,016
----- End of picture text -----

44

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

18. Pensions

The Union continues to participate in the closed Students’ Union Superannuation Scheme (SUSS), 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 valuation of the scheme carried out as at 30 June 2022 showed that the market value of the scheme’s assets was £106.7m (June 2019 £119.1m) with these assets representing 44% (June 2019 46%) of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an on-going funding basis amounted to £136.6m (June 2019 £140.9m.} The assumptions which have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

In light of the results of the June 2022 valuation, the Pension Trustees have agreed with NUS (the “Principal Employer”) that Participating unions will make deficit reduction contributions of £745,671 per month from 1 October 2023, increasing by 5% pa each subsequent 1 October to address the deficit revealed by the valuation. These contributions are expected to eliminate the shortfall in 13 years 7 months from 1 October 2023, which is by 1 May 2037. These contributions include an allowance for the expenses of running the Scheme equivalent to £536,038 pa from 1 October 2023, increasing at 5% each subsequent 1 October. These contributions also include an allowance for an expense reserve of £3,000,000 to cover the estimated cost of winding-up the Scheme and completion of the GMP equalisation exercise. Deficit reduction contributions have been apportioned between the participating unions in line with the split of liabilities accrued, apportioned by service with each union. The 2022 valuation recommended a monthly contribution requirement by each participating students’ union expressed in monetary terms intended to clear the on-going funding deficit over a period of 15 years and will increase by at least 5% each year. These contributions also include an allowance for cost of the on-going administrative and operational expenses of running the Scheme. These rates applied with effect from 1 November 2023 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment.

In addition to the above contributions the Union also pays its share of the schemes levy to the Pension Protection Fund.

For accounting purposes, the SUSS is reported in accordance with the relevant accounting standard — FRS 102, where we value our pension deficit based on the discounted future cash flows of payments under the agreed recovery plan. The June 2022 valuation resulted in Beds SU reporting an Actuarial loss of £70.3k in the accounts.

45

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

On 31st July 2023 the pension deficit was valued at £581,393 (2022 £548,291). This is made up of £40,095 due within one year and £541,298 due after one year.

The total deficit contributions paid into the scheme by the Union in respect of eligible employees for the year ended 31* July 2023 amounted to £37,269 (2022: £34,131).

The Union presently offers eligible employees the opportunity to join NEST stakeholder’s pension. Employer contributions 2023 were £20,568 (2022: £15,069).

19. Movement in funds

Unrestricted funds:

Balances 1st Incoming Resources Transfers Balances at 31st
August2022 Resources Expended July2023
£ £ £ £ £
General Fund 345,931 1,667,155 (1,620,752) (45,972) 346,362
345,931 1,667,155 (1,620,752) (45,972) 346,362

The transfer from the general fund represents £34,131 transferred to service the Pension liability debt and £16,000 to designated reserves to cover future enhanced maternity pay and £11,276 from the designated fund to cover depreciation costs

Restricted funds:

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balances Incoming Resources Transfers Balances
1stAugust Resources Expended at31stJuly
2022 2023
£ £ £ £ £
Green Hub 601 - - - 601
UOB Grants for Learning
rep 2,800 - - - 2,300
UOB Grant for Metro
Refurbishment 16,142 - (4,036) - 12,106
Student Pantry - 176 (68) - 108
UOB Grant Formula one
registration - 2,280 (2,280) - -
Accessto work grant - 2,589 (2,589) - -
19,543 5,045 (8,973) - 15,615

46

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

Designated funds:

In order to assist with the financial stability of the organisation the Trustees designate a fund to cover the costs of future year’s depreciation charges.

Although the trustees are pleased to offer the benefit of an enhanced maternity/paternity package to staff they recognise the financial implication of this and have designated funds to cover the cost for one employee.

The Pension deficit refers to the deficit on the SUSS pension detailed under note 18.

Balances Incoming Incoming Resources Resources Transfers Balances
1%*August Resources Expended at 31°*
2022 July2023
£ £ £
£ £
Future years 67,805 - - 24,533 92,338
depreciation charge
Currentyears (33,662) - - (15,596) (49,258)
Depreciation charge
Fixed Asset Disposal (234) (234)
Total Depreciation fund 34,143 = - 8,703 42,846
Pension Deficit (548,291) - - (511,120)
37,269
Actuarial losson defined (70,371) (70,371)
benefit scheme
Total Pension Deficit (548,291) - (70,371) 37,269 (581,393)
Enhanced
Maternity/Paternity pay 16,000 - - - 16,000
Total Designated Funds (498,148) - - 45,972 (522,547)
20. Analysisofnet assets between funds
Fund balances at 31ist‘* July Unrestricted Restricted Designated Total
2023 are represented by: Funds £ Funds Funds £
£ £
Tangible Assets 42,847 12,290 - 55,137
CurrentAssets 468,290 3,325 58,840 530,455

20. Analysis of net assets between funds

47

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

(164,775) (164,775) - (40,094) (204,869)
Creditors: amounts falling due
within one year
Creditors: amounts falling due - - (541,293) (541,293)
within overone year
346,362 15,615 (522,547) (160,570)
21. Statement ofcash flows
Year Ending Year Ending
July2023 July2022
£ £
Cash flows from operating activities:
Net cash provided byoperating activities 21 (17,353) 35,857
Cashflowsfrom Investing activities
Cash flows from investing activities: 4 3,473 171
Sale oftangible fixed assets 300 -
Purchase oftangible assets 14 (24,535) (26,483)
Net cash used in investing activities (20,761) (26,312)
Net Cash Flows: (38,115) 9,545
Change in cash and cash equivalents in the (38,115) 9,545
reporting period
Cash and cash equivalents atthe beginning ofthe 419,499 409,904
reporting period
Cash and cash equivalents atthe end ofthe 21 381,384 419,499
reportingperiod

48

Beds SU Registered company 10823944

NOTES TO THE ACCOUNTS (continued)

Reconciliation of net (expenditure)/income to net cash flow from operating activities

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Year|Ending|Year|Ending| |July|July| |2023|2022| |£|£| |Net|income/(expenditure)|for the|reporting|period|(27,896)|47,403| |Facilities|in|kind|(Income)|(214,448)|(196,618)| |Facilities|in|kind|(Expense)|214,448|196,618| |Depreciation|19,633|27,433| |Profit|on|disposal|of fixed|assets|(66)|-| |Investment|income|(3,473)|(171)| |(Increase)/decrease|in|stocks|(857)|(12,357)| |(increase)/decrease|in|debtors|(88,293)|(2,020)| |increase/(decrease)|in|creditors|and|other|creditors|50,501|12,844| |Increase/(decrease)|in|defined|pension|33,097|(37,275)| |Net|cash|provided|by|(used|in)|operating|activities|(17,353)|35,857| |Analysis|of cash|and|cash|equivalents|

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Cash in hand

----- Start of picture text -----
||| |---|---| |Year|Year| |Ending|Ending| |July 2023|July 2022| |£|£| |381,384|419,499|

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22. Ultimate controlling party

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

23. Related Parties

The Union receives its block grant from the University of Bedfordshire, as set out in note 2 above. The Union occupies the University’s buildings on a free basis under informal arrangements. In accordance with the Charities SORP (FRS 102), the trustees have estimated the use of the building and utilities at £214,448 (2022 £196,618).

The Union recharges the University of Bedfordshire for International student staff who are remunerated by the Union but are contracted out to work for the University. During the year gross Salaries of £225,932 (2022: £73,461) was recharged to the University.

At the year-end, the University of Bedfordshire owed Beds SU £124,118 (2022 £26,162).

49