Beds SU Re8iStered company number 10823944 Charity reBistered number 1173887 BEDS SU TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDING 31st July 2024 Bed5 SU Re81stered company number 10823944 Charity registered number 1173887 CONTENTS Page Legal and Admlnlstrative Information 34 Board of Trustees, report 5-25 Independent auditors, report 26-30 Statement of financial activities 31 Balance Sheet 32-33 Statement of Cash Flows 34 Notes to the financial statements 35-50 Beds SU Registered company number 10823944 Charity re8lStered number 1173887 LEGAL AND ADMINISTRATIVE INFORMATION Charitable Status Beds SU is a charity established under the Education Act 1994. Beds SU registered with the Charity Commi55ion for England and Wales on 20t July 2017. Registered Charity Number: 1173887 Company Beds SU is a charitable company lirnited by guarantee and registered in England and Wales on 16 June 2017. Registered company number: 10823944 Board of Trustees External Trustees Tania Struetzel Daniel Login Paidamoyo Ma5hingaidze th John Dix (retired 16 December 2024) Karol Szlichcinski (appointed 17 December 2024) Unlverslty of Bedfordshire trustee Beverley Hoare Student Trustees th Flona McFeeley (retired 30 June 2024) th Minar Ahamed {appointed 16 December 2024) Marian Abbas {appointed 16th December 2024) Sabbatical Officers Ryan Murphy Iretlred 30 June 2024} Chidinma Akwada (retired 30th June 2024) th Mina Awal (retired 30 June 2024) Chidera Umeh Oluwaseyi Lowo lappointed I" July 2024) Chief Executlve Offlcer Mark Mccormack Beds SU Registered wmpany number 10823944 Charlty registered number 1173887 Registered Office University Square Campus Centre Luton Bedfordshire LUI 3JU Audltors FKCA Ltd 260-270 Butterfield Park Great Marling'5 Luton Bedfordshire LU2 8DL Bankers National Westminster Bank PLC PO Box No 33 31 George Street Luton Bedfordshire LUI 2AH Beds SU Reglstered company number 10823944 Charity Teglstered number 1173887 Beds SU Report of the trustees for the Year Ending 31st July 2024 The trustees (who are also the Directors of the Company for the purposes of company lawl present their annual Trustees, report and financial statements of the charity for the year ended 31st July 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purpose5. 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;( FRS102J as issued in October 2019. Structure overnance and mana ement 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 Universiv,) 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. Governin 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 entltled 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 15 liable to contribute £1 in the event of the Union windin8 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 Bedford5hire courses franchised to a partner institutlon In the Unlted Kingdom; students studying on University of Bedfordshire validated courses at a partner institution in the United Kingdom; staff of the University of Bedfordshire. Beds SU Re8lstered company number 10823944 Charlty re8lstered number 1173887 Bed5 SU Report OA the Tru5teesfvr the yeor ended 315tJuly 2024 (contlnued) 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 W35 established. The Board ensure that the Union is run in accordance with its governin8 documents, appllcable 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 prlorltles and associated plans. In addition, the Board considers core strategic and business risks, which are consolldated into the Risk Register, whlch Is revlewed at least quarterly. Mitigation strategies are in place to minimise the impact of risk to the organisation and include implementation of pollcles and procedures relating to financial management and Health & Safety, which are all perlodlcally 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 responsibilitie5 referred to in the Union's Memorandum and Articles of Association. The Board of Trustees receives regular reports from the Chief Executive Officer, the Offlcer Committee, the Flnance 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 Sabbatical Officer. and shall consist of no more than 12 members: not more than five Sabbatical Trustees; not more than two Student Trustees; not more than four External Trustees; and not more than one University appointed Trustee. 5t From the l July 2024 the Board of trustees is chaired by one of the Co-Presidents, an elected Sabbatical Officer, and shall con5i5t of no more than 11 members: not more than two Executive Trustees; not more than four Student Trustees. not more than four External Trustees. and not more than one University appointed Trustee. Sabbatical Officer Trustees who are elected by a cross campus secret ballot of members of the Union on an annual basis. There are four Sabbatical Officer Positions. these are paid positions and there is a two-year maximum term of office which may be either consecutive or non-consecutive years. Each Sabbatical Officer must be a student or a Sabbatical Officer at the time of their elertion. At the same time as commencing the term of ofPice as Sabbatical Officer, the Sabbatical Officer will enter a contract of employment with the Union for a term determined by the By-Laws. Frorn I" July 2024, there will be two Sabbatical Officer Trustees, and four part-time faculty officers elected. Beds SU Registered company number 10823944 Charlty registered number 1173887 Beds SU Report of the Trusteesfor the year ended 31stJuly 2024 (continued) Two Student trustees shall be appointed by a simple majority vote of the Board of Trustees provlded that the appointment of each Student trustee is ratified by a 75% majority vote of the Scrutiny committee. 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 tefm of one year commencing in accordance with the By-Laws. A Student trustee may serve a maximum of two consecutive terms. From the 15tofJuly 2024 there will four student trustees. There are four External trustees, Positions. Vacant positions are advertised publlcly. Candidates are interviewed by The Appointments Committee and are ratified by a 75% majority vote of the Scrutiny Committee. External 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. The University Appointed trustee shall be appointed by the Governing body provided that the appolntment of each University appointed trustee is ratified by a 75% majority vote of the Scrutiny Committee. University appointed trustees shall remain in office for a term of up to three years commencing in accordance with the By-Laws. Recruitment and trainin 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-80ing training as and when required. Governance meetin 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 general 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 copie5 of the Union's accounts and information about the Union's activities for the past year and ask any questions about the direttion of the Union for the future. 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. Beds SU Registered company number 10823944 Charity re8lstered number 1173887 Beds SU Report of the Trusteesfor the year ended 31stJuly 2024 (continued) Extraordlnar Members Meetln The Trustees shall have the ability to call an Extraordlnary Members Meeting as required for the consideration of non-recurring business requiring the approval of all members before the next scheduled Annual Members, Meeting li.e. alterations of the governing documents). The Members shall also have the ability to call an Extraordinary Members meeting a5 required for the consideration of a non-recurring issue, following the submission of a secure online petition of not less than 5% of those eligible to vote at such a meetlng. All full members of the Union shall be eligible to attend and vote at an Extraordinary Members Meeting. All associate members of the Unlon shall be entltled attend an Extraordinary Members Meeting with speaking rights only. No business can take place at the Extraordinary Members, Meetin8 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 Comrnission recommendations for the running of an Extraordinary Meeting wherever pratticable. Scrutin Committee 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, Offlcer Accountability le.g. they can issue santtions on behalf of membership, receive appeals against automatic sanctions.the ability to call referenda, ratify/remove Trustees and has the authority to request quarterly report5 from Trustees,) The Scrutiny Committee membership is frfteen of which four are Sabbatical Officers, six Campus Reps, four NUS, the remalnlng places reserved places for missing demographics e.g. ethnicity, level/mode of study, fee status, gender, liberation group etc. The Committee is held monthly durlng term tlme. To be quorum ten members need to be present including at least one Officer. Campus Rep and NUS delegate. st From the l July 2024 the Scrutiny committee membership is twenty five of which two are Sabbatical Officers, four Part-time Officers. five campus reps and the remaining places reserved places for missing demographics e.g. ethnicity, level/mode of study, fee status, gender, liberation group etc. To be quorum 50% of filled positions will be required to be present. The Scrutiny Committee meets six times in an academic year. Bed5 SU Registered company number 10823944 Charity re8lstered number 1173887 Beds SU Report of the Trusteesfor the yeur ended 31st July 2024 (contlnued) Officer Committee The purpose of the Office Committee meetings will be to- l. Serve as a vehicle for effective work on issues pertaining to students of the University of Bedfordshire and local stakeholders. 2. Act as a sub-committee of the Student5, Union's Board of Trustees, and will carry OLrt this purpose through: Carrying out delegated responsibilities from the Trustee Board; Devising and implementing priority campaigns; Holding each member of the Officer Committee to account: Debating and devising Union policy perspectives; Discussing policy implementation; Discussing and voting upon policies due to lapse; Reviewing and updating individual action points. Supporting one another. The membership of the Officer Committee shall be all Sabbatical Officer trustees, who all have voting rights. The chair of the Officer 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 fortnlghtly durlng term time. No buslness can take place at the Officer 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. From l July 2024 the membership of the Officer Committee will consist of the two Sabbatical and four Part-Time Officers. Scheme of dele ation Finance Sub Committee The finance sub-committee acts as a formally reco8nised sub-committee of the board which aims to provide financial scrutiny and declsion maklng on matters relating to financial management of the charity. Its purpose is to ensure sufFicient discussion and monitorln8 for the trustees to undertake their financial management responsibility and governance oversight. Beds SU Re8lstered company number 10823944 Charlty re8iStered number 1173887 Beds SU Report of the Trusteesfvr the year ended 31stJuly 2024 (contlnued) Human Resources Sub-committee: The hurnan 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 practlces 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 Leadershi 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 operatlonal 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 managlng the Health & Safety requirements of the Charity. erational Mana ement and Staffin 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, HR, commercial activities and Social Opportunities programme and the Deputy CEO Membership who is responsible for Student Representation and Student Serdices & Information . Role and contribution of volunteers The Union benefits from the contribution of a number of volunteers who fulfil key unpaid roles in the or8anisatlon including: external and student trustee5. student officers. course and faculty representatives. the Union team volunteers and general student volunteers. The union work5 to best practice to provide induction, training and out of pocket expenses to all volunteers undertaking an unpaid role at the Union. Fund Raisin The Union does not carry out significant fund-raising activities. io Beds SU Reglstered company number 10823944 Charlty reglstered number 1173887 Beds SU Report of the frusteesfor the year ended 31st July 2024 (continued) Related Parties Relationshi with the Universit of Bedfordshire The Education Act 1994 requires that the financial affairs of the unlon are properly conducted and that appropriate arrangements should exist for the approval of the Union budget and the monitoring of its expenditure by the Board of Governors, The relationship between the University and the Union is established in the regulation5 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 provide5 a range of additional support sendices including IT network and h05tlng services. The value of services in kind has been included and shown within the financial statements. The Union is currently dependent on the Universitws financial and non-financial 5UPPOrt. The Union has no reason to believe this 5UPPOrt or equivalent support will be withdrawn in the foreseeable future. Relationshi with the National Union of Students The Union is formally affiliated to the National Union of Student5. Risk Mana ement 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: Risk Identified University unable or unwilling to maintain financial statu5 quo in SU funding relationship. Inadequate physical spaces and/or presence to deliver high quality and equitable services, representation, and operations. Risk Actlon Plan Stakeholder engagement plan, Block grant proposal and Strategic measurers monitoring. CEO involvement in university planning group, Development of 'vision' of SU spaces balancing students/SU needs against UOB recruitment ambitions. Strategic planning 2025+. Student consultation. Charity is sufficiently dependent upon another organisation asto lack independence. Review of MOU, Review of reserves policy, Strategic planning 2025+. Trustee/Governor networklng. li Beds SU Reglstered company number 10823944 Charlty registered number 1173887 Beds SU Report of the Trusteesfor the year ended 31st July 2024 (contlnued) Publlc Beneflt The trustees consider this matter, in conjunction with the guidance contained in the Charity Commission's general guidance on publlc beneflt. As a registered charity, Beds SU sUPPOrts and works wlth 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 benefrt 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 reco8nlsed representative channel between students and the University of Bedfordshire and any other external bodies. Providing social, cultural, sportin& and recreational activities and forums for discussion5 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 campu5. Values To be Bold - We will be independent frorn the university whilst partnerlng wlth them: we will 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, needs, and priorities. Present-we will be with students in their life and as visible and accessible to students wherever they study. Carin - We will look out for our students: be inclusive. have their back and be helpful. 12 Beds SU Reglstered company number 10823944 Charlty reglstered number 1173887 Beds SU Report of the Trustee5for the year ended 31st July 2024 (continued) Our Ambltlon 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 brllliant student representatlves 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 lrfe easier for students with help, advice, information, care, and problem solvin and opportunities to meet other students. We are proactive in doing itl hli hts of the ear Delivered 316 events with over 10,983 students attending. Surpassed our in-class induction target of 60- delivering 91 and reaching 3,342 students. Course Reps elected increased by 144°h year-to-date (December) between 2018 - 2023. 413.5 hours of drop-in sessions delivered exceeding target for year of 300. Student Re resentation Delivering accessible feedback opportunities We continued to see an increase in engagement across our three feedback methods with 89% of students agreeing they were aware of feedback options vla the SU. We received 253 online feedback submissions in the year up from 135 (2022123}. In-person forums were further refined to offer students opportunities to join conversations on specific topics or open conversations. These included Chat for Change, campus specific, and single-issue forums both in-person and online. Delivered by our Campus Reps and Sabbatical Officers with support from member5 of the Student Voice and Advice teams these sessions ensured as a Union we could gather and deliver on feedback swiftly. The ongoing work of our Student Reps and their increased visibility be it on their campuses, courses or at social events, coupled with our ability to demonstrate delivering on student needs is reflected in increased attendance in forums, from students highlighted below alongside key wins. 13 Beds SU Reglstered company number 10823944 Charlty registered nurnber 1173887 Beds SU Report of the Trusteesfor the year ended 31stJuly 2024 (contlnued) Bedford Parking- supported a reduction in cost in parking for students. Student Accommodatlon issues-two forums for students delivered with reps from the Management group and Facilities team at UOB. Microwaves installed- Luton campus. Birmingham Campus Rep delivered Eid-lftar food packages Istudents broke fast together) Ayle5bury Campus Rep- raised awareness of Advice/Support options for students. 89% Students aware of feedback options 23 Campus Rep Meetin8s delivered. 94% Students agreed Beds SU creates positive change. 203 students reached/interactions via social opps {outlying campuses) Students Representlng Students Beds SU is proud of the on80in8 SUPPOrt and dedication so many students give their peers through taking on a number of voluntary and paid roles. Acting as key partners between ourselves, the University and their peers in roles also including Course, Network and Sabbatical leads. We welcomed an increase in Course Reps in 2023/24 with 97% roles filled, equating to 515 individual Course Reps and 550A of students reached via unique course engagement. Despite an increase in students taking on Course Rep positions, we continued to See barriers in delivering against our target of having 70% training rate amongst this set. However, small changes to the delivery on training resulted in 108 inductions taking place with 2,878 students inducted across three core ways of reaching students. Satisfaction from our students on the support they receive from the SU continued to exceed our tar8et of 80%, reaching 87% for the year. 515 Course Reps 87% students agree they are well represented on their course. 91- Student inductions delivered 3,342 Students reached in inductions. 7 in-class (outlying campusl feedback sessions delivered reaching 121 students. Building on our ambition to be more visible across all campuses, with a focus on in-class representation continued to resonate with our students with feedback shared in our annual Beds SU surrfey noting 87% of students agree they are well represented on their course. We also welcome another year of increased engagement in our 2023 Winter Student Survey with 1,426 students participating. 14 Beds SU Registered company number 10823944 Charlty reglstered number 1173887 Beds SU Report of the Tru5teesfor the year ended 31st July 2024 {contlnued) Ongolng satisfaction was also shared in the annual NSS survey with our student satisfactlon score reaching 76.6%, (above the national average Score) and an increase for the third consecutive year. We are also delighted to report that 2023124 saw a significant upllft in students joining our three Liberation networks (BAME, Disability and LGBT+}, focused on championing and support the needs of these communities throughout their university journey. totalling 102 members. Elections- Redefining the way Elected Officers work for our members 2024 marked a key change for our Officer team with the SU puttin8 into place the wishes of students. to streamline and refocus the remit of their elected, full-time paid officers. We removed the Vice-President roles, openlng roles for Co-Presidents only, with a plan of introducing four elected part-time Faculty Officers within the year. We delivered a succinct, focused campaign, building on success and learnings from the previous year to raise awareness of the importance of the role5 and how voting to elect Officers is beneficial to students seeing their rights supported. The work of our candidates and wider Beds SU team saw 21% voting turnout, exceeding our 20Yo target for the first time and 2.721 student votes. 21% turnout 2,724 Student Votes Delivering Student Rights for our members In 2023124 we continued to build our members understanding of their student rights and how as their SU, we can support them to att. This included relaunchin8 our petitions module on the Beds SU website, encouraging 5tudentS to add their voice to issues that required swift artion on matters such as Bedford campus parking fees, in which we secured reduction in cost to £10 per week. Our 202312024 Co-President Chidinma Akwada secured funds from the University to tackle perlod poverty by offering free sanltary products in our facilitie5 in the first phase on Luton and Bedford campuses. We were also able to expand our Community Pantry support across campuses as students struggled because of the Cost- of-Living increase. 15 Beds SU Re8lstered company number 10823944 Charlty registered number 1173887 Beds SU Report of the Trusteesfor the year ended 315t July 2024 (continued) This included the launch of the Bedford pantry and delivery of food packages to students in Milton Keynes, Aylesbury, and Birmingham. with plans for London Bridge in the next academlc year. Our Sabbatical Officers continued to build networks within the community to secure donations from Rotary Club, Nigerian Bedfordshire Community, United Nation5 Associations, Luton Foodbank and retiring members of UOB staff, to ensure we could maintain supplles and the service. 90% of students surveyed agreed they would seek support from Beds SU if needed. 3 petitions launched. 356 unique interactions with petitions reduction in parking fees secured for Bedford campus students. Donations to our Community Pantry received from five charities and UOB retiring staff. Social O ortunities- Enrlching our students experience with varied and inclusive social opportunities. Creating a Social Opportunlties plan for all students Dellvering social opportunities plan that can effectively cater for the needs for our diverse student community remained at the forefront of our ambitions. Through seeking regular feedback, monitorin8 event attendance, and working with students we have become more agile in our offer. Events included a Nigerian Independence Day celebration; Diwali; Black History Month, LGBT+ and Disability History events, Eid-Al-Fitr, St Georges Day, club nights, such as UV and Club Anthems, Desi and Afrobeats. Bhangra and a range of Christmas activities, including a Children's Christmas event, attended by 50 youngster5. With over 55% of our students seeking events where alcohol was not available vs. Il% reque5tin8 events with and our commuter and mature students requestln8 more daytime activities, we were able to shape a plan that also met these needs. This also lent itself to supportin8 more society focused activities including Tuesday Toast and Games night, Fllm club and trips such as Tourism & Events Society London daytrip. We also launched welcome parties for new students following inductions and for all societies enabling students to meet other members, By the end of the year, we had 60 active societies with 2,267 members {1,218 unique members). 16 Beds SU Registered company number 10823944 Charity registered number 1173887 Beds SU Report of the Trusteesfor the year ended 31st July 2024 (continued) Highlights of the year: 316 events delivered in the year. 10,983 participants 85% students agree Beds SU social Opportunities meet their needs. 92% students state Beds SU celebrates cultural diversity for students. 18 events held for International Festival of Culture (in collaboration with unlversity) 'Figures taken form the Beds SU Annual Survey Student quotes "Being port of o Society is o woy of meeting ond interocting with oll kind5 of open-minded people and widen my network" _ Abdessomod Ben ' It is great being a Society member as it is an opportunity to do activities that I would not normally have the chance to do" _ Colu5. It is worth noting that although we have seen a significant increase in attendance and satisfaction there are student groups where engagement remains low. Most notably us home Students, under 25 undergraduates, those seeking events centred around sport and large-scale evening events, coupled with students on our Bedford campus and those studying apprenticeships, under the age of 18. Student Awards- Recognising our student and staff stars Beds SU proudly delivered an opportunity for students with their friends and family and staff, to come together to celebrate the achievements of both individuals and groups, who support the student experience here at the university in 2024. Over 90 attendees joined us for a celebratory event in the Metro, Luton campus with the streaming option available to anyone who wished to join online. We had a staggering 348 nominations this year for seven awards making the decision to short-list then select the winners a difficult job for our Student Scrutiny Committee. 17 Beds SU Registered company number 10823944 Charlty reostered number 1173887 Beds SU Report of the frusteesfvr the year ended 31stJuly 2024 (contlnued) Student Servlces and Information Supportlng students throughout thelr student Journey Students accessing our Advice and Support Service ha5 continued to increase with a year-tO- date comparison of 2023 December measures to those In 2018 showing a 65% rise in enga8ement. As with other SU offers, understanding how best to support students, needs and knowledge of how to access the services has been achieved through gathering student feedback, enabling the team to flex their offer. In 2023124 this has Included extendlng drop- In sesslons, increasing opportunities for students outside of Luton and Bedford to access sessions, building our resource hub and reach out programme and increasing acce55 to our Community Pantry initiative. The results for 2023124 are evidence that these changes and others delivered by the team are resonatlng with our students, who continue to see the value in reaching out for support as outlined below: 413.5 hour5 of drop-in sessions delivered exceeding target of 300 hours. 7 in person drop-in sessions delivered on outlying campuse5. Knowledge Hub articles reach our target of 100. 83,391 student engagement with Knowledge Hub articles, doubling target for year. 89 visits to the Community Pantry We saw little change in the tOPiCS students reached out to our AdvTce team, with academic matters remaining the number one reason with 499 case5 bein8 handled within the year. These ran8ed from academic appeals, academic conduct, university complaints and progress. Finance queries remained in second place with 111 cases and housing related matters with a total of 30 cases completing the top three areas the team support Students on. Case Det811s Matter Category Academic Case Detsiis fourrt Nurnber of Casès 499 Finance 111 Housing Miscellaneous 30 Safety Wellbeing 657 18 Beds SU Registered company number 10823944 Charlty registered number 1173887 Beds SU Report of the Tru5teesfor the year ended 31stJuly 2024 (continued) 2023124 also saw the Advice and Support teamwork in collaboration with the University to deliver the 'Submit of Mitigate, campaign, informing students of the Mitigation process should they find themselves in circumstances that means due to personal circumstances they are struggling to complete an assessment on time. Working alongside 2023/24 Co-President Ryan Murphy the team also delivered a housing campaign to support, students in Polhill Halls of Residence, to have Issues related to their accommodation rectified. This included publishing an open letter to Homes for Student5 (HSF), to remind them of their legal obligations, holding a student forum for students to share initially with us their concerns, which was relayed to HFS and the facilities team at the University followed by a meeting with students and ￿preSentativeS from HFS and the University facilities team. Finance Working for students not for profit Financially, 2023124 saw Beds SU make a small Surplus. Resources were redirected from Charity Management to allow us to launch our new Social Opportunities programme and bolster the Student Services and Information service, which incorporates our Advice Service. Operations from our Metro Coffee Shop, Private Hires and Media sales saw us generate a profit of £16.7k which went to support our Core services. We continued supporting the University in their employment of international students, which enabled international students to earn £219k. Our venues not only provide a space for activities and socialising but also 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 in our communicatlons 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 £91.2k into students, pockets via salaries. Student staff quotes "Working for Beds SU hos helped me a great deal. IYS such a warm environment to work in where everyone is open and willing to help and support you. It has olso afforded me the flexibility I need as a student os well." Tomisin -working a5 C7 student stuff has been incrediblel I've developed teomwork, communication, ond time mGnagement skills, and learned that serving with a smile makes all the difference In customer-oriented service."_ Aaron 19 Beds SU Reglstered company number 10823944 charlty reglstered number 1173887 Beds SU Report OA the Trusteesfor the year ended 31stJuly2024 (continued) The Year ahead 202412515 the final year of our four-year strategic plan 'With you on your lournev. Delivering under the four pillars of our strategy: With you in your course Supporting our students in their studie5 and informing them of the role we as their SU can play in this as well as ensuring their voices are heard. Gool l.. Every student interacts with Beds SU when they start their studies and heors about how the SU benefits their educotionoljourney. Gool 2." Students learn about how their SU impocts upon their education ond con occess the SU in their physical ond virtuol clossmom space. Goal 3.. Students come together in sUPPOrt of their career and skills development. Wlth you in your student Ilfe 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 con connect and build rewarding relationships with their peers. Gool 5.. All students can access and enjoy vibrant compus communities. Gool 6.. Beds SU celebrates our Students, their achievements, ond their storles. Wlth you to creative positlve change Empowering our students to seek ways to improve their student experience and that we deliver an impactful. democratic, and representative Student Voice. Gool 7.. Students ore empowered and supported to better their student experience. Goal 8." We promote on equitable student experience ond enhances Students interests throughout. Goal 9.. Bed5 SU enables 13n impactful, democratic, und representative Student vol￿ 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 Sufosters on incluslve, carlngi and student-centred university community. 20 Beds SU Registered Company number 10823944 Charlty registered number 1173887 Beds SU Report of the Trusteesfvr the year ended 315t July 2024 (continued) Gool 11.. Students are equipped to navigate Student Life successfully. Key targets we have set In 2024125 to achieve our goals 88% of students agree they are well 130,000 Web51te Visitors {sessions} represented in their course. +5% change in unique website 90% of students aware of ways in sessions on prev. year which they can feedback via Beds SU 40Yo Open rate in email comms SU NSS 5atisfaction178% Top Social media follower5 Facebook 5.4k Quartile) Insta 3k Lead Course Rep5 100% 30 Campus visits beyond 75 % Course Reps Trained Luton/Bedford Unique Course Rep engagements 80% 95% students asked if their SU creates 60 Inductions Attended and 2,500 positive change in the University. students reached at Inductions. 8 Student issues acted upon 20 Campus replstaff meetings 1,850 voters in Sabb election5, 17% of Five in-class feedback sessions beyond students LutonlBedford and 60 students 80 % diff. in voter characteristics reached. Excellent Green Impact Award 75% of students will feel social 80 Liberation/Student Network opportunities rneet their needs as a Members 80 Student. 8 Student Petitions 8 80% Students feel Beds SU celebrates 650 Student feedback (Student Voice the cultural diversity of the student form) 650 cornmunity. 20¥ty Unique students participating in 100% of Campus Reps elected. surveys. 250 Venue events and/or cultural 90% Students who would seek activities support from Beds SU when needed. 70 Societiesl Student Communities 50% students rated SU Support 10110 120 activities ran in societieslstudent 600 Advice cases 600 communities. 130 Advice Knowledge Hub resources 1,500 Unique and 2,500 Combined 130 Society Members 350 Hours of Advice drop-ins 350 lo,0￿ Student engagements from 2,968 Student enquiries Social Opportunities programme and {help@bedssu.co.uk} 2,968 3,5LNJ unique SLA enquiry response5: First Turnover from Venues £165k response/Resolution (100% @ 2 90% Positive feedback at Café Working Days) 21 Beds SU Reglstered company number 10823944 Charity registered number 1173887 Beds SU Report of the TrusteesAor the year ended 31stJuly 2024 (contlnued) Flnancial Review Prlnclple sources of fundlng The principal source of funding is the block grant from the University of Bedfordshire £1,042,813 (2023.. £1,004,990). Total income was £1,697,622 (2023: £1,672,200) and expenditure £1,640,849 (2023: £1,629,725). Income from tradin8 activities £396.57512023'. £420,263). This resulted In a net surplus of £58,678 {2023: £46,403) on unrestricted funds and £56,773 (2023: £42,475) on total funds. We continued to process International student salaries for the University, which enabled international students to earn over £218.9K12023: £225.9k) workin8 for the university. The trustees set a breakeven budget for 2023124, and this has been achieved with a surplus of £8,447 on unre5trlcted funds. Facilities in Kind The Union occupies the University's building5 on a free ba515 under an informal arrangement. In accordance with Charities SORP (FR5102) 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 £219,434 {2023 £214,448). 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. Benefrts in respect of servlce up to 30 September 2003 are accrued on a "final salarf, basls, with benefits in respett of service from l 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.Im) 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 result5 of the June 2022 valuation, the Pension Trustees have agreed with NUS (the "Principal Employerf) that Participating unions will make deficit reduction contributions of £745,671 per month from l October 2023, increasing by 5% pa each subsequent l October to address the deficit revealed by the valuation. These contributions are expected to eliminate the shortfall in 13 years 7 months from l October 2023, which is by l May 2037. These contributions include an allowance for the expenses of running the Scheme equlvalent to £536,038 pa from l October 2023, increa5in6 at 5% each subsequent l October. 22 Beds SU Registered company number 10823944 Charlty reglstered number 1173887 Beds SU Report of the Trusteesfor the year ended 315tJuly20241continued) 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-golng funding deficit over a period of 15 year5 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 l November 2023 and will be formally revlewed followln8 completlon of the next valuatlon due with an effective date of 30th 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 a150 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 - FR5 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 2024, the pension deficit was valued at £542,264 (2023 £581,393). This is made up of £41,085 due within one year and £501,179 due after one year. The total deficit contributions paid into the scheme by the Union in respect of eligible 5t employees forthe year ended 31 July 2024 amounted to £39,129 {2023.. £37,269). The Union presently offers eligible employees the opportunity to join NEST stakeholderfs pension. Employer contributions 2024 were £24,981 (2023: £20,568). 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 obligation5 to the SUSS are through an agreed recovery plan and this has prevlously 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 fund5 or reserves to meet future pension commltments. 23 Beds SU Reglstered company number 10823944 Charlty registered number 1173887 Beds SU Report of the frusteesfor the yeor ended 31st July 2024 (continuedj Reserves Pollcv 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 excludlng the designated pension deficit. The reserve5 polioi of Bed5 SU is to maintain a level of unrestricted funds, not committed or invested in tangible asset5, which wlll enable the Union to ensure contlnuity 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 month5. The appropriate measure of free reserves is therefore net assets, less restricted and designated funds, less fixed assets attributable to unrestrirted 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 deslgnated fund (£542,264)12023; £581,393). Please refer to note 18 in the accounts for the recovery plan required to clear this deficit. To maintain the flnancial stability of the organisation, the Trustees have designated unrestricted funds to cover future yearfs depreciation charges on unrestricted fixed assets. This enables unrestricted reserves reported to reflect the cash balances of the Union more accurately and will ensure in future the purchase of fixed assets will be accounted for in the st current years funding, Total designated funds at 31 July 2024 to cover future year5 depreciation £33,948 (2023: £42,846). Although the trustees are pleased to support an enhanced maternity/paternity package for employees they also recognise the strain thls 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 31Stof July 2024 {2023: £16k). The trustees recognise the importance of providing the correct IT equipment to enable Beds SU staff to carry out their tasks efficiently. Currently the budget doe5 not include a provision forthis equipment. Therefore, the trustees consider it prudentto designate a reserve to cover future purchases of £20k at 31rtJuly 2024 (2023: £0) Total designated funds at 31" July 2023 (£472,316) (2023 (£522,547)). 24 Beds SU Reglstered company number 10823944 Charity reglstered number 1173887 Beds SU Report of the Trnsteesfor the yeor ended 31stJuly 2024 (contlnued) 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 yearfs expenditure. The current level of general unrestricted funds £354,809 (2023 £346,362) and the trustees are bulldlng towards the desired level of four months operating costs of £376,811. The reserves held at the year-end are set out in the notes to the accounts. Trustee< 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 Practicel. 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: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charity and hence takin8 reasonable steps for the prevention and detection of fraud and other irre8ulartties. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable compan(s website. Legislation in the United Kin8dom governing the preparatlon and di55emination of financial statements may dlffer from legislation in other jurisdictions. 25 Beds SU Registered company number 10823944 Charlty reglstered number 1173887 Beds SU Report of the TrusteesAor the year ended 31stJuly 2024 (continued) Statement as to dlsclosure to our auditors As far as the trustees are aware at the time of approving our trustees, annual report: there 15 no relevant information of which the charitable companV5 auditor is unaware, and 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. On behalf on the trustees Paidamoyo Mashingaidze- External Trustee Oluwaseyl owe- Sabbatical offi￿r 7 April 2025 7 April 2025 26 Beds SU Registered company number 10823944 Charity registered number 1173887 st Report of the trustees for the Year Ending 31 July 2024 REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF BEDS SU Opinion We have audited the financial statements of Beds SU (the 'charitable company'} for the year ended 31 July 2024 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: give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (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: the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 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. 27 Beds SU Reglstered company number 10823944 Charity registered number 1173887 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 whetherthere 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: the information given in the Report of the Trustees, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the Report of the Trustees has been prepared in accordance with applicable legal requirements. 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: adequate accounting and proper records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to take advantage of the small companies, exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities {set out on page 25, 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 28 Beds SU Reglstered company number 108239114 Charity registered number 1173887 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 related to 8olng 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. Audltorfs responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnanclal statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a55urance is a high level of assurance but is not a guarantee that an audlt conducted in accordance with ISAS (UK) will always detert 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 based on these financial statements. Because of the inherent limitatlons of an audit, there is a risk that we will not detect all irregularities, including those leading to a materlal mlsstatement In the flnancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission. or misrepresentation. 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 irregularlties, includin8 fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows: enquiry of management and those charged with governance around actual and potential litigation and claims. enquiry of entitystaff and the board of directorsto identify any instances of non-compliance with laws and regulations; and reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations We identified the greatest risk of material impact on the financial statements from irre8ularities, including fraud, to involve the following key risks: Related party transactions and associated disclosures. • Management bias through the overrlde of controls by management. Accuracy of the financial statements: and Revenue recognition and a550ciated disclosures. To addre55 the risk of fraud through related parties, we: 29 Beds SU Registered company number 10823944 Charlty reglstered number 1173887 obtained and reviewed all disclosed links to the charity by all relevant individuals; and reviewed all disclosures with reference to the SORP standard and Company's Act 2006. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships. evaluated journal entries to identify unusual transactions. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and investigated the rationale behind significant or unusual transactions. To address the risk of fraud through inaccuracles In the statements and disclosures, we: reviewed the draft accounts ensuring the arlthmetlc Integrity of all statements and associated notes; and reviewed all disclosures with reference to the SORP standard and Company's Act 2006. To address the risk of fraud in relation to revenue recognition, we: performed detailed substantive testing to address completeness and accuracy of income. assessed the appropriateness and application of the accounting policy concernin8 income recognition. A further description of our responslbillties forthe audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our- Work/Audit/Audit-and-assurance/standards-and-guidance/Standard5-and-guidance-for- auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for- audit.aspx. This description forms part of our auditor's report. 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 auditor5, 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. Tara Aldwin ACA {Senior Statutory Auditor) for and on behalf of FKCA Limited 260-270 Butterfield Park Great Marling5 Luton Bedfordshire LU2 8DL Date:..19 Ae.:.: 30 Beds SU Registered company number 10823944 Charfty reglstered number 1173887 STATEMENT OF FINANCIAL ACTIVITIES (Including income and expenditure) FOR YEAR ENDING 31°JULY 2024 Unrestrlcted Funds Restricted Designated Funds Funds Total 2024 Total 2023 INCOME Donatlons and grants 1,262,247 7,350 1,269,597 1,2Z4.483 Charltable activities Other trading activities Income from Investments Income from charitable actlvltles Other Income 396,575 6,192 25,058 396,575 6,192 25,Q58 420,263 3.473 20,158 200 200 3A23 Totsl income 1,690,272 7,350 1,697.622 1.672,2(10 EXPENDITURE Raising funds 681,843 4,591 686,434 733,385 Charitable activities Social Opportunities Student Representatlon Student Services & Information Members Communl¢ations Total charitable expenditure 120.934 417,405 220,013 191,399 949,751 120.934 420,697 221.385 191,399 954AIS 71.011 441,037 114,261 270.031 896,340 3,292 1.372 4,664 Total resources expended 1,631,594 9.255 1,640,849 1.629.725 Net Incomel(expenditure) 58,678 (1,9051 56,773 42,475 Transfer between funds 150,231) 50,231 Actuarial loss on defined benefit Pen5i0n scheme Net rnovement in funds 170.371) (27,896) 11,905) 50,231 56,773 RECONaLAnON OF FUNDS Total funds Bought Forward 346.362 15.615 1522.547) (160￿70) (132.674) Total funds carried forward 354.809 (472,316) (103.7971 {160,570) The Statement of Financial Attivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 31 Beds SU Reglstered company number 10823944 Charlty registered number 1173887 BALANCE SHEEr ASAT 31stJULY 2024 2024 2024 2023 Fixed assets Tangible assets 14 41.647 55,137 Current assets StDck Debtors Cash at bank and in hand 11.143 91,497 402,327 13.213 135,858 381,384 Is 504.967 530.455 Credltors: amounts falllng due wlthln one year 16 {149.233) (204.870) Net current assets 355,734 325,585 Total assets less current liabilities 397.381 380,722 Defined benefit pension scheme 17 (501.178) (541.292) Totsl net liability (103,797) (160,570) FUNDS Unrestricted funds: General fund 19 354.809 346,362 Restricted funds Designated Funds Total Funds 20 13,710 (472.316) (103.797) 15,615 (522.547) (160,570) 32 Beds SU Registered company number 10823944 Charlty reglstered number 1173887 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies, regime. The financial statements were approved by the Trustee's on the 7th of April 2025 and were Si8ned on its behalf by: Paidamoyo Mashingaidze• Trustee Oluwaseyi Lowe- Sabbatical officer Trustee 33 Beds SU Registered company number 10823944 Charity re8lstered number 1173887 STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31st July 2024 Year Ending July 2024 Year Endlng July 2023 Cash flows from operating activities: Net cash provided by operatlng activities 21 20.495 (17,353) Cash flows from Investlng actlvlties Cash flows from investing activities: Sale of tanglble fixed assets Purchase of tangible assets Net cash used in investlng actlvltles 6,192 200 (5,944) 3,473 300 (24,535) (20,762) Net Cash Flow5: 20,943 {38,115) Change In cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 20,943 (38,115) 381.384 419,499 402,327 381,384 34 Beds SU Reglstered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31" July 2024 l.Accountlng pollcles 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 {£1. Bed5 SU 15 a company limited by8uarantee 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 preparatlon and going concern basls 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 wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2015) {Charities SORP (FRS1021), the financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 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 SLJ 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 alway5 be dependent on the Universitys 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 estlmation 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 objectlves of the charlty and which have not been designated for other purposes. De5i8nated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. 35 Beds SU Reglstered company number 10823944 Charlty reglstered number 1173887 NOTES TO THEACCOUNTS (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 purposes. 1.4 Incoming Resources All incoming resources are recognised in the Statement of Financial Activitles (SOFA) when the Charity is entitled to the income, it is probable that the charity will receive it and the amount can be measured reliable. Incoming resources are not shown net of related expenditure. All incoming resources are stated net of VAT and discounts were applicable, Grants receivable from the University of Bedfordshire are recoEnised when they are receivable and in line with the payment dates. Where income is received for specific purposes but not expended during the period is shown in the relevant restricted or designated funds on the Balance sheet. Where income is received in advance of entitlement of receipt, it is deferred and included as deferred income. Where entitlement to income occurs before it is received. the income is included as accrued income. TradinE income and income from charitable activities are recognised in the accounts over the period the income relates to. Where this income relates to more than one reporting period, income wlll be deferred accordln81y. Facilities provided by the University of Bedfordshire are included at the estimated at a falr market cost/value to the charity, where this can be quantified. A fair market rent value is calculated on the square footage based on local current rates and utilities calculated on the national average of similar facilities. No amounts are included in the financial statements for services donated by volunteers. 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 basls and Is stated net of VAT where relevant. Support Costs are allocated between the expenditure categorle5 of the SOFA based on usage of the resources. Overheads, support cost5 and and other costs not directly attributable to functional activity categorles 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. 1.6 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. The applicable rate is 20-33% per annum on Fixtures, Fittings and Equipment. 36 Beds SU Registered company number 10823944 Charity registered number 1173887 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 beneflt scheme whlch 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 3Ctuary. 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 31st July 2024, the liability to the Union was calculated as amounting to (£542,264). 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 1.8 above. 1.11 Debtors Trade and other debtors are recogni5ed 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 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. 37 Beds SU Reglstered company number 10823944 Charlty registered number 1173887 NOTES TO THE ACCOUNTS (continuedj 2. Donations and grants Unrestricted Restricted Funds Funds Total 2024 Total 2023 Donations in kind Grants receivable for core activities 219,434 1,042,813 219,434 1,050,163 214,448 1,010,035 7,350 1,262,247 7.350 1,269.597 1,224.483 Donatlons In klnd Facilities in kind provided by the University 219,434 219,434 214,448 219,434 219,434 214.448 Grants re￿1vable for core activities Block grant from unlverslty Other grants 1,042,813 1,042,813 7,350 1,050,163 1,004,990 5,045 1.010,035 7,350 7,350 1,042,813 3. Other Trading Activities Income from trading Total 2024 Total Z023 The HUB Venue The Metro Kitchen The Metro Bar Int. Student recharge 22,968 31,272 106,293 124,800 48,388 38,228 218,926 225,963 396.575 420.263 38 Beds SU Registered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 4. Income from Investments Total 2024 Total 2023 Deposit account interest 6,192 3,473 5. Income from Charitable actlvities Unrestricted Funds Restricted Funds Total 2024 Total 2023 Marketing and Media 25,058 25,058 20,158 25.058 20,158 6. Other Income Unrestricted Restricted Funds Funds Total Total 2024 2023 Recharges Sale of fixed asset 3,573 200 250 200 3.823 200 200 39 Bed5 SU Re8lstered company number 108Z3944 Charlty re8lstered numbeT 1173887 NOTES TO THE AccouKfs (contlnued) 7. Expendfture on Raising Funds: Trading costs and expenses Direct costs and operatlng expenses Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 The Metro Kitchen The Metro Bar The HUB Fresherfs 2023 International student payroll 177,196 93,429 129,383 4,591 181,787 93,429 129,383 181,872 104,189 153,944 3,001 225,932 668,938 218,799 618.807 218,799 4.591 623.398 Metro Kitchen Metro Hub Venue Total 2024 Total 2023 Support Costs: Facilities provide by UOB Governance Depreciation Staff costs Other 2,873 1,916 2,052 6,841 6,190 931 1,451 15,736 5,485 26.476 620 966 10,490 ,3,658 17,650 665 1,035 11,240 3,918 18.910 2,216 3,452 37,466 13,061 63,036 1,798 3,391 38.011 15,057 64.447 8. Charitable Activities Costs Support Costs (See note 9) Direct costs Totals 2024 Social Opportunities Student Representation Student Services & Information Membership Cornmunication5 102,023 319,840 170,957 18,911 100,857 50,428 120,934 420,697 221,385 153.578 37,821 191,399 746,398 208.017 954,415 40 Beds SU Registered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 9. Support Costs Social Student Student Members Opportunities Represent Services & Communlca- ation Information tions Total Facilities provide by UOB Governance Depreciation Staff costs Other 2,052 10,945 5,472 4,104 22,573 665 1,035 11,240 3.918 18.910 3,546 5,523 59,946 20,898 100,858 1,773 2,761 29,973 10,448 50,427 1,330 2,071 22,480 7,837 37,822 7,314 11,390 123,639 43,101 208.017 10. Net Income (Expenditure) Net income/ (expenditure) is stated after charging. 2024 2023 Depreciation National Union of Students Auditor Remuneration 19,434 23,270 9,225 19,633 22,162 8,500 11. Trustees Remuneratlon and beneflts 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 five Sabbatical trustees to the Union was £100,022 {2023 £102,944} including Nl costs. Pension Benefits were paid of £2,395 (2023 £2,290) Sabbatical trustees received remuneration for their employment with Beds SU as Sabbatical Officers and received no remuneration for their trusteeship. The trustees who received payrnent during the year are as below: 41 Beds SU Reglstered company number 10823944 Charlty registered number 1173887 NOTES TO THEACCOUNTS (continued) Trustee name Remuneration recelved 2024 Pension Benefits Received 2024 Chidinma Akwada Chidera Umeh Ryan Murphy Oluwaseyi Lowo Amina Awal £21.483 £22.257 £21.483 £5,875 £21.483 £354 £667 £644 £85 £644 Travelling expenses of £109 were reimbursed to two trustee's {2023 £76) 12. Employees Total 2024 Total 2023 Wages and salaries Social Security Costs Other Pension Costs 972,853 76,733 24,982 1.074,568 932,592 75,909 20,568 1.029.069 One employee received remuneration between £70,000 to £79,999. {2023 one employee £60,000 to E69,9991 Number of employees The average number of employees during the year was: 2024 2023 number number Social Opportunities Student Representation Student Services & Information Members Communication Trading activities Administration and management Student Staff Intemational Student Staff 15 24 63 15 18 57 42 Beds SU Reglstered company number 10823944 Charlty registered number 1173887 NOTES TO THE ACCOUNTS (contlnued) 13. COMPARITIVES FOR THE sTATEmE￿r OF FINANCIAL ACTivrriES STATEMENT OF FINANCIAL AcfiviTIES (Including income and expendlture) FOR YEAR ENDING 31° JULY 2023 Unrestrlcted Restricted Designated Funds Funds Funds Total 2023 Total 2022 INCOME Donations and legacies 1,219,438 S,045 1,224,483 1,162,763 Other tradlng artlvltles 420,263 420,263 279,921 Income from Investments 3,473 171 3,473 Income frorn charltable activities Other Income 20,158 26,381 20,158 3,823 8,454 3,823 1.672,200 1,477,690 Total Income 1.667.155 5.045 EXPENDITURE Raising funds 729,349 4,036 733,385 545,175 Charitable activities Society Support Student Representation Student Advice Members Comrnunlcations Totsl charitable expendlture 68,461 438,718 114.193 270,031 891,403 2,280 2,589 68 71,011 441,307 114,261 270,03 1 896,340 60,346 400.970 112,596 311,200 885,112 4,937 Total resources expended 1.620,752 1.629.725 1,430,287 Net incomel(expendlture) 13,928) 42,475 47,403 Transfer between fvnds 145,972) Actuarial loss on defined benefit Pension scheme Net movement In funds (70.371) {70,3711 431 (3.928) (24,399) {27,896) 47,403 RECONCILATION OF FUNDS Total funds Bought Forward 345,931 19,543 {498,1481 1132,674) (180.077) Total funds carrled forward 346,362 15,615 (522.547) (160,570) (132,6741 43 Beds SU Reglstered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 14. Tangible Fixed Assets Fixture Fittings & Equipment Cost At I" August 2023 Additions Disposa15 At 31" July 2024 189,633 5,944 (43,039) 152.538 Depreciation As at 1st August 2023 Charge for the year DIsPOS31s At 31stJuly 2024 134,496 19.434 {43,039) 110,891 Net Book Value At I" August 2023 55.137 At 31$1 July 2024 41.647 15. Debtors 2024 2023 Trade Debtors Other debtors Prepayments & accrued incorne 82,613 861 8,023 91,497 126,608 1,759 7,491 135.858 Beds SU Reglstered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 16. Creditors: amounts falllng due within one year 2024 2023 Trade creditors Taxes and social security costs Other creditors Amounts held for Clubs & Societies 10,342 31,129 48,857 28,013 17,831 28,994 41,085 19,852 149,233 39,036 28,995 40,095 19,874 204,870 Defined pension Accruals Amounts held for societies represent balances held on behalf of these bodles, 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 2024 2023 Defined pension long term liability 501,178 501,178 541,292 541.292 18. Penslons 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 respett of service up to 30 September 2003 are accrued on a final salarf, basis, with benefrts in respect of service from l October 2003 accruing on a Career Average Revalued Earnings (CARE} basls. With effect from 30 September 2011 the scheme c105ed 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 £106.7rn {June 2019 £119.Im) 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 earnin8s. The defictt on an on-going funding basi5 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 salarles and pensions. 45 Beds SU Reglstered company number 108239q4 Charity registered number 1173887 NOTES TO THE ACCOUIVT5 (continued) In light of the results of the June 2022 valuation, the Pension Trustees have agreed with NUS {the "Principal Employerf) that Participating unions will make deficit reduction contributions of £745,671 per Month from l October 2023, increasing by 5% pa each subsequent l October to address the deficit revealed by the valuation. These contributions are expected to eliminate the shortfall in 13 years 7 months from l October 2023, which is by l May 2037. These contributions Include an allowance forthe expenses of running the Scheme equivalent to £536,038 pa from l October 2023, increasing at 5% each subsequent l 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. Deficlt reduction contribution5 have been apportioned between the participating unions in line with the spllt of Ilablllties accrued, apportioned by service with each union. The 2022 valuation recommended a rnonthly contrlbutlon requirement by each particlpating 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 wfth effectfrom l November 2023 and wlll be formally reviewed following completion of the next valuation due with an effective date of 30th June 2025. Surpluses or deficits which arrse at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions the Union al￿ 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 8eds SU reportin8 an Actuarial loss of £70.3k in the accounts. On 315t July 2024, the pension deficit was valued at £542,264 (2023 £581,393}. This is made up of £41,085 due within one year and £501,179 due after one year. The total deficit contrlbutions paid into the scheme by the Union in respect of ellgible employees for the year ended 31" July 2024 amounted to £39.129 (2023: £37,269). The Union presently offers eligible employees the opportunity to join NEST stakeholderf5 pension. Employer contributions 2024 were £24,98212023: £20,568). 46 Bed$ SU Registered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 19. Movement in funds Unrestrirted funds: Balances 1st Incomlng August 2023 Resources Resources Transfers Expended Balances at 31st July 2024 General Fund 346,362 1,690,272 {1,631,594) 150,231) 354,809 346.362 1,690.272 (1,631,594) (50.231) 354,809 The transfer from the general fund represents (£39,129) transferred to service the Pension liability debt1£5,944} to cover future depreciation costs, (£20,000) to cover replacement IT equipment and £14,842, from the designated fund to cover depreciation costs. Restricted funds: The income funds of the charlty Include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Balances Incoming Resources Transfers 1st August Resources Expended 2023 Balances at 315t July 2024 Green Hub UOB Grants for Learning Rep UOB Grant for Metro Refurbishment Student Pantry Grant for Sanitary Products Grant for Repcon 24 601 601 2,800 2,800 12,106 108 (4,591) (1,372) (500) {2,792) (9.255) 7,515 2,794 4,058 500 2,792 7,350 15,615 13,710 Desi nated funds: To assist with the financial stability of the organisation the Trustees designate a fund to cover the costs of future year's depreciation charges. 47 Beds SU Reglstered Company number 10823944 Charity reglstered number 1173887 NOTES TO THE ACCOUNTS (continued) Although the trustees are pleased to offer the benefrt of an enhanced maternitylpaternity package to staff they recognise the financial implication of this and have designated funds to cover the cost for one employee. Currently budgets do not include the ongoing cost of replacing staff IT equipment therefore the trustees have decided it is prudent to set up a designated fund of £20,000 to cover future costs incurred. The Pension deficit refers to the deficlt on the SUSS pension detailed under note 18. Balances Incoming Resources Transfers l August Resources Expended 2023 Balances at 31st July 2024 5t Future years depreciation charge Current years Depreciation charge Total Depreciation Fund 42,846 NOTES TO THE ACCOUNTS (continued) 42,846 5,944 48,790 114,842) (14.8421 (8.898) 33.948 Pension Deficit Total Pension Deficit {581,393) (581.393) 39,129 (542,264} 39.129 {542,264) Enhanced Maternity/Paternity pav 16,000 16,0(K) 16,000 16,000 Replacement IT equipment 20,000 20,000 20,000 Total Designated Funds (522.547) 50,231 (472.316) 48 Beds SU Registered company number 10823944 Charity registered number 1173887 NOTES TO THE ACCOUNTS (continued) 20. Analysis of net assets between funds Fund balances at 31st July Unrestrlcted 2024 are represented by: Funds £ Restricted Deslgnated Funds Funds Total Tangible Assets Current Assets 33,949 429,008 7,698 6,011 41,647 504,967 69,948 Creditors: amounts falling due within one year Credltors: amounts falling due within over one year {108,148) 141,085) (149,233) (501,178) (501,178) 354,809 13,709 (472.3151 {103.797) 21. Notes to the statement of cash flows Reconciliation of net (expenditure)/income to net cash flow from operating activltles Year Endlng Year Endlng July July 2024 2023 Net income/{expenditure) for the reporting period Facilitles in kind {Income} Facilities in klnd {Expense) Depreciation Profit on disposal of fixed assets Investment income (Increase)/decrease in stocks (Increasel/decrease in debtors Increasel(decrease) in creditors and other creditors Increasel(decrease) in defined pension 56,773 (219,434) 219,434 19,434 {200) (6,192} 2,070 44,361 (56,622) (39,129) (27,8961 (214,448) 214,448 19,633 1661 (3,473) 1857) (88,293) 50,501 33,097 Net cash provided by (used In) operating artlvitles 20,495 (17,353) 49 Beds SU Reglstered company number 10823944 Charlty reglstered number 1173887 NOTES TO THE ACCOUNTS (continued) 22. Ultimate controlllng 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 Universivs buildings on a free basis under informal arrangements. In accordance with the Charities SORP (FR5 102), the trustees have estimated the use of the building and utilities at £219,434 (2023 £214,448). 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 gr055 salaries of £218,926 {2023: £225,932) was recharged to the Unlversity. At the year-end, the University of Bedfordshire owed Beds SU £79,919 {2023 £124,118). 50