UNIVERSITY OF EAST LONt)ON STUDENTS, UNION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REpoi¥f AND FINANCIAL STATEMEKrs FOR THE PERIOD ENDED 31 JULY 2024 Registered charity number.. 1173994 Registered company number.. 10820498 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INDEX Pagg Administratfvo Infomiation Report of tho Irustee8 Indep8nd8nt audltors, roport statement of Financlal Activitlo4 12 Balanco shoot 13 ststement of cash flow¥ 14 Prlncipal accountlng pollclos 15 Nots8 to th• financlal statsmonts UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ADMINISTRATIVE INFORMATION ADMINISTRATIVE INFORMATION Charlty number Company number 1173994 10820498 Trustees Amar Abbas Craig Bailey Dipika Gokulnath Anbarashan Jagade8san Sandra McLean R8v. Nicholas Leggett Anthony Mansfield Sai Sampath Ganesh Sangu Martin Young (chair) Archna Baskaradoss Aswin Mathew Bibin Bobachan Syed SirajLKleen appointad 01 July 2018 appointed 01 Juty 2018 appointed 01 Juty 2024 appointed 01 July 2024 appointed 01 July 2023 appointed 15 Jun8 2017 appointed 11 March 2022 appolnted 01 July 2024 appointed 1 S June 2017 appointed 01 July 2023, resigned 30 June 2024 appointed 01 July 2023, resigned 30 June 2024 appolnted 01 Juty 2023, resigned 30 June 2024 appointed 01 July 2023, resigned 30 June 2024 Chlof Ex•¢ullv• Patrlck R8llly Prfnclpal offic• 44 University Way London E18 2RD Audltor• Knox Cropper LLP 6M8 Leadenhall Street London EC3A 2AD Accountants Blue Spir8 Llmlted Cawley Priory South Pallant Chichester P019 1SY Bankern Bardays Bank PLC 737 Barking Road Plaistow London E13 9PL Solicltor8 Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Page 1 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMEWS FOR THE YEAR ENDED 31 JULY 2024 REPORT OF THE TRUSTEES The Trustees of Universty of East London Students, Union (Yhe Students, Union.) present their annual report for the period from 01 August 2023 to 31 July 2024, which indudes the legal and administrative information set out on page one, together with the audited financial statements for that ￿riod. The Trustees have adopted the provisit)ns of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities in preparing the annual report and financial ststements. The financial statements have been prepared In accordance ￿ryth the accountlng policies set out In notes to the accounts and comply with the charity's goveming document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended PractlC8 applicable to charities preparing their accounts in accordarr with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland published in October2019. Legal and ¢harltabl0 8tatus Untversity of Ea8t London Students, Union 18 a company limited by guarantee registered in England and Wales (registered number 108204981 and is a charity registered in England and Wales (registered number 1173994). The company VRS incorporated on 15 June 2017. Govornlng docum•nts The Stud8nt$' Union is constkutéd and govemod under the m8morandum and articles of association, the bye-laws and other regulations approved from time-to-time by Trustees. Those parts of the above documents relating to the Education Act 1994 which are subied to the approval of the Universty have been approved by the Univèrsity. The arti¢kg of associatlon are subject to review by the University every five yearn. Board of Tru8tOO• The StLKlent8' Union is administered by Its Board of Twstee8. The Tru8tee8 are the directors and members of the company for the purposes of Company law. In a￿rdance with the artides of assoclatlon. the Board of Trustees must consist of.. not more than three Executive Officer Trustees; not more than two StLKlent Tru8t888' not more than four Lay Trustees; not more than one tru8t8e nominated by the Univèrsty of East London {'the Univer$ity'). Three Executive Officer Truste8818tudent officers) are elected by cross-campus ballot each sprlng and seNe for term of one year from 01 July 2023: they can serve bNo Such tem78. Bibin Boba¢han, Aswin Mathew and Syed Sirajudeen served as ExecLrtive Officer Trustee3 for most of the perl¢xl. Their succe3sors, Dipika Gokulnath, Anbarashan Jagadeesan and Sai Sampath Ganesh Sangu took office on 01 July 2024. After a change In the bye-laws, ￿ further student officers were elected, but did not b8￿me trustees.. A8win Mathew and Stuii Sah. Two Student Trustees are appointed annually by the Trustees. Archna Baskaradoss and Sandra M¢Lean took office on 01 Juty 2023. M8 M¢Lean wa5 re-appointed for a second term. Ms Ba8karadoss resigned tjn 30 June 2024. Upon appointment, 911 Trustees receive a variety of information through thelr induction relating to their legal and administratlv8 obligations as trustees and diredors. Executlve Officer Trustees and Student Trustees undertake bespoke trustee training. Addltlonal briefings on specific issues are provided vthen the need arlses from timfrtO- time. The Trustees have established several sukrcommfftees to assist them in carrying out thelr duties. The su commttteès were restructured during the perir)d and there are now three SU1￿coMmittee8.. appointments cornmittee aL*Jit. finance and risk committee human resources Committee The powers and responsibilitie8 of those su￿)MMitteeS are ouulned in the bye-law8. The Su￿¢0mMittee3 report on their 3￿1Viti.eS and actions to the Trustees on a regular basis. Pago 2 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMEMfs FOR THE YEAR ENDED 31 JULY 2024 REPORT OF THE TRUSTEES Senlor management taam The Trustees delegate the day-ttrday management, the development of strategy and overall leadership of the Students, Union to the chief executive. The chief exeortive leads a senior management team to ensure effedive management of the Students, Union. These team members are regarded as being the key mana9ement personnel outside of the Trustees. Chief Executive Head of Policy and Advice Patrick Reilly Llsa Thomas Relation8hlp wlth Unlv9rs1ty of East London Under the Education Act 1994, the University must take reasonably practicable steps to ensure the Students, Union is run in a falr and democratic manner arnl that it is held to account for its finan￿8. The relationship belween th8 Students, Union and the Universiiy is established in the articles of a$s￿latIonS, the Universty's règulations. the memorandum of understanding between the organisations, and the code of practice. The Students. Unlon receives an annual grant from the Unlver81ty and part-o¢cupie$, at no cost, buildings owned by the University. The Univer81ty cov8r8 the cost of some utilities, seNlces and staff support and employs the chlef ex8cutiV8. who 18 seconded to the Students, Unton. This non-monetary support is intrlnslc to the relationship betsveen the organl&*lons and is detsiled elsewhere in this report. Romun•r•tlon A SU￿e0Mmittee of the Board of Tru8te88, the human resources committee, Is responsible for reviewing the salaries of key staff m8mbers. The committee considers relevant data from other Students. union and Gomparable organisations to as$18t ￿th their deci8ion-making in accordance wlth the pay policy. The committee makes recomendations to tho University on the ramuneration of the chlef executiv&. Alms and objocllv The Students, Union's charitablè objects are the advancement of education of students at University of East London for the public beneftt by.. promotlng the intèrests and welfare of student8 at Unlv•r$ity of East London durlNJ thelr courge of study and represènting. 8upportlng and advi8ing 8tud8nt6', bolng the recogni88d representative channel bebNeen students and Univer81ty of Ea#t London and any other external bodies., and provldlng social, cultural, sporting and recreatlonal activities and forum8 for di￿U$$I0ns and deb4te for the personal development of its students. In 2022, our vi8ion was updated to all our members having an excellent 8tudent exp8rience and our mission to us havlng a positive impact on every memberfs Student experience through 8trong communities and effective represèntatron. In pursuit of its aims for the public benefit, the Students, Union ensures the diversty of its membership is recognised, valued and supported and it ha$ established departments and services for use by it8 members and to support its work with the University and other organisations on behalf of 8tudents. Publlc bonofit In furtherance of the charity's aims and objectlves. the Trustees have complied with their duty in section 17<5) of the Charities A(* 2011 to have due regard to the Chaiity C(Thmission's published general guldance conceming the operation of the public benefit requirement under that ACL P•ge 3 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 REPORT OF THE TRUSTEES Achievomonts and perfornianco 2023124 Democracy and representation Student Leadership Committ89 The student officers and school representattves together form the student leadership Committee, the Students, Union's primary policy-making body. This is a student representation committee. rather than a govemance mmittee. None of the members during the year had been involved in the Students, Union prior to their election. We elected three student officers in spring 2023 to serve during the perlod, all of whom were new to their roles.. actlvities and opportunities officer.. Syed Sirajudeen., education officer.. Aswin Mathew" wellbeing and communty officer.. Bibin Bobachan. The elections for six school representatives in spring 2023 had mixed success, with two vacancies requlring byfr elections in autumn 2023 {")'. archliecture, CA)mwrting and enginéering.: J08eph Dobisz,. arts and creative industries: Joanna Fay8mi', buslness and law.. Jamimah Akinola; education and Communities: Madeleine Stavriano8; health, sport and biosci8nc8". Jebin Sabikunnahar. psychology: Rebecka Ranlhe. The school representative {health, 3port and blosclence) reslgned durlng the year, but It was too late in the year to organise a bye-election. The post remained unfilled for the rest of the year, wth other student representatives vering the dutie8. A$ in previous years. training involved a mix of intemal and extemal tralners, attendance at external events run by the Natlonal Unlon of Students, Wonkhe and others, brièfings from around 25 Universty 8ervice8fteam8. For student offi¢ers, the training period lasts around two months. For school r8pr8sentatives, it's around two weèks in total. student officeraction plans The student officers had individual actlon plan$ vthlch Included the following $uc¢es8es: Organising more events to Improve awarenes8 of good wellbeing and mental health, indudlng a focu8 on men's mental health.. Lobbying th8 University to Create a 8èn80ry room; Supporting students to launchlre-launch 35 student grwps., Organlslng a festlval to celebrate the ￿ltural diversity of the student body, whlch eventually became the Near and Far Festival; Provldlng more Infomiation to the Universty on students, experience relating to awarding gap and what that l¢Joks like in classrooms, exarns. etc. Lobbylng the Unlversity to create a functional, well-supported academic adviser 8y8tem,' Organising a voter registration campaign to convlnce moro students to register to vote and to get the Universty to Introduce automatic voter registration. Course representatlves We run a system of ¢our$e representatives who are central to our representation structure. The￿ are more than 500 students who volunteer an average of five hours per semester to represent their Course mates on course-related matters. This system is operated in conjunction with the Universty. It is a key solution to the University's Office for Students regulatory obligations to demonstrate that it listens to and acts on student feedback. We train. support snd advice course representatives, Kthile th8 Univ8rsity is expected to support the election process, listen to Course representatives, concems and act on them. It is generally acknowlèdged in the University that the training and support we provide lo course representatives is very good. Page 4 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMEWS FOR THE YEAR ENDED 31 JULY 2024 REPORT OF THE TRUSTEES We have a joint plan wth the University to 818Ct and train Course representatNes. More work is needed to ensure cc￿s1st8nt application of the process across the schools, which would remove delays in training and engagement. This ¢onlinues to be one of the key areas for improvemenL Governance Board of Trustees The Board of Trustees consists of ten members vtho are appointed through two different means. The elected student officers automats'cally become trustèes. There ware no changes to the extemal and Universlty staff member trustees. TV￿ new student truste8s were appointed to serve during the period. One was reappointed for a second tenn which runs until June 2025. The other completed her studies in June 2024 and was not eligible for reappointm8nt. The board's sU￿¢0MmIttee$ include trustees and Unlverslty staff induding th8 director of finance, the head of legal servic88 and a human resources business partner. Changes to electlon of student representatives Before the start of the spring 2024 elections, the Board of Trustees mad8 significant changes to the regulations to better cover the range of our studènt repre8entation wcyk and to try to improve the qualrty of candidates in electlon8. This induded: r6quSrlng a minimum m8mber8hip period beforè taking office, i.e. two 8•me8t8r8', stricter restrictions on those 8tud8nts not In good standing wth the University, e.g. falllng n￿duleS or ￿ryn9 fees., Introduclng a pr&appllcatlon tralnlng programme; presentation task for candidates to assess their knowledge and understanding on the rol8, which wo8 conducted by an Independent extemal panel., increasing the number of student officer8 trom three to flve, and updated th8 Portfolios., electing all student officers in one election ft)r the role of student officer and assigning responsibilities afte￿ardS,. introducing a gender quota of at least two women and at least men among the fiv8 positi'on8. Although similar measures are common In European students, union8 and Student asgodatlons. we believe it is unlque in th8 Unitad Kingdom. The changes appear to have improved the quality and knowledge of candidates, wlth the student officers appearing to be better prepared for the role and havlng a better under8tanding. A review will be conducted next year vthen we have more evidence. In the sprlng 2024 èléctions, 3,388 stud8nts voted, a 7% Increase on 2023. Voters rep￿sented 251 courses, 74 nationalities, and 20 different ethnicity dassifications, demonstratlng the breadth of engagement from students across the student body. 120 students attended our re8uIt8 announcement, whith was a tenfokl increase on similar events in recent years. These were mosty carKlidate8' campalgn team members. demonstrating broader engagement In the elections. Actlvltles and events Core evenls prog￿mMa We malntalned ourfouJ$ on events in the welcome periods (September 2023, January 2024, May 2024) and teachina tem) which have two objectives.. Creating a greater sense of belonging among students. Helping students to quickly make friends. We organised around 150 events across four weeks in the extended welcome period, all of which were directty relevant to our objedlves. For the second time, we organised separate welcome weeks for education and nurslng students, as they start their courses earlier. This included around 30 events across weeks, induding availing of local facilities such as the Olympic Park. Pago 6 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 REPORT OF THE TRUSTEES Ourwelcome fair is usually the blggest event of the year but, unfortunately, it clashed with strikes on public transport. It was too big to reorganise at short notice, ￿ we decided to proceed. However. we still managed to attract more than 1,000 students to visit around 70 stalls aboLrt our work, our student groupslsocietles, University services, sports clubs and some external partners. Durirvj the rest ofthe year. we organised around another 250 events covering a wide range of activities and interest$. This does not indude events organised by student groups, which added more than 100 more events of varying shapes and sizes. Our events leam. is still just one person, who also supports student groups to plan their events" this helps indivldual students, event management skills. We organised a new festival- the Near and Far Festival - which fo¢u3ed on showlng off our students, Cultures. We hosted a fair featuring ¢¢)untrylregional societies from all around the world. supplemented by stalls for the UK and East London h08ted by student representatives. student gmups/societies We supported students to launch or rfrlaunch 30 student group818OCieties. Our 8tudents' complex lives often leave little time for such activttl88, and tht8 continues to bè a Challenge and frustration for students running groups to try to maintain rrnmentum. We are working wth the Unlverslty on a potential timetabling projec* whith will. among other thlngs, seek to Improve the tim6 available for such adivitie8. Pollcy and r8gulatlon Our focus in thi8 area contlnue8 to be on two thlngs,. Engaging more students in identifying examples of go¢xI practice and area$ for Improvement, and d18cussing what 'better' looks like., Working with University services and ¥thool8 to Implement those changes. The course repre8entatlve8 w￿re central to a project we undertook to provlde much more detailed Information to the ¢omprehen8ive school reviews vthich were conducted by the Unlver81ty for the first time. Each 8chool-bas8d project was led by the relevant school representative with Support from Students, Union staff. The objective wa¥ to provide UP-to4ate schoO￿based context for the many survey r88ponses the Universfy receives. Thi8 re8utted in a report for each 8chool which addres88d the kèy parts of the review. Followng on a from a paper we wrote in the prevlous year about improving policles to better support Students, we engaged with the University to make th888 changes in policie8 and r8gulation$ and ensure they are implemented. Filness lo study. We worf. The law applicable to charities in England and Wales require$ the Trusteeg to prepare financial statements for each financial year which give a true and fair view ofthe state ofaffalrs ofthe charty and of the Incoming resouros and application of resources of the Studènts, Union for that peri(NJ. In preparing these financial statement4 the TTU$tees are required to: 8elect surtable aceourrting policies and them appty them consistently., obseNe the methods end principles in the Charities Statement of Recommended Practlc•,' make Judgements and éstimates that are reasonable and prudent., 8tat• whether applicable accounting standards have been followed, subject to any material departure8 dlsclosed and explained in the financial statements., and prepare the financial statements on the going conc6m basls unle81 it i& inapproprlat• to presume that the charity wil continue in business. The Tru8tee3 are r88ponsible for keeping adequate records that are sufficlent to show and explaln the charitys transactions, disclose with reasonable accuracy at any time the flnan¢lal position of the Charity and enable them to ensure that the ftnancial statements comply with the Charitie8 Act 2011, the Chariti88 (A¢count8 and Reports) Regulations 2008, Companies Act 2006 and the provi8lons of the Stud8nts' Union's govemlng doujments. They are also respon81ble for 8af8guarding the assets of the charity and hen&8 for taklng reasonable step$ for the prevention and detectlon of fraud and other Irregularitias. Provl•lon of Inforniatlon to Audltor8 Eoch of the p8rson8 vtho are Trustees at th8 tim8 when this TNste88' report 1$ approved has confimied: that, so far as that Tru8tee$ are aware, there is no relevant audit infomatlon of which the Students. Union. auditors are unaware., and that Trustee8 have taken all steps that ought to have been taken as a Trustee Sn order to be aware of any relevant audit infonnation needed by the Students, Union's audttors in connection with preparing their report arKI to establish that the Students, Union'8 auditors are aware of that information. Approved by the Trustees and Signed on their behalf. Martin Young Chair of the Board of Trustees Date.. lo Qcq Paga 9 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMEWS FOR THE YEAR ENDED 31 JULY 2024 INDEPENDEKf AUDrroR'S REPORT Independent Auditols Report to the Member8 of Unlverslty of East London Students. Unlon Oplnlon We have audited the financlal statements of Universify of East London Students, Union (the 'charitable company,) for the year ended 311t July 2024 which comprise the statement of financial activities, the balance sheet, the statement of c88h flows and notes to th8 financial sL2tèm8nts, 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 Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard appliGable In the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statemenl8'. give a true and fair view of the state of the charitable company's affairs as at 31m July 2024 and of its incoming resources and application of resources for the year then ended., have been properEy prepared In accordance wbth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requlrement$ of the Companies Ad 2006. Ba81s for oplnlon We conducted our audrf( In accordance ￿th Intematlonal Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our re8ponsibilities under those standards are further de$¢ribed in the Auditor's responsibilities for the audll of the financial $t8tement8 section of our report, Wo are Inde￿r￿lent of th8 charitable company in accordance with the ethical requirements that are ￿levant to our aLJdit of the finar£ial Statements in tho UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethlcal r8spon8ibilities in accordance wth these requirements. Wè believe that the audlt evld•nc6 wa hav• obtained is sufficient and appropriate to provide a basi8 for our opinion. Conclu$lon$ relating to golng concern In audltSng th8 flnancial 8tat8ment8, we have concluded that the tru8teeB' use of the golng concern basis of accounting in the preparation of the financial glatement8 Is appropriate. Based on the work we have performed, we have not identified any mat8rial uncertainties relating to events or condttlons that, individually or collectively, may cast significant doubt on the charitable company's ability to contlnue os a going concem for a period of at least months from vthen the financAal statements are authori8ed for issue. Our responsibilities and the re8pon$ibilitie8 of tho trustee¥ with re8pert to going concem are d•scrlbed In tha relevant Sectlons of thls report. Oth•r Inforniatlon The other Informatlon comprises the infomiation included in the annual report, other than the financial statement8 and our audrtorfs report thereon. The trustees are responsible for the other Inforniation. Our opinion on the financial Statements does not cover the oth8r information and, except to the extent otherwise expllcltly stated in our report, we do not express any fomi of assurance con¢lusi¢)n thereon. In ￿nneCtiOn with our audit of the financial statements, our responslblllty Is to read the other infomation and, in doing so, consider whether the other infomiation 18 materfalty inconsistent with the financial Statements or our knowFedge obtalned in the audit or otherwise appears to be malerialty misstated. If w6 identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there 1$ a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed, condude that there is a material misstatement of this other information, VR are required to report that fact. We have nothing to ￿pOrt in this regard. Oplnlons on othér matters prts¢rlbed by tho Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report, which indudes the directors, report prepared for the purposes of ompany law, for the financial year for which the financial statement$ are prepared is consistent with the financial statements,. and Page 10 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE Y84R ENDED 31 JULY 2024 INDEPENDENT AUDITOR'S REPORT the directors. report included within the trustees, r8POrt has been prepared in accordancè wlth applicable legal requirements. Matters on whlch ￿ ara requIr￿ to rèport by exception In the light of the knowledge and understanding of the charltsble company and Its environment obtained in th8 course of the audlt. we have not identified material misstatements in the dire(a(K5' report included within the tru8tee3' report. We have nothlng lo report in respect of the following matters in relation to which Compani85 Act 20(￿ rnquires us to report to you rf. in our opinion.. adequate acmuntlng records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the finan¢ial statements are not In agreement with the accounting recC￿d8 retums: ar certaln dl8do8ures of tru8te8s' romuneration specified by law are not made; or wo have not received 41 the information and explanatlons we roqulro for our audit; or the trustees vmre not entitled to prepare the financlal statements in accordanc• with the smal comparies reglme and tak6 athrfarrtage of the small conyaniè8' •xamption8 in preparing a 8trategic rewL R•8pon81bllltl8s ol trn8teés . As explained more fully in the tru8tees' re8pon$ibilities statement, the trustees (who are also the dlrectors of the charitable company for the purpo888 of company law) are responsitle for the preparation of the financial thtements for beiry salisfwd that they give a true and fair view. and for Intemal control a8 the tru8tee8 d8temiine18 necessary lo enabl• Iho preparatlon of financlal 8tatemen18 that are fre• from malerial ml8Statement, whether due lo fraud or error. In wepalNJ the flnanclal Statements, the trustees ara respon¥ik4e for a$se8$ing the coryany's ability to ¢ontlnue as a going concem, di8c103in9, as appucable, matter8 related to aoing conc8m and using the golng concem ba81$ of acojuntlng unl088 th8 tru8tees either intend to liquidate the company or fto cea8e operatlon8, or have no roa118tlc altemative but to do 80. A￿￿11t0￿ • mpon•lbllltlo9 for the audlt of tho flnanclal 8tat•m•nts Our objeclives we to obtaln reasonable as8uranc8 about vthether tha fnancial statements as a whole are free from materlal mlssL*ement. th6ther the to fraud or error, and to i88ue an auditorf$ report that indudes our oplnlon. Rea80nable assurance 18 a high level of assurance Ixrt18 not a guaranlee that an a￿lIt conducted in aLwrdance with ISA8 (UK) ￿11 afvRys detect a material misstatement when it exists. MissLitement8 Can arlse from fraud or error and are considered material rf, individually or in thè aggregate, they could reasonabty be expected to Infiuence the •corKmlc ded8lon8 of users taken on the ba813 of the￿ ffiancial 8tatemerts. Irregularltle8, Indudlng fraud, are instan¢e8 of nonJ8 #nd $wi¢•8 In order to raise fund¥ and 18 recognised vth•n •ntittement has occurred. Incomè from oov•mmènt 8nd other grants are rewgnis•d at fair valu• whw th• ¢harlty h8$ •ntitt¢ment after any performancè co￿litionS have been met. It Is probatAe Ihat tho Incom8 wlll bo rocdv•d and the amount can be moasur•d rolla￿y. If &niiU¢menl 1$ not m•t then thesè amounts ara d6fe(red. Invostmant Income 18 •arned through holdlng 88set8 fr*r Investment pUrF￿¥S such a8 8h3re8 and eash deposits. 11 indudes dividends and interest. ￿knere it is not practicable to identify investment management co¥ts 1n￿jrred within 8 scheme wllh re8gon¥ble ¥c￿raCY the Invèstment incijme is reported net of these ￿st$. 11 is ind￿led when the amount can be measured r8llably. Inl•resl income is recognis•d Using thè ￿¥9 int8r8st method and dividand incom8 is recognised as the charlty's right to receive payrnenl is estsblished. Page 16 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES Re¢ognltlon of expondlturè All expenditure ig accounted for on an accruals basis and has been da8sffied under headings that aggregats all costs related to the tatw. Expenditure is reeognised where there is a legal or construcbve obligafjon to make payments to third parties, il is probable that the 8eWement 11 be requbred gnd the arnount of the obligation can be measured reliably. It 1$ categorised under the following h•adlng8'. Expendltur• on chBritabl8 Actl￿tIeS,, thl¢h In¢lud•s r))Sts In furth•rarKe of th• ¢harity'$ O￿a¢ts 8nd ¢o$ts to support thos• a¢tlvltl&s Support¢ost alloutltY> Support costs ar& thos& that assist th& w¢rk of the charity bui d) not dlre¢Uy f￿r¢s￿nI Charitable acti￿7110$ and 1ndL￿e office costs. govem8nc4 CQBts, adrnini8tr8tive payroll costs. They are incuThed threcuy In 8w)port of expenditur8 on th? objects of the ¢hartty and include project rnanagement. Wnere support costs cannot be dire¢Uy attributed to partKular heading$ they have been allocAt•d to •yndituw on ¢horftsbl• acbvltl&8 on a b0818 con8lst¥nl with of the re8ource8. Govom8ncg co3t3 Gov•man¢o ￿t8 comprtu th& ¢08ts a88oNalèd with tho gov8man¢8 •rr8ngemont8 of the charity and include audit fees. legal advice lif any) lor trugtees. cKJsls associated wlth constitutional Bnd 8totutory requlromentg and arty cost5 associalgd with the stratsgic as oppos•d lo the day to day managoment ot the charfty's a8s•ts. Donat•d 8•rvkM and fac511tl•• The UnIver￿ty of Ea51 London provideB the charfty wSlh ofke 8pac* the 8ervices of the Ch1￿ Ex•uJUv8 Offl¢er it no charg•. As rwulr•d by SORP 2019, th• dDnalion ol the89 facilrllg¥ ¥nd aervlrA¥ is IndUd￿ *$ an in¢oming r•Sour￿ and a matching oulgolng resource within the $tat•m•nl olffinandal adivlU•$ 81 th• IN$t•O$' •81Smil• of Iha6rv41u• to thtr ¢harfty. Ernploygo ben8flts When employees hAV8 ronder8d gervice to the charity, short-term 13mF4oy8e benefits to vthith th& èmploy•es aro entI￿ad a￿ ro¢oonigad Il the undl8ccwnted 4mounl exp&ctgd lo be paid in lor that sorV￿O. Th• ¢h•rity OP•T4t•$ 8 doll￿d contrtbu￿on pkn lor lh• ben￿1 of Its •rnpIoY￿. Contrfbuttms 8r• •xpong¢d a$ they b•wne p•y#blt. P•n¥lon ¢o•ts UnlvorBIty of East London Students, Unlon partldpat•s In the Student8, Unkn Superannuatlon SGh•m•, * dtrf nèd ben•fft 8d)em• whl¢h 18 extgm¥lly fvndgd and c<>ntract8d out of th• Sl¥lg Sewnd Pen8ion. Th• fund 1$ valugd at I￿￿1 three ygars by a profe95iorwlty qual￿•d independent actuary with the r¥le8 uf contributlon payable being d•ternined by the Fensbon schern• Iw$t••8 on the advice of the actuary. The Scheme operates as a pooled arrgngemen( whh contributions pa•J al a centrglly goreed rate. As a consequen¢fr, no Share ol Ihe under4￿.ng a$$&1$ 9nd ligbilili98 con bg dlre¢tly attrtbubd to Llnivgrsity of Easl London Slud•nl8' Unlon. Under th• l•m8 of FRS 102. the di8¢O￿ted present v8lu¢ of fvlurè cash flows undèr a dekil fimding arrnngemenl 1$ indudod a8 a Ilabillly in thè$e arwuntB the chgngg in that valuadon Irom year to year is taken to the stslement of finandal activknes. th effect from 30 Sopternbor 2011 the 8cheme was ch)68d tr) fvjiurn a¢xN81. P&ym8nt8 to the Slud*nts' Union Super8nnualon S¢h¢m• rA)ntinued after the closure of the scheme in the form of d8ful lundlng and lovies. The Union also tsperato$ • defin•d ts)nlribulbn Fenslon sthomo and tho wnlicfi ￿rge repre8ent5 tho 8m¢unts payoble by the company to the fund in regP8Ct of the year. Differances contribulom payable In the yeor and contribulicns actually pald arts •hown a6 erthor Nal$ or pr•p8ym*nts ir th• ba19n￿ 8he•t. T￿atIon The charty Is txnshjered to pas5 the tests set out In sedlons 521 to 538 Incorne Tax Act 2007 IITA 20071, as 8uth Incom• tax Is poyabl• on th• ¢h8rty's A￿￿08. All le85es are operating le4$?$ and the annual rent8ls are charpod to tho IrKorne $rt*J expendllufe account on a 4lr4ight Iln8 basis over the Ilf of thè1è8s•. Page 17 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES Tanglblg Flxod As60t8 Tangible fixed assets, costing mow than £1,000, ara statad at eost less ￿umulAted d•pradatlon and acLumulated inwiment hjsses. Cog1 in￿deS directly attributable to rnaking the 839et capabje of oper¥ling 8$ intended. Depretyation is rAovided on 811 tangible fixed assets. al rale8 (alculatsd to write off Ihe c081. les8 e5timat•d r•sldual value, of oath osset on * 6yStemats'c basi5 over its expected useful life Bg follow$'. Clubs, and societies, equipm8nt - 33.33Yo reducAng balance Cornputer equiprrenl - 20% per annvm on cost Fixtur¢8 and ffittings - 10%.20% redu¢ino balance Dgbtors and cr•dltor8 rgc&lvablo I payablg wlthln ono ygar Debiors and creditor8 With no ststed intere8t rats and rec￿1v￿b1e or paya￿8 wlthin one year ar• recorded at trgn88Ctlon price. Any losses from Imp8imi¢nt 8ro recognised In expendllure. Cash and ¢•sh oqulvalent• C88h And cash equivalents comprfse eAsh on h8nd and call dèposits. and other 8hc¥t-twm htghly Iqu5d Inve8tmen18 that are reathly cOn￿rt￿blO to a krknvn amourt of cash and 8re •ubi•¢t to an insionifi¢ant rigk ol ¢hange In Yalue. Fund •cGountlng General funds are unr8Strieted lunds which are available for al th• di8u8tion of the tr￿1•￿$ in lurtherBnc• ol th& g•Mral obje¢tive8 Df th• ¢h8rty and ¥thlch have not been dè$lgnatsd for othèr wrp)8è8. D•wJn•l•d *Jnds ar• lund$ get 44ld• by the tr￿110$ lo ￿ u8•d al Ih•ir dlKMlon In frJrilwranc• of on• or mor6 #pec￿￿ purp08•$ In furtherance of Ihg obigcis. R?stslctgd fvnrl¥ 8re fund3 whith ar• to be used In accordance ￿th 8pedfi¢ re8t￿tIC￿5 Imposed by donor$ or raised by th8 charfty for particular pwposes. The cost of rai8ing and administertng such hjnds is thwrged Ag8inst the 8podflc fund. The airn and w of eath r•BtrSctsd fund gra set out in the notes to the financAAI statements Page 18 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Donatlons and1ggacle$ Yèar 8nd¢d 31 July 2024 Total Fund• Year endgd 31 July 2023 Total Fund Unrè$trl¢ted Fund• Rostrlcted Funds Unr•strletsd Funds R￿trIct¥d Fund8 Bltr* gr•nt Donated fjerylce8 and facilities 1,004,481 217,017 1,004,481 217.017 ,221.498 912,025 207,937 1.119,96 912.025 207.937 1,119,96 Donated services and facAlities tompris•s provision by uni￿r¥itY of frjlly ¥•rviced 8P8ce to the Students, Unlon at a valu• lo the Union eslim4led al 23￿ per square rnetre and the provision of serviceB for th8 supply of the Chief Execu￿¥0 Officer. The trustso9 re9ard thls as an appropriatè ba818 for determining value to the charity. 2. Income Irom charllabl• actlvlllei Y•ar •nd•d 21 Juty 2024 Tot•1 Fun Y•ar •ndod 31 July 2023 Total Fund• Unr••trlct•d Fund• RMlrlct•d Fund• Unr••trfet•d Fund• R••trlct•d Fund• Balls And events ￿n￿me Sodetles income Oth&r Income 3,839 3,339 2,809 2,705 11,404 2.509 2,705 11,404 7,369 7.369 3. Inv•Jth)ent Income Y￿r ondgd 31 July 2024 Totsl Fund• Y•ar •nd•d 31 July >)23 Total Fund• Unrn8trlct•d Fund• Re•trl¢t•d FundB UnM•trlGt•d Fund• R￿trIct•d Fund• Bank Interest Rac8lv8d 17,743 17,743 7,74 4,701 4,701 Page 19 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 4. Expgndlture on charhablg actSvltl8$ Y•ar •nd¢d 31 July 2024 Total Fund Oth•r dlr•¢t costs Support cost8 Inot• 61 Staff costs Student Advi(* Shop8 and Bars Carnpaigns and Comms Events and Entertainrnents C￿b&, AfFiliats'on8 souets.es Irfrstrictodl 1.410 31,312 25.479 58,201 12 110,152 21 195.922 675,982 85.770 295,921 379.577 380.987 141,940 407,179 830,1 Go Legal and wofe85ional fe88 Oth&r g0veman￿ ¢08ts 8,460 19,899 28,369 22,082 22,082 41.981 50,441 380.987 170.299 429.261 980,547 Unre8trtcted Re$lrlcAed 380,987 170,299 429,261 980,647 Y•ar •nd•d 31 July 2023 Total Fun Oth•r dSrn¢t t￿ts Support ¢￿t$ Staff student Advicè Shop8 4nd 8ar8 Cgmpalgno Bnd Comm8 Events and Entertalnment8 ClubB, Affili8tion$ Soo'•lle$ Ir•strktedl 24,516 26.016 50.531 132 65.834 3,165 140 91,087 316.370 272 176,921 814,492 294,957 294,957 113,646 433,813 842.216 Legal and prof*￿1¥nO1 lees Othèr oov•rnance costs 7.800 17,328 25,128 7.800 43,994 51,794 28,686 26,666 294,957 138.774 460,279 Unrestri¢tèd Restricted 294,957 138,774 480,279 894,010 294, Page 20 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 5. Support cost• Year endod 31 J￿Y 2024 Total Fund$ Yèarwdgd 31 July 2023 Total Funds oth•r dlr¢¢t e¢$t8 Staff costs dlre¢t costs Chèrlfèblè activrfi Student Advic Retsil Campalgns ond Comms Oemocratic R8pr•s8ntstlth Events and Entertainments Clubs. Affiliations Soc48ties Ire$lri(trJl 25,479 25,479 355 25,861 26,016 138 140 85,770 295,921 85,770 295,921 1,241 4,311 89,846 312,059 91,087 316.370 407.179 407,179 S.909 427,704 433,613 Govemanta 22,082 22,082 363 26,303 26,666 .27 In¢1￿￿ed in other direct costs above is donatod s&Nlces and 18c410ts"0$ 01 £217.017 (period to 31 July 2023.. £207,937) whlch has b8•n appotl'ongd in line other gupport ￿$ts aj staled In thB acuuntsng ppllcy. This relate5 to the provlgl¢n by tho Univershy of fvlly 4th¢ed 8pac* to the Students, Unlon 01 a value to the Unkjn 88timatsd at £300 square metre th• prO￿510n of Bervi￿8 lor the Jupply of the Chief Executs've Officer. 6. PgMlon ¢h•rg•• Yur ond•d 31 July 2024 Totsl Funds Y￿r •nd•d 31 Juty 2023 Totsl Fund• Unr•$trl¢l•d Funds R¢$trl¢tsd Fund• Unr•itrfct•d Fund• R•strt¢t•d Funds Pensi￿ charge 122,655 122,655 301,354 301.364 Further InfDrrnallon on the penslon d￿dt Is gI￿n In not•5 13 17. 7. Audltor•' rwnun•rntlon Y•ar end•d 31 July 2024 Totsl Fundi Y•ar •nd•d 31 July 2023 Total Fund• Unmtrbct•d R•strlct•d Fund• Fund• Unr•8trl¢t•d Funds R•8trlct•d Fund Curronl year 8,460 7,800 Page 21 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 8. W•gès anl salary cost Y•ar ond•d 31 July 2024 Totsl Fund• Y••r ènded 31 Juty 2023 Total Funds Gms wagès EmployeI5 national InsuranrA rAJBts Pension costs Pension dofial ¢har90 422,297 35.703 17,659 122,655 59 269,747 20,683 11.595 301,354 The avorage numb8r ol employee8 during tha pariod und•r r•viw vrds.. Y•ar 8ndod 31 July 2024 Y•ar •nded 31 Juty 2023 Asse588d on an avergge headcount ba￿$ 16 Thwe were no employe06 With emolument8 laxcluding employer penslon c08ts1 ab)vo £60,000 In th58 Qr th& precedlng year Thts nurnber of stsff to whom retlrement benefit8 are accruing under definod contrbbutlon Khem•8', Yur •ndod 31 J￿V 2024 Ygfjr ond•d 31 July 2023 Managern•nl Student $8rvic•8 9. R•l•t•d party tMn•iGtlon* Th• unlon's 8abbaUcal offlc•rB mcelv•d employee benefits lotalling £95,844 in tho period under r￿fjw, a$ authori8td under the charity's ?￿mIng dowmenl, for the work they undgrtako in lurtheroncs of th¥ eh8dty'$ Obj￿ rather than for cgrrylnG out their re$pon*'bililies 88 trustèès as 8et out balow. 8•14ry Employ•e• Nl Pgn•lon Total Sabb81ts1 to Juty 2024 Syed Sirajudeen Aswin Mathew al￿n Bob8¢han Sabbatlul from July 2024 Dipika Gokulnath Anbaraghan J8gadoesan S¥1 Sampath Sangu 25.033 28,500 25,033 2,304 2,678 2,304 1,010 1.083 1,010 28,347 32.261 28.347 2,167 2.167 2,167 2,361 2,167 2,361 Sabbatical officwB woro feimbur8ed £270 for travel and subsi$torKe tsxpenw durfng th• p8rfod under review (period to 31 July 2023.. £NIII. Durirtrj the year 912023.. 1} tru5tses had expenses ￿1￿ for by tha Charity totslling £4.50412023.. £2971 in relation to travd a￿a subslsten¢*. In addwon to the employee benefits received by the union's sabbatical officer8 the 8erMor managernent t•am, whlth make up the rernaining key rn8npgeM￿I pèrsonnèl, recèivèd èmployea bènèfrts totslirwJ È58.471 indusNe of salary, employer national insurance eontribution8 and ern￿$￿ pension contributions. During the year 112023.. 01 MeM￿r of ihe mana9&ment tearn was raimbursed oxpenses totallirfj £385 12023". £Nill for Iru$tee megJng refr¥$hments. Page 22 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 10. FIX￿ a$80ts Club and socl•tfj•s •qvipm•nt Computèr *qulpm•nt Flxture8 & lfittlngs TOTAL Cost At 31 July 2023 Addl￿OnS Oi5posals Al 31 July 2024 2,e67 43,229 59,$42 14,564 88,207 4,765 50,661 59,542 121.7671 88,436 2,438 229 4.765 L)apmclelion AcLumulatsd at 31 July 2023 Charge for the ye4r On dispwls M 31 July 2024 1498 27,789 7,950 4,785 35,052 8,006 12,438 11e 4,765 21,175 21,291 Net bcuk value al 31 July 2024 113 67,032 67,145 Net book valu• gt 31 July 2023 169 11. D•btor• 31 July 2024 T¢l•l Funds 31 Juty 2023 Totsl Fund• Trndo debtor8 Prepayments and ac£Ned incom Other dèbtor8 2,500 3,530 5,810 12. Cr•dltorn 31 Jufy 2024 Total Funds 31 July 2023 Total Fund• Trade creditors ArLruals SorA41 security Other rxedittys P8nEion li8lmlity (Gurrono 1,650 14,805 2,558 442 92,758 3,913 15,479 87,922 Page 23 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 11 CreditOTS due after more than one y9ar 31 July 2024 Total Fund 31 July 2023 Tot•1 Fund$ Pen¥lon Il•blltty Balance brought forward Scheduled payments mado Addillw for extend8d wriod. ¢h8no• In rats ond unwlndlng of di8¢ounl BaJan¢o carrisd forwArd 1,205,220 190,0561 122,655 1,237,8 992,393 188.5271 301.354 Pen8iM liability Icurrtrntl Pensi￿ li8bility Inon-currenll 92,758 1,145,061 87,922 1,117,298 1,205,220 14. Anafy818 of not mov•m•nt In fund• Total lund• brought forward Toi•l Incomlng r••ourc Total Trnn•f•rn botwg•n fun Total funds c•rrl•d lorward P•nilon harg•J •xp•nd•d R•stsithd fvnds Sod81￿ ￿ndS 13,522 13,522 13,522 13,522 Unrn$trteted fvnd$ P•nJlon lo￿1v• Capitsl reserve Total d¥wnat•d ￿tI￿$ Gener4 fund Total unreBfficted luThJ8 11,205,220) 15,609 11,189,6111 1,036.7 150,621 1122.6551 90,056 51,S36 141,592 1411,592 11.237,8191 67,145 11,170,674) 1,166,6fy) 4,074 1122,6561 1,249.949 1,249,949 980,547 1980,547 1122.655 Total fjJnd8 137,299 980.547 122.655 9,448 Soo8ti88' re8trict8d fijnds r•pr•s8nl monie$ ra140d for In frJrther0￿ of th• S¢a•ti•$' pa￿'cUlar actlvitie&. Th8 pen8ic¥) reserve de81gnatsd fvnd repreBents 1he net preBenl value offtrture c48h flow& from an obligation lo fvnd J defflc The copi￿1 re8efft de81gnatsd fvnd repre88nts fiJndB ueed for the gcqul8ition of tanglble fixed a98•ts. D•preclatlon on th0￿ 9880ts 1$ ¢h8rgod agaln$t th• dg$lgnal¢d ￿pItal rofjorvo fund Page 24 UNIVERSITY OF EAST LONDON STUDENTS. UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 15. Analys1$ of ngt as¥¢ts fund$ 31 Juty 2024 Totsl Fund• Unrestrl¢t•d D8slgnat Funds Fund¥ R••trl¢tgd Fund• Fixed asseis Net currènt assets ProviBions for liabilbtie8 67,145 192,7581 1,145,061) 67,145 1.087,364 1.145,0611 1.166.800 13,522 66, 31 July 2023 Total Fund• Unr¢strlctsd Doilgnat•d Fund3 Fun41• R•strt¢t•d Fund8 Fixed a35et Net Current assets Provi8ion$for liabilitiè8 15,609 187,9221 1,117,298 15,609 984,390 11,117,298 1,038,790 13.622 1& of changes In net dabt 31 July 2023 C•8hflow• 31 Juty 2024 C88h equiv8l9nts 1,065,674 128,293 8,29 1,193,987 Page 25 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 17. Pgnslons The Union 1$ a Pgrtic*pating Employer in the Students, Union Superannuation sd￿Me, %thich is o defined benefit schem• whos• m•mbership conssts of ernF4oyeès Of sludenl8' unions and related bodles Ihroughtsut thtr Unlted Kingdom. Benefits in rèspect ol gemce up to 30 September 2003 are accrued on a 'final salary. basis, with in respect of 8ervicE from 1 October 2003 acGruiNJ on J Career Averag• R8valugd Eamlngs ICAREI basls. Wth eff8d frorn 30 Septemb8r 2011 the Sch8mE c105ed to fvture accrual. The mo$1 recent Triannual Vgluation of the Schgme was carried ¢xrt as at 30 June 2022 and sh￿d Ih¥l the rnarket valu• ol th8 Sdwmts's a880ts was £106.697,00012019.. £119,100.0001 excluding AVC'S and Insured ￿n810n0￿ wlth Ihe8e 8SBets represènting 44%12019.' 46%) of the value of t*nefft8 that have accrued to mombeT& The defjctt on an I￿goI￿a fvndlng bas18 grnounted lo £138,64S,000. 12019.. £140.900,0001. The as6umpts'on8 U88d In the valuollon ara 88 follows.. D18¢0unt rat• Gllts eJJNe + 1.5% pa, Iln•arfy chanolng over the term ot 13 years to gilts curve + 0.25°/o Pa Pri¢• Inflafjon IRPII Lynd) waplmFll•d inflalhj) oJrv• Prf￿ Inflation ICPII- pre 2030 RPI inllation less 0.7Yo pa Prico infiation ICPII- po812030 RPI infigtion1&88 0.1% pa P•n8lcffi InLYeaso8 A modd of each IncreJ80, a11th￿n9 for In8urern' rel¥bvo Pri￿n9 of drffernnl cap8 and Ilars Mortallty rotes 95% of $3PXA Altrwaru fr*lmprov8m•nt8 In IW• 0Xp￿.. ProJ8ction tAbles LonTr tewn Improvernent rat• Initial addltion p8ram•tsr Smoothing paramat•r CMI 2019 1.75Ph p 1.00% po Th6 2022 ValuaUon fundlng shortrall rocov•ry plan requlrnB a monthly contribullon requlremont by each P8rt4cipating Ernployer up to 1 May 2037 Incr•4slng by 6% each y•ar. Th88• eontrlbullon8 0190 Indude an allowanc￿ lor th• c09101 th• tsnqoing adrnlnistrativè And opgr&tlonal expense8 ol running tho Scherne. These r*tsg 8pply wllh •ffect Irorn 1 Oclober 2020 and will be formally r9vIe￿d following corntletion ol th xtV8luatth due w￿h an effedve dale of 30 June 2025. SurF4uses or defiuts which arf8e at futuw valuations wlll 81s0 irnp8¢1 on thg Uni¢n's re contn'bulion ¢ommllrn¢nl. In addlllon to the abo￿ enntn'bul'on9, the Union also pays 118 share of the Schem•'$ levy to th• Pensbon Proiecticffl Fund. Th8 total CA]ntri￿b.0rts poid into the Schtme by UnNtsrsity of E&8t Lormlon Students, Union in respect of èlio11￿8 ￿plOYeeS for Ihe per ded 31 July 2024 omountsd lo £87,921 (period ended 31 July 2023= £88.5271. At th• balgrKe sheet date the charity had clymmitments to pay deficit fundwq contfit￿tiOn0 of £7,081 wr month. Thrd monthty paym￿t 1$ scheduled to in¢rg8$0 by 5% pgr annum 81 Odobor oach y&8r unb"11 May 2037. Sinc* 1 October 2011, all paTJcApaUng employetss have been In a new defined contdbutlon pen$ion scherne with Scottish Equltsblts. Contributlons we at trÈ ratè of 7.7% far the emF4oy•r and % for the wnFlOY￿ differs per fnember. Thg Union's cog1 of conlribution In th• p8rlod arnounted lo £17,659 12023.. £11,595). Page 26 UNIVERSITY OF EAST LONDON STUDENTS, UNION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE FINANCIAL STATEMENTS 18. Ccffiparatiye figures- Stat•m•nt of Financlal A¢tlvllle$ Y¢8r ended 31 July 2023 Total Fund$ Uni•strlct Fund$ R•strictsd Funds INCOME AND ENDOWMENTS FROM.. Donatlon$ legaei•s Chadtable activities Inv?stmgnl Inc(xn¢ 1,119.962 18,618 4,701 1.119,962 16.818 4,701 Total 1.141,281 1,141,281 EXPENDITURE ON: ChadtaN• act1￿163 894,010 894,010 Totsl 894,010 894,010 In¢om• 247,271 247,271 Tran8f•r8 b•twwn fund• 14 Pen8ion tharg8$ 13 1301.354} 1301,3S41 N•t mov•m•nt In lund• {54,0831 {S4.0631 RECONCILIATION OF FUNDS Tot*1 fund• brought for￿Id 14 196,7381 13,S22 183,2161 Totsl lund• ¢•rrl•d loTh￿rd 14 ,52 37,299 Page 27