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2022-07-31-accounts

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Company registration number: 10807853 Charity registration number: 1174053

NORTHUMBRIA STUDENTS' UNION

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 July 2022

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Northumbria Students' Union

Contents

Reference and Administrative Details 1 to 2
Trustees' Report 3 to 17
Independent Auditors' Report 18 to 21
Statement of Financial Activities 22
Statement of Financial Activities 23
Balance Sheet 24
Statement of Cash Flows 25
Notes to the Financial Statements 26 to 42

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Northumbria Students' Union

Reference and Administrative Details

Trustees

C E Long A Q Harvey E A Kelly A Prasana (appointed 4 July 2022) J Hosek R Chintakayala (resigned 1 July 2022) G Armstrong E Collier J Etherington (appointed 1 August 2021) J P Slater (resigned 28 January 2022) L Bird (appointed 4 July 2022) A M Sjoberg (resigned 1 July 2022) A L Elliott-Smith (resigned 30 October 2021) N Shah (appointed 4 July 2022) N C Simon (appointed 1 August 2022 and resigned 18 October 2022) O J Murrell (resigned 1 August 2022) C Bissiri (resigned 30 October 2021) H Moore (appointed 1 August 2022) E Watson (appointed 4 July 2022) G C J Smith (resigned 13 December 2021) M Leightley (appointed 1 August 2021 and resigned 1 August 2022)

Secretary

N Sweby

Key Management Personnel N Sweby, Chief Executive C Kersey, Deputy Chief Executive N Anjum, Head of Finance

Registered Office

Finance Department Northumbria Students Union 2 Sandyford Road Newcastle upon Tyne NE1 8SB The charity is incorporated in England and Wales.

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Northumbria Students' Union Reference and Administrative Details

Company Registration Number 10807853 Charity Registration Number 1174053 Solicitors: TLT One Redcliffe Street Bristol B51 6TP Popplestone Allen 37 Stoney Street The Lace market Nottingham NG1 1LS Bankers NatWest 16 Northumberland Street Newcastle upon Tyne NE1 7EL Auditor Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their report together with the consolidated financial statements of the charity and its subsidiaries for the year ended 31 July 2022.

The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (effective January 2019).

OBJECTIVES AND ACTIVITIES

The Students’ Union’s charitable objectives are set out in its Memorandum and Articles of Association as the advancement of education of students at Northumbria University for the public benefit by:

promoting the interests and welfare of students at Northumbria University during their course of study and representing, supporting and advising students;

being the recognised representative channel between students and Northumbria University and any other external bodies; and

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

The Students’ Union will pursue these aims independently of any political party or religious group and will strive for equal opportunities and take positive action within the law to facilitate the participation of groups discriminated against by society.

In pursuit of these aims, the Students’ Union organises its work to provide a wide range of services to students in person and online. Physical activities are delivered through our principal premises and across all campuses attended by Northumbria students. Online activities are delivered through both the University’s teaching platform (Blackboard), the Students’ Union’s own CRM system SUMS and a diverse range of social media and video. Sabbatical Officers of the Students’ Union sit on every major committee of the University and meet regularly with Newcastle City Council and other local organisations to represent the interest of all students at the University.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

ACHIEVEMENTS AND PERFORMANCE

The 2021/22 year was one of change and working to return to ‘normal’ post-COVID.

The Union started the academic year with a full programme of in-person Freshers’ events and a fully open venue. Attendance numbers for live music were low and customer confidence was slow to return. The University operates a blended learning timetable of part in person part online teaching. These factors, together with ongoing anxiety about the possible return of covid restrictions in the winter months, meant campus, and student footfall, remained quieter than in previous years.

From January onwards events and gigs began to return to numbers in line with pre-COVID, and bookings for the summer onwards increased. Whilst student time on campus remained lower than preCOVID, events intended to encourage students to remain on campus did help to improve income in bars towards the later part of the year and participation in society memberships was healthy by the year end.

Graduation ceremonies returned to campus in March and July, with July ceremonies being well attended and held on some of the sunniest days of the summer. The strong return of these events also supported our performance in the latter part of the year.

The key focus of the year for the Union was supporting students with the return to campus and managing blended learning.

The Union’s Strategic Plan expired in 2020. Trustees decided to hold off work on a new plan until the impact of COVID was understood. With the appointment of a new Chief Executive in July 2021, the Board and senior leadership team used the year to re-focus the company strategy for the coming three years and implement a restructure to better position the organisation to better deliver on this strategy.

The positive impact of the Students’ Union has been recognised through regional and national awards, accreditation schemes and surveys of the student experience.

Educate North 2020 Employer Engagement : Delayed from 2020, this award recognises achievements in the university sector in Northern England.

NUS Services Best Bar None Award [Gold] & [Platinum] - recognises the quality of licensed premises operational management in terms of health and safety, corporate social responsibility and community relations and impact. Platinum recognises perfect scores in both the quality assessment and the mystery customer visit.

Investors in People [Silver] – The Students’ Union retained this nationally recognised mark of its standing as an employer and its score placed it in the upper quartile for organisations our size, leading us to be shortlisted for the national awards as Employer of the Year, to be announced November 2022.

Queer Student Awards – 2022 was the second year the Union's work was recognised in the Queer Student Awards. Our Vice President of Welfare, Grace Armstrong won Queer of the Year as well as Activist of the Year. The Union won Campaign/Event of the Year for the Pride Zone and we worked with the University LGBTQ* Staff Network to be Highly Commended for University Network of the Year.

National Societies and Volunteering Awards – Shaun Lillie, one of our student volunteer leaders won the Wellbeing Award.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Student Crowd – Students voted the Union 10[th] best for Clubs and Societies and 15[th] best Students’ Union.

PostGrad Awards - Our Vice President Postgraduate Rajkumar Chintakayala was Highly Commended for his Outstanding Contribution to Postgraduate Student Wellbeing, the only Students’ Union to be recognised.

The Students’ Union achieved 50.38% satisfaction in Q26 of NSS 202-22 “ The students’ union (association or guild) effectively represents students’ academic interests .” This did represent a small increase of 0.38% from 2020-21, reflecting the ongoing impact of COVID on students’ experience.

In the Your Union Your Say Survey 2022 we achieved the following results:

80% of our members said we have had a positive impact

75% of our members think their Programme of course reps effectively represent their views

74% of our members agreed we help them feel part of a community

81% of our members agreed the Students’ Union keeps them well informed about what it does for students

63% of our members agreed their academic experience has been improved by the Students’ Union

64% of our members agreed that their wellbeing has been improved by the Students’ Union

Key stats

4,187 students in societies and volunteering

1,126 academic representatives

4,125 votes in our annual elections, our second highest turnout.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

CORPORATE PLAN KEY ACHIEVEMENTS

Education

1. Representing students’ academic interests, NSU has.

Worked with the University in formulating its new Education Strategy.

Launched laptop loan service to minimise the impact on students from lack of IT access.

Submitted annual Quality Review of the University’s teaching and learning in 2020/21.

Lobbied for review of timetabling with a commitment to keep Wednesday afternoons free for students to participate in extracurricular activities.

Our Vice President Postgraduate represented international students as co-Chair of the International Students Sub-Commission of the Student Futures Commission 2022.

Our Student Led Teaching Awards received 740 nominations for staff across the University.

Trained 47.7% of reps, a decline from previous years and an indicator of the impact of COVID on engagement.

See a substantial increase in both enquiries for advice (46%) and subsequent advice cases opened – 840, up 13%.

2. Campaigning for better higher education and value for money, NSU has.

Supported NUS’ Students Deserve Better Campaign

Career

Ensuring a degree at Northumbria leads to the jobs students want working with Careers, the Library and academic departments NSU has.

Supported 103 students through our volunteer recognition scheme to develop their ability to sell their experiences in job applications.

15 NSU staff retrained as mentors to support student volunteers in their career development

5 NSU staff completed CIM Coaching and Mentoring Level 2 qualification to support student coaching and mentoring programmes

1,564 students recognised for 2,024 achievements on Higher Education Achievement Report

Continued to deliver a range of mentoring and leadership projects for women, volunteer leaders and students who are the first generation at the University.

Wellbeing

Supporting students’ physical, emotional and mental wellbeing to make lives easier NSU has.

Took on 25 Bazaar new Mentors and 39 Mentees.

26 Mentees completed the Bazaar mentoring course (66.6% completion rate). Among these students' suicide scores decreased by 60% with anxiety and depression scores decreased by 45.45%.

Trained 48 students and all permanent staff in Mental Health First Aid.

Worked with the Welfare Officer and other departments to deliver, campaigns such as SHAG (Sexual Health and Guidance) and Ending Period Poverty on campus.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Expanded Foodbank service and supported 59 students in need in Newcastle and 100 in London

Continued to provide students with free access to period products and free panic alarms and bike locks on all campuses.

Community

Bringing students together to form lifelong friendships NSU has.

Worked in collaboration with Northumbria University and Sport to deliver a set of collaborative events aimed at building community on campus and encouraging students to come out and meet people.

Delivered a set of Freshers events aimed at welcoming students to our community and offering opportunities to meet like-minded students and come to the Union venue.

Worked with Newcastle Students’ Union to raise concerns in the community and the stigma against students which remains a problem post-COVID

Ran our first in person end of year Awards for student activities and Annual Awards since 2019.

Ran our first Diwali and Holi events reflecting the growth of Indian students on campus.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

FINANCIAL REVIEW

Total income increased to £4,074,578 as business began to return to normal. Catching up with the last pre-covid year of 2018-19 with an income of £4,280,342 however significantly improved from last year at £3,418,953. The Students' Union ended the year with an overall deficit of (£40,247), but a cash surplus of £38,313 after adding back depreciation and amortisation.

Reserves policy

Scope of Reserves Policy and Definition of “Free Reserves”: The reserve policy covers all free reserves held by the Students’ Union Charity. NSU defines free reserves as that part of the charity's income funds that are freely available to spend for any or all of the charity's purposes once it has met its commitments and covered its other planned expenditure.

Funds excluded from the definition of free reserves, and hence the policy, are:

  1. Restricted funds

  2. The Free Reserve (3 months’ operating costs)

  3. The Pension Deficit Contribution Fund

  4. The Capital Development Reserve element of designated funds. These are amounts set aside for a particular project or use. The designation of funds is not binding, however, and the Trustee Board may change its plans and release these amounts to “free reserves”. Further detail can be found in note 23.

Reasons for Holding Reserves: The reserve policy determines the level of reserves required to enable NSU to:

  1. fund working capital

  2. fund unexpected expenses when unplanned events occur

  3. fund shortfalls in anticipated income

Calculation of Required Reserves: The policy for activities run by NSU is based on its two major income streams affecting the level of free reserves:

  1. University Block Grant (approx. 58% of total income)

  2. Trading Activity income. (approx. 42% of total income)

The target for the Free Reserve is calculated as:

Three months’ operating costs (as defined by the annual budgeted organisational expenditure), known as the ‘operating reserve’ circa £600k. The Charity aims to achieve this level of Free Reserve by the end of the financial year 2024.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

CORPORATE PLAN

The Students’ Union’s Corporate Plan 2022 – 2026 was announced this year, however, whilst certain elements of delivery have changed the four strategic pillars remain, but with the addition of sustainability as a fifth.

The Trustee Board agreed on the following pillars of the new corporate plan.

  1. Education,

  2. Wellbeing,

  3. Community,

  4. Career,

  5. Sustainability.

Education

Representing students’ academic interests, NSU will

Campaigning for better higher education and value for money, NSU will

Students will be able to say we effectively represent their academic interests and are aware of the services we provide.

Communities

On Campus, NSU will

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Where students live, NSU will

In every course, NSU will work to ensure

Career

Working with University Students and Library Services and Departments we will ensure every student has access to

The Union will offer

We will campaign to ensure value for money in any fees students pay for any placement or work based opportunities.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Wellbeing

Student safety, NSU will

Student wellbeing, NSU will

More money, less stress, NSU will

It was noted that the assumptions for the next few years are very different to those that informed the previous 2018-2020 plan.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

The Board identified our competitive advantages.

The Board agreed that long term investment in customer relationship management will help develop more of a relationship model with students, using data and segmentation to engage with different groups of students and their needs but recognise this will take several years to get right.

Growing student participation, both number of students and how many services they access, will come from doing more with what we have and focusing on what works.

Therefore, our measures of success (KPIs) should be tightly aligned to this to focus staff time and effort. The Board agreed on a KPI framework with a set of five-year targets.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

KEY ASSUMPTION 2022-2026

The key assumptions underpinning the strategy are

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

Northumbria Students' Union (hereafter referred to as the Students’ Union) falls under the definition of a "students' union" in section 20(1) of the Education Act 1994. The Students’ Union is a Company Limited by Guarantee (No.10807853) and a Registered Charity (No.1174053)

The University of Northumbria at Newcastle (hereafter referred to as the University) exercises its duty under the Education Act 1994 to take such steps as are reasonably practicable to secure that the Students’ Union operates fairly and democratically and is accountable for its finances.

The Students’ Union is governed by its Memorandum and Articles of Association and is responsible for providing representation and support to the students of the University.

Recruitment of trustees

The Students’ Union is constituted in accordance with its Memorandum and Articles of Association and managed by the Trustees who are elected or appointed from time to time. Non-student (External) Trustees are appointed to serve for a period of four years. Student Trustees are appointed to serve for a period of one year.

Trustee induction and training

The Trustees receive comprehensive induction into the Students’ Union and their role and responsibilities including Charity Law and other legal responsibilities, Corporate and Fiduciary Duties, Governance, Strategy, Health & Safety and identifying/managing conflicts of interest. The training is delivered in a structured manner and delivered through a combination of sessions led by the Students’ Union’s experienced senior managers and one of the Union’s External Trustees, a qualified solicitor. Trustees may also attend training events provided through NUS and delivered by experts in the field of charity law. At the start of the process of training and induction, all new Trustees undertake a skills audit for the Union to determine if any additional training or support will be required by Trustees for them to discharge their responsibilities.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Organisational structure

The Students’ Union’s Board of Trustees consists of 13 trustees. There are six full-time or ‘sabbatical’ positions and they receive remuneration as authorised by the Education Act, these are the President, Vice President Education, Vice President Welfare, Vice President Activities, Vice President Sport and Vice President Postgraduate. No one can be on a sabbatical for more than two years. There are also four appointed Student Trustees and four appointed Non-Student (External) Trustees.

Subject to the provisions of Company Law, Charity Law, the Education Act, the Memorandum and Articles of Association and any Bye-Laws in force from time to time, the business of the Students’ Union shall be managed by the Trustees who may exercise all the powers of the Students’ Union.

The Trustees set the Students’ Union’s budget, develop the Students’ Union’s strategic plan, oversee the performance of the Students’ Union, manage risk effectively and ensure compliance with the law.

Student Council is the principal representation policy making forum of the Students’ Union.

The Sabbatical Officers and Senior Managers oversee the day-to-day running of the Students’ Union and are accountable to the Trustee Board. Sabbatical Officers receive an induction and training into their legal and administrative responsibilities, with an ongoing programme of development during their term of office.

The Students’ Union employs non-student full-time staff to ensure effective management of its many activities and to implement the policy decisions made by the Trustee Board and Student Council. There is delegated authority, through the Chief Executive, for operational decision making and accountability within the departments of the Students’ Union, in accordance with an annually reviewed delegation of authority.

Relationship with the University of Northumbria at Newcastle

The Students’ Union receives a Block Grant from the University and part-occupies buildings owned by the University, which also pays for utilities. This support is intrinsic to the relationship between the University and the Students’ Union and has not been valued. Although the Students’ Union successfully runs various mutual trading activities it will always be dependent on the support of the University. There is no reason to believe that this support will not continue for the foreseeable future as the Students’ Union is an integral part of the University structure and of value to the overall student experience at the University.

Pay policy for senior staff

The salary of the Chief Executive is determined by the Board of Trustees. The salary grade for the Deputy Chief Executive and the Head of Finance is determined by the Board of Trustees.

Public Benefit

The Union’s charitable objectives are the advancement of the education of students at Northumbria University for the public benefit by providing sporting, social, cultural and recreational opportunities and facilities for students to further the educational purpose of Northumbria University.

Our services provide opportunities for the expression of student opinion and actively representing the interests of the students.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Risk Management

The Trustees have examined the major strategic, business and operational risks that the Students’ Union faces and confirm that systems have been established to enable periodic reports to be produced so that the necessary steps can be taken to reduce and manage these risks.

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NORTHUMBRIA STUDENTS’ UNION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Students’ Union and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and provisions of the trust deed. They are also responsible for safeguarding the assets of the Student Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 16 January 2023 This report was approved by the Trustees on ………………………...

E Collier 16 Jan 2023 09:43:55 GMT (UTC +0) L Bird 13 Jan 2023 11:01:19 GMT (UTC +0) ………………………………. …………………………….. E Collier L Bird Trustee & President Trustee & Vice President Education

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Northumbria Students' Union

Independent Auditor's Report to the Members of Northumbria Students' Union

Opinion

We have audited the financial statements of Northumbria Students' Union (the 'charity') for the year ended 31 July 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out in note to the financial statements, 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

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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Northumbria Students' Union

Independent Auditor's Report to the Members of Northumbria Students' Union

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 17), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Northumbria Students' Union

Independent Auditor's Report to the Members of Northumbria Students' Union

Auditor responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment laws; and compliance with the UK Companies Act and Charities Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). For instance, the further removed non-compliance is from the event and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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Northumbria Students' Union

Independent Auditor's Report to the Members of Northumbria Students' Union

Use of our report

This report is made solely to the charitable company's trustees, 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 charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Simon Brown ACA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor

Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Date:.............................

Azets Audit Services is a trading name of Azets Audit Services Limited

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Northumbria Students' Union

Statement of Financial Activities for the Year Ended 31 July 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total Income
Expenditure on:
Charitable activities
6
Total Expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
£
2,767,706
1,295,674
11,198
4,074,578
(4,110,577)
(4,110,577)
(35,999)
(35,999)
515,786
479,787		 Restricted
£
-
-
-
-
(4,248)
(4,248)
(4,248)
(4,248)
16,042
11,794		 Total
2022
£
2,767,706
1,295,674
11,198
4,074,578
(4,114,825)
(4,114,825)
(40,247)
(40,247)
531,828
491,581		 Total
2021
£
3,153,396
224,687
40,870
3,418,953
(3,493,399)
(3,493,399)
(74,446)
(74,446)
606,274
531,828

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2021 is shown in note 23.

22

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:24 GMT (UTC +0) D 1/4 P 25/44

Northumbria Students' Union

Comparative Statement of Financial Activities for the Year Ended 31 July 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Recognised Gains and Losses)
Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
£
3,095,354
224,687
40,870
3,360,911
(3,451,399)
(3,451,399)
(90,488)
(90,488)
606,274
515,786		 Restricted
£
58,042
-
-
58,042
(42,000)
(42,000)
16,042
16,042
-
16,042		 Total
2021
£
3,153,396
224,687
40,870
3,418,953
(3,493,399)
(3,493,399)
(74,446)
(74,446)
606,274
531,828

23

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:24 GMT (UTC +0) D 1/4 P 26/44

Northumbria Students' Union

(Registration number: 10807853) Balance Sheet as at 31 July 2022

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
18
Creditors: Amounts falling due within one year
19
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
20
Net assets
Funds of the charity:
Restricted
Unrestricted income funds
Unrestricted funds
Total funds
23		 2022
£
5,508
96,958
3
102,469
39,566
508,121
1,195,623
1,743,310
(1,227,813)
515,497
617,966
(126,385)
491,581
11,794
479,787
491,581		 2021
£
-
176,637
3
176,640
36,396
388,434
1,140,175
1,565,005
(1,091,527)
473,478
650,118
(118,290)
531,828
16,042
515,786
531,828

The financial statements on pages 22 to 42 were approved by the trustees, and authorised for issue on .................... 16/01/2023 and signed on their behalf by:

E Collier 16 Jan 2023 09:43:55 GMT (UTC +0) L Bird 13 Jan 2023 11:01:19 GMT (UTC +0) ......................................... ......................................... E Collier L Bird Trustee Trustee

24

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:25 GMT (UTC +0) D 1/4 P 27/44

Northumbria Students' Union

Statement of Cash Flows for the Year Ended 31 July 2022

Note
Cash flows from operating activities
Net cash expenditure
Adjustments to cash flows from non-cash items
Depreciation
Amortisation
Working capital adjustments
(Increase)/decrease in stocks
16
Increase in debtors
17
Increase in creditors
19
Increase in deferred income
20
Net cash flows from operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
13
Purchase of tangible fixed assets
14
Sale of tangible fixed assets
Acquisition of investments in subsidiary undertakings
15
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 July		 2022
£
(40,247)
78,368
192
38,313
(3,170)
(119,687)
110,585
33,796
59,837
(5,700)
(3,421)
4,732
-
(4,389)
55,448
1,140,175
1,195,623		 2021
£
(74,446)
91,520
-
17,074
2,969
(25,342)
105,607
20,422
120,730
-
(56,021)
708
(1)
(55,314)
65,416
1,074,759
1,140,175

All of the cash flows are derived from continuing operations during the above two periods.

25

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:26 GMT (UTC +0) D 1/4 P 28/44

Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: Finance Department, Northumbria Students Union, 2 Sandyford Road, Newcastle upon Tyne, NE1 8SB

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Northumbria Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. The charity has strong positive cash balances and is forecasting for this to continue to be the case. The trustees have stress tested their forecasts, taking into account various scenarios, and remain confident that the uncertainties do not cast significant doubt on the company’s ability to continue as a going concern.

The Union is dependent, in the absence of other funding, on the continued financial support of the University of Northumbria. The Trustees believe, on the basis of discussions held, that further support will continue to be made available from the University.

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Beyond the normal prepayments, accruals and depreciation estimates, there are no further judgements or uncertainties.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

26

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Donated services and facilities

Donated services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met and the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the trustees report for more information about their contribution.

Donated services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent benefit on the open market; a corresponding amount is then recognised in the expenditure for the period.

Charitable activities

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions and is recognised as earned. Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with reasonable certainty. Income received to deliver services over a specific period covering more than one financial year is accounted for over the specific period; related expenditure is accounted for when incurred.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

27

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable. Grants are recognised in income when performance conditions, which would otherwise prevent the recognition of income, are met. Where performance conditions are not met then income is deferred and recognised as deferred income within creditors

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets- Website

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation method and rate Website Costs 25% Straight Line

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

28

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Furniture and Equipment 10% and 25% straight line Computer Equipment 25% straight line Leasehold Improvements Over the life of the lease Equipment 25% straight line

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Society Balances

Society Balances are monies held on behalf of student societies. This money belongs to the society itself and is held within other creditors.

29

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Pensions and other post retirement obligations

University of Northumbria Students' Union participates in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to Northumbria Students' Union. Under the terms of FRS102 in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year.

In line with FRS 102 any additional contributions required as part of a recovery plan need to be recognised in full at net present value at the balance sheet date.

30

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

3 Income from donations and legacies

Grants, including capital grants;
Government grants
Grants from other charities
Regular giving and capital donations
Grants, including capital grants;
Government grants
Grants from other charities
University of Northumbria block grant
University of Northumbria block facilitation grant
University of Northumbria establishment grant
CJRS
Student Hardship fund
Contribution to Student led teaching awards		 Unrestricted
funds
General
£
395,344
2,700,010
3,095,354		 Unrestricted
funds
General
£
27,018
2,732,688
8,000
2,767,706
Restricted
funds
£
-
58,042
58,042
2022
£
1,507,688
25,000
1,200,000
27,018
-
8,000
2,767,706		 Total
2022
£
27,018
2,732,688
8,000
2,767,706
Total
2021
£
395,344
2,758,052
3,153,396
2021
£
1,500,010
-
1,200,000
395,344
58,042
-
3,153,396

31

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:31 GMT (UTC +0) D 1/4 P 34/44

Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

4 Income from charitable activities

Commercial Income
Membership Income
Service Income
Commercial Income
Membership Income
Service Income		 Unrestricted
funds
General
£
1,151,264
34,040
110,370
1,295,674
Unrestricted
funds
General
£
136,336
(7,967)
96,318
224,687		 Total
2022
£
1,151,264
34,040
110,370
1,295,674
Total
2021
£
136,336
(7,967)
96,318
224,687

5 Other income

Fees and supplies
Fees and supplies
Rental income		 Unrestricted
funds
General
£
11,198		 Restricted
funds
£
-
Unrestricted
funds
General
£
22,870
18,000
40,870		 Total
2022
£
11,198
Total
2021
£
22,870
18,000
40,870

6 Expenditure on charitable activities

Commercial costs
Membership costs
Service costs		 Unrestricted
funds
General
£
2,578,392
1,323,065
209,120
4,110,577		 Restricted
funds
£
-
4,248
-
4,248		 Total
2022
£
2,578,392
1,327,313
209,120
4,114,825

32

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Commercial costs
Membership costs
Service costs
Commercial costs
Membership costs
Service Costs
Governance
Commercial costs
Membership costs
Service Costs
Governance		 Unrestricted
funds
General
£
1,931,136
1,423,417
96,846
3,451,399
Activity
undertaken
directly
£
1,303,063
692,715
77,508
-
2,073,286
Activity
undertaken
directly
£
647,065
799,091
50,369
-
1,496,525		 Restricted
funds
£
-
42,000
-
42,000
Activity
support
costs
£
1,269,195
634,597
131,612
6,135
2,041,539
Activity
support
costs
£
1,273,869
666,325
46,480
10,200
1,996,874		 Total
2021
£
1,931,136
1,465,417
96,846
3,493,399
2022
£
2,572,258
1,327,312
209,120
6,135
4,114,825
2021
£
1,920,934
1,465,416
96,849
10,200
3,493,399

33

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

In addition to the expenditure analysed above, there are also governance costs of £6,135 (2021 - £10,200) which relate directly to charitable activities. See note 7 for further details.

During the year grants of £84,150 (2021- £102,242) were paid to societies.

7 Analysis of governance and support costs

Support costs allocated to charitable activities

Establishment
Salary and wage costs
Printing and stationery
Publicity
Equipment
Cleaning
Professional fees
Travel and subsistence
Training
Sundries
Establishment
Salary and wage costs
Printing and stationery
Publicity
Equipment
Cleaning
Professional fees
Travel and subsistence
Training
Sundries		 Governance
costs
£
-
-
-
-
-
-
6,135
-
-
-
6,135
Governance
costs
£
-
-
-
-
-
-
10,200
-
-
-
10,200		 Other
support
costs
£
1,200,000
669,111
653
11,016
13,935
15,781
74,697
2,013
43,380
4,818
2,035,404
Other
support
costs
£
1,200,000
696,142
578
24,291
13,935
6,472
16,920
955
22,375
5,006
1,986,674		 Total
2022
£
1,200,000
669,111
653
11,016
13,935
15,781
80,832
2,013
43,380
4,818
2,041,539
Total
2021
£
1,200,000
696,142
578
24,291
13,935
6,472
27,120
955
22,375
5,006
1,996,874

34

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

8 Net incoming/outgoing resources

Net outgoing resources for the year include:

2022 2021
£ £
Audit fees 6,000 6,000

9 Trustees remuneration and expenses

The trustees are made up of external trustees and sabbatical officers. Sabbatical trustees were paid £122,607 (2021- £131,057) as permitted by Students' Union's Memorandum and Articles of Association.

No trustees received payment for professional or other services supplied to the charity (2021 - £Nil).

During the year, trustees were reimbursed £3,938 (2021: £Nil) for travel and accommodation expenses.

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
1,532,565
112,155
53,469
1,698,189		 2021
£
1,405,795
110,846
81,270
1,597,911

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Commercial services
Membership services
Senior management
Finance
Facilities
Student staff		 2022
No
26
20
3
3
3
84
139		 2021
No
22
21
4
3
3
75
128

35

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
£140,001 - £150,000		 2022
No
1
-		 2021
No
-
1

The total employee benefits of the key management personnel of the charity were £177,768 (2021 - £292,060).

The chief executive officer, as the highest paid member of staff, received benefits totalling £73,222 (2021 - £170,852).

11 Auditors' remuneration

Audit of the financial statements 2022
£
6,000		 2021
£
6,000

12 Taxation

The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

13 Intangible fixed assets

Cost
Additions
At 31 July 2022
Amortisation
Charge for the year
At 31 July 2022
Net book value
At 31 July 2022		 Website
£
5,700
5,700
192
192
5,508		 Total
£
5,700
5,700
192
192
5,508

Website costs have been capitalised in accordance with FRS102 as the website provides an enduring benefit.

36

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

14 Tangible fixed assets

Cost
At 1 August 2021
Additions
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for the
year
Eliminated on
disposals
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021		 Furniture and
equipment
£
103,975
-
-
103,975
91,076
38,155
-
129,231
(25,256)
12,899		 Computer
equipment
£
71,837
-
-
71,837
42,246
8,461
-
50,707
21,130
29,591		 Leasehold
improvements
£
337,294
-
-
337,294
255,665
31,752
-
287,417
49,877
81,629		 Equipment
£
466,483
3,421
(6,393)
463,511
413,965
-
(1,661)
412,304
51,207
52,518		 Total
£
979,589
3,421
(6,393)
976,617
802,952
78,368
(1,661)
879,659
96,958
176,637

37

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

15 Fixed asset investments

15 Fixed asset investments
Shares in group undertakings and participating interests
Shares in group undertakings and participating interests
Cost
At 1 August 2021
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021		 2022
£
3
Subsidiary
undertakings
£
3
3
3
3		 2021
£
3
Total
£
3
3
3
3

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2022 2021
Subsidiary undertakings
Naturally Northumbria
Limited		 England and wales Ordinary 100% 100% Dormant
Northumbria Students'
Union Lettings Limited		 England and
Wales		 Oridinary 100% 100% Dormant

38

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Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

16 Stock

16 Stock
Stocks
17 Debtors
Trade debtors
Prepayments
Accrued income
Other debtors
18 Cash and cash equivalents
Cash on hand
Cash at bank		 2022
£
39,566
2022
£
167,147
334,909
5,902
163
508,121
2022
£
5,870
1,189,753
1,195,623		 2021
£
36,396
2021
£
19,239
333,145
25,990
10,060
388,434
2021
£
5,130
1,135,045
1,140,175

39

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:37 GMT (UTC +0) D 1/4 P 42/44

Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

19 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
VAT
Other creditors
Accruals
Deferred income		 2022
£
113,900
27,471
22,540
92,511
206,509
764,882
1,227,813		 2021
£
46,004
25,432
-
106,374
182,631
731,086
1,091,527

The Students' Union acts as custodian trustee on behalf of Societies. Assets held are in the form of cash. The balance owing to the societies at the year end included in other creditors is £65,411 ( 2021£90,584).

Deferred income at 1 August 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
20 Creditors: amounts falling due after one year
Other creditors		 2022
£
731,882
764,882
(731,882)
764,882
2022
£
126,385		 2021
£
710,664
731,086
(710,664)
731,086
2021
£
118,290

Other creditors due more than one year represents the pension scheme deficit payments liability.

21 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Other
Within one year
Between one and five years		 2022
£
1,200,000
35,370
27,608
62,978		 2021
£
1,200,000
30,000
50,000
80,000

40

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:38 GMT (UTC +0) D 1/4 P 43/44

Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

22 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £53,469 (2021 - £81,270).

Contributions totalling £10,625 (2021 - £7,050) were payable to the scheme at the end of the year and are included in creditors.

23 Funds

Balance at 1
August 2021
£
Unrestricted funds
General
515,786
Restricted funds
16,042
Total funds
531,828
Balance at 1
August 2020
£
Unrestricted funds
General
606,274
Restricted funds
-
Total funds
606,274
24 Analysis of net assets between funds
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets		 Incoming
resources
£
4,074,578
-
4,074,578
Incoming
resources
£
3,360,911
58,042
3,418,953
Unrestricted
General
£
5,508
96,958
3
503,703
(126,385)
479,787		 Resources
expended
£
(4,110,577)
(4,248)
(4,114,825)
Resources
expended
£
(3,451,399)
(42,000)
(3,493,399)
Restricted
£
-
-
-
11,794
-
11,794		 Balance at 31
July 2022
£
479,787
11,794
491,581
Balance at 31
July 2021
£
515,786
16,042
531,828
Total funds
£
5,508
96,958
3
515,497
(126,385)
491,581

41

VirtualSignature Transaction Ref. MTCS-BFC3-9NM5 16 Jan 2023 09:44:40 GMT (UTC +0) D 1/4 P 44/44

Northumbria Students' Union

Notes to the Financial Statements for the Year Ended 31 July 2022

Unrestricted

Unrestricted
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets
25 Analysis of net funds		 General
£
176,637
3
457,436
(118,290)
515,786		 Restricted
£
-
-
16,042
-
16,042		 Total funds
at 31 July
2021
£
176,637
3
473,478
(118,290)
531,828
Cash at bank and in hand
Net funds
Cash at bank and in hand
Net funds		 At 1 August
2021
£
1,140,175
1,140,175
At 1 August
2020
£
1,074,759
1,074,759		 Financing
cash flows
£
55,448
55,448
Financing
cash flows
£
65,416
65,416		 At 31 July
2022
£
1,195,623
1,195,623
At 31 July
2021
£
1,140,175
1,140,175

26 Related party transactions

There were no related party transactions in the year.

42