RÉC4STEftED COMPANY NUMBER: 11295063 IErylind andW•lesl AEGSTERED CHARITY NUMBEA: 1177930 Aeport ol th•TNsttts AKllt•d Fin•nd•l Stoterntnts forthe ye•r •nd•d 31 Juty 2024 8•￿0r Unlvenlty stude1￿. u￿¢￿ IACompmf ilmlw ty fawr•ht••l unl￿Ts1ty Stud•nls' Unlon Cortents olthéFln•ndal 5wernents th•yurended JI July 2024 it1p￿ oliheTryst•es I to 7 Ilop¢Kt of th• Ind•penthtAu¢Mtor5 8 to 10 St•t•m•M of Hn•nthl Acivltles li B•l¥vShi•t 12 Cash Flow Si•tement 13 Notestothl Caih Howststement Notesfothe Anal￿•1 St4t•m•nts 15 to 23 Datdlqd St•t•mertof F￿￿nth1 A¢thrftles 24 to 25 Ban8or Univerrity5tudents' Uraon R¢pth oftheTru5toes for the yearehdÈd 31 July2024 The trustee5 who are also director5 Of the Iharitylorthe purposes of the Companies Act 2006, presentthelr reportwith the financial statements of the chbrity for theyearended 31 July 2024. The trusteÈs have adopted the provisions of A£countinE and Reportin8 by Charities.. Statement of Recommended Practlce applicablè to charities preparlng t￿1r accounts In accordant* with the Finan¢i41 Reporting Standard applicable in the UK and Republic of l¥eland IFRS 1021 (effective l January 20191. OBJEcfivES AND ACTNMES Oble¢ihe$ and alms The purpose and Charitable object5 01 Bangor U￿Ver$1ty St￿￿ents. Unlon are defined In the or8ènisatlon's Artlclvs of Assoclation a5.. 8an8QT University Students, Union Ithe'union l is a 5tu(Jent5' union within the ￿￿ning ol the Education Act 1994. The Union is devoted to the educational interests ano welfare of its Student Membws. The Union wlll seek * all tlmÈs to.. ensurethat the diversityof It5 Student Membershlp Is recognised, and that equal access is available to all Student Members of whatever orSgin or orlentation,. pursue its aims and objèttives independent Of any ptrlitlcal party or reli8ious group., and pursue equal opportunitSe5 by taking posltive action within the law to facilitste participation of groups dis¢rimlnated against by sodety. The Union's objects are the advancement of edvcatlon of ￿udentS at Ban8or univer￿ty¥0rthe public benefit by,. promotirydthe interestsand welfare of students at Ba￿Or un￿er$Itydurin8their(OUr5è of study ènd representiN& supporting and advising 5tudent5', bein8 the reco8DSsed repre5entstive channel between students and Bangor Universlty aTrJ otherextern41 bodies- and providin8 social. culturol, sportin8 and recreatK)nJl attivit￿$ and forurns for discussions and debates for the personil development of its Students. Within these objects. the SU has developed an annual operational plan bsthich sets out a ran8e of annual tsr8ets a8ainst which it measure5 It5 lThP•rt and the advancernent of these object5 over the period. Si￿1r1£•￿t artlvlties A coThpany limSted by gv3ranteÈ IBan8or University Students, Union) wos incorporated with Componie5 House and the Charity CommSssion on S April 2018. With effect frorn l August 2018 this compèny beca￿* the vehicle through which Bangor UThlver5ity Students, Union operates. The relevant Art￿7*$ of Association and Bye-L3ws were p0$5ed in the Ortober 2017 Annual Student Members, meetlng and reviewed and ￿Ssed a80in in the October 2022 Annual Student Mernber5' rneetin8 and Board ol Trustees meetinB. Thè main advantages of beiTr8 a Charitable Company is the Creation of a sèparaie legal entity which pro￿deS greater protection for theTrusiees. The Charity's funding structure changed in 2013 a5 the Unwerslty moved to a funding model of pJrtun-re5tritted, and part Te5tricted fvnds. Thi5 5trurture hassupportedthe growth of student artl¥ities and volunteerin& which met the 5tr3tegic objectives of boththe Unionand the University. ThSs created ènhanced funds for student clubs. soC￿tIeS and volunteerinÈ whichenables to offer access to a wide range of Student 8roups and activities Iree of charge. A5 8 result of thls we continue io see high le¥e15 of erwagemeni from our Student in club and so¢ièty acthfSty a5 a result of this free acce55 offer. Pa8e I 8ahsor un1ver￿ty Studemi$' Unl¢>n Reptyt ol the Trtsstee5 fuihe yearended 31 July 2024 STRATEGIC REPORT A(hlevefflent perforniance Charrf(able actiwlies In September 2023 we entered 3rd year of our 3-year strategy, whichwas developed and launched in 2021. The Bt>ard ensure thai pro¥re55 towards the objectives outlined in strategy are tracked through effective scrutiny of the annual operotional plan and key performance indicators. The Board dec￿ed in July 2023 to undertake a li8ht refresh of the Strate8V to extend Itlor a pericA4 of 12 months, with the Strote8Y tomingtoan end in Au8U5t 2025. The new 5-year strategy will be developed dvrinathe 2024-25 academic year and will launch in September 2025 and run until the end of the 2030 acadernicyear. Thls update bwll provide a snapshot of our artivity over the last year to delDier against our operatiorwl plan and focu5ses on our achievements and celebrates the hard work of our students and the p¢o8ress that Undeb Bangor has mède during 2023-24 Bangor Universlty Student, Union (Undeb Bantorl have had a busy but challenging year wth a hu8e arnount of activity and work delivered by ourstudent5. our Student 0￿er$, and Staff Tearn. The focus of this past ¥ear has been conducting a light refresh of the 5trateEYtoextend it fora period of 12 monthsfor2024-2025. aswell as negotiatinga 3-yearÈr3ntfvndinga8reementwith university for 2024-2027 which was presented to Board lor approval. The funding agreement will include a redurtion in funding w￿ch will bÈ carried out overthe 3 year5 anda ¢ost-sèving exerclse withln the SU wèsundettsken to accommodatef0rthec￿rt8Q inlundlngfrorn 2024-2025 onwards. We have contSnued to work rlosety with the Unlver5&tytoÈnsurethat ihe Intere5t5 of our students have bpen eff*ctlvely represented this year, with èn example of this being our WO￿ to present three Student Insight Reports to review student voice and experlence over the acadÈmit year. pulling tO8ethÈr muttip1e sources of insight, Ènsurin8 we provlde valuable under5tandin8 of the student experienceto the Unwerslty and makingcommendations and recomrnendations to the Unlver5ity. In term5 Qf artivitles and achievements over the last year, the TTUStees are pleased 10 report on pregre$5 in thp followin8 areas of activity.. Your Or8anlsatlon Recrultrnent of an InterSm Students, Union Oirettor tocover matemity leave. A light touch rÈview ol ourcurrent strategy Èxtending It until the end of the 202412025 ac3dernic year. Worklng on on Jctioth plan to address feedback from the staff en8a8ement survey. including 3 focus on staff development and we11bein8. Db5CUS5ions regardSnE future block 8iant allocatlon wth the university and a 3-year 8Tint fundin8 agreement. We worked in pèrtnership wlth the university in preparation fortheir upcomin£ Quality Enhantement Review IQERI, whlch was tjndertaken durlnz P4ovember 2024, and we provtded ¢Dmmentary In the institutlonal submlssion ano It was submlrted as a jt*n 5ubmissH)n. We won 2 awards at the NUS Wales Annual Confererre, thE Communlty ChampK)n5 Award and Higher f du¢atlon Unlon of the Year. We developed two new socSal space5 Y Loma and our r￿W Queer Space We recelved HEFCW IMEDRI fundlng through the university of £24.000 whirh was allocated towards 5 proJKts related to 5tudent'5 health and wellbeing across a number of differentJrea5 Your Ed¥¢•tlw andvoke Student nelworks, establlshed following last ￿ar,5 democracy review A new model of course rep trainln8 was Introduced. focusin8 on buSldlng comrnunity and networ*s arnon8 reps. A queèr space, advocated for by our VP &xietles and Volunteering was Introduced on ¢ampus In the SU iri response to student feedback. Launched ourTell us Tuesday campaiBn aiffled atcollectln8Student feedbackon a series ol issue5. the dats ofwhich will support us to Produ￿ short insight reports that can be shared with the univer￿ty. The Students. Union Elections were successfvlly cornpleted, with a record Wr￿Ul 4chieved thls of 21.5 Three Student Insight Reports were presented to the University on Timetabling and Umin, Student Cwnrnunitation and International Students Hosted ouy Student Led Teaching Awords and stude￿ Volce Award. to celebrate wSth stsff, 5tuOents, course reps and student leaders the wonderlul teachin8 and suppon that 8oe5 On at Ban8or Unlver5ity. Around staff and Students attended, and 430 romiThations were received for the Student Led Teaching AwHrd5. The President and UMCB President are members of the University Council and Sabbatical offlceT5 were fepresented on oll Uni¥erslty Strate8y groups. We have been proud to make contrlbutlon5 to rnany initiatSves over the ￿ttr and we've also htsst￿ Q&A sessiot)s with rnembers of the UnNerslty Executive. Page 2 8afig￿ unl¥er￿ty$￿d¢nts, Llhitin Report ul th¢ Trustees Itytheyear ended 31 Jyly 2024 Vourstudent Opportun￿1¢$ Welcome Week 5awa very Successful turrK*Utatthe Serendiplty EveTrt, withover 55W studentsattendingover 2da¥s. Theevent Was Supported by over 160 student groups, 51 external stallholders We ran our cultural fair, whlchwa5a 5uttessful evenL aimed Ot bringi￿t08Ètherand showcasingthe different student tuftures at Ban8or Universlty WÈ held è Christmas Day event, on the 25th of December. altned primarlly at providing a space for Internitional Students and their familiesto wmetogether and celebrate over the holSdays. Thi5 wa5 the first time an event such as this hès taken place, and we had Over 60 5tudent5 attend on the da¥. Sereridipity 2 took place in Jan￿ary. 147 stall hoWer5 attended on the dayi Wlth approxlmately 30 extern31 sloll holders as well as 95 of ovr 5tudÈnt groups taklng part in the eveni, wlth over 2(M)O attendees. We held ourvarsity event, in Aberystvryth with over 7(M) studentstrbvellingto compete in a numberof sportln8fixture5. For the 8thcensecut¢ve year, we retained the Varsrty trophy closelywinnlng the overall comptttion by 21-20. We hosted another succe55fvl Volunteerln8 Week, OurAnnual Awardsseason klcked off with oursociet1e5andvolunteeri￿AW3rds nlght in March with oYer80students attendlng and a number of awèrds given out to reward and celebrate the work ol our so¢iety members and volunteeis throughout the ye•r. OurAthletics UnSon Award event was a se11 out with over 300 èttendees. We had 175 actlve clubs, societiÈ5, and Volunteering projects, with 5056 sports club members and 3858 society members 811 student5 attended our varioustrainin8 events, 3nd we saw 67% Student Leaders satSsfaction with the levels of supportfrom the SU. 5uppthM¥ Yo We launched a brand-nevl Sexual Health campai8n where we gathered initial insight into students, tonfidence in sexual heahh educètlon, Eave outfree sexuèl health produrt5. and held infom)ation stslls otlhe Students. Union and stsrted a myth busting social media campaign. A nvrnberof SU staff completed tfalnin8, delfvered vlo an external tharity, aimed at 8lwnE people the t¢Jols to support students 1-2-1 In discu55in8 issues around sexuHI heèlthlhow io access rnore specialist supwt in this area. All stsff completed a microao8ressions training tourse run via an external ￿ganiSation. Mission Diverse. We rontinued to support the delNery of the student led rnental health strate8V, SVPPDrtin8 the recrurf(ment of student con5ultant5 to take part In the projert thi5 academic year. We were also involved in the training for these student5. The university asked us to supportthe delfvery of woth In1Sne with fur￿ing provided by HEFCW Imedrl part of thls funding was to support mental health ond wellbein8 activlty. and rnore general welfare support. Your Fulyre Over 250 student leaders attended this year's Student Leader Conference whère the¥ received training in finance5. rnarketing and £ommunlcation5. awareness ar¢und bultying ind harassment and carnpoigning skills. We contlnued tooffer a number of student-led volunteering projects. Operatlng 30 proietts, IS regular artivity, 14 non-regular actlwlty and l one off project. We had 0￿r 550 students sign up 3cr05s all our volunteerin8 OPPOrtvnitiès. We celebrated our students through our annual award ceremonie5. We condurted our annubl feedback survey a5kin8 Students and student5 leadpr5 to reflect on their skills development with 78% of Students whowere involved In SV activities reported thattheycandemonstrate the ski115 they have developed, ond 60% of student leaders reco8nised that their role and training has equipped thern wlth the sklllsto be effective and have helped th*r ernployèbility. We continued with the Inclusion of student staff roles acr055 111 departments of the SU, offerin8 Students employment opportunltles, that develops thelr empb¥ability and skills. rinoncial revlew Prkndpal furOin8 soiirces Thè University rernain the major funder. and the Continuation of thisarran8en*nt is secured by the 1994 Education Act, and HEFCW published guidance, the SV is primarily lunded through the receipt ol an annval block 8rant, and via the University Fee ènd Access Plan fundlng. Page 3 0•fi8or UnfversltyStudents' Union Report of theTrnstees forthe year ended 31 July 2024 STRATEGIC REPORT Ananual revlew fteseNes pollry The Bangor University Students, Union Reser¥es Pollcy was revlewed and agreed at the trustee board meeting in September 2013 nd is reviewed annuallv. The Union consider It recessaryto maintsin sufficient Iwels of re5erve5 in order to wovide stability for on80in8 stUdent-￿d aCt￿rty. and to safeguard its ability to meet financial commitments. £250,000 had been set as a suitable level. At the yearend the Union had reserves of £461.58512023.. £5￿.359) bvhich exceeds the target andbs therefore considered to be in a gintmeMs. and Health and Safety which normally meet tw5￿ a year or quarterly between Board meeting5 and the Executive Committee that meets rnonthly. A Director Is appointed by the trustees to rnanage the day-to-day operations of the charity and the Board provSdes dirert line rnbnbgèment to the SU Director, ènd the D5￿ctor has dele8ated authority for operatlonal matters irKluding finonre and leadin8 the stsft tearn in the pursult of OTg4nisational objects and isexpected to report on proBre55 again5tthp strateglc and operational plan at each Meeting of the Board. The Board delegates the representational leadership of the ￿ganiSatIon to the SU Executive, which encompasses the major eletted student ofFicers of the Students. UnSon, who takÈ direction from. and 4re held to account by, the student body through ¥ variety of mechanlsms Sncludlngthe Student Forum and the Annual A115tudent Meeting. Inductiorb •mdtralnln¢ ol new trustees I potential Trustees recefve an SU intormation patk prior to application. Upon appointment all tTUStees receive a variety of information through their induction and receive èn inourtion pack. The Students, UvAon holdsan annual Board trainin8and induction eventforall trustees. This traininglsexternaltyfacllltated by a governance prolessional afid covers basic trustee induction to the rde where trustees are briefed on their legal obli8ations and other trustee responsibilitie5, as well as a discussion about Board effectiveness ènd governance and priorities for the year. The Officer Trustees are new to the Board every year or two years, $0 they under80 a more intenslve trainin8 period. Thls traSnin8 5tart5 after they are elerted, and before they start their term of office to ensure that they are fully aware of theSr roles and responsibilities and can perform their duties to the best of their abllities as soon as possible. Trustees receive re8ul4r updates on progress outsideof Board meetin85 and briefin8S With the SU threctorto ￿$￿re they are fully inforrned and havethe opportunity to explore area5 in rnore depth. Pa8e4 Bangry Unlverslty Students. Un￿n Report oltheT¥u5tees f¢xthty¢arended 31 July 2024 STrUCYURE, GOVERNANCE AND MANAGEMENT Wlder network The Students, Union 45 an affiliate of the National Union of Students INUSI and regularly èttends events and briefin85 and enEa8e5 in knowled8e e¥chanBe and trainin8 pro8rams within thi5 national movement. Rebted partles The Students, Unlon is ti2d to Ban8w Universitythrovghthe 1994 EducatiorsAct, B4n8or univers￿ has a statutory duty to take such steps as are reasonably prècbcab1e to ensure that Bangor University Students, Union opÈrates in a falr and dernocratic manner and is held to proper atcount for rts finorKes, and both partles fulfil their obligations in accordarKe with the Att M an annu31 basis. Both rties agree a Relationship A8feemenr on an annual basis, and this provides è 5trutture for the interaction bètween the Studerts, Union and University, a5well as èn ongoing commitrnentlor funding and support- this is in line wlth HEFCW'5 Guidance on properly supported Students. Unions. The Students, Union is prIMa￿lYfunded throu8h the re¢elptof anannual block grant, and vla the University Fee and Access Plan. The University provSde5 approprlate premisesforthe Students, Union ènd where necessary additional stora8e space within the University e5tatÈ. Thè Students, UnSon part-occupiEs a building owned by the UnivÈrsity and a lease for the agfeed space been 51gned by both the University and Students. Union. The Students, Union is independènt of the University, but the University undertakÈ5 to employstaff and locate them within the Students, Union to support, adminlster and a5SlSt inthe management of the actiwties of the Union. The Students. UTrion presents regular report5 to the UnwÈrsTty on the UrMon'$ attwities, management, and financlal 51tuation. Theseare 8iven tothe University ètvarious committee5 such45 Finance and Strate8yCommittee, Audit and Ri5kCommittee and UniveT5ity CourKtl. Sabbatlcal Offitrrs and Union staff sir on various Univer5ity£ommittees. Othei knP￿ant relatio1￿h1ps The Union works closely ￿th various partners to deliver projects, particularly colloborètin8 Wlth the local council, charities, and setNireproviderst0 5UPPOrtcommunityvolunteeringinitiatfves. Additionally, the Union partnerswith local lei5urelacilltlestoexp6nd student access to 5POrts and activ¢ties. To strengthen student representation. advocacy, and sportinE Opportunities. the StudeTrts' Unlon is affiliated with both the National Unlon of Student5 and British Universitie5 and CollÈ8es Sport. These 3fliliations enable partlcipation innational campaigns. cornpetition5, and knowledEe-sharingevents, èswell as accesstotrainin8programs and briefin8S wthin these national or8anisatlons. Rlsk mana8•ne The tru5tee5 have a duty to identify antl rèview the rfsks to which the charlty is exposed 3Trd to en5urÈ appropriate controls are i placeto provide reawnable assurance against fraud and error. The Students, Unlon maintains a Comprehenslve Strategic rlsk management framework and actompanwn8 risk regt5ter which ful detsi15 the Tlsks facinB the Students, Union. Responsibility for this 51t5 at board level, with operotional resp)nslbility devofved to the Directorand managersand users. There8lster isconsidered èteèch board meetin& monitored via the sub-commlttees, ènddlscu55ed in Senior Leadership Team meetings. The prlncipal risks facing the Students, Union are in relation to the range of activitfd5 carrled out by student Clubs and societie5, Wlth some of these carrying a relatlve hSgh risk of personal injury. Each of the club5 and sotietSes have a specific risk assessment and set of procedure5to follow. These procedure5 are reviewed annually, and audit rnea5ure5 ère in placeto ensure compliance by each club and society. The Students, Union works effectlvely with University Health and Sdfety Se￿ices and calls In expert15e to gulde and provide expert advice when required. The Students, Union also compliès with the University Risk Management Framework. Fln3ncial risk is managed vla stron8 Internal financial procedures, regular budget and expenditure TÈview, support frorn appolnted professlonal accountants, and a robu5tauditprotess. Insurancesare In pl3cetO 5ecurethe Student5, Union's assets, to protecta8ain5t Public Liability. and to protectthe Trustees. SuffKient reserves are malTrtsined In line with the Charity's reserve Oity. PIwb5 f￿￿re periods The Board will tontinue to work to irnplemeM the recommendatltrns in the Charlty G￿ernance Code ènd ensure that the or8anisation is cornpliant with both the detail Bnd the spirit of the Code. The Board ensure that pro8re5S towards the objective5 outlined In the strétegy are tracked through effective scrutiny of the annual operational plan and ke¥ perfortnar*e indicator5 over the three-year period. Page S B•nw Universlty Siud•ni$' UnloD RepLYt ottheTrnMee5 fOrtheYearend￿ JI JU￿ 2024 REF£RENCE AND ADMINisfRAnvE DET￿ls Res15tered C¢xnpm numbv 11295063 IEn8land and W•lesl 15ttr￿ Ch•rSty number 1177930 Ro*i•r•d ¢ffl¢e 4th Floor Pontio Oeinlol Road 6an8¢y Gwynedd LL57 2TQ TNrt• GOPu8h J M Slater SJ Di¢kins Ireslined 30161241 H C John Ire518ned 30161241 Lowe Ire514ned 30161241 DT Moore IresS8ned 20121241 L Thcmpson Iresigned 30161241 R L Thm5cn-Shtpwrd (resigned 3016n41 A E tdwafd5 A E Ol•08yn (resigned 8121241 L T Swain Ireslgned 30161241 D ftwlhon N Ambreen LJ Evans lappolnted 18n/241 H KOr¥b¢2￿ lappolnted V7n41 P￿h (Jpptynted 1171241 SA RalhaTr (appointed 18171241 M M Rooney lappolnted IBni241 G E BO￿0ndS lappolnted y71241 M fibbs l•ppolnted inl241 Auditws Azets Audk 5eThflces Statutory ALtdttors Chartered Account•nts First Floor Unlt 55 Ffordd Wllllam Morv St Amph Business Park St Asaph D*nblgh5hlre LL17 OJG B•nk•rs Natwest 8ank pk 247 Hi8h Street n8or Gbvynedd LL57 IPA A¢cwnt•nts Pow•ll A¢¢ount8nts Umlted Hen ￿'r F•r¢hn•d Market Street Ruthin Denbi8hshlre LL15 IAV Pa8t 6 8an8or unN¢vs￿ Students. unlon Aeport of theTrustees for the year ended 31 July 2014 STATEMENT OF TRUSTEES, RESPONSIBiirriES The trustees Iwho are also the directors of Ban￿r Unlveryty Students, Unlon for the purposes of Company Iwl ore responsible for preparing the Report of the Trustees and the finarTrcial statements accordance with applicable law and United Kin£dorn Accounti Standards Iunited Kir￿daM Generally Accepted Accounting Practice). Company law reoulres the trusteesto prèparefinancial siatements for each finènclèl year whichEive a true and fairviewof the state of affair5 of the charitable company and of the incornin8 resources and application of resource5, including the incorne aryl expenditure, olthe ¢h•ritsble company forthot period. In preparSn8 those tinanclal statements, the tru5tee5 aTe reguSred to 5dect 5ultable aicountin8 policies and then applythem Cor￿•StentI¥- observethe rnethods and prirKiples in the Charity SORP,. makeludgements and estimates that are reasonable and prudent.. 5tstè whether applicable accountin8 standards have been followed, subject to any material departures d15closed and explained in the finantial statements.. prepare the financl015t#tements or¢ the goir% concern basis unless it is In•ppropriate to presume thal the tharitable company will continue in business. Thetrustee5 are responsible for keepSng proper accountin8 record5 whlch dis¢105e with reasonableaccvr3cy atanytime the financial positK>n of the charitable company and to enable them to ensure thatthe finarKial 5taternents complywith the CompaniesA£t 2￿6. They are also responsible for 5afe8uarding the assets of the charitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other ir￿a￿laritIes. In $0 faras the tru5tee5 are aware.. t￿re is no felevant audit inforrnation of whith tharltaNe company's auditors are unaware.. arKI trustee5 have taken all steps that they ought to have taken to make thèmselves aware of any relevant audit Inforrnat￿n Ind toe5tabllsh that the aydrtors are aware of that informatiorK AUDITOIL5 The auditors, knet5 Audit Semces. ￿11 be proposed for re-appointment at the forthtoming Annual General Meetlw. Report of the trtsstees. IrKorporatin8 a strat¢8ic repo¢ approveil by t)Ider of the board of trustees, as the company d1￿ctOrS. on IO*¥rll 2025 and signed on the board's behalf by.. N Ambreen- Trustee Pate 7 Rewt of the Independent Audllfws tothe Trustees ol Bangor unfver￿ty Studthts, Unlon Oplnlon We have audited the finèncièl statemeTrt5 01 Bangor UnSver51ty Student5, Union Ithe 'charitable company'l for the veèr ended 31 july 2024 which cornprise the Statement of Financial Activities, the Balince Sheet. Cash Flow Statement and notes to the rinantial statements, includlnga summaryof significant •ccounttng ptrlicies. The financial reportin8lramework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Actount1118 In our opinionthe financial 5totements'. give a true arKI falr view of the state of the Charitable companV5 affair5 as at 31 July 2Q24 and ol its incoming resources and application of re5oyrce5. including its Income and expÈnditore. for the yeaTthen ended.. have been properly prepared in accordance with United Kingdom Generally A(￿pted Accountln8 Practice,. and have been prepared in accordan* with the requirementsof the Cotnpanies Act 2(h)6. Basisfor opinion We conducted our audit in aceordènce wlth InternatM)n81 stsndards on Auditin8 IUKI I1￿ IUKII and opplitèble law. Our responsibilitie5 under those standards are further described in the Auditors. responsibilities for the audit of the financio15tatements sertionof our report. Weare Independentofthe tharitèble company in Hc¢ordancewlth theethical rèquirementsthat are relevant to our audlt of the finonclal statements In the VK, includin8 the FRC'S Ethicol Stsndard, and we have fulfilled our other ethi¢al responsibilities ¢n accordance with these requirements. We believe that the audit evidence we have obtiined is sufficient and appropriate to prowde è basis for ouropinion. Conduslon5 rdatlnito ￿nI cothcem In auditin8 the financial statements, we have concluded that the trustees, use of thè 8oing concern basis of attountin8 in the preparation of the financial statements is èppropriare. Based on the work we havè performed, we have not identified any material unetrtainties relatiry8 to event5 or conditlons th•t. individuallyor collectively, rnay cast Sl8nificanr doubt on the charitable company'5 abilityto continue as a going concern for a period of at lea5ttwelve rnonths from when the finantial statements are autI￿rIsed lor issue. Our reSponS￿bIlltles and the responsibilities ol the trustees wth respect to goi￿ concern are described in the relevant 5ectiOnS of thi5 report. Other Inform•tltyi The trustees are responsible for the other information. The other inlormation ¢omprises the informatk>rb included In the Annual RÈpDrt, thherthèn the financial statements and our Reportof the Independent Auditors thèreon. Our opinion on the financial statements doe5 not tover the other information and, except to the extent otherwlse explicitly stated In our report, we do not Èxpress any form of o55urance concluslon thereon. In connection with ouraudit of the financial statements. our responsibility isto read the other information and, In doing 50, consider whether the other informatlon Is materially inconsistent with the financia1 statement5 or our knowledge obtained in the audit or otherwise appears to be matertally misstated. If we identify such rnateria1 incon5iStencies or apparent material misStatement5, we are reouired to determine whetherthlsgives rise to a matèrial mlsstatement in the financial stètementsthem5elves. If, based on th vmrk we have performed, we conclude that there 1$ 3 rnaterial misstatement of thls other infofmation. we are required to report th4tfact. We have Mthingto report in this re8ard. Matters on whlth w¢ ar¢ requlred to reffi by ¢xceptl We have nothing to report in respert of the followro matters where theCharitie5 (Accounts and Reportsl Regulation$ 2LK>8 requires us to reportto you if, ln ouropinion.. the inforfflation given in the Report gf the Trustees Ss incon51Stent in any material respect with the financial ststements. or the charitable cornpany has not kept adequate accountin8 records; or the financia1 statements are not in agreement with the accountlng records and returns.. or we have not recefved 311 the inlormation and explanation5 we require for our audit. ResPOrt3lbllitles ottru#ees As explained rnore fulty in the Statement of Trustees, Responslbilitles, thE tTUStees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair vlew, and for such internal control as the trustees dètermine is necessary to eTra￿e the preparation ol financial statèments that are free from materièl misstaternent, wheth2r due to fraud or error. In prepafing the financial statements. the trustees are responsible tor as5essin8 the charltable cornpany s ability to continue as goin8 concern, disclosing, a5 applicable, matters related to 801r￿ concern and using the 8oing concern basis ol occountlng unless the trustees either intend to liquidatÈthe charitable compony orto cease operation5, or have no realisiic alternatlwe butto do so. PaEe8 Report of the Indeper4khlAUd￿or5 totheTrusteesol 8anw Unlverslty Students, Unlon r rew5iMitiesfor the audlt ofthefinandal smements We have been èppoinle(J a5 auditors under Section 144 of theCharltSes Act 20114nd report In accordon¢ewiththe Act and re￿vant regul*ions rnade or hawn8 effect thereunder. Our objectives are to obtsin reawnable assurance about whether the financial Statements as a whole are free from rnatÈrtsl rnisstatemerit. whetherduetofraudorerror, and t015sue o ￿port of the IndependentAuditors rhat include50uropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAS IUKI will alvlaysdetect è material rnlsstatement when It exlsts. Misstatement5 can arisefrom fraud or error ènd are considered material if, individually or In the a88re8ate, they could reasonably be expected to irlfluente the economic declsions of users taken on the basis of these financial 5tstements. Tk extent iowhlth our PTOtedures are opable of thl¢¢tlng Irregularities. lfi¢lydln8 fraudls detalled bdow.. We obtsin and update our understandin8 of the entity. its Ktivtties, its control environment, and likely fvtvre developments, i￿luding In relation to the le8al and reEulatoryframework applicable and how the entlty Is comp￿Ing With that framework. Based on this understanding, we identify and assess the ri5k5 Qf material misstatement of the financial 5tatement5, whether due to fraud or error. design and perform audit protèdufes respon51ve to those risks, and obtain oudit èvidence that 15 Sufficient and appropriate to proV￿e a basi5fof ouropinlon. This includes consideration of riskof acts by the entitythat were contrary to applitable hws and regulat￿n$. in¢ludlngfr3ud. In re5pon5etothè riskoflrreEularities and nDn-compliance with laws and regulatlon5, includingfraud, wede5igned procedureswhich Included.. Enquiry of management ènd thosè char8ed with g0veTnè￿e around ¥ctual and potential Iltigation arKI tlaims as well a5 artual. suspected and alleged fraud.. Reviewin8 minutes of meetings of those char8eé with govemante; Assessing the extent of compliance wSth the law5 and reg￿latIonS considered to have a di¥ert material effett on the finartial statements orthe oper3tion5 Qf the company through en9uiry and inspection,. Re￿ewIng financial staternent diKlosures and testinE to 5UPPOrtin8 docuynentation to assess compliance with applicable laws and re8uktions: Performing audit work over the risk of management bias and override of controls, Ir￿luding testing of journal entries and other adjustments for apprcpriatene55, evaluatin8 the busine55 rationale of Significant transartions outside the normal tourse of business and reviewin8 accountin8 estimate5 for indicators of potential bias. Because of the inherent limitations of an 3udit, there is a risk that we will not detert all irreguloritle5, Including those leadin8 to è material mi5Ststement in thefinoncial statements or non-corTTpliance wlth regulation. This risk Sncrea5e5 the morethatcompliance with a ￿aW or regulation Is removed frorn the eventsand transactions reflected In the financial statements. as we will be less likelyto become aware of instances of non-complian￿. The rlsk of not detetting a material misstatement resulting from fraud is hi8her than for one resultiwfrom error, a5 fraud may involve collusion, forgery, intentional omissions, mi5repre5entations, or the override of intern¥1 contrel. A further dexription of our responsibilitie5 lor the audtt of the financial statements is located on the Financial Reportin8 Council's website at v+ww.frc.or8.uVauditOfsrespoTrslbilitles. This destription forms part of our Report of the IrKlependent Auditors. PaEe 9 Rep￿ ofthe lnd•p¢ndentAYth￿ttsthI Trusttts ol Ban8or Unh¥￿ty$tudQb￿, Unl Lls•ofow reptyl Thls report15 rn•de selety to the C￿￿￿ble c¢)mp•ny's trustees, as a bo(ty. in attord•rte wtth P3rt 4 of the Chafftles IAtttyJnts •nd Reports) Regulatlons 2008. Our audit wort has been undert•ken $0 that we ml8ht state toihe charftable comp•ny's trustees those m•tters we are requlred to st•teio ihem In an audf(ors' report ind for no other purp05*. Ttst￿ fullest extent pemiitted by law, we do not accept or assume responsiblllty to •rtwne other than the charitsble ¢¢)mp)ny and the £haritsble company'5 trustees as i 1*4ly, for our audit worl forthis report, orfortht opinions w¢ have formed. Jonathan W•rd (Senior stst￿ory Audttorl ets Audlt Serwlces Statutory Audfcors Chartertd A¢countsnts Ell8lble to act as IN •yditor In iermsof Secti¢n 1212 olihe Companle5Act 2W6 First Floor Unlt 55 Ffordd Wllllam Mor8•ft St Asèph Business Park Si Asaph Oenbighsh1re LU7 OJG Oate.. Pale 10 B•rwx Unlon St•temeni 01mn•nd￿ ActlvltS1s lorthey•ar•nd•d 31 2024 2024 Total fvTrJs 2023 Ttrtsl funds Unrestri¢ted funds Restrfcted ftrnds Notes INCOME AND ENDOWMÉNTS FROM Grants. donatlons ¥Nd le8•¢ies 648,661 945.793 1.594.454 L573.677 Ch•rhble •c¥Wtles Athl*ti¢ Unlon SocietSes 17.178 17,178 18.667 73 18,368 UMCB 27,$82 27.582 Othei tradlnKKtivities Irw¢stment IrKome 35.509 7,858 35.$09 7.858 31.255 Tot*1 736.788 945,793 1.682.581 1646.629 EXPENDMJRE ON ¢h•rlt•ble actl¥Sti•5 Athletic Union Socletle5 Student Volunteering UMCB Acadernk R•presentatlon Un Ever Cornmunlcatlonsand Marketl 0•M￿rIc¥ Educotion Ceniral Servlces Hurnan Resource5 Depre¢l•t￿N 1.524 440,388 17,347 9,738 1.940 17,928 11.744 11,271 441,912 17,347 9.738 40.550 24.C65 11,744 31.308 24.668 2.188 272.423 888.269 47.143 440.651 36.399 11.364 21.149 28.907 6.888 37.498 22.998 1.504 259.850 817.914 40,616 38,610 6.137 20,037 24.668 2.188 245.700 525,137 7,128 26,723 363,132 40,Q15 Tffj•l 871,129 940,226 1,811.355 1,725.738 NEfiNCOMEIIEXPENDITUREI Trnfisf•rnb•¢woen funds 1134.3411 8,653 S,567 1128.n41 179.1091 15 Nei mty4emffitln funds 1125,6881 13,0861 1128.7741 179.1091 AECONauATIONOF FUNDS Total lund5 brouihtforw•rd 497.450 92.909 590.359 669.468 TOTAL FUNDSCARRIEO FORWARD 371.762 89.823 461,585 $90.359 CONTINUING OPEftATIONS All in¢om• expendlture has•risen from contlnulD8 •ttl¥lfjes. Th• rt￿1$ form part of thesefin•n¢i•l st¥tements P•8e 11 Banw un￿er$Ity Stud•mts' Uhlon 8•larKeShe 31 July 2024 2024 Total funds 2023 Totsl fvnds Unre5trict*d fund5 RestrKted funds Notes FIXED ASSETS Tangible a55ets li 67,357 89.823 157.180 113,896 cuRREp￿ ASSETS Debtors.. am0unt5fallir￿ due within one year Cash ot bank •Trd ITr hand 108,050 253.363 9,314 107,513 117.364 360,876 149,869 519,621 361,413 116.827 478,240 669,4 CREDITORS Amountsfalling due within one year 13 157,LKJ81 1116,8271 1173.8351 1193,0271 NET CURREpif ASSETS 304,405 476,463 TOTAL ASSEfs LESS CURREPK LIABIUTIES 371,762 89￿25 461,585 590,359 ASSErs 371,762 89,823 461.585 590,359 FUNDS Unrestricted fvnds Restricted funds.. Fee Plan Is 371,762 497,450 89,823 92,909 roTAL FUNDS 461.585 $9),359 The tharitsble company is entiued to exemption from audit under Section 4?7 01 the Cornpanies Act 2(K)6 for the year ended 31 July 2024. The members have ￿t deposited notice, pursuant to Sectyorb 476 of Companles Act 2fM16 requirSng an audit of these thnanci41 statements. The trustees atknowledgetheir re5pon5ibilities for ensurlng that tho charitable company keeps accounting records that comply with Sections 386 ond 387 of the Companie5 Act 2W6 and preparlng financl415tatèments which8ive a true and falr view of the state of affairs of thÈ charltable company as atihe end of each financial yearand of its surplu5 or defitit for each financia1 year in 8cc¢rdance wlth ￿UirementsOf Sections 394 and 395 ènd which otherwse comply with the requirements of the Companies Act 2(K)6 relatin8 to financial statements. so far as applicable to the Charitable company. These financial ststement5 have been •udlted underihe reqylrements of Settion 145 of the Charit1è5Act 2011. The financial statements were approved by the 804rd of Trustees and authori5ed for issue on 10 April 2025 and were signed on its behalf by.. N Ambreen- Trustee S FirMkin- Trustee The notes form of these flna￿l41 statements Page IZ contlnued... B•yw Unl¥er51tyStud•nts' Unlty) Cash AtrwSt•temeM ftyiheyearended JI luly 2024 2024 2023 Notes C•ihftaw$from Oper•￿￿a¢t1v1tl•S Cash¥enerated from operations 76.177) 13,0591 Net cash used in operatlng a¢tlvltlés 76,1771 13.0591 sh flow5 Irom hwestlnB•rtMt1•5 Purchase of tan8lblefi¥ed a$$ets Intor•5t r•¢•ived 19).4261 7,858 151.5141 4.589 Net C8sh used In inve5tlw •¢tMties 82,5681 46.9251 Chinp In Cash atKI ¢•sh ¢qulv41ents In th• reportln8 p•wl¢d C•sh •nd ush equfvknts •tth• brylnnlngal the rep¢rtlDi pthod 1158.7451 159.9841 519.621 579.605 C•44 and ush equfrAknts •tth• •ndofth• r•p￿￿￿9￿10d 360.876 519.621 The note5 form p•rtof these flnanclal stat•m•nu Pa8• 13 B•nw Unhr%lty St￿. Unlon t4¢)t•s tothe C•sh Flw Statem•nt for the y••r•nd•d 31 July 2024 RECONCILIATION OF NEf EXPEt401TURETO NEfcASH FLI>W FROM OPEMTING AcnviriES 2024 2023 Net •xp•nditurefor the repNlkn¢ ptrbod l•$ perlhe5l•tern￿t of Fknand•l A(lfvlt1451 Adlustmentsfir. Otpre¢i•tion Charges Interest rec*lv•d Decrease in debtors ID¢¢wsellin¢r¢ase In creditor$ 1128.7741 179,1091 47.142 17,8581 32,505 19,192 40,616 14,5891 16.595 Net us•d In op•r•kns 176,1771 13.0591 APULYSIS OF CHANGES It4 NETFUNDS At ty8123 C•shflow At 31n124 Net cash Cash at bank and in hind 519.621 1158,7451 360.876 519,621 158.7451 360.876 519,621 1158.7451 360,876 Th+ nthstrm part ofthesefiMhd•l statements Page 14 8•nBor un￿er$Ity StudeDts' Unitih Notesto the Ananual Statements for the year ended 31 2024 ACCOUNnNG POLlaES O•sts of preparfnB the financial statements The financial statements of the charitablÈ tompèny. which 15 a public benefSt entity under FRS 102, have been prepèred in atcerdance with the Charities SORP IFRS 1021'AccountSn8 and Reportin8 by Charitie5'. Statement of Recornmènded Practice ap￿1(abIe10CharitleS preparin8 their accounts in accordancewith the Finantial Reporting Standard appllcable in the UK and Republic of Ireland IFAS 1021 leffedive l January 20191,, Financial Reporting Standard 102'The Flnancial Reportln8 Standard applicable in the UK and Republic of Ireland. ènd the Comp3nie5 A£t 20￿. The financial statements have been prepared under the hlstoriral costtonventlon. Bèngor University students, Unlon WJS trading as an uryincorporated £harity urbtil 31 Juty 2018. this entty was incorporoted on l Au8U5t 2018, the net assets and liabilities of the unincorporated entity were introduced In full to the incorporated charty. GolryCon¢¢rft TheTrusteesc0Tr5iderthatthe Charitable Companyv4111 have sufficientfundsto meet its li•bilities èstheyfall duelor at least twelve months from the dole of approval of the finariciil ststements. 8an8or University has indlcated to the Trustees that It Intends lo continue to provide fundln8 to the Students, UnSon a5 required and to make av4i14ble lor use Sts assets. Consequently. the financial 5totemÈnts have been prepared on a Boing concern basis wh.ch the Trustees consider to be approprlate. Critytal accountirrf estimates and judgement5 In the application of the compJny'5 aCtountln8 policle5, mana8emeTht are required to make judgernents, estimates antl assumptions abtrut ihe carrying arnount of assets and liabilit1È5 that are not readily èpparent frorn other sources. The estimates and associthd assumptions are based on hSstorical experience and other factors that are considered to be relewant. Actual results may differ fromthese estimates. The estimates and Under￿ing assumptions are revSewed on an ongoSn8 basS5. Revisions to aCco￿tIng estimates are recognised Sn the period in wh￿h the estimate 15 revised where the revision affects oTrly that ￿riod, or Inthe period of the revigon and future periods where the fevislon affect5 both current and future periods. Management have deemed there io be no key accountin8estirnate5 or judgements presentwithln the financial #atements. Incom¢ All inceme 15 reco8nised in the Statement of Financlal Actlvities oncethe charity hos entitlement tothe funds, It Is probable that the income will be received and the amount can be measured fellably. Expendlture Liabilities are retO8nised as expenditvre ès soon as there is a lÈgal or construrtive obli8atSon cornmltting the charlty to that expenditure, it is probable that a trander of economic benÈfits will be required in settlement and the èmount of the obligation can be mÈasured reliably. Expenditure isaccounted foronan accrualsbasis and has been classlfied underheadln8S that a88re8ate all cost related to the category. Where costs cannot be difettly attrlbuted to particular headings they have been allocated to activities on a basis consSstent with the use of resources. Allocallon and appthionmem of costs The Charty's costs have been allocated between dlrect costs and support ¢osts as shown in note 6. TanRlble hxed assets Depreciation 15 provided at the followingannual rates In Order to wrtte off each a55et over itsestSmated weful Ilfe. EquiprTient Fixtures and fittings Motor vehicles Computer eqU￿prnent 20% on cost 20% on cost 25% on cost 25% gn tost A de rn*nimis threshold exist5for the capStali5ation of ossets, thls is £550. Taxatb)n The charity 15 exemptlrom corporation tsx on its charitable activities. Page 15 cortinued... Unl¥erslty Students, Uhi•n Notes tothe Hnancial Statements- contlnued for theyearended 31 July 2024 ACCOUPffiNG POUOES. ce4rtinyed Fund Unre5trirted funds can be used in atcordancewlth the ch¥r[ta￿e oblectfves 3t the discretion ol the trv5tee5. Restrkted lunds can onty be used for particular restricted purp05e5 within the objects of the tharhy. ReStrIct￿ThS arf5e when specrfied by the donor orwhen lunds are raised for partlcular restricted purposes. The restricted funds are a5 follow5.. Fee Won- A grant received from Bangor UnivÈrslty and r(s a$50riateJ expenditure wlthin the terms of th•t yant, the purpose of whlch 55 to advanre the student experience at Ban8or Unlver51t¥. Sportin8 Prowsion Grant intome recelved fr￿ B•n8or Unfverstty to be spent on sportlng facilities for tr3inin& cornpetitions ett. HEFCW - This 15 grant income frorn the Higher Educatlon Funding Council for Wales toward5 various projects, Such as Covid-19 associated health and well-bein8 support for Students, supporting the inter-university eisteddfod, creatin8 a sensory room etc. Clubs and Societies The Clubs and Societies of BaTh8or University Students, Union raise and spend thèir own hjnds. these mOn￿S are held in the Stvdents, Union's bank account and on8oin8 balances are maintained for each Clublsocièty. Any unspent balantes remain the property of the Clubs and Societ￿5 50 are recognised as current liabllrties by the Students, Urwon wSthin Other Creditors. wherethere has beèn an overspend. thi5 Is recognised as a current Ilabilitywithln Other Debtors. No income from Clubs and are recognised in the SOF& nor are any correspondlng experoe5, IN)wever. Ban8or University Students. Un￿n reco8ni5e an expense in its SOFA for funds that are •lkKated by itself to the Clubs and Secieties by way of grants. aslc fin•nci* instruments Trade and ￿hefdebt0r$j credttors are all recognlsed at the transactlon price. Cash and cash equivalents comprise cash bolantÈs and call deposit5. WhÈre applicable, bank overdrafts that are repayable on demand and form and integral part of the Chafity's cash managernent are included as a component of cash and cash ¢quNalents for the pvrpose only of the cash flow ststernent. Hirt purthas¢and leasknz mmmknbents Rentals pald under operatin8 leases are char8ed to the Statement of Firbéncial ACt￿ltIeS on a straight Ilne tsa￿5 over th¢ period of the lease. Penslon w5ts other poll-retlrement bentfrts The Charity'5'employee5' are employed directty by 8angor Unlversity. not the Charity. The ernployrnent costs are rechbr8ed tothe Charfty by Bangor Vnwersity ènd Included inthese account5 as if irKurred as employment Costs for completene$5 ond transparency. Anurnbei(>f the employees are rnembef50f Bangor Unlversity'5 Pension afjd Assurantt Scheme. The assets of the scheme are held separately from those of the charity in independently administered funds. Payment5 made to tNs scherne during the thnancial year amount5 to £86.582 12023.. £96,919). The scheme 15 detined as a defined contribution scheme for the puiposèsof FRS 17- Retirernent Benefits, as the Charity 15 unable to identlfy It5 Share of the uThJerlyln2a5sets and Ilabilltles. GRAfrITS. DONATION5 ANO LEGACIES 2024 2023 Block grant Fee plin grant 6railsford and Snowdthia sporting provision GTants recewed Donations in kind 556,275 735,571 178,8 39.420 84.388 Y3,775 735,574 178,8fAI 31.140 84,388 1.594,454 1,573.677 DonatH)ns in klnd labovel relate to serv￿eS provided by Ban8¢r Unwerslty to the Students, Union wit￿￿ charge, the arn¢unts included are a5follow5 and are best estlmates of the notional costs). Page 16 contlnued... Bawor UnhrtrsltyStt*knts' UrA¢>n P4otestoth• Stthments-£ootlhued foriheyeal •nd•d 31Jul¥ 2024 GRApifs. 1)ONATIONS AND iEGA¢IES.tontSm*d 2023 2022 Rent lor offkes Total donatlons in kind OTHER TRADING ACTNMES 2024 2023 Motorvehide Income Welcome week NUS extra Card Incorn• Othef Income 17,830 8￿00 14,135 580 8,540 8,879 35,509 INVESTMENT IP4COME 2024 2023 D•posrt •¢¢ountlnterest 7,858 4,589 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Athleti¢ Union Socletle$ VMC8 Club and Societyevents Club and Society evefits aub •nd Socletyevents 17,178 18.667 73 18.368 27,582 44.7 37,108 CHARITABLEAcn¥mES COST5 Supp¢rt sts Isee note 71 DSre£t Costs Tots15 Athletlc Union Socletles student Volunteerln8 UMCB Academi¢ RepresentatbTh Ufilt Events Communlcatlon$ and M•iketlng Oemocra Edu¢•ti Central Servlces Human Re5cur¢•s Oepre¢latlon 441.912 17,347 9,738 40.550 24.065 11,744 31,308 24.668 2,188 104,51XI 481,679 47.143 441.912 17.347 9.738 40.550 24.065 11,744 31.308 24,668 2,188 272.423 888.269 47.143 167,923 406,590 1,236.842 574.513 1.811.355 The ¢h4riWs ¢QSts are cateior15•d by major expendhtvre types, based on the m•in departments wlthin the Students. Unlon. Thest •refvrtherspllt betsveenthosecoststhotare direct￿•ttrltyUItd tothetore functlonsofthecharity, and those relatlnl to rnore8eneral •dmlnlstratloncosts. P•8e 17 corthnued... B¥¥or Lknlversitystsdeftts, Llnlo Nrfes toth• FIn￿dI1 %w•nents- c•Jntlnu•d for the year •nd•d YI Juty 2024 5UPPORTCOSTS Human resources Governance costs M•n•gement Flnance Totals Central Services Human Resovrces 139.513 26.570 167,923 406.S90 406.590 139,513 406,590 26.570 574.513 14Ef INCOMVIEMPENDITUREI Nit In¢omellexp¢ndlturel Is ststtd after¢hargI￿lcr1dit1rt9)'. 2024 2023 Auditor$' remuneratlon DePr￿lItiOn- owned assets Other operatln8 leases 15.3rxJ 47.142 90.718 14,400 40,616 90,718 Th• ￿￿1￿r'S remunerationforthe yearended 31 Juty 2024 h•$ been accrued at £15.30012023: £14,400). TRUSTEES, REMUNEPATIIX4 AND BENEF￿5 Durln8theyeainine12023'. stsl ofthetrusteeswere remuner•ted forthelr roles as obb•tlul?fficers of the Students, Unlon, the tot41 ¢ost Igros$ 5alarles, employers, NIC, peThs4on and levyl was £142,82612023.. £124,781). The rernuner4tian pald to them is In accordan¢•with the Union's constitution. No single trustee received remuneratlon or ￿nefits ex￿edIng £60.0W. No more than fivetrust*•s •re remunerated atany $pecifi¢iim¢. The r*mvntr•t*d trustees were.. N Ambreen Hcjohn NCLowe LJ Thompson REPu¥h SJ Dlckens H Korobczyt G E RovAands M l Tibbs Trustees •xpenses durln¥ the ￿•r were £1.34012023: £2.9561. Two Trustees12023.. fourl were re-ImbJr5ed for expenses. Othertrustees ¢05ts were 8eneril Costs attrlbutable toany sin￿e1r￿st¢* ar*1 pald direth bythe Unlon. P•8e 18 contlnu•d... 8ang¢Y Unlversbty Students, Unk*n Notestothe Flnandll St*tements- eontlnued l¢r ¢he yearwded 31Juty 2024 io. HUMAN RESOURCES The Charity's employees, are employed dire£tty by Bangor UnSversity. notthe CharSty. The employrrent costs are recharged to the Charity by Ban8or University and included Sn these aci¢wnts as if incurred Is emptoymentCOSts for cornpleteness and tran5parencv. There are nofulltSme equlvalent staff employed dlrectlyby8an8or Unlver5ItyStudents' Unron, fvJwe¥er.the8¥erage number of Bangor University employees whose rnain dulles and responsibilities are within the Students. Union are as follow5.. 2024 2023 19 19 AdmIni￿ratIVe Sabbatit31 Staff costs were a5fc¢llows'. 2024 2023 Gro55 wageslsalarles Ernployer'5 natimal insurance Pensions cost5 Levy etc 706,404 59.653 86.582 514 635,722 50,805 %,919 1,967 Total 853.153 786,413 Other costs relatln8 to human re50urcin8durin8 the year. e.g. staff trèinln& travel etc, totalled £35,11512023.. £31,501). No errployee12023'. onel received remur￿ratltsn or benefits Igross salary plus employeT penslonl exteedin6 É70.00D. KEY MANAGEMENT PERSONNEL Key mÈnè8ement personnel ore those persons having authority and responsibility for plannin& directin83nd contrdlingthe activitie5 01 the Studems. Union. Staff costs include salaries and associated costs relatlll8 to the employrnent of key personnel. C05t5 include both empbyers, pension and Nl contributiOn5. The number of fvll time equivalent key managemefit pprsonnel lexcluding Trustees as dlsc105ed above) durin8 the year was 312023.. 21. 2024 2023 Key management personnel costs 153.332 138,962 ii. TANGIBLE FIXED ASSErs Nxtures and fittings Motor vehicles Cornputer equipment Equlpment Totals COST At I Au8USt 2023 Addltions 218,865 36,929 27,514 12,479 258,858 9J,426 53.497 At 31 July 2024 255.794 27.514 53,497 12,479 349,284 tEPREIV4TION At I AuBUSt 2Q23 Charge for year 125,956 40.015 9,062 4,889 9,944 1,123 144,962 47,142 1,115 At 31 July 2024 165,971 13,951 1,115 11,067 192,104 NET BOOK VALUE At 31 July 2024 89,823 13.563 52,382 1,412 157,180 Ai 31 truly 2023 92.909 18.452 2,535 113,896 Thè assets. liabilities and operat10￿ ofthe unincorporated chèrlty, Bangor University Students, Union, were transferred Into thi5 incorporated charity on l August 2018. The net b￿* value of the flxed assets were Tecognised as addition5 atquired on I Au8USt 2018. Depreciation is èpplied on theoriginalcost of these assetsover their remainin8 usdul life. Where 055ets have been transferred from the old unincorporated charity. depreciatlori has not been charged on NBV as doinE so would generate 3 lower r3te of dèyeciation that Is not realistic given the conditionluseful Ilfe of the asset. Page 19 ¢￿tInued... Banw Unlver4ty Styd¢nt5' Unlon Not•stothe RnaThdal stateMents.m￿￿￿ed tor th•ye•rended >1￿￿2014 D£8TORS: AMOUNTS FALLING DUEWITrIN ONE YEAR 2024 2023 Trade debtors Otherdebtors Banior Uni¥ersitydebt¢r Pr•piwnents Accrued incorne 4,TrJO 11,286 121.841 4,321 8.421 9,314 99,948 6,C4J3 117,364 149,869 The balance of £9.31412023.. £11,286) wlthinotherdebtors represents amo¥nisduefrom the Clubs a￿￿ Socletles to University Students. Union, these I￿ treated as rt$tri¢ted funds and an equal •mount DI the cash •t b•nk lsalso treated Is restrirted on the balance sheet. IJ. CREOITORS: AMOUIITS FALUIIG DUE WIThIN ONEYEAA 2024 2023 Trade creditors Othercredltors Commercial urd Accruals •nd deferred Income 32.462 116.204 IL,019 33.342 116.828 1.477 51,685 173,835 193,027 Other creditors of £116,82812023.. £116.204I represent amounts due io the Club5 and So¢ieties frorn Ban8or Un￿ers￿¥ Students, Union, thèse are treated as restrfcted funds •nd an equal amount of theeash at bank Is •lso treated as restrirt•d on ihe balance sheet. LWING AGAEEMÉNTS Mlnimum lease p•¥￿￿*S under I￿n-cal￿elllbleOptratsn8 le•sesfall due •$ follows: 2024 2023 Within one year 45,591 Pay 20 tonllnued... B•wor UnlvevsSty Studwrt%' U Notes tothe FIMn¢lal siaiements-a>ntSnu•d trihe year erthd 31July2014 15. MOVEMENTIN FUNDS Net movement In fvnd5 Transfers between funds At 31n124 At 118n3 Unrestrlrtodfunth 6enernl fvr 497.450 1134.3411 8.653 371,762 Restrlrt•dfvnds Fee Plan Sportln8 prwslon HEFCW Grants 92,909 &057 15031 11,9871 111.1431 503 1.987 89,823 92.909 S,567 18.6531 89.823 TOTAi FUt405 590,359 1128.7741 461.585 Net rno¥*rnent Infunds, Included Inih• •bove are 35follrwn'. Incomi r•sour¢*s Resources expend•d Movement In funds Unre5tflthd funds General fvnd 736.788 1871.1291 1134.3411 R•S￿¢t•d fvn Fee Plan 5portin8 provlslon HEFCW Gronts 735.572 178,800 31,421 1727.5151 1179.3031 133,4081 8.057 15031 11,9871 945.793 1940.226 5.567 TOTAL FUNDS 1,682.581 11,811.3551 1128,7741 P•8• 21 ¢ortlnued... VnlversStySlud•rtts' Vnlon Not•stothe 5tatemeftts. ci>niinued fty thtyew •nded 31 2024 MOVEMENT IN FUNDS-¢ontlrwed Comp¥•iives l¢rmv4ernefit Infthth Nei movement In fund5 Transfers betsveert fund5 At 3V7n3 At U8nz Unrestvlrted funds General fund 586.092 1103.8321 15.190 497.450 Restrlrtqd fufids Fet Pla Sporting provislon HEFCWGr•nts 83,376 13.731 9.398 L594 14.1981 19,3981 1,5941 92.909 83.376 24.723 115,190 92.909 TOTAL FUNDS 669.46B 79.1091 590.359 Comparatlve ￿ movement lThlunds, Included In the above are as follo￿¥.. Incomln8 resources Resources expended Movement in funds VnrestrktedfurK15 General fvnd 709.072 1812.9041 1103,8321 Aestrlct•d funds Fee Plan Sporting HEFCW Gr•nts 735,572 178X 1721.8411 1169,4021 121,5911 13.731 9.398 I594 937,557 912.8341 24.723 TOYAL FUNDS 1.646,629 1.725.7381 79.lQ91 Th• Gener•1 fvnd relates to the block grant recelved from B•fi8or UnIver￿ty and other minor sources of ir%ome which are utlllsed by1￿ StUd￿t Unlcffj to pravid+the Univers￿¥ studeTht5 wlth • ￿￿e ran8e of s•Ni¢es. Restrktedfund5 The Fee Pl•n fund Is a specific income from ihe Unlver5ty W￿¢h must be spent lfi order to enharKe th• student expethnct vAthlThthe tems of the8rant a8re*mint, thls fonstltutes a restrf¢ted lund. The Sprtln8 Provlslon 15 8r•nt incom¢ recefved from B•rw Unlver5ty to be spert on 5POrtln8 fJ¢llllles lor tr•inl comwltlons etc HEFCW is 8r•nt I￿orne frgm the Hwhtr Edu¢•tlon Fundln4 Courtell for Wales towards v•rfous projects Such •$ Covld-19 •sso¢lated heahh and well.being support for Students. supportin8 the Int•r-Un￿er51ty elsteddfod. cre•tyw a 5en5tsry room P•8e 22 onttnued... B•rfor un￿￿ty St4#l•nts' Unlon Notrsiothe Fln•ncS1l Sl•temenls-c¢>ntIn￿d fortheyearended 31Juty2024 16. RELATED PARfi DisaosuRES The St¥dents' VnSon rece￿$ •nnu•l fundlngfrom Bayor UnNeisity, total fuThlin4 durlr*ihe turrent year w•$ £1.470.647 12023: EI.458.1471. B•ngor U￿r51tY Students. Unlon have office5 In the Pontlo bulldlw whlch 15 owned by Bangor Unlversity. A ￿ntaI cost of £90.718 is re¢o8nised ln the occounts to 31 July 202412023.. £90.7181. ol whlch. £84.38812023.. £84,388115 a notional rent with a correspondln8 Sncorne recognised as a'donatlon In klnd, frcffl B•ngor Unlverslty, thè b•l•n¢e 01£6,330 was physkally paldio garrfor Unfversityandthe blockgrant lficome has been increased bythetorwpondlniarnountlificluded in the total fuodingh8¥re abovel tofundthe reni ¢051. i?. FINANCIAL IIISTRUMEPlfS Th• ¢arrw￿ amount50f thefinan¢l•l assets and l+abllltl•s Incl￿*.. 2024 2023 Fln•n¢l•l •ssetsthèt afe debt Ir4truments measured at arnortised co Trade debtors 8an8or Universtyd¢btor Cash at bank 99,948 360,876 121.841 519.621 Flnancial Ilabllities measured at amortised Cost Trade creditors Commercial card Ac¢ru?ls Deferred 8rant Ir￿orne 13.8451 11,4771 151,6851 132.4621 111.0191 133.3421 P•ge 23 Unl¥er4tyStsd•nts' Un D•t•lled Stotefflehtof Fln•n¢l•l *thMIS15 ftytheyeai ended31Juty 2024 2024 2023 INCOMEAND END0WMEP￿s Grants. don•i1￿$•nO Iwdes eb¢k grant Fee pl•n grant 8ra115ford and Snowdonia sportln8 provision Grants received Donations In klnd SS6,275 735.571 178,8 39,420 84.388 543.77S 735.574 178,80) 31,140 84,388 l.S94,454 1,573,677 oitmr tr4dlr* •rthltles Motof vehicle income Wel¢ome week NUS •xtr• ¢ard Incorne Other income 17.830 8.8DJ 14.135 8.01)) 8.879 35.509 3L255 Irb¥Utmmt hKom* Deposlt account Inter•st 7.858 4,589 Chirlt•bl• •aMtles Club and Se¢ietye¥ents 44.760 37,108 Total Incomlnjresoyrces 1,682.581 L646.629 EXPENDITUAE Chirltabh iC¢l¥ll*s Insurance Vehicle seN*¢ Administrative wages Sabbatlcal officer5 W•8es Sabbatkal trainin8 Ind expek)ses Staff tralnlngand expenses Staff travel Athletic Unlon ¢entrèl exPe￿JhUrt Socletles General d￿b irants Student¥oJun*ers UMCB Studentvolce Welcome week tosts Communkatlons and mlik￿lmS C¥M￿lan$ Elect*ons NUS Subscriptlons Conference fee5 and expenses Edu¢•t￿n 5ufidrytxpenses Depred•tion of epulpmerst Depredatlon of fixtures •nd flttln Carried fotNvard 12.317 89.756 303.862 141701 13,933 17,999 3.184 ML912 7,163 10,184 9.738 40,550 24,Q65 11,744 31,308 4.137 1939 13,609 3,983 2,188 2,4Z7 40,015 12,189 94,0 274,168 124,906 14.987 13,387 3.127 440.651 9.178 27,221 11,364 21,149 28,907 6￿88 37,498 3.969 2.506 13.594 2,929 1.504 1.157 34,563 4.930 1,184.772 L234,604 Thls p•8¢ doe5 I￿t form part olihe statutory fln•ncl•l statements Pale 24 BoTr¥or Unlv•riitysfudwts' Unlon Detilled St*teM￿ of Anand•l Actfvltbts forthe y•ar •nded 31 Juty 2024 2024 2023 Charilible Kli¥ttl BrO￿htf0rW•rd DEpre¢iation of moter vehiele$ Depreciitiofi of ¢omputer equlprnent 1,234,604 1.115 1.123 1,184,772 L123 1.236.842 L185.895 Manayment Rent Insurance Health and safety Prifit, post, computer and phone Rep•irs •md m•1￿¢nanCe 90.718 14.406 199 7.159 27.031 90,718 12.571 1,135 8,862 7,032 139.$13 120.318 Flnance Bank chèr8e5 1,840 1,694 rosourrns Admlnlstratfv•wa8es 406,590 387,339 rthwn•n¢e c45t5 Trust•*s' expenses Audltors. rernuner•ti¢n Accountancy Legal and professlonal fee$ 1.340 15.300 9.246 2,956 14,4C#) 9,636 3,5(￿* 26,S70 30.492 Total resources •xpended 1,811.355 1.725,738 Nei exp¥￿￿re 1128,7741 179,1091 Thls pale doe5 notlorm p•rtolthe5tstutaryfinJn¢lal ststement5 P•8e 25