Reglstered number.. 11937134 Charity number.. 1183000 UNIVERSITY OF CHICHESTER STUDENTS. UNION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantee) CONTENTS Page Reference and administrative detalls of the Company, its Trustees and advisers Trustees. Teport Independent auditors. report on the financial statements Statement of financial activities 2-11 12-16 17 Balance sheet 18-19 Statem¢nt of cash flows 20 Notes to the financlal statements 21-40
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA eompany limited by guarante•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Tru$teg$ Isabelle Page, Chair Duncan Hale5 lappoinled 23 November 20231 Dominic Stephenson Iresigned 8 August 20241 Isabelle Ball Frederick Rainbow Ir8svJned 30 June 20241 Neil Balley Daniel Hill-Roger Ella Blair (resigned 8 September 20231 HeTmione Jane Boyes, Vice Chair lappoinled 1 July 20241 Company reglstered number 11937134 Charity registered number 1183000 Rogistorad office University of Chichester College Lane Chichester P019 6PE Independent audltors TC Group Statutory Auditor One Bell Lane Lewes East Sussex BN7 1JU Page I
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the audited financial statements of the Company for the year 1 August to 31 July 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under ¢ompany law. The Trustees confimi that the Annual ieport and financial slalemenls of the charitable company comply with the current stalulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement Df Recommended Pra¢tice ISORPI applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable In the UK and RepLJblic of Ireland IFRS102} leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Direclor5' Report) Regulations 2013 h85 been omrtled. Ob}8ctives and activities The charitable objects for which the ¢harilable company was established are.. The advancement of education of the Students at the University of Chichester for the public benefit by. Being the recognised represenlalive channel between studen15 and the University, and any other external bodie5", Promoting the interests and welfare of 51udenls during their lime ol study.. Providing social. cultural, 5POrting and recrea110nal aclivilies and forums for discussion and debate for the personal developrnenl of slL¢denls We support and represent over 6,000 students. We meet our objectives by". Enabling and encouraging democratic participation in sludenl leadeTship elections.. Working with tho University lo maintain and Improve the qualrty of the a¢ademi¢ provision and welfare support through participation In all key University Committees, and through our relational partnership approach., Enco(¢raging and supporting sludenl parti¢ipalion in focus and represenlalive groups.. Representing students in academic or other mallers lo provide guidance and signposting on appropriate prO$S and outcomes". Working with external organisalions and the local community., Encouraging sludenl participation in campaigns and a range of spO.ng and recreational aclivilie5 10 promote, sustain and increase individuals, skills and knowledge". Working with students to develop events and enlertainmenls that improve the overall student experience., Providing volunteering and employrnenl opportuni11es through our committees, a¢liMlies and within our Union operations which are led by the professional staff team. Trustèes delegate day lo day operations lo the staff team which is led by the General Manager and Senior Management Team., Embiacing a joint commitment charter beeen the Union and University Public Benefit University of Chi¢hester Students. Union complies wrth the Publi¢ Benefit requirements as sel out by the Charity Commission. The trustees are of the opinion that the Charity demon51rales Public Benelil by virtue of the a¢livilie5 In which it is engaged In delivering and lacililaling activities lo meet our charitable objectives, we aim lo be inclusive, accessible and representative for all our members. We treat our members with respect and value them as individuals, whilst providing opportunities for personal and collective learning and developrnenl. Oltr objectives, a¢tivitie5, ethos are integral lo our mission statement which is. "To help ALL sludenls lo have the BEST lime Ihey CAN have whilst al the UNIVERSITY OF CHICHESTER" Page 2
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA MpanY limited by guarantaa) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Achlovomonts and perfomiance Our achievements and performance in the year relate lo our objectives and support our 3 key strategic priorities.. 1. Maintain Organisatlonal Sustainability During the year. we maintained appropriate levels of Board membership, therefore ensuring both quorate and balanced decisions. Our risk register was developed further and ¢onlinues to be an integral part of all Board meetings. Trustees regularly scrulinised budget and operational plans throughout the year, recognising that in addition to changing expectations and behaviours of students post pandern, there had also been a slight reduction in sludenl numbers. We implemented a new Iransaclk)n processing system, new accounting soare and payroll Software Ifor our sludenl staffj. Together, these systems have enabled us lo make further improvements lo our pro¢essing, carbon footprint and access lo management information,. we plan lo continue lo buikl on this during the nexl year. We have also ensured compliance with all relevant statulorylgoverning bodies. During the year. atthough it was our contractors, liability, we reported 1 RIDDOR incident to the HSE13 broken bones in fool. which happened during our summer ball evenll. 2. Maintsin the Student Voice and Represontallon The Union Temains affiliated lo NUS Charty Ilhrough which we ac¢es5 the purchasing consortium. training and ele¢lions support). but not lo the NUS UK (the more poli(ical side of the NUSI. Our main elections for the Student Council took place in March 24. Candidates stood for 9 of thè 10 positions available, and there were 6,149 unique votes cast by 838 voters across the positions being elected. Overall, less position5 were contested than in previous years (including one of the sabbatical officer pgsilionsl and this inevitably impacted voter numbers, wlh 12.70h of eligible students voting in the election compared to 180h last year. In addition lo our main and semester 2 elections, for the first year, all our club and society eleclK>ns were also run through our digital platform. therefore ensuring a more robust and efficient process. Page 3
UNIVERSITY OF CHICHESTER STUDENTS, UNION IA company limited by guaranteel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The elected officer structure in place remained unchanged on prior years lil is expected this will be reviewed during next yearl and was". TRVSTeE BOA40 ACAts¢•¢• Cl1 t>PSlUO C¢>yx¢ Run by Students for r1p4A11 thMbt•thv Students SIAWDINO COMMIVTEt¥ WJU4 Between Ihern, the President and Vice President allended and actively participated and represented Students Iwrth part-lime elected officers and SU staff where appropriatel in key tneelings. working groups and project boards with the Universrty. These m*tings covered over 25 aspects of university life and experience and ranged fromlincluded attendance at the University 8oard of Governors, A¢ademic Board, Senior Management Team Sexual Misconduct and Harassment Working Group, Sustainability, Teaching Excellence, Ra Equality and Inclusion. In addition, the President and VI President mel monthly with the Vice Chancellor and weekly with the Deputy Vice Chancellor Sludenl Experience, as well as meeting with other members of the Vice Chancelk)rs Group and other University staff as required and allending our own SU meetings and committees. The President and Vice President also played an active role In the recruitment of the University's new Vice Chancellor. Having initiated a review of the Student Represenlalive Programme last year, the Vice Prèsident (who was in their second year in office) was able to follow through the changes made. Whilst there were over 450 sludenl reps elected, some were elected tale in the year and therefore not all were able lo attend the core training. This was noted as a challenge and a consideration for the approach lo numbers of sludenl reps In future yea¥s Both the Vice President and the elected part-lime Academic Officer (Chichester C8mpusl worked with the University as il developed further guidance around the use of Artificial Intelligence {All. The elected part-time Academic Officer IChi¢hesler Campus) carried out 1-2-1 and small group training sessions for around 100 sludenl reps, focusing on the use of Al. The Vice President worked with the University on its Acces5 and Participation Plan IAPPI and prepared the framewotk for the student submission. and on enhancements lo the systems used for Marking and Assessment Feedback. Both the President and Vi¢e President represented students during academic. and other disciplinary appeals and hearings during the year. They alsts contributed to responses from the Universrty lo the Office for Students {OfSI on key matters and proposals In relation lo matters su¢h as sexual assault and misconducl and freedom of speech, and the usual annual review of the joint University Commitment Charter and the Student Protection Plan. Page 4
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limitod by guarantee} TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 3. Increase Engagement and Parti¢lpation During the year, full and part-lime officets led a range of campaigns including LGBTQ+ and B1k History months, Green Week, Mental Hearth Awareness Week as well as running specrfie campaigns and events relating lo Sexual Health and Guidance, Sustainability, Careers and CV writing and encouraging students lo engage wrth the cc¥nmunty through other events arKI activities. The SU facililaled a restrucluTed Welcome Representative scheme in the form of both Welcome Reps and Arrivals Crew lo help new students settle in when arriving al universty. This ranged from helping during the physical move in period and signposting to social events and activrties or support seNees and other areas across the University. During the main Arrivals week, we ran Freshers, Fairs on both carnpuses and 60+ non- alcoholic and daytime aclivilies. Over 2,200 students attended the events during the 10-day arrwals and welcome week period. Th8 freshers, fails and range of activities and events on offer durin9 the arrival$ period enabled students lo see the studenl-led clubs and societies we facilitate, as well as providing opportunitie5 10 meet staff from the University Wellbeing team and sign up lo GP surgerEs, engage wth local external groups and even have some part4ime employment opportunf(ies. Our commercial oullels, The SHOP. The Hub and Zèe Bar all operated during the a¢ademK year and provided a varied range of opportunrf(ies for slLKlenl engagement and relaxation, development in a range of skills (social, learning, wortingl. 811 in a student focused environment. The SHOP on Chichester Campus provided a raNJe of sandwiches, snacks and drinks al student ftiendly prices, as well as a range of University branded merchandise. As with all our commercial outlets the SHOP is manged by profgssionavpermanenl staff and we employ sludenl staff, supervisors and duty managers, often providing students with a fir51 paid work opportunty - across all outlets we employed 73 stsff for 8,028 hours on ¢a5ual contracts lo f(( around sludenl timetables. The Hub on Bognor Campus, being the quieter of our two venues. once a98in opened tw'ce a week during term lime, and events in the venue were mainly sludenl led. When closed, the Hub was used periodically as a leaching space, and on occasions by film students wanting a location setting for their course. Zee Bar on Chichester campus. has Iradilionally been our main income generator, and whilst still popular, in line wf(h national trends across the evening and night-time economy seclof. the revenue generated has reduced over the years, but still makes an important contribution lo the SU overall and lo the student experience. After Freshers, week, which saw extended hours, Zee Bar opened most weekday day and evenings during term time with the occasional weekend and prowded a range of events from a chilled out so¢ial space to bingo and quiz nights, events such as karaoke, or larger scale club style nights and the, ever popular, WSIHE Wednesday night. The academic year was roijnded off nicely with our largest ever Summer Ball, which was attended by an incredible 2.152 students and their guesls. We are particulady proud of the Ball as we are one of the few unions contsnuing lo deliver such a larg&scale event, and which receives very positive feedback from our students. In addition lo the commercial offering wlhin Zee Bar and The Hub, we operate a safe and inclusive environment, with clear policies around abuse, zero tolerance and respect. Both Zee Bar and The Hub have been used to support smaller events. campaigns and activities throughout the year such as the Sexual Health Fair, Green Fair, Careers Fair, Therapy tlog Session and other dayts.me aclivrf(ies such as e4POrts events and Primary Teaching ad-hoc events. Our $ludenl led Clubs and Societies, which sil wlhin our Activities Federation. once again had a positive year in terms of memberships and activities with 1,419 memberships purchased 12023'.1,4241. Whilst improving, the a¢tMlies federation eomrnittee has not returned to the same level of empowerment as pre£OWD. Staff have therefore continued lo assist in the design and delivery of one-off union eventslaclivities to ensure the breadth of offering continued to be provided lo the student body and it is likely that in future years we will need to rev th8 structure of the Activities Federation. Each club did however operate with rt5 own elected committee in place- all committee mles being voluntsrylsludenl roles. Cornmrttee officials undertook relevant ITaining al the start of the year, including but not limited lo data protection, equality, diversty and inclusion, welfarelbystander and sexual assault and misconduct training. Core cornmitteo training was supplemented wrth optional training from the Page 5
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantèè) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Samarf(ans and Sav&A-Life Training. During the year there were 23 active sports clubs wrth 30 teams competing weekly across 21 sports within BUCS (British Universities & Colleges Sports). There were four individuals that represented the University in national competitions al Power lrfting and cycling. We played in 158 Home fixtures and 151 Away fixtures. In the BUCS league table, the University ol Chichester finished 85th nationally lout of 151 institutions.. 73rd in 22123 yearl. Men's Football 1s reached the National Finals and travelled to Loughborough for the Big BUCS Wednesday." a significant achievement for the clublplayers and the Unionluniversity. Overall. Men's Football finished 7th in the Country up from 36th in year 22123. Across OLJr competitive sport programme, five teams won their respective BUCS leagues.. Men's football 1s, Men's football 2$ and Men's football 3s. Women's hockey and Netball. The Women's fwtball just missed out ol promotion into the Prèmier league. The Men's Football 3s, Netball and Women's hockey reached the finals of the South-Ea5tern Conference Cup.. Netball and Women's Hockey both winning their Cup. In addition. the Women's Ultimate Frisbee advanced lo the National Trophy Finals in S¢olland. Foul Students (three Men's hockey, one Men's football) represented the Unionluniversity in the English Univeisity squads al the Nationals cup. Cheerleading competed In the ICC National University competition and the teams finished 1 st Place small all girt level 2, 1 st Pkce small all girl Level 1, 1st place small all girl Pom. There were also 26 swielies that were active during the year, including Musical Theatre, Heels and Pole Dance which pul on a range ol workshops and performances. This year our new 50cielies, such as Shakespeare Society, Swifties and Film Society engaged through unique events such as a 24-hour play. listening parties and navigating different film themes in foreign film. External trips and activities undertaken by the societies inGluded a trip lo the Globe in London, skateboarding, on water rowing, ¢reating and running success networking events. open water swimming. and headshot sessions. Financial review Trustee5 were pleased lo end the year wrth an in-year surplus of £29.199, compared to a budgeted loss of £19,227)., which has resulted in us mowng to a balance Sheet surplu5 of £28,601. The main income streams for the Union continue lo be Commeicial Revenues Ifrom our Bars and Shopl, Membership Services income Iclublsociety memberships and fees), and our Block Grant Funding. We also generate a small amount of income through marketing and sponsorship. Trustees are pleased to note that despite the slow start and underperformance compared lo budget wlhin Zee Bar. which historically has been our best performing commercial area, overall. our commercial areas ended the year in line with budget, therefore still making a financial contribution lo the Union. The fvrther reduction in turnover within Zee Bar12024". £443K, 2023. £474K. 2022.. £567K} bul the continued appelile for largerlone off even15, appears ID reflect the ongoing national challenges and trends within the evening and nighl-lime economy sector. Careful cost control in all areas, plus better than budget performance in The SHOP and our summer ball offset the main of the shortfall from Zee Bar. Trustees are continuing lo monitor the performance of Zee Bar and all COfnmer¢ial area5, although noting Ihe contribution the commercial area conlinues to make to union overheads a5 well as the wider sludenl experience. Trustees also note that the favourable variance al Union level primarily arose from underspends compared to budget within our sports and activities amounting lo £29K (due 10 spending being suprèssed lo compensate for the slow start within commercial areas) and variances lo budget in corelcenlral areas amounting to £20K Iincluding a £6K lavourable v8ri8nce in relation to Otjr pension deficit funding due lo the Interest rale used in the valualionl, rather than an Increase in conlTibulion from our commercial areas. TrLJStees have continued lo explore other revenue generating opportunities and grant funding. although these continue lo be limited. Our main potential is for Ljse ol Zee Bar outside of term lime for publi events and private hires, although this has been very difficult to develop due to licensing restrictions, location and peiception. Whilst continuing to explore external opportunities, Tiustees are clear that the Union will continue lo remain Block Grant Page 6
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limlted by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 dependent for the foreseeable futu. Our main expenditures, excluding costs of sales and other dired Costs, within our commercial ouuels le.g. consumables, cleaning, door supervisors and entertainmenlsl, arg payroll and casual staff costs, sport fixture related costs such as tran5POrt, facilrties and @quipment and officia15 (or sports clubs and SoctIeS, and overheads such as insurances. professional fees. 8nd systems related costs. For the summer ball and freshers, fairs we hire largeknscale marquees, stsges, fencing and other infrastructure lo enable us lo facilrtate and run the events. The pension deficit Ikability and Pension Fund LeY charges we include each year are. of course, variable and subject to considerable fluclualion. particularly in ttxlay's climate. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalements. Further detsils regarding the adoption of the going concem basis can be found in the accoynling policies. Future Plans Maintaln Organisatlonal Sustalnablllty Work wth the University lo review our Block Grant fundiThJ model and services. Apply for and access appropriatelavailable grant schemes and explore additional revenue streams., Remew and adapt our commercial operation lo ensure il operates in a financialty viable way, ¢ontributing to the overall SU running costs", Review inlernavoperalional structures to provide the best possible offering and service provision based on resource available, aiming to achieve a small surplus, or. where not possible. minimise any potential financial operating loss., Review and monitor an effective Risk Register, Review and develop finance and funding policies,. Rewew facilities & resources (including HR and technologyl., Develop internal cLxnmunaIi0n and related systems.. Maintain and improve. where possible, our commilment lo the environment, and to minimise our impact thereon., Develop our relations in the local area to raise the profile of the SU and reputation of students in the ommunity., Ensure compliance in all relevant areas IGDPR, H&S, Licensing, Slatulory Reporting)., Respond promptly and appropriately lo changes in guidance or legislation affecting c%Jr operation- eg. Martyn s Law, Freedom of Speech., Recruit 2 new Student Trustees. Malntain the Student Voice & Representation Increase democratic involvement & participation in elections". Further develop updated ac*Jemic representation and student represenlalive programme., Review all elected positions lo assess effectiveness and appropriateness of structvre., Review prDvisior4 of individual student support & advice Icaseworkl., Continue obtaining Student Feedback lo enhance the sludenl experience., Respond to future Ofs consullalions", Represent student views around the upcoming Mental Health Charter and how it 1$ implemented across the University and Union., Revise policies and processos in light of the Frfjedom of Speech Complaints schemes., Actively participate in key Universty committees and olhef meetings. Page 7
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limlted by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Increase Engagement & Parti¢ipation Devek)p campaigning and its effectivene55', Deveknp new and existing Clubs & Societies and ClublSts¢iely Officials., Break down the barriers between Sports Clubs and Societies by identifying syner9ie5 and use best praclice from bolh and from the sector., Review and refine membership slru¢tures', Review and develop RAGlfundraising activities and outcomes", Review and develop events and leisure aclivilies., Develop alumni & associate membership activity and opportunities., Ongoing review of digital and social media platfom5. Reserves policy Trustees are committed to reviewing the Reserves Policy on an annual basis. taking into consideration the implications of FRS102. Charity Commission guidance, the continuing support of the University, and the economic ¢limale at the time. Al the last annual review, Iruslees aimed to a¢hieve a zero fTee resetves p05ition by 31 July 2027. wlh a view lo building up flee reserves in future years lo an amount equivalent lo 2 months, operating expenditure lapproximalely £75,000). As anticipated and noted by Iruslees In prior years, establishing and understanding the new norms post pandemic. and how these impact on the charitable company has taken some b'me and presented some challenges as we look to further understand and respond lo the wants and needs of post pandemic student5. This has been significanlty impacted by the anlicipaled reduction in student numbers over the next Couple of years. We continue lo work with the University ID develop our operational plans and budgets taking into consideration expected levds of Block Grant Funding for the years ahead and revenues we anticipate generating through our own membership serwces and commercial income streams. though the charitable company had no free reserves as of 31 July 2024, excluding the pensions deficit liability of £ 263,992 12023.. £276,137). free reserves would have been £289,306 12023.. £271,4861. Tru51ees have therefore reconsidered the length of lime lo achieve zero free reserves and consider that 31 July 203Q would now be an appropriate timescale wlh a view to building up reserves equivalent to two months operating costs Icirca £80.0001 over the subsequent few years. In the meantime. trustees continue to scrulinise budgets and operational results lo miligale unexpected financial risks and exposuTe. Structure, Governance and Management The University of Chichester Students, Union (also referred lo as the SUI falls under the definrtion of a"Studenls' Union" in section 20111 of the Education Act 1994. The Unwersrty of Chichester Ireferied lo as the Universrtyl exercises its duly under the Education Act 1994 10 lake such steps as are reasonabty practicable lo ensure that the SU operates in a fair and democratic manner. The Students, un)n is a charity regislered with the Charity Commission (Charity No 11830001 and 15 therefore subject lo Charity Commission rules, il is also a company limited by guarantee registered in EnglaThY and Wales (Company No 119371341. The Students, Union 15 a member-led organisalion, which operales in accordance with rts Memorandum and Articles of Association. A formal Trustee Board comprising of up lo 2 x Officer Tfustees, 2 x External Trustees and 3 x Sludenl Trustees is ultimately responsible lor the Union and all of ils associated activitie5, resources and compliance. The same trustees are also Directors of the Company. Page 8
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarant9e) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Officer Trustees are elected by the membership to lake office on 1st July in the year in which they are elected and hold office for one year until the following 30th June. In addition lo a 2-week handover from the outgoing 5abbalical offir team. Officer Trustees recewe training via the NUS annual national training, and localty as part of our internal officer training program. Officer Trustees may be re-elected for a second tem of office. Extemal Trustees undergo a selection process managed by the Operations Committ99 and Trustee Board {bolh of which include the elected sabbatical officers),. appointment is subsequently subject lo a simple majority vole of the Student Council. External Trustees may usually hold office for up to 9 years, erther through consecutive or non-conse¢ulive lernis. Student Trustees are appointed by a simple majority vote of the Student Council and join the Board immediately after they a voted in. Student Trustees remain in post for up to tr40 years, or until they cease lo be a fully registered student. Thè Trustee Board mplIeS with and applies the G¢)Dd Governance Code and the 7 key prsnciples therein. Beneath the Trustee Board, the Union has established an internal govemance structure to enable sludenl input lo policy and practices. The foll¢)wing diagram shows the structures that continue lo support the day-IrHJay operations w((hin the SU for th8 year ended 31 July 2024. The Trustee Board (whose members are all also Directors lor company law purposes) has ultimate legal responsibility for the SU. however internally the Student Council (which comprises elected $ldent officers representing the members of the SUI and the Constitutional Committees (Operations. Academic and Activities are led by the President and Vice-Presidents are the Offirs1Off1Cer Trustees, wilh other members elected by cross campus balloll ensure that the SU operates in a daMrat1¢ manner and continues to recognise the members as the ultimate sovereign body. Governance Slructvre All Student Meeting IAthnvol Generol Me•Hng1 The All-sludent Meeting is delayed until the Autumn of 2024 with a view lo increasing sludenl engagement due to bettér liming Within the academic ealendar. Engagement at All Sludenl MeelingslAGMs has been a struggle over the last few years Sector w'Kle, and quoracy levels and structure for this arg something Trustees wll review in tuture years. Page 9
UNIVERSITY OF CHICHESTER STUDENTS, UNION {A company limited by guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 All Officers elected lo the Student Council receive an induction and training covering their code of CDnducl and adm1ni51ralive responsibilities and receive ongoing support and developrnenl during their term of office. The OperatK)ns Committee oversees the day lo day running of the SU and is accountable lo the Sludenl Council and Trustee BoaTd. The SU employs non-studenl professional staff lo ensure effective managem&nt ol its many activities and to implement the policy decisions made by the Operations Committee and other bodies. There is delegated authority. through the General Manager, for operational decision making and accountability within the various areas of the SU, iri accordance with agreed slruclures. Remuneration for all salaried staff and officers Is agreed by the Trustee Board and uses the University of Chichester payscales which adopt JNCHES ljoint Negolialing Committee for Higher Education Slaffj fram&work and are agreed by UCEA (University and Colleges Employers Associalionl. Roles are reviewed from lime lo time. with the sijpport of the University HR Department, under HERA (Higher Education Role Analy5151. We have a range of sludenl staff pay rates wrth an agree(I differential according lo the role,. these are subject lo periodic ieview by the Trustee Board. Relationship with the University of Chichestèr The SU receives a Block Grant from the Universily and part-o¢cupEs buildings owned by the University, which also pays for ulililies. From lime lo lime, the University also provides additional funding for agreed projecls11nilialives. This support Is intrinsic lo the relationship between the University and SU and despite efforts being made by the SU to become more financially Independent, as previously noted, it remains likely that the SU will remain Block Grant dependent for the foreseeable future. particularty In the 5horVmedium term. The Universty has confirmed continued support through Blttk Grant funding. which is included wrthin its, fNe- year forecast. Baseline levels of Block Grant funding for future years are currently linked to forecast student numbers and are subject lo review as part of the operational planning processes within both the SU and University. Due lo the current forecast downturn in student number5 and the potential impacl on Block Grant Funding using the current method of calculation, Trustees and the Union Senior Management Team are in early discussions wth the University lo look at potenlial options for Block Grant Funding from 2025126 onwards lo ensure our operations can be adapledlscaled and prioritised accordingly lo ensure continued cornpliance with the Education Act and meeting our Charitable Objects, focus on our core aclivily as the recognised represenlalive body, and continuing lo deliver Services lo enhance the student experience. Whilst Trustees note the curn1 projected downlum in student numbers. they are reassured, both through continuing close working relationship wrth the Universrty, and more formalty. the unqualified clearance of the University's 2024 f1nancial accounts, that the University has adequate plans in place to adapt accordingly. During the year. we reviewed our Data Sharing Agreement w11h the University and the Student Protection Plan. We continue to have an excellent working relatronship with the UniveTSlty and are working closely t(>gethei through what continue to be challenging tirnes. The SU is an essential part of the University structure and of value lo the ovefall student experience. Both the SU and UnNersrty recognise it may be necessary lo adapt and remodel our operations through the coming monlhslyears as we adapt lo emerging Changes including student numbfyrs and behaviours. Risk Management Whilst we continue lo operate an a9ile staffing structure maintain the ability lo be responsive to changes in student engagemenl and spend. our own operations and the wider economic and social climate. Trustees recognise that the HE Sector is likely lo be facing some unprecedented challenges over the next few year5. Page 10
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlted by guaranteè) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 We note that student numbers are likely to dip over the next lew wr$. Trustoes a in regular discussion wlh the University to understand likely 31udenl numbers and any impact on future Block Grant Funding levels. in or¢Yer that our operations can be scaled and adapted accordingty if n8¢essary. Furthermore, inflation levels and price increaw wll inevitably have an impact on the cost ol our operations - we arè aclivgly lo(>king at ways lo minimSse and mitigate such in¢re83es. We are also mindful Ihal ihè student body, a group that are increasingly already faclng financial hardship. are likely lo find themselves under increased financial pressure. We are continuing lo work wlh the University, with the student b¢xly and within the local cornmunity to identify ways in which students can access help and support. Trustses con3ider the followin9 to be the most svJnilicanl slrBlegic, business gnd operational Tisks faced by the Union.. Blo¢k Grant fundlng lev818 Reduction in studènt numbers & engagement Cost of living impact & chang8s to èveninglnight-tlme econorny and trends Increased numbèrs of students requiring greater support Inablllty to growlongolng vlablllty Commercial S•Nices Statutory Compliance ILic•nslng* H&S. Envlronmentsll Health & Safety Ilncludlng In¢rea5ed numbers of students with more complèx n84dsl Slnglo polnts of excellence I failure GDPR IGeneral Data Protectlon R8gulatlonl Social media Pgnslon deflclt Ilablllty Trustee r8cNltm&nt During the year, Trustees have continued to work with the Senior staff team to enhance the cornpany's risk register and raview as an integral part of each Board rne81ing. The Improved approach lo the risk register allows for more thorough review, priorilisalion and ownership ol risks from an operational perspective lo enable prompt feedback lo and review by Trustees. 11 also assigns responsibility for developing more detailed plans IIK mitigating Tisks or minimising impact should the risks cry51alise. Approvèd by order of the membgrs of tho board of Trustee5 on and svJned on their behalf by.. Isabèlle Page Preshjenl Hermlone Jane Boyes Vice President Page11
UNIVERSITY OF CHICHESTER STUDENTS, UNION IA company limited by guarantoe) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UNIVERSITY OF CHICHESTER STUDENTS. UNION Opinion Vve have audited the financial statements ol University of Chichester Students, Union Ilhe 'charitable company'l for the year end#d 31 July 2024 which comprise the Statement of financial activities, the Balance sheet, the Slalemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom counting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republ of Ireland, Iunrted Kingdom Generally Accepted A¢¢ounknng Pracli¢el. In our opinion tho financial slalements.. give a true and fair vw of the slate of the charitsble company's affairs as al 31 July 2024 and of rts incoming resour¢es and application of resources, including rts income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and have been prepared in *¢ordan¢e with the requirements of the Companies Act 2006. Basi5 for opinion We conducted our a%Jdit in accord8nce with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, respon5ibililies for the audit the hnancial statements section of our report. We are Independent of the charitable company in accordance th the ethical requirements that are relevant to Our audit of the financial statements In the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical re5ponsibililie5 in accordance with these requiiemenls. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slatemenls. we have concluded that the Trustees, use of the going concern basis of counting in the preparation of the financial 5ts1ements Is appropriate. Based on the work we have performed. we have not identified any material uncertainties relatin9 to events or conditions that. individually or collectively, may cast significant doubt on the Gharilable company's abilily to continue as a goiny concern for a pellod of at least twelve months from when the financial slalemenls are aulhori5ed for issue. Our responsibilities and the resrx)nsibililies ol the Trustees with respect to going concern are described in the relevant sections of this report. Pa9e 12
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA Company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UNIVERSITY OF CHICHESTER STUDENTS, UNION ICONTINUEDI Other infomiatlon The other information comprises the information included in the Annual report other than the financial slalemenls and our Auditors. report thereon. The Trustees are responsible for the other information contained wthin the Annual report. Our opinion on the financial slalemenls does not cover the other information 8nd, except lo the extent otherwise explicilty 51aled in our r8port, we do not express any form of assurance conClusn Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially Inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be Material misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo detemine whether this gives rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a mat8rial misstslement this other information, we are required lo report that fad. We have nothing lo report in this regard. Oplnlon on other matters pres¢ribod by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the information given in the Trustees. report for the financial year for whieh the financial statements are prepared is consistent with the financial slalemenls. the Trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are Fequlred to report by exception In the light of our knowledge and understanding of the charitable Company and its environment obtained in the course of the audrt, we have not identifd material misstslemgnls in the Trustees. report. We have nothing to report in respect of the following matters in relation to which Companies Act 20C6 requires us lo report lo you if, in our rpinion. adequate accounting records have not boan kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting COrdS and retum$,' or certaln disclosures of Trustees, remuneralKJn specrfied by law are not made,. or we have not received all the information and explanations we require for oui audit", or the Trustees were not entitled to prepare the financial statements in accordance wlh the small companies re9ime and lake advantag9 of the small companies, exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic repo Page13
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarante81 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UNIVERSITY OF CHICHESTER STUDENTS, UNION ICONTINUEDI R&sponsibililies of trustees As explained mole fulty in the Trustees, responsibilities slalemenl, the Trustee5 (who are alsD the directors of the charitable company lor the purposes of company lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and lair view, and for such inleinal contsol as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material mis51alemenl, whether due lo fraud or error. In preparing the financial slalements, the Tfuslees are responsible for assessing the charitable company's ability lo continue as a going concern. disck)sing. as applicable, Matters related lo going concern and using the going con¢ern basis of accounting unless the Trustee5 either intend lo liquidate the charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Auditors, respon$lbilitie5 for the audit of the financial statgments Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl. whether due to fraud or error, and to Issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit condLJ¢ted in accordance with ISAS IUKI will always delecl a material mis5tatemenl when Il exists. Misstatements Can arise from fraud or error and are Considered material if, individually or In the aggregale, they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these financial slatemenls. 1riegularils, including fraud, are InStanS of non-compliance with laws and regulation5. We design procedures in line with our iesponsibililies, outlined above. lo dete¢t material misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures are Gapable of delecling irregularits'es, including fraud Is detailed below". Extent to which the audlt was ¢onsidered capable of detecting irregularities, including fraud The objectives of our audit, in respect to fraud. are." to identify and assess the risks of material misslatemenl of the financial slalemenls due lo fraud.. lo obtain sufficient appiopriale audit evidence regarding the assessed risks of material misslalemenl due lo fraud. IhrDUgh designing and implementing appropriate responses. and lo respond appropriately lo fraud or suspected fraud identified during the audit. However, the primary responsib11ily for the prevention and detection of fraud rests wrth both those charged wth governance of the entity and its management. Page 14
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantoe) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UNIVERSITY OF CHICHESTER STUDENTS, UNION ICONTINUEDI Our approaeh was as follows.. We identified 8reas of laws and regulations that could reagonably be expected to have a mateiial effect on the finaneial slalemenls from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing slandardsl. and discussed with the directors and other management the policie5 and procedures rardIng compliance with laws and regulations, We identified the following areas as those most likely to have such an effect.. health and safety.. General Data Protection Regulation IGDPRI,. fraud," bribery and corruplh)n and employment law. Audthng standards limrt the required audit procedures lo identity non-compliance with these laws and gUlatIonS lo enquiry of the Iruslees and other management and inspection of regulatory and le9al correspondence. if any. We considered the legal and rggulalory frameworks directly applicable lo the finan¢ial slalemgnls reporting framework IFRS 102 and the Companies Act 2006 and the Charities Act 20111 and the relevant lax compliance regulation5 in the UK; We considered the nature of the group's operations, the control enwronmenl and business performance, including the key drivers for management's remuneration", We communicated identified laws and regulations throughout our team and remained alert to any indicalk)ns of non-compliance throughout the audit., We considered the procedures and controls that the group has established to address risks identified, or that otherwise prevent. deter and detect fraud,. and how senior management monitors those progrwnmes and controls. 8ased on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered lo be higher. we performed audit pr¢xedures lo address each identified fraud risk. These procedures included.. lesling manLJal journals", feviewing the financial 5talemenl disclosures and testing to supporting documentsliot),. perfomiing analytieal procedures.. and enquiring of management, and were designed to provide aSOnable assurance that the financial statements were free from fraud or error. 0.g to the inherent limitations of an audit, Ihgrg is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalements, even though we have properly planned and pgrfom9d our audit in accordance with audrting standards. For example, the further removed non-compliance wf(h lawg and Tegulalions lirregLJSariliesl is from the events and Iiansaclions reflected in the financial stalemenls, the less likely the Inherent limited procedures required by auditing standards would idenlfy it. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expe¢ted to detect non<omplian¢e with all laws and regulations. A further description of our responsibilities for the audit of the financial slalemenls is located on the Finaneial Reporting Council's website al.. www.fr .or s. This description forms part of our Audilor5' report. Page15
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmtted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF UNIVERSITY OF CHICHESTER STUDENTS. UNION ICONTINUEDI Use of our report This report is made solely to the charitable CDmpany's members, as a body, in ac¢ordan¢e with Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo slate lo them in an Audilor5' report and lor no other purpose. To the fullest extent permilled by law, we do not accept oi assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report. or for the opin10ns we have formed. David W P41artin FCA (Sènior statutory auditor) for and Dn beha of TC Group Statutory Audf(or Office". Lewes Dale. 2 i fwb, Page 16
UNIVERSITY OF CHICHESTER STUDENTS. UNION {A company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOVNTI FOR THE YEAR ENDED 31 JULY 2024 Unrostrfcted funds 2024 Restrfcted funds 2024 Total funds 2024 Total funds 2023 Note Incomefrom: Donations and legacies.. Voluntary income Other trading aclivilies Charitable a¢tswttes Investments 381,375 812.196 140.596 2,109 1.089 382.464 812.196 140.595 2.109 372,000 812, 797 138, 836 446 Total Income 1,336,275 1.089 1,337.364 1,323,479 Expenditure on: Raising funds. Fundraising trading Charitable activrties.. ClubslsocEties & community volunteering Student representation & weLfare Extemal representslion 862,848 862.848 865, 760 322,T19 119,586 2,952 322.779 119.586 2,952 330,027 124,054 4, 725 Total expenditure 1,308,165 1,308,165 1,324.566 Net mov8ment In funds 28,110 1,089 29.199 (1,087) Reconclllation of funds: Total funds brought forward Net movement in funds 1598) 28,110 (5981 29,199 489 (1,08T) 1,089 Total funds Carrled fovNard 27,512 1,089 28.601 (598) The Statement of financial acliviligs includes all gains and losses recognised in the year. The notes on pages 21 to 40 fom part of these financial slalemenls. Page 17
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantee) REGISTERED NUMBER: 11937134 BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Tangible assets 12 2.197 4,062 2,197 4,062 Current assets Stocks Debtors Cash at bank and in hand 13 14 18,296 30.652 312.802 19,602 52,626 255.859 361,750 328,087 Creditors. amounts falling due within one year 15 191,B051 (76, 728J Net current assets 269,945 251, 359 Total assèts less current liabilities Creditors.. amounts falling due after more than one year Net assets I liabllites excluding pension assèt 272,142 255,42t 16 1243.5421 (256,019) 28,600 (598) Total net assets 28.600 (598) Charity funds Restricted funds Unrestricted funds 17 1,089 27,511 17 (598) Total funds 28,600 (598) Page 18
UNIVERSITY OF CHICHESTER STUDENTS, UNION IA company Ilmltèd by gu8ranteel REGISTERED NUMBER: 11937134 BALANCE SHEET ICONTINUEDI AS AT 31 JULY 2024 The Trustees acknowledge their responsibilities for complying Vlilh the requIrentS of the Act with respect to a¢¢ounting records and preparation of financial stat8menls. The financial slalemenls hav& been Prared in accordance with the provisions t4)plicable to enlilies 5ubje¢t to the small companies regime. The financial statements were approval and aulhoriséd for issug by the Trustees and signed on their behalf by.. Isabellè Pag• Pre51denl Hermlone Jane Boy8$ Vice President The notes on pages 21 to 40 form part of these financial sl*8ments. Page 19
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from operating activities Nel cash used in operaling activities 60.243 12.879 Cash flows from Investing actlvltles Purchase of tangible fixed assets {3,300 (8, 730) Net cash used in investing activities 13.3001 18.1301 Cash flows from financing activities Nel cash provlded by financlng activities Change in cash and cash equivalènt5 in the year Cash and cash equivalents al the beginning of the year 56,943 4.749 255,859 251, 170 Cash and cash equivalents at the end of the year 312,802 255,859 The notes on pages 21 to 40 f()rm part of these financial s¢alemenls Page 20
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Gengral infomiatlon Universrty of Chichester Students, Union is a charitable company limi(ed by guarantee, registered in England and Wales. The registered office and principal address is Students, Union, University of Chichesler, College Lane, Chichester, Wesl Sussex, P019 6PE. Accounting policigs 2.1 Basis of preparation of financial statgments The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Statement of Recommended Pracli¢e applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective 1 January 20191, the Financial Reporting Standard appIable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. University of Chichester Students, Union meets the definilh)n of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhernise slated in the relevant accounting policy. The financial slalements are prepared in sterling, which is the functional currency of the ¢haTIty. Monetary amounts in these financial Statements are rounded lo the nearest pound. 2.2 Income All income is recognised once the Company has enli(lement lo the incorne, it IS PTobable that the income wll be received and the amount of income receivable can be measured reliabty. Grants are included in the Slalement of financial a¢tivf(ies on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevanl funds on the Balance sheet. Where income is received in advance of enlillemenl of receipt, Tecognilion is deferred and included in CTedilors as deferred income. Where enlillement occurs before income is ieceived, the in¢effie is accrued. Gifts in kind donated for distribution are included al valuation and recogni5ed as income when they are distributed lo the projeds. Grfts donated for resale are included as income when they are sold. Donated facilities are included al the value to the charrtable company, where this can be quantified, and a third party is bearing the cost. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer econom benefit lo a third party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classrfied by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct cos15 attributable to a single activity are allocated direclty lo that activity. Shared costs whi¢h eonlribute lo more than one aclivty and support costs which are not attributable to a single activity are apportioned bebNeen those adivilies on a basis consislenl with the use of resources. Central staff costs are alk)cated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Page 21
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinuedl 2.3 Expenditure (continued) Expendilure on raising funds includes all expenditure incurred by the Company lo raise funds for its charitable purposes and Include5 costs of all fundraising acliviliès events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the acliwlies which further the Ccmpany's objedives, as well as any associated support costs. Grants payable are charged in the year when the offer Is made except in those cases Whe the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fuLlilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a commitment. bul not accwed as expendrture. All expenditure is inclusive of irrecoverable VAT. 2.4 Intarest receivable Inleresl on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally upon nolrficalion of the interest paid or payable by the inslilution wlh whom Ihe funds are dep0511ed. 2.5 Tangible fixed assets and depraciation Tangible fixed assets Cost'ng £2.500 or more are caprtalised and recognised when future economic benelits are probable and the cost or value of the assel can be measured reliably. Tangibl¢ fixed assets are inilialty recognised at cost. After re¢o9nition. under the ¢osl model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated Impairment losses. All costs Incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged 50 as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraighl-line method. Depreciation is provided on the following basis". FixiLJres 8md fittings 2-5 yeaTS Straight line 2.6 Stocks Stocks ale vald at the lower of cost and net realisable value after tnakirb9 due allowance lor obsolete and slow-moving stocks. 2.7 Debtors Trade and other debtors are recogni5ed al the settlement amounl after any trade discount offered. PTepaymenls are valued al the amount prepaid nel of any trade distount5 due. Page 22
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limlted by guarant90} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcies Icontinued) 2.8 Cash at bank and In hand Cash al bank and in hand includes cash and short-lemi highly liquid investments with a short maturity of three months or less from the dale of acquisition or openin9 of the deposit or similar account. 2.9 Llabllltles and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a resutt of a past event, it is probable that a Ir8nsfeT of economic benefit will be required in settlement. and the amount of the settlement can be eslimaled reliabty. Liabilrties are recognised al the èmount that the Company anticipates il will pay lo sellle the debt or the amount il has received as advanced payments for the goc*Js or services il musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the prtaX discount rale that reflects the risks specrfic lo the liability. The unmnding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 Flnancial Instrument5 The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basi¢ financial instruments are inilialty recognised al transaction valuo and subsequenlty measured al their settlement value wrth the exception of bank loans which are subsequently measured al amortised cost using the effe¢live interest method. 2.11 Pensions The Ch8rty participated in the Students, Union Superannuation Scheme, a mulli-¢mployer defined benefit pension scheme. Whefe it is not posible for the Charity to obtain sufficieril infomiation lo enable it to account for the scheme as a defined benefft scheme, rt accounts for the scheme as defined conlfibution scheme. Where the scheme is in deficit and where the Charity has agreed, with the scheme. lo parts'cipate in a deficit funding arrangement the Charity recognises a libility for this obligation. The amount reeognised is the net present value of the contributions payable under the agreement that relates lo the deficit. This amount is expensed in the Statement of Financial Activities. The Union participates in the NUS Pension Schemg, a defined conlriTr)ution scheme. A defined contribution plan is a pension plan under which the Charity Pays fixed contributions into a separate entity. Once the contributions have been paid the Charity has no further payment obligations. The contributions are recognised as an expense in the Slalement of Financial Acb'v(ties when they fall due. Amounts not paid are shown in accruals as a libilrty in the Balance sheet. The assets of the plan are held sepaiately from the Charity in indepgndenlly administered funds. Page 23
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2024 Accounting policies Icontlnuedl 2.12 Fund accounting General funds are unreslricled funds which are available lor use al the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for othei purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustee5 for partlar purposes. The aim and use of each désignated fund is sel out in the notes lo the finanrial stalemenls. Reslricled funds are funds which are lo be used in accordance with Specif reslriclions imposed by donors or which have been raised by the Company for particular purposes. The ¢osts of raising and administering such funds are charged against the specific fund. The aim and use of each restricled fund is sel out in the notes lo the finan¢ial stslements. Investment income, gains and losse5 are allocated lo the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are continually evalualec+ and are based on historical experience and other factors, including expéct81ions of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Company makes estimates and assumptions concerning the future. The resulting accounling estimates and assumptions will, by definition, seldom equal the related actual resutts. The estimates and assumptions that have a signifant risk of eausing a material adjustment to the carryng amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. lil Multi-employer defined benefit pension scheme The Charty participated in the Students. Union Superannuation Scheme, a multi-employer defined benefit pension scheme with other Students, Union organisalions. In the judgement of the Iruslees. the Charity does not have sufficient information on the plan's assets and liabilities lo be able lo rd1ably account for ils share of the defin¢d benefit obligations and plan assets. Therefore, the scheme is accoLJnted for as a defined contribution scheme. as detailed in note 23. The Charity musl measure its defined benefil obligation on a discounted present value basis. The Charrty must determine the rate used lo discount the future paymen15 by reference lo market yields al the reporting dale on high quality corporate bonds. The term of the corporate bonds shall be consistent with the estimated period of the future payments. lill Clubs & Societies The Union is able to exert signifarnI control over clubs and societies. Trustees therefore ¢onsider the charrty lo act a5 principal in transactions and thus Glub and so¢iely income and expendilure is Included in the SOFA. Page 24
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limltgd by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Incom8 trom donatlons and legaclès Unrostri¢tod fund5 2024 RtrICted fund5 2024 Total fund$ 2024 Grants BlodÉ grant Facilities in kind Other income Similar incomlng resources Shop, bars and enls retail operations Summer ball Other trading operations includeil games machines and vending Retrospective discounts receivable Letting of space 331,000 50,000 375 1.089 332,089 50,000 375 691,246 88.160 691,246 88,160 2,700 11,759 18,331 2.700 11.759 18,331 1,193,571 1,089 1.194,680 Page 25
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from donations and legacies Icontinuedl Unrestricted funds 2023 Tolal funds 2023 Grants Block grant Facilities in kind Profit on disposal of vehicle Similar incoming resources Shop, bars and ents retail operations Summer ball NUS exlratroTUM Other trading operations including games machines and vending Relrospeclive discounts receivable Letting of space Advertising income including Sub TV and other sponsorship 322,000 322,0( 50,000 2(X) 200 703,221 74,528 596 703,221 T4,528 596 435 10, 737 13,711 8, 169 435 10, 737 13,711 8. 769 1,184,797 1, 184, 797 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Freshers, week Sports clubs & societies 22.356 118,239 22,356 118,239 15,920 122,916 140,595 140.595 138.836 Page 26
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investment Income Unrnstricted funds 2024 Total lunds 2024 Total funds 2023 Bank interest ceIVab 2,109 2,109 446 Expenditure on raising funds Fundraising tradlng expenses Unrestrictod funds 2024 Total funds 2024 Total funds 2023 Shops, Bars & Ents retsil- Cost of sales Shops, Bars & Enls retsil- Other ¢ost5 Other trading - Cost of sales other trading - Other costs Support facilities cost$ Support staff Costs Shop. Bars & Enls retail and other trading operations - wages and salaries Shop, Bars & Enls retail operations- depreciation 277.807 174,578 6,735 27,065 60,229 13.093 277.807 174,578 6,735 27,065 60,229 13.093 275, 133 176.587 5,020 19,694 70,054 14, 160 299,276 4,06S 299,276 4,06S 299,596 5.516 862,848 862,848 865, 760 Page 27
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantee) NOTES TO THE FSNANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditur& by activities Activities undertaken dlrèctly 2024 Support cost5 2024 Total funds 2024 Club51socielies & Communitylvolunleerin9 Student representation External representation 286.117 82.925 2.952 36,662 36,661 322.779 119,586 2,952 371,994 73,323 445.317 A¢tivilies undertaken directly 2023 Siipport costs 2023 Total funds 2023 Clubs150cieties & Communitylvolunteering Student representation External representation 287,920 81,947 4,725 42, 107 42, 107 330,027 124,054 4, 725 374,592 84.214 458,806 Page 28
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysls of expendlture by activlties l¢ontinugd} Analysis of dire¢1 costs Total fund$ 2024 Total funds 2023 staff costs Activities and development Grants payable Conferences and training Represenlalives Ccpordinalor NUS affiliation Welfare Facilities costs 161,340 22,981 33,088 1,029 146,336 24,052 53, 504 1, 198 230 4, 725 5.976 138,571 2,952 6,788 143,816 371,994 374,592 Page 29
UNIVERSITY OF CHICHESTER STUDENTS. UNION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activities Icontlnuedl Analysis of support costs Total funds 2024 rolal lunds 2023 Staff costs Depciall0n Bank charges and loan interest Cleaning General expenses Heaf(h & safety Insuran¢e 26,184 1.100 785 1.933 175 28,319 2,217 2, 195 348 1.910 19.008 4,570 871 1. 810 16,968 5,747 72 415 Printing, postage and stationery Professional affilialions Repairs and renewals Staff travel and subsistence Security Recruitment costs VAT adjuslmenl Rent Governance St$ Pension deficit funding Transfered to fundraising costs 1,941 994 2, 156 766 1.817 i.oio 341 854 1,6SS 50,000 24.725 8,965 173,3221 18,695 35,461 (84,214) 73,323 84,214 Staffing and admin costs are allocated 50°/o12023". 500AI lo trading. 25°kn12023.' 250kl lo Clubs & Societies and 25°A {2023". 250/0) to Student representslK)n. Page 30
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Audltors. remuneration 2024 2023 Fees payable lo the Companys audrtor for the audil of the CompanI5 annual a¢counts 7,500 Fees payable lo the Companys aud¢tor in respect of.. All non-audil services not included above 2,750 2, 750 10. Staff costs 2024 2023 Wages and salaries Social se¢urity costs Conlributi¢)n lo defined contribution pension schemes 430,749 28,802 27.251 414,679 32,970 26,604 486.802 474,253 The average number of persons employed by the C(*npany during the year byas as follo.. 2024 No. 2023 No. Trading Charitable activities Support & Governance 13 t4 No employee received remuneration amounting to more Ihan £60,000 in either year. In addition to the salaried staff Iheadcount shown above), the Students Union employed 73 12023.. 821 student staff during the year, who worked a total of 8,028 (2023.. 1 CI,7521 hours. amounting to an FTE of 4.6812023. S.331. Senior Management Team, who are considered key management personnel, remuneration amounted lo £176,37712023.. £168,237). Page 31
UNIVERSITY OF CHICHESTER STUDENTS. UNION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Trustees. remuneration and expensès During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment wrth the Company. All sabbatical officers were trustees of Ihe Union during their te of office. Sabbatical Officers receive remuneration for their role as elected officers, provided for within the Memorandum and Articles of Association. The valLJe of Trustees, remuneration and other benefits was as follows.. 2024 2023 Isabelle Page Remuneration Pension contributions paid Remuneration Pension contributions paid Remuneration Pension contributions paid Remuneration Pension contributi5 paid 23.056 57 20,791 624 3.525 Frederick Rainbow 24,210 643 21,464 589 Gemma Hopwood Hermione Jane Boyes 3.S85 85 During the year ended 31 July 2024, expenses tolalling £507 were reimbursed or paid directly to Trusl¢es12023 - £1,415}. Page 32
UNIVERSITY OF CHICHESTER STUDENTS, UNION {A company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Tangible fixod assets Flxtures and fittings Cost or valuation At 1 August 2023 Additions Disposals 329,868 3,300 13,040 At 31 July 2024 330,118 Depreclation At 1 August 2023 Charge for the year On disposals 325,796 5.165 13.0401 At 31 July 2024 327,921 Net book valua At 31 July 2024 2.197 Al 31 July 2023 4,062 13. Stocks 2024 2023 Bars & Shops Stc¢k 18,296 19,602 Page 33
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 15.554 2,764 12,334 16,673 6.803 29.150 30,652 52,626 15. Cr•ditors= Amounts falling due within one year 2024 2023 Trade creditors other taxation and social se¢urity other ¢reditor5 Accruals and deferred income 18,428 8,424 39,152 25,801 15,129 5,947 32, 639 23,013 91,805 76, 728 16. Credltors: Amounts falllng due after more than one year 2024 2023 SUSS Pension deficit funding liability 243,542 256,079 Page 34
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Statement of funds Statomant of funds- current year Balance at 1 August 2023 Balancg at Incomo Expenditure 31 Juty 2024 Unrestrlcted funds General Funds - all funds 15981 1.336.275 11.308.166) 27,511 Restricted funds Reslricled Funds all funds 1.089 1,089 Total of funds 15981 1,337.364 {1,308,1661 28,600 Staternent of fund$ - prior year Balance at l August 2022 Balance al Incom& Expenditure 31 July 2023 Unrgstrictod fund$ General Funds- all funds 489 1,323,479 (1,324,566) f598) Page 35
UNIVERSITY OF CHICHESTER STUOENTS. UNION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. Summary offunds Summary offund5-current year Balance at I August 2023 BalanGe at Income Expenditure 31 July 2024 General funds ReStrted funds {5981 1,336,27S 11.308,1661 1,089 27,511 1,089 15981 1.337,364 11,308,166) 28,600 Summary of funds - prior year 8alance al l August 2022 Bala9 al Income Expenditure 31 July 2023 General funds 489 1,323,479 (1,324, 566J {598) 19. Analysis of net as$et5 between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wlhin one year Creditors due in more than one year 2,197 360,660 191.8051 1243,5421 2.197 361.749 191,8051 1243,5421 1,089 Total 27,510 1.089 28,599 Page 38
UNIVERSITY OF CHICHESTER STUDENTS. UNION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Analysis of net assets between funds Icontinuodl Analy$ls of net assets between funds - prlor period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets CrediloT$ due within one year Creditors due in more than one year 4.062 328,087 f76, 728) (256,019) 4,062 328,087 (76, 728) (256,019) Total (598) (598) Roconciliation of net movement in funds to cash flow from op8ratlng actlvltles 2024 2023 Net incomelexpendilure for the peritsj las per Statement of Financial A¢livilies} 29.199 (1,087) Adjustments for: Depreciation charges Decrease in stocks Decreasellincreasel in debtors Increase in creditors 5,165 1,306 21.973 2.600 6,516 215 (11.448) 18.683 Net cash provlded by oporatlng actlvltle5 60,243 12,879 21. Analysls of cash and cash gqulvalgnts 2024 2023 Cash in hand 312,802 255, 859 Page 37
UNIVERSITY OF CHICHESTER STUDENTS, UNION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 22. Analysis of changes in net debt At 1 August 2023 Cash flov At 31 July 2024 Cash al bank and in hand 255.859 56,943 312,802 23. Pension commitments The Charity participates in the Students. Union Superannuation Scheme which is a defined benefit pènsion scheme whose membership consists of employees of students, unions and related bodies throughout the country. Benefits in respect of service up lo 30 September 2003 are accrued on a 'final 5alaW' basis. with benefits In respect of service from l October 2003 a¢cruing on a Career Average Revalued Earnings ICAREI basis. Vvilh effect from 30 September 2011 the scheme closed lo future accrual. The most recent valuation of the Scheme was carried out as al 30 June 2022 and showed that the market value ol the Scheme's assets was £106.7m (June 2019.. £119.1 ml with thèse assets representing 44Q/o of the value of benefits that had accrued lo members after allowing for expected future increase in earnings. The 2022 valuation shows a scheme deficit of £240.3m (June 2019". £140.9ml. The increase In the deficit Is in line wlh the level expected and previously reported by scheme trustees. The assumptions which have the most significant effeel upon the results of the valuation are those relating to the Tate of return on investsnents and the rale5 of Increase in salaries and pensions. The following assumptions applied al 30 June 2022.. The investment return would be 4.oyo per annum before retirement and 2.0'/o per annum after reliremenl. Pensions accruing on the CARE basis would revalue al 3.6°A per annLJm. Present and fulure pensions would increase al rates specified by the Scheme rules wi(h appropriate assumptions where these are dependent on inflation. The 2022 valuation recommended a monthly ¢onlrbution requirement by each participating employer expressed in monetary terms intended lo clear the ongoing funding deficit over a nLJmber of years with contributions remaining al their current level. su&4'ecl lo the usual annLJal Increase of 5Q/o each Ocltsber. In accordance with FRS 102. the net present value (>f the future contributions required over 13 years lo ¢le8r the funding deficit Is £263,99212023. £276,137). In calculating this net present value, annual intreases of 5Q/n have been made (with the exception ol the year 2021 122 where an increase of 8¢/0 was ade (being the rate notified by scheme Iruslees for Unions not impacted by the pension increase issue) and a discount rale of 4.98'/0 representing the typical yield of high-qualily corporate bond5 has then been applied. SUSS is a scheme closed to future accrual in 2011, and as such, there were no Tegular employer Contributions paid Into the scheme by the Union for the year ended 31 July 2024. Page 38
UNIVERSITY OF CHICHESTER STUDENTS, UNION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23. Pension commitments (continu) The Union continues to pay funding towards thè deficit as part of the deficit reduction plan which is expecting lo clear the Unions overall deficit in the next 13 years. For the year ended 31 July 2024, these contributions amounted lo £20,11812023.' £19,156}. Since 1 October 2011, all partipatIng employees have been in a new defined contribution pension scheme, National Union of Students Pension Scheme INUSPSI. Contributions for existing members remain at a variable rale (minimum of 5Qh for the employee and 30/0 for the employer). Contributions for new members are in line with Government guidelines at a variable rate (minimum of 5% for the employee and 3ts1. for the employer wth effect from April 191. During the year, contributions of £23.28212023.' £22,198) were paid lo the scheme. The number of members participating in the scheme has remained unchanged. The Union also partieipates in NEST. During the year, contributions of £3,96912023". £3,568) were paid to the scherTTre. NEST is the scheme selected by the Union lo support auto enrolmenl and is the scheme used for those staff on casual or fixed term conliacls and newly appointed staff. The increase in contnbutions is due mainly to new permanent employees that have enrolled in the scheme. Related party tran$actlons Unlversity of Chlchester The Union is in receipt of a recurrent grant from the University of £330,00012023." £322,000,). During the year ended 31 July 2024. Additional grants amounting lo £1.000 were received during the year ended 31 July 2024 for the recognition of Sports Success. The Union provtijed additional supporv services to the University resulting in additional payments from the Universty amounting lo £16,59712023. £14,826). The University also collècted and transferred lo the Union receipts amounting to £1,835 12023.. £4,188)., this wa5 for collection of summer ball receipts collected through the Universities PDQ machines. As a result of transaclM)ns in the year the was a trading balance due from the Universty al 31 July 2024 of £350 (2023.. £1,130). The UniveTsty provided the Union with additional admitVIT support amounting to £9,07712023.. £7.681) and Cleaning servi¢9$ £19,95912023." £14.7461. The UniveT5rty also adrnini5tered and paid the Union's nel pay during the year", the amount of £293,123 {2023.. £275,640I was reimbursed. As a result of transactions in the year there was a trading balance due to the University at 31 July 2024 of £6,665 {2023. £901. Chich9$tor Enlorprfses Ltd Chichester Enterprises Ltd is a subsidiary of the University. During th8 year, the Union used facili(ies amounting lo £1,275 12023.. £1,3801. The Union also provided supplies and services to Chichester Enterprises Ltd amounting to £1,438 12023.. £10.6761. There was no trading balance due lo Chichester Enterprises Ltd al 31 Juty 202412023.. £nill. Page 39
UNIVERSITY OF CHICHESTER STUDENTS. UNION IA company limtted by guarantee? NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Controlling party The Union 15 ¢Olltrolled by the StLJdent Council which is subject to democratic election by the voting membership of the Union. The ultimate conliol of the Union is vested under the memorandum and articles of assoGiatir)n in the membership. As such no single person or entity Controls the Union. Page 40