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 be￿een 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 so￿are 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¢•¢• Cl￿1 t>PSlUO C¢>yx¢ Run by Students for r1*p4A1￿￿1 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 B1￿k 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 Soc￿tIeS, 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 Le￿Y 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 cLxnmun￿aIi0n 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 offi￿r 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 $l￿dent 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 Offi￿rs1Off1Cer Trustees, wilh other members elected by cross campus balloll ensure that the SU operates in a daM￿rat1¢ 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 cur￿n1 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 conClus￿n 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 identif￿d 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. 1riegularil￿s, including fraud, are InStan￿S 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 r￿ardIng 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 nonf 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 part￿ipatIng 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