THE MIDDLESEX UNIVERSITY STUDENTS. UNION (Company Ilmlted by guarantee no. 11972527 r•gistèr•d eharity no. 11834331 REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2022 Reptand Attwnts KNOX CROPPER
THE MIDDLESEX UNIVERsrrY STUDENTS. UNION (Company limited by guarantee no. 11972527. rngist8r8d charity r. 11834331 REPORT AND FINANCIAL STATEMENTS For th8 year ended 30 June 2022 CONTENTS Page Legal and admln18tratSve Inlonnatlon Board ofTrustees's report Ind8pendent AuditOf8' Raport Statsment Of Flnanclal ActSvltlo8 Balanc8 Sheet 12 C•$h Flow Stst•m•nt 13 Not•$ lo tho finan¢lo1 stst•monts 14
THE MIDDLESEX UNIVERSITY STUDENTV uMN REFERENCE AND ADMTh41STRATIVE DETAILS OF THE CHARirY. ITS TRUSTEES ADVISERS For th8 year ended 30 Jun8 2022 Board of Tru¥t••s J Akngba A Arora A CaSn TGup M Goc B hk)rrison O Oye-Som8fun N Relan M Shah J Suryavanshi R Wilnson Appoinled 1 July 2021 Appoinled 1 July 2021 Appoinled 1 July 2021 Appoinled 1 July 2021 Appoinled 14 FebNary 2022 Appoinled 30 Novèmb8r 2017 Appoinled 14 FgbN8ry 2022 Appoinled 1 July 2020 Appoinled 1 July 2021 Appoinled 1 July 2021 Company So¢T•tary N A Smilh Company r•g. no. 11972527 Chortty r•g. no. 1183433 R•gl•t•rod offl¢• MdS1X Univ•rsty Slud•nts' Unh)n Th• Hendon Londo NW4 4BT Audllor$ KrKJx Cropper LLP 65 LeadeThhal Street Lond EC3A 2AD
THE MIDDLESSEX UNIVERSITY STUDENTS. UNhJN TRUSTEES. REPORT For the year endod 30 June 2022 The Board of Tru$t99$, who are atso dirgdors of the Company for th8 purpos8$ of th8 CoTnpanies Act, and trust88s for Charity Law Pur58$. submitth8ircombined dir8ctors' report and trustèès, annual rèwrt and thè finanaal statements of Middleséx Univèrsity Students, Union for the year ended 30° June 2022. The Board of Tnjstees confimis that the annual report and financial statements of the Company comply with current statutory requirements. the requirements of the Company's goveming doLwment and the provision5 of the Statement of Rgcommendgd Pr8Cti¢e IFRS 102). The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidan on public benefrt when reviewr4J the charity's aims and objectives and in pLqnning future activities. Who w8 ar• Middlesex University Students, Union IMDXSUI is an award winning independ8nl charity in North London which supports. represents and improves the experienca ofth8 16.OOD studying al Middlesex Universlty. The Union's work invofves campaigns on and off campus ¢0 support Sludenls lo have a voice in shaping their experience both al course level and within Iheir various communrties. MDXSU are committed to helping all students make Ihtr most of their lime 81 Middlesex University. This includes d&livering evgnls, supporting over 70 student groups lor those wilh shared inleresls and backgrounds.. and enabling students lo gain skills and buikl their employabilily through internships. leadership roles and devekjpment programmes. Our locus in 2021.22 was on Ihe developmenl of a new slraiegy. which involved over 100 stskeholders., including hAIdd1X students, UnK)n staff, Universrty Staff, the local e(ynmunity and extemal experts. In June 2022 we launched our new stratogy which sets out our purpose, our ambitions and our approach to achieving Ihese. Rather than focJJsin9 on outcomes and objectSves, our strategy is a statement of OUT values and purpose. As a Union our purpose is lo advance equty of fwlrtunity and faimess of oulwne for our studènts. promote eilizènship for students V•ilhin our Univèrsity and $$ the injuslicg$ whh exist in society. In order lo achieve our purpose as an organisation. we need lo advance four key ambition5 in our work". déveltsp student aderS and adetship, exèatè and support student nelworks, promoté P051tiv6 wÈllbèing and turn knowl8dgÈ into soci81 action. This work will be supported by an indusive aThJ innovative approach, which includes.. a governance system which empowers studenls to shape our priorities.. a working cutture which reflects our commitment to equity. citizenship and justice.. an innovative brand which refbcts our diverse student body- and a dNerse range of partnerships wlh shared values who help us advance equity, ciiizenship and justice. MDXSU'S full strategy can be found here. How we are run
THE MIDDLESSEX UNIVERSITY STUDENTS. UNhJN TRUSTEES. REPORT For the year endod 30 June 2022 MDXSU is led by a team of 918Ct9d Students who are vot8d into their rol9$ by th8ir f6lk)w stud8nts at Middbs8x Unfv8rsity, and who w¢yk fUltiMe to lead the Unlon and r8pres8nt th91r peers. Supporting the elected Sludenl Officers is our permanerht staff team. including 20 fu114ime staff and a number of part time student staff - as well as Ihousands ol slvdent volunteers. All staff afe encouraged to identify Iraining opwtunilies and conlerences.. and are also invited lo an annual all-staff residential and team away days to ensure they are equipped lo fuKIl their responsibilities. In addition. slaff are enlilled to volunteer and wellbeing days, flexible working and personal devekjpmenl opportuniti85. Strueture The Middlesex Univ8rsrty Stud8nts' Union lthe'unicffl'l is a students, union within the meaning of the Education Act 1994. The Union is devoted io promoting the education. interests and weffare of Its Members, students al Mwldlesex University Students, Union. tt Is the recognlsed independent repres&ntstNe body of stu¢Jents at the University. Until 30" August 2019. the entity was an unincorporated charity, recognised a$ a registered charity. From 31SI August 2019 the charitsble activolies transferred from the unincorporated lo the incorpor8led registered ch8llty in 8ccordance with the Companies Act 2006- regislr8lion number 11972527. Gov•manc• MDXSU is democratically controlled by ils members through an annual ectiOns, lo elect a team ol student and non-sludenl represenlatives vtho lonn the Union's Trustee Board. The membership of the Trusiee Board is as lolk)ws' S Officer Trustees are ekcted in accordance with Ihe Constitution Up (0 4 student TnJslees who are elected in accordance wth the Constitution Up to 6 External Trustees who are appointed in accordance with the Constitution The Board of Trustses are responsible for the management and administration of the Union including., The govemance and stralggy of the Union- an Thè ov8rall legal, financial and staffing rèsponsibilitiès of th8 Union The Trustee Board delegates ihe daY-tdaY management of the Students. Union to the CEO. The CEO manages hAOXSU by implemenling Ihe policy and strategy adopted within a budget approved by the Tru51ees. Appolntmènt ol Trust••s The Students, Union elected Ihe Officer Trustees and Student Trustees. whilst the Extemal Trus¢ees are appoinled bythe ApFK)inlments Committee provided ihatthe appointmentofeach external trustee 1$ 8pptoved by a majority vote of the Twstee Board. oirie•r Trustèès Up to live ONicer Trust are e(ed by se¢t ballot by the Members Df the Union at an election heid in accordance with the Election Regulations. The Officer Trustees are electe£l to
THE MIDDLESSEX UNIVERSITY STUDENTS. UNhJN TRUSTEES. REPORT For the year endod 30 June 2022 posts, set OLrt in the By81aws. Th8 Offir*r Tru$tè8s rgmain in offiG8 for a t8mi of ono y8ar b8tW88n 1 July and 30 June. An Officer Trust88 ffl8y b8 re-81ect8d for a maximum further term of onè yèar by thè meMTS ofthe Union but for av(xdancè of doubt, an Offieèr Trustèe's terms of office may be either conseuJtive or non•consecutive and the maximum total temi that can be seryed as an Officer Trustee is twenty4our months. Each oificer Trustee Fnust be a student or an Officer Trustee at the time of their election. An Officer Trustee becomes Mèmb8r of the Union on commencèmènt of thèir aprK>intmènt or rè-aPPOintm8nt as an Officer Trustee. Such membership ceases when they cEase to be an OffIr Tnjstee. Student Trustees Up to 4 Student Trustees are elected by a cross-campvs balkjl ol the Members in accordance with the Byelaws. Student Trustees rem8in in offi<Y lor two years ¢y unb"I they cease to be 8 student. Extornal TrustO•S Up to 6 Exlemal Trusl8es shall be appolnled by the Appolntmenls Committee whkh Is 8 Sut commf¢lee ol the Truslee Board. Extemal Twslees remain in office for a term of up to 4 years and may service 8 maximum of I lems which may be either consacutive or non- consecutive. Pollcy Maklng Policy is sèt by thg Twstg9s and tho exgculive ¢ommitt99, by a Rg1gfen¢Jum or at thfr Annual General meeting. The Officer Trustees work alongside Ihe pemianenl UnM)n staff to implement and carry out the strategy and policies sel by the Tnjstee Board. The permanenl staff learn is managed by the CEO. who is directly accountsble lo the Trustee 8oard, for Ihe Unn,$ porfoman¢e. The CEO works closely with thé Offic8r Trusteas to advis• thém in r8lation to policy, strategy and budget. Staff Structure The CEO Is head oflhe staff team which ts split into Membership and Operations. Within these 8rÈas thèrè aré S dèpartmènts, which are.. Advice & Wèllbeing Communications & Marketing Incorne & Partnerships NeOrkS & Social Action Student Leadership Each of these departments has a pem8nent managtrr with responsibilty for dtrlivering on the key targets and objecllves in each ol these areas. Funding Middle5ex University is the main fundei ofthe Students. Union. The rewrrenl subvention from the main funder Is agieed on an annual basis.
THE MIDDLESSEX UNIVERSITY STUDENTS. UNhJN TRUSTEES. REPORT For the year endod 30 June 2022 The Stud8nt$' Union r9¢eiv9$ a Small p8rcsntage of inrx)me from commarcial activiti8s. Th9 comm8rcial activltl8s gen8r8t8 lunds through media sales. swisorshlp and oceaslonal event- based activiti8S. Financial review The Union's gross income for the year to 30° June 2022 wa5 £1.361,143. Thls Included the 8nnu81 block grant from tho Univèrsity of £1,246,555, an èstimated value of the servieèd accommodation provided by the Universrty 01 £52,250. and reslricied club arbd society income lotalling £22,268. Total expenditure on all activities was £1.219.91)3. meaning that the Union made a surplus for the year of £141.240 on ordinary activities. P•n8ion Scheme O•ficSt The Union participates in Ihe Student Union Superannuation Scheme ISUSSI, which is a defined benefit scheme whose membership consists of employees of students, unlons throughout the country. Wilh effect from 30° September 2011, SUSS Closed lo further bfrnefil accrual and all parts"cipaling unK)ns are reouired lo make annual deficit conlribub.ons which aro expected to eliminate the deficit by 1. October 2035. The most recent valuation ol SUSS at 30 June 2019 showed asseis of £119.1 million and liabilities of £260 mlllion, a funding defidt of 460k. The accounts demonstrate the lull impact of the pension's deficit proVisn under FRS102, whh means the Union has to show prowsion lor our proportion of the above funding def1t. Oue lo paym8nts throughout Ihe 2021-22 year, our SUSS liath'litses have decreased to £2,315,956. Rlsk managèmènt stst•m•nt Risk management Is the responsibility of the Tfustee Board. The seniormanagers of the Union have delegated aulhority lor identsfying the risks lacing the organisation anol reporting these lo the Truslees as they arise in relalion lo iiems ol business at the Board. In addition, the senior managers provi¢Je Ihe information lo enable the Trustees lo undertake an annual review. The Trustee Board examines th8 major strategic. trwjsiness and operatnal risks which the Union laces on an annual basis. The Trustee5 confirm Ihal syslerns have been established lo ènablè regular reports to be produ¢ed $0 thal the necessary steps ¢an be tsken lo kssen th8sè risks. How the year went11" July 2021- 30" June 221 During the 2021.22 year, as the world recovered from the effects of COVID, MDXSU transitioned Irom workirrfJ almost entirety remolety to hawng more of a physical presence on ¢ampus. This transition resulted in the organisation tskn.ng a hybrid approach to working. wrth staff working both remolely and on campus. Throughout the year, staff worked on campus at least one day a week with the resl oftheirteam, atthough worked more days on campus during busy periods. In the summer of 2022, this increased to working on campus three days a week to en5UTe the organisalh)n could offer a physical seNce to students.
THE MIDDLESSEX UNIVERSITY STUDENTS. UNhJN TRUSTEES. REPORT For the year endod 30 June 2022 Through(xrt th8 y8ar MDXSU f($$d on offering cffib"nu9d support for $tud8nts impact8d by th8 pandemic. This included off8ring a rang8 of hybrid athvity for students to engage with and working collaborativèly with the Univetsty to ènsurè 1ntémab.onal studènts wèrè supportèd on their arrival through wellbeing ph)ne calls and food packages. The Union also SUPPOrted 396 students with academic issues Isuch as exienuating circumstsnces. academic integrity and academic misconducll through the Advice Service. The 2021-22 year was a crucial time in MDXSU'S strategy development. which culminated in the strategy launching in June 2022. Throughout the year MDXSU engaged with over 100 stakeholders. including students. Union staff. University staff. members of the local community and extemal experis. Alongside Ihe stra¢egy development. MDXSU undertook a governance review whiGh resuhed in recommerKlalions tKing implemented in the 2022-23 year, and 8 rabrand which was launch811 ak)ngs¥Jè the new StratY. There were s8V8ral priority projects which were oJmpleted in 2021-22. The organisation ran a hybnd Welcome Programme lor a four week period in September an¢J Oclob8r 2021. with 3 mixture of online and on campus adivity. In total there w&r& 89 events. of which 55 were run by or on behalf of MDXSU'S sludonl groups. Such aclivib.es le<1 Its 1369 new student group memberships taken up over the lour week period. As a democratic and sludent-led organisation. an annual eleclKJn is organised where students can elect representatives to act on the issues that 8ffeLI their student experience at University. In February 2022, Sludenl Officers, Sludenl TrtJst¢$$ and Student Group Leaders were elected via Secret ballot. The Union's election activity was promoted by on campus stalL8 where Union staff encouraged students to vole. There was a 600A increase in candidales running in the eCtionS lor Student Officers and Student Trustees, atthough a slwJht deCaSe in vot8r tumut. The final priority project was the end ol year MDXSU Awards whth Cebrated students, student groups and studeni baders. The Awards received 8 total 01394 submissions 8(yos$ 11 award cat>sri&$, whh winnars announc8d at an in-parson c8r8mony in cantral London. K•y manag•m•nt pay The sakiry for key managemenl is decided by Ihe Trustees taking into accounl the skills and experience require(I, the management restK)nsibiliI$. the overall budgel conslrainls and a view ol wh8t 1$ 8ppropriatg as compare(I to simiLqr roles in Ihè sècior. Tru8t••s' responslbllltl•s stal•ment The Trustees Iwho are also directors of mdse¥ University Slvdents. Un for the purpose of company lawl arè rè5ponsiblÈ for preparing thè Trustees. rèport and the financial stst8rn8llts in 8¢£ordancè with thé atvlicabl8 L4w and Unrtèd Kingdom Accxjunting Standards Iuniled Kingdom Generalty Accepted Accountsng Practice). Company law requires the Trvstees to prepa financial statements for each financial year. Under company law the Truslees must rt approve Ihe financial statements unless they are satisfied that they give 8 true and fair view of the state of affai of the charrtable company and ol the incoming resources and application of resources. including the income and expenditure. olthe charrtable company for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting Fdicies and then appty them consistentty., Observe the methods and principles in the Chartties SORP.,
THE MIODLE$$EX VNf¥ERSfTY STUDENTS. IJI¥)W TRUSTEES. REPORT For th•y•w •Thd•d JOJUM 2022 Pr¢paro ihe finanoal statements Iho corK•rn ba515 unkn51 tt li in•pw¢yiale io prB$ume Ihal the cknarilth CLYnpany¥MI ltinUe moperall. The Trustee$ ¥6 rospthwblB lor knop¥YJ ¥d8quai8 acttyJnbng Itsl wo Io and th• dwrfabla e(ry•rrfs tran$8(aK¥ dtsc)se reasonable 8¢GuraGy al any me the Ikorwl posw ol the chantab wi)pany arKI enablB them ¢0 ensur th the $tstèm•nts thfr corr05 Act 26. Thoy aro 8ts0 sponSib for 6alq9uardiry the a5se15 of tho co¥npany wJ hence for l•kwy Bsonabkn stop$for thp kYoven1and thle(IK•) NJ th¥¥reuubDbe$. nantial In1MOn Inctyjded LarilabbJ LyXnp8n1 %%biv. Legith1 m th¢ Vniled ngrtthgovemin9 tho 8p8in aThJ dis$InoIffin8n¢ 5wemwls rn4y drfferfrom Dli¢lMur• ol Inlowmatlon to wdlt•w¥ E8¢h ofihe wisons 8re Tntsieosffj Twsleo&' rèwt ¥J aptytr•d nfirrn•d thBI' So l as Ihai Trust•• 4 8ww•. Ih•r• rè Tr) rlknV rformatbJn of th ch•riirt4 cfmp9n •udrtry¥ w• urww•. and Thai TrusM• thk8n 4 the p$ ihai ¢xJ9ht b h•vo b••n takén a TNIts• tyd•rtob• •nylewant audrt rforrnalbjn to aiiabbsh that comp5 ar0r0 oflhai inl(XrnOlKyi. ShshK T Dal&
THE MIODLESEX UNIVERsifY STUDENTS. UNION (wlsteI c¢)mpany no. 11972527 DEPENDENT AUDITOR'S REPORT TO THE IAEMBERS OF THE MIODLESEX UNIVERSITY STUDENTS. UNION FOR THE YEAR ENDED 30 JUNE 2022 We have audiied the financial $tments of The ldseX University Students, Union Ilhe '¢harilabl8 company'l for the year endecj 30 June 2022 whK comprise Ihe Sta18menl of Finanal Activities. the B818nce Sheet. the Slalemenl of Cash Ilows and Th)les 10 Ihe finanual stsiements. induding a summary of signrficanl accounting policies. The fina181 porting Iramework thai has been appli8d In Iheir preparation Is applic8bl8 law ond United Kingdom AcwJnling Standards. indudiThJ Finanoal Reporbng Stsndard 102 The Financial Reporting Standard appht2ble In the UK and Republic ol Iland Iunited Kingdom Generalty AccÈpt8d Accounting Practice). In our opinion, th8 financial statements.. give 8 true and lair view of the slate of the thail18b companl5 affairs 88 at 30 June 2022 and of it5 Income and expenditure for the year then ee." have boon property prepared in a¢Qdanc• th Unilgd ngdoM Generalty Attopled A¢untIng Pra¢ti¢e.' and have been prepared In 8ccordar with Ihe requlrements ol Ihe ¢¢>npanb$ Aci 20fJ8. Basis lor opinion We conducted our 8udil in 8ccord8nce with In18rnaTr8I St8rthds on Audiling IUKI IISAS IUKII and applK8ble law. Ihr sponsibl11eS under those stsndards are further descriw in Ihe Audllor's pOnsibIlItIeS for Ihe audit of the financial statements sects.on of our report. We are Indepeent of the charitable ¢ompany In accordance with the alhical requirements that are rekvant to our audit of the financial ststements in the UK. including the FRC'S Élhi¢al si88rd, and we have lu1Y our olher ethical r8swi$ibilili8s in a¢cordan¢8 with these requirements. We bdieve Ihat Ihe audrt evidenc8 we have obtsined is sufficient and appropriate lo provide basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls. we have ¢Cuded thal the Twsle8s' use of the going concem bas15 of occounting in lh8 prepara'On of the finanoal sm•t$ 15 appropritite. Based on lh8 work we h8ve performed. we have Th)t id8nlrfd any rnat8ri81 uncertalnties reLqlng lo events or conditions Ihal, individually or wle¢iivety, May cast significant doubt on the ¢hari¢8ble ¢ompany'$ 8bility lo continua as a going concem for a period of at 18asl months from ¥vh8n the financkql statements are aulhorised lor Issue. Our responsibihties And reSponbilit$ of the TruSe8 with respect to goh)g ¢x)ncem are d&$cribed in the relevant sections of this port. Other Infowrnatlon Th8 other Infomiatson comprfses Ihe inforniatr.C inchjded kn Ihe annual report, other than Ihe flnancSal $lalernent5 our au¢Jitorfs reKvl tIreon. The tyu5tees are respOn*b forthe olher inforTnaDon. Our opinion on the financial stslements does Thjl cover Lhe other Mforrnaticffj and. except to th8 ext8nt otherwise eX1¢1Y Ststed in our repcrt, we do not exp$$ any fcTh of assuran ¢ondusbn thewn. In connethon 1h our audit of the finanoal slatements, our resp(SIbilIty Is to read the othèr informatKJn and, in doing so. consider whether Ihe other informahon 15 tnatenalty itwn5iStent wth the financial ststernents or our knOedge obtained in the audit or olherwse appears to be malerialty misslated. If we ntIfy sueh material inconsi5tencie5 or apparen¢ malerial mi5Stalernenls. we are required to deterrnine whether there is a Tnaterial misstatement in the financial stalemenL8 or a material misststement of the other infomiation. ff, based on the work we have performed, we conclude Ihat there is a material misstalemenl of thi5 olher infcyrnalion. we are required to that fact. We have nothing to r)rt in thi$ regard. Icontinued ...
THE MIODLESEX UNIVERsifY STUDENTS. UNION (wlsteI c¢)mpany no. 11972527 DEPENDENT AUDITOR'S REPORT TO THE IAEMBERS OF THE MIODLESEX UNIVERSITY STUDENTS. UNION FOR THE YEAR ENDED 30 JUNE 2022 Icontlnuedl Opinions on other matters prescrib8d by the Companies Act 2006 In our opinion. based on the undertaken in the course of the audil". the information gNen in the Iru5tee5' report. whKh inctyjdes the directcrfs. port prepared f(xthe purp05e5 of company law, for the finanri81 y8arlorvthith Ihe finanf#81 statements are sYepar8d is consisl8nt 1th the financial 5ts1ements.' and the dir8clors' reKK)rt In¢luded wlhin the Iru$te8$' rwrt has twn ppared in a¢t>ydan¢e with applicable legal quIrernenls. MattErs on whlrh we are requlr¢d to rvport by exGeptlon In the light of the knowdge and underslanding of the charitabK8 company and its environment obtsined in the course of the auoii, have not Kkntsfwl mawnal missiatements Ihe directors. report include¢J thIn the tW51ee5' report. W8 have nothing to rewl in re5FÉCt of lh8 f1.9 rnatt8rs in relation to whith th8 Companies Act 2006 requires us to report lo you if, in our OnIon.. 8d8quale accounting records have not b88n kapl. or r8lums ad]uat8 for our audit ha¥8 not been recoived from branches nol visiied by us; or the financial siaiements are nol in 8greemeni th the Occounting record$ ffjtums.. or certain disclosures of Iruslees. remuneration specified by law are not made., we have nol re¢eive¢J all the Infomation and e¥ptsnaiions we requiro for our audil. the Iruslees were nol enliU8d to prepare the financial stalements in accordance with th8 8mall companle8 regime and take advange of the small ¢(mpen. e¥eftwn8 in preparthg Ihe yustees. report and from the requlrement to prepère a strategic reFQrt. R••pon•lbllltl•• oltru$t• As explained more fully in the trnstees. resp)nsibilthes ststement In the Trustees. Repor¢ the trustees (who 8re also Ihe direcr$ ol Ihe ¢haritaW company lor Ihe purwse$ of Company lawl ore spOnSible for the preparatson of the financial sialements and for beiThJ sats"sfied that Ih8y give a true and fair view, and for 8uch internal control 85 the Irusiee5 delerrnine 15 n8cessary lo enats ihe preparalion oi financial slalemgn15 thai are free from material mlsslalemenl. whether due lo fraud error. In pparIng the financial stements. Ihe IW$t are pOnSie for a$se6$ing Ih¢ thantsble wmp8ny's ability to wnlinue as a cCe. disd05ing. as apICab. rnatters rekleij to gDiry concern and using Ihe going eoncem bos1$ of aCntIng unless the Irus$ eilher Intend to U¥te the ¢h8ritabk Compgny or ¢0 Cease cperation&. or have no realist"c altemalwe but to do so. Audi¢orf$ r¢$pon$ibilill•s for th¢ audi¢ finan¢ial $tst¢m¢nts Our objectives are lo obtain reasona assurance atKJul elher the financial ststements as a whok are tre8 Irow rnalerral mis5tsteTnenl. whether due lo fraud ov error. and lo issue an audilor'5 report thal incluoJe5 our opinion. ReaSon2e assurance is a high e1 of assurarte. bul is Th)t a guarantee that an audit conducted in acth8nce with ISAS IUKI will aayS det8Ct a rnaterial misstatem8nl then il exi51s. Misstatements can arise frow Iraud or error and are considered tnatenal if. indwHJualty or in Ihe aggregate. they could reasonably be exp8ct8d lo influence th8 8ts)nomic decisk)ns of users taken on the basis ol Ihese financial stal8m8nls. Irregularities. induding fraud. are instances ol nOrcomplan *ilh LgwE reguLgtions. We desun procedure5 In line wlh CAJr re8pon%biliiies. OU1ned atK)ve. io detect material misstatements in respect of irregularits"es, induding fraud. The extent to which our procedures are capable of 4Jetecting ieguLar1tie5. including fraud 15 detailed b8bw. Icontinued ...
THE MIODLESEX UNIVERsifY STUDENTS. UNION (wlsteI c¢)mpany no. 11972527 DEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MIODLESEX UNIVERSITY STUDENTS. UNION FOR THE YEAR ENDED 30 JUNE 2022 Icontlnuedl We obtsined an understanding of the 1 and reguLqlcxy frameworks that are appl1rAe to the charitable company and determined thal the most sgnificant are the Statement of Recornrnended PractKe'Accounting and ReIng by Charities. ISORP 20191, in 8cLord8nce vAth the Financial Reporti Slandard applic2b in the UK IFRS 1021 applicable to srnalkn enblie5 and the CoMpanS Act 2006. Wè understood how the charilable company is Comp"ng ¥vilh tMs8 frameworks communiG3lion with those charged govemance. logelher wih the revw of the charty's documented policie5 VOC8dures. The CharItsb company is required 10 Comply%lh both company k8w and charity Lqw and, based on our knowl8dg8 01 its activilies. we en11rd that Ih8 Wl r8quif8m8nt to accurately accountfor restricted funds wos ol key signrfican¢e. Th8 audit team. which is experienced in the audil of charilies. COnered the charitys 5U5C8ptsbih'ty to matorial mi$stsloment and how fraud may 0r. Our con$eralions Induded risk of m8n8gemenl OVeide and allocabon of c051s lo charitable acb¥ritss and restricte¢J fur5. Our approach was to check that the income from grants and donali)n5 wer8 proFerty entifIed 8nd accuralely disclosed, that gxpendilur c(xnpli&J ¢h the cMtrc4 procedures and was appropThalety tharyed. We also reviewed the major ioum81 adiuslrn8nls akjng wlh unusual tran8a¢tion$ and ¢on$idored the Identiflcaiion and diSck)su of relatsd party transaetK)ns. A further description ol our re5pon5ibihti85 for lh8 audrt of the finla1 5ta18m8nt5 is k)cat8d on the Financial Reporting Council's w8b8lte al.. This deBeripknn foms p8rt of our auditor's reporl. U•e of our roport Th1$ roport Is m8Ll0 scty lo th? ¢h8rltsbk wp8ny's mgmbers. 8$ a body. In a¢nce %4lth Chaptsr 3 of Part 16 of the Cornpanies Act 20C6. Our aLKlil work has been undertakgn. so Ihal we mi9hl state lo th• eharilable company's memb8rs those matters we are required lo slate lo them In an auditor's r?pcht and for no other purpose. To the lulksl extenl perrnitted by law. we do nol accepl ¢x a5surne responsibility lo anyone other than the charitable company and the ¢h8rrt8bk o)rwny $ members as a body, for our audit work, for th1$ report orlor the opinion5 we have lormed. Shoaib Arsha ISenh?r Slalutory Audilorl For and on behaw ol. Knox CroppBr LLP Chartered Accounlants & Slatulory Artl¥S 85 Leadenhall Street London EC3A 2AD 28 March 2023 Knox Cropper LLP Chart8rted Accwnlanls is 8ligib lo aci 88 an auditr in temis of sectK)n 1212 of the Cornpanies Act 20 10
THE MIDDLESEX UNIVERsrrY STUDENTS. UNION STATEMENT OF FINANCIAL AcTIVlEs Ilncorporatlng the Income and Expendmure Account) For the year ended 30 June 2022 UnrestrlGted Restrlthd Funds Funt16 2022 Totsl Funds 2022 Tol81 Funds 2021 Not• 2022 hNCOME AND ENDOWMENTS FROM: Oonalions and 98¢18S 1.298.805 12.724 27.339 1,298.805 34.992 27,339 1,168,592 18,467 38.563 14 22.268 Other tradlng activitses Investments TOTAL 1.338.875 22.268 1,361.143 1,225,636 EXPENDThURE ON.. Charilabk aclivitios TOTAL EXPENDITURE Nel IncomelExpendilure NET MOVEMENT IN FUNDS 1.202.459 1,202.459 136.416 136.416 17,444 17,444 4.824 4.824 1,219.903 1,219.903 141.240 141.240 1.968,937 1.968.937 (743,3011 {T43,3011 RECONCILLATION OF FUNOS.. TOTAL FUNDS AT 1 JULY 2021 (2.209.285) 35,760 {2,173,5251 11,430,224) TOTAL FUNDS AT 30 JUNE 2022 2,072.869 2,032.285 2, 173,525 11
ThEIIP)OLeSEXVNESlty ¥TUDENTS'UWION Companylimi bygvaranlw cwnyrn. I1972 BALANCE 8HEET Al •iJo Jun•2022 FLXEDASSETS Tlb asm 10 CiIRRENT A89ETS Strrtks 52,4 235,151 s¢.y$i 174733 246.•IT REDifix¥.' ¥JMhln On••r 12 NETCURRENT AS3Ef8 214.219 TOT ET3 LÉ¥1 CiKIAÉIIT LL•JILrriES J,871 216.OJ6 REprrgR$.. aiiihMl ftwon•y•¥ 13 f2.J09.J6iJ TOTAL MeTU4A ¢ 2.Y71S25 FUNDS O•$w*t•d Ger¥I rw Is is 11315.9%> 243.017 12.072.819) 40.804 .38k.561) 180.2Te 15 2.032.2 2.Y73.52J 12
THE MIDDLESEX UNIVERSITY STUDENTV UNKIN CASH FLOW STATEMENT For the year endeil 30 Junè 2022 2022 2021 Ca$h flow$ frtsm Oper¥9 •cthttks Surpluslldeficitl for the financial y8ar Adiustrnents for". D8preci81ion Illncrea5el)Idecrease in 51ocks De¢reasellin¢reasel In debtors IID8creaselWincr88s8 in r*editC8 Investrnent incorne 141.240 1743,3011 2.140 12.9831 1.253 182,0861 9,761 4.316 111,0411 827,602 59.557 87,323 ¢•$h flaw# from Inv•stlng actlvltl•$ Purchase ol Intangib fixed assels Retum on investment- inloresi receivabl& 13.1431 17201 14 17061 13.1361 Not In¢r•as• In ca•h and ca•h wufvalent• 56,421 86,617 Cash and $h equiv8knt$ al 1 Juty 2021 178.733 92,116 C••h •nd u•h •qulv•knnt• •t 30 Jun• 2022 Compon•nt• of ¢a•h •nd u•h •qulv•hnt• 1Juty 2021 At 30 June 2022 Cashnows Cash al bank and in hand 178,733 56,421 £ 235,154 13
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 ACCOUNTING POLICES Basls olpr8parallon olllnanclal stst•m8nts The finanual siaiemenis DI the tshanly, which is a public btntsfft under FRS102. have pr&p8r&d under the historical c05t convention. They have been preparEd in ac(x)rdance %Mth appIrab Ljnited Kingdom accouniing standards. lh• r•Ouitsnts of th8 ststsmtrni Of Rècommended Prac1 AccouniirKJ and Rewrtsng by Charibes, ISORP 20191. In accordwce i¢h Ihe Financial Rewrung StanLlard 8pkq1c&e ID Ihg UK IFRS 1021 applicatle to sMalr entilS (under section1al and COfflpanS Aci 2006. The presenta1n81 currency ¢1 the financkql sialemlS 18 Ptyj SlwhrKJ (£1. Golng Con¢wn The charty has nel liabilities of £2.032.28512021.. £2.1n.5251 due to the rec¢gnffjon under Charrbes SORP IFRS1021 ol the nei Pftseni vahJe Ihe fund9 def11 on the SUSS pension revery pL8n. Further Informaln is delaikd in nole 14 of the accounts. Th15 Is a ¢em comirfnnt whth end5 In 2033 8nd the tru$ie8s are confident Ihai the annual payment$ tyiard$ this bB mel of InrA)me e8ch year. Aftér maklng enquiritrs, Ihtr tru$i¢os have a r¥osonabb ywtation thai the ¢h8rity has adèquatè tssourcès lo conunue 11$ act5vie8 lor Ityeseeab Iuiur8. Acwdingty, they conts.nue 10 adopi the gthng COnM besis In prep8rlng the fin8nclo1 $talents 8s oullned Slatement of Tru5te8s' ResponsilIeS In Ihe Annual Report. Company SieiU8 The Middksex Universty Siudent8' Unhtin 18 a cowy limrted by guarantse. In tha event of th? Chanty being w(KJnd up, the I8kM'I'ty in rtrspeaoffv £1 perm•h¢rof th• Chjrity. Fund•¢¢¢+unNng Sluden15' Ulln admini$i•rs •nd •¢¢wts for a Mumr01¢hr4tyk lurKls, •$ lolk)ws.' Un51¢184 Funds repres8ntThJ ungp8nt IremS hKh may ba u8•J for any activtylpuwse at the Trusiee$' own disct&lion,' Re51rlcled lunds relsed 8ll¢J 8¢Jmin15tered by Ihe UThon lor speclfic purposes a5 determlned by sludenl$. such as Cb and So¢1&8 Acceunts, as wdl as revenue received for purpo spe0 by the donor and also (if not rnoleri81 enough to require 8 separate cokjrm in Ihe SOFA) any sm81 c8pW grants received from Ihe School. Designated Funds lor the even?1 replgcernent of eqUiwnl the UnH)n 8ntsapales needing lo cover from its own funds and a devebpftni rund 10 SUPFM)rt Unth infvasiiuciure impro¥en*nts. 14
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 Income All Income and capiial re$our¢&s are r6co9nised in accounts Ihè Stud&nts' un)n 1$ bgally enirfed lo the incorne and the aThounl can be quantifieil %Mth reasonab certainty The University grant of fvee $eNld accornrnodalK)n on the cary)us is acrA)unled for as inrne arKI expenditure of the year ai an eslimaiad valut 10 MDXSU by rtference the a8mabves avaiL9b on the nrela1 m8rt?1. Gr8nls re1Ve are credited 10 Sncome accUlg lo th8 peri 10 which Ihey r818ie and traatsd as unr8slricled unkss restrictions are spe(xfied by Ihe t0der rek4bng to spending of that incomB. in which C888 ih8y 8re Ireatsd as re8incied. Income from Iradiry aGtivite$ incWe5 arrrtwnts received in excharye supptying g¢)(KIs and 59rvice$ through the Union's b8r, &818rfng, gym and re1118. *ilh 8rrthnts rewnised b8s8d on th& d8t8 of sab. Club and so¢Wlus' Intxm InthJdBs Mgmir¥h1p arKI $porwrshlp 1$ as rg$lrthd. Exp•ndlluf• Expenditure is acuu8d as $ottn as a h'ability is 1xK18rOd probabb, dIsrAun1 lo present ¥BkJe for kingor term labillies. Expendrture Indude5 Irrecoverabk VAT and Compris Ihe direct and indirect costs of delivering publiG benefil. G¢>vemance r05ts Ihose incurred compliance with con5ti1ulional and $thlulory r8quir8mtrnls, such as th8 annual audil. amu4 6knlK)ns and Irainino for sabbaiital officèrs. Other central ovethead costs. as wel a5 9ManCe costs. are apporlN)ned to charitabb and other proi8clslaciwilitrs on a usage basi¥. pro raia 10 total costs of è8ch w¢iticl or8Ctivily undertaken. Tanglbh Ilxodasseis and deprnclatlon Fixe¢J assets are siaied al cost K9ss accum18 loprecBliw. A66el8 are rkil capitalised beb)w £500 cost per ilem1591. Equipm9nl. fixlur9s an(J fiits'ngs are in¢lJded at C05t. Oeprwation is provKled al Ihe foll¢iwing annual ratas In oidéf lo wrrta the cosi of ats over th61r astsmatad u8abJl hY68.'. Flxlures and Frtungs Compuler 8nd Office Equ1wl 33% per amum on cost 33% per annum on cost T6mkln•ifon b•n•llts Teminaiion benefits are accounted by lÈgi%laiion. by tontractual or other reemenls wlh empbyees to rnak? paymenls Icf prwde olhor berfits] io 8rrph)y085 when Ihe Union lerminales Iheir 0Mpbl. Loas•d ass•ts Rentals payatle under operotsrvJ ka5es are tharyed a5 expendi¢ur¢ 0 straighl I'ne bo¥5 over the period of the 88. 15
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 stock stock ts valutd ai the ofts COOr n81 It81is8bb val. Debtoiy Tradtr and olher debtors are recognised ai the sment aftnI dL after 8ny trada dL8couni offared. Prepayments are vakjed at the ar1 epa net of any trade dtscounts due. Cash al bank and In hand Cash al bank and cash In hand inckjdes tAsh short term hvJhbf Iwuid inveStrn1$ with a short tnaknrity ol thr88 rnn8 or kn Irom the d816 ofacquNbon uopeniryJ of the de1 or siftNLqr actsjunl. Crnditorn •ndprtsvlslons Creditots and provisrn8 aft r8ct¥Jnis8d vthere Ihe th8nty has a pre8enl oblKja resuing from 8 past event that will probabty re5vh in the transfer of funds to a Ihird party and Ihe arrwnt due lo setde the obligation can ba masured ¢1 esbmaiéd reliabty. Crtdknl$ 8nd pmvi8v)ns ara nom)ally racognl&ed ai thair selllem8nt amount after allowry lorany trad8 discounts du8. Flnanclal In8tmmont8 Thtr charity ho$ onty finanutsl osse and financi$l IkotslitiÉS of a kiNI Ih81 qualify a$ basic financial Inytrumenls. Ba¢ nnanoal inslruments Include cash debtors and LYedilrYs. Debtor8 and credllors are inltially recc•3ni50d at trqnsaction vakn and subs•quonty rNJa¥ured al lair Va0. Ca¥h Is c4sh 81 bank and In h8nd. P•n¥lon¥ The Chanly operate5 a definel cwlributson pensk)n xheff& and Ihe pensiw ch8rge represents the amounis Payable by the Ch8rbty to the fund In respect ol the ¥ar. Contribuc18 are 81 the ra 013% for the emph)yer and 30k for Ihe empwe. Pen0& costs 8re charged in the peTrJd In tha S8rIeS to which Ihey relale are payable. Judgemenls •ndhey sources olesllrn•kn uncert•lnty Judgerrenls and key r¢85 o1851imallon uncertainty are deialkn In Ih? above aCcounr Wh"C3. wh8r8 Èpp11tsb. The key SOUT¢eS ol estimatn uncerfainty have a 8KJnific8ni effect on Ih8 amount& recognwd in ihe financKg1 sial8m8nls a that of Ihe SUSS p8nsH)n 8theff6 def1. A dwounl r818 of 2.6% 12021.. 2.6%) ha5 been used in line wilh irxlu5ty 51arKlard5. 16
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 2. DONATIONS MD LEGACIES ljnrtslricted Funds 2022 Rgstrf¢ted Funds 2022 Totsl Funds 2022 Total Furtd& 2021 Unlvarsity Bbck Grant Grant of sere accorrfflrab0Tr 1.246.555 S2,2SO É 1,298,805 £ 1.246.555 1.116,342 S2250 52,260 Nll É 1,298,BOS £ I,t68.592 C¢)mpar8iiv• donaiion$ •rtdlty#¢ Unrestrycl60 Reslncled Fund$ 2021 Tot81 Fund 2021 2021 UniverstyBb¢k Gr8nt Granl O188Nced8CCOnWFd81iOn l.Ylfj.342 52.250 £ 1.168.592 £ 1,11fj.342 52,250 £ 1, 168.592 3. INCOME FROM OTHER TR)ING AcThirriES Unr•slrf¢tgd Funds 2022 A¢rIcted Fund• 2022 Totsl Fund8 Tol81 Funds 2022 2021 M8retlng 8nd swn8orship er Income from actlvttles 22.228 5,111 27.339 £ 22228 5.111 Nll e 27J39 £ 12.266 26,297 38.563 Comp•r•lfve In¢om• Irorn ollwlrndlnq Kllvth¥ R•sfrY¢ Funds 2021 rot81 Furtds Funds 2021 2021 Matellnq and sponsorship 01heriOThe 12.266 26,297 38.563 £ 12.266 26.297 38.563 17
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 4. INVESTMENT INCOME ljnrtslricted Funds 2022 Rgstrf¢ted Funds 2022 Totsl Funds 2022 Total Furtd& 2021 Intere51 recealle from.. Bank knler6st 14 Nll E 14 Unrestryc18O Reslricled Funds Funds 2021 2021 Total Funds 2021 Inleresl reGeivsblg Imm.. S&nk ifrTrÈ6rnsi 14 14 14 E 14 5. INCOME FROM CH*J11TLE TrIMEs ilnr•8ldcted Funds 2022 Restrlctsd Fund• 2022 Total Fund• 2022 Tot81 Funds 2021 Clubs and So¢11$ NUS Extra & MerchandislThJ 310 12,414 12.724 £ 22.268 22.578 12,414 34.992 £ 4.T60 13.707 22.268 t 18.467 6. RESOURCES EXPENOED Olh•r dirnct Support cost6 Totsl 2022 St•ff Costs Cost ef Charble Sludeni Rapresentatknn Advice 8 Welfare CornmunicalK)n & Marke NUS Exir8 & Mar¢h8ndls Sludenl Acliviiles Sludeni Media 358.793 215,241 71,776 26.883 107,621 89,698 870.012 16.989 106.533 615 63,907 7.925 21,311 25.376 7.982 32.213 31,953 8.454 26.633 91.572 £ 25B.319 482.315 279,783 101,012 60.241 171,787 124,785 1,219.903 18
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 6. RESOURCES EXPENDED IcontSnuedl Comparallve r¢SOu¢S ¢xpend¢<l Total 2021 Si8ff Costs Co&1 ofch8r118b18 8clivibFs StudentR$presMtat Adv8 & W9M8 CcxFJmulliG&fion & NUS Ektr8 d M6rthandlsl StudentA¢frvits8s stud6nfM8di 687.607 412.498 137.555 51.521 206.249 171.902 7.667.332 £ 9.057 105.328 801,992 78 63.t85 475, 761 1.744 21.070 160,369 20.375 7.891 79,787 9. 124 31.592 246,965 5.829 26.J32 204.063 46.207 E 255.398 £ 1,968.937 Resourctt expended inchJde'. 2022 2021 Audllors, r&muneratk)n'. Audit fee Depreciatson 6.500 2.140 6,000 9,761 Dethi18 of $taff costs aw 9iven In Noi¢ 8. Oelalls of Support cos¢¥ Is gfjn In Not• 7. 7. SUPPORT COSTS Totsl 2022 To181 2021 siaffity rots16d eo$ Premises 8nd office costs Govemance costs MlscelL9neou5 Legal and [fe$S)nal DrecIa110n Auditors, audll fee 49.435 52.765 1S4,143 151,022 2.081 630 17,867 22.Q85 26,150 17,115 2.140 5,780 fj,500 6.0 E 25B.316 £ 255.39T 19
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 8. STAFF NUMBERS MD COSTS 2022 2021 Wages and salaries IFulTYrel Wages and salaries (Part TnBI Soclal 88cunly cos1¥ Pension costs. current serv5 cos15 723.082 53,930 75.086 17.11S 870,013 621,033 57,852 61,362 14,711 754,959 912,373 E 870.012 £ 1,667.332 P8n8ion costs- p8818ervKe8 ?rt 2022 2021 The ?ra90 weekty nurt>8r ofempbses, headwJnL during the peri)J W88.. Numb•r Number Staff 24.6 38.0 2022 2Q21 The w5t of key managvmvnt was as lokno- Sabbaiic41 Olfictr Senu manageThnl 139.578 201.656 111.247 240,563 Numberof Satknatcal 011Sc8rs One12021 - one) empbyee receNed reTrner81th ol more Ihan E60.C The accounis Include terminabon p8ywents io¢81SThJ £nl12021 - £nill. Thè kty management tsOnnel of Unth 8re Ihosè persons h8TrAw authority 8nd responsibilty for pLgnning. dirtciing and conirt•ng the ac¢ivrties of Ihe Un)n. direclty Induding any Tmslea of Ihe Charity. In oddilion lo the Trustee5. Key mpnH9errenl perxfftnel indudes the ChEI Execubve. Head of Operations Head of MeMbehlp. 9. TRVSTEES REMUMERAnON WID 8ENeFITS S8bb8lic81 officers are pa as aulhorised in Ihe Union's gOV1j dor¥nnI. the repSentson. campavJning and 5UPPUrt work they undertakè as dtinG1 ftrJtn their busle8 rponsIbleS This work induded voicing sludenl opinKn wlh Ihe Univerwand kxal commuThty. defendiry exi8nding Ihe right6 of sludgn15 Ihrough ¢11$ elc. and also organisiw and SUPkK)rtsng 5tud8nt volunteers and servicg provision for Ihetn. Detai15 are inthded note 8. ND mtmbÈr5 oflhÈ Board of Tru5tÈts rÈ¢Ned te•YknursÈMtniÈxPW5eS (2021-£7031. 20
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 10. TJ4GBLE FIXED ASSETS FSxturo and Cost Al 1 Juty 2021 Addiiiot)8 AI 30 Jung 2022 54,853 3.143 57,998 oT14t10 Al 1 ju 2021 Ch8rge for Ihe ye8r AI 30 June 2022 53,036 2,140 55,176 Not book valuo At 30 Jun• 2022 AI 30 June 2021 2,B20 11. DE8TORS 2022 2021 Due wlthln one yèar Trad& debtors Duo from grwp undertakirMJ& Prepayments Otherdetstor8 5.073 33.413 11.240 3.202 52.928 6.536 28,L)2r 12,918 6, TOO 54.181 12. CREDifoR$.. AIOUNTS FALLING WE WITHW ONE YEAR 2022 2021 Trade creditors Delerred income Othercredilo VAT creditors Pension cosL8- Pasl S8ryKe DefKil Accrua15 2.800 3.750 2.099 2,106 2.517 2.767 2.912 195 7.462 18.217 18.307 26.698 13. CREDITORS.. *AIOUNT$ FALLING DUE NSTER ONE YEAR 2022 202t Pension casts- Past ServKe t)efi(Mt 2,315.956 £ 2,315.956 2,389,561 £ 2.389.561 21
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 14. DEFINED BENEFIT PENSION SCHEMe- su3S 2022 2021 P•nslon costs- Past s¢0 D•fldt Brought foFw8rd Pasrynents Tnade Unwndlng of Inter851 lor the ar Adjuslmenl to prOvisn$ 2,389.561 154.1391 60.820 80.286 £ 2,315.956 1.572,595 (87,413) 904,379 £ 2,389.561 Anaty$l$". Due wlhin one year Falling due after Trre than one ar 2.315,956 £ 2,315.9 2,389,561 £ 2,389.561 With èffect from 30th SÈpiemb8r 2011 thè Siudents UnK>n Superannuation Sch&mè ISUSSI closed I further benefit accrual. All parbcipaling unws ale required to annual deficit contributsons which are expeGlod lo eliminale Ihg ijefiul by Isl Oclober 2033. The rrKtysl renI valualion of SUSS al 30th June 2019 showed assets ol £119 milv)n and bab1h.1 01 £260 ftNlx)n. a lunding deficil 0146%. This15 a kjng tern commrfmenl which end5 2035 the trus1885 are confvjenl that the annual paYntS ltswards Ihi$ plan will mèl out of I)8¢h >or. 15. STATEMENT OF FUNDS Transfers and In¥••tm•nt Exp•nd•dg•ln•l(10•••61 Bmught Forwawd kn¢omln9 R••ourc Carrl Forward Pensw Fund General Fun¢Js Total unr8slrlcle¢J lunds Re51ricled funds Clubs and ScrfJels rotal funds DIFF- Ple45e ch•¢ omparnllve slal•menl ollunds 12,389,5611 180,276 2.209.285 73.605 73,605 12,315.9561 243,087 2.072,869 1,338.875 1,338,875 1.202.4 1.202.459 3S,760 22,268 17.444 40,584 Bnwhl Fonv•r Incoming Resour¢o5 ROSOU•s Investhent Expended i•lnslflosses) Carried Fofward Pension F4Jnd Deficit General Funds Tot8Iunrgsirfct6d funds Clubs anG1Sli6$ {1,531,327J 61,965 11.469,362J 39.138 (858.2341 858.234 (2,389,561J 180,2T6 (2.209,285) 35,760 1.220,876 1.220.876 4.760 1,960.T99 11,960,799J (4138) Totsifvnds 1.430.124 1.215,536 1.9fj8.937 35,76 22
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCNL STATEMENTS Forthe year endBd 30 June 2022 16. ANALYS OF NET A55ETS BETWEEN FUNDS Vnrv•trlcted Funds Designated Genernl Fund$ Fund$ Rutrlcted Fund8 Total Fund8 TangIb fix8d as88ls Net current assets Credltots du8 In mor& than >ar 2.820 2.S$6.223 12.315.9561 £ 243.087 É 40.$84 £ 2.820 280,651 12.315,9581 2,032,285 1131S.9$61 2,31S,956 Comp•rnlfve an•tyS ofnetauets betwo•n fynd¥ UnrtStrkt•d Funds Dos1gn•ivd G•nw•l Ihstrict•d Fund¥ Fund¥ Funtl$ Tol•l Fund¥ 1,817 214,219 (2,389.561J 2.173 525 Nel ¢urrenl 8ssets Cr8diiot¥ éts8 in Tr th8n one ye6r 12.389.561) 2.568,020 12.389.56fl t 180.276 È 35 T60 £ 35.76Q .389 561
THE MIDDLESEX UNIVERSITY STUDENTS. UNION NOTES TO THE FINANC14L STATEMENTS For tha y8ar8ndod 30 2022 17 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Ftjnds 2021 Restricted Ftjnds 2021 Total Funds 2021 INCOME AND ENDOWMENTS FROM.. Donations andlegacies Charitable activities Other trading activities Investmants 1. 168,592 13, 707 38,563 14 1, 168,592 18,467 38,563 14 4, T60 TOTAL 1.220.876 4, 760 1.225,636 EXPENDITURE ON: CharitabK8 acbvities 1.960. T99 8, 138 1,968,931 Nel IncomelExpendilure (739,923) (3,378) 1743,301) NET MOVEMENT IN FUNDS IT39,923) (3,378) {743.301) TOTAL FUNDS AT 30 JUNE 2020 (1,469,362) 39, 738 (1,430,224) TOTAL FUNDS AT 30 JUNE 2021 2.209.285 £ 35.T60 £ 2. 173.525 24