E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNIVERSITY STUDENTS. UNION (Company limited by guarantee no. 11972527 reglstered ¢harlty no. 1183433} REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 Report and Accounts kc KNOX CROPPER ¢h6rteFed ac£oun&n-.s E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNIVERSITY STUDENTS. UNION {Company Ilmtted by guarantee no. 11972S27, wlstered charSty no. 11834331 REPORT FINANCIAL STATEMENTS For the year ended 30 June 2024 CONTENTS Page Legal and administrative infonnation Board of Trustee5's report Independent Auditors. Report Statemènt 01 Finaneial Activiiies Balance Sheet 12 Cash Flow Statement 13 Notes to the financlal ststements 14 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNIVERSITY STUDENTS, UNION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS For the year ended 30 Jun8 2024 Board of Trustees A Baphana J B(K)th R Budden A Mabin B Morrison S Panjwani M pa￿kh A Sail J Singh S Vyasam M Daswani M Gok¢ S Joshi BJOY L Nnadi O N(Jmaan S Patel S Pothagan G Poudel J Suryavanshi Appointed 1 May 2024 Appointed 1 May 2024 Appointed 19 January 2023 Appointed 19 January 2023 Appointed 30 Novembèr 2017 Appointed 1 May 2024 Appointed 1 May 2024 Appointed 1 July 2024 Appointed 19 January 2023 Appointed 1 Juty 2024 Re51gn8d 31 December 2023 Re51gned 30 June 2024 Resigned 30 June 2024 Resigned 31 December 2023 Resigned 1 Septernber 2024 Resigned 30 June 2024 Resigned 30 June 2024 Re51gned 30 June 2024 Re51gned 31 December 2023 R8signed 30 Jun8 2024 Company Secretary N A Smith Company reg. no. 11972527 Charity reg. no. 1183433 Reglstered office mId(J￿seX UnN• Students. Unk)n The Hendon London NW4 4BT Audltors KrKkX Cropper LLP 65 Leadenhall Street London EC3A 2AD E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 The Board of Trustees. who are also directors of the Company for the purposes of the Companies Act, and trustees for Charity Law purpose5. submit their combined direttors, report and trustees, annual report and the financial statements of Middlesex University Students. Union for the year ended 30 June 2024. The Board of Trustees confirms that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the CompanVs governing document and the provisions of thè Statèment of RecommÈndÈd Pr3rticÈ IFRS 1021. The Trustee5 confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when ￿VIewIng the chariws aims and objettives and in planning future activities. Who we are Middlesex University Students, Union IMDXSUI is an independent charity in North London which support5, represents and improves the experience of the 11,000 studying at Middlesex University. The Union's work involves campaigns on and off campus to support students to have a voice in shaping their experience both at course level and within their various communities. MDXSU is committed to helping all students make the most of their time at Middlesex University. This include5 delivering events, 5UPPOrting over 60 Student groups for those with shared interests and backgrounds,. and enabling students to gain skills and build their employability through internships, leadership roles and development programmes. Our strategic plan was12unched in 2022 and sets outour purpose. ambitions and hpproach as a Students. Union. As an organisation. our purpose is to advance equity of opportunity and fairness of outcome for our students, promote citizenship forstudents within our University and redressthe injustices which exist in society. In order to achieve our purpose as an organisation. we need to advance four key ambitions in our work.. develop student leaders and leadership. create and support student networks. promote P051tive wellbeing and turn knowledge into social action. This work is supported by an inclusive and innovative approach, which includes: a governance system which empower5 5tudentS to Shape our priorities- a working culture which reflects our commitment to equity, citizenship and justice.. an innovative brand which reflects our diverse student body- and a diverse range of partnerships with shared values who help us advance equity, Clt12enship and justice. MDXSU'S full strategy can be found here. How we are run MDXSU is led by a team of eletted students who are voted into their roles by their fellow students at Middlesex University. and who work full-time to lead the Union and represent their peers. Supporting the elected Student Officers is our pemianent staff team, including 18 permanent staff and a number of part time student staff - as well as hundreds of student volunteers. All staff are encouraged to identify training opportunities and conferences,. and are also invited to an annual all-staff residential and team away days to ensure they are equipped to fulfil their responsibilities. In addition, staff are entitled to volunteer and Study days, flexible working and personal development opportunities. E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 Structure The Middlesex University Students, Union (the 'Union'l is a students, union within the meaning of the Education Act 1994. The Union is devoted to promoting the education, interests and welfare of its Members. students at Middlesex University Students. Union. It is the recognised independent representative body of students at the University. Until 30, August 2019. the entity was an unincorporated charity. recognised as a registered charity. From 31, August 2019 the charitable activitie5 transferred from the unincorporated to the incorporated registered charity in accordance with the Companies Att 2006- registration number 11972527. Governance MDXSU is democratically controlled by its members through an annual elertions, to elect a team of student and non-student representatives who form the Union's Trustee Board. The membership of the Trustee Board is as follows: 3 Officer Trustees are elected in accordance with the Constitution Up to 4 student Trustees who are elected in accordance with the Constitution Up to 6 External Trustees who are appointed in accordance with the Constitution The Board of Trustees are responsible for the management and administration of the Union including.. The governance and strategy of the union- and The overall legal. financial and staffing responsibilities of the Union The Trustee Board delegates the day-to-day management of the Students. Union to the CEO. The CEO manages MDXSU by implementing the policy and strategy adopted within a budget approved by the Trustees. Appointment of Trustees The Students, Union elected the Officer Trustees and Student Trustees. whilst the External Trustees are appointed by the Appointment5 Committee provided that the appointment of each extern31 trustee is approved by a majority vote of the Trustee Board. Officer Trustees Up to three Officer Trustees are elected by secret ballot by the Members of the Union at an election held in accordance with the Election Regulations. The Officer Trustees are elected to posts. set out in the Byelaws. The 0￿1(er Tru5tee5 remain in office for a term of one year between I, july and 30 June. An OfficerTrustee may be re-elected for a maximum further term of one year by the Members of the Union but for avoidance of doubt, an Officer Trustee's terms of office may be either consecutive or non- consecutive and the m8ximum total term that tan be served as an OfficerTrustee is twenty-four months. Each Officer Trustee must be a student or an OffI￿r Trustee at the time of their election. An Officer Trustee becomes a Member of the Union on commencement of their appointment or re-appointment as an Officer Trustee. Such membership ceases when they ￿aSe to be an Officer Trustee. E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 Student Trustees Up to 4 Student Trustee5 are elected by a cross-campus ballot of the Members in accordance with the Byelaws. Student Trustees remain in office for two years or until they ￿ase to be a student. External Trustee5 Up to 6 External Trustees shall bÈ appointed by the Appointments Committee which is a sub-tommittÈe of the Trustee Board. External Trustees remain in office for a term of up to 4 years and may seNice for a maximum of two terms which may be either consecutive or non-con5ecutive. Policy Making Policy is set by the Trustees and the executive committee, by a Referendum or at the Annual General meeting. The Officer Tru5tee5 work alongside the permanent Union stsff to implement and carry out the strategy and policie5 Set by the Trustee Board. The permanent staff team is managed by the CEO, who 15 directlv accountable to the Trustee Board. for the Union's performance. The CEO works closely with the Officer Trustees to advise them in relation to poliry, strategy and budget. Staff Structure The CEO role is head of the staff team which is split into Engagement & Influence and Operations. Within these areas there are five teams, which I￿. Student Representation Advice and Welfare Communications & Insight Enterprise & Events Student Artivities Each of these teams has a permanent manager with ￿spOnsibl11tY for delivering on the key targets and objective5 in each of these areas. Our new permanent CEO joined the organisation in August 2023. Additionally. further staffing changes occurred during the year following a restructure in April 2024. Funding Middlesex University 15 the main funder of the Students. Union. The recurrent Subvention from the main funder is agreed on an annual basis. The Students. Union reteives a sm311 percentage of income from commercial activities. The commercial activities generate funds through media sales. sponsorship and occasional event-based activities. Financial review The Union's gross income for the year to 30 June 2024 was £1,479.964. This included the annual block grant from the University of £1.327.541. E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 Total expenditure on all artivities was £1.536.401. meaning that the Union had a deficit for the year of £56,437 on ordinary activities. Following thi5. the Union had creditors due within one year of £228.508 to include £172,248 on pension tosts on our past service deficit. Total year end reserves are negative £1,846,650, comprised of £38,037 re5trirted funds, £136,398 unrestrictÈd funds. Howevèr, of the nègative designatèd funds. £2,021,085 represents thè total SUSS pension liability. Reserves Policy The Trustees believe it is prudent to work towards achieving a resetves position of three months of salary Costs. Thi5 provides Some security for the Union financially and is considered a prudent minirllum level. Based on forecasted salary expenditure of £813,095 for 2024125, three months of salary costs would require the unrestricted reserves to stand at £203.273.75. The Union has budgeted a surplus of £40.000 per year in order to achieve target unrestricted reseryes. Pension Scheme Deficit The Union participates in the Student Union Superannuation Scheme ISUSSI, which is a defined benefit Scheme whose membership consists of employee5 of students. unions throughout the country. With effect from 30, September 2011. SUSS closed to further benefit accrual and all participating unions are required to make annual deficit contributions. The most recent valuation of the Scheme wa5 carried out as at 30 June 2022 and showed that the market value of the scheme's assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basi5 amounted to £133.6m. The accounts demonstrate the full impart of the pension'5 deficit provision under FR5102, which means the Union has to show provision for our proportion of the above funding deficit. Future Plans As an org3nisatlDn. we are committed to continuously developing the Union for the benefit of our members. Our plans for the next year include= Developing an understanding of the most impartful asperts of University and SU life, and how these have an impart on continuation Building an influential data and insight function within the SU Developing opportunities for a diverse range of students to take part in Creating spaces for students to shape. lead and develop their University experience Developing a high performing culture within the staff team. through the creation of OKRS and organisational objectives Rlsk management ststement Risk management is the responsibility of the Trustee Board. The senior managers of the Union have delegated authority for identifying the risks facing the organisation and reporting these to the Trustees as they arise in relation to items of busine55 at the Board. In addition, the senior managers provide the information to enable the Trustees to undertake an annual review. E-Sign ID: 50cd6edd-9228-440d-bf3d-aed71c012ddc **M IDDLESEX UNIVERSITY STUDENTS’ UNION** ## **TRUSTEES’ REPORT For the year ended 30 June 2024** The Trustee Board examines the major strategic, business and operational risks which the Union faces on an annual basis. The Trustees confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The relationship between the University: The Union receives a Block Grant from the University quarterly. Although the Union generates supplementary funding from trading activities, it will always be dependent on the University's support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body. The Trustees have examined the major strategic, business and operational risks faced by M iddlesex University Students' Union. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. Budgetary and internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. The Board, with particular assistance from the Finance, Audit and Risk Committee, regularly review a risk register on a rolling basis to make sure that they remain relevant. The principal risks and uncertainties currently facing the Union are considered to be as follows: - The possible reduction in funding by the University caused by their own financial health or a continued reduction in student numbers - Lack of formal structures for students to propose policy and ideas, resulting in a democratic deficit where campaigns are primarily staff-led rather than student driven, limiting student influence on Union activities - Reputational damage to M DXSU in the unlikely event of a safeguarding incident being mismanaged or a political decision made by an Officer Our plans and strategies for managing risk include maintaining effective internal controls, risks register, incident reporting and monitoring systems and insurance cover wherever appropriate ## **How the year went (1[st] July 2023- 30[th] June 24)** The 2023-24 academic year began with a successful Welcome programme, featuring 33 events delivered over four weeks in September and October 2023. This included a two day Welcome Fair, 12 society events and 7 external events across London. Throughout the year, MDXSU continued to offer free, independent advice to Middlesex students. The M DXSU Advice Service supported a total of 450 cases, addressing issues such as extenuating circumstances, academic integrity, appeals, complaints and academic misconduct. This represents a 24% decrease in cases compared to the 2022-23 academic year. As a democratic and student-led organisation, M DXSU is guided by elected Student Officers who work to address key issues affecting the student experience at M iddlesex. In early 2024, a campus wide consultation was conducted to re-evaluate and redesign the Student Officer roles. Over two days, 6 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 feedback and ideas were gathered from more than l.CKJ) students. Based on this input. the Board of Trustees approved a new structure for Student OfFicer roles. which will take effect in the 2024-25 academic year. The new strutture intludes a President, an Education Officer and an Artivities Officer, ensuring that the Student Officer team better reflects the needs of the student body and enhances MDXSU'5 ability to represent students effectively. Following the consultation. MDXSU held its annual elections in March 2024 via a secret ballot for the new Student Officer roles and Student Trustee p051tions. A total of 37 candidates stood across four election5, with 3,284 voters casting 10,050 vote5, resulting in 3 23% voter turnout. This Marks an Il% increase in voter participation compared to the 2022-23 year. Asthe year drew to a close, MDXSU shifted itsfocus tothe upcominggeneral elertion. A range of activities was organised to encourage students to register to vote. On-campus stalls provided information on voter registration and phone banking was Utili5ed to remind students to register. Key management pay The salary for key management is decided by the Trustees taking into account the skills and experience required, the management responsibilitie5, the overall budget constraints and a view of what 15 appropriate as compared to similar roles in the sector. Trustees, responslbllltles statement The Trustees Iwho are also directors of Middlesex University Students, Union forthe purpose of companv lawl are responsible for preparing the Tru5tees' report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that thev give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements. the Trustees are required to.. Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charities SORP- Make judgements and accounting estimates that are reasonable and prudent- Prepare the financial statements orh the goirhg concern basis unless it 15 inappropriate to presume that the charitable company will continue in operation. ThÈ Trustees are responsible for keèping adÈquate accounting records that are Sufficient to show and explain the charitable compantys transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2(X)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc MIDDLESEX UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT For the year ended 30 June 2024 The Board of Trustees a￿ ￿SPonSIble for the maintenance and integrity of the corporate and financial information included on the charitable companws website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdittions. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that- So far as that Trustee is aware, there is no relevant audit information of which the charitable companvs auditors are unaware. and That Trustee has taken all the Steps that ought to have been taken a5 a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. This report was approved and authorised for issue by the Board of Trustees and signed on its behalf by= B Morisson Ben Morrison Name.. Date.. 1210312025 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MiJDLESEX UNIVERSITY STUDeNT% UNK)M Ireglst8re41 company no. 119725271 INDEPEPIDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MKJDLESEX UNIVERSITY STUDENTS. UNKIN FOR THE YEAR ENDED 30 JUNE 2024 We have 8udited the finanaal statements of The MK1dk*x University Students, UnK)n Ilhe '¢h8rilab company) for the year ended 30 jur￿ 2024 compDse Ihe Statement of Finanaa Act￿1118$. the Babnce Sheet, the S￿leMent of C8sh flo¥*% and notss to ffianckgl statements, Inc￿ding a summary of 51gnificant accounting The fin8nual reptytirvJ frame¥th that ha5 been apt4ied in tPEir preparation is appk'cab law and United KIn￿(￿n Slandards. incl￿1￿9 Finanaal Rewbng Slatmlard 102 The Financial Reporting Slandard appbtabk in Ihe UK Republ¢ of tre￿nd (United Kin9dom Generalty Accepted Accountinq Pr￿tIce). In our opinK)n, the financial $ts18m8nts". glve a true and fair ¥Aew of Sta￿ ￿the rharttaNe fxthpanys affairs as at J) June 2024 and of fts income and expenditure for the ￿ar then endeé.. have been properly prepared in accor¢ance wlh United Kirydom Gen¥atyA￿pIed Accounting Practi￿". and have bsen pr8wattd In auxJtdarK8 vjith tl* r8quiréments of thé Compan￿5 Aci 2006. Basis for opinion We conducted our audit in act￿danQ¥ with knternational Stsryjards on ALKlibng IUKI IISAS IUKII and applicabk Law. Our responsibilibes under Ihose stsndar¢s are further describ￿ in the Auditor's resron5ibih.es for the audit of Ihe fi￿ar￿la1 statements Sect￿ of our rep(rt We are independenl of the Charitab￿ company in SC￿[danC￿ the ethical requirements that are re￿vant to (xjr audit of th8 finènrAal >t*tetneni8 in thé UK. induding the FRC'$ Elhic81 $18ndard, and we tr￿ve fuffi￿ our Olher eihical ￿8p￿sibIlitieS in accixdance ￿1th these requirernenls. We believe that audit ev10￿￿ have i5 wffiuent arKI appropriate to provide a basis for our Opin￿￿. Conc￿810n8 to golng Conc￿1 In auditing Ihe financk41 slalernents, we have cOr￿k￿l￿ Ihal the TrusteÈs' use tsf Ihe thncÈm ba&s of acctunllng Sn the preparation of the financi81 $￿tements aroropriaie. Based on the work we have perfotrned. y￿ have not ￿entified any matetial un￿rtal￿tieS rebting lo events ( ondiiion5 Ihal. individualty or Ix)IkctNely. may casl 5isDifranl doubt OD th tha￿ta￿e cotnpany5 abl￿ty lo continue 8$ a going ￿nCern fty ¥ perk)d of al *ast tWEfve mwlhs frrrtn when Ihe fin8ntyal stslements are aulhorisad for Issu8. Our responsibilities and the reS￿￿bil￿"eS of ￿ Truslees reSp￿t to gow are ¢e5cribeLI in ihe rdevant secLions of this rewL Othpr infomiation The other infomiation comwises the inforMa￿n indudd in Ihe annual reFXKt. other than the fina[￿la1 stalements and ourauditorf5 reFxKt there￿. The trustee5 are rew5i￿ef0rthe other informat￿n. Our opinion on the finanoal sfatements does not cover the other inforrnation and. eX￿pt to Ihe extent otherwtse explicity stated in our rep￿. we do express any form of assuran& ￿ndU￿on Ihereon. In connècbm wth our audit of th8finants￿ Stslernents. ￿1[ resWrtsi￿￿ty is to read oth8r informatKJn and. in dtrng SD. ojnskler wheiher the other *ifornabty) is male• inwns1$￿t ¥Mth the financk91 siaiements or our knowkdge obtsined In the audrt or othewse appears to be malerialty M¢5stal￿1. If we ￿entrfY such material inconsislencie5 or apparent material mi5ststernwts, are required to deterTnine wtElher there is a material misslatemenl in the finan¢ial slatemenls ar a materkil Wisslatemenl of other information. ￿. based on the work ￿ have perf￿ed. V￿ COnc￿e that Ihere Is a material rni5Statement af this (thr informalK)n. we a required to rewrt that fact. We have nothirvj to ryrt in thi￿ regard. Icwtinueo ..- E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MLJDLESEX UNNERSITY STUDeNTV UNL)N Iregistere41 company no. 119725271 INDEPEPIDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MKJDLESEX UNIVERSITY STUDENTS. UNKIN FOR THE YEAR ENDED 30 JUNE 2024 IConiinu8dl Opinions on otherrnatter5 pr05crlbed bythe Companie5 Act 20 In ouropinK)n. based on Ihe work undertaken in the COLV5e of Ihe audit." the Infom81ion gNen In Itusiees. rek¥rt. indudes Ihe dwect¢¥s' reptri pre￿%￿ for ihe purw8e8 of C¢m￿nY law. for the fir￿n￿al >Ear forwhich the finanoalslalements a￿ prepared is ¢￿￿$tent the financial stalements". the direclOTS' repoTI induded within Ihe trus*es' rewxt has been ptepared in accotdante applicab Ègai requirements. Matters on which we are reqUI￿dI0 repDrt byexceplion In the Sghl of the knOW￿ge and understanding of the charitsbk company arKI its enwonment otilainetl In the course of the audi< ¥￿ have not ￿en￿r￿d rnaletial tni5statements in the dIr￿rS, rep￿ incknded within the InJ8te&s' r8porL We have rrt>thing to retkyt in respect of Ihe folhwng matters in relabon to *thKh tre C￿panIeS Act 2006 requires us to report to you if. in our o￿n￿￿'. adequate 3ccounling ￿￿rdS have not kept. (Y ￿eqUate f￿OUraud1I have nolbeen rec￿Ved frorn brar￿heS not visited byu5'. or the financial statements a￿ not in agreemetrt wilh the acu)unbng records and retums", ( Certain disclosures of truS￿eS, remuner¥ooD spe¢ified by are not made- we have rk)t rgcwv8d all Ihg informaiw and gxpbnatK)ns w require for our au(fii. the trustees were not entiued to prepare the financi￿ staternents in aCU)rdan￿ with the small cotnpanies regime and lake a(fvanthg& of the smaii ￿Mpan￿$. @Xempt￿n$ in ￿paring tiustees. rÈport and from the requ*ement lo prepare a str8*glc reporL ResponsI￿lItieS of trustee5 As explained MO￿ rul￿ In the Iruslees s121emenl In the T￿St￿$. Rerxrt the truSt￿S l%*ho are also the director5 of Ihe charitabk company for the purposes of company are re5tx>n5itAe for the preparation of Ihe financaai siaiemenis ftr ￿n$ satisfied ihai thèy givt a true and fair wÈw, and for such internal conlrcl as the trusiees detemine is necessary ￿ enabk the kwration of tranckgl Stslements that are free fr(yn material rnisstsiemenL whether due lo frJu¢J or erqx. In prep8ring the finanwl slatemenls. Ihe twstees are resFrtlnsib￿ for 8s8essing the tharit8We cwTrpansls athlity lo continue as a w>iry CO￿￿. discknsing. as aptAI(Xb￿. rnatters related to going ￿nCeM and using the gixng concern b￿lS of acixunling Un￿55 the tW51ee5 either to I￿u￿te the Chantab￿ (x)mpany or to cease operats"ons. or have no reatslK attematNe t¥Jt 10 doso. Audltorfs respon51blltl8s for the audlt of the financial statements Our obj'ectives are to obtsin re3sonabb as5urarKe thrt **Ether fin￿¢￿1 statement5 as a whok are free trom Tnalerial mrsstatemenl. VdhÈlhpr due to frawj or etT(K. and to I￿Ue an audit￿.5 repDrt that indudes our O￿niOn. R8a$Mable assuran¢& is a hKJb ￿81 of assur8nc•. bul is nol 8 9uar8nl8& that an audit conducl8d in a￿Ordan￿ ￿ryth ISAS IUKI will aPways del￿1 a Material misst3￿MeTht when it exists. Misstatements ean arise trom fraud or error and are Cons￿ered Thaterial rf. indi￿dual￿ ar in the aggregate. they reasonably be expected 10 Influence the econ(*)Tric de¢Ssions of users taken on the basis of these financlai staiemenls. Irwubriti8s. Including fraud. aré in*an￿$ el vthh L8%VS and regubtions. W& d881gn proc8dur8s in line wth our respon8ibitb"es. abo¥e. 10 d￿e¢l m8tsrial miss181ements in respeci of irregubriiies, Indudin9 fraud. The e*￿TrI ￿ wbich tyJr procedures are ef detr￿1￿9 IrregU￿rrI1es. induding fraud Is detai￿￿ be*)w. Icuntinued ... 10 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MDDLE$EX LINIVERSITY sniDENTY UNK)N Ireglst8re41 c(fftpary no. 119725271 INDEPEPIDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MKJDLESEX UNIVERSITY STUDENTS. UNKIN FOR THE YEAR ENDED 30 JUNE 2024 IConiinu8dl We obtained an undetstanding of Ihe Wl and regU￿￿ry frame￿￿[k$ that are appI￿ab￿ to charitab mp*y and determined Ihal ihe mosi are the Stsltmeni ¢f Recommended Pr8cl¢e 'Accwnwng and Rermytsng by Charities. ISORP 20191. in a¢cordarKe wth the Financial Reporbrg Stand3r apph'cabk in the UK IFRS 1021 applcalk 10smalkr entrtE5 Ihe CornpaniesAct 2(M)6. We undetsI￿d howthe chantabk ctrnpany Is COmp￿r￿j thost frameworks ¥￿8 communication with those charged vilh governance. together with ihe ofthe charitys documented wlcies and procedures. The chanlable conpany is required io ccrfnply with both company law and chanty law and. ased on our kno*4kdge of its a¢b￿lIeS. ￿entifIed that b9al repuirement lo accu￿￿￿ a¢ctyJnl f restrthd fuThJs was of key SKJnifrarK Tra audrt i•aTn. whLh is expenèrK*d in tht audit of ¢hanbes. cortsNlér8d thtr charty'$ SUSCtrPtsbilty to m818rial misstakment and fra￿j may c*cur_Our ¢￿￿deraTien$ Ir￿￿ded the risk of mansg&menl override and alk)cat￿n of costs to charitabk an¢ ￿t￿¢t￿y funtls. Our 8pproaGh vB5 to GIEGk thatthe irwtne fr(wn grants donatK￿5 Y￿re propetty idpntified an(1 accurately di5th5ed. that expendittjre Comp￿ Ihe (Thtrol pr(K￿dureS al￿ was appropriately charged. We a&0 rewewed the Thajoriournal aiustrnenls aknng V￿th unusual ttansactions atNI consdered the enIff￿at"0n and disc￿)￿re01 re￿ted Iransackns. A further description of our res￿n￿bIlbes for the audit of Ihe financAal statements is kKated on the Financial R&porting Councl's w8bsiie at". .ukl8uditotstÉ ns{￿1￿￿& This d&s¢ripiion fom)s part of ur audit<)rf$ rewrt. Use olour report This report 15 mae sokty to Ihe charilabk companls mernbprs. a5 a bcxly. in accordance with Chapter 3 of P8rt 16 of the Compani8s AU 21M)6. Our *Jthl ￿Y￿rk has been undertaken. ￿ thai w8 might siaié 10 the charitsbb company's members Ihose mallers %¥e ¥e required 10 siaie 10 them in an audilorfs report and for no other pu￿98. To lh8 lull8sl extent perni￿ted by kw. do Nl ￿pl (x assum8 r8swnsi￿lIlY lo anyone other than the thanlabk company an¢ Ihe charitsbk C(￿Pan￿S Members as a ivyjy. our auLIit work, for this report or for the owions we have lormed. S Atshad Shoaib Arshad {Sen￿r Stalut(KyAudknr} FDr and on beha￿Otr Knox Cropp6r LLP Chartered Ac￿untants & Stalut(KyAuditot5 65 L88d&nhal Slr8el London EC3A 2AD 1710312025 2025 Knox Cropper LLP chartW￿ AwKJrrtants is to art as an in twms of sethn 1212 of the Companies Act 21 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MiJDLESEX UNIVERSITY STUDENT% UNK)M STATEMENT OF FTr4ANCIAL ACT￿￿Es lin¢orporating the kncome and Expenditure A¢¢ountl Forthe year ended 30 June 2024 UnrestriGted Restricted Fund5 Funds 2024 2024 Total Funds 2024 Tot81 Funds 2023 INCOME AND ENDOVIMENTS FROM: Donation$ 8nd kgacles ChanlÈbk aciivthes ot￿r trading activities Investments 1.379.791 32.921 57.764 679 1,379,791 41,730 57,764 679 7,404.689 46,389 31,372 198 TOTAL 1 471.155 8.809 1 479,964 7,482.648 EXPENDITURE ON.. Charilabk activities 1,524.964 1,524.964 11A37 11A37 2.628 12.6281 1,536,401 1,536,401 56,437 156,4371 1,240,576 7,240,5FS 242,012 TOTAL EXPENDrrvRE Ncl IncomelExpendilure N￿MovEmE1￿￿ FUNDS 153.8091 242,072 RECONCLIATION OF FUNDS.. TOTAL FUNDS AT 1 JULY 2023 (1,830,878) 40,665 (1,790,213J 12,032,2851 TOTAL FUNDS AT 30 JUNE 2024 t11,884.6871 £ 38.037 £11.846,6501 £ 11.790.2t3} 12 S Arshad E-Sign ID: 50cd6edd-9228-440d-bf3d-aed71c012ddc Shoaib Arshad 12/03/2025 B Morisson Ben Morrison E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNNERSITY STUDENTS. UNK)N CASH FLOW STATEMENT For the yearended 30 June 2024 2024 2023 Cash fSJw5 from operating acliviiies (Defialllsurplus for th8 finarKial ￿8[ Adjuslmenls f(Y' Depreciation Decrease..'Il1ncr￿e)l in stt Decrease,'Iincreasel in debt(Ys IDècreÈsel in creditots Inv88br8nt income 156.4371 242.072 15,053 8,982 29,814 (75,6211 679 174.8881 6.740 18.6761 133.4621 1181.2071 198 25.269 C88h ftows from Investlng athttlES Purchase of intangibk fixed asseis Relum on inveslment_ interest r￿e•￿able 115,9431 679 115,2641 128.9631 198 128.7651 Net de¢rÈase in tash and Cash equiY*nlS 194,1521 13.4961 Cash and cash eqU￿3￿ntS al 1 Juty2023 231.6S8 235.154 ash and Gash Equivaknts at 30Junp 2024 COMF￿ents tsftash and cash tquivalents At 1 July 20rJ Cashf At 30 Jun& 2024 Cash at bank 8nd in hand £ 231.658 IY4.1521 £ 137.506 14 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNNERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 1. ACCOUNTING POLICIES Baws of preparation of financialstatements The financial statements of Ihe c*anty. which is a putAic benefit entrty under FRS102. have bÈen prepared under the historical eost convention. They have been prepared in accordance with applicable United Kingdom accounting standards. requirements of Statement of Rett)mtrÈnded Practice 'Accounting and Reporting by Charities. ISORP 20191. in accordance Trmth the Financial Rep(*ting Standard a￿l¢ab￿ in the UK IFRS 1021 applicable to smalkr entities lundei secbon1al and the Companies Att 2006. The presentational currency of the finanaal s￿te￿￿Tr￿ is Pwnd Sterling l£}. Going Concern The charity has net liabilities of t1.846.6S)12023.. t1.790.2131 due to the reca￿nitiOn under Charities SORP IFRS1021 of the net present value of the funding defitit on the SUSS pension recovery plan. Further information 18 detailed in note 14 of the a¢counts. This is a k)ng temi commitment which ends in 2037 and the trustees are confident that the annual payments towards this pbn will be mÈt out of income each year. After tnakiry enquiries. the tnjstees have a ext*ctstion Ihat the charity has adequate lo continue its activibe5 for the fore5ee3ble fulure. Accordingty. they wntinue to adopl Ihe going basi5 in preparing the fina￿al state1T￿ts a5 Outlined in the Staternent of Tw5tees' Res￿nSibIlitieS In the Annual Report. Company status The Middlesex University Students, UnwJn is a cornpany Imited by guarantee. In the event of the Charity being wound up, th8 liability in T8sF￿rt of th8 guardnte8 is lirnited io £1 m8mberof Ihe Charty- Students, Union administers and accounts for a number of tharitatAe funds. as follows.. Unrestncted Funds r8pr8senting unsp8nt inwrne whith may be used for any activitylpurp)se al the Truste88' own discretion., Restrictsd funds raised and adminis*red by Union for purwses as determined by students. such as Club and s£￿ieties Accounts. as well as revenue received for putpose5 specifieil by the donor and also lif nol tnaterial enough to require a separate colurnn in the SOFAI any stnall capitsl grant5 received from the Univer5ity- Designate(l Funds fora devek)pmeTrt fund to 5UPP¥Xt Union InfraStn￿re improvements. 15 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNNERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 Income All incotne and capital reSoUr￿S are Tecognised in Ihe accwnls when the Sludenls. Union is leg311y enThtled to the income and the arnwnt can be quanltfied with reasonatAe certainty. The University grant of free 5erwced accorrynodation on the carnws is accounted for as irKorne and expendilure of the year at a estimated value to MDXSU by Telere[￿ to attematives avaikble on the cotnrnercial market. Gran15 received are c￿rted lo incotne X£(￿dIng to the PWKWJ to whith Ihey rekHte and treated as unrestricted unless restriction5 are s￿￿￿j by the prowder re￿ting to spending of that income. in which case they are treated as restricted. Income from trading activities includes amounts received in exthange for supplying and servic8S through the Union'5 merchandising and ff*dia sales. Club and sooeties. incottE include5 trEtntEr5hip and spDn5(W5hip whith is tseated as re5thcted. Expenditure Expenditure is accrued a5 s0on 35 a ITabilty is ￿n$￿Iere￿ tthable. di5countEd to present Value for longer t8rm liabilitse5. Exp8nditur8 includes ifTe(x)verabl8 VAT and comprises the direct and indir8et costs of delivering public benefil. Governance costs ar8 Ihose incurred f(x (x)mpliance with constitutional and statutory r8quirem8nts. such as the annual audiL annual 8lections and training for sabbatical officers. Other central ovethead o)sts, as well as g￿rnanr￿ cxxsts, are aprAYtion8d tr> charitab18 and other projectslactiwties on a usage basis. pro rats to the total costs of each project or activity undertaken. Tongible fixed 8$$èts anddépre¢laiion Fixed assets are stated at cost less accumutated depreuation. Assets are not e2pit2lised below £SOD cost per Itemlset. Eouipn*nt. fixtu￿$ and fittings ate induded * ra>st Depwiab"on is provided at the following annual rates in order to write the ¢ost of assets off over Iheiresb"mated useful lives:_ Fixtures and Fittings Cotnputer and OffiGe Equipywt 33% per annum on wst 33Yo per annurn on wst fempln8llon beneffts Termination benefits are ac(yJJnted fdlowng a LyJrnMtt￿￿rt by legisL4tion, by ￿tractUal or other agreements with empk)yees to rnake payrrEnts lor PrO￿de olher benefits) to ernployees when the Union terminates their eMpk)Y￿ENt. LÈased assets Rentsls payable und8r 0￿rating 18as8s are charged as 8xp8ndiknre on a straight line basis ov8rth8 period of the lease. 16 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIDDLESEX UNNERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 Stock Stock 15 v8lued at the lower of the cost or nel reaF5able Wdlue. Debtors Trade and other debtors are recognised al the 5etUerTEnt amunt due after any trade disC￿nt offered. Prepayments are valued at the amount prepaid net of any Irade discounts due. Cash 8tbank 8ndin hand Cash al b8nk and cash in hand inckJd8s cash and short t8rm highly liquid inveslm8nts with a short maturity of three mnths or less frorn the date of acquisilion or openiry of the dewsit similar acu)unl. Credilors 47ndprovisions Creditors and provisions are recognised wher8 the charity has a present obligation results.ng from a past event that wll probabty resun in the transfer of funds to a third party and the arn￿nt due to settle the obligation t2n be ￿￿aSUre￿ or Èstimated reliabty. Credilots aThY provisions ar8 normalty recognised at th8ir SettkYr￿nl amount after allowing for any trade discounts due. Finan¢i•l InStru￿rt￿ The ch8rity holds onty finan￿81 assets and finanual liabilib8s ol a kind that qualfy as basic financial instruments. Basic fin8nual instruments include cash debtors and creditors. Debtors and creditus are initially recognised at tr8nsaction value and subsequentty measured at fair value. Cash is Ggsh al bank and in hand. Pensions Th8 Charity op8ra18S 8 defined contributK)n ￿nSIOn sch8m8 Ihe p8nsion charg8 represents th8 an￿)unt8 payabKg by the Charity to the fund in respect of the year. CoThtnbub"ons are at the rdte of 3Q/. for the &mployer and 5trJ. for th8 8mpk)yee. PensK)ns wsis are (*arged in Ihe peri(xY In whi(* the salan8S to which they r81at8 ar8 payable. Judgernents andkey sources ofestsrnalwojj uncert•inty Judgemenis and key sources of estimation unc*rtainly are detaikd in the atthÈ accounting policies. hvhere applicable. The key sources of estimaticm uncerfainty Ihat have a significant effect on the armunts recognised in the financial staternents are that of the SUSS pensi￿ scherTE defiiyt. A discount rate of 5.2Wo 12023". 5.4Q/ol has been used in line with ipdusty standards. 17 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIODLESEX UNIVERSITY STUOENTS. uN￿N NOTES TO THE FINANCLAL STATEMENTS For the year ended 30 June 2024 2. DONATIONS AND LEGACIES Totsl Funds Tot&1 Funds FUMIS 2024 Funds 2024 2024 2023 University Block Grant Other University Grants 1.377.541 52.280 1,327.541 $2,250 1.28J.5D5 124.184 1.379.791 £ Nil £ 1,379,791 £ t.404.689 Cornparative donéirons andlegacies Total Ftsnds 2023 Funds 2023 2023 UntveffsilyBlock Grant Othgr Unwfjrsity Gpnts 1,280, 124.184 1,280,505 124,184 £ 1.404.689 1.404.689 £ 3. INCOME FROM OTHER TRADING ACTIVITES Total Fund5 2024 Totsl Funds 2023 Funds 2024 Funds 2024 Marketing and SFK>n50tship other inthme fmm actiirilies 37,514 20,29] 37,514 20,250 29,459 1.913 57.764 £ Nil £ 57,764 £ 37.3T2 Un￿sIn¢t￿￿ R&slricl Funds 2023 Tolal Funds 2023 2023 8rketlFAg 8ndsponsorship Oth8rincom& from activths 29.459 1.913 31.372 £ 29.459 31.3T2 18 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIODLESEX UNIVERSITY STUOENTS. uN￿N NOTES TO THE FINANCLAL STATEMENTS For the year ended 30 June 2024 4. INVESTMENT INCOME Total Funds 2024 Tol*l Funds 2023 Funds 2024 Funds 2024 Interest re¢eivabk frw.. B8nk interest 679 198 679 £ Nil £ 679 £ t98 Comparative investnwt incorne Totsl Funds 2023 Funds 2023 2023 Int8rpsl ￿ceiVable fluffl." rJkinterpsÈ 198 198 198 £ Nil t98 5. INCOME FROM CHARffABLE ACTNMES Unrestrfcted FUMIS 2024 Resirocted Funrjs 2024 Totsl Funds 2024 Tot&1 Funds 2023 Ckjbs and Sociebes NUS Extra & Merchandi*ng 14,512 18,409 32,921 £ 23,321 18,409 41,730 £ 12,418 ,971 4&389 8,809 f 6. RESOURCES EXPENDED (xher direct Support costs Total 2024 Stsff c[￿ts Cost of chanlable aclDnties Sludenl Representation Advice & Weffa Communicaknon & knsight Enterprise and Events Student Activities 1264 738.260 31787 386.006 8.624 21.858 126,413 41702 8,186 87,818 21.298 32,773 197.909 108,675 £ 264,937 £ 1,536,406 136,576 287.675 95.931 35,Y30 143,838 1,162,794 £ 19 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIJDLESEX UNVIERsrrY STWIENTS. iINKJN NOTES TO THE NNANCLAL STATEMENTS Forthe year ended 30 June 2024 6. RESOURCES EXPENDED Icorrtinuedl 2023 CostDfcharitable acliwties SluéeFIt Re￿Se{>tatitrj Adwce & Wemare Cornfftunication & In&ght Enterwse and Eysnts SlutsntAciiwlies SludeFrtAl8di8 362.670 217.56T 72,561 27.174 loa783 90,667 879.412 £ 16.042 ttl.333 490.045 675 66,786 285,028 22.110 22,272 116,9 26.645 8,341 62,IfAJ 18.414 33.393 I￿.590 7.J21 27.832 125.8 91.207 £ 269.957 £ 1.24Q.576 Resources eXtEn￿ Include.. 2024 Audlt(v' ￿M￿neral0Th.. fee Depreoation 542 740 15053 Detai￿ of $18ff wsis are givtrn In Noie 8. Detai￿ of SAJPPOrt Costs 15 gNen in We 7. 7. SUPPORT COSTS Total 2024 2Q33 Stsffing ¢18tsd costs Premise$ offi(E ¢1%8ts Goveman¢e¢osts i$¢elkaneous Leg812nd r￿oreSS￿￿￿1 Deprecistion A￿ltOrS. audit fee 79.170 92.309 3.716 45,fA11 19.901 21,635 38.741 1S053 6.740 7,450 6,￿2 £ 264934 £ 269,952 95.069 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIJDLESEX UNVIERSITY STWIENT$' lIN￿N NOTES TO THE NNANCLAL STATEMENTS Forthe year ended 30 June 2024 8. sT￿F NUMBERS AND COSTS 2024 2D23 Wages and salanes (Full Tirnel Wag85 and salaries (Part Timtl Soria168curity costs Pension $eN¢es ts)sts 910.446 819.923 41.941 33.218 89.264 84.537 18.125 17.525 1,D59,TT6 955.197 1O3,01B 75,785 £ 1.162.794 £ 679,412 P￿slon costs-past Serv￿ def￿1 2Q24 2Q23 Th8 avorageweek￿ nurythrof ettybyees. I￿d￿j￿rt. duDrvJ the kEtvJd was". Number Number Stsff 32.7 32.7 28.8 28.8 2024 2023 Cost of key managwani wasa$ f(•yws". sabba￿¢81 0￿￿tr3 Senior m8n>)ement 153207 230.878 113.587 194.013 384.085 307.600 Number of Sabbaikal CKfi¢ers Two12023. (￿ele￿p￿yee5 reC￿d remunerthn of lh￿ £fA).(W. tx)Ih In the band £70,DOI - £80,000 8CCOunts inc￿dE lemiinstim pay￿niS £40.331 12023- £niD. key management personnel of the Union are those pttsons hathng auknrity and ￿S￿nsi￿Alfy for pLanning. directirvj controlling Ihe athIl￿S oflhe Unw direcuyor iTrlirectly. I￿￿￿dIng any Trustee of the Chanty. Iri addition to the Tru51ees. Key tTr3nagement perS￿ne1 irKble5 Chief Execubve, Dewty CEO. Head of operats￿s and Heaj of Eroagement and Influence. g. TRUSTEES REMUNERAMN BENEFirs Sabbgtical off￿e￿ gre paid 05 aulmri5￿ in the UnK)n% gy4errMng d￿rn￿L fv the repre5enl8tion. mpaigning and supwrt work they undertake as distiNI from tsr Injslee reS[￿)nsIbl￿ties. This work Inc￿￿￿ Voicing student opin￿￿ wlh Ihe Unl￿[SIty an¢ kKxl ￿fflfflUnlty. defending and ￿endIng the nghts of students thrwh ￿titIons etc. and abo ￿gani￿n9 aKI Sup￿hr￿j sludent ¥0￿￿teeT5 and sem(% prowsion for Ihern. Oelai15 are InGWed ITr note 8. 4 n￿Mi￿r$ of tht Board ofTnJsw reiMtKms￿wt of aThJ Subsistar￿tr eX*r￿ awunllng to £71512023- £niD. 21 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIJDLESEX UNVIERsrrY STWIENTS. iINKJN NOTES TO THE NNANCLAL STATEMENTS Forthe year ended 30 June 2024 111. TANGBLE FIXED ASSETS Flxturo and C05t Al 1 Juty 2023 Addibons AI 30 June 2024 86,959 15,943 10Z,902 D8prodatl4)n Al 1 JU￿ 2023 Charge forlhe year AI 30 Jun8 2024 61.916 15,053 7&969 Net boDk valu• At 3D J￿rt• 2D24 AI 30 June 2023 25,933 11. DEBTORS 2Q23 Due within one year Trade debtor& Due from Middksex University Prep¥ymenis (hher debltys 5,623 42,266 5,709 2,978 56,576 27,674 13.116 5.254 86,390 12. CREDITORS". AMOUNTS FhLLWG DUE WITH14 IXE YEAR 2￿4 2Q23 Trade creditors Defetred Inwme (Xher credjtors VAT ¢reditOIS sion ¢o¥ts-P¥* Swvi¢e Defi¢il Accrua 3B,OD3 37.819 20.2 2.177 (481 158.748 70.657 229,603 2.014 172,248 16.249 228.508 12. cRED￿oRs.. AMOLINTS FALLI4G OUE AFTER ONE YEPA 2tr24 2023 sion ¢osts-Pas¢ SeYvi¢e Defidt 1,B48,837 1,B48.B37 1.923.363 £ 1.923.353 22 E-sign ID". 50td6eth-9228440d-b13d-aed71d)12ddc THE MIJDLESEX UNVIERSITY STWIENT$' lIN￿N NOTES TO THE NNANCLAL STATEMENTS Forthe year ended 30 June 2024 DEF14ED BENEF￿ PEN5Th1 SCHEME-SUSS 2023 Penslon eosts-Past Servlce Delklt Brought for¥Ydrd Payrnents ttbade UDwnding of Intere51 for ￿e year A4ustmenl ID ryowsions 2,DB2,111 1158,7481 15,2961 103,018 É 2,D21.085 2.389,561 I148,8￿￿) (96,5201 62.130 £ 2.082.111 Anatysis.. Duowithin year Fallng after m(w& y8¥ 172.248 1.848.837 £ 2,D21,OBS 158.748 1,923.363 É 2.08ZIII The Sludents, Union participaies ￿ the Sludents. UnK)n Superannuatson Scheme. ¥¥￿ Is a defined benefrt scheme whose membership consisis of empk)yee5 of studenls. unions rdaled bodies Ihroughout the Gounty. BeneliLs In respect ol SerW￿ up lo 30 SeplemtEr 2003 are aCuU￿1 on a linal saLary- basis. beneffts in respect wan￿fOrcOst of the ongoing ajministrative and operational expenses of running the Scherne. These w.es ￿11 be formalty rewew* folb)wing coTnpblion of the Trext valuaboTr duewth an effectsve date of 30 June 2025. sU￿V6es or ¢efiuts thith anse atfuiure va￿ationS wll Impact on the SbJdents' Uniw'5 fviuTe cOnknbUb￿ comTnrfrnenl. ID addition tD tfve above Gonthbutions. Ihe Students, unl￿ abo pay5 rts Sh￿e0fthe 5chernE's ievyto the PensK)n Protecbon Fund. SUSS Is a rn￿1 empk>yerscheme and assucb it is rnt t￿>S￿b￿ lo acu)untf(x it as a defined benefft 5d￿rne beCa￿e the share of the overall defiot cannoi be alkxxted to individual parnupants. The lability induded in e accounts istherefore as beiDg the Det presenl wdlje offuiure fundi￿ pay￿rnts. In aoxrdarKe wth FRS 102. the net presenty3￿e ol tt* fulure contrbubons required over 13 y83rs to cbar o funding dcfiiit is £2.021,08512023_F2.082.1111. ￿ ￿￿￿tir￿j ttys net wesent ¥tWe. annual iDcTeases Df5% havc bccTr madc arKJ ¥ dist¥xJni rnit of 52*0 rtVCS4Xlbry I￿1￿ck1 of high ouaffity (LlP¢tsI¢ bonds has the￿ beefi ap￿￿ed. 1& STATEMENT OF FUNDS Transf4rs and Resources investment Expended gainslllossesl Brought kn¢oming Carried Forward P•n*on Fund Dgficil General Punds Total unrestrcl&J funds Restncted funds Cbjbs and &Kieties Yotalfunds 12,082.1111 251.233 1.830.878 61,026 61,026 (2,021,085) 136,398 1.884,687 1.471.155 1.471,155 1,524,964 1,524,964 38,037 Nil £ 11.846.650) £ 11.790.213) e 1.479.964 e 11.536.401) £ Comp•aU¥•￿#t0M8￿I offtsn(ts R*sour¢es E¥pwthdpins/llLw8sI C•rri&d Forward Fonvard Pe￿&￿tt FundDekrf General Funds Tolal unreslriGte