SALFORD su UNIVERSITY OF SALFORD STUDENTS, UNION Trustees, Report and Accounts for the year ended 31 July 2024 Registered charity number.. Registered company number: 1189354 12532982
UNIVERSITY OF SALFORD STUDENTS. UNION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Reference & administralive details Charity Name Registered Charlty Numbar Registered Company Number Registered Office University of Salford Students, Union 1189354 12532982 University House The Crescent Salford M5 4WT Dlrectors and Tru$t¢es I directors of the company aro trustees ol the charity, there are no other Iruslees. trustees at year end were.. Name Susie Palmer.Trew Appointèd 1 September 2022 1 September 2022 1 July 2023 1 July 2023 1 July 2023 l July 2023 1 July 2024 1 July 2024 1 July 2024 l July 2024 1 July 2024 Position Deputy Chair Conor Naughton Adnan Sabir Charlotte Slevenson-stoddard Humoud Aljassar Karina Lurea Alvina Imran Chair Ahmad Ali Sara Sara Alishba Malik Emma While Resignatlons The following resigned from their position as Trustees during the year.. Name Appointed Reslgned 1 August 2020 28th November 2023 1 July 2021 1 July 2022 1 July 2022 8 July 2022 1 July 2023 1 July 2023 Position Lee Hull Samantha Wilkinson 3D' June 2024 Simeon Any8lemechi Anuoluwapo Ubikitan 30th June 2024 Chair 30, June 2024 Joseph Ediae Mahesh Trimukhe 30th June 2024 30" June 2024 Rachael Idris 30th June 2024 Page 2 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Company Secretary Ed Moloney Key Management Personnel Chief Executive Officer Ed Moloney Director of Engagement Andy HaraVeS Lauren Beckett Isabbalical leave from September 20231 Director of Advocacy Advisors Auditors Dains Audit Limited, Suite 2. Abion House, 2 Etruria Office Villa9e, Forge Lane. Stoke on Trent. ST1 SRQ. Bankers The Cooperative Bank PLC, PO Box 101. 1 Balloon Street, M8nchesleT, M60 4EP Endsleigh Business Insuran Services, The Quadrangle, Imperial Square, Cheltenham. Gloucestershire, GL50 1 PZ Insurance Trustees, Report The Trustees, who are directors for the purposes of company law. present the annual report together wth the financial statements and auditors, report of the charitable company for the yeaT ended 3151 July 2024. The Iruslees have adopted the provisions of the Accounting and Reporting by ChaTlties.' Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republi¢ of Ireland {FRS 1021 leffeclive 1 January 20191. Structure, Governance & Management Governing Document The University of Salford Students, Union Ilhe Union) is a students, union wthin the meaning of the Education Act 1994. The Union is devoted to the educational interests and welfare of its members. It is the independent representative body of the students at the University of Salford. The Union is a company limited by guarantee and without shares Icompany number 125329821 and a charity (charity number 1189354}. The Union is governed by Articles of Association effedive from the 1st of August 2020, a set of Bye-laws, the University of Salford and the Charity Commission. The Union also has a Memorandum of Understanding with the University of Salford. The Articles of Association slate the Union's piinciple objectives as.. °The Union wll seek at all limes lo". lil ensure that the diversity of its Student Membership is recognised and that equal access is available lo all Student Mernbers of whatever origin or orienlalion., lill pursue ils aims and objectives independent of any political paty or religious group., and liiil pursue equal opportunities by taking positive action within the law lo facililale participation of groups discriminated against by society. These Articles have been structured lo give the Board of Trustees reasonable authority lo manage the affairs of the Union in a professional manner. The Student Members enjoy the right, which musl be exercised in acrdanCe with charity law, lo elect a proportion of the Trustees and to dismiss all the Trustees. The Board of Trustees will give the utmost consideration lo the views of Student Members. Po99 3 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Under the Education Act 1994, the University of Salford has a slalulory duty to ensure that the Union operates in a fair and democratic manner and is held to proper account for its finances. The Union thefore works alongside the University of Salford in ensuring that the affairs of the Union are property conducted and that the educational and welfare needs of the Union's Sludenl Members are mel. Publ1¢ Beneflt $tst8mènt The Trustees h8ve given due consideration to Charity Commission published guidance on the operation of the public benefit requirement and are satisfied that the charitable cornpany meets these requirements. The Trustee Board The Union is democrali¢ally controlled through the annual election of a team of student representatives who form part of the Union's Board of Trustfyes. The membership of the TTuslee Board is as follows.. Five elected Sabbatical Trustees Four Student Trustees Four Lay Trustees The Trustees determine policy for all areas of Union activity. The sabbatical Iruslees are full time sludenl officers of the organisation and work for the Union for a year either during or al the end of their degree course lo represent students on a full-lime basis. The Trustee Board remit can be summarised as follows.. Stralegy Financial Formulating, monitoring and implementing plans Providing effective financial management and oversight includin9 the formation of bucsgels Monitoring and evaluating the performance of staff, services and activities Line managing and supporting the Chief Executive including performance monitoring Ensuring there are effective reporting and monitoring processes in place lo effectively manage the risks of the Union Consultation Ensurin9 there is a comprehensive programme of member consullation in place Involvement Promoting the effe¢live involvement of members Trustee recruitment Ensuring the effedive electionlselection, induction and appraisal of Iruslee board members Considering committee reports Performance Line management Rlsk managemont Reporting The Sabbatical Trustees work alongside the permanent Union staff lo implement and carry out the strategy and policies sel by the Trustee Board. The permanent staff team is managed by the Chief Execulive OfficeT, who is directly accountable to the Trustee Board for the Union's performance. Rlsk management statement Risk management is the responsibility of the Trustee Board. The senior managers of the Union have delegated authority for identifying the risks facing the organisalion and reporting these lo the Trustees as they arise in relation lo items ol business at the Board. In addition, the senior managers provide the information to enable the Trustees lo undertake an annual review. The Trustee Board examines the rnajor slralegic, business and operational risks which the Union faces on an annual basis. The Trustees confirm that systems have been established to enable regular reports lo be produced. Reserves Details of the funds are sel out below.. P¥98 4 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Item 31 July 2024 31 July 2023 Unrestricted funds 256,356 479,504 Designated Fixed Assets Fund being a fund representing the net boo alue of fixed assets owned by the charitable company 300.402 236,326 Restricted funds 76.707 107,659 otal Reserves 633,465 823,489 Reserves policy The trustees have adopted a reseNes policy, the objective of which is to protect the Union and its charitable activities by ensuring adequate liquidity while the or8anisation adjusts to any short term (three to six month51 changes it encounters in it5 financial and operating environment. Such changes might include.. Interruptions to the grant fun(ling from the University.. Provision for unforeseen events,. Staff notice and redundanty payments andlor legal fees in the event the Union is wound up. At the same time the trustees want to ensure reserve5 are not too high to maximise the resources applied to the Union'5 charitable purpose and the ability to invest in the Unions fixed assets to maintain the quality and standards of its service provision. The trustees understand that a reseNe against loss in trading income would not mitigate a decrease in income from the University block grant. However, the risk level of such is regarded to be low. The trustees have therefore set a target of the Union holding a minimum of Six months, loss in tiading income in unrestricted funds. Based on the 2023124 financial year thi5 target figure would equate to £655,074. At 31 July 2024 the Union held unrestricted funds of £256,35612023'. £479,504) equating to 39% of the target level. In 2024 the trustees took the decision to fund the buy-out of the Union's antiquated defined benefit pension scheme, that has been closed to accrual. The pension scheme is the largest risk to the organisation, and a unique opportunity to continue with the buy-out arose. This decision will require investment from the Union and it is likely to reduce the reseNe5 POSltion. The university has provided additional support, should the organisation require it, through the offering of a loan facility, which the Union does not currenily intend to draw upon. Appointment of Truslees The Union's Articles of Association slates there shall be 'nol more than five Sabbatical officer Trustees, elected..., not more than four Sludenl Trustees, appointed..., and not more than four Lay Trusle8S, appoinlgd.... Sabbaticals Up to five Sabbatical Officer Trustees are elected by secret ballot of the Members of the Union al an election held in accordance Mfjlh the Election Regulations. They remain in post for a temi of one year between the 1 July and the 30 June. They may be re-elected for a maximum of one further term of one year. Thi5 may be consecutive or non-¢onsecutive,' the total maximum term that can be served is tsventy-four months. Each Officer Tnjstee musl be studenl or an Officer Trustee al the time of the election. An Officer Trustee Page S of 36
UNIVERSITY OF SALFORD STUDENTS. UNION becomes a member of the Union on commencement of their appointment or reappointrnent and this membership ceases when they cease to be an officer trustee. Student Iru$te•s Up lo four sludenl Iruslees afe appointed by a panel drawn from the Trustee Board. Each Student Trustee musl be a student al the time of their appointment. The role may be shorter or longer on a Iransilional basis to coincide with the alteration of the year start or end. A student trustee may serve a maximum of two years that may be consecutive or non-conseculive. Lay Trustee$ The Iruslees are required lo appoint by a sirnple majority vote such persons as they consider suitable lo be Lay Trustees. The ratio of elected student trustees to Lay Trustees, with the exception of any period which may not exceed four months, must be greater than or equal lo lo one. Unless their appointment is terminated in accordance with the Articles of Association, Lay Trustees remain In office for a term of up lo four years. They are eligible for re- appointment by a simple majority vole of the Trustees for a further term of four years bul are not eligible for re-appoinlrnenl thereafter if they have served a total maximum term of eight years. Trustee Induction and Trainlng I new trustees engage in a comprehensive tiaining programme which indudes.. The key roles and responsibilities of the trustee position Financial training Introductions lo key staff and other Irustees Copies of the Union's key documents On-going training needs for Trustees are continually monitored by the Chief Executive Officer and President. The Students, Unlon The Union is involved in a wide range of aclivilies. Ils Core purpose is to represent students and provide activities for them lo enhance the student experience. To that end the Union organises campaigns on issues of concem to the generality of students, administers the work of approximately 100 different sports teams and so¢ieties, trains and develops over 600 sludenl course represenlalives and operates a Slu(Jent Advice Cenlre. The Union's commercial activities includes Atmosphere which incorporates a cafe and licenced premises offering a social eating and drinking space. The Union also puls on social events for members. The Union also receives financial contributions from ils relationship with Chartwells, who operate the retail space on campus. The majority of Union Core activity is funded from the grant received from the University. The staff teams There is a core staff team of 35 staff and appfoximately 60 casual student stsff members. Union staff members work across five functional areas of the Union., Sludenl Voice Student Opportunities 3nd Wellbeing Marketing and Everits Commercial services Administration, including finance and human resources. Related Parties The University of Safford is the parent institution of the USSU. The USSU received a revenue block grant in the year from the University of Salford of £1,282.00012023.' £1,174,423). Pag* 6 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Objectives & Activities Summary of charlty objectives and activities undertaken in relation to these objects The Union's Articles of Association identifies ils charitable objects as.. "The advancement of education of students al University of Salford for the public benefit by.. promoting the interests and welfare of Students al the University of Salford during their course of study and representing. supporting and advising Students., being the recogni5ed represenlalive channel between Students and the University of Salford and any other extemal bodies- and providing social, cultural, sporting and recre81ional activities an¢J forums for discussions and debate for the personal development of ils Students. Str•tegic Plan On recommendation from the CEO, in 2023 the trustses agreed a new strategic plan for the organisalion, following the completion of the 2019-2022 plan.. Mission-. Salford SU empowers students to confront and overcome barriers lo their learning Vision.. An inclusive and healthy university community where every student knows they matter PuTpose.' To enablè students to enjoy the life-changing power of learning al Salford. Following wot* lo identify the most significant barrier lo students, leaming at the University of Salford, the trustees also adopted a 'Big Hairy Audacious G081' which provides a single priority for the organisalion: We will eradicate student loneliness al the University of Salford by 2026. The strategy also sets the organisation's values. which are as follows.. Sludenl-powered.. We are undeniably driven by the needs of our members Partnership-focussed.. We are straight-forward, transparent and collaborative Equitable.. We ensure equity. diversity and belonging is al the heart of everything we do Kind.. We are creative and progressive changg-makers. Policies relating to grant making To apply for funding, each Sport or Soeiely group completes an online application which outlines their planned activity and funding requirements. Each application should meet the strategic aims of the organisation and focus on delivering involvement, diversity, innovation, personal development and broader success to the group. Applications are received and reviewed by the Societies & Sports Student Executive. Any student volunteer on the funding panel associated to a particular group who have applied for budget or project funding musl declare a conflict of interest. This individual can be involved in the discussion regarding the application but will be excluded from decision making element of allocation. Page 7 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Achievements and performance Kgy Porformance Indicators Key Porfomiancg ' kndlcator 1W20 21122 23124 Students engaged in SU colextra-curricular activity 15/ 16°/0 16/0 Number of students volunteering for the organisalion 1075 1094 1100 1098 1404 Number of attendees at events Student Loneliness new measure 13,000 13,553 20,000 24,839 51,819- Annual election lurnoul 15°/0 12/9 200/0 170/0 25/0 Staff Engagement Imeasured biannuall Sludenl Satisfaction IPulse Surveyl Sludenl Satisfaction INab'onal Student Surve 82Yo 98°/0 530/0 53/0 730/0 75/ Please note that outturn performan across many indicators belween 2020 and 2022 were impacted by the Covid-19 pandemic. Relationship with stakeholders Students The organisation regulady consults with students as part of its represenlalive function. The Student Officers continue lo work closely with Course and School Represenlalives lo identify the key issues facing students al course and school level. The Officers are also able lo obtain views of students en9aged in the other aspects of the Unions services, parti¢ularly student societies. The Officers are then able lo represent these views at high level College and University committees and in discussion with the UnNersity Leadership Team IULTI. The organisab'on makes full use of social media lo solicit opinion on a range of matters relating lo the student experience and enjoys a dialogue with thousands of Salford students. The Unlvarslty The Union has a strong partnership relationship with the University. 11 acts as a '¢Tltical friend,, Pfoviding evidence on and challenging the University on key student issues. As part of their representational work the student officers sil on high level University Committees providing a sludenl voice on the issues discussed. The Union meets with the University quarterly lo discuss the progress of the Union. The Partnership Steering Group. co-¢haired by the Salford SU President and the University Associate Pro-vice Chancellor Education and Pagé 4 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION Sludenl Experience. meets every eight weeks to co-ordinate partnership working. The Student Officers meet the Associate Pro-Vi¢e Chancellor Education and Student Experien, the Pro-vice Chancellor for Stud&nl Experience, the Deputy Vice Chancellor and Provost, as well as the Vice-chancellor regularly. The Officers are able lo bring students, questions lo the University Leadership Team three times per annum. Separately. the Union presents lo the ULT on ils performance semi-annkjally. and reports to the Partnership Review Board quarterly. The President and another Sludenl OffIr are members of the University of Salford Council. Other Unlons Bolh student officers and staff rnembers meet with counterparts in other Students. Unions to share good practice and discuss the Higher Education lands¢ape. There is a North Wesl regional meeting for staff and officers which the President, Chief Exe¢kJtive, and senior staff are encouraged lo attend. Stsff members are also part of electronic discussion gTOUPS. NUS The Union is a member of the National Union of Students INUSI and as part of ils annual elections the Students. Union provides students the opportunity to sland for a posits'on as a delegate on the annual NUS conference. Regional Oryanisations The Students. Union is a founder member of the Greater Manchester Student Partnership {GMSPI which runs a sludenl assembly lo fa¢ilitale dialogue with the Greater Manchester Combined Authority IGMCAI. Student officers and staff meet with the GMCA MayoT Andy Burnham three ty'mes a year. They also contact the local MP and other political representatives of the city from lime to time. Financlal Review The Union made a deficit of £190,02412023.' surplus Df £30,062). The principal income sources for the Union are the block grant provided by the University of Salford and funds generated through commercial activity. The result for the period includes items which must be shown through the slalemenl of financial activities under SORP accounting rules and which are not shown through the monthly management accounts. These items indude pension schetne valuation adjustments, capital grants received and reslricled reseeS movements. Net assets at 31 July 2023 stood al £633,465 {2023.' £823,489). Plans for future perlods Aims, key objectives and planned activities The Union is continuing to embed ils strategic plan (see above). Investment pollcy and performance The Investment Policy of the Union is to hold the majority of ils reserves in cash, spreading deposits between financial institutions in order to miligale counterparty risk. Cash deposits are either instant access or fixed term with the balance being delermined by Gash flow requirements. Within the framework of managing risk. liquidity and ethical standards, the highest interest rates are selected lo maximi5e investment return. Pay Policies for Senlor Stsff The remuneration ol key management personnel is set by the Board through the organisation's Pay Policy, with the policy objective of ensuring that they are provided with appropriate incentives lo encourage enhanced performan and are, in a fair and responsible manner, rewarded for their individual contributions lo the Union's success. The appropr¢aleness and relevance of the iemunerab.on policy is reviewed regularly including Page 9 of 36
UNIVERSITY OF SALFORD STUDENTS. UNION reference to comparisons with other student organisations to ensure that the Union remains sensitive lo the broader issues of pay and employment conditions elsewhere. A pay review was conducted in 2022 and revised pay structures were introduced for all grades across the organisalion, including senior staff. STATEMENT OF TRUSTEES. RESPONSIBILITIES The charty trustees (who are also the directors of the Union for the purposes of company lawl are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law in England and Wales requires the trustees lo prepare financial statements for ea¢h financial year which give a true and fair view ol the slate of affairs of the charitable company and of the incoming resources and applicab'on of resoLJrces of the charity for the year. In preparing these financial statements, the Iruslees are required lo.. select suitsble accounting policies and then apply them consistently," observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any maleTI81 departures disclosed and explained in the accounts., prepare the financial stslements on the going concern basis unless il is inappropriate lo presume that the charitable company will ntinUe ils activities. The Iruslees are responsible for keeping proper accounting records that are suffieienl lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the pventIOn and detection of fraud and other irgu18r1[I¢$. The trustees are responsible for the maintenance and integrity of the charity and financial infomalion included on the eharilable company's website. Legislation in the United Kingdom governing the pparatiOn and dissemination of financial statements may differ from legislation in other jurisdictions. Trustees. Statement of disclosure of information to the auditors In so far as the trustees are aware al the dale of approval of this report.. There is no relevant audit information. of which the charitsble company's auditor is unaware, and The trustees have taken all steps that they ought lo have taken to make Ihemselves aware of any relevant audit information and lo establish that the auditor is aware of that inlormaliorl. Approved by the Trustees of the University of Salford Students. Union and signed on its behalf by.. Alvina Imran Chair of the Board of Trustees Dale.. 2011112024 Pag• 10 0136
UNIVERSITY OF SALFORD STUDENTS, UNION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF University of Salford Students. Unlon (A company limited by guarantee) Opinion We have audited the financial ststementsof Universty of Saword Students, Union lthe'charitable o)mpanYI forthe year end8d 31 July 2024 which comprise the Statement of Finanual Aclwities, Balance Sheet. Cash Aow Statement and rK)tes lo the financial statements, induding signifir2nl ac(x)unting txilicies. The financial rerM)rb'ng framework that has been applied in their preparation is applicable law and United Kingdom Acyx)unting Standards, induding Finanal Reporting Standard 102 The Finanoal Reporbng Standard applible in the UK and Republic of Iland (United Kingdom Generally Apted AcLyJunting Practice). In our opink)n the finanaal ststements.. give a true and fair view ofthe stale of the charrtable company's affairs as at 31 Juty 2024, and of ts inming resources and applration of resources, induding ts income and expenditLJre, forthe year then ended,. have been properfy prepared In aeL£)rdan wth Unrted lQn9dom Generally AEpted Accounbng Piactice., and have been prepared in aco)rdance wth the requirements of the Companies Act 2006. Basis for opinion We (Lnducted our audrt in acuwdance with Ir)temational Standards cfft Audibng IUKI IISAS IUKII and applicable law. Our fesponsibilrties under those standards are further deSbed in the Audilorfs rponsibilrties for the audit of the financial ststeTrrrtS sects'on ofour report. We are independentofthe charrtable company in acwdancewrth the ethical rgqkjirements that are relevant to our audrt of the financial statements in the UK induding the FRC'S Ethical Standard, and we have fUlled our other ethical respK)nsibilil'es in accordance wth these requiremenis. We believe that the audit evidence we have obtained is suffiaenl and appropriate to provide a basis for our opinion. Concluslons relating to going concern In audthng thè finanual statements. we have nduded thalthe trvstees, use of the g(xng nCeM basis of acLx)unting in the preparation ofthe financial statements is appropriate. Based on the workwe have perfom)ed, we have not identified any material unrtaIntieS relating to events orconditions that, indNidually or LY)Ilectivety, rnay cast significant doubl on the chantable ¢xJmpanls ability lo conb.nue as a going concem for a period of al least trNee months from when the finanryal statements are auih(yised for issue. Our responsibilities and the responsibilthes of the truees with iesped to goirYJ t))ncem are desuit*d in the relevant seLtions of this reporL Other infonnation The other infomialion comprises the infomation induded in the tsustee's annual report, other Ihan the financial statements and our audrtorfs reKK>rt thereon. Th& trustees are responsible for the other informab.on contsined within the annual report. Our opinion on the financial statements dS not cover the olher infom)ation and, except lo the extent olherwise expliaty Sta in OUT report, we do not express any form of assuran wndusion thereon. Ourresponsibility is lo read the other information and, in doing so, consider whether the other informab.on is materially inconsistent rith the finanaal statements, or our kno¥edge obtsined in the course of the audrt or otherwise appears to be material misstated. Ifwe identsfy such material inconsistencies orapparent material misstatements, we are requiredto detemiine whetherthis gives riselo a nterial mi8Statement in the financial statements Ihemselves. If, based on the wotkwe have perfomed, we conclude that there is a material misslatemenl of this other infomiation, we are required to reF()rt that facL We have nothing to rerth in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the coutse of the audit.. the infomation given in the trustees, retMJI for the financial year for which the ffinancAal statements are prepared is consislenl wth the financial statements., and the trustses report has been prepared in acwrdance with aPICable legal requirements. Page11 0136
UNIVERSITY OF SALFORD STUDENTS. UNION Matters on which we are rèquired to report by ex¢eption In the light ofthe knoedge and undelstsnding ofthe charitable MpanY and ts enwronment obtained in the course of the audit, we have not identthed material misslalements in the trust. report. We have nothing to report in respect of the follown9 matters in relation to whith the c7panES Act 2006 requires us to reportto you rf, in our opinion.. adequate accounl'ng records have not been kept, or retums adequate for our audit have not been recsved from branches not visrted by us., or the finanaal stalernents are not in agMentth the accounts'ng records and returns., or certain disdosures ol directors, remuneration speafied by law are not made., or we have not r1Ved all the inft)rm8lion and èxKAanations we require lor our audit. c the trustees were not enl'ued to Ppare the financial statements in acthrdance wth the small companies, regime and take advantage of the small (Dmpanies, exemptrons in preparing the requirement to prepare a str8legi¢ report. Responsibilities of trustees As explaird more fvlly in the trustees. responskn'lits'es statement sel out on page 10, the trustees (who are also the directors ofthe charitable (y)mpanyforthe purposes of ct)mpany lawl are responsibf0rthe preparation ofthe finanaal ststements and for being sats"sfied that they give a true and fair view. and for such intemal control as the tsusls determine is neSary lo enable the preparats'on of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparin9 the financial stalemenls. the tnjstees are responsible for asses&ng the charitable company's ability to continue as a gThng conrn, disdosing, as applicable, matters related lo going cDncem and usir@ Ihe going (oncem basis of acA>)unbng unless the tNstees either intend to liquidate the charrtable wmpany orlo aSe operations, orhave no realistic aKemative bul to do so. AUdit0S responsibilitles for the audit of the financial statements Our objectives a lo obtain reasonaile assuran about whether the financial statements as a whole are free from material misststement, whether due to traud or error, and to issue an auditorfs report that indude5 our opink)n. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordani ISAS IUKI will aayS detect a material misstalemtsnl when it exisis. Misstalemenls can arise trorn fraud or error and are considered material rf, individually or in the aggregate, they ¢ould reasonably be expected to Influen the ecorK)mic decisions ol users taken on the basis of these financial staternenls. Irregularities, induding fraud, are instsnces of rK)n-complIan with laws and regulations. We design proc*dures in line wrth our responsibilities. oulined above, to delect material misstatements in respecl of irregularits"es, Induding fraud. The specthc procedures for this engagement and the extent to which Ihese are capable of detects'ng iThegularities, induding tra[ is Lsetailed below.. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identy'fy or recognise non-complian with applicable laws and regulations., we identified the laws and regulations applicable lo the Charitable company through discussions with directors and other management, and from our comrneicial knowledge and experience of the sector-, we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charitable company, including the financial reporting legislation, Companies Act 2006. laxalion legislation, anli-bribery, employment, and environmental and health and safely legislation., we assessed the extent of complian¢e with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations y¥ere ¢ommLJnicaled within the audit 18am regularly and the team remained alert to instances of nor5-complian¢e throughout the audit. Pagt 12 of 36
UNIVERSITY OF SALFORD STUDENTS, UNION We assessed the susceplibilily of the charitable company's financial ststements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they Considered there was susceptibility to fraud. their knowled9e of actual, suspected and alleged fraud,. and considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we.. perforrned analytical procedures to identfy any unusual OT unexpected relationships.. lesled journal entries to identify unusual transactions., assessed whetherjudgemenls and assumptions made in delemining the accounting eslimales sel out in Note 1 (pl were indicative of potential bias-, and invesligatgd the rationale behind significant or unusual Iransaclions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which induded, bul were not limited lo: agreeing financial slalement disclosures lo underfying supporting documenlalion., reading the minutes of meetings of those charged with 9overnan¢e", enquiring of management as lo actual and potential litigation and claims., and reviewing correspondence with HMRC, relevant regulators and the charitsble company's legal advisors. Be(2use of the inherent limitabons of an audit, there is a risk that we wll not detect all irregularib"es, induding those leading lo a material misstalemenl in the financyal statements or non-wmp1lan wtth regulalton. This nsk inease5 the more that mplgnCe with a law or regulation is removed from the events and transacts.ons refiected in the firianryal ststemenls, as we wll be less likely lo become aware of instances of non-(x)mplIan. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invofves intentional cOnlMent. forgery, collusion, omission or misrepresentation. A furlher descript'on of our resronsibililies is availableon the FinancAal Reporting Council's websf(e al.. htt s.'Itww.fr¢.o .uklOur-WorklAudiVAudit-and-ass ran/standard$-and uidanc&lStandards-and uidanc&for- auditorAudIt0FS-S onsibilitses-for- udiVDescri tion-ol-a dilors•res nsibilits'es-foT•au¢Jrt.as x. This description fonms part ofour auditorf5 report. Use ofour report This rert is made solety ID the charitsble companls members, as a body, in aCcdancE with Chapter3 of Part 16 of the Companies Act 2006. OLJr audit wort( has been undertaken so that we might stale lo th& thatitable companls membets thDse mattets we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent pem)rtied by law, we do not accept or 8ssume resp(Msibility lo anyone other than the charitable company and the charitable companys memtws as a body, forour aiKlrtwork. forthis reporL orfor the opinions we have fomied. Simon Hawkin$ Senior Statutory Auditor For and on behalf of Dains Audlt Limited, Slatulory Auditor, Chartered Accountsnls Suite 2, Albion House 2 Etruria offi Village, Forge Lane, Etruria, Stoke on Trent, ST15RQ Dale.. 7ty,11.4 Pago13ot36
UNIVERSITY OF SALFORD STUDENTS. UNION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Funds General Designated Restricted Funds Funds Funds 2024 2023 Note Total Total Income from- Donations and Legacies Charitable Activities Other Trading Activities Investments 1.282,000 1.249,257 60,265 58,710 1,282.000 1,343,130 60.265 58.710 1,204,583 1,126,448 99,493 32.496 93,873 Total Income 2.650,232 93,873 2.744,105 2.463,020 Expenditure on: Raising Funds Charitable Activities Other 101,764 2,491,221 4,004 13S,803 76,$12 105,768 2,751,849 76,512 86,764 2,346,194 124,825 Total expenditure 2,592,985 216,319 124,825 2,934,129 2,432,958 Net In¢om•llexpenditurel 57.247 1216,3191 130,9521 1190.024} 30,062 Transfers between funds 19 1280.3951 280,395 Actuarial loss on defined benefit pension scheme Net Movement in Funds 1223.1481 64,076 130,9521 1190,024 30.062 Re¢on¢iliation of funds.. Total funds brought forward as previously stated 19 479.504 236,326 107.659 823,489 793.427 Total funds ¢arrlod forward 19 256,356 300,402 76.707 633,465 823,489 All amounts relate lo continuing operations. All gain5 and losses recognised in the year are incluéed above. The notes on pages 17 10 35 form part of the financial statements. P89e 14 rjl 36
UNIVERSITY OF SALFORD STUDENTS. UNION BALANCE SHEET AS AT 31 JULY 2024 Notes Asat 31Jul.24 Asat 31Ul.23 FIXED ASSETS Tangible assets 11 176.913 176.913 236,326 236,326 CURRENT ASSETS Sto¢k Debtors Investments Cash at bank and In hand 12 13 14 21.198 121,615 431,885 90,448 665,146 14.237 197,236 416,961 1S5,286 783.720 CREDITORS Amounts falling due within one year 15 208,594 196,557 NET CURRENT ASSETS 456,552 587,163 NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 633.465 823,489 Deflnèd beneflt nsIOn schème liability 24 NET ASSETS 633,465 823,489 THE FUNDS OF THE CHARITY: Restricted Income Funds Unrostricted Income Funds General Fund Designated Funds Fixed Asset Fund 19 76.707 107.659 19 256.356 479,504 19 300.402 236,326 633.465 823,489 The notes on pages 17 10 35 form part of the financial stalemenls. AppToved by the trustees of the University of Salford Students, Union on the 20th of November 2024. Alvina Imran Chair Susie Palmer-Trew Deputy Chair Page15of36
UNIVERSITY OF SALFORD STUDENTS. UNION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Totsl Total Note Net cash provided byllused in} operating actlvltles 21 30.481 52,620 Cash flows from Investlng a¢tlvltl•s'. Purchase of fixed assets Sale proceeds from disposal of fixed assgts Net cash provlded by {used in) investing a¢tivilie$ 180,3951 146,3801 180,395) 146,3801 Change In cash and Cash equivalents In the period 149,914) 6,240 Cash and cash equivalents al the beginning of the period 572.247 566,007 Cash and cash equivalents at the end of the period 22 522.333 572,247 The notes on pages 17 10 35 form part of these financial statements Pa90160136
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 1 A¢¢ountlng Policies The University of Salford Students, Union, which is a charitable company limited by guarantee and limited to £1 per member has adopted the following accounting policies.. al Basis of accounting The financial statements have been prepared in accordance wth the Accounting and Reporting by Charities Statement of RerL)mmended Practice appIlble lo chariti.es preparing their accounts in aCrdan with the Financial R8POrting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019, the Financial Reporb'ng Standard applicable inthe United lfjngdom and RepU1Cof Ireland IFRS 1021, the Charities Act2011 and GenerallyAcc*pled Accounting Practi. The University of Salford Students. Union meets the definition of a public benefit charity under FRS 102. The financial statements are prepared under the historical eosl convention or transaction value unless otherwise slated in the relevant a¢counling policy notels). The finan¢ial statements are prepared in Sterfing which is the functional currency of the charitable company and rounded lo the nearest £. bl Incoming resources Incoming resources are included in the Statement of Financial Activities ISOFAI when the charitable Company has enlillemenl lo the funds, any performance conditions have been mel, the amount can b8 measured reliably and it is probable that the income will be received. Income from charitable a¢livities includes income received under Gonlracl or where entitlement lo grant fundin9 is subject lo specifi¢ performance conditions and is recognised as earned. Grant income included in this category provides funding lo support perfomiance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with reasonable certainty. Income received lo deliver seryices over a specific period covering more than one financial year is accounted for over the specific period,. related expenditure is accounted foT when incurred. Investment income relates to interest eamed through holding assets on deposit. cl Donated seNlces and facilitles Donated seNices and facilities are recognised as income when the charitable Company has control over the item, any conditions associated with the donated items have been rnel, and the receipt of economic benefst can be measured reliably. In accordance with the Charities SORP IFRS 1021 Ihe general volunteer lime is not recognised. Donated seryices and donated facilities are recognised on the basis of the value of the gift tts the Charitable company which is the amount the charitable ¢omp8ny would have been willing lo pay lo obtain services or facilities of equivalent benefit on the open market. a rreSpOnding amount is recognised in the expenditure for the period. dl Support costs allocation Support costs are those that assist the work of the charitable company bul do not directly represent charitable activities and include office & admin costs, facility costs and supporting marketin9 costs which are allocated to activity based on the proportion of Ihal activity's direct costs to total costs. Pag8 17 of 35
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 el Govemance costs allocation Governance costs are those costs related to the govemance of the entity, to allow il to operate, and to generate information for public accountsbility. Direct costs will include audit and accountancy. legal advice lo trustees and costs of trustees meetings. Q Funds The entity has the following funds which are shown separately in the a¢counls.' il Restricted funds are funds that are used in accordance with specific restrictions imposed by donors orthal have been raised by the entity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. Details of the restricted funds held are given in note 19 to the financial statements. ill Unr•$lricted funds are funds which are available foi use at the discretion of the Trustees in furtherance of the objects of the entity and which have not been designated for other Pufposes. iiil D¢signat¢d funds are unrestricted funds that are allocated for specific purposes as set out in note 19 to the financial slalements gl Flxed a$$ets and depreciation Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less ils estimated residual value over the useful economic life of that asset as follows.. Fixtures. Fittings & Equipment.. 10 /0 10 33,/0 slraighl line per annum Building Improvements." 40/¢ to 10.10 Straight line per annurn Motor Vehicles.. 33,/0 slraighl line per annum h) Sto¢ks Slo¢ks are valued al the lowèr of cost and net realisabl8 value, after making due allowance for obsolete and slow moving items. i} Debtors Trade and other debtors are recognised at the settlement amoLJnt due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discount5 due. il Current asset investments Current asset investments are short term highly liquid investments and are held at fair value. These indude cash on deposit and cash equivalents with a malurily of less than one year. kl Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 18of35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 11 Cr•ditors and provisions Creditors and provisions are recognised where the charitable MpanY has a present obligation Tesulling from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement after allowing for any trade discounts due. ml Financial instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amorts'sed cost using the effective interest method. n) P•n$ion costs The Union operates IK) defined benefit pension schemes for all qualifwng employees. The Greater Manchester Pension fund opeTales on a p(x)led arrangement with Contributions agreed centrally. As a consequence, no share of the undertying assels and liabilities can be directly allributed to the Union. Under the terms of FRS102, in these circumstances, contributions can be accounted for as ifthe scheme was a defined contribution scheme based on actual contributions paid throughout the year. The Union of Salford Students Union Pension and Life Assurance Scheme contributions are accounted for on a full actuarial valuation basis as at the year-end. Following the introduction of auto enrolment a National Employment Savings Trust INESTI has now been sel up in order to provide pension arran9emenls for any staff that now become eligible jobholders. o) Taxation The charitable company is an exempl charity within the meaning of schedule 3 of the Charities Ad 2011 and is considered lo pass the lesls set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable entity for UK corporation lax purposes. pl Signiflcant ludgernents and 8stimates Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and eslimales have been made include assumptions around the financial assets and liabilities of pension scheme commilmenls, and the discount rale applied thereto, and the valuation of stock. q} Going Concern The Union has net assets of £633k12023.. £823kl. With the continued support of the University, the trustees have a reasonable expectation that the Union has adequate sources to Gontinue in operational exislenGe for the foreseeable ILJture. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. Page 19 of 35
UNIVERSI OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 General Deslgnated Funds Funds Reslri¢ted Funds 2024 2023 2 Donatlons and legacles University Block Grant Other Grants Donation received 1.282,000 1.282.000 1.174.423 30,060 100 1.282,000 1,282.000 1,204.583 3 In¢ome from charitable activities Bar Catering Entertainments Graduate Portrait Commission Sludenl Services e.g. Society Memberships National Lottery Community Funding Equity Advocate Funding Academic Society Funding Grants for staff positions Strike Fund 801,339 339,395 21,762 52.876 801,339 339,395 21,762 52,876 702,947 253,910 16,000 46,691 33.885 627 34,512 25.999 16,555 53,511 23,180 16.555 53.511 23.180 60,000 21,000 1.249,257 93,873 1,343,130 1.126,448 4 Income from other tradin9 activities Venue Hire & Franchise Income Media Sales 27,962 32,303 27,962 32,303 71,000 28.393 60,265 60,265 99,493 5 Investments Interest received froTn Bank & Building SocAely Accounts 58,710 58,710 32.496 58,710 $8,710 32.496 Page 20 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY2024 6 Analysls of Expendlture 2024 Cost of Sales Staff Costs Other Costs Gov'ce Costs Support Costs Total Costs Raising Funds 9,704 3,096 25,587 105,768 Charitsble Adivities: Bar Caltrring Student Services incl. societies National Lottery Community Fund Equity Advocate Fund Academic Society Fund Strike Fund Loneliness Goal Fund 273,441 158.263 456,229 51,945 533,975 204,138 17,019 228,586 18,555 53,500 23,180 13,245 33.765 9,126 30,625 251,906 1,268.939 75,425 311,778 253,12 1,046,308 16,555 53,500 23,180 16,787 14,802 635,523 2,751,849 3,542 14,802 431,704 1,060.493 547,233 76,896 Other.. Pension scheme costs allocated lo designated fund 76,512 76,512 431 704 1 127 874 661 110 2934 129 2023 Cost of Sales Staff Costs Olh8r Costs Gov'ce Cost5 Support Costs Total Costs Raising Funds 55,418 8,215 2,734 20.397 Charitable Activities.. Bar Catering Student Services incl. societs'es Strike Fund Staff Positions Funding International Student Engagement Intemationallcullural Diverse Evenls 222,729 119.866 359,010 42,639 439.278 204,138 21,956 259.313 4,212 33,765 251,908 1,071,551 7,925 59,127 251,513 29,616 220,949 949,156 4,212 60,000 3,763 6,000 71,307 531,984 2,346,194 60,000 3,763 6,000 499,381 342,595 900,927 956 346 507 596 74 041 552 381 2 432 958 Of the total expenditure £2.809,30412023.. £2,356,685) was unreslricled and £124,82512023.. £76,273) was restricted. The support costs and governance costs are allocated lo activity based on the proportion of that activity's direct costs lo total costs. Pag0 21 ot 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDEO 31 JULY 2024 Governance and support costs can be analysed as follows.. 2024 2023 Staff ¢tssls Staff Recruitment, training & social costs Facility Costs Office & finance costs Travel, subsistence & conference costs Legal. professional & consultancy Markelinglwebsile costs Irrecoverable VAT Depreciation Sundry ¢ostS 320,036 34,332 33,550 40,407 8,658 148,994 818 30,983 88,473 34,851 306,067 30,737 30,906 25.717 11.250 109,216 7,223 13,682 44,484 47,140 741 102 626,422 7 Net incomellexpenditure) for the year This is staled after charging. 2024 2023 Depreciation (Profilllloss on disposal of fixed assets Bad debts incurredllrecovered} Auditors remuneration 139.808 139,511 160} 7.250 167 7,250 8 Analysis of staff costs and the cost of key managem8nt P8rsonnel 2024 2023 Staff costs were as follows.. Salaries and wages Social Security costs Termination Payments Employer's contribution to a defined contribution pension Operating costs of defined benefit pension schernes Other employee benefits 1,325,039 1,152,677 94,095 84,282 17,337 10,297 1,142 14,475 9,984 994 1447910 1262413 Page 22 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 The following number of employees received employee benefits (excluding employer pension costs) durin9 the year year beeen.. 2024 No 2023 No £70,000- £79.999 The totsl employee benefits including pension conlribulions of the key management personnel were £271,14212023: £293,425) Key management personnel include the employees and Iruslees noted on pages 1 and 2 of the accounts. g Truste•s' remuneratlon and expen$•s 2024 2023 Trustees, remuneration and employerfs Nl Trustees. expenses 125,241 8,265 133,506 116,304 8,146 124,450 Each of the student officers re¢eived a salary of £23,099 per annum as authorised in the Articles of Association of the University of Sallord Students, Union for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. The work inclutjes voicing sludenl opinion with the University and local community, defending and extending the rights of students through petitions, and discussions with local MPS. The trustees expenses of £6,26512023.. £8,146) were incurred by 512023.. 51 tTuslees in respect of travel and subsistence costs in the course of their duties. 10 Staff Numbers The 8verage number of employees {head count based on number of staff employedl during the year was made up as follows.. 2024 No 2023 No Raising Funds Bar Catering student Services Govemance Support Services 55.8 42.8 31.3 23.8 11.2 10.1 104.2 81.2 Page 23 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 11 Tanglble Fixed Assets Fixtures, Fittings & Equipment Buildlng Improvements Motor Vehicles Total Cost Al 31 July 2023 Additions Disposals At 31 July 2024 1,037,906 283.857 80.395 17,607 1,339,370 80,395 1,037.906 364,252 17,607 1,419,765 Depre¢lation Al 31 July 2023 Charge for the year Disposals 915,055 91,473 17Q.382 48,335 17,607 1,103.044 139,808 At 31 July 2024 1,006,528 218,717 17,607 1,242,852 Net Book Value At 31 July 2024 Al 31 July 2023 31,378 122,851 145,535 113,475 176.913 238,326 Assets are only capilalised if they have a value above £500. 12 Stock 2024 2023 Bars Caterin9 19,841 1,357 11,241 2,996 21,198 14,237 13 Dèbtors 2024 2023 Trade debtors Other debtors Prepayments & accrued income Other taxes 18,726 6,303 94,611 1,975 79,662 6,820 110,754 121,615 197,236 Poge 24 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 14 Current Investments 2024 2023 Carrying value at beginning of the period Additions to investments at cost Disposals al Carrying value 416,961 472,397 1,049,924 1.094,564 {1,035,0001 {1,150,0001 Carrying value al end of the period 431885 416,961 15 Creditors: amounts falllng due within one year 2024 2023 Trade Creditors Social Security and other taxes Other creditors Accruals & deferred incorne 50,659 23.690 3,774 130,471 47,760 24,912 31,017 92,868 208,594 196.557 16 Deferred Income 2024 2023 Carrying value al beginning of the period Amount reversed in the year Amounts deferred in the year 249 12491 750 Carrying value al end of the period 750 17 Capltal Comrnitmen¢$ Al 31 July 2024 there were no Capital commitments Page 25 0135
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED31 JULY2024 18 Financial Instruments 2024 2023 Financial assets measured al amortised cost Financial assets measured al fair value Financial liabilities measured at amortised cost Financial liabilities measured at fair value through the Statement of Financial A¢tivilies 63,131 522,133 207.093 129,680 572,247 196,557 Financial assets held at amortised cost ¢omprise trade debtors and other debtors excluding prepaid costs. Financial assets measured al fair value comprise short term investments and cash at bank and in hand. Financial liabilities held al amortised cost comprise trade creditors, other creditors and a¢¢ruals. Financial liabilities measured al fair value through the Slalernent of FinanGI81 Activits'es comprise the pension deficit liability. The charitable company's income. expense, gains and losses in respect of financial instruments are.. 2024 2023 Total interest income for financial assets held al far value Total interest expense for financial liabilities held al amortised cost 58,710 16,830 32,496 2,955 P¥90 26 0135
UNIVERsiff OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 19 Ststement of funds movement 8alan¢e 311 Pension Deficit Payment Transfer Between Funds Balance 31 ul 2024 Movfrment in Funds Incomg Expendlturo 2023 Unrestricted funds: General Fund 479,504 2,650,232 12,592,985) 1280,3951 256,356 Designated fund$: Fixed Assets Fund Pension Fund 236,326 1139,807} {76,512} 80,395 176,914 200,000 123,488 Restricted Funds: Clubs & Societies funds Strike Fund Loneliness Goal National Lottery Community Fund Equity Advocate Fund Academic Society Fund 76,069 16,788 14,802 627 76.696 116,7881 114,8021 116,5551 153,5001 123,1801 16.555 53,511 23,180 11 TOTAL FUNDS 823,489 2,744,105 12.934,1291 633,466 Balance 31Jul Pension Deficit Payment Transfer Between Funds Balance 31Jul 2023 Movement in Funds Income Expenditure 2022 Unrestrlcted funds- General Fund 361,038 2,359,071 12.217.174) 123,4311 479,503 Designat8d funds- Fixed Assets Fund 329,457 22,949 1139,511) 23,431 236.326 Restricted Funds.. Clubs & Societies funds Internationallcullural Diverse Events International Student Engagement Strike Fund staff Positions Funding Lettings Agency 78,368 6,000 12,2981 16,0001 76.070 3.762 13,7621 14,2121 160.0001 21,000 60.000 16,788 14,802 14.802 TOTAL FUNDS 793,427 2,463.020 12,432,958} 823,489 Page 27 of 35
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY2024 Deslgnated funds The designated funds are unreslricled funds that are created by the trustees for specific purposes. The fixed asset fund is the nel book value of assets purchased with unrestricted lunds. The pension fund has been created lo cover the Cost of any future expenditure in relation to the University of Salford Students. Union Pension & Life Assurance Scheme. Restricted funds The restricted ftjnds comprise.. The clubs & societies funds represent the balance on the clubs & societies own income accounts. The inlernalionallGullural diverse events funding represents funding received from the University in order lo run a series of Summer social events in order to enhance the student experience. The International Sludenl Engagement Fund represents funding received from the University and includes the support of international students who were required lo quarantine when arriving in the UK. The Strike Fund represents funding received from the University as a result savings made due lo University staff strike action. The fund is lo be used for the benefit of students. The Staff Positions funéing represents ftjnding received from the University as a contribution lo the cost of Sludenl Voice and an International Engagement positions. The Loneliness Goal funding was the balance of the prior years, Lettings Agency funding that the Univefsily agreed should be redirected to the work that the sludenl union is taking forward on the achievement of the loneliness goal. The National Lottery Community Funding represents funds in order to provide cost of living support to the students of the University of Salford. The Academic Society Funding was funding provided by the University specifically to benefrt the members of the vaflOUS Student academic societies. The Equity Advocate Funding represents funds provided by the University in order for the Sludenl Union in order to create solulions that will enable the University lo advance their EDI Slalernenl of Ambition Goals. Reserve transfers Transfers are made from general reserves lo other reserves in order lo ensure that adequate funds are available in order lo fulfil the purpose of each fund. Page 28 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 20 Analysis of Net Assets between funds- current year General Dgsignated Rgstricted Funds Funds Funds Total Tangible Fixed Assets Cash & short term investments Other net current assetsllliabililiesl 176,913 123,489 176.913 522.333 165,7811 322.137 {65,7811 76,707 256.356 300,402 76,707 633,465 Analysis ot Net Assets bglween funds- prior year General Designated Restricted Funds Funds Funds Total Tangible Fixed Assets Cash & short term investments Other nel current asselsllliabililiesl 236,326 236,326 572,247 14.916 464,589 14,916 107,659 479,504 236,326 107.659 823,489 21 Reconciliation of net in¢omellexpendlturg) to net cash flow from operating adivities 2024 2023 Nel movement in funds Add back depreciation char9e Ilncreaselldecrease in sloeks Ilncreaselldecrease in debtors IDecreasellin¢rease in creditors 1190.0241 139,808 16.9611 75,621 12.037 30,062 139,511 151,3061 166,3231 148.659 30.481 52,620 22 Analysis of cash and cash equivalents 2024 2023 Cash in hand Current accounls Deposit accounts 300 154,986 416,961 90,448 431,885 522,333 572,247 Poge 28 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 23 Related Party Transactlons The following have been i(Jentified as related party transactions per the requirements of FRS 102. The University of Salford.. In the year the University of Salford Students, Union received lolal grants of £1.282,000 12023.. £1,174,423} from the University of Salford, there was £71,66212023.. £72,200) of purchase recharges and £104,634 12023.. £83,130) of sales recharges. The net year end debtor with the University, including funds on deposit was £444,33412023.. £343,816). Trustees of the University of Salford Students, Union.. see note 09- Tru51ees' Temuneralion and expgnses. National Union of Students Services Ltd INUSSLI.. The University ol Salford Students. Union is an affiliated member of NUSSL who operate a purchasing consortium within the students, Ljnion movement. 24 Pensions University of Salford Students. Unlon Pen$lon and Life Assurance Scheme The Union operated a defined benefit pension scheme which was closed lo future accrual of seNice on 1 April 2006. This is a separate Ituslee administered fund holding the pension scherne assets lo meet long lem) pension liabilities. A full actuarial valuation was ¢arried out at 31 July 2020 and updated al 31 July 2021. The major assumptions used by the actuary are shown below. The most recent actuarial valuation showed a funding shortfall of £895.000. However, allowance for the impact of actual experience from the valuation date to 26 April 2021 resulted in a funding surplus of £46,000 as al 26 April 2021. No recovery contributions are therefore payable from June 2021 onw8Tds. Prior lo June 2021 recovery plan payments were payable al £86.000 per annum Ipayable monthly), increasing al 30/0 per annum wilh the first increase applied on 1 October 2019. In addib'on, prior to June 2021, the company paid £18,000 per annum towards expenses charged lo the scheme. From June 2021, the company has agreed with the trustees that il will meet expenses of the scherrie and levies lo the Pension Prole¢tion Fund directly. During the year there has been a buy-in with JLJSt Retirement with an inception date of 17 May 2024 and a premium ol £2.376rn. Now that the plan has been fully bought-in, the asset breakdown of the plan is composed of insured pensionsldeferred pensions and ¢ash. The value of Ihe bulk annuity with Just Retirement and legacy annuity policies with Aviva and ReAssure h8ve been sel equal to the corresponding value of the FRS102 liabilities less the allowance for GMP equalisalion. The contributions paid into the scheme by the company during the year in respect of eligible employees amounted to £nil12023. £nill. Present values of deff n¢d beneflt obllgation, fair value of assets and defined beneflt asset Illabllityl: 2024 2023 Fair value of plan assets Present value of defined benefit obligation Surpluslldeficill in plan Unrecognised surplus 3,778,400 3,630,500 147,900 147.900 4,579,500 3,556,300 1,023,200 1,023,200 Page 30 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Re¢onciliation of op&ning and ¢loslng balances of th& defined beneflt obligation: Year ended 31 July 2024 Period ended 31 July 2023 Defined benefit obligallon al stsrt of peTiod Interest expense Actuarial lossesllgainsl Benefits paid & expenses Lossesllgainsl due to benefit changes 3,556.300 180,600 125,200 {231,600} 4,526,400 153,500 1842,5001 1281,1001 Defined benefit obligation al end of period 3,630,500 3,556,300 Reconciliation of openlng and ¢loslng balances of the falr value of plan assets: Year endéd 31 July 2024 Period ended 31 July 2023 Fair valu8 of plan assets at start of period Interest income Actuarial gainslllossesl Contributions by the Union Employer settlement payments Benefits paid & expenses 4.579,500 232,300 {730.500) 5,827,900 197,400 11,074.400) 174.4001 1228.5001 190.3001 1281.1001 Fair value of plan assets at the end of period 3,778,400 4.579,500 Page 31 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Defined benefit costs Tecognised In other comprehènsive incomg: Year ended 31 July 2024 Period ended 31 July 2023 Return on plan assets (excluding amounts included in nel interest costl- Ilossllgain Experience gains and losses arising on the plan liabilities Ilossygain Effects of changes in the deMraphIC and financial assumptions underlying the present value ol the plan liabilities- gainlllossl 1730,500) 11,074,400> 7.400 198,1001 1132,600} 940,600 Effects of changes in the amoLJnl of surplus that is not recoverable (excluding amounts included in net interest costl- gainlllossl 927.000 322.200 Total amount recognised in other comprehensive income- gainlllossl 71.300 90,300 These amounts are not recognised in the financial slalements lo the extent that the pension scheme remains in surplus. Assets.. 2024 2023 Equity Instruments Debt Instruments Propety Cash Other 2,580.500 151,600 3,626,800 12,300 1,986,700 Total assets 3,778,400 4,579,500 None Df the fair values of the assets shown above include any direct investments in the company's own financial instruments or any property occupied by, or other assets used by, the Union. Page 32 of JS
UNFVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Assumptions: 31 Juty 2024 OA per annum 31 July 2023 /• per annum Discount rate 4.90 5.25 Inftation IRPII 3.25 3.25 Inllation ICPII 2.45 2.45 Allowance for revaluation of deferred pensions of CPI or SQ/0 p.a. rf less Allowance for pension in payment increases of RPI or 5.kn p.a. if less, minimum 3Vo p.a. AlStswance for commutation of pension for cash at retirement 2.45 2.45 3.70 3.70 100YD of Post A Day Post A Day The mortality assumptions adopted al 31 July 2024 imply the following life expectancies.. Life expectancy at age 62 (Years) Male retir¢ng in 2024 Female retiring in 2024 Male retiring in 2043 Female retiring in 2043 23.4 25.5 24.8 27.0 Page 33 of 35
UNIVERSITY OF SALFORD STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Greater Manchester Penslon Fund IGMPFI The Union is a member of the GMPF, which is an externally fLJnded defined benefit pension scheme, which is contracted out of the Slate Second Pension, where contributions payable are held in a trust separately from the Union. The scheme is subject lo triennial valuation by independent actuaries, the last valuation being carried out as al 31 March 2022 using the project unit credit method in which the actuarial liability makes allowance for projected future earnings. The following aclu8rial assumptions were applied.. Investment reluTns 2.90/0 per annum Inflation 3.6°/o per annum Salary growth 3.70/D per annum Pension increases 2.90/D per annum At the last actuarial valuation date the market value of the assets of the scheme were suffieient lo cover 1040/0 of the benefits that had accrued lo rnembers after allowing for the effect of future increases in earnings. The common rate of contributions payable by each employing authority as al 31 March 2022 1$ 18.9.10 of pensionable pay. The contributions paid into the scherne in respect of eligible employees amounted lo £13,57012023'. £13,064). National Employment Savings Trust INESTI Following the Sludenl Unions auto enrolrnenl staging dale in May 2014 the NEST s¢heme has been set up in order to provide pension arrangements for any slaff that become eligible employees. The contributions paid into the scheme during the year were £40,45212023'. £33.7751 25 Contingent Liability: There 15 an ongoing HMRC VAT challenge with Students, Unions relating to the decision by HMRC that VAT should be chargeable on catering lo students from a bar. The dispute is likely lo be settled by a Judicial Review. A provision of £72,00012023.. £60,000) has been made to cover any potential liability arising from the outcome. 26 Legal statu5 of the charity The charity is a company limited by guarantee and has no share capital. In the event of winding up the liability of each member is limited lo £1. Pa40 34 of 35
UNIVERSITY OF SALFORD STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 27 Comparative statement of financial activity as adjusted for the prior year adjustment Unrestricted Funds General Designated Restrl¢ted Funds Funds Fund5 2023 Not8 Total In¢om¢ from: Donations and Legacies Charitable Activities Other Trading Activities Investments Other Income 1,181,634 1,045,448 99,493 32.496 22,949 1,204,583 1.126,448 99.493 32,496 81,000 Total incomo 2,359,071 22,949 81,000 2,463.020 Expenditure on: Raising Funds Charitable Activities 84.857 2.132.317 1,907 137,604 86,764 2,346,194 76.273 Total expenditur• 7 2.217,174 139,511 76,273 2,432,958 Net incomelloxpenditurel 143,897 1116,5621 4.727 30,062 Transfers between funds 20 {23,4311 23,431 Net Movement in Fund$ 118,466 193.1311 4,727 30.062 Re¢on¢lllatlon of funds- Total fund$ brought forward as previously stated 20 361,038 327,457 102,932 793.427 Total funds carried forward 20 479,504 236 326 107,659 823,489 Page 35 of 35