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 Har￿￿aVeS
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
ac￿rdanCe 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 the￿fore 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
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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.
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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 OffI￿r 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 rese￿eS 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 p￿ventIOn and detection of fraud and other ir￿gu18r1[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 p￿paratiOn 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 Finan￿al
Reporting Standard 102 The Finanoal Reporbng Standard appli￿ble in the UK and Republic of I￿land (United
Kingdom Generally A￿pted 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 in￿ming
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 A￿Epted 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 deS￿bed in the Audilorfs r*ponsibilrties for the audit of the
financial ststeTr￿rrtS 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 fU￿lled 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 un￿rtaIntieS 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 trNe￿e months from when the finanryal statements are auih(yised for issue.
Our responsibilities and the responsibilthes of the tru*ees 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 d￿S 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 n￿terial 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 aP￿ICable legal requirements.
Page11 0136

UNIVERSITY OF SALFORD STUDENTS. UNION
Matters on which we are rèquired to report by ex¢eption
In the light ofthe kno￿edge 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 c￿7panES 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 ag￿Ment￿th the accounts'ng records and returns., or
certain disdosures ol directors, remuneration speafied by law are not made., or
we have not r￿1Ved all the inft)rm8lion and èxKAanations we require lor our audit. c
the trustees were not enl'ued to P￿pare 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 explair￿d 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 responsib￿f0rthe preparation ofthe finanaal
ststements and for being sats"sfied that they give a true and fair view. and for such intemal control as the tsusl*s
determine is ne￿Sary 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 con￿rn, 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.
AUdit0￿S 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 a￿ayS 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 in￿ease5
the more that ￿mpl￿gnCe 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 cOn￿lMent. 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$-and uidanc&lStandards-and uidanc&for-
auditor￿AudIt0FS-￿S
onsibilitses-for-
udiVDescri
tion-ol-a
dilors•res
nsibilits'es-foT•au¢Jrt.as
x. This description fonms
part ofour auditorf5 report.
Use ofour report
This re￿rt is made solety ID the charitsble companls members, as a body, in aCc￿dancE with Chapter3 of Part 16 of
the Companies Act 2006. OLJr audit wort( has been undertaken so that we might stale lo th& thatitable companls
membets thDse mattets we are required to state lo them in an auditorfs report and for no other purpose. To the fullest
extent pem)rtied by law, we do not accept or 8ssume resp(Msibility lo anyone other than the charitable company and
the charitable companys memtws as a body, forour aiKlrtwork. forthis reporL orfor the opinions we have fomied.
Simon Hawkin$
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
31￿Ul.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 appIl￿ble lo chariti.es preparing their accounts in aC￿rdan￿ 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 RepU￿1Cof 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 be￿een..
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
31￿￿1
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 deM￿raphIC 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