Docus￿0 Envelope ID". 0208SOD>2CAB40D8-93PB.B4BAF402B800 RegÉ5t¢red number.- 12714026 Charity number: 1191269 The Union. MMU Trvstees, Report ond Finoncitsl Slotements For the Yeor Ended 31 July 2024 INS AUDIT Docusign Erwelope ID.. D20850D>2CAUOO8-930B-B48AF4D2B800 Thè Vnion. MMU (A Componu Limlted bu Guorontee) Contents Poge Reference und Administrative Detolls of the Company, its Trustees ond Advisers Trustees, Report 3-16 Independent Audltors, Report on the Finonclol Stotements 17-21 Consolidoted Statement ol Financial Activities 22 Consolldoted aalance Sheet 23-24 Company Balance Sheet 25-26 Consolidoted Statement of CtJ$h Flow5 27 Notes to the Financicsl Statements 28-59 Docusign Envelope ID. D20650D>2CAB40Da-930B-84BAF4D2B800 Thè Unlon. MMU (A Comptshy Llmlted by Gugrgntee) Rgterence and Administrative Detalls of the Company. Its Trustees and Advl$ets For the Year Ended 31 July 2024 Trustees S Compbell S Islom (resigned 30 June 2024) N Wlnierbottom N Ahmed S Shanab E Romer (resigned 30 June 2024) l Nadeem (resigned 30 June 2024) S Punhoni (resi9ned 30 June 2024) S Dodsworth L Enoki (appointed l July 2024) F Yadov (oppoinled l July 2024) V Nongo (oppointed l July 2024) G Otley (appointed 1 July 2024) Compony registered number 12714026 ChorFty registered number 1191269 Registered office 21 Higher Cambridge Street Monchester M15 6AD Chief execvtlve officer R Roberts Senlor leadership teom R Roberts. Chief Executive Officer (oppointed 19 Febrtjory 2024) N Rob￿rn50n. Chief Executive Offlcer (resigned 5 Jonuory 2024) P Normon. Heod ol Membership Development S Toylor-wren. Head of Insight L While. Heod of Flnonce & Performonce L Edwards, Heod of People J Stalford. Aeod of Marketing and Communicotions Page 1 Docuswn Envelope ID.. D20850D3-2CA￿oD8-930￿84BAF4D2B8OO The Ljnion. MMU IA Compony Llmfted by Guaronteè) Reference and Admlnlstratlve Details of the Company. rts Trustees and Advlsgrs Icontlnuedl For the Year Ended 31 July 2024 Independent auditors Doins Audit Limited Stotutory Auditor Suite 2, Albion House 2 Elrurio Off ice Villoge Forge Lone Stoke on Trent Stolfordshire STI 5RQ Page 2 Docusi9n ENelope ID." D208500>2CA840D8-93D&B4W4028800 The union. MMU (A Compuny Limited by Guorontee) Trusteès. Report For the Year Ended 31 July 2024 The Truslees present their annvoS report together with The OLJdited finonciol st(Jtements ol the Compony for the 1 August 2023 to 31 Julu 2024. The Arinual Aeport serves the purpose5 of both o Trustees, report ond o directors, report under compony low. The Trustees confirm that the Annuol Report ond finonciol statements of the choritoble company comply with the current statutory requirements. the requirement5 of the charitoble compony's governing docurnent ond the provision5 of the Slotement of Recommended Proctice (SORP) opplicable to chorities preporing their accounts ir) occordoncè with the Financial Reporting Stor)dord opplicoble in the UK rjnd Republic of Irelond (FRS102) (effective 1 Jonuory 2019). Since the group ond the Compony quolify 0$ smoll under section 383 of the Componies Act 2006, the Group Strote9ic Reptsrt required ol medium and lurge componies under the Companies Act 2006 (Strotegic Report and Directors, Report) Regvlotions 2013 has been omitted. Objectives ond activities o. Policies and objectives The Union's orticles of associotiorn Identify its choritoble objectives os the cjdvoncemenl of education of students at Monchester Metropollton University for the public benefit by.. Providing opportunities for the expression of student opirnlon and actively representing the interegts of Students., Acting 05 o chonnel of communicotion in deoling with The Monchesler Metropoliton Unlversitu and other externol bodies.. Promoting the welfore of Students at The Monchester Metropolilon University., Focilitotlng the soclol. recreotional, polilicol ond educotionol interests of its members. through providing services and support lor its members," ond Working with other stLidents' unions and offilioted bodies. In setting objectlves and plonning for activities, the Trustees hove given due conslderotlon to generol guidance published bu the Chority Commission relating to public benefit, Including the 9uidonce 'Publlc benefit.. runnlng a charity (P82)'. Page 3 Docusign Envelope ID.. D20850D3-2CAB40DB.93D&84BAF4D28800 The Unlon. MMV (A Compony Llmited by GuGrontèe) Trustees. Report lcontlnuedl For the Year Ended 31 July 2024 Objectives ond activities (continued) b. Strategle$ for achievlng objectives The Union's vislon is to SUPPOrt every student at Monchester Metropolitan Unlversity in oehievlng personol success The Union's strotegy hos been reviewed ond refreshed In yeor with a renewed focvs on two key orgonlsotionol gools". Student Experience.. and Student Volce. Student Expèrience." The Union will focus resource on those activities thot enhance the student experience outside ol the acodemic curriculum. These include extro and co-curriculor activities like soclety engogement. events ond volunteering Student Voice.. The Union will focus resource on ensvring student voice through both repre5entolive structures ond insight/ feedbock mechonisms is used to design ond shope both Union ond University decision moking c. Artlvities vndertoken to achieve objectives The Union MMU exists to represent u115tudenls ot Monchester Metropoliton University. It strlves to ensure that the needs ond views of students ore ut the hèort of everything the Universily does. ond provides a wide ronge of services. octivities, and opportunities to offer the best P055ible student experience for oll our members. The Union employs o core team of career stoff and o flexible cohort of port time stvdent stoff ond volunreers to OS515t the Trustee Boord in its mission. oll of whom are dedicoted to helping The Unlon ond students succeed Studeni Representation The Union engoges in o variety of actlvities that amplify Student voice in the University, the Union. the city ond in notional aren05. Every yeor students elect five Union officers who sit on oll mojor decision-making committees of the University. ond locul community portnershlps. Ensuring Student voice influences every level of University decision moking. The lessons leornt from digital lobbying ond influencing during the height of the pondemic were not lost. Consultoiive use of sociol medio. onllne focus groups. svrvey, and open pvlse Surveys have strengihened the Unions student voice toolkit. The Union's opprooch to the onnuol elections in Morch was consistent with prior yeor. ond the five-doy voting period resulted in a turnout of 6378 voters (31.804 total votes). o slight decreose on 2023. There were 37 candidotes running for the five fvll-time positlons. oll of which were corntested The Union Course Repre5entotive structure empowers slvdent representalive5 to work wlth ocademics to improve the covrse experience for themselves ond peers 1610 Course Reps were troined by the Union team, the highest number in five yeors. Eoch of these Reps ploys o key role In ensuring student needs and issues ore deolt with quickly ond ot the oppropriate level,. working closely with acodemic and profes5i0nol services stoff. Page 4 DowsKJn Envelope ID". D20B50D3-2CAB40D8.930&B46AF4D2B8QO The Union. MMU {A Compony Limlted by Guaranteé) Trustees, Report Icontinuedl For the Year Ended 31 July 2024 Objectives and activities (continued) The Union uses lis Reseorch ond Insight copobility to mainloin o current understonding of its mernbership. Including on onnual membership survey, indvctlon survey ond detailed segmentotion modelling. The department carries out inhouse research projects,. onalysis of existing student dato., sociol policy review.. ond disseminotion of student Insight to stofl ond volunteers of The Union ond the University ensure thot nobody knows its members better. A specific piece of work on theory of chonge and impoct was corried out in partnership with the Notional Council for Voluntory Orgonisotions {NCVO) - detoiled later in this report. Advice 14onchester Metropolilcjn Students, Union provide o speciolist advice service to help our students Wlth practicol issues they might face whi15t ot University. The moin oreas ore finonciol. ocademic issues ond housing. They also provide representation ot meetings such os disciplinory action and benefit tribunols. The Advice Centre holds on Advice Quolity Stondard (AQSI oword to confirm the advisers work to professionol Stondords and provide o high-quality service to students. Dvring the 2023/24 ocodemic yeor. the Advice Centre delivered advice services to 2497 students. from on overall enquiry base of over 8000 queries. This odvice ranges from housing, finonce and ocodemic issues and the teom are particulorly effective in enS￿rIng Students receive the correct linanciol suppori. During the yeur. £276.612 wos won for students through Student Finonce Englond corrections or vla other funds. The Advice teom continue to offer tO￿lOred housing odvice to students.. provide expert feedback on changes ln university policy in year ond were oble to support the SU Officers with their voice work by meeting regularly lo discu55 common moiters orising for students. Physlcol Spoce ond commercial activlty Our Monchester home in 21 Higher Combridge Street hos some furntostic spaces for tsur members. Focilities inclvde o multi-*unctional hall spoce.. large confererice rooms.. bolcony spoce.. 5 meeting rooms.. two mirrored studio spoces.. digitol ond radio medio svite.. quiet study space.. and plenty of break out oreas for stvdents to use os they wani. Union spoce in Monchesier includes opportunilies for mutua1 troding during ierm tlme. ond wider conferencing and events out of term time. The Union operate food ond beveroge service in the main bLJilding In Nanchester.. o retoil outlet.. provid& od hoc medio soles octivity.. run o public house., and operote conferencing In Its spaces outside of term time. As well as supporting the soclol octivity of The Unlon. Dur commerclol activity generotes funds for charitoble use. The Union continues to experlence o significont decline In commerciol revenue. drlven partly by chonges in student behaviour (cost of living playing o major role in this) ond the impoct of changes to the un￿ver51ty.s hordship disbursement. A lull review of ihe commerciol portfolio of the Union has resulted lrn some restrucluring of the food and beverage operolions. ond further work is pltsnned for the coming finonciol yeor to oddress this decline. Page S Docuslgn Envalope ID.. D20850D3-2CAB40D8.93D&B4BAF4D2B800 The VnFon. MMU (A Compony Lim¢ted by Guarantte) Trustees. Report Icontlnued) For the Year Ended 31 Juty 2024 Objectlves ond activities (continued) Student Opportunities The Unlon provides 2CAPAOD8-9306-B4BAF402B800 The union. MMU (A Compuny Limited by GuoroDtee) Trustees. Report l¢ontlnuedl For the Year Ended 31 July 2024 Achlevements and performance (continued) Welcome week activities engoged over 20.000 students in diverse events that included o roller di5CO. nlghtclvb events, bingo, korooke. chat and chill sessions for commuters ond moture students. on ever- populor 'culture fest, event ond of course. the classic Freshers Fairl The welcome week of fun is unashomedly designed to moke meeting people os easy as possible, but core and attention Is given to ensuring the progromme coters for those who find sociol activity more challenging. Low-key and smoll scole oclivities were populor umong less 'troditionol' groups of students. includiNg those commvting from within the city region, moture ond postgraduate students. ond those who simply prefer the quieter side of sociol Interoction. The teom recorded over 8000 vnique ond meaningful conversoiions with students and also reoched over 5000 stvdents vio our induction/ welcome tolk progromme. The Union prides itself on meeting the needs of oll our students. Student Voice: Elecred Student Officers focvsed on a numbèr of key compoigns during the yeor.. prloritising student financiol hardship and growing porticipotion in Union societies and octivities. During the yeor. the University mode o signSficant chonge to the disbursement of bursory fundlng. supporteij bu the elected Officers. In prevlous year5, Student bursory funding (most of it. universally recelved) was provided to Sludenrs o pre-poid cord (the 'Met cord.) which could only be spent in campus Dutlets. includirFg the Un5on's own commerciol services. In order to ensvre students could spend their bursory funds on whot they reolly needed or required. the funds were offered in cash insteod of vlo the cord. This meons students hove much more freedom to spend their funding in the most cost- efficient monner e.g. on food, trovel necessities etc. Ethon (SU President) led the Union's work on the creotion of the University's new Access and Participation plan. Thi5 involved exploring options for bursory Ivnds. and hos now resulred In ihe creation of a mvch exponded hordship fund which will ollow for flexibility and targeted Intervenrions. The Union responded to o number of consultations in the year and contributed to the University's Teaching Excellence Fromework submission. The Office for Students requirement for a 'student svbmission. resulted in significont opportynity for student5 to comment and feedback on the quolity of their student experience t Monche5ter Met. Ollicers. stofl and students compiled the student submission. which was submitted olongside the Institutionol submission The University wos recognlsed with an overoll Gold roting in the TEF. the hlghest overoll roling possible The Representolion teom olso responded to consultotions on sexuol horossmenl requirements. Freedom of speech leglslotion ond the Access ond Portlcipotion Plon Instirutionol submission. There hos been consideroble work alongside the university on Fos This hos Included the review of the Fos code o* practice. Although the Act is in stasis. the overorching issue remains olive on compuses ond we will be continuing to work with the university on how we enoble respectful disogreement ond educotionol discourse. Page 8 OocusvJn Envelope ID.. 02085003-2CAB40D&93DB-B48AF4D2B800 The Unlon. MMU (A CompLiny Limited by Guurontee) TTUStees' Rgport Icontinuedl For the Year Ended 31 July 2024 Achievements ond performance (continued) Officers and staff delivered a ponel debote ond presentotlon ot the University's Professionol Services Leodership Conference this year, on eveni thot has been extremely positively received. The purpose of the presentation wos to provide senior leoders wlth an insight Into both the Union ond student experlences here ot Manchester Met. Key Topics discussed were.. Sense ol Belonging.. Importornce of fosterir)g o sense Df eommunily ond belonging among students, and ils impact on stvdent retention ond success. Academic Misconducl. Chollenges ond opproaches to monogino acodemic integrity, ond how students perceive and experience ocademic misconduct issues. Rising Cost of Living.. Impact of Monchester's increosing living costs on studen15' wellbeing. access to education. ond overall university experience. The event hos proved successful in identifying ore05 for collaborolion ond ensuring thot student experiences/ student volce Is used effectively by the senior decision makers ot the University. c. Fundraising actlvitles and income generation All incoming resources are recognised in the Stotement of Financiol Aciivities (SOFA) when the Churity is legolly entitled to the income ond the omount can be quantified with reasonoble certaintu. The Union gratefully recoonises the income received in the form of gronts from the University ond various sources of fundraising Income 05 detoiled in the r)otes to these occounls d. Investment poll¢y and performonce The trustees are mindful of the+r obligotions to seek to protect ihe long-term volue of the assets they odminister, whllsl maximising income. To this end. the truslees have o policy of placing cash in o combination of current ond deposit occounts to meet the working copitol requirements of the Union whilst maximising Interest returns. Page 9 DoGusign EnvelopÈ10.' D20850D>2CA340D8-93D&84BAF4D2B800 The Unlon. MMU (A Compuny Llmlted by Guaruntee) TTUStèes' Roport {contlnued) For the Year Ended 31 July 2024 Financiol review a. Going Concern The Chority hos net Ossets on 31 July 2024 of £1.620.147 (2023.. net liobility £3.011.622 due to the recognition under Chorities SORP IFRS 102) of the net present value of the fur)ding deficit on the SUSS pension recovery plon.) The mojor chcynge to the Union's liobilitles this yeor is due to the rernoval of the SUSS pension Ilability. The Union is groteful to the University for their support in pouino the section 75 debt figure on behalf of the Union (£4.145.000) which now removes ony future liability from the orgonlsotion. After making appropriote enquiries. the Trustees hove o reosonoble expectation thot the Company has adequate resources to continue In operotionol existence for the loreseeoble future For this reoson, they continue lo tsdopt the goin9 concern bosis in preporing the finonciol stotements Further details regarding the odoption of the going concern bosis con be found In the occountlng policies. b. Reserves policy General reserves stond ot Q surplus of £1.620,147 following the repayment of the penslon liobility. The oim of the reserves policy is to mointoin o level of unrestricted general fund5, which ore not desigrTrOted and excluding tongible fixed ossets. which will enoble The Union to continue for ot leo5t o three-month period. c. Principal funding The Union's funding comes princlpolly from grants ond vorlous sources of fund-roi5ing income os detoiled in notes to these occounts. Page10 Docusign Envelope ID.. D2085OD&2CA840DS-93DWBAF402B800 The Union. MMU (A Company Llmlted by Gtsurantee) Trustees. Roport {continuedl For the Year Ended 31 July 2024 Structure. governance and management o. Constitution The Union MNU is registered os a choritable compony limiied by guaroniee and wos set vp by o trust deed. The principol object of the SILidents' Union remoins the advancement ol the edvcotion of students ol Monchester Metropolitan Universlty for public benefit. The Students, Union's governing document Is ils con511tution comprising the orticles o* ossociotion ond byelows. Any omendment to the urticles of ossociotion being subject lo the approvol of compony low members ond, for major changes. o referendum of students and only volid once opproved by the University Board of Governors. b. Methtsds of appolntment or election of Trustees The Boord of Trustees is responsible for the governonce ond finonciol ond strotegic monogement of the Students. Union. The boord is comprlsed of the five Students. Union Officers ond up to six independent Trustees. The full member5 of the Students, Union elect the Students. Union officers euch yeor, through o secret cross compus ballot. Officers serve in office for one yeor ond may stond lor election for o moximum term of two years. Arn oppointments committee, ftsllowing a proces5 of open advertisement ond appllcotion. nominates the Independent Trustees for o term of office of up to three yeors or reappointmenr for o second term. Appointments ore subject io the opproval of the whole Trustee Boord by a simple majority Df those piesent ond voting. A subcommittee of the Trustee Boord selects the exlernol TrLJStees boseLI on their skill5. knowledge. experience. ond charocterisllcs. considering ihe c(Jrrent composition of ihe Board. Independent trustees bring their professional experience to the boord. Page11 Oo¢vsiyn Envelope ID.. D20850D>2CAB40D8.93D&B4BAF4D2B800 The Unlon. MMU (A Compuny Llmlted by Guurantoe) Trustees. Report Icontlnuedl For the Year Ended 31 July 2024 Strvcture, governonce and management (continued) c. Organlsatlonal structure and decision-moklng policies The Trustee 8oord meets fiv& times o year ond Is supported by sub committees. The Trustee Board delegoted outhority to the Appointments svb-committee ond Finonce committee in ueor eF)ding July 2024. Eoch of these committees reported their activity lo the Trustee Board. The Trustee Board deleoates more doy-to-doy declsions to The Union Offlcer Group (comprising oll the elected officers). Union Leadership Group (Compr151ng the Elected Olflcers ond the Senior Leodership Tetsm). Hvman Resources Committee. or Senior Leodership Teom. The Union Leodership Group ond Union Officer Group meet formolly every month during term time to receive repofts from indlviduol Officers. sub committees and the Chief Executive. They olso review the charitie5 performance and administration generolly ond to decide operationol issues orlslng. The Union efnploys circo 60 non-5tudent staff for the soke of continuity in the monagement of Its many duties. All 5toll ore occountoble to the Chief Execvtive lor the performornce of their duties. The Students. Union operotes o representative democracy with Its five elected officers elected by and from the current studeni popvlotion ol the University. All full-time members ol The Union con cjctivote and ogree Union policy through secure petition resulting in o referendum ol 011 mernbers. Any student con Influence the work of The Union by submitting ideos in person or online to one ol our subgroups dedicated to discussing Improvements to the student experience in o porliculai. orea ol activity. Student Insighi informs Ihe work of The Union through delivery of on onnuol engogement plon. which ensures that The Union's priorities and provision meets the needs of the diverse student popvl(5tion of Monchester Metropolitan University. Whenever possible. the Siudents Union seek to act response to student influence. insight. ond referendum. although the Trustee Boord does have supervisory power to veto ony decision which is in breoch of chority or educotion low or other legal requirerrtents. or which Is considered not tD be In the best Interests of the Students. Union or Its choritable objectives d. Policies odopted for the induction ond tralning of Trustees Upon oppointment. oll trustees receive on indvciion. which includes their legol obligotions ond other trustee responsibilities. ond is adopted occording to their prior ktTrowledge ond experience The Students. Union Officers receive a more in-depth induction ond training programme incorporoting their responsibilities as a trustee ond the skills ond knowledge required to perform their other duties in oddition io their trvstee roles. Pay policy for key management personnel The irusiees consider the boord of trustees and the senior monogement team comprise the key monogemenl personnel of the Chority In charge of directing ond controlling, running. ond operoting ihe Trust on o day-to-doy basis The remuneration of the trustees and senior monogernent teom is reviewed ol intervols ol not more thon every three years. Page 12 Do¢u8wn Envelope ID.. D20850D$2CAB4008-93DB-B4BAF4D2B800 Th¢ Union. MMU (A Company Llmlted by Guttrantee) Trustees. Report Icontinuedl For the Year Ended 31 July 2024 Structvre. governance and management (continued) f. Reloted party relationships Relationship with Monchester Metropoliton University The Union Nlv1U hos o lormol relotionshlp with Monchester Metropollton University. The Union ond Universlty express this through o jointly endorsed relalionship agreement. formally adopted in 2012. ond by the constitutionol provisions, which governs the formo1 interaction between the two orgonisations. Under the 1994 Educotion Act, University governing bodies must take oll reosonobly procticol steps to ensure thoi students. unions operate foirly ond democroticolly ond is re5ptsnsible in the manogement of its finances. The Monchester Netropolilon University Constilutionol provislons outline how this stotutory obligotion Is mel. In addiiion. changes to The Union's oriicles of associotion require the opprovol of the University Boord of governors. Relationship wlth Subsidiary companles Nonchester Metropolitan Students. Union Trading Llmiied is a limited liability compony wholly owned by The Union MNU. The Compuny provides services to o mix of sludents ond non-stvdents including a public house ood some entertoinmenls provision. Relotlonship with the Natlonal Union of Students The Students, Union Is on affiliated member ol the Notionol Union of Students, o Nolionol federotion of Students. Unions. The Students. Urnlon work5 Wlth other students. unlons ond NUS in pursuit of its chorituble objects. This cooperotion extends mainly to inflvericing and compaigning on notlonol Issues that affeci students ond svpport from NUS with orgonisQtioNol development. Factors Outside of The Union's Control The Sludents. Unlon seeks to influence its key portner. the University. on issues reloting to its members educotional, welfore. sustoinability. employment, ond community experience at Monchester Mel os well os sociol policy Issues locally ond notionally. The Union can influence ot a regionol level through porticipotlorn in the Greoter Manchester Student Portnership (GMSP). a joint venture with ihe other students. unions In the devolved Greater Monchester region. The primory oreos of focus for the partnership hove been safety. mentol health gnd housing,. speclfic areas where the combiried outhority and elected Mayor have budgetary responsibility. However. most of these issues ore out of the Union's direct control. The Students, Union has o complex relotionship with its beneticiaries who ore members of The Union, significont customefs of the compony. and in many coses supported volvnteers or employees of The Unlon, Further, the orgonisotion operotes democrotically to toke occount of student views. Page13 Decusign Envelope ID". D20850D>2CAB40D8-93D&B4BAF402B800 The Unlon. MMU (A Compony Llmited by Guurontee> Trustees, Report (continued) For the Year Ended 31 July 2024 Strv¢ture, governonce ond management (continued) g. Financial risk management The Trustee Boord is responsible for ensuring the onnual revlew of mojor risks to which The Union NMLi is exposed. Systems hove been estoblished to mitigate or minimise these risks. The Trustee Boord of the Studenis, Union hos exomined the major strategic, Finonciol, Humon Resource, legol ond regulotory. Governance ond Management, business orTrd operolionol. technologicol. ond externol risks faced by The Union MNU. A live risk register is vsed ond vpdoted ofter every trustee boord. Current significont risks are reported to the booid ot every meeting. ond the fu,'I risk register in reviewed ot leost onnuolly detoiling where oppropriote systems or procedures in place to mitigate the risks the Students, Union foces Budgetory ond internal control risks hove been minimised by the implementotion of procedvres lor outhorlsotion of all tronsoclions ond projects. Procedures ore Ir) ploce to ensure compllonce with heollh ond safety for stoff. volunteer5 ond porticiponts in oll octivitles orgonised by The Union. The Union regvlorly reviews lis procedures to ensvre thot they ore compliont ond continue to meet the needs of the Students. Union. Plans for future periods In the coming financicjl period. the Union will.. publish the relre5hed 51rategy for 2025-2030 report orn new Impoct indicotors. os identifled by the impoct prc>ject review or)d ￿pdate internal governance proctice consider investment opportunities to diversify commerciul income generotion opportunities Fvnds held as cvstodian Manchester Metropoliton Students, UrTrlon octs 0$ o custodion for octivities associoted with its opportunities deportment, nomely". Funds roised the manu clubs and societies run by its members identified in the linonce system. £92.530 these funcls ore seporoiely Informotion on Fvndraislng Proctlces Student groups roise funds Ihiough the choritoble octivity for distribution to nominated charities. After deduction of oppropriote fvndroising costs. £24.026 wos raised in the yeor ond wos distributed. Page 14 Docusign Envelope ID.. D2085003-2CAB40D8-93D&84BAF4D2B800 The Union. MMU (A Compony Limited by Guaruntee) Trustees. Report Icontinuèdl For the Year Ended 31 July 2024 Tru￿ee Indemnites Every trustee or other officer of The Union MMU shall be indemnified out of the assets of The Union in relotion to ony liability incurred by them in thot cop(Jcity but only to the £￿ent permitted by the Componies Act. The trustees moirnloin on appropriate indemnity policy brokered by Endgleigh Insurance thot covers the liobillty ol trustees or onother officer of The Union in occordonce wlth. and subject to the conditions in, section 189 of ihe chorities act 2011 (provided thoi In the case of on officer who is not o trustee. the second ond third references to chority irvstees in section 189 shall be treoted ot references to officers of the chority.) Stotement of Trustees, responsibilities The Trvstees (who ore olso the dlreclois of the Company for the purposes of eompony low) ore responsible lor preporlng the Trustees, Fteport and the finonciol statements In accordtsnce with opplicoble low ond United Kingdom Accounting Stondord5 (Uniied Kingdom Generally Accepted Accounting Proclice). Company low requires the Trusiees to prepore financiol stotements for eoch financial Under compony low, the Trustees must not approve the finoncial stotements unless they ore satisfied thot they give a true and loir view of the state of oftllirs of the Group ond ihe Compony and of thelr Incoming resource5 ond application of resources. Including their income Dnd expenditure. for that period. In preparing these finonciol Staterllenls. the Trustees ore required io.. select suitoble occounting policies ond then opply them conslstently". observe the methods and principles ol the Chorities SORP (FRS 102).. make judgments and occounting estimotes ihat are reasonoble and prudeni.. stote whether opplicoble UK Accounting Stondords (FFIS 102) hove been followed. subject to ony moterial deportures disclosed and exploined in the finonclal stotements.. prep(Jre the finoncial statements on the going concern bosis unless it is inapproprlole to presume that the Grovp will continue In busine5S. The Trustees ore responsible for keeping adequote occovnting records thot ore sullicient to show ond exploin the Group and the Company's tronsoctions and disclose with reasonoble occurocy ot ony Ilme the finonciol position of the GrDUP and the Company and enoble them io ensure that the finonclol stotements comply with the Componies Act 20Q16. They are olso responsible for sofeguarding the ossets of the Group ond the Compony ond hence lor toking reasonoble step5 for the prevention and deiection of fraud and other irregulorities. Page15 DDcu$ign Envelope ID.. D20850O>2CAB40D8-93D&B48AF402B6(K) The Unlon. MMU (A Compony Llmlted by Guaruntee) Trustees. Report Icontlnued) For the Year Ended 31 July 2024 Disclosure of Information to avdStors Eoch of the persons who are TIu5tees ot the time when this Trustees, Report is opproved has corifirmed thot.. 50 far os that Trustee is awore. there is no relevant audit informution of which the choritoble group's ouditors ore unowore. and thot Trustee hos token all the steps that ought to have been token as o Trustee in order to be aware of ony relevont audit informotion and to establish that the charitoble grovp's ouditors ore owore of thot Informotion. Approved by order of the members of the boord of Trustees and sioned on thelr beholf by.. TEFNRNFB24$9... L Enoki Trustee Dole.. 1111-24- Page 16 Docuslgn EDvel¢pe ID.. D20850D&2CA840D8-93DB-B4BAF4D2B800 The Unlon. MMV (A Ctsmpony Limited by Gvafantee) Independeni Audltors, Report to ihe Members of The Union. MMU Oplnion We hove oudited the finoncial stotements of The Union. MMU (the 'porenl choritotile compony,) ond its subsidiory (the 'group') for the yeur ended 31 July 2024 which comprise the Consolidoted Stolement of Finonciol Activities, the Consolidated Bolonce Sheet. the Company Bolance Sheet. the Consolidated Stotement of Cosh Flows and the reloted note5, including o summory of significor)i occounting policies. The finonciol reportlng framework thot hos been opplied in their preporation is applicoble law ond United Klngdom Accounting Stondards. Including Finonciol Reporting Stondord 102 'The Finoncial Reporting Slondord opplicoble in the UK ond Republic of Irelond, (United Kingdom Generolly Accepled Accounting Proctice). In our opinion the finonciol stotements.. give o true ond folr view of the stote of the Group's ond of the porent charitable componu's offoirs as ot 31 July 2024 ond of the Group's Incoming resources and opplicotion of resovrces. includino its income ond expenditure for the yeor then ended". hove been properly prepored In accordornce with United Kingdom Generolly Acceptecj Accounting Practice.. arTrd huve been prepared in occordance with the requirements of the Componies Act 2006 ond the Chorities Act 2011. Bosis for opinion We conducted our oudit in occordonce with Internotional Standords on Auditing (UK) (ISAS (UK)) ond opplicoble low. Our responsibilities under those standards ore further described in the Auditors, responsibilities for the avdit of Ihe finonciol stotements section of our report We ore Independent of the Group in occordonce with the ethical requirements that ore relevont to our ovdit of the finonciol statements in the United Kingdom. inclL)dlng the Finonciol Reporting Council's Ethical Standard, ond we hove fulfilled our other ethicol responsibilities in occordance wilh these requirements. We believe Ihol the oudlt evidence we hove obtoined is sufficient and oppropriote to provide a basis for our opinion. Conclusions reloting to going concern In auditing the finonciol stotements, we hove concluded ihot the Trustees, use of the going concern basis Df accounting in the preporotion of the finonciol statements is oppropriate. Bosed on the work we have performed. we hove not identified any moterial uncertoiniies rel(Jting to events or conditions thot. Individuolly or collectively, muu cast significont doubt on the Group's or ihe porent charitable company's obllity to continue os o golng concern for a period of ot least twelve months from when the finonciol stotements are outhorised for issue. Our responsibilities orid the responslbililies of the Trustees with respecr to going concern ore described in the relevant sectlons of this report. Pa9e 17 Dowslgn E?￿lOpe ID.. 020850D3-2CA840D8-93D&B48AF4D2B800 The Unlon. MMU (A Company Limited by Gvarontee} Independent Audiiors, Report to ihe Nembers of The Union, MMU (contlnved> other information The other informotion tomprises the Informotion Included in the Annuol Report other thon the finonciol slotements ond our Auditors, Report thereon. The Trustees ure responsible for the oiher Inlormotion contoined within the Annvol Report. Our opinion on the finonciol statements does not cover the other information ond. excepr to the extent otherwise explicitly stoted In our report. we do not express any form of 055uronce conclusion thereon. Our responsibility is to reod the other Informotion and. in doing so, consider whether the other information is rnoteriolly inconsistent with the finoncial 5talements or our knowledge obtained in the course of the oudit. or othe￿￿1$¢ oppeors to be moteriolly misstoted. If we identify such materiol inconsistencies or apporent moteriol misstotements. we are required to determlne whether this gives ii5e to o moteriol misstotement in the financial stotements themselves If. bosed on the work we hove peiformed. we conclude thot there Is o moterial misstotemerit of this other Information we ore reqvired to report that loct. We hove nothing to report in this regord. Opinion on other matters prescrSbed by the Companles Art 2006 In our opinion, bosed on the work undertoken in the course of the audit.. the inforrnotion glven in the Trustees, Report for the finoncial year for which the finonclol stotements ore prepored Is consisient with the finonclol stotements. the Trustees, Repori hos been prepored in occordonce with opplicoble legol requirements. Motters on whith we are required to report by exception In the light of our knowledge ond vnderstanding of th& charitoble company and its environrnent obloined In the course of ihe oudit. we hove not identified moteriol misstaiements In the Trustees, Report We have nothlng to report in respect of the following matters in relotion io which Componles Act 2006 requlres us ro report to you if. in our opinion. the parent choritoble compony hos not kept odequote ond sufficient occounting records, or returns odeqijute *or our oudit hove not been received from bronches not visiled bu us,. or the porent choritoble compony finonciol stotements are not In agreement with the occounting records ond returns.. or certoin disclosure5 of Trustees, remuneration specified by low ore not mode." or we hove not receivecl oll the information ond explonotions we require for our audit.. or the Trvstetts were not entitled to prepore the finonciol stotements in oecordonce with the smoll componies regime and take odvontage ol the smoll companies, exemptions in preparing the Trustèes, Repon ond from the requirement to prepare o Strategic Fieport. Page18 DouJslgn Envelope ID.. D20850D3-2CAB40D8-93DB-B4BAF4D2a800 rhe Union. MMU (A Compony Lirnited by Guarcntee) Independent Aud*tors' Report to the Members of Thè Union. MMU (continued) Responsibilitles of trvstees As exploined more fully the Tru5tees' Re5pon51bilities Stotement. the Trustees (who ore olso the directors of the choritoble compony foT the purposes of compony low) ore responsible lor the preporolion of the financiol stotements and lor being sotislied thot they give a true ond fair view. und for such Internol control as the Trusiees determine is necessory to enoble the preparotion ol financial Siotements thot are free from materiol misstotement, whether due to froud or error. In preporlng the finoDciol stotements, the Trustees are responsible for assessing the Group's ond the porent choritoble compony's obility to continue os o going eoncern. disclosing, os opplicable, motters reloted lo going concern ond using the going concern basis of occounting unless the Trustees either intend to liqvidote the Group or the porent chorltable compony or lo ceose operations, or hove no reollstic olternative but to do 50. Auditors, reSPon￿billtIeS for the audit of the flnoncial statements Our objectlves ore to obtoin reosonoble ossuronce obout whether the Ilnanciol statements 05 o whole are frets from material misstutement. whether due to fraud or Èrror. and to Issue on Auditor5, Report thot includes our opinion. Reosonoble assuronce is o high level of ossuronce. but is not o guarontee ihot on oudli condvcted in occordonce with ISAS (UK) will alwoys detect a moteriol misstatement when it exists. Misstotemen15 con orlse from froud or error and ore considered moteriol If. Individually or in ihe oggre9Ote, they covld reosonoblu be expected lo influence the economic decisions ol users taken on the bosis of these finoncial stotements. Irregulorities. including froud. ore instances of non-complionce with laws ond regulotions. We design procedures in line with our responsibilities. outlined above. to detect moteriol mlsgtaternent5 in respect of irreguloritie5, inclvdlng fraud. The extent to which our procedures are capoble of detectin9 Iriegulorities, inclvding fraud is detoiled below.. Our approach to identifying ond assessing ihe risks of rnateriol misstatement in respect of irregularities, including fraLsd and non-compliance with lows and re9ulations. wa5 ag follows. the senior statutory auditor ensured that the engogement teom collectively hod the appropriate competence. copobilities ond skills to identify or recognise non-complionce with applicoble laws and regulollons., wtr Identified the lows ond re9ulolions opplicobSe to the choritab1e company through discussions with directors and other manogement. ond from our commercial knowledge and experience of the sector.. we focused on specific lows ond regulotions whlch we considered moy have o direct moterial effect or) the financial stolements or the operotions of the choritoble compony. Including the *inon¢iol reportlng legislotion. Componies Act 2006. Choritles Act 2011. toxotion legislation, onti-bribery. employment, ond enviror)mentol ond health ond sofetu legislotion". Page 19 Docu8lgn Envelope ID.. D208500&2CAB40D8-gyDB.B4BAF4D2B800 rhe Union. MMU (A Company Llmited by Guurgntee) Independent Auditors, Report to thè Membèrs of Th• Union. MMU (eontinued) we ossessed the extent of complionce with the laws and regulutions identified obove through rnaking enqviries of monogemenl and inspecting legol correspondence." ond identified lows ond regul0t￿ON$ were communicoted within the audit team regularly ond the teom remoined olert to Instances of non- compliance throughout the audit. We assessed the susceptlbllity of the choritoble company's financial statements to material misstotement, including obtoining an understonding of how frcjud might occur. by.. moking enquiries of manogement os to where they considered there wos susceptlbility to froud. their knowledge ot octugl, suspected ond alleged froud.. ond considering the internol contro15 in ploce to rnitigote risks ol fraud and non-complionce with luws ond regulotions. To address the risk of Iroud throvgh monogèment bios und override of controls. we.. performed onolyticol procedures to identify ony unusual or unexpected relationships., tested iournol entries to idenlify unusual transoctions. assessed whether judgement5 ond ossumptions mode in determining the occounting estimotes set ovl in Note 2 were indicative of potentiol bias.. ond investigated the rationole behind significont or unvsuol tronsoctions In response to the risk ol irregulorities and non-compliance with lows ond regulotions. we designed procedures which included. but were not limited to. ugreeing finoneiol siotemeni disclosures to underlying supportlng documentolion., reoding the minutes of meetlngs of those chorged with governance: enqviring ol monogemeni os to octuol ond potential litigation ond cloims.. ond reviewlng correspondence with HMRC, relevont regvlotors and the chorltoble compony's legol odvisors Because of the inherent limitotions of on oudit. there is o risk thot we will not detect oll irregularities. including those leoding lo o moteriol misstotement in Ihe finonciol stutenients or non-complionce with regulotion This risk Increases the more thot compliunce with o low or regulotion is removed from the events ond tronsociions reflected in the f1nonciol stotements. os we will be less likely to become owore ol instances of non-compliance. The risk is olso greoter regording irregulorlties occurring due to froud rother thon error. os fraud involves intentionol conceolment. forgery. collusion. omission or mi5representotion. A further description of our responsibilities for the audit of the finonciol stotements is locoted on the Finonciol Reporting Council's website at.. www.frc.or uk ouditorsre onsibilities This description forms port of our Auditors, Report. Page 20 DoGu$lgn Envelope ID." D20850D3-2CAB40D&9308-BIBAF4D2B800 The Unk>n. MMU (A Compony Ltmiied by Guarantet) Independent Auditors. Report to the Members of Thè Unlon. MMV (continued) Use of our report This report is mode solely to the choritable compony's members. 0$ o body. In occordance with Chapler 3 ol Port 16 of the Componies Act 2006. and to the choritoble compony's trustees. os o body, Part 4 of the Charities (Accounts and Reports) Regulotions 2008. OLJr ovdit work hcjs beèn undertaken so that we mighi stale 10 the charitable compony's members those motters we ore required io stote to them in on Avditors, Report or)d for no other purpose. To the fullest extent permitted by low. we do not occept or ossume responsibility lo anyone other than the choritable compony ond its members, os o body, lor our oudit work. for ihis report. or for the opinions we hove formed. Simon Hawkins (Senior Statutory Auditor) for ond on beholl of Doins Audit Limited Statutory Auditor Chortered Aceountonts Suite 2, Alblon House 2 Etrurio Office Village Forge Lone Sioke on Trent Sioffordshire STI SRQ Date.. Page 21 Docuslgn Envelope ID". D2085OD3-2CA840C)8-93DB.B4BAF4D2B800 The Union. MMU {A Company Lim(ted by Guurontee) Consolid(rted Slotement of financltsl octivities Oncorporating income rjnd expendltvrè account) For the Yeor Ended 31 Jvly 2024 Unrestrieted funds 2024 Totol funds Total funds 2023 2024 Note Income from.. Donotions ond legocies Exceptional funding Other troding octivities Investments 3.250.124 5.250.124 2,821.946 4.145.000 4.145,000 1.273.642 1,273.642 1.740.580 2.982 2.982 7.273 Totol income 8.671,748 8.671.748 4.569.799 Expendlture on: Roising funds Chcjritoble activities 1.571.142 1,571,142 1.748,454 2.945.580 2,945.380 2.504,836 Total expendlture 4,516,522 4.516.522 4.253.290 Net movement in funds before other recognised gains/(losses) 4.155.226 4,155,226 516.509 Other recognised golns/(losses)'. Gain5 on revolvotion of pension scheme 476.543 476.545 479.354 Nei movement in funds 4.631.769 4.631,769 795.863 Reconcillation of funds: Totol funds brought forword Net movement in fund5 (3.011.622) (3.011.622) 4.631,769 (3.807.485) 4.631.769 795.863 Totol funds carrled forward 1.620.147 1.620.147 (3 011.622) The Consolidoted Stotement of Finonclol Activltie5 Includes all golns ond losse5 recognised in the yeor. The noies on poges 28 to 59 form port ol these financiol statements. Page 22 tID¢USign Envelope ID.. D2085003-2CAB4DD8-93DB-B48AF4D28800 The union. MMU (A Compuny Limlted by Gutsrontee) Consolidoted B(JlLince Sheet As at 31 July 2024 2024 2023 Note Fixed ossets Tongible ossers Investments 13 280.178 75.535 14 1,824 1,824 2B2.002 77.357 Current ossets Stocks 15 88.206 111.514 Debtors 16 271.883 80,040 Cosh at bank und In hond 1.381.941 1,921,478 1.742.030 2,113.032 Creditors." umDunts folling due within one year 17 {405.885) (581.894) Net current assets 1.338.745 3.531.138 Totol assets less current Ilobilities 1.620.147 1.608,495 Creditors omounts falling due after more thon one year 18 (4,620,117) Total net assets / (liabilities) 1.620,147 (3.011.622) Chority funds Restricted funds 20 Unresiricied funds Designoted fund5 Unrestricted funds excluding penslon 20 240.000 20 1.620.147 1.526.497 Pension reserve 20 (4.778.119) Totol unrestricted fund5 20 1.620.147 (3,011.622) Total funds 1,620.147 (3,011.622) Page 23 Docuslgr* Envek)pe10.. 02085oD3-2CA￿0D6-93D&B4BAF4D28BLHJ Registered number- 12714026 The Unlon. MMU (A Company Llmlted by Guarantee) Consolidated Bolonce Sheet (continuéd) As at 31 July 2024 The finonciol stotements were opproved ond outhorised for issue by the Trustees ond 5ioned on thelr beholf by". gn•d by.. UFEEAEQOFB341g. L Enoki Trustee Dote". 11,11, 2& The notes on pages 28 to 59 form part of these financiol slotement5. Page 24 DoGvslgn Envelo￿ ID.. D208S00>2CPB40D8-93DB-B4BAF4D2B800 The Unlon. MMU (A Compony LlmSted by Gvarantee) Company Balance Sheet As at 31 July 2024 2024 2023 Note Fixed assets Tangible ossets Investments 13 80.728 27.546 14 1.825 1.825 82.553 29,171 Current ossets Stocks 77.944 102.565 Debtors 16 621.711 134.013 Cosh at bank and in hand 1.193.882 1,886,752 1,893.537 2,123.328 Creditors." omounts folling due within one year 17 (358.021) (544.004) Net ¢urrent o$$ets 1.535.516 1,579.324 Total ussets less current liabilities 1.618.069 1.608.495 Creditors omounts folllng due after more thon one year 18 (4.620,117) Total net assets 1.61B.069 (3.011.622) Chority funds Restricted funds 20 Unrestrlcted funds Designoted funds Unrestricted funds excluding penslon 20 240.000 240,000 20 1.378.069 1,526,497 Pension reserve 20 (4.778.119) Totol unrestricted fLJnd5 20 1.618.069 (3,011.622) Totol funds 1.618,069 (S.011,622) Page 25 D¢¢u$ign Envelope ID-. D20850D&2CAB40D&93D8.B48AF4D2B800 The Union, MMU (A Compony Limited by GuorontÈè) Company Sttstèment of tinoneial positlon Icontlnved) A$ at 31 Jvly 2024 The flnonclol stotements were opproved and authorised for issue by the Trustees ond signed on their beholf by". sign￿by-. L Enoki Trustee Dote io. fi-z¢ The notes on pages 28 to 59 form port of these finonclol stotemenrs. Page 26 Docusrgn ErNelop¢ ID.. D20850D3-2CAB40D&93DB-B4BAF4D28800 The Unlon. MMIJ {A Cgmpany Limited bu Guarontee) Cons01iduted Statement of Cash Flow5 For the Year Eaded 31 July 2024 2024 2023 Cosh flows from operating ortivities Net cosh provided bu operoting octivilies (288,109) 25.204 Cosh flows from Investing actlvities P4Jrchose of tongible fixed assets (251.428) (75.129) Net cash provided by investing Octivities (251.428) <75.129) Change in co5h und cosh equivolents in the yeor Cush ond cosh equlvalents at the beginning of the yeor 1539,537) (49.925) 7.921,478 1.971.403 Cash and cosh eqvivolents at the ¢rKI of the year 1.381.941 1.921.478 The noies on pages 28 10 59 form port of these finonciol stotements Page 27 DoWS￿n Envelope ID.. D20850D3-2CAB40D8-93DB-B4W4D2B800 The Vnlon, MMU 2CAB40D&93D&B48AF4D2B800 The Vnion. MMU (A Compony Llmlted by Gvtsrant••) Notes to the FSnanciol Stotements For the Yeor Ended 37 July 2024 Accountlng policies (continued) 1.6 Expendlture Expenditvre Is recognised once there Is o legal or constructive obligotlon to transfer eeonomlc benefit to a third porty, it Is proboble thot a tronsfer of economic benefits will be required In settlement ond the omouni of the obligotion corn be meosured reliably. Expenditure Is classified by octivity. The costs of each octivity are mode vp of the total of direct costs ond shored costs. including support costs Involved in ur)dertoking eoch activity. Direct costs ottributab5e to a single activity ore ollocated directly to thot ocllvity. Shored costs which contribute to more thon one octlvity ond sUPPOrt costs which ore not attributable to 0 51ngle octivity ore apportioned between those activities on o basis consistent with the use of resources. Central stolf costs ore o11ocoted on The bosis of Time spent. ond depreciolion chorges ollocated on the portion ol the osset's use. Governonce costs are those incurre In connection with administrolion ol the charity ond complionce wlth con5titutionol ond stotutoru requirements. Costs of generoting funds ore costs incurred in ottrocting voluntory income. ond those Incurred in troding octivitles that raise lund5. Choritoble octivitie5 ond Governonce costs ore costs incurred on the charity's educational operotions. includirig svpport costs and costs reloting to the governonce of the chority opportioned to choritoble octivities. Expenditure on roising funds includes oll expenditure incurred by the Group to roise funds for its charitable purposes and Includes costs of oll lundrolsing octivitie5 events ond non-choritoble troding Expenditure on choritoble activities is incurred on dlrect5y undertuking the octivities which further the Group's objectives. us well os ony ossocloted support costs. 1.7 Tongible fixed assets and depreclutSon Tongible fixed assets ore initiolly recognised ot cost. After recognition. under the cost model, tongible fixed a55ets ore meosui'ed at cost less occumuloted depreciotion ojnd any accumuloted mpoirment losses. All cosis incurred to bring o ton,gible fixed asset into its Iritended working condition should be included In the rneosvremenr of cost. Page 30 Do¢uslgn Envelope ID". D20850D>2CAB40D8-93DB.B4BAF4D2B600 The Union. MMU (A Company Limitèd by Guarantee) Notes to the Flnoncial Statements For the Yeor Ended 51 JLtly 2024 A¢counting policies (continued) 1.7 Tangible fixed assets and depreciation (continued) Depreciotion is charged so as to allocaie ihe cost of tangible fixed ossets less their residuol volue over their estimated useful lives. using the straight-line method. Depreciation is provided on the following boses.. Freehold property Plont ond mochinery ond other- 25- 53% straight line basis fixed ossets Fixtures ond fittings Of15ce ancl computer equipment Assets under construction Other fixed ossets 10% straight line 25 - 33% stroight line basis Not deprecioied 33Y4 Stroight line bosis review for impoirment of o fixed osset Is corried out if events or chonges in circumstances Indicate thot the corrying volve of any fixed osset moy not be recoveroble. Shorifolls between the carrying volue of fixed ossets and their recoveroble omovnts are recognised as impairments. Impairwenl losses ore recognised in the Stotement of finoncio1 activities. 1.8 Investments Fixed osset investments are o form of finonciol instrument and ore initiolly recognlsed ot thelr transoction cost and subsequently me05ured ot fuir volue at the Bolonce Sheei date, unless the value cannot be meosured rellobly In which cose it is meosured at cost less impolrment. Investment goins ond losses, whether realised or unrealised. ore combined ond presented as 'Goins/(Losses) on investments, in the Consolidoted Stotement of Financiol Aciivlties. Investments in subsidiuries are valued al Cost less provision for Impoirment. 1.9 Interest receivable Interest on funds held on deposit is included when recelvuble ond the omount can be meosured reliably by the Group., this Is normolly upon notificotion of the interest paid or payable by the instltutlon with whom the funds ore deposited. 1.10 Stocks Stocks ore valued ot the lower of cost ond net reolisable value ofter muking due ollowonce for obsolete ond slow-moving stocks. Cost includes all direct costs ond ar) oppropriote proportion of fixed ond vorloble overheods. Page 31 Doeusign Envelo￿ ID. D20850D&2CAB4D￿93DB-B48AF4D288Qo The Unlon. MMU {A Camptsny Limit•d by Gvaronteè) Notes to the Financlol Staiements For the Year Ended 51 July 2024 Accounting policies (continued) 1.11 Debtors Trode and other debtor5 are recognised at the settlement omount ofter ony trode discount offered. Prepoyments ore valutrd ot the omovnt prepoid net of ony trode discounts due 1.12 Cash ot bank and in hand Cash ot bank ond in hond includes cosh ond short-term highly liqvld investments with o short maturity ol ihree months or less from the dote ol ocquisition or opening ol the deposit or similar occounr. 1.15 Llabllitles and provislons Liobilities are recognised when there is on obligotion ot ihe Bolonce Sheet dote as o result of o post event. It Is proboble thot o transfer of economic benefit will be required in settlement. and the omount ol the settlement con be estimated reliobly. Llobilities ore recoonised at the omount that the Company onticipotes Il will puy to 5ett1e the debt or the omount it hos received as odvcjnced puyments for the goods or services It musi provide. Provisions ore meosvred ot the best estimote of the omounts requlred to settle the obligotlon. Where the effect of the time volue of money Is materiol. the provlsion Is based on ihe present volue of those omounts. discounted ot ihe pre-tax discount rate that reflects the risks specific to the Iiubility. The unwinding of the discDunt Is recognised In the Consolidoted Stotement of Financiol Activities as o finonce cost 1.14 Finaneial instruments The Group onlu has finoncial assets ond linonciol liabilitie5 of u kind thot qualify os bosic financial instruments. Bosic financiol instruments ore initiolly recognised ot tronsoction volue and subsequently me05ured ot their settlernent volue wlth the exceptlon of bonk loons which ore 5ub5equently rneosured ot omortised cost using ihe effective interest method. Page 32 DocU$￿Tr Enyetope ID". 020850D>2CAB40D8-93DWB4BAF4D2B800 The VnigTr. MMU (A Compuny Limited bu Guorantee) Notes to the Finon¢iol Statements For the YeL)r Ende(131 Jtsly 2024 A¢eountlng policies (continued) 1.15 Pensions The Group operotes g defined contribution pension scheme tsnd the pension charge represents the tsmounts poyoble by the Group to the fund in respect of the yeor. The compony porticipotes in the Students, Union Superonnuation Scheme. o defined benefit scheme which is externully funded ond contracted out of the Stute Second Pension. The fund is volued ot least every three years by o professitsnolly qualified independent actuary with the rotes of contribution payable being determined by the trustees on the odvice ol the actuory The Scheme operotes os o pooled orrongement, with contributions poid ot o centra11y agreed rote. As o consequence. no share of the underlying ossets and liobililies con be directly ottributed to Ihe charity. Under the terms of the chority SORP. in these clrcumstonces contributions are accovr)ted for ag if the Scheme were o defined contribution scheme bosed on actual contributlons paid through the year. Where the compony has entered Into an ogreetnent to fund o deficit In the scheme. the company recognises o liability ftsr the contributions poyable thot orise from the ogreement ond recognise the resvlting expense in the stalerllent of linanciol octivities. The compony also participates in the NUS Pension Scheme (NUSPS). o defined contribution scheme, Contributlons ore accounted for as poid throughout the year. Page 33 Do¢u$ign Envelope ID.. D20850D3-2CAB40D8.93D&a4BAF4D28800 The Unlon. MMU (A Company Llmited by Gl￿rantee> Notes to the Financial Statements For the Yeor Ended 31)uly 2024 Crltical accounting estimates ond oreos of judgment Estimotes and judgments coniinuolly evaluuted und ore bosed on historicol experlence ond other foclors. including expeclotic)ns of luiure events Ihot ore believeol to be reasonoble under the circumstance5. Critical accounting estimotes ond ossumptions.. The Compony mokes estimotes ond assumptions concerning the future. The resultlng occounting estimotes ond OSSEJmptions will. by definition, seldom equol the reloted Ocivol results. The estimotes and ossvmptions that have a significunt risk of causing o moteriol odjustment to the corryin9 amounts of ossets ond liabilities within the next financiol yeor ore dlscussed below. Criticol oreos of judgment.. Penslon scheme discount rate As previously explained o penslon Iiabilitu has been previously recognised In the occounts for the present value of contributions pauoble to fund the delicit in the defined benefit scheme (see note 23 to the accounts). A key estimate mode when colculoting ihe prestsnt volue of fulure payments is the discount roie opplied. The trustees hove opproved a rate of 5 10A as recommended by the odvisors of the NUS. However. o chonge in the rote applied could hove a moterial impact on the co1culoted liobllities and therefore o moteriol irnpoct on the bolonce sheet ond stotement ol finonciol octivlties. Page 34 Docusign Envetope ID." D2085003-2CA840D8-93D&B46AF4D2B800 The union. MMU (A Company Limttèd by Guaruntee) Notes to the Flnonciol Stotements For the Year Ended 31 Jvly 2024 Income from donatlons and legacies Vnrestrlcte d funds 2024 Totol funds 2024 Block gront Top up grant 2.633.949 2.633.949 616.175 616.175 3.250,124 3,250.124 Unrestrlcte d funds 2025 Totol funds 202 Block Gront 2,208.590 613,556 2.208.590 Top up gront 613.356 2,821.946 2.821.946 In¢ome from exceptional fvnding Unrestricte d funds 2024 Totol funds 2024 Total funds 2023 Pension settlement donolion 4.145.000 4.145,000 Page 35 Doctsslgn Envèlo￿ ID.. D20850D3-2CAB40D8.93D&B48AF4D2B800 rhe Unton, MMU (A Compony Llmtted by Guorantet) Notes to the Financial Stotèments For the Yeor Ended 31 Jvly 2024 Income from other troding actlvities Income from fundrolslng events Unrestrlcte d fltnds 2024 Total funds 2024 Commercial 599,734 599,734 Medio 86.810 86.810 Trodlng Subsidlory 587.098 587,098 1.273.642 1.273.642 Unrestricte d funds 2025 Total funds 2023 Commerclol 1,233,794 1.233.794 Totum Cord 1.874 1.874 Media 53.702 53.702 Troding Subsidlory 451.210 451.210 1.740.580 1,740,580 Page 36 DOcus￿n Etwelope ID.. D20850D3-2CA840D8-93DB-B48AF4D2B800 The Unlon. MMLI (A Cgmpuny Limited by Guurot)tee) Notes to thè Flnanciol Stgtements For the Yeor Ended 31 Jvly 2024 Investment income Unrestricte d funds 2024 Total funds 2024 Investment income 2.982 2,982 Vnrestricte d funds 2023 Totol funds 2023 Investment income 7.273 7.273 Anolys15 of expenditure on charitable activities Summory by fund type Unrestricte d funds 2024 Total 2024 Advancement of education 2.945,380 2.945.380 Unrestricte d fvnds 2023 Total 2025 Advancement of educoiion 2.504.836 2,504,836 Page 37 DocLL8ign Envelope ID.. D20850C*3-2CAB40D8-930&-B48AF4D2B800 The Union, MMV (A Compony Limited by Guarantee) Notes to the Finoneiol Statements For the Yèor Ended 31 July 2024 Expenditvre on roising funds Costs of r¢lslng volvntary income Unrestricte d funds 2024 Total funds 2024 8ar. shop ond building support Freshers costs 412.216 412.216 23,348 23.348 Troding SLJbsidiaru costs Ambossodor costs 585.020 585.020 4.015 4.01S Voluntory irncome stoff cost5 Voluntory income depreciotion 538.502 538,502 8,041 8.041 1.571,142 1.571.142 Unrestricte d funds Total funds 2025 2023 or. shop and building support Freshers costs 775.362 775.362 22.781 22.781 Trading svbsidiory costs Ambussodor costs 405.875 405.875 4.119 4.119 Voluntory income staff costs Voluntoru income depreciollon 532.172 532.172 8.145 8.145 1,748.454 1.748.454 Page 38 Docuslgn Enve￿pe ID.. D20850D3-2CAB40D6-93DB-B4BAF4D2B800 The Union. MMV (A Compony Llmlted by Guorantee) Notes to the Flnonclul Sttstèments For the Yeor Ended 51 July 2024 Analysis of expendlture by activities Activitles undertoken directly 2024 Total funds 2024 Totol direct costs 2,945.380 2.945.380 Activities undertaken directly 2023 Total funds 2023 Totol direct costs 2.504.836 2.504.836 Page 39 Docuslgn Enve￿￿10-. D20850D3.2CA840D&930B-U4BAF4D2B800 The Union. MMU (A Company Limited by Guarantee) Notes to Ihe Finoncial Statements For the Year Ended 31 July 2024 Analysis of expenditure by octivitles (continued) Analysis of direct costs Total funds 2024 Total funds 2023 Stoff costs 1.715.313 1,419,267 Oepreciotlon Staff travel & hospitolity Troining SUSS perpsion costs Printing, postoge ond stotiontsry Bonking and transoction charges Legal ond prole5510nol fees Compaigns 26,313 8.045 20.781 13.150 55,274 56.792 198.630 78,273 13.817 5,738 9.847 9.557 92.190 74.851 15.967 17.400 Welcome costs 24.046 15,572 Insuronce 47.247 40.890 Computer and office equipment Licenses. subscriptions ond offillotlons Student experiencè Morketing and reseorch Website costs 9.811 18,277 63.173 64.319 27,472 18.329 9.356 12.001 9.155 Opporiunitles and volunteering Project funding Staff recruitment 20.902 20.932 27.461 10.412 20,680 43.886 Staff OSPS & DIS 13.722 10,493 Repoirs. maintenance and premises costs Other dlrect costs 539.472 538.174 (26.374) 19,306 50.059 Governance costs 10.260 2,945.380 2.504.836 Page 40 Docuslgn Envelo￿ ID.. D20850D3-2CAB40D8-93DB-B48AF4D28800 The Union, MMV (A Compony Llmited by Guarontee) Note5 to the Financigl Stotements For the Yeor Endèd 31 July 2024 Anolysis of expendltvre by ottivitles (continued) Anolysis of direct costs {conlinued) Included within Iicences, subscriptions and offiliotion costs of £65.173 (2023.. £64.319) is NUS Affiliotion costs of £37.500 (2023.. £37.500) and license ond subscription costs of £25.673 (2023.. £26.819). 10. Net income/(expenditure) 2024 2023 Depreciotion of tongible fixed osset5'. -owned by the charitoble group Other operating leases 46.7B3 16,857 535.476 535,476 582.259 552.333 Auditors, remunerotitsn 2024 2023 Fees poyoble to the Compony's auditor for the oudil of the Company's annuol occounts 14,500 10.125 Fees poyoble to the Componu'5 audltor in respect of, All toxolion advisory services ntst included obove All ossurance services not included above 600 375 3.250 2.275 Page 41 Docuslgn Envelope ID.. D208500>2CAUOD&9308.848AF4D2B8LNJ The Vnlon. MMU IA Company Llmlted by Guttrant•è) Notes to the Finonciol Stotements For the Yeor Es)ded 51 July 2024 12. Sttsff costs Group 2024 Group 2023 Company 2024 Company 2025 Woges and solorles Sociol securlty cos15 1,988.743 1.719.366 1,988,743 1.719.366 177.382 150.047 177,582 150.047 Other pension costs 87.690 82.027 87.690 82,027 2,253,815 1.951.440 2.253.815 1,951.440 During the period, sotibotlcol officer trustees received remuneration of £125.351 (2023." £104.795). Ovring the yeor. O (2023. 0) trustees reeeived reimbursement of expenses of £riil (2023". £nil). Sobbotlcol officer trustees enter into. ond are remuneroted by the Unlon under a contract of employment once elected io oflSce In accordance with the Articles of Governonce of The Union, MMU. Dvring the perlod, redundoncy poyments of £4,009 wefe made to 2 employees. and PILON of £7.720 to 3 employees Ex-grotio payments of £351 were mode to 1 employee. Page 42 00c￿￿n E￿￿elOpe ID.. D20850D3-2CAB4D08-93D&B4BAF4D2Beoo The Union, MMV (A Compun¥ Llmited by Guurantee) Notes to thè Financlol Stotements For the Year Ended 51 Jvlu 2024 12. Staff costs (continued) The average number of persons employed by the Group ond Compony durir)g the yeor was os lollows.. Group 2024 Group 2023 No. No. Central 10 Shop Student Membership Officers 10 17 Medio Cafe Buildir)g suppoff Marketir)g Insight Events Acodemic Rep Other cafe Advice 10 Saluation 15 12 F&8 21 25 Internolionol Orgornisers BAME Ambassodors Unit One Independeni Ponel Member YGAM Ambossodors 129 128 Page 43 Dacu51gn EnvelopB ID 020850D3.2CA840D8-93D&B4BAF4D2B800 Thè Unlon. MMV (A Company Limited by Guorante•) Notes to thè Finantitil Statem•nts For the Yeor Ended 31 JLFly 2024 12. Stoff costs (contlnued) The number of employees whose employee benefits (exclvding employer pension costs) exceeded £60.000 wos.. Group 2024 No. Group 2023 No. In the bond £70,001- £80.000 During the period. remunerotion ond benefits received bu key monogement personnel. as listed on poge l. tololled £353.591 (2023 £358.681). Page 44 DllrusityiEmvtwelD.DtUSQts>2Q*S440&8)￿B4￿lDI8BQD Th¢ utyon. compmy LlThth•d by G￿￿￿￿¢¢¢} NotftslLT iht Flnoffldal Statemeryt For thèYèorÈndtd 11 July Z024 Ik Tuwfole flxod aS%•ts Grtsup ss*ts Plofit and FIxtVr￿ ofid mochineru Office Compvter Othur fNed under ¢Qy4)ment Eqvlpmtnt assets ¢¥rtStrvui¢h C05t or valyotlon AI I Avgust 2025 51.904 49.760 1.000 6.730 J3.817 10.546 1729 21,908 48.188 144.458 2S1.42 5.589 165.617 frun5ferS between (1055¢$ 211.805 101.672 212.809 44,433 14.637 J9186¢ DepiKloiiym At l August 2025 Chargefor the yeor 35.485 926 6.661 25.104 2,?29 6.046 6&905 46.783 18.199 12.429 L511 8.808 51674 t5.35S 7.972 31.912 8.7F5 115.68B Page 45 ID. D2llaig0>2CAWUD￿93D￿E4B￿¥fj￿i¢O Unlon. MMU IACoMpanyUmft•d by GvthVONt••) Wulesto th* finoncknl Sttst•mtnt* For th￿tr￿arEnde￿ 31 Jvl¥ 2C24 T(sDgible fixed (continutd) ¢kovp{contlnverf) Assets Plont and Fk%tvres ond finin95 tslficè equlpment Compvtér Other flxed nd•r equlpment ossets con5tru¢tbn mochlnory Totol Noi bool volv¢ 47,998 199.4SQ 4.347 15.862 280.178 74 69 10.783 75.533 Pzge Enw*wIID.LY2UOSOD>2CA￿￿>ISCb￿4&￿F4D2SÉ￿O Th•Urlon. M￿￿ .761 5.509 At 31 July 2024 101.67Z 44.435 24.637 144.061 LleprK¢Ution At l Auovst 2023 35.485 926 6.661 25.104 1729 68.9D$ 18.iB9 74 é.046 34.428 At Jl July 2024 51674 7.000 7,972 31.931 .77S 103.533 Pag647 Th20a￿D>2cA￿lO￿￿&84BAFlO281OQ The Ilnlan. M (A COMP￿7¥ Llmlt•dèyGuorarfee? NQtÈ4 ttsthè FlntsndalStot•rnthir* TangSble ¢$$et£ {£ontinu¢dl Compan¥ {cortinuFd) 1antond Fithres ond mochlnery Office •qviprMnt ¢oMpvttr Other I￿ed •quiprn*nt O$WS book ¥alue 47.99 4.347 8tr.720 Ai 31 July 2023 74 69 10.783 Pag64B Doc￿19￿ Env¢lope ID.. D208SOD3-2CAB40D8-93DB-B4BAF4D2B800 The Union. MMU (A Company Limited Guarantee) Notes to the Flnonoal Stotèmènts For the Year Endèd 31 July 2024 14. Fixed asset investments Listed Investmenis Group Cost or valuatlon Al l August 2023 1.824 At 31 July 2024 1.B24 Net book value At 31 July 2024 1,B24 At 31 July 2023 1.824 Investments in subsidiory tompanies investments Listed Total Compony Cost or voluotion At l August 2023 1.824 1.825 At 31 JVSY 2024 1.824 1.625 Net book volue Al 31 Jvly 2024 1.824 1,825 At 31 July 2025 1.824 1.825 All fixed os5el investments ore held in the UK. Principol subsidiaries The following was a subsidiory vndertaking ol ihe Company.. Page 49 DO￿91qn Envelope ID.. D20850D&2CA840D8.92DB-B4BAF4D28800 The Vnion. MMU (A Company Limitèd by Guorunttè) Note5 to the Fin¢Jnciul Statèments For the Yeor Ended 51 July 2024 14. Ftxed asset Investments (continued) Name Company number Class of shores Holdlng Included In consolidatlon Monchesier Melropoliton Students, Union Troding Limited 09188480 Ordinary IOOY¢ Yes The financiol results of the subsidiary for the year were.. Nome Income Expenditure Nèt assets Monchester Metropolitan Students, Union Troding Limited 587,098 (585,020) 15. Stocks Group 2024 Group 2023 Compryny 2024 Company 2025 Finished goods ond goods for regole 88.206 111,514 77.944 102,563 16. Debtors Group 2024 Group 2025 Company 2024 Compony 2023 Due wlthln one year Trode debtor5 42,044 13.700 31.314 7.103 Amounts owed by group undertakings Other debtors 386.069 70.645 40,468 22.992 40.398 22.989 Prepoyments ond occrued income 189.371 43.348 163.930 33.276 271,883 80.040 621.n1 134.013 Page 50 D¢wsign Envelo￿ ID". D208gJD3-2CAB40D8-93D&B43AF4D2B800 Thè Union. MMV (A Compurty Llmlted by Guartsnt*è) Note5 to the Fintsnciol 5totement$ For the Yeor Ended 31 July 2024 17. Creditors.. Amounts falling due within one year Group 2024 Grovp 2023 Company 2024 Company 2023 Trade creditors 118.547 75,258 97.805 59.659 Other toxotion and sociol security Other creditors 58.267 48.310 40.142 56.494 109.919 319,066 109,919 318.987 Accruals ond deferred income 117.152 139.260 110,157 128.864 403.885 581.894 358.021 544,004 Group 2024 Group 2023 Company 2024 Company 2025 Deferred incorne ol l August Resources deferred durino the yeor Amounts releosed from prevlovs period5 36.933 49.428 36.933 49.428 19,880 36.955 19.880 36.933 (36,933) {49.428) (36.933) (49.428) 19.880 36,933 19.880 36,935 Delerred income relates to invoices roised in odvonce ol when the Service will be performed. Page 51 DOcU￿9n EFNelop6 ID.. D2D85OD>2CAB40D8-93DB-B4BAF4D28800 The Unlon. MMV {A Company Limltèd by Gvorontte) Notes to the Flnancial Stotemenis For tht Ytar Ended 31 July 2024 18. Creditors.. Amovnts falling dve after more thon one yeor Group 2024 Group 2023 Company 2024 Company 2023 Other creditors 4.620.117 4.620.117 The oggregole omovnt of Iiobilities poyoble or repoyoble wholly or in port more thon five yeors ofter the reporting dole is.. Group 2024 Group 2023 Compony 2024 Company 2025 Payoble or repoyoble by instolments 3.879.951 3.879.951 19. FinLincial instruments Group 2024 Group 2025 Company 2024 Company 2023 Flnonciol assets Flnonciol ossets measured ot foir volue through income and exper)diture 82.512 36.692 459.676 100.737 Group 2024 Group 2023 Company 2024 Company 2023 Financial liabilitlès Other finonciol Ilobilities meosvred ol fair volue through Income ond expenditure 582.288 5.153.701 338.141 5.124,627 Financiol osset5 meosured at foir volue through Income ond expendiiure comprise trade debtors. amounts owed from group undertakings and other debtors. Other finonciol liobilities measured ot loir volue through income and expenditure comprise trade creditors, other creditors (including the pension liobillty) ond occruols tsnd deferred income. Page 52 Docusign Envelope10: D20850D&2CAB40D8-93D8-84BAF4D28800 Yhe Union. MMU (A CompGny Llmlted by Guarontee) Not•s to the Flnanciol Stotemènts For the Yeor £nded 51 Jvly 2024 20. Statemeni of funds Statement of funds - current year Bolonce at I Augvst 2023 Tronsfers in/ovt Goins/ Balance at (Losses) 31 July 2024 Income Expenditvre Unrèstrirted funds Oesignoted funds Development ond Improvement 240.000 <240.000) Generol f unds General Funds 1.526.497 4.526.748 (4.317.892) (115,206) 1.620.147 Pension Reserve (4.778,119) 4,145,000 (198.630) 355.206 476.543 (3.251.622) 8.671.748 (4.516.522) 240,000 476.543 1.620.147 Total Unrestricted fL+nds (3.011.622> 8.671.748 {4,516,522) 476.543 1.620.147 The specific purpose for which funds hove been desbgnoted are os follows.. Development ond Improvement Fund This f und represents monies sel aside for the investmeni in the Union bvllding in order to improve Ihe student experience. Page 53 DoGuslgn Envèlope ID.. D2085003-2CAB40D8-93D&B4BAF4D2B800 The Unkon. MMU (A Compony Limlted by Gvarontèe) Noies to the Finoncial StotementS For the Yeor Ended 31 July 2024 20. Statement of fLsnds (continued) Stotement of fvnds- prior yèar Balance at 1 August 2022 Transfers In/ovt Galns/ Balance at (Losses) 31 July 2025 Income Expenditure Unrestricted f unds Designoted funds Development ond lrnprovement 240.000 240,000 Generol fund$ Generol Funds 1.470.009 4.569.799 (4.175.017) (358,294) 1.526.497 Pension Reserve (5,517,494) (78.275) 338.294 479.354 (4.778.119) (4,047.485) 4.569,799 (4,255.290) 479.354 13.251,622) Total Unrestricted funds (3.807.485) 4.569.799 (4,253,290) 479.354 (3.011.622) Page 54 Do¢usYdn Envelope ID.. D20850D&2CAB40D8-93DB-B48AF4D2B800 The Un6on, MMU (A Compony Llmlted by GuLirante¢) Notè5 to the Financial Stotements For the Yeor Ended 51 July 2024 21. Analysls of net assets between fvnds Analysls of net assets between funds - current period Unrestricte d fvnds 2024 Total funds 2024 Tangible fixed assets Fixed asset investmenrs 280,178 280.178 1.824 1.824 Current 05sets 1.742.030 (405.885} (403.885) 1.742.030 Creditors due withln one year Totol 1.620.147 1.620,147 Analysis of net ossets between funds - prior perlod Unrestricte d funds 2023 Total funds 2023 Tongible fixed ossets Fixed 05set investments 75,533 75.535 1,824 1,824 Current 05set5 2.113.032 2,113,032 Creditors due within one year Creditor5 due in more than one yeor (581.894) (581,894) (4.620,117) (4.620.117) Totol (3.011.622) (3.011.622) Page 55 Docuslgn Envelope ID". D2085QD&2CAB40D&93D&84BAF4D28800 The Unl¢n. MMU (A Company Limited by Guur¢nteÈ) Notes to the Financial Statemtnts For the Yeor Ended 37 Jvly 2024 22. Reconclllotlon of net movement In funds to net cash flow from operating activities Group 2024 Group 2023 Net income for the period (as per Stalement of Flnonciol Activities) 4.155.226 316.509 A¢Jjustments for.. Depreciotion chorges Decrease/(Increose) in stocks Decreose/(increase) in debtors Decrease In creditor5 46.783 16,857 25.308 (9.335) 13.946 {191,845} (4.321.583) (512.773) Net cash provlded by/(vsed In) operatlng actlvltles (288.109) 25,204 23. Anolysis of cash and cash equivalents Group 2024 Group 2023 Cosh in hond 1.381.941 1.921.478 Total cash and cash eqvivalents 1.581,941 1,921.478 24. Anolysis of changes In net debt At 1 Avgust 2023 Cash flows Ai 31 Jvly 2024 Cash at bank ond in hand 1.921.478 (539.557) 1.381.941 1.921.478 (539.537) 1.381.941 Page 56 Docusign Envelope ID.. D2085QD3-2CAY40D8-93DB-B48AF402B800 The Vnion. MMU (A Company Limtted by Guarantee) Notès to the Financial Slotements For the Yèar Ended 31 July 2024 25. Pension commltments NEST Scheme The Union operotes a defined contributions pension scheme. The assets of the scheme ore held seporately from those of the group In on indepèndently odministered fund. The pension cost chorge represent5 contribution5 payoble by the Union to the fund ond omounted to £6.229 Contributions totolling £9 (2023.. £486) were poyoble to the fvnd at the bolance sheet dote ond are included in creditors. SUSS Scheme (closed to futvre occrual in 2011) The Union particlpotes in the Students. Union Superonnuotitsn Scheme. which Is a defined benefit scheme whose membership consist5 of employees of studernis, unlons ond related bodies throughout the country. Benefits in respect of service vp to 30 September 2003 are occrLJed on a "finol soloru" basis, with benefits in respect of service from 1 October 2003 occruino on o Coreer Average Revolued Earnings (CARE) bosis. With effect from 30 September 2011 the Scheme closed to future occruol. The most recent Voluotion of the Scheme wos corried out as ot 30 June 2022 ond showed thot the morket volue ol the Scheme's osse15 wos £106.700.000 with these assets representing 44% of the value of benefits thot hod occrued to members after ollowing for expected future ir)creoses in earnings. The deficit on on ongoing funding bosis amovnted to £136,600,000. The ossvmptions which have the raosl significont effeci ijpon the results of the ValLJation ore those relotin9 to the rate of return on investments and the rotes of increose in solaries ond pensions. The following ossumptions opplied 0130 June 2022.. 1, The return on investment would be 4.0% per onnum before ond 2.0% per onnum ofter retirement, 2. Pensions occruing on the CARE basis would revolve ot 3.6Yo 3. Present ond future penslons would increose at rotes specified by Scheme rules where appropriote where these are dependent on Inflotion. The 2022 valuation recommended o monthly contribution requirement by each participating employer expressed In monetory terms to cleor the ongoing funding deficit over o period of 14 yeors ond will increose at 5% per yeor. These contributions also include on ollowonce for the cost of the ongoing odmiriistrative ond operotionol exper)ses of iunning the scheme. These rates opplied from I October 2023 and will be formollu reviewed followirng the completion of the next voluotlon due with on effective dole of SO June 2025. Surpluses ond dellcits which orise with future valuatior)s will olso Impoct on the Union's futvre contribution commitment. See Notes 15 and 16 for the liability recognised L&nder the currently agreed deficit lunding plan expiring September 2057. Liobilities ore shown on a discounted present value bosis. In oddltlon to the obove contributions. the Union poys its shore of the scheme's levy to the Pension Protection Fund. Page 57 DoGusNJn Envelope IP. D2O850D>2CA￿OD5-93DB-84￿AF4D2Ba00 The Unlon. MMU