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2022-06-30-accounts

CONTENTS PAGE
Trustee and Union Information 1
Report of the Trustees 3
Independent Auditors Report to the Trustees 18
Statement of Financial Activities 22
Consolidated Balance Sheet 23
Union Balance Sheet 24
Cash flow Statement 25
Notes to the Financial Statements 26

Charity Registration Number 1194635
Company Registration 13275949
Number
Chief Executive Emilie Tapping
Principal Office John Henry Brookes Building
Gipsy Lane Campus
Headington
Oxford
OX3 OBP
Auditors Crowe U.K. LLP
Aquis House
49-51 Blagrave Street
Reading
RG1 1PL
Bankers: National Westminster Bank PLC
91 London Road
Headington
Oxford
0X3 9AF
Solicitors: Freeths LLP Blake Morgan LLP
Davy Avenue Apex Plaza
Knowihill Forbury Road
Milton Keynes Reading
MK58HJ RG1 lAX
Wrigleys Solicitors LLP
19 Cookridge Street
Leeds
L52 3AG

OXFORD BROOKES STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

PERIOD ENDED 30 JUNE 2022

Financial Statements

The Trustee Board present their report and financial statements for the period ended 30 June 2022. This is a ten month period as the activities, assets and liabilities of the Union were transferred to Oxford Brookes Students' Union Limited on 3 September 2021. As a consequence of the transfer the trustees closed down the residual charity without liability or gain during 2022.

Status and Administration

Oxford Brookes Students' Union is a company limited by guarantee registered in England and Wales (company number 13275949) which was formally registered as a charity with the Charity Commission in June 2021 (registration number 1194635).

The Charity is constituted in accordance with its constitution, and is administered and managed by the Trustee Board appointed from time to time. General meetings of the student body are held at least once each academic year.

The Full Time Elected Officers are elected by the membership to take office on 1 July in the year in which they are elected and hold office for one year until the following 30 June.

Charitable Objects

The Union's objects are the advancement of education of Students at Oxford Brookes University for the public benefit by:

Oxford Brookes Students' Union seeks to enhance the student experience by providing representation, welfare services, recreation facilities and opportunities for student development within the Union, the University and the local community.

In furtherance of these aims the trustees have complied with their duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the public benefit requirement under that Act.

3

OXFORD BROOKES STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

PERIOD ENDED 30 JUNE 2022

Board of Trustees Report

The Board of Trustees, who are also directors of the Company for the purposes of the Companies Act, present their combined director's report, trustee's annual report and financial statements for the period ended 30 June 2022. The Board of Trustees confirms that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (FRS 102).

Statement of the Trustee Board's responsibilities

The Trustees (who are also directors of Oxford Brookes Students Union ltd for the purposes of Company Law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to companies and charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group of both the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Companies Act 2006 as well as the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditors:

This report was approved and authorised for issue by the Board of Trustees signed on its behalf by:

1 December 2022

4

ovid-19 pan demic. Beloware the key risks this pandemic pr
esented and the Union’s mitigation of that risk
Income On-site income generation was significantly Adjustments to
income
generation
were
adjusted due to H&S considerations until made but income was largely sustained
February 2022. throughout the year.
Activity Government and local guidelines were in Staff and volunteers had clear plans to
place until February 22. On-site activitywas swiftly move all activity online at short notice
difficult to sustain particularly in the first and will continued to plan for a majority
term. The risk highlighted was largely to the online
activity
in
the
following
period.
Union’s ability to engage with its members Relationships with the University H&S team
and further have a positive impact on those were greatly strengthened and additional
who have engaged. training provided to Union staff in order to
ensure
in-person
activity
was
provided
where
possible.
Engagement
numbers
remained
low
throughout
this
period,
however.
Staffing Staff morale, capacity and
health whilst		 Digital
solutions have
been
pursued,
working from home has been impacted. The meeting
structure
reformatted to include
removal of all mitigations in February 2022 more meetings and regular check-ins. A new
lead to increased staff sickness. policy asking staff to stay home if unwell
(whether covid or other) was implemented
Future The Union and the SU sub-sector as a The Union’s strategy has been refreshed,
Plans whole is likely to face a number offinancial, and
proofed
for
any
future
pandemic
reputational and legal challenges over the outbreaks. The union will continuetoengage
next 3 years as a result of coronavirus. with other SUs and the wider HE sector.

National Student Student The Unions NSS score for Q26
The		 The union refined its strategy within this
Survey (NSS) students’ union (association or guild) year to focus on 3 outcomes: Community,
Score effectively
represents
students’		 Representation
& Advocacy.
This was
academic interests” decreased. combined with a restructure and a new
people
&
culture
strategy to
increase
engagement with students.
Financial Whilst the SU operates in a relatively The SU has finished with a surplus again,
Sustainability & safe financial environment, the SU’s resulting in reserves ahead ofthe reserves
Reserves financial sustainability is reliant on the policy. In addition to continuing to grow
University continuing to fund its’ block external income, the Board has identified
grant
annually
and
its
ability
to		 areas
for
organisational
development
diversify
external
income
streams.		 which
would
enable
further
financial
Were
either of these two streams		 freedom
from
the
University.
The
disrupted, the SU would not be able to university
has
confirmed
block
grant
meet its expenditure, however this is amount projections forthe next 5 years.
unlikely to happen in-year beyond the
reserves or reforecasting capability.
Impact A
combination
of
the
above
two		 The Union’sstrategyhas been rationalised
points,
the
Union’s
risk
averse		 and a staffing restructure has redistributed
approach to its finances and activity strategic
responsibility
across
the
has resulted in low engagement but organisation. Measures have been put in
high underspends. This presents a place to ensure expenditure to budget
risk in terms of ability to show impact aligned with operating plans.
and
providing
reasons to continue
funding at current levels.
Students Union Central
to
the
Union’s
financial		 The Union has been in discussion with
Superannuation instability
is
the
SUSS
Pensions		 SUSS Trustees and legal firms to consider
Scheme (SUSS) deficit
described
in
more
detail		 what options are available for managing
Pensions Deficit throughout this report.
Repayments		 the Union’s liability longer-term. The Union
are currently equivalent to c.8% of also became an incorporated legal entity
income,
posing
a
strategic
risk		 on
1 Sept 2022 to which these accounts
through diverting valuablefunds away relate.
from beneficiaries.
Staffing/HR Following incorporation, legal advice The Board agreed to seek a TUPEtransfer
arrangements was received that the arrangement of the staff team which began in August
regarding the
Union/University joint		 2022 and completed in October 2022,
contracts was no longertenable.

OXFORD BROOKES STUDENTS' UNION LIMITED

REPORT OF THE TRUSTEES

PERIOD ENDED 30 JUNE 2022

liable for a greater share of the levy payment, so being able to afford this, as well as future deficit increases is very important and the SUSS pension remains our biggest financial concern.

After the 2020/21 levy share calculation, the score calculation moved from Experian to Dun and Bradstreet. The effect of their different calculations meant that the levy for 21/22 was reduced to £7k, compared with £11.6k in 20/21 and despite an increase in the deficit. Whilst this might have led us to assume that because the liability was reduced on the balance sheet at August 2021 the levy could drop further, we continued to monitor our score on their calculation portal as the levy overall could increase. In fact, at the time of writing the levy share for 22/23 has been confirmed as £8.7k, a 24% increase.

The Creditors' liability is as expected as we are able to pay companies in a timely manner, whilst also taking advantage of trade credit periods. The overall Debtors' balance is much lower than the amount at transfer but this consisted of prepayments and accrued income due to the addition of July and August 2021 into the 14 month reporting period. The current balance is much more in line with what we would normally expect to see at the end of the financial year.

The trading company debtors' balance related to early Freshers sales for September 2022 but was as expected for this period and the sales were put into deferred income. All payments for these debtor balances have now been received.

The financial result for this reporting period, looking at the figures behind the SoFA, indicates that the Union has once more focussed its efforts on the support and representation of its members as part of its core values. Despite remaining covid restrictions continuing to have an effect on Union activities, coupled with a stretch on staff resources, the team was prepared and able to adapt itself. The Union always looks to achieve a service delivery that will most benefit its members and to be agile in deciding what this should look like.

The Union has once again been proactive in looking at risk and monitoring its spending in terms of horizon-scanning to ensure that we are aware of any exposure to risks, whilst also using our funding to the best effect. The Union looks to grow income to help with any future risk to core funding and continues to make the most of its resources to further its dedication to improving students' lives. These efforts will allow the continuation of the work to extend its reach and to ensure that the experience of its student membership is enhanced by both new and existing projects. There are, of course, some factors beyond our control that are providing the biggest financial risk to the Union. The SUSS deficit situation continues to be the largest risk and with another actuarial valuation due to get underway with an effective date of June 2022, this is a situation the Union will actively monitor and engage with scheme trustees to ensure proper management of the liabilities.

The Union hopes that its relationships with both the University as a whole and individual collaborative projects continue to flourish and that we will continue to be supported in our work to provide service delivery vital to and valued by our members.

This report was approved and authorised for issue by the Board of Trustees signed on its behalf by:

Jill Finney �

Chair of the Trustee Board

1 December 2022

17

Crowe

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

OXFORD BROOKES STUDENTS' UNION LIMITED PERIOD ENDED 30 JUNE 2022

Auditor's responsibilities for the audit of the financial statements (continued)

the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the group and the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group or charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group or charitable company for fraud. The laws and regulations we considered in this context were General Data Protecting Regulations, Health and Safety and Safeguarding of students.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the provision of the present value of the pension scheme contributions and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, including the pension scheme contributions, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

20

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

OXFORD BROOKES STUDENTS' UNION LIMITED PERIOD ENDED 30 JUNE 2022

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor

Reading 12 December 2022

1

Period
Unrestricted Restricted ended
funds funds 30 June
2022 2022 2022
Note £ £ £
INCOME AND ENDOWMENTS
FROM:
VoluntaryIncome:
Donations, Block Grants, etc. 3 991,293 52,433 1,043,726
Other Trading Activities
Letting ofspace 14,505 - 14,505
Advertising income 51,983 - 51,983
Freshers week 40,653 - 40,653
Investment income 234 - 234
Charitable activities
Retail operations 1,620 - 1,620
Student representation - - -
Clubs and societies - 85,928 85,928
NUS Extra commission 599 - 599
Other income 13,508 13,508
Total income and endowments 1,114,395 138,361 1,252,756
EXPENDITURE ON:
Raising funds
Freshers week 16,086 - 16,086
Charitable activities
Retail operations 54,525 - 54,525
Clubs and societies 122,822 75,106 197,928
Student representation 276,312 52,433 328,745
Welfare services 120,231 - 120,231
External representation 15 30479 - 30,479
Total expenditure 4-6 620,455 127,539 747,994
Net incomel(expenditure)
Transfers between funds 17-18 493,940 10,822 504,762
Net movements in funds
Funds transferred on Incorporation (908,454) 63,319 (845,135)
Funds as at 30 June 2022 (414.514) 74.141 J40.373)

30 June
2022
Note £ £
FIXED ASSETS
Tangible assets 8 5,398
CURRENT ASSETS
Stock -
Debtors 10 27,916
Cash at bank and in hand 892,785
920,701
CREDITORS: Amounts falling due
within one year 11 (158,002)
NET CURRENT ASSETS 762,699
Total assets less current liabilities 768,097
NON CURRENT LIABILITIES
Pension scheme funding deficit 12 (1108,470)
NET LIABILITIES (340.373J
CAPITAL AND FUNDS
Unrestricted funds: 17
General funds 443,956
Pension deficit fund (1,108,470)
Operating fund 250,000
(414,514)
Restricted funds 18 74,141
(340.373)

OXFORD BROOKES STUD
UNION BALANCE SHEET
 ENT S’ UN ION LIMITED
AS AT 30 June 2022 Company Number 13275949
30 June
2022
Note £ £
FIXED ASSETS
Tangible assets 8 5,398
Investments 9 100
5,498
CURRENT ASSETS
Stock -
Debtors 10 15,433
Cash at bank and in hand 819,824
835,257
CREDITORS: Amounts falling due
within one year 11 (131,409)
NET CURRENT ASSETS 703,848
Total assets less current liabilities 709,346
NON CURRENT LIABILITIES
Pension scheme funding deficit 12 (1,108.47Q)
NET LIABILITIES (399.124)
CAPITAL AND FUNDS
Unrestricted funds: 17
General funds 385,205
Pension deficit fund (1,108,470)
Operating fund 250,000
(473,265)
Restricted funds 18 74,141
(399.12

2022
Notes £
Cash flows from operating activities:
Net (expenditure)/income 504,762
Interest receivable (234)
Depreciation 832
Decrease/(increase) in stock -
Decrease/(increase) in debtors 205,599
lncrease/(decrease) in creditors 15,041
Net cash provided byl(used in) operating activities 320,694
Cash flows from investing activities
Interest receivable 234
Purchase of tangible fixed assets (5,982)
Net cash provided by/(used in) investing activities (5,748)
Change in cash and cash equivalents in the period 314,946
Cash and cash equivalents introduced on Incorporation 577,839
Total cash and cash equivalents at the end ofthe £ 892,785
period
2022
£
Cash at Bank 892,785
£ 892.785

VOLUNTARY INCOME
Period
ended
30 June
2022
£
University block grant 866,293
University grant for rent 125,000
Other grants 52,433
1,043.726

2022
Cost of Staff Other
Sales Wages Rent Costs Total
£ £ £ £ £
Raising Funds
Freshers’ week - - - 16,086 16,086
Charitable activities
Retail operations - 37,360 6,458 10,707 54,525
Clubs and societies - 68,263 39,792 89,873 197,928
Student representation 188,424 39,583 100,738 328,745
Welfare services 67,191 39,167 13,873 120,231
External representation (note 15) 30,479 30,479
Total resources expended - 361.238 z125.000 261.756 747.994

022
Staff Other
Wages Rent Costs Total
Usage £ £ £ £
Charitable activities
Retail operations 5% 11,079 6,458 4,997 22,534
Clubs and societies 32% 68,263 39,792 30,786 138,841
Student representation 32% 67,906 39,583 30,625 138,114
Welfare services 31% 67,191 39,167 30,303 136,661
Totals 100% 214439 125.000 96.711 436,150

Period
ended
30 June
2022
£
Wages and salaries 571,916
Social security 48,493
Pension - contributions paid 139,137
Pension - actuarial liability movement (398,308)
361.238
The number of higher paid employees:
2021
No
In the band £60,000 - £70,000

Full time 13
Students — term time 23
36

NET INCOME/EXPENDITURE FOR THE PERIOD
2022
£
Net expenditure forthe period is stated after
charging:
Depreciation 831
Auditors Remuneration:
-
Parent charity		 13,160
-
Subsidiary company		 5,600
-
Other non-audit services		 925

Fixtures & Computer
fittings equipment Total
£ £ £
COST
Transferred on 1 September 2021 31,533 26,434 57,967
Additions 2,975 3,007 5,982
Disposals -
At 30 June 2022 34.508 29,441 63.949
DEPRECIATION
Transferred on 1 September 2021 31,533 26,187 57,720
Charge forthe period 83 748 831
At 30 June 2022 31.616 26,935 58,551
NET BOOK VALUE
At 30 June 2022 2.892 2,506 5,398

At 30 June 2022 the Union held
in the United Kingdom.		 investments in the following companies which are incorporated
Name of Company Main Trading Activity Equity Held
The SU.com Trading Limited Entertainment management 100.00%

Group Charity
2022 2022
£ £
Trade debtors 16,043 1,052
Amount due by subsidiary - 2,739
Other debtors 11,496 11,484
Prepayments and accrued income 377 158
27.916 15.433
CREDITORS: Amounts falling due w ithin one year
Group Charity
2022 2022
£ £
Trade creditors 20,254 19,144
PAYE and social security 7,632 2,581
Other creditors 63,976 63,976
Accruals and deferred income 66,140 45,708
158.002 131,409

2022
£
NUS affiliation 25,355
Other 5,124
30.479

ANALYSIS OF NET ASSETS
Group
2022
Unrestricted Restricted Total
funds funds funds
£ £ £
Tangible fixed assets 5,398 - 5,398
Net current assets 688,558 74,141 762,699
Non-current liabilities (1,108,470) - (1,108,470)
(414.j4) 74.141 _f340.373)
harity
22
Unrestricted Restricted Total
funds funds funds
£ £ £
Tangible fixed assets 5,398 - 5,398
Investments 100 - 100
Net current assets 629,707 74,141 703,848
Non-current liabilities (1,108,470) - (1,108,470)
(473.265) 74,141 (9.124)

2022
Introduced
on 1
September As at 30
2021 Income Expenditure June 2022
£ £ £ £
Operating fund 250,000 - - 250,000
Pension deficit (1,513,776) - 405,306 (1,108,470)
General fund 355,322 1,114,395 (1,025,761) 443,956
J908,454) 1,114.395 (620.455) (414.514)

2022
Introduced
oni Asat3O
September June
2021 Income Expenditure 2022
£ £ £ £
Governance and Quality 13,205 - - 13,205
University Grant for New
CRM System - 38,134 (38,134) -
Kickstart grant - 14,299 (14,299) -
Societies 50,114 85,928 (75,106) 60,936
63.319 138,361 (127.539) 74.141

2022
£
Group
Financial liabilities measured at fair value 1.108.470
2022
£
Interest income and expense:
Total interest income forfinancial assets held at amortised cost 234
2022
£
Charity
Financial liabilities measured at fair value 1.108.470
2022
£
Interest income and expense:
Total interest income forfinancial assets held at amortised cost 234