## **Charity number 1194635 Company number 13275949**
# **OXFORD BROOKES STUDENTS' UNION LIMITED CONSOLIDATED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **OXFORD BROOKES STUDENTS' UNION LIMITED**
## **FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024**
|**CONTENTS**|**PAGE**|
|---|---|
|Trustee and Union Information|1|
|Report of the Trustees|3|
|Independent Auditors' Report to the Trustees|15|
|Statement of Financial Activities|19|
|Consolidated Balance Sheet|20|
|Union Balance Sheet|21|
|Cash flow Statement|22|
|Notes to the Financial Statements|23|
**OXFORD BROOKES STUDENTS' UNION LIMITED TRUSTEE AND UNION INFORMATION**
## **YEAR ENDED 30 JUNE 2024**
## **Legal & Administrative Information**
The Sabbatical Team of the Union are Charity Trustees and directors of Oxford Brookes Students’ Union Limited. The Board of the Union also comprises Lay and Student Trustees, who are also directors of the limited company.
## **Trustees**
## **Sabbatical Trustees**
Jacob Callicott (appointed 1 July 2023) Vijayjumar Pydi (appointed 1 July 2023) Erika Allaissem Toguy Phoebe Parr
President Vice-President Education and Advocacy Vice-President Liberation and Community Vice-President Student Activities and Employability
## **Student Trustees**
Kofi Owusu-Aidoo (appointed 30 Novemeber 2023) Rohin Singh Sian (appointed 30 November 2023, resigned 30 May 2024)
## **Lay Trustees**
Jill Finney Professor Anne-Marie Kilday (resigned 30 November 2023) Adrian White Dr Tom Flynn Aduke Onafowokan (resigned 9 May 2024) Sarah Thonemann Dr Tom Ritchie (appointed 30 May 2024)
## **Key Management Personnel**
Emilie Tapping (resigned 30 June 2024) Helen Bristow Rebecca Turton Jonathon Szreider Hannah Winters Heather Newton
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**OXFORD BROOKES STUDENTS' UNION LIMITED TRUSTEE AND UNION INFORMATION**
## **YEAR ENDED 30 JUNE 2024**
|**Charity Registration Number**|1194635|
|---|---|
|**Company Registration Number**|13275949|
|**Chief Executive**|Emilie Tapping (resigned 30 June 2024)|
||Rebecca Turton (appointed 1 July 2024)|
|**Principal Office**|John Henry Brookes Building|
||Gipsy Lane Campus|
||Headington|
||Oxford|
||OX3 0BP|
|**Auditors**|Critchleys Audit LLP|
||First Floor|
||Park Central|
||40-41 Park End Street|
||Oxford|
||OX1 1JD|
|**Bankers:**|National Westminster Bank PLC|
||43 Cornmarket St|
||Oxford|
||OX1 3HA|
|**Solicitors:**|Wrigleys Solicitors LLP|
||19 Cookridge Street|
||Leeds|
||LS2 3AG|
||Weightmans LLP|
||100 Old Hall Street|
||Liverpool|
||L3 9QJ|
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES**
## **YEAR ENDED 30 JUNE 2024**
## **Financial Statements**
The Trustee Board present their report and financial statements for the period ended 30 June 2024.
## **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:
- promoting the interests and welfare of Students at Oxford Brookes University during their course of study and representing, supporting and advising Students;
- being the recognised representative channel between Students and Oxford Brookes University and any other external bodies; and
- providing social, cultural and recreational activities and forums for discussions and debate for the personal development of its Students.
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.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES**
## **YEAR ENDED 30 JUNE 2024**
## **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 2024. The report relates not only to the Company but also to its subsidiary The SU.com Trading Ltd. This is therefore a consolidated group directors’ report and all subsidiary undertakings are included in the consolidation. 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgment and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- So far as that Trustee is aware, there is no relevant audit information which the charitable company's auditors are unaware, and
- That Trustee has taken all of the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
This report was approved and authorised for issue by the Board of Trustees signed on its behalf by:
Jill Finney
> Date 28th November 2024
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**OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
## **Structure, Governance & Management**
Oxford Brookes Students’ Union (hereafter referred to as the Students’ Union) falls under the definition of a "students' union" in section 20(1) of the Education Act 1994. 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).
Oxford Brookes University (hereafter referred to as the University) exercises its duty under the Education Act 1994 to take such steps as are reasonably practicable to ensure that the Students’ Union operates in a fair and democratic manner and is accountable for its finances.
The Students’ Union is governed by its Constitution and responsible for providing representation and support to the students of the University. The Constitution and bye-laws were reviewed in 2021 in order for the organisation to become an incorporated company limited by guarantee. The next review date is in 2026 as agreed with the University Board of Governors.
The Students’ Union Trustee Board has provision for a minimum of nine and a maximum of twelve members. The constitution allows for a maximum of six of each category of trustee/director: sabbatical, student and lay. Currently, the composition is as follows:
- four of the trustees are full time student officers of the Union elected by cross-campus secret ballot for a one-year sabbatical term of office. These are full-time or ‘sabbatical’ positions and they receive remuneration as authorised by the Education Act; Sabbatical Officers can serve a maximum of two terms.
- six members of the board are external or lay Trustees. These are persons invited to join the board having been selected for their skills, knowledge and experience. These trustees are recruited externally and include ex officio spaces of Chair, Treasurer and one space reserved for a University member of staff.
- two members of the Board are student trustees. One of these positions are ex-officio reserved for the Chair of the General Meeting. All other student trustees are recruited and appointed through the membership.
All trustees are provided with a handbook, a code of conduct and opportunities for training through external organisations. Specifically, student and sabbatical officer trustees are provided with a full day training with a sector specialist.
The Students’ Union is a democratic organisation with the ultimate decision making power being vested in the Trustee Board which is the sovereign body. The Trustee Board has four subcommittees including Finance & Audit, Health & Safety, People & Culture and Executive Committee. The Executive Committee includes a number of part-time elected officers as well as five student/sabbatical trustees. The work of the Executive Committee is informed by the General Meeting of students. TheSU.Com, the Union's trading subsidiary shares 4 sabbatical officer directors with the main charity alongside 1 external director.
## **Strategic Management**
The Board delegates to the Chief Executive the power to manage the day to day running of the Students’ Union by implementing the policy and strategy adopted by and within a budget approved by the Trustees, and to advise the Trustees in relation to such policy, strategy and budget. The Students’ Union employs full time staff to ensure effective management of its activities and to implement the policy decisions made by the General Meeting and other bodies. There is delegated authority, through the Chief Executive, for operational decision making and accountability within the departments of the Students’ Union.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
## **Public Benefit Statement**
The Union’s objects are the advancement of education of Students at Oxford Brookes University for the public benefit by:
- promoting the interests and welfare of Students at Oxford Brookes University during their course of study and representing, supporting and advising Students;
- being the recognised representative channel between Students and Oxford Brookes University and any other external bodies; and
- providing social, cultural and recreational activities and forums for discussions and debate for the personal development of its Students.
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.
## **Our Strategy**
In order to deliver our charitable aims, we have set a strategic plan which focuses on building Community, Representation and Advocacy.
**Our Vision:** All Brookes students will achieve their full potential on campus and beyond, driving positive change and having a valuable impact on society.
**Our Mission:** We work with students to create spaces and opportunities to build strong communities around common interests and identities. We support students in their personal and academic growth by providing resources, funding and expertise and equipping them with the confidence and skills to effectively represent themselves and others. We want our members to have fun, and enjoy themselves whilst at Oxford Brookes University.
This report relates to the final year of the 2021-2024 plan.
**Representation:** Our Elected Officers will be respected by our members as the legitimate representatives of Brookes Union and trusted to work in partnership with senior leaders within the university and within Brookes Union itself. We will be delivering high-impact campaigns which transform the lives of our members across the whole of Brookes Union.
## **In 2023/24 we:**
- Focused on creating opportunities for community and belonging on campus. As a result we hosted Global Fest - a week-long celebration of the diversity of our student community at Brookes. We also collaborated with departments across the University to host a colour run celebrating Holi.
- We continued to focus on improving the elections process, with a 33% increase in students voting and a 55% increase in candidates from 2022.
- The elected officers continued to work on the Cost of Living; holding two jumble sale events, providing food packs to students in need and working with the University on placement travel costs. We continued to supply period products and pregnancy tests via our fee-to-use Caring Cupboard, as well as supporting initiatives across other sites. In addition, the Union collaborated with the University’s Menstrual Equity team to lead a campaign on period poverty.
- We held multiple SHAG (Sexual Health and Guidance) week events, including free STI and HIV testing.
- ● The Union achieved ‘Very Good’ in Green Impact Students’ Union consolidating our commitment to campaigning and creating change on sustainability and environmental matters. As part of this work, we hosted the first ever Sustainability Exhibition on campus, celebrated National Coffee Day, launched a reusable cup campaign, and delivered a Veganuary Fair.
- We responded to course closures at Brookes, facilitating communication between the University and students.
- We revamped our annual All Members Meeting to make it easier for members to have their say and help set the direction of campaigning work for the year ahead.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
**Advocacy:** Our Student Representatives will be valued members of the university governance, who achieve demonstrable, high-impact results for our members. Every Brookes student will have access to the expert advice and guidance they need to understand their rights and responsibilities; students will feel confident and equipped to successfully navigate policies and procedures.
## **In 2023/24 we:**
- Our trained course reps worked with the VP: Education and Advocacy to reschedule the resit exam timetable by Academic Board, which allowed many International Students to apply for the Post Study Work Visa.
- Via our Harcourt Site Officer, we supported Harcourt students with new lockers to store their kit and the reopening of Harcourt Bar as a social study space.
- Following feedback and lobbying from the Students’ Union, the University appointed an additional Student Money Advisor, as well launched a financial literacy programme.
- We led a revision of the University’s substance misuse policy, which has been adopted, to prioritise education support over punitive measures.
- We worked with the University's Access and Participation Plan (APP), and completed the student submission for the APP. Following on from this, we successfully lobbied for the inclusion of students under 25 with no living parents as part of the University’s APP policy.
- Our Disabled Students’ Officer and Disabled Students' network marked International Day of Persons with Disabilities, collecting feedback on their work towards providing a sensory space on campus and promoting their invisible disabilities campaigns.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
**Community:** Every student will have the opportunity to find and actively engage in a community through our societies.
In 2023/24 we:
- Focused on creating opportunities for community and belonging on campus. As a result we hosted Global Fest - a week-long celebration of the diversity of our student community at Brookes. We also collaborated with departments across the University to host a colour run celebrating Holi.
- We supported our student-led societies to run a range of activities, including nine large scale performances or showcases.
- We launched a series of participatory sport events in partnership with Brookes Sport, enabling students to play non-competitive sports for free.
- We continued to develop our 0% Events, which promote community and inclusion over alcohol-based events. We increased the number of craft and art events, drawing a regular crowd of participants to over 60 events throughout the year.
- We reinvested in our student-led networks with an average 540% increase in membership across the networks. The networks have led events such race equality week, transgender awareness week and Intersectional Women’s History Month.
- We launched our new merchandise offer, which has shown steady growth and we are working on introducing new lines.
- We redesigned our Awards ceremony to combine Teaching and Rep Awards acknowledging the collaborative nature of the work in this area. We also combined all our awards ceremonies into one event, which drew 400 attendees across the whole event. We received nearly 746 nominations and were able to recognise the amazing work that staff and students do for the Brookes community.
## **Plans for 2024-25:**
The Union has recently launched its next three-year Strategy, which will see us focus on three strategic aims:
- Belonging: we will create strong and inclusive student communities on campus
- Collaborative change: we will work collaboratively with the University to empower students to make positive change
- Employability: students who engage with the Union will develop personally and professionally
## **Relationship with Oxford Brookes University**
The Students’ Union receives a Block Grant from the University and part-occupies buildings owned by the University, which also pays for utilities. This support is intrinsic to the relationship between the University and Students’ Union and has not been valued.
Although the Students’ Union runs limited trading activities it will for the foreseeable future be financially dependent on the support of the University. There is no reason to believe that this support will not continue for the foreseeable future as the Students’ Union is an integral part of the University structure and of value to the overall student experience at the University. The University has provided a five-year forward plan of funding and has an ex-officio space on the Union’s trustee board and a co-opted ex-officio space on the Union’s Finance & Audit Sub-Committee.
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**OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
## **Reserves Policy**
In 2022-23, the Trustee Board commissioned a review of the Union’s reserves policy alongside a review of the Union’s Risk Management Policy; this in turn allowed Trustees to review the organisation’s risk appetite and necessary reserves position. The review determined that OBSU Ltd operates in a relatively low-risk environment where significant changes to cash-flow or future income are unlikely to be realised at less than 3 months’ notice. The Board therefore set a reserves target of an average 4 months operating costs (£400k) to be reviewed triannually.
Following a number of years of higher than expected surpluses, the Union has been accumulating reserves above this reserves policy. Trustees had initially designated reserves above this level towards a Strategic Investment Fund, from which growth and innovation opportunities are to be funded. However, towards the end of the year, we started to look into the possibility of using reserves to allow the Union to exit the Students’ Union Superannuation Scheme (SUSS). SUSS is a closed defined benefit scheme in which the Union has previously participated, and has a deficit position of over £136 million, shared across a number of students’ unions. Our share of the deficit is not only a risk in that we must show this on the balance sheet, but with an actuarial valuation due in 2025, there is a level of uncertainty, both in terms of the length of the deficit repayment plan, but in the annual increases themselves. As the total value of the Union’s estimated share of the scheme (the s.75 debt.), plus administrative costs to allow the exit are far more than in reserves, we approached the University to help fund this buyout, through a long-term loan. After discussions, the University agreed to facilitate the loan to pay the costs to leave, less a contribution of £400,000 from the Union’s reserves. This is of course higher than the amount of excess reserves, currently designated as a ‘strategic investment fund’, but it was felt that as exiting would reduce future uncertainty and reduce the Union’s risk profile, the opportunity should be taken if figures were right. Following a decision to exit, the Trustees will need to look at the effect of the contribution being taken from reserves and resolve to reexamine the Union’s reserves policy in light of changes to the Union’s risk profile.
As indicated above, the reserves position is distorted as a result of the application of FRS 102 to the Union’s annual accounts. The reflection of the pension liability in the balance sheet makes the Union’s financial position appear weak. Such accounting principles are a recognition of a potential liability not an actual liability and as such do not impact the cash position of the Union.
Consequently, current total funds of the Union stand at a deficit of £543,790. This position is a consequence of the recognition on the Union’s balance sheet of the pension deficit liability. This is the liability that the Union faces as a result of its previous participation in SUSS.
The liability has decreased in this year due to no scheme valuation changes (the next valuation is due with an effective date of 30 June 2025) and any adjustments representing annual contributions and the application of a discount rate of 5%. The liability represents a sum of £1,363,891 as at 30 June 2024. The Trustees were satisfied that the annual contributions had been appropriately budgeted for and these would continue to be paid for the foreseeable future if the decision was made not to exit SUSS. If this had been the case there was also no expectation that the union would be expected to pay for the total liability at any point in the near future.
If the Pension Liability is disregarded the Union’s position is £820,102 in reserves. £79,271 of this is held in restricted funds. This leaves £740,830 in unrestricted funds, of which £400,000 is designated as operating reserves and £340,830 remains as free reserves as defined by the Charity Commission (unrestricted funds less fixed assets). Free reserves over the target operating reserves have been designated for use as a strategic development fund.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR**
## **ENDED 30 JUNE 2024**
## **Risk Management**
The Trustees reviewed the risk management policy and risk register within this period. The Trustees regularly review and assess the risks faced by the charity in all areas of its work and plan for the management of those risks. Our policy differentiates between operational risks, major risks and strategic risks (combinations of risks which are existential). These are detailed in the Union’s Risk Register.
The Risk Management Policy uses the Institute of Internal Auditor’s ‘Three Lines of Defence’ approach, meaning that we monitor risks in the following three ways:
- 1) Our internal controls manage any risks which are implemented by all staff & volunteers
- 2) SLT ensure compliance with these controls and monitoring risks on behalf of the organisation and upkeep of the organisation’s risk register
- 3) Finance & Audit Sub-Committee monitor the effectiveness of 1 and 2 every quarter and notified of any changes or updates to risks
The Trustee Board are mostly concerned with the four ‘strategic risks’ identified in the risk register:
- University relationships - the University fails to invest in the Union financially or otherwise
- Student Engagement - the union fails to engage students
- People - the union fails to recruit, retain and support a diverse and high performing staff team
- Impact - the union fails to record and demonstrate its impact
Each of these risks are accompanied with a risk mitigation plan which is reviewed every month by the Senior Leadership Team.
## **Affiliations**
Oxford Brookes Students’ Union is currently affiliated only to the NUS, for which our total subscription costs amounted to £25,989 for the period, and no donations were made during the year to any external institutions out of the Union’s own resources
## **Fundraising**
The Union had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
## **Remuneration policy for the Union’s key management personnel**
The Chief Executive and the Sabbatical Officers remuneration is assessed against a benchmark group from the Students’ Union sector when reviewed by the board. Within this financial period both salaries were reviewed by the People & Culture Sub-Committee and increases were made. All other key management personnel are employed on sector-benchmarked wages as determined by the CEO and overseen by the Trustees and Sub-Committees. Over the following period the organisation will be adopting a new and robust pay and remuneration framework.
## **Finance Review**
It is always important to begin the review of the financial performance of the organisation by explaining the reporting standards used in order to produce these statements. We will then compare the management accounts with the statements presented here as they represent the same 12 month period, but look markedly different. To do this, we need to look at how the management information differs from the financial statements and we will do this below.
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## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
In 2016/17 the organisation adopted the FRS102 accounting standards into its accounts, meaning that the pension liability for SUSS (Students’ Union Superannuation Scheme) is recognised in the statements. In accordance with FRS102, the liability appears under the Non- Current Liabilities heading in the balance sheet.
The Net Present Value (the assumed total amount owing, based on what we currently know) of the SUSS liability has been recalculated taking into account annual increases for the deficit payments, less the payments in the period. The NPV also takes into account the discount rate applied in this period (5%), which represents the typical yield of high quality corporate bonds. The most recent actuarial valuation extended the recovery period to include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme, but there were no changes to this effect in the year ended June 2024. The recalculation means that there is a decrease of £35,621 in the liability from £1,399,512 in June 2023 to £1,363,891 in June 2024.
The recognition of the pension liability also forms part of information in the Statement of Financial Activities (SoFA). In order to unwind (amend) the SUSS liability to take account of the re-calculation as shown above, the difference is applied to expenditure. As the liability has decreased this year, the total expenditure within unrestricted funds has too.
In general, the SoFA will differ from the management accounts in other ways too, for example the addition of a notional rent (in both income and expenditure within unrestricted funds) and the inclusion of restricted funds. The restricted fund which represents a difference between the SoFA and Management Accounts is the Societies’ balance. The amount of £10,555 is the difference between the opening amount (total of society balances) at the beginning of the year (£55,511) and the closing balance at year end (£66,066). This amount is shown in the SoFA as net income under the Restricted Funds heading, the result of movements in both income and expenditure. We do not show this in the Management Accounts as they are held in the balance sheet in order to allow the individual totals to pass into the next financial period. These are removed from profit and loss at the moment of year or period end, and re-entered at the beginning of the next year/period. Each Society will begin the next year/period with the previous year or period closing balance. Also included in the restricted fund column are amounts for grants and their related expenditure.
The balance for the period in the Management Accounts was a surplus of £34,378. In comparison the SoFA net income/expenditure is a positive balance of £80,555. The difference between the two is made up of the movements within the pension liability and society funds (£35,621 and £10,555, respectively), plus any small adjustments/round of figures made at audit (<£1).
The format of the SoFA is also very different in the way it expresses income and expenditure and pulls information into main headings. Whilst this usefully allows comparison across the charity sector, this doesn’t fully tell the story of what the Union accomplished in the reporting period and the financial performance required to achieve what it did. It also doesn’t immediately pinpoint any big changes or events that had an effect on the final result.
It should be mentioned at this point that the expression of results for retail operations create the picture that the costs far outweighed the income, something that might at first seem surprising. It should be remembered, however, that the SORP layout apportions other costs (notional rent, support staff and other similar costs) to the retail area. For example, whilst there are some specific income areas for letting of space and advertising, the related costs for these areas are apportioned to retail operations. Moreover, the SoFA consolidates income and expenditure from both the charity and trading subsidiary.
Trustees, funders and stakeholders should therefore be assured that all charitable funds are being used wisely and appropriately. Trustees routinely receive management information as well as having regular
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**OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
dialogue with the Union Management and this allows them to be abreast of the financial situation and to be able to make the necessary decisions to alter, restrict or halt operations, should any difficulties arise. The work begun in 22/23 to improve the financial literacy of the team, including presentations of the quarterly accounts and team involvement in reforecasting budgets, has continued. This has had a very positive impact, making the team feel more invested in what we do but also giving them a sense of ownership of their areas, which has helped not only their personal development but also to foster collaboration and joined-up working within the Union.
## **Income Generation**
The activities undertaken by the Union to generate external income are important not only to raise additional income to provide services, but also to build a sense of community for our students. Whilst the sales of advertising, client activations and pop-up stalls do indeed bring in important revenue, we ensure that we work with companies that will be popular with the membership and of relevance to them. This year saw a continuation of the high value annual marketing agreement with our key partner Domino’s, as well as our regular visits from the ever popular vintage clothing fairs, poster and plant sales. Along with our regular visitors, new companies were keen to do business and many of these brought engaging activations to campus, which not only allowed students access to exciting new productions of interest to them, but they were able to win prizes in interactive competitions. Income generated from sales of advertising, space and marketing agreements in the year was £116.5k. As is often the case, much of this happened either directly in Freshers’ week or closely around this period, and this tells us that companies were keen to do business with us and make contact with the student body as early as possible. As part of the work to look to build, develop and diversify our income streams, 23/24 saw the introduction of the Merch Store. This has been very popular and whilst we were only able to begin operation after Freshers, turnover for the year was around £18k. Whilst this of course brings in income, the existence of a dedicated Merch store is helping us to continue community building and students are able to show their ‘school pride’ via branded items. We’re starting to grow this area and over the Summer the Head of Community has worked with the University to develop and agree new lines. At the time of writing these have been popular and going forward we will keep the momentum going, and are looking at more promotion and increasing visibility.
Entertainments: No ‘traditional’ entertainments programme was run by the Students’ Union in the year, although the Communities team ran several low and no cost events, including the very popular Brookes Fiesta. Brookes Union works with a local promoter, OxEvents, to provide Freshers’ social activity in local bars and clubs in the Oxford area. This contract provides a wide ranging and much loved programme for our students and this brings in an income of £6k into the Union. Our promoter partners once again ran a festival style all day entertainment event, this year called ‘Fishes Open-Air, the Carpark Carnival’, and which took place in May 2024. As with all previous similar events this was very well received by the attendees and these activities remain a highlight of the students’ calendar.
## **Expenditure on Activities and Administration**
It is often said that no year in a Students’ Union is ever the same and 2023/24 was no different. Some changes were bigger than others, but the Union and its team are resilient and ready to embrace changes, turning these into positives to allow us to continue on our journey to where we want to be. The reason for the year’s surplus of £34.4k was that we had some big staffing changes. Some of this is due to the natural gap between team members leaving and when we could successfully recruit for the next role holders. This year we also received payment for the secondment of a senior team member to another Union. As a responsive and forward facing organisation, we are continuously monitoring results to ensure that we are always making full use of our income and spending it wisely. Work to improve the financial literacy of the team continues, including presentations of the quarterly accounts and team involvement in reforecasting budgets. We’ve been responsive and agile and where surpluses were identified, work was done to reallocate resources and
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**OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
to refocus efforts to increase engagement. Unfortunately we were unable to proceed with the planned creation of a new collaborative workspace called the Hub in the year, due in part to gaps in personnel and a focus on service delivery, so the work and related costs were pushed to the Summer. At the time of writing, this area is very well used and has become a favourite workspace not only with the staff team, but officers and other student groups. We’d also planned to use this surplus to improve the Boardroom specifications, making it a truly hybrid meeting room. Due to reasons outside of our control, we’ve been unable to start the work on this, but are liaising with teams in the University to look at our options. Again, as a well used space for committees, student groups and societies, having the hybrid capability will be a boon to many.
This year we were able to build upon and develop further all the good work started in 2022/23, as well as starting new ventures in the year. Our biggest and most valuable resource is our staff team and what they do for our members, and looking at what they have achieved shows how well funding is being spent. We have continued to ensure we have maintained the Caring cupboard, a source of free sanitary products, condoms, drink spiking test kits, pregnancy tests for students on campus. We were again able to run campaigns for sustainability, Cost of Living, mental health and students’ health and safety on campus.
The team was able to once again increase elections engagement, leading to an increase in both candidates and voters. The All Members Meeting was moved to an earlier date, which made more sense for both the Union and the student body in terms of them feeling involved early on. The Union’s Awards ceremonies were combined, showing just how collaborative and connected all our work is, and this bigger event was very well received by winners, nominees and guests alike. Much work has also been done this year to improve students’ life at Brookes, both in terms of the support given to students by advisers, or lobbying the University to look at making changes. The team has again focused on community building, including large events across the University such as Global Fest, or supporting our student societies over a range of activities. The student led networks have been developed and invested in this year, leading to large membership increases and events. Our 0% events programme has flourished and the series of quizzes, karaoke and art events is proving to be ever popular.
There are, of course, many costs that we need to pay to keep running, such as audit fees and insurance, and we need to pay to run finance and payroll systems. One area that has once more made a big impact is pensions and specifically the amounts paid as scheme deficits. The Union still pays deficit payments into the Student’s Union Superannuation Scheme (SUSS), which has closed to further accrual, and these increased 5% for the most part of the period - £8,482 in September 2022, then £8,906 per month. The actuarial valuation dated June 2022 has stated that the deficit payments will continue to increase by 5% every 1st October, but that the scheme is now due to end in May 2037.
These monthly deficit costs, it should be noted, are physical costs in the period to the Union, as opposed to the aforementioned apportioned amount in the SoFA. The PPF levy share is also a real time cost to the Union, which was £5,104
## **Balance Sheet**
As this is the 8th period since the Union adopted FRS102 in its accounts, existing shareholders will not be surprised by the large deficit balance caused by the inclusion of the pension liability. Those new to this style of accounts may be initially perturbed by what looks like negative reserves, so we should always clarify what this means in reality.
As previously mentioned, the inclusion of the liability is only giving the impression of a negative result. The inclusion shows the Net Present Value of the liability but does not include the future income that will pay for it. Looking at the figures before the liability is added shows that the Union is a going concern and will be able to pay its debts as they fall due. Reserves have slightly increased, which is to be expected with a surplus
13
## **OXFORD BROOKES STUDENTS' UNION LIMITED REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
position at year end. Moreover, looking at the cash at bank and in hand, most reserves are cash, aiding the organisation’s liquidity. Having the pension liability in the balance sheet has an effect on our Pension Protection Fund Levy insolvency score and, therefore, the amount we will be liable to pay in the forthcoming year. A negative change in the balance sheet would cause the Union to be 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 scheme remained our biggest financial concern at 30 June 2024. This made the work to look at the feasibility of the Union exiting the scheme so important. The levy share for 24/25 was estimated at £3.8k, a decrease of £1.3k compared with 23/24.
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 higher than the amount at June 2023, due to timing of when payment was received - whereas in 2023 we had received payment by year end, we didn’t receive payment until mid-July in 2024.
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, and creating a community they feel part of from day one. We’ve been responsive to both needs and looking at how we should be refocusing efforts and reallocating funds. And where we can’t reallocate these funds immediately, we will look to plan again for these, or make decisions to make our future more secure. 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, ensuring engagement with our members and using this insight wisely.
This set of accounts is the last one from our 2021-2024 plan. This is an exciting time for the Union, starting a new year with our next strategic plan, with a new CEO at the helm. The Union will look to grow income to help with any future risk to core funding and continue to make the most of its resources to further its dedication to improving students’ lives. This will allow work to extend its reach and to ensure that the experience of our members is enhanced by both new and existing projects. The Union has this year 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. Of course, there are some factors beyond our control and at year end the SUSS deficit situation provided the biggest financial risk to the Union. This of course led the Trustees to investigate whether exiting the scheme was feasible. With the revised surplus position, and with loan assistance from the University, Trustees could resolve to pursue an exit. The exit would significantly reduce the Union’s risk profile and play a huge role in the future financial health of the organisation.
The Union hopes that its relationships with the University as a whole,individual collaborative projects and the wider community continue to flourish and that we will continue to be supported in our work to provide service delivery which is necessary but also valued by our members.
Jill Finney Chair of the Trustee Board Date: 28th November 2024
14
## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORD BROOKES STUDENTS' UNION LIMITED YEAR ENDED 30 JUNE 2024**
## **Opinion**
We have audited the financial statements of Oxford Brookes Students’ Union Limited (the “Charity”) for the year ended 30 June 2024 which comprise the Consolidated Statement of Financial Activities, Balance Sheets, the Statements of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group and Charity’s affairs as at 30 June 2024 and of the group’s income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or
15
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORD BROOKES STUDENTS' UNION LIMITED YEAR ENDED 30 JUNE 2024**
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
- the trustees were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement [set out on page 5], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
16
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORD BROOKES STUDENTS' UNION LIMITED YEAR ENDED 30 JUNE 2024**
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing relevant correspondence.
17
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORD BROOKES STUDENTS' UNION LIMITED YEAR ENDED 30 JUNE 2024**
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
## **Use of our report**
This report is made solely to the Charity’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 Charity’s members 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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Kirtland FCA
Senior Statutory Auditor
for and on behalf of Critchleys Audit LLP First Floor, Park Central, 40-41 Park End Street Oxford, OX1 1JD Statutory Auditor Date: 3/12/2024
18
## **OXFORD BROOKES STUDENTS' UNION LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## _**(incorporating an Income and Expenditure Account)**_
## **YEAR ENDED 30 JUNE 2024**
|**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**Note**
**£**
**£**
**INCOME AND ENDOWMENTS**
**FROM:**
**_Voluntary Income:_**
Donations, Block Grants, etc.
**3**
1,301,525
-
**_Other Trading Activities_**
Letting of space
52,100
-
Advertising income
28,670
-
Freshers' week
35,800
-
Investment income
9,281
-
**_Charitable activities_**
Retail operations
18,369
-
Clubs and societies
-
119,708
NUS Extra commission
-
-
**_Other income_**
32,157
-
**Total income and**
**endowments**
1,477,902
119,708
**EXPENDITURE ON:**
**_Raising funds_**
Freshers’ week
27,435
-
**_Charitable activities_**
Retail operations
43,728
-
Clubs and societies
368,964
109,153
Student representation
472,136
-
Welfare services
464,703
-
External representation
**15**
30,936
-
**Total expenditure**
**4-6**
1,407,902
109,153
**Net income/(expenditure)**
Transfers between funds
**17-18**
-
-
**Net movements in funds**
70,000
10,555
Funds as at 1 July 2023
(693,061)
68,716
**Funds as at 30 June 2024**
(623,061)
79,271|**Year**
**ended 30**
**June**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
1,301,525
1,248,765
14,531
52,100
14,935
-
28,670
32,250
-
35,800
56,870
-
9,281
1,237
-
18,369
1,590
-
119,708
-
100,083
-
824
-
32,157
14,232
-
1,597,610
1,370,703
114,614
27,435
23,050
-
43,728
31,851
438
478,117
314,575
110,301
472,136
500,413
4,650
464,703
750,422
4,650
30,936
28,938
-
1,517,055
1,649,249
120,039
-
-
-
80,555
(278,547)
(5,425)
(624,345)
(414,514)
74,141
(543,790)
(693,061)
68,716|**Year**
**ended 30**
**June**
**2023**
**£**
1,263,296
14,935
32,250
56,870
1,237
1,590
100,083
824
14,232
1,485,317
23,050
32,289
424,877
505,063
755,072
28,938
1,769,289
-
(283,972)
(340,373)
(624,345)|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the period. All amounts derive from continuing activities.
19
## **OXFORD BROOKES STUDENTS' UNION LIMITED**
## **CONSOLIDATED BALANCE SHEET AS AT 30 June 2024**
## **Company Number 13275949**
|**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Stock
Debtors
10
Cash at bank
**Creditors**
11
amounts falling due within one year
**Net current assets**
Total assets less current liabilities
**Non-current liabilities**
12
Pension scheme funding deficit
**Net liabilities**
**Capital and funds**
**Unrestricted funds:**
17
General funds
Pension deficit fund
Operating fund
**Restricted funds**
18|**30 June**
**£**
6,221
118,327
841,331
965,879
(149,359)
|**2024**
**£**
3,581
816,520
820,101
(1,363,891)
(543,790)
340,830
(1,363,891)
400,000
(623,061)
79,271
(543,790)|**30 June**
**£**
-
9,700
904,526
914,226
(147,306)|**2023**
**£**
8,247
766,920|
|---|---|---|---|---|
|||||
775,167
(1,399,512)|
|||||
(624,345)|
|||||
306,451
(1,399,512)
400,000|
|||||
(693,061)
68,716|
|||||
(624,345)|
These financial statements were approved and authorised for issue by the Trustees and were signed on their behalf on ………………………. 28th November 2024
………………………. Jill Finney **Chair of the Trustee Board**
20
## **OXFORD BROOKES STUDENTS' UNION LIMITED**
## **UNION BALANCE SHEET AS AT 30 June 2024**
## **Company Number 13275949**
|**Note**
**Fixed assets**
Tangible assets
8
Investments
9
**Current assets**
Stock
Debtors
10
Cash at bank and in hand
**Creditors**
Amounts falling due within one year
11
**Net current assets**
Total assets less current liabilities
**Non current liabilities**
Pension scheme funding deficit
12
**Net liabilities**
**Capital and funds**
**Unrestricted funds:**
17
General funds
Pension deficit fund
Operating fund
**Restricted funds**
18|**30 June 2024**
**£**
**£**
3,581
100
3,681
6,221
115,297
769,984
891,502
(146,803)
744,699
748,380
(1,363,891)
(615,511)
269,109
(1,363,891)
400,000
(694,782)
79,271
(615,511)|**30 June**
**£**
-
11,608
825,643
837,251
(137,212)|**2023**
**£**
8,247
100|
|---|---|---|---|
||||8,347
700,039|
||||
708,386
(1,399,512)|
||||
(691,126)|
||||
239,670
(1,399,512)
400,000|
||||
(759,842)
68,716|
||||
(691,126)|
These financial statements were approved and authorised for issue by the Trustees and were signed on their behalf on …………………………………. 28th November 2024
………………………. Jill Finney
**Chair of the Trustee Board**
21
## **OXFORD BROOKES STUDENTS' UNION LIMITED**
## **CONSOLIDATED CASH FLOW STATEMENT AS AT 30 June 2024**
## **Company Number 13275949**
|**Note**
**Cash flows from operating activities**
Net income
Interest receivable
Depreciation
(Increase) in stocks
(Increase) / decrease in debtors
(Decrease) in creditors
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities**
Interest receivable
Purchase of tangible fixed assets
**Net cash provided by / (used in) investing activities**
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
**Total cash and cash equivalents at the end of the period**
Cash at bank|**2024**
**£**
80,555
(9,281)
4,666
(6,221)
(108,627)
(33,568)
(72,476)
9,281
-
9,281
(63,195)
904,526
841,331
**2024**
**£**
841,331
841,331|**2023**
**£**
7,070
(1,237)
5,168
-
18,216
(10,696)|
|---|---|---|
||
|
18,521|
||
|
1,237
(8,017)
(5,748)|
|||
11,741
892,785|
|||
904,526|
|||
**2023**
**£**
904,526|
|||
904,526|
22
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 June 2024**
## **1. ACCOUNTING POLICIES**
Oxford Brookes Students’ Union Ltd is an incorporated charity registered in the UK (Charity number 1194635. Company Number: 13275949) with its registered office at John Henry Brookes Building Headington Campus, Gipsy Lane, Oxford, United Kingdom, OX3 0BP.
The Principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Oxford Brookes Students’ Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Consolidated financial statements (‘group accounts”) have been prepared in respect of the charity and its wholly owned subsidiary, The SU.Com Limited. The parent has taken exemption from presenting its unconsolidated profit and loss account under section 408 of the Companies Act 2006, and as permitted by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **Going concern**
The Union is in a net liability position as a result of the pension scheme deficit liability. This liability represents the net present value of deficit contributions over the agreed funding plan to 2035, and does not represent an immediate cash outflow. Before the pension scheme deficit liability, the Union has positive funds of £748,380 (2023: £708,386).
The charity has cash resources and is supported by the University. Having reviewed budgets, forecasts and cash-flows, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
|Fixtures & fittings|- 33% - 100% straight line per annum|
|---|---|
|Computer equipment|- 25% - 33% straight line per annum|
Fixed assets costing more than £750 are capitalised at the time of acquisition.
## **Investments**
Investments are stated at the market value or where no market value is readily available, at net asset value.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
23
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **Income**
All income and capital resources are recognised in the accounts when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. The University grant of free serviced accommodation on the campus is accounted for as income and expenditure of the year at an estimated value to Oxford Brookes Students’ Union.
## **Expenditure**
Expenditure includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers. The value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.
Governance costs are those relating to the charity itself, not its objects and include external audit, any legal advice for the Union and any costs associated with complying with constitutional and statutory requirements.
Staff and support costs that are classified as administrative for internal purposes are allocated proportionately based on time and the nature of work undertaken.
## **Pension costs**
The Union participates in the Student Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. This scheme is now closed to future accrual. The fund continues to be valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable in respect of the past deficit being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. The financial statements reflect at fair value the assets and liabilities arising from the Union’s retirement benefit obligations and any related funding. The operating costs of providing retirement benefits to employees are recognised in the accounting period(s) in which the benefits are earned by the employees, and the related finance costs and any other changes in value of the assets and liabilities are recognised in the accounting periods in which they arise
Until October 2022, the Union (through the University) was also a member of the Oxfordshire Pension Scheme, which operates within the Local Government Pension Scheme, providing defined benefits based on pay and service. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Union. As a result of a TUPE process which was undertaken, staff were transferred from University contracts in October to become directly employed by the Union. This meant that the Union would no longer participate in the scheme and staff were given the opportunity to join the NEST scheme as part of their employment benefits.
The Union operates a defined contribution pension scheme including an auto enrolment arrangement and the pension charge represents the amounts payable by the company to the fund in respect of the year. The Union uses NEST (National Employment Savings Trust) to manage its scheme.
Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
## **Taxation**
No provision is made in these accounts for tax as the Union is entitled to the exemptions available to charities provided all income is applied for charitable purposes.
## **Financial instruments**
Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 19 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income.
24
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **Fund accounting**
The Union administers and accounts for a number of charitable funds, as follows:-
- (i) **Unrestricted Funds** representing unspent income which may be used for any activity/purpose at the Executive Committee’s own discretion;
- (ii) **Restricted funds** raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also (if not material enough to require a separate column in the SoFA) any small capital grants received from the University.
## **2. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## Critical accounting estimates and assumptions
Preparation of the financial statements requires management to make judgements and estimates. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are that of the SUSS pension scheme deficit. A discount rate of 5% has been used in line with industry standards.
## **3. VOLUNTARY INCOME**
||**Year ended**|**Year ended**|
|---|---|---|
||**30 June 2024**|**30 June 2023**|
||**£**|**£**|
|University block grant|1,111,763|1,074,735|
|University grant for rent|189,080|173,306|
|Other grants|-|14,531|
|Donations|682|724|
||1,301,525|1,263,296|
## **4. EXPENDITURE**
|**2024**
**Staff wages**
**Raising funds**
**£**
Freshers week
2,925
**Charitable activities**
Retail operations
23,262
Clubs and societies
251,985
Student representation
290,623
Welfare services
363,562
External representations (15)
-
**Total resources expected**
932,357
Included in other costs are governance costs of £19,91|**Rent**
**Other**
**costs**
**£**
**£**
-
24,509
5,672
14,794
62,396
163,736
64,287
117,226
56,724
44,417
-
30,937
189,079
395,619|**Total**
**£**
27,434
43,728
478,117
472,136
464,703
30,937
1,517,055|
|---|---|---|
25
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
|**2023**
**Raising funds**
Freshers week
**Charitable activities**
Retail operations
Clubs and societies
Student representation
Welfare services
External representations (15)
**Total resources expected**|**Staff**
**wages**
**£**
-
26,664
195,041
326,750
638,592
-
1,187,047|**Rent**
**£**
-
5,199
57,191
55,458
55,458
-
173,306|**Other**
**costs**
**£**
23,050
426
172,645
122,855
61,022
28,938
408,936|**Total**
**£**
23,050
32,289
424,877
505,063
755,072
28,938
1,769,289|
|---|---|---|---|---|
Included in other costs are governance costs of £19,910.
## **5. CENTRAL OVERHEAD COSTS INCLUDED IN NOTE 4**
|**2024**
**Usage**
**%**
**Charitable activities**
Retail operations
3
Club and societies
33
Student representation
34
Welfare services
30
100
**2023**
**Usage**
**%**
**Charitable activities**
Retail operations
3
Club and societies
33
Student representation
32
Welfare services
32
100|**Staff**
**wages**
**£**
22,908
251,985
259,621
229,078
763,592
**Staff**
**wages**
**£**
17,731
195,040
189,131
189,131
591,033|**Rent**
**£**
5,672
62,396
64,287
56,724
189,080
**Rent**
**£**
5,199
57,191
55,458
55,458
173,306|**Other**
**costs**
**£**
4,442
48,859
50,340
44,417
148,058
**Other**
**costs**
**£**
5,721
62,930
61,022
61,022
190,695|**Total**
**£**
33,022
363,241
374,248
330,219
1,100,730
**Total**
**£**
28,651
315,161
305,611
305,611
955,034|
|---|---|---|---|---|
||||||
The Union’s policy is to allocate these costs on the basis of assessed consumption.
26
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **6. STAFF COSTS**
||**Year ended**|**Year ended**|
|---|---|---|
||**30 June 2024**|**30 June 2023**|
||**£**|**£**|
|Wages and salaries|760,656|679,888|
|Social security|62,630|57,577|
|Pension – contributions paid|144,692|149,606|
|Pension – actuarial liability movement|(35,621)|291,042|
||932,357|1,178,113|
|The number of higher paid employees|**Period ended**|**Period ended**|
||**30 June 2024**|**30 June 2023**|
|In the band £60,000 - £70,000|-|1|
|In the band £70,000 - £80,000|1|-|
The total employment benefits including employers pension contributions of the key management personnel for 2024 was £389,542 (2023 was £406,142).
Included within staff costs for the year are severance payments of £nil.
Included within staff costs for the year is an ex-gratia payment of £nil in respect of a goodwill gesture where conditions for redundancy payment had not been met.
The average staffing was as follows:
|||**Year ended**|**Year ended**|
|---|---|---|---|
|||**30 June 2024**|**30 June 2023**|
|Full|time|21|21|
|Students – term time||23|15|
|||44|36|
|**7.**|**NET INCOME/EXPENDITURE FOR THE PERIOD**|||
Net expenditure for the period is stated after charging:
|||**Year ended**|**Year ended**|
|---|---|---|---|
|||**30 June 2024**|**30 June 2023**|
|||**£**|**£**|
|Depreciation||4,666|5,168|
|Auditors|remuneration:|||
|-|Parent charity|11,100|10,800|
|-|Subsidiary company|2,230|2,100|
|-|Other non-audit services|-|-|
27
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **8. TANGIBLE FIXED ASSETS (GROUP AND CHARITY)**
||**Fixtures &**|**Computer**|**Total**|
|---|---|---|---|
||**equipment**|**equipment**||
||**£**|**£**|**£**|
|**Cost**||||
|As at 1 July 2023|28,006|19,784|47,790|
|Disposals|(3,812)|-|(3,812)|
|**At 30 June 2024**|24,194|19,784|43,978|
|**Depreciation**||||
|As at 1 July 2023|20,761|18,782|39,543|
|Charge for the period|3,664|1,002|4,666|
|Eliminated on disposals|(3,812)|-|(3,812)|
|**At 30 June 2024**|20,613|19,784|40,397|
|**Net book value**||||
|At 30 June 2024|3,581|-|3,581|
|At 30 June 2023|7,245|1,002|8,247|
28
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **9. INVESTMENTS**
||**Group**||**Charity**|
|---|---|---|---|
||**£**||**£**|
|**Net book value**||||
|At 30 June 2023||-|100|
|At 30 June 2024||-|100|
At 30 June 2024 the Union held investments in the following companies which are incorporated in the United Kingdom.
|**Name of Company**|**Main Trading Activity**|**Equity Held**|
|---|---|---|
|The SU.com Trading Limited|Entertainment management|100.00%|
All Investments are held primarily for the public benefit and not to provide an investment return and are therefore held at cost.
The subsidiary company, The SU.Com Trading Limited, which is consolidated in these accounts, had turnover in the period of £119,445 (2023: £118,105) and a profit before gift aid donations of £71,721 (2023: £66,781). £66,781 (2023: £58,750) was gift aided to the Union in the period. The net assets of the subsidiary at the period end was £71,821 (2023: £66,882).
## **10. DEBTORS**
||**Group**|**Charity**|**Group**|**Charity**|
|---|---|---|---|---|
||**2024**|**2024**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|
|Trade debtors|101,278|101,278|875|875|
|Amount due by subsidiary|-|360|-|1,921|
|Other debtors|14,892|11,502|8,825|8,812|
|Prepayments and accrued income|2,157|2,157|-|-|
||118,327|115,297|9,700|11,608|
**11. CREDITORS:** Amounts falling due within one year
||**Group**|**Charity**|**Group**|**Charity**|
|---|---|---|---|---|
||**2024**|**2024**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|
|Trade creditors|35,472|35,472|28,513|27,876|
|PAYE and social security|25,284|25,284|16,676|15,941|
|Other creditors|23,655|23,655|36,098|30,098|
|Accruals and deferred income|64,950|62,395|66,019|63,297|
||149,361|146,806|147,306|137,212|
29
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
## **12. PENSIONS**
## SUSS
The Union participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual. The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m.
The 2022 valuation saw scheme Trustees take steps to ensure that the level of contributions will remain affordable for participating employers. The regular increase of 5% due in October 2023 will proceed as they had planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037. This is an extension from August 2035. Contributions due from 1 October 2026 onwards will be reviewed following the next actuarial valuation, due with an effective date of 30 June 2025. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme’s levy to the Pension Protection Fund.
In accordance with FRS102, the net present value of the future contributions required over 13 years to clear the funding deficit is £1,363,891 (2023: £1,399,512). In calculating this net present value, the extension of the deficit recovery period and then the annual increases of 5% have been taken into account and a discount rate of 5% representing the typical yield of high quality corporate bonds has then been applied.
For the period 1 July 2023 to 30 June 2024, the Union made monthly payments as part of the deficit reduction plan. This is expected to clear the Union’s deficit over the coming 13 years. The total contributions paid into the scheme by the Union in respect of eligible employees for the period ended 30 June amounted to £105,600 (2023: £100,572). The movement in the deficit contribution liability in the year was a deficit £35,621.
On 23 August 2024, Oxford Brookes Students' Union informed SUSS trustees of their intention to cease participation in the pension Scheme, and pay the s75 balance in order to exit. Please see note 20 for further details
## National Employment Savings Trust
The Union also operates a defined contribution scheme. The assets of the scheme are held separately from those of the Union by an independently administered fund. The Union uses NEST (National Employment Savings Trust) to manage its scheme. The pension cost charge represents contributions payable by the Union to the fund and amounted to £33,988.
## **13. DONATIONS**
The Union made no donations to external bodies during the period except where collections were made on behalf of various charities and lodged with the Union prior to payment to the charities.
## **14. RELATED PARTY TRANSACTIONS**
30
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
The following are considered to be related parties for the reasons stated. The transactions with these related parties are set out below:
## **Oxford Brookes University**
The Union is in receipt of a recurrent grant from the University of £1,300,843.
Transactions throughout the period resulted in a trading balance as at 30 June 2024 of £20 (2023: £2,155) owed to the University.
All permanent staff were, until October 2022, jointly employed by the University and the Student Union under standard University contracts and were recharged to the Union at cost. All staff were transferred from University contracts to become directly employed by the Union in October as a result of a TUPE process that had been undertaken. The charges for the period ended 30 June 2024 excluding pension contributions amounted to £Nil (2023: £115,402) _._ The management charge relating to this totalled £Nil (2023: £Nil).
## **Trustee Remuneration and Expenses**
The Union’s sabbatical officers received £123,921 (2023: £113,255) for the period 1 July 2023 to 30 June 2024, as authorised in the Union’s governing document.
There were no other trustee-benefits for the period.
Seven members (2023: six members) of the Trustee Board were reimbursed a total of £1,461 (2023: £3,756) for the period in respect of personal travel and subsistence expenses, incurred as part of their duties.
## **The SU.com Trading Limited**
The company has taken advantage of the exemption in Financial Reporting Standard 102 ‘Related Party Disclosures’ not to disclose transactions with other members of the group on the grounds that 100% of the voting rights are controlled within the group.
## **15. EXTERNAL REPRESENTATION**
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|NUS Affiliation|25,989|25,989|
|Other|4,947|2,666|
||30,936|28,655|
31
**OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 June 2024**
## **16. ANALYSIS OF NET ASSETS**
|**GROUP**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**£**
**£**
Tangible fixed assets
3,581
-
Net current assets
737,249
79,271
Non-current liabilities
(1,363,891)
-
(623,060)
79,271
**CHARITY**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**£**
**£**
Tangible fixed assets
3,581
-
Investments
100
-
Net-current assets
665,428
79,271
Non-current liabilities
(1,363,891)
-
(694,782)
79,271|**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
3,581
8,247
-
816,520
698,204
68,716
(1,363,891)
(1,399,512)
-
(543,790)
(693,061)
68,716
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
3,581
8,247
-
100
100
-
744,699
631,323
68,716
(1,363,891)
(1,399,512)
-
(615,511)
(759,842)
68,716|**Total**
**funds**
**2023**
**£**
8,247
766,920
(1,399,512)
(624,345)
**Total**
**funds**
**2023**
**£**
8,247
100
700,039
(1,399,512)
(691,126)|
|---|---|---|
## **17. UNRESTRICTED FUNDS**
|**As at**
**30 June**
**2023**
**£**
Operating fund
400,000
Pension deficit
(1,399,512)
General fund
306,451
(693,061)
**As at**
**30 June**
**2022**
**£**
Operating fund
250,000
Pension deficit
(1,108,470)
General fund
443,956
(414,514)|**Income**
**2024**
**Expenditure**
**2024**
**Transfers**
**2024**
**£**
**£**
**£**
-
-
-
-
35,621
-
1,477,902
(1,443,523)
-
1,477,902
(1,407,902)
-
**Income**
**2023**
**Expenditure**
**2023**
**Transfers**
**2023**
**£**
**£**
**£**
-
-
150,000
-
(291,042)
1,370,702
(1,358,207)
(150,000)
1,370,702
(1,649,249)
-|**As at**
**30 June**
**2024**
**£**
400,000
(1,363,891)
340,830
(623,061)
**As at**
**30 June**
**2023**
**£**
400,000
(1,399,512)
306,451
(693,061)|
|---|---|---|
## **Operating fund**
Following a review of the reserves policy alongside a review of the Risk Management policy, it was determined that OBSU Ltd operates in a relatively low-risk environment where significant changes to cash-flow or future income are unlikely to be realised at less than 3 months’ notice. The Board therefore set a reserves target of an average 4 months operating costs (£400k), to be reviewed triannually.
32
## **OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 June 2024 18. RESTRICTED FUNDS**
|**As at**
**30 June**
**2023**
**£**
Governance and Quality Fund
13,205
Societies
55,511
68,716
**As at**
**30 June**
**2022**
**£**
Governance and Quality Fund
13,205
University Grant for New CRM System
-
Kickstart Grant
60,936
Societies
74,141|**Income**
**2024**
**Expenditure**
**2024**
**As at**
**30 June**
**2024**
**£**
**£**
**£**
-
-
13,205
119,708
(109,153)
66,066
119,708
(109,153)
79,271
**Income**
**2023**
**Expenditure**
**2023**
**As at**
**30 June**
**2023**
**£**
**£**
**£**
-
-
13,205
14,531
(14,531)
-
100,083
(105,508)
55,511
114,614
(120,039)
68,716|
|---|---|
## **Governance and Quality fund (formerly Student Union Evaluation Initiative fund)**
In the financial year 2008-2009 funds were received from Oxford Brookes University to allow the Student Union to participate in the Student Union Evaluation Initiative. The Union was not in a position to engage fully with SUEI at that time and withdrew, pending completion at a later date.
SUEI is no longer in existence and therefore OBSU are retaining these funds in order to work towards gaining accreditation in schemes such as Quality Students' Unions; accordingly this has been renamed the ‘Governance and Quality’ fund.
## **Societies’ fund**
Societies’ funds represent amounts raised by the clubs and societies of the Union for their own use.
## **19. FINANCIAL INSTRUMENTS**
|**GROUP**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Financial liabilities measured at fair value|1,363,891|1,399,512|
|he group’s income, expense, gains and losses in respect of financial instruments are summarised||below:|
||**2024**|**2023**|
||**£**|**£**|
|**Interest income and expense:**|||
|Total interest income for financial assets held at amortised cost|9,281|1,237|
|**Charity**|**2024**|**2023**|
||**£**|**£**|
|Financial liabilities measured at fair value|1,363,891|1,399,512|
The group’s income, expense, gains and losses in respect of financial instruments are summarised below:
The charities income, expense, gains and losses in respect of financial instruments are summarised below:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|**Interest income and expense:**|||
|Total interest income for financial assets held at mortised cost|9,281|1,237|
|Included within financial instruments held at fair value is the pension scheme liability.|||
## **OXFORD BROOKES STUDENTS' UNION LIMITED NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 June 2024**
## **20. POST BALANCE SHEET EVENTS**
On 23rd August 2024, it was decided that the Union would leave the SUSS pension scheme, by paying the s.75 debt. After informing SUSS trustees that they intended to cease participation in the Scheme and proceed with the exit, the Union received the final Section 75 debt calculation, the scheme administrative costs and certificate from the Scheme Actuary. The Union was then liable to make payment to the Scheme within the SUSS Trustees' required timeframe to complete the exit. The total of the s.75 debt (plus administrative costs) was £1,371,702. On 14 August 2024, a 10 year loan agreement was signed with Oxford Brookes University for £971,702. The remaining balance was paid with £400,000 from the Union’s reserves.