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2024-07-31-accounts

University of Huddersfield Students’ Union Trustees’ Report and Financial Statements For the Year Ended 31 July 2024

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

Table of Contents

Legal and administrative Information Trustees’ Report Structure, Governance and Management Articles of Association Public Benefit Trustees Committees and Delegation Pay Policy for Key Management Personnel Relationship with, and support of the University of Huddersfield Risk Management Strategic Plan 2018-25 Strategy Update Values and Enablers 11 KPI’s 11 Strategic Review 12 Financial Review 15 Going Concern 15 Reserves Policy 16 Affiliations 16 Custodian Activities: Clubs’ and Societies’ Funds and the Annual RAG 17 Board of Trustees’ Responsibilities 17 Independent Auditors’ Report on the Financial Statements 19-22 Consolidated Statement of Financial Activities 23 Consolidated Balance Sheet 24-25 Union Balance Sheet 26-27 Consolidated Statement of Cash Flows 28 Notes to the Financial Statements 29-58

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Legal and Administrative Information

Trustees :

Company registered number: 13435053 Charity registered number: 1197170

Principal office:

Students’ Union Queensgate Huddersfield HD1 3DH

Senior Leadership team:

Independent auditor:

BHP LLP Chartered Accountants & Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Bankers:

HSBC Bank Plc 2 Cloth Hall Street Huddersfield HD1 2ES

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Trustees’ Report

The Trustees present their Annual Report together with the audited financial statements of University of Huddersfield Students’ Union for the year ended 31 July 2024. The Annual Report serves the purpose of both a trustees’ report and a directors’ report under company law. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS102) (effective 1 January 2019).

Since the group and the company qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (strategic report and directors’ report) Regulations 2013 has been omitted.

Structure, Governance and Management

Articles of Association

University of Huddersfield Students’ Union (HSU) is constituted under the Education Act 1994 as a charity with internal regulations and Articles of Association approved by the governing body of the University of Huddersfield (the University) and members of HSU. As a registered charity and a company limited by guarantee, its articles have been approved by the Charity Commission. HSU charitable objects under the Act are the advancement of education of students at the University of Huddersfield for the public benefit by:

Public Benefit

In planning and delivering our services and activities, the Trustees and management of the Union have given due regard to the need to ensure that the charity provides public benefit, following the Charity Commission’s guidance on these matters. Details on how the Union has carried out its activities for the public benefit are outlined in the strategic plan section of this report.

Trustees

HSU is administered by its Board of Trustees made up of 4 students elected by the membership of HSU, 5 external Trustees and 2 appointed Student Trustees, who are regarded as the Charity Trustees for the purposes of the 2011 Charities Act. The four elected Officer Trustees are remunerated as authorised by the Articles and individuals cannot serve more than two years as an Officer Trustee.

As the Charity Trustees, all Officer Trustees receive an induction into their legal and administrative responsibilities, with an on-going training programme as and when needed, addressing matters arising during their term of office.

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The External Trustees and Student Trustees are selected and appointed to ensure there is a balance of skills and experience within the Board. The External Trustees are appointed to support the Students’ Union to discharge strategic and governance functions, and the Student Trustees ensure that there is the best possible diversity of student representation on the Board. Student Trustees serve a 12 month term that can be extended for a further year. Trustee search and selection is undertaken by the Appointments Committee, which includes Officer and lay Trustees; vacancies are advertised, and candidates are invited to apply setting out how they meet a Trustee specification. The University Vice Chancellor appoints one external Trustee, bringing a University perspective to Board deliberations.

Committees and Delegation

The position of the Officer Trustee is at the heart of the Board of Trustees and their membership on all other key sub committees ensures that the student voice is heard throughout HSU decision making structures and that our decision makers are accountable to the student body.

----- Start of picture text -----
Board of Trustees Meets Responsible for overall strategic direction of HSU.
quarterly
Management and Meets Responsible for campaigning and representative functions of
Executive monthly HSU as well as ensuring activity is in line with strategic,
Committee operational and financial plans.
Union Development Meets Responsible for review and development of financial
Committee quarterly procedures, budgets, staffing policies and procedures.
Audit Committee Meets To consider audit requirements, evaluate risk profile and
annually appetite, recommend appointments to Board and
remuneration arrangements.
Student Activities Meets at least To consider matters affecting student activity groups, their
Executive monthly funding bids and activity plans.
----- End of picture text -----

The Board of Trustees and Union Development Committee consider annual budgets and accounts on a quarterly basis. On a day-to-day basis performance is monitored by the management team. The four Officer Trustees are responsible for the day to day development of representation and campaigning policy that affects students. A Student Panel, made up of a random, representative sample of 30 students, establishes Students’ Union policy, and an appointed Accountability Panel scrutinises and supports the work of the Officer Team.

HSU also employs around 25 non-student staff for the sake of continuity in the management and delivery of its many activities. A clear staff structure is in place and staff members are accountable to the Chief Executive for the performance of their duties. The Chief Executive is accountable to the Board of Trustees and is formally line managed by the Chair of the Board of Trustees.

Pay Policy for Key Management Personnel

The Board consider the Trustees and the Senior Management Team to be the key management personnel of the Union in charge of directing controlling, running and operating the Union on a day to day basis. All Lay Trustees and Student Trustees give of their time freely and did not receive remuneration in the year. Officer Trustees receive an annual salary for their work as Full-time Elected Officers. This is set at a fixed scale that is the same for all the Officer Roles. Union Development Committee (see table above) regularly review remuneration arrangements and benchmark against the sector.

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The Senior Managers are appraised annually by the Chief Executive and receive an increase if they have successfully achieved their objectives for the year. Senior Managers who have reached the top of their grade do not usually receive any further incremental uplifts. The pay scales for SMT are considered in line with the pay scales for the whole organisation and regularly benchmarked against the sector.

The Chief Executive is appraised by the Chair of the Board and the President, who will recommend an increase subject to achieving the objectives that are agreed by the Board at the start of the year. This recommendation is considered by Union Development Committee and then approved by the Board of Trustees.

Relationship with, and support of the University of Huddersfield The relationship between the University and HSU is formally established in the University Code of Practice, detailed in the HSU Articles, a joint memorandum of co-operation, and the buildings lease approved by both organisations.

The relationship with the University is based on partnership where the strategy of the University and HSU are aligned and aim to make student life better. Regular meetings between senior University staff and the Officer Trustees discuss strategy and joint working. These and other meetings also provide opportunities to represent student views and lobby University decision makers to make changes that will improve the student experience.

HSU received a block grant from the University of £1.373m in 2023/24, the same as the previous year. HSU pays an annual rent of circa £204K and is responsible for utility costs and recharges made by the University. The University provides support and other services to HSU, such as IT support, and access to facilities such as rooms and sports facilities, which support student activities. The Students’ Union is able to draw on professional advice of university colleagues in areas such as health and safety and data protection.

In addition to the University grant HSU operates a number of income generating activities:

Consequently, HSU generates a modest supplementary funding contribution from its primary purpose and ancillary trading activities, which illustrates that HSU will continue to be dependent on the University to provide finances for the wide range of membership services it offers. There is no reason to believe that this support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body.

HSU do not engage in raising funds directly from the general public; the Union will continue to monitor its sources of income and should it start to generate significant funds from fundraising activities it will inform the fundraising regulator and take all necessary measures to ensure it complies with the guidance issued.

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Risk Management

The Board of Trustees has examined the major strategic, business and operational risks faced by HSU. A risk register is established and is updated annually, with quarterly updates to Board of any significant changes in the risk profile. Further to this the Union has undertaken a Business Impact Analysis and established a Business Continuity Plan to minimise the impact of business disruption and reputational risk.

Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. Budgetary and financial risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. A reserves policy is established to ensure financial viability. Procedures are in place to ensure compliance and the health and safety of staff, volunteers and participants in all activities organised by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Charity.

Other key risks facing the organisation include:

Governance Risk

Operational Risk

Strategic Plan 2018-25

HSU has entered the final phase of the strategic plan. This plan stated that by 2025 all Huddersfield students will agree that the Union helps to develop the life skills they need to make and shape their future. They will understand and value being part of the HSU community.

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The 2018 strategy was an overwhelming success in engaging more students in more activity. The impact of Covid cannot be underestimated, and the changing student demographic necessitates a pause and realignment to ensure HSU continues to focus resource at the most impactful activities.

The mission of Huddersfield Students’ Union is to make student life better. The success of delivering this is measured through three levels of engagement: we will work together to create personal connections, inclusive communities and meaningful change. All the departments and teams contribute to engaging students, and those departments include:

The above departments are directed by a small Senior Leadership Team who work closely with the elected Officers to ensure activities and team members are focused on having a positive impact for students. The new strategy allows for more project-based working that moves away from the department structure and allows for innovation in services to take place.

Strategy Update

There have been many successful projects and activities undertaken during this plan, and some of the highlights in this financial year are listed below:

Strategic Aim 1: All students will connect with us in the best way for them, they will understand our services and know we are there if they need us.

2,846 students cast over 12,000 votes in our Officer Elections, the organisation took the brave decision to move to one day of voting – this had a positive impact on candidate, staff and student wellbeing while maintaining % turnout from previous years.

Our Advice Centre supported over 7,000 students with enquiries and appointments. In addition to the regular academic, housing and finance appointments, the team formed a new relationship with Kirklees Rape and Sexual Abuse Centre enabling students to access appointments with their Independent Sexual Violence Advisors.

We gave 8,970 students a free membership to their academic society, enabling them to take part in guest lectures, trips and activities. Highlights include: Art Society trip to Comic Con in London, Games Design Society trip to EGX, Unibrass Competition and OT Society Careers Workshops.

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Strategic Aim 2: 60% of students will be an active member of the HSU community, developing their personal skills and co creating activities.

Our Student-led trips and events were diverse and wide-ranging, catering for the needs of our 1,011 Society Members and 262 Global Society Members. From our Paramedic Society climbing the 3 peaks, to ISOC running regular Iftars during Ramadan there was an event for everyone. The Musical Theatre showcase, Law Society Murder Mystery and Prideday night dinner show the variety of events students can choose to get involved with. HUMS participated in the Unibrass competition, coming second in the Country.

Our Sports Teams continued to go from strength to strength. The 23/24 sporting season saw plenty of 2[nd] /3[rd] place finishes in BUCS, from the likes of Men’s Indoor Cricket, Men’s Football 1’s, Men’s Futsal, Women’s Hockey & Women’s Badminton who all came up just short of winning their respective tiers. Each team contributed to a post-COVID record number of BUCS points for the University, We also saw record number of entries into BUCS Nationals & Championships, with the likes of Archery, Snowsports, Climbing, Cycling & Table Tennis all featuring our fantastic student athletes.

Our SU Boxing Club President competed in the BUCS Boxing Championships in February and came away with the gold medal in his respective weight category, a fantastic achievement against the best boxers in the country! Our Badminton’s Women’s team are our best performing BUCS club with a 3[rd] place finish in the league and reaching the quarter finals of the BUCS Conference Cup, which no other team could replicate. The Badminton’s Men’s 1[st] team went the full league season undefeated to become the first sports team post covid to win their tier.

HUSSI host their fortnightly sessions to ChillFactor for members, H-Karts put on their own taster sessions ‘H-Karts STARS’ and Climbing & Mountaineering hosted fabulous but cold trips to Castle Hill, HardCastle Craggs and to the Lake District. Badminton collaborated with the Vietnamese society, H-Karts, Climbing & Mountaineering & Pole Fitness put on a fabulous Ninja Warrior Sober Social event, and Cheer hosted their termly ‘Bring a Boy’ session to break the stigma that Cheer is a women-only sport.

Our two Rugby Clubs hosted a mental health & wellbeing talk with State of Mind, and Badminton hosted a Doubles Tournament with all proceeds going to their chosen charity. Cheerleading held bake sales and a ‘wear pink to training’ for Breast Cancer Awareness, and the Netball committee raised £535 for CoppaFeel, and throughout the month of October set themselves the target of walking 1 million steps between them (they even managed an extra 309k steps!) 27 different sessions were organised as part of the SU and Active Hud ‘This Girl Can’ campaign, empowering students and breaking down barriers to participation in sport & physical activity. We’ve also seen the formation of a Women’s Cricket team off the back of the TGC campaign. The H-Karts committee have worked hard on getting more women involved in a traditionally ‘male dominated space’, collaborating with the Pole Fitness society and creating a free social membership to encourage students down to watch racing events, hopefully creating a pathway into the club and making students more comfortable in/around the racing environment. They took a team to the inaugural Women’s Only Karting Event with other Northern universities.

Strategic Aim 3: 20% of students will lead and create change by becoming leaders within HSU, the University, and local and global communities.

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Our Academic Reps have worked hard against the backdrop of a challenging Higher Education Sector. Some changes they’ve successfully implemented include:

The Student Liberation Networks are volunteer students who join communities led by student staff to make targeted change for

Some of their key campaigns have been:

The Officers set objectives in line with the final year of the strategy,

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Values and Enablers

We will demonstrate our values by ensuring everything we do is inclusive, engaging, empowering and delivered with integrity.

KPI’s

Strategic KPIs Targets Results HSU Vision By 2025 all Every year 1% of the student500 students have taken part in HudFutures Huddersfield students population will be added to theHudFutures by the end of the project on hold will agree that we can longitudinal survey and 100%year. help them develop the will agree that HSU has had a life skills they need to positive impact on the 7 make and shape their identified life skills. future.

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----- Start of picture text -----
HSU To make student life Top quartile for NSS Q.26 59% HSS satisfaction rating 78.4%
Mission better.
We will work together 63% NSS satisfaction rating. 76.75%
to create personal
connections, inclusive The Students’
communities and Union places
meaningful change. 22nd, in the top
quartile, 2.2 points
above benchmark.
95% of students will connect 16,150 unique students 13,829
with us.
60% of students will be part 3740 unique students 2,866
of the HSU community.
20% of students will create 850 unique students 930
change.
Values Everything we go is 90% agree HSU is a great 90% 96%
inclusive, engaging, place to work.
empowering and
90% agree that they 90% 100%
delivered with
understand the values and
integrity.
how they demonstrate them
through behaviours at work. (I
see this organisation's values
being acted out in practice)
Enablers Financially sustainable Small operating surplus every To deliver within approved Ahead of forecast.
organisation looking year. budget.
for new ways to add
value to the student Excellent rating in all QSU Continue with current status. Current very good
experience and our categories. and Excellent.
services.
Sustainable liberation groups 125 individual students 231 members of
that deliver change. involved with a minimum of 15 networks
A diverse, inclusive
within each network and one 54 actively
and innovation
major campaign from each. involved in
organisation that
campaigning.
encourages new ways
Achieved Investing in Additional accreditation Awarded Race
of working and
Ethnicity and Race in the achieved. Equality Matters
develops digital
Workplace. “Trailblazers”
solutions to engaging
status Bronze.
with students.
Anti-Racism Y1
Action Plan
Completed.
New digital solutions to Digital strategy developed and Data Maturity
engaging with students. initial stages implemented. Matrix Assessment
Complete.
----- End of picture text -----

Strategic Review

When strategy was launched in the 2017/18 academic year, there was no indication that the strategic period chosen (2018-25) would turn out to include the biggest period of upheaval and social change in generations. The Covid pandemic of 2020 and the long tail of consequences it has left in its wake has been truly global and left impacts across every area of society, our organisation included.

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The 2018 strategy included a number of ambitious and new projects, each with the aim of evaluating mid-strategy (2020) before any decision on long term viability was made. Student behaviour since the pandemic has shifted significantly. The pandemic certainly impacted on the social expectations of new students – potentially delivering cohorts of young people who had experienced secondary school or College in lockdown and without ‘normal’ patterns of socialising. Away from the pandemic, economic and political challenges have led to a cost of living crisis that has left students with less money in their pockets, and a smaller more competitive job market to aim for post graduation.

Key achievements in year 5 of the strategy included:

  1. 15,000 Voters in our Elections

  2. Our Advice Centre have dealt with over 40, 000 enquiries

  3. £700,000+ paid out in Student Staff Wages

  4. Over 10, 000 students have joined a Sports Club or Society

  5. New, paid roles for students to lead our student networks and campaigns

  6. 5,000+ students received a volunteer transcript, accredited by Volunteering Kirklees

  7. 90% of HSU Staff would recommend working at HSU.

  8. New commitments and funding for becoming an anti-racist organisation, sharing our work with other SU’s at a National level

  9. Declaring a Climate Emergency with the University of Huddersfield, and achieving ‘very good’ Green Impact.

  10. Winning an NUS Trading Award for impactful collaborations between the Shop and the Universities Catering Department.

The Board of Trustees agreed that a new strategy would be appropriate for the Union earlier than 2025. While some of the originally intended outcomes were not delivered, the Union is rightly proud of the impacts we’ve had on the lives of our student members since 2018.

The Union enters this next strategic period 2024-2027 with an eye on our centenary – HSU turns 100 years old in November 2027 and we are ready to celebrate with a fantastic and impactful three years in the lead up to this date.

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Financial review

HSU has made an overall surplus of £103k this year. Total income of £2.52m with expenditure of £2.48m. HSU has continued to benefit from the support of the University, this year the annual grant was £1.37m which was the same as the previous year. The £2.48m expenditure went on a range of student benefits detailed within the financial statements. HSU aims to work within its budget which planned a surplus budget of £2k before reserves expenditure, a deficit budget of £54k after reserves expenditure.

Under the requirements of FRS 102 the Union has recognised in the accounts its share of the pension liability for the Students’ Union Superannuation Scheme. The inclusion of the pension scheme liability has resulted in a negative pension fund of £1,166,931. The Trustees’ assumption is that the Union will continue to make contributions to the pension scheme such that, after 11 years, the deficit will be reimbursed; as such the trustees consider that this does not impact on the going concern of the Union.

Going Concern

HSU have an excellent relationship with the University of Huddersfield, and the annual block grant helps HSU continue its activities and services for students. HSU appreciates this ongoing support, which is crucial for meeting its objects. With strong cash reserves and support from the University, Trustees are reassured about HSU’s financial stability. HSU manages its finances well, and the Union Development Committee and the Board of Trustees will monitor HSU’s financial performance to take necessary actions if needed. Forecasts show that HSU has enough reserves and cash to

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operate for 12 months from the approval of these accounts. Therefore, the Trustees believe it is appropriate to prepare the accounts on a going concern basis.

Reserves Policy

The Trustees have reviewed HSU’s reserves requirements and set a reserve and budgeting policy summarised below.

Budgeting and Reserves Policy Objectives:

----- Start of picture text -----
£420,000 Operating Reserves: HSU will hold funds within the range of £280,000-£420,000 to cover the
organisation’s immediate costs in the event of a sudden reduction in income.
£81,650 Capital Fund – Fixed Assets: £81,749 is to be released over a period of up to 3 years for the retail
outlet after the current infrastructure, fixtures and fittings where updated.
£50,000 Capital Refurbishment Fund: £150,000 over the course of the strategic period, with a view to
spending the full amount on refurbishment works in the 2027/28 financial year.
£20,000 Strategic Projects Fund: £50,000 over the course of the strategic period, on projects approved by
Board.at budget approval.
£10,000 Commercial Projects Fund: £30,000 over the course of the strategic period to ‘seed-fund’ or
otherwise investigate new commercial opportunities for income generation.
£10,000 Designated IT Equipment: £20,000 is to be invested in updating future IT equipment over the next 2
years.
----- End of picture text -----

The free reserves at 31 July 2024 were £293,489 (2023: £353,923). Free reserves are unrestricted funds not tied up in fixed assets and which have not already been designated for a particular purpose. This assumes an additional £420k of reserves are available for HSU. The trustees will review the strategic plan and allocate these funds by designating them for strategic projects in 2024-25. Net current assets are £764,938 indicating we are operating in line with our established policies. This level falls within our minimum requirement of having three months’ activity costs in hand to cope with any unexpected downturn in funding or additional calls on our resources without immediately curtailing activities. Their aim is to finish 24-25 on breakeven or a small deficit before designated funds expenditure.

Affiliations

HSU has two corporate affiliations: these include the National Union of Students £29,477 (2023: £28,073) and the British Universities and Colleges Sports £5,350 (2023: £5,225). Individual clubs and societies affiliate to their national governing body or membership organisation. These are reviewed and approved by the Student Activities Committee. No donations were made during the year to any external institutions.

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Custodian Activities: Clubs’ and Societies’ Funds and the Annual RAG

HSU acts as custodian for funds raised by the student clubs and societies, individual clubs and society fund’s balances are carried forward into the next financial year.

At 31 July 2024 £23.4k (2023: £26.2k) was carried forward on behalf of sports clubs and £21.9k (2023: £32.7k) was carried forward on behalf of societies.

HSU is custodian of the annual RAG proceeds from fundraising events. These are organised by the students under HSU’s auspices for distribution to the intended charities.

Funds raised by this year’s RAG amounted to £8,908 (2023: £6,872) out of which £8,502 was distributed to the major charity nominated by the RAG Committee, leaving a balance of £722 (2023: £366) in hand for next year’s RAG activities.

Board of Trustees’ Responsibilities

The Trustees (who are also directors of the company 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the Union and of the incoming resources and application of resources of the Union for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Union and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Union and financial information included on the Union’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

In so far as the Trustees are aware:

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Auditors

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

This report was approved by the Trustees on and signed on their behalf by: 09/12/2024 GMT

Signer ID: PRHX6AGFNK...Wamick Aijaz President

Signer ID: UBVZ8IS1AT... Gareth Pye Chair of Board of Trustees

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UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

Opinion

We have audited the financial statements of University of Huddersfield Students' Union (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 July 2024, which comprise the consolidated statement of financial activities, the consolidated and parent balance sheet, the consolidated statement of cash flows and notes to the financial statements, including 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:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company 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 group and parent charitable company’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 other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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 our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is

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UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION (CONTINUED)

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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 the trustees 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 group and parent charitable company’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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 20

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION (CONTINUED)

Auditor 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:

We assessed the susceptibility of the charitable group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding

Page 21

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION (CONTINUED)

irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC'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 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 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: CZYRUVFAHR... Nicola Adams (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Date: 09/12/2024 GMT

Page 22

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JULY 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Taxation
14
Net income after taxation
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
SUSS pension remeasurement
27
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
1,168,844
1,006,551
97,557
47,787
2,320,739
88,420
2,182,415
2,270,835
(2,460)
47,444
47,444
(150,239)
(102,795)
(178,997)
(102,795)
(281,792)		 Restricted
funds
2024
£
204,176
-
-
-
204,176
-
204,176
204,176
-
-
-
-
-
-
-
-		 Total
funds
2024
£
1,373,020
1,006,551
97,557
47,787
2,524,915
88,420
2,386,591
2,475,011
(2,460)
47,444
47,444
(150,239)
(102,795)
(178,997)
(102,795)
(281,792)		 Total
funds
2023
£
1,373,020
969,224
120,478
27,728
2,490,450
92,272
2,329,722
2,421,994
-
68,456
68,456
144,868
213,324
(392,321)
213,324
(178,997)

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 29 to 58 form part of these financial statements.

Page 23

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

REGISTERED NUMBER: 13435053

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2024

Note
Fixed assets
Tangible assets
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
21,27
Total net assets		 40,773
25,691
1,173,273
1,239,737
(474,799)		 2024
£
81,650
81,650
764,938
846,588
(1,128,380)
(281,792)		 41,087
26,275
1,192,378
1,259,740
(548,519)		 2023
£
120,449
120,449
711,221
831,670
(1,010,667)
(178,997)

Page 24

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

REGISTERED NUMBER: 13435053

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2024

Note
Charity funds
Restricted funds
22
Unrestricted funds
Designated funds
22
General funds
22
Unrestricted funds excluding pension liability
22
Pension reserve
22
Total unrestricted funds
22
Total funds		 591,650
293,489
885,139
(1,166,931)		 2024
£
-
(281,792)
(281,792)		 518,449
353,923
872,372
(1,051,369)		 2023
£
-
(178,997)
(178,997)

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

~~............................~~ Signer ID: UBVZ8IS1AT... .................... Gareth Pye Trustee

Date: 09/12/2024 GMT

The notes on pages 29 to 58 form part of these financial statements.

Page 25

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

REGISTERED NUMBER: 13435053

UNION BALANCE SHEET

AS AT 31 JULY 2024

Note
Fixed assets
Tangible assets
16
Investments
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
21
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
Designated funds
22
General funds
22
Unrestricted funds excluding pension liability
22
Pension reserve
22
Total unrestricted funds
22
Total funds		 40,773
73,276
1,098,688
1,212,737
(459,940)
591,650
281,448
873,098
(1,166,931)		 2024
£
81,650
100
81,750
752,797
834,547
(1,128,380)
(293,833)
-
(293,833)
(293,833)		 41,087
73,133
1,121,130
1,235,350
(534,308)
518,449
343,844
862,293
(1,051,369)		 2023
£
120,449
100
120,549
701,042
821,591
(1,010,667)
(189,076)
-
(189,076)
(189,076)

The Union's net movement in funds for the year was £(104,757) (2023 - £195,989).

Page 26

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

UNION STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JULY 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: UBVZ8IS1AT... Gareth Pye Trustee Date: 09/12/2024 GMT

The notes on pages 29 to 58 form part of these financial statements.

Page 27

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

Note
Cash flows from operating activities
Net cash provided by operating activities
24
Cash flows from investing activities
Bank interest
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25		 2024
£
(65,767)
47,787
(1,125)
46,662
(19,105)
1,192,378
1,173,273		 2023
£
48,451
27,728
-
27,728
76,179
1,116,199
1,192,378

The notes on pages 29 to 58 form part of these financial statements

Page 28

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1. General information

University of Huddersfield Students' Union is a registered charity (no. 1137401). The registered office is Queensgate, Huddersfield, HD1 3DH.

The members of the charity are the Trustees named on page 1.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

University of Huddersfield 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees are of the opinion an excellent relationship exists with the University of Huddersfield, and the annual block grant helps the Union continue its activities and services for students. The Union appreciates this ongoing support, which is crucial for meeting its objects. With strong cash reserves and support from the University, Trustees are reassured about the Union's financial stability.

The Union manages its finances well, and the Union Development Committee and the Board of Trustees will monitor financial performance to take necessary actions if needed. Forecasts show that Union has enough reserves and cash to operate for 12 months from the approval of these accounts. Therefore, the Trustees believe it is appropriate to prepare the accounts on a going concern basis.

Page 29

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The charity is considered to pass the tests set out in Schedule 6, paragraph 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 30

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 31

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

2.15 Pensions

The Union participates in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable 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. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the Union’s deficit contribution is recognised as a liability in accordance with SORP (FRS102).

The Union also contributes to defined contribution pension schemes for its employees. The pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 32

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.17 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Group is committed to terminate the employment of an employee or to provide termination benefits.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

(i) Pension deficit contribution

The charity has entered into a commitment to provide deficit funding to the Students' Union Superannuation Pension Scheme, of which it is a contributing employer. Under FRS 102, the present value of the commitment is recognised. The calculation of the present value of the commitment is subject to an assumption of the discount rate. The discount rate is determined by reference to market yields at the reporting date on high quality corporate bonds.

Page 33

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

4. Income from donations and legacies

Grants
University block grant
University grant for rent
University support and recharges
Total grants
Total 2023
Income from charitable activities
Fresher's week and refreshers
NUS Totum
Retail operations
Sports and societies
Other trading operations
Total 2024
Total 2023		 Unrestricted
funds
2024
£
1,126,565
-
42,279
1,168,844
1,168,844
1,168,844		 Restricted
funds
2024
£
-
204,176
-
204,176
204,176
204,176
Unrestricted
funds
2024
£
32,365
1,579
874,452
84,712
13,443
1,006,551
969,224		 Total
funds
2024
£
1,126,565
204,176
42,279
1,373,020
1,373,020
1,373,020
Total
funds
2024
£
32,365
1,579
874,452
84,712
13,443
1,006,551
969,224		 Total
funds
2023
£
1,116,459
204,176
52,385
1,373,020
1,373,020
Total
funds
2023
£
33,812
990
852,779
66,933
14,710
969,224

5. Income from charitable activities

Page 34

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

6. Income from other trading activities

Income from non charitable trading activities

Huddersfield Students' Union Lettings Ltd
Total 2020
Investment income
Bank interest receivable
Total 2023		 Unrestricted
funds
2024
£
97,557
120,478
Unrestricted
funds
2024
£
47,787
27,728		 Total
funds
2024
£
97,557
120,478
Total
funds
2024
£
47,787
27,728		 Total
funds
2023
£
120,478
Total
funds
2023
£
27,728

7. Investment income

Page 35

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

8. Expenditure on raising funds

Other trading expenses

Operating costs
Staff costs
Depreciation
Total 2023		 Unrestricted
funds
2024
£
18,673
69,747
-
88,420
92,272		 Total
funds
2024
£
18,673
69,747
-
88,420
92,272		 Total
funds
2023
£
13,391
77,250
1,631
92,272

Page 36

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

9. Analysis of expenditure on charitable activities

Summary by fund type

Clubs and societies
Student representation
Welfare and advice services
Volunteer services
NUS affiliation
Trading operations
Student events
Governance
Fresher's week
Total 2023		 Unrestricted
funds
2024
£
312,107
247,769
337,580
-
32,832
946,509
258,827
17,519
29,272
2,182,415
2,125,546		 Restricted
funds
2024
£
17,713
123,990
26,569
-
-
27,048
8,856
-
-
204,176
204,176		 Total
2024
£
329,820
371,759
364,149
-
32,832
973,557
267,683
17,519
29,272
2,386,591
2,329,722		 Total
2023
£
302,488
348,424
347,019
565
31,119
998,687
236,863
32,108
32,449
2,329,722

Page 37

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

9. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Clubs and societies
Student representation
Welfare and advice services
Volunteer services
NUS affiliation
Trading operations
Student events
Goverance
Fresher's week
Total 2023		 Staff costs
2024
£
75,780
191,711
278,012
-
-
322,460
196,522
-
2,556
1,067,041
985,844		 Depreciation
2024
£
7,503
8,630
7,583
-
-
9,456
6,752
-
-
39,924
39,843		 Other costs
2024
£
246,537
171,418
78,554
-
32,832
641,641
64,409
17,519
26,716
1,279,626
1,304,035		 Total
2024
£
329,820
371,759
364,149
-
32,832
973,557
267,683
17,519
29,272
2,386,591
2,329,722		 Total
2023
£
302,488
348,424
347,019
565
31,119
998,687
236,863
32,108
32,449
2,329,722

Page 38

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

10. Analysis of expenditure by activities

Clubs and societies
Student representation
Welfare and advice services
Volunteer services
NUS affiliation
Trading operations
Student events
Governance
Fresher's week
Total 2023		 Activities
undertaken
directly
2024
£
186,676
130,645
245,918
-
32,832
866,616
190,748
-
29,272
1,682,707
1,657,866		 Support costs
2024
£
143,144
241,114
118,231
-
-
106,941
76,935
17,519
-
703,884
671,856		 Total
funds
2024
£
329,820
371,759
364,149
-
32,832
973,557
267,683
17,519
29,272
2,386,591
2,329,722		 Total
funds
2023
£
302,488
348,424
347,019
565
31,119
998,687
236,863
32,108
32,449
2,329,722

Page 39

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Facilities costs
SUSS pension finance costs
Governance costs
Total 2023
Staff costs
Depreciation
Facilities costs
SUSS pension finance costs
Governance costs
Total 2023		 Clubs and
societies
2024
£
75,780
7,503
46,704
13,157
-
143,144
135,730		 Student rep
2024
£
69,718
8,630
150,663
12,103
-
241,114
229,105		 Welfare and
advice
2024
£
54,562
6,753
47,443
9,473
-
118,231
108,874
Goverance
costs
2024
£
-
-
17,450
-
69
17,519
32,108		 Trading
operations
2024
£
63,655
7,880
24,354
11,052
-
106,941
95,906
Total
funds
2024
£
303,120
37,518
310,551
52,626
69
703,884
671,856		 Student
events
2024
£
39,405
6,752
23,937
6,841
-
76,935
70,133
Total
funds
2023
£
291,120
37,272
289,008
32,049
22,407
671,856

The support costs detailed above, excluding rent, are allocated using a proportion of staff numbers. 25% (2023: 25%) is allocated to Clubs and Societies expenditure, 13% (2023: 13%) to Events expenditure, 23% (2023: 23%) to Student Representation expenditure, 18% (2023: 18%) to Welfare and Advice services expenditure and 21% (2023: 21%) in relation to raising funds. Rent is allocated 70% (2023: 70%) to Student Representation, 15% (2023: 15%) to Welfare and Advice services, 10% (2023: 10%) to Clubs and Societies expenditure, and 5% (2023: 5%) to Events expenditure.

Page 40

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

11. Auditors' remuneration

2024 2023
£ £
Fees payable to the Group's auditor for the audit of the Group's annual accounts 15,525 15,525
Fees payable to the Group's auditor for the preparation of the groups annual
accounts 1,575 1,500

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
1,011,009
82,602
43,177
1,136,788		 Group
2023
£
946,772
77,758
38,564
1,063,094		 Union
2024
£
941,262
82,602
43,177
1,067,041		 Union
2023
£
869,522
77,758
38,564
985,844

During the year redundancy payments of £nil were paid (2023: £11,067 to four employees).

The average number of persons employed by the Group during the year was as follows:

Group Group
2024 2023
No. No.
Staff numbers 65 67

Page 41

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

12. Staff costs (continued)

The average headcount expressed as full-time equivalents was:

Student representation
Welfare services
Governance
Commercial services
Administration
Student staff- student representation
Student staff - commercial services		 Group
2024
No.
11
3
1
4
6
3
3
31		 Group
2023
No.
10
4
1
4
6
3
3
31

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 - 1

The total amount of employees benefits received by key management personnel including employers NI and pension contributions is £268,859 (2023: £300,701). The Union considers its key management personnel to comprise the trustees, including the sabbatical officers who are remunerated and the Senior Management.

13. Trustees' remuneration and expenses

The four sabbatical roles each incurred a salary charge as authorised in the Students' Union governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the University and local community, defending and extending the rights of students through petitions, discussions with MP’s and also organising and supporting student volunteers and service provision for them. Details of the sabbatical officers are available on page 1 of the financial statements.

Remuneration is paid to each sabbatical officer for an annual term which runs to the 30 June, should an officer leave part way through the year the remuneration is paid on a pro rata basis. New sabbatical officers also receive an additional 2 weeks pay for training. For the year to 30 June 2024 and 30 June 2023 each officer received annual remuneration of £21,401. The aggregate amount payable under such contracts in the year ended 31 July 2024 was £100,302 (2023: £118,130).

In the year, 5 trustees had expenses reimbursed of £272 (2023: 7 trustees totalling £5,595).

Page 42

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

14.
Taxation
Corporation tax
Adjustments in respect of previous periods
Taxation on net income
15.
Intangible assets
Group
Cost
At 1 August 2023
At 31 July 2024
Amortisation
At 1 August 2023
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 2024
£
2,460
2,460		 2023
£
-
-
Website
development
£
6,600
6,600
6,600
6,600
-
-

Page 43

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

16. Tangible fixed assets

Group

Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Fixtures and
fittings
£
130,604
-
130,604
65,905
20,741
86,646
43,958
64,699		 Office
equipment
£
115,575
1,125
116,700
59,825
19,183
79,008
37,692
55,750		 Total
£
246,179
1,125
247,304
125,730
39,924
165,654
81,650
120,449

Page 44

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

16. Tangible fixed assets (continued)

Union

Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Fixtures and
fittings
£
120,010
-
120,010
55,311
20,741
76,052
43,958
64,699		 Office
equipment
£
111,861
1,125
112,986
56,111
19,183
75,294
37,692
55,750		 Total
£
231,871
1,125
232,996
111,422
39,924
151,346
81,650
120,449

Page 45

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
17.
Fixed asset investments
Union
Cost or valuation
At 1 August 2023
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Investments in
subsidiary
companies
£
100
100
100
100

Page 46

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

17. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Union:

18. Name
Company
number
Registered office or
principal place of
business
Principal activity
Class of
shares
Huddersfield Students'
Union Lettings Ltd
09108828
Queensgate,
Huddersfield,
HD1 3DH
Providing support and
advice to students on
lettings.
Ordinary
The financial results of the subsidiary for the year were:
2024		 Name
Company
number
Registered office or
principal place of
business
Principal activity
Class of
shares
Huddersfield Students'
Union Lettings Ltd
09108828
Queensgate,
Huddersfield,
HD1 3DH
Providing support and
advice to students on
lettings.
Ordinary
The financial results of the subsidiary for the year were:
2024		 Holding
100%
2023
Huddersfield Students' Union Lettings Ltd £ £
Income 99,972 120,478
Expenditure (98,010) (103,143)
Profit/(loss) for the year 1,962 17,335
Total assets 77,000 74,390
Total liabilities (64,859) (64,211)
Net assets 12,141 10,179
Stocks
Group
Group
2024
2023
£
£
Finished goods and goods for resale
40,773
41,087		 Union
2024
£
40,773		 Union
2023
£
41,087

Page 47

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

19. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
SUSS defined benefit pension scheme liability
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 August 2023
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
2,560
-
5,682
17,449
25,691
Group
2024
£
76,606
38,551
20,835
69,130
269,677
474,799
Group
2024
£
298,297
234,542
(298,297)
234,542		 Group
2023
£
3,897
-
3,077
19,301
26,275
Group
2023
£
62,329
40,702
42,364
70,873
332,251
548,519
Group
2023
£
275,057
298,297
(275,057)
298,297		 Union
2024
£
1,664
50,000
5,582
16,030
73,276
Union
2024
£
76,441
38,551
19,501
65,768
259,679
459,940
Union
2024
£
286,841
224,544
(286,841)
224,544		 Union
2023
£
3,897
50,000
2,973
16,263
73,133
Union
2023
£
60,041
40,702
42,364
70,407
320,794
534,308
Union
2023
£
261,885
286,841
(261,885)
286,841

20. Creditors: Amounts falling due within one year

At the financial year end, £221,211 (2023: £283,507) was recognised in deferred income in relation to grants receivable from the University of Huddersfield in advance of the period for which it related. Remaining deferred income relates to employer's rebate from HMRC of £3,333 (2023: £3,333) and income received in advance in Hudlets of £9,998 (2023: £11,456) relating to website advertising and open days.

Page 48

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

21. Creditors: Amounts falling due after more than one year

Group Group Union Union
2024 2023 2024 2023
£ £ £ £
SUSS defined benefit pension scheme
liability 27 1,128,380 1,010,667 1,128,380 1,010,667

Page 49

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

22. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Operating reserve
Capital expenditure
reserve
Capital refurbishment
fund
Commercial projects
fund
IT equipment
replacement
Strategic planning
General funds
General Funds
Huddersfield
Students' Union
Lettings Limited
SUSS pension deficit
Total Unrestricted
funds
Restricted funds
Rent
Total of funds		 Balance at 1
August 2023
£
375,000
120,449
-
-
20,000
3,000
518,449
343,844
10,079
(1,051,369)
(697,446)
(178,997)
-
(178,997)		 Income
£
-
-
-
-
-
-
-
2,220,767
99,972
-
2,320,739
2,320,739
204,176
2,524,915		 Expenditure
£
-
(39,924)
-
-
-
-
(39,924)
(2,082,735)
(98,010)
(52,626)
(2,233,371)
(2,273,295)
(204,176)
(2,477,471)		 Transfers
in/out
£
45,000
1,125
50,000
10,000
(10,000)
17,000
113,125
(200,428)
-
87,303
(113,125)
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
(150,239)
(150,239)
(150,239)
-
(150,239)		 Balance at 31
July 2024
£
420,000
81,650
50,000
10,000
10,000
20,000
591,650
281,448
12,041
(1,166,931)
(873,442)
(281,792)
-
(281,792)

Page 50

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

22.
Statement of funds (continued)
Statement of funds - prior year
Unrestricted funds
Designated funds
Operating reserve
Capital expenditure reserve
Charity incorporation
IT equipment replacement
Anti racism project
Strategic planning
General funds
General Funds
Huddersfield Students' Union
Lettings Limited
SUSS pension deficit
Total Unrestricted funds		 Balance at
1 August 2022
£
375,000
146,278
12,500
30,000
8,000
-
571,778
277,920
(7,256)
(1,234,763)
(964,099)
(392,321)		 Income
£
-
-
-
-
-
-
-
2,165,796
120,478
-
2,286,274
2,286,274		 Expenditure
£
-
(32,897)
(12,500)
-
(8,000)
-
(53,397)
(2,018,656)
(103,143)
102,246
(2,019,553)
(2,072,950)		 Transfers
in/out
£
-
7,068
-
(10,000)
-
3,000
68
(81,216)
-
81,148
(68)
-		 Balance at
31 July 2023
£
375,000
120,449
-
20,000
-
3,000
518,449
343,844
10,079
(1,051,369)
(697,446)
(178,997)

Page 51

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

22. Statement of funds (continued)

Restricted funds
Rent
Total of funds		 Balance at
1 August 2022
£
-
(392,321)		 Income
£
204,176
2,490,450		 Expenditure
£
(204,176)
(2,277,126)		 Transfers
in/out
£
-
-		 Balance at
31 July 2023
£
-
(178,997)

22. Statement of funds (continued)

Designated funds:

Operating reserve

£420,000 has been designated to stabilise HSU finances providing a cushion against unexpected events, losses or income. The figure will cover day to day operations and cash flow, based on 3 months of operating costs.

Capital expenditure reserve

£81,650 is being carried forward as designated funds which represent the value of fixed assets held at the year end.

Capital refurbishment

£50,000 has been designated by the Trustees for improving the Union's facilities.

Commercial projects fund

£10,000 has been designated by the Trustees for various projects which have been committed to in 2024/25.

I.T. Equipment replacement

£30,000 is to be invested in updating IT equipment over a three year period.

Strategic planning

A total of £20,000 has been designated for future spending on strategic planning.

Restricted funds:

Rent

The University of Huddersfield provide funding to the Union to cover the costs of renting the Students' Union's building.

Transfers :

A transfer has been made to designated reserves from the unresricted reserve of £1,125 which represents fixed asset additions during the year.

Page 52

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Transfers of £50,000 and £10,000 have been made to designated funds from unrestricted funds to reprsent the designating of funds for the Capital refurbishment and Commercial projects funds respectively.

In 2022, the Trustees designated £30,000 for IT equipment replacement to be spent equally across three years. A transfer of £10,000 has been made between the IT equipment replacement designated reserve to unrestricted funds which represents the spent annual allocation.

A transfer of £17,000 has been made from unrestricted reserves to the strategic planning designated fund to represent funds set aside for anticipated spend on strategic planning costs in 2024/25.

A transfer of £85,197 has been made to the pension fund. This amount represents contribution payments made to the SUSS pension scheme.

A transfer of £45,000 has been made to designated funds. This amount represents the adjustment in the level of operating reserve levels required.

23. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
81,650
1,239,737
(474,799)
(1,128,380)
(281,792)		 Total
funds
2024
£
81,650
1,239,737
(474,799)
(1,128,380)
(281,792)

Page 53

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
120,449
1,259,740
(548,519)
(1,010,667)
(178,997)		 Total
funds
2023
£
120,449
1,259,740
(548,519)
(1,010,667)
(178,997)

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Pension finance cost
Net cash provided by/(used in) operating activities		 Group
2024
£
47,444
39,924
(47,787)
314
584
(158,872)
52,626
(65,767)		 Group
2023
£
68,456
41,472
(27,728)
(10,126)
(241)
(66,004)
42,622
48,451

Page 54

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

25. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
1,173,273
1,173,273		 Group
2023
£
1,192,378
1,192,378

26. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2023
£
1,192,378
1,192,378		 Cash flows
£
(19,105)
(19,105)		 At 31 July
2024
£
1,173,273
1,173,273

27. Pension commitments

The Union participates in the NUS Pension Scheme, a defined contribution scheme. During the year, contributions of £43,177 (2023: £38,564) were paid to the scheme. Included within other creditors at the year end were pension liabilities totalling £6,578 (2023: £6,184).

The Union also operates a defined benefit pension scheme.

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 onwards 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.

Valuations are conducted every three years based upon assumptons agreed by the Trustees, and is used to set the contributions payable by the participating employers.

Page 55

Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

27. Pension commitments (continued)

The outcome in financial terms is set out in the table below:

30 June 2019
£m		 30 June 2022
£m
Assets £119.13 £106.7
Liabilities £260.0 £240.3
Deficit (£140.9) (£136.6)
FundingLevel 46% 44%

The increase shown in the deficit since 2019 is in line with the changes previously reported, following annual reviews, but makes allowance for the impact of the 7% pension increase issue. This has increased the deficit in SUSS but its impact has been mitigated by the member consent exercise.

Whilst the assets have performed well, rising by over 17% over the three years, the liabilities have increased by a similar percentage. The sustained low yield on government bonds has continued to affect the liabilities, but the increase was driven in large part by the pension increase issue. The Trustees have concluded that the level of contributions to clear the deficit will have to rise above the planned 5% annual increase in order to address this. However, in order to allow time for unions to make the necessary arrangements the increase in contributions will come into effect from October 2021.

The increase of 5% due in October 2024 proceeded as planned, and these contributions form part of the plan to remove the funding deficit in SUSS.

Following the 2020 increase, and in order to attribute the further increase in costs as fairly as possible, the Trustees have allocated the additional liabilities arising from the 7% pension increase issue to those unions whose members are directly affected by it. This means that a union with many affected members may see a substantial increase in their contributions to SUSS from October 2021, while a union with no members affected by the issue would see a much smaller increase.

The Trustees also considered whether the costs of carrying out the member consent exercise should be borne only by those unions whose members are directly affected by the pension increase issue. After careful consideration, and keeping in mind the principle of collectivism, they concluded that a significant proportion of the costs incurred were justifiable expenses of running SUSS as a whole (because benefits needed to be adjusted, and members written to, whether or not the compromise offer was made). What remained, once allocated to the many affected unions and reclaimed over a reasonable period of time, was not material in the context of the overall level of payments being made to SUSS by the unions, and so no additional charges will be made in respect of this.

The existing recovery plan, based on the results of the 2016 valuation, was due to end in 2033. One option considered by the Trustees was to retain this target end date, in line with the Pensions Regulator’s guidance that funding deficits should be addressed over as short a period as possible. However, given the already substantial level of contributions being made to SUSS by the employers, the Trustees concluded that extending the recovery period, and hence reducing the initial increase in contributions that unions would be required to make, struck an appropriate balance between removing the deficit as quickly as possible while remaining affordable.

In summary, the 2022 valuation recommended a monthly contribution requirement by each Union expressed in monetary terms intended to clear the ongoing funding deficit over a period of 14 years and 10 months ending May 2037 and has increased by 5% through to 2037 an extension of 20 months. These contributions also include an

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Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

27. Pension commitments (continued)

allowance for the cost of the ongoing administrative and operational expenses of running the scheme. These rates applied with effect from 1 October 2022 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment.

Under FRS102 the Union is required to recognise as a liability the present value of its agreed share of future deficit contributions. Finance costs are recognised as the present value unwinds.

The full reconciliation of this present value is as follows:

Present value of provision

2024 2023
£ £
Student's Union Superannuation Scheme
Present value of provision:
Creditors: amounts fallingdue within oneyear(note 20)		 1,166,931
38,551		 1,051,369
40,702
Creditors: amounts falling due after more than one year (note 21) 1,128,380 1,010,667
Reconciliation of opening and closing provisions: 1,166,931 1,051,369
2024
£
Provision as at 1 August 2023 1,051,369
Unwindingof discount factor 52,626
Deficit contributionpaid (87,303)
Movement in net present value calculation 150,239
Provision as at 31 July 2024
Assumptions:		 1,166,931
2024 2023
% %
Rate of discount
4.50
4.50

The discount rates shown above are the equivalent single discount rates when used to discount the future recovery plan contributions due, would give the same results using a full AA corporate bond yield curve to discount the same recovery plan contributions.

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Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096

(A company limited by guarantee)

UNIVERSITY OF HUDDERSFIELD STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

28. Operating lease commitments

At 31 July 2024 the Group and the Union had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Group Group Union Union
As restated As restated
2024 2023 2024 2023
£ £ £ £
Not later than 1 year - 102,088 - 102,088

Following a clarification of the lease terms, the prior year operating lease commitments has been restated. The lease has expired as at 31 July 2024 and is operating on a rolling basis. As a result, no commitment exists for the current year.

The following lease payments have been recognised as an expense in the Statement of financial activities:

Group Group Union Union
2024 2023 2024 2023
£ £ £ £
Operating lease rentals 204,176 205,120 204,176 205,120

29. Related party transactions

The Union is in receipt of a recurring grant from the University of Huddersfield of £1,168,844 (2023: £1,116,459).

The Union also paid rent totalling £204,176 (2023: £204,176) and IT and other support recharges totalling £42,279 (2023: £52,385) to the University during the year. At the year end, the Union owed the University of Huddersfield £40,585 (2023: £27,104).

Included in deferred income is a balance of £221,211 (2023: £283,507) which relates to the block grant received in advance from the University.

Huddersfield Students' Union Lettings Limited (Hudlets) is a wholly owned subsidiary of University of Huddersfield Student's Union. During the year, the Union recharged costs amounting to £11,874 (2023: £10,871) to Hudlets. At the balance sheet date, £50,000 (2023: £50,000) was owed to the Union.

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Document ID: ad816eecc705b00bf1f35a965b259edfd2db96660c295532b6e234edadd53096