Teesside University Studen Union and its Subsidiary Company ststement of Accounts forthe Year Ended 31 July 2024 ANDER50N BARROWCLIFF LIMITED Chartered Accountants
Tee55ide Univ d Unio Com an tatement of r Ended Pa Report of the Trustees Report of the In(lependenr Audttors 8-10 Statement of Financial Activfties Balance Sheet 12 Statement of Cash Flows Note5 to the Accounts 14-29
Teesside Un ve nlon an Trustees for the Y The trustees present their report and the audtred consolidated financial statements of the charrty and its subsidiary for the year ended 31 July 2024. The trustees have adopted the provisions tsf the Statèment of Recommended Prattice {SORPI°Accounting and Rew)rting by Charttie< IFRS 1021 in preparirbg the annual report and consolidated financial statements of the charty- The consolidated financial statements have been prepared in accordan wrth the accounting policies set out in notes to the accounts and compty with the charitys governing do(umenc the Charttie5 Act 2011 and Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charItS preparing their accounts in accordance with the Financial Reporring Standard applicable in the UK and Rèpublic of Ireland published in October 2019 REFERENCE AND ADMINISTRATIVE INFORMATION Charitable Status Teesside UnDiersity studen Union is a registered charffy. registration number 1199285 and was registered on 13 lune 2022. Principal Address Student5, Union Buildin& Campus HearL Middlesbroush. TeesValleyTS13BA Elected to Hold Office Trustees/Full Time Officers ul 2024 Ebubechi Alunna lappoirte(1011071241 President Intemational Michael Adewunmi (appointed 03107123. resigfted 301061241 Nevin Edwin (appointed 03107123, resigned 301061241 Femi Abolade (appointed 30109122, resigned 30106124} President Education Harshavardhan Chikatla (appointed D11071241 Blessing Ihuoma {appointed 011071241 President Wellbeing Appointed 2024 Mark Grayling Chris Hook Sue Kiddle Charlotte Foley (appointed 13111123) External Trustees External Trustee External Trustee External TrLtee Extemal Trustee mber 2023 Mark Grayling (appointed 301J91221 Chris Hook (appointed 131061221 Sue Kiddle (appointed 211021231 Vacancy Appolnted Student Trustees Student Trustee Se te Faizan Sayed (appointed 30109122, resigned 011071231 Ayush Baneriee {appointed 13106122, resigned 011071231 Daniel Scrafton (appointed 041111231 Student Trustee student Trustee Joshua Williams (appointed 01111r23) Nixon Christian (appointed 011111231 Auditors Bankers Anderson Barrowcliff knmited cOperative Bank Pli Chartered Accountarrts Olympic House Staitrtory Auditor Montford Street 3 KIngfher Court Salford Bowesfield Park M502QP Stockton on Tees TS18 3EX Solicltors Popple5ton Allen 37 Stoney Street The Lace Market Nottingham NGI 1LS Sollcltors SGH Martineau LLP No. 1 Colmore Square Birmingham Page I
nlversi Itssu nl om Re ortoftheT tor the Y 2024 The Students, Union employs a Chief Executwe tow0 closetywiththeTru5tees and ensure effective management ofthe organisation by leading a senior Fnanagement team. Durtngthe yearthe sènior managers were as follows:_ Chief ExecutNe - Jon Berg {resigned December 20231. Adam Couerill {interim December 2023 - luty 20241, Kirsty Morrtson (appointed 01 June 20241 Deputy Chief ExecutNe- Adatn Cotterill OBJECTIVES AND ACTMTIES The Studentg Unions charttable Obiecrs are the adwan¢ENnent of education of students at Teesside University for the public benefit by'.- promoting the interests and welfare of Students ar Tees5ide University during their course of study and representing supporting and adwsing 5tudents- being the recognised representatNe channel between Students and Teesside UniversTty and any other external bodies- and providing social, cultural. sporting and recreational amities and forums for discussions and debate for the personal development of its students. Its wsion i& We are tynamic and ambibOUS in meeting the needs of current and fvwre students.- It5 mission statement is: nriching the INes of students at Teesside university-- In pursu of these objects, tts mission and vision the Studentg Union has established department5 and services for use by its members and to support it5 work wth the University and other organi5ations on behalf of students. These include the SU a(fvice and representation serMce& SU Actwtties. commercial space ané venues along with productive relationships with local stskeholders to promote students, interests including Middlesbrough Council. landlords and letting agents health care providers. Cleveland Police and other organisations. Officers of the Students. Union sit commtttees of the Universty, representing studen¢voice in this SCe. ObJective5 for 2024125 In the revised Strategic Plan. the key objective5 Wrthin the Strategic Themes are as follows- Our elected officers will engage wth over 5.O¢J) srudents in a variety of activty. We will gather student feedback into SU servlces including the Student Opinion Counts suNey. summarising the findings and how they will be followed up by Éhe SU. ob i. over s,1 students will have their saytothe Students Union. will advocat nt ou We will represent the interests of all stLKlents, wtth campaigns relevant to the change they want to see. making improvements to their academic experience. supporDng cost of Itving challenges and improving their general wellbeing. Through thi5 we will also aithrise students about.their rights and a0Ge for them. obaertThie: 5096 agree in the annual 50C Surveythattheyaware of ourcampaigns and theyare relevarbt to their needs. racurricular act. Through student groups we will support students to find their passions and collaborate to share these with the wider cornmunity. We will provide access to grants 5ce and knowledge to produce exciting and engaging actiwty for students both on campu5 and remotety alongside voluntary opportunities and training and development. KEubi2£. Over 5.000 students will partake in extracurricular actiwty in a variety ofways. Page 2
slde Unive andl Unlo Com Re forthey 31 OBJECTIVES AND ACTivmES Icontlnued) ifvi safe an ces for We wll offer a range of student social spaces wtth over SCKJ event5 for students to come together and celebrate their p3ssiorL cultLtre. and repreSentatn of the diverse needs of Teesside Studen Our offering Mll also exist through retail, food. and refreshments. ob student satisfattion ¥Mth SU exceeds 75% rfinancial We will offer dwerse seNices and opwrtunrties for students whilst remaining financial sound. maintaining funds to meet the needs of tuture students. through cdlaboration and development. Budget IS transparent and visible while cash reseNes sufficient to fund five months of expenditu. ACHIEVEMENTS AND PERFORMANCE The Student¥ Union's rforManCe against its publtshed objectNes for 2023124: Objertives b stra Ledb students Our elerted officers will engage with over 5.0(M) students in a cr055 section of thestudent body. We will gather student feedback inro SU Services induding the Student Opinion Counts sulvey. summarising th@ findings and how they wil be followed up the SU. k Theme Achlevement The breakdown for Student Opinion Count5 surveys: Aifvice- 714 Comrneraal- 674 AciThiicies- 483 Student Life- 467 These response5 enable Officers to dirett resource where students need IL Officer election tumout- 4107 Idown S% on 221231 ntin studen We will represent the interests of all studetts.with campaign5 on their top issues including their academic experience. accommodation. cost of living and their general wellbein& If we succÈÈd t leasi 75% wll agree in the annual SOC Survey thatthey are aware of our campaigns an¢J theyare relevant to their neèds. The SU will engage wth at least 75% of Teesside students based at TU sites. The Su's priorities campaigns included helping students with the cosl-of-INing crisis. finding accommodation and raising awarene55 of the risk of acAdemic misconducL We will widen our range of artNiries for students to over at lÈasr 5,000 student opportunttie5. Our services will be ready to athse at least students. accredit good landlords in Middle5brou8h totalling over 1,200 student beds. We will offer a range of student social spaces wth over 250 events for student& retail, food. and refreshments that attract over S.000 visits to tho SU. The change co free society membership wirh more actmties led to a new record of over 3,889 students joining societies and engaging with their COFnmunities. er 8LK) events were run for students at the SU and were also open for prospeaive students in the communiry. Page 3
niversi nditssu udent Com for th r Ended 31 2024 ACHIEVEMENTS AND PERFORIAANCE (continued) liv) newi We wll work wth the University and student bo to finali5e plans for refurbtshing the SU buikling ready for September 2025. Underpinned by partnehipS with the Universty and other exrernal organisations we wll publish a new S year plan for the SU misslon. wsion. values and plans ready for the new buildin Due to challenging Cost of Lrving crifjis affecting wider HE sector significantty alongside changes to visa applications trom intemational student5, the estates ma5terplan for Teesside Universtty was PaLed while reassessing ftrture improvements to buildings and Space. The SU have opened LIP more space for #Lmlent groups to interatt and come together in the current building. Iv) Finan We will offer diverse services and opportunittes for students whilst remalning financially sound. maintaining funds to meet the needs of future students. The SLYS reserves can support over 5 months of spending on future students in part due toa 5% uplift in the main grant for 2023124. lefi We will involve one thousand or more students in paid and voluntary positions. training and development. We will strengthen the governance ofthe SU by delOpIng the work of the Board and its SUcOmmittee5. 141 sttjdents were employed by the SU with another 7c#) in voluntary roles. Staff survey5 showed 80% Satisfaction for career stsff and 91 % lor student sraff. Employees and volunteers recewed training and devÈlo menL Achievements against 2023124 KPI tar¥ets Elertion tLrrnoutr. over 2596 of current student votin in the 2024 annual elections Campaign awareness and postiive impatt both over 50% in Student Opinion Counts Survey 13.97% dedared tumout Sutvey states that On 30% students understand the campaigns and the effectiveness of these. campaigr15 planning group is now running with staff working on the key officer campaign5. Societies.. over 25% of students panicipating in SU societies and other student opportunities 4.135 lof 21127 total srudentsi - 18.6% participation across societies. student development. Over 1.00 students invoW in the SU as volunteers or efflployees 141 students were employed by the SU with another 71x1 in voluntary roles. Student satisfaction.. over 75% are satisfiedwth the SU as measured by the ma or surv 7VM) score for SU in National student Survey 2024 Page 4
nivèrsl St nd its Subs nts. Unlo an ftheT the Yea 31 FINANCIAL REVIEW A summary of the results for the period 15 given on page 11 of the financial statement The Students. Union saw a surplus on unrestricted funds of £16.49412023- deficit of £1.2831. There was an overall defictt of £214.331. The Student< Union continued to benefft from the recognition and support of the UnNerslty, the grant funding received wa5 £1,389.713 (Including £361.CKXJ for leased facilities). There is a deficit on restricted fund balances of £171308 as a result of the multi-employer pension fund liability of £1.887,145. This is explained in note 22. The long-term repayTnent scheme for the Studentg Union Superannuation Scheme deficit and the latest Actuarial Report have been approveol by the Pensions Regulator. The Trustees recognise the importance of meeting future payments to fund the deficit and expect these will be drawn from University grants and other income of the student Llnion. During the period £28,292 was received from the University towards the payments made in the pertod. A £530.040 lump sum payment was made in November 2023, this wa5 covered ty 3 grantforthis amount received in the period ended 31 July 2023. TheTrustees have examined the requirement for free reserve& vthich are the unrestricted funds of £507,570 less £92,635 invested in fixed assets designated for specific purpose5 or otherwise committed. At the period end this arnounted to £414.935. Normally the Trustees conSKJer that they require five months of charitsble expenditure bas on the block grant which equates to approximate £350.¢XM) and the extra reserves are required at thls tlme to cover for potential uncertaintyes in income that could affect the fvnding of the charitable expenditure. Future funding The Tru5tee5 confimi that the Union has sufficient funds to meet all its obligations. The Block Grant for the year 2024125 ha5 been confirmed at a maximum of £871.819 and rhe commercial attMtie5 for Students have been @mined to ensure these services can be maintained wtthin available SU funds. These resources will be applied in service provision to deliver public benefit to students via the charty objetts. Tees S U Llmited Tees S U Limited 15 a l 00% subsidiary of the charity which was incorporated on 23 September 2010 and starred to trade in thai year. The subsidiaws acrivities prowde income forthe benefit of the students but cannot be directty attributable to the 5tudent< Union's primary or ancillary purposes. Thetrusteesare satisfied %Mth the resulrsolthesubsidiaryand the profftgenerated of £131,103. of which £131.103 has been gift aided to the St¥Jdentg Union. PLANS FOR FUTURE PERIODS Thè Students, Union was operalins within its Strategic Plark for 2021- 2D25 which was Imcted by recovery from the pandemicionditions. The annual objettThiesand forecasts for 2023124 continued to delwer on the new mission and vision. while ensuringfirkincial stability. TUSiy5 Strategic Mew for 24r25 will include the mission. vision. values and strategic therne5 With goals to ensure r( continues to deliver public ber)efit by rneeting the needs of Teesside Students now and in the future. TheTrustees have monitored developments in Higher Education and engaged with the Universty in its recruitment and student experience planning. The studen Union has rewewed its stLJdent opportunities, 5uppor¢ representation, and social provision based on student feedback It will deliver these seNices to a wider student demographic in thè coming year usingwrtual delNeryto align wth the hybrid teaching model where prartical. The Board will continue to tnonttor developments and wll art to ensure that the Charty continues to delwer public benefit via provision of services and acDMties in accordarice with it5 Iharity objecrs. Page S
Unlvers andltss nio rtofthe fortheyear E STRUCTURE. GOVERNANCE AND PAANAGEMENT The Students, Unlon is constituted under the Education Act and the Regulation5 of Teesside UnNersity Higher Education Corporation. The siudentg Union is responsible for gtwng representstion and support to the studerbts of Teesside Unwersity and is g(wemed by its Con5tttLrtion and supporring Bye-Lw45. The Students. Union has provision for deven members on its Board of TrLtees. fNe are Extemal Trusrees and three are Student Trustees, all apwinted by the Appointments Committee of the Board of Trustees. The three Officer Trustees (also known as Student OfficeTfj a swdents elected by cross-campus 5e(ret ballot for a one- year term of office as President Education, President Wellbeing and President International. These are full time or sabbatical. positions and recèNe remuneration as authori5ed by the Education Acts. No one can be on a sabbatical for more than two year5. The Students Union has an induction process for each group of trustees that is designed to support their development. There is also an annual effectNene55 review for all trustees. Teesside Universty studenw Union is a tharitywth the ulMate decision-maknng power being vested sn tts Board of Trustees. The Studentg Union is a democratic organisation and the Board of Trustees delegates authority tothe following democratic bodies with safeEuards ensuring legaliry of these deCIOn$. Student Representatwe Forum and Eletted Officèr Committee. The Chief Executive oversee5 the day to day running of the Student< Union and is accountable to the Board of Trustees. Student Officers are responstble ftjr student leadership, campai8ning and representation. All Trustees receive an in(luction Into their legal and administrative ponsIbIlities. ¥%rith an ongoing programme of development during theirtem of office. The OfficerTru5tees and senior manager5 engage as the SU Leadership Team to receive reports from officers. the Chief Executive and other senior managers. Teesside Univer5tty Students. Union ernploys non-student staff to ensure effective management of its many activrties and to implementthe policydecisions made bythe democratic bodies of the StJdents' Union. Relati¢nshlp wlth Teesside University The relationship betweefi the Unwer5ityand the Studentg Union is established in the Regulations of the Unwersity and detailed in articles approved by both organisations. The StLJdents' Union relVeS a Block Grant from the University and part-occupies a building owned bythe UnNersity. A new leasewas put in place from 24 March 2023 with the resulting charge for renL maintenance. urilities. caretakingand cleaning staff being included in the period ernd acctsunts. Although the Sttjdents'union succe55fv11y runs various mUtltradIngartlVttIes and external trading with the public through a subsidiary company it will aayS be dependent on the support of the University. There is no reason to believe that this support WTII not continue for the foreseeable fvture as the Union is an integral pan of the UnNersity Dffer. Fundralslng The Union does not carry out any significant fundraising artwrties. Pay Pollcy for Senior stsff The Trustees consider the senior aff to be the three Officer Tnjstees and Mo Senior Manager5 of the Studentg Union and set the remuneration of these posts in accordance with itsjob Grading Policy. The Remuneration and HR Cornmittee of the Board gf Trustee5 considers thè grading of new w)sition5 and regrading application5 for existing roles wth changed responsibiltties. The remuneration. expense% and any related party transacrions of the fwe senior staff are shown in note 10. Page 6
Id niversi Rlsk Mana8emei The Trustees examlned the major strategi4 b(neSS and operational rfsks whkh the Student¥ Union fS and confirm that 5y5tervts have been established to enable regulw rep(Yts to be produced so that the nesSary steps can be taken to lessen these Astrategic risk register is maintained major risks iderrtTrfied Niclude rk)tential reduction in stLMlent number& strength of relats"onship with Unwerty. and the poterrtial impact of thesu buildin8 redevdopment. Trustee vesptsnslbllltles The trustees a responsble forpreparlngtheTneEhnnUal Report andthefinancial statements in accordance vath app"(able law arml Unlted ngdoM AciountJr% Standards IUnr£ed ngd¢M GerTty Accepted Accounting Prartice). The law oppkable t¢ charlties In &Waks requtres the trustees to prepare financial Statements for each finarKial year 1(h gwe a tnje and fairviewof the state of affars of the Union and of the incornin8 resources and application of restXArces of the Un•J) for pencrfl. In werIn8 these fina71 staremens the trustees are required to.. selettsuitable accounting poJrcie5 and then 3pptythem c¢)n55Sttrty. ob5ervethe methods and princlples in the ChariDes SORP 2019 IFRS 102k rnakeludgements and estimates that arè reascfflable and prudent state whether ap1(able atCOL*iting standards have be Ic41cA¥ed sthiett to any material departures disclosed and explained in the finarKhl1 statementr, preparèthe finanaal statements ¢)n a cc4)cern unless it is in44)ropriat0 presurne that the unIc 11 cominue In buskness. trustees are fespI)nslble for keeping proper account8 fecord5ttt3t th5d05e with reasonable èccuratyatany tirne the financial position ofthe charity and enabje them to ensure fhat thèfinancial staternents comply Wilh the Chaiitre5 Act 201 I, the Charty{Account5 and Rep(rtsl Regulations 2(J)8 andthe wovlsions ofthe irLL41 dee(l. They are also responsible for safeguarding the assets of the Lknion and here for taking sOnable steps for the prevention and drfection of fraud and other irregularities. The trustees are responsible for the maintenarKe arKI integrity of the charity and financ¢al information Included on the chartys website. LegisLitlon In the Unite(l Ku7gdom govemlng the preparatlon and dissemination of financial statements maydiffer from 1egts1an In Otherdid1n Trustee statement In Setting our objèctives and planning our actpthties the 7rustees have consKJwation to the Chartiy cornwni5s)'S guiclance on wblic benefit. 4eknK- Harshavardhan Chlkatla Presldent Educatlon and thalr of theTruste Page 7
IdÈ Universi bsldi Stud nlon Inde endent Auditoe R -d Unive ndltssu rtto ees en Opinion We have audited the financial statements of Teesside Universty Studentg Union Charity Ithe'parent charty) and its subsidiary Ithe'groupj forthe Year Ende(J 31 Juty 2024whith comprise Group Statemènt of Financial A(tivitie5, the Group 2nd the Parent Balance Sheet. and the Group and Parent Charty Cash Flow Statement ané notes to the financial statements, including a summary of significant accounting polities. The financial reporting framework that has been applied in their preparation is applKable law and United Kingdotn Accounting Stsndards. including Financial Reporting Standard 102-The Financtal ReportingStandard applKable in the UKand Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Pratticel In our opinion the financial s¢atements:_ give a true and fair view of the state of the group and parent charl5 affai[5 a5 ai 31 Juty 2024, and of the group's incorning resources and application of oUrces, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praitice.. and have been prepared in accordance the quIrernents of the Charities Act 2011. Basis for oplnlon We condurted our audit in accordance with Intemational Standards on Audrting IUK)11SAs IUWI and appllcable law. Our responsibilities under those standards are further described in theAuditorfs responsibilities forthe audit of the financial statements section of our report. We a independent of the Group and Parent Charity in accordance with the ethical requirements that are relevant to our audii of the financial sratements in the UK including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wlth these requ1Ments. We believe thatthe audit emdeeWe have obtained is 5uffitient and appropriatè to provide basis for our Dpinion. Conclusions relating to going concern audiiing the financial statements. we have conduded that the trusrees, use of the going concern basrs of accounting in the preparation of the financial staternents is appropriate. Based on the work we have perfomed, we have not identffied any Tnaterial uncertainties relating to event5 or conditions that. Individually or collettwety. may cast signfficant doubt on the groups or parent charity5 ability to continue as a going COnM for a period of at least e1ve months from when the financial statements are authori5ed for issue. Our responsibilitie5 and the responsibilitie5 of the trustees with respett to going concern are dexribed in thè relevant secrions of this report. Other inf¢m)atlon Thetru5tees are r&ponslble for the other infomiation.The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitty stated in our report we do not express any form of assurance conclusion thereon. Our re5ponslbility is to read the other information and. in doing so. consider wherher the other inforrnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or oiheTwise appears to be materially mi5Stated. If we identify such material inconsistencies or apparent material misstaternents, are required to detemiine whether this gives rise to a material misstatemènt in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing Èo report in this regard. Page 8
Teesside ubsl orn dent Audi Univ ndltss Re ortto Studen Co Trurt nion Matters on whlch Yie are requlred to report by exceptlon We have nothing to report in respert of the following matters in relation to whlch the Charitie5 (Accounts and Repgnsl Regulations 2008 requires u5 to report to you if, in our opinion.. the information given in the financial statemerts is Éncorsi5tent in any material respett with the trustee> report or sufficient accounting records have not been kep¢ or the parent chartws financial statements are not in agreement with the accounting words.. or e have not re(eived all the information and explanations we require for our audit. Responslblllties of trustees A5 explained rnore fully In the trUee¥ responybilities statement set out on page 8, the trustees are re5POn5ible for the preparation of the financial staternents and for being satisfied that they give 8 true and fair view, and for such intemal control as the trustees determine is ne(e55aryto enable the preparation of financial statements that are free from tnaterial misstatement. whether due to fraud or error. In preparing the financial Statements. the tnjstees are Ponsible for assessing the GrOuS and Parenfs Charity ability to continue as a going concem. disclosin& as applicable. matters related to going conceffl and using the going concern basis of accounting unle55 the trustees either intend to liquidate the group or the parent charry or to cease operation5, or have ncp realisric alternative but to do so. Auditorfs responsibilltles for the audlt of the financial statements We have been appointed as audltor under sertion 151 of the Charities Att 2011 and report in accordance wth regulations made under secrion 154 of thatArt. Our objectives a to obtain reasonable assurance about whether rhe finanoal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue a Report of the Independerht Auditor5 that includes our opinion. Reasonable assurarKe is a high level of a55urance but is not a guarantee that an audit onduaed in accordance with1SAs {UKI v4ill avaYS detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material rf. indiwdualtyor in the aggregate, they could reasonably be expetted to inlluence the economic decisions of users taken on the bass of these financial statement5. Irregulartbes. including fraud. are instances of nOtCOmplI3nce with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detÈrt material mi5ststements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularitie5. including fraud is detailed below. 6a5ed on our understanding of the chartty, we have considered applicable law5 and regulatlDns which may be fundarnental to the charitys abiltty to operate or to avoid a material penalty. and we considered the extent to which non-compliance might have a material èffect on the financial sratement& We considered management's irncentives and opportunttie5 forfraudulent manipulation of the finanaal statements (including the risk of override of controls) and determined that the principal risks yre related to the p05ting of inappropriate manual journal entries to manipulate financial performanc¢ management bias in signrficant accounting estimate5 and any significant one-off or unusual transactions. We discussed arnong the audit engagement team the opponuniLie5 and incentives that tnay exist within the organisation forfraud and how and where fraud might (ur in the financial statements. Page 9
side Unl bsldia an Audit Unive Itssu ortto uden nion idia Auditors. responslblllties for the audit of the financlal statements Ic•)ntlnuedl Audit prDcedures perfonned ty the engagement team included: Enqulry of managernent and those charged with governance around attual and potential liti£*ion and claims. Enquiry of enttty sraff to identify any instance5 of norkcompliance with laws and reEuLations. Rewewng minutes of meetings of those charged with governance. Reviewing financial statement dcloSur@S and testingto supporting documentation to assess compliance wtth applicable laws arKI règulations. Auditing the risk of management override of contmls induding through testing joumal entrie5 and other adjustmentsforapproptiateness and evaluatingthe business rationale of significanttransattions outside the norrnal course of business. Challenging estimates and judgewnents made by management in their sgnificant accoLJnting e5timate5. Revenue recognition- agreeing a sample of revenue transactionsto gain assurance over the occurrence and accuracy of renue and also to ensure revenue has been recognised in the corrett period. Because of the inherent limitations of an audiL there is a rsk that we will not detett all irregularitie5. including those leading to a material mi55tatement in the financial statements or noEFcompli8nce with regulation. The risk increases the morethat cgmpliance with a lawor regulation 55 removed from the ents and transactions refletted in the financial statements, as we will be less likely to become aware of instances of n-cOMpli8nC@. The risk is also greater regarding irregulartries occurring due to fraud rather than error, as fraud involve5 intentional ioncealment, forgery, collusion. omission or misrepresentation. A further descrlption of our responsibilitie5 for the audit of the financial statements s located on the Financial Reporting Counafs website at= .or rsre ilities. This description fomis part of our auditurfs report. Use of our report This report is maée solely to the charitrfs tnjstees a5 a boty. in accordatKe with Part 4 of the Charsties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitls Board of Trustees those matters we are required to state to them in an auditorfs 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 charlty and the charitys trustees as a body, fo ur audit worK for rep or for the opinions we ave formed. Ander50n Barrowcliff knmited Statutory Auditor Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS183EX KJ Date.. l) Page 10
rsl Its Subsid- Unlo lidated for the Ye nt of Financial Ac tal 13.6.2 to 31.7. Notes Income and endoymients from: Donation5 and legacles Charitsble artivitle social. cuttural. recreational and sporting activities Other trading atttvitie5- Commercial trading actimty Investment Income- interest received 141191 1..6 1.391.257 1,818,362 601.668 601.668 685.022 727.374 727.374 9.069 575.180 4,807 Total Income 141191 1587.177 172936 3.083,371 Expendlture on: Raising funds: Commercial trading acrivity 596,271 596.271 448,101 Charitable artlvltlev. Repre5entin& supporting & advIng Students Representatwe channel to the Universty & other external bodie5 Social cultural, sporting & recrèational and forum for student development 297.624 238,356 337.609 197,845 24.999 1A33.179 967 1A59.145 1,529.476 118.999 1.974A12 1094.378 1,965,680 Total expendlture 118.999 1570,683 %7 1690.649 2.413.781 Net Incomellexpenditure) 23.192 16.4Y 1967] 38.719 669,590 Transfer of assetsllliabilitles) from unlncorporated charlty gn 30 September 2022 11,561.8751 Other recognlsed gainsl{losses Gainslllossesl in multi*mployer pension scheme liability (253.050) 1253.0501 (257,1221 Net movement In funds (229.858) 16A94 (967) (214.3311 11,149,4071 Reconciliatlon of funds: Total funds brought forward (1.641.450) 491,076 967 11.149.407} Totsl funds carried forward 17.18,19 {171.308) 507.570 11,363,738) 11.149,4Q71 The nores form part of thesefinanoal statements Pa£e11
dÈ Unlvers N0125 Flxed Jssets Tan8iWefixed assets Inve5trnen 12 13 101571 10Z571 X4J7 102572 103571 CurY¢rtassrfs Srock5 hekl ty b)rs thjps & otheT t)uUets Debtots & prepaymenrs Cash at bank& in 47314 47.214 441813 4161 511741 974958 14 513.740 974959 1.531 1.531305 Cr•thtor% AmtyJnts falling du2 lwihin oneyear 15 59]A56 Netcurrentas5OfS 940A49 N¢tassets•xWIAg pprr4lon Ilablllty 1.041020 IN3,020 Multlornployer penslon 5theme118blllty 22 (1J17.1) {1J87.145) (Z192A2n (2,192427) Total Ret assets 11363,7381 11.149.407) 11,149,407) The olthe trIty: Endpwment Ful. Capital Grants Fund 18 967 967 Society accounrs Speaal Events Fund Siudeni HardsFMp FJAd Ro8 Fund IT Retre Fund Posi Grad Gnr Fu 19 19 19 19 19 19 7552 7.515 7.515 8.455 563 $63 1,81B 1A18 1937 20.937 ReMrkt¢d penslohfund% Multi-emptyer penon 22 11.1187.145) (lJ¥7.1451 11.661387) 11.6&13871 VAf.1451 {1,817.145) 11.661387) 11,662387) Unrestrl£ti AccUnwted Fund 17 507. 491AJ76 491.076 491.076 491,076 Totsl lunds {1J6173BI 11.X738) 11.149.4071 11.149ion proved on BehalfofTeesside Urnverty studen Un#)n on.Q.O.l.Ili. ty. Ha avar(Ihan Chikatla President Educ*ion arKI Chair of theTrttstees The notes f(xrr] part of these financbal 513ments Page12
ide Uni rsi ubsl om stste ntof ofca Fl Flows a theye onsolida sts 2023 Charity Group Charity Group Note Cash used in operating attNities 27 69.516 69.516 1.237.7n 1.237.777 Cash flow from Investlng activitles Payments to acquire tsngible fixed assets Interest received (116861 9.069 (116861 112fi166) 4.807 {126.16S) 4.807 Net cash flow used In investlng activltles (1617) (3.617) (121.359) (121.3581 Cash flow from financing activities Repayment of multiomployer pension fund (558332) (558.332) 1141.460) (141.4601 Net cashflow from flnancing actlvlties (55W2) (55&332) 1141.460) (141.4601 Change In cash and cash equlvalents in the year (491433) (491433) 974.958 974.959 Cash and cash equivalents at the beginning of the year 974.958 974.959 Cash and cash equNalents at the end of the year 481525 481526 974.958 974.959 Page13
slde niver5 ude nlo an toth rEn 31 ACCOUNTING POLICIES la} rmati nd rath) Teesside Unive[tystUdents Union is an incorporated registered charity in England. The principal addrèss is given in the Report of the Tnjstees on page 1. The nature of the Union's operations and prinopal aLtiirities are the advancement of education of students at Tee55ide UnNersity. The charity constiteS a public benefrt entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Chartties.. Statement of Reiommended Practice applicable to charities preparing their accounts in accordan wtth the FinancÉal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in Ottober 2019. the Financial Reporting Standard applicable in the United ngdoM and Republic of Ireland IFRS 1021, the Charities Act 2011. and UK Generalty Accepted Practice. The financial statements have been prepared to give a true and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2008 onty to the exient qUired to provide a and fairwev¥. Th departure has invofved followingÉheAccoLJnting and Reporting by Charities: 5tarement of Recommended Praaice applicable to charities preparing their accounts in accordance with the Flnanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charities- Statemert of Recommended Prartice effective frDm l April 2005 which has since been thdrawn. The financial statements are prepared in sterling whith is the functional currency of the Union and rounded to the nearest£. The CIO was registered on 13th June 2022 and became attwe on 30th September 2022 when it received all of the assets from the unincorporated charity number 1138275. Therefore. the prior yearf5 account5 were ppared for the period 13lune 2022 to 31 july 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistent applied to all periods presented unless otherwt5e stated. (bl Goi ncer The finanual sratements are prepared on a going concem basis under the historlcal cost convention. wth items recognised at Cost or transacrion value unless otherwise stated in the relevant notelsl to rhe accounts. The TrLSStees consider that there are nD material uncertainties abo the Union's ability to continue as a going concem. An amount was received from the Universrty in 2Q23 to cover the advance Panent ot three years deficit payments. No other amounts are included inthe financial Statements for future grants from the University in respect of the SUSS pension deficiL atthoush past practice of earmaJ*ed grant funding 15 expected to Continue in the future. This basi5 assumes continuing support from the UnNersity. The SU has received confim)3tion of grants for 2024/25. Icl Grou flnana The financial Statements consolidate the results of the Union and its wholty owned subsidiary Tee5 S U Limited on a line-by-line basis. Page 14
Unl ersi Idla Stu Un an the Year E Idl In orne Itlo All incoming resources are recognised in the Statement of Financial Activities150FAI when the Union is legally entitled to the income after any performance conditions have been met and the amount can be reliabty measured and it is probable that the incorne will be received. Revenue grants other than the bl¢xk grant are credited tothe SOFA in the year in which they are re(eived. The block grant is uedited to the SOFA in theyear in which it is recetvable. In the SOFA grants are shown a5 income and the related Èxpendrcure di5clI)sed as aPproprte. Dorbated faalities and services from the Unrverstyare accounted for a5 income and expènditure forthe year. The value of the rent and seNces donated to Teesside Universty 5tudentg Union is calcu13ted based on a lease wilh Teessidè Universw. No amount E included in the finanoal statements for volunteer time in line with the 50RP IFRS 1021. Further detail given in ihe Tr(ee<AnnUal Report. lel Ex All expenditure is accounted fDr on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expendtture is recognised where there is a legal or construttive obligation to make payments to third parties. it is probable that the settlement will be reqUId and the amount of the obligation can be measured reliabty. It is categorised under the following headings= Costs of raising funds comprise the costs of commeraal trading including cost of sales and their associared support costs. Expenditure on charitable attivit]es Includes the cosrs as%)ciated with the advancement of education of students at Teesside UnNersity. Other expenditure represents those ttems notfalling into thÈ Gitegories above. Charitable expendrture comprises those costs incurred by the Charty in the delivery of its activities and senrices for Tts beneficiaries. tt indudes both c05t5 which can be direct allocated to actniities and those costs of an indirert nature nece55arytO SUPPDrt them. Costs are aSlocated between the expendrture catègories of the SOFA based on usage of the reso¥Jrce. Governance costs are those incurred in connettion with compliance with constitutional and statutory requirements. Irrecoverable VAT is charged as an Èxpense againstthe alty for which expenditure arose. In tio ort Support cost5 are those that assistthe workof the Studentg Union but do not directFy represent Iharitable attiwtie5 and include office costs. finance, personnel. payrDII and governance costs, which supporr the SU attwtties. These costs have been allocated to expenditure on charitable attwities. The bases on which the support costs have been allocated are set Qui in note 8. Tan Fixed assets are stated at cosr less accumulated depreciation. Assets are caprcalised if they cost more than £1. and are experted to last more than a year. quipment. fixtures and ffttings are included at COSL Depreciation is prowded at the following annual rate5 in order to wre the cost of assets off over their esrimated useful lives-. Fixtures and Fittings - between 3- 7 year5 on Straht linè Computer and Office Equipment - betwÈen 3- 7 years on srraight line Improvements to Buildings - beTr4een 7 year5 and the expetted life Df the buildings Page15
nlverst dent¥ Un Com the nd 31 Ihl rtvestme Fixed asset investments are valuÈd at cost This represents ihe investmeftt in the 100% subsidiary. n costs Teesside LJniver5ity 5tudent< Union ffUSUI participates in the NUS pension stheme. a money purchase per10 scheme. This scheme is not defined bÈnÈfrt and so cannot build up a deficit. The only money ever paid into this sthemè is Ihe contribLrtion rate5 set by the ernployer. This scheme becaTne active 1 Ortober 2011. The Students. Union Superannuation Scheme closed to new members and accrual of firture benefit5 ceased at this date. TUSU continue5 to fund this scheme as described in the next paragraph. Teesside University Studentg Union ITUSUI participate5 in the Students. Union Superannuation Scheme. a defined benefft scheme which is extemalty funded and contratted out of the State Second Pension. The scheme isvalued at leasteverythree years bya PrOf10nalty qLJalffied independent artuary with the rates of contribution payable being deiermined by the Trustees on the adce of the actuary. The scherne operates as a pled arrangemen¢ with contributions paid at a centrally agreed rate. Underthe tèmis of FRS 102 the liabiityof the fvture payments has been estimated Using net present value calculations and included on the Balance Sheet. li) Le Rentals payable under operating leases are charged to the SOFA on a straight line basis overthe period of the lease. Ikl stock Stock is valued at the lower of the cost and its net realisable value. tors an Itors rec abl In one Debtors and creditors wth no stated interest rate and receNAble or payable within one year are recorded at transattion price. Iml ashatb nd In han Cash at bank and in hand includes cash and short term highly liquid inveaments with a Short rnarty of one year or less fvom the date of acquisition or opening of the deposit Dr similar account. Inl Flnancia ments The Union onty has finanoal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finatKial instruments are initialty ognISed at transaction value and subsequendy measured at their settlement value. Fun The Studenw Union has three distinct types of ftjnd in its balance sheet'.- Unrestrirted. or general, funds arising from the accumJlated surplus frorn its various attiwtie5,' Restrirted funds representing surpluses set Ade by the Studentg Union for spedfic purposes. such as Club and Societies Accounts. It also includes monies placed in the custody of the 5tudent< Union but not under its control, such as the Student Hardship Fund. Endowment Funds represent those asset5 which mLJSt be held pertnanently by the Charity in the fomi of fixed a55ets. Ir is considered to be an expendable endowmènt fund and a5 such it is being released to unrestriaed fijnds over a period to match the depreciation charged on the assets. Page 16
niversi andltss nion Notes to the for the Yea (pl ements and f Èstlmatlon in In the applicaiion of the Union's accounting policie5. which are described above. the Trustees are required to make judgements, estimate5 and assumptions about the carrwng amounts of assets and liabilttie5 that are not readity apparent from other sources. The estimates ané assoclated assumptions are based on historical experience and other factors that are considered to be relevant Attual results may differfrom these estimate5. The esrimates and underlying assumptions are wewed on an ongoing basts. Remsions to accounting esrimates are recognised in the peti(Kl in which the estimate is revised rfthe revlsion affects only that period. or in the period of the revision and tre periods rfthe rew5ion affects both current and futu perio(Is. The folli)wing are the criticaljudgements and keysources of estimation uncertaintythat have the m05t 5igntficant effert on the amounts recognised in the financial statements.. Valuation of fflultiomployer pension Ilablllty As detailed in note 22. the multFemployer pension liabiltry has been calculated on assumptions prowded by the most recent valuation from the attuary. The estimated liability has been discounted using a net present value calculation. Given the (hanging nature of muki*mployer pension scheffles. the liabilty estimate(J can be subject to fluctuation DONATIONS AND LEGACIES Period 13.6.2022 to 31.7.2023 Total Restrlcted Restrirted Endowment 2024 Block Grant frown reeIde LFniversr(y Grant for F30lities and Services Earmarked funding grants receNed from University IIT grant) Earmarked funding grants received from Universty Isummer Sen¢ offl Earmarked funding income recèived from Students (Summer Send-om One-off post grad universtygrant Earmarked ftjnding grar¢ts received from Unwersity1Salaryl Earmarked funding grants received from UniversÉty (su Pension Deficit) Earmarked funding received from Unwersty (Society donations) Funds raised for Rag Fund 888.066 699.884 361.IKK) 361.000 367.500 20.000 15.01)0 15,000 30.000 3,418 1.500 7518 75.818 45,980 28.292 671.50a 37 80 141191 1.249.066 1.391.257 1,818,362 Page 17
ide Un an Stu nlo bsldla toth unts eyear INCOMING RESOURCES FROM CHARABLE ACTIVITIES Pèriod 13. Un- Jcial, cultural. recreational. and sporting activities 601.668 685,022 601.668 601.668 685,022 INCOME FROM OTHER TRADING ACTIVITIES Un Bars kit(hen and entertainlng income from Tees S U Limited 727374 7.4 575.1 $0 n7374 727,374 575,180 INVWMENT INCOME- INTEREST RECEIVED Pe 13.6. Total to 1.7.20 Interest receTried 9.069 4,8D7 9.069 4.807 Co5 OF RAISING FUNDS Pe to 1.7.2023 Costs of sales Staff costs Other cosrs 266.434 292,630 37.207 209,111 220.783 18,207 292.630 596,271 596.271 448.101 Page18
thoo {• In 171 p r• r4v ! Ill 1111 40 Ln (xl Ln rli rri o ) (w m 4D iTrl ¢n fft Jnthoo p tyJlQ e4 a ¢kl O FD r*X Y¥a" 0) 4J) m ryj 40 MNO 4 Ih)O mlno mom (Ti Eri 4) CFI O moo o ¢) P4 Lfb 4D ro c0 ill (n CL V
£L> % v U v)0 LL In_ CL In v osr£ v o o vuthOLL
- ro ry mrnD omoo ts) o Ln Dl m Lf) 12) i LO (N rri tv EEEEEEE E E EE E E Lnwv)w ¢/) 03 e4 L) ZcL19 Id
Vnlo nditssu om Not Acco rtheye 31 NEf INCOMEIEXPENDITURE FOR THE PERIOD Net incomelexpenditure is stated afterchargin& Period to Operating lease5 Depreciation Auditorfs rernunerdtion- Audit fees Accountancyfees 1,500 23,593 9.150 8.585 735 10 TRUSTEES AND KEY kqANAGEmEl PERSONNEL REMUNERATION AND EXPENSES The full time Isabbaticall Officer Trustees as noted on page 1 were the onty member5 of the Board of Trustees to receNe any remunerarion. a5 pemiitted by the constitution. The salary costs were as follow5:_ Perio .6.202 to 1.7.20 202 Total employrnent beneffts 80.385 70.199 Members of the Board of Trustees and Officer Trustees are reimbursed for their travel costs and any other expense5 incurred in the course of their duties. Total Trustee expenses for the year amounted to £901. The number of Trustees reimbursed for expenses in the year was 6. The total amount of employee beneffts received ty key managemeFrt personnel is £246,066 12023 - £178.3961. The Trust considers its key managemert personnel comprise the President International. President Education, President Wellbeing Chief Executive and Deputy Chief ExecutNe. There are 4 key rnanagement personnel accming pension arrangements. Page 21
esslde Un dla Corn Notes to counts for r Ended 31 STAFF COSTS AND EMPLOYEE BENEFTrs 13 stsff cosrs We as follows:_ 1.7.202 Wage5 & salaries Social security Pension costs 1.268.236 84.223 81.466 1,108.855 66,610 64,579 1.433.925 1,240,044 Total termination payments amount to £75.818 12023 £Nill and reLited to negotiated termination payments. An additional grant was received from Teesside Unwersryto cover the termination payments. The average monthly number of employees and full time equNaleni during the year was as follows: Peri(MJ 13.6.2022 to 31.7.2023 Number Period 13.6.2022 to 31.7.2023 FTE 2024 Number Raising funds Charitable actMtie5 Governance 29 133 37 46 The number of employee5 whose employee benefrts (excluding employer pension costs) exceeded £60,000 was: 31.7.2 £9),001- £100.000 Page 22
Ide Un L4 Unlon Com N¢Jtes to ntsforthey 31 12 TANGIBLE FIXED A55Ef5 Group and Company ures fitti Total & Char Income and endowments from: Cost At 1 August 2023 Additions Disposals 126.164 11686 126,1fj4 12.686 At 31 Juty 2024 138.850 138.850 Depreclation At 1 August 2023 Charge for the year Disposals 23.593 23.593 20.820 At 31 July 2024 44,413 44.413 Net Book Values At31 Juty2024 94.437 At 31 July 2023 102,571 102,571 The net book value offixed a55ets repreSen- Gr Assets used for dirett charl¢able purposes Other purposes 91636 1.801 92.636 1.801 94.437 94.437 13 FIXED ASSET INVESTMEp¥rs Investments held by the charity indudes a £1 investment in the subsidiary which repre5ent5 1 CK)% of the issued share capital of Tees S. U. mIled Iregisiered number. 073859821. The nature ofbusines5 was that of letting of the students, un)n facilities. Further details a gwen in note 25. 14 DEBTORS- GROUP AND COMPANY Trade debtors Other debtor5 Taxes and Social Securty(VAT reclaim) Prepayments & accrued income 50.393 81036 4,1K8 388.596 427,636 441813 513,740 Page 23
ide Unlve and Its ntg Unlo tes to for the Yea ed31 15 CREDITOR&" AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP AND COMPANY Trade credirors Social security & othertaxes Other creditor5 Accruals Deferred income 85,910 49,148 26,912 412.101 16.785 48.339 247 17.193 543.583 590.856 Deferred income comprises any ticket sales and events income lacIng to fijture periods. 16 OPERATING LEASE COMMITIAENTS Total future minimum lease payments under non-cancellable operating leases are as follows:. Plant and Machinery Less than one year More than one year and not later than five years 1.500 3,375 1,OOD 4,50D Land and Bulldings Less than one year 125.LN)O 125,(Y)o 129.875 130,500 17 UNRESTRicfED FUNDS Balance at 1 August 2023 Balance at 31 July 2024 Income Expet)dlture Unre5tritted 491.076 1587.177 1570.683 S07.570 491.1Tr6 1587.177 2570.683 507.570 18 ENDOWMENT FUNDS- CApAL GRANT FUND Reception 12013) 1st Floor (20141 2nd Floor (2017) Total 2024 Total 2023 At 1 August 2023 Released to SOFA 967 19671 967 1967) 5,777 14.8101 At 31 July 2024 967 This represents monies provided by the UnNerstty forvariou5 refijrbishments. Page 24
ipor Ifi i &1 I 11 7J wZ> 1 22igAI21. c£S1) V)
Teesslde Un udent< Un Com Not End 31 19 RESTRicfED FUNDS {continued) The Societies accounts conssted of both money from the Studenw Union and ihe students to support the running of the various SU societies. The student Hardship Fund provide5 finanoal assistance toTUSU members in ca5e5 of genuine hardship. Its funds have been raised through specifK fiJndrai5ing event5 and are administered on rts behalf by the Studenrs Union's TrLStees in accordance with written regulations. Teesside Unwersity studen Union holds the funds of the Student Hardship Fund. and rts Trustees are Trustees of the fund. The Fund represents fijnd raising events held byStydenr¥ Union which have notyet been distributed to other chaTitie5. The assets are held are in the fomi of cash at bank and are orded SeparateWithIn the accounting records ofthe studen Unton. The Summer Send4)ff grarbtwas prowded bythe Universtyto subshli5ethe cost to students of this event. The Unniersty prwded a on&off grant to the Post Graduate S(Ktetywhith i5 carried forward. The Unhiersity prowded a grant to refresh the tr of the Studentg Union. In the year the UnNergty also provided a oneff lump sum Salary granL 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP Unrestrict Fund5 strirted Fixed assets Current assets Creditors Pension schème liabilty 94.437 956,716 1543.5831 94.437 972.553 1543.583) (1.887.145) 15.837 (1.887.145) Ba12nce at 31 July 2024 507.570 (1.871.%)8) (1,363,738) 21 RELATED PARTY TRANsAloNs The Union was in receipt of grants from Teesside Unwersity for the year amounting ro £1,389,676 (period 13.6.2022 to 31.7.2023= £1,814,863). The 5tudentg Union occupÉed its building under a lease th Tee55ide University. thevalue of the rent and setvices amounted to £360.648 Iperi(trd 13.6.2022 to 31.7.2023- £367,500) which was invoiced to the Students. LfnioN and an addiDonal grant of £361,CQO Iperi(Ml 13.6.2022 to 31.7.20.. £367,500) was made bythe Universityto coverthis expense. The Officer Trustees on the Trustee board receive remuneration fortheir sejvices as provided for withln the Constitution. The aggregate amount payable under such contracts in the period was £80.385 (period 13.6.2022 to 31.7.2023- £70.1991. Page 26
niver51 Subsidia Student¥ Uni Co r Ended 31 PENSION COSTS Teesside University Students, Union (TUSUI participates in the Studenw Union Superannuation Scheme, ich is a defined benefrt stheme whose membership consists of employee5 Of students, unions and related dIesthrOUgh0utthe country. Beneffts in respect of service upto 30 September 23 are accrLJed on a Tinal salarf basi& v4ith benefits in respect of Service from l Ocrober 2003 accruing on a Career Average Revalued Eamings (CARE) basis. With effectfrom 30 SÈptèmber2C>11 the scheme closed to futu accrual. The mst recent valuation of the scherne was carried out as at30June 2022 and showed trot the market value of the scheme'sassetSwas£106,697.(KK¢th thesèassots representing44%of the value of benefits that had accrued to members after allowing for expected future in(ase5 in earnings. The deficit on an ongoing funding basis amOUnte(J to £136,645,000. In light of the resuhs of this valuatiorn the Schemds Trustees have agreed wtth the Prlncipal Employer that.'_ From 10(tober 2023 participatsng unions will make defKit contribution5 of £745.671 per month, Increasing by 5% each subsequent l Ortober to address the deficit revealed by the valLtIOn. These contributions include an allowance of £536.038 per annum in respecr of the ongoing expenses of wnning the Scheme and are experted to eliminate the deficit by l May 2037. Deficit contributÈons have been apportior)ed belween participating unions in line wth the split of liabilities accrued. apportioned by service with each UnK)n. Partiopating unions have also been given the optlDn of pawng discounte(I lump sum instead of rheir rrI0nth contrlbutions between l Ottober 2023 and either Seprember 2026. SepteMr 2029 or September 2032. The PPF levy and related expenses will be paid by the participating union in additFon to these contributions as and when r( falls due. The le11 be apportioned been participatlng unions based on each union'5 share of the liabilities accrued and their D&B PPF score. The assumptions which havethe m05t significant effettupon the resultsof the valuation are those relating to the rate of retum on investments and the rates of increase in salaries and pensions. Principal Artuarlal Assurnptions Rate of increase in pensions Post 1997 Rate of increase in pensions p05t 2Crf)O 3%-5% Maximum of 5% Gi$ ctjrve + 1.5% pa. linearty changing ¢)ver a term of 13 years to gilts curve + 0.25% pa RPI inflation less 0.7% pa {pre 20301 RPI inflation less 0.1* pa Iposi 20301 Merrill LJTrch swaw¥nplied inflation curve Dlscount rate Inflation assumption ICPII Inflation as5UmPtion IRPII The 2022 valuation recommended a monthty contrtbuiion requirement by each Union expressed In monetary terms intended to dear the ongoing funding deficit by May 2037. For Tees5ide Universty Student5 Union. the annual contributions from ottober 2D23 are as follows=. £178.23612D23124 increase by 5%). £187.15212024125 increase by 5%1 and £196.59212025r26 increase by S%1. This was paid at a discount by an approved lutnp sum of £530.040 in the year. Page 27
nlvers nd Its Subsldla Notes ed31 ul PENSION COSTS (continued) Under FR5102 the fflulti-employer pension liability has been calculated based on the assumptions of the above expected deffcit payments'.- Multi-employer pension liabiltty at 1 Augusr 2023 Movement on net present walue calculatoon Payments made in the year 1191427 253,050 1558.332) Multl-employer pension liabilityat 31 July2024 1.887.145 The Unlversity paid a £530,040 grant injuly 2023 for the lump sum payment to SUSS in November 20. Otherwfise. no amount is included in the financial staiements for future grants from the Unwersity in respett of the SUSS pension deficit. although past practice of earmarked grant funding is expected to continue in the future. Contributions paid into the NUSPS scheme for the per1j amounted to £81A66. This scheme is money purchase. not defined berfit and $0 cannor build up a deficit The onty money paid into this scheme is at the contribution rates set by the employer and employees. 23 CAPITAL COMMITMEPIts At the period end. the studen Union had caprtal commitments of £Nil12023- £2.3151. AFFILIATIONS During the year the Studentg Union paid the following affiliarion&- Period 2024 National Union of Students INUSI NUS Charty 16.606 4.151 15.209 3,804 20.757 19.013 Page 28
Stu bsi Yea End SUBSIDIARYCOMPANY The charity owns the wholè of the issued ordinary share capttal ofTees S U Limited, a company registered in EnglaNd. The subsidiary was incorporated on 23 September 2010. It is Used for non-primary purpose trading artivities. All artNrties have been consolidated on a linfrby-line basis in the SOFA A summary of the results of the subgdiary Shown below.- Turnover Cosr of sales n7374 575.180 209.111 Gr055 Profit Adminisrratwe expenses 366.069 238,990 329.8>1 Net Proff( 131.103 127.079 The agggate of assets Ilabilbries and funds was.. 20 Assets Liabilities Share capttal (representing 1 ordinary share £1 each) Profit & Loss Account 26 RESULTS OF PARENT Total incoming resources Net mDvement in funds 2.001.994 (214.331) 1508.191 412,468 The subsidiary gift aided £131.103 to the parent company in the period. RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO CASH FLOW FROM OPERATING ACTIVITIES 27 Net incomellexpenditure} for year Interest receivable DeprlatIOn of tang4ble fixed assets Ilncreasel in srock DecreasellirKreasel in dèbtors IDecreasellln(rea5e in creditor5 Transfer of assets 38.719 19.0691 20.820 (4.608) 70,927 (47.273} 669,590 14,807) 23.593 142.6061 1513.7401 590,586 514,891 69.516 1,237,777 Page 29