Registered number- 15275780 Charity number- 1206187 THE UNIVERSITY OF BATH STUDENTS, UNION {A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Limitgd by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of thè Charlty, Its Trustees and Advlsers Trustees. Report Trustegs. Responslbllltles Statement Independent Auditor's Report on the Flnancial Statements Stat9ment of Flnanclal Activities 2-13 14 15-18 19 Balance Sheet 20 ststement of Cash Flows 21 Notes to thg Financial Statements 22-39
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OFTHE CHARITY. ITS TRUSTEES AND ADVISERS AS AT 31 JULY 2024 Overview of Charitles Key Details Charity name.. Other names.. Charity number.. Company number. Charity address.. Governing document.. Constitution.. The University of Bath Students, Union The SU 1206187 15275780 The SU Bath, University ofBalh, Claverton Down, Bath BA2 7AY Articles of Association Company Liffliled by Guarantee Details ol Charity's Professional Services Bank name.. National Westminster Bank PIC Bank address.. 24-25 Stall St. Bath BA1 1QF Auditor narne.. Crowe U.K. LLP Auditor address.. 5th Floor, R+ Building, 2 Blagrave Street, Reading, RG1 1AZ Senior SU Management Chief Executive Deputy Chief Executive (until 07106120241 Company Secretary Secretary to the Board Ryan Bird Mandy Wilson-Garner Ryan Bird Rebekah Se Board of Trustees Trustee name Jimena Alamo Amber Snary Jura Neverauskai18 Zuber Lakhani David Lam Office President (Chair) Education Officer Start date 2410612023 2410612023 End date 2010612025 2010612025 Appointment Elected by metnbers Elected by members Poslgraduale Officer Poslgraduale Officer Activities Officer 2710612022 2310612024 Elected by members Elected by rnembers Elected by members Elected by members 2110612024 2410612023 2010612025 2010612025 Hanna Hazjer Benjamin Orford Thompson Abbie Walkin Olivia Warner Community OffiTrr 2410612023 2310612024 Community Officer Sport Officer Sport OffIr External Trustee External Trustee External Trustee External Trustee 2410612024 2010612025 Elected by members Elected by members Elected by members Appointed by the Board Appointed by the Board Appointed by the Board Appointed by the Board 2410612023 2410612024 2310612024 2010612025 Jordan Kenny Barry Hughes Rebecca Board 8ernard Mortey Christine Gibbons Matthew Houghlon Anand Aggarwal Mar¢u5 Ward 1911212019 1211012021 2210312023 2210312023 0410412024 1911212024 2210212026 2210212026 Externsl Trustee 0110212024 0110212027 Appointed by the Board Student Trustee 2110612022 2610612024 Appointed by the Board Sludenl Trustee 2110612022 2610612024 Appointed by the Board Appointed by the Board Appointed by the Board Student Trustee 1710912024 2210612025 Kathleen Head Student Trustee 1710912024 2810612026 Page 1
THE UNIVERSITY OF BATH STUDENTS. UNION {A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE PERIOD ENDED 31 JULY 2024 The Truslees present their annual report together with the audited financial slalemenls of the charity for the period 1 February 2024 10 31 July 2024. The Annual Report serves the purposes of both a fruslees, report and a dire¢lors' report under company law. The Trustees confirm that the Annual Report and financial slalemenls of the charitable company comply with the Current slalulory requirements, the requirements of the charitable ompany's govèrning document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effeclive 1 January 20191. Since thè charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large cotnpanies under the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has been omilled. Charltable Status The University of Bath Students, Union (The SUI incorporated as a company limited by guarantee (Company no. 152757801 on 1 Oth November 2023 and registered as a new legal enlily with the Charity Commission (Charity no. 12061871. The Charitable Company look over the assets and activities of thè existing unincorporated Union al midnight on 31st January 2024 from which dale il commenced operations. Trust8es' Report The Board of Trustees present their Annual Report together with the financial slalemenls for the period ended 31 July 2024. The report has been prepared in accordance with the special provisions relating lo companies subject lo small companies regime within Part 15 of the Companies Act 2006. The Iruslees have had regard to the Charity Commission guidance on public benefit enlili&s. Relationshlp with the Unlverslty of Bath Under the Education Act 1994, the University of Bath has a slalulory duty to lake such steps as are reasonably pra¢licable lo ensure that The SU operates in a fair and democratic manner and is held lo proper account for ils rinances. The SU therefore works alongside the University of Bath in ensuring that the affairs of the Union are properly conducted and that the educational and welfare needs of The Su's members are mel. Incorporation The University of Bath Students, Union (The SUI incorporated as a company limited by guarantee (Company no. 152757801 on 1 Oth November 2023 and registered as a new legal enlily with the Charity Commission (Charity no. 12061871. As part of this process, consent was given by the University of Bath as required by the Education Act 1994. The Trustees approved new Articles of Association in October 2023. HMRC confirmed reallocation of the VAT Registration number from the unincorporated organisalion lo the new company. New bank accounts were opened with our existing provider Nalwesl, alongside new merchant acquiring and Bacs functions. Novalion's of existing contracts were processed, and existing grant agreements renewed. The nel assets and funds of the unincorporated union were transferred to the newly formed company on 31 st January 2024 from which dale il commenced operations. The lolal amount Iransfered lo the new company at midnight on 31 January 2024 was £1,177.110 comprising reslricled reserves of £567,464, designated reserves of £8,911 and unreslricled reserves of £600,735. The Sludenl Union carried £8,571 in custodian funds for RAG IRaise and Give). The sudiled accounts show 6 months of activity as il is a short accounting peri(xl. This will be extended back lo 12 months from 1st August 2024. The Su's solicitors received confirmation from the Charity Commission on 23rd July 2024 th81 they have removed the old entity from the Register of Charities and added the Incorporalion to the Register of Mergers. This completed the process. Page 2
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 Objectlvgs and actlvltles a. Policigs and oblectlves The objects of The SU are the advancement of education of students al the University of Bath for the public benefit by.. promoting the interests and welfare of students al the University of Bath during their course of study and representing, supporting and advising fflembers., being the recognised represenlalive channel between students and the University of Bath and any other external bodies", and providing social, cultural, s5)orting and recreational activities and forums for discussion and debate for the personal development of ils members. Ourcausg The SU is the body of students al the University of Bath. We believe that students can and want lo change the communities they are part of for the beller. Through our sludenl leaders and elected represenlalives. we create opportunities for students to come together, support each other and inspire them lo make change and shape the world around them. Our vision is one where students lake part in The SU as active citizens within their communities, not just as consumers of servicès. We need lo do this so we can deliver our Cause and rise flexibly to the challenges ahead, marking a shift from delivering things for students, lo working with students lo develop and deliver things. Therefore, our focus as a community is on facilitating opportunities lo come together and inspiring each other to tske an active role in improving our university and the world. In selling objectives and planning for aclivilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Strategigs for achleving objectives During the last 6 months The SU has continued revising ils strategy. The new strategic plan builds on our pre- COVID-19 work and embeds learning from the past few years. Our cause drives all our work, and we are focusing our delivery across four strategic thèmes over the next three years.. Represenlalive Student Voice Building Communities & Engagement Positive Health & Wellbeing Personal Development and Employability. Each of these IheTnes has three core objectives, with underpinning area plans focused on deliverables. Recognising that our Sludenl Leaders are èlected annually, we also create annual plans for each Sabbatical Officer based on their election manifestos., an annual 'Top 10, list of key issues of importance lo the student community against which Officers lobby the University. Page 3
THE UNIVERSITY OF BATH STUDENTS. UNION {A Company Llmlted by Guaranteè) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 Objectives and actlvltles Icontlnued) To enable us lo deliver on our cause. we intend lo transform the way we work by ensuring strong organisationa stability and an effective operating model. Over the next planning period, the organisation will focus on the following seven enablers.. People & Culture Income Generation Partnerships Digital & Communications Governance & Democracy Spaces Data, Research & Insight Alongside developing strong organisational stability and an effective operating model, work is ongoing lo refine our values. These will sel th8 lone for how we work together as a community, and will inform how we act and how we make decisions. Core to our strategy is building on our model of sludent-led aclivily, which is underpinned by high-quality professional staff support. We place sludenl leaders and elected representatives al the heart of creating opportunities for their fellow students lo come together and inspire each other lo change and shape the worl around them. Operational activities that support the achievement of our cause and strategic objectives are-. Voice- helping students sland up, speak up and make their voice heard Experiences- making friends ancl memories that last a lifetime Groups- broadening horizons with our communities of students Support- providing advice and support on sludenl life Development- developing the ski115 students need to lead and change The more we advance our cause, the more pèrsonal growth, learning and development that we achieve. making the communities we are part of even better. This helps improve the sludenl experience, enhances wellbeing, and slrenglhens our impact as represenlalives for change. Page 4
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmltod by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 Achlevements and p9rformance a. Maln achièvements of the charlty Following the appoinlmenl of a new Chief Executive in July 2023, the Trustee Board undertook a strategic review and approved a new Ihree-yèar strategy. This strategy, outlined above. provides the framework for development over the next three years. Alongside developing the strategy, the charity also incorporated as a company limited by guarantee in January 2024. One of our significant undertakings this year has been an ambitious project lo identify strategic priorities related lo the sludenl experience for the next five years in a lime of financial challenges for all aspects of the Student experience al the Univeisily, and lo students themselves. The initial stage of gathering in-person student feedback had 40 sludenl leaders allending focus groups with an external facililalor, 2000+ students completing postcards with around 11,500 feedback points on the positive and negative impacts on their experience, and various engagement activities al existing forums. An all-sludenl survey gathered more in-depth quanlilalive feedback around the emèrging themes.. Feedback from prospective students will be colle¢led al Open Days and key university stakeholders will be invited lo allend a discussion group. This feedback, along with existing local and national data has been analysed with the incoming and outgoing officer teams lo create a sel of priorities for the student experience over the next five years. These priorities, along with the accumulated fèedback, will be presented to the new Vice-Chan¢ellor, the University Executive Board and other key stakeholders al the start of next year. Our aim is to work collaboratively with stakeholders lo improve the student experience over tho coming years. The organisalion has continued working with and through our sludenl leaders and elected represenlalives lo deliver a wide range of activities and services. Highlights include.. Supportlng and devgloplng our students Casework numbers.. Our advisers supported 1123 students, demand has been consistently 19Qk higher than pre-2021. This is largely driven by 3 280/u increase in students seeking independent advice on academic processes. Our work focuses on empowering students lo remain engaged with their studies al some of the toughest limes in their student experience. Cases continue lo be more complex, with average time spent supporting each sludenl increasing year-on-year. Type of casework.. Academic advice makes up the majority of cases 166 /01, housing 121 % l and personal 113°knl. We have developed a risk rating process lo enhance how risk is recorded within our online case management system. Peer-led Support.. We continue to support Nighlline, a sludenl-run peer-lo-peer support listening service and Sludenl Minds, which is a sludent-led group commilled lo supporting students with their mental health and wellbeing. Our Advice & Support Service, working closely with the University Support Services, lo provido training and oversight. Peer Mentoring.. Our peer mentoring continues to go from strength lo strength, providing peer-led support across all levels of study. We recruited and trained 629 Undergraduate Peer Mentors, these mentors enable the provision of an opl-oul mentoring scheme for all new students. A Doctoral Peer Mentoring provides support for students in their first three months of a PhD and a Poslgraduale Taught buddying scheme is now in ils second pilot year. Peer Assisted Learning IPALI.. A total of 40 trained student PAL leaders delivered a lotsl of 254 sessions over the academic year, with sessions having over 2000 allendances. The scheme is supported by six senior PAL leaders. academic staff and Sludenl Engagement Officers within the Faculties of Science. Health and Social Sciences, and Engineering and Design. Page 5
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmlted by Guarant991 TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 Achigvements and performance (continued} Language PAL and Language Café.. Sessions are offered across 9 languages included.. Russian. Italian. French, English and Arabic. 24 trained sludenl PAL leaders delivered 164 sessions through the year. The scheme is supported by three senior PAL leaders, Academic staff and the University Skills Cenlre. Language cafes offer a more informal approach, with three held this year with allendance of over 200. Languages included.. French, Korean. German and British Sign Language. Student Leader Training.. A new sludenl leader strategy has been developed, including a training matrix. In lime, this will further enhance our approach to supporting and developing our sludenl leaders. Training includes compulsory training lo ensure effective compliance through more developmental and employability- focused sessions. Representlng our students Our Sludenl Voice team and Student Officers worked hard this year, ensuring student views were represented across the University. Significant achievements from their collective representation efforts include.. Sludenl Voice Partnership.. We continue lo work closely with the University lo develop our partnership approach lo sludenl voice. Wilh the University we are committed lo fostering an inclusive environment th81 empowers students lo play a pivotal role in shaping their university experience. Data & Insight.. We continue lo run our regular pulse surveys, which provide timely and focused feedback on the student experience. These results support our elected officers in their representative roles. A wide range of other research and survey work has been undertaken, incSuding a review ol our approach lo competitive sludenl sport, experiences of students living in the city arid feedback on our commercial services. Housing Partnership.. A joint survey was rLJn in partnership with Bath Spa SU, Norland College and the Bath studenl Community Partnership. The results of this survey have been shared with the University of Bath, Bath Spa University, Norland College and the Local Authority. The results are informing wider work in relation lo the availability and standard of housing across the city. Mulli-Failh Space.. We have continued lo lobby the University lo improve the provision of faith spaces on campus. Following discussions, an increase in provision is planned for the 2024125 academic year. Inclusion & Equity.. A significanl number of sludent-led inilialives, including LGBT History Month, Black History Month, and a multi-cultural fair, have helped lo further develop an inclusive culture. Our Diversity & Support Groups meet regularly and inform our work in this area. Funding was secured lo sel up 8 Gender Expression Fund, this will support gender non-conforming, non-binary and Irans students. Poslgraduale & Inlernalion81.. A continued focus for The SU and the University is centred on the poslgraduale and international sludenl experience. A number of events and activities have been undertaken lo EK)Ih build community bul also lo build on our iepresenlalive work in this area. Elections.. The annual SU leadership &lections saw 22.259 voles cast and a lurnoul of 22.5°/o. This is above the sector av&rage, and we continue lo see strong engagemenl with our democratic structures. Summit.. Our key sludenl committee lo shape the political direction of The SU, SLJmmil. has bèen revised with learnings from models in European universities. Summit gives sludenl leaders the opportunity lo establish slandpoinls on key issues facing students and provides insight and direction for the officer team and other represenlalives. The Student Officer team are invaluable as the face of The SU, representing the views of thousands of sludenis both locally and nationally. Some achievements for the team this year include.. Local & National Represenlalion.. Attendance and engagement with a wide range of local and national bodies, including Bath & North East Somersel Council, Wesl of England Combined Aulhorily, Committee of University Chairs, South Wesl Region Students, Unions, Quality Assurance Agency, Office for Students, Parliament. National Union of Students and Office of the Independenl Adjudicator. Page 6
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Llmlted by Guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 Achievements and performance {continugd} Sludenl Community Partnership ISCPI.. Engagement with the SCP, working across the city lo support students through a 'moving in and out, campaign. Food Pantry.. The sel up of a pilot food pantry, supporting over 300 students with access lo essential food and toiletries. Employability.. Active input into a new University of Bath Employability strategy. Volunteer Recognition.. An increased focus on the reward and recognition of student leaders, including awards evenings across all aspects of the sludenl experience. Early Arrivals.. The development of an early arrivals provision for international students, working closely with the University support servicès lo give students the best possible start al Bath. Conflict.. Continued work lo support students impacted by the conflict in Israel and Palestine. Also, working lo develop a consislenl approach lo all conflict. Assessment.. Continued campaigning for improved assessment and feedback, with a particular focus on disabled students. Sport.. Securing the introduction of medical staff for key sports fixtures. Buses.. Continued lobbying for improved bus services lo and from campus. Cost of Living.. Work Gonlinues on the cost ol living as part of the university Cost of Living Group and within The SU. Provldlng Student Activities: Sports. Societies. Voluntgerlng. Community and Events. The SU continues lo power up sludenl life on campus, facilitating a wider range of sludenl activities which both support students in making friends, feeling part of a community. developing skills and having fun. Sludenl Leaders.. Over 1200 leadership posts were flled across sports, societies, volunteering and community areas of aclivily. These leaders are supported by elected executive commillees and our professional staff team. Memberships.. There were a total of 22,601 memberships, a 7010 increase on 2022123. Arts.. The SU continues lo lead student arts provision across campus, primarily through the Edge Building. Over 10,000 hours of activity bookings look place across all types of activity. 2380 individual arts memberships were taken out, providing students with access to all facilities and aclivilies. 77 events, inclucling 23 shows1S0 show nights) and 2 scholarship showcases, 32 feel-good Fridays. and 22 lake-a- break sessions, ensured a packed calendar. Sludenl-led Events.. 269 event planners were submitted, each providing a fflechanism lo ensure students are supported to safely undertake their aclivily. Key events included freshers, week group fair, a mulli-cullural fair and a Masquerade ball. Fund-raising.. Over 100 fundraising events and 60 group events look place. A total of £82,877 was raised across RAG, sport, societies, volunteering and the arts. RAG's'big 4, events raised £9,401. Volunteering.. Projects continue lo flourish, providing opportunities for students to contribute to a wide range of inilialives such as coding t)oolcamps, city clean-ups. repair cafes and park nature events. Varsity.. Our annual Varsity competition with Cardiff Met su took place in 8alh this yèar. 600 alhleles competed in 40 teams across 11 sports. The event was the biggest we have ever had, with over 4000 spectators from Bath and C8rdiff. Bath took home the trophy for 8 7th year in a row. Social Events.. We ran a number of large-scale social events for students, including a Snowball, a Masquerade Ball and a Summer Ball, with allendance lolalling over 5000. Community.. Our communily-building work continues lo be important for those in university halls, with 57 events, including socials, sludenl trips, housemate finders, and study-well sessions. student Media.. Our radio slalion URB held a 50-hour show lo celebrate ils 50th birthday. Campus TV and 8alhlime continue lo be important sludenl media outlets for student development. Page 7
THE UNIVERSITY OF BATH STUDENTS, UNION IA Company LlmitBd by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 Achlevements and performance (contlnuad) Social Programme.. Regular activities across our venues continue lo grow. with our Friday 'Weekend Warm Up, exceeding attendance expeclalions. Competitive gaming (pool, darts and air hockey) has outperformed budget and continues to grow in popularity. Sales increased in semester two as we capitslised on the 'pub feel,. Club nights remain a difficult market, bul our 'Home & Away, partnership with venues in town is working well. b. Sustalnablllty Having declared a climate emergency, along with the University, The SU is particularly proud of the amount of work our sludenl leaders continue lo undertake in this year in this area. SU staff and officers have been active members of the joint SUIUniversity climate action team. c. Looklng Forward Following a year of consolidation. the implemenlalion of our strategy will be a key focus over the coming year. We will be reslrucluring our senior management team, following the retirement of our Deputy Chief Executive. These senior changes will develop strategic capacity and ensure we are well placed lo tackle the challenges ahead of us. The University is ending its lease on Dartmouth Avenue, a space we currently use foi a wide range of student- led aclivily. As part of the exil, we will be taking on a number of new spaces and seeking lo develop a capital investment plan and to rearrange our spaces lo ensure maximum effectiveness and improved service lo students. With the atrival of a new Vice Chancellor, our Together We Shape Tomorrow student insight will provide the basis of longer-term conversations regarding the sludenl experience and The Su's role in delivering on this. d. Thank You The achievements outlined in this annual report are the result of a dedicated and passionate team who come together lo make a real difference lo students. The organisalion is extremely grateful for 811 the work of ils staff, sludenl leaders, volunteers and trustees. Thanks also go lo the University of Bath, OLJr main funder, who continues lo work with us to ensure Ihg experience al Bath is an exceptional one. Page 8
THE UNIVERSITY OF BATH STUDENTS. UNION (AComp8ny Limitgd by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 Flnancial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operalional existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy The SU has a Reserves Policy, agreed by the Trustees. The purpose of the free reserves for The SU is lo help ensure the long-lerm ability of the organisalion lo meet ils mission. The SU will maintain free reserves to achieve the following objectives.. lo designate lo specific projects lo enable these to be undertaken al short notice., to protect The SU against adverse economic conditions within commercial operations., and to provide a fund for capital replacement or refurbishment. The free reserves are not intended lo replace a permanent Ioss of funds or eliminate an ongoing budget gap. The total reserves held by the reporting enlily al 31st July 2024 was £1,206,503, 01 which £766,016 are regarded as unreslricled funds and £440,487 are regarded as restricted funds. The balance held as unreslrioted general funds, excluding designated funds, al 31 sl July 2024 was £757,864, of which £716,873 are regarded as free reserves, after allowing for funds lied up in tangible fixed assets. Page 9
THE UNIVERSITY OF BATH STUDENTS. UNION {ACompany Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 . Financial review Due lo the change in legal slalus of The SU, the accounts presented cover the period from 1st February lo 31 sl July 2024. The overall surplus in unrestricted funds al the end of this period was £156k. Bars and entertainments remained the principal focus for The Su's commercial activity during this period. Early performance in the semester was mixed with varying success in our club nights, but regular events holding steady. The biannual home Varsity event took a new approach with a fan zone area and extended bar, and this proved a huge success. Wel sales and food finished ahead of largels, bul Coffee underperformed. We received more in retro payments than expected and vending cornmission exceeded budget. A focus on managing costs resulted in a reduction in casual staffing and security spend. With a bumper Summer Ball and trade well ahead of budget in the lasl quarter, this all combined lo give a year end surplus of £89k. This is a great achievement from the area following a chalSenging few years of lower financial returns. In other commercial areas. performance was consislenl with stall hire providing a steady income stream. Interest rates retnain high, so we have enjoyed a greater return on our funds. The Etnployers Contribution rale for the USS pension scheme reduced in January from 21.4°A to 14.50A. This has contributed lo an underspend in salaries of £28k across general areas. Salary vacancy savings were signifiGanl in this period. Due lo sector funding challenges th& University enforced a recruitment chill delaying any advertising of new roles by three months. Whilst some uncertainly held regarding future block grant increases, The SU decided to temporarily expand this control measure freezing any recruilmenl of permanent roles. Combined with the senior team restructure following the retirement of the Deputy Chief Executive in June, our underspend against salaries al the period end was £108k. Costs were generally in line with budget bul some additional spend on interim staff support, facilities and Incorporation fees were incurred. Due lo the surplus we were able lo absorb these. The majority of SU reslricled funds relate lo our sludenl groups who have enjoyed high turnover as membership and activity significantly increased. The period end reports a balance of £440k. Designated funds have reduced slightly lo £8k as expenditure caught up with the aclivily. The Balance Sheet continues to reflect 8 robust financial position for the Union with nel current assets of £1,070,966. d. Rlsk management The Board of Trustees reviews the major slralegic, business, and operational risks faced by the Students, Union al least annually, and urgent mallers are escalated when needed. The Finance and Audit Committee lakes responsibility for working with senior management lo monitor risk regularly and lo review the effectiveness of internal controls. For this reporting period, the Trustees considered, managecj and responded to a wide range of risks, with the following as a particular focus.. Income generation Change in senior staff Cost of living Increases and the impact of staff and students New government legislation in relation to free speech These risks have been managed through a number of improvement actions, controls and processe5. The Board have agreed lo review the organisational approach lo risk and intend lo rollout a revised process in 2024125. Page 10
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Llmlted by Guarant901 TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 e. Funds Held As Custodian Trustee On Bghalf Of Others Raise & Give IRAGI is a sludenl led society with the aim of fundraising for a variety of local and national chariiable causes whilst providing students with a number of development opportunities. This includes fundraising itself as well as organisalional and leadership roles. The financial transactions of RAG are kept separatè from those of The SU through the use of unique coding and custody of the assets falls within the general s8curily arrangements of the wider University. Structurei govgman¢e and management a. Constitution The SU is consliluled by ils Articles of Association dated 10 November 2023 and is governed by 8 Board of Trustees. The Trustees are also Directors of the charitable Company. The Board is made up of six Sabbatical Trustees. up lo six Sludenl Trustees, and up lo six Lay Trustees. The Board of Trustees is responsible for the strategic direction, governance. and financial sustainability of the organisalion. The Trustees are responsible for the overall performance of the organisation on behalf of its members, the students of the University of Bath. Day lo day operational and staff fflanagemenl of the organisalion is delegated lo the Chief Executive who is responsible lo the Trustees for slralegy,. ils development, implemenlalion and operational performance. b. Mgthods of appointment or election of Twstees Sabbatical Trustees are elected annually by our sludenl members for a one-year term. and able lo serye a second term if re-elected. They provide invaluable insight from their own experiences as a student and enable US lo create a truly sludenl led organisalion. Lay Trustees apply and are appointed by the Board for a lerm of up lo three years and can serve a maximum of two terms. Our Lay Trustees provide wider skillsets and experience from outside The SU and we are enormously grateful for their skills and support. Student Trustees apply and are appointed by the Board for a term of up lo two years and serve a maximum of two terms. Our Sludenl Trustees provide an invalLJable insight as current students that are not employed by The su. Upon appointment 811 Trustees are briefed on their legal obligations and other Trustee responsibilities. All Trustees receive an induction information pack which includes their role responsibilities, their legal responsibilities. historical and current information about The SU. information on its Strategic Plan and how lo deal with potenliel conflicts of interest. P8ge11
THE UNIVERSITY OF BATH STUDENTS. UNION (A Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 structure, governancè and manag9ment Icontlnuedl c. How governance works atThe SU The Board of Trustees holds al least four meetings per academic year and is responsible for establishing and delegating to committees. In this reporting period, there were the following commillees in operation.. Finance and Audit Committee, with a remit lo oversee the organisalion's finances. review financial policies. monitor and report on audit recommendations. and monitor risk management. This committee meets a minimum of four meetings per academic year. Complaints and Disciplinary Committee. with a remit lo hear appeals for complaints and student member disciplinaries. This committee meets whèn required. Leadership Committee, with a remit to monitor, report and make recommendations lo the strategic plan lo the Board of Trustees, approve and oversee Campaigns and projects, and monitor operational and repulalional risks. This committee holds meets rrionlhly. A review of commillees took place in June 2024, with a new model approved for 2024125. Engagement with employees and employment of the dlsabled Employees have been consulted on issues of concern lo them by means of regular consullalive committee and staff meetings and have been kept informed on specifi¢ mallers directly by management. The charity carries out exil intèrviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior managemeril and the Trustees. The charity has implemented a number of detailed policies in relation lo all aspects of personnel matters including.. Equal opportunities policy Vo1unleers' policy Health & safely policy In accordance with the charity's equal opportunities policy, the charity has long-eslablished fair employment practices in the recruitment, selection. retention and training of disabled staff. Full details of these policies are available from the charity's offices. Dlsclosure of infomiation to audltor Each of the persons who are Trustees at the time when this Trustees. Report is approved has confirmed that.. so far as that Trustee is aware. there is no relevant audit infomialion of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Page 12
THE UNIVERSITY OF BATH STUDENTS, UNION IA Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024 Auditor The auditor, Crowe UK LLP, were appointed in March 2021 commencing a four-year agreement. Approved by order of th& members of the board of Trustees and signed on their behalf by.. |vKlfvtsL ffl aui(3- Ryan Bl Chief Exec imen? Alamo Students, Union President Ive Date.. [oIILI J14 io/iZ Izoz Page 13
THE UNIVERSITY OF BATH STUDENTS. UNION {ACompany Limited by Guarantee} STATEMENT OFTRUSTEES. RESPONSIBILITIES FOR THE PERIOD ENDED 31 JULY 2024 The Trustees Iwho are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare financial slalemenls for each financial period. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slalemenl5', prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's tr2nsaclions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Limlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNIVERSITY OF BATH STUDENTS. UNION Opinlon Vve have audited the financial slalemenls of The University of Bath Students, Union Ilhe 'charity'l for the period end&d 31 July 2024 which comprise the Slalemenl of Financial Aclivilies, the Balan¢e Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the charitable company's affaiis as at 31 July 2024 and of it5 incoming resources and application of resources, including its income and expenditure for the period then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirèments of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under Ihose standards are further described in the Auditor's responsibilities lor the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical ièquiremenls that are relevant lo our audit of the financial slalemenls in the United Kingdom. including the Financial Reporting Council'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 lo provide a basis for our opinion. Conclusions relatlng to golng 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 slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern ale described in the relevant sections of this report. Page 15
THE UNIVERSITYOF BATH STUDENTS. UNION {ACompany Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNIVERSITY OF BATH STUDENTS. UNION (CONTINUED) Other Infomiation The other information comprises the information inclLJded in the Annual Report other than the financi81 slalemenls and our Auditor's Report Ihereon. The Trustees are responsible for the other inforrnalion contained within the Annual Report. Our opinion on the financial slalements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. OLJr responsibility is lo read the other information and, in doing so, consider whether the other infortnalion is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a tnaterial misslalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinlon on othermatters prescribed bythe Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial period for which the financial slalemenls are prepared is consislenl with the financial slalemenls. the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the Gharilable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Trustees. Report. We have nothing lo report in respect of the following mallers in relation lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalements are not in agreernenl with the accounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received 211 the information and explanations we require lor our audit., or the Trustees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prep8re a Strategic Report. Responslblllties of trustoes As explained more fully in the Trustees. Responsibilities Slalemenl, the Trustees Iwho are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial slalemenls 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 misstalemenl, whether due lo frauci or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charilablo company or lo cease operations, or have no realistic alternative bul lo do so. Page 16
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNIVERSITY OF BATH STUDENTS. UNION ICONTINUEDI Audltor's responslbllltles for th8 audit of the financial statemonts Our objectivès are lo obtain reasonable assurance about whether the financial statements as a whole are free from materi81 misslalemenl, whether due lo fraud or error, and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material if, inclividually or in the aggregate, they could reasonably be expected lo influence the economic docisions 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, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial sialemenls. The laws and regulations we considered in this context were Ihe Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on Ihe financial slalemenls bul compliance with which might be fundarnenlal lo the charity's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the charity were Charity Commission regulations and General Data Protection Regulation IGDPRI. Auditing standards limit the required audit procedures lo idenlfy non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial slalemenis from irregularities, including fraud, lo be the override of controls by management. Our audit procedures lo respond lo these risks included enquiries of management about their own idenlrficalion and assessment of the risks of irregularities, sample lesling on the posting of jOLJrnals, reviewing accounting eslimales for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of tneelings of those charged with governance. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected lo delecl non-complian¢e with all laws and regulations. These inherent limitations are particularly significant in the case of misslalemenl resulting from fraud as this may involve sophislicaled schemes designed lo avoid deleclion, including deliberate failure lo record transactions, collusion or the provision ol intentional misrepresenlalions. A further description of our responsibilities for the audit of the financi81 slalemenls is lo¢aled on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditor's Report. Page 17
THE UNIVERSITY OF BATH STUDENTS' UNION
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNIVERSITY OF BATH STUDENTS' UNION (CONTINUED)
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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce (Senior Statutory Auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building, 2 Blagrave Street Reading Berkshire RG11AZ
Date: 11 December 2024
Page 18
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOMEAND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 JULY 2024 Unrestricted funds 2024 Restrlcted fund$ 2024 Total funds 2024 Note Income from: Donations and legacies Charitable activities.. Bars and entertainment 1,639.761 1,639,761 518.264 849 37,021 177,933 108,614 11.807 518,264 152,893 322,760 177,933 178,059 11.807 Clubs and societies Sports associations Events Other trading activities Investments 1 $2,044 285,739 69.445 Total Income 2,494,249 507.228 3,001.477 Expendlture on.. Raising funds Charitable activities 76,035 2,261.844 76,035 2,896,049 634,205 Total expenditure 2,337,879 634,205 2,972,084 Net movement In funds 156,370 {126,9771 29,393 Reconclllatlon of funds-. Transfer from unincorporated union Nel movement in funds 609,646 156,370 567,464 (126,9771 1.177,110 29.393 Total funds carried forward 766.016 440.487 1.206.503 The S121emenl of Financial Activities includes all gains and losses recognised in the period. The notes on pages 22 10 39 form part of these financial stalemenls. Page 19
THE UNIVERSITY OF BATH STUDENTS' UNION
(A Company Limited by Guarantee) REGISTERED NUMBER: 15275780
BALANCE SHEET AS AT 31 JULY 2024
| Fixed assets Intangible assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand Note 12 13 14 15 Creditors: amounts falling due within one year 16 Net current assets Total net assets Charity funds Restricted funds 18 Unrestricted funds Designated funds 18 General funds 18 Total unrestricted funds 18 Total funds 8,769 282,107 952,266 1,243,142 (172,176) 8,152 757,864 |
2024 £ 135,537 135,537 1,070,966 1,206,503 440,487 766,016 1,206,503 |
|---|---|
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 on 10 December 2024 and signed on their behalf by:
J�� 6
Students' Union President
The notes on pages 22 to 39 form part of these financial statements.
Page 20
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2024 2024 Note Cash flows from operatlng actlvltles Nel cash used in operating aclwilies 20 178,044} Cash flows from investing activities Bank interest Purchase of tangible fixed assets Transfer from unincorporated charty 11,807 {25.944} 1.044.447 Net cash provlded by investing activitigs 1.030,310 Cash flows from financing activlties Net cash provldgd by financing activities Change in cash and cash equlvalents In the perlod 952,266 Cash and cash equlvalents at the end of the perlod 21 952,266 The notes on pages 22 10 39 form part of these financial statements Page 21
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 General Informatlon The University of Bath Students, Union is an incorporated charity Iregislralion number 15275780 and charity number 12061871. The registered office is The University of Bath Students, Union, Notwood House, Claverton Down, Bath, BA2 7AY. The charity was incorporated on 10 November 2023 and began trading on 1 February 2024. These accounts therefore represent 6 months trading activity. The principal activities are campaigning, represenlalion, provision of social activities and, the organisalion of sporting and recreational activities and opportunities. Accounting policles 2.1 Basis of preparation of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The University of Bath Sludenls, 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 olhenNise staled in the relevant accounting policy. 2.2 Going concgm The Trustees require the Union to prepare a budget each year. demonslraling that reserves will be maintained al or above agreed levels. The Union then updates actual results each month and Trustees and the Union closely monitor performance al both Board and Finance & Audit Committee meetings al least once a quarter lo ensure reserves are going to be maintained as agreed. The Trustees note that the majority of The SU income is received in the form of a block grant from the University, which has been received at a materially consislenl level for some years. The Iruslees further note that the grant for the coming year has been commilled by the University. 2.3 Incorne All income is rOgnIsed once the charity has entitlemènt lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The annual grant from the University of Bath is intended lo meet recurrent costs and is credited directly lo the SOFA. Commercial activities represent income such as advertising income and commission from photographs and hire, this income is recognised when the charity is legally enlilled lo the income and the amount can be quantified with reasonable certainty. Other income is included in the SOFA account on a cash received basis or on a receivables basis where there is reasonable probability of receipt. Page 22
THE UNIVERSITY OF BATH STUDENTS. UNION {ACompany Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Accountlng pollcies {continued} 2A 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 selllemenl 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 lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Dire¢l Costs atlribulable to 8 single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Expenditure on raising funds includes all expenditure incurred by the charity lo raise funds for its charitable purposes and includes costs of all fundraising a¢livilies events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is noimally upon nolificalion of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Taxatlon The charity is considere(I lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. 2.7 Intanglble assets and amortlsatlon Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impairment losses. Amortisation is provided on intangible assets al rates calculated lo write off the cost of each asset on a straight-line basis over ils expected useful lifo. The eslimaled useful lives are as follows". Computer software 3 years slraighl line Page 23
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Limited by Guarantee} NOTES TOTHE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Accounting policies IcontinuBd) 2.8 Tangible fixed as$gt$ and dgpreclatlon Tangible fixed assets costing £2,500 or more are capilalised 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 al cost. After recognition, under the cost model, tangible rixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a iangiblè fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraight-line method. Depreciation is provided on the following bases.. Leasehold improvements Motor vehicles 8 years slraighl line 4 years slraighl line 2.9 Stocks Stocks are valued al the lower of cost and nel realisable value after making due allowance for obsolete and slow-rrioving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 Dabtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.11 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.12 Liabilltles and provlslons Liabilities are recognised when there is an obligation at the 8alance Sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabililies are recognised al the amount that the charity anlicipales il will pay lo setile the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo sellle thè obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that rellecls the risks specific lo the liability, The unwinding of the discount is recognised in the Slalemenl of Financial Activities as a finance cost. Page 24
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Accountlng pollcles (continued} 2.13 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are InlIallY recognised al transaction value and subsequently measured 81 their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.14 Operating leases Rentals paid under operating leases are charged lo the Slalemenl of Financial Activities on a slraighl-line basis over the leasè term. 2.15 Penslons The two principal pension schemes in which the staff working al the Union participate in are the Universities Superannuation Scheme and the Bath & North East Somersel Local Government Pension Scheme. both of which are defined benefit schemes, externally fundèd and conlracled out of the Slate Earnings-Relaled Pension Scheme. Both funds are &xlernally valued, normally every three years by professionally qualified independent actuaries using the projected unil method, the rates of contribution payable being deleimined by the Trustees on the advice of the actuaries. In the intervening years, the actuaries review the progress of the schemes. Pension costs are assessed in accordance with the advice of the actuaries based on the lalesl actuarial valuations of the schemes and are accounted for on the basis of charging the cost of providing pensions over the estimated period during which the Union benefits from the employees, services. The University of Bath Students, Union does not directly employ staff. All staff are employed by the University of Bath who then recharge the Union for the use of these staff. Details relating to both of thèse schemes are included in the accounts of the University. The Universities Superannuation Scheme operates as a pooled arrangement, with contributions paid al a centrally agreed rate. As a consequence, no share in the underlying assets and liabilities can be directly allribuled lo the Union. Under the terms of FRS 102 section 28, in these circumstances contributions are accounted for as if the schetnes were defined contribution schemès based on actual contributions paid through the year. Staff on grades 2 10 5 who joined the University before 1 sl June 2021 are eligible lo join the Avon Pension Fund Local Government Pension Scheme ILGPSI. This scheme operates as a mulli- employer scheme where the share of assets and liabilities applicable to each employer can be defined. The University Ilhe employer) has accounted for the scheme under FRS 102 section 28 as a defined contribution scheme. As the Union does not directly employ staff il does not recognise any of the liability. Staff on grades 2 to 5 who joined the University on or after 1 st June 2021 are eligible lo join the University of Bath Group Pension Plan IUOBGPPI administered by Aviva. This scheme operates as a mulli-employer scheme where the share of assets and liabililies applicable lo each employer can be defined. The University Ilhe employer) has accounted for the scheme under FRS 102 section 28 as a defined contribution scheme. As the Union does not directly employ staff il does not recognise any of Page 25
THE UNIVERSITY OF BATH STUDENTS, UNION (Acompany Limited by Guaranteg) NOTES TOTHE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Accountlng pollcles Icontinuedl 2.16 Fund accounting Unrestrlcted Funds representing unspent income which may be used for any activity I purpose within the charitable objects at the Executive Committee's own discretion. Designated Funds sel aside by the Executive Committee lo be spent on some specific purpose al ils own discretion. Rastrictad funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also lif not materia1 enough lo require a separate column in the SOFA) any small capital grants received from the University. Custodian Funds entrusted lo the Union for safekeeping. bul not under ils management control, e.g. the annual RAG. Such custodian activities are disclosed in the Annual Report, bul as the funds are not managed by the Union they are not included in the accounts. Expenditure on refurbishments and repairs of assets where the Union does not have the risks or rewards of ownership is expensed in the year. This includes all refurbishment lo the Union building which is leased from the University on a yearly basis under an informal agreement. As the maximum term ol the lease is a period of one year then all refurbishments and repairs of the Union building is expensed Crltlcal accountlng estimates and areas of Judgment In the application of the charity's and group's accounting policie8, the Trustees are required lo make judgements, èslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assurnplions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affecls only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Iruslees consider that there are no material judgements or estimate which gives rise lo 8 significant risk of a material misstatement in the financial slatemenls. Page 26
THE UNIVERSITYOF BATH STUDENTS, UNION (Acompany Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Income from donations and legacies Unrgstrfcted funds 2024 Total funds 2024 Grants Block grant Grant in kind - rent Grant in kind - accommodation Grant in kind salary Other grants 1,177,362 396,500 40.985 23,914 1,000 1,177,362 396,500 40,985 23,914 1,000 1,639.761 1,639,761 Investment Income Unrestrlcted funds 2024 Total funds 2024 Interest receivable 11.807 11,807 Expenditure on ralslng funds Costs of raising voluntary Income Unrostrlcted funds 2024 Total funds 2024 Commercial activities Wages and salaries 10,780 65,255 10,780 65.255 76,035 76.035 Page 27
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Analysls of expendlture on charltable activities Summary byfund type Unrestricted funds 2024 Rostrfcted funds 2024 Total 2024 Bars and Entertainment Clubs and Societies Sports Associations Events Sludenl Activities and Advice Volunteering Governance costs 608,760 128.481 528.974 268,001 591,817 75,643 60,168 608,760 290,665 916,013 268,001 676.799 75.643 60,168 162,184 387,039 84,982 2,261,844 634.205 2.896,049 Summary by expendlture type Support costs staff costs Dlrect costs 2024 2024 Total 2024 2024 Bars and Entertainment 248,438 70,506 282,025 47,952 460,911 59,620 186,724 163,314 455,624 152,774 49.002 1,319 173.598 56,845 178,364 67,276 166,886 14,704 60.168 608.760 290,665 916.013 268,001 676,799 75,643 60,168 Clubs and Societies Sports Associations Events Student Activities and Advice Volunteering Governance costs 1,169,452 1,008,757 717,840 2,896,049 Page 28
THE UNIVERSITY OF BATH STUDENTS. UNION {ACompany Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Allocatlon of shared costs Support costs 2024 staff costs Dlrè¢t costs 2024 2024 Total 2024 Usage Bars & Entertainment Clubs & Societies Sports Associations Events Sludenl A¢livilies & Advice Volunteering 20,1. 11° 34% 9Yo 23D 77.076 41,414 130,653 35,553 90,316 10,793 4,282 2,301 7,259 1,975 5,018 600 101,844 54,722 172,637 46,977 119,338 14,262 183.203 98,438 310,549 84,505 214,672 25,655 385,806 21,435 509,780 917,022 Support costs are apportioned based on thè total proportion of stsff and direct costs in each activity. Events are excluded from this calculation. Auditor's rèmuneration 2024 Fees payable lo the charity's auditor for the audit ol the ch8rity's annual accounts Fees payable lo the charity's auditor in respect of-. All non-audil services not included atx)ve 24,750 5,486 Page 29
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 10. Staff costs The Union does not directly employ staff, all wages and salaries included within these accounts are recharged from the University of Bath. The recharged staff costs in the period were". 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes Other staff costs . 935,935 70,276 107,471 121,025 1,234,707 "Included in other staff costs are amounts relating lo the element of irrecoverable VAT on staff costs invoiced from the University tolaling £105,862 now incurred in the Union. The average number of persons employed by the charity during the period was as follows.. 2024 No. Full lime staff Casual staff (Part lime} 56 206 262 No employee received remuneration amounting to more than £60.000 in either year. The key management personnel are considered to be the Chief Executive, the Deputy Chief Executive and the Trustees. Their total remuneration in the period (including employers Nl and employers pension conlribulionl was £131,055. These are paid by the University and recharged accordingly. Page 30
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 The Trustees of the Union include the Union Officers. They receive remuneration for their services as provided for within the Conslilution. The amount payable under SLJch contracts in the period was.. 2024 J am0 H Hajzer Z Lakhani 12,705 10,450 3,685 13.263 4.338 5.692 13,263 3.780 11,050 DLam J Neverauskaile B Orford Thompson A Snary O Warner A Walkin 11. Trustees. remuneratlon and expenses During the period, no Trustees received any remuneration or other benefits, other than those disclosed in note 11. During the period ended 31 July 2024, expenses tolalling £108 were reimbursed or paid dir8clly to 1 Trustee in respect of travel expenses. 12. Intangible assets Computer software Cost Introduced from unincorporated union 18.387 A131 July2024 18.387 Amortisation Introduced from unincorporated unKin 18,387 A131 July2024 18.387 Net book value Al 31 July 2024 Page 31
THE UNIVERSITY OF BATH STUDENTS. UNION {ACompany Llmlted by Guarantee) NOTES TOTHE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 13. Tangible fixed assets Leasehold Improvments Motor vehicles Offlce equlpment Total Cost or valuatlon Transfer from unincorporated union Additions Disposals 62,195 1,796 513,663 25,944 (20,110} 577,654 25.944 120,1101 At 31 July 2024 62,195 1,796 519,497 583,488 Depreciatlon Transferfrom unincorporated union Charge for the period On disposals 51.612 2,109 1,796 391,583 20,961 120.1101 444.991 23,070 120.1101 Al 31 July 2024 53.721 1,796 392,434 447.951 Net book value A131 July2024 8,474 127,063 135,537 14. Stocks 2024 Finished goods and goods for resale 8,769 15. Debtors 2024 Due wlthin one year Trade debtors Other debtors Prepayments and accrued income 9,967 225,790 46.350 282.107 Page 32
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 16. Credltors.. Amounts falllng due withln one year 2024 Trade creditors Other creditors 53.825 3.929 114,422 Accruals and deferred income 172,176 17. Financial instruments 2024 Financial assets Financial assets measured al fair value through income and expenditure 1,188,025 2024 Financial liabilitles Derivative financial instruments measured at fair value through income and expendrture held as part of a trading portfolio {57,7541 Financial assets measured at fair value through income and expenditure comprise trade and other receivables and cash and bank balances. Financial liabilities measured al fair value through income and expenditure comprise trade and other payables. Page 33
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 18. Statement of funds Statgmgnt of funds - Current perlod Transfer from unincorporated union Balance at Income Expendlture 31 July 2024 Unrestricted funds Dasignated funds Clubs and Societies 8,911 (1,6081 8,152 Ggneral funds General Funds 600,735 2,493,400 12,336.2711 757,864 Total Unrestrlcted funds 609,646 2,494,249 (2,337,879> 766,016 Restrlcted funds scp 52,703 54,386 34,589 345,387 80,399 47,000 {54,054) {22,956} 11.847} 1543,551} {11,797} 45,649 31,430 34,916 233,946 94,546 Alumni Sludenl Development Sports and Societies Club Asset reserve 2,174 432,110 25.944 567,464 507,228 1634,205} 440,487 Total of funds 1,177,110 3.001.477 12.972,084} 1,206,503 Page 34
THE UNIVERSITYOF BATH STUDENTS. UNION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 18. Statem9nt of funds {continuedl The designated funds relate to clubs and societies. 11 is exp&ct&d that these will be expensed during the next academic year. SCP (Sludenl Community Partnership) is a joint venture between University of Bath. Bath & North East Somersel Council and Bath Spa University lo promote positive community relationships between the Univ8rsilies and local residents. Alumni Funds are transferred from the University of Bath Alurnni Fund lo the Union lo be used lo help enhance and enrich the sludenl experience. Any Student Group registered as part of the Union can apply for a proportion of the grant lo help fund their own project. The Sludenl Development fund is monies granted specifically for sludenl supported learning and awareness activities including funding for management of the Lloyd Scholars programme. Sports and Societies Funding is funding received by the Union for the purpose of specific sports and society activity. Club Asset Reserve represents the nèl book value of capital assets purchased by Sports Clubs with reslricled funds. 19. Analysis of net assets between funds Analysis of ngt a¥set$ between funds - current Pgrlod Unrestrfcted Restrfcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets 40,991 897,201 1172,1761 94,546 345,941 135,537 1,243,142 {172,176) Creditors dLJe within one year Total 766,016 440,487 1,206,503 Page 35
THE UNIVERSITY OF BATH STUDENTS. UNION IA Company Limited by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 26. Funds held on behalf of thlrd partles During the period the Union acted as a custodian of the annual Raising and Giving IRAGI proceeds from fundraising events organised by students. Funds raised by this year's RAG not distributed lo charities amounted lo £2,429 which were held by the Union as agreed. Amounts received and expended during the year And the liability al the year-end in relation to this fund are detailed below.. 2024 RAG Transferred from unincorporated union Amounts received 8.571 34,074 140,2161 Amounts expended At 31 July 2024 2,429 27. Related party transactions The Union became a new registered charity on 14 December 2023 but previously derived charitable slalus from its governing parent body, the University of Bath. The Union is in receipt of a recurrent grant from the parent body of £1,177.362. The Union also received additional grant funding of £1,000 within the period. The Union occupies a University building under an informal licence. The Union is notionally charged by the University a contribution lo the costs of maintaining the building. The amount included within expenditure in the Slalemenl of Financial Activities for the year was £437,485 for which equivalent income is shown within 'Donalions and grants,. Included in creditors falling due within one year is £30,299 owed lo the University of Bath which has no securities or interest allached. There is also £3,300 included in tradè debtors and £105,862 within other debtors in relation lo balances with the University. This year there is £6,931 within accruals relating lo costs due to the University. The Univèrsity also pays all wages and salaries on behalf of the Union and recharges them accordingly. Staff cos15 are disclosed in note 11. 28. Controlling party The Union is controlled by the Board of Trustees comprising the Union Officers, who are subject lo democratic election by the voting mernbership ol the Union, and non-executive Trustees who are appointed by a simplè majority of the Board of Trustees. The ultimate control of Ihe Union is vested under the Articles of Governance in the Board of Trustees. As such no single person or enlily controls the Union as defined by FRS 102 section g. Page 38
THE UNIVERSITY OF BATH STUDENTS. UNION (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 29. Transfer in from unincorporatgd union On 1 February 2024, the assets and liabilities of the old unincorporated union were transferred into the new charity. The assets and liabilities al this dale were.. Fixed assets Stock Debtors 132.663 19.624 190.540 1,280,085 1445,802} Bank Creditors 1,177,110 This is represented by the following funds.. Unrestricted funds 609.646 567.464 Restricted lund5 1,177,110 Page 39