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Charity numbers: 285189 & SC038300
THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
CONTENTS
Page
Reference and Adminislrative Details of the Charity. its Trustees and Adviser5
Trustees. Report
Independent Auditorfs Report on the Financial Statements
7-10
Statement of Financial Activities
11
Balance Sheet
12
ststement of Cash Flows
13
Notes to th8 Financial Stst8ments
14-21

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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2021
Trustees
L Adams. Co-opted Truslee (resigned 01112120211
R Avann, OUSA Chief Executive
C Brown, Chair and Immediate Past President (appointed 0110812020}
R Flynn. OU Vice Chancellor Nominee
S Goodyear, CTropted Trustee
A Kingan, Deputy Chair and OUSA Vice President Student Support
M Porterfield. OUSA VI￿ President Adminislralion (appointed 0110812020)
S Stubbins. CTropted Trustee lappoinled 28101120211
Charity registered numbers
28S189 and SC038300
Principal office
P.0. Box 397
Walton Hall
Milton Keynes
Buckinghamshire
MK7 6BE
Independent auditor
James Cowper Kreston
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 gGG
Bankers
National Westminster Bank plc
501 Silbury Boulevard
Mihon Keynes
Solicitors
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
Page 1

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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their annual report together with the audited financial statements of The Open Universty
Students Educational Trust IOUSETI for the 1st August 2020 to 31st July 2021. The Trustees confirm that the
annual report and financial statements of the Charity comply wth the current statutory requirements, its
Dedaration of Trust and the prowsions of the Charities SORP IFRS 1021.
OBJECTIVES AND ACTIVITIES
Objectives and Aims
The Trust was established in 1982 by the Open University Students Association to advance the education of the
public.
The objective of the charity, to advance the education of the public, is set out in its Declarntion of Trust..
To advance the education of the public by assisting Open University students in condition of need,
hardship or distress by the provision of aids, grants. or other means that shall assist their education within
the University
Activities for achieving objectivos
The Trust supports students who would be otherwise unable to study wth the Open Universty. Mthether thi5 IS
due to being ineligible for other fomis of financial assistance or being unable to secure the full amount they may
need to fund their studies.
OUSET works closely wth the Unwersity to promote the opportunity of support and to work together lo maximise
the use of the Trust's resour￿5 to asslst successlul appllcants.
The Trustees and their supporting members of OU Students Association staff are focused on the efficient
processing of grant applications for financial assistance and the review of our funding criteria in the light of the
constantly changing enMronment of the Higher Education Sector.
Grant Making Policy
It is the policy of OUSET to consider applications from those who can demonstrate a serious intention to
succeed in their studies with the University and who can also demonstrate that their need for financial support is
genuine.
Grants are only considered toward the cost of study and other closely related study requirements - for example.
fees. travel to tutorials or residential schoo15. childcare cost5, sel books, IT equipment. Grants are not made for
general cost of living expenses.
Trustees give priorrty to those who have embarked on a qualification but where a change in financial
circumstances means that they would be unable to continue with their studies wtlhout assistance from OUSET.
Thls year, the Charty has recelved a number of appllcattons from stu¢Jerrts whose )Inanclal sltuatlon has been
adversely impacted by the CoMd-19 pandemic. Ml applications are considered against the criteria in place at that
time. which is regularly reviewed and revised by the Trustees to refiecl changes in the Higher Educats'on Sector.
The Charity monitors the education and financial sectors and adjusls its criteria and guidance to applicants
ensuring these are well adapted to the changing student demcoraphic and their needs.
Voluntears
With the exception of the Open University Vice-chancellor's nominee and the Open Universtty Students
Association Chief Executive. all other Trustees are volunteers and only receive expenses in retum for completing
their duties.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
ACHIEVEMENTS AND PERFORMANCE
Trustees aim to support all applications that meet the wblished criteria and do not place a cap on Ihe number of
awards it can grant in a peri(Kl.
Trustees are proud of the contribution they make lo improving the life chances of the grant recipients and as a
result. bringing wder benefits to society at large.
In 2020121. OUSET supwrted 53 students {2019,120.' 591 who met the funding criteria, granting a total of
£121.083 in awards12019120= £97.563).
Over the last few years. the Trust has expended more than it has generated in income and so reseNes are
declining. Trustees are therefore Seeking to develop new approaches to income generation and have
undertaken a review of the funding criteria.
FINANCIAL REVIEW
Income and Expenditure
Expenditure in the year exceeded income by £57,821.
The Charity relies on donations and legacies to fund ils actFvities and these are unpredictable. To maximise the
amount it receives from donations, the Trust is registered for Gift Aid. In 2020121. we reclaimed £599 from
HMRC.
Other than expenditure on grants, the Trust's largest area of expendi(ure is the management fee payable lo the
Association based on a percentage of staff time allocated lo the administration and management of the Twst.
The basis of the management fee is reviewed annually and agreed between Trustees of the Students
Association and Trustees of the Educational Trust.
OUSET has systems in place to provide the appropriate financial infom)ation to Trustees and managers to make
sound financial decisions and to fulfil Charity Commission requirements. Management and Tru5tee5 receive
regular financial statements to enable them to monitor the Trust's financial position to help ensure future financial
Sust￿nab111ty. The Charity reported no furkds in defial during the year.
Reserves
The charity brought forward total reserves of £744,703 of Mthich £13,140 was restricted. This restricted fvnd was
allocated during the year. in accordan￿ with the donor's wshes, to support 5 awards to students registered on
maths. s￿en￿ Ix technology modules.
The Trust carries fO￿ard to 2021122 a total of £686.882 in unrestricted funds.
Whilst Trustees do not set a minimum or maximum level of reseNes, they are mindful of balanang support for
applicants in the current year wth safeguarding fund*ig to support applicants in future years.
The current Higher Education sector financial picture remains uncertain and everchanging and therefore the
context that we operate in 15 a challenging environrnent Mthere the TTU5tee5 have to apply financial Prudence to
their decision making to ensure OUSET financial sustainability. Nonetheless it is our desire to attract hard to
reach students and raise awareness about the Charitys work. This work will continue through the re-evaluation
of Charitys funding criteria, new guidelines notes. arhj re-design of frjnding applications.
Page 3

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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
Investment policy and perfonnance
Trustees prioritise liquidity over financial returns and accept that this is likely to mean that the real value of the
asset wll depreciate over time.
The resetve is therefore held in an instant access deposil account wth Natwesl Current￿ eaming interest at
0.01°/o.
Trustees periodically review their investment policy and liaise with the Head of Operations and Head of Finance
and Resources of the Students Association regarding the management of OUSET'S funds.
Going concem
After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt
the going concem basis in preparing the financial slatemenls. Further details regarding the adopbon concem
basis can be found in the Accounting Poliaes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govorning Document
The Open University Students. Educational Trust IOUSET) is controlled by its goveming document, a
Declaration of TNst, dated 22 May 1982 as amended by a scheme dated 9 October 1992 and as further
amended by Deed on 9 April 2019 and constitutes a challtable trust.
Method of Appointmont or Election of Trustoes
As per the goveming document, three of the Trustee positions are appoinled by virtue of their position within the
Open University Students Association IOUSAI.
One further position is appointed by virtue of their previous P0511ion wqthin OUSA. as It is reserved for the
Immediate Past President. One further Trustee is nominated by the Vice Chancellor of the Open University and
there are three cctropted positions. It is envisaged that all Trustees wll serve terms of years in line with the
main eleth.on periods wqthin OUSA, although there is no current limit on duration.
Policies Adopted for the Induction and Training of New Trustees
On appointment, Trustees are briefed on the role and provided with training on our methods and prin(aples.
Pay Policy for Senior Staff
OUSET does not employ any staff. Instead. OUSET pays a management charge to the Open University
Students Association for the staffing support that it receives.
The day to day management of the Charity is managed by the Open Univetsity Students AssorAation's Head of
Operations and her team, supported by the Finance and ReSoUr￿S team.
Organisational Structure and Decision Making
The Trustees primarily operate online via a suite of secure forums hosted by OUSA.
These forums provide the opportunity for Trustees to consider applications. meet virtually. discuss the business
of the Trust and engage with OUSA staff who support Trust's administrative fvnclions. In addition, there are
usually at least tsvo face-to-face meetings taking place in any given financial year. During the pandemic. all
Trustee meetings have taken place via MS Teams.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
Rolated Party Relationships
The Open University Students Association was instrumentsl in establishing OUSET and supports the charity in
its fundraising endeavours. No fvndraising was undertaken in 2020121.
Through the OU Students Shop. the Students, Association invites customers lo make a voluntary donation to
suppo11 Ihe activities of OUSET. In 2020121, donalions from this source tolalled £7.337.
In addition, OUSET also received donations tolalling £8.820 from 3 Societies on closure - Ballet and Opera.
Development and Environment and Dr Turing.
Risk Management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and lo ensure that
appropriate controls and systems are in place. OUSET does not directly employ any staff members bul day to
day duties are har*dled by the OUSA Operations Team and overseen by the Head of Operab"ons on behalf of the
OUSA Senior Management Team.
Trustees have identified its principal risks as..
The threat to financial suslainabilty from the erosion of reserves from expenditure continuing lo exceed
income.,
The threat to Operati(￿al capacity to progress all incoming applications. if the need for seNices rapidly
increases.,
Loss or unavailabilty for prolonged period5 of key personnel affecting the ability to progress applications
within required limefraines.
PLANS FOR FUTURE PERIODS
Future Dov8lopmenis
OUSET keeps its operation, it5 criteria and aFplication guideline5 under remew to ensure continuous
improvement to deliver an organisation that can better achieve its objectives.
During the year OUSET has taken steps towards updating its goveming document, Declaration of Trust, to make
improvements to the administration and effectiveness of the Trust, and to invite more independent
representation.
The main focus for 2021122 will be to ensure that the Charitys redesigned fvnding criteria and supporting
documents are communicated to all stakeholders and embedded with the Open University netrworts and
operational systems. The Charity recognised that there are some signfficant funding changes beNYeen
undergraduate and postgraduate levels of sludy. therefore under the new system there wyll be a separation of
criteria lo best accommodate these changes.
The Charity made plans to formulate its strategic direction thre thrtyjgh a series of focused sessions and
workshops. a plan will be implemented for the Charity to progre5S towards fulfilment of tt5 vision and strategic
goals.
In 2021122 the Open University Students Association will be celebrating ils 50th Anniversary, the Charity plans to
be actively involved in the celebrations and to use the events lo promote its work and run a fvndraising campaign
alongside.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
TRUSTEES. RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance wtth
applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting
Practice}.
The law applicable to charities in Englandlwales & Scotland require5 the Trustees lo prepare financial
statements for each financral year which give a true and fair vtew of the state of affairs of the Charity and of the
incoming resources and application of resources of the Charity for that period. In preparing these financial
statements, the Trustees are required to:
select suitable accounting polictes and then apply them consistently.,
observe the methods and principles of the Charitie5 SORP {FRS 1021.,
make judgments and accounting estimates that are reasonable and prudent,.
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the
charity wll continue in business.
The Trustees are responsible for keeping proper accoLEnting records that are sufficient to show and explain the
Charitys transactions and disclose wlh reasonable accL(racy al any lime the finanaal position of the Charity and
enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts
and Reports) Regulations 2008, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities
Accounts (Scotlandl Regulations 2006 and the provisions of the trust deed. They are also responsible for
safeguarding the assets of the Charity and hence fof taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by..
C Brown. Chair and Immediate Past President
Dale=
28 January 2022
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OPEN UNIVERsifi STUDENTS
EDUCATIONAL TRUST
Opinion
We have audFted the financial statements of The Open University Students Educational Trust {the 'charityl for
the year ended 31 July 2021 Hthich comprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The
financial reporting framewt)rk that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Finanaal Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice}-
The financial statements have been prepared in accordance wrth Accounting and Reporting by Charities
preparing their accounts in accordance Mqth the Financial Reporting Standards applicable in the UK and Republic
of Ireland IFRS 1021 in preference to Ihe Accounting and Reporting by Charities.. Statement of Recommended
Practice issued on 1 April 2005 which is Teferred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance wth the Generally
Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statement5=
give a true and fair view of the state of the charitys affairs as al 31 July 2021 and of its incoming
resources and application of resources for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Ac(x)unting
Practice,. and
have been prepared in accordance with the requirements of the Charits'es Act 2011, the Charities and
Trustee Investsnent Iscouand) Act 2005 and regulation 8 of the Charities Acc(wnts {Scotlandl Regulations
2006.
Basis for opinion
We conducted our audit in aCc￿danCe wth Intematignal Stsndards on Audib'ng {UKI IISAS IUKII and applicable
law. Our responsibilrf(ies under those standards are fvrther described in the Auditorfs responsibilities for the audit
of the finanaal statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audil of the financial statements in the United Kingdom. including the
Financial Reporting Council's Ethical Standard, we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
accoun￿"ng in the weparab.on of the ffinancial statements is appropriate.
Based on the Work we have perfomied, we have not identified any material uncertainties relab.ng to events or
conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going
concem for a period of at least twelve months from Mhen the financial statements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees wth respect to ￿Ing concem are described in the
relevant sections of this report.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OPEN UNIVERsifi STUDENTS
EDUCATIONAL TRUST ICONTINUEDI
Other information
The other infomialion comprises the infomiation included in the Annual Report other than the financial
statements and our Auditor's Report thereon. The Trustees are responsible for the other infomiation contained
within the Annual Report. Our opinion on the financial statements does not cover the other infomiation and,
except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
infomialion is materially inconsistent wth the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine Mthether this gThies rise to a material misstatement 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 lo rewrt that fact.
We have nothing to rep￿ in this regard.
Matters on which we are required to roport by exception
We have nothing to report in respect of the following matters where the Charities {Account5 and Report51
Regulations 2008 and the Charities Accounts (SCO￿and> Regulations 2006 las amendedl requires us to report to
you rf, in our opinion..
the infonmats'on given in the Trustees. Report is inconsistent in any material respect wth the finan￿al
statements.. or
sufficient and proper accounting record5 have not been kept., or
the financial statements are not in agreement with the accounting record5 and retums- or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fulty in the Trustees. Responsibilities Statement, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such intemal control as the
Trustees delemiine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the finanaal slatements, the Trustees are responsible for assessing the charitys ability to cx)ntinue
as a going concem, disclosing. as applicable, matlers related lo going concern and using the going concem
basis of accounting unless the Trustees either intend to liquidate the charity or to cease operaticns. or have no
realistic altemalive but to do so.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OPEN UNIVERsifi STUDENTS
EDUCATIONAL TRUST ICONTINUEDI
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charibes Act 2011 and section 44{1 }Icl of the
Charities and Trustee Investment IScoUandl Act 2005 and report in accordance with the Act and relevant
regulatsons made or having effect thereunder.
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whde are free
from material misslatemenl, whether due to fraud or e￿Or, and to issue an Auditorfs Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance wth ISAS {UK) wll aNYays delect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users laken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. induding
those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial 5tatement5, as we will be les5 likely to become aware of InStan￿S of non-compliallce.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery. collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities. including fraud. were as follows..
Enquiry of management and those charged governance around actual and potential litigation and
claims-
Enquiry of management and those charged with governance lo identify any material instances of non-
compliance wth laws and regulations,.
Reviewing finanual statement disclosures and testing to supporting documentation to assess complian
with applicable laws and regulations.,
Performing audit WOTk to address the risk of irregularities due lo management override of controls,
including lests'ng of joumal entries and other adjustments for approprialeness, evaluating the business
rationale of signfficant transactions outside the nom)al course of business and reviewing accounting
estimates for evidence of bias.
A further descrrption of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. wAw.frc.o
-uklaudilorsres
nsibilities. This description forms part of our
Aud[to￿S Report.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OPEN UNIVERsifi STUDENTS
EDUCATIONAL TRUST ICONTINUEDI
Use of our report
This report is made solely to the charity's trustees. as a body. in accordance wth Part 4 of the Charities
{Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts Iscodandl Regulations
2006. Our audrt work has been undertaken so that we might slate to the chariws trustees those matters we are
required to state to them in an AudFtor's Report and for no other purpDS@ To the fullest extent permitted by law.
we do not accept or assume responsibility to anyone other than the charity and its trustees, as a bojy, for our
audit work, for this report, or for the opinions we have fomied.
fv5 Qoujpoj
James Cowper Kreston
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG
Date= 0710212022
James Cowper Kreston are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2021
Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Total
funds
2020
Note
Income from:
Donations and legacies
Investments
121,451
121,451
74,564
2,074
Total income
121.562
121,562
76.638
Expenditure on:
Charitable activities
166,243
13.140
179,383
158,450
Total expenditure
166,243
13,140
179,383
158,450
Not expenditure
144.6811
(13.140)
{57,821)
181,812)
Not movement in funds
144.6811
113.140)
{57,821)
181,812)
Reconciliation of funds:
Total funds brought forward
Net movement in fvnds
731.563
144.6811
13.140
(13.140)
744,703
{57.821)
826.515
181,812)
686.882
686,882
744.703
Total funds carried forward
The notes on pages 14 to 21 form part of these ffinan￿al statements.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
BALANCE SHEET
AS AT 31 JULY 2021
2021
2020
Note
Current assets
Deblors
122,487
590,282
51.876
717.885
Cash al bank and in hand
712,769
769,761
Creditors.. amounts falling due wthin one
year
10
(25,8871
125.0581
Not curr•nt ass•ts
686.882
744,703
Total net assets
686,882
744,703
Charity funds
Restricted funds
Unrestricted fvjnds
13,140
731,563
686,882
Total funds
686.882
744,703
The financial stalements were approved and authorised for issue by Ihe Trustees and signed on their behalf by..
C Brown, Chair and Immediate Past President
Dale=
28 January 2￿22
The notes on pages 14 to 21 fomi part of these financial statements.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2021
2021
2020
Cash flows from operaiing aciiviiies
Nel cash used in operating activities
(127,603)
1108,283)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
1127,603) 1108,2831
717.885
826.168
Cash and cash equivalents al the end of the year
590.282
717.885
The notes on pages 14 to 21 fom part of these financial statements
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
General inforrnation
The Open University Students Educational Trust is an unincorporated charrtable trust. It is registered in
England and Wales wth charity registered number 285189 and in Scotland wqth charity registered number
SC038300.
The princÈpal activty of the trust is the prowson of aids, grants, loans or other means to assist wth the
education of students wthin the Open University.
Accounting polieies
2.1 Basis of preparation of financial statements
The finanaal statements have been prepared in accordance wrth the Charities SORP {FRS 1021-
Accounting and Reporting by Charilies_' Statement of Recommended Practice applicable lo chartlies
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. the Charities and
Trustee Investment (Scollandl Act 2005 and the Charities Accounts {Scotlandl Regulations 2006 las
amended).
The financial statements have been prepared to give a 'tnJe and fairf view and have departed from
the Charities IAccounts and Reports) Regulation5 2008 only to the extent required to provide a 'true
and fairf view. This departure has involved followng the Charities SORP IFRS 102) published on 16
July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practice effects.ve from 1 April 2005 which has since been withdrawn.
The Open University Students Educational Trust meets the definition of a public benefrt entily under
FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless
otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entillement to the income, it is probable that the income
ill be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probabilty of
receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of
enlitlement lo a legacy exists when the charity has sufficient evidence that a grft has been left to them
(through knowledge of the existence of a valid Vbill and the death of the benefactor) and the executor
is satisfied that the property in question wll not be required to sat15fy claims in the estate. R￿lpt of
legacy must be recognised when il is probable that it will be received and the fair value of the
amount r￿1vable. which wll generally be the expected cash amount to be distributed to the charity.
can be reliably measured.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Accounting policies {continuedl
2.3 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 setuement and
the amount of the obligation can be measured reliably. Expenditure is classified by adivify. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity- Direct costs attributable to a single activty are allocated directly
to that activity. Shared costs which contribute to more than one ath.vity and support costs which are
not attribthable to a single activity are apportioned betsveen those acttvities on a basis consistent wrth
the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation
charges allocated on the portion of the asset's use.
Charitable activities and Govemance costs are costs incurred on the Chari￿5 educational operations.
including support costs and costs relating to the governance of the charity apportioned to charitable
activities.
Grants payable are charged in the year M,hen the offer is made except in those cases where the offer
15 conditional. such grants being recognised as expenditure when the condition5 attaching are
fulfilled.
2.4 Interest receivable
Interest on funos held on deposll Is Included when re￿1Vable and the amount can be measured
reliably by the charity.. this is nomially upon notiffication of thè intèrèst paid or payablè by the bank.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued al the amount prepaid nel of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and SI￿rt-tem1 highly liquid investments wlh a short maturity
of three n￿nIhS or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past
event. it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
2.8 Flnanclal Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially reccyJnised al transaction value and subsequenlty
measured at their settlement value wth the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Accounting policies {continuedl
2.9 Fund accounting
General funds are unrestricted fiJnds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the charity and which have not been designated for other
purposes
Restrrcted funds are funds which are to be used in accordance wrth specific restrictions imposed by
donors or which have been raised by the charity for particular purposes. The costs of raising and
administering such funds are charged against the SFeafic fvnd. The aim and use of each restricted
fund is set out in the notes to the financial statements.
Income from donations and legacies
Unrestricied
funds
2021
Total
funds
2021
Total
funds
2020
Donations
17,571
103,880
17,571
103.880
10.527
64,037
Legacie5
Total 2021
121,451
121,451
74,564
Total 2020
74,564
74,564
Investm8nl incom8
Unrestricied
funds
2021
Total
funds
2021
Total
funds
2020
Bank interest received
111
111
2,074
Total 2020
2,074
2,074
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Analysis of expenditure by activities
Activities
undertaken
directly
2021
Grant
funding of
activities
Support
costs
2021
Total
funds
2021
Total
funds
2020
2021
Grants
121.083
121.083
51.282
7.018
97.563
53,964
6.923
Direct costs
51.282
Governance costs
7,018
Total 2021
51,282
121,083
7,018
179,383
158,450
Total 2020
53,964
97,563
6,923
158,450
Analysis of direct costs
Direct
costs
Total
funds
2021
Tolal
funds
2020
2021
Management charges
Postage and stationery
Board meetings
Card transaction charges
Data protection
Bank charges
51,007
51.007
53,328
70
240
240
355
35
42
Total 2021
51,282
51.282
53,964
Analysis of support costs
Support
costs
2021
Total
funds
2021
Total
funds
2020
Governance costs
7,018
7.018
6.923
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Analysis of grants
Grants to
Individuals
2021
Total
funds
2021
Total
funds
2020
Grants
121,083
121.083
97,563
Total 2020
97,563
97,563
Net incomellexpenditure)
This is stated after charging..
2021
2020
Auditorfs remuneration - audit
5.280
4.560
During the year. no Trustees received any remuneration {2020 - £NIL}.
During the year. no Trustees received any benefits in kind12020- £NIL).
During the year. no Trustees received reimburèment of expenses12020- 2 tnjstees £5791.
Staff costs
The Charity has no employees other than the Trustees, who did not receive any remuneration 12020 -
£NIL}.
Debtors
2021
2020
Other debtors
4.948
117.539
6.297
45.579
Prepayments and accrued income
122,487
51,876
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
10.
Creditors: Amounts falling due within one year
2021
2020
other creditors- grants payable
Accruals and deferred income
20,607
5,280
20,498
4,560
25.887
25,058
11.
ststement of funds
ststement of funds - current year
Balance at 1
August 2020
Balance at
Incomo Expenditure 31 July 2021
Unrestricted funds
General frjnds
731,563
121.562
1166,243)
686.882
Restricted funds
Legacie5- student support
13,140
113,140}
Total of funds
744,703
121,562
(179.383}
686.882
Statement of funds - prior year
Balance at
1 August
2019
Balance at
Income Expenditure 31 July 2020
Unrestricted funds
General funds
813.375
76,638
1158.4501
731.563
Rostrictod funds
Legacies- student support
13,140
13,140
Total of funds
826,515
1158,4501
744,703
Restricted funds represent amounts received from legacies for use on science, mathematics or
technolojy courses.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
12.
Analysis of net assets between funds
Analysis of net assets between funds- current year
Unrestricted
funds
2021
Total
funds
2021
CuThenl assets
712,769
125,8871
712,769
125,8871
Creditor5 due within one year
Total
686.882
686.882
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
Restricted
funds
2020
Total
funds
2020
Current assets
Creditors due wlthin one year
756.621
125.0581
13.140
769.761
125,058)
Total
731,563
13.140
744,703
13.
Reconciliation of net movement in funds to net cash flow from operating activities
2021
2020
Adjustments for".
Net expenditure for the year {as per Statement of Financial Activities)
Increase in debtors
Increaselldecreasel in creditors
156.821)
(75.304}
4,522
181.812)
{816)
125,655)
Net cash used in operating activities
1127,603)
1108,2831
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
14. Analysis of cash and cash equivalents
2021
2020
Cash in hand
590.282
717.885
Toial cash and cash equlvalents
590.282
717,885
15. Analysis of changes in not debt
Al 1 August
2020 Cash flows
At 31 July
2021
Cash at bank and in hand
717.885
(127.603)
590.282
717,885
(127,603)
590,282
16.
Related party transactions
As described in the Trustees. Report, the majority of Trustees of the Open University Students
Educational Trust IOUSETI are appointed by virtue of their position wlhin The Open University Students
Association IOUSAI and one nomination by the Vice Chancellor of The Open Universtty (The OUI.
During the year a management charge of £51.007 12020.. £53,328) and other costs of £1.738 12020..
£1,596) were charged by OUSA. Donations that were previously collected by OUSA {Servicesl Limrted
were processed through OUSA in the current year, lotalling £7,337 12020= £5,628 via OUSA ISeNices)
Ltd). At the year end a balance of £4.299 was receivable12020'. £574 (via OUSA {Servicesl Ltd).
During the year £NIL purchases were made from OUSA Iserwcesl Ltd12020: £3551.
During the year expenses totalling £NIL12020.. £579} were reimbursed to O Trustees {2020: 21.
17. Controlling party
The Tru5tee5 Wn5ider that there 15 no ultimate ￿NtrOllIng party.
Page 21