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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 2022

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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 2022
Trustees
R Avann, OUSA Chief Executive (resigned 1310712022)
N Boffee. OUSA Vice President Student Support lappoinled 01108120221
C Brown, Chair Iresigned 30109120221
M Bryan. OUSA VI￿ President Administration lappoinled 0110812022)
R Flynn, OU VIGe Chancellor Notninee
S Goodyear, Co-opted Trustee (resigned 30109120221
S Jones, Ci)-OPted Trustee, Chair and Immediate Past President lappoinled 0110812022)
A lfjngan, OUSA Vice President Student Support Iresigned 31107120221
J McDougall, CTropted Trustee (appointed 01108120221
B Metcalf, OUSA Chief Executive (appointed 13107120221
M Porterfield, outgoing OUSA VI￿ President Administration (resigned 31107120221, Co-opted Trustee {appointed
0110812022, resigned 30109120221
D Smith, Co-opted Trustee (appointed 0110812022}
s stubbins, Co-opted (appointed 2810112022}
Charity registered numbers
285189 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
Reading Bridge House
George Street
Reading
Berkshire
RG18LS
Bankers
National Westminster Bank pl¢
501 Silbury Boulevard
Mimon Keynes
Solicitors
Stone King LLP
Boundary House
91 Charterhouse Street
London
ECJM 6HR
Page 1

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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JULY 2022
The Trustees present their annual report together with the audited financial statements of The Open Universty
Students Educational Trust IOUSETI for the 1 August 2021 to 31 July 2022. The Trustees confimi that the
annual report and financial statements of the Trust comply wth the ujrrent 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 Trust, to advance the education Df the public, is set out in its Declaration and 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 wthin the
University.
Activities for achieving objectives
The Trust supports students who would be otherwise unable to study with the Open University, whether this is
due to being ineligible for other forms of financial assistance or being unable to secure the full amount they may
need to fund their studies.
OUSET wo￿5 closely wth the University to promote the ok)portunity of support and lo work together lo maximise
the use of the Trust's resources to assist successful applicant5.
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 environment 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 wth the University and who can also demonstrate that their need for financial support is
genuine.
The TNst moniiors the educats'on and financial sectOTS and adjusts its criteria and guidance to applicants
ensuring these are well adapted to the changing student demographic and their needs. We updated our criteria
as of October 2021, in order lo achieve greater financial stability for OUSET and ensure students have equal
opportunity to funding through grants awarded. Changes include caps per academic year and caps on total
credits at undergraduate and postgraduate levels. Our funding criteria is published on our website.
Grants are only considered toward the cost of study and other closely related study requirements - for example.
fees, travel to tutorials or residential schools. childcare costs, sel books, IT equipment. Grants are not made for
general cost of living expenses.
Trustees give priotrty to those who have embarked on a qualffication but where a change in financial
circumstance5 means that they would be unable to continue with their studies without assistance from OUSET.
This year, the Trust has received a number of applications from students whose financial sibJation has been
adversely impacted by the CovFd-19 pandemic. Al applications are considered against the criteria in place at that
time. which is regularly reviewed and revised by the Trustees to refflecl changes in the Higher Edu¢ats'on Sector.
As mentioned above, we reviewed and implemented changes to the criteria in October 2021. We will conts'nue to
review this over the coming year.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2022
Volunteers
With the exception of the Open University Vice-chancellor's nominee and the O￿n Universty Students
Association Chief Executive, all other Trustees are volunteers and only receive reimbursement of out of pocket
expenses incurred and directly related to OUSET business.
ACHIEVEMENTS AND PERFORMANCE
Trustees are proud of the conlriblrtion they make to improving the life opportunities of the grant recipients and as
a resuK, bringing wder beneffts lo soaety at large.
These testimonials received from some of the beneficiaries show what a difference our grant awards can make:
"Thanks to OUSET l am on course to achieve distinction for both modules. This would not have been possible
Wrth￿Jt your stgnificant and thoughthJl help and l am very grateful. Thank you.
"Without your wonderful assistance, I would not have been able to undertake the course and l am so grateful to
you and your generosty. Thank you so much."
"I'd like lo thank the Trust for awarding me the funding to stu(ty my OU Module Science and Health. which
wouldn't have been possible wthout your help. I'm now looking to pursue a career in prosthetic engineering or
carer research."
In 2021122, OUSET supported 45 students {2020121.' 531 who met the funding criteria. granting a total of £98,301
in awards12020121.' £121,083).
During the year, as well as Teviewng the funding ￿lteria, Ttustees developed a strategic plan covering 2022123
to 2024125. The plan sets out the Trust's key priorities for development and how success wll be measured.
To ensure OUSET can continue to provide a safety net for Open University students who might othepNise
struggle to continue to fund their studies. our key priority is to further strengthen our financial sustainability by
exploring other fullding opportunities. We are currently working wth a fundraising ¢)Jnsuttanl lo develop the
Trust'5 fundraising strategy.
FINANCIAL REVIEW
Income and expenditure
Income in the year exceeded expenditure by £323.481.
The Trust relies on legacies and donations lo fund its activities and these are unpredictable. Whilst Trustees are
always saddened to hear of the passing of a member of the Open University student or alumni community, we
are grateful thal the valuable work of OUSET is often remembered in wills. In 2021122. income from bequests
and legacies amounted to £442,69512020121'. £103,880).
The Students Association encourages customers of the OU Students Shop. where students can download past
exam paper5. free of charge, to donate to the work of OUSET. To maximi5e the amount it receive5 from
donation5, the Trust is registered for Gift and this is reclaimed quarterly from HMRC.
To commemorate the Students Association's 50th anniversary, each of the 4 faculties of the Open Universty
pledged a £S,000 donation to the £50,000 fundraising target on beha￿ of OUSET. The Student Association's
Board of Tfustees, al their meeting in July 2022, approved to match fund the total donated by the University with
a £20,000 donation from Association reserves. Added to this are funds raised by OUSET'S JustGiving campaign
and profits from the sale of 50th anniversary branded merchandise through the Association's online shop.
Other than expendilure on grants, the Trust's largest area of expenditure is the management fee payable to the
Association based on a percentage of staff lime allocated to the administration and management of the TNst.
The basis of the management fee is reviewed annually and agreed between Trustees of the Students
Association and Trustees of the Educational Trust. This represents value for money for the Trust, providing a
wide range of expertise and time input from a variety of Association staff members.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2022
OUSET has systems in place to provide the appropriate financial infomiation to Trustees and managers to make
sound financial decisions and to fulfil Charity Commission requiremenls. Management and Trustees receive
regular finanual statements to enable them to monitor the Trust's financial position to help ensure future financial
sustainability. The Trust reported no funds in defiut éuring the year.
Roserves
The Trust brought foNard total free reseNes of £686,882. There were no restricted funds brought fo￿ard.
The Trust carries fO￿ard to 2022123 a total of £1,010.363 in unrestricted funds.
Whi151 Trustees do not set a minimum or maximum level of reserves, they are mindful of balanang support for
applicants in the current year wth safeguarding fijnding to support applicants in future years.
The cuThenl Higher Education sector financial picture remains uncertain and everchanging and therefore the
context that we operate in is a challenging environrnent where the Trustees have to apply financial prudence to
their deciston making to ensure OUSET financial sustainability-
Nonetheless it is our desire to attract hard to reach students and raise awareness about the Trust's work. This
work will continue, er¢suring the work of our Trust is publicised- that we monitor the effectiveness of the Trust's
fvnding criteria. the new guidelines notes, and funding application fonms. in delivering on the Trust's strategic
aims.
Investment policy and parfomianea
Trustees prioritise liquidity over financial returns and accept that this is likely lo mean that the real value of the
asset will depreciate over lime.
The reseNe is therefore held in an instsnt access deposit account wth Natwest currently eaming interest well
below the rale of inflation.
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 fijnds.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate
resources to continue in operational existen￿ for the foreseeable future. For this reason, they continue lo adopt
the going COn￿M basis in preparing the financial slatemenls. Further details regarding the ￿lOphOn concem
basis can be found in the Accounting Policies.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Open University Students. Educational Trust IOUSET) is controlled by it5 goveming document. a
Declaration of Trust, dated 22 May 1982 a5 amended by a scheme dated g October 1992 and as further
amended by Deed on 9 April 2019 and constitutes a charitable trust.
Method of appointment or election of trustees
As per the governing dO￿rnent, the maximum number of Trustees is eight.
Three of the Trustee positions are appointed by virtue of their position Mqthin the Open University Students
Association IOUSAI. These are the Vice President responsible for Administration, the Vice President responsible
for Student Support and the Association's Chief Executive.
One further Trustee is nominated by Ihe Vice Chancellor of the Open University.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2022
The Trust may elect up to six Truslees lo se￿e for a pericxl of years, unless otherwise detemined by the
Trustees in exceptional circumstances.
Policies adoptod for the induction and training of new tTUStees
On appointment, Trustees are biiefed on the role and provided with training on our methods and principles.
Pay policy for senioi staff
OUSET does not employ any staff. Inslead. OUSET pays a management charge lo the Open University
Students Association for the staffing support that it receives.
The day to day management of the Trust is managed by the Open University Students Association's Head of
Operations and her team, supported by the Finan￿ and ReSoUr￿S team.
Organisational structure and decision making
The Trustees primarily operate online via a suite of secure forums hosted by OUSA.
These fonjms provide the opportunity for Trustees to consider applications, meet virtually. discuss the business
of the Trust and engage wth OUSA staff who support Trust's administrative functions.
In addition, Board of Trustee meetings are held at least trNice a year. During the pandemic, these have been held
online and going fonvard, it is envisag￿ that meetings wll either continue to be held online or in person with the
option for Trustees lo join online.
Related party relationships
The Open University Students Association was instrumental in establishing OUSET and supports the charity in
ils fundraising endeavours.
In 2021122, £40,150 ha5 been raised by the Students Association and pledged to OUSET as part of its 50th
anniversary fundraising target.
Through the OU Students Shop, the Students, Association has continued to inwte customers to make a voluntary
donation to support the activities of OUSET. In 2021122, donations from this source totalled £5,190.
In addition, OUSET also received donations totalling £392 from 1 Society (Commer￿al Awareness Society) on
osure.
Risk management
The Trustees have a duty to identify and review the risks lo which the Trust is exposed and to ensure that
appropriate controls and systems are in place. OUSET does not direcuy employ any staff members bul day-t¢>
day duties are handled by the Student Association's operat￿n$ Team and overseen by the Head of Operations
on behalf of the Student Association's Senior Managèment Team.
Trustees have identified its principal risks as..
The threat to financial sustainability from the erosion of reseNes should expenditure exceed income-
The threat to operational capaaty lo progress all incoming applicalions. if the need for services rapidly
increases-
Loss or unavailability for prolonged periods of key personnel affe￿Ing the ability to progress applications
within rwjuired timeframes.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2022
PLANS FOR FUTURE PERIODS
Futura dav6lopments
OUSET keeps ils operation, its Crlteria and aFplication guideline5 under review to ensure continuous
improvement to deliver an organisation that can better achieve its objectives.
During the year OUSET has taken step5 towards updating ils goveming document, Declaration of Trust, to make
improvements lo the administration and effeclivene5s of the Trust, and to invite more independent
representation.
The main focus for 2022123 will be lo implement OUSET'S strategic plan, working wth fundraising consultants to
develop a fijndraising strategy and identify other potential sources of funding.
Trustees wll also take steps lo promote OUSET'S work to generate funds as well as lo ensure the Trust is
reaching all demographic groups who meet the funding criteria, so that we play our part in maximising access to
and participation in higher education, for the benefit of the individual as well as Mqder society.
TRUSTEES. RESPONSIBILITIES STATEMENT
The Tr￿SteeS are responsible for preparing the Trustees. report and the financial statements in accordance Mqth
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice}.
The law applicable to charities in EnglandMale$ & Scotland requires the Trustees lo prepare finan￿al
statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the
incoming resour￿5 and application of resources of the Charity for Ihal period. In preparing these financial
statements, the Trustees are required to=
select suitable accounting policies and then appty them consistently.,
observe the methods and principles in the Charibes SORP.,
make judgments and accounting estimates that are reasonable and prudent.,
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sUffI￿ent to show and explain the
Charitys transactions and disclose wlh reasonable accuracy 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 (Scotland) 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 foi taking reasonable steps for the prevention and delectson of
fraud and other irregularities.
Approved by order of the members of the board of Trustees and stgned on their behalf by."
S Jones. Chair and Immediate Past President
Dale: 15 Novemb8r 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 2022 Mthich 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 2022 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 the Trustees arourKI actual and potential litigation and daims-
Enquiry of entity staff in housing and compliance functions to identify any instances of non-compliance
with laws and regulations-
Reviewing minutes of meetings of the Trustees-
Reviewing finanual statement disclosures and testing to supporting documentation to assess complian
with applicable laws and regulations.,
Performing audit work over the iisk of management ovenide of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting eslimates for bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at." www.frc.o
-uklaudilorsres
nsibilitie5. This description fomis part of our
Auditorfs 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.
fw5 C(MA)poJ
James Cowper Kreston
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Reading
Berkshire
RG18LS
Dale= 16 November 2022
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 2022
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Note
Income from:
Donations and legacies
Investments
492.181
289
492,181
289
121,451
111
Total incom8
492.470
492,470
121.562
Expenditure on:
Charitable activities
q68.989
168,989
179,383
Total expenditure
Not incomellexp8nditur8)
168,989
168,989
179,383
323.481
323,481
157.821)
Net movement in funds
323,481
323,481
157,821)
Reeonciliation of funds:
Total funds brought foward
Net movement in fvnds
686.882
323.481
686,882
323,481
744.703
157,821)
Total funds carried foThvard
1,010.363
1.010,363
686,882
The notes on pages 14 to 21 fomi part of these ffinan￿aI statements.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
BALANCE SHEET
AS AT 31 JULY 2022
2022
2021
Note
Current assets
Deblors
237,699
795,406
122,487
590.282
Cash al bank and in hand
1,033,105
712,769
Creditors.. amounts falling due wthin one
year
10
(22,7421
125.8871
Not curr•nt ass•ts
1.010.363
686,882
Total net assets
1,010,363
686,882
Charity funds
Unrestricted funds
1,010,363
686,882
Total funds
1,010,363
686,882
The financial S￿￿eMentS were approved and authorised for issue by the Trustees and signed on their behalf by..
S Jones, Chair and Immediate Past President
Dale: 15 November 2022
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 2022
2022
2021
Cash flows from operaiing aciiviiies
Nel cash used in operating activities
205,124
1127,603)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
205,124
1127,6031
717.885
590.282
Cash and cash equivalents al the end of the year
T95.406
590.282
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 2022
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 2022
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 2022
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
2022
Total
funds
2022
Total
funds
2021
Donations
49,486
442,695
49,486
442.695
17.571
103,880
Legacie5
Total 2022
492,181
492,181
121,451
Total 2021
121,451
121,451
Investm8nl incom8
Unrestricied
funds
2022
Total
funds
2022
Total
funds
2021
Bank interest received
289
289
111
Total 2021
111
111
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Analysis of expenditure by activities
Activities
undertaken
directly
2022
Grant
funding of
activities
Support
costs
2022
Total
funds
2022
Total
funds
2021
2022
Grants
98,301
98.301
61.747
8.941
121.083
51.282
7.018
Direct costs
61.747
Governance costs
8.941
Total 2022
61,747
98,301
8,941
168,989
179,383
Total 2021
51,282
121,083
7,018
179,383
Analysis of direct costs
Direct
costs
Total
funds
2022
Tolal
funds
2021
2022
Management charges
Card transaction charges
Data protection
Bank charges
61,505
169
61.505
169
51,007
240
35
35
38
38
Total 2022
61,747
61.747
51.282
Analysis of support costs
Support
Total
funds
Total
funds
Costs
2022
2022
2021
Governance costs
8,941
8,941
7,018
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Analysis of grants
Grants to
Individuals
2022
Total
funds
2022
Total
funds
2021
Grants
98,301
98.301
121.083
Total 2021
121,083
121,083
Net incomellexpenditure)
This is stated after charging..
2022
2021
Auditorfs remuneration - audit
6.000
5.280
During the year. no Trustees received any remuneration {2021- £NIL}.
During the year. no Trustees received any benefits in kind12021- £NIL).
During the year. no Trustees received any reimbursement of expenses12021- £NIL).
Staff costs
The Charity has no employees other than the Trustees, who did not receive any remuneration 12021
£NIL}.
Debtors
2022
2021
Other debtors
35.340
202.359
4.948
117.539
Prepayments and accrued income
237,699
122,487
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
10.
Creditors: Amounts falling due within one year
2022
2021
other creditors- grants payable
Accruals and deferred income
16,742
6,000
20,607
5,280
22.742
25,887
11.
ststement of funds
ststement of funds - current year
Balance at 1
August 2021
Balance at
Incomo Expenditure 31 July 2022
Unrestricted funds
General frjnds
686,882
492,470
1168,989}
1,010.363
Statement of funds - prior year
Balance at
1 August
2020
Balance at
IncJJme Expenditure 31 July 2021
Unrestricted funds
General funds
731,563
121,562
1166,2431
686,882
Restricted funds
Legacies- student support
13,140
113,1401
Total of funds
744,703
121,562
1179.3831
686,882
Restricted funds represent amounts received from legacies for use on science, mathematics or
technology wurses.
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
12.
Analysis of net assets between funds
Analysis of net assets between funds- current year
Unrestricted
funds
2022
Total
funds
2022
CuThenl assets
1,033,105
122,7421
1,033,105
{22,7421
Creditor5 due within one year
Total
1,010.363
1.010.363
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
Total
funds
2021
Current assets
Creditors due wlthin one year
712.769
125,8871
712.769
125,887)
Total
686.882
686,882
13.
Reconciliation of net movement in funds to net cash flow from operating activities
2022
2021
Adjustments for".
Net income l {expenditurel for the year (as pei Statement of Finanaal
Activities)
Increase in debtors
Increaselldecreasel in creditors
323.481
(115.212}
(3,145)
157,821)
170,611)
829
Net cash provided byl{used in) operating activities
205.124
1127,6031
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THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
14. Analysis of cash and cash equivalents
2022
2021
Cash in hand
795.406
590.282
Toial cash and cash equlvalents
T95.406
590,282
15. Analysis of changes in not debt
Al 1 August
2021 Cash flows
At 31 July
2022
Cash at bank and in hand
590.282
205.124
795.406
590,282
205,124
795,406
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 IOU).
During the year administrative seThices were charged by OUSA. see below for details:
Charges from OUSA
Management charge
Recharges
2022
£61,505
£3.429
2021
£42.507
During the year donations were collected by OUSA, see below for detail5.'
Funds from OUSA
50th fundraising
Webstore donations
Soaety thnation
2022
£35,15D
£5,190
£392
2021
£7,337
At the year end a balance of £35,34012021'. £4,299} was Teceivable from OUSA.
17. Controlling party
The Trustees consider that there is no ultimate controlling paity.
Page 21