Annual report & accounts 2012/13 (DRAFT)

Annual Reports & Accounts

Staffordshire University Students’ Union

creating a quality Union and University that students are proud of that and value, with equality of experience and unity: A Union th engages and enables students to enrich their life as students an and make positive changes to improve their University experienc experience.

Our vision is that every Staffordshire University student will be b

proud to be part of Staffs

Staffordshire University Students Union College Road Stoke on Trent ST4 2DE Charity Registration No. 1149948

Staffordshire University Students’ Union Reference and Administrative Details of the Charity and Its Trustees and Advisers for the year ended 31 July 2013 Trustees Full Time Student Executive Team

Student Trustees

Gary Richardson (Chair) Beth Moorley Richard Bayes Rochelle-Owusu Antwi

Muhammad Adnam Aslam Sam Richardson Shamanth Reddy Devageri Rebekah Kelly

Appointed Trustees Jonny Edser Alex Fairweather The Students’ Union employs a General Manager to work closely with the Executive Team and Trustees to ensure effective management as head of a Senior Management Team: General Manager

Ken Sankson

Membership Services Manager

Margaret Mulholland

Business Development Manager

Hans Sprenkel

Central Services Manager

Lisa Hough

Principal Office

Other principal operating offices

College Road

Beaconside

Stoke on Trent

Stafford

ST4 2DE

ST18 0AD

Auditors

Bankers

Crowe Clark Whitehill LLP

National Westminster Bank

Black Country House

Campbell Place

Rounds Green Road

Stoke on Trent

Oldbury

Staffordshire

B69 2DG

ST4 1ND

Solicitors

Solicitors

TLT Solicitors

Poppleston Allen

Bush House

37 Stoney Street

72 Princes Street

The Lace Market

Bristol

Nottingham

BS99 7JZ

NG1 1LS

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Objectives and Activities The Trustees present their annual report together with the audited financial statements of Staffordshire University Students' Union (the charity) for the year ended 31 July 2013.

The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

In setting the objectives and planning activities the Trustees have given careful consideration to the Charities guidance on public benefit. In line with its constitution, it is focused on ·

·

·

Promoting the interests and welfare of Students at Staffordshire University during their course of study and representing, supporting and advising Students Being the recognised representative channel between Students and Staffordshire University and any other external bodies; and Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

In January 2012, Staffordshire University Students Union reviewed its vision, values and objectives for 2012-17.

Following consultation and referral to its membership the vision for Staffordshire University Students was confirmed as: Every Student being proud to be part of Staffs To deliver on this aim, 5 strategic strands of work were identified. · · · · ·

Know our students better, and act on that knowledge Involve our members more, and building their engagement Ensure our members are well served Increase the opportunities for student to develop Celebrate the success of our members, University and community

In pursuit of these aims we represent 20,000 full and part time undergraduate and postgraduate students, located primarily at campuses in Stoke and Stafford, but additionally based at franchise colleges and distance learners.

The values that underpin our work are: Putting students first being inclusive enabling harnessing creativity friendly acting responsibly A 5 point organisational promise was developed for our membership, and it is against these points that our activity and impact are reported against.

.

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Our work in 2012-13

1. To represent students views, concerns and aspirations What we set out to do Recruitment, training & development and coordination of 400+ student academic representatives active in feeding back student perspectives, issues and improvements through faculty liaison committees and Union structures.

Representation of informed student issues at senior and strategic level through full-time officers attendance and contribution at 95%+ University Boards and Committees and quarterly Executive Team meetings.

Focused forums established and run to identify and feedback issues identifies by distinct segments of the membership (distance learners, SURF based, workers who study, International, mature) Student Led Teaching awards established and developed to recognise best practice with 500+ formal submissions by students.

Recruitment Training and Development of Student Academic reviewers to inform institutional audit work in every faculty.

Demographic engagement of the membership into elections, consultations and referenda exceeding 15% of University Full Time equivalent students.

What we did With the University’s change from 6 faculties to 4, we reviewed the Student academic representative structure to ensure it aligned with course clusters, and ensured students chose their own representatives.

Through this change process Union representatives picked up and were responsive to student issues and concerns, ensuring the University maintained a student focus on minimising the impact of course relocations.

Our Officer Trustee positions were changed to be elected in a Leadership Race without portfolio, introducing proportional representation. Their roles then aligned to take responsibility for leading

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both the strategic strands and individual faculty representation.

Adopting a whole organisation approach to promoting the role of officers and leadership opportunity more than doubled the engagement of students in 2013 Leadership Race.

The introduction of student forums for both specific segments of the membership and the Annual student Forum led to simpler and more accessible engagement with the membership. This will now be extended forward in a pilot to introduce student panels for decision making.

A cross institutional approach to the Student Led Teaching awards produced a 3-fold increase in student nominations of staff contributing to the student experience, and the examples of bestpractice provided enabled the production of a report identifying the qualities and behaviours appreciated by students.

What we achieved 280 academic representatives were active across the four faculties.

We hosted a national Student Academic Representative conference, alongside internal training and development events.

Student voice input into 96% of University Boards and Committees.

22% of students recalled direct interaction with their elected officers.

Forums introduced for International, mature, BME, LGBT, women and Stafford students, providing constructive into the development of University and Union experience development.

Annual Student Forum & AGM hosted reviewing the unions achievements and plans attended by 218 students.

318 individual student submissions for the Student Led Teaching Awards, resulting in 155 individual staff members contributions celebrated.

A team of student academic reviewers were recruited, trained and contributed into every faculty audit Through cross organisational involvement of staff and volunteers, the 2013 Leadership race saw 14.6% of all eligible students voting in the election of their Executive Team.

Our work in 2012-13

2. To campaign educate and advise on the issues that matter to our membership What we set out to do Established segmentation and relevant communication with all students opting into communication with the Union.

Delivery of an accessible (appointment, drop-in, workshop, phone, email and “virtual chat”) advice service to all registered students to meet their needs for independent financial, accommodation and academic advice.

Financial literacy and independent and FSA approved financial advice to current and potential students.

To co-ordinate, develop and deliver an induction programme that ensures students make an effective transition to Staffordshire University, reducing any apprehension about choosing to study at Staffs, and specifically reducing withdrawals through the first 3 months.

We extended the availability of our online Budget Planner and Finance toolkit to students by licencing it to other Universities for use on their sites to both current and potential students.

Our orientation and Welcome activity continued to develop as a year round programme of activity, aimed at improving the transition to University for new students.

Our campaign work focused on awareness raising around Accommodation, Personal Safety, Employment, financial literacy and democratic participation. This culminated in the “I am the Change” programme, emphasising student empowerment in making positive changes to their student experiences.

What we achieved Direct engagement with 76% of students recorded.

Over half a million visits to StaffsUnion.com website, with over 5,000 visits on the day voting for STARs opened.

1,729 individual student cases advised upon through the Student Advice Centre.

Over 25,000 visits to the Money Doctors microsite.

To engage students in the delivery of educational and awareness campaigns around their welfare and active citizenship.

What we did Utilising our Membership Management System we improved our segmentation of our membership by their mode of study, demographic and involvement. This allowed us to be more relevant in our communication, improving the response rate to our communication, and reducing opt-outs to mailings.

We moved our advice service from an appointment led service to a drop-in based service, to enable to be more immediately responsive to meeting students’ needs. We additionally implemented an online virtual chat facility to enable advices to be delivered remotely where students wanted to receive it.

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519 students completing the MoneyIQ educational tool and over 6,000 students using the financial entitlement calculator.

During Money Week, 210 students received personal guidance with their financial management.

Changes to the way students in engineering were consulted and supported over the move of courses between sites.

Our work in 2012-13

3. To ensure students have access to quality space, opportunities and services What we set out to do Establishment of constructive relationships across University faculties and services to help inform and ensure students are at the heart of University delivery, and those students expectations are managed and, wherever possible, met to raise reported satisfaction levels to 90%+.

To provide a broad range of quality, convenient and good-value retail and social and lifestyle services across the University campus throughout the week and campus opening times.

To provide effective systems for the feedback, response and action of students suggestions and complaints, both by the Students Union and through to the University services and faculties.

What we did A refocus of our full-time officer roles, allowed us to align each of the officers with responsibility for each of the four new University faculties. Coupled with developing the Student Academic Rep structure, and regular meetings with Faculty Deans and managers, this enabled greater input into the student academic experiences and anticipation of issues.

Working with the University a former University catering outlet was converted into Student Space, creating an accessible environment alongside the Cadman library.

Our retail, catering and venue services were reviewed to ensure they aligned with the University services to maintain complimentary access and opening times and a range of alternative choices.

This culminated with the development of joint investment plans for the redevelopment of the Leek Road Campus retail and venue operations over the 2013 summer break.

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Using detailed access and analysis of data from the National Students’ Survey and Student Viewfinder Surveys, we were able to identify a number of action themes resulting from both quantitative and qualitative student feedback. This appraisal and subsequent recommendations were collated into a “blueprint for Change” report that was presented to the University Executive on behalf of students.

Throughout the year the Union also developed key channels of feedback and social media monitoring in order to facilitate early identification of issues and outcome monitoring.

What we achieved Overall satisfaction levels with University experience increased to 83% (2013 NSS).

Almost 300,000 retail visits were recorded with 70% benefitting from one of the 288 price promotions offered.

520 individual student suggestions captured and responded to through the Query, Complaint, Suggestion Scheme .

Qualitative comments from 1687 students submitted via the NSS and SVS were analysed and re-presented in the Blueprint report to the University.

Our work in 2012-13

4. To enable and encourage students to interact through cultural recreational, academic and sporting activities What we set out to do To support and encourage the delivery of 80+ student–led activity clubs and societies across the University sites.

To co-ordinate the opportunity for 400 inter university sporting fixtures, and an annual Varsity Competition.

What we did By making the connection between the University’s focus on the graduate attributes of enterprise, entrepreneurship and employability we saw and responded to an upsurge in academic related activity groups & volunteers.

Recognising that our venues are more than a destination, we harnessed student talent to develop our event programme building planning and event management skills in the process Support for student media and links with academic staff members saw the development of StaffsTV as a recording and streaming service to students.

Our Active University programme continued to develop opportunities for student not seeking the commitment to a team to participate in sport.

To engage a further 700 students in intramural and casual sports participation programmes.

What we achieved To engage students in the development and delivery of social event programmes that achieve participation by a diverse demographic of students, with over 50% attendance by campus based students through the year.

28 new student activity start-up groups were supported.

2,225 individual students became members of the 104 activity groups that operated during the year.

There were 823 Staffordshire student participants on the Active Uni programme.

Students participated in 293 competitive fixtures against other Universities. This included the first Varsity day for our Stafford Campus against Wolverhampton University, alongside the established Keele University competition.

We held our position in British University and Colleges Sports rankings despite fielding 3 fewer sports teams.

206 student-led events were hosted across the Union venues including from Fashion Shows, talent nights and performance art.

Staffs TV was nominated for newcomer of the year at the national Student Television Awards.

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Our Work in 2012-13

5. To support the development of students’ skills knowledge and experience through their involvement

What we achieved

What we set out to do

591 registered volunteers through the Involved Programme, with almost 9,000 volunteering hours formally logged by 295 volunteers.

To support the development and recording/interpretation of skills gained through involvement in Union Activities of 800+ students.

Volunteer Involved Programme co-ordinating 400+ community volunteering opportunities and placing 6,000+ volunteer hours into the community.

Quality recruitment and employment experiences for 300+ core and Student staff members.

Expansion of internship programme to 4 internships.

Training & Personal Development Programme, with accreditation to ILM level 1 or equivalent for 60% of student employees per annum.

Extension of entrepreneur programme for selfemployed designers, developers, researchers, coaches and event managers/promoters.

What we did Through our Involved programme, we developed community links that saw a team of students establish the Cop Shop Squad promoting personal safety and crime awareness.

We developed a consistent 2 day orientation programme for all new student staff members to ensure they had a grounding in the organisation rather than just the outlet they worked for.

We developed our core team as accredited trainers in Food Hygiene, First Aid and responsible alcohol training to transfer skills appropriately.

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Recorded Higher Education Records of Achievements for 842 individual students involved in the Union’s activities.

Almost 1,200 volunteering opportunities identified and made available to students.

Student staffing opportunities increased to provide 257 students with employment with the Union.

67,500 hours of student employment delivered through the Union services.

Five full-time, paid student internships were created in Market Research, Volunteering, MoneyDoctors, Academic Partnerships and Development.

Three Trainee management positions were created in the Duty Management structure for venues.

Team Leaders and supervisors were offered development through the Institute of Leadership & Management with 26 participants in the first year.

A structured development & support programme was introduced to support students in selfemployed & freelance roles.

Every Student will be Proud to be part of Staffs: Overarching impact Targets:

What we Achieved

To raise the pride of students in being part of Staffs.

73% of Staffordshire University students 1 identified that they were Proud to be Staffs .

For over 60% of all students to be able to identify positive impact from the work of the Union.

58% of students agreed that the Union had impacted positively on their experiences as a 1 student .

For satisfaction with the Students Union and its services to be measured as amongst the top quartile of student ratings at Staffordshire University.

91% of students indicated they were satisfied th with the Students Union rating it 6 of 22 and 2 its advice services 4th.

Overall Student Satisfaction with the Students Union improved by 3% on 2011-12 results, increasing positive expressions of satisfaction th to 72%. This benchmarked Staffs as 4 of the 3 22 Million+ HE Institutions

For satisfaction with the Students Union to be in the top quartile for equivalent benchmark organisations in the UK.

Staffordshire University Students Union achieved Green Impact Excellence Classification for its environmental project work.

The operation of all three of our licenced venues was rated Silver for safe and responsible operation in the 2013 Best Bar None award

Plans for the future 2013/14 will see the Union continue to build on its 5 strategic strands, to deliver on its vision.

This will see us; Invest in the retail and social facilities at both our Leek road and Beaconside sites and the services they deliver for students.

Explore new forms of engagement and consultation of students through our student forums, and involving student academic representatives more in contributing to plans for the student experience.

Help students to live sustainably in rented accommodation through our GreenPad initiative.

Build our transferable skills development portfolio to support staff and volunteers to grow.

· · · ·

Our overall success will be measured improve the annual measure of pride in Staffs to at least 78%, and to improve the expression of positive satisfaction in the Students Union (as measured by the 2014 MORI National Student Survey) to exceed 75%.

1

Big Ask Survey March 2012 – 1,504 responses Student Viewfinder Survey – February 2013 3 National Student Survey (MORI) – April 2013 2

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Financial Review of the Year Principal Funding The primary source of funding of the Students Union is a Block Grant from the University. Going into the 2012/13 financial year the Students Union worked with the University to develop a Memorandum of Co-Operation.

One of the outcomes of this was that the individual, annual project support grants previously received were incorporated into a single University Grant of £949,849.

This did not increase the amount received from the University in previous year, but meant that the funding was no longer restricted at source.

In accounting for historic project grant income the Students Union has continued to maintain historically restricted funds and applied cost apportionment to each programme.

The Students Union also operates a range of student focused primary trading services, which in addition to delivering services to students, generate revenue towards the operating costs of the organisation of £103,172.

Reserves Policy The reserves policy of Staffordshire University Students’ Union is to maintain a level of unrestricted funds, not committed or invested in tangible assets, which will enable the Union to ensure continuity of activity and have the ability to adjust, in a measured way, to any significant changes in resources.

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The Reserves policy recognises that reserves are necessary to maintain the day to day operations of the Union for a period of up to 4 months. This would currently equate to approximately £420,000. The appropriate measure of free reserves is therefore net assets, less restricted and designated funds, less fixed assets attributable to unrestricted funds. Currently this amount is £601,432.

Having introduced a Memorandum of Cooperation to formalise the future funding of the Students Union with the University, and having secured a £550,000 endowment commitment from the University, the Union has committed £990,000 to redevelopment of the Union operation at the Leek Road and Beaconside sites.

Risk Management and internal control The Trustee Board of the Students’ Union has examined the major strategic, business and operational risks faced by Staffordshire University Students Union. A risk register has been established and significant changes to risks are monitored and identified through the Finance, Staffing and Risk sub-committee.

Where appropriate, systems and procedures have been introduced to minimise or mitigate the risks the Students’ Union faces. Budgetary and internal control risks have been minimised by the implementation of procedures for authorisation of all transactions and projects.

Procedures are in place to ensure compliance with health and safety for staff, volunteers and participants on all activities organised by the Students Union and, public liability insurance has been maintained at £10m.

Legal Structure and Governance

Induction and Training of Trustees

This section is about the legal structure and governance that underpin our organisation.

The Union has a structured programme of induction and training for its Trustees that involves them undertaking a 3 day Trustee Training programme accredited by the Institute of Leadership and Management at De Montfort University.

Constitution The Union is an unincorporated association constituted under the Education Act and the regulations of Staffordshire University. The Students Union is responsible for the provision of support and representation to the students of Staffordshire University and is governed by its constitution and supporting byelaws.

In October 2012 the Students Union was officially o registered as a charity (N .1149948) under English Law. The Students’ Union has provision for 12 members on its Board of Trustees. The Five Officer Trustees (also known as the Executive Team) are students elected by cross campus ballot for a one year term of office. These are full time or sabbatical positions that are remunerated as authorised by the Education Act in order to take a year out of, or at the end of their studies.

Due to the resignation of an Officer Trustee, just prior to their term in office, the Executive operated with four officers through 2012-13.

There are also positions for four Student Trustees, elected by cross campus ballot of the membership who are appointed for a one year term, but may hold a position for up to 3 years. These positions are not remunerated and the post holders are not employees of the Students Union.

There are three further Appointed Trustee positions that are recruited rather than elected, with the purpose of balancing the Boards in terms of skills experience and profile. These positions may be held for up to four years.

During the course of each year there are additional skills and knowledge development sessions held, and a strategic review retreat was held in January 2013.

Organisational Structure & Decision Making The Trustee Board has responsibility in law for the operation of the Students Union.

The Students Union is a democratic organisation and the Board of Trustees delegate authorities to Student Council and the Executive Committee, subject to limitations and safeguards that ensure the legality of its decisions. Student Council is the principle policy shaping forum of the Students Union and has the ability to overturn the decisions of all other democratic committees and officers of the Union.

The Members of Student Council are a combination of 12 students elected by a cross campus ballot of the membership, chairs of 6 liberation forums and three students elected by the Student Academic Representative from each faculty of the University: giving a total of 30 Student Councillors.

The Officer Trustees oversee the day to day operation of the Students Union as its Executive Team. They meet regularly with the management of the Students Union as a Leadership Team, ensuring the continued focus of the organisation on its objectives.

The Students Union employs a core staff team of salaried employees to ensure effective management and continuity of its many activities and to implement the policy decisions of Student Council and other bodies. In addition the Students Union priorities the employment of students across the organisation, employing 258 students in the 2012-13 tax year.

There is delegated responsibility through the General Manager for operational decision making and accountability within the departments in accordance with a regularly reviewed framework of delegated responsibility.

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Affiliations In accordance with the requirements of the Education Act, Staffordshire University Students Union is required to identify and publish a list of the affiliations it has made during the course of the year.

Trustee Responsibilities Statement The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

These are set out below.

·

British American Football League

·

Staffordshire Amateur Boxing Association

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view 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:

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Staffordshire Football Association

·

·

Staffordshire Rugby Union

·

·

British Mountaineering Council

·

British Canoe Union

·

British Parachuting Association

·

English Lacrosse Association

·

National Student Television Association

·

Student Radio Association

·

All England Netball Association

·

British Cheerleading Association

·

Advice UK

·

Institute of Money Advisers

·

The National Union of Students (NUS)

·

British University and Colleges Sport (BUCS)

· ·

select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.

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.

This report was approved by the Trustees and signed on their behalf, by:

Rochelle Owusu Antwi President 2013-14

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

We have audited the financial statements of Staffordshire University Students' Union for the year ended 31 July 2013 set out on pages 13 to 25. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of financial statements which give a true and fair view.

We have been appointed as auditors under section 144 of the Charities Act 2011 and report to you in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the Trustees' report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements: •

give a true and fair view of the state of the charity's affairs as at 31 July 2013 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 Accounting Practice; and

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have been prepared in accordance with the requirements of the Charities Act 2011.

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: •

the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

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sufficient accounting records have not been kept; or

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the financial statements are not in agreement with the accounting records and returns; or

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we have not received all the information and explanations we require for our audit.

Crowe Clark Whitehill LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date:

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2013

Note

Restricted Unrestricted funds funds 2013 2013 £ £

Total funds 2013 £

Total funds 2012 £

INCOMING RESOURCES Incoming resources from generated funds: Voluntary income Activities for generating funds Investment income Incoming resources from charitable activities Other incoming resources

2 3 5 4

TOTAL INCOMING RESOURCES

9,000 86,992 -

1,511,072 29,208 4,615 2,385,283 19,966

1,520,072 29,208 4,615 2,472,275 19,966

1,516,662 30,673 4,008 2,528,737 13,187

95,992

3,950,144

4,046,136

4,093,267

RESOURCES EXPENDED Costs of generating funds: Commercial marketing / sponsorship Charitable activities Governance costs

8 6

196,690 -

17,292 3,782,188 10,250

17,292 3,978,878 10,250

15,636 3,930,045 10,000

TOTAL RESOURCES EXPENDED

7

196,690

3,809,730

4,006,420

3,955,681

MOVEMENT IN TOTAL FUNDS FOR THE YEAR - NET INCOME/(EXPENDITURE) FOR THE YEAR

(100,698)

140,414

39,716

137,586

Total funds at 1 August 2012

246,378

747,301

993,679

856,093

TOTAL FUNDS AT 31 JULY 2013

145,680

887,715

1,033,395

993,679

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 25 form part of these financial statements.

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

BALANCE SHEET AS AT 31 JULY 2013

Note

2013 £

£

£

2012 £

FIXED ASSETS Tangible assets

11

286,283

147,479

Investments

12

60

60

286,343

147,539

CURRENT ASSETS Stocks

13

69,338

59,624

Debtors

14

74,641

118,299

768,454

899,379

912,433

1,077,302

Cash at bank

CREDITORS: amounts falling due within one year

15

(165,381)

NET CURRENT ASSETS NET ASSETS

(231,162) 747,052

846,140

1,033,395

993,679

CHARITY FUNDS Restricted funds

16

145,680

246,378

Unrestricted funds

16

887,715

747,301

1,033,395

993,679

TOTAL FUNDS

The financial statements were approved by the Trustees on behalf, by:

J Robertson President

and signed on their

K Sankson General Manager

The notes on pages 15 to 25 form part of these financial statements.

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

1.

ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in March 2005 and applicable accounting standards.

1.2 Going concern The Union has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

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

Restricted funds are funds which are to be used in accordance with 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 specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.5 Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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DRAFT STAFFORDSHIRE UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

1.

ACCOUNTING POLICIES (continued) 1.6 Tangible fixed assets and depreciation There is no set de minimis level for the capitalisation of tangible fixed assets and each case is dealt with on an individual basis.

The policy with respect to impairment reviews of fixed assets is that reviews will be carried out if events indicate that the carrying value of any fixed asset may not be recoverable. Impairment losses are recognised in the SOFA. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures & fittings

-

25% - 33.3% per annum

1.7 Operating leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.8 Investments Fixed asset investments are stated at cost less provision for diminution in value.

1.9 Stocks Stocks are valued at the lower of cost and net realisable value.

1.10 Pensions The Union participates in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union.

Under the terms of FRS17, in these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.

1.11 Grants Grants towards capital expenditure are credited to deferred revenue and released to the income and expenditure account over the expected useful life of the assets.

The recurrent block grant is receivable from Staffordshire University, the Union's parent Governing Body. The grant is credited to the income and expenditure account in the year to which it relates.

Project support grants are project based and include grants which are receivable from the University and other funding bodies.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

1.

ACCOUNTING POLICIES (continued) 1.12 Taxation No provision has been made in these accounts for corporation tax since the Union is exempt from such taxes as accepted by HM Revenue and Customs.

1.13 Recognition of liabilities Liabilities are recognised when either a constructive or legal obligation exists.

2.

VOLUNTARY INCOME Restricted Unrestricted funds funds 2013 2013 £ £

Total funds 2013 £

Total funds 2012 £

Support in kind Recurrent block grant Project support grant - additional grant

9,000

513,000 949,849 48,223

513,000 949,849 57,223

513,000 668,364 335,298

Voluntary income

9,000

1,511,072

1,520,072

1,516,662

In accordance with the Charities SORP 2005, the Union has valued the benefit it receives from occupying 4,370 sq m of facilities owned by the University on a rent-free basis, at the trustees’ estimate of market value (£95sqm*) at £415,000.

In addition it received access to Sport Facilities for the purpose of providing sporting activities equivalent to £98,000 in values.

3.

INVESTMENT INCOME

Bank interest receivable

Total funds 2013 £

Total funds 2012 £

4,615

4,008

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

4.

OTHER INCOMING RESOURCES

ATM machine income Venue hire JVTV income Personal accident insurance PDQ income Miscellaneous

5.

2012 £

7,039 2,037 5,019 1,976 3,895

6,446 710 1,770 3,990 271

19,966

13,187

INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Restricted Unrestricted funds funds 2013 2013 £ £

6.

2013 £

Total funds 2013 £

Total funds 2012 £

Bars and kitchens Shops Entertainments and security Societies, clubs and freshers Other

86,992 -

1,350,298 765,019 217,171 41,612 11,183

1,350,298 765,019 217,171 128,604 11,183

1,339,385 830,800 218,339 130,785 9,428

Total

86,992

2,385,283

2,472,275

2,528,737

Restricted Unrestricted funds funds 2013 2013 £ £

Total funds 2013 £

Total funds 2012 £

10,250

10,000

GOVERNANCE COSTS

Governance Auditors' remuneration

-

10,250

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

7.

ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Staff costs Depreciation 2013 2013 £ £

Total 2013 £

Total 2012 £

Fundraising expenses

5,584

777

10,931

17,292

15,636

Costs of generating funds

5,584

777

10,931

17,292

15,636

Advice and representation Job Centre, activities and skills Campaigns and communications Bars and kitchens Shops Entertainments and security Societies, clubs and freshers Other costs of activities

263,226

2,899

184,221

450,346

402,892

152,420

1,194

114,414

268,028

277,300

77,209 651,052 188,318 804

749 83,794 4,881 4,245

51,081 929,992 623,637 211,311

129,039 1,664,838 816,836 216,360

122,402 1,591,130 887,030 224,138

134,990 214

1,297 15

287,559 9,356

423,846 9,585

419,927 5,226

1,468,233

99,074

2,411,571

3,978,878

3,930,045

10,250

10,250

10,000

2,432,752

4,006,420

3,955,681

Activities undertaken directly 2013 £

Support costs 2013 £

Total 2013 £

Total 2012 £

383,268 242,460 112,511 1,469,647 761,440 215,000 393,968 9,244

67,078 25,568 16,528 195,191 55,396 1,360 29,878 341

450,346 268,028 129,039 1,664,838 816,836 216,360 423,846 9,585

402,892 277,300 122,402 1,591,130 887,030 224,138 419,927 5,226

3,587,538

391,340

3,978,878

3,930,045

Charitable activities Governance

1,473,817

8.

Other costs 2013 £

99,851

ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES

Advice and representation Job Centre, activities and skills Campaigns and communications Bars and kitchens Shops Entertainments and security Societies, clubs and freshers Other costs of activities

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

Support costs comprised:-

Indirect trading costs Finance costs IT services Administration Development Less: Support costs allocated to costs of generating funds

9.

2013 £

2012 £

46,153 127,128 6,047 119,126 100,246

55,609 80,193 7,489 103,855 87,909

(7,360)

(7,066)

391,340

327,989

2013 £

2012 £

99,851 10,250

83,038 10,000

NET INCOME / (EXPENDITURE) This is stated after charging:

Depreciation of tangible fixed assets: - owned by the charity Auditors' remuneration

During the year, no Trustees received any reimbursement of expenses (2012 - £NIL).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

10.

STAFF COSTS Staff costs were as follows:

Wages and salaries Social security costs Pension costs

2013 £

2012 £

1,334,640 72,827 66,350

1,367,876 71,465 52,116

1,473,817

1,491,457

The average monthly number of employees during the year was as follows:

Management and administration Student staff

2013 No.

2012 No.

58 253

59 210

311

269

No employee received remuneration amounting to more than £60,000 in either year.

11.

TANGIBLE FIXED ASSETS Fixtures & fittings £ Cost At 1 August 2012 Additions Disposals

1,511,521 248,382 (590,679)

At 31 July 2013

1,169,224

Depreciation At 1 August 2012 Charge for the year On disposals At 31 July 2013

1,364,042 99,851 (580,952) 882,941

Net book value At 31 July 2013

286,283

At 31 July 2012

147,479

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

12.

FIXED ASSET INVESTMENTS Unlisted investments £ Cost 60

At 1 August 2012 and 31 July 2013

Investments at cost comprise: 2013 £

2012 £

60

60

Unlisted investments All the fixed asset investments are held in the UK

13.

STOCKS

Goods for resale

14.

2012 £

69,338

59,624

2013 £

2012 £

3,911 44,183 26,547

36,639 73,494 8,166

74,641

118,299

2013 £

2012 £

8,078 17,524 11,981 127,798

22,739 36,474 11,126 160,823

165,381

231,162

DEBTORS

Trade debtors Prepayments and accrued income Other debtors

15.

2013 £

CREDITORS: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

15.

CREDITORS: Amounts falling due within one year (continued) University grants that have been received in advance of the 2013/14 year for which they are intended and have been included in deferred income £ Deferred income Deferred income at 1 August 2012 Resources deferred during the year Amounts released from previous years

132,697 79,155 (132,697)

Deferred income at 31 July 2013

16.

79,155

STATEMENT OF FUNDS Brought Forward £

Incoming resources £

Resources Expended £

Carried Forward £

747,301

3,950,144

(3,809,730)

887,715

500 8,875 130,835 4,840 34,422 23,745 960 42,201

5,000 4,000 86,992

(8,875) (44,718) (39,422) (23,745) (3,605) (76,325)

500 86,117 4,840 1,355 52,868

246,378

95,992

(196,690)

145,680

993,679

4,046,136

(4,006,420)

1,033,395

Unrestricted funds Income and expenditure account Restricted funds Phone Application STARS Involved Media Development Intern SAPS Sport England Student Led Teaching Awards Clubs and Societies

Total of funds

A summary of the aims of the key restricted funds are as follows: Involved – The Union has received funding to support the development of its volunteer programme and community programme from both the University and Local Authority and residual funding from these programmes are continuing to be spent.

STARS –Student Academic Representation Programme receives programme specific funding from the University that is treated discretely from the broader representation work.

Student Academic Partnerships Programme - This is a fund held and administered by the Union for the purpose of financing programmes of work or research undertaken by students and academics in partnership to achieve improvements to the student experience.

Sport England - This is funding from Sport England for their project called Active Universities. Its aim is Page 23

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

16.

STATEMENT OF FUNDS (continued) to to get more university students playing sport, as part of the mass participation legacy from the London 2012 Olympic and Paralympic Games.

Clubs and Societies - These are funds raised by the clubs and societies and administered by the Union for the specific benefit of that club or society which is ultimately under the control of the Union.

SUMMARY OF FUNDS

General funds Restricted funds

17.

Incoming resources £

Resources Expended £

Carried Forward £

747,301 246,378

3,950,144 95,992

(3,809,730) (196,690)

887,715 145,680

993,679

4,046,136

(4,006,420)

1,033,395

ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year

18.

Brought Forward £

Restricted funds 2013 £

Unrestricted funds 2013 £

Total funds 2013 £

Total funds 2012 £

145,680 -

286,283 60 766,753 (165,381)

286,283 60 912,433 (165,381)

147,478 60 1,077,302 (231,161)

145,680

887,715

1,033,395

993,679

CAPITAL COMMITMENTS At 31 July 2013 the charity had capital commitments as follows: 2013 £ Contracted for but not provided in these financial statements

818,000

2012 £ -

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2013

19.

PENSION COMMITMENTS The Union participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.

The most recent valuation of the scheme was carried out as at 1 October 2010 and showed that the market value of the scheme’s assets was £67,141,000 with these assets representing 58% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £47,869,000.

The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The following assumptions applied at 1 October 2010:• The investment return would be 6.6% per annum before retirement and 4.6% per annum after retirement • Pensions accruing on the CARE basis would revalue at 3.2% per annum.

• Present and future pensions would increase at rates specified by scheme rules with appropriate assumptions where these are dependent on inflation.

The 2010 valuation recommended a monthly contribution requirement by each Union expressed in monetary terms intended to clear the ongoing funding deficit over a period of 20 years and will increase by at least 3.2% each year. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme. These rates applied with effect from 1 October 2011 and will be formally reviewed following completion of the next valuation due with an effective date of 1 October 2013. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment. In addition to the above contributions, the Union also pays its share of the scheme’s levy to the Pension Protection Fund.

The contribution rate (excluding deficit contributions) for the period to 30 September 2011 applicable to the Union for the majority of members was 11.25% of Earnings for members and 6.3% of Earnings for the Employer (17.55% in aggregate).

The total contributions paid into the scheme by the Union in respect of eligible employees for the year ended 31 July 2013 amounted to £66,350, including deficit contributions. (2012 - £52,116).

20.

TRUSTEES' REMUNERATION

Remuneration

2013 £

2012 £

61,992

76,723

During the year the four sabbatical officers all received equal remuneration.

Page 25