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Teesside University Students’ Union and its Subsidiary Company Statement of Accounts for the year ended 31 July 2015 ANDERSON BARROWCLIFF LLP Chartered Accountants

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Teesside University Students’ Union

and its Subsidiary Company

Statement of Accounts

for the year ended 31 July 2015

ANDERSON BARROWCLIFF LLP

Chartered Accountants

Teesside University Students’ Union

and its Subsidiary Company

Statement of Accounts

for the Year Ended 31 July 2015

Page

Administrative Details 1

Report of the Trustees 2 - 8

Report of the Independent Auditors 9

Statement of Financial Activities 10

Balance Sheet 11

Notes to the Accounts 12 - 24

Teesside University Students’ Union

and its Subsidiary Company

Administrative Details

for the Year Ended 31 July 2015

Charitable Status

Teesside University Students’ Union is a registered charity, registration number 1136875.

Principal Address

Students’ Union Building, Southfield Road, Middlesbrough, Tees Valley TS1 3BA

Elected to Hold Office

Trustees / Full Time (Executive) Officers July 2015 July 2014

President Ashley Mehnert Will Ridley

Vice-President Activities/Student Activities Officer Brian Keogh Jodie Bird

Vice-President Education/Education Officer Adam Howe Ryan Marshall

Vice-President Welfare/Welfare Officer Manon Goetschel Manon Goetschel

Appointed

External Trustees July 2015 July 2014

External Trustee Mark Fishpool Mark Fishpool

External Trustee Heather Ashton Heather Ashton

External Trustee Paul Harrison Liz Barnes

External Trustee Linda Maughan Linda Maughan

Appointed

Student Trustees July 2015 July 2014

Student Trustee Iain Clement Iain Clement

Student Trustee Margaret-Alice Achiampong Margaret-Alice Achiampong

Auditors

Anderson Barrowcliff LLP

Chartered Accountants

Statutory Auditor

Waterloo House

Teesdale South

Thornaby Place

Thornaby on Tees

TS17 6SA

Bankers

Co-operative Bank Plc

Olympic House

Montford Street

Salford

M5 2QP

Solicitors

Poppleston Allen

37 Stoney Street

The Lace Market

Nottingham

NG1 1LS

Solicitors

SGH Martineau LLP

No. 1 Colmore Square

Birmingham

B4 6AA

The Students’ Union employs a Chief Executive to work closely with the Trustees and ensure effective management

of the organisation by leading a senior management team. During the year the senior managers were as follows:-

Chief Executive Jon Berg

Deputy Chief Executive Adam Cotterill

Page 1

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

Structure, governance and management

The Students’ Union is constituted under the Education Act and the Regulations of Teesside University Higher

Education Corporation. The Students’ Union is responsible for giving representation and support to the students of

Teesside University and is governed by its Constitution and supporting Bye-Laws.

The Students’ Union has provision for ten members on its Board of Trustees. Four are External Trustees and two are

Student Trustees, all appointed by the Appointments Committee of the Board of Trustees. The four Officer Trustees

(also known as “Student Officers”) are students elected by cross-campus secret ballot for a one-year term of office as

President, Vice-President Education (formerly Education Officer), Vice-President Welfare (formerly Welfare

Officer), and Vice-President Activities (formerly Student Activities Officer). These are full time or ‘sabbatical’

positions and receive remuneration as authorised by the Education Acts. No one can be on a sabbatical for more than

two years.

Teesside University Students’ Union is a charity with the ultimate decision making power being vested in its Board of

Trustees. The Students’ Union is a democratic organisation and the Board of Trustees delegates authority to the

following democratic bodies with safeguards ensuring legality of these decisions: Athletic Union, Societies

Federation, Student Representative Forum, Elected Officer Committee, and Scrutiny Committee.

The Officer Trustees oversee the day to day running of the Students’ Union and are accountable to the student body

and the Board of Trustees. All Trustees receive an induction into their legal and administrative responsibilities, with

an ongoing programme of development during their term of office.

The Officer Trustees and senior managers meet regularly as the Leadership Team to receive reports from officers, the

Chief Executive and other senior managers. This Leadership Team is the day to day decision making body of the

Students’ Union for all significant business. Teesside University Students’ Union employs non-student staff to ensure

effective management of its many activities and to implement the policy decisions made by the democratic bodies of

the Students’ Union. There is delegated authority through the Chief Executive for operational decision making and

accountability within the departments of the Students’ Union, in accordance with a written structure.

Relationship with Teesside University

The relationship between the University and the Students’ Union is established in the Regulations of the University

and detailed in articles approved by both organisations. The Students’ Union receives a Block Grant from the

University based on student numbers and part-occupies a building owned by the University, which also pays for

utilities, caretaking and cleaning staff. This support is intrinsic to the relationship between the University and

Students’ Union and has not been valued. Although the Students’ Union successfully runs various mutual trading

activities and external trading with the public through a subsidiary company it will always be dependent on the

support of the University. There is no reason to believe that this support will not continue for the foreseeable future

as the Union is an integral part of the University structure.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Students’ Union faces and

confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be

taken to lessen these risks.

Page 2

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

Objectives and activities

The Students’ Union’s charitable Objects are the advancement of education of students at Teesside University for the

public benefit by:-

(i) promoting the interests and welfare of Students at Teesside University during their course of study and

representing, supporting and advising Students;

(ii) being the recognised representative channel between Students and Teesside University and any other

external bodies; and

(iii) providing social, cultural, sporting and recreational activities and forums for discussions and debate for the

personal development of its Students.

Its vision is: “to consistently perform in the top 10% of students’ unions in the UK”

Its mission statement is: “The Students’ Union will make a significant contribution to students’ lives at the

University, and secure a positive and inclusive student experience for all.”

In pursuit of these objects, its mission and vision the Students’ Union has established departments and services for

use by its members and to support its work with the University and other organisations on behalf of students. These

include the SU: Link‘s advice, jobs, and representation services, the SU: Activities, The Terrace bar and kitchen, The

Hub night club, and the Union Shop. Officers of the Students’ Union sit on every committee of the University and

meet regularly with Middlesbrough Council, local landlords, health care providers, and other organisations.

The Students’ Union’s commitment to its members includes volunteer development opportunities for nearly 3,000

students in activities from competitive sports to student academic representation within the Schools of the University.

Objectives for 2015/16:

In the Strategic Plan 2012 – 16, the key objectives within the eight revised Strategic Themes are as follows

(i) Listening to students

The Students’ Union will continue to work with the University to monitor the changes in the student

population and offer all students a rich student experience. This will include primary research through the

‘Student Opinion Counts’ survey, “in-reach” measures of student participation in the SU and University life.

Its Officers will meet at least 3,000 students through SU on Tour and other information gathering campaigns,

as well as student contact with its Student Representatives, and a new Course Representative network. It will

invest in a new website and online communications with students, and run termly Student Debates in

2015/16.

Measures: meet over 3,000 students and at least 80% satisfaction with the Students’ Union in the National

Student Survey.

(ii) Powerful and effective representation

The Students’ Union will use the information gathered through SU on tour and other engagement to

prioritise its campaigns for students and follow up with the University, the local Councils, landlords, and

other organisations to address issues affecting students by lobbying, negotiating, and campaigning to achieve

positive outcomes. It will pilot a new Course Representative system alongside more support for course-

related societies and activity. The major campaigns for Teesside students include Pride in My Sport, Yes to

Respect (zero tolerance), Be Smart Check It Out (sexual health), Assessment Feedback, SASSY student

accommodation, Value For Money (which incorporates elements of NUS’s #Cutthecosts), Catching the

ZZZ’s (sleep deprivation), and working with external partners to promote student wellbeing and fitness

activity including the new Middlesbrough Sports Village. The new Union Reps and Course Reps will be

involved in campaigns. The Union will play an active part in Teesside University’s Higher Education

Review.

Measures: at least 80% satisfaction with the Students’ Union in the National Student Survey and over 10%

voting in Student Officer elections.

Page 3

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

(iii) Offering the best services for students

The Students’ Union will increase the usage of the building, hosting the ‘English Café’ for international

students, student parent meetings and events for a wide range of students. It will maintain very high

satisfaction levels and explore new opportunities in the transformed SU Building. The SU: Activities will

expand its ‘active clubs and societies’ to grow student participation to over 2,000, and improve sports club

performance in BUCS. The SU: Link will retain its AQS accreditation and grow usage of its services by

students, including financial advice and support. The Students’ Union will run a programme of varied

evening entertainment for students that is attended by at least 100,000 and its two venues will operate at a

surplus. Its shop will increase its sales and surplus. The external trading will continue to grow so the trading

company generates at least £10,000 profit that will be gifted to the charity.

Measures: Increased visits to services including over 100,000 visits to evening events, retain Best Bar None

Gold, at least 80% satisfaction with the Students’ Union in the National Student Survey.

(iv) Graduate employability

The Students’ Union will offer at least three graduate placements and employ over 200 student staff. It will

have an Enterprise and Employability Coordinator and work with partners to improve the employability of

students participating in the Union, measuring session engagement and positive impact on the DLHE

graduate employment rates. It will lobby the University to produce a clear and comprehensive Employability

Strategy to structure the help being given to students and graduates in the difficult economic times.

Measures: employ at least 200 student staff, positive impact on DLHE for SU engaged students.

(v) Investing in our staff and volunteers

The Students’ Union will create two new staff posts, offer training and development opportunities to its

career staff, and undertake a staff satisfaction survey. It will involve more volunteers in its activities with

Activities and Clubs Development Coordinators in post to support and develop the students involved. It will

introduce new enterprise and employability initiatives for student staff and volunteers.

Measure: deliver training to at least 300 staff and volunteers, overall staff satisfaction over 75%.

(vi) Financial sustainability

The Students’ Union will grow its trading income, including catering, following the External Trading

Strategy. It will continue to manage budgets and changes to maximise spending on the student experience,

whilst remaining financially robust.

Measure: net free reserves equivalent to 4 months charitable operating expenditure.

(vii) Maintaining our building and infrastructure

The Students’ Union will work with the University and students on the external redevelopment of the SU

Building and its internal facilities to meet present and future students’ needs.

Measure: SU recladding and building redevelopment to be started by summer 2017.

(viii) Social responsibility and sustainability

The Students’ Union will engage its members in improving the environmental impact of the Students’ Union

and University, including work towards Eco-Campus Gold and retaining Green Impact Students’ Unions

Gold Excellence . It will ensure Fairtrade University status is retained. Within its Community Engagement

Strategy the SU will identify its main connections with the towns and Tees Valley, and how these will be

used to improve students’ lives at the University.

Measures: Retain Green Impact Gold and ensure Fairtrade University status is retained.

Page 4

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

Achievements and performance The Students’ Union’s performance against its published objectives for 2014/15: Objectives by Strategic Theme Achievement

(i) Understanding our hyper-diverse student

population:

The Students’ Union will continue its

work with the University on the Fees and

Bursaries for new students, and monitor

the changes in the student population. It

will continue to work on “in-reach”

measures of student participation in the SU

and University life.

Measures: at least 80% satisfaction with

the Students’ Union in the National

Student Survey

The Students’ Union ‘newtusu’ refurbishment was well

received by students and visitors, and contributed to a record

85% satisfaction (University taught students) with the SU in

the NSS. Increased engagement with students in Health and

Social care raised the School SU score by 10%. Demographic

analysis of club and society membership and election voting

shows a wide spread across different student groups. The free

NUS extra cards that were negotiated by the SU were ordered

by over half of the eligible first year students, slightly

increasing the total number issued compared to 2013/14.

(ii) Listening to the student community:

The Students’ Union will expand its

student engagement to meet at least 3,000

students through SU on Tour and other

information gathering campaigns. The SU

will increase engagement with its course

rep network. An Events Forum will be

established in 2014/15 to increase student

input into the SU events programme.

Measures: meet over 3,000 students and at

least 80% satisfaction with the Students’

Union in the National Student Survey

The SU expanded “SU on Tour” to meet over 1,600 students

across the University and Partnership Colleges and hear about

their day to day experiences.

The two events forums generated a number of ideas that were

included in the events programme.

The National Student Survey showed that 84% of registered

students and 85% of taught students were satisfied with the

Students’ Union, keeping the SU in the top ten of students’

unions in the UK.

(iii) Powerful and effective representation:

The Students’ Union will use the

information gathered through SU on tour

and other engagement to prioritise its

campaigns for students and follow up with

the University, the local Councils,

landlords, and other organisations to

address issues affecting students by

lobbying, negotiating, and campaigning to

achieve positive outcomes. Its work on

accommodation will build on the success

of Think: Housing. It will campaign on

value for money, sleep deprivation,

retaining the Disability Support Allowance

for students, and working with external

partners to enhance student safety in

Middlesbrough. The new Union Reps will

be involved in campaigns. The SU will be

actively involved in the appointment of the

new Vice-Chancellor.

Measures: at least 80% satisfaction with

the Students’ Union in the National

Student Survey and over 10% voting in

Student Officer elections.

Student feedback gathered through SU on Tour and other

engagement has been analysed and represented to the

University at senior and school levels. This has highlighted

potential improvements in facilities, timetabling, and other

aspects of the student experience. Updates on progress have

been issued through newsletters, Facebook and other media.

Ongoing work on housing, student safety and wellbeing of

students has been done, working with the Council and other

partners to change locations by or near the campus to make

these safer. The SU’s Housing Fayre and Student Safe Spaces

programmes have expanded and developed to include more

accredited student landlords and premises in the town.

The Catching the ZZZ’s campaign ran in November and a Nap

Room proposal was submitted to the University.

SU Officers and reps were involved in recruiting the new VC,

leading to a good working relationship and consensus on the

student priorities, including overhaul of timetabling system.

SU influenced the building works and ensured the University

recognised the impact on students. It is likely that these SU

interventions reassured students and protected the University

NSS Q22 score. The 2015 election turnout was over 10% of

eligible students.

Page 5

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015 Achievements and performance (continued) (iv) Offering the best services for students:

The Students’ Union will continue to

collect feedback on its services and

facilities to ensure it maintains very high

satisfaction levels and explores new

opportunities in the transformed SU

Building. The SU Activities will develop

its ‘active clubs and societies’ to further

grow student participation to over 2,000.

The SU:Link will gain AQS accreditation

and offer a new mediation service to

students. The SU’s trading will grow with

increased Shop, catering and night time

business.

Measures: Retain Best Bar None Silver,

gain Quality Students’ Union recognition

from NUS, at least 80% satisfaction with

the Students’ Union in the National

Student Survey

There were more visits to the SU Building and services

following the ‘newtusu’ refurbishment in summer 2014, with

increased Link and Activity use by students.

There were over 2,300 students involved in SU: Activities and

over 8,000 support interventions by the SU: Link and Student

Reps. The SU: Link launched its mediation service, gained

AQS accreditation, and the Terrace and Hub were awarded

Gold Best Bar None status.

The SU has registered for the “Quality Students’ Unions”

model and will continued work towards this award at a future

time. The NSS 2015 satisfaction score for the SU was 85%

taught.

(v) Graduate employability:

The Students’ Union will offer at least

three graduate placements and employ

over 200 student staff. It will continue to

lobby the University to produce a clear

and comprehensive Employability

Strategy to structure the help being given

to students and graduates in the difficult

economic times.

Measure: employ at least 200 student staff

The Students’ Union employed over 250 student staff and 3

graduate placements in 2014/15. SU Officers and staff trained

over 500 student volunteers and over 250 student staff, and

delivered sessions on employability at the University’s Festival

of Learning. Former SU staff and volunteers have higher

graduate employment or further study rates than their full-time

peers in the 2014 DLHE. The University is now working

towards an employability strategy within its new Student

Engagement framework. (vi) Financial sustainability:

The Students’ Union will grow its trading

income, including catering, and put in

place an External Trading Strategy. It will

continue to make budget efficiencies and

changes to maximise spending on the

student experience, whilst remaining

financially robust.

Measure: net free reserves equivalent to 4

months charitable operating expenditure

After strong start the SU’s trading sales were lower after

Christmas due to the Campus Heart building site and fences

right outside the SU entrance. The new External Trading

Strategy has helped the SU’s trading subsidiary to grow

private venue hire income to over £200,000, gifting profits to

support charitable provision for students.

Investment in the ‘newtusu’ refurbishment temporarily

reduced the net free reserves below the target level. The SU

has secured a 20% increase in annual funding for 2015/16. (vii) Maintaining and developing our building

and infrastructure:

The transformed Students’ Union Building

will develop as student feedback is used to

identify further investment. The SU will

lobby the University to reclad the exterior

of its building, so improving the Campus

Heart.

Measure: SU recladding in University

estates capital plan.

A £50,000 extra contribution from the University and use of

SU reserves enabled the successful completion of ‘newtusu’

before Freshers 2014. The improvements have delivered

ongoing increases in use of the Love It Lounge and The

Terrace compared to previous years.

The University has authorised a £2.5 million pound budget for

redeveloping the SU Building exterior.

Page 6

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

Achievements and performance (continued)

(viii) Social responsibility and sustainability:

The Students’ Union will engage its

members in improving the environmental

impact of the Students’ Union and

University, including work towards Eco-

Campus Gold and retaining Green Impact

Students’ Unions Gold. It will widen its

Fairtrade product range and ensure

Fairtrade University status is retained. The

SU will establish a Community

Engagement Strategy to identify its main

connections with the towns and Tees

Valley, and how these will be used to

improve students’ lives at the University.

Measure: Retain Green Impact Gold and

ensure Fairtrade University status is

regained

The Students’ Union helped the University deliver a Fairtrade

action plan which retrospectively gained the Fairtrade

University award which also recognises the SU.

The SU was audited and awarded Green Impact Gold and

continues to work with the University towards Eco-Campus

Gold.

The SU won the Middlesbrough ‘Fairtrade Promoter’ award

and continuing work has been done to expand and promote

the TUSU Student Safe Spaces programme with local

partners.

The Community Engagement Strategy in place and has

included work with the Council on transport for students,

recognition of the SU’s role in the Extra Life scheme, and

supporting the Community Gala.

The Students’ Union had the following achievements in the year:

In the National Student Survey 2015, the Students’ Union’s 85% satisfaction with University taught students

was 8th highest in the UK and 1st in the University Alliance.

Nearly 11,000 people visited daytime orientation events run by the Students’ Union in 2014/15.

The Students’ Union established a quality assurance system for its student-led activities, ‘active clubs and

societies,’ with extensive training and support for the students leading and running these groups to ensure all

members get a consistently good experience. This built on the fifth year of the SU’s pioneering longitudinal

study on increased retention and course completion among club/society members.

The SU won the NUS ‘Best One Off’ Event’ award for its Final Fling 2015. This followed its beating other

UK unions to win the Club MTV/Lucozade ‘Pimp my Summer Ball’ competition.

Tees S U Limited

Tees S U Limited is a 100% subsidiary of the charity which was incorporated on 23 September 2010 and started to

trade in that year. The subsidiary’s activities provide income for the benefit of the students but cannot be directly

attributable to the Students’ Union’s primary or ancillary purposes.

The trustees are satisfied with the results of the subsidiary and the profit generated of £13,818 (2014 - £8,074).

£14,401 (2014 - £9,241) has been gift aided to the Students’ Union.

Future plans

The Students’ Union has extended its three year revolving Strategic Plan, currently for 2012 – 2016. This includes the

mission and vision with eight strategic themes. It is reviewing this with the long term plans and targets which are

aligned with the objectives in the annual operating plan to ensure TUSU continues to deliver public benefit by

meeting the needs of Teesside students in the future.

The Trustees have monitored developments in Higher Education and engaged with the University in its recruitment

and student experience planning. The Students’ Union has increased its general and earmarked funding for 2015/16

and will expand its student opportunities, support, and representation in the coming year. The Board will continue to

monitor developments and will act to ensure that the Charity continues to deliver public benefit via provision of

services and activities in accordance with its charity objects.

Page 7

Teesside University Students’ Union

and its Subsidiary Company

Report of the Trustees for the Year Ended 31 July 2015

Financial review A summary of the results for the year is given on page 10 of the financial statements.

The Students’ Union made a surplus of £187,521 including Capital Grant Fund income of £386,857 (2014 - surplus

of £592,786). The net surplus from the Students’ Union’s continuing trading activities was £9,386 (2014 - surplus

£13,109). The Students’ Union continued to benefit from the recognition and support of the University, the recurrent

Block Grant funding received was £714,068 (2014 - £725,000). The Trustees have examined the requirement for free reserves, which are the unrestricted funds of £539,756 less

£361,523 invested in fixed assets (£1,374,954 less capital grant fund of £1,013,431), designated for specific purposes

or otherwise committed. The Trustees consider that they require four months of non-trading expenditure which

equates to approximately £245,000. Some of the free reserves were invested in the ‘newtusu’ refurbishment and the

Trustees intend to return to the target level of unrestricted reserves by the end of 2015/16.

Future funding The Trustees confirm that the Union has sufficient funds to meet all its obligations. The Block Grant for 2015/16 has

been confirmed at £755,000 and the commercial activities are expected to generate funds. These resources will be

applied in service provision to deliver public benefit via the charity objects.

Trustees responsibilities The Students’ Union’s Constitution requires us to prepare financial statements for each financial year which give a

true and fair view of the state of affairs of the Union and of the income and expenditure of the Union for that period.

In preparing those financial statements we are required to:-

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent; - prepare the financial statements on a going concern basis unless it is inappropriate to presume that

the Union will continue in business. We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the

financial position of the Union and enable us to ensure that the financial statements comply with the financial

regulations approved by the Annual General Meeting. We are also responsible for safeguarding the assets of the

Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustee statement In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity

Commission’s guidance on public benefit.

Ashley Mehnert

President and Chair of the Trustees

Date: .....................................

Page 8

Teesside University Students’ Union

and its Subsidiary Company

Independent Auditor’s Report to the Trustees of

Teesside University Students’ Union

and its Subsidiary Company

We have audited the financial statements of Teesside University Students’ Union Group and the Parent Charity for

the year ended 31 July 2015 which comprise Group Statement of Financial Activities, the Group Balance Sheet and

related notes. 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 Board of Trustees, as a body, in accordance with Section 154 of the

Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Board of 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 Board of Trustees

as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of Trustees and Auditors As explained more fully in the Trustees’ Responsibilities Statement set out on page 8 the trustees are responsible for

the preparation of financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 151 of the Charities Act 2011 and report 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 (APB’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’ Annual 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 group and parent charity’s affairs as at 31 July 2015, and of the

group’s incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

(applicable to smaller entities);

have been prepared in accordance with the requirements of the Charities Act 2011. 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’ Annual Report is inconsistent in any material respect with the

financial statements; or sufficient accounting records have not been kept; or

the parent charity’s financial statements are not in agreement with the accounting records and returns; or

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

Anderson Barrowcliff LLP

Statutory Auditor

Chartered Accountants

Waterloo House

Teesdale South

Thornaby Place

Thornaby on Tees TS17 6SA

Date:

Page 9

Teesside University Students’ Union

and its Subsidiary Company

Consolidated Statement of Financial Activities

(including Summary Income & Expenditure Account)

for the Year Ended 31 July 2015

Restricted

Un-

Restricted

Endowment

Total

2015

Total

2014

Notes £ £ £ £ £

Incoming Resources

Incoming Resources from

Generated Funds:

Voluntary income: Donations & grants 2 297,202 721,991 386,857 1,406,050 1,507,919

Activities for generating funds 4 - 204,874 - 204,874 109,716

Investment income - 653 - 653 956

Incoming resources

from charitable activities

3

843

1,356,185

-

1,357,028

1,341,493

Total incoming resources 298,045 2,283,703 386,857 2,968,605 2,960,084

Resources Expended

Costs of generating funds 5 - 191,056 - 191,056 101,642

Charitable activities 6 294,093 2,071,046 194,599 2,559,738 2,236,915

Governance costs 6 - 30,290 - 30,290 28,741

Total resources expended 294,093 2,292,392 194,599 2,781,084 2,367,298

Net movement in funds 3,952 (8,689) 192,258 187,521 592,786 Fund balances brought forward 47,368 548,445 821,173 1,416,986 824,200

Fund balances carried forward 51,320 539,756 1,013,431 1,604,507 1,416,986

The notes on pages 12 to 24 form part of these accounts

Page 10

Teesside University Students’ Union

and its Subsidiary Company

Consolidated Balance Sheet as at 31 July 2015

2015 2014

Charity Group Charity Group Notes £ £ £ £ £ £ £ £

Fixed Assets Tangible fixed assets 8 1,374,954 1,374,954 1,112,645 1,113,228

Investments 9 1 - 1 -

1,374,955 1,374,954 1,112,646 1,113,228

Current Assets

Stocks held by bars, shops &

other outlets

34,489

34,489

29,248

29,248

Debtors & prepayments 10 77,084 77,084 372,996 372,996

Cash at bank & in hand 476,036 476,037 451,315 451,316

587,609 587,610 853,559 853,560

Creditors: Amounts falling

due within one year

11

358,057

358,057

549,802

549,802

Net Current Assets 229,552 229,553 303,757 303,758

Total Net Assets 1,604,507 1,604,507 1,416,403 1,416,986 Represented by: Endowment Funds

Capital Grants Fund 12 1,013,431 1,013,431 821,173 821,173

Income Funds

Restricted Safer Middlesbrough Fund 13 101 101 484 484

Club & Society accounts 13 33,264 33,264 24,591 24,591

Sports Development Fund 13 - - - - Student Hardship Fund 13 14,886 14,886 15,136 15,136

Rag Fund 13 721 721 1,146 1,146

Pension Deficit Funding 13 - - 3,310 3,310 Entrepreneurs Fund 13 2,348 2,348 2,701 2,701

51,320 51,320 47,368 47,368

Unrestricted Accumulated Fund 539,756 539,756 547,862 548,445

539,756 539,756 547,862 548,445 Total Reserves 15 1,604,507 1,604,507 1,416,403 1,416,986

The notes on pages 12 to 24 form part of these accounts

Page 11

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

1 Accounting Policies (a) Basis of preparation The accounts 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 UK Accounting

Standards and the Charities Act 2011. The statement of financial Activities (SOFA) and Balance Sheet consolidate the financial

statements of the Charity and its subsidiary undertaking. The results of the subsidiary are

consolidated on a line by line basis. The accounts consolidate those of the Charity and its wholly owned non charitable subsidiary, Tees

S U Limited. No separate SOFA has been presented for the Charity alone as permitted by paragraph 397 of the

SORP. (b) Incoming resources

All incoming resources are recognised in the Statement of Financial Activities (SOFA) when the

Charity is legally entitled to the income and the amount can be quantified with reasonable certainty.

Incoming resources are not shown net of expenditure. (c) Resources expended

All expenditure is accounted for on an accruals basis and is stated net of VAT.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities

and services for its beneficiaries. It includes both costs which can be directly allocated to activities

and those costs of an indirect nature necessary to support them. Costs are allocated between the

expenditure categories of the SOFA based on usage of the resource. Where costs cannot be directly

allocated they are apportioned on an appropriate basis as set out in note 5 to the accounts.

Governance costs are those incurred in connection with compliance with constitutional and

statutory requirements. (d) Grants received

Revenue grants other than the block grant are credited to the SOFA in the year in which they are

received. The block grant is credited to the SOFA in the year in which it is receivable. In the

SOFA grants are shown as income and the related expenditure disclosed as appropriate. (e) Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Assets are capitalised if they cost

more than £1,000 and are expected to last more than a year. Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following

annual rates in order to write the cost of assets off over their estimated useful lives:-

Fixtures and Fittings - 20% - 33% of Cost

Computer and Office Equipment - 20% - 33% of Cost

Improvements to Buildings - Between 10 years and the expected life of the buildings

(f) Investments

Fixed asset investments are valued at cost. This represents the investment in the 100% subsidiary.

(g) Pension costs

Teesside University Students’ Union (TUSU) participates in the NUS pension scheme, a money

purchase pension scheme. This scheme is not defined benefit and so cannot build up a deficit. The

only money ever paid into this scheme is the contribution rates set by the employer. This scheme

became active 1 October 2011. The students’ Union Superannuation Scheme closed to new

members and accrual of future benefits ceased at this date. TUSU continues to fund this scheme as

described in the next paragraph.

Teesside University Students’ Union (TUSU) participates in the Students’ Union Superannuation

Scheme, a defined benefit scheme which is externally funded and contracted out of the State

Second Pension.

Page 12

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

1 Accounting Policies continued/….

(g) Pension costs continued/….

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 TUSU.

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.

(h) Leased assets

Rentals payable under operating leases are charged to the SOFA on a straight line basis over the

period of the lease.

(i) Stock

Stock is valued at the lower of the cost and its net realisable value.

(j) Fund accounting

The Students’ Union has two distinct types of fund in its balance sheet:-

(i) Unrestricted, or general, funds arising from the accumulated surplus from its various

activities; (ii) Restricted funds representing surpluses set aside by the Students’ Union for specific

purposes, such as Club and Societies Accounts. It also includes monies placed in the

custody of the Students’ Union but not under its control, such as the Student Hardship

Fund. (iii) Endowment Funds represent those assets which must be held permanently by the Charity

in the form of fixed assets. It is considered to be an expendable endowment fund and as

such it is being released to unrestricted funds over a period to match the depreciation

charged on the assets.

2 Donations and Grants

Restricted

Un-

Restricted

Endowment

Total

2015

Total

2014

£ £ £ £ £

Block Grant from Teesside University - 714,068 - 714,068 725,000

Earmarked funding grants received from

University (see note 11) 291,328 - 386,857 678,185 624,014

Due from University (1st Floor development

grant) - - - - 155,798

Campaign contribution - 7,923 - 7,923 1,625

Funding received from NUS 5,000 - - 5,000 -

Funds raised for Rag Fund 874 - - 874 1,482

297,202 721,991 386,857 1,406,050 1,507,919

Page 13

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

3 Incoming Resources for Charitable Activities

Restricted

Un-

Restricted

Endowment

Total

2015

Total

2014

£ £ £ £ £

Bars, kitchen, games and vending &

Entertaining

- 933,327 - 933,327 968,880

Shop - 329,757 - 329,757 301,775

Sponsorship - 80,294 - 80,294 65,355

The Link – Income - 1,000 - 1,000 1,620

Activities and Skills Income - 1,667 - 1,667 -

Activities and Skills –

Awards Dinner Sponsorship Income

-

667

-

667

500

Website Income - 2,731 - 2,731 2,179

Reception Income - 6,742 - 6,742 -

Tee-Shirts Income 843 - - 843 1,184

843 1,356,185 - 1,357,028 1,341,493

4 Activities for generating funds

Restricted

Un-

Restricted

Endowment

Total

2015

Total

2014

£ £ £ £ £

Bars, kitchen and entertaining income from

Tees S U Limited

-

204,874

-

204,874

109,716

- 204,874 - 204,874 109,716

5 Costs of generating funds

Restricted

Un-

Restricted

Endowment

Total

2015

Total

2014

£ £ £ £ £

Costs of sales - 47,381 - 47,381 30,653

Staff costs - 108,122 - 108,122 55,225

Other costs - 35,553 - 35,553 15,764

- 191,056 - 191,056 101,642

Page 14

Teesside University Student’s Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

6 Activities for Generating Funds

2014/15 Notes

Representing,

supporting & advising

Students

Repre-

sentative

channel to the

University

& other external

bodies

Social,

cultural,

sporting & recreational,

and forum

for student develop-

ment

Bars, games, kitchen &

entertainment Shop Sponsorship Unrestricted

Total Restricted

Endowment

Fund

Gover-

nance costs Total

£ £ £ £ £ £ £ £ £ £ £

Cost allocated directly to activities

Cost of Sales - - 1,819 423,337 240,365 17,223 682,744 - - - 682,744

Staff costs 179,490 78,542 82,196 401,455 65,942 27,094 834,719 - - - 834,719

Other costs 13,902 34,101 88,115 115,882 20,538 - 272,538 - 194,599 - 467,137

Sports Development expenditure - - - - - - - 18,531 - - 18,531

Pension Deficit expenditure - - - - - - - 236,107 - - 236,107

Big Events expenditure - - - - - - - 20,000 - - 20,000

Safe Homes Fund expenditure - - - - - - - 383 - - 383

Entrepreneurs expenditure - - - - - - - 1,196 - - 1,196

Community Engagement expenditure - - - - - - - 20,000 - - 20,000

Voter Registration expenditure - - - - - - - 5,000 - - 5,000

Club & Society Accounts Movements - - - - - - - (8,673) - - (8,673)

Support costs allocated to activities 7 103,773 65,296 57,088 35,841 13,018 6,029 281,045 1,549 - 30,290 312,884

Total costs for charitable activities 297,165 177,939 229,218 976,515 339,863 50,346 2,071,046 294,093 194,599 30,290 2,590,028

2013/14 Total

£ £ £ £ £ £ £ £ £ £ £

Cost allocated directly to activities

Cost of Sales - - - 427,528 228,458 25,557 681,543 - - - 681,543

Staff costs 174,622 82,529 59,783 429,098 61,792 17,005 824,829 - - 824,829

Other costs 23,615 31,788 97,882 106,672 17,113 - 277,070 - 45,648 - 322,718

Sports Development expenditure - - - - - - - 23,907 - - 23,907

Pension Deficit expenditure - - - - - - - 50,010 - - 50,010

Big Events expenditure - - - - - - - 20,000 - - 20,000

Entrepreneurs expenditure - - - - - - - 2,497 - - 2,497

Community Engagement expenditure - - - - - - - 20,000 - - 20,000

Club & Society Accounts Movements - - - - - - - (3,755) - - (3,755)

Support costs allocated to activities 108,072 68,970 59,977 37,731 13,486 5,832 294,068 1,098 - 28,741 323,907

Total costs for charitable activities 306,309 183,287 217,642 1,001,029 320,849 48,394 2,077,510 113,757 45,648 28,741 2,265,656

Page 15

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015 7 Support Costs

Basis of

Allocation

Promoting the

interests & welfare, Rep

support advise

students

Representative Channel to

the University

& external

Social,

cultural &

recreational

Bars, games,

kitchen &

entertainment Shop Sponsorship Unrestricted

Total Restricted

Governance

costs Total

£ £ £ £ £ £ £ £ £ £

Support costs allocated to activities

Central staff costs Staff time 47,309 45,875 37,811 23,833 6,989 - 161,817 - 17,382 179,199

Marketing costs Staff time 11,959 11,959 11,959 11,959 5,980 5,980 59,796 - - 59,796

Trustee Board Costs Staff time 49 49 49 49 49 49 294 - 49 343

NUS subscriptions Staff time 36,466 - - - - - 36,466 - - 36,466

Premises costs Staff time 4,475 4,475 4,475 - - - 13,425 - 1,492 14,917

General Office costs Staff tine 2,216 2,216 2,217 - - - 6,649 - 739 7,388

Legal & Professional fees Staff time - - - - - - - - 10,339 10,339

Other costs Staff time 1,299 722 577 - - - 2,598 - 289 2,887

103,773 65,296 57,088 35,841 13,018 6,029 281,045 - 30,290 311,335

Grants & Donations made

Rag Fund - - - - - - - 1,299 - 1,299

Student Hardship Fund - - - - - - - 250 - 250

103,773 65,296 57,088 35,841 13,018 6,029 281,045 1,549 30,290 312,884

Governance Costs

2015 2014

£ £

Includes:- auditors remuneration 7,500 7,300

Page 16

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

8 Tangible Fixed Assets

Group and Company

Assets Under

Construction

Fixtures, Fittings

& Equipment

Total

Charity &

Group

Charity Group Charity Group

£ £ £ £ £

Cost

At 1 August 2014 721,841 1,200,513 1,204,013 1,922,354 1,925,854

Additions 504,189 6,535 6,535 510,724 510,724

Transfer (1,226,030) 1,226,030 1,226,030 - -

At 31 July 2015 - 2,433,078 2,436,578 2,433,078 2,436,578

Depreciation

At 1 August 2014 - 809,709 812,626 809,709 812,626

Charge for the year - 248,415 248,998 248,415 248,998

At 31 July 2015 - 1,058,124 1,061,624 1,058,124 1,061,624

Net Book Values

At 31 July 2015 - 1,374,954 1,374,954 1,374,954 1,374,954

At 31 July 2014 721,841 390,804 391,387 1,112,645 1,113,228

The net book value of fixed assets represents:-

Charity Group

£ £

Assets used for direct charitable purposes 1,347,527 1,347,527

Other purposes 27,427 27,427

1,374,954 1,374,954

9 Investments

Investments held by the charity includes a £1 (2014 – £1) investment in the subsidiary which represents

100% of the issued share capital of Tees S. U. Limited. The nature of business was that of letting of the

Student Union facilities.

10 Debtors – Group and Company

2015 2014

£ £

Trade debtors 19,435 36,398

Other debtors 333 272,714

Prepayments & accrued income 57,316 63,884

77,084 372,996

Page 17

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

11 Creditors: Amounts Falling Due Within One Year

Group and Company 2015 2014

£ £

Trade creditors 26,546 306,871

Social security & other taxes 46,913 18,661

Other creditors 5,439 7,440

Accruals 21,323 12,195

Deferred income 257,836 204,635

358,057 549,802

12 Endowment Funds – Capital Grant Fund

Toilets

(2011)

Reception

(2013)

HUB

(2008)

Offices

(2009)

1st Floor

(2014)

Total

2015

Total

2014

£ £ £ £ £ £

At 1 August 2014 11,981 57,763 75,123 20,508 655,798 821,173 211,023

Additional Grants from

University

-

-

-

-

386,857

386,857

500,000

Due from University - - - - - - 155,798

Released to SOFA (2,674) (7,220) (31,172) (4,582) (148,951) (194,599) (45,648)

At 31 July 2015 9,307 50,543 43,951 15,926 893,704 1,013,431 821,173

This represents monies provided by the University for various refurbishments. The £386,857 received in the

year was for a major refurbishment to the first floor. This is considered to be an expendable endowment

fund.

Page 18

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

13 Restricted Funds

Clubs &

Societies

Deposits

Sports

Development

Fund

Student

Hardship

Fund

RAG

Pension

Deficit

Big

Events

Grant

Safer

Middlesbrough

Entrepreneurs

Fund

Community

Engagement

Voter

Registration

Total

£ £ £ £ £ £ £ £ £ £

Balance at 1 August 2014 24,591 - 15,136 1,146 3,310 - 484 2,701 - - 47,368

Collections-RAG - - - 874 - - - - - - 874

Earmarked funding received from University - 18,531 - - 232,797 20,000 - - 20,000 - 291,328

Tee-Shirts Income - - - - - - - 843 - - 843

Voter Registration - - - - - - - - - 5,000 5,000

Outgoing

Rag Donations made - - - (1,299) - - - - - - (1,299)

Hardship Fund Donations made - - (250) - - - - - - - (250)

Sport Development expenditure - (18,531) - - - - - - - - (18,531)

Pension Deficit expenditure - - - - (236,107) - - - - - (236,107)

Big Events expenditure - - - - - (20,000) - - - - (20,000)

Safer Middlesbrough expenditure - - - - - - (383) - - - (383)

Entrepreneurs expenditure - - - - - - - (1,196) - - (1,196)

Community Engagement expenditure - - - - - - - - (20,000) - (20,000)

Voter Registration expenditure - - - - - - - - - (5,000) (5,000)

Net movement - Clubs & Societies 8,673 - - - - - - - - - 8,673

Net Movements 8,673 - (250) (425) (3,310) - (383) (353) - - 3,952

Carried Forward 33,264 - 14,886 721 - - 101 2,348 - - 51,320

Represented by:

Net Current Assets 33,264 - 14,886 721 - - 101 2,348 - - 51,320

Page 19

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

The Clubs and Societies consist of both money from the Students’ Union and the students to support the running of the various clubs and societies.

The Sports Development Fund was established to hold earmarked annual funding from Teesside University and expenditure on sports coaching and improving the performance

of the teams in BUCS (British University and College Sports) and other competitions.

The Student Hardship Fund was created in 1987/88 to provide financial assistance to TUSU members in cases of genuine hardship. Its funds have been raised through specific

fund raising events and are administered on its behalf by the Students Union’s Trustees in accordance with written regulations. University of Teesside Students’ Union holds the

funds of the Student Hardship Fund, and its Trustees are Trustees of the fund.

The Rag Fund represents fund raising events held by Students’ Union which have not yet been distributed to other charities. The assets are held are in the form of cash at bank

and are recorded separately within the accounting records of the Students’ Union.

The pension deficit funding was received form the University to fund the pension deficit payment made in the year.

The Big Events grant is earmarked funding from the University to support the Union’s high profile entertainments events which attract positive publicity and aid student

recruitment. Acts this year included Professor Green and Scott Mills.

The Safer Middlesbrough fund was monies provide by the Safer Middlesbrough Partnership to improve security of student accommodation and also for providing general safety

advice.

The Entrepreneurs Grant is made up of funding from NACUE (National Consortium of University Entrepreneurs) and Teesside University. This fund is to be spent on the expenses and

overheads for the student enterprise known as ‘Tees-Shirts.’

The Community Engagement Grant was funding from the University to support work between our Trustee team and the local community.

The Voter Registration Grant was funding received from NUS as part of a government incentive to increase the numbers of registered voters.

Page 20

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

14 Designated Funds – Development Fund

2015 2014

£ £

Balance at 1 August 2014 - 9,000

Released to General Funds - (9,000)

Balance at 31 July 2015 - -

The Development Fund was set up by the Trustees in 2005 to support future investment in the Students’

Union’s facilities and refurbishment of trading areas. In 2010 the Trustees agreed that £15,000 could be used

for “The Link” help centre which opened in January 2010 to be released over ten years to offset the

depreciation charge. In 2014 “The Link” help centre was part of the refurbishment project ongoing at 31 July

2014, therefore the remaining balance of this fund was released.

15 Analysis of net assets between funds – group

Unrestricted

Funds

Restricted

Funds

Endowment

Fund

Total

£ £ £ £

Fixed assets 361,523 - 1,013,431 1,374,954

Current assets 536,290 51,320 - 587,610

Liabilities (358,057) - - (358,057)

Balance at 31 July 2015 539,756 51,320 1,013,431 1,604,507

16 Leasing Commitments

At 31 July 2015 the Students’ Union has annual commitments under non-cancellable operating leases as

detailed below:-

2015 2014

£ £

Plant and machinery

Operating leases which expire within two to five years 2,518 2,762

The amount paid during the year in respect of operating leases for plant and machinery was £2,518.

17 Trustees’ Remuneration

The full time (sabbatical) Officer Trustees were the only members of the Board of Trustees to receive any

remuneration. The salary costs were as follows:-

2015 2014

£ £

Salaries including National Insurance Contributions 75,881 74,967 Members of the Board of Trustees and Officer Trustees are reimbursed for their travel costs and any other

expenses incurred during the course of their duties. Total Trustee expenses for the year amounted to £1,744

(2014: £1,839).

Page 21

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

18 Staff Costs

Staff costs were as follows: 2015 2014

£ £

Wages & salaries 1,091,016 1,047,329

Social security 60,214 63,965

Pension costs 13,966 12,699

1,165,196 1,123,993

In addition pension costs included £240,669 deficit funding paid from a restricted fund, and £3,408 for

Death in service policy and consultation charges. No employee earned over £60,000 per annum. The average number of employees was as follows:-

2015 2014

Non-student - full time equivalent 27 28

Students – term time only 28 24

19 Control Relationships

The Students’ Union is under the control of the Board of Trustees.

20 Pension Costs

Teesside University Students’ Union (TUSU) 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 30 June 2013 and showed that the market

value of the scheme’s assets was £80,910,623 with these assets representing 52% 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 £73,849,000.

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 30 June 2013:-

The investment return would be 6.1% per annum before retirement and 4.1% per annum after

retirement

Pensions accruing on the CARE basis would revalue at 3.6% per annum.

Present and future pensions would increase at rates specified by scheme rules with appropriate

assumptions where these are dependent on inflation.

The 2013 valuation recommended a monthly contribution requirement by each Union expressed in monetary

terms intended to clear the ongoing funding deficit over a period of 17 years and will increase by at least 5%

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 2014 and will

be formally reviewed following completion of the next valuation due with an effective date of 30 June 2016.

Surpluses or deficits which arise at future valuations will also impact on the Students’ Union future

contribution commitment. In addition to the above contributions, the Students’ Union also pays its share of

the scheme’s levy to the Pension Protection Fund.

Page 22

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

20 Pension Costs continued/….. The total contributions paid into the Students’ Union Superannuation Scheme by TUSU in respect of eligible

employees for the year ended 31 July 2015 amounted to £240,669 (2014 - £50,010) in respect of future

accrual as well as deficit contributions. The amount outstanding at 31 July 2015 was £Nil (2014 - £3,936). Contributions paid into the NUSPS scheme for the year ended amounted to £13,966 (2014 - £12,833),

including Death in Service Insurance Policy. This scheme is not defined benefit and so cannot build up a

deficit. The only money ever paid into this scheme is the contribution rates set by the employer.

21 Capital Commitments

At the year end, the Students’ Union had no capital commitments. (2014: £421,762).

22 Affiliations During the year the Students’ Union paid the following affiliations:

Organisation 2015 2014

£ £

National Union of Students (NUS) 36,466 36,872

British Universities and Colleges Sports Association

(BUCS, formerly BUSA)

7,138

7,829

NUS Services Ltd (NUSSL) 307 360

23 Subsidiary Company

The charity owns the whole of the issued ordinary share capital of Tees S U Limited, a company registered in

England. The subsidiary was incorporated on 23 September 2010. It is used for non-primary purpose trading

activities. All activities have been consolidated on a line by line basis in the SOFA. A summary of the results

of the subsidiary is shown below:-

2015 2014

£ £

Turnover 204,874 109,716

Cost of sales 47,381 30,653

Gross Profit 157,493 79,063

Administrative expenses 143,675 70,989

Net Profit 13,818 8,074

The aggregate of assets, liabilities and funds was:

2015 2014

£ £

Assets 1 584

Liabilities - -

1 584

Share Capital (representing 1 ordinary shares £each) 1 1

Profit and Loss Account - 583

584 584

Page 23

Teesside University Students’ Union

and its Subsidiary Company

Notes to the Accounts for the Year Ended 31 July 2015

24 Results of Parent Company

2015 2014

£ £

Total incoming resources 2,763,731

2,850,368

Net movement in funds 188,104 593,953

The subsidiary gift aided £14,401 (2014:£9,241) to the parent company in the year.

Page 24