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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