Company Registration No. 01639519 (England and Wales)
NUS Services Limited
Annual Report And Financial Statements
For The Year Ended 30 June 2021
NUS SERVICES LIMITED
NUS Services Limited
COMPANY INFORMATION
Directors
L M Kennedy
(Appointed 30 July 2020)
P M Chapman
(Appointed 1 July 2021)
D J Ormerod
(Appointed 8 July 2020)
C Hind
(Appointed 1 July 2021)
G Hughes
(Appointed 8 July 2020)
S Kerton
(Appointed 1 July 2021)
A Wilson
(Appointed 1 July 2021)
M R Crilly
(Appointed 30 July 2020)
S Elmegri
(Appointed 30 July 2020)
M E Nembhard
(Appointed 1 July 2021)
A C Wilson
(Appointed 1 July 2021)
R L Ricketts
(Appointed 30 July 2020)
Secretary
Counterculture Partnership LLP
Company number
01639519
Registered office
Ian King House
Snape Road
Macclesfield
Cheshire
SK10 2NZ
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
NUS SERVICES LIMITED
NUS Services Limited
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Notes to the financial statements
12 - 24
NUS SERVICES LIMITED
NUS Services Limited
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 1 -
The directors present the strategic report for the year ended 30 June 2021.
Business Review
NUS Services Ltd exists to develop and maximise income opportunities for the student movement and deliver a strong national infrastructure. During the financial year this was provided by Trading Support. Trading Support exists to drive better margins for members through negotiating bulk discounts on a vast range of goods and services, handling billing and payments centrally, as well as securing promotional offers and providing sales growth support.
Trading Support is the area that encompasses the purchasing consortium, this area of commercial support with the consortium remains at the heart of the organisation.
2020/21 was a very difficult year with only a handful of unions undertaking any sort of trading throughout, resulting in volumes being around 17% of pre-pandemic levels. That said, the Trading Support team put a recovery plan in place which included securing tender opportunities to build purchasing volumes from outside of students’ unions, some of which are now in the final stages of negotiation. Trading Support will continue to work to secure more volume through external charities and similar organisations in order to protect future volumes into the consortium, and income to the membership and NUS Charity.
Additionally, the recovery plan required the majority of the team to be furloughed. All cost areas were reviewed to make significant savings. For example, £100k of operating costs were saved by bringing in-house the supply compliance auditing. This will be a challenge to achieve within the next year as business levels rebuild, however work has been reviewed across the team and the necessary adjustments made for the next 12 months to retain this saving.
Supply tenders were rolled for another 12 months rather than new contracts being negotiated. This was an exercise to de-risk an exercise that would have resulted in both significant cost price increases and reductions in marketing funds and brand support available for members had new contracts been negotiated. All suppliers have been severely impacted as a result of the pandemic and looking to cut their own costs significantly. Some suppliers did not make it through the year so the team has been extremely busy sourcing alternatives.
Trading Support have transformed ways of working in the virtual world and successfully delivered two online Trade Shows in the year which enabled students’ unions to remain engaged and for suppliers to continue to receive good value for their commitments to the consortium. The virtual way of working has delivered some advantages to Trading Support in terms of efficiency, cost savings, improved interaction with students’ unions and the ability to remain responsive and flexible. The intention is to continue to work in this way in the areas where improvements have been made.
The operation delivers great benefit to the student movement through its revenue generating activities, almost all of which provide significantly greater levels of income to the participating students’ unions.
Ethical and Environmental practice
NUS continue to be at the forefront of changing students’ behaviour and their institution’s practices to deliver a more sustainable environment. Our ethical supply chain programme continues to monitor and influence the practices of suppliers. This work consists of an eight-step programme which includes the following elements: NUS Sound Sourcing Guide; product evaluation; ethical screening; Ethical and Environmental Accreditation; contract clauses; audits; constructive engagement; ethical plus retail programme.
These steps are designed to ensure that ethical and environmental considerations are embedded in commercial relationships through their entirety. All suppliers tendering for purchasing consortium contracts are required to complete the Ethical and Environmental Accreditation. As mentioned above, tenders were rolled over for twelve months so no new suppliers have been through the accreditation process (2020 – 45).
NUS SERVICES LIMITED
NUS Services Limited
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
Financial Performance
The results for the year show an operating performance with turnover of £1.4m. This has decreased significantly from £4.1m in the previous year, driven by a reduction in member Unions trading activity as restrictions relating to the Covid 19 pandemic remained on place for the majority of the financial year. This significantly reduced purchasing across the year as some members changed the nature of their commercial operations as a result of the pandemic.
Interest receivable and similar income result from NUS Services acquiring the ownership of NUS Holdings Limited, and the directors of NUS Holdings approved payment of a cash dividend and a dividend in specie to NUS Services. This provided additional income of £5.2m.
Interest payable and expenses are due to a movement in the net present value calculation of the SUSS pension deficit.
Overall a profit of £5.7m was generated (2020 – loss of £1m) due primarily to the dividend payments from NUS Holdings. The NUS Services Directors have agreed to make a gift aid payment to NUS Charitable Services UK of £505k in the 2021/22 financial year.
NUS Students' Union Charitable Services - (“NUS Charitable Services' or ‘the Charity”)
NUS Services is a subsidiary company of NUS Charitable Services. The Charity holds 97% of the shares in NUS Services and is the ultimate controlling body of the company. The remaining shares are held by 12 Students' Unions
Principal risks and uncertainties
The company takes part in the risk management processes overseen by the joint Boards in order to ensure consistency of management. As part of the annual business planning process, the major strategic and operational risks that NUS Services Limited faces, and the ways in which they are being monitored, managed and mitigated, were assessed by the Joint Board and the Finance Committee. Following the governance reforms to the NUS entities across 2019 and 2020, a single board operates across all entities in the group from July 2020 onwards.
One of the main areas of risk facing NUS Services is the Students’ Union Superannuation Scheme (“SUSS”). NUS Services Limited offered membership of SUSS, a defined benefit pension scheme, to all employees until 30 September 2011, at which point the scheme closed to future accrual.
The scheme is subject to a revaluation every three years with the most recent valuation taking place in June 2019. The 2019 valuation recommended a monthly contribution requirement by each union, expressed in monetary terms, intended to clear the ongoing funding deficit over a period of 15 years, and will increase by at least 5% each year. This showed an increased funding deficit of around £140m shared between 69 employers. This represented an increase of c.£21m in the deficit in comparison to the 2016 valuation and resulted in increased contributions from October 2020 onwards. 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 2020 and will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2022. Surpluses or deficits which arise at future valuations will also impact on NUS’ future contribution commitment. In addition to the above contributions, NUS also pays its share of the scheme’s levy to the Pension Protection Fund. The impact of the re-valuation has impacted the finances by increasing the interest payable figure in the statement of income and the liabilities in the balance sheet. During the period the Company's contribution was £160,940. The company’s contributions are set to increase by 8.3% from 1 October 2021.
Whilst the closure of the scheme to future accrual goes some way to mitigate the risk it does not eliminate it. The Company is required to make deficit contributions until September 2035, which at current rates represents a liability of £3.08million. This is subject to fluctuations in fund performance, changes in apportionment methodology, the life expectancy of the individuals within the scheme and the results of the recent valuation.
NUS SERVICES LIMITED
NUS Services Limited
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
Financial Risk Management Objectives and Policies
The company finances its operations through a mixture of retained profits and operating cashflow.
Financial Key Performance Indicators
The board monitors the performance of NUS Services Limited using a variety of Key Performance Indicators to ensure that the organisation is achieving at least the planned level of income and operating profit whilst maximising cash flow by efficient financial management.
These predominantly relate to the financial accounts and the information presented in the leadership report to the board around trading support sales in different areas.
Covid 19 Pandemic
The Covid 19 pandemic has had a significant, impact on the company’s operations during the 2019/20 and 2020/21 financial years. At the present time, it is assumed that there will be an improvement in the trading position of the company and its member Students’ Unions from the autumn of 2021 which should begin to ease the impact on company finances. Many University campuses have been closed from March 2020 to June 2021, with a few being able to re-open for trading as restrictions were eased from March 2021. The closure of campuses prior to that point impacted on NUS Services Limited’s revenues through a reduction in commercial purchasing activity by member Unions. The company budget for 2021/22 is bult on an assumption that trading activity can recover to 75% of its pre-Covid level.
Future Developments
In March 2019, NUS published proposals to reform the near 100-year-old organisation. Following four months of member consultation, and an extensive cost reduction plan to ensure it remained solvent, the student voice organisation outlined a new governance structure which proposes simplification, a reduction in fees charged to members and a modern approach to campaigning and service delivery.
This report was approved by the board on and signed on its behalf.
L M Kennedy
Director
30 November 2021
NUS SERVICES LIMITED
NUS Services Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
The directors present their annual report and financial statements for the year ended 30 June 2021.
Principal activities
NUS Service Limited exists to develop and maximise income opportunities for the student movement and deliver a strong national infrastructure. During the financial year this was provided by Trading Support. Trading Support exists to drive better margins for members through negotiating bulk discount on a vast range of goods and services, handling billing and payments centrally, as well as securing promotional offers providing sales and growth support.
Trading Support is the area that comprises the purchasing consortium, this area of commercial support with the consortium remains at the heart of the organisation.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L M Kennedy
(Appointed 30 July 2020)
P M Chapman
(Appointed 1 July 2021)
D J Ormerod
(Appointed 8 July 2020)
C Hind
(Appointed 1 July 2021)
G Hughes
(Appointed 8 July 2020)
J Yousuf
(Resigned 30 June 2021)
S Kerton
(Appointed 1 July 2021)
R N Smith
(Resigned 30 June 2021)
A Wilson
(Appointed 1 July 2021)
M R Crilly
(Appointed 30 July 2020)
S Elmegri
(Appointed 30 July 2020)
M E Nembhard
(Appointed 1 July 2021)
A C Wilson
(Appointed 1 July 2021)
R L Ricketts
(Appointed 30 July 2020)
Going Concern Basis
The NUS group meets its day to day operational expenditure as a result of a number of income generating activities as mentioned in the Group Strategic Report.
The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of the bank facilities. In addition, the Board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2021, the Board considered a three year financial forecast which modelled the financial impact of the pandemic and the expected post-pandemic recovery period on the group's activities up to June 2024. The model identified that there were two significant risks – Unions' ability to pay their membership contributions, and the level of on-campus trade impacted on the revenues generated through the purchasing consortium.
The Board took a view that of these risks, the impact on the purchasing consortium income would be the most significant, and would require further monitoring and adjustments to the business model during 2020/21. An update on the financial model will be considered at each Board meeting during 2020/21 in order for further mitigating action to be taken to maintain the overall financial strategy of the group.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
NUS SERVICES LIMITED
NUS Services Limited
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
Auditor
Garbutt & Elliott Audit Limited were appointed as auditor to the company
during the year. However
Azets Audit Services Limited were appointed auditor to the company following their acquisition of the trade of Garbutt & Elliott Audit Limited on 1 December 2021. In accordance with s487(2) of the Companies Act 2006 they are deemed reappointed annually.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
L M Kennedy
Director
30 November 2021
NUS SERVICES LIMITED
NUS Services Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NUS SERVICES LIMITED
- 6 -
Opinion
We have audited the financial statements of NUS Services Limited (the 'company') for the year ended 30 June 2021 which comprise the statement of comprehensive income, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the
s
trategic
r
eport and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
NUS SERVICES LIMITED
NUS Services Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NUS SERVICES LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the
s
trategic
r
eport and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
NUS SERVICES LIMITED
NUS Services Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NUS SERVICES LIMITED
- 8 -
Extent to which the audit was capable of identifying irregularities, including fraud
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the
financial statements from our general commercial and sector experience, through discussion with the directors
and other management, and from inspection of the company's regulatory and legal correspondence.
We
discussed with the directors and other management the policies and procedures regarding compliance with laws
and regulations.
We communicated identified laws and regulations throughout our team and remained alert to
any indications of non-compliance during the audit.
The company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation (including related companies legislation), distributable profits legislation, pensions legislation and associated pension liabailities,
taxation legislation and further laws and regulations that could indirectly affect the financial statements,
comprising employment, environmental, contract law and health and safety legislation and, in the current climate,
C
ovid
regulations.
We assessed the extent of compliance with these laws and regulations as part of our procedures on
the related financial statement items.
Auditing standards limit the required audit procedures to identify non
-
compliance
with these laws and regulations to enquiry of the directors and other management and inspection of
regulatory and legal correspondence, if any.
These procedures did not identify any potentially material actual or
suspected non-compliance.
To identify risks of material misstatement due to fraud we considered the opportunities and incentives and
pressures that may exist within the company to commit fraud.
Our risk assessment procedures included: enquiry
of directors and management to understand the high level policies and procedures in place to prevent and detect fraud, reading
Board minutes and considering performance targets and incentive schemes in place for management.
We
communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the
audit.
As a result of these procedures we identified the greatest potential for fraud in the following areas:
- revenue recognition and in particular the risk that revenue is recorded in the wrong period;
and
- subjective accounting estimates
.
These risks arise due to a desire to present results which may enable management and directors to present the result in a differing light.
A
s required by auditing standards we also identified and addressed the risk of management override of controls.
We performed the following procedures to address the risks of fraud identified:
- identifying and testing high risk journal entries through vouching the entries to supporting documentation
;
- assessing significant accounting estimates for bias
; and
- testing the timing and recognition of income and, in particular, that it was appropriately recognised or deferred
.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our
audit in accordance with auditing standards.
For example, the further removed non-compliance with laws and
regulations is from the events and transactions reflected in the financial statements, the less likely the inherently
limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
Our audit
procedures are designed to detect material misstatement. We are
not responsible for preventing non-compliance
or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
NUS SERVICES LIMITED
NUS Services Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NUS SERVICES LIMITED
- 9 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Laura Masheder (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
27 January 2022
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
NUS SERVICES LIMITED
NUS Services Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
- 10 -
2021
2020
as restated
Notes
£
£
Turnover
1,406,787
4,075,239
Cost of sales
(117,629)
(1,171,948)
Gross profit
1,289,158
2,903,291
Administrative expenses
(797,745)
(3,576,986)
Other operating income
130,899
Operating profit/(loss)
622,312
(673,695)
Interest receivable and similar income
4
5,201,958
Interest payable and similar expenses
(62,293)
(399,482)
Profit/(loss) before taxation
5,761,977
(1,073,177)
Tax on profit/(loss)
(2,230)
57,065
Profit/(loss) for the financial year
5,759,747
(1,016,112)
NUS SERVICES LIMITED
NUS Services Limited
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 11 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Investments
5
21
20
Current assets
Debtors
7
4,029,006
2,047,485
Investments
8
1,528
1,528
Cash at bank and in hand
4,358,674
579,758
8,389,208
2,628,771
Creditors: amounts falling due within one year
9
(1,841,984)
(1,731,667)
Net current assets
6,547,224
897,104
Total assets less current liabilities
6,547,245
897,124
Provisions for liabilities
11
(2,908,919)
(3,018,545)
Net assets/(liabilities)
3,638,326
(2,121,421)
Capital and reserves
Called up share capital
10
278,540
278,540
Share premium account
17,072
17,072
Capital redemption reserve
12
42,380
42,380
Profit and loss reserves
3,300,334
(2,459,413)
Total equity
3,638,326
(2,121,421)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 November 2021 and are signed on its behalf by:
L M Kennedy
Director
Company Registration No. 01639519
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 12 -
1
Accounting policies
Company information
NUS Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Ian King House, Snape Road, Macclesfield, Cheshire, SK10 2NZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of National Union of Students (United Kingdom). These consolidated financial statements are available from its registered office, Ian King House, Snape Road, Macclesfield, Cheshire, SK10 2NZ.
1.2
Going concern
The NUS group meets its day to day operational expenditure as a result of a number of income generating activities as mentioned in the Group Strategic Report.
true
The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of the bank facilities. In addition, the Board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2021, the Board considered a three year financial forecast which modelled the financial impact of the pandemic and the expected post-pandemic recovery period on the group’s activities up to June 2024. The model identified that there were two significant risks – Unions’ ability to pay their membership contributions, and the level of on-campus trade impacted on the revenues generated through the purchasing consortium.
The Board took a view that of these risks, the impact on the purchasing consortium income would be the most significant, and would require further monitoring and adjustments to the business model during 2020/21. An update on the financial model will be considered at each Board meeting during 2020/21 in order for further mitigating action to be taken to maintain the overall financial strategy of the group.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be also met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 14 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The company takes advantage of Gift-Aid provisions which allow it to claim taxation relief to profits gifted to the parent charity within 9 months of the period end.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 15 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in
profit
or
loss
as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 16 -
The
net
defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Multi-employer defined benefit pension scheme
The Company participated in the Student Union Superannuation Scheme, a multi-employer defined benefit pension scheme with other Student Union organisations. In the judgement of the directors, the Company does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see note
11
for further details.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Measurement of multi-employer pension liability
The Company must measure its defined benefit obligation on a discounted present value basis. The Company must determine the rate used to discount the future payments by reference to market yields at the reporting date on high quality corporate bonds. The currency and term of the corporate bonds or government bonds shall be consistent with the currency and estimated period of the future payments.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
17
17
The Company has no direct employees. During the year ended 30 June 2021 staff were employed by NUS Holdings Limited and the costs recharged to NUS Services Limited.
4
Interest receivable and similar income
2021
2020
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
5,201,958
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
21
20
During the year the company acquired the entire share capital of NUS Holdings Limited which was acquired from the ultimate parent entity National Union of Students Union (United Kingdom).
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
5
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 July 2020
509,192
Additions
1
At 30 June 2021
509,193
Impairment
At 1 July 2020 & 30 June 2021
509,172
Carrying amount
At 30 June 2021
21
At 30 June 2020
20
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2021 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
NUS Media Limited*
Ordinary
100.00
Epona Limited*
Ordinary
100.00
NUS Holdings Limited
Ordinary
100.00
Student Discount Cards Limited
Ordinary
49.99
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
331,442
1,282,857
Amounts owed by group undertakings
2,978,343
Other debtors
119,221
73,428
3,429,006
1,356,285
Deferred tax asset
600,000
691,200
4,029,006
2,047,485
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
7
Debtors
(Continued)
- 19 -
Amounts owed by group undertakings due within one year are unsecured, interest free and repayable on demand.
8
Current asset investments
2021
2020
£
£
Other investments
1,528
1,528
9
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
160,886
259,228
Corporation tax
23,532
112,502
Other taxation and social security
109,277
Other creditors
1,657,566
1,250,660
1,841,984
1,731,667
Other creditors includes £760,725 (2020 - £395,129) which relates to
payments received on account
and
held for redistribution to members of the purchasing consortium for retrospective volume related payments.
Other creditors also
contains £
172,568
(2020 - £161,589)
in relation to the pension liability due within one year.
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
17,140
17,140
17,140
17,140
Ordinary B Shares of £20 each
13,070
13,070
261,400
261,400
30,210
30,210
278,540
278,540
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
10
Called up share capital
(Continued)
- 20 -
The Ordinary A and Ordinary B shares can be redeemed at the Company's option at any time after their date of issue and before 31 December 2090. On redemption, the price to be paid by the Company for the shares shall be the lower of the net asset value if the same as shown in the audited accounts of the company for the last accounting period ending prior to the giving of the relevant Redemption Notice and the net asset value if the same as shown in the audited accounts of the Company for the accounting period ending next after the giving of the Relevant Redemption Notice.
The profits which the Company may determine to distribute in respect of any financial period shall be distributed amongst the holders of A and B shares directly in proportion to the nominal value of A and B shares held.
On a winding up of the Company, the surplus assets of the Company remaining after payment of its liabilities shall be applied:
Firstly, in paying to the holders of the B shares; secondly in paying to the holders of the A shares; and thirdly, in paying to the holders of the A shares and B shares.
Each of the A and B shares has one voting right each.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 21 -
11
Pension Commitments
Defined contribution scheme
The Company participates in a defined contribution pension scheme where the company contributes either 3% or 6% of salary depending upon each member's level of contribution.
The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to
£32,952 (2019 -
£32,057
)
. Contributions totalling £nil
(2019 - £nil)
were payable to the fund at the balance sheet date.
Multi-employer pension scheme
NUS Services Limited offered membership of
Student's Union Superannuation Scheme ("
SUSS
")
, a defined benefit pension scheme, to all employees until 30 September 2011, at which point the scheme closed to future accrual.
The Scheme is subject to a revaluation every three years with the last valuation being performed in June 2019. The 2016 valuation recommended a monthly contribution requirement by each employer 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. This showed an increased funding deficit of around £120m shared between 69 employers.
This represents an increase of c£47m in the deficit in comparison to the 2013 valuation and resulted in increased contributions from October 2017 onwards. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme.
Following the 2019 triennial revaluation, which also reflected the outcome from the previously identified ‘7% pension increase’ issue affecting some members within the scheme, the Trustees of SUSS concluded that it would be necessary to increase contributions to clear the deficit over the next 15 years. Those Unions with members directly affected by the pension increase issue would be required to pay a greater contribution to the scheme deficit. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme’s levy to the Pension Protection Fund.
During the year the Company was made aware of a possible increase in SUSS's pension deficit. This will not impact the Company until a revised deficit funding contribution schedule has been agreed, which will be following the next triennial valuation of the scheme.
Under FRS102 the multi-employer pension liability has been calculated based on the assumptions of the above expected deficit payments using a discount rate of
1.5
%
(2020 - 1.5%)
:
Present value of provision
2021
2020
£
£
Student's Union Superannuation Scheme
3,081,487
3,180,134
Present value of provision
Creditors: amounts falling due within one year
note 8
172,568
161,589
Creditors: amounts falling due after more than one year
2,908,919
3,018,545
3,081,487
3,180,134
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
11
Pension Commitments
(Continued)
- 22 -
Reconcilliation of opening and closing provisions
2021
£
Provision at start of period
3,180,134
Unwinding of discount factor
62,293
Deficit contributions paid
(160,940)
Movement in net present value calculation
-
3,081,487
The following schedule details the deficit contributions agreed between the company and the scheme to settle the company share of the deficit:
Start
End
Year
Annual Increase
Annual contributions
Monthly Payment
Jul-21
Oct-21
2020
5%
54,512
13,628
Nov-21
Oct-22
2021
8.3%
177,084
14,757
Nov-22
Oct-23
2022
5%
185,938
15,495
Nov-23
Oct-24
2023
5%
195,235
16,269
Nov-24
Oct-25
2024
5%
204,997
17,083
Nov-25
Oct-26
2025
5%
215,247
17,937
Nov-26
Oct-27
2026
5%
226,009
18,834
Nov-27
Oct-28
2027
5%
237,309
19,776
Nov-28
Oct-29
2028
5%
249,175
20,764
Nov-29
Oct-30
2029
5%
261,634
21,803
Nov-30
Oct-31
2030
5%
274,715
22,893
Nov-31
Oct-32
2031
5%
288,451
24,037
Nov-32
Oct-33
2032
5%
302,874
25,239
Nov-33
Oct-34
2033
5%
318,017
26,501
Nov-34
Oct-35
2034
5%
333,918
27,826
Assumptions
2021
2020
2019
%
%
%
Rate of discount
1.50
1.50
2.20
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
12
Capital redemption reserve
The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of the Company's own shares.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 23 -
13
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
183,396
246,000
14
Events after the balance sheet date
Subsequent to the year end the Directors have approved and paid a distribution of £505,811 to the parent charitable company, NUS Students’ Union Charitable Services. As this was paid within 9 months of the year end the company has benefitted from tax relief by way of Gift-Aid and accordingly the company does not have a tax liability as at 30 June 2021.
15
Related party transactions
Charitable donations totalling
£Nil
(2020: £1,300,000) were made to NUS Students' Union Charitable Services.
2021
Amounts due from related parties
£
NUS Students' Union Charitable Services Limited
2,978,343
The company was recharged expenses totalling £300,593 in the year.
Due to a group restructure the company received £5,201,958 from its shares in group undertakings.
OneVoice Digital Limited
The Company owns 20% of the share capital of OneVoice Digital Limited.
In 2018, NUS Services entered into a £2m Loan Facility agreement to OneVoice. As at June 2019 it was assessed by management that the Loan Facility agreement was irrecoverable and a full impairment of £2m was recognised in the year to 30 June 2019. This is still the case in the year ended 30 June 2021.
16
Parent company
The Company is a subsidiary of NUS Students' Union Charitable Services. NUS Students' Union Charitable Services is a wholly owned subsidiary of The National Union of Students (United Kingdom), the ultimate controlling parent party.
The National Union of Students (United Kingdom) is the smallest and largest organisation producing consolidated financial accounts including the financial statements of the Company. The consolidated financial statements are publicly available from Companies House (registration number 08015198).
17
Prior period adjustment
The prior period adjustment relates to the reconciliation of the defined benefit pension scheme.
NUS SERVICES LIMITED
NUS Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
17
Prior period adjustment
(Continued)
- 24 -
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2020
£
£
£
Creditors due within one year
Other creditors
(1,348,299)
(161,589)
(1,509,888)
Capital and reserves
Profit and loss reserves
(2,297,824)
(161,589)
(2,459,413)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 June 2020
£
£
£
Interest payable and similar expenses
(237,893)
(161,589)
(399,482)
Loss for the financial period
(854,523)
(161,589)
(1,016,112)
2021-06-30
2020-07-01
false
CCH Software
CCH Accounts Production 2021.300
L M Kennedy
P M Chapman
D J Ormerod
C Hind
G Hughes
J Yousuf
S Kerton
R N Smith
A Wilson
M R Crilly
S Elmegri
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A C Wilson
R L Ricketts
Counterculture Partnership LLP
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