For the year ended 31st July 2022
Commentary to explain the 2021-22 position
Following changes to national financial reporting standards, particularly those relating to FRS102, the Union is now required to disclose within its balance sheet the net asset or liability position arising from the Student Unions’ Superannuation Scheme (SUSS) – a pension scheme which was closed to new employees in 2011, but for which the Union still has current and former members of staff as members.
The first accounts where the Union reported its share of the SUSS pension liability were those published in respect of the period reported to 31st July 2016, and this resulted in the Union reporting a negative reserves position despite the fact that nothing practically had changed from one year to the next. The pensions reserve now included in the balance sheet is effectively the amount at today’s prices that the Union will have to pay to the fund to reduce its share of the overall deficit so that the fund is in a balanced position, and contribute to the running costs of SUSS.
This position is not unique to WSU and, excluding the pensions reserve, the Union retains strong cash and reserve balances, in line with the levels set by the Board of Trustees. As the recovery plan is structured over a number of year until October 2037, the Union remains in a position where it can meet this annual financial obligation.
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RSM UK Audit LLP
Chartered Accountants