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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Table of Contents
Company Information ............................................................................................ 2 Trustees’ Report ..................................................................................................... 3 Objectives and Activities ........................................................................................ 4 How Governance works at Arts SU ....................................................................... 5 Employees ............................................................................................................... 5 Financial Review ................................................................................................... 12 Income ............................................................................................................... 12 Costs .................................................................................................................. 12 Outcome ............................................................................................................ 12 Restricted Funds ............................................................................................... 12 Reserves Policy ................................................................................................. 12 Risk Management ............................................................................................. 13 Relationship with the University ...................................................................... 13 Fundraising........................................................................................................ 14 Public Benefit .................................................................................................... 14 Affiliation ........................................................................................................... 14 Small Companies Exemption .......................................................................... 15 Statement of Trustees' Responsibilities ......................................................... 16 Independent Auditors’ Report .............................................................................. 18 Statement of Financial Activity ........................................................................... 21 Balance Sheet ....................................................................................................... 22 Cash Flow Statement ........................................................................................... 23 Notes to the Financial Statements ..................................................................... 24
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## **University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Com an Information p y
Registered Office Arts SU, 272 High Holborn, London, WC1V 7EY Charity Registration 1143161 Number Company 7719030 Registration Number
Company Secretary Nick AJ Smith Consultancy Ltd.
**Name Date Appointed Date Terminated** Martin Bailey 26[th] October 2014 Andrew Minnis 12[th] April 2018 Pinky Latt 1[st] July 2019 30[th] June 2021 Eleanor West 1[st] July 2019 30[th] June 2021 Dylan Wilson 1[st] July 2020 30[th] June 2021 Board of Trustees Yasmeen Thantry 1[st] July 2020 30[th] June 2021 Georgia Spencer 1[st] July 2021 Armani Sutherland 1[st] July 2021 Rachel Williams 1[st] July 2021 Nur Syahadah Binte 1[st] July 2021 Shahril Opeyemi Gbajobi Chief Executive Principal Officers Christina Kennedy Deputy Chief Executive Fiona Slaven Director of Finance
Solicitors Bates Auditors Wells and Knox Cropper LLP Professional Braithwaite 65 Leadenhall Street Advisors 2 – 6 Cannon Street London EC3A 2AD London EC4M 6YH
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Trustees’ Report
The Trustees who are also directors of the Company for the purposes of the Companies Act, and trustees for charity law purposes, present their combined directors' and trustees' annual report together with the audited financial statements for the year 1 August 2020 to 31 July 2021. The Trustees confirm that the Annual Report and financial statements presented comply with the current statutory requirements, the requirements of the Union's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The University of the Arts London Students’ Union (Arts SU) is established under the Education Act 1994 and is a charitable company limited by guarantee. Its internal regulations and Rules are approved by the University of the Arts London (‘UAL’).
Arts SU is governed by a Trustee Board of up to nine members. This is comprised of four Student Officer Trustees and three student Trustees who are elected by members of Arts SU annually. There are also two non-student Trustees (also known as an External Trustees) on the Board who are appointed for their particular professional skills, knowledge and experience. The External Trustees are appointed by the Trustee Board and may serve an initial term of four years, renewable for one further term of four years.
Full details of current Trustees and those who served in 2020 - 2021 and who joined or left the Board in the period from 31st July 2021 up to the date of this report, together with the origination’s principal advisors can be found in Legal and Administrative Information on page 2.
All Trustees undertake an induction programme and are given briefings on the organisation’s operations and goals. The induction programme, delivered by the Company Secretary, covers the role of Trustee, provides an understanding of the legal responsibilities of being a Trustee, and -
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
through meeting key Board members and senior staff members - provides an appreciation of Arts SU’s vision, mission and values and the relationship between Trustees and staff team. In addition, the Chair of the Trustee Board attends training, also delivered by the Company Secretary which outlines their specific role within the Trustee Board.
The Trustees are responsible for the overall performance and strategic direction of Arts SU on behalf of its members, over 18,000 students of the University of the Arts London. In this respect the Board undertakes selfassessment and further development initiatives as required, ensuring that they work to high standards.
## Objectives and Activities
The objects of the charity are the advancement of education of students at the University of the Arts London for the public benefit by:
- Promoting the interests and welfare of students at the University of the Arts London during their course of study and representing, supporting and advising students;
- Being the recognised representative channel between students and the University of the Arts London and any other external bodies; and
- Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.
In shaping the Union’s objectives for the year and planning its activities, the Trustees have considered the Charity Commission’s general and relevant supplementary guidance on public benefit. In pursuit of these aims for the public benefit, the Union has established departments and services for use by its members and works with UAL and other organisations on behalf of UAL students. The Union sets its long-term priorities in line with its strategic plan, reviewed periodically and informed by research undertaken with UAL students and other relevant stakeholders. The Trustees and staff consider the strategic plan when setting the Union’s annual objectives, articulated in a balanced University of the Arts London Trustees’ Report For the year ended 31 July 2020 4 scorecard and
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
pursued by Trustees and Union staff. The current strategic plan is due to ended in June 2021 and due to the COVID 19 pandemic, the Trustee Board agreed to pause the creation of new strategic plan until summer 2022 to allow a full assessment of the impact on the pandemic to the organisation. The new strategic plan will run between 2022 and 2026.
## How Governance works at Arts SU
Arts SU operates on democratic principles, working for and with our members, the students of UAL. The voice of students is represented by the Union Executive, run and elected by members of UAL. The Union also holds Student Council Meetings through which students are able to propose and vote on motions alongside supporting a range of assemblies to ensure that the diversity of the student body is heard and acted upon within our work.
Day-to-day operational and staff management is delegated to the Chief Executive who is responsible to the Trustees for strategy development, implementation and operational performance.
The Trustee Board meets at least five times per year to receive reports from subcommittees, Officers, Senior Management and the Chief Executive, to review the Union’s strategic performance and administration generally and to agree policy issues arising. The Union also employs a number of non-student core staff to provide continuity, consistency and knowledge in the management of its many activities. The staff team is accountable to the Chief Executive for the performance of their duties.
## Employees
We employed an average of 36 salaried staff team members and employed 9 student staff team members during the year.
We are a London Living wage employer. For salaried staff, there was a discretionary cost of living increase applied, which in 2020/21 was 2% (2019: 0%). There were two
termination payments due to staff in 2020/21 financial year totalling £3,808. This cost is reported as a staff cost, and this figure is included in the financial staff costs for the year accordingly. There is one employee (2020: one) earning gross of £60,000 - £100,000 during the year.
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## Key Achievements
|**Strategic Aim**|**Impact Measures**|**Achievements**|
|---|---|---|
|**We will offer opportunities which are out of**
**the box and of the classroom**
We believe that the Union could and should
be the place where the next generation of
creative professionals emerge, thus shaping
the cultural capital of the country. We are
committed to supporting students in finding
passions outside of the normal curriculum,
allowing space and time for growth and
development.|• Showcasing students at UAL and
focusing on non-traditional art forms and
subjects, we will have a comprehensive
and nationally recognised program of
events and exhibitions.
• Our connections with creative industries
will support our commitment to offering
students creative opportunities which are
out of the box and out of the classroom.
• Our flagship creative development
programs will provide skills development
creative entrepreneurs and will be an
effective vehicle for selling students
work.
• Our student societies, sport clubs and
volunteering communities will empower
students to develop their own
opportunities and allow the continued
development of transferable skills.|• Despite having no physical (in-person) events,
programs such as Made in Arts London
(MiAL), Xhibit and our new Art and Technology
series engaged over 1300 students, an
increase of over 35% from the previous year.
• We worked with over 30 partner organisations
to develop opportunities for students including
Association of College Unions International
(ACUI), Affordable Art Fair, Canopy Market,
Cass Art, Cockpit Arts, Free Range, Hello
Fresh, Kansai Yamamoto, KickStart, Kitmapper,
Ricebox, TM Lighting and Vice
• We held student-led Liberation and inclusivity
campaigns held throughout the year with
events, speakers and resources recognising
Black History Month, Trans Awareness Week,
Disability History Month, LGBTQ+ History
Month, Women’s History Month, Ramadan,
Mental Health Awareness Week.
• We have over 1,000 student members of a club
or society.|
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## **University of the Arts London Trustees’ Report For the year ended 31 July 2021**
|||• We worked with UAL’s Student Disability
Service to help secure 7k of funding from UAL
to support accessibility with events/activities.
This partnership has also led to creating a
staff working group who will be trained by the
Disability Service team and help create an SU
action plan on disability inclusion.|
|---|---|---|
|**We will be a Union which listens and acts,**
**ensuring that we are a positive agent for**
**change in our colleges, University and**
**community**
We recognise that University is often where
students develop their political education;
discovering passions and how to make a
difference to the communities that they
inhabit. Arts SU is testament to this, with a
rich campaigning history recognised across
the country. We want to make sure we are
harnessing the passions of our students and
delivering lasting positive change.|• We will be evidence led, using research
and our unparalleled knowledge of the
whole student body to drive positive
change for students.
• Our support for student and political
activism will equip students with the
skills and information they need to be the
next generation of community leaders. ·
Students are at the heart of, and adding
value to academic and non-academic
decision making at UAL.
• The entire UAL community will be clear
on the impact and value of Arts SU.|• UAL launched its Anti-Racism Strategy
following consistent lobbying by Arts SU.
• We have undertaken research into Housing
and Community, Crits, the impact of COVID 19
on student learning and facilitated the student
response to the Anti-Racism Strategy.
• We have worked on the implementation of an
ethical partnership framework with the Arts
Programme team to reflect on the impact of
our partnerships. - Work continued to
implement and develop the recommendations
made in the Cost of study research and new
cost of study principles were adopted by
Executive Board.|
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## **University of the Arts London Trustees’ Report For the year ended 31 July 2021**
|||• We have consultated, on behalf of UAL, on
internationalising the student experience has
begun.
• Comprehensive democracy review undertaken
which included stakeholder analysis,
consultation with over 1000 students and an
all-student referendum to ensure our
representation structures are fit for purpose
and represent students in areas important to
them.
• Worked with students to facilitate a Creative
Manifesto project shining a light on issues
affecting the arts industry today in London in
the lead upto the London Mayor Election 2021.|
|---|---|---|
|**We will be a supportive environment which**
**provides networked communities and**
**enables students to succeed during their**
**time at UAL**
Pressure on students is currently at
unprecedented levels. Recent research into
the mental health has found that students
face a number of pressures throughout their
university career including pressure to
succeed,movingto a new city, pressure to|• Our societies, sports clubs and
volunteering communities will centres of
excellence in inclusivity and diversity and
will be led by students, ensuring no
student feel isolated when they are at
UAL.
• Our advice service will be a centre of
excellence, working closely with UAL and
the colleges, delivering proactive student|• We created a partnership with the charity
Rethink co-creating wellbeing sessions for
students.
• With UAL we launched online consent training
module at the beginning of the spring term and
promoted throughout the Big Welcome
• With UAL, we continue to work in partnership
on the new Health and Wellbeing Strategy
• Working in partnership on the UAL, we
responded to the COVID 19pandemic,|
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## **University of the Arts London Trustees’ Report For the year ended 31 July 2021**
|find a career, financial problems, health
problems and isolation. All of these in turn
can have an impact on a student’s _mental
and physical health and ultimately their
ability to succeed in their course. This is
further compounded for students from a
liberation background who face societal
barriers and international students who face
additional cultural barriers. We are
committed to supporting students in all
facets of the student experience to ensure
that they are able to reach their fullest
potential.|support and information on issues of
academia, mental health and housing.
• Our partnerships with external
organisations, will allow students to
access a network of support|including: blended and online learning, access
to studios, the EC model and student support,
exit from lockdown and reopening buildings
(including Covid community pledge),
graduation and provision for returning
graduates, Graduate Showcase, careers and
employability offer to graduates,
communications to students
• We saw the frst full year of the international
student emergency fund implemented by UAL
following successful lobbying in 2019.
• We develop a partnership with Connaught's
law firm to provide 3rd year students
information about the new poststudy visa
announced by the UK government
• We supported over 1500 students this year
with academic processes advice including
complaints, appeals, extenuating
circumstances and housing matters such as
contract checks and despair.
• We launched a Companion Scheme, matching
over 1000 UAL students with a buddy and
introducing them to LGBTQ+, POC, Mature
Students,International Students,Parents and|
|---|---|---|
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## **University of the Arts London Trustees’ Report For the year ended 31 July 2021**
|||Carers, Disabled Students and a Neurodiversity
student groups.
•|
|---|---|---|
|**We will work with UAL to ensure education**
**is accessible for and reflective of students**
**at UAL Higher Education in the UK is**
**changing.**
The introduction of the Teaching Excellence
Framework and changes in the National
Student Survey has prompted conversations
about what students learn, where they learn
and how they learn. With our commitment to
the advancement of education of students
at the University f the Arts London, we are
committed to being at the forefront of those
conversations with the colleges and UAL
and nationally, advocating for our students,
ensuring that changes are in students’ best
interests and students are co-creating their
education.|• Arts SU’s student academic
representation structure will be the
recognized voice of students’ academic
needs and co-producers in their
education.
• By working in, partnership with the
colleges and UAL, we will have reviewed
what students, where they learn and how
the learn so that UAL has a diversified
curriculum which is reflective of the
diversity of students at UAL and their
backgrounds
• Academic and support staff of UAL will
be consistently working with the Arts SU
to codevelop solutions to challenges and
submitting policy proposals to colleges
and UAL committees.|• We worked with the Teaching and Learning
Exchange on the Liberate My Curriculum
project and attainment differentials
• We recruited 1000 course reps in the
2020/2021 academic year, a 50% increase
from 2019/2020 year.
• We held over 45 Student + Dean Forums held
covering every department/school across the
colleges.
• We had 400 student nominations received for
8 Arts Awards which recognise staff from
across the university who have a positive
impact on the student experience.
• We won concessions on no-detriment policies
for students, support for student mental|
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## The Continuing Impact of COVID 19
In the last Trustee Report, the Trustees acknowledged that the impact of the COVID 19 pandemic would be experiences in the medium and long term, presenting challenges and opportunities for the organisation. These foresights have proved accurate. The government announced two further lockdowns during the financial year alongside additional operating restrictions which suspended large areas of the Union’s activities until July 2021 including the inability to open any commercial services from November 2020 to the end of the financial year, the cancellation of events and activities including student sports fixtures, societies events which were to take place indoors and student exhibitions.
During this time, the Union continued to offer integral student support at UAL. Key programs such as the Companion Scheme, representative structures such as Course Representatives, student advising and online events programs to combat loneliness, support mental health and support artistic professional development and community ensured that we continue to be at the forefront of ensuring that the students are equipped for success throughout this time.
## Looking Forward
Recovering from COVID 19 will continue to be at the forefront of Trustee decision making. Despite the pandemic lasting for the last 20 months, its impacts continue to be wide reaching and its anticipated will stretch into the 2021/22 and 2022/23 financial year. These impacts potentially include a decrease in the Union’s income both from university grants and trading income. Both of these will have an impact on the activity that the Union can deliver. It is also possible that new restrictions on the closure of bars/restaurants, social distancing guidelines, work from home instruction and students studying remotely will also have an impact on the ability of the Union to deliver it usual core activities in 20/21.
The Union’s new strategic plan will be created for August 2022 after an extensive period of student feedback.
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Financial Review
## Income
Our total income for the year decreased to £3,165,076 (2020: £3,775,212). This was due to significant decrease in income from charitable activities and trading activities due to the continuing COVID 19 pandemic. The Union also saw a 4.8% decrease in University and other grants during the period.
## Costs
Total expenditure for the
year was £2,896,898 (2020: £3,526,886) which is an 17.8% decrease on the previous year.
## Outcome
The outcome for the year is an operating surplus on total funds of £268,178 (2020: £248,326 surplus). There is an operating surplus on unrestricted funds of £383,392.
## Restricted Funds
These funds comprise monies held for Student Groups (ratified sports clubs and societies, which are branches of Arts SU) and grants received from UAL and other external organisations for specific student-facing projects. During the year income of £18,775 (2020: £238,476) and expenditure of £22,841 (2020: £216,635) resulted in net deficit of £4,066 (2020: £21,841 surplus). Arts SU acts as a custodian for the funds raised by the clubs and societies themselves.
## Reserves Policy
In December 2021, Arts SU revised its reserves policy so that its general (unrestricted) reserves should be a minimum of £300,000 (set at £240,000 in Feb 2020). Reflecting on the COVID 19 pandemic, at this level, the Trustees believe that we would be able to continue the student-facing activities of the organisation in light of the downturn in income from the COVID pandemic and
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
in the event of a significant decline in non-University funding, whilst allowing time to re-establish or re-focus income-generating activities.
As at 31 July 2021 our total unrestricted reserves equated to £607,093 (£223,701 in 2020). Free reserves (after deducting fixed assets and designated funds) were £571,752 (£197,276 in 2020).
## Risk Management
The Trustees are responsible for Art’s SU risk management and the effectiveness of internal controls. On behalf of the Trustees, the Senior Leadership Team performed a review of major risks in February 2019 and presented the findings and the mitigating measures to the February Audit and Risk Committee. The key risks are outlined below:
- COVID 19 and external economic stability
- GDPR compliance and ensuring our processes and procedures are robust
- NUS collapse/major change
- Partnership review and decision to dissolve
- Lack of commercial strategy and declining income
- Importance of well managed relationship with UAL
- Ensuring that our elections processes are easily accessible for all members
- Alcohol licensing and food hygiene
- The mental health and wellbeing of our people due to the COVID-19
- The ability to recruit and retain sector leading staff
## Relationship with the University
The Union receives a block grant from the University and occupies spaces in University-owned buildings. The occupation and use of these spaces are set out in the Memorandum of Understanding between Arts SU and the University. In addition to the provision of space, the University also pays for utilities, caretaking and cleaning staff. This support is intrinsic to the relationship between the University and Arts SU. Although Arts SU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University’s support.
The Trustees consider it reasonable to anticipate that this or equivalent support
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
from the University will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.
## Fundraising
The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
## Public Benefit
When reviewing our objectives and planning our activities, we have given due consideration to the Charity Commission’s general and relevant supplementary guidance on public benefit.
## Affiliations
Arts Students’ Union is affiliated to the following organisations. Membership, granted by the payment of an affiliation fee, entitles the Union to have a say in how the organisations are run or what focus they have. This may be in the form of a vote or a voice on working parties over and above other membership benefits such as access to expert advice or information resources.
|Organisation|Fee|
|---|---|
|National Union of Students(NUS)|£23,332|
|British Universities and Colleges Sport(BUCS)|£3,373|
|Advice UK|£1575|
|National Council of VoluntaryOrganisations(NCVO)|£Nil|
|Association of College Unions International(ACUI)|£390|
|Association of CE’s in VoluntaryOrganisations(ACEVO)|£499|
Confirmation of these affiliations is taken at the Annual General Meeting.
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Small Companies Exemption
In preparing this report the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006. On Behalf of the Trustee Board
On behalf of the Trustee Board
Georgia Spencer, Chair of Trustee Board
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
## Statement of Trustees' Responsibilities
The Trustees (who are also directors of the charitable company for the purpose of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied they give a true and fair view of the state of affairs of the charitable company and of its net incoming resources and application of resources, including the income and expenditure, of the charitable company for that Year. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of Information to Auditors**
Insofar as each of the Trustees of the charitable company at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charitable company’s auditor is unaware. Each Trustee has taken all of the steps that they should have taken as a Trustee in order to make themselves aware of any relevant audit information and to
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**University of the Arts London Trustees’ Report For the year ended 31 July 2021**
establish that the charitable company’s auditor is aware of that information.
Approved and authorised for issue on behalf of the University of the Arts London Students’ Union on
Georgia Spencer, Chair of Trustee Board
17
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2021**
We have audited the financial statements of University of the Arts London Students' Union (the ‘charitable company’) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 charitable company’s affairs as at 31 July 2021 and of its income and expenditure 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.
## **Basis for opinion**
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 charitable 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 Trustees’ 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 charitable 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 Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
/Continued …
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**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2021**
## **(Continued)**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes
- **•** of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which 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 trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees 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 trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable 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.
/Continued …
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**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2021**
## **(Continued)**
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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities and the Companies Act 2006.
- • We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override and allocation of costs to charitable activities and restricted funds.
- Our approach was to check that the income from grants and donations were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed the major journal adjustments along with unusual transactions and considered the identification and disclosure of related party transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: _https://www.frc.org.uk/auditorsresponsibilities._ This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable 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 charitable 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 charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.
Shoaib Arshad (Senior Statutory Auditor) For and on behalf of: **Knox Cropper LLP** Chartered Accountants & Statutory Auditors 65 Leadenhall Street London EC3A 2AD
________________________
20
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2021**
|**Unrestricted**
**Funds**
**Note**
**2021**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
2
**3,108,544**
Charitable activities
4
**-**
Other trading activities
3
**19,582**
Other
5
**675**
**TOTAL**
**3,128,801**
**EXPENDITURE ON:**
Charitable activities
**2,867,055**
**TOTAL EXPENDITURE**
6
**2,867,055**
**261,746**
Transfer between funds
15
**121,646**
**NET MOVEMENT IN FUNDS**
**383,392**
**RECONCILIATION OF FUNDS:**
TOTAL FUNDS AT 1 AUGUST 2020
_223,701_
**TOTAL FUNDS AT 31 JULY 2021**
**607,093**
**£ **
Net income|**Restricted**
**Funds**
**2021**
**£**
**17,500**
**18,775**
**-**
**-**
**36,275**
**29,843**
**29,843**
**6,432**
**(121,646)**
**(115,214)**
_197,749_
**82,535**
**£ **|**Total**
**Funds**
**2021**
**£**
**3,126,044**
**18,775**
**19,582**
**675**|_Total_
_Funds_
_2020_
_£_
_3,258,693_
_238,476_
_277,298_
_745_|
|---|---|---|---|
|||**3,165,076**|_3,775,212_|
|||**2,896,898**|_3,526,886_|
|||**2,896,898**|_3,526,886_|
|||**268,178**
**-**|_248,326_
_-_|
|||**268,178**
_421,450_|_248,326_
_173,124_|
|||**689,628**
**£ **|_421,450_
_£ _|
21
## **UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
Company limited by guarantee (registered company no. 07719030)
## **BALANCE SHEET As at 31 July 2021**
|**Notes**
**Charity**
**2021**
**£**
**FIXED ASSETS**
Tangible assets
12
**#REF!**
**CURRENT ASSETS**
Stocks
**4,766**
Debtors
13
**59,010**
Cash at bank and in hand
**685,861**
**749,637**
**CREDITORS: amounts falling due**
**within one year**
14
**(95,349)**
**NET CURRENT ASSETS**
**654,288**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**#REF!**
**TOTAL NET ASSETS**
**#REF!**
**FUNDS**
Unrestricted funds:
Designated funds
15
**-**
General fund
15
**607,093**
**607,093**
Restricted funds
15
**82,535**
**689,628**
**£ **|**Group**
_Charity_
**2021**
_2020_
**£**
_£_
**35,341**
_#REF!_
**4,766**
_#REF!_
**63,943**
_#REF!_
**685,861**
_#REF!_
**754,570**
_#REF!_
**(100,283)**
_#REF!_
**654,287**
_#REF!_
**689,628**
_#REF!_
**689,628**
**£ **
_#REF!_
**-**
_11,209_
**607,093**
_212,492_
**607,093**
_223,701_
**82,535**
_197,749_
**689,628**
**£ **
_421,450_
_£ _|_Group_
_2020_
_£_
_15,216_
_6,926_
_146,195_
_451,478_|
|---|---|---|
|||_604,599_
_(198,365)_|
|||_406,234_|
|||_421,450_|
|||_421,450_
_£ _|
|||_11,209_
_212,492_|
|||_223,701_
_197,749_|
|||_421,450_
_£ _|
The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.
The financial statements were approved, and authorised for issue, by the Board of Trustees on ________________________ and signed on their behalf by:16th February 2022
Signed on 07-04-2022
GEORGIA SPENCER ____________________, Trustee
The annexed notes form part of these financial statements
22
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **CASH FLOW STATEMENT For the year ended 31 July 2021**
|**Cash flows from operating activities**
Surplus for the financial year
Adjustments for:
Depreciation
Decrease in stocks
Decrease in debtors
(Decrease) in creditors
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net increase in cash and cash equivalents**
Cash and cash equivalents at 1 August 2020
**Components of cash and cash equivalents**
Cash at bank and in hand
**Cash and cash equivalents at 31 July 2021**|**At 1**
**August 2020**
**451,478**
**£ **|**2021**
**£**
**268,178**
**14,465**
**2,160**
**82,252**
**(98,082)**
**268,973**
**(34,590)**
**234,383**
**451,478**
**685,861**
**£ **
**Cashflows**
**234,383**
**£ **|_2020_
_£_
_248,326_
_7,603_
_3,629_
_29,282_
_(84,190)_|
|---|---|---|---|
||||_204,650_
_(16,678)_|
||||_187,972_
_263,506_|
||||_451,478_
_£ _|
||||**At 31 July**
**2021**
**685,861**
**£ **|
23
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **1. ACCOUNTING POLICIES**
## _**Basis of preparation of financial statements**_
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. The presentational currency of the financial statements is Pound Sterling (£).
## _**Going Concern**_
As described in the Trustees’ Report, COVID has had a significant impact on Arts SU in 2020/21. However, the Union continued to offer integral student support at UAL. After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities in the Annual Report.
## _**Company status**_
The University of Arts London Students' Union is an incorporated charity: a private limited company limited by guarantee and charity registered in the UK (Charity number 1143161. Company Number: 07719030). Its registered office is at Arts SU, 272 High Holborn, London, WC1V 7EY.
The principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. The Charity meets the definition of a public benefit entity as defined by FRS102.
## _**Fund accounting**_
The University of Arts London Students' Union administers and accounts for a number of charitable funds, as follows:-
Unrestricted Funds representing unspent income which may be used for any activity/purpose at the Trustees' own discretion;
Restricted funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also (if not material enough to require a separate column in the SoFA) any small capital grants received from the University.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
24
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## _**Incoming resources**_
All income and capital resources are recognised in the accounts when the entitlement to the income or endowment arises, there is probable economic benefit to the Union and the amount can be reliably quantified.
Grants received are credited to income according to the period to which they relate and treated as unrestricted unless restrictions are specified by the provider relating to spending of that income, in which case they are treated as restricted.
Income from commercial activities includes amounts received in exchange for supplying goods and services through the Union's bar, catering and retail outlets, with amounts recognised based on the date of sale.
Media sale income includes sponsorship relating to Fresher Fair stalls, which is accounted for when the contractual entitlement to the income arises, and NUS Extra card income which is accounted for based on sales arising in the period.
Club and societies' income includes membership, sponsorship and grant income which is treated as restricted.
## _**Resources Expended**_
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure includes irrecoverable VAT and comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers.
Other central overhead costs, as well as governance costs, are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.
## _**Tangible fixed assets and depreciation**_
Fixed assets are stated at cost less accumulated depreciation. Assets are not capitalised below £500 cost per item/set. 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 25% per annum on cost Computer and Office Equipment 25% per annum on cost
## _**Termination benefits**_
Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union terminates their employment.
## _**Stocks**_
Stock is valued at the lower of cost and net realisable value.
25
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _**Cash at bank and in hand**_
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**Creditors and provisions**_
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## _**Financial Instruments**_
The charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include cash debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Cash is cash at bank and in hand.
## _**Pensions**_
The charity is part of a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
## _**Judgements and key sources of estimation uncertainty**_
Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable.
## **2. DONATIONS AND LEGACIES**
|University Block Grant
University other grants
Other Grants
Space Grant
Capital Grant|**Unrestricted**
**Funds**
**2021**
**£**
**1,477,000**
**104,671**
**26,873**
**1,500,000**
**-**
**3,108,544**
**£ **|**Restricted**
**Funds**
**2021**
**£**
**-**
**17,500**
**-**
**-**
**-**
**17,500**
**£ **|**Total**
**Funds**
**2021**
**£**
**1,477,000**
**122,171**
**26,873**
**1,500,000**
**-**
**3,126,044**
**£ **|_Total_
_Funds_
_2020_
_£_
_1,477,000_
_162,500_
_119,193_
_1,500,000_
_-_|
|---|---|---|---|---|
|||||_3,258,693_
_£ _|
26
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **2. DONATIONS AND LEGACIES (continued)** _**Comparative donations and legacies**_
|_Unrestricted_
_Funds_
_2020_
_£_
_University Block Grant_
_1,477,000_
_University other grants_
_-_
_Other Grants_
_119,193_
_Space Grant_
_1,500,000_
_Capital Grant_
_-_
_3,096,193_
_£ _
**INCOME FROM OTHER TRADING ACTIVITIES**
**Unrestricted**
**Funds**
**2021**
**£**
Trading income
**6,337**
Event income
**13,245**
**19,582**
**£ **
**_Comparative income from other trading activities_**
_Unrestricted_
_Funds_
_2020_
_£_
_Trading income_
_247,250_
_Event income_
_30,048_
_277,298_
_£ _|_Restricted_
_Funds_
_2020_
_£_
_-_
_162,500_
_-_
_-_
_-_
_162,500_
_£ _
**Restricted**
**Funds**
**2021**
**£**
**-**
**-**
**Nil**
**£**
_Restricted_
_Funds_
_2020_
_£_
_-_
_-_
_Nil_
_£_|**Total**
**Funds**
**2021**
**£**
**6,337**
**13,245**
**19,582**
**£ **|_Total_
_Funds_
_2020_
_£_
_1,477,000_
_162,500_
_119,193_
_1,500,000_
_-_|
|---|---|---|---|
||||_3,258,693_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_247,250_
_30,048_|
||||_277,298_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_247,250_
_30,048_|
||||_277,298_
_£ _|
**3. INCOME FROM OTHER TRADING ACTIVITIES**
27
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
|**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Funds**
**2021**
**£**
Clubs and Societies
**-**
**Nil**
**£**
**_Comparative income from charitable activities_**
_Unrestricted_
_Funds_
_2020_
_£_
_Clubs and Societies_
_-_
_Nil_
_£_
**5.**
**OTHER INCOME**
**Unrestricted**
**Funds**
**2021**
**£**
Other income
**675**
**675**
**£ **
**_Comparative other income_**
_Unrestricted_
_Funds_
_2020_
_£_
_Other income_
_745_
_745_
_£ _|**Restricted**
**Funds**
**2021**
**£**
**18,775**
**18,775**
**£ **
_Restricted_
_Funds_
_2020_
_£_
_238,476_
_238,476_
_£ _
**Restricted**
**Funds**
**2021**
**£**
**-**
**Nil**
**£**
_Restricted_
_Funds_
_2020_
_£_
_-_
_Nil_
_£_|**Total**
**Funds**
**2021**
**£**
**18,775**
**18,775**
**£ **
**Total**
**Funds**
**2021**
**£**
**675**
**675**
**£ **|_Total_
_Funds_
_2020_
_£_
_238,476_|
|---|---|---|---|
||||_238,476_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_238,476_|
||||_238,476_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_745_|
||||_745_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_745_|
||||_745_
_£ _|
28
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
|**6.**
**RESOURCES EXPENDED**
**Cost of**
**sales**
**£**
Cost of charitable
activities
Student Engagement
**-**
Student Support
**-**
Student Activities
**-**
Entertainment and
Events
**-**
Marketing and
Communications
**-**
Projects
**-**
Commercial Activities
**4,395**
Restricted funds
Clubs and socieites
**-**
Total charitable
expenditure
**4,395**
**£ **
**_Comparative resources expended_**
_Cost of_
_sales_
_£_
_Cost of charitable_
_activities_
_Student Engagement_
_-_
_Student Support_
_-_
_Student Activities_
_-_
_Entertainment and_
_Events_
_-_
_Marketing and_
_Communications_
_-_
_Projects_
_-_
_Commercial Activities_
_87,603_
_Restricted funds_
_Clubs and socieites_
_-_
_Total charitable_
_expenditure_
_87,603_
_£ _|**Staff Costs**
**£**
**157,035**
**212,544**
**395,950**
**106,719**
**128,572**
**4,244**
**165,744**
**-**
**1,170,808**
**£ **
_Staff Costs_
_£_
_411,528_
_195,554_
_205,054_
_105,755_
_139,030_
_4,672_
_235,619_
_-_
_1,297,212_
_£ _|**Rent**
**£**
**555,000**
**165,000**
**300,000**
**60,000**
**90,000**
**15,000**
**315,000**
**-**
**1,500,000**
**£ **
_Rent_
_£_
_555,000_
_165,000_
_300,000_
_60,000_
_90,000_
_15,000_
_315,000_
_-_
_1,500,000_
_£ _|**Other costs**
**£**
**49,878**
**20,447**
**50,813**
**22,838**
**19,013**
**1,348**
**34,517**
**22,841**
**221,695**
**£ **
_Other costs_
_£_
_105,916_
_24,759_
_156,024_
_24,130_
_34,007_
_2,246_
_78,354_
_216,635_
_642,071_
_£ _|**Total**
**2021**
**£**
**761,913**
**397,991**
**746,763**
**189,557**
**237,585**
**20,592**
**519,656**
**22,841**|
|---|---|---|---|---|
|||||**2,896,898**
**£ **|
|||||_Total_
_2020_
_£_
_1,072,444_
_385,313_
_661,078_
_189,885_
_263,037_
_21,918_
_716,576_
_216,635_|
|||||_3,526,886_
_£ _|
|Resources expended|include:|||
|---|---|---|---|
|||**2021**|_2020_|
|Depreciation|- on owned assets|**14,465**|**7,603**|
Details of staff costs are given in Note 9. Details of Support costs is given in Note 8.
29
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **7. CENTRAL OVERHEAD COSTS**
Central costs below are included in the resources expended in note 6.
|**Usage**
**%**
Cost of charitable
activities
Student Engagement
37%
Student Support
11%
Student Activities
20%
Entertainment and
Events
4%
Marketing and
Communications
6%
Projects
1%
Commercial Activities
21%
expenditure
**_Comparative central overhead costs_**
_Usage_
_%_
_Cost of charitable_
_activities_
_Student Engagement_
_37%_
_Student Support_
_11%_
_Student Activities_
_20%_
_Entertainment and_
_Events_
_4%_
_Marketing and_
_Communications_
_6%_
_Projects_
_1%_
_Commercial Activities_
_21%_
_Total charitable_
_expenditure_
**8.**
**SUPPORT COSTS**
Affiliations and subscriptions
Insurance
Audit Fee
Training and Development
Bank charges
Accounting costs
Office equipment
Recruitment Expenses
Sundry Costs|**Staff Costs**
**£**
**157,035**
**46,686**
**84,884**
**16,977**
**25,465**
**4,244**
**89,128**
**424,419**
**£ **
_Staff Costs_
_£_
_172,866_
_51,393_
_93,441_
_18,688_
_28,032_
_4,672_
_98,113_
_467,205_
_£ _|**Rent**
**£**
**555,000**
**165,000**
**300,000**
**60,000**
**90,000**
**15,000**
**315,000**
**1,500,000**
**£ **
_Rent_
_£_
_555,000_
_165,000_
_300,000_
_60,000_
_90,000_
_15,000_
_315,000_
_1,500,000_
_£ _|**Support**
**costs**
**£**
**49,878**
**14,829**
**26,961**
**5,392**
**8,088**
**1,348**
**28,309**
**134,805**
**£ **
_Support_
_costs_
_£_
_83,091_
_24,703_
_44,914_
_8,983_
_13,474_
_2,246_
_47,160_
_224,571_
_£ _
**2021**
**£**
**27,514**
**15,564**
**10,823**
**26,407**
**1,972**
**19,074**
**6,623**
**10,285**
**16,543**
**134,805**
**£ **|**Total**
**2021**
**£**
**761,913**
**226,515**
**411,845**
**82,369**
**123,553**
**20,592**
**432,437**|
|---|---|---|---|---|
|||||**2,059,224**
**£ **|
|||||_Total_
_2020_
_£_
_810,957_
_241,096_
_438,355_
_87,671_
_131,506_
_21,918_
_460,273_|
|||||_2,191,776_
_£ _|
|||||_2020_
_£_
_40,287_
_18,385_
_5,643_
_33,988_
_12,133_
_8,689_
_3,310_
_16,199_
_85,937_|
|||||_224,571_
_£ _|
30
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **9. STAFF NUMBERS AND COSTS**
|Wages and salaries
Social security costs
Pension costs
Staff accrued holiday pay
Permanent staff
Student staff
The cost of key management was as follows:
Sabbatical Officers
Senior management
Number of Sabbatical Officers
The average weekly number of employees, head count, during the period
was:|**2021**
**£**
**1,063,497**
**103,121**
**22,152**
**(17,966)**
**1,170,808**
**£ **
**Number**
**36.0**
**9.0**
**45.0**
**£**
**124,135**
**206,570**
**330,705**
**£ **
**4**|_2020_
_£_
_1,158,512_
_97,931_
_22,802_
_17,964_|
|---|---|---|
|||_1,297,212_
_£ _|
|||_Number_
_38.0_
_30.0_|
|||_68.0_|
|||_£_
_121,223_
_155,905_|
|||_277,128_
_£ _|
|||_4_|
One (2020 - one) employee received remuneration of more than £60,000 The accounts include termination payments totalling £3,808 (2020 - £1,500).
The key management personnel of the Charity are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the Sabbatical Officers and senior management.
Full time sabbatical officers in post were paid an annual salary of £28,182 (2020: £25,884). Total costs are shown in note 9. A handover for Sabbatical Officers was introduced this year which increased salary costs.
31
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **10. TRUSTEES REMUNERATION AND BENEFITS**
Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and service provision for them. Details are included in note 9.
1 members of the Board of Trustees received reimbursement of expenses amounting to £1,004 (2020 - 1 members - £1,477). The expenses reimbursed related to visa extension fee for the non-EU staff.
## **11. Taxation**
University of the Arts London Students' Union is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes.
## **12. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 August 2020
Additions
At 31 July 2021
**Depreciation**
At 1 August 2020
Charge for the year
At 31 July 2021
**Net book value**
**At 31 July 2021**
At 31 July 2020
**DEBTORS**
**2021**
**Due within one year**
**£**
Trade debtors
**45,218**
Prepayments
**11,774**
VAT repayment due
**-**
Other debtors
**2,018**
**59,010**
**£ **|**2021**
_2020_
**£**
_£_
**45,218**
_#REF!_
**11,774**
_#REF!_
**4,933**
_#REF!_
**2,018**
_#REF!_
**63,943**
**£ **
_#REF!_|**Fixture and**
**fittings**
**£**
**88,824**
**34,590**|
|---|---|---|
|||**123,414**|
|||**73,608**
**14,465**
**88,073**|
|||**35,341**
**£ **|
|||_15,216_
_£ _|
|||_2020_
_£_
_108,672_
_3,263_
_-_
_34,260_|
|||_146,195_
_£ _|
## **13. DEBTORS**
32
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**Charity**
**2021**
**£**
Trade creditors
**49,490**
Deferred income
**342**
Social security and other taxes
**28,357**
Other creditors
**5,556**
VAT creditors
**(4,933)**
Accruals
**16,537**
**95,349**
**£ **
Deferred income
Balance at 1 August 2020
**#REF!**
Amount released to incoming resources
**#REF!**
Amount deferred in the year
**342**
Balance at 31 July 2021
**#REF!**|**Group**
_Charity_
**2021**
_2020_
**£**
_£_
**49,490**
_#REF!_
**342**
_#REF!_
**28,357**
_#REF!_
**5,557**
_#REF!_
**-**
_#REF!_
**16,537**
_#REF!_
**100,283**
**£ **
_#REF!_
**1,193**
**(1,193)**
_-_
**342**
_#REF!_
**342**
**£ **
_#REF!_|_Group_
_2020_
_£_
_44,303_
_1,193_
_30,759_
_18,117_
_47,625_
_56,368_|
|---|---|---|
|||_198,365_
_£ _|
|||_316,913_
_(316,913)_
_1,193_|
|||_1,193_
_£ _|
## **15. STATEMENT OF FUNDS**
|**DESIGNATED FUNDS**
Designated Funds
**RESTRICTED FUNDS**
Clubs and Societies
RAG
Curate It
Equalities & Wellbeing
Elite Atheletes
Access & Inclusion
Arts Active
**SUMMARY OF FUNDS**
Designated Funds
General Funds
Restricted Funds
Endowment funds|**Brought**
**Forward**
**£**
**11,209**
**52,508**
**1,289**
**106,855**
**30,574**
**838**
**-**
**5,685**
**197,749**
**£ **
**11,209**
**212,492**
**223,701**
**197,749**
**-**
**421,450**
**£ **|**Incoming**
**Resources**
**£**
**-**
**18,775**
**-**
**-**
**-**
**10,500**
**7,000**
**-**
**36,275**
**£ **
**-**
**3,128,801**
**3,128,801**
**36,275**
**-**
**3,165,076**
**£ **|**Transfers and**
**Resources**
**investment**
**Expended gains/(losses)**
**£**
**£**
**-**
**(11,209)**
**(22,841)**
**-**
**-**
**-**
**-**
**(106,855)**
**-**
**(14,791)**
**(6,246)**
**-**
**(756)**
**-**
**-**
**-**
**(29,843)**
**£**
**(121,646)**
**£**
**-**
**(11,209)**
**(2,867,055)**
**132,855**
**(2,867,055)**
**121,646**
**(29,843)**
**(121,646)**
**-**
**-**
**(2,896,898)**
**£**
**Nil**
**£**|**Carried**
**Forward**
**£**
**-**
**48,442**
**1,289**
**-**
**15,783**
**5,092**
**6,244**
**5,685**|
|---|---|---|---|---|
|||||**82,535**
**£ **|
|||||**-**
**607,093**|
|||||**607,093**
**82,535**
**-**|
|||||**689,628**
**£ **|
33
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **15. STATEMENT OF FUNDS (continued)**
## _**Comparative statement of funds for the year ended 31 July 2020**_
|**_DESIGNATED FUNDS_**
_Designated Funds_
_Compliance Fund_
**_RESTRICTED FUNDS_**
_Clubs and Societies_
_RAG_
_Curate It_
_Equalities & Wellbeing_
_Elite Atheletes_
_Arts Active_
**_SUMMARY OF FUNDS_**
_Designated Funds_
_General Funds_
_Restricted Funds_|**_Brought_**
**_Forward_**
**_£_**
**_25,000_**
**_-_**
**_25,000_**
**_£ _**
**_30,667_**
**_1,289_**
**_-_**
**_-_**
**_-_**
**_5,685_**
**_37,641_**
**_£ _**
**_25,000_**
**_110,483_**
**_135,483_**
**_37,641_**
**_173,124_**
**_£ _**|**_Incoming_**
**_Resources_**
**_£_**
**_-_**
**_-_**
**_Nil_**
**_£_**
**_238,476_**
**_-_**
**_120,000_**
**_35,000_**
**_7,500_**
**_-_**
**_400,976_**
**_£ _**
**_-_**
**_3,374,236_**
**_3,374,236_**
**_400,976_**
**_3,775,212_**
**_£ _**|**_Transfers and_**
**_Resources_**
**_investment_**
**_Expended gains/(losses)_**
**_£_**
**_£_**
**_(13,791)_**
**_-_**
**_(6,600)_**
**_6,600_**
**_(20,391)_**
**_£_**
**_6,600_**
**_£ _**
**_(216,635)_**
**_-_**
**_-_**
**_-_**
**_(13,145)_**
**_-_**
**_(4,426)_**
**_-_**
**_(6,662)_**
**_-_**
**_-_**
**_-_**
**_(240,868)_**
**_£_**
**_Nil_**
**_£_**
**_(20,391)_**
**_6,600_**
**_(3,265,627)_**
**_(6,600)_**
**_(3,286,018)_**
**_-_**
**_(240,868)_**
**_-_**
**_(3,526,886)_**
**_£_**
**_Nil_**
**_£_**|**_Carried_**
**_Forward as at_**
**_31 July 2020_**
**_£_**
**_11,209_**
**_-_**|
|---|---|---|---|---|
|||||**_11,209_**
**_£ _**|
|||||**_52,508_**
**_1,289_**
**_106,855_**
**_30,574_**
**_838_**
**_5,685_**|
|||||**_197,749_**
**_£ _**|
|||||**_11,209_**
**_212,492_**|
|||||**_223,701_**
**_197,749_**|
|||||**_421,450_**
**_£ _**|
The designated funds are part of the block grant given by the University of the Arts to help the Union in its transition through to campus based activities.
The restricted funds include Club and Society funds, monies raised by Raise and Give (RAG) activities and student activities financed by specific grants.
34
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted Funds**
**Designated**
**General**
**Funds**
**Funds**
**£**
**£**
Tangible fixed assets
**-**
**35,341**
Net current assets
**-**
**571,752**
Creditors due within one year
**-**
**(100,283)**
**Nil**
**£**
**607,093**
**£ **
**_Comparative analysis of net assets between funds_**
**_Unrestricted Funds_**
**_Designated_**
**_General_**
**_Funds_**
**_Funds_**
**_£_**
**_£_**
_Tangible fixed assets_
**_-_**
**_15,216_**
_Net current assets_
**_11,209_**
**_197,276_**
_Creditors due within one year_
**_-_**
**_(198,365)_**
**_11,209_**
**_£ _**
**_212,492_**
**_£ _**|**Restricted**
**Funds**
**£**
**-**
**82,535**
**-**
**82,535**
**£ **
**_Restricted_**
**_Funds_**
**_£_**
**_-_**
**_197,749_**
**_-_**
**_197,749_**
**_£ _**|**Total**
**Funds**
**£**
**35,341**
**654,287**
**(100,283)**|
|---|---|---|
|||**589,345**
**£ **|
|||**_Total_**
**_Funds_**
**_£_**
**_15,216_**
**_406,234_**
**_(198,365)_**|
|||**_223,085_**
**_£ _**|
## **17. PENSION COMMITMENTS**
Pension costs in note 9 relate to payments made to a defined contribution pension scheme. The charitable company’s liability is limited to making the payments due to the scheme on a timely basis. The liability at the 31 July 2021 is £4,286 (2020 : £9,040).
## **18. RELATIONSHIP WITH UNIVERSITY OF ARTS LONDON**
The University of Arts London provides the Union with an annual grant as shown in the Statement of Financial Activities, including a Space Grant which contributes to the costs which the Union incurs in occupying spaces owned by The University of Arts London. The value to the Union for the space grant is considered to be £1,500,000 (2019: £1,500,000).
## **19. CONTROLLING PARTY**
Ultimate control of the Union rests with its membership, respresented by the Board of Trustees.
35
**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
|**20 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
**Unrestricted d**
**Total**
_Unrestricted_
**Funds s**
**Funds**
_Funds_
**2021 1**
**2021**
_2020_
**£ £**
**£**
_£_
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3,126,044**
_3,096,193_
Charitable activities
**18,775**
_-_
Other trading activities
**19,582**
_277,298_
Other
**675**
_745_
**TOTAL**
**3,165,076**
_3,374,236_
**EXPENDITURE ON:**
Charitable activities
**#REF!**
_3,286,018_
**#REF!**
_88,218_
**NET MOVEMENT IN FUNDS**
**#REF!**
_88,218_
TOTAL FUNDS AT 31 JULY 2019
_421,450_
_135,483_
**TOTAL FUNDS AT 31 JULY 2020**
**#REF!**
_223,701_
_£ _
Net income|_Restricted_
_Funds_
_2020_
_£_
_162,500_
_238,476_
_-_
_-_|_Total_
_Funds_
_2020_
_£_
_3,258,693_
_238,476_
_277,298_
_745_|
|---|---|---|
||_400,976_|_3,775,212_|
||_240,868_|_3,526,886_|
||_160,108_|_248,326_|
||_160,108_
_37,641_|_248,326_
_173,124_|
||_197,749_
_£ _|_421,450_
_£ _|
36