2022-07-31-accounts

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Trustee Report and Financial Statements

For the year ended 31[st] July 2022

Company Information ........................................................................................................ 3 Trustees’ Report ................................................................................................................. 4 Objectives and Activities .................................................................................................... 6 How Governance works at Arts SU ................................................................................... 7 Employees ........................................................................................................................... 8 Key Achievements ............................................................................................................ 10 Financial Review ............................................................................................................... 13 Income ........................................................................................................................... 13 Costs .............................................................................................................................. 13 Restricted Funds ........................................................................................................... 13 Reserves Policy ............................................................................................................. 13 Risk Management ......................................................................................................... 13 Relationship with the University .................................................................................. 14 Fundraising.................................................................................................................... 14 Public Benefit ................................................................................................................ 14 Affiliations ..................................................................................................................... 14 Small Companies Exemption ...................................................................................... 15 Statement of Trustees' Responsibilities ......................................................................... 17 Disclosure of Information to Auditors ........................................................................ 17 Independent Auditors’ Report .......................................................................................... 19 Statement of Financial Activity ....................................................................................... 22 Balance Sheet ................................................................................................................... 23 Cash Flow Statement ....................................................................................................... 24 Notes to the Financial Statements ................................................................................. 25

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 2021 to 31 July 2022. 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 twelve members. This is comprised of six Student Officer Trustees and three student Trustees who are elected by members of Arts SU annually. There are also three 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 up to four years, renewable for one further term of up to four years.

Full details of current Trustees and those who served in 2021 - 2022 and who joined or left the Board in the period from 31st July 2022 up to the date of this report, together with the origination’s principal advisors can be found in Legal and Administrative Information on page 3.

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 - 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 19,000 students of the University of the Arts London. In this respect the Board undertakes self-assessment 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 scorecard and pursued by Trustees and Union staff. The current strategic plan was due to end 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 has now been agreed by the Board and will run between Jan 2023 and the end of the 2027 financial year.

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 Leadership 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 34 salaried staff team members and employed 15 student staff team members during the 21/22 year.

We are a London Living wage employer. For salaried staff, there was a discretionary cost of living increase applied, which in 2021/22 was 2% (implemented in November 2021). There is one employee (2020: one) earning gross of £60,000 - £100,000 during the year.

Key Achievements

While the Union has been focused on creating a new Strategic Plan until 2027, the organisation still continues to work for the benefit of its members. In 2021/22, through the pursuit of its yearly operating plan, the Union recorded significant achievements in four key areas; student opportunities, student voice, student community and a quality education. Details of key achievements under each of these areas are highlighted below.

Student Opportunities

Showcasing the best emerging creatives from UAL, Xhibit is our annual exhibition open to all current students. The Xhibit had last run in 2019 due to the pandemic. The exhibition reflects the diverse range of creativity at UAL and offers those involved a unique chance for collaboration, exhibition and development - championing their work to a wider audience. This year Xhibit supported 24 artists and 1 student curator, through professional development days and exhibition support to produce an external facing exhibition in June 2022 which took place physically and also online.
Our Made in Arts London (MiAL) programme, launched its annual collection, helping students to develop their skills as a creative by providing project spaces and funding opportunities as well as supporting students to develop their own creative enterprises.
We continued our Art + Tech series, supporting students to rethink the way creative students engage with the virtual and digital environments.

Student Voice and support

We launched ‘The Big Question’ asking students about their motivation and aspirations regarding studying at UAL. This was the largest student response to a survey that the Union had received in over 10 years. The results of this survey have been shared widely across UAL, inviting the Union into areas that it previous had not been.
We introduced a new democratic structure which involved a move away from portfolio-based roles and centralised power towards a focus on community, courses and college based engagement.
We worked with UAL to steer its response to ongoing ramifications of the pandemic including supporting students in quarantine, quarantining costs and self-isolation
We worked with UAL to steer development of University’s support for students impacted by conflict and/or economic upheaval. Support has included extenuating circumstances, accommodation, finance, hardship funds, wellbeing support and communication. This led to £500k of extra funding for hardship funds for 2021/22 with an additional £1 million has been approved for 2022/23.
We worked with the University to implements its anti-racism strategy

Student Community

We secured new office space in the new LCF building in Stratford due to open in August 2023.
We held Freshers Fair in a new location (Chelsea College of Arts) after a hiatus for two years due to COVID, welcoming 3000 students to campus.
We worked with colleagues in the institution to secure better space provisions for student groups

A Quality Education

Introduced four new staff roles in the Union whom focus on academic quality across each of the colleges.
We doubled the number of Course Reps over the last two years, alongside facilitating 38 Student and Dean Forums to support student engagement in their education.
We doubled the number of Arts Awards nominations submitted by students from 300 to 600.
Led workshop with to senior leadership in UAL on student engagement which has reshaped and reframed the Union input into academic delivery

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Looking Forward

Financial Review

Income

Our total income for the year increased to £3,455,902 (2021: £3,165,076). This was due to an increase in trading income of 6.8 times from the previous year as the organisation reopened its three commercial outlets after their closure during the pandemic.

Costs

Total expenditure for the year was £3,311,892 (2021: £2,896,898) which is an 14.33% increase on the previous year.: £268,178 surplus).

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 £95,564 (2021: £18,775 income) and expenditure of £88,535 (2021: £22,841) resulted in net surplus of £7,029 (2021: £4,066 deficit). 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. 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 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 £729,639 (£607,093 in 2021). Free reserves (after deducting fixed assets and designated funds) were £691,104 (£571,752 in 2021).

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 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.

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

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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 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

On behalf of the Trustee Board

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 2022

We have audited the financial statements of University of the Arts London Students' Union (the ‘charitable company’) for the year ended 31 July 2022 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 2022 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 …

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 2022

(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 …

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 2022

(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

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2022

Unrestricted Funds Note 2022 £ INCOME AND ENDOWMENTS FROM: Donations and legacies 2 3,204,999 Charitable activities 4 - Other trading activities 3 134,539 Other 5 - TOTAL 3,339,538 EXPENDITURE ON: Charitable activities 3,216,992 TOTAL EXPENDITURE 6 3,216,992 122,546 Transfer between funds 15 - NET MOVEMENT IN FUNDS 122,546 RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 AUGUST 2021 607,093 TOTAL FUNDS AT 31 JULY 2022 729,639 £ Net income	Restricted Funds 2022 £ 10,800 95,564 - - 106,364 94,900 94,900 11,464 - 11,464 82,535 93,999 £	Total Funds 2022 £ 3,215,799 95,564 134,539 -	Total Funds 2021 £ 3,126,044 18,775 19,582 675
		3,445,902	3,165,076
		3,311,892	2,896,898
		3,311,892	2,896,898
		134,010 -	268,178 -
		134,010 689,628	268,178 421,450
		823,638 £	689,628 _£ _

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

Company limited by guarantee (registered company no. 07719030)

BALANCE SHEET As at 31 July 2022

Notes Charity 2022 £ FIXED ASSETS Tangible assets 12 #REF! CURRENT ASSETS Stocks 8,233 Debtors 13 14,506 Cash at bank and in hand 937,809 960,548 CREDITORS: amounts falling due within one year 14 (175,444) NET CURRENT ASSETS 785,104 TOTAL ASSETS LESS CURRENT LIABILITIES #REF! TOTAL NET ASSETS #REF! FUNDS Unrestricted funds: Designated funds 15 - General fund 15 729,639 729,639 Restricted funds 15 93,999 823,638 £	Group Charity 2022 2021 £ £ 38,535 #REF! 8,233 #REF! 23,867 #REF! 937,809 #REF! 969,909 #REF! (184,806) #REF! 785,103 #REF! 823,638 #REF! 823,638 £ #REF! - - 729,639 607,093 729,639 607,093 93,999 82,535 823,638 £ 689,628 _£ _	Group 2021 £ 35,341 4,766 63,943 685,861
		754,570 (100,283)
		654,287
		689,628
		689,628 _£ _
		- 607,093
		607,093 82,535
		689,628 _£ _

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 2023/04/17 ______ and signed on their behalf by:-

Ellie Short ________, Trustee

The annexed notes form part of these financial statements

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

CASH FLOW STATEMENT For the year ended 31 July 2022

Cash flows from operating activities Surplus for the financial year Adjustments for: Depreciation (Increase)/decrease in stocks Decrease in debtors Increase/(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 2021 Components of cash and cash equivalents Cash at bank and in hand Cash and cash equivalents at 31 July 2022	At 1 August 2021 685,861 £	2022 £ 134,010 12,648 (3,467) 40,076 84,523 267,790 (15,842) 251,948 685,861 937,809 £ Cashflows 251,948 £	2021 £ 268,178 14,465 2,160 82,252 (98,082)
			268,973 (34,590)
			234,383 451,478
			685,861 _£ _
			At 31 July 2022 937,809 £

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

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.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

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.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

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 2022 £ 1,512,000 192,999 - 1,500,000 - 3,204,999 £	Restricted Funds 2022 £ - 10,800 - - - 10,800 £	Total Funds 2022 £ 1,512,000 203,799 - 1,500,000 - 3,215,799 £	Total Funds 2021 £ 1,477,000 122,171 26,873 1,500,000 -
				3,126,044 _£ _

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

2. DONATIONS AND LEGACIES (continued) Comparative donations and legacies

Unrestricted Funds 2021 £ University Block Grant 1,477,000 University other grants 104,671 Other Grants 26,873 Space Grant 1,500,000 Capital Grant - 3,108,544 £ 3. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Funds 2022 £ Trading income 120,474 Event income 14,065 134,539 £ *Comparative income from other trading activities* Unrestricted Funds 2021 £ Trading income 6,337 Event income 13,245 19,582 _£ _	Restricted Funds 2021 £ - 17,500 - - - 17,500 £ Restricted Funds 2022 £ - - Nil £ Restricted Funds 2021 £ - - Nil £	Total Funds 2022 £ 120,474 14,065 134,539 £	Total Funds 2021 £ 1,477,000 122,171 26,873 1,500,000 -
			3,126,044 _£ _
			Total Funds 2021 £ 6,337 13,245
			19,582 _£ _
			Total Funds 2021 £ 6,337 13,245
			19,582 _£ _

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

4. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2022 £ Clubs and Societies - Nil £ *Comparative income from charitable activities* Unrestricted Funds 2021 £ Clubs and Societies - Nil £ 5. OTHER INCOME Unrestricted Funds 2022 £ Other income - Nil £ *Comparative other income* Unrestricted Funds 2021 £ Other income 675 675 _£ _	Restricted Funds 2022 £ 95,564 95,564 £ Restricted Funds 2021 £ 18,775 18,775 £ Restricted Funds 2022 £ - Nil £ Restricted Funds 2021 £ - Nil £	Total Funds 2022 £ 95,564 95,564 £ Total Funds 2022 £ - Nil £	Total Funds 2021 £ 18,775
			18,775 _£ _
			Total Funds 2021 £ 18,775
			18,775 _£ _
			Total Funds 2021 £ 675
			675 _£ _
			Total Funds 2021 £ 675
			675 _£ _

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

6. RESOURCES EXPENDED Cost of sales Staff Costs £ £ Cost of charitable activities Student Engagement - 212,214 Student Support - 240,370 Student Activities - 319,390 Entertainment and Events - 133,867 Marketing and Communications - 129,918 Projects - 4,166 Commercial Activities 35,313 199,049 Restricted funds Clubs and socieites - - Total charitable expenditure 35,313 £ 1,238,974 £ *Comparative resources expended* Cost of sales Staff Costs £ £ Cost of charitable activities Student Engagement - 157,035 Student Support - 212,544 Student Activities - 395,950 Entertainment and Events - 106,719 Marketing and Communications - 128,572 Projects - 4,244 Commercial Activities 4,395 165,744 Restricted funds Clubs and socieites - - Total charitable expenditure 4,395 £ 1,170,808 £ Resources expended include: Depreciation - on owned assets	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 £ 140,624 30,122 151,479 32,948 23,635 2,339 67,923 88,535 537,605 £ Other costs £ 49,878 20,447 50,813 22,838 19,013 1,348 34,517 22,841 221,695 £ 2022 12,648	Total 2022 £ 907,838 435,492 770,869 226,815 243,553 21,505 617,285 88,535
			3,311,892 £
			Total 2021 £ 761,913 397,991 746,763 189,557 237,585 20,592 519,656 22,841
			2,896,898 _£ _
			2021 14,465

Details of staff costs are given in Note 9. Details of Support costs is given in Note 8.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

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	Staff Costs £ 154,135 45,824 83,316 16,663 24,995 4,166 87,482 416,581 Staff Costs £ 157,035 46,686 84,884 16,977 25,465 4,244 89,128 424,419	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 £ 86,547 25,730 46,782 9,356 14,035 2,339 49,121 233,910 Support costs £ 49,878 14,829 26,961 5,392 8,088 1,348 28,309 134,805	Total 2022 £ 795,682 236,554 430,098 86,019 129,030 21,505 451,603
				2,150,491
				Total 2021 £ 761,913 226,515 411,845 82,369 123,553 20,592 432,437
				2,059,224

Affiliations and subscriptions Activities direct costs Insurance Audit Fee Training and Development Bank charges Accounting costs Office equipment Recruitment Expenses Sundry Costs	2022 £ 40,287 97,760 16,288 10,200 6,091 5,019 128 6,827 6,415 44,895 233,910	2021 £ 27,514 12,348 15,564 10,200 26,407 - 19,074 6,623 10,285 6,790
		134,805 _£ _

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

9. STAFF NUMBERS AND COSTS

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:	2022 £ 1,106,581 110,410 21,983 - 1,238,974 Number 34.0 15.0 49.0 £ 142,127 219,220 361,347 £ 4	2021 £ 1,063,503 103,121 22,152 (17,968)
		1,170,808 _£ _
		Number 36.0 9.0
		45.0
		£ 124,135 206,570
		330,705 _£ _
		4

One (2021 - one) employee received remuneration of more than £60,000 The accounts include termination payments totalling £nil (2021 - £3,808).

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 £27,425 (2021: £26,402). Total costs are shown in note 9. A handover for Sabbatical Officers was introduced this year which increased salary costs.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

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.

No members of the Board of Trustees received reimbursement of expenses (2021 - £1,004). The expenses reimbursed in 2021 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 2021 Additions At 31 July 2022 Depreciation At 1 August 2021 Charge for the year At 31 July 2022 Net book value At 31 July 2022 At 31 July 2021 DEBTORS 2022 Due within one year £ Trade debtors 8,761 Prepayments 5,869 VAT repayment due - Other debtors (124) 14,506 £	2022 2021 £ £ 8,761 #REF! 5,869 #REF! 9,237 #REF! - #REF! 23,867 £ #REF!	Fixture and fittings £ 123,414 15,842
		139,256
		88,073 12,648 100,721
		38,535 £
		35,341 _£ _
		2021 £ 45,218 11,774 4,933 2,018
		63,943 _£ _

13. DEBTORS

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Charity 2022 £ Trade creditors 96,389 Deferred income 3,512 Social security and other taxes 42,678 Other creditors 8,523 VAT creditors (9,361) Accruals 33,703 175,444 £ Deferred income Balance at 1 August 2021 #REF! Amount released to incoming resources #REF! Amount deferred in the year 3,512 Balance at 31 July 2022 #REF!	Group Charity 2022 2021 £ £ 96,389 #REF! 3,512 #REF! 42,678 #REF! 8,524 #REF! - #REF! 33,703 #REF! 184,806 £ #REF! 342 (342) - 3,512 #REF! 3,512 £ #REF!	Group 2021 £ 49,490 342 28,357 5,556 - 16,538
		100,283 _£ _
		316,913 (316,913) 342
		342 _£ _

15. STATEMENT OF 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	Brought Forward £ 48,442 1,289 - 15,783 5,092 6,244 5,685 82,535 £ - 607,093 607,093 82,535 689,628 £	Incoming Resources £ 95,564 - - - 10,800 - - 106,364 £ - 3,339,538 3,339,538 106,364 3,445,902 £	Transfers and Resources investment Expended gains/(losses) £ £ (88,535) - - - - - - - (6,365) - - - - - (94,900) £ Nil £ - - (3,216,992) - (3,216,992) - (94,900) - (3,311,892) £ Nil £	Carried Forward £ 55,471 1,289 - 15,783 9,527 6,244 5,685
				93,999 £
				- 729,639
				729,639 93,999
				823,638 £

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

15. STATEMENT OF FUNDS (continued)

Comparative statement of funds for the year ended 31 July 2021

*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	*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 as at* *31 July 2021* £ - *48,442* *1,289* - *15,783* *5,092* *6,244* *5,685*
				*82,535* £
				- *607,093*
				*607,093* *82,535*
				*689,628* £

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.

The RAG Society become dormant partway through 2021-22. The new members will take the decision for these retained funds after reactivating the society.

Arts Active Fund was initially created to support the delivery of student activities remotely during the pandemic. As the Union returned to face-to-face activity towards the end of 2021-22, the scope and approach to delivery of these activities has been changed to reflect this, and is now being delivered by the recently recruited Wellbeing and Liberation Coordinator.

Spending for Equalities & Wellbeing Fund has been allocated towards the projects created by the 22/23 Sabbatical Officer team to supporting students with cost of study and cost of living.

Access & Inclusion Fund was allocated to the DIVA society who ceased to exist from 2020/21. As such, the Community Development team will use these funds throughout this year to ensure SU-led activity is more accessible.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds Designated General Funds Funds £ £ Tangible fixed assets - 38,535 Net current assets - 691,104 Creditors due within one year - (184,806) Nil £ 729,639 £ *Comparative 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* £	Restricted Funds £ - 93,999 - 93,999 £ *Restricted* *Funds* £ - *82,535* - *82,535* £	Total Funds £ 38,535 785,103 (184,806)
		638,832 £
		*Total* *Funds* £ *35,341* *654,287* *(100,283)*
		*589,345* £

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 2022 is £5,684 (2021 : £4,286).

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.

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

20 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted d
Total
Unrestricted
Funds s
Funds
Funds
2022 2
2022
2021
£ £
£
£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3,215,799
3,108,544
Charitable activities
95,564
-
Other trading activities
134,539
19,582
Other
-
675
TOTAL
3,445,902
3,128,801
EXPENDITURE ON:
Charitable activities
#REF!
2,867,055
#REF!
261,746
NET MOVEMENT IN FUNDS
#REF!
261,746
TOTAL FUNDS AT 31 JULY 2020
689,628
223,701
TOTAL FUNDS AT 31 JULY 2021
#REF!
485,447
£
Net income

Restricted
Total
Funds
Funds
2021
2021
£
£
17,500
3,126,044
18,775
18,775
-
19,582
-
675
36,275
3,165,076
29,843
2,896,898
6,432
268,178
6,432
268,178
197,749
421,450
204,181
£
689,628
_£ _

Registered Office	Arts SU, 272 High Holborn, London, WC1V 7EY
Charity Registration Number	1143161
Company Registration Number	7719030
Company Secretary	Nick AJ Smith Consultancy Ltd.
	Name Date Appointed Date Terminated Martin Bailey 26thOctober 2014 23rdNov 2021 Andrew Minnis 12thApril 2018 6thApril 2022 Georgia Spencer 1stJuly 2021 30thJune 2022 Rachel Williams 1stJuly 2021 30thJune 2022 Nur Syahadah Binte Shahril 1stJuly 2021 30thJune 2022 Armani Sutherland 1stJuly 2021 Kim Hughes 1stJuly 2022 Ti’Onne Debnam 1stJuly 2022 Minna Ellis 1stJuly 2022 Ellie Short 1stJuly 2022 Sophia Nasif- Whitestone 1stJuly 2022 Daryl Elaine Stenvoll-Wells 16thFebruary 2022 Dawn Buchanan 16thFebruary 2022 Emma Mottram 16thFebruary 2022
Board of Trustees










Principal Officers	Opeyemi Gbajobi Chief Executive Christina Kennedy Deputy Chief Executive Natasha Etti Director of Finance (start 1stFeb 2022) Martin Dodd Head of Policy, Representation and Advocacy (start 20thSept 2021)


Professional Advisors	Auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Solicitors Bates Wells and Braithwaite 2 – 6 Cannon Street London EC4M 6YH

Contents

Company Information

Trustees’ Report

Objectives and Activities

How Governance works at Arts SU

Employees

Key Achievements

Student Opportunities

Student Voice and support

Student Community

A Quality Education

Looking Forward

Financial Review

Income

Costs

Restricted Funds

Reserves Policy

Risk Management

Relationship with the University

Fundraising

Public Benefit

Affiliations

Small Companies Exemption

Statement of Trustees' Responsibilities

Disclosure of Information to Auditors

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2022

In our opinion, the financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2022

(Continued)

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2022

(Continued)

Use of our report

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2022

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

BALANCE SHEET As at 31 July 2022

CASH FLOW STATEMENT For the year ended 31 July 2022

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

Going Concern

Company status

Fund accounting

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

Incoming resources

Resources Expended

Tangible fixed assets and depreciation

Termination benefits

Stocks

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

Debtors

Cash at bank and in hand

Creditors and provisions

Financial Instruments

Pensions

Judgements and key sources of estimation uncertainty

2. DONATIONS AND LEGACIES

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

2. DONATIONS AND LEGACIES (continued) Comparative donations and legacies

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

7. CENTRAL OVERHEAD COSTS

9. STAFF NUMBERS AND COSTS

10. TRUSTEES REMUNERATION AND BENEFITS

11. Taxation

12. TANGIBLE FIXED ASSETS

13. DEBTORS

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

15. STATEMENT OF FUNDS

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

15. STATEMENT OF FUNDS (continued)

Comparative statement of funds for the year ended 31 July 2021