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2025-07-31-accounts

Trustee Report and Financial Statement For the year ended 31 July 2025

Contents

Company Information ..................................................................................................................3 Trustees’ Report ............................................................................................................................4 Objectives and Activities ..................................................................................................................... 5 How governance works in at Arts SU ............................................................................................... 5 Employees .............................................................................................................................................. 6 Our Year of Impact .......................................................................................................................7 Our Year in Numbers ............................................................................................................................ 9 Financial Review ........................................................................................................................ 12 Income .................................................................................................................................................. 12 Costs ..................................................................................................................................................... 12 Restricted Funds ................................................................................................................................. 12 Reserves Policy ................................................................................................................................... 12 Risk Management ............................................................................................................................... 13 Relationship with the University ....................................................................................................... 15 Fundraising .......................................................................................................................................... 15 Public Benefit ....................................................................................................................................... 15 Small Companies Exemption ........................................................................................................... 15 Statement of Trustees’ Responsibilities ................................................................................ 16 Disclosure of information to Auditors ............................................................................................. 17 Independent Auditor’s Report .................................................................................................. 18 Statement of Financial Activities ............................................................................................ 21 Balance Sheet ............................................................................................................................. 22 Cash Flow Statement ................................................................................................................ 23 Notes to the Financial Statements ......................................................................................... 24

Company Information

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
Board of Trustees
Daryl Elaine Stenvoll-Wells
16 February 2022
Dawn Buchanan
16 February 2022
Katwamba Mutale
1stJuly 2023
Sayali Waghmare
1 July 2024
30thJune 2025
Zainab Goriawala
1 July 2024
30thJune 2025
Yvonne Yuan
1 July 2024
30thJune 2025
Chihiro Tateno
1 July 2024
30thJune 2025
Charmaine Chikiwa
1 July 2024
Parul Shukla
2 October 2024
Andrew Morwood
2 October 2024
Emma Boggins
26 November 2024
Sanskriti Bacchu
26 November 2024
Daisy Pile
26 November 2024
Summer Lam
1 July 2025
Ellie Bindi Walsh-O'Neill
1 July 2025
Zaine Cowan
1 July 2025
Jianing Lu
1 July 2025
Ayon Ghosh
1 July 2025
Principal Officers Opeyemi Gbajobi
Chief Executive
Justina Cruickshank
Deputy Chief Executive (Operations and Services)(from
Sept 2024)
Martin Dodd
DeputyChief Executive(Membership)
Professional
Advisors		 Auditors
Knox Cropper LLP
65 Leadenhall Street
London EC3A 2AD
Solicitors
Bates Wells and
Braithwaite
2 – 6 Cannon Street
London EC4M 6YH

3

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 2024 to 31 July 2025. 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) was established under the Education Act 1994 and is a charitable company limited by guarantee. The University of the Arts London ('UAL') approves its internal regulations and rules. Arts SU is governed by a Trustee Board of up to thirteen members. This comprises six Student Officer Trustees and three student Trustees, elected annually by members of Arts SU. Four non-student Trustees (also known as External Trustees) on the Board are appointed for their specialist professional skills, knowledge and experience. The Trustee Board appoints the External Trustees 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 2024 - 2025 and who joined or left the Board in the period from 31 July 2024 up to the date of this report, together with the organisation'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 delivered by the Company Secretary, which outlines their specific role within the Trustee Board.

Halloween Takeover 2024 @ OMEARA

The Trustees are responsible for the overall performance and strategic direction of Arts SU on behalf of its members, over 22,000 University of the Arts London students. In this respect, the Board undertakes self-assessment and further development initiatives as required, ensuring they work to high standards.

Objectives and Activities

The objects of the charity are the advancement of the education of students at the University of the Arts London for the public benefit by:

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 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, which is 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 the Trustees and Union staff.

How governance works in at Arts SU

Arts SU operates on democratic principles, working for and with our members, the students of UAL. The Union's Student Sabbatical Officers represent students' voices and are elected by the Arts SU membership. The Union also operates an ideas platform through which students can propose and vote on motions, alongside supporting a range of networks and student interns to ensure that the diversity of the student body is heard and acted upon within our work.

5

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 yearly 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 on policy issues arising. The Union also employs several non-student core staff to provide continuity, consistency and knowledge in managing its many activities. The staff team is accountable to the Chief Executive for the performance of their duties.

Employees

We employed an average of 41 salaried staff members (41.5 in 2023/24) and employed 37 student staff team members (34 in 2023/24) during the same period.

We are a London Living Wage employer. For career-salaried staff, a discretionary costof-living increase was applied, which in 24/25 was 2.5%. Three employees (2023: three) earned a gross of £60,000 - £100,000 during the year after applying the discretionary cost-of-living increase and pay progression.

6

Our Year of Impact

This year has been one of the most ambitious and transformative in Arts Students’ Union’s recent history. Rooted deeply in our values and driven by unprecedented levels of student participation, we have strengthened our democratic structures, widened access to support and opportunity, and embedded equity and social justice into every corner of our work. Throughout 2024/25, students were not just the focus of our activities—they were the leaders, co-creators, and changemakers shaping the Union and influencing UAL itself.

From the very beginning of the year, student engagement reached record levels. Our spring elections saw a 13.5% turnout—the highest ever recorded at Arts SU— supported by an expanded programme of candidate training and a renewed commitment to empowering underrepresented voices to stand for leadership roles. The result was a more confident, better-prepared cohort of elected officers and student leaders, equipped with the skills and knowledge to represent their peers and influence the University at every level.

Our research and influencing work continued to be one of our defining strengths. With ten major research projects engaging 1 in 10 UAL students, we elevated student voice through evidence, ensuring that the realities of studying at UAL shaped policy discussions and institutional practice. Reports such as Name Your Price and Craft Your Future sparked dialogue across the University, leading to tangible early wins such as free materials provision and more inclusive policy reviews. This year demonstrated the power of student-led insight to influence meaningful change.

Support for individual students also grew in scale and depth. Despite staffing gaps, our Advice Service delivered compassionate, high-quality support across 885 cases, maintaining exceptionally high satisfaction ratings while navigating complex academic, wellbeing, and housing issues. This work not only transformed individual student outcomes but also directly informed our advocacy on Extenuating Circumstances and regulatory practice at UAL. In parallel, pioneering initiatives such as the new Student Basic Needs Coordinator signalled the Union’s long-term commitment to tackling structural inequalities and supporting the dignity and wellbeing of all students.

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Community flourished across campuses. Clubs and societies expanded once again, with over 4,800 students taking part, new sports clubs forming, and student-led cultural events reaching thousands. The Darkroom Bar at the London College of Communications evolved into a vibrant cross-college social hub, doubling its bookings and hosting a diverse range of student groups. Our Welcome and cultural programmes created moments of celebration, connection, and visibility for students from all backgrounds, reinforcing the importance of belonging in the UAL experience.

The Union also strengthened its role in transforming UAL’s academic environment. With more than 1,300 Course Reps enrolled and 100% of School Reps trained, this was our most accessible and impactful representative system to date. Training quality improved significantly, digital resources expanded, and the launch of the first UAL Rep Conference provided an unprecedented platform for students to engage directly with senior leaders. Reps drove tangible local improvements—from clearer briefs to better communication and more inclusive studio practices—that improved the academic experience for thousands of students.

Behind the scenes, our enabling teams laid the foundations that make this impact possible. We launched a new cloud-based finance system to strengthen transparency and empower student groups; enhanced HR processes and staff learning opportunities; improved health and safety structures; and delivered high-impact communications that reached millions across digital platforms. More than 9,500 hours of student employment were provided, offering meaningful experience, financial support, and a strong sense of belonging to student staff across the organisation.

Together, this work reflects a Union that is not only student-led in principle, but in practice. It demonstrates the depth of our commitment to being supportive, daring, collaborative, and rooted in equity and social justice. Most importantly, it shows what happens when students are trusted with real influence, real responsibility, and real opportunities to shape their community.

As we present our Annual Audited Accounts for 2024/25, we do so with pride in a year defined by growth, innovation, resilience, and student leadership. We also look ahead to 2025/26 with ambition—committed to strengthening our democratic structures, expanding access to support, enhancing community spaces, and deepening our role in shaping UAL's future. Our mission remains clear: to transform individuals, transform communities, and transform the University by placing student voice and student experience at the heart of everything we do.

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Our Year in Numbers
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Carbon Literacy Day of Action

Student Advice & Support

Community & Student Engagement

Specialist Facilities

Recognition & Awards

Leadership & Representation

Creative & Professional Development

Communication & Reach

Employment & Staff Development

Research & Insights

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OME GUESTS UAL v Goldsmith University Varsity

Financial Review

Income

Our total annual income was £4,127,192 (2024: £4,184,072). This was due to the annual benefit-in-kind, for which Arts SU’s management values the space grant as lower for the financial year.

Costs

Our total annual cost was £4,176,669 (2024: £4,296,730). This is a 2.8% decrease on the previous year and was driven by the phasing of planned activities and temporary staffing vacancies during the year.

Restricted Funds

Restricted Funds comprise monies held for 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. Therefore, Arts SU is a custodian of the funds the clubs and societies raise. During the year, income of £219,681 (2024: £193,208) and expenditure of £229,057 (2024: £197,932) resulted in a net deficit of £9,376 (2024: £17,084).

Reserves Policy

In December 2021, Arts SU revised its reserves policy to require general (unrestricted) reserves of at least £300,000. Reflecting on the potential for major business disruption, such as a global pandemic or national economic instability, at this level, the Trustees believe that we would be able to continue the student-facing activities of the organisation, considering the downturn in income or a significant decline in nonUniversity funding, whilst allowing time to re-establish or re-focus income-generating activities.

On 31 July 2025, our total unrestricted reserves equated to £600,579 (2024: £648,964). The unrestricted funds include the designated funds of £281,679 for strategic development and fixed assets. Free reserves (after deducting fixed assets and designated funds) were £318,900 (2024: £375,537).

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Risk Management

The Trustees are responsible for Arts SU’s risk management and the effectiveness of internal controls. On behalf of the Trustees and the Senior Leadership Team, the findings and mitigating measures were presented to the Audit and Risk Committee at least once a year. The key risks and mitigations are outlined below:

Key Risks Mitigations
Artificial Intelligence, including data
privacy breaches, impacts on roles and
employment opportunities, and the rise
in technology costs.		 We have provided AI training to all staff
and set up a working group to define the
organisation’s AI manifesto and to work
with managers on its implementation,
alongside ongoingtraining.
Student groups entering into contracts
which may obligate the Union and/or
themselves.		 • We implemented a mandatory
contract review process for all
student group contracts.
• We provide training on
contractual obligations and risks
for student leaders.
We are not adhering to regulatory Health
and Safety standards for all areas of the
organisation, leaving us exposed to the
risk of closures or claims		 The Union has now set up a Health and
Safety Committee, which is made
up of relevant staff members and
discusses issues related to Health and
Safety at Work and the Health and
Safety of members/students. The Audit
and Risk Committee also reports from
the Health and Safety Committee in the
schedule of business.
Unplanned regulatory increases in
National Insurance contributions are
leading to unbudgeted spending on
staffing costs.		 We secured a commitment from the
university to cover the increased costs in
the long term. The Union’s reserves
covered the initial four months’ shortfall.
Failure to complywith tax requirements. A VAT review is undertaken regularly.
Not receiving requested grant funding
from UAL, leading to an unsustainable
students’ union, the inability to pay staff
or suppliers, and insolvency.		 • We receive written confirmation
of the grant annually.
• We have set up formal meetings
between the university and the
Union where financial issues can
be flagged.
• We have proposed a partnership
agreement to define the university
and the Union’s working
relationshipmore formally.

13

Arts Awards

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 providing space, the University also pays for utilities and for 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 depend 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. Therefore, the Trustees consider the Union 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 considered the Charity Commission's general and relevant supplementary guidance on public benefit.

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.

15

Statement of Trustees' Responsibilities

The Trustees (also directors of the charitable company for the purposes 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 that 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:

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 to prevent and detect fraud and other irregularities.

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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 they should have taken as a Trustee 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 22 Mar 2026

On behalf of the 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 2025

We have audited the financial statements of University of the Arts London Students' Union (the ‘charitable company’) for the year ended 31 July 2025 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:

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 …

18

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 2025

(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:

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:

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 …

19

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 2025

(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:

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

30 Mar 2026

20

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2025

Unrestricted
Funds
Note
2025
£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
3,634,962
Charitable activities
4
-
Other trading activities
3
263,815
Other
5
420
TOTAL
3,899,197
EXPENDITURE ON:
Charitable activities
3,947,612
TOTAL EXPENDITURE
6
3,947,612
(48,415)
Transfer between funds
16
30
NET MOVEMENT IN FUNDS
(48,385)
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 1 AUGUST 2024
648,964
TOTAL FUNDS AT 31 JULY 2025
600,579
£
Net expenditure		 Restricted
Funds
2025
£
8,000
219,681
314
-
227,995
229,057
229,057
(1,062)
(30)
(1,092)
76,200
75,108
**£ **		 Total
Funds
2025
£
3,642,962
219,681
264,129
420		 Total
Funds
2024
£
3,766,304
193,208
222,783
1,777
4,127,192 4,184,072
4,176,669 4,296,730
4,176,669 4,296,730
(49,477)
-		 (112,658)
-
(49,477)
725,164		 (112,658)
837,822
675,687
**£ **		 725,164
_£ _

21

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

Company limited by guarantee (registered company no. 07719030)

BALANCE SHEET As at 31 July 2025

Notes
Charity
2025
FIXED ASSETS
Tangible assets
13
Investments
CURRENT ASSETS
Stocks
Debtors
14
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
TOTAL NET ASSETS
FUNDS
Unrestricted funds:
Designated funds
16
General fund
16
Restricted funds
16		 Group
Charity
2025
2024
£
47,153
-
47,153
11,276
31,081
719,185
761,542
(133,008)
628,534
675,687
675,687
£
281,679
318,900
600,579
75,108
675,687
**£ **		 Group
2024
£
74,663
-
74,663
6,556
70,055
835,430
912,041
(261,540)
650,501
725,164
725,164
_£ _
273,427
375,537
648,964
76,200
725,164
_£ _

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 22 Mar 2026 ______ and signed on their behalf by:-

________, 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 2025

Cash flows from operating activities
Deficit for the financial year
Adjustments for:
Depreciation
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Decrease in creditors
Cash flows from investing activities
Purchase of tangible fixed assets
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 August 2024
Components of cash and cash equivalents
Cash at bank and in hand
Cash and cash equivalents at 31 July 2025		 At 1
August 2024
835,430
**£ **		 2025
£
(49,477)
27,510
(4,720)
38,974
(128,532)
(116,245)
-
(116,245)
835,430
719,185
£
Cashflows
(116,245)
£		 2024
£
(112,658)
23,500
9,749
(46,002)
(30,947)
(156,358)
(43,199)
(199,557)
1,034,987
835,430
_£ _
At 31 July
2025
719,185
**£ **

23

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

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

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 2025

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 2025

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

Donations
University Block Grant
University other grants
Other Grants
Space Grant		 Unrestricted
Funds
2025
£
-
2,274,304
150
19,611
1,340,897
3,634,962
**£ **		 Restricted
Funds
2025
£
-
-
7,000
1,000
-
8,000
**£ **		 Total
Funds
2025
£
-
2,274,304
7,150
20,611
1,340,897
3,642,962
**£ **		 Total
Funds
2024
£
-
2,190,050
3,750
-
1,572,504
3,766,304
_£ _

26

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

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

Unrestricted
Funds
2024
£
University Block Grant
2,190,050
University other grants
3,750
Space Grant
1,572,504
Capital Grant
-
3,766,304
£
3.
INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted
Funds
2025
£
Trading income
237,089
Event income
26,726
263,815
£
Comparative income from other trading activities
Unrestricted
Funds
2024
£
Trading income
193,823
Event income
28,960
222,783
_£ _		 Restricted
Funds
2024
£
-
-
-
-
Nil
£
Restricted
Funds
2025
£
314
-
314
£
Restricted
Funds
2024
£
-
-
Nil
£		 Total
Funds
2025
£
237,403
26,726
264,129
**£ **		 Total
Funds
2024
£
2,190,050
3,750
1,572,504
-
3,766,304
_£ _
Total
Funds
2024
£
193,823
28,960
222,783
_£ _
Total
Funds
2024
£
193,823
28,960
222,783
_£ _

27

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

4.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2025
£
Clubs and Societies
-
Nil
£
Comparative income from charitable activities
Unrestricted
Funds
2024
£
Clubs and Societies
-
Nil
£
5.
OTHER INCOME
Unrestricted
Funds
2025
£
Other income
420
420
£
Comparative other income
Unrestricted
Funds
2024
£
Other income
1,777
1,777
_£ _		 Restricted
Funds
2025
£
219,681
219,681
£
Restricted
Funds
2024
£
193,208
193,208
£
Restricted
Funds
2025
£
-
Nil
£
Restricted
Funds
2024
£
-
Nil
£		 Total
Funds
2025
£
219,681
219,681
£
Total
Funds
2025
£
420
420
**£ **		 Total
Funds
2024
£
193,208
193,208
_£ _
Total
Funds
2024
£
193,208
193,208
_£ _
Total
Funds
2024
£
1,777
1,777
_£ _
Total
Funds
2024
£
1,777
1,777
_£ _

28

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

6.
RESOURCES EXPENDED
Cost of
sales
Staff Costs
£
£
Cost of charitable activities
Student Engagement
-
283,025
Student Support
-
351,560
Student Activities
-
497,765
Entertainment and
Events
-
186,880
Marketing and
Communications
-
182,205
Projects
-
5,460
Commercial Activities
55,711
289,589
Restricted funds
Clubs and socieites
-
-
Total charitable
expenditure
55,711
1,796,484
Total charitable
expenditure
55,711
£
1,796,484
£
Comparative resources expended
Cost of
sales
Staff Costs
£
£
Cost of charitable activities
Student Engagement
-
287,960
Student Support
-
438,379
Student Activities
-
360,088
Entertainment and
Events
-
191,115
Marketing and
Communications
-
166,810
Projects
-
5,364
Commercial Activities
61,988
255,233
Restricted funds
Clubs and socieites
-
-
Total charitable
expenditure
61,988
1,704,949
Total charitable
expenditure
61,988
£
1,704,949
£
Resources expended include:
Depreciation
- on owned assets
Details of staff costs are given in Note 10.
Details of Support costs is given in Note 9.		 Rent
£
496,133
147,499
268,179
53,636
80,454
13,409
281,588
-
1,340,898
1,340,898
£
Rent
£
581,827
172,975
314,501
62,900
94,350
15,725
330,226
-
1,572,504
1,572,504
_£ _		 Other costs
£
184,129
49,630
341,557
44,046
42,634
2,398
95,953
223,229
983,576
983,576
£
Other costs
£
179,440
42,379
378,111
67,167
27,201
1,944
63,115
197,932
957,289
957,289
£
2025
27,510		 Total
2025
£
963,287
548,689
1,107,501
284,562
305,293
21,267
722,841
223,229
4,176,669
4,176,669
**£ **
Total
2024
£
1,049,227
653,733
1,052,700
321,182
288,361
23,033
710,562
197,932
4,296,730
4,296,730
_£ _
2024
23,500

29

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

7.
COMMERCIAL ACTIVITIES
2025
2025
£
£
Trading income
237,403
Less:
Costs of commercial activities
Cost of sales
55,711
Direct staff costs
174,939
Support staff costs
114,650
Other direct costs
45,597
Rent
281,588
Support costs
50,356
Total costs
(722,841)
(485,438)
£
8.
CENTRAL OVERHEAD COSTS
Central costs below are included in the resources expended in note 6.
Usage
Staff Costs
Rent
%
£
£
Cost of charitable activities
Student Engagement
37%
202,002
496,132
Student Support
11%
60,055
147,499
Student Activities
20%
109,190
268,179
Entertainment and
Events
4%
21,838
53,636
Marketing and
Communications
6%
32,757
80,454
Projects
1%
5,460
13,409
Commercial Activities
21%
114,650
281,588
Total charitable
expenditure
545,952
1,340,897
Costs of generating
voluntary income
-
-
expenditure
545,952
1,340,897		 2024
£
61,988
142,593
112,640
22,301
330,226
40,814
Support
costs
£
88,723
26,377
47,958
9,592
14,387
2,398
50,356
239,791
-
239,791		 2024
£
193,823
(710,562)
(516,739)
£
Total
2025
£
786,857
233,931
425,327
85,066
127,598
21,267
446,594
2,126,640
-
2,126,640

30

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

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
Costs of generating
voluntary income
Total charitable
expenditure
9.
SUPPORT COSTS
Affiliations and subscriptions
Activities direct costs
Insurance
Audit Fee
Training and Development
Bank charges
Office equipment
Recruitment Expenses
Sundry Costs		 Staff Costs
£
198,460
59,002
107,276
21,455
32,183
5,364
112,640
536,380
-
536,380		 Rent
£
581,826
172,975
314,501
62,900
94,350
15,725
330,226
1,572,503
-
1,572,503		 Support
costs
£
71,910
21,379
38,870
7,774
11,661
1,944
40,814
194,352
-
194,352
2025
£
52,377
113,456
18,558
12,000
-
-
4,663
-
38,737
239,791		 Total
2024
£
852,196
253,356
460,647
92,129
138,194
23,033
483,680
2,303,235
-
2,303,235
2024
£
54,506
29,293
17,506
11,004
6,008
3,877
841
1,875
69,442
194,352
_£ _

31

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

10. STAFF NUMBERS AND COSTS

STAFF NUMBERS AND COSTS
Wages and salaries
Social security costs
Pension costs
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:		 2025
£
1,590,971
151,826
53,687
1,796,484
Number
43.0
34.0
77.0
£
183,245
237,122
420,367
£
6		 2024
£
1,511,816
154,452
38,681
1,704,949
_£ _
Number
43.0
34.0
77.0
£
114,587
213,052
327,639
_£ _
6

Three (2024 - Three) employee received remuneration of more than £60,000. The accounts include termination payments totalling £Nil (2024 - £Nil).

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 31 July 2025 is £31,884 (2024 : £28,452). Total costs are shown in note 10. A handover for Sabbatical Officers was introduced this year which increased salary costs.

32

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

11. 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 10.

No members of the Board of Trustees received reimbursement of expenses (2024 - £nil).

12. 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.

13. TANGIBLE FIXED ASSETS

Cost
At 1 August 2024 and 31 July 2025
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
DEBTORS
2025
Due within one year
£
Trade debtors
12,606
Prepayments
11,298
VAT repayment due
-
Other debtors
8,390
32,294
**£ **		 2025
2024
£
£
12,606
-
11,298
-
(1,213)
-
8,390
-
31,081
£
Nil
£		 Fixture and
fittings
£
222,520
-
222,520
147,857
27,510
175,367
47,153
**£ **
74,663
_£ _
2024
£
23,685
29,617
11,696
5,057
70,055
_£ _

14. DEBTORS

33

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Deferred income
Social security and other taxes
Other creditors
Accruals
Deferred income
Balance at 1 August 2024
Amount released to incoming resources
Amount deferred in the year
Balance at 31 July 2025
STATEMENT OF FUNDS
Brought
Forward
£
DESIGNATED FUNDS
Strategic Development
Fund
198,763
Fixed Assets and
Premises Fund
74,664
273,427
£
RESTRICTED FUNDS
Clubs and Societies
49,520
RAG
1,289
Student Selling
Opportunities
-
Student Accessibility
-
Equalities & Wellbeing
6,081
Elite Atheletes
4,908
Gender Affirming Fund
-
Access & Inclusion
8,792
Arts Active
5,610
76,200
£
SUMMARY OF FUNDS
Designated Funds
273,427
General Funds
375,537
648,964
Restricted Funds
76,200
725,164
**£ **		 Charity
Incoming
Resources
£
-
Nil
£
219,681
-
314
7,000
-
-
1,000
-
-
227,995
£
-
3,899,197
3,899,197
227,995
4,127,192
**£ **		 Group
Charity
2025
£
39,204
900
42,212
17,909
32,783
133,008
£
17,656
(17,656)
900
900
£
Transfers and
Resources
investment
Expended gains/(losses)
£
£
(19,320)
55,082
(27,510)
-
(46,830)
£
55,082
£
(223,229)
-
-
-
(284)
(30)
-
-
-
-
(4,544)
-
(1,000)
-
-
-
-
-
(229,057)
£
(30)
£
(46,830)
55,082
(3,900,782)
(55,052)
(3,947,612)
30
(229,057)
(30)
(4,176,669)
£
Nil
£		 Group
2024
£
153,134
17,656
36,071
14,560
40,119
261,540
_£ _
-
-
17,656
17,656
_£ _
Carried
Forward
£
234,525
47,154
281,679
**£ **
45,972
1,289
-
7,000
6,081
364
-
8,792
5,610
75,108
**£ **
281,679
318,900
600,579
75,108
675,687
**£ **

16. STATEMENT OF FUNDS

34

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

16. STATEMENT OF FUNDS (continued)

Comparative statement of funds for the year ended 31 July 2024

DESIGNATED FUNDS
Strategic Development
Fund
Fixed Assets and
Premises Fund
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
£
222,725
54,965
277,690
£
55,884
1,289
-
20,393
852
9,256
5,610
93,284
£
277,690
466,848
744,538
93,284
837,822
£ 		Incoming
Resources
£
-
-
Nil
£
191,568
-
-
1,640
-
-
-
193,208
£
-
3,990,864
3,990,864
193,208
4,184,072
£ 		Transfers and
Resources
investment
Expended gains/(losses)
£
£
(23,962)
-
(23,500)
43,199
(47,462)
£
43,199
£
(197,932)
-
-
-
-
-
(5,152)
(10,800)
(6,744)
10,800
(464)
-
-
-
(210,292)
£
Nil
£
(47,462)
43,199
(4,038,976)
(43,199)
(4,086,438)
-
(210,292)
-
(4,296,730)
£
Nil
£		 Carried
Forward as at
31 July 2024
£
198,763
74,664
273,427
£
49,520
1,289
-
6,081
4,908
8,792
5,610
76,200
£
273,427
375,537
648,964
76,200
725,164
£

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.

35

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

16. STATEMENT OF FUNDS (continued)

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.

Strategic Development Fund has been allocated towards the projects from 22/23. The fund is created to support Union's commitment to it's strategic development and good financial stewardship over the next 4 years.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Net current assets		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
47,153
281,679
271,747
281,679
£
318,900
**£ **		 Restricted
Funds
£
-
75,108
75,108
**£ **		 Total
Funds
£
47,153
628,534
675,687
**£ **

Comparative analysis of net assets between funds

Tangible fixed assets
Net current assets		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
74,663
273,427
300,874
273,427
£
375,537
£ 		Restricted
Funds
£
-
76,200
76,200
£ 		Total
Funds
£
74,663
650,501
725,164
£

18. PENSION COMMITMENTS

Pension costs in note 10 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 2025 is £7,869 (2024 : £6,920).

19. 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 31 July 2025 is £1,340,897 (2024 : £1,572,504).

20. CONTROLLING PARTY

Ultimate control of the Union rests with its membership, respresented by the Board of Trustees.

36

UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

21 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted d tal
Unrestricted
Funds s ds
Funds
2025 5 025
2024
£ £
£
£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
#
3,766,304
Charitable activities
#
-
Other trading activities
#
222,783
Other
#
1,777
TOTAL
#
3,990,864
EXPENDITURE ON:
Charitable activities
#
4,086,438
#
(95,574)
NET MOVEMENT IN FUNDS
#
(95,574)
TOTAL FUNDS AT 31 JULY 2023
#
744,538
TOTAL FUNDS AT 31 JULY 2024
#
648,964
£
Net expenditure		 Restricted
Funds
2024
£
-
193,208
-
-		 Total
Funds
2024
£
3,766,304
193,208
222,783
1,777
193,208 4,184,072
210,292 4,296,730
(17,084) (112,658)
(17,084)
93,284		 (112,658)
837,822
76,200
_£ _		 725,164
_£ _

37