**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|
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|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|
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## **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:
- 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 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.
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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.
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## **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**
- 720 students
- 885 cases
- 1,257 issues: `o` 981 academic (78%)
- 120 housing (10%)
- 150 wellbeing (12%)
- Over 570 students supported with food parcels across four events
## **Community & Student Engagement**
- 4,863 student members of clubs and societies
- 8% increase in memberships since last year
- 30 sports clubs, 96 societies
- Largest club: Dance (900 members)
- 241 society events/workshops delivered
- Varsity winners for the 4th time
- NSS score improved from 73.3% to 75.3%
- 162 hours delivered
- 12 student-led exhibitions,
- Seven student-led private views
- 1 new Crits Hub launched
## **Specialist Facilities**
- 55 Darkroom Society bookings: (previously 22)
- 74 Darkroom Course bookings: 74 (previously 32)
- 13% growth in revenue from UAL bookings
## **Recognition & Awards**
- 601 nominations Arts Awards
- 87.5% first-time winners of Arts Awards
- 6 Elite Athletes
- 257 Community Awards Nominations
- 160 attendees to Community Awards,
- 1 International Award for Social Justice
## **Leadership & Representation**
- 13.5% Election Turnout
- Largest election turnout on record
- 40 candidates in Spring Elections
- 450 student community leaders trained
- 20 sports leads certified in first aid
- 1,312 Course Reps
- 24 School Reps recruited
- 57 attendees at Rep Conference
- 35 sabbatical officer training sessions
- 3 Student Forums, 1 Annual Members' Meeting
## **Creative & Professional Development**
- £6,406 allocated to 89 students via the Professional Development Fund
- 60 creative professional development events
- 495 student applications for creative professional development opportunities
- 1,021 unique students participating
## **Communication & Reach**
- 7 million+ social media views at Graduation
- 167,690 individual website visitors
- 1,172,018 website page views
- £32,871.85 in merchandise sales, a record high
- 28,300 pints sold, enough to span 243 London buses
## **Employment & Staff Development**
- 44 student staff employed
- 9,500+ student staff hours worked
- £129,377 in student staff wages paid
- 46 staffing policies updated
- 16 staff learning sessions delivered
- 35 staff-led training opportunities approved
## **Research & Insights**
- 10 research projects conducted
- 200 Research Insiders signed up
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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.|
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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.
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## **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:
- 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; and
- Prepare the financial statements on a 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 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
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**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
/Continued …
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**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 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:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes
- **•** of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- **•** certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
/Continued …
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**UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION (registered company no. 07719030)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF THE ARTS LONDON STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 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:
- 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
30 Mar 2026
________________________
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**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