2024-07-31-accounts

REGISTERED CHARITY NUMBER: 1143960 Report of the Trustees and Unaudited Financial Statements For The Year Ended 31 July 2024 for Cranfield Students. Association Harris & Clarke LLP 7 Billing Road Northampton NORTHAMPTONSHIRE NN1 SAN

Cranfield Students. Association Contents of the Financial Statements For The Year Ended 31 July 2024 Page Report of the Trustees Independent Examinerfs Report ststement of Financial Actlvities 10 Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 23 Detailed Statement of Financial Activities 24 to 26

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 The trustees present their report with Ihe financial statements of the charity for the year ended 31 July 2024. The trustees have adopied the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims Cranfield Students, Association's {CSA) objects are Ihe advan￿Ment of education of Students at Cranfield University for the public benefit by (i) Promoling Ihe interests and welfare of Students at Cranfield University during their course of study and representing, supporting. and advising Students. lil) Being the recognised representative channel between Students and Cranfield University and any other exiernal bodies. (iii) Providing social, cultural. sporting, and recreational activities and forums for discussions and debate for the personal development of its students. (iv) Engaging wth students and participating in raising awareness in student topics relevant both locally and nalionally. The CSA fulfils these objects through a wde range of projects and activilies based upon the requirements and wishes of its student members.These are ever changing and evolving with the student demographic but remain led by student foGused engagemenl. Success in achieving these objectives is measured by levels of student engagement in Ihe widest sense. This indudes numbers of officers and course representatives elected, their attendance al committees, the impact of campaigns, numbers of students organising and taking part in student led activities and feedback provided through the CSAS annual survey. The objectives are practically fulfilled by operating a bar, café, and shop for Ihe benefit of the students with external catering provided lo generate additional income. The President and Executive Officers liaise wth the students to provide effective presentalion and ensure any matters arising are taken to the appropriate departments of the university for their attention. The charity also supports and facilitates a broad range of clubs, soaelies. and groups. It does this through the reasonable use of CSA'S resources and facilities in the form of administrative and organisational support, use of relevant equipment owned by CSA and money to the exlent of the society's restricled budget that forms part of the annual block grant provided by the University. Block grant Shrivenham Poli Restricled funds are used to provide a base salary for Ihe executive team based on site to provide. engagement. support. and a sense of community without the presence of a permanent member of staff. Finances are also used to host social events for Cranfield students and provide support for travel expen5e5 and upkeep of the building's facilities on campus. Staff have a petty (2sh float of £1 CQ which is accessed with receipts and proof of purchase. All other financial purchases are agreed and approved by the General manager and invoices are kept by the finance manager. Clubs & Societies Polic i) Grants may be awarded to any properly conslituted CSA club or society in line wth the CSA byelaws. 11> Applications for grants must be made to the Clubs & Societies Committee prior to meetings of that committee. iii) The Clubs & Societies Committee is elected at a meeting to which all Presidents, Captains or other lead organisers are invited. iv) Grants of over £100 are awarded al the discretion of the clubs & societies committee. v) The Clubs & Societies Committee may draw up guidelines as principles for the awarding of grants as they see fit in any year. vi) CSA byelaws 15.17- 15.25 apply. Public benefit The Trustees have regard to Charity Commission guidance on public benefit in Section 4 of Ihe Charities Act. Page 1

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 ACHIEVEMENT AND PERFORMANCE Representstion, welfare and support The promotion and facilitation of the interests of students at Cranfield Universily remains the primary objective of the CSA. The continued feedback from students highlighted the lack of current services accessible al the weekends when the university closes. Meetings were held looking into the potential of opening the CSA at weekends but due to the financial implications this was deemed not possible without sustaining substantial losses. Student appeals and complaints continued to rise with mitigating circumstances being a key factor in many circumstances. The appointment of our new student voice co-ordinator helped ease the pressure and we continued to work closely with the university student support department. This ensured a collaborative support structure for student appeals and to raise wellbeing concerns to the correct tearn when needed. A vital part of this progress was the continued improvement in student representation within the University. In April our new Presidenl was elected vjhich saw a higher number of candidates stand for the position than previously we have experienced. During the year the executive team had worked hard to introduce enhanTrd engagement events for researchers which resulted in a closer partnership with the university and increased attendance at our evenls within the PHD community. They also held successful intemational events that promoted each culture to the wider student body through events such as fashion shows, food samples and themed evenings. Additionally, they also facililated a highly successful diversity awareness week that included talks, group meetings and information awareness to both students and the university. As predicted, some executive members failed to contribute, and the value of their roles did not meet the potential which they have which is disappointing. The remaining executive members continued to perform well and engage with the wider student body. CSA representation at Shrivenham continued to be restricted due lo the additional MOD restrictions on the base but visits happened which were beneficial and provided a greater sense of unity from both sides. The Shrivenham President remained for a second year in position and was joined by others who provided additional support. As a team they held engagement events, outings and took ownership of Ihe building donated to them lo create a welcome environment for those studying there despite numbers continuing to decrease. Representation at MK.'U increased through the first election of a Vice President. The role successfully promoted the CSAS ethos and seTvices to the apprenticeship students allhough the remit was restricted due to lack of understanding of the role among universily personal on site. Although raised at the time we currently do not have any additional financial support to provide services to MK.'U so provisions and services remain strelched but a definite impact has been felt of our presence among the apprenticeship studenls Ihere. The CSA President. a selection of officers and staff continue lo sit on many key university committees, providing an important student Vol￿ at all levels of the University. Most notably, the CSA continued engagement with the Student Experience PSU of the University and Student Experience Committee. Issues around representational structures and course representative positions remain, with the un¢versity proceeding to appoint their own students to the position of CSA rep which goes against the constitutional structure and values of the CSA. This was highlighted and atthough some progress for change has been made. the representational structure between the CSA and the university is still frartured and requires attention although there is reluctan￿ to address this from key stakeholders. This year saw the approval of a joint review conducted by Blackshaw Consulting to investigate and review the working relations between the University and the CSA. Provisional findings highlighted thal we are vastly underfunded in ternis of block grant amount (we are currently the lowest in the UK for our size), a lack of understanding of what a union deliverable should be by the university and worryingly, no official agreements or contracts were in pla￿ be￿een the tsvo. Additionally, it raised the qLbestion of incorporation which would provide the trustees with greater security. Going forward these will be raised and hopefully actioned with the university We worked with Hyper Creative to rebrand the CSA in the form of a new logo, colour scheme and the creation of a brand asset pack to update and help elevate our presence. As a result. the physical areas of the building were rebranded and updated with new graphics, signage, furniture and re-decoration. The decorating was completed by CSA volunteers and the changes were received well by retuming students who appreciated the new, inviting decor of the building. Social and recreational activities: Page 2

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 With numbers decreasing and provisions at Cranfield University remaining small, we continue to see a change in Ihe way that students are engaging with the CSA as they are increasingly time limited, meaning the role of the CSA in providing social activities has needed to adapt to reflect this. The change in demographic and expectations has seen a substanlial shift towards students requiring pre-set of activilies they wish to participate in rather than the opportunity to prepare and tske ownership themselves. This is echoed by the feedback from clubs and socielies where additional support is required to facilitate action as students are expecting lo just turn up and participate. This could be attributed to the rise in one-year taught course students who are time stretched. Coach trips continue to be ex￿pIl0nal1Y popular with additional dates having to be added due to high demand. Trips included London, Windsor, Cambridge and Harry Potter Wodd. Costs for the these had to increase to reflect external price hikes, but we continue to have great interest. Olher events included a successful fresherfs week with Karaoke, silent discos. free food. friend ￿e￿OrkIng and welcome packs on arrival. We held our annual firework event that saw record numbers attend, and other community events included family fun days, Easter and Christmas celebrations. Further events held at the CSA included club nights. tournaments, open mic nights, Karaoke, live music. wellbeing activities, crafts, Halloween and student led cultural themed events. The CSA continued to provide a range of opportunities for its members to enhance their personal development. These included providing opportunities for personal development, life skills such as Samaritans training, wellbeing promotion and aclivities. as well as work opportunities in the CSA bar. café, shop and the engagement co-ordinator role. Clubs and Societies The clubs and societies fair saw over 800 students attend, and a total of 38 active clubs and societies We￿ formed, not including Christian union or the Islamic society. In sports we had teams compete in BUCS competitions. these include futsal, badminton, football, men's & women's volleyball and teams from cricket who also fielded teams in FCCL & BCCL. Our basketball team continued to compete in the Hertfordshire Basketball League. CranSEDS - Competed in UKSEDS ORT. SDC.. NRC., MACH 24. Won the Overall Prize & Best Innovation Prize in Olympus Rover Trials (AdVan￿d Stream). Won the Best Outreach Award in Satellite Design Competilion. They also delivered multiple outreach events for A. level students to promote passion towards STEM in UK. UIAS Society - the Unmanned & Intelligent Aerials Systems Society competed in the IMechE UAS Challenge 24 for the 1st time and the walking Society restarted and organised several day walks plus also a weekend walking in the Peak District. Other activities The CSA continues to support a policy for the provision of SeNi￿S to students, rather than wilh Ihe intent of making signrficant profits. However, any surpluses are ￿inVested into the pursuil of the organisation's objectives. We provided facilities, resources and supported sludent led events, such as Ihe MBA Charity Auction. SAFAD Week wth fundraisers, promotional support for university departments, such as Careers through drop in events, cyde saviours for Energy & Environment, and regular SWADS events to promote wellbeing. Page 3

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 FINANCIAL REVIEW Financial position Our main areas of operation ¢xJntinued to make a small profit with the exception of the shop that continues to fall short of required figures to continue to be viable. Discussions were held about the potential of repurposing the area which could be implemented further down the line should income fail to improve. This is due to a lot of staff still working from home and our lunchtime sales being hit as a result. While staff members are not our target audience. it continues to have an impacl on sale figures. Our most successful area of financial growth was in external catering which proceeded to substantially go above predicted income. This has resulted in greater exposure of the CSA and the ability to generale funds that allowed for the refurbishment and importantly. employ additional student staff. The CSA'S gross income for the year 2023-24 from all sources was £919.551 (2023.. £902,645). This included continued support from Cranfield University in the form of grants tolalling £364,574 (2023-. £342,4641- Expenditure totalled £911.067 (2023.. £872,608) creating an overall surplus for the year of £8,484. (2023.. £30,03n. This included depreciation of assets totalling £15,762 (2023-. £10,132), suggesting an operating cash surplus of £24,246 (2023.. £40,169). The CSA encourages strong and active clubs & societies at Cranfield University. To support these groups, the CSA holds their funds for safekeeping within its own accounts. At present, these funds total £32,043. The block grant from Cranfield University for 2024-25 has nol been agreed. Discussions have taken place with university execLrtives, but official figures have not been released. Reserves pollcy The reserve policy of Cranfield Students, Association (CSA) is.. 1. The CSA maintains a financial reserve of unrestricled funds. 2. The reserve protects the CSA against unexpected events. either significant changes in income or expenditure required in an omergency to protect the CSA'S operations. 3. The size of the unrestricted reserve is reviewed annually by the CSA Trustees at the time of the presentation of the annual accounts. This figu￿ is based upon income and expenditu￿ but is mitigated by the CSA'S mutually supportive relationship with the University. 4. The size of the reserve may be varied to allow the CSA to accumulate funds for specified future expenditure. 5. It is the intention that the CSA should operate on a zero-budget on an annual basis with no significant surplus or deficit. 6. The Trustees may either authorise additional expenditure or require operational savings in any year to maintain the reserve at the required amount. 7. This policy is reviewed every three years, or sooner al the Trustees, discretion. There was a change in the value of fixed assets to £19.808 {2023-. £47.389). Total funds stand at £292.627 (2023.. £284,143) of which £235.87612023'. £234,659) are unrestricted and £56,751 (2022.. £49,484) are restricted. This presenls a good cash flow situation based on strong and appropriate reserves in line with our reserve policy. Page 4

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 FINANCIAL REVIEW Principal risks and uncertainties Risks are dealt wth in the CSA Risk Management document- Ihe major risks that affect financial performance were identified at the time of review as follows. i) The University cuts CSA funding due to its own financial challenges or priorities {either in absolute or real terms). Examples might include the University's development of the University beacon facility or COn￿ntratIon of resources on MK".U. ii) The CSA commercial services fail to satisfy the needs of students, leading lo overall dissatisfaction, a reduction in engagement and a fall in revenue. iii) Inability to set and achieve reasonable budgets threatens the financial viability of the CSA. iv) Extemal fraud or theft or uncolledable bad debts result in significant financial loss to Ihe CSA. These would be exacerbated if the CSA had weak financial controls. Concerns are the overall numbers of studenls, both on and off campuses, the degree of engagement of those students and the necessity for revised operating procedures and expenditure. The situation remains under continual review by the Trustees, Officers, and staff of the CSA. The major risks that could impact the CSA were reviewed by the Trustees and procedures agreed to mitigate those risks. These risks are monitored and mitigated by an annual management strategy meeling and the maintenance of adequate reserves. The tnjstees have considered the ongoing viability of the CSA during and post pandemic and after having looked at several scenarios are satisfied Ihat it remains viable for the next twelve months and indeed on going. In addition, the University has offered some support during this difficult lime which the trustees believe it therefore sees the CSA as an inlegral part of university life. FUTURE PLANS The CSA will focus on enhancing provisions for all students during their time at all sites and prioritise student support. The CSA undertakes this work to ensure that studenls receive a valued experience al Cranfield and student activities are implemented to the benefrt the student body. We will continue to raise awareness of our financial situation in the hope of securing more block grant funding and to analyse the review findings which we anticipate will have many further key areas lo address as a priority. Our values and ethos of supporting sludents and representation will remain paramount, and we hope to address representational structures with the university to ensure compliance and implemenl a reporting structure that holds value for all. The CSA will continue to push for enhancing the relationship be￿een the University and the charity and will be guided from the findings from the external review. This is with the intent on ensuring we are legally compliant while achieving our constitutional goals and enhancing operations to maximise benefit to all students. The premises will hopefully see further improvements on a greater level than just cosmetic. We plan to address this issue wth the university and request permission to apply for additional funding to make essential improvements to the toilets, that currently fall below the recommended requirements, and to seek clarification as to who has ownership of which areas. The CSA general manager will keep the chair of the tnJstees. and the board regularly updated on progress and proposed spend. Page 5

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Education Act 1994, Cranfield University has a statutory duty lo ensure that the CSA operates in a fair and democratic manner and is held to proper account for its finances. The CSA therefore works alongside Cranfield University in ensuring ihat the affairs of the CSA are properly conducted and that the educational and weffare needs of its members are met. CSA seeks lo: i) ensure that the diversity of its membership is recognised, and that equal a￿e$S is available to all Members of vthalever origin or orientation. ii) pursue its aims and objectives independent of any political party or religious group.. and iii) pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society- Two of the Officer Trustees are paid as part time offi￿rS of the CSA. The President is a half time sabbatical post. working for the CSA alongside their sludies. The Vice President {Shrivenham) is paid for 10 hours per month. Neither is paid for working as Trustees. and all other Trustees give their lime voluntarily. These arrangements are in accordan￿ with Charity Commission and NUS guidance on employment of truslees. The trustees determine the overall strategic direction and development of the CSA. The Trustees delegate day-to-day power to the General Manager. The Executive Committees represent the students at Cranfield Universiiy and their viewpoint to the Cranfield Students, Association trustees. management, and various University operational committees. The opinions of the Executive Committees are prioritised by the CSA'S operational managers when planning activities. Training of both Trustees and Officers continues to be developed lo reflect their responsibilities. This is an on-going process as the CSA works to ensure that its Trustees and Executive Officers have the greatest possible opportunity to suC￿ed in their roles. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1143960 Principal address CSA Cranfield University College Road Cranfield Bedford MK43 OAL Trustees Stewart Oates External Trustee Appointed Reappoinled Appointed Appointed Appointed Appointed Appointed Appointed Reappointed 1510312017 1810312020 1510312018 0510512022 Retired 0110412024 3110512024 0610412023 Retired 3110512024 2211112022 Retired 3111012023 0210412022 0610412023 Anne Granger Tom Gregory Muhammet Sen Ehizuelen Imafidon Annabel Leger Bonny Thawani External Trustee Extemal Trustee President President Vice-President (Cranfield) Vice-President (Shrivenham) Mayank Shamia Lydia Fromosu Abhishek Malayappan Kamalanathan Jen Hollands Hanna Coles Vice-President (Cranfield) Student Trustee Student Trustee 11- Appointed Appointed Appointed 3011012023 2211112022 Retired 3111012023 2211112022 Student Trustee Student Trustee Appointed Appointed 0111112023 0510512024 Page 6

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner J T G Harris Harris & Clarke LLP 7 Billing Road Northampton NORTHAMPTONSHIRE NN15AN General Manager Lorraine Wright The general manager is employed by Cranfield University who set pay and remuneration scales for this position. Bankers Natwesl plc 501 Silbury Boulevard Saxon Gate East Milton Keynes MK9 3ER Appointment of Trustees Officer and Student Trustees are elected by the student body as described in the CSA bye laws.. Student Trustees every years and Officer Trustees annually. External Trustees are recruited by the CSA Appointments Committee and confirmed by students at a general meeting as described in the CSA constitution and byelaws. No external body may appoint a trustee. All External Trustees must be approved by students at a general meeting before taking up their appointment, and they then serve for three years. All Trustees are inducted and trained by the CSA General Manager supported by documentalion provided by Ihe Charity Commission,. further training may be provided by the University. This year a new extemal trustee member was appointed. The Board of Trustees has authority to manage the affairs of CSA in a professional manner. The Members enjoy the right to elect a proportion of Ihe Trustees and to dismis5 all the Trustees. The Board of Trustees gives the utmost consideration to the views of Members. EXECUTIVE OFFICERS During the year, the following people served on the Executive Committees, together with the President and Vice-Presidents. ranfield Cam EDandl Wellbeing Officer Green Officer VI￿ President International Officer Execulive Secretary Umang Agrawal Nathan D'souza Kim Del Kaze Mayank Sharma Dhairya Shah Shravan Setlur Shrivenham Cam us Publicity Officer Vice President Engagement Officer Social Officer Laura Brown Bonny Thawani Gurkan Yesilyurl - resigned 3111212023 Bryn Nicol Page 7

Cranfield Students. Association Report of the Trustees For The Year Ended 31 July 2024 Approve order of the board tru es on 16 May 2025 and signed on its behalf by.. Mrs s - Trustee Page 8

Independent Examiner's Report to the Trustees of Cranfield Students. Association Independent examiner's report to the trustees of Cranfield Students. Association I report lo the charity trustees on my examination of the accounts of Cranfield Students, Association (Ihe Trust) for the year ended 31 July 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Ad 2011 ('the Act,). I report respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(51(b} of the Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because l am a member ofthe Institute of Chartered A￿untantS in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connects'on with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or the accounls do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of arKounts set out in the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. arris The Institute of Chartered Accountants in England and Wales Harris & Clarke LLP 7 Billing Road Northampton NORTHAMPTONSHIRE NN1 SAN 16 May 2025 Page 9

Cranfield Students. Association Statement of Financial Activities For The Year Ended 31 July 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 191,332 141,432 332,764 306,307 Charitsble activities Representation, social and welfare 416,596 31,810 448.406 428,749 Other trading activities Investment income 134,989 3.392 134.989 3,392 165,560 2.029 Total 746,309 173,242 919.551 902,645 EXPENDITURE ON Raising funds 130,562 130,562 132,226 Charitable activities Representalion, social and welfare 614,530 165,975 780,505 740,382 Total 745,092 165,975 911.067 872,608 NET INCOME 1,217 7.267 8,484 30,037 RECONCILIATION OF FUNDS Total funds brought fO￿ard 234,659 49.484 284.143 254,106 TOTAL FUNDS CARRIED FORWARD 235.876 56.751 292.627 284,143 CONTINUING OPERATIONS All income and expenditure has arisen from continuing adivities. The notes fomi part of these financial statements Page 10

Cranfield Students. Association Balance Sheet 31 July 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 12 67,197 67,197 47,389 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 30.908 32.658 211,656 30,908 32,658 269,450 32,026 40,109 268,151 57,794 275.222 57,794 333,016 340,286 CREDITORS Amounts falling due within one year 15 (106,5431 {1,043) (107,586) {103,532) NET CURRENT ASSETS 168,679 56,751 225.430 236,754 TOTAL ASSETS LESS CURRENT LIABILITIES 235,876 56,751 292,627 284,143 NET ASSETS 235.876 56,751 292,627 284,143 FUNDS Unrestricted funds Restricted funds 16 235,876 56.751 234.659 49,484 TOTAL FUNDS 292,627 284,143 The financial statements were approved by the Board of Trustees and authorised for issue on 16 May 2025 and were signed on its behalf by.. Mr SO Oates- Trustee Mr M Sen - Trustee The notes form part of these financial statements Page11

Cranfield Students. Association Cash Flow Statement For The Year Ended 31 July 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 33,477 33,406 Net cash provided by operating activities 33,477 33,406 Cash flows from investing activities Purchase of tangible fixed assets Inlerest received (35,570) 3.392 (12.410) 2,029 Net cash used in invesling acttvities {32,178) (10,381) Change in cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period 1,299 23,025 268.151 245.126 Cash and cash equivalents at the end of the reporting pertod 269,450 268,151 The notes form part of these financial statements Page 12

Cranfield Students. Association Notes to the Cash Flow Ststement For The Year Ended 31 July 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Finan¢ial Activities) Adjustments for: Depreciation charges Interest received Decreasellincrease) in stocks Decreasel(increase) in debtors Increase in creditors 8,484 30,037 15.762 {3,392) 1,118 7,451 4,054 10,132 (2,029) (4,862) (17.390) 17,518 Net cash provided by operations 33,477 33.406 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.23 Cash flow At 31.7.24 Net cash Cash at bank and in hand 268,151 1,299 269.450 268,151 1.299 269.450 Total 268.151 1,299 269,450 The notes form part of these financial statements Page 13

Cranfield Students. Association Notes to the Financial Statements For The Year Ended 31 July 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan￿ with the Charities SORP (FRS 102) 'Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charilies Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Slatement of Financial Activities once the tharity has entitlement lo the fijnds. it is probable that the income will be received and the amount can be measured reliably. For donations be recognised the charity will have been notified of the amounts and settlement date in writing. Donated servitss are recognised in income at their fair value when Iheir economic benefit is probable, it cAn be measured reliably and the charity has conlrol over the item. Fair value is determined on the basis of Ihe value of the gifi lo the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. Income from trading activilies includes income earned from events and other Irading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entrtlement has occurred Income from grants is recognised at fair value when the charity has entitlement after any perft)rmance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If ents'tlement is not met then these amounts are deferred. Grant income from the Govemment Coronavirus Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relale. The payroll liability has been incurred by the CSA, and it has therefore met Ihe conditions to claim for that payroll accounting period. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.Costs are allocated based on Iheir relevance to the activity. Grants payable to third parties are within the charitsble objectives. Grants to institutions are to individual club5 and societies. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of Ihe grant, as this gives rise to a reasonable expectation that Ihe recipient wll receive the grants. Where granls are condilional relating lo performance Ihen the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Tangible fixed assets The fixed assets are measured at cost and depreciation is provided al the following annual rates in order to write off each asset over its estimated useful life Cost includes costs directly attributable to making the asset capable of operating as inlended. Improvemenl to property - straight line over ten years Fixtures and fittings 250/0 on cost Fixed assets are capitalised rf they can be used for more than one year at cost at least £500. They are valued at cost. Page 14 continued...

Cranfield Students. Association Notes to the Financial Ststements - continued For The Year Ended 31 July 2024 ACCOUNTING POLICIES - continued Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowan￿ for obsolete and slow moving items. Taxation The charity is a not for profit organisation and is not subject to corporation tax. Fund accounting Unrestricted funds can be used in accordance wilh the charitable objectives at the discretion of Ihe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fvnd is included in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charity operales a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Stalement of Financial Activities in the period to which they relate. Going concern The finanaal statements have been prepared on a going concern basis as the Trustees have detemiined thal there are no material uncertainties that cast doubt upon the entities ability lo continue in the foreseeable future. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient wilh the level of reserves for the charity lo be able to continue as a going cOn￿M. DONATIONS AND LEGACIES 2024 2023 Donated services and facilities University Grants 141,432 191.332 131,810 174.497 332.764 306.307 Donated services consist of the wages and assouated costs of the general manager. finance manager and CSA o-ordinator, who are all employed by Cranfield University but work full time on behalf of the association. Page 15 continued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 OTHER TRADING ACTIVITIES 2024 2023 Shop income Pool table and air hockey income Photo booth commission Room hire Marketing-PromotionlAdverts Coach trips and events Coach card 116.843 4,306 321 175 1,475 10,789 1,080 151,179 1,242 381 355 1.300 10,021 1,082 134,989 165,560 INVESTMENT INCOME 2024 2023 Deposit account interest 3,392 2,029 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Representation, social and welfare Representation, social and welfare Representation, social and welfare Representation, social and welfare Bar income Cafe Income NUS Extra income Grants 147,522 267,174 1.900 31,810 154.331 236,328 1,933 36,157 448.406 428,749 Grants received, included in the above, are as follows.. 2024 2023 Clubs and societies Shrivenham Campus 19,810 12.000 24.157 12,000 31.810 36,157 Page 16 continued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 RAISING FUNDS Other trading activities 2024 2023 Purchases Staff costs Coach trips and events costs Coach cards 82,167 37.683 9,387 1,325 114.192 8,764 9,270 130,562 132,226 CHARITABLE ACTIVITIES COSTS Support costs {see note 8) Direct Costs Totals Representation. social and welfare 613.197 167,308 780,505 SUPPORT COSTS Govemance costs Finance Other Totals Representation, social and welfare 1,370 160,483 5.455 167.308 Support Gosts. included in the above, are as follows.. 2024 Representation, social and welfare 2023 Total activities Bank charges Wages Training Servi￿$ provided in kind Accountancy and legal fees 1.370 17.125 1,926 141.432 5,455 1,944 17.331 1,220 131.810 5,000 167.308 157.305 Page 17 continued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 TRUSTEES. REMUNERATION AND BENEFITS President E Imafidon £9.762 (2023 £2,918) Msen £2,859 {2023 £0) J Wainwrighl £0 (2023 £9,463) Vice President Ishrivenham) B Thawani £1,320 (2023.. £1,320) The President is paid as a part time offI￿r of the CSA which is a half term sabbatical post alongside their studies. The VI￿ President (Shrivenham) is paid for 10 hours per month. Neither is paid for working as a Trustee. All other Trustees give their time voluntarily. These arrangements are in accordance with Charity Commission and NUS guidelines on employment of trustees. Trustees, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 262,798 3.825 6,757 219.067 11,676 4,114 273,380 234,857 The average monthly number of employees during the year was as follows.. 2024 2023 Officers Administration Shop Barlcafe 14 14 25 24 No employees received emoluments in excess of £60,000. Staff costs include £13,941 (2023:13,701) paid lo trustees. In addition to the above, the general manager. finance manager and CSA co-ordinator are employed by Cranfield University but work full time on behalf of the association. Their salaries and related costs of £141,432 (2023.. £131,810) are included as part of services provided in kind, not staff costs. Page 18 continued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 174,496 131,811 306.307 Charitable activities Representation, social and welfare 392,592 36,157 428,749 Other trading activities Investment income 165,560 2,029 165,560 2,029 Total 734,677 167,968 902,645 EXPENDITURE ON Raising funds 132,226 132,226 Charitable activities Representalion, social and welfare 568.642 171,740 740,382 Total 700.868 171,740 872,608 NET INCOMEIIEXPENDITURE) 33.809 (3,772) 30,037 RECONCILIATION OF FUNDS Total funds brought forward 200,850 53,256 254.106 TOTAL FUNDS CARRIED FORWARD 234,659 49,484 284.143 12. TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Motor vehicles Totals COST At 1 August 2023 Additions 261,837 25,759 160,753 3,423 422.590 35,570 6,388 At 31 July 2024 287,596 164,176 6,388 458,160 DEPRECIATION At 1 August 2023 Charge for year 230,305 8.363 144,896 6,600 375,201 15.762 799 At 31 July 2024 238.668 151,496 799 390.963 NET BOOK VALUE At 31 July 2024 48,928 12.680 5,589 67,197 Al 31 July 2023 31,532 15.857 47,389 Page 19 conlinued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 13. STOCKS 2024 2023 Stocks 30,908 32.026 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments 24,775 7,883 31,661 8,448 32,658 40,109 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Taxation and social security Other creditors 35.469 21,357 50.760 46,414 10,091 47,027 107,586 103.532 16. MOVEMENT IN FUNDS Net movement in funds At 31.7.24 At 1.8.23 Unrestricted funds General fund 234,659 1,217 235,876 Restricted funds Clubs and Societies Shrivenham Campus 33.293 16,191 34.836 21,915 5,724 49.484 7.267 56,751 TOTAL FUNDS 284.143 8,484 292.627 Page 20 continued...

Cranfield Students. Association Notes to the Financial Ststements - continued For The Year Ended 31 July 2024 16. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 746,309 (745,0921 1,217 Restricted funds Clubs and Societies Shrivenham Campus University Grants 19,810 12.000 141.432 118,2671 16,276} {141,432) 1,543 5,724 173,242 {165,975) 7,267 TOTAL FUNDS 919,551 (911,067) 8.484 Comparatives for movement In funds Net movement in funds At 31.7.23 At 1.8.22 Unrestrtcted funds General fund 200.850 33,809 234,659 Restricted funds Clubs and Societies Shrivenham Campus 41,977 11,279 {8,684) 4.912 33,293 16,191 53,256 {3.772) 49.484 TOTAL FUNDS 254,106 30,037 284,143 Comparative net movemenl in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 734.677 1700,868) 33,809 Restricted funds Clubs and Societies Shrivenham Campus University Grants 24,158 12,000 131,810 (32,8421 (7.088) (131,810) (8,684) 4,912 167,968 (171.740) (3,772) TOTAL FUNDS 902,645 (872.608) 30.037 Page 21 continued...

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.7.24 At 1.8.22 Unrestricted funds General fvnd 200.850 35.026 235.876 Restricted funds Clubs and Societies Shrivenham Campus 41,977 11,279 {7,141) 10,636 34,836 21.915 53,256 3,495 56,751 TOTAL FUNDS 254,106 38,521 292,627 A current year 12 monlhs and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fvnd 1,480,986 (1,445,960) 35,026 Restricted funds Clubs and Societies Shrivenham Campus University Grants 43.968 24,000 273,242 (51,109) (13,364) {273,2421 (7.141) 10,636 341,210 (337,7151 3,495 TOTAL FUNDS 1,822,196 (1,783,675) 38,521 Restricted Funds The restricted funds are made up of the following.. University grants - Grants received from Cranfield University in relation to se￿I￿S donated in kind. Clubs and Societies - Grants received from Cranfield University specifically for use of awards, grants for entrance, courses and affiliation fees for individual clubs and societies together with equipment for use of Clubs and Societies. Shrivenham Campus campus. Grants received from Cranfield University for associated cosls in respect of Shrivenham Page 22 continued..-

Cranfield Students. Association Notes to the Financial Statements - continued For The Year Ended 31 July 2024 17. RELATED PARTY DISCLOSURES The truslee E Imafidon acted as trustee for Cranfield University (The University) during the year. The association made sales of £94,496 {2023-.£69,5811 to the University and made purchases from the University of £75,616 (2023-.£79,3511. The association also received core grant income and donated services in kind of £320,261 (2023'.£306,3071 from the University. The association also received a university departmental grant of £12.000 {2023:£12,000) specifically for the Shrivenham campus and a university restricted grant of £19.810 (2022= £24,157) specifically for student clubs and societies. The amount due from The University at Ihe year end, which is included in trade debtors is £24.194 (2023-. £22,364> The amount due to The University at the year end which is included in trade creditors, is £7,631 (2023:£11,822}. The student body operates various clubs and socielies for which the CSA hold monies. The balance held at the year end is £32.043 {2023'. £29.31 n and the consequential liability is shown in note 16. The association gave grants to various individual clubs and societies amounting to £0 (2022-. nil) 18. FUNDS HELD AS AGENT Other creditors includes funds held on behalf of the individual dubs and societies under Bye Law 15 para 21. These receipts and payments only reflect Iransactions made or re￿iVed by CSA on behalf of the clubs and societies. Under Bye Law 15 para. 24 balances there were no payments during the year reverted to CSA for dubslsoaeties which hadnl re-registered for 5 years. (2023'.£767). Under Bye Law 15 Para.28 the individual clubs and societies are responsible for maintaining their own accounting records and preparation of relevant accounts. As such the amounts paid and received by CSA on behalf of Ihe clubs and societies may not necessarily reflect all of the transactions of every club and society. CSA acts as agent for Ihese amounts paid and received during the year as follows.. 2024 2023 Bank balances brought forward Received Paid Reverted funds 29,317 47.431 (44.705) 27,749 44.887 (42,552) (767) Bank balance ¢2rried forward 32.043 29,317 Page 23

Cranfield Students. Association Detailed Statement of Financial Activities For The Year Ended 31 July 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donated services and facilities University Grants 141,432 191.332 131,810 174.497 332,764 306.307 Other trading activities Shop income Pool table and air hockey income Photo booth commission Room hire Marketing-PromotionlAdverts Coach trips and events Coach card 116,843 4.306 321 175 1.475 10.789 1,080 151,179 1,242 381 355 1,300 10,021 1,082 134,989 165,560 Investment income Deposit account interest 3,392 2.029 Charitable actlvities Bar income Cafe Income NUS Extra income Grants 147.522 267.174 1,900 31,810 154.331 236.328 1,933 36,157 448.406 428.749 Total incoming resources 919,551 902.645 EXPENDITURE Other trading activities Shop purchases Wages Coach trips and events costs Coach cards 82,167 37,683 9,387 1,325 114.192 8,764 9,270 130,562 132.226 Charitable activities Wages Social security Pensions Bar purchases and consumables Carried fomard 207.990 3,825 6,757 65,200 283,772 192.972 11,676 4.114 65.828 274,590 This page does not form part of the slalutory financial statements Page 24

Cranfield Students. Association Detailed Statement of Financial Activities For The Year Ended 31 July 2024 2024 2023 Charitable activities Brought forward Cafe purchases and consumables Space charges Stock movement Light and heat Telephone Printing, postage and stationery Computer costs and website Community support Equipment rental Repairs and maintenance Cleaning Stock take Security Entertainment Insurance Subscriptions Individual Clubs and Societies expendilure Irrecoverable VAT NUS Extra costs Executive projects Staff entertaining and rewards Major event costs Slaff uniforms Sundries Merchant charges Shrivenham Campus expenditure Travel expenses Depreciation - Improvements to property Depreciation - Fixtures, fittings and equipment Depreciation - motor vehicle 283,772 112,193 19.784 (2,076) 37,815 1,118 2,391 5,406 1.354 1.726 19,704 11,355 845 9,685 15,613 10.911 359 18,267 9.651 4.667 3,911 1,837 13.831 959 476 9,298 1.771 812 8,363 6,600 799 274,590 105,487 19,784 {2,413) 37,139 1,098 2,610 4,053 5,841 16,157 10,116 896 10,602 8,053 7,603 290 32,842 4,996 2,982 1,670 11,123 903 1,295 10,739 2,138 287 5,976 4,156 613,197 583,077 Support costs Finance Bank charges 1,370 1,944 Other Wages Training Se￿1￿$ provided in kind 17.125 1,926 141.432 17,331 1,220 131,810 160,483 150,361 Governance costs Accountancy and legal fees 5.455 5,000 This page does not form part of the statutory financial statements Page 25

Cranfield Students. Association Detailed Statement of Financial Activities For The Year Ended 31 July 2024 2024 2023 Total resources expended 911,067 872,608 Net income 8,484 30,037 This page does not forrn part of the statutory financial statement5 Page 26