2021-07-31-accounts

BT58 11

Charity Registration No: 1147786 Company Registration No: 08092471 (England & Wales)

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[st ] JULY 2021

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

CONTENTS

CONTENTS	Page
Legal and Administrative Information	1 - 2
Trustees’ Annual Report	3 -14
Statement of Trustees’ Responsibilities	15
Independent Auditors’ Report	16 - 18
Consolidated Statement of Financial Activities	19
Consolidated and Union Balance Sheets	20
Consolidated Cash Flow Statement	21
Notes to the Accounts	22 - 39

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[st ] JULY 2021

The Trustees present their report and the financial statements of Queen Mary, University of London Students’ Union for the year ended 31st July 2021 (the reporting year).

1. Legal and Administrative Information

Charitable status

Queen Mary University of London Students’ Union Limited, also known as QMSU (the Union), is a charitable company, company number 8092471 and charity registration number 1147786.

Registered Office

Students’ Union Hub, 329 Mile End Road, London, E1 4NT

Charity Trustees

The Trustees of the Union who hold office at the date of this Report, who are also directors of the Union for the purposes of the company law, are as follows:-

Officer Trustees	Adi Sawalha, Union President and Chair of Trustees
(from 01/08/21 unless otherwise stated):	Robert Tucker, Vice President Barts and The London
	Radhika Thiagarajan, Vice President Communities
	Saynab Sharif, Vice President HSS
	Bilge Kacmaz, Vice President S&E
	Muneer Hussain, Vice President Welfare
Student Trustees	Abdul-Baasit Al-Basakuta
(from 01/08/21 unless otherwise stated):	Mustafa Al-Asady
	Jack Juckes
	Sarrah Kaviwala
	Chenyang Li (appointed 24/11/21)
Lay Trustees:	Philip Bishop
	Beth Watton (resigned 28/09/21 )
	Chris Mitchell (resigned 02/12/21)
	Hugh Murdoch (appointed
	Chris Weavers - Deputy Chair of Trustees

The following also held office during the reporting year, as Trustees of the Union, in the capacities shown, and as directors for the purposes of company law:-

Officer Trustees: Shamima Akter, Union President and Chair of Trustees (from 01/08/20 to 31/07/21 Mat Robathan, Vice President Barts and The London Tiana Dinard-Samuel, Vice President Communities Cameron Storey, Vice President HSS Aphrodite Murray-Liddington, Vice President S&E Jack Juckes, Vice President Welfare

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[st ] JULY 2021

Student Trustees Vanessa Beale (from 01/08/20 to 31/07/21 Tom Longbottom unless otherwise stated): Elizabeth Edmonds-Magee Muhammad Daud Mustafa Ibrahim Razi Adi Sawalha External Trustees Philip Bishop Chris Mitchell Sally Pearman (resigned 17 September 2020) Chris Weavers Chief Executive Mike Wojcik Company Secretary Brad Coales Auditors TC Group The Courtyard, Shoreham Road Upper Beeding, Steyning West Sussex, BN44 3TN Solicitors Russell-Cooke 2 Putney Hill London SW15 6AB Bankers Barclays Bank plc 240 Whitechapel Road London E1 1BJ

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

2. Structure, Governance and Management

2.1. Governing documents

The Students’ Union operates as a charitable company, with Articles of Association (the Articles) as its governing document, together with bye-laws made under the Articles.

2.2. Recruitment and training of Trustees

Trustees are appointed in accordance with the Articles and relevant bye-laws. The Articles provide for the appointment of up to six Officer Trustees and six Student Trustees, to be elected by secret ballot in accordance with Union Bye-laws, and for the appointment of up to six External Trustees by an Appointments Committee.

Officer Trustees and Student Trustees receive an induction in the role, responsibilities and duties of Trustees. Officer Trustees also receive an induction and extensive specialist training on their roles as fulltime Students’ Union officers, delivered both internally and by external organisations, such as the National Union of Students. External Trustees receive inductions and briefings as required.

2.3. Organisational structure and decision-making

Under the Articles, the Board of Trustees is responsible for the management and administration of the Students’ Union, including its governance, budget and strategy. The Board has power to overrule any decision or policy of the members made in general meeting, in referenda or at Student Council, where it is considered there are financial implications, a breach of legal requirements, a contravention of the Students’ Union’s aims and objects or the carrying out of the Board’s responsibilities as above are affected. In the reporting year, the Board of Trustees had six meetings.

The Trustees have power to delegate their functions to committees or individuals. There are two standing committees, as provided for in the Articles, which are responsible for the functions set out in the relevant Students’ Union Bye-Laws or Terms of Reference. These are the Executive Committee, comprising the Officer Trustees (also known as Executive Officers) and the Audit and Risk Committee. The powers of these Committees do not, however, include any decision-making on behalf of the Board. In the reporting year, the Executive Committee generally met weekly and the Audit and Risk Committee had five meetings.

During the reporting period, meetings of the Board of Trustees and the Audit and Risk Committee were held online via Zoom when necessitated by the Coronavirus situation.

An Appointments Committee, as provided for in the Articles, responsible for the appointment of External Trustees, was convened to recruit two new External Trustees to fill vacant posts.

Student Council, elected annually from and by the Union’s members and constituted in accordance with bye-laws, has the powers set out in the Articles, including setting the representational and campaigning policy of the Union. Student Council met five times in the reporting year. An Annual Members’ Meeting was held on 26 January 2021.

In the reporting year, the Executive Officers were responsible for the duties of their respective full-time offices as set out in Union’s Bye-Laws.

Day-to-day management of the operation and administration of the Union is delegated by the Trustees to the Chief Executive. The Chief Executive reports to Trustees at each Board of Trustees’ meeting, and as necessary between meetings and to Committees of the Board.

2.4. Network - impacting on operating policies

The Union is affiliated to the National Union of Students (NUS). The policy, guidance and other information resources of the NUS have been considered in the operating policies of the Union.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

2.5. Relationship with related parties

2.5.1 QMSU Services Limited

QMSU Services Limited is a wholly-owned subsidiary of the Union. It carries out significant trading activities in support of the Students’ Union’s work, including Qmotion Sport and Fitness Centre, Fitness to Practice gym facilities, Drapers Bar & Kitchen, the Griff Inn Bar & Kitchen, the retail outlets of Union Shop, the Village Shop and the BLSA Box Office, and Ground Cafe and the Shield Café. It also administers a number of activities at the QMUL sports ground in Chislehurst.

The Chief Executive of the Students’ Union is, ex-officio, a member of the Board of Directors of QMSU Services Limited and is the company’s Managing Director. The Students’ Union President is also, ex-officio, a member of the Board of Directors. Another Officer Trustee and a Student Trustee, as nominated by the Board of Trustees, serve as Board Directors. Two members of Student Council are members of the Board of Directors. There is also provision for three Independent Directors on the Board, of which two positions are currently filled.

Whilst the Students’ Union’s financial statements are prepared for each year on a consolidated basis, and include the income, expenditure, assets and liabilities of QMSU Services Limited, separate reports and financial statements for QMSU Services Limited for the reporting year, compliant with company law, can be viewed on the Students’ Union’s website.

2.5.2 Queen Mary University of London (QMUL)

The Students’ Union works closely with QMUL, both in partnership and joint working and in their respective activities. The Students’ Union President is, ex-officio, a member of QMUL’s Council. The Students’ Union President, Vice President Barts and The London, Vice President Humanities and Social Sciences, and Vice President Science and Engineering are, ex-officio, members of QMUL’s Senate, and two representatives of QMUL are members of the Board of Directors of QMSU Services Limited.

QMUL provides an annual (Block) grant to the Students’ Union, which funds the Union’s core charitable activities, and other ad hoc grant funding.

QMUL also provides the premises from which the Students’ Union and QMSU Services Limited operate their respective services and activities. Those premises include the Students’ Union Hub, Union Shop, the Village Shop and Ground Café on the Mile End Campus, the Griff Inn Bar & Kitchen, the BLSA Reception and the remainder of the BLSA building at the Whitechapel Campus, and, in Charterhouse Square, the Shield Café and the Fitness to Practice gym. QMUL is responsible for agreed matters relating to the premises, including maintenance of the fabric of the buildings, plant and machinery, fixtures and fittings and payment of utility and insurance costs. The Qmotion Sport and Fitness centre premises, and Drapers Bar & Kitchen are held by QMSU Services Limited under lease from QMUL.

QMUL also provides support services in several areas, including human resources, campus security and other campus provision, health and safety, insurance, buildings work project management, provision of ad hoc space and the hosting of the Students’ Union’s and QMSU Services Limited’s accounting records on its accounting systems.

The estimated value of the premises and of the support services provided by QMUL totals £405,187(2020: £393,386). That amount is included in the Consolidated Statement of Financial Activities as income as a grant, and as expenditure allocated to relevant charitable activities. The basis on which the value of the premises and support services has been estimated, and the basis on which the allocation as expenditure has been made, is indicated in Note 2 (h) to the financial statements.

A Code of Practice is issued from time to time by QMUL’s Council under section 22 of the Education Act 1994. This sets out the agreed arrangements between QMUL and the Students’ Union in relation to Council’s statutory duty to take such steps that are reasonably practicable to ensure the Union operates in a fair and democratic manner and is accountable for its finances.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

A Memorandum of Agreement (MOA), sets out the framework for an ongoing mutually supportive and beneficial relationship between the University and the Students’ Union, detailing their respective roles and responsibilities. A MOA Panel has been established to monitor developments and agree any amendments and appended service level agreements. The Panel membership consists of three members of QMUL, a member of College Council, and three members of the Students’ Union, including the President, an external member of the Board of Trustees or the Board of Directors of QMSU Services (as nominated by the Board of Trustees of the Union), and the Chief Executive. QMSU Services Limited is also party to the Memorandum of Agreement and, where relevant, to the arrangements entered into under it.

3. Objectives and Activities

3.1. The Students’ Union’s legal purposes

The legal purposes of the Students’ Union are set out in its Articles. These are, in summary, the advancement of education of students at QMUL for the public benefit by:

• promoting the interests and welfare of students at QMUL during their course of study and representing, supporting and advising students;

• being the recognised representative channel between students and QMUL and other external bodies; and

• providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of students.

3.2. The Students’ Union’s aims under the Strategic Plan 2020

The Strategic Plan sets out the Students’ Union’s mission, vision and values, with the vision underpinned by a number of strategic aims. The Union’s mission is ‘Together we improve students’ lives’ and its vision is ‘We want to be at the heart of the student experience’.

The Board of Trustees agreed that the Students’ Union’s Strategic Plan should be extended until 2021, recognising that the current plan was approved during the first year of its operation, and that the benchmarking for many of its KPIs took place during that year. The extension will allow for three full years of delivery and work on developing the next Strategic Plan will be undertaken during the extension period.

3.3. The Students’ Union’s main objectives for the reporting year

The key objectives, as set out in the Strategic Plan 2020, for the reporting year were:

Strategic Aims	Objective
Theme 1	Student Voice– We will make sure students’ voices are heard, valued and acted upon.
Theme 2	Education and Welfare– We will support students’ education and welfare, so each student has the opportunity to fulfil their potential.
Theme 3	Opportunities and Communities– We will create and support, social, cultural and recreationalactivities so that studentsfeelpart ofa community.
Theme 4	Student Futures– We will empower students to shape their own futures.
Theme 5	Enablers– We will build a strong and efficient Union that is ready to deliver for students.

3.4. Volunteers

The Students’ Union benefits from a significant volunteer contribution in taking forward its work. During the

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

reporting year, in addition to the voluntary contribution of six Student Trustees and five External Trustees, 50 volunteer part-time officers and student representatives served on Student Council. 432 students also acted voluntarily as course representatives. There were 87 students involved in running volunteering groups, 1487 students were involved in running societies, 413 in running the sports clubs and 73 in running student media outlets.

3.5. The public benefit context

In the planning of activities for the reporting year, the Board of Trustees considered the Charity Commission’s general guidance on public benefit. The Trustees consider it to be in the public benefit that the Students’ Union assists the educational aims of QMUL by supporting students, both in terms of their academic performance and in their welfare to enable them to fulfil their individual potential, as well as in terms of their wider life experiences, through their personal development, to enable them to contribute now and in the future to their communities and society as a whole.

4. Achievements and performance for the reporting year

Adapting and re-opening our services

A significant amount of work was put in by our staff to complete detailed risk assessments to ensure our spaces were covid-secure and continued to meet the requirements outlined in government guidelines to provide a safe environment for all. This was particularly necessary when we re-opened all of our spaces for the new academic year in September 2020, and then again following the January to March 2021 lockdown period that saw the enforced closure of some of our spaces, such as the Qmotion Sport & Fitness Centre. Work included producing a range of Covid messaging and signage in-house, creating safety videos for students, rolling out track & trace, and changing the layout of our spaces to allow for social distancing.

Many workstreams were also completed by our staff to develop alternative ways of delivering our key services e.g. adapting our traditional Welcome Fair event into a new outdoor Market event, creating a new programme of online and hybrid events, transitioning in-person training for student leaders to new online platforms, and offering new volunteering opportunities for students online through our partner charities.

Mitigations were also put in place to keep spaces open in a covid-secure way e.g. continuing to open our Multi-Faith Centre and facilitating Friday Prayer in our spaces in a way that was safe for our students.

4.1. Achievements and performance against key objectives in the Strategic Plan 2020

Strategic Aim	Key Achievements - The Year in Numbers
Theme 1	 2nd in the Russell Group for National Student Survey (NSS) Question 26 (Satisfaction with the Students’ Union)  166 student nominations in the Spring Elections  3,970 students voted in our first-ever online Elections  874 students attended the Annual Student Meeting  1,367 student responses to our Tell Us survey on Covid-19 impact  7 delegates attended NUS National Conference
Theme 2	 624 students participated in our SMD mentoring scheme  432 Course Reps elected and in-post  439 Teaching Award nominations received  6 ‘Diverse-ish’ Forums (Anti-racism Forum)  190 Course Rep Awards nominations

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

	Theme 3	 9845 Society and Student Media outlet members  607 Get Active participants  150 applications for our University Challenge team  280 social leagues participants  1551 Sports Club members  52 Welcome Week events  279 student-led Societies  338 External Speakers  295 Societies,  7 Student media outlets
	Theme 4	 300+ students engaged in Employable Me  22 alumni participated in Employable Me  15 student-led Volunteering Group  24 student groups raised money through our Adopt a Charity scheme  60 students volunteered their time with the East London NHS Foundation Trust and St John Ambulance  270 participants in virtual Community Foundation sessions  90 (average over year) Student Staff in our team
	Theme 5	 New Students’ Union website launched  26% increase in webpage views year on year  7,500+ members in our new students Facebook group  Introduction of a new online events platform  Introduction of mobile ordering in our on-campus venues  Transition of training for student staff and student leaders to new online platforms

4.2. Other achievements and performance in the reporting year

Employability

It is well recognised that participation across the range of opportunities and activities offered by the Students’ Union help students develop their skills and future employability. This year a new series of networking sessions and workshops was introduced that aimed to help students better understand how their unique skills and experiences can impact their employability, skills and future in the workplace. We also wanted to support students by improving their understanding of the transition from university to the workplace. Employable Me was developed with support from the University’s Careers Service and Queen Mary Alumni, with over 300 students participating and 22 alumni given a platform to share their experiences and knowledge. Sessions focussed on issues in the workplace including female empowerment, race and sexuality, gender and religion and imposter syndrome, whilst a session on a degree not defining your career was also run.

Governance and Democracy

2020-21 was the first year of our new expanded democratic structure. The new structure introduced two additional Executive Officers, improved faculty and school-level representation and achieved a more balanced Student Council. Embedding this structure and ensuring student representatives received the best support possible was a key focus for the year, and has allowed the Students’ Union to deliver more granular representation.

We also introduced new Faculty Forums, and Student Council sub-committees that have helped to

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

empower specific student communities through devolved decision making and policy creation relating to areas such as liberation, postgraduates, international students and areas such as sustainability. The introduction of School Representatives has enabled the Students’ Union to improve student representation at school level, helping to ensure more student voices are heard, and ultimately increase student satisfaction.

The introduction of faculty-based Executive Officers and a new Vice President Communities role allowed for more in-depth engagement with University partners and other stakeholders, and allowed greater input and focus on specific projects such as the Covid Mitigation Policy, and the introduction of a new framework for Student Staff Liaison Committees. The accountability of the full-time Executive Officers has been improved by the introduction of a Scrutiny Panel, allowing students to hold their elected officers directly to account.

A new online Course Rep Hub has helped to improve the visibility of Course Reps, and to improve support for Course Reps, students and staff by making it easier to access key information and resources about the Course Rep system.

A new Education Manual was introduced, Course Rep roles and responsibilities were reviewed and updated, a new Staff Student Liaison Committee (SSLC) training programme was launched at the University’s Festival of Education, and an annual SSLC Report was introduced to monitor the effectiveness of SSLCs.

The Students’ Union also worked with its partner, the University of London in Paris Students’ Union, to offer Course Rep training to students there and supported each other’s work on a Covid Mitigation Policy.

We recognised a need to do more to improve the engagement of the postgraduate community who were underrepresented across Students’ Union activities. Our student representatives developed Project Doctorate. Through listening forums and consultations, we gathered ideas to improve engagement. We mapped out current representation structures and identified barriers to engagement. Working with the Doctoral College we streamlined the representation structure ready for the 2021-22 academic year.

We also held our first Postgraduate Fortnight celebrations that brought postgraduates together through a programme of social and academic events, both in-person and online, in conjunction with the University’s Doctoral College and Library Services. A bid to the University for a Postgraduate Internship role was successful, allowing us to build on the work of Project Doctorate in the 2021-22 academic year.

Due to the Covid situation, our Annual Student Meeting was held online for the first time. We saw a record attendance, with 874 individual students present. Attendees asked questions and raised concerns with the Executive Officers, and presented their own motions for debate. As well as our highest recorded attendance, we also saw engagement from a record number of international students, including student attendees from international campuses, and those who had not returned to the UK due to Covid travel restrictions.

Welcoming new students

Despite the backdrop of the pandemic, we were proud to still be able to deliver a programme of over 50 in-person, online and hybrid events as part of Welcome Week which ensured students received a great welcome to Queen Mary. Events included outdoor cinema nights, food and drink events, escape rooms, quiz nights, picnics in the park, Get Active, sport, ‘crafternoon’ art sessions and much more. Alongside this we created a bespoke programme in conjunction with the University’s Residential Life team to ensure a great welcome for all those living in halls.

Our Welcome Market events acted as an alternative to our traditional Welcome Fair events, welcoming over 500 students to two outdoor markets featuring Students’ Union and University services. Alongside this, a new Online Welcome Fair event was attended by over 100 of our student groups and featured interactive video rooms, pre-recorded content and other features. There were over 6,500 page visits to the Online Fair, with the event being repeated in January.

Sport

The University and the Students’ Union have a Joint Sports Strategy, with a mission: ‘To inspire our University community to engage in sport and activity, to enhance their student experience and physical

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

and mental well-being, making life long changes.’

During the reporting year, our sporting programmes could not be delivered in the normal way, however our dedicated Sports Development team still delivered a programme of weekly pop-up activities on campus, alongside Wellbeing Walks. Activities included cornhole, table tennis and badminton, and allowed students the chance to get outdoors and socialise with others. Over 600 students participated in these activities, with a further 40 students and staff joining our Couch to 5K programme that offered coaching and support. An easing of restrictions in Semester 3 allowed for the return of Social Leagues in which over 150 students across 11 teams participated. On-campus activities were complemented by an accessible online programme that included Yoga, PiYo, HIIT sessions and more.

Our Sports Club still engaged over 1,500 members, with in-person training and friendlies (in the absence of BUCS competitions) continuing outside of restrictions. In restrictions our Club Sport Marches On initiative saw 10 Sports Clubs provide a series of fitness and wellbeing challenges for students to undertake, helping to promote physical activity and positive wellbeing.

Student Societies

We were amazed by how flexible and creative our student-led Clubs & Societies were in adapting to the challenges of Covid-19. They showed resilience and a commitment to continue fostering a sense of community amongst students, helping to shape a positive student experience and improve student wellbeing at a time when it was more important than ever to do so. Students’ Union staff provided direct support throughout the year, adapting events, ensuring health & safety compliance, and providing training and guidance to give student leaders the best support possible. Activities included language workshops, quiz nights, guest speaker events, craft sessions, photography walks, treasure hunts around London, cheese & wine nights, sport activities in the park, and many more.

To reward and recognise the work of our Clubs and Societies we introduced a new accreditation and awards scheme based on previous student feedback. Groups were given the opportunity to submit evidence against set criteria on how they engaged with their members and ran their groups, based against a points criteria. We saw a 24% increase in Bronze, Silver and Gold trophy awards for groups, with 22 student groups winning a gold award, up 31% on 2019-20. For our individual and group awards we received 214 nominations, up 117 on the prior year. two of our Student Media outlets won two awards at the Student Publication Association Awards, recognising their outstanding work to create a great student experience at Queen Mary.

81% of student group leaders said they felt part of a community through their involvement in a student group and 89% felt they had gained skills through their involvement in student groups.

Volunteering

The Covid-19 pandemic placed real pressure on the resources of the NHS. We actively coordinated the recruitment and deployment of medical, dental and other students into various NHS and clinical roles. Through working with NHS Trusts and local GPs we were able to allow students to provide support in a safe and helpful way. Particular focus was placed on ensuring student wellbeing was protected throughout their volunteering, ensuring students could still engage in their education whilst working and volunteering in the NHS.

We also supported the initial vaccine rollout through our Volunteering Service, offering students outside of the School of Medicine & Dentistry the opportunity to volunteer. 60 students volunteered with the East London NHS Foundation Trust and St John’s Ambulance to help steward at vaccination sites.

Meanwhile, despite the Covid-19 pandemic, 24 of our student-led student groups raised money for charitable causes through our Adopt a Charity scheme.

Six of our student groups and one individual student were also shortlisted for the National Societies & Volunteering Awards .

Project Search

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

This year saw the first graduations from Project Search, a supported internship for young adults with learning disabilities and/or autism. The programme is a unique business-led, one-year education to work programme. We were the first University in London to host a Project Search programme, working with the University, Phoenix School, Kaleidoscope Sabre and Tower Hamlets Council to deliver the programme.

Student Wellbeing

Student wellbeing was a key concern throughout the pandemic where issues such as loneliness and isolation affected students. Our Be Kind initiative aimed to promote positive wellbeing and mental health through two strands of work. The first strand based on the NHS Five Ways to Wellbeing encouraged students to look after their own personal mental health and wellbeing through activities that helped them connect with others, get active, be mindful, learn and give back. The second strand “Be Kind to each other” was introduced to frame adherence with the on-campus Covid Code and government restrictions as an act of kindness to the community. By encouraging adherence in a positive way, it helped to encourage a behaviour change from students.

The pandemic brought the Students’ Union together with new teams across the University to work in partnership to deliver an outstanding events line-up. A new weekly Covid-19 Events & Wellbeing Group was essential in supporting the delivery of a vibrant and exciting events programme, including during periods of government restrictions and lockdowns, and at times such as Christmas with higher numbers of students having to remain on campus.

The events programme aimed to deliver an outstanding student experience to students amidst the pandemic, whilst tackling real issues of loneliness and isolation and Covid-19 fatigue. By March 2021, there had been over 300 events with over 7,000 students engaging in activities such as African drumming, exercise classes, life drawing, Oktoberfest, gaming nights, quiz nights, Drag Bingo, graffiti workshops, and special events for occasions such as Halloween that featured pumpkin carving and a haunted maze. Online events included daily fitness classes, wellbeing workshops, speed meetings, escape rooms, ‘crafternoons’ and online club nights.

To help encourage positive wellbeing, we introduced a programme of wellbeing events with funding from the University’s Student Academic Services. Workshops included de-stress and re-centre, creative art therapy, and meditation. Six weekly workout sessions were also delivered online, and on-campus once restrictions allowed. Alongside this we also worked with the University’s Residential Life team and Tower Hamlets Talking Therapies to deliver a series of wellbeing workshops for students.

Student Welfare

Students suffered numerous impacts from the Covid-19 pandemic. It was important these impacts did not unfairly adversely affect students’ academic progression, so we worked closely with the University to develop a Covid Mitigation Policy. In addition, further sub-groups were established to look at specific topics such as exam boards, extenuating circumstances and deadlines.

Throughout the year we also provided regular and timely feedback on other student education issues at a school, faculty and University-wide level which emerged during the pandemic. These included the approach to blending learning, online exams, and access to study spaces.

Our Study Well exam-support programme continued in 2020-21 despite the Covid-19 pandemic. This year the programme was extended over the summer period for the benefit of postgraduate and medicine & dentistry students, with specific events taking place targeted at those students such as Tea & Walk, a plant giveaway, and sporting activities. Free fruit and hot drinks were also distributed from Students’ Union outlets for those studying.

A key focus of the year was on decolonising the curriculum and anti-racism. Our new anti-racism forum ‘Diverse-ish’ provided a safe open space for individuals to share their experiences and support and educate each other with the aim of supporting marginalised communities on campus, and bringing people together to tackle racism. The project also raised awareness of the issues that feed into discrimination and prejudice, through education and training for student leaders.

Our decolonisation project aimed to tackle the curriculum which can often be Eurocentric and fail to acknowledge a more diverse and factual version of historical events. We also provided feedback for the

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

University’s Race Equality Strategy and Action Plan with a report outlining our recommendations based on ideas aimed at creating positive change on race equality and decolonisation at Queen Mary.

The activities and services offered by the Students’ Union have a critical role to play in encouraging participation from under-represented student communities. One part of this is our liberation campaigns. The University provided £20,000 of funding to deliver our annual programme of liberation campaigns. These have helped us to improve engagement from student communities traditionally underrepresented, whilst developing, enhancing and championing the international diversity of Queen Mary in line with the University 2030 strategy.

Students are at the heart of these campaigns through student-led organising committees that are supported by the Students’ Union. This year saw the return of Black History Month, Islamophobia Awareness Month, LGBT+ History Month, Asian Heritage Month and Women’s Week to mark International Women’s Day. We also introduced our first Antisemitism Awareness Month and marked Holocaust Memorial Day.

Other work included collaborating with the Careers & Enterprise service to reflect on, and change the way the service supports black students and graduates. We held a series of focus groups to enable black students to share their experiences so informed improvements could be made.

The Students’ Union delivered new Bystander Intervention training for all our part-time elected student representatives and student group leaders. Students’ Union staff also received training on how to respond to disclosures of sexual violence. A panel event was held to discuss these issues. We also planned and delivered a student consultation on sexual and gender based violence through a series of listening events, where we also engaged other key stakeholders such as Queen Mary Advice & Counselling and East London Rape Crisis. The Students’ Union also submitted a response to the Office for Students consultation on harassment and sexual misconduct.

Connecting Practice is a new programme we introduced to provide a more supportive environment for students in the School of Medicine & Dentistry when on placements within hospitals. It consists of regular online huddles that allow students to share experiences, and to support each other in the presence of a medical lead. We also introduced new training on how to raise concerns, and incidents of microaggressions and discrimination in clinical settings. A new reporting platform was established so that students can report any concerns, or incidents that happen on placement.

The pandemic resulted in a student-led campaign to support students with rent issues in University halls and private accommodation. Despite this being a contentious topic at times, we aimed to work collaboratively with the University and students to resolve the issues and develop solutions. Through transparency, open and productive conversations, regular touchpoints and a spirit of trying to work together we mediated discussions resulting in rent reductions, and a series of maintenance issues being tackled. We also worked with the London Renters Union to provide helpful resources to students in private accommodation, and we created an open letter to private landlords that students were encouraged to use.

Our research found that whilst students appreciated financial support offered by the University, there were difficulties with accessing support and the length of time the processes take. Students also seemed to struggle with identifying the support available, or whether they were eligible for support. To tackle this, we worked with the University on a review of the Financial Assistance Fund to improve the process for students and increase promotion of the various funding options available. This saw a huge increase in applications for financial support from students, with the University bursaries team receiving additional redeployed staff from other teams to help process applications.

The end of the Brexit transition period brought significant changes for EU, EEA and Swiss students, following changes from the Tier 4 visa to the new Student Immigration Route. We worked with University staff to support students who needed to use the new processes. The Executive Officers also attended an All Parliamentary Group on Citizens Rights to present welfare issues affecting EU and international students to members of the House of Commons and House of Lords.

Our commitment to sustainability

We were once again delighted to have been awarded Excellent in the Green Impact scheme, a United

11

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

Nations award winning programme designed to support environmentally and socially sustainable practice in organisations.

Our Re-Use scheme continued to run despite the pandemic and the abrupt end to the semester the prior academic year due to Covid-19, limiting the number of donations made to the scheme. Despite this we were still delighted to give 516kg of items a new home to over 150 students who attended the Fair, with further donations made to local charities.

Towards the end of the academic year, student volunteers supported Queen Mary Residential Life, and Estates and Facilities departments to collect unwanted items from students departing from halls. Three shopping trollies worth of items were also delivered to Bow Foodbank during this collection, following 400 items being donated in November and December from collections in the Village Shop.

Student volunteers supported the planting of trees and bushes throughout the year through our Green Mary volunteering opportunities. The Students’ Union also offered regular allotment planting sessions, a foraging walk for Earth Day and seed, pot and plant giveaways as part of our Study Well campaigns.

We worked on a joint project with the University’s Estates and Facilities team to enhance the biodiversity on campus through the creation of a community orchard. Our team of 20 student volunteers helped to plant 60 apple and pear trees and 200 gooseberry and raspberry shrubs in the areas surrounding student accommodation. The project provides support for local wildlife, colourful blossoms and will provide free fruit for those working and living on campus.

In partnership with the University, the Students’ Union formalised the voluntary adoption of the stretch of the Mile End canal with the Canal and River Trust who own the waterway. The framework creates a more strategic approach for the Canal Clean-Up volunteering events organised by the Students’ Union, and opens up future opportunities to launch more substantial voluntary enhancement and biodiversity projects with student and staff involvement.

Financial Review

4.3. Principal sources of funding

The principal sources of funding for the reporting year, on a consolidated basis, were grant funding (comprising the core grant from QMUL and grants from third parties) and trading income from QMSU Services Limited. As noted in 2.5.2 above, QMUL also provided premises and additional services to support the activities of the Union and QMSU Services Limited. An amount equal to the estimated value of the premises and support services is included in the Consolidated Statement of Financial Activities (SOFA) both as grant income, as corresponding expenditure and as donated services and facilities to relevant charitable activities as indicated in the notes to the financial statements.

Interruptions of, and reductions in trading due to the Coronavirus situation continued to place a strain on the Students’ Union’s finances. Staff, including student staff, were supported financially during lockdown through additional funding provided by the University in lieu of access to the Government’s Coronavirus Job Retention Scheme.

The Trustees would like to thank QMUL for its continued support of the Union’s work in carrying out its charitable objects.

4.4. Income and expenditure

From the onset of the Covid situation, the focus of the Board has been firstly on safety and compliance, and then the maintenance of the organisation as a viable going concern. Tight spending controls have been in place throughout, and preservation of cashflow has been the main priority. Performance against budget was strictly monitored, with spending adjusted to reflect actual income. However, the financial impact of the Coronavirus situation continued to be felt throughout the reporting year, and once again the numbers tell the story.

12

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

As shown in the SOFA, total income for the operating year, on a consolidated basis, was £3.974m (2020: £6.125m). Grant funding totalled £2.399m (2020: £2.412m). Income generated by QMSU Services Limited totalled £1.418m (2020: £3.559m) of which £803k was recognised in grant income (2020: £927k). Student activity income contributed £156k (2020: £149k) through Clubs and Societies, student events, Recreational Sport income and RAG.

Also as shown in the SOFA, total expenditure in the operating year, on a consolidated basis, was £4.035m (2020: £6.208m). Charitable activity costs totalled £2.349m (2020: £2.561m) including student activity costs of £1.585m (2020: £1.772m), student representation and communication costs of £681k (2020: £698k), and volunteering costs of £67k (2020: £75k). All such costs include both direct costs and apportioned overheads. Note 13 to the financial statements indicates the allocation of support costs across the range of charitable activities, and the basis on which such allocation is made.

The SOFA indicates, on a consolidated basis, a net outflow of funds of £52k. This compares with a net outflow of funds of £91k for the preceding reporting year.

4.5. Financial position and reserves

As at 31[st ] July 2021, as indicated on the consolidated balance sheet, net current assets were positive on a consolidated basis, £1k (2020: £18k) and in the Union £7k (2020: negative £47k).

As at 31[st ] July 2021, also as indicated on the consolidated balance sheet, consolidated reserves in aggregate, stood at £256k (2020: £307k). On a consolidated basis, designated funds totalled £369k (2020: £363k) and restricted funds (comprising principally capital grants) stood at £193k (2020: £217k). The consolidated general reserve balance, however, was in deficit of £307k (2020: £273k in deficit).

The overall financial position at the balance sheet date reflects what will be a continuing reliance of the Union and of the Group on the support of QMUL. QMUL has indicated its willingness to continue its support for the Union, through grant funding for the year to 31[st ] July 2022.

In line with recommended best practice, the Trustees feel that it is important that the Union benchmarks its financial position in reference to 'Free Reserves' rather than Unrestricted Reserves. As such, the Union’s reserves, in the context of a reserves policy, are unrestricted funds which are freely available to spend on any of the Union’s charitable purposes. They therefore do not include restricted or designated funds (though holding such funds may influence the Union’s reserves policy from time to time).

Free Reserves are calculated as being unrestricted reserves, less fixed assets. General reserves are the only unrestricted reserves. The table below shows consolidated 'free reserves' as at 31 July 2021 compared to 31 July 2020:

General Reserves Fixed Assets Total Free Reserves	July 2021 £k (307) (218) (525)	July 2020 £k (273) (263)
		(536)

The Union will continue to work towards eliminating the current general reserves deficit and thereafter towards building an appropriate level of reserves on the basis of budgeting surpluses in the coming years of no less than £50k per year.

The Board of Trustees have considered a budget and financial projections for 12 months and beyond from the date of approval of these financial statements. After reviewing these projections, the Board is of the opinion that the Students’ Union will have sufficient funds to meet its liabilities as they fall due over the period of 12 months from the date of approval of the financial statements (the going concern assessment

13

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2021

period). The Board also noted that there are possible measures to conserve cash, including restricting planned expenditure to reflect actual income. Having made these assessments, the Board has determined that there is no material uncertainty that casts doubt on the Students’ Union’s ability to continue as a going concern.

4.6. Risk management

Updating and detailed consideration of the Risk Register is the responsibility of the Audit and Risk Committee, who then report with recommendations to the Boards of both QMSU and QMSU Services Limited. Membership of the Audit and Risk Committee includes representation from the Board of QMSU Services Limited and there is a single combined Corporate Risk Register, recognising that the financial performance of QMSU Services Limited has potential for a significant impact upon the income of QMSU, and policies passed by QMSU have the potential for significant impact upon the financial performance of QMSU Services Limited. There is a designated manager for each identified risk, in addition to the risk owner, who is responsible for implementing any agreed mitigating actions and reporting on their impact.

In response to the Coronavirus situation, a Coronavirus Supplement to the Risk Register was created and updated in real-time by the Emergency Corporate Finance Committee. This Supplement was used to actively monitor Covid-related risks and how they were being managed and mitigated.

Due to the need to respond proactively to the developing Coronavirus situation, the Board of Trustees had previously agreed at its meeting held on 2 April 2020 to establish an Emergency Corporate Finance Committee (ECFC) with representation from both the Board of Trustees and the Board of QMSU Services Limited. The Board agreed Terms of Reference for the ECFC and that the Audit and Risk Committee would be suspended whilst the ECFC was in place, in order to avoid duplication. The EFC met 3 times during the reporting year, the final meeting being held in October 2020, and the Audit and Risk Committee cycle was then reinstated from November 2020.

5. Affiliations

During the reporting year, the Union was affiliated to the organisations listed below. The annual affiliation fees payable are as indicated:

Organisation	Subscription
National Union of Students (NUS)	£37,500
British Universities and Colleges Sports (BUCS)	£9,691
London Nightline	£1,332
Student Radio Academy	£96
UK Council for International Student Affairs (UKCISA)	Free

6. Plans for the future

Key objectives for the year 2021/22 are:

• To develop the Students’ Union’s new Strategic Plan, in consultation with our stakeholders.

• To develop and deliver against a new financial plan to produce the surplus necessary to improve reserves at the previously (pre-covid) agreed rate of at least £50k per year.

• To work with QMUL on the development of the new Life Sciences campus at Whitechapel, and to ensure the continuation of provision of Students’ Union premises onsite.

• To further develop the Community Sport Foundation and its reach in the local community.

14

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31[st ] JULY 2021

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to companies and charities in England and Wales requires the Charity Trustees (who are also directors of the Company for the purposes of Company law) to prepare consolidated financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charitable Company and of the Group’s incoming resources and resources expended (including its income and expenditure) for that period. In preparing these financial statements, the Trustees are required to:-

• select suitable accounting policies and apply them consistently;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charitable Company will continue to operate.

The Trustees are responsible for keeping proper accounting records which 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 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies:-

• so far, as each Trustee is aware, there is no relevant audit information (information needed by the Charitable Company’s auditors in connection with preparing their report) of which the Charitable Company’s auditors are unaware;

• each Trustee has taken all the steps necessary to make herself/himself aware of any relevant audit information and to establish that the Charitable Company’s auditors are aware of that information.

Approved by The Board of Trustees on 7 April 2022 and signed on its behalf by:

Adi Sawalha Union President and Chair of the Board

15

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31[st ] JULY 2021

Opinion

We have audited the consolidated financial statements of Queen Mary, University of London Students’ Union (the Charitable Company and the group) for the period ended 31 July 2021 which comprise the consolidated Statement of Financial Activities (including the income and expenditure account), the balance sheets, the cashflow statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

• give a true and fair view of the state of the group's and of the parent charitable company’s affairs as at 31 July 2021 and the group's surplus or deficit 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 group 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 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 trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31[st ] JULY 2021

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 (incorporating the directors’ report and strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees' report (incorporating the directors' report and strategic report) have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report (incorporating the directors’ report and strategic 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustees

As explained more fully in the trustees’ responsibilities statement, 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 group's and the parent 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 governors either intend to liquidate the group or the parent 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.

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/Our-Work/Audit/Audit-andassurance/s/ Standards-and- guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors- responsibilities-for-audit.aspx . This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

17

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31[st ] JULY 2021

Our approach was as follows:

• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below);

• We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR); fraud; bribery and corruption, and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

• We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102, the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK;

• We considered the nature of the group’s operations, the control environment and financial performance.

• We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

• We considered the procedures and controls that the group has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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 which 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, this report or the opinion we have formed.

Mr Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of

TC Group Statutory Auditors Office: Steyning, West Sussex Dated: 28 April 2022.

18

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JULY 2021

Notes INCOME FROM Charitable Activities Student Activity 6 Grant income 3 Other trading Sponsorship and Marketing Income 4 Subsidiary Company Income 3,5 Investment Income Total income EXPENDITURE ON Raising Funds Communication and Marketing 7 Subsidiary Company Expenditure 5 Charitable Activities Student Activity 6 Student Media 8 Volunteering 9 Student Representation & Communication 10 Total expenditure Movement in fair value of Investments 17 NET INCOME/(EXPENDITURE) & NET MOVEMENT IN FUNDS Reserves Brought Forward RESERVES CARRIED FORWARD 20	General funds Designated funds Restricted funds Total Total 2021 £ 2021 £ 2021 £ 2021 £ 2020 £ 91,244 53,408 11,786 156,438 149,167 2,179,796 - 219,337 2,399,133 2,411,644 593 - - 593 500 1,417,667 - - 1,417,667 3,559,482 201 - - 201 4,401
	3,689,501 53,408 231,123 3,974,032 6,125,194
	173,308 - - 173,308 167,592 1,512,741 - - 1,512,741 3,479,353
	1,686,049 - - 1,686,049 3,646,945 1,283,156 47,287 254,492 1,584,935 1,771,951 16,034 - - 16,034 16,917 66,607 - - 66,607 75,052 681,059 - - 681,059 697,553
	2,046,856 47,287 254,492 2,348,635 2,561,473
	3,732,905 47,287 254,492 4,034,684 6,208,418
	9,120 - - 9,120 (7,776)
	(34,284) 6,121 (23,369) (51,532) (91,000)
	(272,502) 362,845 216,833 307,176 398,176
	(306,786) 368,966 193,464 255,644 307,176

All recognised gains and losses are reflected through the SOFA.

All transactions noted above derive from continuing operations.

Of the deficit of £51,532 recorded above, the subsidiary accounts for a loss of £95,074 and parent charity accounts for a surplus of £43,542.

19

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

BALANCE SHEETS

AS AT 31 JULY 2021

FIXED ASSETS 16 INVESTMENTS 17 CURRENT ASSETS Stock Debtors and Prepayments 18 Cash at Bank and in Hand CREDITORS Due within one year 19 NET CURRENT ASSETS / LIABILITIES NET ASSETS/ (LIABILITIES) FINANCED BY: FUNDS Restricted Funds Unrestricted Funds General Reserve Designated Funds 20	Consolidated 2021 £ 2020 £ 218,490 262,732 35,712 26,592 40,105 53,413 208,376 844,230 388,366 324,198 636,847 1,221,841 (635,405) (1,203,989) 1,442 17,852 255,644 307,176 193,464 216,833 (306,786) (272,502) 368,966 362,845 255,644 307,176	Union 2021 £ 2020 £ 26,793 41,700 35,712 26,593 - - 137,456 857,702 273,847 199,696
		411,303 1,057,398 (404,566) (1,104,311)
		6,737 (46,913)
		69,242 21,380
		193,464 216,833 (493,188) (558,298) 368,966 362,845
		69,242 21,380

Approved by the Board of Trustees on 7 April 2022 and signed on their behalf by:

Adi Sawalha Union President and Chair of the Board

Mike Wojcik Chief Executive Registered Charity Number: 1147786 Company Registration Number: 08092471

20

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2021

Notes NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 24 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income Payments to acquire tangible fixed assets 16 CASH FLOWS FROM FINANCING ACTIVITIES Increase/(Decrease) in Cash Cash and cash equivalents at start of year Cash and cash equivalents at end of year	£ 201 (17,010)	2021 £ 80,977 (16,809) 64,168 324,198 388,366	£ 4,401 (48,407)	2020 £ (744,373) (44,006)
				(788,379)
				1,112,577
				324,198

All cash held consists of cash and cash equivalents.

21

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Statutory information

QMUL Students’ Union (QMSU) is a Charitable Company, limited by guarantee, registered in England and Wales. The charitable company’s registered number and registered office address can be found in the Trustees’ Report (incorporating the Strategic Report).

2 Accounting policies

(a) Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) – Charities SORP (FRS102) and the Companies Act 2006.

QMSU meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The functional currency of the Group is Pounds Sterling. Figures in the accounts are rounded to the nearest pound.

Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity (and its subsidiary) has adequate resources to continue in operational existence for the foreseeable future. This includes taking into account any known impact of the COVID-19 pandemic, which is further detailed in the Trustees’ Report.

For this reason, they continue to adopt the going concern basis in preparing the financial statements.

(b) Fixed assets and depreciation

Tangible fixed assets are stated at historic purchase and cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated to write off the cost of fixed assets on a straight line basis over the expected useful lives of the assets as follows:

Building Works	5 to 10 years
Trading Equipment	5 years
Union Equipment	4 years

(c) Investments

Investments other than the £1 share in QMSU Services Limited are stated at fair value. The share in QMSU Services Limited is disclosed at cost.

(d) Stocks

Stocks are valued at the lower of cost and net realisable value on a weighted average basis.

(e)

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments. The Trustees seek to use short and medium-term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.

(f) Creditors and provisions

Creditors and provisions are recognised where the organisation 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.

(g) Debtors

Trade and other debtors are recognised at settlement amount due.

22

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

(h) Recognition of income

• (i) Financial assistance in the form of grants from Queen Mary University of London is accounted for in the period to which it relates.

• (ii) Donations are accounted for in the Statement of Financial Activities when the Union becomes entitled to receive them, they are measurable and it is possible that they will be received.

• (iii) Donated services and facilities provided by Queen Mary University of London are recognised as both income and expenditure.

Queen Mary University of London (QMUL) provides the premises from which the Union and QMSU Services Limited operate their respective services and activities. Those premises include the Students’ Union Hub, Union Shop, the Village Shop and Ground Café on Mile End campus, the Griff Inn Bar & Kitchen, the BLSA Reception and the remainder of the BLSA building on the Whitechapel campus, and the Shield Café and the Fitness to Practice gym located in Charterhouse Square. QMUL is responsible for agreed matters relating to the premises, including maintenance of the fabric of the buildings, plant and machinery, and fixtures and fittings, payment of utility and insurance costs. The Qmotion premises and Drapers Bar & Kitchen are held by QMSU Services Limited under lease from QMUL. QMUL also provides support services in a number of areas including human resources, campus security and other campus provision, health and safety, insurance, buildings works project management, provision of ad hoc space, and the hosting of the Union’s and QMSU Services Limited’s accounting records on its accounting systems.

The value of the premises and support services provided by QMUL is estimated by reference to the amounts payable by QMSU Services Limited under its lease of the Qmotion premises and Drapers Bar & Kitchen, by way of inclusive rent, taking into account the location and relative size of the premises concerned and the nature of their occupancy. Where the provision of support services has involved QMUL staff time, an estimate of salary costs for time spent has been included. Sums have been included for support and services provided on an ad hoc basis, based on an estimate of the amounts which would be payable for such provision by independent third parties.

An amount equal to such estimated value is included as income in the Statement of Financial Activities as a grant and is indicated as donated services and facilities in Note 3.

• (iv) Bar, café, retail and entertainments income is credited to income on a receivable basis.

• (v) Gym membership subscriptions are credited to income over the duration of the subscription period.

• (vi) Investment income is credited on a receivable basis whereas realised and unrealised gains on investments are reflected through the Statement of Financial Activities.

(i) Grants to fund the acquisition of fixed assets

Capital grants received by the charity to fund fixed assets are accounted for in the Statement of Financial Activities as restricted income when the Union becomes entitled to receive them. Depreciation of the related fixed assets is charged against the Restricted Fund. Capital grants received into the trading subsidiary are deferred over the useful economic asset for which they are received to fund.

(j) Expenditure

Expenditure is recognised on an accruals basis. Costs of raising funds consist of costs incurred by the subsidiary trading company and the costs of marketing and communication. Charitable activities costs reflect the costs of services provided for students and are analysed between student activity, communications and marketing, student media, volunteering, and student representation and communication. Governance costs reflect costs incurred to achieve sound governance and compliance with legal and regulatory requirements. These costs include costs of strategic planning, management and organisation costs including legal advice and audit fees. The costs recorded under charitable activities include both direct costs and support costs. Support costs, i.e. costs incurred in support of a range of charitable activities, are allocated to the various charitable activities on the basis of permanent staff costs. Irrecoverable VAT is expended through the SOFA as incurred.

An amount equal to the estimated value of premises and support services provided by QMUL, is included as expenditure in the Statement of Financial Activities, allocated to relevant charitable activities, as donated services and facilities, as indicated in the notes below. Such allocation is made by reference to the extent to which such activities are considered to benefit from such provision and payment.

23

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

(k) Pension schemes

As described in Note 15, pension costs relate to recharges of pension costs incurred in relation the staff employed by Queen Mary University of London (QMUL) working for QMSU and QMSU Services Ltd. The recharges relate to two defined benefit pension schemes, the Superannuation Arrangements of the University of London (SAUL) and the Universities Superannuation Scheme (USS). Both are multi-employer schemes where the share of assets and liabilities attributable to each employer cannot be allocated on a systematic basis. Pension costs are therefore accounted for on a defined contribution basis as permitted by section 28 of FRS102 and are recharged to the company accordingly.

(l) Fund accounting

General Funds consist of funds freely available which may be applied by the Trustees at their discretion in furtherance of the Union’s charitable objects.

Designated Funds represent general funds earmarked by the Trustees for specific purposes.

Restricted Funds are those funds which are subject to donor imposed restrictions and may only be applied in accordance with those restrictions.

(m) Consolidation

The financial statements consolidate the results and net assets of the Union and QMSU Services Limited, the Union’s wholly-owned subsidiary. Uniform accounting policies are applied across the group with the elimination of profits/losses on intra group transactions upon consolidation. QMSU Services Limited is incorporated in the United Kingdom. Its principal activities are operating a health and fitness centre, bars, cafés, shops and entertainments. The Union holds the one ordinary share of £1 in the investment.

(n) Critical Accounting Estimates and Judgements

In the application of the group’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The Trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.

24

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

3 . Grant Income

3.Grant Income
2021 2021 2021 Unrestricted Designated Restricted £ £ £ Queen Mary University of London Total Revenue Grants 2,577,838 - 219,337 Allocated to Subsidiary (803,229) - - Charity Revenue Grants 1,774,609 219,337 Donated Services and Facilities 405,187 - - Campus Community Fund - - - 2,179,796 - 219,337 4.Sponsorship and Marketing Income Sponsorship and Marketing Freshers’ Fair 5.QMSU Services Limited Income Expenditure £ £ Trading Activities Gym 404,984 (294,865) Bars 221,471 (210,276) Retail 225,386 (286,848) Cafes 177,713 (121,178) Entertainments 89,654 (68,952) Services Marketing 76,049 (44,046) Other 222,410 (41,498) 1,417,667 (1,067,663) Total Administrative Costs - (445,078) 1,417,667 (1,512,741)	2021 2021 2021 Unrestricted Designated Restricted £ £ £ 2,577,838 - 219,337 (803,229) - -			2021 Total £ 2,797,175 **(803,229) **	2020 Total £ 2,922,747 (926,544)
	1,774,609		219,337	1,993,946	1,996,203
	405,187 - - -		- -	405,187 - 2,399,133 2021 £ 593 - 593 Total 2021 £ 110,119 11,195 (61,462) 56,535 20,702 32,003 180,912 350,004 (445,078) (95,074)	393,386 22,055
	2,179,796 -		219,337		2,411,644
		Income £ 404,984 221,471 225,386 177,713 89,654 76,049 222,410 1,417,667 - 1,417,667	Expenditure £ (294,865) (210,276) (286,848) (121,178) (68,952) (44,046) (41,498) (1,067,663) (445,078) (1,512,741)		2020 £ - 500
					500
					Total 2020 £ 276,993 209,194 117,152 133,653 10,205 19,533 212,030
					978,760 (898,631)
					80,129

QMSU Services Limited (company number 06677304) is a wholly-owned subsidiary of the Union set up in August 2008 to develop the commercial operations of the Union’s unincorporated predecessor. The accounts of QMSU Services Limited for the year ended 31[st ] July 2021 disclose a loss of £95,074. This result is stated after the amortisation of deferred capital grants with the amount credited to the income and expenditure account amounting to £NIL (2020: £NIL). The registered office address is the same as the parent.

25

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

6. Student Activity

Income Students’ Events Income Recreational Sport Income Other Income Student Activity Groups Income RAG Income Expenditure Events Direct Costs Student Activity Groups Grant funded Self-generated funds Wages and Salaries (Note 12) Insurance Training Affiliation Fees Other Expenditure Donated Services and Facilities Support Costs (Note 13) Costs charged against Restricted Funds- Pathway to Sport and Community (Note 13) Student Experience Volunteering (Note 13) QM Skills & Employability (Note 13) Community Building Events (Note 13) International Student Experience (Note 13) Employability Annual Fund (Note 13) Degree Apprentice Grant (Note 13) Executive Diversity Sports Development Club Sport Funding Community Campus QM Annual Fund Employability Student Experience Depreciation of Equipment RAG Costs and Donations Westfield Trust Other Grant FA Hub Co-op FA Hub Innovation	2021 £ 77,923 3,892 9,429 53,408 11,786 156,438 37,107 27,027 47,287 407,608 8,349 3,753 9,991 6,677 267,423 515,220 10,000 30,000 10,000 10,000 15,000 15,000 10,883 20,000 10,000 10,000 24,003 21,595 - 10,599 11,111 2,949 19,188 13,166 260 20 - 1,574,216	2020 £ 14,838 27,483 2,167 81,496 23,183 149,167 - 135,637 53,113 562,345 9,273 1,212 8,864 5,403 259,635 529,099 - - - - - - - 20,000 10,000 10,000 34,467 29,535 1,500 16,927 21,339 19,677 24,144 7,685 2,486 63 65 1,762,469

26

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

6. Student Activity (Cont’d)

Brought Forward BL Sports Funding Drapers Club Sport Student Activity Groups are listed in Appendix 1 7.Communication & Marketing Expenditure Staff Salaries and Wages (Note 12) Freshers’ Fair Publicity & Marketing Depreciation on Equipment Other Expenditure Information Technology 8.Student Media Expenditure Radio & Media Student Development Events Donated Services and Facilities 9. Volunteering Expenditure Salaries & Wages (Note 12) Volunteering Expenses Publicity & Marketing Other Expenditure Donated Services and Facilities Support Costs (Note 13)		1,574,216 6,683 258 3,778 1,584,935 2021 £ 120,181 - 1,164 1,111 38,494 12,358 173,308 2021 £ 472 767 3,490 11,305 16,034 2021 £ 21,788 96 - - 11,791 32,932 66,607		1,762,469
				3,876 273 5,333
				1,771,951
				2020 £ 131,866 5,895 4,207 5,078 8,066 12,480 167,592 2020 £ 2,827 3,023 92 10,975 16,917 2020 £ 29,523 4,255 573 289 11,447 28,965 75,052

27

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

10. Student Representation & Communication Expenditure

2021 £ Staff Salaries and Wages (Note 12) 199,463 Affiliation Fees 47,561 Student Development - Printing & Stationery 1,131 Cleaning (excluding staff costs) 2,225 Depreciation on Buildings & Equipment 1,870 Finance Charges 3,610 Equipment 88 Hospitality 14 Staff Training - Other Expenditure 8,939 Donated Services and Facilities 114,668 Support Costs (Note 13) 301,490 681,059 11.Governance Costs 2021 £ Salaries & Wages (Note 12) 359,441 Legal and Professional 1,950 External Audit 21,450 Internal Audit - Staff Training 101 Board Meeting and Trustee Expenses 231 Other 821 Hospitality 42 Furniture & Fixtures - Recruitment - Depreciation 76 Affiliations 35 384,147 Governance Costs declared in the Financial Statements as follows: Charity 355,300 Subsidiary Company 28,847 384,147	2020 £ 263,477 57,396 1,000 2,157 2,719 9,181 8,279 2,589 167 164 7,081 111,328 232,015
	697,553
	2020 £ 509,396 6,647 19,005 2,800 346 539 - 530 3,000 104 797 70
	543,234
	283,841 259,393
	543,234

Amount paid to the external auditors in respect of audit during the year was £15,250 (2020: £15,250) and £550 for other services. (2020: £955).

28

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

12. Staff Costs

Permanent staff Gross Salaries Employers N.I. Employers Pension Apprenticeship Levy Sabbatical Officers Gross Salaries Employees NI Employees’ Pension Part Time Students Gross Salaries Employees NI Employees’ Pension Apprenticeship Levy Total Staff Costs Allocated as Follows: Communication & Marketing (Note 7) QMSU Services Limited Total QMSU Services Limited included in Governance Costs (Note 11) Student Activity (Note 6) Volunteering (Note 9) Student Representation & Communication (Note 10) Governance (Note 11) Support Staff Costs (Note 13)	2021 £ 1,672,864 154,012 246,546 7,885 162,571 13,725 24,734 403,244 3,792 17,610 1,820 2,708,803 120,181 1,127,603 (28,847) 407,608 21,788 199,463 359,441 501,566 2,708,803	2020 £ 2,168,143 192,526 287,839 10,012 98,752 7,971 15,549 824,624 10,348 25,834 4,357
		3,645,955
		131,866 1,992,154 (259,393) 562,345 29,523 263,477 509,396 416,587
		3,645,955

29

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

12. Staff Costs (continued)

The average full-time equivalent number of permanent staff during the period was 61 (2020:65). The average full-time equivalent number of student staff during the period was 27 (2020:44). The average full-time equivalent number of staff during the period was 85 (2020:109).

The monthly average number of permanent staff during the period was 70 (2020:75). The monthly average number of student staff during the period was 90 (2020:171). The monthly average number of staff during period was 159 (2020:246).

Six members of staff earned in excess of £60,000. These salaries fell in the range £60,000 - £90,000 and one staff member earned in the range above £100,000 (2020: Two members of staff in the range of £70,000 - £90,000 and one member of staff in the range above £100,000). Pension contributions paid on behalf of these members of staff amounted to £86,743 (2020: £86,101).

The key management personnel during the year were the Chief Executive, Deputy CEO, Deputy Managing Director, Head of Retail and Venues, Head of Café and Retail, Head of Marketing and Communications and Advocacy Manager. Their total remuneration was £282,595 (2020: £272,300).

Permanent staff (both full-time and part-time), except for the Union’s six Executive (Sabbatical) Officers, are employees of Queen Mary University of London and are recharged at cost to the Union or to QMSU Services Limited, as appropriate. Casual (student) staff hold contracts of employment with the Union, are paid via the University and are similarly recharged at cost. The Union’s Executive (Sabbatical) Officers are employees of the Union.

During 2021 One ex-gratia payment of £23,508 was made following a review of staff structure (2020: a total of £38,950 for two staff members).

Trustees’ emoluments

Trustees, other than Officer Trustees also known as Executive (Sabbatical) Officers, are not remunerated. Amounts charged in the accounts and paid to the six Officer Trustees during the year amounted to £201,031 (2020: £122,271). £24,734 pension contributions were paid on behalf of the Officer Trustees (2020: £15,549). During the year no trustees were reimbursed for expenditure (2020: NIL).

The following amounts have been charged as emoluments to the Officer Trustees:

Shamima Akter Aphrodite Liddington Cameron Storey Jack Juckes Mathew Robathan Tiana Dinard-Samuel	2020 £ 32,764 32,756 33,919 33,848 33,872 33,872
	201,031

30

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

13. Support Costs

Governance (Note 11) Salaries and Wages (Note 12) Irrecoverable VAT Depreciation on Buildings & Equipment Information Technology Finance Charges Staff Training Printing & Stationery Telephone & Postage Legal & Professional Hospitality Insurance Operational Costs Licences Security Costs Lease & Rentals Cleaning Equipment Publicity & Marketing Maintenance Other Expenditure Support Costs are declared in the Financial Statements as follows: Charity Subsidiary Company (Note 5) Charity Support Costs are apportioned to Charitable Activities as follows: Student Activity (Note 6) Volunteering (Note 9) Student Representation & Communication (Note 10)	2021 £ 384,147 501,566 54,524 33,741 1,081 10,674 1,420 2,593 1,845 - 346 34,106 32,456 8,693 2,817 103,721 124,043 4,686 3,801 86,621 2,722 1,395,603 950,525 445,078 1,395,603 616,103 32,932 301,490 950,525	2020 £ 543,234 416,587 53,576 93,445 8,984 23,158 2,534 7,688 5,303 9,895 1,276 42,218 42,961 32,903 53,976 132,207 164,419 - 13,929 34,865 5,552
		1,688,710
		790,079 898,631
		1,688,710
		529,099 28,965 232,015
		790,079

Support costs have been allocated based on the cost of permanent staff in the various activities. Operational costs include disposables and other operational expenditure. Cleaning, Security and Operational costs were included in cost of sales in previous years.

The salaries increase reflected above is due to £73,791 (2020: £172,644) of student staff wages underwritten by grant funding from the university to cover 80% of the student staff wages between April and July 2021. There is a corresponding increase in income of the same amount to offset this increase. The remaining increase of £84,979 relates to the reallocation of Finance salary cost transferred from subsidiary company.

31

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

14. Comparative funds – Statement of Financial Activities for the year ended 31 July 2020

Notes INCOME FROM Charitable Activities Student Activity 6 Grant income 3 Other trading Sponsorship and Marketing Income 4 Subsidiary Company Income 5 Investment Income Total income EXPENDITURE ON Raising Funds Communication and Marketing 7 Subsidiary Company Expenditure 5 Charitable Activities Student Activity 6 Student Media 8 Volunteering 9 Student Representation & Communication 10 Total expenditure Movement in fair value of Investments 17 NET INCOME/(EXPENDITURE) & NET MOVEMENT IN FUNDS Reserves Brought Forward RESERVES CARRIED FORWARD 20	General funds Designated funds Restricted funds Total 2020 £ 2020 £ 2020 £ 2020 £ 44,488 81,496 23,183 149,167 3,223,783 - 114,405 3,338,188 500 - - 500 2,632,938 - - 2,632,938 4,401 - - 4,401
	5,906,110 81,496 137,588 6,125,194
	167,592 - - 167,592 3,479,353 - - 3,479,353
	3,646,945 - - 3,646,945 1,515,787 53,113 203,051 1,771,951 16,917 - - 16,917 75,052 - - 75,052 697,553 - - 697,553
	2,305,309 53,113 203,051 2,561,473
	5,952,254 53,113 203,051 6,208,418
	(7,776) - - (7,776)
	(53,920) 28,383 (65,463) (91,000)
	(218,582) 334,462 282,296 398,176
	(272,502) 362,845 216,833 307,176

32

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

15. Pension Arrangements

Pension costs consist entirely of recharges relating to staff employed by Queen Mary University of London (QMUL). Recharges are based upon scheme contribution rates, staff salaries and time spent by staff working on QMSU and QMSU Services Limited activities.

The recharged pension costs relate to two QMUL pension schemes, the Universities Superannuation Scheme (a defined benefit only pension scheme which was contracted out of the State Second Pension) and the Superannuation Arrangements for the University of London (a centralised defined benefit scheme within the United Kingdom, contractedout of the Second State Pension).

Further information relating to these schemes can be found in the QMUL accounts for the year to 31[st ] July 2021 which are available to download from the QMUL website.

33

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

16. Fixed Assets

Consolidated Cost: As at 1stAugust 2020 Additions At 31stJuly 2021 Depreciation: As at 1stAugust 2020 Charge for the year At 31stJuly 2021 Net Book Value: At 31stJuly 2021 At 31stJuly 2020 Fixed Assets Union Cost: As at 1stAugust 2020 At 31stJuly 2021 Depreciation: As at 1stAugust 2020 Charge for the year At 31stJuly 2021 Net Book Value: At 31st July 2021 At 31st July 2020	Building Works £ 2,422,284 - 2,422,284 (2,326,525) (21,921) (2,348,446) 73,838 95,759 Building Works £ 1,261,674 1,261,674 (1,234,036) (8,495) (1,242,431) 19,143 27,638	Trading Equipment £ 835,310 17,010 852,320 (672,339) (37,949) (710,288) 142,032 162,971 Trading Equipment £ 119,597 119,597 (109,537) (5,030) (114,567) 5,030 10,060	Union Equipment £ 144,611 - 144,611 (140,609) (1,382) (141,991) 2,620 4,002 Union Equipment £ 144,611 144,611 (140,609) (1,382) (141,991) 2,620 4,002	Total £ 3,402,205 17,010
				3,419,215
				(3,139,473) (61,252)
				(3,200,725)
				218,490
				262,732
				Total £ 1,525,882
				1,525,882
				(1,484,182) (14,907)
				(1,499,089)
				26,793
				41,700

34

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

17. Investments Listed Investments at fair value Brought Forward Movements in fair value of investments At 31stJuly 2021 Unlisted investments at cost	2021 Consolidated £ 26,592 9,120 35,712 - 35,712	2020 Consolidated £ 34,368 (7,776) 26,592 - 26,592	2021 Union £ 26,592 9,120 35,712 1 35,713	2020 Union £ 34,368 (7,776)
				26,592 1
				26,593

Listed Investments consist of 4,800 ordinary shares of 25p each in JP Morgan Claverhouse Investment Trust plc.

The Union’s unlisted investment consists of 1 ordinary share of £1 in QMSU Services Limited (100% holding) , a company (no. 6677304) incorporated in England and a wholly-owned subsidiary of the Union. Total income generated during 2020 was £1,417,667 (2020: £3,559,483), total expenditure during 2020 was £1,512,741 (2020: £3,479,354), total n e t assets at 31[st ] July 2021 were £186,402 (2020: £418,286).

18. Debtors Trade Debtors Queen Mary University of London Prepayments Tax and social security Other Debtors 19. Creditors: Amounts falling due within 1 year Trade Creditors Queen Mary University of London QMSU Services Limited Accruals Other Creditors	2021 Consolidated £ 30,663 34,363 113,155 27,811 2,384 208,376 2021 Consolidated £ 31,060 429,403 - 152,753 22,189 635,405	2020 Consolidated £ 49,478 568,718 127,929 96,549 1,556 844,230 2020 Consolidated £ 114,693 869,638 - 202,139 17,519 1,203,989	2021 Union £ 29,459 23,881 55,600 27,811 705 137,456 2021 Union £ 21,332 177,473 117,253 66,560 21,948 404,566	2020 Union £ 47,438 566,925 12,753 96,549 134,037
				857,702
				2020 Union £ 14,485 474,344 541,226 56,942 17,314
				1,104,311

35

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

20. Reserves Consolidated Restricted Capital Grants RAG Drapers Fund Campus Community Fund Association Fund FA HUB Innovation FA HUB Co-op Club Sport Executive Diversity Sports Development Club Sport Funding Pathway to sport & Comm Student Exp & Volunteering QM Skills & Employability Community Building Events Int’l Student Experience Employability Annual Fund Degree Apprentice Grant BL Sports Fund QM Annual Fund Westfield Trust Fund Employability Fund Other Grant Total Restricted Designated Student Activity Groups Total Designated General Reserve Total	At 1stAugust 2020 Income Expenditure At 31stJuly 2021 £ £ £ £ 21,894 - (11,110) 10,784 11,687 11,786 (2,949) 20,524 1,727 - (258) 1,469 28,442 - (24,003) 4,439 23,733 - (10,599) 13,134 547 - - 547 1,444 - (260) 1,184 9,163 - (20) 9,143 19,933 5,195 (3,778) 21,350 - 20,000 (20,000) - - 10,000 (10,000) - - 10,000 (10,000) - - 10,000 (10,000) - - 30,000 (30,000) - - 10,000 (10,000) - - 10,000 (10,000) - - 15,000 (15,000) - - 15,000 (15,000) - - 10,883 (10,883) - 5,790 5,348 (6,683) 4,455 31,393 42,528 (21,595) 52,326 33,855 - (19,188) 14,667 - 1,500 - 1,500 27,225 23,883 (13,166) 37,942
	216,833 231,123 (254,492) 193,464
	362,845 53,408 (47,287) 368,966
	362,845 53,408 (47,287) 368,966
	(272,502) 3,698,621 (3,732,905) (306,786)
	307,176 3,983,152 (4,034,684) 255,644

36

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

20. Reserves (continued)

20. Reserves (continued)
Charity Only Restricted Capital Grants RAG Fund Drapers Fund Campus Community Fund Association Fund FA HUB Innovation FA HUB Co-op Club Sport Pathway to sport & Comm Student Exp & Volunteering QM Skills & Employability Community Building Events Int’l Student Experience Employability Annual Fund Degree Apprentice Grant Executive Diversity Sports Development Club Sport Funding BL Sports Fund QM Annual Fund Westfield Trust Fund Employability Other Grant Total Restricted Designated Student Activity Groups Total Designated General Reserve Total	At 1stAugust 2020 Income Expenditure At 31stJuly 2021 £ £ £ £ 21,894 - (11,110) 10,784 11,687 11,786 (2,949) 20,524 1,727 - (258) 1,469 28,442 - (24,003) 4,439 23,733 - (10,599) 13,134 547 - - 547 1,444 - (260) 1,184 9,163 - (20) 9,143 19,933 5,195 (3,778) 21,350 - 10,000 (10,000) - - 30,000 (30,000) - - 10,000 (10,000) - - 10,000 (10,000) - - 15,000 (15,000) - - 15,000 (15,000) - - 10,883 (10,883) - - 20,000 (20,000) - - 10,000 (10,000) - - 10,000 (10,000) - 5,790 5,348 (6,683) 4,455 31,393 42,528 (21,595) 52,326 33,855 - (19,188) 14,667 - 1,500 - 1,500 27,225 23,883 (13,166) 37,942
	216,833 231,123 (254,492) 193,464
	362,845 53,408 (47,287) 368,966
	362,845 53,408 (47,287) 368,966
	(558,298) 2,487,041 (2,421,931) (493,188)
	21,380 2,771,572 (2,723,710) 69,242

37

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

20. Reserves (continued)

Funds

The Restricted Capital Grants Fund represents grants received from Queen Mary University of London to fund fixed assets. Depreciation of the related fixed assets is charged against the restricted fund. The Restricted RAG Fund represents the unspent balance of all RAG collections. The Campus Community Restricted Fund represents funds generated from surpluses from the Learning Café to develop arts, cultural and learning activities within the Union.

The Association Fund represents funds generated from BLSA Entertainments to support the student experience.

The Drapers, QM Annual, Employability, Westfield Trust, represent grants received from Queen Mary University of London to fund specific projects.

Club Sport, BL Sports Fund, Co-op, FA Hub Innovation and FA Hub represent grants for community sports activities.

The Other Grant Fund represents new grants awarded in the year. The main donors were RFU and other community sport awards. These awards were used for community sport, Get Active and other student activities.

Executive Diversity Fund was part of the QM Block grant awarded to Sabbatical officers to run liberation campaigns such as Anti-Islamophobia, Asian Heritage, Black History and LGBT+.

Sports Development and Club Sport funding were part of the QM block Grant awarded to carry out sporting and student activities.

The Designated Student Activity Groups Fund represents the unspent balances of all student activity groups.

General Funds are amounts generally available to the Trustees and may be applied at the Trustees discretion to the generality of the Union’s charitable objects.

20. Operating Lease Commitment

At 31 July 2021, QMSU Services Limited had total commitments under non-cancellable operating leases as detailed below;

Within one year Between one and two years Between two and five years	Land and buildings Other 2021 £ 2020 £ 2021 £ 2020 £ 93,161 93,161 11,601 16,749 - - 8,640 11,601 - - 2,056 10,696
	93,161 93,161 22,297 39,046

21. Related Party Transactions

During the period ended 31[st ] July 2021, the controlling party of the Union was, under its Articles of Association, the Trustees.

During 2021 a total of £NIL (2020: NIL) was reimbursed to Trustees for expenditure.

The Union received a substantial part of its income by means of grant funding from Queen Mary University of London. This funding comprised £2,797,175 revenue funding, and the value of premises and support services provided by Queen Mary University of London estimated at £405,187. The Trustees were of the opinion that this financial and other assistance were not an influencing factor with regards to the formulation of Union policy, nor did it have any effect on the internal management and decision-making of the Union.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

22. Taxation

The Union is a registered charity and is entitled to the exemptions from tax available to charities.

23. Net Cash Inflow from Operating Activities

23. Net Cash Inflow from Operating Activities
Net income/(expenditure) Depreciation Investment income Change in market value of investments (Increase)/Decrease in stock Decrease/(Increase) in Debtors Increase/(Decrease) in Creditors due within 1 year 24. Net Funds Cash Net Funds at 31stJuly 2021 25. Net Assets between Funds Unrestricted funds £ Consolidated Fund balances at 31 July 2021 are represented by: Tangible fixed assets 218,490 Investments 35,712 Current assets 74,417 Creditors: amounts falling due within one year (635,405) (306,786) Unrestricted funds £ Consolidated Fund balances at 31 July 2020 are represented by: Tangible fixed assets 262,732 Investments 26,592 Current assets 642,163 Creditors: amounts falling due within one year (1,203,989) (272,502)	Note 16 18 19 Designated funds £ - - 368,966 - 368,966 Designated funds £ - - 362,845 - 362,845		2021 £ (51,532) 61,252 (201) (9,120) 13,308 635,854 (568,584) 80,977 2021 £ 388,366 388,366 Restricted funds £ - - 193,464 - 193,464 Restricted funds £ - - 216,833 - 216,833		2020 £ (91,000) 129,840 (4,401) 7,776 12,423 (600,985) (198,026)
					(744,373)
					2020 £ 324,198
					324,198
					Total £ 218,490 35,712 636,847 (635,405)
					255,644
					Total £ 262,732 26,592 1,221,841 (1,203,989)
					307,176

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