2023-07-31-accounts

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

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED REPORTS AND

CONSOLIDATED FINANCIAL STATEMENTS

st FOR THE YEAR ENDED 31 JULY 2023

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

CONTENTS

CONTENTS	Page
Legal and Administrative Information	1
Trustees’ Annual Report	3
Statement of Trustees’ Responsibilities	13
Independent Auditors’ Report	14
Consolidated Statement of Financial Activities	17
Consolidated and Union Balance Sheets	18
Consolidated Cash Flow Statement	19
Notes to the Accounts	20
Appendix - Affiliated Student Groups	(i) - (xvii)

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[st ] JULY 2023

The Trustees present their report and the financial statements of Queen Mary, University of London Students’ Union for the year ended 31st July 2023 (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

(from 01/08/23 unless otherwise stated):

Serena-Amani Al Jabbar, Union President and Chair of Trustees Amaan Abbas, Vice President Barts and The London Matthew Beach, Vice President Communities Jovani Palnoni, Vice President HSS Aisha Qadi, Vice President S&E Tahmid Khan, Vice President Welfare

Student Trustees Rahma Hegy (from 01/08/23 unless otherwise stated): Aayush Jain (appointed 21/11/23) Ahmed Mohamed Liam Nicholson Eshwinder Singh Harshvardhan Singh (appointed 15/12/23)

External Trustees: Dominique Gracia Anneka Kapadia Hiba Khan - Deputy Chair of Trustees Marcin Pisanski Oscar Tang Chris Weavers

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[st ] JULY 2023

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:	Adi Sawalha, Union President and Chair of Trustees
(from 01/08/22 to 31/07/23)	Charlie Sellar, Vice President Barts and The London
	Radhika Thiagarajan, Vice President Communities
	Saynab Sharif, Vice President HSS
	Muneer Hussain, Vice President S&E
	Jojo Croft, Vice President Welfare
Student Trustees	Mustafa Al-Asady
(from 01/08/22 to 31/07/23	Hassan Bushnag
unless otherwise stated):	Saksham Chhabra (resigned 16/01/23)
	Tahmid Khan (appointed 28/10/22)
	Chenyang Li
	Ayhan Sari
External Trustees	Philip Bishop (resigned 19/04/23) Dominique Gracia
	Anneka Kapadia (appointed 26/04/23)
	Hiba Khan
	Hugh Murdoch (resigned 11/11/22)
	Marcin Pisanski (appointed 20/04/23)
	Oscar Tang
	Chris Weavers - Deputy Chair of Trustees
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 2023

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 full- time 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 five 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 three meetings.

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 byelaws, 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 28 November 2022.

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) Charity. The policy, guidance and other information resources of the NUS Charity 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 2023

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, Drapers Bar & Kitchen, the Griff Inn Bar & Kitchen, the retail outlets of Union Shop, the Village Shop and the BLSA Reception, and Ground Café 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 are also three Independent Directors on the Board.

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 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. 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 leases from QMUL.

During 2023-24 the BLSA building is scheduled to close with a move of its facilities to a refurbished Garrod Building.

QMUL also provides support services in several areas, including campus security and other campus provision, health and safety, human resources, 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 totalled £546,764 (2022: £511,951). 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 2023

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 Partnership 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’ .

Following the Coronavirus period, the Board of Trustees agreed that the Students’ Union’s Strategic Plan should be extended beyond the end of the 2021-22 academic year, to allow the new Strategic Plan to be completed during 2022-23 (see 3.4 below).

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

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

----- Start of picture text -----
Strategic Objective
Aims
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
recreational activities so that students feel part of a 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.
----- End of picture text -----

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

3.4. The Union’s New Strategic Plan

During the reporting year, the Union carried out a variety of research and consultation with stakeholders to help shape its new Strategic Plan. As a result, the Unions Board of Trustees approved the revised Mission, Vision and Values as follows:

Mission: We listen. We act. We improve Students’ lives.

Vision: Every student to feel they belong, in an environment where wellbeing, inclusion and community are at the core of everything we do. We will ensure every student is empowered to grow and thrive throughout their time at University and into their future lives.

Values: Student-Led, Inclusive, Supportive, Honest, Ethical.

Strategic Pillars: The Plan is underpinned by four Strategic Pillars:

• Building an authentic student voice - We listen, but there's more to hear Through improved feedback we will empower more students to have their say.

• Supporting meaningful connections - Establishing friendships can be challenging. We will support students to create meaningful connections.

• Resonating with every student - We will make sure all students feel acknowledged by identifying the most positive impacts we can have on every student.

• Prioritising mental health - we will listen to students' current challenges and contribute to positive mental health.

KPIs: Work continued on developing KPIs and Departmental Plans to deliver against the Strategic Pillars, with the aim of launching the Plan to stakeholders early in the 2023-24 academic year.

3.5. Volunteers

The Students’ Union benefits from a significant volunteer contribution in taking forward its work. During the reporting year, in addition to the voluntary contribution of six Student Trustees and six External Trustees, circa 55 volunteer part-time officers and student representatives served on Student Council, with others acting in nonrepresentative support positions. Circa 450 students also acted voluntarily as course representatives. In addition, many more students volunteer their time to run student groups and sports clubs, as described in the relevant sections below.

3.6. 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 during the reporting year

Welcoming new students

150 students volunteered their time over Arrivals Weekend and Welcome Week across our London campuses. In their standout ‘Here to Help’ red and black hoodies, these volunteers were a key friendly face welcoming new students, signposting to opportunities and helping students to navigate our campus.

During the welcome period, all the Executive Officers have attended welcome talks to introduce new students to the Students’ Union. The talks have included a wide range of programmes at all levels of study, as well as targeted induction sessions, such as the induction for students with autism.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

The Welcome Fair events at Mile End and Whitechapel were a great success with over 10,000 students attending and overwhelmingly positive feedback from new and returning students, stallholders, and staff. The Mile End Fair took place across the Students’ Union Hub, Great Hall, Sports Hall, outdoor spaces, and also the Temporary Building ground floor space for the first time to accommodate more student groups and manage capacities across the event. At Whitechapel the event took place across the BLSA Building, Garrod Building

and Blizzard Mews. The events created a fantastic atmosphere on both campuses, and it was brilliant to see people enjoying themselves and engaging with the activities on offer.

The events included over 250 stalls, outdoor festival zones, sporting activities and a performance area featuring over 20 student group performances and demonstrations across the three days. We also welcomed several external organisations and charities.

The Students’ Union delivered a packed programme of events for Welcome Week that continued into week one. Attendance was significantly up on previous years with over 7142 tickets sold during Welcome Week for Students’ Union-led welcome events (excluding the Welcome Fair), with a further 2960 free event tickets also given out.

In addition, our programme featured a series of wellbeing events including online workshops on preparing for university, creating a productive study space and looking after your wellbeing at university. Dedicated events were run for commuters, postgraduate taught and postgraduate research students to help them meet others within these communities, with over 350 students in attendance at each.

We also collaborated with the QMUL Residences team to deliver several halls-specific activities including speed meeting events for individual halls, craft activities, pick, paint and plant events and neon life drawing attended by over 450 attendees. Our new Inter-Halls Games programme also started, beginning with an afternoon of Zorb Football.

In Whitechapel, the BLSA hosted a diverse week of events including the BL Families peer support event connecting over 600 new and returning students, comedy nights, alcohol-free Games Nights, an Inter-Institute Quiz and the popular sports club event Tables.

Our events programme was complemented by several welcome events delivered by our student-led Clubs and Societies that continued into October.

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. The Union continued its series of networking sessions and workshops which aim to help students better understand how their unique skills and experiences can impact their employability skills, and future in the workplace.

261 students registered for the QM Skills Award in 2022/23. 28 skill sessions were offered in addition to 6 staffled reflection sessions. 52 students reached the bronze, silver, or gold award level, with 49 being submitted for recognition on their HEAR transcript. Of the quarter of participants who completed a feedback form, 89.5% agreed that the sessions had both improved their employability, and they believed would help to demonstrate skills to employers.

The Students’ Union continued to organise the series of Alumni Cafes events, in collaboration with the Global Engagement Team, to improve alumni engagement with the University and improve employability amongst students.

Governance, Democracy and Representation

The Students’ Union’s Scrutiny Panel, which reviews the work of the elected Executive and Part-time Officers, met three times and submitted reports to Student Council. Student Council met five times during the reporting year, with meetings continuing to be held online.

Our Annual Student Meeting was again held online in November 2022. Attendees asked questions and raised concerns with the Executive Officers and presented motions for debate.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

We continued to develop our representation structure for Malta-based students, supporting the part-time BLSA (Malta) Board that focuses upon the student experience in the University’s Malta Medical School.

The Students’ Union Course Rep Newsletter, Course Rep of the Month Scheme and Course Rep Microsoft Teams group launched in 2021-22 were continued this year. Respectively, these help to keep Reps up to date with projects and events, recognise and reward their hard work, and provide a space for Course Reps to communicate and ask questions.

Qmotion

The Students’ Union operates the University’s sport and fitness centre Qmotion, on the Mile End Campus. Membership levels post pandemic have continued to rise, despite pressures around the cost of living, and increased local competition and now exceed pre-pandemic levels. Frequency of use has also continued to increase, in line with the growing importance of wellbeing in society. Data also shows membership levels are spread more evenly across the year, in July 2023 membership was over 2500, double the amount pre pandemic. Overall, during 2022-23, Qmotion had over 3000 members making 135,000 visits These successes highlight the need to now revisit the planned expansion of Qmotion that was under active consideration by the University prior to the pandemic.

RAG (Raise And Give)

During 2022-23, 65 student groups raised money through the Students’ Union’s Adopt a Charity scheme, with nearly £65,000 raised in total. BLSA worked to raise money for three nominated charities: SANE, Teenage Cancer Trust & Young Women's Trust.

Sport

Research has shown that taking part in physical activity has a positive impact on student:

• Attainment

• Employability

• Personal Wellbeing

• Social Wellbeing

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 and mental wellbeing, making lifelong changes.’

We are currently in the process of writing our new joint Sports Strategy with the University, and this will have a clear focus on wellbeing and employability. The new strategy will be launched in the 2023-24 academic year.

The Students’ Union’s Sports Pathway sets out to ‘provide something for everyone’ and includes the following:

• Get Active - Turn up and play & beginner courses. In 2022-23, more than 6000 students participated.

• Interhall Games - A new partnership with Residences aiming to get student in halls of residence active. In 2022-23, four events were held, and 18 halls participated.

• Social Leagues - A fun social environment for students and staff to compete in sport near campus, without the commitment required for a sports club. In 2022-23, 518 students participated weekly, across 33 teams. 132 participants came from low SEG backgrounds. Student referees and umpires are upskilled with funded training across various sports including basketball, cricket, football, and netball.

• Community Foundation - Supports students in developing skills and employability through sport, whilst providing a benefit to young people in the wider community. In 2022-23, 29 leaders participated and facilitated more than 1000 hours of sport.

• Club Sport - Sports Clubs which cater for a wide variety of different participants and offer

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

inter-university competition in BUCS and /or LUSL. In 2022-23, over 3,300 students competed across 65+

sports clubs - Barts and The London (BL), Queen Mary (QM) or QMBL. Club Sport PPD included training sessions such as: Sponsorship, Liberation & Inclusive Leadership, Emergency First Aid, and Safeguarding.

• Talented Athlete programme - Offers students who perform in sport at an elite level, the opportunity to take their training to the next level whilst removing some of the barriers they may face whilst studying for a degree.

• TASS Dual career accreditation , offering students on the Talented Athlete programme the opportunity to work with their school to move deadlines which clash with senior international competitions.

Queen Mary continued as a BUCS Football Accredited University for the third year in a row.

The year’s Sports Awards were attended by over 150 students there to celebrate successes in sport.

Student Groups

During the reporting year, the Students’ Union had 292 affiliated societies (including those in Malta) covering the following areas: academic, arts, music and performance, campaigning and political, cultural, employability and enterprise, faith, recreational, social. There were seven student media outlets spanning print, broadcast, and online.

The total membership of all Student Groups was 14,956, with 1,681 students in leadership positions.

The Students’ Union’s Student Engagement team provided training & guidance on events support, booking space on campus, grant funding, promotional support, and reward & recognition, and ensured compliance with financial, health and safety, data protection, and freedom of speech requirements.

78% of society committee members who responded to the end of year survey agreed that they felt part of a community through their involvement in a student group, and 86% of respondents agreed that they had developed skills through their involvement in a student group. 80% of group leaders felt they had made a positive difference to students' university experience.

Sustainability

The Students’ Union again, scored ‘excellent’ in Green Impact, a United Nations award-winning programme designed to support environmentally and socially sustainable practice in organisations. We’re one of less than 25 students’ unions from across the country to achieve this level of award, demonstrating our commitment to being an environmentally responsible organisation.

The Reuse Fair was a success with 450 students benefitting from the fair, which redistributes household and other items donated by last year’s leavers to new students, with around 90% of students, who provided feedback, feeling that the fair helped them to save money. As well as helping new students transition into University, the project prevented 812.7kg of items from going to landfill.

The Students’ Union continued to provide opportunities for students to engage with sustainability issues including student-led events and campaigns such as Clothes Swaps, Hedgehog Litter Picking Competition, and Plant-Based Campus. Environmental Volunteering opportunities such as Canal Clean-Ups, Litter Picking, Vegetation Management and Allotment Gardening. Awareness campaigns such as Green Week, Sustainability Week and the Big Green Survey.

Volunteering

There were 10 student-led volunteering groups, covering areas such as disability sport, mentoring, oral health, and sexual health and relationships.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

The Students’ Union’s Give Volunteering a Go scheme, offered one-off, low-level commitment volunteering opportunities supporting community festivals, local gardening sessions, and sporting charity events such as the London Marathon. There were also environmental volunteering opportunities, such as canal clean-ups.

The Students’ Unions Volunteering team continued to operate its charity brokerage service with 180 charities registered, providing 254 volunteering opportunities.

The annual Volunteer Fair was held in September providing an opportunity for students to meet 44 of our partner charities before signing up to opportunities.

Welfare, Wellbeing and Community

Throughout the year, the Students’ Union’s elected representatives provided regular and timely feedback on students’ education and welfare issues at a school, faculty, and university-wide level. These included assessment and feedback, decolonising the curriculum, MBBS curriculum changes, PGR representation, supporting students with specific learning differences, support for international students, improving student support services, University’s name change policy for students, wellbeing initiatives, cost-of-living, and period poverty.

The Students’ Union has a graduation assistance fund that helps students with graduation costs by financing their cap and gown hire. The Union has secured £30,000 for the scheme from the University’s Alumni team to sustain the fund until the summer of 2024.

Our Study Well exam-support programme continued in 2022-23, with a range of activities designed to promote wellbeing and combat exam stress.

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 traditionally underrepresented student communities, 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’s campaigns included Asian Heritage Month, Antisemitism Awareness Month, Black History Month, Disability Awareness Fortnight, Islamophobia Awareness Month, LGBT+ History Month, and Women’s Week to mark International Women’s Day.

5. Financial Review

5.1. 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.

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

5.2. Income and expenditure

As shown in the SOFA, total income for the operating year, on a consolidated basis, was £6.661m (2022: £6.118m). Grant funding totalled £3.334m (2022: £2.681m). Income generated by QMSU Services Limited

totalled £3.538m (2022: £2.979m). Student activity income contributed £529k (2022: £454k) 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 £7.358m

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

(2022: £6.055m). Charitable activity costs totalled £3.769m (2022: £3.046m including student activity costs of £2.644m

(2022: £2.142m), student representation and communication costs of £981K (2022: £793k), and volunteering costs of £123k (2022: £88k). 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 inflow of funds of £49k. This compares with a net outflow of funds of £56k for the preceding reporting year.

5.3. Financial position and reserves

As at 31[st ] July 2023, as indicated on the consolidated balance sheet, net current assets were positive on a consolidated basis, £182k (2022: £97k) and in the Union £106k negative (2022: £90k negative).

As at 31[st ] July 2023, also as indicated on the consolidated balance sheet, consolidated reserves in aggregate, stood at £360k (2022: £311k). On a consolidated basis, designated funds totalled £273K (2022: £314k) and restricted funds (comprising principally capital grants) stood at £267k (2022: £228k). The consolidated general reserve balance was in deficit of £180k (2021: £231k in deficit) reducing the deficit by £51k.

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 2024.

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 2023 compared to 31 July 2022:

General Reserves Fixed Assets Total Free Reserves	July 2023 £k (180) (145) (325)	July 2022 £k (231) (181) (412)

The Students’ 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 period). 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.

5.4. 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

11

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31[st ] JULY 2023

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.

6. 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)	£22,500
British Universities and Colleges Sports (BUCS)	£10,794
London Nightline	£2,760
Student Radio Academy	£0
UK Council for International Student Affairs (UKCISA)	Free

7. Plans for the future

Key objectives for the year 2023/24 are:

• To launch the Students’ Union’s new Strategic Plan to our stakeholders.

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

• To continue to work with QMUL on the development of the new Life Sciences campus at Whitechapel, and the move of BLSA to the refurbished Garrod Building.

• To finalise and launch the new Joint QMSU/QMUL Sports Strategy.

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

• To revisit plans to expand Qmotion to meet increased demand.

12

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31[st ] JULY 2023

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 15 February 2024 and signed on its behalf by:

Serena-Amani Al Jabbar Union President and Chair of the Board

13

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31[st ] JULY 2023

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 2023 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 2023 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 Groups 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.

14

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31[st ] JULY 2023

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) 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) 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).

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.

15

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31[st ] JULY 2023

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: 24 April 2024

16

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 2023

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 Transfers 20 NET INCOME/(EXPENDITURE) & NET MOVEMENT IN FUNDS Reserves Brought Forward RESERVES CARRIED FORWARD 20	General funds Designated funds Restricted funds Total Total 2023 £ 2023 £ 2023 £ 2023 £ 2022 £ 47,062 450,163 32,187 529,412 454,234 3,070,714 - 263,691 3,334,405 2,681,036 994 - - 994 2,067 3,537,583 - - 3,537,583 2,979,667 4,625 - - 4,625 1,287
	6,660,978 450,163 295,878 7,407,019 6,118,291
	224,934 - - 224,934 198,150 3,363,558 - - 3,363,558 2,810,976
	3,588,492 - - 3,588,492 3,009,126 1,895,593 491,456 256,966 2,644,015 2,141,896 20,803 - - 20,803 23,431 123,287 - - 123,287 87,761 980,936 - - 980,936 792,968
	3,020,619 491,456 256,966 3,769,041 3,046,056
	6,609,111 491,456 256,966 7,357,533 6,055,182
	(864) - - (864) (2,496)
	- - - - (4,986)
	51,003 (41,293) 38,912 48,622 55,627
	(230,741) 313,985 228,027 311,271 255,644 (179,738) 272,692 266,939 359,893 311,271

All recognised gains and losses are reflected through the SOFA. All transactions noted above derive from continuing operations.

Of the surplus of £48,622 recorded above, the subsidiary accounts for a surplus of £174,025 and parent charity accounts for a deficit of £125,403.

17

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

BALANCE SHEETS

AS AT 31 JULY 2023

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 2023 £ 2022 £ 145,360 181,205 32,352 33,216 67,114 49,860 359,418 194,980 850,773 727,247 1,277,305 972,087 (1,095,124) (875,237) 182,181 96,850 359,893 311,271 266,939 228,027 - (179,738) (230,741) 272,692 313,985 359,893 311,271	Union 2023 £ 2022 £ 22,186 12,834 32,353 33,217 - - 156,556 104,122 732,419 447,604
		888,975 551,727 (994,741) (641,600)
		(105,766) (89,873)
		(51,227) (43,823)
		266,939 228,027 (590,859) (585,835) 272,692 313,985 (51,227) (43,823)

Approved by the Board of Trustees on 15 February 2024 and signed on their behalf by:

Serena-Amani Al Jabbar Union President and Chair of the Board

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

18

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2023

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	£ 4,625 (19,254)	2023 £ 138,155 (14,629) 123,526 727,247 850,773	£ 1,287 (24,896)	2022 £ 362,490 (23,609) 338,881 388,366 727,247

All cash held consists of cash and cash equivalents.

19

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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.

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.

20

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

(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.

21

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

(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.

22

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

3.Grant Income 2023 2023 2023 Unrestricted Designated Restricted £ £ £ Queen Mary University of London Total Revenue Grants 2,523,950 - 263,691 Allocated to Subsidiary - - - Charity Revenue Grants 2,523,950 - 263,691 Donated Services and Facilities 546,764 - - 3,070,714 - 263,691 4.Sponsorship and Marketing Income Sponsorship and Marketing 5.QMSU Services Limited	2023 2023 2023 Unrestricted Designated Restricted £ £ £ 2,523,950 - 263,691 - - -	2023 Total £ 2,787,641 -	2022 Total £ 2,635,935 (466,850)
	2,523,950 - 263,691	2,787,641	2,169,085
	546,764 - -	546,764 3,334,405 2023 £ 994 994	511,951 2,681,036
	3,070,714 - 263,691
			2022 £ 2,067 2,067

Trading Activities Gym Bars Retail Cafes Entertainments Services Marketing Other Total Administrative Costs	Income £ 705,931 854,430 999,992 777,161 42,591 57,754 99,724 3,537,583 - 3,537,583	Expenditure £ (349,350) (589,940) (936,538) (570,366) (4,528) (48,663) (78,429) (2,577,814) (785,744) (3,363,558)	Total 2023 £ 356,581 264,490 63,454 206,795 38,063 9,091 21,295 959,769 (785,744) 174,025	Total 2022 £ 294,037 266,031 120,359 233,242 36,325 16,792 (2,517)
				964,269 (795,578) 168,691

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 2023 disclose a surplus of £174,025. The registered office address is the same as the parent.

23

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

6.Student Activity Income Students’ Events Income Recreational Sport Income Other Income Student Activity Groups Income RAG Income Expenditure 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 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) Executive Diversity Sports Development Club Sport Funding QM Annual Fund Employability Student Experience Depreciation of Equipment RAG Costs and Donations Westfield Trust Other Grant FA Hub Co-op	2023 £ 24,012 10,272 12,778 450,163 32,187 529,412 179,725 491,456 553,720 9,485 757 3,440 495 360,919 786,776 10,000 30,000 10,000 10,000 15,000 15,000 20,000 10,000 10,000 17,061 180 3,037 276 31,087 28,508 22,372 2,022 420 2,621,736	2022 £ 43,348 8,006 14,493 359,528 28,859
		454,234
		150,369 414,509 445,565 9,616 1,588 9,640 2,584 337,891 532,612 10,000 30,000 10,000 10,000 15,000 15,000 20,000 10,000 10,000 17,084 1,163 99 11,056 10,316 18,774 6,262 3,161 2,458
		2,104,747

24

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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 Support Costs (Note 13) Donated Services and Facilities 9. Volunteering Expenditure Salaries & Wages (Note 12) Volunteering Expenses Other Expenditure Donated Services and Facilities Support Costs (Note 13)		2,621,736 5,800 1,051 15,428 2,644,015 2023 £ 196,893 6,543 5,864 - 3,108 12,526 224,934 2023 £ 440 795 1,302 3,066 15,200 20,803 2023 £ 47,396 921 306 15,911 58,753 123,287		2,104,747
				27,139 1,723 8,287
				2,141,896
				2022 £ 163,967 8,234 6,887 1,034 6,541 11,487 198,150 2022 £ 262 813 3,831 4,247 14,278 23,431 2022 £ 38,462 97 18 14,898 34,286 87,761

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

10.Student Representation & Communication Expenditure Staff Salaries and Wages (Note 12) Affiliation Fees Student Development Printing & Stationery Cleaning (excluding staff costs) Depreciation on Buildings & Equipment Finance Charges Equipment Hospitality Other Expenditure Donated Services and Facilities Support Costs (Note 13) 11.Governance Costs Salaries & Wages (Note 12) Legal and Professional External Audit Staff Training Board Meeting and Trustee Expenses Other Hospitality Recruitment Depreciation Affiliations Governance Costs declared in the Financial Statements as follows: Charity Subsidiary Company	2023 £ 267,680 45,643 - 483 44,991 2,533 5,930 482 45 6,338 154,734 452,077 980,936 2023 £ 406,103 2,883 18,500 - 194 1,186 790 828 - 70 430,554 385,433 45,121 430,554	2022 £ 252,358 43,471 495 1,825 31,190 2,137 4,797 300 66 6,486 144,884 304,959 792,968 2022 £ 475,023 250 18,684 200 829 978 347 300 76 - 496,687 392,216 104,471 496,687

Amount paid to the external auditors in respect of audit during the year was £17,500 (2022: £15,250) and £800 for other services. (2022: £650).

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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)	2023 £ 2,008,440 190,711 366,856 9,630 174,405 16,171 17,753 838,113 10,326 55,467 4,098 3,691,970 196,893 1,707,261 (45,121) 553,720 47,396 267,680 406,103 558,038 3,691,970	2022 £ 1,807,124 167,084 262,726 8,424 167,654 15,951 4,703 719,944 5,971 32,926 3,329
		3,195,836
		163,967 1,534,163 (104,471) 445,565 38,462 252,358 475,023 390,769 3,195,836

27

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12. Staff Costs (continued)

The average full-time equivalent number of permanent staff during the period was 66 (2022:59). The average full-time equivalent number of student staff during the period was 38 (2022:35). The average full-time equivalent number of staff during the period was 104 (2022:94).

The monthly average number of permanent staff during the period was 70 (2022:63). The monthly average number of student staff during the period was 144 (2022:134). The monthly average number of staff during period was 214 (2022:197).

Higher Paid staff

Salary Range	2023	2022
£60,000-£70,000	2	2
£80,000-£90,000	1	1
Pension Contributions	£48,877	£45,951

The key management personnel during the year were the Chief Executive, Deputy CEO, Deputy Managing Director, Head of Retail and Venues, Head of Marketing and Communications and Advocacy Manager. Their total remuneration was £528,334 (2022: £504,954).

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 2023 No ex-gratia payments were made (2022:Nil).

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 £208,329 (2022: £188,307). £17,753 pension contributions were paid on behalf of the Officer Trustees (2022: £4,703). During the year no trustees were reimbursed for expenditure (2022: NIL).

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

Adi Sawalha Charles Seller Muneer Hussain Radhika Thiagarajan Joanna Croft Saynab Sharif	2023 £ 37,006 38,526 31,457 31,457 38,426 31,457 208,329

28

QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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 Event Expenses Hospitality Insurance Operational Costs Recruitment Licences Security Costs Lease & Rentals Cleaning Equipment Publicity & Marketing Maintenance Facilities Costs 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 Media (Note 8) Student Representation & Communication (Note 10)	2023 £ 430,554 558,038 36,120 51,619 13,041 40,561 5,547 2,700 425 53,095 711 35,781 30,946 1,215 39,703 63,027 106,696 200,546 11,164 9,524 50,820 335,654 8,930 2,086,417 1,300,673 785,744 2,086,417 786,776 58,753 3,066 452,077 1,300,672	2022 £ 496,687 390,769 37,169 37,060 11,298 36,248 4,548 2,788 1,471 53,141 528 40,371 55,742 1,060 36,895 73,505 105,382 219,048 10,357 8,188 44,165 - 5,262 1,671,682 876,104 795,578 1,671,682 532,612 34,286 4,247 304,959 876,104

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.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

14. Comparative funds – Statement of Financial Activities for the year ended 31 July 2022

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 Transfers 20 NET INCOME/(EXPENDITURE) & NET MOVEMENT IN FUNDS Reserves Brought Forward RESERVES CARRIED FORWARD 20	General funds Designated funds Restricted funds Total 2022 £ 2022 £ 2022 £ 2022 £ 65,847 359,528 28,859 454,234 2,433,100 - 247,936 2,681,036 2,067 - - 2,067 2,979,667 - - 2,979,667 1,287 - - 1,287
	5,481,968 359,528 276,795 6,118,291
	198,150 - - 198,150 2,810,976 - - 2,810,976
	3,009,126 - - 3,009,126 1,490,141 414,509 237,246 2,141,896 23,431 - - 23,431 87,761 - - 87,761 792,968 - - 792,968
	2,394,301 414,509 237,246 3,046,056
	5,403,427 414,509 237,246 6,055,182
	(2,496) - - (2,496)
	- - (4,986) (4,986)
	76,045 (54,981) 34,563 55,627
	(306,786) 368,966 193,464 255,644 (230,741) 313,985 228,027 311,271

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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 2023 which are available to download from the QMUL website.

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16. Fixed Assets

Consolidated Cost: As at 1stAugust 2022 Additions Disposals At 31stJuly 2023 Depreciation: As at 1stAugust 2022 Charge for the year Disposals At 31stJuly 2023 Net Book Value: At 31stJuly 2023 At 31stJuly 2022 Fixed Assets Union Cost: As at 1stAugust 2022 Adjustments Additions Disposals At 31stJuly 2023 Depreciation: As at 1stAugust 2022 Adjustments Charge for the year Disposals At 31stJuly 2023 Net Book Value: At 31st July 2023 At 31st July 2022	Building Works £ 2,415,404 - - 2,415,404 (2,359,920) (16,122) - (2,376,042) 39,362 55,484 Building Works £ 1,261,674 - - 1,261,674 (1,249,876) (3,498) (1,253,374) 8,300 11,798	Trading Equipment £ 798,759 12,633 (93,049) 718,343 (674,074) (35,464) 93,049 (616,489) 101,854 124,685 Trading Equipment £ 119,597 - - 119,597 (119,597) - (119,597) - -	Union Equipment £ 127,971 6,621 (21,452) 113,140 (126,935) (3,513) 21,452 (108,996) 4,144 1,036 Union Equipment £ 142,494 6,989 6,621 (24,656) 131,448 (141,458) 220 (980) 24,656 (117,562) 13,886 1,036	Total £ 3,342,134 19,254 (114,501)
				3,246,887
				(3,160,929) (55,099) 114,501
				(3,101,527)
				145,360
				181,205
				Total £ 1,523,765 6,989 6,621 (24,656)
				1,512,719
				(1,510,931) 220 (4,478) 24,656
				(1,490,533)
				22,186
				12,834

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

17. Investments Listed Investments at fair value Brought Forward Movements in fair value of investments At 31stJuly 2022 Unlisted investments at cost	2023 Consolidated £ 33,216 (864) 32,352 - 32,352	2022 Consolidated £ 35,712 (2,496) 33,216 - 33,216	2023 Union £ 33,216 (864) 32,352 1 31,353	2022 Union £ 35,712 (2,496)
				33,216 1 33,217

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 2023 was £3,537,583 (2022: £2,979,667), total expenditure during 2023 was £3,363,558 (2022: £2,810,976), total net assets at 31[st ] July 2023 were £529,118 (2022: £355,093).

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	2023 Consolidated £ 56,066 104,440 150,805 45,031 3,076 359,418 2023 Consolidated £ 173,694 651,822 - 142,546 127,062 1,095,124	2022 Consolidated £ 36,581 50,089 73,206 33,023 2,081 194,980 2022 Consolidated £ 113,194 570,703 - 172,732 18,608 875,237	2023 Union £ 21,309 23,479 63,661 45,031 3,076 156,556 2023 Union £ 105,575 327,708 512,371 32,989 16,098 994,741	2022 Union £ 21,001 8,547 39,480 33,023 2,071 104,122 2022 Union £ 53,653 221,914 317,566 32,109 16,358 641,600

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

20. Reserves Consolidated Restricted Capital Grants RAG Drapers Fund Association Fund 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 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 2022 Income Expenditure Transfers At 31stJuly 2023 £ £ £ £ £ 4 - - - 4 39,067 32,187 (31,087) - 40,167 3,694 1,975 (1,051) - 4,618 29,198 16,596 (3,037) - 42,757 7,021 - (2,022) - 4,999 6,685 - (420) - 6,265 25,124 13,626 (15,428) - 23,322 - 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) - - 5,882 - (5,800) - 82 41,993 39,373 (17,061) - 64,305 25,071 21,860 (28,508) - 18,423 337 - (180) - 157 43,951 40,261 (22,372) - 61,840
	228,027 295,878 (256,966) - 266,939
	313,985 450,163 (491,456) - 272,692
	313,985 450,163 (491,456) - 272,692
	(230,741) 6,660,114 (6,609,111) - (179,738) 311,271 7,406,155 (7,357,533) - 359,893

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

20. Reserves (continued) Union Restricted Capital Grants RAG Drapers Fund Association Fund 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 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 1st August 2022 Income Expenditure Transfers At 31st July 2023 £ £ £ £ £ 4 - - - 4 39,067 32,187 (31,087) - 40,167 3,694 1,975 (1,051) - 4,618 29,198 16,596 (3,037) - 42,757 7,021 - (2,022) - 4,999 6,685 - (420) - 6,265 25,124 13,626 (15,428) - 23,322 - 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) - - 5,882 - (5,800) - 82 41,993 39,373 (17,061) - 64,305 25,071 21,860 (28,508) - 18,423 337 - (180) - 157 43,951 40,261 (22,372) - 61,840
	228,027 295,878 (256,966) - 266,939
	313,985 450,163 (491,456) - 272,692
	313,985 450,163 (491,456) - 272,692
	(585,835) 3,122,531 (3,127,556) - (590,860) (43,823) 3,868,572 (3,875,978) - (51,228)

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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.

21. Operating Lease Commitment (Subsidiary)

At 31 July 2023, 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 2023 £ 2022 £ 2023 £ 2022 £ 93,161 93,161 6,220 13,365 - - 580 6,220 - - - 580 93,161 93,161 6,800 20,165

The Charity had no operating lease commitments.

22. Related Party Transactions

During the period ended 31[st ] July 2023 the controlling party of the Union was, under its Articles of Association, the Trustees.

During 2023 a total of £NIL (2022: 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 £2,523,950 revenue funding, and the value of premises and support services provided by Queen Mary University of London estimated at £546,764. 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 2023

23. Taxation

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

24. 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 25. Net Funds Cash Net Funds at 31stJuly 2023 26. Net Assets between Funds Unrestricted funds £ Consolidated Fund balances at 31 July 2023 are represented by: Tangible fixed assets 145,360 Investments 32,352 Current assets 737,674 Creditors: amounts falling due within one year (1,095,124) (179,738) Unrestricted funds £ Consolidated Fund balances at 31 July 2022 are represented by: Tangible fixed assets 181,205 Investments 33,216 Current assets 429,875 Creditors: amounts falling due within one year (875,037) (230,741)	Note 16 18 19 Designated funds £ - - 272,692 - 272,692 Designated funds £ - - 313,985 - 313,985	2023 £ 48,622 55,099 (4,625) 864 (17,254) (164,438) 219,887 138,155 2023 £ 850,773 850,773 Restricted funds £ - - 266,939 - 266,939 Restricted funds £ - - 228,027 - 228,027		2022 £ 55,627 62,181 (1,287) 2,496 (9,755) 13,396 239,832 362,490 2022 £ 727,247 727,247 Total £ 145,360 32,352 1,277,305 (1,095,124) 359,893 Total £ 181,205 33,216 971,887 (875,037) 311,271

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Appendix 1.1 Queen Mary Sports Clubs

Archery Club Athletics Club Badminton Club Barbell Club Baseball Club Basketball Men Club Basketball Women Club Boat Club Boxing Club Cheerleading Club Climbing Club Cricket Club Dance Club Fencing Club Football Men Club Football Women Club Futsal Club Futsal Women Club Golf Club Handball Club Hockey Club Ju Jitsu Club Judo Club KDS Karate Club Kendo Club Lacrosse Club Muay Thai Club Netball Club QM Calisthenics Club QM HEMA Club Rugby Men Club Rugby Women Club Snow Sports Club Squash Club Swimming Club Table Tennis Club Tennis Club Volleyball Club

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Appendix 1.2 Queen Mary Societies

1day Sooner Society 3D Net Society 93% Club Society Abacus Society Ability Society Accounting & Advisory Society Accounting Society Actuarial Society Actuarial, Mergers & Commercial Awareness Society Advertising Marketing and PR Society Aero Horizon Society Aerospace Society Afghan Society Afro-Caribbean Society Ahlulbayt Society Ahmadiyya Society AIESEC Society Albanian Society Alternative Dispute Resolution Society Alternative Investments Group Society Alternative Music Society American Football Society American Society Amnesty International Society Analogue Photography Society Ancient Languages and Culture Society Animal Rights Society Anime Society Anti-Imperialist Society App Development Society Arabic Calligraphy Society Arabic Society Archegos Society Armenian Culture Society Art Business Society Art Society Artificial Intelligence Society Artistic Rep Society Asean Society Asian Development Society Aspergers Society Aspiring Solicitors Society Assassins Creed Society Association des Juristes Queen Mary Sorbonne Society (AJQS)

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Astrology Society Atheism Society Athena Swan Society Audio and Technology Society Aurora Initiative Society Austrian Society Austrian Society Autonomous Group Society Azerbaijan Society B.O.F.F.I.N Society Bahai Society Baking Society Baloch Society Bangladeshi Society Banking & Finance Society Banking Against Poverty Society Barnardo’s Society Beard Appreciation Society Beastmode Society Believers' LoveWorld Society Bengali Cultural Society BEST Society (Board of European Students of Technology) Bhangra Society Biochemical & Pharmaceutical Society Biochemistry Society Biological Society Biomedical Engineering Society BioMedical Society Black Girls Book Club Society Blockchain Society Board Games Society Bollywood Dance Society Bollywood Society Bolshevik Society Book Club Society Book Society Brazilian Society Breaking Into Consulting Society Bright Future Society British Muslim Youth Society Bubble Tea Society Buddhist Society Bulgarian Society Business & Enterprise Society Business Society Campus Vibe Society Capoeria Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Catholic Society Cheese Society Chemical Engineering Society Chemistry Society Chess Society Chinese Society (Cantonese) Chinese Student and Scholars Association Society (CSSA) Chinese-British Students & Scholars Forum Society Chocolate Society Christian Society Cinema Society Citizens Society Cocktail Society Coffee Society Comedy Society Commercial Awareness Group Society Common Mans Folk & Alternative Music Society Commuters Society Computer Programming Society Computer Science Society Conservative Society Consultancy Society Consulting Society Counterfire Society Craft Beer and Real Ale Society Creating a Beat Society Creative Arts Society Creative Writing Society Criminal Justice Society Critical thinking & problem-solving Society Cross Cultural Activities Society Cult Film Society Current Affairs+ Society Cycling Society Czechoslovak Society DASH-ed Society Data Protection Society Data Science and Machine Learning Society DCR Society (Democratic Century Review) Debating Society Debke Society Deconolise QMUL Society Desi Society Design Society Dialogue & Debating Society Disabled Society Disco Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Disney Society Diversity in Business Society Diversity In Data Society Diversity in technology Society Doctoral Students Society DoVES Society (Domestic Violence Education & Support) Duck Society Duke of Edinburgh Society EAAS Society (East-African Association Society) East African Society East European Society East London Health Society Eastern European Society Economics Society EECS Society Effective Altruism Society Egyptian Society Electrical Engineering Society ELF Society Emirati Society Employable Students Society EmpowHer Society Energy For Old Fadama Society Engage Society Engineering and Tech Society Engineering Without Borders Society English Society Entrepreneurs Society Environmental Society Equality Society Equip Africa Society Erasmus Student Network Society ESG Society Ethiopian and Eritrean Society European Law Students Association Society European Society Every Nation Christian Society Evolutionary Medicine Society Ex-Muslim Society Experimental Film Society Experimental Media Forum Society Ex-Yu Society Faith Talk Society Faldo Society Fashion Society Feminist Society Filipino Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Film Making Society Finance Society Financial Monopoly Society Fine Art Appreciation Society Fintech Society First Aid Society First Love Society Flat Earth Society Food Society Foosball Society Forensic Society Formula 1 Society Formula Student Society Fossil Free Society Francophone Society Free Speech Society FreeOrg Society French Society Friends of MSF Society Friends of Palestine Society Funk Dance Society Future Frontiers Society Game Development Society Game of Thrones Society Games Society Gaming Society Genetics Society Geography Society Georgian Society German Society Ghost Hunting Society Girl Up Queen Mary Society Global Brigades Society Global Health Society Global Markets Society Global Zero Society Gordon Freeman Society Greek & Cypriot Society Green Mary Society Guild Society Guitar Society Habesha Society Harry Potter Appreciation Society Health 2.0 Society Henna Society Hindu Students' Forum Society Hip Hop and R&B Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

His People Society Hispanic Society History Society HKPASS Society Horror Society Horse Racing Society Human Resources Society Hungarian Society Hyperlink Society Iberian and Latin American Society Ideological Society Illumina Tea Society Immigration & Asylum Law Society Improv Society Indian Music Society Indian Society Indonesian Society Innovators Society Interdisciplinary Legal Society International Association for the Exchange of Students for Technical Experience Society International Society Iranian Society Iraqi Society Irish Society Islamic Finance Society Islamic Society IT Management for Business Society IT Society Italian Society Jain Society Japanese Society Jewish Society Journalism Society Kazakhstan Society Keg Society Kharis on Campus Society Knit & Knatter Society Korean Society Kpop Society Krishna Consciousness Society Kurdish Society Labour Society Latino Society LatinX Society Law Academia Society Law and Business Society Law Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Lawyers without Borders Society Leading Women Society Lebanese Society Left Forum Society Legal Innovation Society Lego Society LGBT+ Society Liberal Democrats Society Liberty League Society Liberty Society Linguistics Society Literature Society Lithuanian Society Live Society London Transport Society Low-Carbon Futures Society Lusophone Society M & BL Music Society Madinah Society Magic Society Mahjong Society Major Mixer Society Make Up & Beauty Society Make Up Society Malaysian Society Marketing & Communications Society Marxist Society Masters Students Society Materials Science and Engineering Society Materials Society Mathematics Society Mature Students Society Mauritian Society Meat Society MEDi Society Medical Leadership & Management Society Medieval Re-enactment Society MedPrep Society MedTech Society Mehndi Society Meme Society MEMS Society Mental Health Awareness Society Metal Music Society Mexican Society Mixed Martial Arts Society Model United Nation's Society

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QUEEN MARY UNIVERSITY OF LONDON STUDENTS’ UNION LIMITED

APPENDIX

Mongolian Society Moroccan Cultural Society MTO Sufi Society Music Enjoyment and Production Society Music Society Musical Theatre Society Muslim Women Society Nandos Society Nature Society Neo-Bloomsbury Group Society Nepalese Society Neurodivergent Society Neuroscience Society New Music Society New Turn Society Nigerian Students Association Society Non-Law Society Nordic Cultural Society North Africa Society Open Law Society Oriental Cuisine Society Orphan in Need Society Our Passion Project Society Oxfam Society PACE Society Pakistani Society Palestine Society Pan African Society Parkour Society Persian Society Personal Development Society Pharmacology and Drug Discovery Society (PDDS) Philosophy Society Photography Society Pilot Society Playwrights Society Poetry Society Pokemon Society Poker Society Pole Fitness Society Polish Society Politea Society Political Awareness Society Politics and International Relations Society Pool and Snooker Society Pool Society Portugese & Brazilian Society

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APPENDIX

Post Graduate Association Society Postgraduate Law Society Postgraduate Moot Society Practical Film Making Society Private Equity Society Pro Evo Society Professional Practice Society PROJECT:TALK Society Psi Star Society Psychology Society Punjabi Society Qigong Society QM4Uyghur Society QMUL Go Society (Weiqi) Queen Mary Against Prevent Society Queen Mary International Finance Development Society Queen Mary Machine Learning Society (QMML) Queen Mary Nightline Society Queen MARY Student Association for Lawyers for Animal Welfare Society (QMSALAW) Quiz Society Radio Society Radiology Society Rail Challenge Society Rap Society Reach Out Society Red Cross on Campus Society ReproducibiliTea Society Research Society Retrospective Society Rise for Rohingya Society Rock and Metal Society Rock Solid Society Rocket and Space Society (QMRS) Romanian Society Russian Speaking Society SAFE for Survivors Society Safeguarding People At Risk Society (SPAR) Salsa Society Samaritans Society Saudi Society Save our NHS Society Save the Youth Society Scandinavian Society Schtoom Society Science Fiction Society Sci-Fi & Fantasy Society Scrabble Society

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Scuba and Snorkelling Society

Shakespeare Society Shisha Society Sikh Society Singapore Society Skate Society Sneaker and Streetwear Society Sober Socials Society Socialist Worker Student Society Socie TEA Society Somali Society Soul Society South Americans Society Southern African Cultural Society Spanish Society SpeedCubing Society Sports Fanatics Society Spring Thinkers Society SPUE Society Sri Lankan Society Sri Lankan Students' Society Star Wars Society Start Ups Society STEP Team Society Stop The War Society Student Assembly Against Austerity Society Student Associates Scheme Society Student Minds Society Student Policy Forum Society Student Scout & Guide Organization Society (SSAGO) Students for the Development & Exploration of Space Society Students with Disabilities Society Sudanese Society Syria Solidarity Society Table Top Miniature Society Taekwon-Kode Society Taiwanese Society Tamil Society Tamil Solidarity Society Taylor Swift Society Team Elite Society TEDx Society Thai Society The Redeemed Student Fellowship Society The Well-being Society The Word Society Theatre Company Society

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Third Culture Kid Society Trading and Investment Society Travel Society Turkish Cypriot Society Turkish Society Ukrainian Business Society Ukrainian Society Underground Music Society Uni Boob Team Society UNI Vibe Society UNICEF Society Unite Society Unity Society Unmanned Arial System Society (UAS) Unspoken Society UNYA Society Vegan & Vegetarian Society Video and Games Gaming Society Vietnamese Society Virtual Reality Society WaterAid Society Welsh Society WESQMUL Society William Harvey Research Institute Society Wine App Society Wine Society Woke Talk Society Women Empowerment Society Women In Art Society Women In Business Society Women in Consulting Society Women in Finance Society Women in Law Society Women in Politics Society Women of Colour Society Women of STEM Society Women on Board Society Women Working in Law Society Womens Wellbeing Support Society World Development Society World Rev Society Yoga Society Young Greens Society Youth Stop AIDS Society Zionist Society Zoological Society

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Appendix 1.3 Barts and The London Clubs

Alpine Club American Football Club Badminton Club Basketball Club BL Volleyball Club Boat Club Brazilian Jiu Jitsu Club Chess Club Cricket Mens Club Cycling Club Football Men Club Football Womes Club Golf Club Hockey Men Club Hockey Mixed Club Hockey Women Club Lacrosse Club Netball Club Rugby Men Club Running Club Sailing Club Squash Club Tennis Mens Club Ultimate Club Water Polo Club

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Appendix 1.4 Barts and The London Societies

Academic Research Society ACS Society (African Caribbean) Aerospace Medicine Society Aksum-Barts Partnership Society Allied Courses Society Alternative Medicine (BLAMS) Society Anaesthetics & Intensive Care Society Anatomy Society Angling Society ArguDent Society Art & Photography Society Asian Society Asian Society (Gozo) Aviation Medicine Society Bangladesh Society Barts Cancer Institute PhD Forum Society Barts Cardiology Society Be the Change Society BEADS Society (Barts East Asian Dental Students) Biomedical Engineering Society Board Games Society Buddhism Society Calligraphy Society Carrom Society Christian Union Society CLASS Society Coborn Society Commuters Society Craft Society Cypriot & Hellenic Society Dance Society Debating and Ethics Society Dental Conference Society Dental Graduation Committee Society Dental Journal Society Dental Midway Ball Society Dental Society Dentalks Society Dermatology Society Diagnostic Medicine Society (DiMed Society) DiKnow Society Doctors as Educators Society

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Drama Society Drug Science Society Ear Nose and Throat Society Egyptian Emergency Medicine Society (BLEMSO) Endocrinology Society Ethics Society European Society Feminist Society Film Society Forensic Pathology Society Forensic Society Games of Thrones Society Gastroenterology Society Gastronomy Society GEP Society Gospel Choir Society GOZO Society (Gozo) GP Society Grad Society Haematology Society Head and Neck Society Health Entrepreneurship Society Healthy Planet Society History of Medicine Society Indian Society Infectious Diseases Society Innovation & Enterprise Society Innovation in Medicine Society Integrative Medicine Society Irish Society Isoc Society Japanese Culture and Language Society (Gozo) Kashmiri Society Korean Society Kurdish Society Kuwait Society Language & Culture Society LGBT Society London Sports and Exercise Medicine Society Malta African & Caribbean Society (Gozo) Malta Arts & Fashion Society Malta Chess Society Malta Christian Union Society Malta Clinical Skills Society (Gozo) Malta Cricket Society (Gozo) Malta Diving Society (Gozo)

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Malta Ecology and Business Society (Gozo) Malta First Aid Society in Cooperation with the ERRC (Gozo)

Malta Isoc Society (Gozo) Malta Surgical Society (Gozo) Malta Tennis Society (Gozo) Marrowm Society Medic Recruit Society Medical Current Affairs Society Medical Entrepreneurship Society Medical Humanities Society Medical Leadership Society Medicine and Heritage Society Medic-SHARE Society MedTech Society MESS Society MESS Society (Gozo) Metabolic Medicine Society Middle Eastern Society Military Medicine Society Monopoly Society Music Society North African Society Nutritank Society Obstetrics and Gynaecology Society Oncology Society Opthamology Society Oral and Maxillofacial Society Orthopaedic (Conference) Society Orthopaedics Society Paediatric Society Pakistan Society Palliative Care Society Pathology Society Peer Assisted Learning Society Pharmacology Society Philosophy Society Physician Associates Society Physiology Society Plastic Surgery Society Pre-Hospital and Emergency Medicine Society (BLPHEMS) Pride Society (Gozo) Psych Society (Gozo) PsychSoc Society Public Health and Preventive Medicine Society Pyrotechnics Society Questions in Medicine Society Radiology Society

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Rare Diseases Society Refugee Crisis Foundation Society Regenerative & Reconstructive Medicine Society Renal Society Rental Society Respiratory Society Sexpression Society Sexual and Reproductive Health Society Sign Language Society Simulation Society South Asian Society (Gozo) Student Assisted Medical and Dental Applicants Society (SAMDA) Students for Global Health Society Students for Kids International Projects (SKIP) Surgical Society Sustain Society Tamil Society Teddy Bear Society The Breast Project Barts Society Traditional Art Society UAEM Universities of Allied Essential Medicines Society Urology Society US Society USMILE Society USMLE Society Vegetarian and Vegan Society Welsh Society Wilderness & Extreme Medicine Society Women in Healthcare Society Yoga Society

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