2023-07-31-accounts

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Registered number: 07990838
Charity number: 1149394
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GREENWICH STUDENTS' UNION LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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GREENWICH STUDENTS’ UNION LTD

(A Company Limited by Guarantee)

CONTENTS

Page Reference and Administrative Details of the Charity, its Trustees and Advisers 1-2 Trustees’ Report 3 - 28 Independent Auditors’ Report on the Financial Statements 29 - 32 Statement of Financial Activities 33 Balance Sheet 34 Statement of Cash Flows 35 Notes to the Financial Statements 36 - 52

GREENWICH STUDENTS’ UNION LTD (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

~~Trustees Emma Bryan, Chair (appointed 9 April 2024)~~ Dr Elizabeth Jones, Chair (resigned 9 April 2024) George Bradley, Trustee Paul Butler, University Trustee Kevin Hall, Trustee Jason Jeevaruban, Student Trustee Anuj Baral, President Benjamin Hunt, Trustee (appointed 13 September 2022) Floyd Macdonald, Trustee (appointed 6 February 2024) MD Islam, Sabbatical Officer (appointed 19 June 2023) Sodiq Lawal, Sabbatical Officer (appointed 19 June 2023) Mateusz Pudlak, Student Trustee (appointed 19 July 2023) Foday Samura, Student Trustee (appointed 19 July 2023) Lazizjon Tokhirov, Sabbatical Officer (appointed 19 June 2023) Jabed Yasinur Rashid, President (resigned 12 May 2023) Abdul Ahad, Sabbatical Officer (resigned 30 June 2023) Kreema Motala, Student Trustee (resigned 31 July 2023) Krishmi Karki, Sabbatical Officer (resigned 20 June 2023) Judith Baines, Trustee (resigned 26 June 2023) Anastasija Cymbal, Student Trustee (resigned 31 July 2023) Fiona Slaven, Trustee (resigned 6 February 2024)

Company registered number 07990838 Charity registered number 1149394 Registered office Dreadnought Building 30 Park Row Greenwich London SE10 9LS Company secretary Kate Dawson Chief executive officer | Kate Dawson

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GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Independent auditors

Goodman Jones LLP Chartered Accountants Statutory Auditors 29/30 Fitzroy Square London W1T 6LQ

Bankers HSBC Bank 275 Greenwich High Road Greenwich London SE10 8NF

Solicitors Russell-Cooke 2 Putney Hill London SW 15 6AB

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greenwich students. union

Greenwich Students’ Union Trustees’ Annual Report and Accounts 2022/23

1. Structure, governance, and management

1.1 Structure Greenwich Students’ Union (GSU) is a charity which registered with the Charity Commission in October 2012 and operated as a limited company from 14 March 2012. Students at the University of Greenwich (the University) study across three campuses in Avery Hill, Greenwich and Medway and automatically become members of GSU when they register as students. Unless they choose to opt out, they remain members if they remain registered students. In addition, students registered at the University whose normal place of study is at an institution other than the University are eligible to become Affiliate Members. At the Medway campus in particular, Greenwich Students’ Union is the lead partner for the union partnership with Kent Union and Christchurch Students’ Union. Services at Medway are run from the Student Hub, which is staffed by GSU employees who run activities and services on behalf of all three unions. Services at Medway are branded as being run from The Hub (thehubmedway.co.uk) and each partner union identity is present in and outside the space.

The democratic structures are fundamental to a Students’ Union (SU) and the Articles describes the function and membership of GSU’s democratic structures. The Bye Laws are the guiding documents which sit beneath the Articles for the operational delivery of this.

The Student Assembly has the authority to represent the voice of students, make decisions which reflect the voice of students, and set policy for the Union in accordance with the Articles and the Bye Laws.

The Student Scrutiny Panel assesses the work of GSU Officer Trustees in accordance with Articles and the Bye Laws to ensure that every Officer is performing adequately in their role, and to provide support and suggestions for improvement.

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Annual Report including the Strategic Report and the financial statements in accordance with applicable law and UK accounting standards (FRS 102).

1.2 Governance The GSU Articles outline that GSU’s Board of Trustees consists of four Sabbatical Officer Trustees, four Student Trustees, up to six External Trustees, and one University Trustee. The GSU Sabbatical Officer Trustees are students who are elected by a cross campus ballot by the members of GSU at an election held in the second term of each academic year. The GSU Officers serve an initial twelve-month term, starting on the 1st of July, and may then be

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re-elected for one further term of office only. While in office, the GSU Officers work full time
for GSU as contracted employees, each with a set of responsibilities they agree to as a team,
in addition to their role as Trustees.
Student Trustees are students appointed by a vote of the Board of Trustees. They are
recommended by an appointments panel formed of members of the Trustee Board which must
involve Sabbatical Officer Trustees. They may remain in post for a term of two years after
which they are eligible for reappointment for a further term of up to two years.
External Trustees are appointed by a vote of the Board of Trustees. They are recommended
by the Appointments, Staffing and Governance Committee, following a formal interview
process and may remain in office for a term of four years. External Trustees are eligible for
reappointment by a vote of the Trustees for a one further term of four years; their maximum
total term is eight years.
The Chair of the Board of Trustees is elected by all the Trustees from among the External
Trustees; the term of office for this position is four years. The Chair is eligible for reappointment
by a vote of the Trustees for a one further term of four years; their maximum total term is eight
years.
Dr Elizabeth Jones has held the position of Chair since March 2016 and was reappointed by
Trustees for a further four-year team on 26" May 2020.
The University Trustee is appointed by the Vice Chancellor of the University from the
Directorate. Like External Trustees, their term of office is four years, and they may be
reappointed for one further term of four years, with a maximum total term of eight years.
GSU Trustees receive training consisting of written materials and an induction from the CEO.
Sabbatical Officer Trustees start their salaried role at GSU two weeks before their official start-
date in office; this period is dedicated to induction, training and handovers from their
predecessors. They attend numerous internal and external training events, and conferences,
particularly during July and August including, but not exclusive to:
e Role of a Trustee
e Campaigning
e Leadership Development
The Board of Trustees meets a minimum of five times per year in accordance with the
Articles; an induction session and two meetings were held, one was cancelled due to
quoracy and a training was cancelled due to attendance during 2022/23. The Board is
responsible for overall governance of GSU including approving strategy, plans and policies
and ensuring that GSU is meeting its charitable objectives. Responsibility for the day-to-day
running of GSU is delegated to the Chief Executive Officer (CEO). The CEO is also
Company Secretary and attends all meetings. In the CEO’s absence the Deputy CEO takes
this role.
The Board of Trustees invited Anastasija Cymbal, Jason Jeevaruban, and Kareema Motala
to join as Student Trustees in July 2022. Former Student Trustees Curtis Fletcher, and
Mohammad Ullah graduated from the University and were required to step down in July
2022. Judith Baines stepped down in June 2023, Judith was replaced by Ben Hunt in
November 2023.
In 2022/23 the Trustee Committee members were as follows:
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Finance Audit and Risk Committee — Fiona Slaven (Chair), Paul Butler, Liz Jones, Abdul
Ahad, Yasinur Rashid Jabed.
Staffing and Governance Committee — Liz Jones (Chair), Anuj Baral, Paul Butler, Judith
Baines, Shahidul Miah.
Commercial and Marketing Committee — Kevin Hall (Chair), George Bradley, Curtis
Yasinur Rashid Jabed, Krishmi Karki.
GSU committees operate under a Terms of Reference (ToR) agreed by the Board of
Trustees. In accordance with the ToR, each Committee has a minimum of four members —
two External and two Sabbatical Officer Trustees.
Greenwich Students’ Union constitutes a public benefit entity as defined by FRS 102. The
board of trustees confirms it has given regard to the legislative and regulatory requirements
for disclosing how our charitable objectives have provided benefit.
1.3 Student Voice
GSU actively encourages students to take part in democratic processes during their time at
University. This ensures that GSU is member-led, understands, and meets its members’
needs, and that the student voice is heard by the University.
Each year GSU runs a cross-campus ballot to elect four GSU Officers to represent the
concerns and views of individuals, groups or the whole student body on issues such as
welfare, academic, social and financial at the University of Greenwich. The Sabbatical
Officer Trustees have a one-year, full-time paid contract with GSU. They are also Trustees
of GSU. They can re-stand for the position for a maximum of two terms.
The Officer team for 2022/23 were:
President: Yasinur Rashid Jabed (Jabed)
GSU Officer: Krishmi Karki
GSU Officer: Anuj Baral
GSU Officer: Abdul Ahad
The Officer team for 2023/2024 are:
President: Anuj Baral
GSU Officer: Sodig Lawal
GSU Officer: Aminul Fahad
GSU Officer: Laziz Tokhirov
The Student Assembly was Chaired by the President and met four times in 2022/23 with all
Sabbatical Officer Trustees in attendance.
The Student Scrutiny Panel was Chaired by Student Trustee Kam Motala and met five times
in 2022/23 with Sabbatical Officer Trustees in attendance.
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1.4 Management
GSU’s Chief Executive (CEO) John Schless, left on 318 May 2022 and was replaced by Kate
Dawson on the 5" of September 2022. There was an interim CEO Tony Logan between May
and August 2022. The Deputy CEO, Uzma Arif-Fryer, returned from Family Leave in April
2023.
The CEO, Deputy CEO and the SLT take the strategic lead within the organisation
developing and implementing strategy, plans, policy, and procedures. Together they are
responsible for overseeing career staff and part-time student staff.
At the end of 2022/23 GSU had 73 staff roles, 41 career staff positions (including fixed term
contracts), four GSU Officers and 31 student staff positions.
Alongside the line management structure and regular performance management of staff, a
series of staff groups bring together relevant staff and Full-time Officers. These Groups
oversee key areas of GSU’s activities such as Staff Representation, EDI, Welcome and
Employability ensuring that members’ interests are represented.
The SLT and GSU Officers meet on Tuesday Mornings to discuss operational issues and
campaign updates. The SLT also provide mentorship to the GSU Officers throughout the
year.
1.5 Pay and Remuneration
With support from the GSU Trustee Board, the CEO began work on a Pay Review for GSU
in January 2023. GSU partnered with a consultancy called Atkinson HR to provide a
structured framework and support for this important piece of work. Throughout the process
GSU staff, Officers, Trustees and Unison were involved and feedback taken on board. The
new pay framework includes a job evaluation scheme to ensure roles are graded fairly and
to an agreed set of criteria.
1.6 University Partnership
GSU has a proven and strong working relationship with the University. The President meets
monthly with the Vice Chancellor Professor Jane Harrington and GSU Officers and staff
attend a range of University Boards and Committee meetings. The GSU President also
attends the University’s Governing Body and Finance Committee.
The CEO and DCEO are part of the University’s Leadership Forum and attend termly
meetings as well as being invited to take part in a Leading Culture Change Management
programme with other senior university staff. We continue to work closely with the University
leadership and Governing Body in relation to progress with the GSU strategy and challenges
facing Greenwich students.
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1. Objectives and Activities

2.1 Charitable objectives

GSU’s charitable objectives, as detailed in the Articles, are the advancement of education of students at the University for the public benefit by:

e Promoting the interests and welfare of students at the University during their course of study and representing, supporting, and advising students. e Providing social, cultural, sporting, and recreational activities, and forums for discussions and debate for the personal development of its students. e Being the recognised representative channel between students and the University and any other external bodies.

GSU takes due regard of the Charity Commission’s guidance on public benefit when setting its objectives and activities.

2.2 GSU Plan 2026: Mission, Vision and Values

GSU Plan 2026 — Summary

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What do we want? (our vision): Become your best at Greenwich.

How do we realise this? (our mission): We will unapologetically strive for equity in all we do. We will have your back to support and empower you on your journey through Greenwich.

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Outcomes Summary
1. Best Quality and Inclusive Education
2. Life Ready
3. Be the Best You
4. Find where you belong
5. Protect our planet together
Our SU values for the GSU Plan 2026 — ACE IT
Approachable
Members can engage with GSU wherever they are in the world. We will provide friendly
spaces for everyone to come together and create communities. Our staff are always
listening to members and each other, to remove barriers and provide great quality services.
Courageous
We will take risks, be brave in our advocacy and push boundaries to challenge for positive
change for our members today and in the future.
Empowering
We will empower our members with the information and skills they need to thrive.
We will create together with students, so that they can develop their own communities and
make the change they want to see.
Inclusive
We will actively seek to remove barriers where they exist so that members can engage in
any service at GSU and the University. We will ensure all voices are liberated, represented
and celebrated.
Trusted
We will be accountable for decisions that we make, which will be backed by our members
needs. We will be a reliable delivery partner with legitimacy, always acting on the will of our
members. We are the trusted voice of Greenwich students.
Measuring our Impact
The sections below detail our achievements and impact. The 2022/23 academic year was
the first full academic year of the plan which provided a good base for a new annual planning
cycle.
The highlights of projects developed by the GSU Team throughout 2022/23 contributing to
the GSU Plan 2026 are:
e Responding to the impact of the Cost Of Living crises and enabling much needed
additional financial support to students during the 2022/23 year including an open
pantry, food vouchers, community breakfasts and dinners, bus tickets and increasing
the hardship fund.
e Seeing a significant increase in the National Student Survey Question 26 (“It is
common practice for experienced colleagues to coach and mentor new starters“)
which directly relates to Greenwich Students’ Union by 18% to 74%
e Shortlisted for a 2022 Times Higher Education Awards for our sector leading
Retention Project, the only Students’ Union nominated for an award.
e Seeing a 41% increase in Sports Memberships and a 104% increase in Societies
Membership, moving back to Pre-COVID levels.
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e Submitting a Student Written Submission to the Office For Students (OFS), as part of
the Universities Teaching Excellence Framework (TEF) which told 10 student stories
of what it is like to be a student at the University of Greenwich. The University
achieved TEF Gold and the partnership with the Students’ Union was mentioned as
an area of commendation.
e Arecord breaking election turnout with 21% of students voting in the Students’ Union
election.
3. Achievements and Performance 2022/23
3.1 Introduction
GSU is well underway with its transformative journey having grown and developed over the
last couple of years into an active and strong Students’ Union.
As an independent representative body, GSU exists to support the needs of members. We
do this by providing a wide range of services, such as an advice service, sports, societies,
academic communities, and social opportunities though a commercial offering and bookable
student spaces. GSU also supports enhancement through partnership with the University to
deliver academic representation, supporting programme reviews, and working to close the
Black, Asian and Minority Ethnic (BAME) awarding gap.
As a Union we are a key player within the London region and are well connected with our
peers across the sector, as are our GSU Officers. We provide advice and guidance and
have begun to see staff leaving GSU after honing their skills, moving into more senior roles
in the SU sector.
We are looked upon as sector leaders and are often used as a case study to the wider SU
sector as an example of good practice. We are delighted to be the first SU to have signed up
to the Careers After Babies Accreditation in May 2023 and are working to be the best
employer for parents. The Deputy CEO delivered a session at the National Union of
Students (NUS) annual conference ‘Strategy Exchange’ in November 2023 detailing GSU’s
commitment to the accreditation and progress to date.
Our staff tell us that we are a positive organisation to work for, with 86% of our staff saying
that they are treated fairly, with respect and with dignity at work and 84% of staff saying they
feel their work contributes to the organisation’s performance. We also saw a 10% increase in
satisfaction for our flexible ways of working showing that we are getting the balance right of
home working and in-office working in a post COVID world.
We are proud of the diversity of our staff team, our relationship with students, our
encouraging working culture, and our relationship with the University which we know is a
positive one. We view ourselves asa ‘critical friend’ and partner of the University and
although we do not always agree, we are committed to work together to find solutions that
benefit our members.
In 2022/23 our students were significantly impacted by the Cost Of Living crises and the
subsequent impact of financial hardship on their studies, this was a focus for the Student
Officers and GSU for the academic year. Ensuring students had access to affordable food,
travel and additional financial support as needed.
3.2 Welcome 2022
The Welcome period is integral to welcoming students to Greenwich; this is often students’
first impression of university life, and we aim to make an impact. The programme was
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curated by a variety of staff across GSU who acted as welcome leads for the below key
areas. The welcome leads would seek further feedback from students & GSU staff to
maximise the impact.
- Events
- Welcome Fairs
- Wellbeing
- Registration & ‘Welcome Zones’
- Commercial
- Marketing & Comms
- Inductions & Student Priorities
- Medway
In September 2022, we launched a programme of activity aimed at kickstarting our
members' journey at Greenwich with two weeks of fun and events. The aim of helping them
make connections and feel at home at Greenwich was central to our messaging across the
period. We have crafted a vision which complements the University’s, to ensure one
cohesive message across the Welcome period. Our programme of events were inclusive
and catered for all types of students, ensuring parity across campuses. We were extremely
proud of the impact we had, ensuring it was achieved in a fun, safe and engaging way to
welcome students to university.
Key achievements:
- 6500 attendees over 100 events across each site during the welcome period
- 1165 students voted for the priorities for the year
- 1500 induction attendees
- 10, 000 students attended our welcome fairs
- 221,974 visitors to the GSU home page
- £77.5k outlet income
- £2.3k ticket income
3.3 Communications:
e Greenwich Students’ Union website received 221,974 page views between 17"
August (A-Level Results Day) and 29" September (end of Welcome)
e The website was visited by 42,462 users
e The Hub’s website had 8,055 page views in the same period.
e The website was visited by 2,398 users
e We gained new followers on Instagram:
o Greenwich Students’ Union account: 350
o The Hub Medway: 271
o Our Avery Hill Instagram account (new in 2022/23): 139
e Top performing posts during Welcome:
o GSU Facebook
o Welcome Talks 15" September — Post reach 769, impressions 774
o GSU Instagram
o Medway Welcome Fair Review Reel, 21st September
o Post Reach 11,198 Post Views, 12,775, 175 Likes
o GSU X (formerly known as Twitter)
o ‘Tomorrow is the Medway Welcome Fair’, 20" September
o Post Impressions: 1,369
o Lower Deck Instagram
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o Freshers Promotional Reel, 19‘ August o Post Reach 6,526, Post Views 7,494 Likes 94 o Hub channels o Instagram ‘We are Medway —join us at the Welcome[Fair’,] 21st September o Post Reach 14,500, Post Views 14,792 Likes 205 o Facebook ‘Good Luck on A-Level Results Day’ 18" August o Post Reach 62 Post Impressions 68 *Post reach: number of people who saw the post at least once. Post impression: numbers of times it appeared in a feed. e Emails — 30% average open rate to our three all student emails sent for/during Welcome, compared to 21% industry average.'

Outlets: e 11th-22nd September 2023 Lower Deck e 3540 people bought a drink in the lower deck. e No table bookings were made, but 12 club and society bookings were made across the welcome period. e 638 Draught Pints beer and cider e 1256 shots of Moonshine Vodka

e 1098 J-bombs e 235 soft drink

e 233 cocktails

3.4 Student Activities

Student activities across the 3 campuses saw significant growth comparable to the previous year. This is due to variety of reasons, such as a more settled and consistent Engagement & Opportunities team, clearer processes & procedures created and implemented and a positive welcome period to drive membership.

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Key wins: e Team Greenwich won the annual Varsity against London South Bank 9-1. There was additional activity including gaming, sports massages, food & drink and an after party.

e Team Medway volleyball won their league.

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Our Advice Service is a vital part of our work to support our members at GSU. Our Advisers
work independently to represent students across the University to support students to stay at
university and do well in their studies.
Advice casework has continued to increase with more students access the service to
support with complex advice cases. The number of students access the service has
increased 278% over the past 5 years, measured Aug-July
18/19 — 441
19/20 - 641 (43% increase on previous year)
20/21 — 859 (34% increase on previous year)
21/22 —1375 (60% increase on previous year)
22/23 — 1671 (21% increase on previous year)
We have achieved the following over the past year:
e 1,671 cases and enquiries opened from August 2022-July 2023, a 9% increase on
the previous year. Advisers had over 5,861 interactions with students throughout the
year, a 36% increase on the previous year.
e Runin person drop-ins across our Avery Hill and Greenwich Campuses
e We have continued to review our website to ensure that it is up to date and
accessible
e We implemented a of a Front of House triage function to support the increased
caseload and ensure a consistent service and access to the Advice team during
periods of high demand. Students were signposted to the enquiry form and any
escalations referred through a dedicated Microsoft Teams channel.
e Published a series of blogs to help students navigate key junctures in their university
experience
e Inresponse to the increase cost of living we worked in partnership with the university
to
o establish a food pantry in Term 1 distributing £20,000 worth of food to
students in need
o distribute 15,235, £20 food vouchers in term 2 and 3 allowing students to
purchase groceries
o Distributing 1644 bus vouchers for the Medway bus
o Opening the hardship fund to 1 year international students and
postgraduate research students for the first time
3.6 Retention Calling Project
Our retention calling project spoke to almost 1000 more students this year compared to last.
We introduced a new system of support referrals for students raising issues but who didn't
need to seek individualized support at the time of calling. Termly, faculty level reporting and
weekly themes reporting to university partners have helped us address issues more quickly,
helping students avoid these problems in future.
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Annual Summary |

e Employability: Ran an ‘Employability week’ for members to network and learn core skills for the job market. The sessions included a ‘swap shop’ for interview clothes to ensure all members were able to take part. e History months: Officers engaged in activities across history months to ensure engagement and representation of all student members. e Drop ins: Enhanced drop ins across all three sites and faculties to allow members to discuss their feedback on their course in person. This also ensured a renewed presence for GSU as students continue to move back to campus post-pandemic. e Academic skills: Collaborating with the library team to developa ‘level up’ programme which focuses on providing students with the academic skills to empower students to achieve in their programmes. e Community on campus: From sport societies to special interests, the officer team worked to enhance social opportunities across the sites. e Speak up: Officers worked to provide more opportunities to share their voice and embed their feedback into their university experience and into how they are supported by their student’s union.

e Medway: Increased representation across the Medway campus enhancing the student voice and campaigning for financial support for the inter-campus bus.

The Full-time Officers play a vital role representing students across a broad range of University strategic and operational committees. GSU staff team provide administration and reading support for meetings. These include but are not limited to:

University Governing Body	~~Jabed ~~- President (P)
University Governing Body Finance Committee	Jabed (P)
	Al Officers
Student Success Committee	Jabed (P), Abdul
Research and Knowledge Exchange Committee
Learning, Quality and Standards Committee	Represented by all at Faculty level

3.9 National Student Survey (NSS) 2023

The NSS is a national survey of student satisfaction in UK Higher Education. Universities must take part and students get to rate difference aspects of their experience. For 2022/ 2023, the NSS removed the core question around student satisfaction (27) from the mandatory set which resulted in institutions rethinking the point of measurement from previous years. As a result, comparisons from previous years are no longer as simple. However, for 2023, GSU saw a marked improvement in response to Q.26 from 58% to 74.1%.

For 2022/2023, the University refocused their NSS support for programmes maintaining the task forces but with additional workshops for programme leaders to create their plans. GSU participated in all of these workshops and supported programme leaders in the creation of their NSS strategies for 2023/2024. 14 programmes with lower satisfaction scores in 2021 were highlighted to receive targeted support through NSS Taskforces. 42 programmes received low to mid scores and were invited to the workshops. These workshops focused on each area of the NSS and were led by the PVC Education and GSU’s Head of Student Voice and Representation to offer guidance and collaborate on action plans.

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Last year, 32 courses took part in the task force which marksa significant improvement
overall in response. This is in part due to the successful offering and contribution made by
the team via programme representation and academic societies. Across the faculties:
- FLAS -— 14 programmes scored mid to low
- FES —8 programmes scored mid to low
- FEHHS — 24 programmes scored mid to low
- BUS -—-9 programmes scored mid to low
Over half of these programmes have an active academic society who are supporting with
fostering a sense of belonging on the programme and each have an average of 1
programme representative per cohort to support with providing ongoing student consultation.
3.10 Teaching Excellence Framework
In the 2022/23 academic year, Greenwich Students’ Union supported the University in their
submission to the Teaching Excellence Framework. GSU produced a ten page Student
Written Submission which outlined what it was like to be a student at the University of
Greenwich. To demonstrate this, GSU utilised 10 student stories through in-depth interviews,
telling their stories of their routes to Greenwich, their engagement and their challenges.
The University of Greenwich achieved Gold (the highest accolade) and the report received
commended the partnership between the University and Students’ Union and the submission
submitted.
3.11 Cost of Living Insights Work
From Retention Project data locally and from NUS research nationally, evidence showed
that the cost-of-living crisis was impacting our members. However, we needed to have a
more exact sense of the financial pressures on Greenwich students, looking at the ways in
which personal responsibilities and circumstances, employment alongside their studies and
declining mental health impacted on their ability to study and thrive at the University of
Greenwich.
Findings and recommendations for the full report The Cost of [Living] [at][ University][ of][ Greenwich]
came from a written online questionnaire filled out by 1,722 students across the month of
October 2022. The survey had a reasonably representative split across primary campuses
and fee payer status, and a number of demographic indicators were included in the survey to
allow comparisons by characteristics and statuses. Some information and recommendations
come from qualitative feedback from Student Assembly.
A number of the overall findings indicated the difficulties that members, and sometimes
specific groups of members, have in accessing and engaging with their education due to rising
costs. The broad themes identified were: income and living costs, employment and
employability, and hidden/unexpected costs. Some of the key findings:
- GSU members are significantly worse off than the national average in terms of
disposable income, with almost double the percentage of students with less than £50
disposable income per month (almost 50%).
- 56% of all students are “very concerned” about being able to access employment
that will cover their living costs after university.
- Masters students are particularly concerned about their prospects, with 68% very
concerned, closely followed by PhD students on 64%. By comparison, the
undergraduate figure sits at 50%.
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- 22% of all students had to purchase a “significant amount” of equipment for their
course.
- Students who received free school meals are 9% more likely to have to purchase
significant amounts of equipment.
- Disabled students are 6% more likely than those who declared no disability to have to
buy ‘significant amounts’ of equipment to help them complete their programme (27%).
- International students are less likely to have access to Wi-Fi, with 15% self-funded
international students not having access to internet at their accommodation, versus
5% for home students. A similar picture appears from Black British students as
opposed to their white counterparts
The findings were shared with the University and were used to enhance the financial support
offered to members including; food vouchers, community meals and Medway bus vouchers.
3.12 Commercial Services
The 2022/23 academic year was an exciting year for Commercial Services as we launched
two new endeavours — The Tudor Café (a new cafe replacing a retail shop in the same
location) and The Look Book (a merchandise shop replacing a coffee shop in the same
location). All our outlets opened on the 11‘ of September for the Welcome season.
Our Outlets & Venues for 2022/23:
Greenwich
- The Lower Deck (a 500-capacity Bar and Venue space
- NEW The LookBook (a physical merchandise shop selling University of Greenwich
merchandise and an online shop).
- Flagship Events (External Hire of The Lower Deck)
Avery Hill
- NEW The Tudor Café (a café serving Starbucks and university of Greenwich
merchandise)
- The Candy Shack (a 200-capacity bar and venue)
Medway
- The Deep End (a 500-capacity bar and venue space)
Tudor Café:
The Tudor Café opened its doors in September 2022, in order to ensure the success GSU
implemented a comprehensive standard operating procedure for our dedicated teams to
elevate operational standards and ensure unwavering customer satisfaction.
A pivotal change in our leadership strategy was enhancing the manager's role, expanding its
scope to necessitate proficiency in retail management and the nuanced art of Starbucks
coffee. This decision enabled us to secure a manager with a remarkable 20-year tenure at
Starbucks. The impact of this change has been profound, catapulting our service speed and
elevating customer satisfaction to new heights.
Our student staff have risen to the occasion, exemplifying exceptional service, and evolving
into ambassadors of the Tudor Cafe brand. In a move to streamline our service and align
more closely with the preferences of our student clientele, we refined our retail inventory by
75%. This strategic decision has further honed our service efficiency.
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The Tudor Café was able to match the budgeted expectationsin its first year of operation.
The Lower Deck:
The Lower Deck sawa successful year for its Wednesday Club Night - Wavy Wednesday,
seeing sell out ticketed events and positive income from wet sales.
The team, a blend of enthusiastic students and astute managers, has enabled a robust
operation, even without a dedicated Sales and Events Manager for a significant period
throughout the year. This feat is a testament to their commitment and skills.
A noteworthy highlight is the surge in average spend and service speed, ensuring efficiency
and customer satisfaction. During external events, the team achieved a net income
exceeding £10,000 on several occasions - a clear indicator of their operational brilliance.
In recognition of these achievements, the venue manager ascended to the role of area
manager, a strategic move aimed at instilling this high level of performance across the
license trade operations.
The Deep End
The Deep End was an area of challenge in 2021/22, therefore it was an area of focus for
2022/23. It was noted that the food sales outweighed the drink sales at The Deep End which
wasa different picture to The Lower Deck. Utilising this knowledge we turned our focus to
the food and food sales.
We listened to our students who were being impacted by the cost of living and introduced a
£3 meal deal as well as reviewing the food offer.
Even though we didn't hit our revenue goal for the year, we managed to ensure costs were
controlled. This experience taught us a lot about adapting to our students’ wants and being
wise with our finances.
The Candy Shack:
The Candy Shack is a small bar at the Avery Hill Campus which operates only on special
occasions. It has a small budget in comparison to the other operations. A key highlight for
the Candy Shack was Varsity in which a series of pop-up bars were present around the
campus, this proved popular with students.
The Lookbook:
2022/23 saw The Lookbooks first year of operation, whilst there was no budgeted income for
this new outlet, we saw a positive impact and income from the shop. In October and
January, the Merchandise shop enabled a pop up in The Lower Deck for Graduations, this
proved to be a huge success.
Our website has been buzzing with activity, witnessing a steady climb in merchandise sales
throughout the year, a testament to our growing popularity and the magnetic appeal of our
offerings.
Flagship Events:
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This first year of our External Hire has been a resounding success, even though we did not
have a Sales and Events manager for the entire period. We're gearing up to expand these
flagship events to Avery and Medway, promising excitement, and engagement in these new
locations for 2023/24.
New roles within the department are:
e Junior Café & Retail Manager- old F&B manager role in Avery Hill
e Events F&B Duty Manager- September 2022
e Commercial Marketing Coordinator- October 2022
e Area License Manager- September 2022
e Retail Manager —January -2023
Financial results were not aligned with the year's expectations due to many unplanned
events. While commercial services refocused on adjusting the expected revenue, we still did
not manage to deliver the outcome.
Following the lessons learnt from this year's performance, we plan several quick-fix
strategies to ensure we save on expenditure by working smarter and faster during each
financial period.
GSU Drink Pricing Insight — 2022/23
In 2022/23 we worked with an external consultant to support with a pricing strategy, the
changes made asa result of this engagement are below:
Advanced Sales Tracking with Lightspeed: Our new electronic point of sale system,
Lightspeed, now tracks our sales by the hour and day. This real-time data shapes our
business strategy to suit preferences.
NUS Compliance:
We adhere to the NUS purchasing agreement, ensuring a consistent supply of favourite
drinks.
Data-Driven Decision Making:
The Commercial Team is leveraging Lightspeed to tailor pricing to reflect current market
trends and student needs.
Competitive Analysis:
A thorough review of competitor pricing, informed by the Valuation Office Agency data, has
highlighted the need for a more competitive approach, given our current average weekly
turnover.
What's in Store:
A refined drink pricing strategy that balances quality with affordability.
A sales mix that prioritises popular choices, notably a diverse range of spirits.
Adjusted pricing for students and events, providing the best value.
Projected Benefits:
Our revamped strategy is set to generate a substantial increase in revenue (£50.2K gross,
£41.8K net of VAT) without compromising on the quality or affordability of our offerings.
We're thrilled about these changes and confident they will enhance your GSU experience.
3.13 Marketing and Communications
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Marketing and Communications (Marcomms) is a core function of GSU providing a support,
project management and design service to all GSU teams.
The in-house team continues to provide a service to all departments across GSU through
planning of communication campaigns and providing design and execution of hard copy and
digital materials. The team also runs various communications channels to promote the
activities, events and services of the Union to our members, stakeholders and other
audiences, and supports teams with their own channels (e.g. outlet social media accounts).
There were two new roles added to the team in this academic year — a Marketing and
Communications Coordinator and a Commercial Marketing Coordinator. These roles added
to the marketing resource at GSU and allowed us to expand our work on social media. The
Commercial Marketing Coordinator role has brought much needed resource to the
Commercial team also and had successes in driving engagement online and sales in outlets
through their work.
However, as well as gaining roles in the team we have had vacancies and turnover which
has impacted on strategic delivery on the Marketing Action Plan and its priorities.
Whilst we gained two new Coordinator roles in the team, their line manager (Marketing and
Communications Manager) left in August 2022; their successor was recruited in September
2022 and then left in December 2022. Recruitment in January 2023 was unsuccessful, and
the Head of Marketing took the decision to leave the role vacant and try recruiting again later
in the year.
Also, our long-standing Designer left in October 2022; their replacement started in
December 2022, but then left in March 2023. A new Designer then started in June 2023.
The vacancies and turnover meant that the Head of Marketing and Communications had line
management responsibility for most roles in the team, spending more time inducting and
developing staff and taking on operational work. We were able to get good external support
through freelancers who produced work to the same standard as the internal team.
The Medway comms roles were moved to another directorate after the manager role was
changed in October 2022 to manage activities/events, front of house and communications at
Medway. The manager role is overseen by the Head of Engagement and Opportunities as
well as the Head of Marketing and Communications.
Despite these challenges, there were still successes in the Marketing directorate in 2022/23,
and support work to teams continued. This includes work with our Medway partners,
establishing and enacting a Service Level Agreement for marketing work on their behalf; our
Welcome campaign for September 2022 and January 2023, notably working with the
University to ensure more joined up communication, as well as more accessible and relevant
content for incoming and returning students; and continued work to Working with support
teams on key events and facilitating a return to in person delivery, namely Elections and its
Results Night event, Varsity, Activities Awards and SLTAs.
3.14 Medway Partnership — Year 2
Following the conclusion of the Medway Partnership Review in October 2020, TUPE in May
2021 and restructure in August 2021, GSU entered its second year of the new partnership.
The partnership saw a new brand of the venue (The Hub) and a clear message to students,
that we are your home union (either Kent Union, GSU or Christ Church Students Union),
based at The Hub in Medway.
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The Partnership Principles:
e The new partnership model is now led by GSU with Kent Union and
Christ Church Students’ Union (CCSU) being partners.
e The new partnership has been set up to be flexible and agile for each
organisation based on their University campus needs.
e As GSU is the largest and therefore lead partner at Medway we will operate
comparable services across Medway, Avery Hill and Greenwich to suit the campus
demographics and faculty needs is imperative.
e As part of the transfer GSU is committed to ensuring each of the three campuses has
a SU delivery team to support the diverse student population, delivery campus
engagement activities and strengthen the student voice within the Greenwich
Faculties at all campuses and Kent Schools at Medway.
e GSU should have a clear brand and presence at Medway, whilst ensuring we
maintain the strong shared Medway campus community which is fundamental and
cannot be lost.
The following challenges were identified in 2021/22:
- Staff capacity at Kent Union & GSU
- University of Kent moving 3 schools to Canterbury (c2000 students) and not returning
to face-to-face teaching until February 2022, missing a crucial time to engage with
students (Welcome).
- University of Kent did not sign off a Data Sharing Agreement, meaning we could not
contact Kent students.
In 2022/23:
- The University of Kent have now signed a Data Sharing Agreement, and this is in
place which means we are able to contact students at the University of Kent with an
offer to Kent students.
- Both University of Greenwich and Kent have returned to face-to-face teaching seeing
an increase in footfall at Medway
- There has been an increase of resource from GSU with the introduction of the
Engagement and Partnerships Manager.
4. Financial review
4.1 Income and expenditure account
Total income for the year was £4.7m compared to a total of £4.1m in 2021/22. Under the
SORP accounting procedures these sums include ‘donated services’ from the University,
block grant and other restricted income from the University.
GSU received in block grant of £1.89m (£1.357m in 2021/22) for Greenwich. Subvention for
Medway for the year was £0.611m (£0.986m: 2021/22). GSU is required to absorb pension
PPF (Pension Protection Fund) contribution and additional pension deficit from Students
Union Superannuation Scheme. The University did provide additional funding of £nil
(2021/22: £52k) to cover the increase in PPF and pension costs.
Commercial Services income was £0.92m compared to £0.86m in 2021/22.
GSU has reported a surplus of £0.264m (2021/22: £0.283m) before pension gain/loss
adjustment and a net surplus of £0.176m (2021/22: £0.504m) after adjustment for pension
gain/loss.
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4.2 Balance sheet
Excluding a pension liability of £1.29m (2022: £1.34m), GSU has recorded total assets of
(£0.980m) as at the end of July 2023 compared to (£0.848m) at the same point in the
previous year. Net current assets are £0.810m compared to £0.608m in 2021/22. The cash
is £1.23m and 2021/22 at £1.37m.
Contingent Liability (Students Union Superannuation Scheme Pension):
In 2018/19, the Union was made aware of an increase in the liability of the pension deficit;
this contingent liability was not known until after valuation. An actuarial valuation of the
Scheme took place in June 2022, and after the valuation, the Scheme assets and liabilities
grew at the same rate of 17% over the course of the three years. To reduce the deficit, the
Trustees agreed to increase the additional deficit contribution rate above 5% and also
increase the repayment period as well for participating Unions.
4.3 Reserves policy
GSU approved a new Reserves Policy in November 2021 following the merger with the new
Medway partnership. Reserves policy overview:
Unrestricted Reserves:
The core source of income for the Union is subvention from the University and other project
funding which constitutes around 67% of GSU income (2021/22: 67%). As such, the risk
associated with the funding source is low as it is agreed annually by the University
and increased at least in line with inflation. Although this income comes from one funding
source/funder unlike other charities, we are part of the University of Greenwich family and
the University is committed to funding its SU.
This is recognised practice across the University sector. We have assessed the risk
and likelihood of a funding crisis dramatically impacting this subvention and resolved
that: The Union will hold a month and a half salaries and overhead costs amounting to
c.£249,000 as reserve to mitigate such risk.
Restricted reserve fund:
The Union will hold the necessary restricted funds for multi-year restricted project funds.
Cash Flow:
The SU’s CEO and Head of Finance and Compliance will regularly monitor cash flow of the
union and provide a cash-flow statement to each Finance, Audit and Risk Committee
meeting. The GSU bank account is reviewed daily.
Authority to use funds:
The CEO will submit a request to the Board of Trustees through the Finance, Audit, and Risk
Subcommittee (FARC) for use of the fund in line with GSU Delegations of Authority. This
request will include an analysis and determination of the use of the funds and plans
for replenishment.
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Relationship to other policies:
The Union shall maintain the following approved policies which may contain provisions that
affect the creation and management of the designated Reserve Fund:
e Financial and budgeting policy (Finance Procedures Manual)
e Contingency or Disaster preparedness plan (in line with the University)
e Risk Management policy (Risk Register)
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Review of policy: The policy will be reviewed every two years by FARC or sooner if warranted by internal or external events or changes. FARC shall recommend changes to the policy to the Trustees Board.

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Calculation of reserves policy:
Details Amount (£) Comment
Salaries 193,188 Monthly salary cost as per
(1.5 months’ salary as at September September 2021.
2021)
Other overheads 53,902 This is assumed to be only
(1.5 months overheads excluding costs associated with the
utilities, telephone, water from UoG) Charity sector.
Total estimated amount 249,060 Approximately £249,000
Assumptions:
e Salaries are based on the total employer cost for the month of September 2021 as it is
one of our peak periods and recent payroll which reflect the cost of all career staff (as
student staff are on zero-hour contracts). It is assumed that in times of financial
difficulties, the Union will streamline its operations and hence the only student staff that
will be needed will be in our outlets. These staff costs are expected to be covered from
the trading income generated.
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e Overheads cost are estimates to enable the charity to provide its services with minimal disruption. It is also assumed that the Union will not pay for utilities which includes water, light, cleaning etc. and excluded from the estimate is the cost of goods sold which is assumed will be covered by the proceeds from trading.

4.4 Risk Management The GSU risk register was approved by the Trustee board in November 2021 and is reviewed at every Finance, Audit and Risk committee each meeting. Supported by the Board of Trustees, the CEO has overall responsibility for implementing the mitigation plan. The risk owners are shared amongst the SLT.

The Trustees confirm they have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks." (Charities (Accounts and Reports) Regulations 2008).

13 strategic risks are identified with each risk being unpacked to outline a series of cause and effects. The process for risk assessment is the same at each level and follows the Charity Commission’s relevant guidance.

The 13 strategic risks are as follows:

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|__| Risk/ Description
A [Commercial
| 2 | Covid-19
4] [Finance]
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Reference |
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30/06/2022
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| Commercial
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| 20/06/2022
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Accidents and incidents

Between August 2022 and July 2023, the GSU Health and Safety Manager (HSM) received 11 accident reports and 11 incident reports. Due to more proactive reporting, this is a substantial increase compared to the previous year. All instances were closed successfully.

All accidents and incidents are investigated, and remedial actions are taken where necessary. Specific incidents must be reported to the Health and Safety Executive (HSE) under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR). There were no accidents or incidents of this nature during the period.

Safeguarding

GSU reviewed the Safeguarding Policy at the November 2021 Board meeting, where it was updated and ratified by the Trustees. This was reviewed again in February 2024. Colum Mackey, Head of Advocacy and Policy is the Designated Safeguarding Officer and Uzma Arif-Fryer, DCEO is the Deputy Safeguarding lead. The DCEO is a member of the university's Safeguarding and Compliance Committee and GSU staff have access to shared resources and training across the university.

GDPR

The Head of Marketing and Communications is GSU’s Data Protection Officer (DPO). There were three internal incidents recorded as potential data breaches; ICO recommendation was internal record only rather than formal report. Details of all incidents are held on our internal Data Breach record.

The Data Protection Officer has also been working with the University of Kent since August 2021 to secure a data sharing agreement (DSA) with them to allow Kent student data to be shared with us for our partnership work at Medway. A DSA was ~~finally agreed~~ and signed in December 2022. Work the commenced to agree on the data transfer method from the University of Kent to GSU. Due to lack of staff capacity and changeover of staff at the University of Kent, implementation started in August 2023 and concluded in October.

All new staff complete the Data Protection online module upon starting, as well as having a brief form the internal DPO. There is also refresher training is given to the career staff team annually.

GSU Data Protection Policy and procedures are published online at ~~qreenwichsu.co.uk/privacy.~~

4.5 Funds held as Custodian Trustee

Funds of £80k were held on behalf of Clubs and Societies at the end of 2022/23 compared to £59k in 2021/22.

4.6 Fundraising

No professional fundraisers were used in the period, nor does GSU have plans to engage any in the foreseeable future, and so no monitoring of fundraising activities by third parties is currently undertaken (GSU does not currently subscribe to any fundraising standards or schemes). No complaints were received regarding fundraising practices during the period. The Trustees seek to protect all individuals, especially those considered vulnerable, when raising funds via its existing safeguarding policies.

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5. Plans for 2023/24:
In July 2023 GSU held the inaugural ‘Become Your Best’ Conference. The conference ran
across 3 days and invited all GSU staff and Officers to contribute, with the aim of anchoring
back to our strategic plan. During this time, we came together as an organisation and
reviewed data and current trends and worked in teams to develop strategic priorities under
pinned by the 5 themes of the strategic plan.
The conference helped to aid collaboration between teams and enable sound understanding
of the objectives which each area wants to achieve and how these are all interdependent of
each other. These objectives are being reviewed periodically and progress will be monitored
via a dashboard which will enable us to track our performance and flag any concerns in each
area.
12.1 GSU Officer Priorities for 2023/2024
Outlined below is a summation of the fulltime GSU Officers Priorities for 2023/2024:
Anuj Baral — GSU President
1) Safety and Security on Campus: By February 2024, the University will have more
active CCTV and security staff members and will work closely with local law
enforcement agencies to leverage their expertise and resources, ensuring seamless
cooperation during emergencies to ensure our students feel completely safe while at
the university across all campuses.
2) University Advice for International Students: By January 2024, the University's
international advisers’ team will have weekly drop-in sessions, occurring once or
twice a week. These sessions will provide international students with the opportunity
to have one-on-one consultations with the highly trained advice team regarding their
Visa-related queries.
3) Working Hours Campaign: By June 2024, | will have worked with other Students’
Unions across the UK to establish a campaign to increase the number of hours
students on Student Visas can work.
4) Removing Hidden Costs: By June 2024, the University will establish a
comprehensive policy that ensures students have access to free printing services on
campus, with consideration for sustainability limits.
5) Wellbeing Centred Extenuating Circumstances: By June 2024, the university will
havea self-certification (EC) policy that guarantees that students’ well-being is taken
care of at the University.
Aminul Fahad, GSU Officer
1) Support for Medway Students: By the end of academic year, there will be a drop-in
session every two weeks in The Hub, Medway, for students to have their say.
2) Reducing Loneliness on Campuses: | will develop peer support programs within
the Societies, where senior students can volunteer to provide guidance and support
to newcomers.
3) Advice for International Students: By the end of the academic year, | will have run
six international advice workshops to help students better overcome challenges and
thrive at Greenwich.
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4) Cutting the Medway Bus Fare: By June 2024, | will have convinced the University
to reduce the Medway Bus Fare.
Laziz Tokhirov, GSU Officer
1) Business School Employability: By April 2024 Business School will start hosting at
least two employability events by inviting external companies to do presentations
about the Business Industry
2) Supporting Disabled Students: By April 2024 Disabled students will have ablution
facilities in all three campuses, and| will ensure to host at least three events like
coffee mornings with Disabled students to foster inclusivity.
3) Spaces for Students of Faith: By June 2024 every faith space throughout all three
campuses will meet the needs of students of faith.
4) Getting Employment Experience: By March 2024 students will be able to access
the freelancing platform Freelance Hub and work on various projects that are related
to their subject.
5) Sustainable Transport: By March 2024 a bike rental scheme will be introduced in
the Greenwich campus to foster sustainability and to help students save money for
travel during the cost-of-living crisis.
Sodiq Lawal, GSU Officer
1) Supporting Students of Colour: By the end of the academic year, | will have
established a process for students of colour to feed into the university's work
on the BAME awarding gap. | will also host two ‘speak up’ sessions across
the year for students of colour.
2) Food diversification
| will diversify the food menu in University and GSU outlets to accommodate
diverse cultures and religious requirements.
3) Supporting Research Students
| will lobby for PhD Research Spaces on all three campuses, and host
research drop-ins to foster a sense of community.
4) Promoting Student Wellbeing
| will host the ‘Running with a GSU Officer’ programme to promote physical
activity, help students socialise and provide resources for stress
management.
14. Conclusion
The Trustees would like to thank the volunteers, elected students, permanent staff, student
staff and University partners who all help to make GSUa thriving community focused on
ensuring students at the University of Greenwich make the most of their journey at
Greenwich and become their best. A special thanks must go to the GSU Senior Leadership
Team and GSU Officers for their hard work to support their members’ best interests.
Statement of Trustees’ Responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are
responsible for preparing the Trustees' Report and the financial statements in accordance
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eso far as that Trustee is aware, there is no relevant audit information of which the

GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENWICH STUDENTS’ UNION LTD

Opinion We have audited the financial statements of Greenwich Students' Union Ltd (the 'charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the charitable company's affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 29

GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENWICH STUDENTS’ UNION LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

e the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or ° sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.

Responsibilities of 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 30

GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENWICH STUDENTS’ UNION LTD (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

e Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; e Reading minutes of meetings of those charged with governance; e Obtaining and reading correspondence from legal and regulatory bodies including HMRC; e Identifying and testing journal entries; e Challenging assumptions and judgements made by management in their significant accounting estimates. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ~~www.frc.org.uk/auditorsresponsibilities.~~ This description forms part of our Auditors' Report.

Page 31

GREENWICH STUDENTS' UNION LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENWICH STUDENTS’ UNION LTD (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants

Statutory Auditors 29/30 Fitzroy Square London W1T 6LQ

Date: 28-04-24

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 32

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----- Start of picture text -----
GREENWICH STUDENTS’ UNION LTD (A Company Limited by Guarantee)
REGISTERED NUMBER: 07990838
----- End of picture text -----

----- Start of picture text -----
BALANCE SHEET
AS AT 31 JULY 2023
2023 2022
Note £ £
Fixed assets
Tangible assets 11 57,993 132,534
57,993 132,534
Current assets
Stocks 12 69,762 45,257
Debtors 13 196,901 135,869
Cash at bank and in hand 1,232,743 1,366,812
1,499,406 1,547,938
Creditors: amounts falling
due within one year 14 (689,696) (939, 793)
Net current assets 809,710 608,185
Total assets less 867,703 740,719
current liabilities
Net assets excluding 867,703 740,719
pension liability
Defined benefit pension
scheme liability (1,177,737) (1,226,821)
Total net assets (310,034) (486,102)
Charity funds
Restricted funds 336,056 217,549
Unrestricted funds (646,090) (703,657)
Total funds (310,034) (486, 102)
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with
section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with
respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities
subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their
behalf by:
----- End of picture text -----

----- Start of picture text -----
Emma Dryau.
Emma Bryan
----- End of picture text -----

Chair of Trustees Date: 26-04-24

----- Start of picture text -----
The notes on pages 36 to 50 form part of these financial statements.
----- End of picture text -----

----- Start of picture text -----
Page 34
----- End of picture text -----

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m`WS%vw

GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

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

18 Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Restricted
	funds 2023	**funds 2023 **	Total funds 2023
	£	£	£
Tangible fixed assets	57,993	-	57,993
Current assets	1,163,352	336,056	1,499,406
Creditors due within one year	(689,696)		(689,696)
Provisions for liabilities and charges	(1,177,740)		(1,177,737)
Total	(646,091)	336,056	(310,034)
Analysis of net assets between funds - prior year
	Unrestricted	Restricted
	funds 2022	funds 2022	Total funds 2022
	£	£	£
Tangible fixed assets	132,534	-	132,534
Current assets	1,330,389	217,549	1,547,938
Creditors due within one year	(939,753)	-	(939,753)
Provisions for liabilities and charges	(1,226,821)	-	(1,226,821)
Total	(703,651)	217,549	(486,102)

19 Related party transactions

Subvention income is received from the University of Greenwich. The income reported for the year ended 31 July 2023 amounted to £1,948,592 (2022: £1,358,801). Other income totalling £1,040,091 (2022: £1,038,664) was received from the University of Greenwich during the period in relation to specific projects and funding in respect of Medway campus. Donated services of £651,166 (2022: £375,588) were provided by the University during the year.

At 31 July 2023, the Union was owed a net balance of £12,265 from the University (2022: £53,786 owing to the University). In addition, the Union has accrued expenses of £21,589 (2022: £93,328) payable to the University.

20 Controlling party

The Union is controlled by the Board of Trustees.

Page 51

GREENWICH STUDENTS' UNION LTD (A Company Limited by Guarantee)

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

21	Reconciliation of net movement in funds to net cash flow from operating activities	Reconciliation of net movement in funds to net cash flow from operating activities	Reconciliation of net movement in funds to net cash flow from operating activities	Reconciliation of net movement in funds to net cash flow from operating activities	Reconciliation of net movement in funds to net cash flow from operating activities	Reconciliation of net movement in funds to net cash flow from operating activities
					2023	2022
					£	£
	Net income for the year (as per Statement Activities)		of Financial		263,573	282,962
	Adjustments for:
	Depreciation charges				99,584	99,304
	(Increase) / Decrease in stocks				(24,505)	517
	(Increase) / Decrease in debtors				(61,032)	(39,546)
	(Decrease) / Increase in creditors				(386,646)	510,780
	Net cash provided by operating activities				(109,026)	854,017
22	Analysis of cash and cash equivalents
					2023	2022
					£	£
	Cash in hand				1,232,743	1,366,812
	Total cash and cash equivalents				1,232,743	1,366,812
23	Analysis of changes in net debt
		At	1		Other non-
		August			cash
		2022		Cash flows	changes	At 31 July 2023
			£	£	£	£
	Cash at bank and in hand	1,366,812		(134,069)	-	1,232,743
	Debt due within 1 year	(107,759)		106,940	(112,328)	(113,147)
		1,259,053		(27,129)	(112,328)	1,119,596

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