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← Aston Students' Union

2024-07-31-accounts

Registered number: 08497016 Charity number: 1152067

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

ASTON STUDENTS' UNION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Union, its Trustees and advisers 1
Trustees' report 2 - 12
Independent auditor's report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18 - 19
Statement of cash flows 20
Notes to the financial statements 21 - 39

ASTON STUDENTS' UNION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024

Trustees T Gadiwala
K Allan (resigned 30 June 2024)
J C Garcia Belza
A Levey (resigned 19 February 2024)
L Marsham
A Gupta (appointed 23 April 2024)
A Schwarz
A Rana (resigned 30 June 2024)
K Wong (resigned 30 June 2024)
C Jones (appointed 23 April 2024)
C Roberts
S Farooq (appointed 1 July 2024)
E Barton (appointed 23 April 2024)
A Amanoullah (appointed 1 July 2024)
A Shoker
K Jutlla (appointed 1 July 2024)
D Peach (appointed 23 April 2024)
Company registered
number
08497016
Charity registered
number
1152067
Registered office
8 Coleshill Street
Birmingham
B4 7BX
Chief Executive
Officer/Company
Secretary
Max McLoughlin
Independent auditor
Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG
Bankers
National Westminster Bank PLC
Birmingham
West Midlands
B3 2PP

Page 1

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

Trustees’ Report

The Board of Trustees, who act as Directors for the purposes of Company Law, present their Annual Report for the year ended 31st July 2024 which includes the administrative information. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management.

The primary aim of Aston Students' Union (ASU) is the advancement of education of students at Aston University for the public benefit. The governance of ASU is documented in its Articles of Association and its Byelaws, which can be found on the ASU website (www.astonsu.com). The company is registered as a charitable company limited by guarantee and was set up by an Articles of Association on 19 April 2013 with trade commencing 1 August 2013 with the transfer of trade and assets from Aston Students' Guild (Charity no 1144169). The company is constituted under a Memorandum of Association dated 19 April 2013 and is a registered charity number 1152067.

The Board of Trustees is responsible for the strategic direction, governance, and sustainability of ASA. The Board is made up of:

The Student Executive Officers are elected through a secret ballot by the members each year, normally serving for one year in office but can serve a second term if re-elected. The two Student Trustees are recruited to the Board and are recommended to the Board by an appointments panel. The Student Trustees serve for a term of up to two years and a maximum of two terms as long as they remain registered students at the Aston University. The External Trustees are recruited to the Board to bring a wider perspective and skill set from outside of ASU. A term for External Trustees lasts for up to four years and they can also serve for two terms.

Upon appointment all Trustees receive a variety of information as part of their induction and are briefed on their legal obligations and other trustee responsibilities. Each receives an induction trustee handbook which includes their role responsibilities, historical and current information about ASU and information on its Strategic Plan.

Trustees also take part in peer assessments and skills audits periodically, in line with their term of appointment. Following a review into the effectiveness of the Chair of the Board role, it was decided to recruit an external trustee into this role and the President would become the Deputy Chair. This process took place in 2023-2024 with the new external Chair formally being ratified towards the end of the year. The Student Executive Officers are new to the Board every year, so they undergo a more intensive training period. This training starts after they are elected, and before they start their term of office to ensure that they are fully aware of their roles and responsibilities and can perform their duties to the best of their abilities as soon as possible. They attend training sessions on the history of governance at ASU, their legal responsibilities as Trustees, briefing sessions on key issues and decisions that have been made by the Board of Trustees and receive training on how to deal with potential conflicts of interest. For 2023-2024 this was facilitated by Nick Smith Consulting, one of the sectors trailblazers in SU governance.

An additional Student Executive Officer, the Vice President Communities, was added to the team in June 2023. The role will ensure that our global community is properly represented and all Aston communities feel valued and listened to.

Page 2

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The Board of Trustees is supported by sub-committees, which can meet three to four times a year (or as and when needed) and focus on certain key aspects of ASUs governance and management, which are:

  1. The Finance and Risk Committee monitors ASUs financial performance, appraises requests for capital expenditure and reviews our commercial strategy. The Committee also reviews the annual budget and scrutinizes the annual accounts, and monitors ASU risk profile, health & safety, risk management.

  2. The People and Cultures Committee examines issues relating to ASUs workforce including staff policies, training and development and volunteering. This was a new committee for the year and will take some time to establish itself.

  3. Good Governance is responsible for monitoring and continuous improvement in governance arrangements at ASU, but did not formally meet in 2022-2023, with the main Governance change of moving to an external chair being managed by the Trustee Board.

  4. The Appointments committee. The Committee ensures that new Trustees are recruited, inducted, and developed properly.

ASU operates on democratic principles, with policy being acted upon by the elected officers who form the Student Executive. During the year members have the opportunity to bring forward ideas to Union Council to help form and pass Policy on issues which are important to Aston University students.

The Senior Leadership Team

The Chief Executive is supported by three permanent senior managers officers that together form the Senior Leadership Team (SLT). This team provides the strategic management of ASU, managing its operations, giving leadership to its staff, and ensuring that the board and its subcommittees are kept fully informed on the organisation and its performance.

Risk Management

The Trustees have assessed, via a Risk Register that is updated on a regular basis, and as a regular item on their board papers, the major risks to which the company is exposed, those related to the operations and finances of the company and are satisfied those systems and procedures are in place to mitigate exposure to the to the major risks.

Page 3

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Key Risks and their mitigating factors for the coming year are:

Key Risk Mitigating Factor
Financial Sustainability
Due to exceptional circumstances in the previous
year ASU is below its reserves policy and could
become financially insolvent.		 A laser focus on finances is paramount. After five
years of having ‘plenty of money in the bank’ the
attitude towards our expenditure has changed. A
new staff team in the small finance office have the
opportunity to reimagine how we manage out
finances with timely information for budget
holders.
ASU can have no financial liability towards any
large scale and risky events such as Astonbury 25.
ASU will continue to work closely with the
University’s finance team to ensure the SU
financial sustainability remains high on the
University’s agenda.
Meeting Student Expectations
Due to a cost cutting exercise the staff team at
ASU is only 2/3rds of what it was the previous
year, yet we assume students will expect a similar
level of service delivery to previous years.		 Departmental KPIs have yet to be set for the year,
as we assess the true impact of a reduced staff
team. Priorities will be in line with health and safety
of clubs and societies, freedom of speech (Guest
speaker request). We are also planning on new
administration systems to improve efficiency in
some areas.
Freedom of Speech
Maintaining Freedom of Speech on campus and
ensuring our clubs and societies can express
themselves and hold debate and discussion as per
out articles of association.		 The new government have delayed the potential
changes to have FoS is viewed on University
campuses, and we can continue to use our
existing processes and procedures.
Resource Allocation and Funding in the
Future.
The injection of funding the SU received in 2021
was welcomed and has been invested in the
student experience (predominantly in the areas of
wellbeing and welfare of students and celebrating
our rich diversity of members). This funding,
however, will soon be allocated and the SU must
ensure that future block grant allocations are
increased to allows the organisation to carry out
these important areas of work.		 The SU continues to work closely with the
University’s finance function to ensure the SU
financial sustainability remains high on the
University’s agenda, for example, by presenting
their 2023/2024 budget to the University Finance
and infrastructure committee.

Page 4

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

We have restructured the operations of the Financial viability of the department to both save money and improve commercial spaces. the service to students. This should enhance the financial viability of the department. The three-year investment cycle into the spaces has The introduction of Chaiiwala into the ASU ended and there is significant building has the potential to change the food pressure on the spaces to and drink landscape on campus and allows turn their popularity as better delineation of what food is on offer – spaces into money spent on ultimately increased the spend per head in The services Lounge

Relationship with the Aston University

Under the Education Act 1994, the Aston University has a statutory duty to take such steps as are reasonably practicable to ensure that the Union operates in a fair and democratic manner and is held to proper account for its finances. ASU therefore works alongside Aston University in ensuring that the affairs of the Union are properly conducted and that the educational and welfare needs of ASU’s members are met. The formal relationship with the University is governed by a Code of Practice and ASU works closely with the University and its students to develop appropriate Bye-Laws for its working practices. Aston University is not a related party as defined by the Charities FRS 102 Statement of Recommended Practice (SORP).

Objectives and Activities

The primary aim of ASU is the advancement of education of students at Aston University for the public benefit. ASU achieves this through:

At all times the Trustees of ASU have had regard to the Charity Commission guidance on public benefit.

Whilst pursuing our aims and objectives and providing various activities for its members ASU seeks at all times

to:

In the development of the strategic plan we are aware of our duty to ensure we meet our public benefit and creates and support an organisation that supports students as students, providing our members space and time and support and resources to curate a unique student experience.

Page 5

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

THE UNION'S STRATEGIC PLAN

VISION: To be an SU for everyone

Everyone should know the SU is for them and can make a positive difference to their time at Aston.

MISSION: Giving students the experience they deserve.

As we transition back into a new way of life, we want you to have the student experience you deserve.

VALUES (The things we really care about)

Strategic Objectives

Student Engagement

Delivering exceptional opportunities and services for student engagement & support.

Academic Interests

Representing all aspects of students’ academic interests.

Student Communities

Growing, creating, and developing student communities.

Ambitious Futures

Equipping students for their ambitious futures.

Amplified Aston Life

Developing sustainable commercial services to amplify your Aston life.

Enabling Objectives

People and Resources

Our people, our finances, our space, and our governance will be managed sustainably and effectively to allow everyone to make a positive impact.

Communications and Digital

Our communication will be clear, and our digital spaces will be a key part of our service delivery.

Partnerships and Collaboration

The Union is stronger and achieves more for students when working with others.

Page 6

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

ASU provides a variety of services and activities for students including:

Advice Centre

We continue to provide a specialist service to our members in the areas of money and academic issues. In particular supporting students with academic appeals and Extenuating Circumstances (ECs) resulting in students gaining additional assessment opportunities and not being withdrawn. We support students understand and respond to allegations of misconduct and avoid the most severe penalties being applied such as expulsion and how to respond to fitness to practice concerns and avoid being withdrawn. We have supported many students with complex needs such as domestic violence and mental ill-health, as well as supporting them with challenging academic and university related circumstances.

The number of enquiries to our Advice service was 700 this year, compared to over 1000 enquiries in the previous year.

Student Activities

A choice of 140 clubs and societies offer a diversity of opportunities for social and skills development. 2853 society and 1153 sports students registered to join an ASU club or society during the year. We also support student-led volunteering, facilitating a wide variety of community volunteering opportunities. The Student Activities team is made up of staff and students, and also provides support, advice and help with the safe running of activities especially around health and safety, recruitment, communication, delivery, and finance including fundraising and development.

Aston Student Homes

The only place at Aston University for accommodation advice, information, and guidance. The service advertises 1000s of rooms available to students in the local area and provides bespoke advice to students on their particular needs. The website continues to be the main route students engage, with 1000s of hits per year and we have supported students with bespoke accommodation related issues, from non-standard tenancy lengths to housing families and helping students find schools for their children. The accommodation fair, which runs twice a year, is a fantastic opportunity for 100s of students to engage and speak with accommodation providers directly.

Wellbeing and Welcome

We have embedded our wellbeing and welcome projects this year, carry on some of the great work we introduced during the cost-of-living crisis. An average of 148 students using the ASU pantry each week, and we distributed 180 care packages to students and our free breakfasts every Wednesday attracted around 50 students each week. The Wellbeing Department also collaborates with both external and internal services to enhance student wellbeing. External partners like Umbrella, The Waiting Room, LGBT Birmingham, youth mental health service; Kooth, and West Midlands Police engage directly with students during events, raising awareness and providing essential support.

The Green

We have run The Green for over 40 years, providing affordable student accommodation and creating a unique accommodation-based student community. We provide the best value accommodation for Aston students in Birmingham. Our fees of less than £80 per week save our students a staggering £650,000 per year compared to the other mainstream student accommodation provisors and 95% of our residents say that are very satisfied with the accommodation and service they receive. A new management team has now been able to understand and improve the student experience for the year in question.

Page 7

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Student Voice

We continued our support for school and course reps with new recruitment and training initiatives and undertake to help students partner with their University to innovate and improve their education experience, a particular highlight of the year is the Academic Awards where we recognise the impact of our course reps and the staff that support them. Up to 300 reps can be active within the schools and departments.

Towards the end of the year the new National Student Survey Results were released, and Aston remains above the national benchmark for students’ union with a score of 74.1% (the national benchmark is 73.1%). This is testimony to the amazing work our course reps do, volunteering through the university to amplify the student voice.

Campaigning and Representation

The number of students voting in the ASU Election this year was 2,842, equivalent to 14% of the total student population, which is a slight decrease on previous years. There were 39 candidates in total.

Food and Drink

The Lounge remains open during the day and into the evening with catering and alcohol and non-alcoholic drinks and various reasons to visit the venue including quiz nights and the showing of live sport. It remains a financial challenge to maintain these services, but our market research tells us they are incredibly valued by those students who use them, and they are a central feature of the building, with over 150,000 commercial transaction in one year.

We have supported our students with employment and have paid out over three thousand hours in student staff pay during the year.

Events and Cultural Celebration Events

We ran a number of event each year to support the student experience, many of these are centred around particular cultural festivals and events and provide a wonderful opportunity for students, many of them international, to engage a sense of belonging on campus. We recognise that for many, it is events that drive engagement in the students’ union.

The main event takes place in the summer and is designed to be an end of term party for all to celebrate; Astonbury 24. The event was enjoyed by those who attended and was nominated for a Vice Chancellors Impact and Engagement award, but financially, cost the students’ union a considerable amount of money due to a lack of ticket sales and rising costs. Over a two-year period Astonbury has cost ASU £200,000 and consequently ASU can not take on board any financial liability for a future event.

We also support a plethora of University events, such as the Graduation Celebration and Open Day experiences for students, which are well received by those in attendance and support the university’s recruitment targets.

Retail

We operate a small SU shop, which is part stationery store, part branded merchandise store, part sweet shop and part snacks and drinks. The traditional ‘student hoodie’ remains a cornerstone of the offer in the shop. For the year in question we have increased its opening hours, to meet more demands in the late afternoon and early evening.

Page 8

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Marketing and Communications

Our digital space is as important as our physical space, it is a place students come together and literally share their thoughts and ideas. Our website and regular communications keep students informed about students’ union activity and our partnerships link-up exciting brands to students. The website acts as s shop window for student facing engagement, but is in fact a powerful and useful Customer Relations Manager (CRM) tool for the organising enabling students to join clubs and societies, vote on our elections and buy tickets for events. It is provided by Membership Solution Limited, who are the preferred provider for around 50 other students’ union.

Instagram continued to dominate our digital engagement, you love it, and we love it. With 162 posts reaching 297,914 accounts and 107 reels that were viewed a total of £1,327,394 times. Students loved trending reels, useful tips and advice, and carousel posts with students in them. Reels with nature on campus have also been thoroughly enjoyed and are easy to produce by the team of student and permanent staff.

We spent more time curating our TikTok account in 2023-2024 and enjoyed growth of 182% to 437 followers, even this relatively small number of followers created 105,000 views of posts. This will be a key platform for digital growth in the coming year.

Our profile and activity on Linked-In continued to grow as this becomes the place for final year students, Post Grads, and recent alumni to engage with the students’ union. With growth of 39% to 4117 followers.

We continued to send out fortnightly newsletter to students, with different newsletter aimed at differing year groups. On average the newsletter was opened by between 20% and 25% of all students, keeping you informed and engaged.

People and Culture

ASU recognises and understand that its strength lies in its staff team and their performance at work. During the year it established its first people and culture subcommittee of the board and continued to use the external support of Atkinson HR for its strategic development of HR and people polices. A key part of the annual programme is the Staff Engagement Survey and for the year in question ASU score 78%, slightly down in previous years, but still a positive score of the sector. During the second half of the year a considerable project to update all the relevant Policies and Procedures in the Staff Handbook was started and will be completed in the first half of 2024-2025. ASU encourages and supports the wellbeing of its staff team and events such as” Sports Day” were self-organised by the staff team and incredibly well received.

Fundraising

ASU does not undertake fundraising from the public and does not use professional fundraisers. As such no complaints procedures or further policies in this area are considered necessary. It does hold some events for its students that are designed to raise funds to support the student service activities undertaken by ASU, notably the Leeds Ball held in June each year.

Quality Management

ASU uses a number of external tools for quality assurance which link to the priorities and risks laid out in our strategic plan.

The board made the decision to participate in the Quality Students’ Unions (QSU) standard. This is a national benchmark, administered by the National Union of Students designed to drive improvements within students’ unions, involving a desk based and in-person audit and action planning process. ASU are proud to have passed with “flying colours”. Other standards achieved during the year included Green Impact, recognising our work around sustainability and we started a Best Bar None submission, supporting how well we run the food and drink offer, that will be completed in 2024-2025.

Page 9

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Plans for the Future

Following a period of instability and readjustment following the voluntary redundancy scheme, ASU is taking time to rethink and refresh its operations and services to students. Key Performance Indicators have been edited and expectations managed accordingly. That being said the organisation still have exciting and interesting initiatives to see through over the coming months. These include:

Financial Review

This year ASU has reported a deficit of £474,422, compared to a deficit of £296,793 the previous year.

ASU had budgeted a deficit of £280,000 for the year. It made the decision to allocate the remainder of lump sum on the student experience in line with the University expectation of “spend it quick and make a big impression”. Moreover the decision was taken, because at the time, the Union had had been allocated an additional £400,000 increase in its block grant for each of the next the following two years, hence we had planned for a deficit budget for this year, to deliver an amazing student experience, knowing our core funding was to grow the following year.

During the year other significant events took place that had an impact on the end of year finances. The first was Astonbury. The event did not perform anywhere near expectations in terms of ticket sales and other income streams and cost ASU £125,000. The second was the costs associated with a Voluntary Redundance Scheme the SU had to introduce to ensure its future financial viability, this cost ASU around £125,000.

The SUs future financial solvency came into sharp focus due to three key factors:

  1. Government policy and their stance on international student visas. The University lucrative international fees were dissipated overnight, and its future financial forecast were rewritten, this meant the allocated £400,000pa over two years increase was off the table.

  2. The Students’ Union own three-year investment into its commercial services ended. It had allocated £120,000 of its reserves over three years to support the food, drink, retail, and event enterprises.

  3. Moreover the University also declared that ASU should have to pay for its electricity use in the building, for the first time in 60 years. For 2024-2025 this will cost £70,000pa rising to £140,000 the following year.

Hence the organisation carried out a significant cost reduction exercise towards the end of the year. In total a third of its staff roles either took Voluntary Redundancy or were not replaced, following their own departure. This has enabled an improved financial outlook for the charity, and we remain financially solvent for the coming year, but has significantly impacted our capacity to deliver our services for students. We started the year as an organisation of 32 permanent staff members we ended the year with a team of 22 permanent staff members.

Page 10

ASTON STUDENTS' UNION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

At the balance sheet date the Union held £413,137 (2023: £887,559) in reserves, which the Trustees deemed to be appropriate given the size and nature of the charity.

The board agreed to hold at least £500,000 in reserves. This is an appropriate amount and relates to either four months of total costs or six-seven months of core costs (total costs includes rent and utilities and core covers staffing and operations).

The reserves at 31st July 2024 comprises:

Restricted funds of £290,230 (2023: £266,349) > £100,000 Unrestricted funds of (£120,217) (2023: £235,750) >£100,000 Designated funds of £243,124 (2023: £385,460) > £300,000 Designated funds include Aston Brook Green funds of £200,000 (2023: £285,674)

The total reserves of Aston Students' Union are £413,137 at 31 July 2024 (2023: £887,559) including the amount in designated funds.

The free reserves of the charity are the unrestricted reserves less those funds designated for future projects and the fixed asset reserve.

Risk Management and Control

The strategic risk register of ASU receives regular updates which are considered by the Audit and Risk Committee at each meeting with a review by the board on an annual basis. Operational risks are managed at a team level with mitigations controlled through operational planning. The key risks faced by the charity revolve around its reputation with both the Aston University of Leeds and our student members.

The University is a significant funder of the charity, and we work in partnership with the University to deliver ever improving services for the students. The relationship is maintained by developing close working relationships with senior members of the University team by our Trustees, particularly the elected student executive, and by the Senior Leadership Team.

To meet our aims, the students need to be well represented and supported by ASU. We invest in representation and democracy teams to ensure that engagement with students is effective and any potential risk in this area is mitigated.

The Union also faces on-going financial and control risks which are mitigated through a robust budget management process and comprehensive data protection policies supported by training. ASU also invests in internal audit services supported by thorough follow-up on proposed actions by senior managers and monitored via the Finance and Risk Committee.

ASU is grateful to the Aston University for the continued support given to ASU which has sustained our ability to provide for the student experience.

Page 11

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Union for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Union and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Union's transactions and disclose with reasonable accuracy at any time the financial position of the Union and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.

Disclosure of Information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity' s auditor is unaware, and

that Trustee has taken all the steps that ought to have been laken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

Auditor

The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by;

D Peach

(Chair of Trustees) Date \,6 Io¼ l20'.i--S'

Page 12

ASTON STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS' UNION

Opinion

We have audited the financial statements of Aston Students' Union (the 'union') for the year ended 31 July 2024 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 13

ASTON STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS' UNION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 14

ASTON STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS' UNION (CONTINUED)

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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102) and the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The key laws and regulations we considered in this context were General Data Protection Regulation, health and safety legislation and employee legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquire of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing and completeness of lettings income recognition and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on lettings income streams, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Page 15

ASTON STUDENTS' UNION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTON STUDENTS' UNION (CONTINUED)

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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Blundell LLB FCA FCIE DChA (Senior statutory auditor)

for and on behalf of

Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 17 April 2025

Page 16

ASTON STUDENTS' UNION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
2,127,565
1,114,471
63,027
8,088
203,810
3,516,961
4,015,264
4,015,264
(498,303)
621,210
(498,303)
122,907		 Restricted
funds
2024
£
-
225,052
-
-
-
225,052
201,171
201,171
23,881
266,349
23,881
290,230		 Total
funds
2024
£
2,127,565
1,339,523
63,027
8,088
203,810
3,742,013
4,216,435
4,216,435
(474,422)
887,559
(474,422)
413,137		 Total
funds
2023
£
1,868,542
1,268,107
99,233
6,888
45,258
3,288,028
3,584,821
3,584,821
(296,793)
1,184,352
(296,793)
887,559

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 39 form part of these financial statements.

Page 17

ASTON STUDENTS' UNION (A company limited by guarantee) REGISTERED NUMBER: 08497016

BALANCE SHEET AS AT 31 JULY 2024

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
Designated funds
18
General funds
18
Total unrestricted funds
18
Total funds		 40,620
428,488
370,984
840,092
(476,292)
243,246
(120,339)		 2024
£
-
49,337
49,337
363,800
413,137
413,137
290,230
122,907
413,137		 35,477
399,616
741,240
1,176,333
(349,801)
385,460
235,750		 2023
£
476
60,551
61,027
826,532
887,559
887,559
266,349
621,210
887,559

Page 18

ASTON STUDENTS' UNION (A company limited by guarantee) REGISTERED NUMBER: 08497016

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024

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:

D Peach (Chair of Trustees) Date: l b I o L-l/ " s;'

The notes on pages 21 to 39 form part of these financial statements.

Page 19

ASTON STUDENTS' UNION

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Purchase of tangible fixed assets
Investment income
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 21 to 39 form part of these financial statements		 2024
£
(356,168)
(22,176)
8,088
(14,088)
(370,256)
741,240
370,984		 2023
£
(328,388)
(39,222)
6,888
(32,334)
(360,722)
1,101,962
741,240

Page 20

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. General information

Aston Students Union is a company limited by guarantee (company number 08497016) registered in England and Wales and a registered charity with the Charity Commission (charity number 1152067). Its registered address and principal place of business is Coleshill Street, Birmingham, West Midlands, United Kingdom, B4 7BX.

Its principal activity is the operation of a Students' Union. It is a public benefit entity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Aston Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Union has cash resources and has no requirement for external funding. The trustees have reasonable expectations that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in preparing the annual financial statements and believe there are no material uncertainties which effect the Union's ability to continue as a going concern.

2.3 Income

All income is recognised once the Union has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the Union has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Union which is the amount the Union would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 21

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Union's objectives, as well as any associated support costs.

2.5 Taxation

No provision is made in these accounts for corporation tax as the Union is exempt from such taxes by virtue of its charitable status.

2.6 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on the following basis:

Software - 20 % straight line

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Union assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9 Financial instruments

The Union only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Cash

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10 Pensions

The Union operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Union to the fund in respect of the year.

Page 23

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Union and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Union for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Union makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 24

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

4. Income from donations and legacies

Unrestricted
funds
2024
£
Block grant - Aston University
2,127,565
Unrestricted
funds
2023
£
Block grant - Aston University
1,868,542		 Total
funds
2024
£
2,127,565
Total
funds
2023
£
1,868,542

5. Income from charitable activities

Unrestricted
funds
2024
£
Membership Services
646,981
Commercial Services
325,871
Support Services
123,087
Clubs and Societies
18,532
1,114,471
Unrestricted
funds
2023
£
Membership Services
616,833
Commercial Services
342,079
Support Services
73,628
Clubs and Societies
-
1,032,540		 Restricted
funds
2024
£
-
-
-
225,052
225,052
Restricted
funds
2023
£
-
-
-
235,567
235,567		 Total
funds
2024
£
646,981
325,871
123,087
243,584
1,339,523
Total
funds
2023
£
616,833
342,079
73,628
235,567
1,268,107

Page 25

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

6.
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2024
£
Room hire
63,027
Unrestricted
funds
2023
£
Room hire
99,233
7.
Investment income
Unrestricted
funds
2024
£
Investment income
8,088
Unrestricted
funds
2023
£
Investment income
6,888		 Total
funds
2024
£
63,027
Total
funds
2023
£
99,233
Total
funds
2024
£
8,088
Total
funds
2023
£
6,888

Page 26

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. Other incoming resources

Miscellaneous income
Miscellaneous income		 Unrestricted
funds
2024
£
203,810
Unrestricted
funds
2023
£
45,258		 Total
funds
2024
£
203,810
Total
funds
2023
£
45,258

9. Analysis of expenditure by activities

Membership Services (Support)
Membership Services (Activities)
Membership Services (Representation)
Commercial Services
Support Services
Clubs and Societies		 Activities
undertaken
directly
2024
£
1,117,895
238,900
56,733
814,920
395,606
201,171
2,825,225		 Support
costs
2024
£
347,801
347,803
347,803
347,803
-
-
1,391,210		 Total
funds
2024
£
1,465,696
586,703
404,536
1,162,723
395,606
201,171
4,216,435

Page 27

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

9. Analysis of expenditure by activities (continued)

Membership Services (Support)
Membership Services (Activities)
Membership Services (Representation)
Commercial Services
Clubs and Societies
Support Costs
Bank charges
Computer costs
Hire of equipment
Licenses
Repairs and maintenance
Depreciation
Security
Social media
Training/ Staff development/ Staff Subs
Transport
Other overheads
Aston University recharged costs
Wages and salaries
NI
Pension		 Activities
undertaken
directly
2023
£
849,018
266,423
278,229
623,085
199,770
2,216,525		 Support
costs
2023
£
342,074
342,074
342,074
342,074
-
1,368,296
2024
£
14,409
28,039
7,996
22,856
20,267
33,721
80,322
18,156
20,169
69,064
219,185
545,358
193,032
103,670
14,966
1,391,210		 Total
funds
2023
£
1,191,092
608,497
620,303
965,159
199,770
3,584,821
2023
£
4,128
13,413
1,715
1,833
30,851
5,069
67,801
15,569
1,858
423
351,249
545,838
286,422
27,441
14,686
1,368,296

Page 28

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. Auditor's remuneration

2024 2023
£ £
Fees payable to the Union's auditor for the audit of the Union's annual
accounts 18,000 16,400
Fees payable to the Union's auditor in respect of:
All non-audit services not included above 3,300 1,400

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
1,376,903
103,670
69,480
1,550,053		 2023
£
1,089,776
87,246
52,721
1,229,743

During the year 2 (2023: 2) severance payments totalling £62,738 (2023: £4,747) were made.

The average number of persons employed by the Union during the year was as follows:

2024 2023
No. No.
Total employees 68 57

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 - 1
In the band £70,001 - £80,000 1 -
In the band £100,001 - £110,000 1 -

Key management personnel are considered to be anyone who has authority and responsibility for planning, directing and controlling the activities of the Union. During the year key management personnel received remuneration and benefits totalling £324,795 (2023: £252,238) .

Page 29

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

12. Trustees' remuneration and expenses

During the year ended 31 July 2024, expenses totalling £ 121 were reimbursed or paid directly to 1 Trustee (2023 - £67 to 1 Trustee) in respect of travel expenses incurred.

.

Trustees' remuneration

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Union as permitted by the Articles of Association. The value of Trustees' remuneration and other benefits was as follows:

F Sayeed
A Rana
K Wong
A Afia
A Mazhar
K Allan
J Karina
T Gadiwala
J C Garcia Belza
S Azhar		 2024
£
1,309
23,572
24,988
2,198
-
25,713
1,309
26,630
28,178
-
133,897		 2023
£
-
21,868
20,870
-
19,086
1,784
-
1,784
1,784
20,634
87,810

Page 30

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
13.
Intangible assets
Cost
At 1 August 2023
At 31 July 2024
Amortisation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Software
£
2,382
2,382
1,906
476
2,382
-
476

Page 31

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

14. Tangible fixed assets

Plant and
machinery
£
Cost or valuation
At 1 August 2023
63,669
Additions
3,129
At 31 July 2024
66,798
Depreciation
At 1 August 2023
46,156
Charge for the year
7,477
At 31 July 2024
53,633
Net book value
At 31 July 2024
13,165
At 31 July 2023
17,513
15.
Stocks
Raw materials and consumables
16.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Motor
vehicles
£
45,520
-
45,520
42,447
2,169
44,616
904
3,073		 Fixtures and
fittings
£
350,704
19,047
369,751
310,739
23,744
334,483
35,268
39,965		 Office
equipment
£
45,678
-
45,678
45,678
-
45,678
-
-
2024
£
40,620
2024
£
146,014
24,147
258,327
428,488		 Total
£
505,571
22,176
527,747
445,020
33,390
478,410
49,337
60,551
2023
£
35,477
2023
£
25,999
31,238
342,379
399,616

Page 32

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Deferred income at 1 August 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
94,624
292,466
89,202
476,292
2024
£
30,286
30,168
(30,286)
30,168		 2023
£
105,268
125,727
118,806
349,801
2023
£
(19,895)
30,286
19,895
30,286

Deferred income relates to rental income, NUS card sales income, and income from the sale of marketing stands during the 2024 freshers fair received in advance.

Page 33

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

18. Statement of funds

Statement of funds - current year

Balance at 1
August 2023
£
Designated funds
Designated Funds
50,122
Aston Brook Green
274,665
IT Equipment
10,673
Commercial Services Business
Development
50,000
385,460
Unrestricted funds
General Funds
235,750
Total Unrestricted funds
621,210
Restricted funds
Hardship fund
6,437
Clubs and societies
257,417
Alumni grant for equipment
2,495
266,349
Total of funds
887,559		 Income
£
-
621,571
-
-
621,571
2,895,390
3,516,961
-
225,052
-
225,052
3,742,013		 Expenditure
£
-
(703,112)
-
-
(703,112)
(3,312,152)
(4,015,264)
-
(201,171)
-
(201,171)
(4,216,435)		 Transfers
in/out
£
Balance at
31 July 2024
£
-
50,122
-
193,124
(10,673)
-
(50,000)
-
(60,673)
243,246
60,673
(120,339)
-
122,907
-
6,437
-
281,298
-
2,495
-
290,230
-
413,137

Restricted funds consists of monies held on behalf of clubs and societies, for hardship support and funding clubs activities.

The designated funds have been set aside for the provision of continued services to members of a noncapital nature and to cover the potential wind up costs of the Green.

Page 34

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

18. Statement of funds (continued)

Statement of funds (continued)
Statement of funds - prior year
Balance at
1 August
2022
£
Unrestricted funds
Designated funds
Designated Funds
50,122
Aston Brook Green
247,504
IT Equipment
10,673
Commercial Services Business
Development
100,000
408,299
Unrestricted funds
General Funds
545,501
Total Unrestricted funds
953,800
Restricted funds
Hardship fund
6,437
Clubs and societies
221,620
Alumni grant for equipment
2,495
230,552
Total of funds
1,184,352		 Income
£
-
592,256
-
-
592,256
2,460,205
3,052,461
-
235,567
-
235,567
3,288,028		 Expenditure
£
-
(565,095)
-
-
(565,095)
(2,819,956)
(3,385,051)
-
(199,770)
-
(199,770)
(3,584,821)		 Transfers
in/out
£
-
-
-
(50,000)
(50,000)
50,000
-
-
-
-
-
-		 Balance at
31 July 2023
£
50,122
274,665
10,673
50,000
Unrestricted funds
Designated funds
Designated Funds
Aston Brook Green
IT Equipment
Commercial Services Business
Development
Unrestricted funds
General Funds
Total Unrestricted funds
Restricted funds
Hardship fund
Clubs and societies
Alumni grant for equipment
Total of funds
385,460
235,750
621,210
6,437
257,417
2,495
266,349
887,559

The transfer between the Designated Funds and Unrestricted Funds relates to amounts to be expended in respect of development of commercial services.

Page 35

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19. Summary of funds

Summary of funds - current year

Balance at 1
August 2023
£
Designated funds
385,460
General funds
235,750
Restricted funds
266,349
887,559
Summary of funds - prior year
Balance at
1 August
2022
£
Designated funds
408,299
General funds
545,501
Restricted funds
230,552
1,184,352		 Income
£
621,571
2,895,390
225,052
3,742,013
Income
£
592,256
2,460,205
235,567
3,288,028		 Expenditure
£
(703,112)
(3,312,152)
(201,171)
(4,216,435)
Expenditure
£
(565,095)
(2,819,956)
(199,770)
(3,584,821)		 Transfers
in/out
£
Balance at
31 July 2024
£
(60,673)
243,246
60,673
(120,339)
-
290,230
-
413,137
Transfers
in/out
£
Balance at
31 July 2023
£
(50,000)
385,460
50,000
235,750
-
266,349
-
887,559
Summary of funds - prior year
Designated funds
General funds
Restricted funds

20. Analysis of net assets between funds Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
49,337
Current assets
549,862
Creditors due within one year
(476,292)
Total
122,907		 Restricted
funds
2024
£
-
290,230
-
290,230		 Total
funds
2024
£
49,337
840,092
(476,292)
413,137

Page 36

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
60,551
476
909,984
(349,801)
621,210		 Restricted
funds
2023
£
-
-
266,349
-
266,349		 Total
funds
2023
£
60,551
476
1,176,333
(349,801)
887,559

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Other Investment income
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
Net cash used in operating activities
22.
Analysis of cash and cash equivalents
Cash in hand		 2024
£
(474,422)
33,390
476
(8,088)
-
(5,143)
(28,872)
126,491
(356,168)
2024
£
370,984		 2023
£
(296,793)
40,845
477
(6,888)
8,701
6,870
(113,103)
31,503
(328,388)
2023
£
741,240

Page 37

ASTON STUDENTS' UNION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

23. Analysis of changes in net debt

At 1 August At 31 July
2023 Cash flows 2024
£ £ £
Cash at bank and in hand 741,240 (370,256) 370,984

24. Pension commitments

The Union has contributed to the pension schemes operated by The Peoples Pension.

Pension costs paid in the year amounted to £69,480 ( 2023: £52,721). At the year end there was £14,966 (2023: £Nil) outstanding.

25. Operating lease commitments

At 31 July 2024 the Union had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£
471,062
471,724
1,293,931
2,236,717		 2023
£
471,062
354,124
993
826,179

The expenditure in the year is £471,062 (2023: £471,062).

26. Related party transactions

The Union received a grant from Aston University of £2,127,565 (2023: £1,868,542) . The Union recharged £2,400,796 (2023: £1,995,675) of expenses relating to repairs and maintenance, cleaning, rental and payroll.

Within other creditors is an amount of £285,190 (2023: £119,384) due to Aston University.

Page 38

ASTON STUDENTS' UNION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

27. Controlling party

The Union is controlled by the Executive Committee which is subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the Union as defined by Financial Reporting Standard 102.

Page 39