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← The Royal Veterinary College Students' Union

2024-07-31-accounts

Charity number: 1153002

THE ROYAL VETERINARY COLLEGE STUDENT UNION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

THE ROYAL VETERINARY COLLEGE STUDENT UNION

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 6
Trustees' responsibilities statement 7
Independent auditor's report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 30

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

Elected 1 August 2023 to 31 July 2024

Elected 1 August 2023 to 31 July 2024
Officer Trustees (Remunerated) Ezrie Prideaux, President
Rahat Chowdhury, VP Treasurer
Thomas Smith, VP Activities and Campaigns
Claudia Murphy, VP Welfare
Vanessa Ng, VP Representation and Communications
Hannah Slater, VP Camden
Student Trustees Alexis Cooper, Equality and Diversity Officer
Allyson Pace, International Officer
Anju Loveridge and Bonnie Man, Post Graduate Officers
Victorija Sitnikaite, Vet Nurse Liaison Officer
Tom Ellis and Fran Gallina, Undergraduate Sciences Officer
Elected 1 August 2024 to 31 July 2025
Officer Trustees (Remunerated) Ezrie Prideaux, President
Portia Jago--Nicholas, VP Treasurer
Thomas Smith, VP Activities and Campaigns
Izzy Jones, VP Welfare
Erica Oliver, VP Representation and Communications
Molly Drennan, VP Camden
Alexis Cooper, Equality and Diversity Officer
Student Trustees Ian Aluarez, International Officer
Anju Loveridge and Bonnie Man, Post Graduate Officers
Bibi Tuken Tegi and Louilia Kaloudi, Vet Nurse Liaison Officer
Claudia Murphy, Undergraduate Sciences Officer
Jade Urquhart-Gilmore and Olivia Biluck, External Trustees
Head of Students' Union Callum Roberts (appointed end of July 2024)
General Manager
 Dave Sherlock-Jones (until 18 August 2023)
SU Finance & Shop Manager
 Willow Gibson
SU Office & Finance Administrator
 Fuchsia Stocker

Page 1

THE ROYAL VETERINARY COLLEGE STUDENT UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Charity registered number 1153002

Principal office Hawkshead Lane North Mymms Hatfield Hertfordshire AL9 7TA Independent auditor Crowe U.K. LLP R+ Building, 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers Metrobank Borehamwood Herts WD6 4PR

Page 2

THE ROYAL VETERINARY COLLEGE STUDENT UNION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

The Trustees of The Royal Veterinary College Students’ Union (“the Union”) present their annual report for the year ended 31 July 2024 under the Charities Act 2011, together with the audited financial statements for that year.

Reference and Administrative Details

The Royal Veterinary College Students’ Union is a Charitable Incorporated Organisation (CIO) and a registered charity number 1153002. Its office address is provided in the accounts.

The present Trustees, along with any past Trustees who served during the year, are listed in the accounts along with the names of the senior executive staff. The President and external advisers of the charity are also named.

Key Management Personnel

The Union employs key management personnel, including:

General Manager - Dave Sherlock-Jones (passed away in mid-August 2023) Finance and Shop Manager – Willow Gibson SU Office and Finance Administrator – Fuchsia Stoker

The remuneration of key management personnel is determined by the college in line with national agreements and HERA scales.

Structure, Governance and Management

The Union operates under its Constitution, adopted on 1 August 2013. Last reviewed and updated on 18th December 2020.

Trustee Board

The Trustee Board is responsible for overseeing the Union’s governance. It consists of the President/Chair, five Vice Presidents (VPs), and six elected part-time officer trustees. Starting in the 2024/25 academic year, the SU will include six paid VPs, with the addition of the new EDI (Equality, Diversity, and Inclusion) role.

Given the small size of the Union’s staff, part-time officers play a vital role in its success. Each trustee is assigned specific responsibilities. Officer handovers are conducted individually, due to the varied nature of academic placements during the summer. Additional training is provided by the NUS and continues throughout the year. Plans are also being developed to collaborate with other small and specialist SUs to provide more tailored officer training.

The Board delegates certain management functions, but these remain subject to regular reporting and ratification by the full Board.

Union Council

The Union Council acts as a consultative and policy forum, bridging the gap between Union management and its student members. The Council consists of thirteen Trustees: 11 elected representatives and two External Trustees, who are typically RVC Alumni. In addition, the SU has up to 60 Course Representatives who are elected annually.

Democratic Governance

As a student-led democratic body, the Union's accountability is a key priority. The Constitution and regulations are currently under review to ensure they better serve the organisation. This review is part of the Union's Strategic Plan, which includes efforts to simplify the Constitution and adopt clearer language where possible.

Page 3

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

General Manager (CEO)

The General Manager (GM) was responsible for overseeing the day-to-day operations of the Union and implementing policies set by the Trustee Board. This role has now been replaced by the newly created position of Head of SU, which Callum Roberts took over at the end of July 2024.

The GM was supported by the SU Shop and Finance Manager, the SU Office and Finance Administrator and a team of part-time student staff. These roles were reviewed in June/July when the SU Shop was taken over by the College. As part of the changes:

Corporate Governance

The Union’s internal controls are continuously refined to enhance efficiency. Performance is monitored regularly through management information reviewed by both the executive team and the Board of Trustees. These controls aim to mitigate material risks and ensure proper financial management. Key elements include:

Developing and Strengthening

The Union is an independent and vibrant membership organisation. Its main purpose is to enhance the lives of students at the Royal Veterinary College, both on and off campus. This past year, the Union has grown significantly due to the hard work of its staff and officers, particularly the President and Vice-Presidents.

Risk Management

The Union will be updating and reviewing its previous risk management system to identify and address any issues early. This register will be reviewed regularly by the Trustee Board and the new Head of SU.

Principal Risks and Uncertainties

The Union's primary risks are outlined in the risk register. Current concerns include:

Risk management strategies include maintaining effective controls, monitoring systems, and appropriate insurance coverage.

Fundraising

The Union did not engage in any fundraising activities requiring disclosure under section 162A of the Charities Act 2011.

Page 4

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

Objects, Objectives and Principal Activities of the Union

The Union's objectives focus on advancing the education of students at the Royal Veterinary College for the public benefit by:

The Union is committed to supporting diversity and inclusion in all its activities and decision-making processes.

The Trustees confirm that they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance concerning the operation of public benefit published by the Charity Commission.

Our Mission

Our mission is to enhance the quality of life and learning for students at RVC. Despite recent challenges such as the pandemic, Brexit, and the absence of a General Manager, the Union has made significant progress in governance and student engagement. A key development has been the introduction of a paid Vice-President for Equity, Diversity, and Inclusion (EDI), along with the appointment of a new Head of SU, starting at the end of July 2024.

Although the implementation of our Strategic Plan has been delayed due to unforeseen circumstances, the Union remains committed to its primary goal: enriching the student experience at RVC.

Finance, Bars, Shops and Entertainment

The bars and shop were open for approximately 40 weeks during the year, closing over the Christmas, Easter, and Summer periods. Both ran efficiently during their open periods. Additionally, the SU successfully hosted various events throughout the year, including the Christmas Ball in December 2023, Sports Ball, May Ball, and Varsity events in 2024. These events were well-received and contributed to a vibrant student experience.

Affiliations

During the year the Union affiliated to the following organisations in order to support its core objectives:

The National Union of Students (NUS)
British Universities & Colleges Sports Association
Association of Veterinary Students (AVS)		 2024
2023
£
£
3,937
3,750
3,760
2,219
3,032
3,520
10,729
9,489

Page 5

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

Financial Summary

During the year the Union received £216,500 (2023: £206,000) in direct grant funding from the College.

The Union overall made a deficit of £31,995 (2023: £19,010 deficit) in the year of which a deficit of £15,531 (2023: surplus of £16,740) was from restricted funding spent by sports teams and societies and deficit of £16,464 (2023: £35,750) from the Main fund. This was after transfers of £59 (2023: £458) were made from the restricted funds to the Main fund.

Free reserves at the year-end were £20,081 (2023: £41,334) .

The closing fund balances in the restricted funds was £92,019 (2023: £107,550) and in the unrestricted funds was £34,950 (2023: £51,414) .

Reserve Position

We are aiming for reserves that cover 3 months of operating costs, acknowledging that it will take a few years to reach this goal. However, our long-term goal is to have a reserve of £50,000, to provide financial security against unforeseen circumstances. The current reserves serve as a buffer for six months' costs for clubs and societies, and our affiliation with the NUS. As we work towards our long-term target, we are focusing on income diversification and assigning any surplus towards this reserve fund.

Note, the SU shop is now under the University’s management and no longer part of our remit.

Future Plans

A new Head of SU was appointed at the end of July 2024. They are drafting a new SU strategy set to be approved in March 2025 and will run until July 2028. Major events like the Christmas Ball and May Ball are planned for 2024/25, as well as Rep training is underway to ensure student representatives are well-prepared for the year ahead. An annual calendar outlining key dates for elections and other activities has been shared with students, helping them stay informed about important events and opportunities.

Clubs and societies will continue to compete in LUSL (London Universities Sports League) and BUCS (British Universities and Colleges Sport) leagues throughout the academic year. The SU is committed to supporting its sports teams and societies, ensuring they have the resources and backing they need to excel both locally and nationally.

Beyond these initiatives, the SU is actively exploring new avenues to diversify its income and further its sustainability efforts. This includes seeking partnerships and sponsorships and increasing student engagement in Union-led campaigns on issues such as mental health, diversity, and environmental sustainability.

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

Ezrie Prideaux

(President and Chair of Trustees) Date: 15 December 2024

Page 6

THE ROYAL VETERINARY COLLEGE STUDENT UNION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity 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 charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Ezrie Prideaux

(Chair of Trustees) Date: 15 December 2024

Page 7

THE ROYAL VETERINARY COLLEGE STUDENT UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL VETERINARY COLLEGE STUDENT UNION

Opinion

We have audited the financial statements of The Royal Veterinary College Student Union (the 'charity') 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 charity 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 charity'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 8

THE ROYAL VETERINARY COLLEGE STUDENT UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL VETERINARY COLLEGE STUDENT 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.

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:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 9

THE ROYAL VETERINARY COLLEGE STUDENT UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL VETERINARY COLLEGE STUDENT UNION (CONTINUED)

Auditor's 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 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 charity 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 and Charities SORP (FRS102).

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and income and expenditure cut off. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing board meeting minutes for any issues we need to be aware of and testing a sample of income and expenditure around the year end for correct recognition in the relevant financial year.

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. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Page 10

THE ROYAL VETERINARY COLLEGE STUDENT UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL VETERINARY COLLEGE STUDENT UNION (CONTINUED)

Use of our report

This report is made solely to the charity'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 charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor Thames Valley

Date: 17 December 2024

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

THE ROYAL VETERINARY COLLEGE STUDENT UNION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

Note
Income from:
Donations and legacies:
4
College grants
Charitable activities:
Bars, Shops and Catering
Events and Entertainments
Societies and clubs
Other income
5
Total income
Expenditure on:
Charitable activities:
6
Campaigns, Advice and
Representation
Bars, Shops and Catering
Events and Entertainments
Societies and clubs
Total expenditure
Net expenditure
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
536,437
161,430
73,365
-
39,760
810,992
46,057
430,707
299,712
51,039
827,515
(16,523)
59
(16,464)
51,414
(16,464)
34,950		 Restricted
funds
2024
£
-
-
-
206,130
-
206,130
-
-
-
221,602
221,602
(15,472)
(59)
(15,531)
107,550
(15,531)
92,019		 Total
funds
2024
£
536,437
161,430
73,365
206,130
39,760
1,017,122
46,057
430,707
299,712
272,641
1,049,117
(31,995)
-
(31,995)
158,964
(31,995)
126,969		 As restated
Total
funds
2023
£
563,264
185,312
127,583
204,901
808
1,081,868
42,667
421,558
407,938
228,715
1,100,878
(19,010)
-
(19,010)
177,974
(19,010)
158,964

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 30 form part of these financial statements.

Page 12

THE ROYAL VETERINARY COLLEGE STUDENT UNION

BALANCE SHEET AS AT 31 JULY 2024

2024 2024 2023 2023 2023
Note £ £
Fixed assets
Tangible assets 11 14,869 10,080
Current assets
Stocks 12 17,378 35,062
Debtors 13 5,780 6,086
Cash at bank and in hand 125,958 163,547
149,116 204,695
Creditors: amounts falling due within one
year 14 (37,016) (55,811)
Net current assets 112,100 148,884
Total net assets 126,969 158,964
Charity funds
Restricted funds:
Restricted funds 17 4,376 -
Students' Societies and Club Funds 17 48,008 59,085
Other restricted funds 17 39,635 48,465
Total restricted funds 17 92,019 107,550
Unrestricted funds 17 34,950 51,414
Total funds 126,969 158,964
The
financial		 statements were approved and authorised for for
issue		 by by
the		 Trustees on
15 December 2024and signed on their behalf by: and signed on their behalf by:

Ezrie Prideaux

(President and Chair of the Board of Trustees)

The notes on pages 15 to 30 form part of these financial statements.

Page 13

THE ROYAL VETERINARY COLLEGE STUDENT UNION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by 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
20		 2024
£
(23,598)
(13,991)
(13,991)
-
(37,589)
163,547
125,958		 2023
£
(15,100)
(11,873)
(11,873)
-
(26,973)
190,520
163,547

The notes on pages 15 to 30 form part of these financial statements

Page 14

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

1. General information

The principal activities are campaigning, representation, provision of social activities and, the organisation of sporting and recreational activities and opportunities.

The Royal Veterinary College Students’ Union is a charitable incorporated organisation with charitable status. (Charity registration no. 1153002). The address of the principal office is The Royal Veterinary College Students’ Union, Hawkshead Lane, North Mimms, Hatfield, Hertfordshire, AL9 7TA.

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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Royal Veterinary College Student 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 charity has cash resources and is supported by The Royal Veterinary College. The Trustees have also considered the budgets and made assessments regarding possible uncertainties and the adequacy of disclosures. Following this review the trustees consider that there are sufficient reserves at 31 July 2024 to manage any foreseeable downturn in the UK and global economy and that there is a reasonable expectation the Charity has adequate resources to continue in operational existence for the foreseeable future and for this reason, the Trustees continue to adopt the ‘going concern’ basis in preparing the accounts.

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THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

2. Accounting policies (continued)

2.3 Income

All income and capital resources are recognised in the accounts when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty.

The College grant of free serviced accommodation on the campus is accounted for as income and expenditure of the year at an estimated value to The Royal Veterinary College Students’ Union by reference to the alternatives available on the commercial market.

Donated services or facilities are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.

Grants are accounted for under the performance model as permitted by the Charity SORP. Job retention scheme grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

2.4 Expenditure

Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for trustees. The value of free serviced campus accommodation and other central overhead costs are apportioned to charitable and other projects/activities on a cost basis, pro rata to the total costs of each project or activity undertaken.

2.5 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 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.

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:

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THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

2. Accounting policies (continued)

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value.

2.8 Debtors

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

2.9 Cash at bank and in hand

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.

2.10 Liabilities and provisions

Short term creditors are measured at the transaction price.

2.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.13 Pensions

The permanent staff of the Union are employees of The Royal Veterinary College and as such are covered by the defined benefit pension scheme operated by that body. As a consequence no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102, in these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.

2.14 Fund accounting

The Royal Veterinary College Students’ Union administers and accounts for a number of charitable funds, as follows:-

3. Critical accounting estimates and areas of judgment

There are no significant areas of judgement required in the preparation of these financial statements.

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THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

4. Income from donations and legacies

Unrestricted
funds
2024
£
Block grant
216,500
University grant in kind for rent
143,705
University salary in kind
129,089
Other grants
47,143
536,437
As restated
Unrestricted
funds
2023
£
Block grant
206,000
University grant in kind for rent
143,705
University salary in kind
200,328
Other grants
13,231
563,264		 Total
funds
2024
£
216,500
143,705
129,089
47,143
536,437
As restated
Total
funds
2023
£
206,000
143,705
200,328
13,231
563,264

5. Other incoming resources

Other income
Other income		 Unrestricted
funds
2024
£
39,760
Unrestricted
funds
2023
£
808		 Total
funds
2024
£
39,760
Total
funds
2023
£
808

Page 18

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Campaigns, Advice &
Representation
46,057
Bars, Shops and Catering
430,707
Events and Entertainments
299,712
Societies and clubs
51,039
827,515
As restated
Unrestricted
funds
2023
£
Campaigns, Advice &
Representation
42,667
Bars, Shops and Catering
421,558
Events and Entertainments
407,938
Societies and clubs
40,096
912,259		 Restricted
funds
2024
£
-
-
-
221,602
221,602
Restricted
funds
2023
£
-
-
-
188,619
188,619		 Total
2024
£
46,057
430,707
299,712
272,641
1,049,117
As restated
Total
2023
£
42,667
421,558
407,938
228,715
1,100,878

Page 19

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

7. Analysis of expenditure

Campaigns, Advice &
Representation
Bars, Shops and Catering
Events and Entertainments
Societies and clubs
Campaigns, Advice &
Representation
Bars, Shops and Catering
Events and Entertainments
Societies and clubs		 Expenditure
2024
£
46,057
430,707
299,712
272,641
1,049,117
Expenditure
2023
£
42,667
421,558
407,938
228,715
1,100,878		 Total
funds
2024
£
46,057
430,707
299,712
272,641
1,049,117
Total
funds
2023
£
42,667
421,558
407,938
228,715
1,100,878

Page 20

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

7. Analysis of expenditure (continued)

Staff costs
Cost of sales
Rent & services
Other costs
Staff costs
Cost of sales
Rent & services
Other costs		 Campaigns,
Advice &
Representation
2024
£
9,327
21,552
8,524
6,654
46,057
As restated
Campaigns,
Advice &
Representation
2023
£
10,820
19,991
7,030
4,826
42,667		 Bars, Shops
and Catering
2024
£
152,862
135,908
79,712
62,225
430,707
As restated
Bars, Shops
and Catering
2023
£
168,783
135,629
69,460
47,686
421,558		 Events and
Entertainments
2024
£
60,692
140,251
55,469
43,300
299,712
As restated
Events and
Entertainments
2023
£
103,448
191,130
67,215
46,145
407,938		 Societies
and clubs
2024
£
9,626
-
-
263,015
272,641
Societies
and clubs
2023
£
-
-
-
228,715
228,715		 Total
funds
2024
£
232,507
297,711
143,705
375,194
1,049,117
As restated
Total
funds
2023
£
283,051
346,750
143,705
327,372
1,100,878

Included in the above other costs is the gross annual audit fee of £16,400 (2023: £14,650) and accounts preparation fees of £4,860 (2023: £4,500) .

Page 21

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

8. Central Overhead Costs included in Note 7

Usage
Staff costs
Rent & services
Other costs
Usage
Staff costs
Rent & services
Other costs		 Campaigns,
Advice &
Representation
2024
£
5.9%
9,327
8,524
6,654		 Bars, Shops
and Catering
2024
£
55.5%
87,220
79,712
62,225
Events and
Entertainments
Total funds
2024
2024
£
£
38.6%
60,693
157,240
55,469
143,705
43,300
112,179
24,505 229,157 159,462
413,124
As restated
Campaigns,
Advice &
Representation
2023
£
4.9%
10,820
7,030
4,826		 As restated
Bars, Shops
and Catering
2023
£
48.3%
106,901
69,460
47,686		 As restated
As restated
Events and
Entertainments
Total funds
2023
2023
£
£
46.8%
103,448
221,169
67,215
143,705
46,145
98,657
22,676 224,047 216,808
463,531

Page 22

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
205,159
7,254
20,094
232,507		 2023
£
240,996
14,678
27,377
283,051

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

Full time
Part time student officers
Students - term time only		 2024
No.
2
6
51
59		 2023
No.
3
5
49
57

No employee received remuneration amounting to more than £60,000 (2023: 1 employee between £60,000 and £70,000).

The key management personnel of the union comprise the Trustees and the General Manager. The aggregate employee benefits of the 5 (2023: 7) key management personnel was £27,319 (2023: £100,785).

10. Trustees' remuneration and expenses

The President received £6,304 (2023: £6,304) and five Vice-Presidents received a total of £21,015 (2023: £21,015) as authorised by the Students’ Union’s Governing Documents and agreed as a change in the By- Laws, for the representation, campaigning and support work undertaken as distinct from their trustee responsibilities. This was paid in 12 monthly payments throughout the year. The total salary and NI costs for the Officer Trustees amounted to £27,319 (2023: £27,319) , which is included under Staff Costs in the SOFA.

During the year ended 31 July 2024, expenses totalling £ 656 were reimbursed or paid directly to 11 members of the Trustee Board (2023 - £1,241 to 3 Trustees) in respect of personal travel and subsistence.

Page 23

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

11. Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
Disposals
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023
12.
Stocks
Stock		 Office
equipment
£
23,763
4,848
(3,666)
24,945
14,413
7,008
(3,666)
17,755
7,190
9,350		 Other
equipment
£
17,758
9,143
-
26,901
17,028
2,194
-
19,222
7,679
730
2024
£
17,378		 Total
£
41,521
13,991
(3,666)
51,846
31,441
9,202
(3,666)
36,977
14,869
10,080
2023
£
35,062

Page 24

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
-
3,818
1,962
5,780		 2023
£
1,038
1,941
3,107
6,086

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
8,998
2,909
2,000
23,109
37,016		 2023
£
4,387
1,988
29,186
20,250
55,811

15. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2024
£
127,920
2024
£
34,107		 2023
£
165,125
2023
£
53,823

Financial assets measured at amortised cost comprise trade debtors, other debtors and cash.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

16. Prior year adjustments

A prior period adjustment was made to the rent in kind received from the College. This was to correct the calculation for the space utilised by the Student Union by increasing the rent in kind by £45,026 within both income and expenditure.

Page 25

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

17. Statement of funds

Statement of funds - current year

Balance at 1
August 2023
£
Unrestricted funds
Unrestricted funds
51,414
Restricted funds
Clubs and Societies
59,085
Other restricted funds
48,465
107,550
Total of funds
158,964
Restricted Funds:		 Income
£
810,992
116,547
89,583
206,130
1,017,122		 Expenditure
£
(827,515)
(123,191)
(98,411)
(221,602)
(1,049,117)		 Transfers
in/out
£
Balance at
31 July 2024
£
59
34,950
-
52,441
(59)
39,578
(59)
92,019
-
126,969		 Transfers
in/out
£
Balance at
31 July 2024
£
59
34,950
-
52,441
(59)
39,578
(59)
92,019
-
126,969
52,441
39,578
92,019
126,969

Clubs and Societies

Refers to the fundraising balances held on behalf of student run clubs or societies which are part of The Royal Veterinary College Students’ Union.

Other Restricted Funds

Refers to the funds held in relation to the Association of Veterinary Students (AVS), Final Year Review (FYR), International Veterinary Students Association (IVSA), Student American Veterinary Medical Association (SAVMA), Alumni, Vet Nursing and Animal Aspirations (AA) in the Students Union.

Page 26

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Unrestricted funds
Restricted funds
Clubs and Societies
Other restricted funds
Total of funds		 Balance at
1 August
2022
£
87,164
63,592
27,218
90,810
177,974		 As restated
Income
£
876,967
96,766
108,135
204,901
1,081,868		 As restated
Expenditure
£
(912,259)
(100,966)
(87,653)
(188,619)
(1,100,878)		 Transfers
in/out
£
(458)
(307)
765
458
-		 Balance at
31 July 2023
£
51,414
59,085
48,465
107,550
158,964

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
14,869
Current assets
57,097
Creditors due within one year
(37,016)
Total
34,950		 Restricted
funds
2024
£
-
92,019
-
92,019		 Total
funds
2024
£
14,869
149,116
(37,016)
126,969

Page 27

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
10,080
97,145
(55,811)
51,414		 Restricted
funds
2023
£
-
107,550
-
107,550		 Total
funds
2023
£
10,080
204,695
(55,811)
158,964

19. 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
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2024
£
(31,995)
9,202
17,684
306
(18,795)
(23,598)		 2023
£
(19,010)
6,696
(12,365)
(1,360)
10,939
(15,100)

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
125,958
125,958		 2023
£
163,547
163,547

Page 28

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

21. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2023
£
163,547
163,547		 Cash flows
£
(37,589)
(37,589)		 At 31 July
2024
£
125,958
125,958

22. Operating lease commitments

At 31 July 2024 the charity 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		 2024
£
10,770
12,564
23,334		 2023
£
10,770
21,538
32,308

The following lease payments have been recognised as an expense in the Statement of financial activities:

2024 2023
£ £
Operating lease rentals 10,770 10,770

Page 29

THE ROYAL VETERINARY COLLEGE STUDENT UNION

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

23. Related party transactions

The following are considered to be related parties for the reasons stated. The transactions with these related parties are set out below:-

The Royal Veterinary College Students’ Union

The Union is in receipt of a recurrent grant from the College of £216,500 (2023: £206,000) .

At the year-end, included in trade creditors is an amount of £4,306 (2023: £29,490) owed by the Union to the College in relation to services provided.

All Union salaries are paid through the College. The College has invoiced the Union for £103,418 through the year (2023: £82,773) . The amount owing at 31 July 2024 is £10,595 (2023: £Nil) .

The Union received rent in kind from the College of £143,705 (2023: £143,705) and also received salaries in kind from the College of £129,089 (2023: £200,328) .

The Union’s general manager was owed expenses of £Nil (2023: £365) .

24. Controlling party

The union is controlled by the Trustee Board which is in part 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 the General meeting.

Page 30