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← The Royal Veterinary College Students' Union

2025-07-31-accounts

Charity number: 1153002

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 7
Trustees' responsibilities statement 8
Independent auditor's report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 31

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025

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
Student Trustees Alexis Cooper, Equality and Diversity Officer
Ian Alvarez, International Officer
Anju Loveridge and Bonnie Man, Post Graduate Officers
Bibi Tuken Tegi and Iouilia Kaloudi, Vet Nurse Liaison Officer
Jade Urquhart-Gilmore and Olivia Biluck, External Trustees
Claudia Murphy, Undergraduate Sciences Officer
Elected 1 August 2025 to 31 July 2026
Officer Trustees (Remunerated) Alexis Engelen, President
Sophie Naylor, VP Communities
Thalia Dufour, VP representation
Student Trustees Vacant, UG Student Representative
Vacant, PG Student Representative
External Trustees Sarah Kerton, Chair
Ceri Chick, Alumni Trustee
Imelda McGonnell, University Trustee
Vacant, External Trustee
Head of Students' Union Callum Roberts
SU Finance & Shop Manager
 Willow Gibson (resigned 23 July 2025)
Commercial Manager
 Ashish Charaborty
SU Media, Events & Comms Manager Fuchsia Stocker
SU Administrator
 Chloe Smith
Sports & Socs Coordinator Cameron Tooke
Student Voice Coordinator
 Alice Lundy

Page 1

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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 STUDENTS' UNION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Trustees of The Royal Veterinary College Students’ Union (“the Union”) present their annual report for the year ended 31 July 2025 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:

Head of Students’ Union – Callum Roberts

Finance and Shop Manager – Willow Gibson (resigned July 2025) SU Media, Events and Comms Manager – Fuchsia Stocker Commercial Manager – Ashish Chakraborty

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 16 July 2025.

Trustee Board

The Trustee Board is responsible for overseeing the Union’s governance. It consists of the President/Chair, six Vice Presidents (VPs), and four student representatives, an external representative and an alumni representative. Starting in the 2025/26 academic year, the SU has reduced the number of paid VPs, from six to two. The shift to reduce the number of paid officer roles was made to reduce the administrative burden upon student leaders, allowing them to be advocates not admins. Each trustee brings a different perspective to discussions ensuring robust scrutiny of papers and reports. Officer handovers are conducted individually, due to the varied nature of academic placements during the summer, however there is a central handover day to welcome officers into the Union and cover essential information relevant to all parties. Additional training is provided by the NUS and continues throughout the year. Plans are also being developed to collaborate with external consultants to provide more bespoke trustee 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 the trustees, elected representatives, student staff and Course Representatives who are elected annually.

Page 3

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Democratic Governance

As a student-led democratic body, the Union's accountability is a key priority. The Constitution was reviewed and approved by University Council, and Union Trustee Board in July 2025 and will be fully ratified at AGM in November 2025. The bye-laws are currently under review to mirror the new constitution and 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.

Staff Structure

The Head of Students’ Union (HoSU) is responsible for overseeing the day-to-day operations of the Union, setting the strategic direction and implementing policies and procedures on the approval of the Trustee Board. The HoSU is supported by the SU Media, Events & Communications Manager, the SU Commercial Manager, SU Administrator, SU Voice Coordinator and SU Clubs & Socs Coordinator as well as a group of part-time student staff. These roles were introduced as part of a restructure in 2025 that saw the Finance and Representation Manager role made redundant, as well as a number of paid officer and part time student roles removed. The intent being to reframe student leaders as advocates not admins by bringing in permanent staff to offer consistent high quality administrative support and outsourcing the bulk of our financial admin to a third-party bookkeeping company. The new structure was in place by the end of June 2025 and has been well received by the membership.

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. This past year, the Union has professionalised significantly and been through a large amount of change. Work continues to truly define the Union’s role on campus and create clarity in the minds of the members as to services provided by the Union and those of the University.

Risk Management

The Union reviews and updates its risk register every six months to identify and address any issues early. This register is approved by the Trustee Board.

Page 4

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Principal Risks and Uncertainties

The Union's risks are outlined in the risk register, a summary of the primary risks facing the Union are:

The Students’ Union manages its key risks through a mix of strengthened governance, staff development, and proactive support systems. Financial resilience is supported by maintaining strong ties with the University, diversifying income through commercial activity, and keeping events affordable for students. Operational stability is bolstered by expanding the staff team, formalising processes, enhancing cybersecurity, and ensuring robust health and safety practices. To protect reputation and membership, the SU engages under-represented groups, runs perception surveys, and increases transparency through reporting. Governance and compliance risks are addressed with annual audits, trustee training, safeguarding procedures, and a governance tracker to maintain accountability.

Fundraising

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

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.

Page 5

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Our Mission

Our mission is to empower RVC students to thrive academically, socially, and professionally by providing exceptional support, fostering belonging, and advocating for their needs while promoting sustainable and inclusive practices. We have a strategic vision to be a dynamic and inclusive Students' Union that champions student advocacy, fosters community, and enhances the student experience for a diverse and growing RVC population.

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)		 2025
2024
£
£
4,095
3,937
6,947
3,760
3,285
3,032
14,327
10,729

Financial Summary

During the year the Union received £233,295 (2024: £216,500) in direct grant funding from the College. The Union overall made a surplus of £6,277 (2024: £31,995 deficit) in the year despite a deficit of £31,492 (2024: £15,531 deficit) in restricted funding spent by sports teams and societies. Free reserves at the year-end were £58,944 (2024: £20,081) . The closing fund balances in the restricted funds was £60,527 (2024: £92,019) .

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 £100,000, to provide financial security against unforeseen circumstances. The current unrestricted reserves serve as a buffer for 3 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.

Future Plans

The Students’ Union’s future plans, as outlined in its 2025–2028 Strategic Plan, focus on strengthening governance, improving representation, and enhancing the student experience. Key priorities include streamlining the Trustee Board and introducing external expertise, shifting administrative burdens from student leaders to permanent staff, and establishing dedicated advocacy structures to better represent diverse groups. The SU aims to deliver consistent, high-quality services by expanding permanent roles, outsourcing accounting, and improving communication channels, while also creating more inclusive events, support initiatives, and dedicated spaces for underrepresented students. Financial sustainability will be pursued through new income streams, more efficient use of resources, and stronger long-term agreements with the University. Finally, the SU is committed to embedding sustainability across its operations, from energy efficiency and eco-friendly events to campus-wide environmental initiatives, positioning itself as a forward-looking and student-centred union.

Page 6

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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

Alexis Engelen (President of the Student Union) Date: 17 December 2025

Page 7

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025

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 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:

Alexis Engelen (President of the Student Union) Date: 17 December 2025

Page 8

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

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

Opinion

We have audited the financial statements of The Royal Veterinary College Students’ Union for the year ended 31 July 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and notes to the financial statements, including 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 9

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 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 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 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 10

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

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

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

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, including financial reporting legislation and the Charity SORP (FRS 102), and tax regulations. 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 necessary to the charity’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of control by management. Our audit procedures to respond to these risks included enquiries of management and Those Charge With Governance about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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.

Page 11

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

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

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.

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

R+ Building 2 Blagrave Street

Reading Berkshire RG1 1AZ

Date: 17 December 2025

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

Page 12

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

Note
Income from:
Donations and legacies:
4
College grants
Charitable activities:
6
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 movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
784,894
59,203
68,484
-
4,933
917,514
25,033
163,565
691,147
-
879,745
37,769
34,950
37,769
72,719		 Restricted
funds
2025
£
-
-
-
186,404
-
186,404
-
-
-
217,896
217,896
(31,492)
92,019
(31,492)
60,527		 Total
funds
2025
£
784,894
59,203
68,484
186,404
4,933
1,103,918
25,033
163,565
691,147
217,896
1,097,641
6,277
126,969
6,277
133,246		 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)
158,964
(31,995)
126,969

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

The notes on pages 16 to 31 form part of these financial statements.

Page 13

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

BALANCE SHEET AS AT 31 JULY 2025

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Restricted funds:
Restricted funds
15
Students' Societies and Club Funds
15
Other restricted funds
15
Total restricted funds
15
Unrestricted funds
15
Total funds		 3,897
13,171
138,333
155,401
(35,930)
-
19,187
41,340		 2025
£
13,775
119,471
133,246
60,527
72,719
133,246		 17,378
5,780
125,958
149,116
(37,016)
4,376
48,008
39,635		 2024
£
14,869
112,100
126,969
92,019
34,950
126,969

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Alexis Engelen (President of the Student Union)

Date: 17 December 2025

The notes on pages 16 to 31 form part of these financial statements.

Page 14

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
17
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing 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
18
The notes on pages 16 to 31 form part of these financial statements		 2025
£
17,538
(5,163)
(5,163)
12,375
125,958
138,333		 2024
£
(23,598)
(13,991)
(13,991)
(37,589)
163,547
125,958

Page 15

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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 Royal Veterinary College 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 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 2025 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.

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.

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THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

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.

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

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:

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.

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THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

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 STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

4. Income from donations and legacies

Unrestricted
funds
2025
£
Block grant
233,295
University grant in kind for rent
300,403
University salary in kind
231,696
Other grants
19,500
784,894
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		 Total
funds
2025
£
233,295
300,403
231,696
19,500
784,894
Total
funds
2024
£
216,500
143,705
129,089
47,143
536,437

5. Other incoming resources

Other income
Other income		 Unrestricted
funds
2025
£
4,933
Unrestricted
funds
2024
£
39,760		 Total
funds
2025
£
4,933
Total
funds
2024
£
39,760

Page 19

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Campaigns, Advice & Representation
25,033
Bars, Shops and Catering
163,565
Events and Entertainments
691,147
Societies and clubs
-
879,745
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		 Restricted
funds
2025
£
-
-
-
217,896
217,896
Restricted
funds
2024
£
-
-
-
221,602
221,602		 Total
2025
£
25,033
163,565
691,147
217,896
1,097,641
Total
2024
£
46,057
430,707
299,712
272,641
1,049,117

Page 20

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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
2025
£
25,033
163,565
691,147
217,896
1,097,641
Expenditure
2024
£
46,057
430,707
299,712
272,641
1,049,117		 Total
funds
2025
£
25,033
163,565
691,147
217,896
1,097,641
Total
funds
2024
£
46,057
430,707
299,712
272,641
1,049,117

Page 21

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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
2025
£
8,207
6,073
8,548
2,205
25,033
Campaigns,
Advice &
Representation
2024
£
9,327
21,552
8,524
6,654
46,057		 Bars, Shops
and Catering
2025
£
53,625
39,679
55,852
14,409
163,565
Bars, Shops
and Catering
2024
£
152,862
135,908
79,712
62,225
430,707		 Events and
Entertainments
2025
£
226,593
167,664
236,003
60,887
691,147
Events and
Entertainments
2024
£
60,692
140,251
55,469
43,300
299,712		 Societies
and clubs
2025
£
6,775
-
-
211,121
217,896
Societies
and clubs
2024
£
9,626
-
-
263,015
272,641		 Total
funds
2025
£
295,200
213,416
300,403
288,622
1,097,641
Total
funds
2024
£
232,507
297,711
143,705
375,194
1,049,117

Included in the above other costs is the gross annual audit fee of £14,990 (2024: £16,400) and accounts preparation fees of £2,550 (2024: £4,860) .

Page 22

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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
2025
£
2.8%
8,207
8,548
2,205		 Bars, Shops
and Catering
2025
£
18.6%
53,625
55,852
14,409
Events and
Entertainments
Total funds
2025
2025
£
£
78.6%
226,593
288,425
236,003
300,403
60,887
77,501
18,960 123,886 523,483
666,329
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

Page 23

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
256,584
19,708
18,908
295,200		 2024
£
205,159
7,254
20,094
232,507

Included in wages and salaries above are termination payments (including employers' national insurance) totalling £20,696 (2024: £Nil) .

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		 2025
No.
4
7
26
37		 2024
No.
2
6
51
59

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

2025 2024
No. No.
In the band £60,001 - £70,000 1 -

10. Trustees' remuneration and expenses

The President received £6,443 (2024: £6,304) and 5 Vice-Presidents received a total of £32,942 (2024: £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 £39,385 (2024: £27,319) , which is included under Staff Costs in the SOFA.

During the year ended 31 July 2025, expenses totalling £2,371 were reimbursed or paid directly to 12 members of the Trustee Board (2024 - £656 to 11 Trustees) in respect of personal travel and subsistence.

Page 24

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Tangible fixed assets

Cost or valuation
At 1 August 2024
Additions
Disposals
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
On disposals
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
12.
Stocks
Stock		 Other
equipment
£
24,945
4,148
(9,357)
19,736
17,755
3,704
(8,955)
12,504
7,232
7,190		 Other
equipment
£
26,901
1,015
(102)
27,814
19,222
2,151
(102)
21,271
6,543
7,679
2025
£
3,897		 Total
£
51,846
5,163
(9,459)
47,550
36,977
5,855
(9,057)
33,775
13,775
14,869
2024
£
17,378

Page 25

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
8,123
2,970
2,078
13,171		 2024
£
-
3,818
1,962
5,780

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
9,320
3,283
5,168
18,159
35,930		 2024
£
8,998
2,909
2,000
23,109
37,016

Page 26

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Statement of funds

Statement of funds - current year

Balance at 1
August 2024
£
Unrestricted funds
Unrestricted funds
34,950
Restricted funds
Clubs and Societies
52,441
Other restricted funds
39,578
92,019
Total of funds
126,969
Restricted Funds:		 Income
£
1,055,884
95,271
91,133
186,404
1,242,288		 Expenditure
£
Balance at
31 July 2025
£
(1,018,115)
72,719
(128,525)
19,187
(89,371)
41,340
(217,896)
60,527
(1,236,011)
133,246		 Expenditure
£
Balance at
31 July 2025
£
(1,018,115)
72,719
(128,525)
19,187
(89,371)
41,340
(217,896)
60,527
(1,236,011)
133,246
19,187
41,340
60,527
133,246

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) and Animal Aspirations (AA) in the Students Union.

Page 27

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. 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
2023
£
51,414
59,085
48,465
107,550
158,964		 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
£
59
-
(59)
(59)
-		 Balance at
31 July 2024
£
34,950
52,441
39,578
92,019
126,969

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
13,775
Current assets
94,874
Creditors due within one year
(35,930)
Total
72,719		 Restricted
funds
2025
£
-
60,527
-
60,527		 Total
funds
2025
£
13,775
155,401
(35,930)
133,246

Page 28

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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

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

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Decrease in stocks
(Increase)/decrease in debtors
Decrease in creditors
Net cash provided by/(used in) operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
6,277
5,855
402
13,481
(7,391)
(1,086)
17,538
2025
£
138,333
138,333		 2024
£
(31,995)
9,202
-
17,684
306
(18,795)
(23,598)
2024
£
125,958
125,958

Page 29

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2024
£
125,958
125,958		 Cash flows
£
12,375
12,375		 At 31 July
2025
£
138,333
138,333

20. Operating lease commitments

At 31 July 2025 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		 2025
£
10,769
1,526
12,295		 2024
£
10,770
12,564
23,334

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

2025 2024
£ £
Operating lease rentals 10,770 10,770

Page 30

THE ROYAL VETERINARY COLLEGE STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. 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 £233,295 (2024: £216,500) .

At the year-end, included in trade creditors is an amount of £8,825 (2024: £4,306) 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 £62,354 through the year (2024: £103,418) . The amount owing at 31 July 2025 is £4,657 (2024: £10,595) .

The Union received rent in kind from the College of £300,403 (2024: £143,705) and also received salaries in kind from the College of £231,696 (2024: £129,089) .

The Union’s general manager was owed expenses of £10 (2024: £Nil) .

22. 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 31