2024-07-31-accounts

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

(Company limited by guarantee no. 08576499 registered charity no. 1153293)

REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2024

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

(Company limited by guarantee no. 08576499, registered charity no. 1153293)

REPORT AND FINANCIAL STATEMENTS For the period ended 31 July 2024

CONTENTS

	Page
Legal and administrative information	1
Board of Trustees's report	2
Independent Auditors' Report	7
Statement Of Financial Activities	11
Balance Sheet	12
Cash Flow Statement	13
Notes to the financial statements	14

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the period ended 31 July 2024

Board of Trustees External Trustees

S To - appointed 1 April 2019, Chair M Doran - Appointed 7 December 2020 I Fufeyin - Appointed 7 December 2020 W Lee - Appointed 1 April 2019 Student Trustees M Damai - Resigned 28 February 2024 A Rumbos - Resigned 28 February 2024 Sabbatical Officers M Ali - Appointed 1 July 2023 T Chambers - Resigned 30 June 2024 F Yesmin - Appointed 1 July 2024 N Binta Islam - Appointed 1 July 2024 M Kaur - Resigned 30 June 2024 D Olasope - Appointed 1 July 2023 Principal Officers Bethan Dudas Chief Executive (from Nov 2023) Andy Morwood Chief Executive (till Nov 2023) Jacqueline Molineaux Deputy CEO (till Aug 2024) Company reg. no. 08576499 (England and Wales) Charity reg. no. 1153293 Registered office 166-220 Holloway Road London, N7 8DB Accountants Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Barclays Bank PLC 1 Churchill Place London, E14 5HP

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

BOARD OF TRUSTEES’ REPORT

For the year ended 31 July 2024

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The charitable object of London Metropolitan University Students' Union (LMSU) is the advancement of education of students at London Metropolitan University for the public benefit by promoting the interests and welfare of students at London Metropolitan University during their course of study and representing, supporting and advising students; being the recognised representative channel between students and London Metropolitan University and any other external bodies; and providing social, cultural and recreational activities and forums for discussions and debate for the personal development of its students.

Activities and Achievements

This year has been a year of change for the SU, but despite this has been able to deliver some outstanding achievements for its members. These include:

• 48 Active Student Societies

• Delivering 59 Student led events at both campuses

• Creating 3620 hours of paid student work between August 2023 and May 2024

• 649 students actively taking part in leadership roles

• 79.9% NSS Student Voice

• 19.3% turnout in our annual leaders elections - higher than the national average

In addition to this significant work the three principal areas of activity for the Students' Union in terms of work undertaken towards achieving the charitable aims and objectives are highlighted below:

Student Activities and Development (Activity)

LMSU aims to be a physical and a virtual space for students to connect, learn and grow. We support a number of student groups. If our members are looking for a community - whether they share a faith, interest, culture, hobby, passion or subject of study - there's something on offer. This year we established and grew our student societies offer – supporting 48 student led societies, 177 student group leaders and over 978 individual memberships with 3071 overall memberships.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

BOARD OF TRUSTEES’ REPORT

For the year ended 31 July 2024

Student Representation and Campaigns (Voice)

We elected and supported over 472 Student Reps across all of our schools and campuses this year. Our Reps raised feedback relating to the teaching and learning, digital infrastructure and a wide range of academic support. We worked closely with the University to resolve urgent issues and develop long term improvements. We are grateful to the support staff across the University give to our student volunteers, elected officers and the Students’ Union.

This year we had 36 candidates running in our elections and 19.3% of our members voted.

Student Advice (Advice)

Our Advice Service is a confidential service, operated independently of the University and a vital source of support for students who find themselves in complex situations - such as termination of studies, misconduct, appeals, or seeking extensions to deadlines due to personal circumstances.

Public benefit

The Trustees have considered the Charity Commission's guidance on public benefit in developing the activities and services of the charity to meet its objectives.

FINANCIAL REVIEW

Reserves policy

It is considered best practice for charities to establish a level of reserves sufficient to enable core services to members to be delivered in the event of a disruption to its funding or operation. The Union maintains reserves in accordance with the Charity Commission's guidance which represent the 'free’ reserves available to the Union's Trustees to be unrestrictedly spent on the purposes of the Union. They do not include any endowments, restricted or designated funds, nor do they include funds that could only be realised by disposing of fixed assets or stock in trade (or working capital).

The reserves policy of the Students’ Union is that the Union should maintain ’free’ reserves that are appropriate to the Union's size, activity and structure and that there should be no concerns around the Union’s ability to exist as an ongoing entity. Based on this the Students’ Union’s reserves policy is that the organisation should have one month's operational cash reserves. During the year of operation, the Union received a block grant of £644,811 from London Metropolitan University. In addition to this we are provided with space at the Holloway and Aldgate Campus with no charge for use of utilities. This income was expended on the Union's charitable activities, primarily as staff costs.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

BOARD OF TRUSTEES’ REPORT

For the year ended 31 July 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charitable company is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. In the event of winding up the liability of each Company Law Member is limited to £1.

Recruitment and appointment of new trustees

The Board of Trustees consists of up to four sabbatical officer trustees, not more than two student trustees, one alumni trustee and not more than three external trustees. The sabbatical officer trustees are elected by secret ballot by the members of the Union and serve one year in office unless re-elected for the second year. Student Trustees are appointed by a simple majority vote of the Appointments & Remuneration Committee provided that the appointment of each Student Trustee is ratified by a simple majority vote of the Trustees. There should be at least one undergraduate and one postgraduate student representative. Student Trustees can serve for a maximum of two consecutive terms. The Alumni and External Trustees are appointed by the Appointments & Remuneration Committee and ratified by the Board. They can serve for a maximum of two terms of four years each.

Organisational Structure

The Board of Trustees met a minimum of four times during the year. It is responsible for the strategic direction, governance and sustainability of the charity but delegates its day-today running to the Chief Executive.

Induction and Training of New Trustees

Once elected or appointed all trustees receive tailored training to enable them to understand their legal obligations and their other important responsibilities as charity trustees. The Sabbatical Officer Trustees also receive training that is more comprehensive as they work full time for the organisation and complete a portfolio of duties, alongside their Trustee roles.

Key Management Remuneration

The levels of remuneration for all staff including those of senior management are calculated on the basis of salary scales which map responsibilities and experience to set scales. The salary scales are reviewed annually to take into account of the cost of living and the living wage allowance.

Risk Management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

BOARD OF TRUSTEES’ REPORT For the year ended 31 July 2024

fraud and error. The staff senior leadership team identify the union's top 10 risks and review them every month, then update the board on these areas for all trustee meetings. Each risk identified is assessed for its impact and likelihood, actions required to mitigate or manage it are noted and the risk is assigned to a senior staff member or trustee.

The top risks identified for the union for the 2023-24 financial year were as follows:

1. Staff workload and organisational capacity

2. Evidencing level of student engagement and participation

3. Block Grant Level

4. External factors risking future grant level

5. Cost of Living Rise - Student participation and other costs

6. Staff Welfare

7. Single staff member having responsibility for areas, resulting in a single point of failure

8. Lack of meaningful access to student data

9. University Relationship

10. Staff Turnover and Continuity

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of London Metropolitan University Students' Union for the purposes of company law) are responsible for preparing the Board of Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

BOARD OF TRUSTEES’ REPORT For the year ended 31 July 2024

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on _________ and signed on 03 Dec 2024 its behalf by:

Simon To (Fri, 24th Jan 2025 12:36:01 GMT)

............................................. Chair, Board of Trustees

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION (registered company no. 08576499)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION FOR THE PERIOD ENDED 31 JULY 2024

Opinion

We have audited the financial statements of London Metropolitan University Students' Union (the ‘charitable company’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 July 2024 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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.

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.

/Continued …

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION (registered company no. 08576499)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION FOR THE PERIOD ENDED 31 JULY 2024

(Continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

/Continued …

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION (registered company no. 08576499)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION FOR THE PERIOD ENDED 31 JULY 2024

(Continued)

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities and the Companies Act 2006.

• We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.

• The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override and allocation of costs to charitable activities and restricted funds.

• Our approach was to check that the income from grants and donations were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed the major journal adjustments along with unusual transactions and considered the identification and disclosure of related party transactions.

/Continued …

9

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION (registered company no. 08576499)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION FOR THE PERIOD ENDED 31 JULY 2024

(Continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

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

Shoaib Arshad (Fri, 24th Jan 2025 12:37:22 GMT)

Shoaib Arshad (Senior Statutory Auditor) For and on behalf of:

Knox Cropper LLP

Chartered Accountants & Statutory Auditors 65 Leadenhall Street London EC3A 2AD

24 January 2025

---

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the period ended 31 July 2024

Unrestricted Restricted Funds Funds Note 2024 2024 £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 2 648,482 - Other trading activities 3 24,021 - Investments 150 - TOTAL 672,653 - EXPENDITURE ON: Fund raising costs - Charitable activities Student activities and development 326,817 - Student representation and campaigns 179,202 - Student advice 166,859 - TOTAL EXPENDITURE 4 672,878 - (225) - NET MOVEMENT IN FUNDS (225) - RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 AUGUST 2023 54,760 - TOTAL FUNDS AT 31 JULY 2024 54,535 £ Nil £ Net (expenditure)/income	Total & Unrestricted Funds 2024 £ 648,482 24,021 150	Total & Unrestricted Funds 2023 £ 640,660 15,341 22
	672,653	656,023
	- 326,817 179,202 166,859	- 326,833 171,148 157,351
	672,878	655,332
	(225)	691
	(225) 54,760	691 54,069
	54,535 **£ **	54,760 _£ _

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

Company limited by guarantee (registered company no. 08576499)

BALANCE SHEET As at 31 July 2024

			Charity		Group		Charity		Group
	Notes		Charity		Group		Charity		Group
			2024		2024		2023		2023
			£		£		£		£
FIXED ASSETS
Tangible assets	10		#REF!		2,413		#REF!		4,982
			#REF!		2,413		#REF!		4,982
CURRENT ASSETS
Debtors	11		1,396		1,395		#REF!		4,991
Cash at bank and in hand			103,490		103,490		#REF!		80,781
			104,886		104,885		#REF!		85,772
CREDITORS: amounts falling due
within one year	12		(52,763)		(52,763)		#REF!		(35,994)
NET CURRENT ASSETS			52,123		52,122		#REF!		49,778
TOTAL ASSETS LESS CURRENT
LIABILITIES			#REF!		54,535		#REF!		54,760
TOTAL NET ASSETS			#REF!	**£ **	54,535		#REF!	_£ _	54,760
			#REF!				#REF!
FUNDS
Unrestricted funds:
General fund	13		54,535		54,535				54,760
					54,535		-		54,760
		**£ **	54,535	**£ **	54,535	£	Nil £	_£ _	54,760

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved, and authorised for issue, by the Board of Trustees on _____ and signed on their behalf by:-03 Dec 2024

~~Simon To (Fri, 24th Jan 2025 12:36:01 GMT)~~

S TO, Trustee

The annexed notes form part of these financial statements

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

CASH FLOW STATEMENT For the period ended 31 July 2024

Cash flows from operating activities (Deficit)/surplus for the financial year Adjustments for: Depreciation Decrease in debtors Increase in creditors Investment income Cash flows from investing activities Return on investment - interest receivable Net increase in cash and cash equivalents Cash and cash equivalents at 1 August 2023 Components of cash and cash equivalents At 1 August 2023 Cash at bank and in hand 80,781 £ Cash and cash equivalents at 31 July 2024	2024 £ (225) 2,569 3,596 16,769 (150) 22,559 150 22,709 80,781 103,490 £ Cashflows 22,709 **£ **	2023 £ 691 1,971 221 3,347 (22)
		6,208 22
		6,230 74,551
		80,781 £
		At 31 July 2024 103,490 £

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. The presentational currency of the financial statements is Pound Sterling (£).

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Company status

London Metropolitan University Students' Union is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

Pension costs and other post-retirement benefits

The Union participates in the National Employment Savings Trust (NEST). NEST is a defined contribution scheme open to the Union's sabbatical officers and staff. Contributions payable to the scheme are charged to the Statement of Financial Activities in the period to which they relate.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

All assets costing more than £500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixture and equipment

5 years

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

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

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

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.

Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable.

2. DONATIONS AND LEGACIES

Unrestricted Restricted Funds Funds 2024 2024 £ £ Donations 271 - LMU Block Grant 644,811 - Other LMU Grants 3,400 - 648,482 £ Nil £ 3. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds 2024 2024 £ £ NUS Extra cards commission - - Sports and membership income - - Other income from activities 24,021 - 24,021 £ Nil £ -	Total Funds 2024 £ 271 644,811 3,400 648,482 £ Total Funds 2024 £ - - 24,021 24,021 **£ **	Total Funds 2023 £ - 625,660 15,000
		640,660 £
		Total Funds 2023 £ 976 1,711 12,654
		15,341 _£ _

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

4. RESOURCES EXPENDED Staff costs Other direct costs £ £ Cost of Charitable Activities Student activities and development 240,430 52,977 Student representation and campaigns 154,132 7,722 Student advice 153,364 - 547,926 60,699 Fund raising costs Total expenditure 547,926 £ 60,699 £ Comparative cost of charitable activities Staff costs Other direct costs £ £ Cost of Charitable Activities Student activities and development 231,546 71,387 Student representation and campaigns 148,436 10,303 Student advice 147,697 - 527,679 81,690 Fund raising costs Costs of generating funds - - Total expenditure 2023 527,679 £ 81,690 £ Resources expended include: Auditors’ remuneration: Audit fee Depreciation - on owned assets	Support costs £ 33,410 17,348 13,495 64,253 64,253 £ Support costs £ 23,900 12,409 9,654 45,963 - 45,963 _£ _	Total 2024 £ 326,817 179,202 166,859 672,878 672,878 £ 2024 7,996 2,569	Total 2023 £ 326,833 171,148 157,351
			655,332
			655,332 £
			Total 2023 £ 326,833 171,148 157,351
			655,332 -
			655,332 £
			2023 6,780 1,971

Details of staff costs are given in Note 7. Details of Support costs is given in Note 6.

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

5. DIRECT COSTS Society events Affiliation fees Subscriptions and licences Conferences Marketing and advertising Awards Catering Training and development Campaign welfare Services Travel and subsistance Legal and professional 6. SUPPORT COSTS Information technology Insurance Bank charges General office expenses Professional and consultancy Auditors' audit fee	2024 £ 10,397 169 27,898 612 1,762 765 2,582 8,660 3,319 2,250 2,072 213 60,699 £ Total 2024 £ 181 - 1,114 34,837 20,125 7,996 64,253 **£ **	2023 £ 13,133 158 27,926 1,451 6,371 6,248 94 20,661 3,631 447 982 588
		81,690 _£ _
		Total 2023 £ 182 2,308 882 18,682 17,129 6,780
		45,963 _£ _

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

7. STAFF NUMBERS AND COSTS

Wages and salaries Social security costs Pension costs Redundancy costs Cost of contracted staff	2024 £ 465,993 37,800 14,995 29,138 - 547,926 £	2023 £ 470,941 37,463 18,788 - 487
		527,679 £

The average monthly number of employees (headcount) during the year was as follows:

Sabbatical officers Student staff Administration staff	Number 4.0 9.0 8.0 21.0	Number 4.0 11.0 13.0
		28.0

No employee received remuneration of more than £60,000.

The key management personnel of the Union are those persons having authority and responsibility for planning, directing and controlling the activities of the Union, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, Key management personnel includes the Chief Executive. Aggregate remuneration and benefits paid to key management personnel during the year amounted to £177,411 (2023 - £266,585).

Two student trustee worked as a casual staff worker during the year. The total amount paid to them was £15,203 during the year (2023 - two student trustees were paid £9,475).

8. TRUSTEES REMUNERATION AND BENEFITS

Wages and salaries Social security costs Pension costs	2024 £ 108,528 9,899 1,239 119,666 £	2023 £ 94,071 8,596 4,088
		106,755 £

Trustees remuneration relates to the Sabbatical officers, who are also trustees of the Union. No members of the Board of Trustees received reimbursement of Trustee Strategy Day expenses amounting to £nil (2023 - £10).

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

9. PENSION ARRANGEMENTS

The Union contributes to National Employment Savings Trust (NEST). It is a defined contribution pension scheme and pension contributions in the current year amounted to £18,788.

10. TANGIBLE FIXED ASSETS

Cost At 1 August 2023 and 31 July 2024 Additions At 31 July 2024 Depreciation At 1 August 2023 Charge for the year At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 DEBTORS 2024 Due within one year £ Trade debtors 40 Prepayments 1,269 Accrued income - Other debtors 87 1,396 **£ **	2024 2023 £ £ 40 #REF! 1,269 #REF! - #REF! 86 #REF! 1,395 £ #REF!	Fixture and equipment £ 13,175 -
		13,175
		8,193 2,569
		10,762
		2,413 **£ **
		4,982 _£ _
		2023 £ 1,201 2,881 909 -
		4,991 _£ _

11. DEBTORS

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Social security and other taxes Other creditors 13. STATEMENT OF FUNDS Brought Forward £ SUMMARY OF FUNDS General Funds 2024 54,760 £ General Funds 2023 54,069 _£ _	Charity 2024 £ - 9,042 43,721 52,763 £ Incoming Resources £ 672,653 £ 656,023 _£ _	Group 2024 £ - 9,042 43,721 52,763 £ Resources Expended £ (672,878) £ (655,332) £	Charity 2023 £ #REF! #REF! #REF! #REF! Transfers £ Nil £ Nil £	Group 2023 £ 3,371 11,550 21,073
				35,994 _£ _
				Carried Forward £ 54,535 **£ **
				54,760 _£ _

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

		Unrestricted Funds	Unrestricted Funds	Unrestricted Funds
	Designated			General		Restricted		Total
		Funds		Funds		Funds		Funds
		£		£		£		£
Tangible fixed assets		-		2,413		-		2,413
Net current assets		-		52,122		-		52,122
Funds 2024	£	Nil	**£ **	54,535	£	Nil	**£ **	54,535
Tangible fixed assets		-		4,982		-		4,982
Net current assets		-		49,778		-		49,778
Funds 2023	£	Nil	_£ _	54,760	£	Nil	_£ _	54,760

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LONDON METROPOLITAN UNIVERSITY STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2024

15. GOING CONCERN

The Union is dependent on the ongoing financial support of the London Metropolitan University. The trustees are of the opinion that this support will be forthcoming from the University for at least a further 12 months from the date of approval of these financial statements.

The trustees have considered the level of funds held, support from Government schemes and the expected level of income and expenditure is sufficient to be able to continue as a going concern.

16. RELATED PARTIES

Officer Trustees are remunerated for their executive responsibilities in accordance with the Union constitution. Four trustees of the Charity received payment for their services as Sabbatical Officers of the Union totalling as set out in note 8. There were no other related party transactions for the year ended 31 July 2024.

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