Company registration number.. 09103924 Charity gIStratIon number.. 1157951 TRINITY SAINT DAVID STUDENTS. UNION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 HSI Audit Limited
Trinity Saint David Students. Union Contents Page Trustees, Report Independent Auditorfs Report Statement of Financial Activities (including Income and Expenditure Account) io Comparative Statement of Financial Artivities (induding Income and Expenditure Account) li Balance Sheet 12 Statement of Cash Flows 13 Notes to the Statement of Cash Flows 14 Notes to the Financial Statements 15-23 The following pages do not form part of the statutory accounts: Detailed Statement of Financial Artivities (including Income and Expenditure Account) 24-25
Trinity Saint David Students. Union Company No. 09103924 Trustees, Report For The Year Ended 31 July 2025 The trustees present their report and the financial statements for the year ended 31 July 2025. Objective5 and Activities Aims and Objectives Policies and objertives The purpose and charitable objects of Trinity Saint David's Students, Union are defined in the oryanisation's Articles of association as.. Trinity Saint David's Students, Union (the -Unionl is a students. union within the meaning of the Education Act 1994. The Union is devoted to the educational interests and welfare of its Student Members. The Union will seek at all times to= Ensure that the diversity of its Student membership is recognised and that equal access is available to all Student Members of whatever origin or orientstion- Pursue its aim and objertives independent of any political paity or religious group; and Pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society. The Union's objects are the advancement of education of Students at the University of Wales Trinity Saint David for the public benefit by= Promoting the interests and welfare of Students at the University of Wales Trinity Saint David during their course of study and representing, supporting and advising Studerts- Being the recognised representative channel between Students an¢J the University of Wales Trinity Saint David and any other external bodies,. and Providing social, cultural, sporting and recreational artivities and fonjms for discussions and debate for the personal development of its Students. The student union will be reviewing their Strategic plan in the new academic year. Oryanisational Mission: We are your Students, Union and we are here to enable you to make the rnost of your education and your time at University. Our promise to you ... We're alongside you for the duration of your University experience, making it fun and helping you out when times are tough. We'll talk to you, stand vp for you, and empower you. You'll challenge us to keep evolving and improving, we'll challenge you to get involved, have your say and create your own experience. Together we will improve UWTSD students, lives. Our Vision: We want to be the Students. Union that you deserve. We know that being a student can be a life-changing experience and can also be hard work. We want you to know that we are here with you every step of the way. We will aim to.. l. Strengthen your influence over decisions that affert yo 2. Ensure that you understand your rights and have help when you need it 3. Invest in activities and opportunities to enable you to develop your skills 4. Campaign for a fairer and more inclusive society 5. Make it easy for you to direct our work and resources Our Values: Our Values shape all of the work we do. We believe: l. That education should be shaped by students. 2. That a University experience is more than a degree. 3. That University and Students. Union attivities and services should be accessible to all. 4. In challenging inequality. 5. In student leadership. ..CONTINUED Page I
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 Aims and Objectives - continued Our Behaviors: In delivering our Vision and Values we will: l. Act sustainably, with a commitment to reducing our impact on natural resources and inspiring and supporting our members to do likewise. 2. Work bilingually, celebrating and promoting the Welsh Language within the University and beyond. 3. Resource responsibly, effectively managing our people and finance5,' achieving our organisational airns, meeting our statutory reporting requirements, and ensuring the continuation of the Students. Union. 4. Decide transparently, making it easy for our members to understand how to become involved in debates and discussions, how they can make and query decisions and hold decision-makers to account. 5. Communicate widely, reaching out to all of our students and making them feel part of the Students 'Union. 6. Think creatively, embracing opportunities, trying new things and creating a fun, lively and engaging campus culture. Under the guidance of the Trustee Board. four strategic themes have been developed for the organisation. These are on the following thernes- l. Knowing and Reaching Our Members 2. Growing Our Opportunities 3. Amplifying and Strengthening Student Voi 4. Making the Most of Our Resources In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Cotnmis5ion's guidance on public benefit, including the guidance 'public benefit.. running a charity (PB2)'. Public Benefit The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. Chairpersons ststement 2024125 has proved to be a challenging and exciting year for University of Wale5 Trinity Saint David Students, Union (UWTSD SUI, on many different levels. Delivering student voice, student opportunities, student advice, and nighttime entertainment to students during a period of change within the Higher Education sector was wnet with passion and determination by the SU team. UVWfSD was not immune to the changes in the HE sector with one of the most significant changes being the decision to move the Humanities provision from Lampeter to Camiarthen campus. Effectively this meant there would not be any students on the Lampeter campus past May 25. The Lampeter Carnpus President, the Advice Teatn, Student Voice Team, and CEO supported students throughout this process, respertfully ensuring their Vol was heard whilst balancing the real pressures that the University were facing regarding the Lampeter Campus. Our Advice Team produced a number of resources to empower students to make decisions for themselves relating to their next steps. The Voice Tearn charnpioned student activism with training and campaign planning. Whilst the SU Senior Team focused on ensuring frequent and robust communication between the University and StLJdents' Union. Due to the changes unfortunately the SU had to undertake a redundancy consultation for Lampeter campus-based staff directly affected by the close of the campus to students. The consultation ended with the SU saying goodbye to 3 members of staff. This was an extremely difficult period for all those involved and we take time to applaud all involved for their professional and respectful approach to the process. With regard to the two commercial bar venues in Larnpeter and Carmarthen, Lampeter ended the year with a break-even position, and Carmarthen with a £3k deficit. With the move of students to Carmarthen, it becème apparent that retention for the following academic year was going to be paramount, so proposals were created for several models of ongoing delivery in Carmarthen. These included adopting the same model as 24125 or going for a more regular opening. These proposals were considered at an extTrordinary board meeting in August and lead to the decision to fund a full bar opening with surplus and existing funding from this financial year. A review will take place in January 26 to deterrnine if the model is working. The year saw us welcome new members to our Voice team. As new regulation relating to leamer voice is consulted upon by the new tertiary education regulator {Medr), the vol team have worked extremely hard to reform the methodologies used to recruit and train students within the acadernic representation system and this has proved itnmensely successful. Connected to Voice was the Democracy Review. This was voted on at the AGM and a new structure for our Sabbatical officers was adopted. The elertions in February 25 saw the revised strurture crystalised with a Group President and then three presidents to cover Carmarthell. Swansea and Cardiff. and London and Birminghatn. .CONTINUED Page 2
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 Chairperson5 Statement - continued The Student Opportunities team continue to deliver a mbust-Give is a Go- programme of events to students, low cost, low commitment events for students to get involveij. The year saw a number of new clubs and societies created and the BUCS sports teams performed eXtmelY well. Work at our Birmingham, Cardiff, and London Campuses continues to grow and become more integral to the University and students. union service delivery. From a financial perspective, the Union. along with other major employers were faced with the substantial changes to Employers National Insurance contributions. This has lead to the Union having to absorb an additional cost of approximately £20k. Our accounts note the significant positive dirertion of our Experian Credit Score and redurtion in pension protection levy payments as part of the historic pension scheme. A thank you to all of the staff, sabbatical offfice, part-titne officers, student voice reps, committee leaders, and volunteers across the SU for contributing to the success of the organisation. Historic pension contributions continue to remain a challenge for the organisation, and have a significant effect on the overall financial position as presented by these accounts. The Board note that the annual paytnents are set to rise on an annual basis and will continue to positively engage with the Trustees of the pension scheme to ensure that it is effectively managed. On a positive note for a 5th consecutive year we saw our Insuran levy reduce due to an improved Experian Credit score. This years adjustment has resulted in an actuarial loss on the pension of £19,445 and is a direct result of increased interest rates. Looking Forward We are excited to be planning for the 202126 academic year. As mentioned above, the budget created for 2025126 encompassed the challenge of absorbing the very material £20k increase in employers national insurance contributions. Equally, the Union was mindftjl that it would not be prudent to present a budget to University's council that indicated we required additional funding. For the first time the Union initially started with a budget that showed a deficit position for 25126. However, vIewIng year end accounts to 24125 it was apparent that there would be an in-year surplus which served to reduce the deficit for 25126. We were delighted that they University continued to fund the Union at the same level as 24125, this was particularly well received given that many departments within the university were facing financial challenges. Also, may other Students Unions across the sector were facing considerable budget cuts. The year will have a strong focus on reinvigorating and restructuring the course rep system. This vital network is one that the SU is committed to strengthening over the next year to create new training and ensuring that the tnembers feel valued as representatives. As the University develops its strdtegy plan the Students. Union will take the time to understand the impacts of said plan and develop its own strategic initiative5 to continue to make the student experience at uwtSD the best it can be. It has been a pleasure to work with the SU team over the last year and the quality and skills of the board has allowed more flexibility and informed responses to the changing sector environment. John Wallace, Chair of the Board of Trustee4 2025 Financial Review Financial Position We are delighted to report a surplus in the year ending July 2025. The year has seen us able to defer funds into 25126. The Trustees believe that the organisation has continued to display effettive flnancial control and planning during this reporting period. Reserves Policy Reasonable reserve5 are needed to provide security for the Oryanisatio and provide access to additional project finance in order to respond to external events. The Trustees have adopted a Reserves policy to have £150,000 in free reserves. We are currently considering adding a provision for redundancies purely based on a prudent approach. The general fund balance at 31 luly 2024 was £180,545. The amount tied up in ffixed assets is £28,814 leaving free reserves of £151,731. This means we have reached our goal of a minimum of £150,000 free reserves. Page 3
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 Going Concern The trustees have reviewed the circumstan5 of Trinity Saint David Students, Union and consider that adequate resour5 continue to be available to fund the artivities of the Students. Union for the foreseeable ftjture. The trustees are of the view that the Students, Union is a going concern, the trustees are aware that the lack of free reserves, together with the economic backdrop, historical pension deficit. and a reliance on the University as the principal funder, will provide a challenging environment in the year to come. Risk Management The tnjstees have established a risk management process which comprises.. l. Quarterly discussion of the organisational Risk register at Board meetings; 2. Quarterly discussion of the organisational Risk register at Board sub-cornmittee meetings. 3. Delegation of the operational management & reporting of Risk to the Chief Executive,. and 4. The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is an acknowledgement that the relationship between the Students, Union and the University is crucial as the University is the principal funder. This has led to the Students. Union identifying key projects where the interests of the University and the Students, Union align in order to emphasise the irnpact of the Students, Union's work. Attention has also been focused on increasing the Students. Union's additional ftjnding income through small-scale commercial activity. structure, Governance and Management Governing Document Trinity Saint David Students, Union is a company limited by guarantee without Sha capital govemed by its Memorandum and Articles of Association dated 25 lune 2015. It is registered as a charity with the Charity Commission. Trustee Selection Methods The process for appointing trustees is set out rn the Artrcles of Association (Article 24,. 27 & 28). Sabbatical Trustees and two Student Trustees are elected by secret ballot in a cross-campus elertion in line with the requirements of the 1994 Education Art (Part li - Students. Unions). Two further Student Trustees are appointed following a recruitment process including application and interview, this is to ensure a diversity of candidates and assist the Board in representing the diverse membership of the student body. External Trustees are appointed by a simple majority vote of the Trustee Board following a recruitment process including application and interview by a panel appointed by the Governance, Nominations, and Appointment Committee. Trustees are recruited according to their skills and experience and to a role and person description set by the Board which identifies desirable skills. Induction and Training of Trustees In June each year the Students. Union holds Board trdining and induttion event for its new trustees. This event is externally facilitated by a governance professional and covers basic trustee induttion to the role. as well as a discussion about Board priorities. Trustees are encouraged to attend appropriate external trdining events where these will facilitate the undertaking of their role. Key Management Remuneration Detai15 of Trustees, expenses all staff is set by the Board via the HR and Remuneration committee. Over the last5 two years we have been able to provide staff with a small percentage increase to their salaries, this is applied with SMT receiving a smaller percentage than Managers, and Manager to co-ordir)ators. This was felt to be an equitable approach. It is our intention to once MO provide rises from 1-2% during 25-26. Page 4
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 Oryanisational Structure The board of trustees, which can have up to 13 members. administering the charity. The board normally meets quarterly and there are sub-committees covering human resources, nominations, governance and appointments, finance and remuneration, health and safety, and risk and audit which normally meet quarterty between Board meetings. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effettive operations, the Chief Executive has delegated authority for operdtiorbal matters including finance, employment, and project management activity. Related Parties Three of our trustees currently receive remuneration for their work with the charity as they also fulfil the role of elected Sabbatical Officers. No other trustee receives remuneration or any other benefit from their work with the charity. Trustees sign a disclosure document to identify any relevant connerted persons. groups or organisations and additionally declare any conflicts of interest at the beginning of each EK)ard meeting. other important relationships The charity has a close relationship with the University of Wales Trinity Saint David, which atts as the principle funder and an additional regulator under the terms of the 1994 Education Att. The Students. Union affiliates to both the National Union of Students and British Universities and Colleges Sport for the purpose of enhancing student voice and campaigning, and competing in national sporting competition respectively. Page 5
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 Reference and Administrative Detsils Trustees Ms G Bleidere (appointed 2610612025) Mr D Priddy Ms K Davies (appointed 2310812024) (resigned 2610612025) Ms G Davies (appointed 2610612025} Ms J Taylor (appointed 2610612025) Miss R G Grant (resigned 2610612025) Mr J W Wallace Miss M Dinu ISIgned 2610612025) Mr A Storer-smith Ms T Liu (appointed 2610612025) Ms A Mercy Mr G Armstrong Mr K H Chowdhury (appointed 26106/2025) Mrs K Woodhouse (appointed 1211212024) {resigned 2610612025) Charity Number 1157951 Company Number 09103924 Registered Office Dylan Thomas Centre 6 Somerset Place Swansea SAI IRR Auditors HSJ Audit Limited Severn House Hazell Drive Newport NPIO 8FY Bankers HSBC Portland Street Swansea Page 6
Trinity Saint David Students. Union Trustees, Report (continued) For The Year Ended 31 July 2025 statement of Trustees. Responsibilities The trustees (who are also the directors of Trinity Saint David Students, Union for the purposes of cotnpany law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming sOurCeS and application of $OUrCes, including the income and expenditure, of the charitable company for that peri(Id. In preparing the financial statements the trustees are required to.. select suitable accounting policies and then apply thern consistently- observe the methods and principles in the Charity SORP; make judgments and accounting estimates that are reasonable and prudent,. and prepare the financial ststements on the going concem basis unless it is inappropriate to pSUMe that the company will continue in business. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accurary at anytime the financial position of the charitsble company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corpordte and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. statement of Disclosure of Information to Auditors Each of the persons who are trustees at the time when this trustees, report is approved has confirmed that.. so far as the trustee is aware, there is no relevant audit information of which the charitsble company's auditors are unaware. and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any levant audit information and to establish that the charitsble company's au¢Jitors are aware of that infomiation. Small Company Rules This report has been prepared in accordance with the special provisions lating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The trustees. report was approved by the board of trustees and signed on its behalf by: Jok4 Wallace Mr J W Wallace Tnjstee Date 11112125 Page 7
Independent Auditor's Report to the Members of Trinity Saint David Students. Union Opinion We have audited the financial statements of Trinity Saint David Students, Union (the "charity") for the year ended 31 July 2025 which comprise the Statement of Financial Artivities (including Income and Expenditure Account), Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatIOn is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 2025 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Prattice; and have been prepared in accordance with the reqU1meThts of the Companies Act 2006. Basis for Opinion We condurted our audit in accordan 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 sertion 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 the provisions available for small entities, in the circurnstances set out irTr note 23 to the financial ststements, 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 tNstees' use of the going concern basis of accounting in the preparation of the financial staternents 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 12 months from when the financial ststements 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 infomiation 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. In connection with our audit of the financial statements, our SponsIbl11ty is to read the other information and, in doing $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on Other Matters Prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees. Report. which includes the Director's Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is cor)sistent with the financial statements,. and the Direttor's Report included within the Trustees. Report have been prepared in accordance with applicable legal requirements. Page 8
Independent Auditor's Report (continued) to the Members of Trinity Saint David Students. Union Matters on Which We Are Required to Report by Exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report included within the Trustees, Report. We have nothing to port in respect of the following matters in relation to which the Companies Att 2006 qUI$ 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 or retums,. or certain disclosures of trustees, remuneration specified by law are not rnade. or we have not received all the infomiation and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and tske advantsge of the small companies, exemptions in pparIng the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 1-7, the trustees (who are also directors of the charitable company for the purposes of company law) are spOnSible for the preparation of the financial ststements 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 frotn rnaterial rnisstaternent, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative 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 Influen the economic decisions of users tsken on the basis of these financial statements. The extent to which our pmcedures are capable of deterting irregularities, including fraud is detailed below.. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website 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 $0 that we might state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by la%v, we do not accept or assume responsibility to anyone other than the charitable cornpany and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fornied. Mr Andrew Hill (Senior Ststutory Auditor) for and on behalf of HSJ Audit mIted, Statutory Auditor Date HSJ Audit Limited Severn House Hazell Drive Newport NPIO 8FY Page 9
Trinity Saint David Students. Union Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 July 2025 2025 2024 Unrestricted funds Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Other trading attivities 1,135,738 31,652 1,111,056 54,815 1,167,390 1,165,871 EXPENDITURE ON: Charitable activities.. student activities Bar Stsff costs Allocated support costs Govemance costs 1115,076) (172,979) 18,384) (22,645) (755,203) (630,595) (203,878) (224,423) 18,799) (9,557) (1,091,340) (1,060,199) NET INCOME 76,050 105,672 Losses on valUation of fixed assets 119,445) 122,394) NET MOVEMENT IN FUNDS 56,605 83,278 RECONCILIATION OF FUNDS: Total funds brought forward 1519,181) 1602,459) TOTAL FUNDS CARRIED FORWARD 19 1462,576) 1519,181) The notes on pages 14 to 23 form part of these financial statements. Page 10
Trinity Saint David Students. Union Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 July 2025 2024 Unrestrirted Restricted funds funds Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Other trading attivities 1.111,056 54,815 1,111,056 54,815 1,165,871 1,165,871 EXPENDITURE ON: Charitable activities.. student activities Bar Stsff costs Allocated support costs Govemance costs (172,618) (22,645) (626,567) (224,423) (9,557} (361) (172,979) (22,645) (4,028) (630,595) (224,423) (9,557) (1,055,810) 14,389) (1,060,199) NET INCOME 110,061 14,389) 105,672 Transfers between funds Losses on revaluation of fixed assets 19 11,121 (22,394} 111,121) (22,394) NET MOVEMENT IN FUNDS 98,788 115,510) 83,278 RECONCILIATION OF FUNDS: Total funds brought forward (617,969) 15,510 (602,459) TOTAL FUNDS CARRIED FORWARD 19 (519,181) (519,181) The notes on pages 14 to 23 form part of these financial statements. Page 11
Trinity Saint David Students. Union Balance Sheet As At 31 July 2025 2025 2024 Unrestrirted Restrirted funds funds Total funds Total funds Notes FIXED ASSETS Tangible Assets 12 28,814 28,814 51,901 28.814 28,814 51,901 CURRENT ASSETS Debtors 13 12,731 329,041 12,731 329,041 15,386 322,252 Cash at bank and in hand 341,772 341,772 337,638 Creditors: Amounts Falling Due Within One Year 14 (93,478) (93,478) (106,500) NET CURRENT ASSETS (LIABILITIES) 248,294 248,294 231,138 TOTAL ASSETS LESS CURRENT LIABILITIES 277.108 277,108 283,039 PROVISIONS FOR LIABILITIES Provisions For Charges 17 {739,684) (739,684) (802,220) NET LIABILITIES {462,576) (462,576) (519,181) FUNDS OF THE CHARITY Unrestricted Funds (462,576) 1519,181) TOTAL FUNDS 19 (462,576) (519,181) These accounts have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. On behalf of the board Mr J W Wallace Trustee Date The notes on pages 14 to 23 form part of these financial statements. Page 12
Trinity Saint David Students. Union Statement of Cash Flows For The Year Ended 31 July 2025 2025 2024 Notes Cash flows from operating activities Net cash generated from operations 6,889 39,235 Net cash generated from operating activities 6,889 39,235 Cash flows from investing activities Proceeds from disposal of tangible assets 121,352) Cash flows from financing activities Repayment of other loans (ioo) 4,709 Increase in cash and cash equivalents Cash and cash equivalents at beginning of year 6,789 322,252 22,592 299,660 Cash and cash equivalents at end of year 329,041 322,252 Page 13
Trinity Saint David Students. Union Notes to the Statement of Cash Flows For The Year Ended 31 July 2025 l. Reconciliation of income to cash generated from operations 2025 2024 Net income 76,050 105,672 Adjustfftents for." Depreciation of tangible assets Net fair value gains COgnised in profit or loss Movements in working capital.. Decrease in trade and other debtors Decrease in trade and other creditors 11,309 (19,445) 11,672 (22,394) 2,655 (63,680) 4,844 160,559) Net cash generated from operations 6,889 39,235 2. Cash and cash equivalents Cash and cash equivalents, as stated in the Statement of Cash Flows. relates to the following items in the Balance Sheet.. 2025 2024 Cash at bank and in hand 329,041 322,252 3. Analysis of changes in net funds Asati August 2024 Cash flows As at 31 July 2025 Cash at bank and in hand 322,252 (29,306} 6,789 loo 329,041 (29,206) Debts falling due within one year 292,946 6,889 299,835 Page 14
Trinity Saint David Students. Union Notes to the Financial Statements For The Year Ended 31 July 2025 l. General Information Trinity Saint David Students. Union is a company limited by guarantee, incorporated in England & Wales, registered number 09103924 and registered charity number 1157951. The registered office is Dylan Thomas Centre, 6 Somerset Place, Swansea, SAI IRR. 2. Statement of Compliance 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) (effertive l January 20191- Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Att 2006. 3. Accounting Policies 3. 1. Basis of Preparation of Financial Ststements The financial statements have been prepared under the historical cost convention. The charitable cornpany is a Public Benefit Entity as defined by FRS 102. 3.2. Significant judgements and estimations A key area of judgement in these financial statements is the discount rate used in calculating the present value of the pension provision. This is based upon the latest artuarial valuation of the pension Students, Union superannuation Scheme and the recovery plan in place which runs to 2035. The value of the pension provision has been calculated using a discount rate of 4.56010 {2024.. 3.95%) (based on yields of high quality corporate bonds) and is shown seperdtely in the notes to the accounts. The carrying amount at the end of the reorting period was £739,684 (2024- £802,220). 3.3. Incoming Resources 3.4. Resources Expended 3.5. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases= Leasehold Fixtures & Fittings Computer Equipment IOWO Stright line 20% straight line 33.3Wo Straight line 3.6. Cash and Gish Equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 3.7. Financial Instruments Classificrtition Financial assets and financial liabilities are recognised when the charity becownes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are dassified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after dedurting all of its liabilities. Recognition and measurement All financial assets and liabilities a initially measured at transattion price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value {which is normally the transaction price excluding transactiorh costs). unless the arrangement constitutes a financing transartion. If an arrangement constitutes a financing transattion, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there ..CONTINUED Page 15
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 3.7. Financial In5truments- continued exists a legally enforceable right to set off the recognised arnounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets a derecognised when and only when a) the contrartual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paity substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred contml of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contrart is discharged, cancelled or expires. 3.8. Taxation The charity is exempt from tax as all its income is charitable and applied for charitable purposes. 3.9. Provisions and Contingencies Provi5ion5 Provisions are recognised when the charity has an obligation at the reporting date as a SuIt of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Income from Donations and Legacies 2025 2024 Unrestricted Unrestricted funds funds Grants 1, 135,738 1,111,056 5. Income from Other Trading Activities 2025 2024 Unrestrirted Unrestricted funds funds Sale of purchased goods Bar venue Student activity revenue Event revenue 260 11,779 14,880 4,733 2,063 21,737 28,903 2,112 31,652 54,815 6. Net Income/(Expenditure) The net income is stated after charging/(crediting}'. 2025 2024 Depreciation of tangible fixed assets - owned Gain/Loss on disposal of tangible fixed assets 11,309 11,778 11,672 Page 16
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 7. Analysis of Expenditure 2025 Activities undertaken directly Support costs (see note 8) Total student activities 115,076 8,384 755,203 115,076 8,384 755,203 203,878 8,799 staff costs Allocated support costs Governance costs 203,878 8,799 878,663 212,677 1,091,340 2024 Activities undertaken directly Support costs (see note 8) Total student activities 172,979 22,645 630,595 172,979 22,645 630,595 224,423 9,557 staff costs Allocated support costs Governance costs 224,423 9,557 826,219 233,980 1,060,199 8. Support Costs 2025 Allocated support costs Governance costs Total Employee costs.. Wages and salaries Finance charge/credit on SUSS pension provision staff training Travel and subsistence expenses Premises expenses.. Cleaning General administration.. Computer and ff repairs and maintenance Repairs, renewals and maintenance Insurance Printing, postage and stationery Advertising and marketing costs Audit fees 78,682 2,298 13,177 21,758 78,682 2,298 13,177 21,758 546 546 8,549 640 15,170 295 5,968 8,549 640 15,170 295 5,968 6,885 30,279 62 6,885 Professional fees 30,279 62 Bank charges Sundry expenses Depreciation: Depreciation 3,367 3,367 11,309 11,309 ..CONTINUED Page 17
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 Loss on disposal of tangible fixed assets Governance costs.. 11,778 11,778 Governance costs 1,914 1,914 203,878 8,799 212,677 2024 Allocated support costs Governance costs Total Employee costs.. Wages and salaries Finance charge/credit on SUSS pension provision staff training Travel and subsistence expenses pmISeS expenses.. Cleaning General administration.. Computer and ff repairs and maintenance Insurance 66,426 3,060 30,537 64,024 66,426 3,060 30,537 64,024 1.330 1,330 7,197 11,326 248 7,197 11,326 248 Printing, postage and stationery Advertising and marketing costs Audit fees 5,802 5,802 6,650 16,850 62 6,650 Professional fees 16,850 62 Bank charges Sundry expenses Depreciation: Depreciation Governance costs.. Governance costs 5,889 5,889 11,672 11,672 2,907 2,907 224,423 9,557 233,980 Support costs represent 100% of relevant expenditure on non-bar and student servi. 9. Auditor's Remuneration Remuneration received by the charitable company's auditors and their associates during the year was as follows.. 202S 2024 Audit Services Audit of the company's financial ststements 6,885 6,650 Page 18
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 10. staff Costs Staff costs were as follows: 2025 2024 Wages and salaries Social security costs Other pension costs 743,644 73,559 18,980 638,071 44,781 17,229 836,183 700,081 The number of employees whose employee benefits (excluding employer pension costs) for the porting period exceeded £60,000 was: 2025 2024 £60,000 to £69,999 The toal employee benefits fo the key management personnel of the charity were £144.446 (2024.. £178,031). 11. Average Number of Employees Average number of ernployees during the year was- 33 {2024- 35) 12. Tangible Assets Land & Property Freehold Fixtures & Fittings Total Cost As at l August 2024 Disposals 71,170 (12,062} 138,342 (5,176) 209,512 117,238) As at 31 July 2025 59,108 133,166 192,274 Depreciation As at l August 2024 Provided during the period Disposals 52,016 1,950 (3,821} 105,595 9,359 (1,639) 157,611 11,309 (5,460) As at 31 July 2025 50,145 113,315 163,460 Net Book Value As at 31 July 2025 8,963 19,851 28,814 As at l August 2024 19,154 32,747 51,901 13. Debtors 2025 2024 Due within one year Trade debtors 2,758 9,973 1,147 14,239 Other debtors 12,731 15,386 Page 19
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 14. Creditors: Amounts Falling Due Within One Year 2025 2024 Trade creditors other loans other creditors Taxation and social security Accruals and deferred income 14,039 29,206 8,015 16,494 25,724 23,888 29,306 4,985 12,859 35,462 93,478 106,500 15. Loans An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within one year or on demand: Other loans 29,206 29,306 16. Deferred Income Deferred income movements in the year were as follows: 2025 2024 Balance at the start of the period Income deferred in the current period Amounts released in income from previous periods 6,500 6,500 (6,500) Balance at the end of the period 6,500 17. Provisions and Funding Commitments suss Pension Totals Balance at 31 July 2024 Utilised 802,220 (62,536) 802,220 162,536) Balance at 31 July 2025 739,684 739,684 The Union is part of a multi-employer defined benefit pension scheme, Students. Union Superannuation Scheme. The provision, noted above, relates to the present value at the year end of the fvture payments of the aged recovery plan. The total deficit contributions paid to the Scheme by the Union for the year ended 31 July 2025 amount to £81,981 {2024- £78,376). At the balance sheet date, the Union had commitments to pay deficit funding contributions of £6,584 per month, scheduled to increase by 5010 With effect from October 2024 Lbntil August 2035. The Union's cash commitment to this Scheme for the year to 31 July 2026 stands at £84,005 {2024.' £81,981). The total remaining balance, before re-statement to net present value stands at £1,116,280 (2024 £1,191,662). Page 20
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 18. Pension Commitments The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. During the year the charge to the ststement of financial activities in respect of defined contribution schernes was £16,682 (2024: £14,169). At the balance sheet date contributions of £NIL were due to the fvnd and are included in creditors. 19. Movement in Funds Asati August 2024 Gains and As at 31 July losses 2025 Income Expenditure Unrestricted funds General= General unrestricted fund Designated.. Recruitment & Development fvnd Bar refijrbishment fund 163.244 1,167,390 (1.150.089) 180,545 61.509 7,946 {802,220) 7,858 11,482 10.000 6,000 15,000 61,509 7,946 (739,684) 626 Pension fund 81,981 (7,232) (19,445) GIAG Mental Health Wellbeing Venues External HR Student Voice Admin 11,482 (io,000} (6,000} 15,000 {682.425) 58,749 (19,445) (643,121) Total unrestricted funds (519,181) 1.167,390 {1,091,340} (19,445) (462,576) Total funds {519,181) 1,167,390 {1,091,340} (19,445) (462,576) Net movement in funds Asati August 2023 As at 31 Julv 2024 Transfers Unrestricted funds General= General unrestrirted fijnd 151.989 129,045 (115,678) 165,356 Designated.. Recruitment & Development fund Bar refurbishment fund 61.509 7,946 (857,904) 8,491 10,000 61,509 7,946 1802,220) Pension fund (22,394} (14,730) (4,254} 78,078 6,239 Welcome fund GIAG Mental Health Wellbeing 5,746 11,482 ..CONTINUED 11,482 Page 21
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 Venues 10,000 6,000 15,000 10,000 6,000 15,000 External HR Student Voice Admin (769,958) (41,378} 126,799 (684,537) Total unrestricted funds {617,969) 87,667 11,121 1519,181) Restricted funds Winter of Wellbeing INSPIRING Project Bi-centenary Project 11,482 4,028 (11,482) (4,028} 1361) 361 Total restricted funds 15,510 (4,389} (11,121) Total funds (602,459) 83,278 (519,181) Net movement in funds, included in the above are a5 follows- Net movement in funds Gains and losses Income Expenditure Unrestricted funds General= General unrestrirted fund Designated.. Recruitment & Development fund Bar refurbishment fund 1,165.871 {1.036.826} 129,045 Pension fund (22,394) 122,394) 114,730) 14,254) Welcome fund (14,730} (4,254} GIAG Mental Health Wellbeing Venues External HR student Voice Admin (18,984} (22,394) 141,378) Total unrestricted funds 1,165,871 {1,055,810} (22,394) 87,667 Restricted funds Winter of Wellbeing ..CONTINUED Page 22
Trinity Saint David Students. Union Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 INSPIRING Project Bi-centenary Project (4,028} (361} (4,028) {361) Total restricted funds (4,389} 14,389) Total funds 1,165,871 {1,060,199} (22,394) 83,278 20. Transactions with Trustees The following trustees have been paid remuneration or have received other benefits from the charity or related entity.. Name of trustee Legal authority Remuneration 2025 Total Governing document provision Governing document provision Governing document provision Ms G Davies 2,914 2,914 MsTLiu 2,468 2,468 Ms J Taylor 2,913 2,913 During the pVIouS year the following trustees have been paid MneratIOn or have received other benefits from the charity or a related entity: Name of trustee Legal authority Remuneration 2024 Total Governing document provision Governing document provision Miss M Dinu 3,140 3,140 Miss R G Grant 2,774 2,774 No trustee expenses have been incurred. 21. Related Party Disclosures There have been no related party transartions in the reporting period that require disclosure, expt for those disclosed in the Transactions with Trustees note. 22. Company limited by guarantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company. in the event of a winding up, such an amount as may be required not exceeding £1. 23. FRC'S Ethical Standard - Provision Available for Small Entities In common with other businesses of our size and nakn we use our auditors to ppa and submit turnS to the tax authorities and assist with the prepaTrtion of the financial statements. Page 23
Trinity Saint David Students. Union Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 July 2025 2025 2024 Total funds Total funds INCOME AND ENDOWMENTS FROM: Donations and legacies Grants 1,135,738 1,111,056 1,135,738 1,111,056 other trading activities Sale of purchased goods Bar revenue student activity revenue Event revenue 260 2,063 21,737 28,903 2,112 11,779 14,880 4,733 31,652 54,815 1,167,390 1,165,871 EXPENDThURE ON: Charitable Artivities: Student artivities Student activity costs (115,076) (172,979) (115,076) (172,979) Bar (8,384) (22,645) (8,384) 122,645) staff costs Trustees. salaries (8,295) (656,667) (73,559) (16,682) 15,914) 1565,731) 144,781) (14,169) Wages and salaries Employers Nl Employers pensions - defined contribution schemes (755,203) (630,595) Allocated support costs Wages and salaries Finance charge/credit on SUSS pension provision Staff training Travel and Subsisten expenses Cleaning Computer and IT repairs and maintenance Repairs, renewals and maintenance Insurance (78,682) (2,298) (13,177) (21,758) 1546) (8,549) 1640) (15,170) 1295) (5,968) (30,279) {62) (3,367) (11,309) (11,778) 166,426) 13,060) (30,537) 164,024) 11,330) 17,197) 111,326) {248) (5,802) 116,850) (62) 15,889) (11,672) Printingi Postage and stationery Advertising and marketing costs Professional fees Bank charges Sundry expenses Depreciation Loss on disposal of tsngible fixed assets (203,878) (224,423) .CONTINUED Page 24
Trinity Saint David Students. Union Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 July 2025 Governance costs Audit fees (6,885) (1,914) 16,650) 12,907) Governance costs (8,799) 19,557) (1,091,340) (1,060,199) NET INCOME 76,050 105,672 Page 25