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 eXt￿melY 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 circumstan￿5 of Trinity Saint David Students, Union and consider that adequate resour￿5
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 I￿SIgned 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 p￿SUMe 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 p￿paratIOn 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 reqU1￿meThts 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 p￿parIng 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
p￿mISeS 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 ag￿ed 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 p￿VIouS year the following trustees have been paid ￿M￿neratIOn 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, ex￿pt 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 p￿pa￿ 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