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2023-07-31-accounts

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION Registered charity no. 1165619)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2023

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION (Registered charity no. 1165619)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 July 2023

CONTENTS
Page
Legal and administrative information 1
Independent Auditors' Report 12
Statement Of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the financial statements 18

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 July 2023

Board of Trustees

Sabbatical Officers

Board of Trustees Sabbatical Officers
Sol Gjøines Resigned June 2023
Foysal Mobarock Resigned June 2023
Cassie de St Croix Appointed July 2023
Rajon Voumick Appointed July 2023
Student Trustees
Charlie Skinner Appointed September 2022
Cassie de St Croix Appointed September 2022 and became
an officer truestee in July 2023
Mariana Goncavles Silva Appointed July 2023
Frankie Larsen Appointed July 2023
Aly Pitre Appointed July 2023
External Trustees
Michael Wigg Appointed March 2023
Martin Dodd Appointed March 2023
Riley Clowes Appointed March 2023
Roosevelt Avi Resigned February 2023
Andrew Fisher Resigned February 2023
Principal Officers Kara Nutley Chief Executive
Charity reg. no. 1165619
Registered office UCA Students' Union
Farnham Campus
Falkner Road
Farnham, GU9 7DS
Auditors Knox Cropper LLP
65 Leadenhall Street
London EC3A 2AD
Bankers NatWest
39 The Borough
Farnham
Surrey, GU9 7NR

1

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

The trustees present their annual report for the year ended 31 July 2023 under the Charities Act 2011, together with the audited financial statements for the year.

University for the Creative Arts Students Union (UCASU) is an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The trustees who served the charity during the period are noted on page 1.

KEY MANAGEMENT PERSONNEL

UCASU employs a Chief Executive to work closely with the Executive Officers and ensure effective management of the charity

Chief Executive - Andy Squire (Until August 2022) Acting Chief Executive - Kara Nutley

Throughout the year 2022/23, UCASU s senior management team consisted of the Chief Executive and then Acting Chief Executive.

STRUCTURE, GOVERNANCE AND MANAGEMENT

UCASU is constituted under the Education Act 1994 as a charity, with internal regulations or Rules approved by the governing body of University for the Creative Arts (the University). UCASU’s charitable objectives are:

The Full Time Officers are elected annually by a cross-campus secret ballot of the UCASU membership. These are President Kent and President Surrey. The Full Time Officers began their term of office on 15th of June 2023. Sol Gjøines and Foysal Mobarock were full time officer trustees until June 2023, Cassie de St Croix and Rajon Voumick were trustees from July 2023. These roles are full-time posts remunerated as authorised by the Education Act 1994 and cannot exceed two years duration for each holder. The two full-time officers, Student Trustees and two volunteer External Trustees are regarded as the charity Trustees of UCASU for the purposes of the Charities Act. The External Trustees may serve a term of 2 years, with an opportunity for their term to be renewed for an additional 2 years.

All Sabbatical Officer Trustees are elected via a cross campus ballot in our election. This is according to the election regulations set out in the Education Act 1994.

All External Trustees are selected by the Union s Sabbatical Trustees. To ensure continuity, we appoint up to four External Trustees on a two-year term with an option for an additional two years (maximum four years per Trustee).

Our current Student Trustees are Charlie Skinner, appointed since September 2022, and Mariana Goncavles Silva, Frankie Larsen and Aly Pitre since July 2023. Cassie de St Croix was appointed as a student trustee since September 2022 and became an officer trustee in July 2023.

Our current external Trustees, Michael Wigg, Martin Dodd and Riley Clowes have served on the board since March 2023. There is a system in place to recruit new Trustees to ensure continuity of board make up for the future.

2

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

ORGANISATIONAL MANAGEMENT

The structure for 2022/23 was that the Executive Committee and Sabbatical Officers were responsible for suggesting and approving the general policy of the Union.

The Board of Trustees meets to receive reports from individual Sabbatical Officers, sub-committees and the Chief Executive, to review the charity’s performance and administration generally, and to decide policy issues arising. UCASU also employs a number of non-student full-time staff for the sake of continuity in the management of its many activities. Those staff are accountable to the Chief Executive for the performance of their duties. The staff team consists of ten full-time staff (not including the paid Sabbatical Trustees), including and led by the Chief Executive.

The charity has a wider network within the National Union of Students, who we affiliate to as a national body, and provide us with support and training to support staff in their role.

The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union's success.

We currently do not have any exemptions from disclosure. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other Unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope to be rewarded for excellence. Delivery of the Union's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

RELATIONSHIP WITH UNIVERSITY FOR THE CREATIVE ARTS

The relationship between the University and UCASU is established in the Regulations of the University and detailed in UCASU Rules approved by both organisations. UCASU receives a Block Grant from the University that is agreed annually. UCASU part-occupies buildings owned by the University, which also pays for utilities, caretaking and cleaning staff. This non-monetary support is intrinsic to the relationship between the University and UCASU. Although UCASU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University’s support.

The Trustees consider it reasonable to anticipate that this or equivalent support from the University will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.

3

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Trustees is responsible for reviewing the Union's current and planned future activities in the context of any significant risks that might arise. An effective risk management process is crucial to safeguarding the sustainability and effectiveness of UCASU. We acknowledge the need for continuous improvement in our risk management strategies and are committed to enhancing these systems going forward.

Over-reliance on University Block Grant

UCASU heavily relies on the block grant from the University, which presents a financial risk, particularly in economic downturns. To mitigate this risk, we plan to diversify our income streams by exploring additional revenue-generating activities such as expanding our commercial services and seeking external funding opportunities.

Not Meeting Income Targets

The fluctuating nature of commercial incomes can jeopardise our financial stability. To address this, we will develop a more robust financial forecasting model and implement stringent budget monitoring throughout the year. We also intend to enhance our marketing strategies to increase participation in paid Union events and services.

Challenges in Recruiting and Retaining High Calibre Staff

The inability to recruit and retain skilled staff can impact our operational effectiveness. We will review and potentially revise our remuneration packages to ensure they are competitive within the sector. Additionally, we plan to invest in staff development programs to enhance job satisfaction and retention.

Unequal Provision of SU Activities Across Campuses

Ensuring equal access to Union activities across all campuses is crucial for fairness and student satisfaction. We intend to conduct a thorough review of activity distribution and student engagement levels at each campus. Based on this review, we will develop targeted strategies to ensure equitable service provision.

Financial Risk Management

In response to the current financial position and the risks it poses, we will introduce a comprehensive financial risk management plan. This will include establishing a financial contingency reserve and stricter financial controls to manage expenditures more effectively.

Strategic and Operational Risk Assessments

Moving forward, the Board will integrate a more dynamic risk assessment process into our regular strategic planning sessions. This will involve updating our risk register more frequently, ensuring it reflects both new and existing risks, with clear strategies and timelines for mitigating these risks.

The Board recognises the importance of these actions for the continued success and stability of UCASU. By proactively managing these risks, we aim to ensure that UCASU remains a robust, responsive, and financially stable organisation for our members.

4

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

AIMS, OBJECTIVES AND ACTIVITIES

The Board of Trustees have identified the following as the mission, vision and values of the union. This is part of the Union’s strategic plan that was agreed from July 2021.

AIMS

Change the world

We will enable and inspire our members to make a positive impact on the creative industries and the world around them.

Students owning their experience

We will amplify the student voice at every opportunity to cultivate an inclusive and transformative learning experience.

Developing our members

We will provide every member with opportunities that develop them as individuals and creatives, prepared and excited for their futures.

Relevant and trusted

We will be viewed as relevant and trustworthy by every member, playing an active and diverse role in their lives.

Community and wellbeing

We will foster a sense of belonging within our members and an environment of empowerment, collaboration, and support.

VISION

We will be recognised as the heart of the student experience at UCA, enabling our members to make a positive impact on the world around them.

MISSION

We will create extraordinary experiences and celebrate individuality, amplifying the student voice and fostering a sense of belonging.

VALUES

Shaped by Students Empathy Sustainable Radical Vibrant

The following are themes and objectives as part of the main strategy;

5

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

Theme 1 – Change the world: We will enable and inspire our members to make a positive impact on the creative industries and the world around them.

Objectives:

We will take action to lessen our impact on the environment and use our influence to encourage sustainable behaviour on and off campus.

We will work to make UCA campuses a place where all members feel safe, respected and valued..

We will respond quickly to emerging issues and matters that affect students.

We will enable students to support our campaigns.

Theme 2 – Students owning their experience: We will amplify the student voice at every opportunity to cultivate an inclusive and transformative learning experience.

Objectives:

We will ensure representatives are equipped to communicate and stand up for students’ interests and views at every level of the university structure. UCASU will ensure 100% attendance at University committees it sits on, and Course Reps will take a greater role in the improvement of the learning experience.

We will work with the University to ensure that every student has fair and equal access to high quality provision and are able to fully support themselves through their academic journey.

We will provide high quality and caring support to students by improving the referral processes within the University and attaining a high level of engagement with online triage materials.

Our elections and other democratic activities will be representative of our membership and achieve strong engagement, resulting in all positions being contested and healthy turnout.

We will provide a strong and clear platform for the student voice within the University but publishing a Student Voice report with the input of 25% of the student population.

Theme 3 – Developing our members: We will provide every member with opportunities that develop them as individuals and creatives, prepared and excited for their futures.

Objectives:

We will run events that provide opportunities for students to collaborate, show, or sell their work, such as Makers Markets, Crafts Fairs, and a Creative Collaboration Club.

We will build our relationship with community groups and organisations, guided by a Community Engagement Strategy and linking with at least one community group per campus.

We will create a process that aids our work to improve paths of engagement with our activities by writing engagement plans for all activities.

We will ensure our student employees consider their work with us as developmental, while experiencing support and respect at work. 85% will say they are more employable as a result of working at UCASU and would recommend working with UCASU to a friend.

We will provide opportunities for students to take a lead on the delivery of our work within clubs, societies, communities, campaigns, and the representative model. This will be achieved by having over 150 students taking a leading role, with three-quarters feeling as though they have developed skills and would recommend the experience to a friend.

6

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

Theme 4 – Relevant and trusted: We will be viewed as relevant and trustworthy by every member, playing an active and diverse role in their lives.

Objectives:

We will increase our relevance to our members and students will say they know what UCASU is doing and how they can participate.

We will undertake research to have a comprehensive understanding of student experiences, providing UCASU the context in which its members live and study.

We will create a series of strategies that underpin our work to provide support, opportunities and activities to all students. Specifically, this will produce strategies focusing on community engagement, marketing, and student leader development.

We will ensure Glasshouse events reflect the membership of the students’ union and appeal to a diverse range of students.

We will position ourselves so students feel they know and can relate to us. This will be achieved by establishing a brand personality that communicates our beliefs and values.

Theme 5 – Community and wellbeing: We will foster a sense of belonging within our members and an environment of empowerment, collaboration, and support.

Objectives:

We will have active identity communities on each campus, comprising LGBTQ+, BAME, Women and Disabled students.

We will build our relationships with pre-degree and International students.

We will observe key assigned months and days associated with identity and faith relevant to our members.

We will ensure students at all campuses have SU-run activities they can participate in.

We will work to ensure that Rochester students are not disadvantaged as a result of the 2023 campus closure.

7

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

WORK UNDERTAKEN AND IMPACTS

In the 2022-23 financial year, UCASU went through a period of significant change. Despite the departure of our permanent CEO Andy Squire in August 2022 and challenges in recruiting a competitively salaried successor, the Union maintained its commitment to enhancing student life and community engagement. The Acting CEO, Kara Nutley, upheld our strategic objectives throughout this transitional phase, ensuring continuity in leadership and operations.

Markets and Commercial Activities

Our spring and winter markets experienced increased participation, with over 100 tables at each event. Such markets are recognised for fostering community spirit and providing practical business and marketing experience for students. They not only serve as a social hub but also enhance entrepreneurial skills, a key component in professional development in creative industries.

Clubs and Societies

Support for over 50 clubs and societies, involving 130 committee leaders, continued to be a cornerstone of our operations. Research indicates that involvement in clubs and societies significantly boosts student engagement, contributes to higher satisfaction rates, and develops leadership skills. These groups play a crucial role in fostering a sense of belonging and community, which is vital for student well-being and retention.

Students' Union Elections

The elections saw 605 votes cast, reflecting robust student engagement with our democratic processes. Participation in union elections is linked with a greater sense of community and influence over university policy, empowering students to shape their educational environment.

Evening Events and Staff Development

Our evening commercial events, managed by well-trained student staff, were highly successful. Training sessions, including 12 custom bar modules and 3 health & safety modules, equipped our student employees with skills that boost employability and workplace confidence. Events like Halloween, Summer Ball, and Freshers' Week were not only successful in terms of attendance but also in building a vibrant campus culture, crucial for student life quality.

Diversity in Entertainment

The introduction of new DJs broadened our musical offerings, catering to a diverse student body and enhancing the inclusivity of our events. Such diversity is essential for creating an environment where all students feel represented and valued.

Student-Led Fundraising

Enhanced platforms for student fundraising within the Glasshouse allowed students to showcase their talents and engage with peers, fostering community engagement and providing practical experience in event management and fundraising—key skills for future careers.

Organisational Health Assessment

An Organisational Health Assessment at the end of the financial year identified areas for improvement and growth. This reflective practice is vital for continuous improvement and aligns with best practices in organisational management, ensuring that UCASU remains responsive to the needs of its members.

Through these activities and their associated impacts, UCASU has not only supported the academic and personal development of its students but has also played a critical role in enhancing their overall university experience. As we look forward to the next financial year, we are committed to building on these successes to further develop our services and impact.

8

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

FINANCIAL REVIEW

The financial year 2022-23 presented UCASU with significant financial challenges, culminating in a deficit of £23k against a budgeted surplus of £13k . This deviation was primarily due to static levels of block grant income combined with underperformance in our new art shop commercial ventures and existing bar and events venue in Farnham.

Income Stability and Diversification

Our total income for the year was £701,951 (2022: £697,894), reflecting a complex economic environment. In response to this, the Union is taking strategic steps to diversify its income streams beyond the traditional university block grant. These steps include exploring additional business opportunities within our commercial services and seeking partnerships and sponsorships that align with our values and objectives. This approach aims to reduce our financial dependence on the university’s support and enhance our resilience to economic fluctuations.

Expenditure Control and Financial Management

The Union's total expenditure for the year was £725,137 (2022: £727,622). We recognise the need for tighter control over our costs, especially in light of the new art shops which did not perform as expected. The Union will implement stricter financial controls and regular reviews of expenditure against the budget. We are also committed to achieving more efficient use of resources across all areas of operation.

Capital Expenditure and Investment in Infrastructure

Significant investments were made during the year in shops and bars, as well as in event infrastructure, aimed at enhancing student engagement and satisfaction. While these investments contributed to the year's financial deficit, they are expected to generate increased income in future years. We will continue to monitor the return on these investments closely, ensuring they contribute positively to our financial stability.

Financial Sustainability and Reserves Policy

Given the current deficit, the Union’s reserves policy, which aims for three months of budgeted income, has come under scrutiny. Our reserves of unrestricted funds stood at £57,926 at year-end, down from £81,619 at the end of the previous year. This situation underlines the need for a revised approach to our financial planning and budgeting processes. We will undertake a comprehensive review of our reserves policy to ensure it remains appropriate and provides a sufficient safety net for the Union.

Long-term Financial Planning

To ensure long-term financial viability, the Trustees have directed management to aim for surplus budgets in future periods. This will involve both enhancing revenue through new and existing channels and maintaining a disciplined approach to budgeting and expenditure. The Union’s leadership is committed to working collaboratively with all stakeholders to meet these financial goals, ensuring that UCASU remains a pivotal part of the student experience at the University for the Creative Arts.

Going Concern

Despite the challenges noted, the trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. The measures being implemented to diversify income and control costs are designed to address the current financial deficit and strengthen the Union’s financial position. Furthermore, the ongoing support from the University, under the terms of the Education Act 1994, which ensures the financial viability of its student representative body, provides additional assurance of our ability to operate as a going concern.

RESERVES POLICY

Reserves of unrestricted funds stood at £57,926 at the year-end (compared to £81,619 at year-end 2021-2022. The Trustees agreed in 16-17 a reserves policy for three months of the Union’s budgeted income so it is necessary that spending remains under close control. Three months of budgeted income for the latest financial year is £170,300.

Our restricted funds level stands at £21,660 (compared to £21,153 at year-end 2021-22) and these

9

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

restricted funds are used for our clubs and societies accounts. The union will investigate how best student groups can use these funds for the benefit of members.

CUSTODIAN ACTIVITIES: CLUBS' & SOCIETIES' FUNDS AND THE ANNUAL RAG

UCASU is custodian of the annual RAG proceeds from fundraising events organised by the students under UCASU auspices for distribution to the intended charities. We currently do not have a RAG programme and therefore no funds have been raised under RAG for 2022-2023.

POLICY ON GRANT MAKING

UCASU has made no grants in 2022-23 and currently has no plans to in the future. We therefore do not have a grant making policy. UCASU does not engage external professional fundraisers or commercial participators to undertake any fundraising activities and has received no complaints about fundraising practices in the year of review or subsequently.

POLICY ON SOCIAL INVESTMENT INCLUDING PROGRAM RELATED INVESTMENT

UCASU has no social investments as defined by the Charity SORP.

CONTRIBUTION MADE BY VOLUNTEERS

The charity relies heavily on the work of our volunteers in order to drive the student experience. Our volunteers are made up entirely from the student body and we have over 5% of our student population who are an active volunteer within our core activities such as course reps, clubs and societies, campaigners and democratic engagement. We are greatly appreciative of all of the hard work undertaken by our volunteers and without their work, we would not be able to operate effectively as a student led organisation.

STATEMENT OF TRUSTEE RESPONSIBILITIES

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Student's Union Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

10

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

TRUSTEES’ REPORT For the year ended 31 July 2023

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees and signed on its behalf by

Cassie de St. Croix Date:

11

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2023

Unqualified Opinion

We have audited the financial statements of University For The Creative Arts Students' Union (the ‘charity’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

/Continued …

12

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2023

(Continued)

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

/Continued …

13

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION FOR THE YEAR ENDED 31 JULY 2023 (Continued)

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report or for the opinions we have formed.

Knox Cropper LLP

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

2024

Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

14

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2023

Unrestricted
Funds
Note
2023
£
INCOME AND ENDOWMENTS FROM:
Charitable activities
4
462,531
Other trading activities
2
194,634
Investments
3
623
Other
5
33,695
TOTAL
691,483
EXPENDITURE ON:
Charitable activities
6
715,176
TOTAL EXPENDITURE
715,176
(23,693)
NET MOVEMENT IN FUNDS
(23,693)
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 1 AUGUST 2022
81,619
TOTAL FUNDS AT 31 JULY 2023
57,926
£
Net Income		 Restricted
Funds
2023
£
-
-
-
10,468
10,468
9,961
9,961
507
507
21,153
21,660
£		 Total
Funds
2023
£
462,531
194,634
623
44,163
701,951
725,137
725,137
(23,186)
(23,186)
102,772
79,586
£		 Total
Funds
2022
£
461,812
138,806
34
97,242
697,894
727,622
727,622
(29,728)
(29,728)
132,500
102,772
£

15

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

(Registered charity no. 1165619)

BALANCE SHEET As at 31 July 2023

Notes
Charity
2023
£
FIXED ASSETS
Intangible assets
9
587
Tangible assets
10
#REF!
#REF!
CURRENT ASSETS
Stocks
31,296
Debtors
11
48,521
Cash at bank and in hand
30,244
110,061
CREDITORS: amounts falling due
within one year
12
(37,735)
NET CURRENT ASSETS
72,326
TOTAL ASSETS LESS CURRENT
LIABILITIES
#REF!
TOTAL NET LIABILITIES
#REF!
FUNDS
Unrestricted funds:
General fund
13
57,926
57,926
Restricted funds
13
21,660
79,586
£		 Group
Charity
2023
2022
£
£
587
-
8,820
-
9,407
#REF!
31,296
19,127
48,521
50,075
30,244
51,793
110,061
120,995
(39,882)
(34,424)
70,179
86,571
79,586
#REF!
79,586
£
#REF!
57,926
81,619
57,926
81,619
21,660
21,153
79,586
£
102,772
£		 Group
2022
£
-
16,201
16,201
19,127
50,075
51,793
120,995
(34,424)
86,571
102,772
102,772
£
81,619
81,619
21,153
102,772
£

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.

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

SABBATICAL OFFICERS, Chair of Board of Trus

16

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

CASH FLOW STATEMENT For the year ended 31 July 2023

Cash flows from operating activities
Adjustments for:
Depreciation
Amortisation of intangile fixed assets
Increase in stocks
Increase in debtors
Increase in creditors
Investment income
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Disposal of tangible fixed assets
Return on investment - interest receivable
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 August 2022
Components of cash and cash equivalents
At 1
August 2022
Cash at bank and in hand
51,793
£
Cash and cash equivalents at 31 July 2023		 2023
£
(23,186)
8,248
258
(12,169)
1,554
5,458
(623)
(20,460)
(845)
(867)
-
623
(1,089)
(21,549)
51,793
30,244
£
Cashflows
(21,549)
£		 2022
£
(29,728)
9,960
-
(15,983)
(38,246)
(1,064)
(34)
(75,095)
-
(13,807)
(560)
34
(14,333)
(89,428)
141,221
51,793
£
At 31 July
2023
30,244
£

17

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including Update Bulletin 2, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

University for the Creative Arts Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the Union. Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern Basis

The trustees have assessed whether the use of going concern is appropriate and made this assessment for a period of at least one year from the date of the approval of these financial statements.

The charity's major income stream is a block grant from the University of Creative Arts. The Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another and therefore the Trustees are confident of its receipt. It is agreed between the University and trustees that the block grant for 2024-25 would increase to more than £500k, which is substantial increase over 2023-24 block grant. The Trustees are therefore confident that the charity will continue to meet its obligations as they fall due and that the financial statements are prepared on a going concern basis continues to be appropriate.

Income

All income is recognised when there is evidence of entitlement, the receipt is probable and the amount can be measured reliably.

Income from trading, including merchandising, retailing and entertainment services is derived from the Students Union's primary purpose trading activities. Income is recognised as receivable excluding VAT.

Grants, where entitlement is conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Subvention grant

The subvention grant represents the block grant receivable from the university for the year and is reviewed annually. It is recognised in the period for which it falls due.

18

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

Investment income

Interest on funds held on deposit is included when when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the instituion with whom the funds are deposited.

Restricted funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also (if not material enough to require a separate column in the SoFA) any small capital grants received from the School.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Students' Union.

Governance costs, included within support costs, relate to those costs incurred in connection with the administration of the Students' Union and compliance with statutory and constitutional matters.

Grants received are credited to income according to the period to which they relate and treated as unrestricted unless restrictions are specified by the provider relating to spending of that income, in which case they are treated as restricted.

Income from commercial activities includes amounts received in exchange for supplying goods and services through the Union's bar, catering, gym and retail outlets, with amounts recognised based on the date of sale.

Media sale income includes sponsorship relating to Welcome Fair stalls, which is accounted for when the contractual entitlement to the income arises, and NUS Extra card income which is accounted for based on sales arising in the period.

Club and societies' income includes membership, sponsorship and grant income which is treated as restricted.

19

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

Resources Expended

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure includes irrecoverable VAT and comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers.

Other central overhead costs, as well as governance costs, are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incured to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their useful lives, using the straight-line method. Depreciation is provided on the following bases:

Commercial & charity equipment between 25% and 50% straight line Computers and office equipment 25% straight line Intangible assets 50% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs

The Union operates a defined contribution scheme for certain of its employees. The assets of the scheme are held separately from those of the Union. The annual contributions payable are charged to the income and expenditure account.

20

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

Fund accounting

General funds are unrestricted funds which are availible for use at the discretion of the Trustees in futherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Restricted funds represent monies held on behalf of the Clubs and Societies of the union, who have discretion to spend the funds they have raised at their discretion.

Investment income and gains and losses are allocated to the appropriate fund.

Basic financial instruments

The charity only holds basic financial instruments are defined by FRS 102. Financial instruments receivable or payable within one year of the reporting date are carried at their transaction price.

Cash and cash equivalents

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

Financial Instruments

The charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include cash debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Cash is cash at bank and in hand.

Pensions

The Union operates a defined contribution scheme for certain of its employees. The assets of the scheme are held separately from those of the Union. The annual contributions payable are charged to the income and expenditure account.

Critical accounting estimates and areas of judgement

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the opinion of the trustees in applying the accounting policies adopted, there are no judgements or estimates they consider to have a significant effect on the amounts recognised in the financial statements, nor do any estimates or assumptions made carry a significant risk of material adjustments in the next financial year.

21

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

2.
INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted
Funds
2023
£
Fundraising events
-
Trading income
192,901
Training income
1,733
194,634
£
Comparative income from other trading activities
Unrestricted
Funds
2022
£
Fundraising events
-
Trading income
138,806
138,806
£
3.
INVESTMENT INCOME
Unrestricted
Funds
2023
£
Interest receivable from:
Bank interest
623
623
£
Comparative investment income
Unrestricted
Funds
2022
£
Interest receivable from:
Bank interest
34
34
£		 Restricted
Funds
2023
£
-
-
-
Nil
£
Restricted
Funds
2022
£
-
-
Nil
£
Restricted
Funds
2023
£
-
Nil
£
Restricted
Funds
2022
£
-
Nil
£		 Total
Funds
2023
£
-
192,901
1,733
194,634
£
Total
Funds
2023
£
623
623
£		 Total
Funds
2022
£
-
138,806
-
138,806
£
Total
Funds
2022
£
-
138,806
138,806
£
Total
Funds
2022
£
34
34
£
Total
Funds
2022
£
34
34
£

22

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

4.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2023
£
Grants for services
Subvention Grant
419,000
419,000
Entertainment Income
33,934
Entertainment Fundraising income
9,597
462,531
£
5.
OTHER INCOME
Unrestricted
Funds
2023
£
Other income
33,695
33,695
£
Comparative other income
Unrestricted
Funds
2022
£
Other income
89,143
89,143
£		 Restricted
Funds
2023
£
-
-
-
-
Nil
£
Restricted
Funds
2023
£
10,468
10,468
£
Restricted
Funds
2022
£
8,099
8,099
£		 Total
Funds
2023
£
419,000
419,000
33,934
9,597
462,531
£
Total
Funds
2023
£
44,163
44,163
£		 Total
Funds
2022
£
419,000
419,000
33,244
9,568
461,812
£
Total
Funds
2022
£
97,242
97,242
£
Total
Funds
2022
£
97,242
97,242
£

23

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

6.
RESOURCES EXPENDED
Staff costs
Personnel
costs
£
Cost of charitable activities
Student support and
services
364,967
Bars and shops
53,779
Commercial services
-
Entertainment
21,011
Total charitable
expenditure
439,757
£
Comparative resources expended
Personnel
costs
£
Cost of charitable
activities
Student support and services
380,397
Bars and shops
53,137
Commercial services
-
Entertainment
7,627
Total charitable
expenditure
441,161
£
Resources expended include:
Auditors’ remuneration:
Audit fee
Other services
Operating lease rentals
- Land and buildings
- Plant and equipment
Depreciation		 Direct costs
Direct costs
£
88,168
86,266
26,945
47,246
248,625
£
Direct costs
£
90,905
104,490
26,600
49,558
271,553
£		 costs
Support
costs
£
36,755
-
-
-
36,755
£
Support costs
£
14,908
-
-
-
14,908
£
2023
6,500
1,800
-
8,248		 Total
2023
£
489,890
140,045
26,945
68,257
725,137
£
Total
2022
£
486,210
157,627
26,600
57,185
727,622
£
2022
10,000
-
-
-

Details of staff costs are given in Note 7. Details of Support costs is given in Note 0.

24

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

7. STAFF NUMBERS AND COSTS

Wages and salaries
Social security costs
Pension costs - current services costs
Cost of contracted staff
The cost of key management was as follows:
Sabbatical Officers
Senior management
Number of Sabbatical Officers
The average weekly number of employees, head-count, during the period		 2023
£
321,804
27,792
15,371
74,790
439,757
£
2023
Number
16
2023
£
42,997
102,099
145,096
£
4		 2022
£
280,537
26,254
15,685
66,220
441,162
£
2022
Number
9
2022
£
40,262
50,908
91,170
£
4

0 (2022 - 0) employee received remuneration of more than £60,000 The accounts include termination payments totalling £ (2022 - £).

The key management personnel of the Charity are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the Sabbatical Officers and senior management.

8. TRUSTEES REMUNERATION AND BENEFITS

Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and service provision for them. Details are included in note 7.

No members of the Board of Trustees received reimbursement of expenses (2022 - £).

25

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

9. INTANGIBLE FIXED ASSETS

Web Platform:
Cost
At 1 August 2022
Additions
At 31 July 2023
Amortisation
At 1 August 2022
Provided during the year
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022		 £
3,870
845
4,715
£
(3,870)
(258)
(4,128)
£
587
£
Nil
£

Web platform is being written off in equal annual instalments over its estimated economic life of 3 years.

10. TANGIBLE FIXED ASSETS

Cost
At 1 August 2022
Additions
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022
11. DEBTORS
Due within one year
Trade debtors
Prepayments
VAT repayment due
Other debtors		 Computer
and office
equipment
£
33,032
528
33,560
23,615
3,267
26,882
6,678
£
9,417
£
2023
£
15,991
10,588
17,088
4,854
48,521
£		 Charity and
commerical
equipment
£
14,858
339
15,197
12,281
1,101
13,382
1,815
£
2,577
£
2023
£
15,991
10,588
17,088
4,854
48,521
£		 Bar & Shops
equipment
£
7,751
-
7,751
3,544
3,880
7,424
327
£
4,207
£
2022
£
36,988
8,457
-
4,630
50,075
£		 Total
£
55,641
867
56,508
39,440
8,248
47,688
8,820
£
16,201
£
2022
£
36,988
8,457
-
4,630
50,075
£

26

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
£
Trade creditors
13,539
Social security and other taxes
9,858
Other creditors
1,171
VAT creditors
-
Accruals
13,167
37,735
£		 2023
2022
£
£
13,539
4,882
9,858
7,196
3,318
1,283
-
11,063
13,167
10,000
39,882
£
34,424
£		 2022
£
4,882
7,196
1,283
11,063
10,000
34,424
£

13. STATEMENT OF FUNDS

Brought
Forward
£
RESTRICTED FUNDS
Clubs and Societies
21,153
21,153
£
SUMMARY OF FUNDS
General Funds
81,619
Restricted Funds
21,153
102,772
£
Comparative statement of funds
Brought
Forward
£
RESTRICTED FUNDS
Clubs and Societies
19,640
19,640
£
SUMMARY OF FUNDS
General Funds
112,860
Restricted Funds
19,640
132,500
£		 Incoming
Resources
£
10,468
10,468
£
691,483
10,468
701,951
£
Incoming
Resources
£
8,099
8,099
£
689,795
8,099
697,894
£		 Resources
Expended
£
(9,961)
(9,961)
£
(715,176)
(9,961)
(725,137)
£
Resources
Expended
£
(6,586)
(6,586)
£
(721,036)
(6,586)
(727,622)
£		 Transfers and
investment
gains/(losses)
£
-
Nil
£
-
-
Nil
£
Transfers and
investment
gains/(losses)
£
-
Nil
£
-
-
Nil
£		 Carried
Forward
£
21,660
21,660
£
57,926
21,660
79,586
£
Carried
Forward
£
21,153
21,153
£
81,619
21,153
102,772
£

27

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds
Designated
General
Funds
Funds
£
£
Intangible fixed assets
-
587
Tangible fixed assets
-
8,820
Net current assets
-
48,519
Nil
£
57,926
£
Comparative analysis of net assets between funds
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
16,201
Net current assets
-
65,069
Nil
£
81,619
£		 Restricted
Funds
£
-
-
21,660
21,660
£
Restricted
Funds
£
-
21,153
21,153
£		 Total
Funds
£
587
8,820
70,179
79,586
£
Total
Funds
£
16,201
86,222
102,423
£

15. RELATED PARTIES

During the year ended 31 July 2023, the union, received a subvention grant totalling £419,000 (2022 - £419,000) from the University for the Creative Arts (UCA). As at 31 July 2023 UCA owed the Union £11,959 (2022 - £35,793).

16. CONTROLLING PARTY

Ultimate control of the Union rests with its membership, respresented by the Board of Trustees.

28

UNIVERSITY FOR THE CREATIVE ARTS STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022

17 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestrictedd
Total
Unrestricted
Funds s
Funds
Funds
2023 3
2023
2022
£ £
£
£
INCOME AND ENDOWMENTS FROM:
Charitable activities
462,531
461,812
Other trading activities
194,634
138,806
Investments
623
34
Other
44,163
89,143
TOTAL
701,951
689,795
EXPENDITURE ON:
Charitable activities
#REF!
721,036
#REF!
(31,241)
NET MOVEMENT IN FUNDS
#REF!
(31,241)
TOTAL FUNDS AT 31 JULY 2021
102,772
112,860
TOTAL FUNDS AT 31 JULY 2022
#REF!
81,619
£
Net Expenditure		 Restricted
Funds
2022
£
-
-
-
8,099
8,099
6,586
1,513
1,513
19,640
21,153
£		 Total
Funds
2022
£
461,812
138,806
34
97,242
697,894
727,622
(29,728)
(29,728)
132,500
102,772
£

29