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2021-07-31-accounts

ST MARY’S STUDENTS’ UNION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD 1 AUGUST 2020 – 31 JULY 2021

Charity No: 1173502

Company No: 10780795

CONTENTS

Reference and Administration Details Page 1
Officer Trustee Team Report Page 3
Trustees’ Report Page 6
Statement of Trustees Responsibilities Page 19
Independent Auditors’ Report Page 20
Statement of Financial Activities Page 24
Balance Sheet Page 25
Statement of Cash Flows Page 26
Notes to the Financial Statements Page 27

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Charitable Status:

St Mary’s Students’ Union is a registered incorporated charity (Charity No: 1173502), (Company No: 10780795)

Principal Address and Registered Office:

Students’ Union Building (K Block), St Mary’s University, Waldegrave Road, Twickenham, London, TW1 4SX

Bankers:

HSBC Bank Plc, 69 Pall Mall, London SW1 5EY

Auditors:

Knox Cropper, 65/68 Leadenhall Street, London, EC3A 2AD

The Board of Trustees:

Officer Trustees: The Officers were elected into office via election by the student population to hold office from 1 August 2020 to 31 June 2021

External Trustees: The External Trustees are appointed onto the board by the Appointments Committee of St Marys’ Students’ Union. External Trustees are appointed for a maximum of 4 years per term.

Student Trustees: The Student Trustees are appointed to the board by the Appointments Committee of St Mary’s Students’ Union. Student Trustees are appointed to office from 1 August 2020 to 31 July 2021.

August 2020 to 31 July 2021.
Board Members 2020/21 Position/Title Held
MissMaisieWard SportPresident/Officer Trustee (Chair)
MissNiamh Moore Education President/Officer Trustee
MrCharlie Canning StudentLifePresident/Officer Trustee
MissMaya Cuthbert** StudentTrustee
Mr AidanCavanagh-Parsons** StudentTrustee
Dr VeronicaFulton External Trustee
Ms SheelaPatel*** External Trustee
Mr MatthewCourtney** External Trustee

**Position held from 01/09/20

*** Position held from 14/09/20

The Board for 2021/22 (taken office as of 1 July 2021), are as follows:

Board Members 2021/22 Position/Title Held
MissTaylaNisbet SportPresident/Officer Trustee (Chair)
MissVic Calvino Education President/Officer Trustee
Mr AhmedEl Hana StudentLifePresident/Officer Trustee
Miss Maya Cuthbert** Student Trustee

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Mr AidanCavanagh-Parsons StudentTrustee
MissNellyKibirige StudentTrustee
Dr VeronicaFulton External Trustee
Ms SheelaPatel External Trustee
Mr MatthewCourtney External Trustee

St Mary’s Students’ Union employs a CEO to work closely with the Officer Trustees to ensure effective governance and management of the charity. The Trustees delegate the day to day operations of the charity to the CEO and the SMSU senior staff team. During 2020/21, the SMSU senior team were as follows:

Catherine Bodin Chief Executive Officer (08/20-12/20) Joe Garvey Marketing and Communications Manager James Turnbull Finance and Business Development Manager/ Chief Executive Officer (01/21-onwards)

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Officer Trustee Team Report 2020/21

Maisie Ward: End of Year Report

I never would have predicted my year as a Sport President would have gone how it did. I started off the year very positive and grateful the students had elected me into the position however Covid unfortunately was going to change everything. I had to adapt and take a broader approach this year and focus on things that in a normal year would be outside of my remit. Looking back, I would say although it may not have been the year I had hoped for it allowed me to explore avenues I may not have been down in a “normal year” I have been able to create new strong relationships with the wider university using sport as a platform for social change and expanding the scope the Sport President has.

At the start of the year I wanted to stay optimistic about sport returning come September however the closer it came the more unlikely it seemed. Despite this, we spent most of the summer planning for how sport if it went ahead would look like – I found this very difficult as the goal posts from government were constantly changing and this meant planning was very hard. All my time was spent around Covid planning and not working on my manifesto points which was again frustrating as I couldn’t work on things I was passionate about and where I could see room for development in the previous year as a final year student. Covid planning carried on into the academic year and throughout, we nearly had it going in December and all the extensive planning we were going to see an end result however the second lockdown hit us and again we were back at square one. At this point I know we wouldn’t be having a Varsity and Sport Dinner which were two events I was so excited to plan and deliver on and ultimately, I was disappointed for our students!

Therefore, I decided to try and make the most of my sabbatical year and started getting involved in more campaigns and working with the wider university on issues important to our student body. Here are some of the campaigns I am most proud of this year:

Hidden Disabilities Sunflower Scheme

I have worked this year alongside Student Services to introduce the sunflower scheme at St Mary’s. The sunflower lanyards, wristbands and pin badges provide a discreet way for students to indicate they have a hidden disability and may need additional support, help or a little more time. The products are available from the SU Office, Student Services, Main Reception, HR and Registry. Alongside this a successful week of hidden disability events were run by student services in conjunction with the myself to aid the launch of the sunflower on campus.

SIMMIE Girls Can

Alongside Sport St Marys I ran the annual Simmie Girls Can events celebrating its 5th birthday this year. The campaign aims to highlight female participation in sport and physical activity, facilitating additional opportunities for students and staff to be active, and help motivate individuals to lead a healthier, more active lifestyle. We had great success in engaging our female population through this campaign in this year and it was even more important this year to help support the health and wellbeing of our students and staff.

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Introduction of the Student Engagement Fund

It was great to announce to the students this year the launch of the Student Engagement fund in partnership with Widening Participation. This fund was created as a result of student’s feedback and cost being a barrier to them participating in sport and physical activity. The fund ensures students can engage further in activities such as the gym, sports teams, required DBS checks and much further. I have been working on this over the past few months and feel very proud to leave this legacy behind me.

Period Poverty Campaign

I am so pleased the University has recognised this as an important campaign as I was so passionate alongside Niamh (Education President) about addressing this issue from the very moment we stepped into office. It’s great the university has recognised our work and are now committed to supporting our students and their periods for the future.

To summarise, this year had a many positives experiences however I do think I as a sport sabbatical officer covid had changed my role the most. Ultimately, I wasn’t able to have the Sabb year I had wanted.

Niamh Moore: End of Year Report

Working at SMSU as a sabbatical officer was something I always wanted to do since seeing Jess Carey and Conall Baxter in these positions in my first year of University. Is it what I expected? No, absolutely not. Did I enjoy it? There were ups and downs but it is an opportunity I will never forget.

Beginning in SMSU June 2020, I felt I was able to jump straight into the role. My degree prepared me well for the large amounts of reports I have written, I spent a lot of hours in the SU in my second year as Gaelic President completing accreditation with the support of Liam Burnett and Aly Hughes. I also sat on boards such as the board for equality and inclusion as well as the student engagement committee so had begun to form relationships with future colleagues before starting this role.

Starting this role was difficult from Ireland, and like all staff I am sure, would have rather been in the office, however this was not possible due to COVID-19. From the get-go, I engaged in all aspects of my remit and often get involved in other areas also. I worked hard to create a Black History Month Campaign, LGBTQ+ History Month Campaign and Sexual Assault Awareness Campaign. I found myself having to undertake these campaigns due to the Student Life President not showing up for work continuously.

I was particularly involved with the Black, Asian and Minority Ethnic Student Network and worked closely with them to address the concerns of students who had come forward to them. The network ran a launch event during Black History Month, and we jointly held an open forum for students to come speak about their experiences. Whilst we had plans to hold another forum before the end of the academic year, this did not happen as the network was keen to sort other important topics.

I was grateful to be able to complete several my manifesto points including introducing additional power points around the university, introducing an anonymous reporting system as well as working on diversifying the curriculum. Both these final points will need to be

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continued to be worked on, however I have high hopes that the incoming sabbatical officers will take this on.

I would like to express my sincere thanks to James Turnbull, who stepped into the CEO position during a time when there were so many changes happening within the student union. It is absolutely not an easy task to oversee the finances, staff and sabbatical officer and I have nothing but the utmost praise for him.

I hope to see the Union move in a direction of leading the University in areas of social change and I believe we are on the right path to do so. We must continue to look at areas of inequalities within our University community (and beyond) and reviewing the roles of our sabbatical officers is a great place to begin this. I hope that within this review there will be an opportunity to consider the role of chairs for underrepresented groups and further encourage such individuals to run for sabbatical positions. I wholeheartedly believe the area of Equality, Diversity and Inclusion should be strong focus of all areas of our work and hope this will only continue to grow.

I wish nothing but the best for the entire SMSU team and Board of Trustees, which hopefully one day I will return too!

Go Raibh Mile Maith Agat, Niamh

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TRUSTEES REPORT 2020/21

The Trustees present their annual report together with the audited financial statements of St Mary’s Students’ Union (SMSU) for the period 1 August 2020 – 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Organisational Structure and Decision Making

SMSU is a registered incorporated charity under the Charities Act 2011. The ‘membership’ of SMSU is all students of St Mary’s University.

SMSU’s principal governing document is its Articles of Association, agreed by the members of SMSU via Annual General Meeting and reviewed on an annual basis. Copies of the Articles of Association (and Byelaws) are available from the offices of SMSU and also via the ‘Documents’ section of the charity’s website (www.stmaryssu.co.uk).

The Trustee Board is made up of 3 Officer Trustees, 2 Student Trustees, and 3 External Trustees. Officer Trustees are elected by a secret ballot of all members of SMSU and take office for one academic year. In order to stand for election as an Officer Trustee, candidates must be members of the Students’ Union. Student Trustees are appointed by application to, and interview by the Appointments Committee. External Trustees are appointed by application to the Appointments Committee. The Appointments Committee is made up of two Officer Trustees, the SU CEO, one External Trustee, and a staff member from St Mary’s University (usually the University-nominated External Trustee).

The experiences and expertise held by the External Trustees in the areas of finance and audit, higher education policy and enterprise provides risk management and continuity. The Trustee Board structure also includes two appointed Student Trustees to improve the voice of students at SMSU on the board.

The Officer Trustee roles are remunerated as authorised by the Education Acts and cannot exceed two years duration (after re-election) for each post holder. Officer Trustees are required to take a ‘sabbatical year’ away from their studies (or straight after studies) and are paid by SMSU during this period. The Officer Trustees undergo a formal process of induction and training on taking up their post. This is organised by the staff of SMSU and utilises external training providers as well as the National Union of Students and staff from St Mary’s University. This year, this training was more comprehensive and included a large variety of topics including ‘Understanding Privilege’, ‘Finance for Trustees’ and ‘Running Successful Campaigns.

The Officer Trustees are held to account by a democratic structure which provides a variety of opportunities to hear the student voice. Within the Democracy Review that took place last year, it was established that going forward, there would be a network of Zone Committees and Forums to increase the opportunities for students to scrutinise the work of the Officer Trustees, in a more nuanced way. Firstly, the Education Zone provides students with the opportunity to specifically scrutinise the Education President. The Sport Zone provides students with the opportunity to specifically scrutinise the Sport President. The Societies Zone and the Student Life Forum will both offer students the opportunity to scrutinise the Student Life President. All

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four of the Zone meetings were planned to meet three times per year and also provide students with the chance to raise motions and debate about these specific areas of student life. However, what was found this year was that students weren’t always receptive to attending forums and committees as it was such a new process. As such, the Sports Zone and Societies Zone in semester one were attended by students with relatively good attendance, however we struggled to generate student attendance at the other Zone and forum meetings. Once the Covid-19 situation arose and led us into lockdown, this compounded this issue and the Zone meetings were unable to take place in the second semester. In the upcoming year, there is a plan to coordinate these meetings virtually, something that we did not have the capacity to facilitate quickly in semester two of this year.

The Trustee Board delegate the day to day operations of the charity to the CEO who works alongside the Officer Trustees and operational staff team to ensure the charity meets the requirements of its charitable objects.

b. Risk Management

The major strategic, business and operational risks, to which the charity is exposed, as identified by the trustees, are regularly reviewed and systems or procedures put in place to mitigate those risks. Identified operational risks are reported to the Trustee Board and its associated Finance, Audit and Risk Sub-committee at least four times per year.

2020/21 was the third year of the 2018-21 strategic plan. The plan has given some muchneeded direction to SMSU and highlights the three-year vision of SMSU. The four themes of the strategy are;

Procedures are in place to ensure all activities organised by SMSU are compliant with health and safety regulations. An internal University Health and Safety Committee (University Group 6) meets at least three times a year to review that all procedures are being upheld and are adapted as required with changes in law and changes in the organisation so that they continue to meet the needs of the charity. This Health and Safety Group 6 feeds directly into the St Mary’s University Health and Safety Committee, and is chaired by the SMSU CEO. The SMSU CEO also has a seat on the main University Health and Safety Committee.

SMSU’s three Trustee Board sub-committees enable an extra layer of scrutiny of all SMSU strategy and operations by Trustee Board members and staff before approval by the Board. The three sub-committees consist of the following: Finance, Audit and Risk Committee, People and Places Committee and Service Development Committee.

The Officer Trustees attended training from NUS and BUCS. SMSU coordinated a two-week handover period from the previous Officer Trustees to the current Officer Trustee team in June of 2021. This involved handing over ongoing work streams and committee placements within the University, specific meetings with both University and Students’ Union members of staff,

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and team building activities. This helped the new Officer Team to settle into their new roles and also helped maintain stability throughout the changing period.

OBJECTIVES AND ACTIVITIES

a. Strategy, Policies and Objectives

The charitable objectives of SMSU are for the advancement of the education of St Mary’s University students for the public benefit by:

i. promoting the interests and welfare of students at St Mary’s University by providing advice, representation and support during their course of study

ii. being the recognised representative channel between Students and St Mary’s University and any other external bodies; and

iii. providing social, cultural, sporting and recreational activities and forums for the personal development of students at St Mary’s University.

SMSU has an established Strategic Plan with Vision and Values encompassing what our students feel that their Students' Union should do for them. The SMSU Strategic Plan for 20182021 (“Our Plan”) has a mission which is;

‘To support, develop and represent students at St Mary’s Unive rsity; to make the – student experience the best it can possibly be a positive, self-defining era providing a firm foundation for the rest of students’ personal and professional lives’

The SMSU ‘Our Plan’ has five key values which are;

The SMSU ‘Our Plan’ is also organised into four key strategic aims. These themes were developed to reflect the needs of our students and to ensure that the Students’ Union is representative of these needs in everything that it does. The themes are as follows;

Strategic Aim 1: To create an inclusive space for all students

Strategic Aim 2: To be innovative, transparent and relevant

Strategic Aim 3: To provide representative for all

Strategic Aim 4: To be a catalyst for change

SMSU’s ‘Our Plan’ can be found on the SMSU website at www.stmaryssu.co.uk

b. Relationship with St Mary’s University

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SMSU received a Block Grant from St Mary’s University of £388,000 (for the financial year 1 August 2020 – 31 July 2021). The Students’ Union block grant was also inflated to accommodate the uplift necessary in staff salaries. Following confirmation of the block grant allocation and budgeting process, the Trustee Board approved a budget due to end with £31K deficit.

SMSU is continually grateful to the University for the continued use of space within their Estate and support from their HR and Payroll functions to support our staff operations. However, most importantly, SMSU continues to benefit from positive relationships with University staff at all levels. SMSU aspires to make a continued positive contribution to the lives of our members and the campus community, and operates positive relationships with the Sport St Mary’s and Campus Services teams in order to deliver safe sporting and events.

The Students’ Union is considered part of the Student Operations team at St Mary’s University, and as such the CEO works with and receives ongoing support and guidance from the Director of Student Operations, via regular meetings and project work.

c. External Affiliations

There are a number of organisations that SMSU formally affiliates with through the payment of membership fees. These are approved annually at the Annual General Meeting and listed below:

d. How SMSU Achieves Public Benefit

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The Trustees have complied with section 2(1)(b) of the Charities Act 2011 and have had due regard to the Charity Commission guidance on public benefit. In the pursuit of our charitable purpose for the public benefit, SMSU seeks to achieve its charitable objectives in the following ways:

i. The Advancement of Education

SMSU provides a range of support and advice, from individual one-to-one advice and advocacy for our students, to welfare campaigning and academic programme-based representation. SMSU has helped a huge number of students through academic appeals that have meant that they have been able to continue their academic programmes or have achieved a higher grade than they were initially credited with. Following the pilot partnership with Advent Advocacy last year, this year, SMSU further developed this arrangement and doubled the provision available, going from one day per week last year, to two days per week this year. Advent Advocacy is an organization that provides independent mental health advocacy services in a variety of settings, and St Mary’s Students’ Union is proudly the first Students’ Union that embarked on a partnership with Advent Advocacy. This work was rapidly progressed throughout the Coronavirus (Covid-19) lockdown in the latter part of the year, where Advent Advocacy developed online support for students and hosted mental health and wellbeing sessions directly with our sports clubs and societies. This partnership will continue into the 2020/21 year too.

In 2020/21, SMSU continued to coordinate the university wide representative system. SMSU reimagined the training for all Programme Reps to ensure that they were suitably supported to provide the best feedback possible. This involved working in partnership with the University to include further information and guidance for these representatives, including an increased understanding of University committee structures, and a dedicated Careers session to help the Programme Reps to translate the skills gained in their roles on to their CVs and into their graduate careers. This training was also replicated more times than previously, both throughout the day and into the evening to accommodate education students, and online for those that could not attend in person. This was well received and will be continued into the upcoming year. St Mary’s University continues to have student representation on every major committee of the university, via both the Officer Trustees and Programme Reps.

The Education President has worked with the University on a variety of projects to better the educational offer for students, including working on the Timetabling and Induction working groups and taking on a key role in supporting the development and launch of the Teaching and Learning Capture project. Throughout the second semester, the Coronavirus (Covid-19) pandemic led the University to shut for a lockdown. This had a large impact on teaching arrangements for students and the Education President lobbied and worked with the University to ensure that these students would not experience detriment to their grades, attendance, or learning as a result of Coronavirus (Covid-19). A large amount of academic advice was also provided to students when navigating these new policies and the difficult circumstances too.

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ii. The Advancement of Amateur Sport

SMSU has a well-established culture of sporting and recreational engagement. SMSU has 24 different sports clubs encompassing a various range of activities and interests. Over 780 students are supported as members of these groups which are led by student volunteers who are supported centrally by SMSU, in partnership with the University’s Sport St Mary’s department. The Presidents and committees of these groups are elected annually and trained twice, in June and September to give them the best guidance and support possible for their roles. The club committees are given controlled autonomy to direct and lead activities; gaining employability skills and experience. This year, due to Coronavirus (Covid-19), the latter part of the year experienced national issues in needing to halt leagues and pause sport, however thankfully the students had already completed most of their competitions for the year when this occurred. The Sport President worked closely with the Sport St Mary’s department to develop a more comprehensive elections process for our committee members, which we were able to partially put in place however will come to fruition more entirely in the upcoming year. SMSU has from 01/08/21 handed student activities over to the university.

iii. The Advancement of Community and Citizenship

SMSU provides approximately 25 active societies to St Mary’s University students including cultural, religious and course related societies. The number of societies increased this year, with more demand from students for more societies. The societies are active, providing regular networks and events for their membership. SMSU also builds marketing and sponsorship links with local independent businesses which mutually benefits students and the local economy. SMSU liaises with the local police and local residents to ensure that the Borough of Richmond remains a safe, pleasant place for students and residents to co-reside. Due to the Coronavirus (Covid-19) ongoing situation, some societies activity was paused in semester two, however there was still good online engagement with their memberships and there is hope that many will continue next year.

OVERVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

In 2020/21, SMSU developed the charity and had many achievements in accordance with the Strategic Plan (‘Our Plan’) 2018-21. Activities and achievements are highlighted below and are listed in relation to Strategic Aims.

a. Strategic Aim 1: To create an inclusive space for all students

Home Comforts Café

SMSU received feedback in previous years from students around the lack of non-drinking social spaces on campus. SMSU continued to host ‘Home Comforts Café’ in collaboration with the Chaplaincy this year, to provide students with a social space to play games, drink tea and coffee, chat and watch films. Home Comforts Café occurred regularly throughout the year and proved to be popular with students living in Halls. This activity is being reimagined in the upcoming year, to incorporate a wider remit of activities in a different format, in response to varying student demand.

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Commuter Lounge:

In the previous year, the Officer Trustees campaigned for, and secured the creation of a Commuter Lounge for students living offsite. This was opened this year, to a great reception from students. The Commuter Lounge is used by a large variety of students, for relaxing, making hot drinks, eating meals, and storing bulky items in lockers.

Development of Societies

This year, student societies fall into the role of the Student Life President role. This move meant that the Students’ Union had a renewed focus on societies development and activity, and this helped to grow the number of societies from 20 last year, to 27 at one point this year. There were over 308 members engaged with Societies this year which is hoped to increase further, especially with the need for community building as a result of Coronavirus (Covid-19) restrictions in the upcoming year, and societies meetings being able to be virtual online. Our largest society was the International Students Society, which was great to see as we have a rapidly growing international student demographic.

This year, the Societies Awards event was developed by the Student Life President, who noted that as it had been free to students in previous years it had been quite lowkey and not always well attend. The event was planned to have a small fee associated for tickets, which allowed us to book a larger venue with catering and purchase awards for the winners. Unfortunately Coronavirus (Covid-19) meant these plans had to be cancelled, however an online alternative was hosted, which students appreciated in the current climate.

b. Strategic Aim 2: To be innovative, transparent and relevant

Community Partnership Committee

The Student Life President and CEO are all members of the Strawberry Hill Residents Association which is coordinated by the University in tandem with the local community and meets regularly to provide a forum for discussion and development. The committee continues to be a forum to enable the strengthening of the relationship between students and residents within the local community.

Summer Ball:

The Summer Ball is the end of year event planned annually for all students to celebrate their successes of the year, and for those graduating to have one last celebration before they leave. This year’s event was planned to be inclusive of feedback from the previous year however could not go ahead due to the Coronavirus (Covid-19) pandemic.

At Home Together

As a result of the Coronavirus (Covid-19) pandemic and changes needed to working patterns because of this, the marketing team within the Students’ Union developed the “At Home Together” campaign. “At Home Together” covers a wide scope of activities and material and amplified the SMSU digital community to replace the physical office support environment as much as possible, the results of which were tremendously positive. There

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was huge variety in the digital events, including Netflix ‘watch-a-longs’, Instagram Talent Shows, ‘Ask a Sabb’ on Instagram and Zoom, ‘Are You Smarter Than A Lecturer?’ quizzes and lots more. The activities were both supportive and fun, and the feedback was overwhelmingly positive from both the student community and the University’s senior management.

Comparatively in the sector, SMSU carved a clear and defiant path early on in the lockdown, and whereas lots of Students’ Unions were also doing some events, lots did not have such a developed brand for this work.

c. Strategic Aim 3: To provide representation for all

Democracy and Student Voice

The Officer Trustee Elections occurred throughout the weeks of 2 March to 13 March 2021. The Elections included six candidates for three positions, and two of the three Officer Trustee posts were contested. There were two female and four male candidates, or which two candidates were international. There were 4010 votes cast by 1392 individual students.

Advice and Advocacy

The Education President has supported and advised a large number of students in 20/21 who have had academic or welfare related issues. Issues have included academic misconduct allegations (including plagiarism, cheating and academic fraud), bullying allegations, complaints about university services and behavioural misconduct allegations. SMSU continued the partnership with Advent Advocacy, an organisation which provides mental health advocacy to individuals. This service has been well received by the student body.

Student Representation on University Committees

The Education President, Sport President and the Student Life President represented all students at St Mary’s via attending over 40 university committees and groups. These include Board of Governors, Academic Development Committee, Academic Board, Senior Management Team Meeting, Faculty Academic Development Committee, Health and Safety Sub-Committee, and various Project Boards for projects that impact on students. Students’ Union staff representatives are also members of various working groups throughout the university. The Students’ Union representatives ensure that all decisions made at all levels of the university are for the benefit of students.

Changes as a result of membership of university committees include:

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d. Strategic Aim 4: To be a catalyst for change

RAG and Fundraising

Various fundraising events were hosted throughout the year, both centrally by the Students’ Union and by individual clubs and societies. Due to the changes made to RAG to include all fundraising conducted by students within the recorded fundraising totals, this year SMSU recorded approximately £6,000 in fundraising for various charities, a new high for the Union.

Marketing and Communications

SMSU works hard to ensure that all event, activities and operations are inclusive, innovative and consistently develop. A considerable amount of progress has been made on measuring impact, and to date outcomes and impact include:

Impact Reporting

The Marketing and Communications Manager creates regular impact reports to ascertain which students are attending our events and engaging with our activities. This data informs the progression of these activities to make sure that SMSU is consistently relevant to its membership. Student numbers are taken for all events to determine this information.

Media Sales and Advertising

SMSU continued to manage its own income stream via advertising and media sales. In the second year of providing this service to external companies – especially targeting local, independent businesses.

Overview of Varsity and Sports Dinner:

Varsity and Sports Dinner are two very well attended events in our events calendar, and this year a significant amount of work was conducted to develop these events even further. Unfortunately, due to the Coronavirus (Covid-19) outbreak, both of these events could not go ahead, however there were some key developments worth highlighting that would have taken place, including:

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The Sports Awards Dinner was planned to take place at Twickenham Stoop however when it was cancelled, it was instead delivered as a virtual event. The Students’ Union worked with the University Marketing team to approach and secure Kate Shanahan, St Mary’s alumni and BBC Sport and Premier League journalist to host the event, which was extremely well received by students.

Coronavirus (Covid-19) Impact

The Coronavirus (Covid-19) pandemic had a significant impact on the Students’ Union, as it did for individuals and businesses all over the globe. For SMSU, we rely on campus-based, community engagement for our members and the pandemic meant that this quickly had to change.

The most visible change to our membership was the move entirely online for enquiries and operational delivery. However, this was quickly adopted and adapted to well via an initiative developed by the marketing team names ‘At Home Together’. This campaign adopted a variety of activities including wellbeing support, online activities, information and signposting, and opportunities to hear the student voice, in order to ensure that the membership were aware that SMSU were still relevant and working for them. The engagement with this initiative was good and the project was well-received by both the membership and key stakeholders. The pandemic also meant that key commercial events needed to be cancelled, including Freshers week, Varsity, Sports and Societies Awards Dinners, and Summer Ball. This was disappointing for both our members and our staff team who had. The main losses have been a lack of income from these events, however due to the cancellation of student sports fixtures and therefore less expenditure on this operation, the SMSU financial year has ended in surplus rather than deficit.

In terms of infrastructure, the main impact of the pandemic has been ensuring that our processes can all be conducted online, if they were not already conducted as such. There were minor teething problems with this however all processes can now sufficiently be managed without the need for physical presence on campus. The staff team returned to the office with a reduced capacity at the beginning of June and continue to do so to ensure that members living onsite are sufficiently supported.

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FINANCIAL REVIEW

Overview

St Mary’s Students’ Unions’ (“SMSU”) gross income from all sources during the financial year 2019/20 totalled £433,528 (2019/20: £629,012) and total expenditure was £380,591 (2019/20: £574,931). Income is generated from a wide-range of membership services, as well as revenue generating commercial services such marketing/advertising sales.

Staff salaries fallen by £19,949 to £253,758 in 2021.

Total funds carried forward at 31 July 2021 are £296,488 (2019/20: £243,551) of which £266,791 (2019/20: £214,166) is unrestricted funds and £29,697 (2019/20: £29,385) is restricted funds (sports clubs and societies accounts).

Future Funding

SMSU continues to be supported financially by St Mary’s University via a ‘Block Grant’ to aid operations and new projects. SMSU has a Block Grant of £398,000 for 2021/22 .

Going Concern

St Mary’s University will continue to provide financial support to St Mary’s University Students’ Union so as to ensure that it has sufficient funds continue to operate effectively for the foreseeable future.

16

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2021

Reserves Policy

As a professional, charitable organisation, St Marys’ University Students’ Union (SMSU hereafter) believes it is important that a certain amount of unspent income should be held in reserve. As a ‘not for profit’ organisation, it is SMSU’s aim that the majority of income should be returned to the membership in the form of the representation, commercial services, development opportunities.

SMSU have to be realistic when planning for the future and safeguarding the organisation and have identified a range of finance related strengths, weaknesses, opportunities and threats which may occur over the next three years.

Strengths: Event sales, communications and advertising of events, more efficient financial processes, financial training for officers and staff, fully functional Trustee Board and subcommittees.

Weaknesses: Small team, current limited access to external funding, location of commercial services (visibility).

Opportunities: Source marketing revenue internally, good working relationships with event organisers and talent management companies (for events), development of J Block (Student Centre) – possible increased footfall.

Threats: Cost of living in London increasing, decrease in access to student funding, decrease in student availability to attend events, end of current website contract, rising expectations of students in relation to service provision.

POLICY: The reserve would ensure a level of sustainability should any unforeseen circumstance occur which would affect the organisation financially, invest in resources and/or capital projects, or if the charity, SMSU should need to dissolve. It is prudent for SMSU to budget to create a small surplus each year to ensure that the charity is firstly, prepared for unforeseen circumstances, and secondly, to invest in the development of the organisation. This is a principle that SMSU expects to continue into the future.

This policy explains how much money we aim to hold in our reserves, why SMSU would require holding this level, and how this policy will be reviewed.

1. Usage: holding reserve

1.1 As a charity, it is expected that SMSU should use all of its income to benefit members. It is also clear that sensible planning for mitigating risk and future development is important. Therefore, cash should only be kept in reserve for the following specific reasons only:

1.1.1 Approximately three months operational costs should be held in reserves in case of a major (unforeseen) issues

1.1.2 Once the lower limit has been achieved, SMSU may invest any funds over the lower limit in capital investment and/or resourcing (via agreement of the Trustee Board)

1.1.3 Reserves can be used (via agreement of the Trustee Board) to fund special or specific projects/resources (which are time sensitive) and would see a long term benefit to the charity and/or its members.

17

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2021

2. Level of reserve

2.1 SMSU believes that an aim of a lower limit of unspent income held in reserves should be £110,000 . This amount of money provides SMSU with approximately 90 days of essential spending (based on staffing and overheads).

3. Capital investment and resourcing

3.1 All capital expenditure over the cost of £5000 will require sign off by the SMSU Trustee Board. Capital expenditure or major equipment purchases can only be agreed when the Trustee Board are in agreement that the investment has a long term benefit to the charity and/or its members.

4. Arrangements for reviewing this policy

4.1 This policy can be reviewed at any time should the chair of the Trustee Board receive official notice from either two Trustees, or by mandate by members of the SU Council. The policy should be an agenda item on the first meeting of the Trustee Board each year to agree. The policy should be officially reviewed by the Finance, Audit and Risk Committee every three academic years – making the next review date no later than September 2022.

Currently, SMSU’s free reserves (unrestricted funds not representing tangible fixed assets) amount to £266,791 (2019/20: £213,918) which is in accordance with the plan outlined above.

18

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2021

TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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

Approved by the Trustees on and signed on their behalf by:

Trustee

Date:

19

REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 JULY 2021 TO THE MEMBERS OF ST MARY’S STUDENTS’ UNION

Opinion

We have audited the financial statements of St Mary’s Students’ Union (the ‘charitable company’) for the year ended 31 July 2021 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 for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

20

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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 19, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that

21

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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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,

22

so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.

Simon Goodridge Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD

23

ST MARY’S STUDENTS’ UNION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2021

Notes
INCOME AND ENDOWMENTS FROM
Grants and Donations
1
Charitable activities
2
Other trading activities
3
Investments
4
TOTAL
EXPENDITURE ON
Raising funds
5
Charitable activities
6
TOTAL
NET INCOME / (EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
Reconciliation of funds:
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Funds
2021
Restricted
Funds
2021
Total
2021
Unrestricted
Funds
2020
Restricted
Funds
2020
Total
2020
£
£
£
£
£
£
406,967
-
406,967
416,000
-
416,000
22,829
1,622
24,451
130,781
30,897
161,678
2,108
-
2,108
51,205
-
51,205
2
-
2
129
-
129
431,906
1,622
433,528
598,115
30,897
629,012
2,769
-
2,769
10,614
-
10,614
376,512
1,310
377,822
534,746
29,572
564,318
379,281
1,310
380,591
545,360
29,572
574,932
52,625
312
52,937
52,755
1,325
54,080
-
-
-
(1,421)
1,421
-
52,625
312
52,937
51,334
2,746
54,080
214,166
29,385
243,551
162,832
26,639
189,471
266,791
29,697
296,488
214,166
29,385
243,551

All activities reported above represent continuing activities.

The notes form part of these financial statements

24

ST MARY’S STUDENTS’ UNION BALANCE SHEET AS AT 31 JULY 2021

Notes
FIXED ASSETS
Tangible Assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
Total Current Assets
LIABILITIES
Creditors : Amounts falling due within
one year
12
NET CURRENT ASSETS
TOTAL NET ASSETS
14
FUNDS
Unrestricted General Fund
13
Restricted Funds
13
TOTAL FUNDS		 2021
£
£
-
34,200
594,854
629,054


(332,566)
296,488
296,488
266,791
29,697
296,488		 2020
£
£
248
31,394
560,978
592,372


(349,069)
243,303
243,551
214,166
29,385
243,551		 2020
£
£
248
31,394
560,978
592,372


(349,069)
243,303
243,551
214,166
29,385
243,551
243,551
214,166
29,385
243,551

The notes form part of these financial statements

The financial statements were approved by the Board of Trustees and signed on its behalf by:

Trustee

Date:

Registered Company Number: 10780795

25

ST MARY’S STUDENTS’ UNION STATEMENT OF CASH FLOWS YEAR ENDED 31 JULY 2021

2021 2020
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash flows provided by (used in) operating activities 33,874 292,444
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments 2 129
Net cash provided by (used in) investing activities 2 129
NET CHANGE IN CASH AND CASH EQUIVALENTS 33,876 292,573
Cash and cash equivalents at the start of the year 560,978 268,405
Cash and cash equivalents at the end of the year 594,854 560,978
RECONCILIATION OF OPERATING SURPLUS TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
2020 2019
£ £
Net income/(expenditure) for the financial year 52,937 54,080
Adjustments for:
Depreciation charge 248 540
Dividends, interest and rents from investments (2) (129)
(Increase)/decrease in debtors (2,806) (5,546)
Increase/(decrease) in creditors (16,503) 243,499
Net cash provided by (used in) operating activities 33,874 292,444
A) Components of cash and cash equivalents
Cash at bank and in hand 594,854 560,978
B) Analysis of changes in net debt
Cash and Cash Equivalents
At		 1 August
2020		 Cashflows
Non-Cash
Changes		 At 31 July
2021
Cash 560,978 33,876 - 594,854

26

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

PRINCIPAL ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and with the Statement of Recommended Practice “Accounting and reporting by Charities” (SORP FRS 102 second edition - effective 1 January 2019) in all material respects. The charity meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. As detailed in note 17, in forming this opinion, they have considered the impact of the COVID-19 pandemic on both its income and expenditure for at least a period of twelve months from the date of approval of these financial statements.

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Funds structure

Restricted funds are funds which are to be used for specific restrictions applied by the donors.

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the Student Union’s objectives

Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. Income that must be expended in accordance with the requirements of the donor is included as restricted income. Income generated by sports and social clubs is accounted for as restricted income. Relevant expenditure is charged against the resultant restricted fund.

Intangible income and gifts in kind are recognised to the extent that another party has borne the cost and the benefit is quantifiable on a normal commercial basis. The rent free accommodation provided by the University is difficult to quantify and has therefore not been recognized as income in the accounts. The value of services provided by volunteers is not incorporated into these financial statements. Details of the contribution made by volunteers can be found in the Trustees’ report.

Income from charitable trading activities

27

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

Income from charitable trading activities represents invoiced amounts excluding VAT. Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of raising funds

Costs of raising funds are those costs incurred in undertaking functions or events the primary purpose of which is to raise funds for the Union

Charitable activities

Charitable expenditure comprises those costs incurred in the delivery of the charity’s activities and services. It includes both the direct and non-direct costs and support costs relating to those activities.

Tangible fixed assets

Tangible fixed assets are capitalised and accounted for at historic cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Basis of funding

The Students’ Union is funded primarily by an annual grant from St. Mary’s University.

Deficits and surpluses arising on Students' Union activities are carried forward and taken into account in considering levels of grant for the following year.

1. INCOME FROM GRANTS AND DONATIONS

Unrestricted Funds
Block Grant from St Mary’s University
Additional Funding		 2021
£
405,000
1,967
406,967		 2020
£
408,500
7,500
416,000

The University also provides the Union with rent free serviced accommodation. The value of this in-kind benefit has not been valued and included in the accounts.

28

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

2. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted:
Shop sales
Rag Week
AU Dinner
Sports Clubs
Launderette income
Marketing
Refreshers Week
Miscellaneous
Restricted:
Sports clubs
Social clubs
3.INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted:
Freshers’ Week
4. INCOME FROM INVESTMENTS
Unrestricted:
Bank Interest receivable
5. EXPENDITURE ON RAISING FUNDS
Unrestricted:
Official Functions		 2021
£
6,204
554
-
-
7,611
2,423
-
6,037
22,829
434
1,188
1,622
24,451
2021
£
2,108
2,108
2021
£
2
2
2021
£
2,769
2,769		 2020
£
1,827
2,483
12,628
91,026
6,561
5,528
5,173
5,555
130,781
26,856
4,041
30,897
161,678
2020
£
51,205
51,205
2020
£
129
129
2020
£
10,614
10,614

29

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted:
Salaries, national insurance and pensions
Shop cost of sales
Official functions
Security
Depreciation
NUS Levy and external relations
Sports clubs
Legal and Professional
Administration
Irrecoverable VAT
Auditors remuneration
Refund for Cancelled Event
Restricted
Sports clubs
Social clubs		 2021
£
262,706
147
8,032
-
248
16,885
2,305
24,231
33,248
30,820
10,140
(12,250)
376,512
641
669
£377,822		 2020
£
275,129
(3,874)
31,481
1,385
540
30,378
108,599
-
42,129
36,783
12,196
-
534,746
26,385
3,186
£564,317
7.STAFF COSTS AND REMUNERATION
The aggregate payroll costs were:
Wages and salaries
National insurance costs
Pension contributions		 2021
£
220,756
21,098
11,904
£253,758		 2020
£
238,783
22,014
12,910
£273,707

The staff are all employees of St Mary’s University, who are seconded to work for the Students’ Union. During the year staff members were furloughed under the Government Job Retention Scheme (JRS). The above figures are the amounts charged to the Students’ Union after deduction of the government JRS grant of £1,071 (2020: £11,123).

Average number of staff Number
Number
5
8

In addition to the number of employees, 3 members of sabbatical staff were employed (2020: 3) The number of employees earning more than £60,000 a year was nil (2020: Nil). The sabbatical officers were paid the following remuneration in accordance with clause 44 of the SMSU Constitution:

Students’ Union President Salary
Vice President Sports and Societies Salary
Vice President Community Salary		 2021
2020
£
£
20,214
19,750
20,214
19,750
20,214
19,750
£60,642
£59,250

30

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

In addition, the Union paid £2,000 towards the accommodation costs of each sabbatical officer (2020: £2,000). No trustee expenses were reimbursed during the current or prior year.

With the exception of the sabbatical officers, no trustees received or waived any emoluments during the year.

8. KEY MANAGEMENT PERSONNEL

The key management personnel of the Union are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director of the entity. They comprise the CEO, Finance and Business Development Manager, Marketing and Communications Manager and Officer Trustees. In 20/21, the Finance and Business Development Manager acted as interim CEO to cover maternity leave. The total employee benefits, including employer pension contributions of the key management personnel amounted to £134,468 (2020: £189,832).

9. TAXATION

St Mary’s Students’ Union is a charity and is able to take advantage of the exemptions available to charities from income tax and capital gains tax provided such income or gains are applied exclusively to charitable purposes.

No tax charge arose during the year.

10. TANGIBLE FIXED ASSETS

Cost
As at 1 August 2020
At 31 July 2021
Accumulated Depreciation
As at 1 August 2020
Charge for the year
At 31 July 2021
Net Book Value 31 July 2021
Net Book Value 31 July 2020		 Office
Equipment
£
9,759
9,759
9,511
248
9,759
-
248		 Total
£
9,759
9,759
9,511
248
9,759
-
248

31

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

11. DEBTORS
St Mary’s University
Prepayments
VAT Recoverable
12.CREDITORS
Amounts falling due within one year
Trade Creditors
St Mary’s University
Accruals and Deferred Income
Other Creditors		 2021
£
10,732
1,440
22,028
34,200
2021
£
449
307,148
23,967
1,002
332,566		 2020
£
8,532
1,046
21,816
31,394
2020
£
10,902
329,937
8,000
230
349,069

13. MOVEMENT ON FUNDS

Restricted funds
Sports clubs
Social clubs
Unrestricted funds
General funds		 Brought
Forward
Incoming
resources
Outgoing
resources
Transfer
between
funds
Carried
Forward
£
£
£
£
£
16,234
434
(641)
-
16,027
13,151
1,188
(669)
-
13,670
29,385
1,622
(1,310)
-
29,697
214,166
431,906
(379,281)
-
266,791
243,551
433,528
(380,591)
-
296,488

Purpose of restricted funds:

Within the Students’ Union there exists a number of Sports and Social clubs which receive a grant from the Students’ Union, raise their own membership subscriptions and carry out their own activities. At the year end, all overspends are reimbursed from unrestricted funds, and all underspends of the Student Union’s grant are restricted for the Club to be used in the next year. The transfers in 2019/20 related to a net overspend in Sports Clubs, and a net underspend in Social Clubs. Restricted funds remaining to be carried forward represent unspent income raised directly by each society or club which has not been spent by the year end. At the beginning of 2021/22, these balances were transferred to St Mary’s University. Further detail is given in Note 18.

32

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

Grants may also be provided to benefit student development in instances where beneficial activities are not performed as part of a club or society.

Prior year

Restricted funds
Sports clubs
Social clubs
Unrestricted funds
General funds		 Brought
Forward
2020
Incoming
resources
2020
Outgoing
resources
2020
Transfer
between
funds
Carried
Forward
2020
£
£
£
£
£
15,019
26,856
(26,386)
745
16,234
11,620
4,041
(3,186)
676
13,151
26,639
30,897
(29,572)
1,421
29,385
162,832
598,115
(545,360)
(1,421)
214,166
189,471
629,012
(574,931)
-
243,551

14. ANALYSIS OF NET ASSETS

Tangible fixed assets
Current assets
Current liabilities
Total
Prior year
Tangible fixed assets
Current assets
Current liabilities
Total		 Unrestricted
Restricted
Total
£
£
£
-
-
-
599,357
29,697
629,054
(332,566)
-
(332,566)
266,791
29,697
296,488
Unrestricted
2020
Restricted
2020
Total
2020
£
£
£
248
-
248
562,987
29,385
592,372
(349,069)
-
(349,069)
214,166
29,385
243,551

15. MEMBERS LIABILITY

The company is limited by guarantee and has no share capital. The liability of each company law member in the event of winding up is limited to £1.

33

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

16. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2020: nil).

17. IMPACT OF COVID-19 PANDEMIC

The Trustees anticipate that the COVID-19 outbreak in February 2020 and the subsequent events will have a long-term impact on the Charity's incoming resources and resources expended in the coming years and on the fair value of its assets and liabilities. They have considered the likely impact on its incoming resources and how the charity can react to that impact and are confident that it has sufficient reserves and enough flexibility to ensure that it can continue to exist for the foreseeable future.

18. POST BALANCE SHEET EVENT

Included in restricted funds at the year end is the Sports Club balance, which represents unspent income raised directly by each sports club which has not yet been spent. On 1[st] August 2021, this balance was transferred to St Mary’s University, Twickenham who will now administer these funds on behalf of the students.

34