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ot Mary’s University

ST MARY’S STUDENTS’ UNION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD 1 AUGUST 2023 — 31 JULY 2024

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

Reference and Administration Details	Page 1
Officer Trustee Team Report	Page 2
Trustees’ Report	Page 5
Statement of Trustees Responsibilities	Page 13
Independent Auditor's Report	Page 14
Statement of Financial Activities	Page 18
Balance Sheet	Page 19
Statement of Cash Flows	Page 20
NotestotheFinancialStatements	Page21

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

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 Pic, 69 Pall Mall, London SW1 5EY

Auditors: Knox Cropper LLP, 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 July 2023 to 30 June 2024

to hold office from 1 July 2023 to 30 June 2024
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	Appointments
Committee of St Mary’s Students’ Union. Student Trustees are appointed to	office from	1
August 2023 to 31st July 2024.
Board Members 2023/24	Position/Title Heid
Mr George Chaplin _ Education President/Officer Trustee
‘MissCaitlinFinn st~S~S~S™Student Life President/OfficerTrustee (Chair)
Mx Locke Bell	Student Trustee
Mr Roger Clark	External Trustee Mrs LauraQuinn-Willis External Tusiee SSCS
	Miss Kaitlin Youens-Brown Student Trustee
The Board for 2024/25, are as follows:
Miss Shelley Carey Education President/Officer Trustee
Mr DavidJames	Student Life President/Officer Trustee (Chair)
Mix Locke Bell [SudentTastee
Mr Roger Clark External Trustee
MrsLauraQuinn-Willis	ExternalTrustee

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 2023 to 31st July 2024.

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

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 2023/24, the SMSU senior team were as follows:

James Turnbull Chief Executive Officer Sarah Redman Membership Services Manager

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

Officer Trustee Team Report 2023/24

George Chaplin : End of Year Report

Thank you for taking the time to read our annual review. It's been another busy year for SMSU

We've expanded to strengthen student voice, welcoming 4 new vice-presidents and 7 subject chairs. We’ve also recruited and trained a record number of course reps. We stepped up to support our students with unprecedented financial pressures, launching our “SU pantry’, a new cost-of-living hub and administering a new transport hardship fund. We've also grown our Advice Service, providing independent and professional advice and support when students need it most. Serving the students of St Mary’s for the last two years nas been a huge honour. | wish Shelley and David the very best of luck as they enter their roles next year.

Caitlin Finn: End of Year Report

| can't believe my second year as SLP is coming to an end. i have thoroughly enjoyed my time as a President and am so proud of everything we have accomplished, individually and as a team.

Highlights include attending WonkHE's Secret Life of Students, working with estates to design the new SU Bar, and collaborating with staff from all university areas to improve the student experience.

This year, | prioritised fundraising, wellbeing, inclusion, and the visibility of SMSU and other support services.

None of what we do as presidents could be accomplished without the amazing staff team at SMSU, so | would like to say a massive thank you to James, Sarah, Maryam, Jordan, Matt, Hayden and Jack for everything they do behind the scenes. Finally, | have the immense pleasure of handing overto David James, who | am sure will be a fabulous Student Life President. Good luck David!

In September, many of our training sessions took place. George and Jordan delivered training for subject chairs, which included mental health training. We also delivered a session at SSR training around what SMSU is and about the relationship we expected to have with those students.

| worked with Sports St Mary’s to deliver Sports Club Committee Training. | discussed fundraising, the work that SMSU does, and with the help of Matt Doyle delivered Bystander and Sexual Assault and Harassment training.

George and | worked together on Simmie Safety Week. In Simmie Safety Week, we hosted an awareness campaign around campus and collecting survey responses on student safety.

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

Random Acts of Kindness (RAK) Week — 27 February - 3 March. To encourage students to show kindness in everyday life, something St Mary’s is brilliant at anyway, we organised and set up a ‘Compliment box’ where students could submit a compliment or positive message for other students/staff. This year, staff who received a compliment card were presented with a mug from SMSU. We received nearly 200 compliments!

| was so grateful to be afforded the opportunity once again to speak at Spring Graduations. It was fabulous to see, and be involved in, another celebration of our Simmies.

Ramadan Unity Fast - In collaboration with a small group of students, we organised this wonderful evening as a celebration of unity and alliance with the Muslim community at St Marys, where non- Muslim staff and students were encouraged to fast for one day alongside their Muslim peers, and we all broke the fast together after sundown.

And of course, on 20" March we brought over 500 students to Brunel for Varsity brought the trophy home for the second year in a row! | want to say a massive thank you and well done to all the teams that played on the day. Win, lose or draw, all our wonderful students and staff played a part in making the day as fantastic as it was!

Following the Varsity win, we held Sports Dinner on 229 March at Kempton Park Racecourse. It was a truly wonderful night spent celebrating the successes of our spectacular sports teams and club members.

In May, we launched our annual Big Student Survey, asking students for feedback on SMSU activity and special topics. This year, these were learning resources and student sport.

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

TRUSTEES REPORT 2023/24

The Trustees present their annual report together with the audited financial statements of St Mary’s Students’ Union (SMSU) for the period 1 August 2023 — 31 July 2024.

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 ‘How we work’ section of the charity’s website (www.stmaryssu.co.uk).

The Trustee Board is made up of 2 Officer Trustees, 2 Student Trustees, and 2 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 one Officer Trustees, the SU CEO, one 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 Act 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 Nationa! Union of Students and staff from St Mary’s University.

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 are 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.

In 2022, SMSU developed a new strategy for 2022-25 which took effect form 1% August 2022. The new strategy outlines four key priorities:

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT YEAR ENDED 31 JULY 2024

e Growing student representation so that we are on the pulse of student opinion, enabling students to shape their experience whilst realising their full potential
e Building our student communities so that every student can make meaningful connections throughout their university experience
e Supporting student wellbeing so that all students have access to the right support whenever they need it
e Being a proactive partner of the University ensuring that the student experience is always put first by being a critical friend of the University

We also introduced a new vision and mission:

Our vision: A university experience where every student gets the best out of their time at St Mary’s and beyond.

Our mission: SMSU will be at the heart of a growing inclusive, empowering and supportive community at St Mary’s.

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 Cornmittee and is chaired by the SMSU CEO. The SMSU CEO also has a seat on the main University Health and Safety Committee.

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2024

OBJECTIVES AND ACTIVITIES

a. Strategy, Policies and Objeciives

The charitable cbjectives 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 studenis 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

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

SMSU has an established 2022-25 Strategy with Vision and Values encompassing what our students feel that their Students’ Union should do for them.

The new strategy outlines four key priorities:

e Growing student representation so that we are on the pulse of student opinion, enabling students to shape their experience whilst realising their full potential
¢ Building our student communities so that every student can make meaningful connections throughout their university experience
e Supporting student wellbeing so that all students have access to the right support whenever they need it
e Being a proactive partner of the University ensuring that the student experience is always put first by being a critical friend of the University

We also introduced a new vision, mission and values:

Our vision: A university experience where every student gets the best out of their time at St Mary’s and beyond.

Our mission: SMSU will be at the heart of a growing inclusive, empowering and supportive community at St Mary’s.

Our values: inclusive, collaborative, informed and empowering

b. Relationship with St Mary’s University

SMSU received a Block Grant from St Mary’s University of £404,250 (for the financial year 1 August 2023 — 31 July 2024). The Studenis’ Union block grant was also inflated to accommodate the uplift necessary in staff salaries.

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

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2024

and the campus community, and operates positive relationships with the Sport St Mary’s and Campus Services teams in order to deliver safe 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, Chief Operating Officer as well as the wider university senior leadership team, via regular meetings and project work.

c. How SMSU Achieves Public Benefit

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:

d. 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. SMSU this year has brought in house it’s advice service. In 2023/24 SMSU continued to coordinate the university wide representative system. SMSU reviewed the entire representation system to ensure that course reps were suitably supported to provide the best feedback possible. We have continued Faculty based Subject Chairs, paid student staff who were empowered to progress and escalate course based feedback. All course reps were offered online or in-person training. St Mary’s University continues to have student representation on every major committee of the university, via both the Officer Trustees and Subject Chairs.

e. The Advancement of Community and Citizenship

Societies have grown to 30 affiliated student-led groups covering a range of activities including academic, faith and culture and hobby and special interest. 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.

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2024

OVERVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

Activities and achievements from 2023/24 are highlighted below and are listed in relation to Strategic Aims.

a. Priority 1: growing student representation

Subject Chairs

Introduced four Faculty-based senior academic representatives to collate feedback from their faculty and feed back to University staff.

Campaigns

Launched 13 campaigns across a variety of issues that were important to students. This included Sexual Health and Guidance; Simmie Safety; LGBTQ+ History Month; RAG Week.

Petitions

Students created 29 petitions through our website, across a variety of issues. Over 1078 petitions were received.

Surveys

We received 1,001 responses to our surveys including our Simmie Safety Survey, Student Heart Phase 2 Consultation and our annual Big Student Survey with a hot topic on the Cost of Living Crisis.

Elections

We elected our student leadership team for 24/25 academic year, achieving a record-breaking turnout of 25.5% of the student body (an increase of 2.5%). 14 students nominated themselves in the election across 7 roles, including our new Vice-President positions. Over 8000 votes were cast.

Sport reps

We introduced a new sport representation model alongside Sport St Mary’s to help feedback and contribute to the University’s sport and wellbeing strategy.

b. Priority 2: building our student communities

Fundraising

Students, clubs and societies fundraised over £24,244 for charity.

Societies

Increased the number of societies to 44 societies with 414 members.

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2024

Black Tie Gala

We worked with the University to run a Black Tie Gala to celebrate the achievements of our Black students and mark the end of Black History Month at St Marys.

Varsity & Sports Dinner

The West London Varsity was away this year. Simmies competed in 30 sports against Brunel. Sports Dinner recognised the achievements of sports clubs and individuals. 350 nominations were received, and 13 students were awarded ‘Full Blues’, the most prestigious award, recognising outstanding contribution to sport at St Mary's.

Ramadan Unity Fast

Ramadan Unity Fast took place for the second year in a row. It was a chance for students to come together in celebration and to break their fast together, whilst fundraising for charity.

Volunteering Week

To mark Student Volunteering Week, we ran a volunteering fayre with local organisations, and a volunteering workshop. Forty students also took on a clean-up of Radnor Gardens in collaboration with the Rugby League and Strawberry Hill Residents Association.

c. Priority 3: supporting student wellbeing

Launched our advice service

We launched our inhouse advice service offering Advice all all student issues, this service has seen initial number of 163 casesin it’s first year.

Brew at 2

Sabbatical officers continued Brew at 2, a coffee and tea initiative where they could speak with students and help answer their questions and queries.

Simmie Safety

George and Caitlin launched their biggest campaign of the year, surveying students about their experiences of safety on campus. Over 400 students responded and the recommendations have fed into lobbying work surrounding the Statement of Expectations and campus development.

d. Priority 4: being a proactive partner of the University

Big Student Survey

We launched our first annual survey, asking students for feedback on SMSU activity anda special topic.

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 37 JULY 2024

SU Awards

We hosted our second SU Awards where we recognised ail the outstanding contributions our students have made both at St Mary's and beyond! Over 100 students attended the awards night to celebrate.

FINANCIAL REVIEW

Overview

St Mary’s Students’ Unions’ (“SMSU”) gross income from all sources during the financial year 2023/24 totalled £491,920 (2023: 486,318) and total expenditure was £560,554 (2023: £546,464. Income is generated from a wide-range of membership services, as well as revenue generating commercial services such marketing/advertising sales.

Total funds carried forward at 31 July 2024 are £171,231 (2023: £239,865) of which £151,685 (2023: £223,582) is unrestricted funds and £19,546 (2023: £16,283) is restricted funds (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 404,250 for 2024/25

Going Concern

St Mary’s University has confirmed it 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. 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 strengihs, weaknesses, opportunities and threats which may occur over the next three years.

Strengths: Event sales, communications and acivertising of events, more efficient financial processes, financial training for officers and staff, fuily 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.

ST MARY’S STUDENTS’ UNION TRUSTEES REPORT YEAR ENDED 31 JULY 2024

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 wili 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.

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 £16,000 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.

3.2 SMSU will be able to use the end of year surpius in the following way:

3.2.1 70% to be held in reserve to invest in long term capital projects/resourcing

3.2.2 30% to be used for immediate resourcing and deveiopment of SMSU

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 2025.

David James

REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 JULY 2024 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 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes io 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 treland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 July 2024 and of its income and expenditure for the year then ended;
° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 JULY 2024 TO THE MEMBERS OF ST MARY’S STUDENTS’ UNION

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. lf, 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:

° the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
© the directors’ report included within the trustees’ repori has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

9 adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
° the financial statements are not in agreement with the accounting records and returns; or
° certain disclosures of trustees' remuneration specified oy law are not made; or 8 we have not received all the information and explanations we require for our audit; or e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

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

REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 JULY 2024 TO THE MEMBERS OF ST MARY’S STUDENTS’ UNION

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:

e The Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
e We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.
e The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
e Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions.

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

20 December 2024

ST MARY’S STUDENTS’ UNION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2024

		Unrestricted Funds	Restricted Funds		Total	Unrestricted Funds	Restricted Funds	Restricted Funds		Total
	Notes	2024	2024		2024	2023		2023		2023
INCOME AND ENDOWMENTS FROM		£	£		£	£		£		£
Grants and Donations	1	408,956	-		408,956	385,138		-		385,138
Charitable activities	2	55,044	3,847		58,891	56,878		4,472		61,350
Other trading activities	3	21,624	-		21,624	39,806		-		39,806
Investments	4	2AAD			2449	244
TOTAL		488,073	3,847		491,920	481,846		4,472		486,318
EXPENDITURE ON
Raisingfunds	fe)	13,544	-		13,544	35,980		-		35,980
Charitable activities	6	546,426	584		547,010 _	506,959		3.525		510,484
TOTAL		559,970	584		560,554	542,939		3,525		546,464
NETINCOME /(EXPENDITURE)		(71,897)	3,263		(68,634)	(61,093)		947		(60,146)
NETMOVEMENT IN FUNDS		(71,897)	—st~«~«C*iGB	~	(68,634)	(61,093)		947	~~	~—~* (60,146).
Reconciliation of funds:
Total Funds Brought Forward		223,582_	a 16,283 ae		239,865	284,675	15,336		:	300,011
TotalFundsCarriedForward		151,685	19,546		171,231	223,582		16,283		239,865

All activities reported above represent continuing activities.

The notes form part of these financial statements

David James

ST MARY’S STUDENTS’ UNION

STATEMENT OF CASH FLOWS

YEAR ENDED 31 JULY 2024

			2024		2023
			£		£
CASH FLOWS FROM OPERATING ACTIVITIES Netcashflows provided by(used in) operating activities			121,030		(362,883)
CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rentsfrom investments Purchase ofproperty, plant and equipment Netcash provided by (used in) investing activities			2,449 - 2,449		24 (1,498) (1,474)
NETCHANGE IN CASHANDCASH EQUIVALENTS		_	123,479		(364,357)
Cash and cash equivalents.atthe start oftheyear			215,106		579,463
Cash and cash equivalents attheend oftheyear			338,585		215,106
RECONCILIATION OF OPERATING SURPLUS	TO NETCASH	CASH INFLOW FROM OPERATING
ACTIVITIES			2024		2023
			£		£
Net income/(expenditure) forthefinancial year			(68,634)		(60,146)
Adjustments for: Depreciation charge Dividends, interestand rentsfrom investments (Increase)/decrease in debtors Increase/(decrease) in creditors			460 (2,449) (170,378) 362,031		835 (24) (3,523) (300,025)
Netcash provided by(used in)operating activities			121,030		(362,883)
A) Components ofcash and cash equivalents
Cash at bank and in hand		338,585			215,106
B) Analysis ofchanges in net debt
At 1 August Cash and Cash Equivalents 2023 Cash 215,106		Cashflows 123,479	Non-Cash Changes	-	At31 July 2024 338,585

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

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.

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

Income from charitable trading activities represents invoiced amounts excluding VAT.

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

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: e Office equipment — 25%

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 grani for the following year.

INCOME FROM GRANTS AND DONATIONS

INCOME FROM GRANTS AND DONATIONS
		2024	2023
		£	£
Unrestricted Funds
Block Grant from St Mary’s University		404,250	385,000
Additional Funding		3,000	-
Donations	1,706 __408,956		138 385,138

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.

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

INCOME FROM CHARITABLE ACTIVITIES

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||||||| |---|---|---|---|---|---| |2024|2023| |£|£| |Unrestricted:| |Shop|sales|17,740|12,723| |Rag|Week|114|543| |AU|Dinner|18,167|16,183| |Launderette|income|9,070|9.618| |Marketing|5,283|5,424| |Refreshers|Week|570|877| |Miscellaneous|4,100|11,510| |55,044|56,878| |Restricted:| |Social|clubs|3,847|4,472| |3,847|4,472| |58,891|61,350| |3.|INCOME|FROM|OTHER|TRADING|ACTIVITIES| |2024|2023| |£|£| |Unrestricted:| |Freshers’|Week|19,508|24,722| |Summer|Ball|2,116|15,084| |21,624|39,806| |4.|INCOME|FROM|INVESTMENTS| |2024|2023| |£|£| |Unrestricted:| |Bank|Interest|receivable|2,449|24| |2,449|24| |5.|EXPENDITURE|ON|RAISING|FUNDS| |2024|2023| |£|£| |Unrestricted:| |Official|Functions|13,544|35,980| |13,544|35,980|

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ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

6.	EXPENDITURE ON CHARITABLE ACTIVITIES
		2024	2023
	Unrestricted: Salaries, national insurance and pensions	£ 329,810	£ 286,097
	Other staff costs	9,618	11,589
	Shop cost ofsales Official functions	11,712 28,790	13,407 26,086
	Security Depreciation NUS Levyand external relations Legal and Professional Administration IrrecoverableVAT	5,530 460 11,404 20,740 88,172 31,505	30,210 835 15,526 15,150 72,437 27,637
	Accountancy Auditors remuneration	1,350 7,335	1,000 6,985
		546,426	506,959
	Restricted
	Social clubs	584	3,525
		047,010	510,484
7.	STAFF COSTS AND REMUNERATION
		2024	2023
		£	£
	The aggregate payroll costs were:
	Wages and salaries National insurance costs	288,620 25,946	251,360 22,240
	Pension contributions	15,244	12,497
		___329,810	286,097

The staff are all employees of St Mary’s University, who are seconded to work for the Students’ Union. Number Average number of staff - 8

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Number Number
- 8 i)
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In addition to the number of employees, 2 members of sabbatical staff were employed (2023: 2).

The number of employees earning more than £60,000 a year was nil (2023: Nil).

The sabbatical officers were paid the following remuneration in accordance with clause 44 of the SMSU Constitution:

	2024	2023
	£	£
Education President Salary Student Life President Salary	24,616 _24,616	24,154 23,722
	£49232	£47,876

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

in addition, the Union paid £2,000 towards the accommodation costs of each sabbatical officer (2023: £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 directors of the entity. They comprise the CEO and Membership Services Manager. The total employees’ benefits, including employer pension contributions of the key management personnel amounted to £104,537 (2023: £97,873).

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.

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

10. TANGIBLE FIXED ASSETS

	Office	Office
	Equipment		Total
Cost	£		E
As at 1 August 2023	4,063		4,063
At 31 July2024	4,063__		4,063
Accumulated Depreciation
As at 1 August 2023		2,019	2,019
Charge forthe year		460		460
At 31 July 2024		2,479		2,479
NetBookValue 31 July 2024	____	1,584	___1,584
Net Book Value 31 July 2023	__	2,044	____	2,044
141. DEBTORS
					2024	2023
					£	£
Trade Debtors					2,825	5,401
St Mary’s University VAT Recoverable					161,540 47,555	- 36,141
					211,920	41,542
12. CREDITORS
					2024	2023
Amounts falling due within one	year				£	£
Trade Creditors					7,628	7,867
St Mary’s University Accruals and Deferred Income					364,537 8,100	169 8,250
Other Creditors					593	2,541
					380,858	18,827

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

13. MOVEMENT ON FUNDS

Brought Incoming Outgoing	Transfer	Carried
Forward resources resources	between	Forward
	funds
£ £ £	£	£
Restricted funds
Sports clubs 115 - - - 115 Social clubs 16168 3.847584) 19,431 16,283 3,847 (584) - 19,546
Unrestricted funds
General funds 223,582 488,073 (559,970)	-	151,685
239,865 491,920(560,554)_	-	171,231
Purpose of restricted funds:
Within the Students’ Union there exists a number of Sports and Social clubs which
receive a grantfrom the Students’ Union, raise theirown membership subscriptions and carry out their own activities. At the year end, all overspends are reimbursed from
unrestricted funds, and all underspends ofthe Student Union’s grant are restricted for the Club to be used in the next year. 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, the Sports Club balances were transferred to St University.		Mary’s
Grants may also be provided to benefit student development in beneficial activities are not performed as part ofa club or society.	instances	where
Prioryear
Brought Incoming Outgoing Forward resources resources	Transfer between	Carried Forward
	funds
£ £ £ Restricted funds	£	£
Sports clubs 115 - - Social clubs 15,221 4,472 (3,525)	. -	115 16,168
15,336 4,472 (3,525)	-	16,283
Unrestricted funds
General funds 284,675 481,846 (542,939)	-	223,582
300,011 486,318 (546,464) a	-	239,865	S

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. 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, the Sports Club balances were transferred to St Mary’s University.

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

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

14. ANALYSIS OF NET ASSETS

ANALYSIS OF NET ASSETS
	Unrestricted	Restricted	Total
	£	£	£
Tangible fixed assets	1,584	-	1,584
Current assets	530,959	19,546	550,505
Current liabilities	(380,858)	-	(380,858)
	_151,685	19,546	171,231

Prior year

	Unrestricted	Restricted	Total
	2023	2023	2023
	£	£	£
Tangible fixed assets	2,044	.	2,044
Current assets	240,365	16,283	256,648
Current liabilities	(18,827)	-	(18,827)
Total	223,582	16,283	239,865

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.

16. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2023: nil).

2024-07-31-accounts

ot Mary’s University

ST MARY’S STUDENTS’ UNION

ST MARY’S STUDENTS’ UNION TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

CONTENTS

REFERENCE AND ADMINISTRATIVE DETAILS

Charitable Status:

Principal Address and Registered Office:

The Board of Trustees:

George Chaplin : End of Year Report

Caitlin Finn: End of Year Report

TRUSTEES REPORT 2023/24

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Organisational Structure and Decision Making

b. Risk Management

OBJECTIVES AND ACTIVITIES

a. Strategy, Policies and Objeciives

b. Relationship with St Mary’s University

c. How SMSU Achieves Public Benefit

d. The Advancement of Education

e. The Advancement of Community and Citizenship

OVERVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

Subject Chairs

Campaigns

Petitions

Surveys

Elections

Sport reps

Fundraising

Societies

Black Tie Gala

Varsity & Sports Dinner

Ramadan Unity Fast

Volunteering Week

Launched our advice service

Brew at 2

Simmie Safety

Big Student Survey

SU Awards

FINANCIAL REVIEW

Overview

Future Funding

Going Concern

1. Usage: holding reserve

3. Capital investment and resourcing

4. Arrangements for reviewing this policy

David James

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

20 December 2024

STATEMENT OF CASH FLOWS

PRINCIPAL ACCOUNTING POLICIES

Basis of preparation

Going concern

Funds structure

Incoming resources

Income from charitable trading activities

Resources expended

Costs of raising funds

Charitable activities

Tangible fixed assets

Basis of funding

8. KEY MANAGEMENT PERSONNEL

9. TAXATION

ST MARY’S STUDENTS’ UNION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

10. TANGIBLE FIXED ASSETS

13. MOVEMENT ON FUNDS

Prior year

14. ANALYSIS OF NET ASSETS

Prior year

15. MEMBERS LIABILITY

16. RELATED PARTY TRANSACTIONS