REGISTERED COMPANY NUMBER: 10834450 (England and Wal95) REGISTERED CHARITY NUMBER: 1173858 Report of tho Tru$toe8 and Consolidated Flnanclal Stalem•nts forth• Year endod 31 July 2025 for crry 8T GEORGES STUDENTS. UNION Knox Cropper LLP 15>155 London Road Hemel Hempstead Hertfotdshlfe HP3 9SQ
CITY ST GEORGES STUDENTS. UNION Contonts of th• con8011dat Flnanclal Stat•m•n*s for the Yoar Ended 31 July 2025 Report of the Trust3 1 to 9 Report of Ihe Independent Audltors 10 to 11 Consolldated Statement of Financial Activities 12 Con501idated Balance Shoet 13 Charity Balan¢0 Sheot 14 Consolldated C Flow Statement 15 Not•8 to Con8olldated Cash Flow Statem•nt 16 Notes to the Consolldated Flnanclal Slatoments 17 to 26
CITY ST GEORGE'S STUDENTS, UNION (REGISTERED NUMBEIi' 10634450) Report of thg Trv8t•eS forthe Year End•d 31 July 2025 Charitable Ststu• Cty Sl George's Students, Union Ilhe Union) is an incorporated charity established under the Edu&ition Aci. Tho Unlon is a company limiled by guarantee registered in England and Wales on 23 June 2017 (compary number 108344501 and a charity registered on 19 July 2017 with the Charlty Commissron (charity number 11738581. The Union is governed by its Artld85 of Association and accompanying Bye-Laws. Page 1
crry 8T GEORGE'S STUOENTS, UNION (REGISTERED NUMBER.. 10834450) Report of the Tnle•S for the Yur Ended 31 July 2025 OBJECTIVES AND ACTMfiES ObJgthe8 As defined In the Artldes of Association. the otyects of Ihe Unhjn arè the advarrement of •dLKation of Sludonts at the University for the FxJblFC benefft by." a) promoting Ihe interests and w8Nare of Students at the Univer dufing thelr course of sttKly and representing. supwrting a1 advising Students", b) being the recols0d fepresentative chanrval between Students and the UniYeTrity and any olher extefflal bodies: and ¢1 prowding social. culbJral. sportiro and rgcreational acii4ilies forums for discussior and debatE for the Penal development of its Students. In pursuit of these objectives, Ihe Union preSentS over 27,000 stLKlonts lo thg University. the local communty. and natiijnally {via the National UnKJn of Students). The TNstees confimi that ltrw pay dlrg regard to the guida on PubliG Benefit published by th8 Charity Comrnjsslon in exercislr¥J their powe and duties. The Union continues to represent its members on a rary of commlttees 8cYoss the Unlversty. at relevant sector meetings and at the NUS NatL)nal Conferen. The Union Works wllh the Unlversiiy to 5UPFhJrt the trainiTrJ and d8vebpment of Prograrnm8 Representakns are elecled students from every Ix)urse. Skndents. Union Officrs of respeclbve thools. with stsff suprKJrt. have a particul role In leading the 5UPPOrt forthgse Student Leadws. induding: . PreparlThJ and delivering rnuttiplg training 585sions. . Working with Assembty Members to Increase collal)oration I1h PtTrJramme Representative feedbad( in Schoob. . Scheduling One4ne meetings for Programm& Rèprèsentalives who want addillonal support in their role. • Working wtlh the Advice and Support Servl¢e on any complants frcffl Programme Representalives. . Arranging reward and recognition events for Programme RepreslIVeS. • Delivering GetHeard to support the abillty for studenls to provide feedback on thelr experl8nce In 81 Ilme. Alongside $tud8nt representatlon, the Unlon wlth Stud¢nts' Union Officers and stlents to deveknp and progress ¢ampalgns to improve the student experi6nce. The Officer team. with staff supporL lead in defwering canpaigns; Inctuding.. • Continued cg)st of lfving ppOrt. as one of th6 Unlon'$ Assembty priity Icthying lor more cost-savFng N)itlalives for students . Equily. Diverslty and Indusion on a tange of awaTrness and tffo4ctive campalgn$ and events for the etse student community at City and . Evenls actlvilles lo Increase communty at City. The Advlce and Support Servto offers represenlatK)n to studwts academlc appeals. cunrAalnts and dOlp[Inary matters,. io Programme Represenlatives: and to sbJd8nts making gFOUP comptalnts. The Advlce and Support Servlce has detiveled group appeal arKI extenuatiThJ Gircumstarrkns workshops to address the htgh demand advice requests. A ies of 'l8cture shouts. on Academic Misctinduct has been targetsj with programmes lo provJe preventative guidance on how to avoid academic miscrmduGt and seek timely and appwpiiate sUPPOrt %%ilhln UnNeYsity as as through the Unb)n. The Money Athic8 serrfice has ntinUed lo offer 1.1 nTrey marwnt guidan and support lo sludents. The owing interest-free. short4erm loan scheme alknws students tp Ix>Th up to £200 to bridge Immediate Iln8nLxal concems. Across the year 21Y24r25, £2081 was lenl lo stts in lle1. The seNice Is slaffed by stsff ThTrtsrs. The sarvice woth8 wilh studBnts through all levels of a given &Hse up to the Olfic for Indepandenl AdJudilOrS (OIA). The Advi( and SuNrt service preVUSIY hebj the Advic8 Quallty Standards (AQS) kitemark but the Union twk the decision to disconlinue the aLzreditation in Januory 25 to enabl8 a full review of the SepA followlng the merger wtth St Grge'S Students. Union. Tho Unlon ¢onlinuo$ to support a range of student actNities. which continue to grow in engagement annualty. induding.. . Society and sport administration for well over 200 groups indud1 r(xmi bothings. fixtu$, online everts 5UPP)rt, ext8mal sp8aker approvals. rlymmitta8 018cbons. and tralnlng and support. . A rdnge of Inr$On events, including acli¥ity for Welcome 2024 and City FestNal ev8nts. . Charftsble fundrnislng by sodety group5 and volunleers. . A $oGial sport program. Page 2
CITY ST GEORGE'S STUDEMTS, UNION {REGISTERED NUMBER: 10834450) Roport of the Trust•es for the Year End 31 July 2025 STRATEGIC REPORT A¢hievwnents and perfonnance This reporling year marked the first fijll year of operation as a merged Union. durfng whlch sev8r81 m8lor organisauonal ilestones were d81ivered. A key a¢hievemgnl was the successful move into a new sludent-faclng space alongside the Universitys Siudent Support Hub, enabling Ihe launch of 8 redesigned, studenl-firsl seT¥e modol that provrdes onsistent on sile support and clearer routes for enquirles and advice. We also delivered the first comtmne Welc(The Week for students across Clerkenwell. Moowgate and Toolrng. Alongside these developments, Ihe Union conb.nued to enhanc8 its 5fKIrt provision in the s8¢ond year of transitioning dub and TJoc*al sport Intrs its portrdio. focusing on expanding partlGipan. strengthening s¥)vemance and allgning provisK)n across siles. Throughout the year the Union also embodded new ways of workirkg as a c¥o&s4ile Union. wilh staff delivering seTvi¢es acr05s c[kenWell and Tooting to ensure parity of acces5 and sludenl eXrience. These achievements represent good pragress in buildin9 a muttt-Sit8 Students, Union and advancirg the d8lriery of our 202&2027 strategy. Stralegy - 20234027 Our new and ambibous stralegy sets 8 clear direction, with an increased foals on a tsikired $ient exrIenCe and one that recognises Ihe rlifferenl barriars and challanges facing Students. For more informatK)n on the Students, Unton strategy, visit www.csgsu.co.uk. The strategy was developed lo gNe the Union direction based on extenwve re3earth and fe8dbad( from students, staff and stakeholders. Our Purpose - Make Every Day Better The Values We Llve ey . We Listen, We Leam. We Lead The Way We Act . Evidence4ed We will be in$lght driven and wll prlorttbse developlng 8 slroryd evidence base ¥hn rnaki key 5tratsgic decislons. . Open to change We thange and odapt with our student l)ody, aayS quostioning our work to maka sure are delverlrvJ. We thrbve on flndlng Innovalve soluVon$ to add ¥alue to the experience at City. . Not fearhg faiknre We ty rsew thin9s in the knOwge thal not everything will work first time. Imiat matteryts L% b&arr4ng from our expertence and constandy seèking to improve. . Striving for equity and suststnabilily We recognise that we do not all start from thg same place and must a¢knowWe and adjust imbalancth to achleve our arnbition of equity. while $0 worklng towards the UN Sustsinable Deveknpment Goal$. . A welcoming experience Whatever or wherever the touchpoint we will pmwde a welcoming and high-quality Students. Union. makin9 a positive Impact across City. The Promises We Make . Promise 1.. Cr8ating Community 'Creating a thriving communty where every student feels they b810ry.' . Promrse 2: D8liverit¥J Chan99 't)eilvering Ihe changes students want to see to Improve theireveryday eS at City St George's.. . Promise 3: Providing Support 'Providing high qualtty and easity accessible support whilst at City St George's and beyoThl.' The Chief Exeeulive r&ports to every me8ting of the Boa ofTruste8s on the progress of the strategy. Rev1 of 2024125 The 2024125 academ1¢ year was the firsl full year of operatp)n as a merged Union. and the pertod saw the delivery of several major projects thal strengthened our abibty lo lulfil our stratsgy and support students across Clerkenwell. Moorgate and Toothg. PromiM 1: Croating Communtty KPI Revlew.. 65% of slud8nts told us that they id¢ntlfy as baing part of a Gommunty facilitated by tho students, union. Page 3
CITY ST GEORGE'S STUDENTS, UNION (REGISTERED NUMBER: 10834450) Roport •f tho Trnstoes for the Year Ended 31 July 2025 Sport Development The Union ¢ontinued to deveknp its 9POrt$ offer in y6arlwo of the tran$Hlon, including launchlng new strar¥Js of GeL4ctlve at Clethenwell and preparing for a progrdmme expansion across Tootlng. A membership model for club sport was implemented. and process reviews began to align swl operations. . Sw)rts club membership increased significznlty: 0 560 member5 at cleenWl and Moorgato 0 520 members at Tooting 0 +160% increase since 2023r24 . GetActive booking5 rose to 5,203. a +12.4% increase on 2023124 . Unique GetActive particiiants increased to 709. a 8.6% increase Welcovr£ 2024 The Union delivered its first ¢ombiTre Welcome WeeK wovrding a fair. evenls and other actr+iitie8. The merged Union delrvered a r3rye of activitie5 induding fair5, club events. meel ar greets. and al5. Ninety-fr perrA¥t of the events d&llv¢rod throughoul Weky)me 2024 were frge for students. 90% ot events delivered were alcoho14ree. Th8 Unlon delivered Iwo Freshees Fair in 2024 5545 attendees at Fresherfs Fair IClethenweN and Moorgat8) and 11)+ at Fresherfs Fair (tootingl. Both lairs shovKa3ed the vast range of s(ySetie& clubs. university seTvEces and student brands. Socl8lles and Events Societies across sites remained central to communty Eildij. Sbjdgnts made use ol the new Unton spaces. and Ihe Unlim delivered a programme of large events acmss the year. Work began on aligning society supwl proGesses across site in PrepatiOn for a unified rrK)del to launch on 1 August 2025. To Supp activity. £15,000 in devebpment fijnd was allctsted by the Union lo societi85 in 24-25. Tho Union processed 1000+ 8vent appllcaJons on the Clerk8nvknll and Mcxirgate campuses. induding 198 exiemal speakers at Clerkenwdl. The Union delivewl 3 events to mark Ihe meryer which ware attènd8d by 1500+ sdents. Prom1•¢ 2- D¢llv¢rlng Change KPI Reviaw: 4th highest Sring students, union in London to Present sbjdenfs academic interests in NSS 2024. Student Insight: Get Heard and Che¢k-Ins The Unlon expanded its Check4ns project across bo1h Cl&rkenwdl, Moryte and Tooting. with 21% of SdeThts engaging In phone calls during the October 2024 cailirg perlod, This provKled early Inslght Into sludeni needs 8fKI Supported laryeted signposlThJ to student servic. Engagemènt wth Get Heard IUniTul increased folh)wing Welcorne promolion, voith thè Union supporting feedback across all Slles. First Electi) as City St Georye% Slud8nts' Union The Union delivered its first etedion as City St George's Students. unt in Marth 2025. brFngiry students across Clethenwell, Mo)rgate and Tooling Into onè un511ed democratic preSS. Eryagement was sIrJ. ilh 5.393 voters. 8.814 votes c85L 69 candidates. and a 21.3% tumout, markillg a srgnlrarrt tncr8a5e frorn legacy Cilfs 16.3% in 2024. During Ihe results process, the soEe ormfidate for th8 reserved Tcling Sabb8tical Officer place wiilmlrew, creatirwJ vacancy lch was subsequentiy filled through a by olection. ensuring lull CF Site representallon. Promlse 3- ProvldFng Support KPI Review: 81% of sludents unders&¥Èd the sludents. union can help them. rfaThl when needed. Advice arml Support Review The nwger brought together Iwo fusamntallY different advice m(xlels, making a rBvlew essential. seThica revlow (March-July 2025) identified that vthile Clerkenwelvmoorgate operaled a nmjre stwclured and vtsible model. provisw)n in Tooling was infomiai, lacked govemance and showed gaps in 5afeguardlng. triage (xjnslstency and case managemenl practice. Student feedback akn hfjghlhted slow or tengthy reSnSeS at Clerkenwell and that many Tootlng students, particularly Ihose on pn)fesslonal programm8s. sougm help from the Union rather than tho Unlveisity due to concem5 ab(1 how this might be per¢eived by regulators. Given the scale of change r8quir8d to croate a coherent, risk aware and Sdent centred servtce a(xoss all carnwses, the Union paused its AQS accreditation to enable a full red&8ign. Thls all0d for the introduction of 8 new Iriage System. al#Jned case management processes. migratn to SUMS. 51andardised templates. wogkly case rnvlew meetin9s. clearer Servi bound*ie5 and a unffied fourll¢r support mcMl81 aoyoss Clthenwell, Tooling and Moorgate. Page 4
CITY ST GEORGE'8 STUDENTS. UNION (REGISTERED NUMBER: 10834450} Rport of th• Trust•e8 fr•r the Yoar Ended 31 July 2025 Turning Our Ambltlons Into Reality The strategy has a s8ries of enablers to support Its implementallon. Th8 below hhlights some of Ihe progress in these areas. City Si George's Siudents, Union Brand Launch A major milestonè for the merged organisalion wa$ Ihe launch of the new brand as City Sl George's Stud8nts' unic on 1 August 2024, The refreshed idenuty was rolled out across all sltès and digltal thannels, ensurfng students exp9rrenc1 a unified unt( from day on8. Wabsiie Consolidatic The Union consolldated the legaGy websltes Inlo a single Unlon website. This provided students with a unIfd enty point for advice, actlvltles, representatlon and opportunilie5. reducing duplication and $lPF4)rting a mor8 (>)hèrgnt digital experlence for students. New Unlon Spaces A major mlleslone thls year was the launth of the Unlon'¥ n&w spaces Imthin the unfverslty's Siudenl Support Hub. These Spa provid8 a central, vrsible pdnt for students to engage wilh $upport, actlvty and Tepresentation. A transparent booking workfiow was intrOdUd to enable let15 and slLKlenl gTOUPS to easlty use rc)m5, With more Ihon 100 societses making bookIn throughout the year. This 8n8ured students had consistent access to communty buikling spa¢e5 a¢ros8 sltes. Additlonally. as part of widor unlverslty investment in the Sdent exp811en, the uneTsity undertook a prqect to refurblsh and redecordte the Rob Lowe Sports Centre at Twtirg. The refufbishment brought the fadlty up to a much Improved standard and ensured it was m(xYem. wekoming and fil for purpose. The space wa8 cleady braTrJed as part of the Siudents, Union. providing clear vlsibilty on campu Addltional Actlvltl•$ Carrled In 2024125 Sports lfjt Tender AlongsSdo a review of dub membership there was a focus on improving the identity and qualty of sport pvovision by deltvering a lull render process for a new kil. Sunidye was appointed as the new kit provider for dLtb unrlorrris. Foltowing Student f¢odba(a the Union worked wlth the company to ¢te to new klt and leisurewear designs for students to vote on. Awanls and sdent ReGognlUon The first merged set of Awards, celebrating the achievements across sports, societies and communtty acllvlty T4¥ere delivered. The Sports Awa$ at TcotirKJ hosted 200 slud8nts, and the Society and Carrot Awards at Clerkeftwell welcomed lust over 100 8tudents and staff. THE YEAR AHEAD Some of the key projects for 2025126 w1 be: . EnsuTing the exlslng strategy remalns ft for purpe. . Laun¢hing a new website and membership system on 1 August 2025. . ImplernenliTrJ SUMS, our now membership system acros$ the Union for 8tudents and slaff. . Contlnuing to merg8 membership see8 ac$ Ihe Unlon. . Reviewing the Union's resource profile to 5UPPQrt bng-teim 8ustalnabijy. . Developing our Sistels Sport programme Ihrough funding awarded vla Ihe BUCS A(alve fund. . Introduclton of lemily student theck4n call$ to increase scale and reach. . Transfer and implernentatton of the Studgnl Minds 'Look After Your Mate. training to improve peer 5uprKIrt mental hgalth awareness. Building our InOUSe marketlng opportunities. . Creating a commercial strategy to enable CSGSU Tradlng Llrnlled to supwt the work oflh8 Unlon. Page S
CITY ST GEORGE'S STUDENTS. UNION (REG18TERED NUMBER: 108344501 R•port of1 Tte•S tor Ihfr Year Endod 31 July 2025 STRATEGIC REPC%RT Flnanclal revlew Our total incoming resources for the year were £4.547.894 (2024: £2,214,234) an Increase of 105.4%. This is mainty due to an increase in trading income due to the acquisiknon of a trading substdiary with tumover of £1.191.930 this year. There was also an incr8a8e in the block grant of £421,616. Inc4)mè gen8rdted by Sport increased by £44.796 and Income generated by Student Sports Clubs and Swieties in¢reased by £32,864. r largest sOue of income conlinues to be our block grant. which saw an increase lo £2,063.66312024: £1 N2,047 Thls Increase is due to an additional block grant of £372,000 in m181ron to Legacy St G8oTge'$. There w88 also an increase In the bknk grant (iue lo increan staffing levels at Lega¢y Cty. Incorn& from charitable activltses for 8tudants increased to £230,428 (2024.. £144,459.) This was dri¥8n by a 33% Increase In Income from Siudenl Sport$ Clubs and Soci¢lies and a 21)% Increase in Income from Sport. Incr&qsed income from these Student ktiwties is lo IrreaSe 8tudent parttdpallon after thè merger. Resources expended I Charitable actlvmlos were £2.922.743 {2024." £2.200.054) an Incrgase of 32% (m last year. Thls was mainly due to expenditure irkcreases SForts of £265,041 and in Student Sports Cksbs and S(Kieties of £53,975. Increasing expenditure reflBds inc¥e8sed stud8nt participation after the merger. There is increased expendibjre in Representation and Deffa¢Y of£l12.864. Resources expended on raising funds was £1,158.437 in the Trading Company. The Union adiieved an erall surplus of £466.714 including a donation of £55Q.806 in relation to the trwEfer of assets frDm Lega Sl George's Charfty. There was a consolidated loss of £ 84,092 bgfore th15 donalion. The Unton acts a$ custodlan for funds raised by studont sodettes. These funds are hekj separatety in sports club & society privale aco)unts and carried forward each finan¢ial year. Page 6
crry ST GEORGE'S STUDENTS, UNION (REGISTERED NUMBER: 10834450) Roport of h• Trustee8 tor th• Y•ar Ended 31 July 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Union exercises its duty under (he Edu¢alion Act 1994 takes reasonable measures 8nd conduct rtseif in accorda% with stsndard practt¢e in Ihe sector to ensu that the Unron operates in a fair and demLKrattG rnanner and is accountable for its finances. The Board of Trustees is mad¢ up of four Sabbatical Tru3te8s who are elected by a cross4¢ampus ballot ol the Studenl Members of the Unlon on an annual basis. Th• Sabballcal Trustees receive comprh8nsive Iraining from the Naltonal Union of Sludents and the Unton's stsff team. Two Student Trustees and five Lay TNstees also slt on the Board of Trustees 8nd are appolnted by the Appointments Committee In attordanc8 wlth Ihe Arttcles of Association. The thre8 Sabbatical Truslaes are remunerated as authoiised by Ihe EdUCatn Act 1994 and eath caftnot ser¥e a term which exceeds a duratlon of Iwo years. Afi new Trustees are provided wlth an induction document O•lailing thelr responsiblliknes and infomiati¢)n about thelr rol8 in the Union. Each Trustee Thets wlth the Chief ExecLrtJve and is offered an opporfunity lo ac£ess trdining tsilored to Iheir neods. Sabbattcal Tmstees all receive a fiJll4ay Trustee training as part of their inthJ¢llon. The UnKm's Board of Trustees is responsible for detemining the purpose and values of tho unic and remains aceountsble to the membershlp of the Unh?n for these purp)8es. Trustees ensure the effedlv¢ and effIcnI use of resources.. approve annual budgets,. monitor organisational slrategles, wlicies, and regulations.. put in pla¢e effective systems of control and accountability" and appoint th8 Chief Executlve and an extemal auditor. Th& Board of Trustee5 delegatès some of Its authorty to the Chief Exe¢ulive for operational dec4sion-making and accountability withln the Union. Tho Assembly, made up of eleclod members, has Ihe highest speclfic responsibility for sludgnt polcy overslght aThJ holding elected 0ffi¢8rs to aecount. 11 reprasents all students at the highest level and ensures all deusions are made in the bgst inlerests of the student b¢y. .The Trustee8 have examined Ihe major str8teglc, busin8ss and opeiati¢)nal risks faced by th6 Unlon. A risk rngister has been eslablished and is regularly updated. Budgelary and internal rlsks have been minimised by the p[ementalIOn of financial procedures whith Incl1¢ auknrisatlon Ilmlts. Pdic4es and pr(Kedures are In place lo ensure compliance wlth health and safety. diversity and other legislation, All wlicies ar8 pericKlically reviewed lo confirn ertheY continue to moel the needs of the Vnlon. The relationship betsveen City, Universlty of London and the Unton is codilled within the UTriv8rsity's Ordnances and the Educatlon Act 1994. The Union receives a subvenlion grant from the University wilh an arnount agreèd bgfore Ihe beginning of the following Ilnancial year. The Unn also r8c•ives in-kind fvnding from the University. Thls fvnding indudes Ihe Union'$ SidenCe wllhln a bullding on the UnNetsty estate and the use of some other areas of tho UnNersty estste free of charge. In occupying a university-operated propety, th8 Union's utlllues such as gA$. eiectriaty. cleaning and maintenance are also funded by the UniYer&ty. In addition. th8 unl beneffts from support through a range ol professional servi*$ as diracted in the UniYgr5ity Ordnanc85. Thes& seThlces includ8 Inance, human resources and health and safety. REFERENCE AND ADMINISTRATIVE DEfAILS Regist¢r•d Company number 10834450 (England and Wales) Reglstsrnd Charfty numb•r 1173858 Rgglstered offlcg City Unlyersity of London 10 Northampton Square London EC1V OHB Page 7
crry ST GEORGE'S STUDENTS. UNION (REGISTERED NUMBER: 1IK8344SO} Report of th• Tru8t•és for the Yfrar Ended 31 July 2025 Trustee8 Trusteo Board The Trustee8 of Ihe Union are also the Company Directors forthe purpose of the Companies Act. they include: Sabbatical TwstO08 President 2fj2&26 (Slarted 1 August 2025) Nasir Mohaffmed 2024-25 IEnded 30 June 20251 Students. Union Offir Ayla Hamzayeva Anoshay Hasnat Nasir Moharnmed Sludents. Union Officer Roman Asghar Sludents. Union Officer Ashton Shepherd Nana Yaa Osel Students, Unron olr Ana.Maria Barrow Joseph Kenwright (endèd 31 July 2025> Eve HaThvcth (ended 31 Juty 2025) Student Twstees Prachi Barache Ir&8lgnpAI 10 October2024) Eva O'Neill {restgned 30 June 2025) Dorottya Fricska (app(Mnted 10 December 2024) Lay Tyustws Nick Ratdiffe {DeFKty Chair) Alan Latham Jaswinder Ahluwalla Rachd Brown Leila Ratnanl Jeffery Wiltshire (appointed 10 septber 2024, r8slgn8d 29 May 2025) Staffing The Board of TNstees d81egat8s some of its authority. Ihrou9h the Chlef Executive, to the following staff members for operdtional decision making and amntablity wlthln Union. Chief Exec•Jtlvé D•puty Chlef Executlvo Head of Finance Head of Conwnunlcallons and Buslnfrss Dev4lopm8nt Philip Gilks Hannah Robets Jeni Turner Chris Moore118ft the Union December 2024) W•bslte wthv.csgsu.cx>.uk Audllors Knox Cropper LLP 15&155 London Road Hemel Hempstead Hertlordshiro HP3 9SQ Sollrltors Wrigley5 Solotors 19 Cod(rfdgè Street Leeds Wé$1 Yorkshire LS2 3AG Bankers Natwest Bank PLC L4verpool Str98t Stallon (B) 216 BSshop$gate London EC2M 4Q8 EVENTS SINCE THE END OF THE YEAR Information rebting to events since Ihg end of the year 15 given in the notes to the fironcial statements. Page 8
CITY ST GEORGE'S STUDENTS. UNION IREGISTERED NUM8ER: 10834450) Report of Ihg Tru$ts•¥ for the Year Ended 31 July 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of City St Georg8's Students, Union for the purposes of company law) are responsible for preparing Ihe Report of the Trustee5 and the financial statements in accordance with appficable law and United Kingdom Aco)unting Stsndard5 (United Kingdom Generally Accepted Aca)unlin9 Ptacbce). Company law requires the tnjstees to prepar8 financial statements for each financial year. Under that law, the trustees have elected to prepare the financial stateTnenls in accordance with United Kingdom Generally Accepted Accounting Practice {Unit8d Kingdom Accounting Standards and applica)le law}. Under txmpany law the tsuslees musl not approve the financial statements unless they are satisfd th81 they give a tNe and fair view of the Slate of affairs of the charitable company and of tho Inming resourcas and apIratiOn of resources, induding the irKome and expenditure, of the charitable company for that poriod. In prep3ring Ihose finand?I statements, the trustses aro roqulred to select sultabfe acccuntlng poltcles and then appty them ¢on5i5tentty: observe the methods and principles in the Charities SORP. make Judgements 8nd e$llmales that are rvasonable and pruden( stste whether applScable accountlng standards have bèen fc4kswed. subiect lo any materAI departurès dtsdosed and explained in the financial statements; prepare the finan¢ial stsl¢m43nts on goFng concem basi5 unless it is inappropfiate lo presume that th¢ Gharitable company wlll contlnue In buslne5S. The Iruste8s are responsib lor keepiThJ proper attounliThJ record5 whith disclose re250nat4e accuracy at any Ilme the financial position of lh8 charitabl8 company and to enable them to ensure thal the financlal stslements compty the Companies Act 2006. They are also responsibla for safeguarding assels of the charitable wpany and hence for tsking reasonable steps for Ihe preventbon and d&tection of frdud and other iffegulalllies. In so faras Ihe trustees are aware.. there is rto relevant audit infomation of whrch tha[able companVs audiloFS are unaware.. and the trustees have tsken all steps that they ought to have taken to make themsefves aware of any relovant audit information and to establish that the auditors are aware of that infomwlion. Report of the trustees, inc direGlors, on ........... . oratlng a strategic faport. approved by 0er of thè board of Iru$lees. 8$ th8 company .L*p............ and signed on the board's behalf ty.. Mohamm8¢i - Truste6 Page 9
Report of th• Independont Audltors to the M•mb8rs of City St G•org•'$ Students. Union Opinion We have audited the finanaal sts18ments of Cty St George's Siudents, Union Ilhe 'charilable company,) and its subsidiary {'Ihe Group'l for the year eTrJèd 31 Juty 2025 thiGh comprlse the Consdidated Statem1 of Financial Actlvlties, the Consolidatsd and Parent Charity Balance Sheets. Ihe Consolldated Cash Flow Stalement and not¢$ to the financlal statsm8nts, in¢ludlng a summary of significant accounting poliues. Thè financial reportlng framework thal has been appfied In their preparation is applicab18 law and United Klngdom knounting Sfandards {Unitad Klnojom Generally Accepted Arxounting Practl¢8). In our opinlon Ihe financial stat•menls." give a tfue and fair vtew ofthe state of the group's and thè charitabl8 o)mpanYs affars as at 31 Juty 2025 and of th& group's incomlng resources and applicallon of r8SOUfces. induding its income and expenditUTe. for thè year then ended: have been property preparod in accordance wlth Unllèd Kingdom Genorally Axopted Accounllng Practice; and have been prepared in a¢xordance wilh the requlrements of the Companies Act 2006. Basis for oplnlon We conducted r audll in acCoanCe wlth Intemational Stsndards on Audlllng (UK) (IW {UKI) and appll¢able law. thjr reswnslbililies under tFw)se slandards are futlher d&scribed In the Auditors, resp)nsibilili88 tr the audll of the financial stslemenls section of ¢)ur report. We are Independent of the group n) accordance with the elhical requlrements that are relevant to our audit of the financial statéments in the UK, induding the FRC'S Ethical Standard, and we have fulfilted our other ethlcal responslbllhies in accordance w41h these requlrements. We belleve that the audlt •vKtence we have Obtaed Is sufficient and appropriate to provide a basis foi our opinion. Concluslons relating to going con¢•m In alting the financlal 5talementS, W6 have COncded that the trustees. use of Ihe poing concern basis of aOun11n9 in the preparallon of the fin8ntial statements is appropriate. Based on the work have Ferfonned. we have not Jentifd any material uncertaintss relatlng to events or )nd11km$ that, indiwdually or colleclivety, may cast signifant doubt on Ihe group'5 and the tharitable companYs abiltty lo continuo as a golng ¢oncem for a perké of at least twefve months from when financlal ststem9nts are aulhorised for i&8Ue. Our respDnsltM'lltr•s and the wponsb1lit1 of the trustses with re8PgCt to going eonrEm are dwdcrit¢d in the relevant sections of Ihls report. Other Inforniation The trustees are responslbl8 for the other Infomalion. The other infcthialion mpSe$ thg inf0m1atn included In th& Annual Report. other than the financial statements and ¢JJr Report ofthe Ind¢pgnd8nt Auoltorn th8reon. Our oplnlon s)n the financlal $talements does not ¢ov•r the other information and. except lo the extent OtheSe expliuty staled in our report, we do Mt exp$$ any fonn of assuran ¢on¢slon thewn. In conne¢lion wilh our audit of the financial ststements, Ir responsibibty is lo read the other Infom)aiM)n 8rKI. in doing 50, consider whether the othor infomiatlon is mateallY inconsistent Wtth th& financial statements or our knothlodge obtsined In th8 audit or othemse appears to be materi• misststed. If we idenfjfy such mater181 iOnsIste¢1es or apparent material mlsstatemenis. we are fequired to datomne wthether this gives rfge to 8 rTraleTial ml$slalement in th8 financial statements Ihemsefve$. W, based on the work have perfmed, we nClude that there is a materlal misststemènl of th othèr infonnatton. we are required to ret that fact. We have nothing to roport in thls regard. Oplnlons on othgr matters prtscribed by th? Companl8s Act 2006 In ouropinion, based on the worf( undertaken In the course ofthfr audbtr. the information 9lven in the Report of Ihe Trustees for the finan¢ial year for which the financial 8t8lennts aTe prepared Is consist8nt with the financlal statem8nts', an(1 the Report ofthe Trustees has been prepared in acwdanre v4ith appll¢aL48 legal requirements. Matters on whl¢h we are requlrèd to rèport by exceptlon In the light of the krK>wledge and understandlng of the group and Ihe charflabte wmpany and its environment obtsined in the ¢ourse of the audlt, we have nol identlfied material Ssts1eMets in the Report of the Trustees. We have nothlng to report In respect of the following matters where Ihe Companles Act 20( roqulros us to rewi lo you rf, in our oplnion-. adequate accounting re(x•rd$ have not been kept or retums adequale for our alIt have not beèn received fr¢xn branches not visited by us., or thts financial Statements are not In agreement with the accounting rpc(rds and retums: or certaln dlsdosures oftrnstees. remuneration specified by law a not made.. or we have received all th8 infonnation and 8xplangtions we require for our audtt. Pa98 10
Rèport ol the Ind8p8ndoDI Audltorn to th• M•mb•rs ot Clty St Goorgo'4 students. Unlon R•8ponslbllltl•• of tru¥ttss As explained more fully in the Statement of Trusto8s' R8spondblltlies, Ihe truste85 (who are also the directo of the Charitab Company for the purp059s of comp8ny law) aro respsible lor the preparalion ofth8 finaThial statements aThl for being satisfied that they glve a true and fair vlew. and for such internal o)ntrd as th8 Iruste8s detemiine 1$ necessary to enabla the weparation of fina181 ststemonts that are freofrom matsrial misstslemfjnt. Ththe#Jer duo tofraud or ermr. In praparing the fin8nclal statements, lh8 trustees are responsible for 8ssesslng Ih? gnjup's and chaiilabl8 ccrfnpans ati1.ty lo ¢>)ntinue as a golng tknncern. disclosing, as applicable. relatsd lo goiTrJ t4)n and usino the goi concern basls of acc4)unling unless the trustses eilher inlend to b'quid8te th• grrJJp or ¢lwitsble c(Mnpany, or to cease 0rationS. or have no rethliG altgmatlve bul to do $0. Our rupon$Fblll¢l•s for the audll of tho financlal •tat•monts Our obieclives are to obtain reasonable assurance about whether the firw)cial stat8m?nls as a whob are free from material misstatemenL lthether due lo fraud or error, and lo Issue a Report of the IndepeThJent AL#Jitors that InG1leS our oplThlon. Reasonable assurano a high level of assuranc8. bul is not 8 guarante& IPbal an wdit cthjucled In 8¢cordanc6 with ISAS (UK) wtl afvy$ delect a mateiial misstatement when It exists. miss1e can arise from fra1 or error and are consldered material rf. kndlvklua1 or In the aggr•gate, they ctyjld rea¥(tty be we¢kd k> Influen the econom1¢ declslons ol usern taken on the basis of these finan(ial stalemen The extent to thich our procedures are capable old8tecling trregukrMle& indudng fraud is dola bekrw. . The Group i5 required to cornpty wlth both company law and charity law 8Th1, bas ow of its acts¥rytio5, we ident1f1 that the legal requirement to Correctly acc¢unt for reslrfcted fun¢ts ts of key sigiufican . We gain an uThJerstaTrJlry of how th8 Group eomplled with Its legal and regulatory IncludlNJ tho r8qulremeni to proFY 3¢ount for reslrtcted funds Ihrough discu10n9 ith manw1rt aThJ a roviow of tho documented pOle5, and controls. . The audit leam. whi¢h is erIenced in the audlt of chad11. (x8[dered th8 Grw's lo terial mlsslatoment and hwfr8ud may occw. Ourconsiderall¢)ns Induded the iisk ol managonnl o¥¢ni$8. . Our approach was to chec& that all rostricted Income was propgty idethed and sepwalety atcwnlBd for and lo ensure that onty Va and approprkate expendilure was chargod lo restrlcted fimd$. This rovbing Jwmal adjustm5 and unusual Irarts8ctr$. There are InhenI Mmitslions in th8 audit prOdUr0$ des)J aVe and, tho further rvJnvfxJryllance wkn laws and regulalions Kq from the events and transa(ions r8fiected in the financlal $taiom8nty Ihe fess M(ety we wtyJld become aware of IL Th8 risk ofnol dete¢Ung a material mlsstateffont duè to fraud Is hlghw lh8 rlsk ol not deteclirKJ one tesulttng from efmr. as fraud may Invobft delibe18 c(x881Ment by. for eXarn. Igery or wrtenliuwl misrepresentsknng. or thrryjgh ¢olusion. A fijrther dexripkn of our respoTrslbiMl&s for Ihe audtt of Ihe finanoal stalements Is Ic¢d Ihe FInla1 Repcrt11ng Counol'g website at www.frc.txg.uklaudllorsresponsibiliiies. This d•$1p0n lom part of ow Report of th& knttep&ftdent Auditors. Use of ow r•port This report is made Solely to Ihe ¢harilable o)mpanys members. as a body, in accorda with Chapter 3 01 Part 16 of tho Cornpanies Art 2L%)6. t1 al1( woth has been undertakon so that We might ststs to Ihe chitth cornpanY8 members Ihc68 rnatte are requlrod to state to them in an al+t£s, report and for no otrr pury>w. To the full8St exlenl pemltted ty lthv, do not accept or assumo ftsponsibtilty to anyone other than lh& ckwilth Ix)mpany and the thalftable compan$ membt]¥ as a body. for our audll wort(, lor this reporL orfor the opin#M we have f(m. stephen Andorson (Sebmor Statuiory Audltor) for and on b&half of Knox CropperLLP 15&155 London Road Hamel Hempstead HerlkiYdsNre HP3 9SQ Page 11
crry 8T GEORGE'S STUDENTS, UNION Con80lidatsd Statem•nt ol Fln•n¢ial A¢tlvllles for th¢ Year Ended 31 July 2025 21)25 Tolal fvnds 2024 Totsl fvnds Unrnstrthl Restrkted fvnd INCOME ANO ENDOWMENTS FROM l)onalions and18gacte$ 2,997M35 2,997,835 1,998.015 Charfl•ble adlvftlo$ Clubs and &itieS R6tail 133.648 133,648 30,240 100.784 21.931 21.744 30.240 66.510 Other tr&11r aclivilies Invastm8nt rncx>mo 1.278A66 41.165 1278A66 41.165 39.131 32.829 4.414246 133,648 4547 2.214,234 EXPENDrruRE ON Ralshg funds 1.154437 1.158.437 Charftable a¢tlvlll• 689,927 689.927 465.152 128,564 74,589 167,037 127.020 244mO 221.636 733.115 620.251 282.802 279.239 677 08 412 167 cbS and Sodelle8 Relail 128.564 187,037 244.090 733,115 282,802 6n.208 Repre5entslv)n and DemcKTr Communicatsn and Markeling Sport Total 3952 616 128.564 2.21)0.054 NEf INC(AIE Trnn•fer3 I9•A fund¥ 461%30 31233) 466.714 14.1eo 31.233 Net movemert In funds 317 4W714 14.180 RECONCIUATION OF FUNDS Totsl fvnds brwght forw8nJ S01,714 86.514 574,108 TOTAL FUNDS CARRIED FORWARD 93 The notes fom pari ol these financial stal•ments Page 12
CITY ST GEORGE'S 8TUDENTS' UNION (REGISTERED NUMBER: 10834450) Con$olidated Balanc• She•1 31 July 2025 2025 Total funds 2024 Totsl funds Unrestricted fund Restrictod funds Notes FIXED ASSETS Tangible assets 14 101784 11M,784 CURRENf A8SET8 stocks Debtors Cash at bank and in hand 16 17 48.393 183.730 1.021.674 48.393 183,730 14.784 155.877 708,601 122.891 1,253,797 122,891 1,376,688 879.262 CREDITORS Amounts falling due within (Th year 18 (426.4701 (426A701 (290.974) NET CURRENT ASSETS 827 327 950 122 891 18 TOTAL ASSEfs LESS CURRENT LIABIUTIES 932,111 122.891 1,055,002 588,288 NET ASSETS 932 111 122,891 1,055,002 588.288 FUNDS Unreslricted fund8 Restricted funds 20 932,111 122 891 501.714 86,574 TOTAL FUNDS 588,288 The finanrial statements We appro¥ed by the Boafd of Trustees and authorised for issu8 on . and were signed on its behalf by: N Mohammed - Trustee The notes fonn part of these financAal statements Page 13
crry ST GEORGE'S STUDENTS. UNION {REGISTERED NUMBER: 10834450 Charlty Balance Sheot 31 July 2025 2025 Totsl fund¥ 2024 Total funds Unrestn'ct8d fund Rastricted fvnds Notes FIXED ASSETS Intangible assets Tangible assets Investrnents 13 14 15 2A74 49,261 2,474 49361 51.737 51,737 CURRENT ASSErs stocks Deblors C88h at bank and in hand 16 17 2.872 27W8 745.159 2,8n 274,408 868.050 14,784 155,877 708,601 122.891 1,022,439 122.891 1,145,330 879.262 CREDrroRS Amounts falfjrKJ due *rylhln ono yoar 18 (179,503} (179,503) {290.974) NEf CURRENT ASSErs 842.936 122.891 965,827 588,288 TOTAL ASSETS LESS CURRENT LIABILMES 89473 122,891 1,017,564 588.288 NEf SET8 122.891 588.288 FUNDS Unrestrlcted funds Reslricled funds 20 894.673 12 501.714 86.574 TOTAL FUNDS 588.288 As pwmitled by S408 Companles Acl 2006. the cknariÈabie company has not pr85entgd its i)wn ststement of financial activities and related notes as it prepared group accounts. The charitable companys SUTplus for th8 year was £429.276 (2024: £14,180). The financial statements wgrv approved ty the Board of Trustees arNJ 3uthorised for tssue on . and were signed on its behaw by: N Mohammed- Twslee Thg notes fom part ofthese finanraal statements Pagè 14
CITY ST GEORGE'S 8TUDENT8' UNION Consolldated Cash Flow St•temgnt forthe Year Endgd 31 July 2025 2025 2024 Notss Cash flows from opgratlng a¢tfvitl•• Cash generated from operatlons 1.827 Net ¢e$h provided by operating BCtivili8S Ca8h flows from Invostlng a¢tlvltl•$ Purchase of tangibl8 fixed assets Sale of tangible fixed assets Transfer of tangib fixed assets Intsrest retslved (&ooo) (136,499) 32,629 Net cash (used inllprovlded by InvestSng activitias 102 335) 32.629 Change In cash and cash oqulvahnts In the reporting perlod Cash and ¢ash ¢qul¥alents at Ihe boglnning of tho roportlng perlod 435,964 34.456 674.145 Cash and cash oqulvalonts at tho ond of th• roportlng porlod 1144.565 708,601 The note5 fo part of Ihese finanL?al stslements Page 15
CITY ST GEORGE'S STUDENTS, UNION Notes to tha Con$olldatsd Cash Flow Stst8ment for the Year Ended 31 July 2025 RECONCILIAnON OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES 2025 2024 Net incomo for the reportlng perlod (as per Ihe Statement of Flnand•l Actl¥lti95) Adjustmgnls for: D8pre¢iation charg8S Loss on disposal of fixed assets Interest reeeived Decreasellincreasel in stock5 Increase in debtors (Decreaseyincrease in credilors 460,714 14.180 18,525 10,191 141,165) 133.609) 127.853) 135,496 (32,6291 (1,5961 (100,9661 122,838 Nel cash provided by operntions 538.299 1.827 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.24 Cash Ilow At 31.715 Net ¢ash Cash at bank and in hand 708,6Q1 435,964 1.144.565 Total 708,601 435,984 The notes forn part of these financial stalemerrts Page 16
crry ST GEORGE'S STUDENTS, UNION Notos to Iho Consolldatsd Flnanclal Stat6m•nlg for th¢ Year Ended 31 Juty 2025 ACCOUNTING POLICIES 8a818 of preparlng the flnanclal sletemonts The finanaal ststemenls of the charitable company. whth is a public benefit entity under FRS 102. have been prepared in accordanc& with thè Charities SORP (FRS 102) 'Accounting and Reporting by Charrbes: Statement of Recommonded Practi¢e appli¢able to charities proparing their accounts In accordance with the Financlal Reporting Standard applicable in the UK and Republtc of Ireland {FRS 102} (effective 1 January 20191,. Financial Reporkn'r@ Standar(1102 The Financrdl Reporting Standard appficable in the UK and Republlc of IrelarKI' and the Companies Act 2006. The financiaf Statents have been prepared der the historical rAst convention. exception of inv851ment5 which are induded at market vabje. Balis of consolldatlon These financial ststements consolidate the resutts. assets and rtabiliknes of City Sl George's Stud&nts' Union and its wholly Own trading subsidiary CSGSU Tradirtg Limited on a tine by line basis. ND separate Slalement of Financial Act5vities or Income & Expenditure ACnI is presented for ihe Chanty because it has tsken advantage of the exemptions afford$d by section 408 of Ihe Companies Act 26. Income All income 1$ roGogni$ed In the Ststemenl of Flnan¢lal Advllles once the d)arlty has entitlement lo the fvnd$. it Is probable that the ineLime wlll be received and the amount can be measured reliabty. Eyndllure Liabilities aro recognised as expenditure as soon a$ therg 1$ a 18gal or wnstructive obllgallon cMINd tho charity lo thal expendlture, 11 Is probable Ihal a transfer of en¢nfe benefits wll be required in settlement and th8 amount of the obllgalion can be measured feliably. Expenditure Is accounted for on an 8ccruaEs basis and has been da$sed under headings that aggregate all cost related to Ihe category. Where costs ¢annot be dire¢tty attributed to parti¢uk3r hèading$ théy hav6 bèén alltscated to activities on a basis consistent with the use of resources. Support costs have bean allocated to activillès based on the estlmated usage of management time. Goodwlll Goodwill arising in connection wllh the transfer ol St Georges Sithdents, Unlon. and Its trading subsKliary. in August 2024 to thi5 Charity. is being amortssed eventy over ils estimated uselul life of fv8 years. Tanglble fixed assets Depredatlon Is provided at the follow7ng anrnal rates In Order off asset OV8r Ils estEmat6d usefvl lrfe. Plant and machinery Fixtures and fithngs Straight li18 over 7 years Slraight Ine over 10 and 15 years Stocks Stocks are valu9d at the lower of cost and net rwdlis8bb vakne. after making due albwan¢8 for obsoletè and slow moving items. Taxation The charty is exampl from corporation tax on its tharitaLle activities. Fund a¢¢ountlng Unrestricted fund$ can be used In accordance wlh the charitable objectives al the discretion of trustees. Restricted fijnds ¢an onty be used for parti¢ular re51ri¢ted purposes within the objects of the charity. ReslriGtions arise when specifiad by the donor or when funds are ralsed for parflcular restricted purposes. Further explanallDn of the nature and purpose of each furKI is IndUd in the notes to the financlal statements. Pag9 17 conlinued..
CITY ST GEORGE? STUDENTS. UNION Notes to tho Con8011daled Flnanclal Ststsments . contlnuod for Ihe Yoar Endgd 31.Juty 21)25 DONATIONS AND LEGACIES 2025 2024 Other grants Donations Notional rechargg grant Transfer of assets from St George's Studants Un#)n 88,471 2,06fj,756 291,802 550.806 35,610 1,694,062 268.343 1997 1,998.015 OTHER TRADING ACTivrriES 2025 2024 Sponsorshlps Events income Mls¢ellaneou$ Income Baf and shop sales 30,583 47,630 8,317 1 191.930 27.230 10,671 1.230 INVESTMEKf INCOPIE 2025 2024 Deposit account interest 32.629 INCOME FROM CHARrrABLE ACTivftlES 2025 2024 ACtity Clubs and Societies Retail Sp¢Jrt Societies income Shop income Sport income 133.648 30,240 66.540 100,784 21,931 21.744 144,459 RAISING FUND8 Other trading activlties 2025 2024 Purcha886 Wages Other direGI costs Administrative costs Depreciation 76&709 296,446 6,092 74,788 15.402 These are relating to CSGSU Trading Umlled for the year eTra8d 31 July 2025. Page 18 (x)ntinued...
CITY ST GEORGE'S STUDENTS. UNION Notes lo thè Consolidatsd Flnanclal Statèmènts - continuod for the Year Ended 31 July 2025 CHARITABLE ACTIVITIES COSTS Support costs (see note 81 Direct Costs Totals Student Adivities ctubs and Soclelies Retail Advice Representation and Democracy Communl¢ation and Marketlng Sport 492.851 128,564 19,076 194,768 387,871 184,162 529,247 197,276 689,927 128,564 167,037 244,090 733,115 282,802 677.208 147,961 49,322 345,244 98,640 147,961 1936 339 986,404 SUPPORT COSTS Govemanc co$ts Management Tota15 student ActivltiO5 Retsil Advl¢e Represenlatroft and Democracy Comrnunicallon and Marketing Sport 194,055 145,546 48,517 339,608 97.030 3,221 l415 805 197.276 147,961 345,244 98,640 1.610 970 302 Activity Maftagemenl Govemance costs BasK% of alk)cation Allocated based on managgment limg Allocated based on management lime Support costs, induded in the above. are as follo. RepsentalIOn and Democraoy Student Actfvllles Retail Advtcg Wages Insurance Telephone and IT Postage stationery SundTies Recruitment ¢o$ts Travelling and Subslstence Bank charges Webslle Nollonal rocharge from Ctty Unkverslty Strategy wsts staff training Aifiliation fees Equipment & malertal8 Bad Debt Prow8lon Event Costs Soflware licences Donalitins Depreciatlon of tanglble and heritage assats 82,395 4,317 61,796 3,238 20.599 1,079 144,192 7,554 350 7,966 161 1,267 223 8,738 43.770 227 117 2,655 817 18,588 376 2.956 520 20,388 102.131 530 10,622 214 1,689 297 11,649 58,361 303 422 74 1913 14590 76 6,975 1,886 S,231 1A15 1,744 472 12.206 3.302 93 7,203 2,923 71 5,403 2,193 165 12,606 5,117 4,593 1,801 731 656 Carrled forward 192.018 144017 48,007 336,041 Page 19 continued...
CITY ST GeoRGE% STUDENTS. UNION Notes to tho Consolidatod Flnanclal Statements - contlnu•d for the Year Ended 31 July 2025 SUPPORT COSTS - contlnuod Representation and Democracy Sludent Actiwlies Retall Advlc& Brought forward Loss on sale of tangible fixed assets Auditors. remunèrallon Sundrl8S Legal fees 192,018 2.037 1,893 751 17 14017 1,529 1,420 563 432 48,007 510 473 188 144 336,041 3,567 3,314 1,314 197 147,981 49.322 345244 2025 2024 Communicalion and Mthellng Total activiti85 Total activities Sport Wages Insurance Telephone and IT F>ostaga and stationery Sundriès Recruitment costs Travelling and Subsistence Bank charges Webslle Notronal recharue frum Cty UnNersty Strategy costs Slaff tralnlng Affillatlon fees Eqvipmenl & materials Bad Debt Provision Event Costs Software licences l)onations Deprecgalion of tangib and heritage a$88ts Loss on sal8 of tanglble fixed ass&ts Auditors, remuneration Sundries Legal fees 41,198 2,158 61,796 3,238 41176 21.584 279,475 7272 10,824 350 7,966 2,333 53,108 1,073 5,311 107 045 306 691 2,533 2,956 16,823 1,267 223 8,738 43,770 227 1,485 58,251 291,802 1,514 5,825 29,180 151 59,173 2,636 28.117 174 (100) 3A88 5,231 1,415 34,875 9,433 47 3,802 1,462 1}13 1,019 94f 375 288 71 5,403 2,193 1,968 1,529 1,420 471 36,018 14,619 13,123 10,191 3,132 8,121 17,883 26.787 3,754 1881 432 98 147 961 404 NET INCOMEI(EXPENDrruRE) Net incomellexpendituro) is stated after chargingl{cYedlllng}." 2025 2024 Audltors, remuneration Depredation- owned assets DefiTht on disposal of fixed assets 12,124 28.525 10,191 8,121 Page 20 continued...
crry ST GEORGE'S STUDENTS. UNION Not•8 to th• Consolldat•d Flnanclal Statements - continu•d for tho Year End•d 31 July 2025 10. TRUSTEES. REMUNERATION AND BENEFirs 2025 2024 Twstees, salaries 159,749 141,631 Twstoe¥' ¢xpvn¥¢¥ There were £419 trustees, expenses paid for the year ded 31 July 2025 and £1,194 tr the year ended July 2024. 11. STAFF COSTS 2025 2024 Wages and salaries 015 186 2 015 186 1.268.566 The average monthty number of employees during the yearwas as follows: 2025 2024 21 Full time Part time 33 26 The number of emptyes whose empknyee benefits (exdudin9 employer pension rosts) exc48ded £60,000 was: 2025 2024 £60,001- £70.OIXI £W,001-£100,000 £110,001- £120.000 Included within staff costs above is the remuneration of the Senior Management Team whKh amounted to £332,096 for the year ended 31 July 2025 (2024: £282,772). 12. COMPARATIVES FOR THE STATEMENT OF FIP4ANCIAL ACTIVMES Unrestrfct8d fund Restrlcted nds Totsl funds INCOME AND ENDOWMENTS FROM Donatlons and legades 1,998,015 1,998,015 Charitable acllvities Clubs and Societl88 Retsil 100,784 100,784 21.931 21.744 21,931 21.744 Other trading aeiivlties Investment income 39.131 32,629 39.131 32,629 T•)tsl 2,113.450 100.784 2.214 234 EXPENDITURE ON Charltable adlvitié$ student Activities 465,152 465,152 Page 21 continued...
CITY ST GEORGE'S STUDENTS. UNION Notes to tho Con$olidat8d Financlal Stat•m•nts - ntInUed for lh¢ Year Ended 31 July 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - c¢)ntSnued Unreslricted Tund Total funds funds Clubs and Socialies 74.589 74,58g 127,020 221.636 620,251 279.239 412.167 127.020 221,636 620,251 279,239 472,167 Advice ResentatiOn arKI Democracy ComMuntion and Marketlng Sport Total 2,125,465 74,589 2.200.054 NEf INCOMEIIEXPENDrrukEI {12,0151 26,195 14.180 RECONCILIATION OF FUNDS Total fvnds brought forwarol 513.729 60.379 574.108 TOTAL FUNDS CARRIED FORWARD 501.714 86,574 588.288 13. INTANGIBLE FIXED ASSET8 Charlty Go(JJwill COST Addilions 3,093 AMORTISATION Charge for year 619 NET BOOK VALUE At 31 July 2025 2.474 At 31 Jufy 2024 14. TANGIBLE FIXED AS8Ers Fixtures and fiuings Qroup Plant and ma¢hingry Totals COST Addillons Disposal8 Trdnsfer to ownership 8,IXIO (46,905) 8,000 110IA11) (114,406) Al 31 July 2025 192 80 246.107 DEPRECIATION Charge for year Eliminated on disposal Transfer lo ownership 7,528 (44.013} 20,997 (106.108) 200 975 28,525 1150.121) 262 919 Al 31 Juty 2025 115.864 141,323 NET BOOK VALUE Al 31 Juty 2025 28,3e8 78,416 104.784 Al 31 July 2024 Page 22 continued...
crry ST GEORGE'S STUDENTS. UNION Notss to the Congollqlatsd Flnanclal Statwnont¥ - ¢ontlnued for the Year End¢d 31 July 2025 TANGIBLE FIXED ASSETS . c¢)ntlnuod Flxtures and fthings Charlty Ptsnt and machinery To1815 COST Additions Dt8PO8als Transfer to ownership 8,000 (4&905) 8,000 (148.165) (101260) 177 Al 31 Juty 2025 75 DEPRECIATION Charge for year Eliminated on disposal Transfer to ownership 7,528 (44,013) 61.944 5,595 (92,962) 142.285 13,123 1136,975) 204,229 At 31 JUFY 2025 NET BOOK VALUE At 31 July 2025 At 31 July 2024 15. FIXED ASSET INVESTMENTS Shares in group undertakings Charity MARKET VALUE Re¢lassifi¢ationllr4nsfer NET BOOK VALUE At 31 July 2025 At 31 July 2024 The audited financial statsments of CSGSU Trading Limited for Ihe year ended 31 July 2025 show fc4hxving results.. 2025 Tumover 1,191,930 Cost of sales 1.068 247 Gross prollt 123,683 Adminislrdtive exp8nSaS 0rnt1ng profft 26,788 Interest recelvabl8 and slrnllar Income Profit baforg tautlon 30.114 Tax on profit 6,705 Profit for tho flnanclal year 36,819 Page 23 continued...
CITY ST GEORGE'S STUDENTS. UNION Notes to the consol1dat Flnsnclal Statèmènts - contlnuod for the Year Ended 31 July 2025 16. STOCKS Group Charlty 2025 2025 2024 2024 14.784 2.872 14,784 17. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR Group 2024 Char6ty 2025 2025 2024 Trad8 debtors Amounts owed by group undortaklngs Other debtor5 VAT Prepayments and arxrued Income 16,502 770 1.380 121,530 119,533 3,294 28,671 770 135,263 3.294 28,671 9.873 3.548 141.686 9,873 3.548 141.686 183730 155.877 155.877 18. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR Group 2024 Chartty 2025 2025 2024 Trade creditors Othor ¢redilors A¢Gwed expenses Taxation and Soclal Security 211.392 52,950 155,$97 134.819 8.281 147.874 12,413 11.493 155.597 134.819 8.281 147,874 426,470 290.974 179.503 290,974 19. LEASING AGREEMEPITS Minimum lease payments under nOrancelIable operatin9 leases fall due as follows: 2025 2024 IKrthn one year 8elween one and five years 4,108 20. MOVEMENT IN FUNDS Nel Transfers movement betsveen in funds fund$ Gioup At 31.7.25 At 1.8.24 Unr•8trict•d funds General fund 501,714 461,630 131233) 931111 Re$trl¢ted funds Ciubs and So¢ieties 86,574 &084 31,233 122,891 TOTAL FUNDS 588.288 406.714 1 D55,002 Page 24 r))nllnued...
CITY ST GEORGE'S STUDENTS. UNION Notes to th• Consolldat•d Fln•n¢lo1 Stat•m•nts - contlnu•d for the Year Ended 31 July 2025 20. MOVEMENT IN FUNDS - contlnu Net movement in funds, included in the abov8 are as followE: Incomlng Re50ur¢es expended Movement in funds Unrestrlcted funds General fund 4414346 (3.952,616) 461,fj30 Restrl¢t•d funds Clubs and Societies 133,648 {128,564) TOTAL FUNDS 4,547,894 4,081,180 464714 Comparatlves for mov¢menl in funth Net moven*nt in funds At 31.7.24 At 1.8.23 Unre$trfdéd lunda General fvnd 513.729 {12,015) 501,714 R•8trfcled fund8 Clubs and Societies 60.379 28,195 86,574 TOTAL FUNDS 574.108 14,180 588.288 Comparative nel movement In funds, included in the above are a5 follows.. Incoming resour¢e$ Resources expended Movement in funds unrestr1¢t fvnds Gener41 fund 2.113,450 (2.125.465) 112,015) Restricted fvnds Clubs and Sooeties 100.784 174.5891 26,195 TOTAL FUNDS 2,214234 2,200.054) 14.180 The Stxieties fund reprgsents funds taised ty thè varltyjs societies of the Union which are to be spent for the benefit of those SleUeS only. P8ge 25 ContInu...
CITY ST GEORGE'S STUDENTS. UNION Notes lo the Con8olldal•d Flnanclal Statem•nts - con11nd for the Year Endèd 31 Juty 2025 21. RELATED PARTY DISCLOSURES The followlng tran¥a¢ti¢Jns took place with sabbatl¢al offic*ryJ In the year ended th8 31st July 2025. Sabbatlcal Post A Hamzayova N Mohammed A Shepherd J KenwTrght E HaFwood R Asgh8r Total Salary £22.657 £24,796 £24.676 £29.933 £29.933 £314 Employers NIC Employers P•nslon £2,213 -£382 £2,479 £3,246 £2.322 £3,285 £3,143 £3,961 £3,143 £3,961 £27 £42 £14,113 Tolal £24,488 £30.521 £30.283 £37.037 £37,037 £383 £159.749 £132 £13,327 MERGER On 1 August 2024 Clty, Unlvorslty of London Students, Unlon merged with Sl George's Students, Union to fom City Sl George's Students, Unlon. The a55ets and liabililies of St Georgg's Sludonts, Union have been ITansferred lo Clty St G•org8's Students. Unlon on thls date. Page 26