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 Trust￿3
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 Tn￿le•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 a￿1 advising Students",
b) being the reco￿ls0d 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 Pe￿nal
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 Offic*rs 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 I￿1h PtTrJramme Representative feedbad( in Schoob.
. Scheduling One4￿ne 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 Repres￿￿lIVeS.
• Delivering GetHeard to support the abillty for studenls to provide feedback on thelr experl8nce In ￿81 Ilme.
Alongside $tud8nt representatlon, the Unlon ￿ wlth Stud¢nts' Union Officers and st￿lents to deveknp and progress
¢ampalgns to improve the student experi6nce. The Officer team. with staff supporL lead in defwering canpaigns;
Inctuding..
• Continued cg)st of lfving ￿ppOrt. as one of th6 Unlon'$ 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 dO￿lp[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 prov*Je 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 nTr￿ey 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 st￿ts in lle￿1. 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 AdJudi￿lOrS (OIA).
The Advi(￿ and SuN￿rt service preV￿USIY hebj the Advic8 Quallty Standards (AQS) kitemark but the Union twk the
decision to disconlinue the aLzreditation in Januory 2￿5 to enabl8 a full review of the SepA￿ followlng the merger wtth
St G￿rge'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￿$, online everts 5UPP)rt,
ext8mal sp8aker approvals. rlymmitta8 018cbons. and tralnlng and support.
. A rdnge of In￿r$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 partlGipa￿n. 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 eX￿rience. 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 $i￿￿ent ex￿rIenCe and one
that recognises Ihe rlifferenl barriars and challanges facing Students. For more informatK)n on the Students, Unton
strategy, visit www.csgsu.co.uk. The strategy was developed lo gNe the Union direction based on extenwve re3earth
and fe8dbad( from students, staff and stakeholders.
Our Purpose
- Make Every Day Better
The Values We Llve ey
. We Listen, We Leam. We Lead
The Way We Act
. Evidence4ed
We will be in$lght driven and wll prlorttbse developlng 8 slroryd evidence base ¥h￿n rnaki￿ key 5tratsgic decislons.
. Open to change
We thange and odapt with our student l)ody, a￿ayS 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 knOw￿￿ge 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 cle￿enW￿l 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-f￿r 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 E￿ildi￿j. 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 Prepa￿tiOn 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+ s￿dents.
Prom1•¢ 2- D¢llv¢rlng Change
KPI Reviaw:
4th highest S￿ring 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 S￿deThts
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 pr￿eSS. Eryagement was sIr￿J. *ilh 5.393 voters.
8.814 votes c85L 69 candidates. and a 21.3% tumout, markillg a srgnlr￿arrt tncr8a5e frorn legacy Cilfs 16.3% in 2024.
During Ihe results process, the soEe ormfidate for th8 reserved Tc￿ling 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 fu￿sam￿ntallY 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 hfjghl￿hted slow or tengthy reS￿nSeS 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 S￿dent centred servtce a(xoss all carnwses,
the Union paused its AQS accreditation to enable a full red&8ign. Thls all0￿*d for the introduction of 8 new Iriage
System. al#Jned case management processes. migrat￿n 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}
R*port 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 h*hlights 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 exp9rrenc￿1
a unified unt(￿ from day on8.
Wabsiie Consolidatic
The Union consolldated the legaGy websltes Inlo a single Unlon website. This provided students with a unIf￿d 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 $upport, actlvty and Tepresentation. A
transparent booking workfiow was intrOdU￿d to enable ￿let1￿5 and slLKlenl gTOUPS to easlty use rc*)m5, With more Ihon
100 societses making bookIn￿ throughout the year. This 8n8ured students had consistent access to communty buikling
spa¢e5 a¢ros8 sltes.
Additlonally. as part of widor unlverslty investment in the S￿dent exp811en￿, the un￿eTsity undertook a prqect to
refurblsh and redecordte the Rob Lowe Sports Centre at Twtirg. The refufbishment brought the fadlty up to a much
Improved standard and ensured it was m(xYem. wekoming and fil for purpose. The space wa8 cleady braTrJed as part of
the Siudents, Union. providing clear vlsibilty on campu*
Addltional Actlvltl•$ 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 s￿dent 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 w￿1 be:
. EnsuTing the exlslng strategy remalns ft for purp￿e.
. 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 se￿￿e8 ac￿￿$ Ihe Unlon.
. Reviewing the Union's resource profile to 5UPPQrt bng-teim 8ustalnabij￿y.
. 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 In￿OUSe 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￿ T￿￿te•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 sOu￿e 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'$. There w88 also an
increase In the bknk grant (iue lo increa￿n￿ staffing levels at Lega¢y Cty. Incorn& from charitable activltses for 8tudants
increased to £230,428 (2024.. £144,459.) This was dri¥8n by a 33% Increase In Income from Siudenl Sport$ Clubs and
Soci¢lies and a 21￿)% Increase in Income from Sport. Incr&qsed income from these Student ktiwties is lo Ir￿reaSe￿
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 Deff￿a¢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 compr*h8nsive 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 EdUCat￿n 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 effIc￿nI 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 Incl￿1¢ 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 Un￿n 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 Offi￿r
Ayla Hamzayeva
Anoshay Hasnat
Nasir Moharnmed
Sludents. Union Officer
Roman Asghar
Sludents. Union Officer
Ashton Shepherd
Nana Yaa Osel
Students, Unron o￿l￿r
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 sept￿ber 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$ts•¥
for the Year Ended 31 July 2025
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees (who are also the directors of City St Georg8's Students, Union for the purposes of company law) are
responsible for preparing Ihe Report of the Trustee5 and the financial statements in accordance with appficable law and
United Kingdom Aco)unting Stsndard5 (United Kingdom Generally Accepted Aca)unlin9 Ptacbce).
Company law requires the tnjstees to prepar8 financial statements for each financial year. Under that law, the trustees
have elected to prepare the financial stateTnenls in accordance with United Kingdom Generally Accepted Accounting
Practice {Unit8d Kingdom Accounting Standards and applica)le law}.
Under txmpany law the tsuslees musl not approve the financial statements unless they are satisf￿d th81 they give a tNe
and fair view of the Slate of affairs of the charitable company and of tho In￿￿ming resourcas and ap￿IratiOn of resources,
induding the irKome and expenditure, of the charitable company for that poriod. In prep3ring Ihose finand?I statements,
the trustses aro roqulred to
select sultabfe acccuntlng poltcles and then appty them ¢on5i5tentty:
observe the methods and principles in the Charities SORP.
make Judgements 8nd e$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 0￿er 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 Statem￿1 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 acCo￿anCe 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
Obta￿ed Is sufficient and appropriate to provide a basis foi our opinion.
Concluslons relating to going con¢•m
In a￿￿lting the financlal 5talementS, W6 have COnc￿ded that the trustees. use of Ihe poing concern basis of a￿Oun11n9 in
the preparallon of the fin8ntial statements is appropriate.
Based on the work have Ferfonned. we have not *Jentif￿d any material uncertaintss relatlng to events or ￿)nd11km$
that, indiwdually or colleclivety, may cast signif￿ant 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 ￿mp￿Se$ thg inf0m1at￿n 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 Othe￿Se 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, I￿r responsibibty is lo read the other Infom)aiM)n 8rKI. in doing
50, consider whether the othor infomiatlon is mate￿allY inconsistent Wtth th& financial statements or our knothlodge
obtsined In th8 audit or othemse appears to be materi• misststed. If we idenfjfy such mater181 i￿OnsIste￿¢1es or
apparent material mlsstatemenis. we are fequired to datom￿ne 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 re￿t 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 8t8len*nts 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 ￿￿Ssts1eMe￿ts 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 a￿lIt 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 resp￿sible 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 fina￿181 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 ccrfnpan￿s
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
0￿rationS. 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 InG1￿leS 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 afv￿y$ delect a mateiial misstatement when It exists. miss1*e￿￿ can arise from fra￿1
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 proF￿Y 3¢ount for reslrtcted funds Ihrough discu￿10n9 *ith manw1￿rt aThJ a roviow of tho
documented pOl￿e5, and controls.
. The audit leam. whi¢h is e￿rIenced in the audlt of chad11￿. (x￿8[dered th8 Grw's lo ￿￿terial
mlsslatoment and hwfr8ud may occw. Ourconsiderall¢)ns Induded the iisk ol managon*nl 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 rovb*ing Jwmal
adjustm￿5 and unusual Irarts8ctr￿$.
There are Inhe￿nI Mmitslions in th8 audit prO￿dUr0$ des￿￿)￿J a￿Ve and, tho further rvJnvfxJryllance wkn
laws and regulalions Kq from the events and transa(*ions r8fiected in the financlal $taiom8nty Ihe fess M(ety we wtyJld
become aware of IL Th8 risk ofnol dete¢Ung a material mlsstateffont duè to fraud Is hlghw lh8 rlsk ol not deteclirKJ
one tesulttng from efmr. as fraud may Invobft delibe￿18 c(x￿881Ment by. for eXarn￿. I￿gery or wrtenliuwl
misrepresentsknng. or thrryjgh ¢olusion.
A fijrther dexripkn of our respoTrslbiMl&s for Ihe audtt of Ihe finanoal stalements Is Ic¢*d ￿ Ihe FIn￿la1 Repcrt11ng
Counol'g website at www.frc.txg.uklaudllorsresponsibiliiies. This d•$￿1p￿0n 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. t￿1 al￿1( woth has been undertakon so that We might ststs to Ihe ch￿itth cornpanY8
members Ihc68 rnatte￿ ￿ are requlrod to state to them in an al￿+t£￿s, report and for no otr*r 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 &￿i￿tieS
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
c￿bS 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 I￿9•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
894￿73
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 State￿￿nts 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 AC￿nI is presented for ihe Chanty because it has tsken advantage
of the exemptions afford$d by section 408 of Ihe Companies Act 2￿6.
Income
All income 1$ 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 c￿MI￿Nd tho
charity lo thal expendlture, 11 Is probable Ihal a transfer of e￿n¢￿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$s￿ed under headings that aggregate all cost related to Ihe category. Where costs ¢annot be
dire¢tty attributed to parti¢uk3r hèading$ 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
ACti￿ty
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$ts
Management
Tota15
student ActivltiO5
Retsil
Advl¢e
Represenlatroft and Democracy
Comrnunicallon and Marketing
Sport
194,055
145,546
48,517
339,608
97.030
3,221
l415
805
197.276
147,961
345,244
98,640
1.610
970 302
Activity
Maftagemenl
Govemance costs
BasK% of alk)cation
Allocated based on managgment limg
Allocated based on management lime
Support costs, induded in the above. are as follo￿.
Rep￿sentalIOn
and
Democraoy
Student
Actfvllles
Retail
Advtcg
Wages
Insurance
Telephone and IT
Postage stationery
SundTies
Recruitment ¢o$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
411￿76
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
Re￿sentatiOn arKI Democracy
ComMun￿tion 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
0￿rnt1ng 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,$97
134.819
8.281
147.874
12,413
11.493
155.597
134.819
8.281
147,874
426,470
290.974
179.503
290,974
19.
LEASING AGREEMEPITS
Minimum lease payments under nOr￿ancelIable operatin9 leases fall due as follows:
2025
2024
IKrthn one year
8elween one and five years
4,108
20.
MOVEMENT IN FUNDS
Nel
Transfers
movement betsveen
in funds
fund$
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 S￿leUeS only.
P8ge 25
ContInu￿...

CITY ST GEORGE'S STUDENTS. UNION
Notes lo the Con8olldal•d Flnanclal Statem•nts - con11n￿d
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