Charity ReKiStration No. 1189547 BATH SPA UNIVERSlTh mioENTS' UNION AIINUAL RÉPORT AND FINANOAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 BUSINESS ADVISORS First Floor, Premier House 127 Duckmoor Road Ashton Gate 8ristol United Kingdorn BS3 2BJ
BATH SPA UNIVERSITY STUDENTS. UNION CONTENTS Company information Trustees. Report 2-12 Statement of Trustees, responsibilities 13 Independent auditor's report 14-17 Statement of financial a£tTvitie5 18-19 Balance sheet 20 Statement of cash flow5 21 Notes to the fi'nanclal 5ts1ements 22-37
BATH SPA UNIVERsifY STUDENTS. UNION COMPANY INFORMATION Tru$tee5 Russell Thomas Christopher Ellicott Jasmine Raymond-Barker Robert Blake-Burke Amber Daw Elise Booth Joshua Mannino Ming HLri Ng Aiian Feltham Poppy Laycock Salmar Ammar Alexander Reeve Appointed I july 2D241 (Appointed l July 20241 (Appointed I Ivly 2Q241 (Appointed l July 20241 Charlty number 1189547 Audltor TC Group First Floor. Premier House 127 Duckmoor Road Ashion Gate Brisiol United Kin8dom 8S3 2BJ
BATH SPA UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2024 The Trustees present their report with ihe fi.nancial ststement5 of the charity for the year ended 31 July 2024. The Trusteès have adopted the provisions ol Accountin8 and Reporring by Charities.. Siatement of Recommended Pracbce applicable to charits'es prepartng their accounts in accordance with the Financial Reporring Standard appliczble In the UK and Republic of Ireland IFRS 1021. Publlc Benefit ststemtnt The primary purpose of Bath Spa Univer51ty Students, Union is the advancement of education of students èt Bath Spa University for the public benefi.t by.. promoting the interests and welfare of studen15 at Bath Spa Univer51ty during thelr Course of stu and representing. supporting and advising students.. being the recognised iepresentatsve channel between Students and Bath Spa University and any other external bodies,. providing social. cijltural. sporting and recrèafjonal activitie5 and forums for disCU5sion and debate for the personal development of it5 Students. The Trustees have paid due regard to guidance issued by the Charity Commission in decidin8 what acts'vities th Charity should undertake. Obje¢tl¥u Ond Aetivltle¥ Our strategic plan 2023-26 was approved by thè Trustees in March 2023. following extensive research. In 2022 we had introduced a survey Ithe BIG SU sufyeyl, which sought to complement oiher areès of regearch Isuch as the Narional Students, Survey and existlng university feedback) and delve into key issues affÈetin8 the experiencè of students and how these potentially Impacted upon their abilrty to achieve iheir potential at Bath Spa. This work gulded the development ol our new priorities, ensuring we are focussed on supporrin8 current students and those about to enter higher education. The strategy also took into account the strate8ic direcnon of the Llnlver5i¢y. and its work to de¥tlop new partnerships and facilities. Without doubt. with more iesources we could always do more. but our new strategy ensurcs we priorinsè our work to Create the chan8e5 needed to support siudents to makc the rnost ofiheir time at Bath Spa, now and in the years ahead. It is bold in its ambitions, looks io learn from others and embrace the innovative solution5 to ttre challenges we lace. Underpinning our Strategic Plan are a con5iSteni set of commitments and values. supported by a number of external accreditarion standards. These support our commitment to financial Stability. sustainability and equality, diverslty and inclusion. In Spring 2024 we re-ran the BIG SU survey. enablin8 US to track changes to the experience of studenis and ensure our priarit.es remained relevant. and our approaches developed in response to the feedback received. We intend to run the BIG SU Survey annually, adapting lines of enquiry in response to any emerging trends or feedback, and helping us understand the impact of inierventions and project5 we develop.
BATH SPA UNIVERSITY sfuoENTS' UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDE031 JULY2024 Our research has shown that.. 83% students did not feel they have 3 comfortable amount of money to live on, with 29% reporting they were struggling fi"n3ncially and 42% had just enolrgh to get by. Our re5eèrch shows that students contnue to cut back on social activities and food to make ends meet. 75% students reported that they worry aboui money. and our research shows that worries about money are the biggest negative impact on students. mental health. 47% respondents have considered dropping out. with poor mental health and a lack rjf money being cited 3S the most common reasons for students considering dropping out of educètyon. Cutting back on social activines because of financial pressures is impactrng on students, ability to socialise, and 49% students report that they feel lonely on a regular lat least weekly) basis. This is consistent with the 2022 survey results. but the 2024 survey showed an Increase in the number ol student5 142%) experiencin8 occasivnal loneliness. Respondent5 who experienced Ictneliness everydav were twice as likely to have considèred dropping out of university. 56% students are reliant on part time work during rerTn time, with 41 working èquivalent of I day per week and 16% working more than 17 hours per week. Our research shows ihtsse who work longer hour¢. en8a8e less with their course, have reduced leve15 of happine55, and are most likely to have considered droppin8 Out ol univers¢ty. This data informs our strate6ic pfKJritfes and we continue to share our findin8s, advocattn8 for l*tter support for student5. strategic Plan Priorltles 202>26 Our themes Our vision How wlll wè achieve thlsP Bulldlni commun5ty and sense of belonglng EVERY STUDENT will feel part of community of learners and confident to succèèd Introduce a range of school base forums Support ALL students to make friends and discover networks Remove the barriers to participation Create new, welcoming on campus lacilitses Invest In communications, research and insight Run an annual calendar of campai8ns Review our Advice Servlce Removlng the barrlefs to participation EVERY STUDENT will be able to take part In the acvitieS and opportunitSes they want io. and no.orFe should feel cost is a barrier Svpp¢rDn8 students to thrive EVERY STUOENT should be able to hnd the support they need, when Ihey want it and be empOWed to make change Our core ¥alues We know that for our member5. it is not just about what we do, but how we do it. We are prDu¢J of our values that underpin thi5 commitmenl.. Students are at the heart of everything we do. We value diversity, actively listen to and 5UPPOrt under-represented groups. We are creative. fun and responsive to the changing needs of students. We take pride in deliverin8 high quality service5. Opportunities and value for money. Trust. sustainability and democralic accouw)tability are at the heart of how we work.
8ATH SPA UNIVERsifY STUDETrtrs' UNION TRUSTEES, REPORT ICOPfflNUEDI FOR THE YEAR ENDED 31 JULY2024 Achievements and Performance 5trate8ic priority Achlevements 2023-24 BuildinB tommunity and a sense of belonglnK We piloted a new reprcsentation model across two schools (Business & Management and Music & Performing Artsl. working closely wilh students and academic staff to review and refine the model. This will now we rolled out across all 8ath-based undergraduate course5 from Septembei 2024. Interest In this work has conrinued and team member5 presented our research and work at the national Membership Setvices Conference in July 2024. We recorded increased satr'slacrion with how well the Students, Vnion repre5ent5 Students. academic interests, with satisfaction expressed ihrou6h the National Student5 Survey INSSI rising from 67.8% in 2023 to 72.3% in 2024. (which is above the national benchmark). The NSS survey5 final year student5, and the resptsnse is similar to the 76% SaStaC0n eypressed in BIG SU survey 2024. which covers all students, In which 76% students rèsponded posirively 10 this question. Addity'onal grant funding from the University has ènabled us to a¢Jdress the finantial barriers to wider parncipatron. by supporting free membership of clubs and societie5 from 2023-24. Thi5 has inCaSed memberships from 1940 in 2022-23 to 3542 in 2023-24. We have also introduced a'Partitipatr'on Fund. specifically to support students with everyday costs of parncipanon, such as clothing, footwear and match lees etc. In 22-23 we supported 6 students Itotal support.. £5711 and in 23.24 we supported 17 students Itotal support £18331. Addihonal 8rant funding 31sts enabled us to make all Union-led events free during the Welcome period in September 2023, and the Welcome Back period in January/ February 2024, further SUPPOrrin8 Students to meet people and Create peer netWC*rk5 to further iacklè lèvels of lonelines5, and addressing financial pressures fated by students. Our Democracy & Scrutiny Committee led work to develop an Accessibility Policy. improving arrangements and information on a¢ces$ 5UPPOrt for every event run in or by the Union. We also began work to support the University to develop an Access & Participation Plan. followin8 the 8uidelines established by the Office for Students. We ran the BIG SU survey in April 2024. 5harin8 our research fi.ndings with tglleagues acr055 the University. This work led to a range of measures to mitr"8ate against the hnancial pressures faced by students including introductton of 5ubsidised food options across university campuses. lixed laundry pricing, help with additr'onal course costs and hardship funding. We reintreduced our Éxercise Referral scheme. which sees a referral pathway to free gym memberships from Student wellbein8 Services and GP services for studenis who could benelit from increased physical activity. During the year we ran several èwareness-raising campaigns covering topics as wide as environmental sustainability, sexual health, educational rights. sexual harassment IError in formula ->#NeverOK<-I, tenants, rights, voter registratfon, Black History Month. LGBTQ+ History Month. We began working with the University on three key projects.. Achieving the University Mental Health charter,. RE..SET lending sexual harassment and domegtic violence) and Dru85 and Alcohol support. Rernovins th• barriers to partlclpation Supporfjn students to thrlve
BATH SPA UNIVERsrtY 5fiJDENTS' UNION TRU5TEES' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 IULY2024 5trate8ic Enabler5 Green Impact- Gold Award Memorandum tsf Understanding agreed with the University leaders in Diversity accieditation retained Retained our listr'ng In National Centre for Diversity list of Top 100 workplaces in UK 015bbility confident- commilted level achieved Revised our Commercial strategy. closing our retail outlet and supporting the University to develop a new, more centrally located shop at the Newton Park campus. Financlal review The Union has two main sources of income.. Charitable and Tradin8 activitr'es.. In 2023- 24 its total In¢ome from its charitable and trading actlvlttès wa5 £756.976 Grant funding. gift aid and donation5. accounted for Grant funding. glft aid and donations. accounted for £1,327.435 Income. This is largely made up Irom an annual block grant from the University, which in 2023-24 was £1.032,0. Our charitable services, which include academic PreSenta.9rt, advice, actt'vities and skills devdopment, are an essentral part ol the wider student experience_ Historically the cost of providing these has been greater than the level of block grant received and as such the Union has been reliant on the ability tsf its charitable tradin8 aetr"vines to both provide service5 for students and svpport thè work of other areas of actr'vity. However, as our tradin8 activities are reliant on the finan¢ial wellbeing ol students, they have beÈn èffected by the impact ol Inflationary pressures and cost ol livin8 crisis on students, who have reduced their spending on food and social activities. In turn this has impacted upon the surpluses we can generate from our tradin8 3Ctrvities, and we have bcen reliant on additional lunding from the University io brid8e this gap. The development of the Memorandum ol Understanding in 2023 included the formalisation of the methodology to determine the block grant, replacing the interim afrangements that had bÉ*en in place to support these h"nèncial challenges whilst we undertook research and developed our new Stiategi¢ Plan, From 2023-24, any surpluses from trading activities will be used to maintain Union's reserve5 to their target level, and provide a development fund to designate to projects whi£h aim to impFove the Student experience. Over recent years the pandemic and cost of livrng crisis had a signih.cant impact on the Union's serVeS. In 2023-24 we undertook financial assessment of our reserves requirements and revised our Reserves Policy, in line with the expectations of the new Memorandum of Understanding. The Board approved that the target level for unrestricted reserves should be equal to 45 days of liquidity plus any employer liabilities. Following this work, the University gave us a on&off grant to restore our unstrICted reserves. This meant that at 31st july 2024, OUT unrestricted reserve5 amounted to £340,841 excluding capital reserves. As a values led or8anisation the Union very carefully considers where reserves are held to en5ure.' Monies invesied do not compromise the ethical commitfflent of the Union The reserves receive 3 comparable interesl rate for the type of investment Ri5k5 to the Union ol financial loss are minim15ed
BATH SPA UNIVER5rrv STUDENTS. UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EhlDED 31 JULY2024 'liatson5 In 2023-24 Bath Spa Untversity Student5, Union was affiliated to the following organisatr.ons (the affiliation fee paid is listed for Èachl.. Natlonal Union of Students INUSI- £12.050 8ritish Universitie5 & Colleges Sports IBUCSI- £3.355 Federatr"on of Bath Residents A550ciation IFOBPAI- £50 Advice UK - £569 n Truste Bath Spa University students, Union does not act as a custodian trustee on behatf of others. it does hold some des18nated funds which represent the charity's administration of income and expditure relating to ils club5 and societies. In 2023 - 24. our clubs and society.es had a balance of £66,215 remaining at year end. Fundraisin The Union has two main areas of fundraising activity.. Fundraising to support the activittes of the Union. Ihrou8h lundraisinB events and schemes such as Give as you Live,. Fundraisin¥ by students io support student led activities or to fundraise on behalf of another tharlty. The Union considers all fundr?isin8 as a useful skill lor students to acquire, and partitularly as students develop thelr own personal interests and activities as socially engaged titr'zens. The Unron does not use any professional fundraising or comrnercial organisanons to support thesè activities. The Union provides guidance and training to students looking to participate in fundraisinÉ a¢tivitEs which seek to .follow the Fundraising Code ol Practice. This makes It clear that all fundrèisin8 is under the umbrella of the Srudents, Union. even when it may be for a 5pecifi.ed purpose, club or society. The Union a150 ha5 a Sponsorship policy within its By-laws that ensures any sponsorship of clubs and societies fit into the deh.ned aims and values ol the clvblsotjety and thai there 15 clear monitorin8 9f any sponsorship received n support of specifi.c purposes. We have a number of internal procedures to ensure that the standards expected are closely monitord, with all fundraising projects and ideas myst be submitted for approval prior to an event. Any online fundra15ing for the Students, Union or for other charitres come through the Everyclick pa8e where a subpage can be set w for their ch05en fundraising cause. Fundraising for other charities 15 1088ed through the linance team to cross-reference. All monies collected are held by the Union in line with our financial procedures, with donations to other charities mède at the end of the academic year unles5 there is è prior a8reemenr for such. Our proccdures ernre that the purposes of any fundraisin6 are clearly articulated. There Is a cleèrly defined complaints procedu. awdilable via the Union's website. No complaints were made which related to fundraising in 2023-24. The impclrtance of ensuring ihe protection of vulnerable people 15 a key element of our training. Most of the fundraising happens on campus or online. but we pay particular attention io ensuring any events happening off campus understand the importance of ensurin8 good prèttice standards arè adhered to.
BATH SPA UNIVERSITY STUDENTS, UNION TRUSTEES, REPORT ICONTINUEDI FOR TIIE YEAR ENDED31 JULY2024 Future Plans The Llr710n's main base is at the University's Newton Park campu5. The appropriateTress and future needs of the Union building are under review a5 Part of the longer-term University estates planning. Slmilarly, improving visibility of the Union at other campus loc*ions is In discussion as part of the future plans lor those sites. Whilst discu555ons over facility devÈlopments a ongoing, the trustees have agreed ihat should ary future plans include relocation or refurbishment of future facilities, the Union will r&evaluate the value ol its fixed assets at that point. This may include the write-off of a55ets related to previous capital expenditure on its current leased facilities. which would be irrecoverable if the Vnion relocated. The Trustees have agreed that any such adjustment would be made a single year if requifed. Stnjtlure, govern•nce and management Bath Spa University Students. Ljnion is a charitsble incorporated organisation and 15 8overned by the Union's Consrituh"on, which wa5 approved in May 2020. prior to its incorporatron on 1st Au6ilSt 2020. The Charity replaced the previou5 unincorporated association111390371 which ceased tradin8 on 31st July 2020, transferrin8 all its assets and liabilib'es to the new Chailtable Incorporated Organisats'on111895471 on 1st August 2020. The con5trtutr.on governs what ihe Union can do and how it will be administered by the 8oard of TrLStees on behalf of the membeiship. The Board of Trustees oversees ihe 5trate8lt, financial and le8al affairs of the Union. It is chaired by thè Unic>n President and 15 comprised of ¢Jp to twelve trustees who bring a mix of prolessional and experlentt.al expertise to the Board. In 2020 we concluded a review usin8 the Charity Code ol Governance. Implementation of the recommetsSation5 from the review were ovèrseen by the Audit & Risk Committee. The principles and practices of these existing goveinance arrangements weie adopted by the new Charitable Incorporared Organis3tion when we incorporated. In 2022-23 we undertook an audit of our Eovernance arraneèrnènts Using the National Union ol Students Quality Students Uniorb framework. This included an assessmeni ol our 8overnan¢e arrangements, which is based on the charity Code ol governante. Our arrangements were veriti'ed as'very 800d'. The Union's Constttution is complemenled by a Set of 8y-laws. which are reviewed on a regulèr basis to support our commitment to Rood governance. All Sabbatical Officer Trustees are eleaed by secret ballot to serve for a term of one year and may be re-elerted to the p05t for a maximum further term of one year. Candidates for the positton5 of External Trustees are selected by the Appointments Comrnittee and their ppointment recommended to the Democracy & Scrutiny Committee who must approve all such appointment& External Trustees remain in office for a term of up to four years and Can serye a rnaximum of two term5 which may either be consecuttve or non-con5ecutive. The Union undertakes a ski115 audit to inform the appointment of External Trustees when vacancies arise and will contsnue to do so as required to ensure the Board iontain5 a diversity of skills and experience to support its continued effectr"vene55.
BATH SPA UNIVERSITY sllJDENTS' UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JUIY2024 The Union rn3y also appoint up 10 two Alumni Trustees. The total number of Alijmni and External Trustee5 must not exceed four persons. The Board can a150 appoint observers to further 5trenEthen the skills and knowledge of the Board. Applications for the posts of Student Trustees are also decided upon by the Democracy and Scrutiny Committee and post holders remain in office for up to one year and can serve a second consecutive year. The role of the Democracy and Scrutfny Committee ensures that members of the Union are ultimately responsible for the appointment of all trustees, in line wrth our democratic principles. It also ensure5 that Union consider5 the balance of skills. diversity and experience across the Board on an annual basis. Recruitment t7nd oppointment of trustees The 8oard has three Committees to deal with specific areas of business. These a.. The Appointments Committee 15 responsible for the recruilment. training and development of the Board of Trustees and all rnatters relatin8 to the terms and condition5 01 service and the emoluments of tF Senior Post Holderlsl appointed by the Board of Tru51ees. and the Sabbatical officers,. The Audit & Risk Comrnittee is responsible lor ensuring that there is a framework for internal controls and accountability.. lor examining and reviewjng all systems and method5 of control both fi'nanclal and otherwise including risk management. and for ensurin8 the organisation is complying with all aspects of the law, relevant reg¢Jlations and EOCd practice. The Finance & Rèsources Committee is responsible lor all policies. planning, scruhni5in8 and reporting Involving the financial and human resources. All trustees receive trustee indutfjon session èach year. where trustees are briefed on their legal obli8atr'ons, the responsibilities of being a tiustee and an undersiènding of anticipated key challen8es in thè year ahead. All trvstees si8n a (JeclaraD'on upon appointment, which includes their confirmation of understanding of our Trustees. Code of Conduct and the Nolan principles ol siandards In public life. Sabbatical officÈr5 and student trustees arÈ provided with additional support from both staff memr5 and outgoing officers to ensurè a smooth transition period and to 5UPPOrt the new trustees to understand and undertake their responsibilities. They also have on-going staff support to guide them through Board and comminee papers and to advise on areas such as conflicts of Interest. Periodically the Board undertakes a '8oard Effectiveness Review.. working Wlth an extemal consultsnt to consider hgw well it 15 working and any improvements that can be made to the induction process, operations cr support available to ensure the Board funchons effectsvely
BATH SPA UNIVERSrrY STUDENTS. UNION TRUSTEES. RÉPORT (COrINuED) FOR THE YEAR EJVDED 31 JULY2024 Democrac & Scrutr'n Committee The Oemocracy & Scrutiny CommittÈe represents the voice of the students. The Union is a democratic organisation. led by student5 for the benefit of students. All students are members tsf the Union and are able to bring any i55ues for consideration by the Committee who in turn can make any recommendations or raise any issues with the approprrate committee or directly to the 8oard of Trustees. The Cornmittee comprise5 representaD"ves and member5 of the Union, appointed according to the Union's By- law5. Democracy and Scrutiny Cornmittee is responsible for the oversight and developrnent of.. the policy and by-laws ol the Union. jointly with the Board of Trustees ensurin8 that the Union has equality, diversity and inclusion ai the heart Df its stratègy and operarions • ensurin8 the Union operaies ethically ensuring the Union and its offi.cers are accountable to students • ensuring an cqualiiy of representation for all students ated Res onsibilits'es Dele The Board of Trustees delegates day-to-day mana8ement of the or8anisation to the Chlef Executr've. Sarah Dawes, who is responsible for.. • irnplementrn8 the policies and strategies of the organisation ensurin8 that the Union operates within bud8ets approved by the Trustees advisin6 the Trustees in relation to policy, strategic plannin8, performance and flnance The Chief Executlve is further supportèd by the Senior Leadership Team comprisin8 the President, the Union's Senior Management Team and a representative from the UnNersity nominated by the Vic&Chancellor. The Senior Leadership ream Is responsible for overseeing the day to day running of the Union.
BATH SPA UNIVERSITY STUDENTS. UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Relationshi with 83th S a Universi The Union has always had a good relationship with the University which is maintained through regular meeknnBS between the Vice-Ch3ncellDr's Office, Senior Managers Iiom the Union and University and the Sabbatical Officers. The President Is a member of the University's Board of Governors and AcadÈmit Appeals Committee. Senior Union staff and Sabbatical Officers artend key University decision rnaking forLm5. including the Student Feedback Management Group. Equality & Diversiiy Steering Group, Health & Safety and 8usiness Contintjity Management groups and the Access & Parhcipation Steering Group. Representats'ves from the Vice-chancellor's offi.ce attend the Senior Leadership tearn, act as Deputy Returning officer for Union elections and also as the University Board of Governors, independent arbiter for the Union'5 Complaints Procedure. Alongside the Constt"tutt"on, the Union also opèratès within the Students, Union's Code of Practice. This is approved and reviewed by the Union's Board ol Trustees and Bath Spa Universlty board of Governors and issued in accordance with ihe Education Act 1994, Section 22. Thi5 document outlines the relationship with and oversight of the Union, in particular relatlng to the Union's constitutr'on, membership, electr'ons, afliliarions, paid offi'cers. finances, complaints processes and nonftcation requtrements. It was last reviewed In July 2023. The Code of Practice is lurthèr supported bv.. a Relationship A8reement which describes how the two grganlsatr'ons WO tO8ether in a mutually supportive environment lor the benefi't of students. The Relationship A8reÈment was jointly approved bv the University's 803rd ol Governo¥s and thè Union's Board of Trusiees. • a Memorandum of Understandin& which details the pracfjces and procedur•s that underpin the RelaOnShip Agreement. This was jointly approved by the University 803rd of Governors and the Union's Board of Trustees in July 2023. The Board of Trustees ha5 overall responsibility for ensuring the major strategic, operational and buslness risks facing the organisatton are identilied and conirols are in place. The Audit and R15k Committee advis the Board of Trustees on the adequacy and effectr'veness of the or8anisation's internal controls and policy frarnework. The Union has a range of policies and procedures to ensure the Health and Safety of staff. volunteers. participant5 and ViSiiOfS. ThesÈ are periodically veviewed to ensure they remain fit for purpose and perforrnance Is monltored by the Audit & Risk Committee. The Board of Trustees has an approved Risk Policy in place. It reviews its associated Risk Register and Corporate Risk Management Action Plan annually. with any new or emerging risks being added to the register as they are identrlied. Progress in achievin8 the athons identifi'ed in the Corporate Risk Management Action Plan are reviewed at each meeting of the Board of Trustees. 10-
BATH SPA UNIVERsifY STUDEpifs' UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EPIDED 31 JULY2024 Administrati Infomiation: Re815tered tharity name- Bath Spa University Students, Union ReKSstratlon number- 1184597 Princlpal Address.. Bath Spa Univer51ty Students. Union Newton Park Carnpus Newton St. Loe Bath 298N The Board of Trustees The directors of Bath Spè Univer51ty Students, Union are tts Trustee5 lor the purposes of Charity law and throughoui this report are collectt'vely referred to the Trustees. The Trustees 2023- 24 were.. Sabbatical Offic T stee5 President Ichalrl jasmine R3ymond-Barker lori8inally appointed a5 a Student trustee on 1st July 2022. before being elected as President from 1st July 20231 Vite Presldenls Elise Booth IAppointed 1st July 20231 Neetu Karwal (Appointed 1st July 2022, resigned 30th June 20241 Laura Bold IAppointed 1st July 2022, resigned 301h J¢Jne 20241 Arran Feltham (Appointed 1st July 20241 Poppy Laycock (Appointed 1st July 20241 Christopher Ellicott (Appointed 29th May 20191 Ru$5ell Thomas (Appointed 10th November 20201 Rgbert 81ake-Burke IAppointed 1st July 20221 Min8 Hui Ng (Appointed 1st April 20231 Studeni Truste Joshu3 Mannino IAppointed 1st July 20231 Amber Daw (Appointed 1st July 20231 Seb Dee (Appointed 1st july 2023. resigned 30th June 20241 Antonia Dumitru IAppotnted 1st July 2023. resigned 30th lune 20241 Alèxander Reeve (Appointed 1st July 20241 S31ma Arnmar (Appointed 1st 20241
BATH SPA UNIVERSITY STUDEvfs' UNION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Advisors Avdliors Bankers TC Group Santander Corporate Banking Bridle Road First Floor Premier House 8ootle 127 Duckmoor Road Mefseyside Ashton Gate L30 4GB 8S3 281 The Trusteès, report was approved by the Board of Trustees. Jasmine Raymond-Barker Trust•e 9 January 2025 12-
BATH SPA UNIVER5rrY UDENTS. UNION ATEMENT OF TRUSTEES. RESPON518ILITIES FOR THE YEAR ENDED 31 JULY2024 The Trustees are responsible for preparing the Trustees. Report and the financial Statements in accordance with applicable law and United Kingdom Accountr'ng Standard5 Iunited Kingdtsm Generally Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the Trustees to prepare fin3ncial statements for each fi'nancial year which give a true and fair view of the stèle of affairs of the Charity and ol the incoming resources and application of resources of the Charity for thai year. In preparing these financial statements. the Trustees are required to.. select suitable accounting pollcles and then apply ihem consistently.. - observe the method5 and principles in the Charities SORP.. - make judgements and estr'mates that are reasonable and prudent. state whether applicable a¢countin8 Standards have been followed, Subject to any matertal departLtres disclosed and explalned in the linancial statements,. and prepare the fi.nancial statements on the goin8 toncein basis unless il is inappropriate to prèsurne that the Charity will continue in operation. The Trustees are responsible lor keepine s¢Jfficient accounting record5 that disclose with reasonable accuracy at any time the frnancial posIoN of the Charity and enable them to ensure that the fi"nantial statements comply with the Charille5 Act 2011. the Charity (Accounts and Reports) Rè8ulation$ 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets ol the Charity and hence for taking reasonable step5 lor the PreVenOn and dètection of fraud and other Irregularithes. 13-
BATH SPA UNIVERSITY STUDEr5, UNION INDEPEIIDENT AUDITOR'S REPORT TO THE TRUSTEES OF BATH SPA UNIVERSITY STUDENTS, UNION Oplnlon We have audited the financial statements of Bath Spa University Students. Union (the 'Charity'l f(r the year ended 31 July 2024 which comprise ihe statement of financial activities. the balance sheet. the statement ol cash flows and the notes to the financial statements, including a sumrnary of signifi.cant accounting policies. The linancial reporring frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,.includin8 Financial Reporttng Standard 102 The Finonciol Reporting StonLlord opplictible in the LIK t7ndRepublic of Irelond (Uniled Kingdom Generally Actepted Accounting Practicel. In our opinion, the fi.nancial statements.. give a true and fair view ol the state of the charity's affairs as at 31 JU 2024 and of Its incimin8 resources and application of resources, for the year then ended., have been properly prepared In accordance with United Kingdom Generally Accepted A¢¢ounfjng practi., and have been prepared in accordance with the rnquirements of the Charits'es Art 2011. Basls for opinion We tonducted our audit in accordan¢e with Internab'onal Standards on Audit(n£ IUKI IISAS IUKII and applicable law. Oijr responsibilith'es under those standards are lurther described in the Auditof s responsibilities for rhe oudit of rhe ft"noncig1 statements sectron ol our report. We are independent of the Charity In arcordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our oiher ethical respgn5ibility.es in accordance with these reguirements. We believe that the audit evidence we have obtained 15 suffi'cient and appropriate to provide a basis lor our opinion. Concluslons reladn8 to 8olng concern We have nothing tg report in respect of the followin8 matters in relation to whlch the ISAS IUKI rquire us to report to you where.. the Trustees, use of the going concern ba515 Qf accountin8 in the preparation of thè financial statements 15 not appropriate,. or the Trustees have not disclosed In the financial statements any identifi.ed material uncertainties that may cast SI8niftcant doubt about the Charity's ability to conn.nue to adopt the going concern basis of coUnting for a period of at least twelve months from the date when the fi'nancial statements are authorised for issue. Other Inforrnallon The othei informat5on comprises the infomiation included in the annua1 report other than the financial statement5 and our auditor's ieport thereon. The Trustees are responsible for the other information contained within the annual report. Ovr opinion on Ihe linancial statements doe5 not cover the other ir+format•)n ènd we do not expre55 any lorrn of assvrance conclusion thereon. Our responsibility Ts to re3d the other inbrmation and, in doing so, consider whether the other information is materially inconsistent with the fi.nancial s12tements or our knowledge obtained in the course of the audit. or oiherwise appears to be materially misstated. If we identify such material incorisistencies or apparent material mi55tatements, we are required to determine whether this gives rise to a material misstaternent in the financial statemenis them5elve5. If. based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are requId to report that fact. We have nothing to report in Ihis regèrd. 14.
BATH SPA UNIVERSITY STUDENTS. UNION INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF BATH SPA UNIVERsifY STUDENTS. UNION Matters on whith we are required to report by exception We have nothing to feport in respect of the following matters in relarion to which the Charities (Accounts and Reports) Regulation5 2008 require us to report to you if. in our opinion= the information given in the financial statements is inconsistent in any material respect with the Tru5tees' report.. or 5vfficient accounting CordS have noi been kept- or the linancial statement5 are nol in agreemenl with the accounring records,. or we have not received all the information and explanats.ons we reouire for our audit. Responsibilitie5 of Tntstees As explained more fully in the stotement of Trustees. responsibilities, the Trustees are respongible lor the preparanon ol the financial statements and for being satisfi.ed ihat they give a true and fair view, and for such internal control as the Trustees determine 15 necessary to enable the preparation of financial statement5 that are free from material misstaienient. whether due to fraud or error. In prepanng the fi'nancial statements, the Trustee5 are responsible for assèssing the Charity's ability to continue as a 80in8 concern, di5closin6, as applicable. matters related to going concern and using the &oinB concern basis of accounts'n8 unless the Trustees either intend to cease operations. or have no realiSDC altern3ts¥e bul lo do so. Auditor's responsibilitle5 for the audlt of the financial statements We have been appointed as audltor under Section 144 01 the Charitiès Art 2011 and report in accordance wlth the Act and relevant re8ulattons made or havin8 effect therundèr. Our objectives are to obtsin reasonable assurance about whether the financial 5tstementS a5 a whole are free from material mi5Statement. whether due to fraud or errof. and to IS5u an auditor'5 report that includes our opinion. Reasonable assurance is a high level of asstsrantè but is not a guarantee tha1 an audli conthct@d in ccordance with ISAS IUKI will alwa detect a malerial misstatement when it exists. Mi55tatements can arise from fraud or eiror and are considered mateiial il. individually or in the a8gre8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these h"nancial statements. 15-
BATH SPA UNIVERSITY STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONT114UED) TO THE TRUSTEES OF BATH SPA UNIVERSITY STUOENT5' UNION A further description of our responsibilitiÈs for the audit ol the linancial statements Is located on the Finanoal Reporring Council's website at: http.'//www.frc.org.uk/audit0rs5poSIb1lIties. This description forms part of our auditor's report. Emtent to which the audit was ¢onsidered capable of detedin8 irregularities, includin8 fraud The oblecbves of our audit. in rÈspert to fraud. are.. to identify and assess the risks of material misstatemènt of the fi'nancial statements due to fraud.. to obtain sufficient appropriate audit evidence regarding the asgessed risks of material misststement due to fraud, through designing and implementing appropriate re5ponses,' and to respond appropriately to fraud or suspected fraud identifi'ed during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its mana8eFnent. Our apprtsach was as follows.. We idents'fied areas of laws and regulattons that could reasonably be expected to have a material dfecl on the fi.nancial Statements from our 8eneral seitor èxperience, and through discussion with the trustees and Dther managernenl las required by auditin8 Standards). and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below).. We identtfied the following areas as those most likely to have such an effect.. health and safety,. General Daia Protectr'on Re8ular5on IGDPRI,. Iraud.. bribtry and corruption, and employment law. Audinng standards limit the required audit piocedure5 to identr.fy non-compliante with these laws and regulatr'ons tts enquiry of the trusteès and other management and inspection of regulatory and le8al correspondence, if any. Thè identshed actual or suspected nonvcompliance was not Sufficiently signifftant to our audit to result in our response bein8 identified as a key audit matter. We considered the legal and regulat¢)ry frameworks directly applicable io the linancial statements reporttng framework IFRS 102 and the Charitr'es Act 20111 and the relevant tax compliance re8ulations in the UK,. We considered the nature of the ¢harily's operatrons, the control environment and Inancial performance. We comrnunicated identrfied laws and regulations throu8hout our team and remained alert to any indications of non-compliance throu8hout the audit.. We considered the procedures and conirols thal the charity h35 established to address risks identlfred, or that otherwise prevent. deter and detert fraud.. 3n¢l how senior management monitors those progr3mme5 and controls. 8ased thi5 understanding we desi8ned our audit procedures to identify non-compliance with such laws and re8ulation5. Where the risk wa5 considered to be higher, we performed audit procedures to address each identilied fraud risk. These procedures included testin8 manu31 iourna15; reviewing the fi'nancial statement disc105ures and testrng ro support?ng docurnentaDon.' performin8 analytical procedures,. and enquiring of management, and were de518ned to provide reasonable assurance that the financial Statements were fr from fraud or error. Owin8 to the inherent limitahon5 of an audtt. there is an unavoidable risk that we may not have detected some material misstatement5 in the financial statements. even thouEh we have properly planned and perfoimed our audit in accordance with audiring standards. For example. the lurther removed nO(OMplI3nce with laws and regulations lirre8ularitr.esl is from the events and transacrions reflected in the fi.nancial statements, the less likelv the inherently limited proced(Jres required by auditing Standard5 would identify it. The risk is alsts greater regarding Irregularities occurring due to fraud rather tharb error, as fraud involves intentional Corea1ment. forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detecl non-compliance with all law5 and regu13D"ons. 16-
BATH SPA UNIVERSITY STUDENTS. UNION INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF BATH SPA UNIVERSITY STUDENVS. UNION Other matters Your attention is drawn to the fart that the charity has prepared financial ststements in acCOrdae with 'Accounting and Repothng by Charities.. Statement of Recommended PTactice applicable to charitie5 preparing their aCCOLJnts in atcordance with the Financial Reporring Standard applicable In the UK and Republic ol Ireland IFRS 1021" las amended) in preleience to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the ean[ regulations but has now been with4rawn. Th15 has been done in order for the fi.nancial statements to provide a true and fair view in accordance with current Generally Actepted Accounting Practice. Use of our report This report 15 made solely to the chority'5 Iru5tees, as a body. in accordance with part 4 of thechèrities IActounts ènd Beportsl Re4ulation% 2008. Our audit work has b••n ythd•rtk•h ko that W• rn16ht gtstp to th4 chantv. tfustees those m4tters we are required io state to them in an auditors. report and for no other purFose. To the fullest extent pefmitted by law. we do not a¢¢epi or assume responsibility to anyone other than the charity and the charity'5 trustees as a body, lor our audit work. lor this report. or for the opinion5 we have formed. TG GrLX Arnanda Kruger FCCA Isenlor Statutory Audiwrl for and on behall ol TC Group StotutoryAudltor Oflice.. Bristol Date.. 0910112025 TC Group is eligible for appointment as audiior of the Charity by virtue of its eligibility for apFointment a5 auditor of a company under tsl section 1212 of the Companies Art 2(J)6 17-
BATH SPA UNIVERSITY STUDENTS. UNION STATEMENT OF FINANCIAL AcllviTIE5 INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR EPIDE0 31 JUIY2024 Current financial year Continuing Unrestricted funds 2024 Continulng DI$tInUed Restrirted Unre5trirtèd funds funds 2024 2024 Total Toiol 2024 2023 Not¢s Income and endowments from: Donations and le8acies Charitable activitles Other trading activities Investments other income 1.327.435 403.585 48.732 2,627 9.816 1,327,435 708,244 48,732 2.627 9.816 833,096 662,431 48,196 596 ?,183 304,659 Total Income 1.792,195 304.659 2,096,854 1,551,502 EMpendrtur• on.. Raising funds Charitable activities 37.368 1.195.470 37,368 1.841.728 59.392 1,523,247 646.258 Total expenditure 1,232,838 646,258 1.879.096 1,582,639 Net Incomellempendlturè) 559,357 1341.5991 217.758 131,1371 Net movement In funds li 559,357 1341,5991 217,758 131,1371 Reconciliation of lunds.. Fund baldnces at l Aug¢Jst 2023 667.307 2,710 670,017 701,154 Fund balances at 31 July 2024 1.226.664 2.710 1341,5991 887,775 670.017 The Statement of financial includes all gains and losses recognised In the year. All irKome and expenditure derive from contr'nuing activities apart from the Union'5 Shop which was discontinued in the year. 18-
BATH SPA UNIVERSITY STUDENTS. UNION STATEMENT OF FINANCIAL AcfiviTIES ICONTINUEDI INCLUDING INCOME AND EXPENDtTURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Prlor financlal year Unre5trirted fvnds 2023 Restricted fund5 2023 Total 2023 Notes Income and endowments from.. Donarions and legacies Charitable activities Other trading activitie5 Investments Other Income 831.741 662.431 48,196 596 1,355 833,096 662.431 48,196 596 7,183 7,183 Total Income 1,550,147 1,35S 1.551,5ts2 Expenditure on.. Raising funds Charitable activities 59,392 1,523,247 59,392 1,523.247 Total expenditure 1.582,639 1,582.639 Net Intornellexpendlture) 132,4921 1,355 131,1371 Transfers between funds 11,3551 1,355 Nèt rnovement In funds li 133.8471 2,710 131,1371 Retonciliatlon of lunds.. Fund balances at l August 2022 701,154 701,154 Fund balances at 31 July 2023 667,307 2,710 670,017 19-
BATH SPA UNIVEiisrrY STUDENTS. UNION BALANCE SHEET A5AT31 JULY2024 2024 2023 Notes Fixed assets Tangible assets Current assets Stocks Debtors Cash ai bank and in hand 15 544,224 567.IX)8 16 13.479 92.344 394.858 23.059 67.599 801,348 17 500,681 892.(YJ6 Creditors.. amounts lallini due withln onè year 18 1129.4071 1771,6191 Net current assets 371.274 120.387 Total assets less current Ilabllltles 915,498 687,395 Prowlsions for Ilabllities 127,7231 117.3781 Net assets 887,775 670,017 Income fund5 Restricted lund5 20 2.710 2,710 Designated funds General unrestricted funds 21 69,368 815.697 71,732 595,575 885.06S 667,307 887,775 670,017 The financial statements were approved by the Trustees on 9 January 2025 6F(QAekVtdl Jasmine Raymond-Barker Trusteè
BATH SPA UNIVERSITY STUDENTS. UNION STATEfrAENT OF CASH FLOWS FOR THE YEAR EAIDED 31 JUIY2024 2024 2023 Notes Cash flows from operatin8 actlvitles Cash lab50rbed byllgenerèted from operations 25 1398,9021 671,406 Investing artiWe$ Purchase of tangible fixed assets Proceeds from disposal of tangible lixed assets 18,0221 115,8691 12.1931 2,627 Invesiment income received 596 Net cash used In Investing actfjvities 17.5881 115,2731 Net t45h used in finandnl arti¥Stles Net Ide¢reaselllncreas* In t•sh and cash equlvalents 1406.4901 656,133 Cash and Cash equivalents at be8innin8 of year 801,348 145,215 Cash and cash equlvalents at end ot year 394.858 801,348 21
BATH SPA UNIVERStrY 5TVDEpifs' UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 AccountinE policies Charity information Bath Spa Univer51ty Students, Union is 3 chariiable incorporated or6ani5alion and 15 governed by the Union's Conststution, which was approved in May 2020. prior to its incorporation on I" Augusl 2020. The Charity replaced the previotjs unincorpoiaied as50ciatiDn111390371 which ceased trading on 31, july 2020. transferring all its assets and liabilities to the new Charitable Incorporated Organisarion111895471 on I" Au8U5t 2020. 1.1 AccoUnn@ convention The financial statements have been prepared in accordance with the Charity's 8overning document, the charitt.es Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practtce applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicablè in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from I january 20161. The Charity is a Public Beneht Entity as defined by FR5 102. The hnancial statements have departed from the Charitre5 IAccounts and Reports) Regulations 2008 only t¢ the exient required to provide a true and fair view. This departufe has involved lollowin8 the Statement of Recommended Practrce lor charitse5 apptying FRS 102 rather than the version ol the Statement ol Recommended Practrce which is referred io in the Regulatfons but which has since been withdrawn. The finantial statements are prepared in sterlin8, which is the funttional currency of the Charity. Monetary amounts in these financial Statements are rounded to the nèarest £. The finan¢i81 statements have been prepared yndeT the historical cost torwention. The principal affjounting policies adopted are set out below. 1.2 Golng concèrn The relatt'onship between Bath Spa University and Bath Spa Vniversity Students, Union is detailed n Bath Spa University Students, Union Bye Laws. èpproved by both the Students. Union and the university. 8ath Spa University Student's Union receives a Block Grant from the University and occupies a dedcated buildin8 Wlth use ol other buildings from ts.me to lime. The Students, Union pays lor an è8reed rent and proportion ol utilitie5. The University pays for security. tleaning staff and portering as well as IT. This non- monetary support 15 Intrin51C to the relationship between the University and the Students. Union. Although Bath Spa University Students, Union conrinues to generate supplementary lundin8 from Var5 primary purpose trading activities, it will always be dependenl on the University's support. There is no reason to believe that thts or equivalent support from the Univer51ty will nol continue for the forcsecable future, as the Education Act 2011 imposes a dijlv on the University to ensure thc financial viability of its student representative body. The Ilnancial statemenis have therefore been prepared on the going concern basis. The Trustees rewew this regularly and consider various scenarios and how they plan to deal with these. The forecasts show tIEt the Union ha5 5uth"iient reserves and cash to be able to continue for the foreseeable future. The Board continue to review the management accounts and financial plans on a regular ba515 to monitor progress against these. This ensures that appropriate action is taken as necessary.
BATH SPA UNIVERSITY UDE1[rs, UNION NOTES TO THE FINANCIAL ATEmENTs (CoPINuED1 FOR THE YEAR ENDED 31 JULY2024 Accounting pollcFes Icontinuedl 1.3 Charltable funds Unrestricted funds are available lor use ai the discretion of the Trustees in furtherance ol their charitable objectives. Restricted funds are subjert to specifi"t condrtions by donor5 or grant0 as io how they may be used. The purposes and uses ol the festriued fund5 are set out in the notes to the financial statements. Endowment funds are subjert to specith'c condib'ons by donors that the capital must be maintsined by the Charity. 1.4 Income The Students, Union recelves a block erant and oiher miscellaneou5 8rants from Bath Spa University oach financlal year. These are included within doAah"on5 and legacies on a received bas15. Time donated by the Students, Union members is not recognised in the financial statements as this cannot be reliably measured. All income from charitable acDviDes and tradin8 artiviries are reco8nised on an accrLsals basis, exclusive of value added tax. with any money received for seryices provided after the year end deferred. Other Income Is credited to the Siaiement of Financial Activits'es in the year in which it Is receNable. 1.5 Expenditure LiablSifjes are reco8nised as expenditure as soon as therè is a le8al or construcfjve obligation commith'ng the charity to that expenditure. it is probable that a transfer of economit bÈnefi'ts will be required in settlement and the amount of the obliÉatyon can be measured reliably. Expenditvre is accounted for on an accruals basls and has been classified under headin8S that aggregate all costs related io the category. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the chaiity and include the audit fees and costs linked io the strate8ic mana8ement of the charity. Goveinante costs are Included within support Costs. Certain expenditure is directly attributable to specifi'c activiries and thi5 has been included in those cost categories Other cost5. which cannot be directly attributed to particular heading5 have been allocated on a ba515 consistent with the use of resource5. -23-
8ATH SPA UNIVERSITY STUDENT5. UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accountin8 policles Icontinuedl 1.6 Tangible fixed assets Tangible fi.xed assets ale initially measured at cost and subsequently measured at cost or valuatfon, net ol depreciation and any impairment losses. Depreciatson Is recognised $0 as to write off the cost or valuation of assets less their residual values over their useful lives on the folltswin8 ba5es- Leasehold Improvements Plant and equSpmer)t Fixtures and ftttings Bar & kitchen equipment 2% straight line 15%-33% straight line 20% reducing balan¢e 20% straighi line The gain or loss arisin8 on the di5P05al of an asset is determined as the difference between the Sale proceed5 and the carrw'ng value of the asset, and is retO8nised in the statement of financial acttvltSes. 1.7 Impaifrnent ol flmed assets At each reportin8 end date, the Charity revlews ihe carryin8 amounis of its tangible assets to determine whether there Is any Indicatr'on that those assets have suffered an Impairment loss. If any such indicatton exists. the recoverable amount of the asset is estt'mared in order to determine thè exlent ol the imFelrment loss lif anvl. 1.8 Stotks Stock5 are valued at the lower of cost and net reali53ble value, after makin8 due allowance lor ot6olete and 51ow moving items. 1.9 Cash and cash èquivalents Cash 3nd cash eqLtivalents include cash in hand. deposits held at call with banks. other short-term liquid investment5 Wlth ori8inal maturitres ol three fftonths or less, and bank overdraft5. Bank overdrafts are shown within borrowings in curreni liabilities. 1.10 Flnancial in51ruments The Charity has elected to apply the provisions ol Section 11 'Basic Financial Instruments, and Section 11 'Oiher Financial Instruments Issues, of FRS 102 to all of Its financial instruments. Financial instruments are recogni5ed in the Charity's balance sheet when the Charity becomes party to the contractual provisions of ihe instrument. Financial asset5 and liabilities are offset, with the net amoLtnts presented in the fi.nancial statement5. when Ihere is a legally enforceable right to Set off the cOgnISed amounts and there is an intention to settle on a net basis or to realise the a55et and settle the liability simultaneously. 24-
BATH SPA UNIVERSITY sfuDENTS' UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Accoundng policles (Continuedl Baslcfinunriol assets 8asic fi'nancial a55ets, which Include debtors and cash and bank balances, are initially measured transaction price including transaction costs and are subsequently carried ai amorknsed tost using the effective interest method unless the arrangement constitutes a financing trnnsaction, where the transaction is measured at the present value of the future recèipts discounted ai a markei rate of interest. Financial assets cla551ft.ed as receivable within one year are noi amofrrised. 80sicfinoncialllobilltles Basic h'nantial liabilities, including creditors and bank loans are ininally recognised at transacrion price unlèss the arr3n8ement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate ol Interest. Financial liabilities classified as payable within Dne year are not amomsed. Debt in51rurnents arè subsequently carried at amorb'sed cost, U5in8 the effecttve interesi rate method. Trade credltors are obligations to pay for goods or services that have been acquired in the ordinary Course of operatt.ons from suppliers. Amounts payable are classihed as current liabilities if payment is due within one year or less. If not, they are presented as noTrcLrrrenl liabilitSes. Trade creditors are recognised initially at transactr.on price and subsequently measured at amortised cosi usin8 the effects've interest method. Dere¢oqnition oyfinonclalliobililies Financial liabilities are derecogn15ed when the Charl$ contractual obligations expire or are discharged or cancelled. 1.11 Taxatton The charity is exempt from tax on its tharitable aaiviD"es. 1.12 Provlslons Provisions are rerognised when the Charity has a legal or constructive prÈgent obligation as a re9Jlt of a past event, it Is probable that the Charjty will be required to settle that obli8ation and a reliable tsrinate can be made of the amount of the obligan"on. The amount recognised as a provision is the be eIrnate of ihe consideratlon required to settle the present obllgation at the reporring end date. takjng into account the ri5k5 and ¢Jncertainlle5 surrounding the obligètton. Where the effect of the tiJne value of money is material. the amount expected to be required to settle the obligation is recognised at present value. When a provisron is measured at present value, the unwinding of the discount is re¢o8nised as a finante cost in net incomellexpenditurel in the period in which it arises. 1.13 Employee ben•fit5 The cost of any unused holiday entrtlement is recognised in the period in which the employee's setvices are received. Termina¢70n beneh.ts are recogni5ed immediately as an expense when the Charity is demonstrably committed to termsnate the employment of an employee or to provide termination benefi'ts. -25-
BATH SPA UNIVERsifi STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY202 Accountin( policies (Continued) 1.14 Leases Rentals payable under operats.ng leases are chaiged 3$ an expense on a Straight line basi5 over the term ol the relevant lease. Crltlcal accoun1 estimates and jud8ements In the application of the Charily's accounting policies, the Trustees are Tequlred to make jUdgemt5. estimates and assumptions about the carrying amount of asseis and liabilities that are not readily apparent from other sourte5. The esrimate5 and associated assumptsons are based on historical experience and other frdctors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying as5umptr.ons arè reviewed on an ongoing basis. Revisions to accounting estt"rnates are retognised in the period in whi¢h the estimate is revised where the revision affects cfjly that period. or in the period of the revision and future period5 where ihe revision affects both current and future periods. Intome from donaiions and legacies Unrestrlrted Resirided funds funds 2024 2024 Totsl Unrestrirted Restrlrted funds ftsnds 20Z3 2023 Total 2024 2023 Donaiions and 8ift5 Grarnts 6.637 1.320,798 6,637 1.320.798 9,220 822,521 1.355 10,575 822,521 1,327.435 1.327.435 831,741 1,355 833.096 Grants Bath Spa Universitv- Block Grant Bath Spa Univer51tv- Other grant5 Goverment 8rants 1.032.118 1.032.118 S4o.Lj 640,000 288.430 250 288.430 250 182.521 182.521 1.320,798 1,320.798 822,S21 822,521 -26-
BATH SPA UNIVERSfTY sfuDENTS' UNION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR ThE YEAR ENDED 31 JULY2024 Income from.. Charltabk activities Total Funds 2024 Totsl Funds 2023 Freshers week Gyln Welfare and representatson Student societse5 Shop 8ar and Cafe NUS extra cards 204 9.503 32,877 18 116.200 319.556 183,894 383 37.318 139.955 304.659 226,764 16561 708,244 662,431 Other tradln8 ath¥ltles Total fvnds 2024 Total funds 2023 Fundraisin6 events Markènng 1,144 47,588 6,617 41,579 Other tradin8 actlvitt.es 48.732 48,196 Investments Total funds 2024 Total lund5 2023 Interest income 2.627 596 27-
BATH SPA UNIVERSITY 5fuDENTS' UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULY2024 her income Totsl funds 2024 Total funds 2023 Other income 9,816 7,183 Raisln% lunds Total fund5 2024 Total 2023 Fundra151n and ublici Markenng Fundraising costs 36,997 371 3'2,647 26,745 Fundraising and publictty 37.368 59,392 Expenditure on.. Charltable aCtItIeS Olrert Costs Dlrert Costs 2024 20Z3 Freshers Week Gym Welfare and representatr.on Student societfres Shop Bar & Cafe 32.517 23,485 40.974 268,746 322,968 231,429 21,011 27.061 38,325 178,824 307,245 188,894 920.119 761,360 Share of support costs Isee note 101 Share of gLFvernance costs Isee note 101 3.177 18.432 746,649 15.238 1,841,728 1,523,247 -28_
BATH SPA UNIVERSI STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONfiNUEDI FOR THE YEAR ENDED 31 JULY2024 10 Support costs Support Go¥eman¢e Costs Costs 2024 2023 Freshers Week Gym Welfare and representaiion Student societt.es Shop 8ar and Cafe 31,902 23,038 40,195 263.634 316,824 227,584 651 470 32,553 23,508 41.015 269,014 323,290 232.229 21.026 27.080 38,352 178.947 307,457 189,025 820 5,380 6.466 4,645 3.177 18.432 921,609 761,887 Analysed between Charitable a¢bvities 903.177 18,432 921.609 761,887 Governance costs include payments to the auditors of £9.72012023- £9.2WI for audit fees. Support costs are split between Management ¢t5 of £857.09712023: £7Q8.55SI and Finance costs of £46,Q8012023'. £38,094) 11 Net movement in funds 2024 2023 The net movement in funds is stated after charBinEllcreditin81'. Depreclatton of owned tangible fixed assets 26.261 30,070
BATH SPA UNIVERsrfY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 12 Rernuneration and btnefits In accordance with the Bath Spa Univer51ty Student5, Union's Constitution, salaries were paid to the elected offi'cers in respect of qualifying services. These were as follows.. 2024 2023 Arran Luke Feliham Poppy April Laycock Marianne Evans Laura Bold Neetu Karwal Alice fedds Jasmine Raymond-8arker Elise Booth 4,757 6,452 25,160 27,951 27,951 25.490 3.771 3,771 26.362 26,362 27.979 27,979 119,891 114,094
8ATH SPA UNIVERSITY sfuDENTS' UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR E140ED 31 JULY2024 13 Employees Number ol employees The average monthly number of employees during the year was.. 2024 2023 Number Number Salaried staff Casual staff 23 34 23 21 57 44 Empl+ment costs 2024 2023 Wage5 and salarie5 Social security costs Othei pension costs 863.999 68.189 52.266 707,207 57,490 49.194 984.455 813.891 The above staff numbers equate to 3312023: 281 lull ts'me equivalents. The number of employees whose annual remuneration was £60.000 or more were.. 2024 Number 2023 Number Salaiied staff 14 TaxaiSon The charity is exempt from taxation on its activm.es because all its Income 15 applied for charitable purpose5. 31
BATH SPA UNIVERSITY STUDENTS. UNION NOTES TO ThE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JU£Y2024 IS Tangible fixed a55ets Pl•rt FiKthros•nd Oar & kltthe e4ulpment T¢tal Cost At l August 2023 Addits'ons Disposals 722.194 2,642 8,022 1182.1581 115.998 101.825 1.230,659 8,022 185.3061 1310,8801 143.4161 At 31 July 2024 722.194 116,506 72.S82 16,519 927,801 DepreCIaOn and impairnient At l August 2023 Depreciation tharged in the year Ellminated in respecl of disposals 190.177 14.440 274.803 9.392 1182,1581 96.845 663,651 2.429 26.261 138,8701 185,3071 1306,3351 101.826 At 31 July 2024 204.617 102.037 60.404 16,519 383,577 Carrying amount At 31 July 2024 517,577 14,469 12,178 544,224 At 31 july 2023 532.017 15,839 19.152 567,008 16 Stocks 2024 2023 Good5 for resale 13,479 23,059 17 Dèbtors 2024 2023 Amounts falllng due within one year: Tradè debtors Other debtors Prepayments and accrued Income 60,851 11,251 20,242 IS.605 113 51,881 92.344 67,599 32_
BATH SPA UNIVERSITY 5TUOEpifs' UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EI4DE0 31 JULY2024 18 Creditors- amounts fallin8 due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 24.310 13.360 10,098 81.639 14,446 9,761 10,945 736.467 129,407 771.619 Provlslons for Ilabllldes 2024 2023 27,723 17,378 Movements on provisions.. At l August 2023 Additional provisions in the year 17,378 10,34S At 31 July 2024 27,723 Bath Spa Students, Union is aware of recent examples of a change by HMRC in the interpretation of the Irarnework over the treatment of catering supplies In educational establishments where these have been provided by Students Unions. The matter is currentfy being contested nationally, lod by the National Union of Students. The outcome and possible linancial effect of this matter is currently unknown. Whilst Bath Spa Studenis, Union follows all previous advice received from HMRC. it has taken the precautionary moasure of providing for a liability equal to 3 years based on known case5 were HMRC has Issued a demand for payfflent. 33_
BATH SPA UNIVERSITY STUDENTS. UMION NOTES 70 THE FINANCIAL STATEMENTS {coMfiNUED} FOR THE YEAR ENDED 31 JULY2024 20 Re5trirted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specFfic condition5 by donors as to how they may bè used. At l August 2023 Incomln8 resOUe$ Trdnsfe Al 31 July 2024 Wateraid 2,710 2,710 Previous year.. At l August 2022 Incomln Transfers At 31 July 2023 resources Wateraid 1,355 1,355 2,710 WaterAid The Union assists a local fundraising group to raise monies for Waler Aid. 21 Unrestrlrted funds The unrestricted funds are as follows.. At l August 2023 Incomlnt rèsources Resources txpènded Translers At 31 July 2024 MadenEa fund Clubs and Societies General fund5 1,311 70.421 595,575 2,024 135,435 1.959.395 11821 1139,6411 11.739,2731 3,153 66,215 815.697 667,307 2.096,854 11,879,0961 885,065 Previou5 year: At I Au8u5t 2022 Inttsming rewurces Resourtes expended Trnnsfers At 31 July 2023 Madenga fund Clubs and socieries General funds 1.311 109.513 1,439,323 1,311 70,421 595,575 fA.850 636,304 1103.9421 11,478,697) 11,3551 701.154 1.550.147 1.582.639 11.3551 667,307
BATH SPA UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL ATEmEN$ ICONTINUEDI FOR THE YEAR EPIDED 31 JULY2024 21 Unrestrirted funds Icontbnuedl Madenga Fund. De5trgnated fund The Madenga fund is an iniriative that supports ernber5 with the cost5 of involvement in a sports club, and charity chosen by members. The fund was created in memory of former Women's Rugby Club member and Bath Spa university student Laura Madenga. Clubs & Societies. Desi8natÈd fund Any unspent intome at the end of the year, whether raised by members or as a ¥esult of unspent fundin8 from the Union in relation to clubs and societies. is carried foward for use in future periDd5. Any defi.cit of club or society at the end of a yèar Is carriÈd forward and all clubs are aware that they are required to take n any existsng debt and work io address that delicit. Where a club or society ceases or bècomes inactsve for 2 year5. any funds held as returned to the general budget to 511PPOrt other student activity. 22 Analysls of net a55ets between funds Restrlrted funds 2024 Genèrdl fvnd5 2024 Totsl Total 2024 2023 Fund balance5 at 31 july 2024 are presented bv.. Tangible Fixed Assets Othèr Net Assets Provisions 544,224 368.564 127,7231 544,224 371,274 127,7231 567,008 120.387 117,3781 2.710 2.710 885,065 887,775 670,017 All of the 8eneral funds are unrestricted funds. Detai15 of desi8naled funds are included in note 21 to these financial ststement5. -35-
BATH SPA UNIVERSITY STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR niE YEAR EAIDED 31 JULY2024 23 Operating lease commitments At the reporting end date the Charity had outstanding commitments for future minimum lease payments unijer non-cancellable operating leèse5, which fall due a5 follow5.. 2024 2023 Within one year Between two and Ilve years In over five years 40.ty)J 200.000 160.000 40,000 200,000 2CQ,000 4CM).C4JO 440.0(X) 24 Atlated party transathons During the year. Bath Spa Universlty Students, Union feceived a recurrent block grant from 8ath Spa University of £1,032,11812023- £640.0001. Bath Spa University Students, Union recetved other grants and income from Bath Spa University of Q88,430 12023.. £160,5021 durinR the year. The balance outstanding at the year end of £41.179 12023.. £2,277) Includcd in trade debtors and £4.59412023.. £36.0001 is Included in accrued incorne. In addition. £40,725 12023.. £67Q,6031 was included In deferred Intomè. Bath Spè University Students, Union made purchases of £47.96812023.. £49.7711 from Bath Spa University durin8 the year. The balance outsianding of £nil12023.. f 45.0001 is included in accruals. rhe key management personnel are considered to be the Trvslees. the Chief Executive Offi'cer, the Head of Membership Engagement and Deputy Chief Execurive Officer and the Head of Finante, the Head of Commercial & Trading and the Head of HR & Governance. The key m3na8ement personnel remuneration for the year was £252,20812023.. £224,194).
BATH SPA UNIVERSITI STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULV2024 25 Cash 8eneratèd from operatlons 2024 2023 Surpluslldefi-citl for the year 217.758 131.1371 Adjustments for.. Investrrent income reco8nised in statemeni of fi.nancial activities Depreciation and impairrnent of tangible hxed assets 12,6271 26.261 15961 30,069 Movements in working capital.. Decrease In stocks Ilntreasel in debtors IDecreasel/incre3se In creditors Increasè in provisions 9,580 124.7451 1635,4741 10.345 2,064 143,5181 697,146 17,378 sh (absorbed bylllenerated from operarfons 1398,9021 671,406 26 Analysis ol changes in nèt funds The Charity had no material debt during the year. -37.
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