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2025-07-31-accounts

REGISTERED CHARITY NUMBER: 1189547

Report of the Trustees and Audited Financial Statements

for the Year Ended 31 July 2025

for

BATH SPA UNIVERSITY STUDENTS' UNION

Gravita Audit Western Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL

BATH SPA UNIVERSITY STUDENTS' UNION

Contents of the Financial Statements FOR THE YEAR ENDED 31 JULY 2025

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 32

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

The trustees who are also directors of the charity for the purposes of the Charity law, present their report with the financial statements of the charity for the year ended 31 July 2025.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Public benefit Statement

The primary purpose of Bath Spa University Students' Union is the advancement of education of students at Bath Spa University for the public benefit by:

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake in furtherance of its charitable purposes.

Objectives and Aims

Our strategic plan 2023-26 was approved by the Trustees in March 2023, following extensive research.

In 2022 we had introduced a survey (the BIG SU survey), which sought to complement other areas of research (such as the National Students' Survey and existing university feedback) and delve into key issues affecting the experience of students and how these potentially impacted upon their ability to achieve their potential at Bath Spa. This work guided the development of our new priorities, ensuring we are focused on supporting current students and those about to enter higher education.

The strategy also took into account the strategic direction of the University, and its work to develop new partnerships and facilities. Without doubt, with more resources we could always do more, but our strategy ensures we prioritise our work to create the changes needed to support students to make the most of their time at Bath Spa, now and in the years ahead.

It is bold in its ambitions, looks to learn from others and embrace the innovative solutions to the challenges we face. Underpinning our Strategic Plan are a consistent set of commitments and values, supported by a number of external accreditation standards. These support our commitment to financial stability, sustainability and equality, diversity and inclusion.

In Spring 2024 and 2025 we have re-run the BIG SU survey, enabling us to track changes in the experience of students and ensure that our priorities remained relevant and continued to support our strategic ambitions. We will continue 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 interventions and the projects we develop.

Page 1

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

OBJECTIVES AND ACTIVITIES Objectives and Aims

Our research has shown that:

This data informs our strategic priorities and we continue to share our findings, advocating for better support for students.

Strategic Plan Priorities 2023-26

Our themes Our vision How will we achieve this? How will we achieve this?
Building community and a sense EVERY STUDENT will feel part of - Introduce a range of school-
of belonging a community of learners and based forums
confident to succeed - Support ALL students to make
friends and discover networks
Removing the barriers to EVERY STUDENT will be able to - Remove the barriers to
participation take part in the activities and participation
opportunities they want to, and no- - Create new, welcoming on-
one should feel cost is a barrier campus facilities
- Invest in communications,
research and insight
Supporting students to thrive EVERY STUDENT should be able - Run an annual calendar of
to find the support they need, when campaigns
they want it, and be empowered to - Review our Advice Service
make change

Our Core Values

We know that for our members, it is not just about what we do, but how we do it. We are proud of our values that underpin this commitment:

Page 2

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

ACHIEVEMENTS AND PERFORMANCE Charitable activities

Strategic priority Achievements 2024-25 Achievements 2024-25
- In 2023-24 we piloted a new representation system, based on a community organising
Building model of engagement where Student Community Leaders were employed to work
community and a closely with academic staff and students to improve the learning experience and create
sense of belonging events and activities which fostered a sense of belonging and identity. In 2024-25 we
rolled out this model to all Bath-based undergraduate provision and began plans to
extend the same principal to London based campuses and post-graduate representation.
- We recorded increased satisfaction rates in the National Students Survey (NSS) in
response to the question 'The Students' Union represents students' academic interests',
with satisfaction rising to 75.5% in 2025 (compared with 67.8% in 2023 and 72.3% in
2024).
- The NSS only records responses from final year students, so we ask the same question
to all students in our annual BIG SU Survey, which saw a 4% increase in 2025 with
80% students recording a positive response the same question.
- In 2023 our surveys showed that 56% students felt lonely on a regular basis. This
mirrored national data. Over the past two years our work to focus on developing a
sense of belonging as resulted in a 10% reduction in this figure.
Removing the - Our data shows that financial pressures on students means that over half cut back
barriers to expenditure on hobbies, and 74% are cutting back on socialising. Additional grant
participation funding from the University has enabled us to address financial barriers to wider
participation, by supporting free membership of clubs and societies and helping
provide a range of free extracurricular activities during the Welcome period and
throughout the year which are designed specifically to help students make friends and
to enhance their university experience.
- Over the past three years we also introduced a Participation Fund, specifically to
support students with everyday costs of participation, such as clothing, footwear and
match fees. In 2022-23 we supported 5 students (total support: £571). Increased
awareness of the fund meant that in 2024-25 we supported 24 students with grants
totalling £1372.92 during the year.
- In 2024-25 we also introduced a Gender Expression Fund, supporting our trans and
non-binary community with support of grants of up to £100 towards gender affirming
products that can help build confidence to engage. In total we supported 16 students
with grants totalling £1,270.
- NSS data shows that our focus on participation is delivering results, with 69.5 %
students recording overall satisfaction with the social activities on offer (compared to
52% in 2023); 80% students in the survey stated they had plenty of opportunities to
interact socially with other students (compared to 57% in 2023); 65.6% students were
satisfied with the range of clubs and societies on offer (compared with 54.5% in 2023;
62.6% students were satisfied with the range of events and social activities on offer
(compared to 44% in 2023).

Page 3

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

Supporting the - We ran the BIG SU survey through April/May 2025, sharing our research findings
students to thrive with colleagues across the University.
- The data from the survey enables us to track progress against our strategic aims, but
also to understand the impact of the continuing financial hardship faced by students
and the impact upon their learning and overall university experience.
- During the year, we ran several awareness-raising campaigns covering topics such as
sexual health, educational rights, sexual harassment (#NeverOK), and tenants' rights.
- We worked with the University on its project to achieve the University Mental Health
Charter, which uses a set of evidence-informed principles to adopt a whole-university
approach to mental health and well-being.
- We also began working in partnership with the University and SOS-UK (Students
Organising for Sustainability) to support its aim to become an accredited Drug and
Alcohol Harm Reduction University.
Strategic enablers - We achieved Green Impact Gold Award in 2023-24, and will look at re-accreditation
as part of our next strategic plan.
- We have been accredited as Leaders in Diversity by the National Centre for Diversity
and will look at reaccreditation in 2026
- In 2025 we engaged Counterculture LLP to look at our representation and democratic
structures. Following on from this report we are now in the process of redesigning
how we engage with students who are increasingly time poor, so we can remain a
student-led organisation.

Fundraising activities

The Union has two main areas of fundraising activity:

The Union considers all fundraising as a useful skill for students to acquire, particularly as students develop their own personal interests and activities as socially engaged citizens. The Union does not use any professional fundraising or commercial organisations to support these activities.

The Union provides guidance and training to students looking to participate in fundraising activities, which seek to follow the Fundraising Code of Practice. This makes it clear that all fundraising is under the umbrella of the Students' Union, even when it may be for a specified purpose, club or society.

The Union also has a sponsorship policy within its By-laws that ensures any sponsorship of clubs and societies fits into the defined aims and values of the club/society, and that there is clear monitoring of any sponsorship received in support of specific purposes.

We have a number of internal procedures to ensure that the standards expected are closely monitored, with all fundraising projects and ideas required to be submitted for approval prior to an event.

There is a clearly defined complaints procedure available via the Union's website. No complaints were made which related to fundraising in 2024-25.

The importance of ensuring protection of vulnerable people is a key element of training. Most events happen on campus or online, but particular attention is paid to ensuring good practice standards are adhered to for events happening off campus understand the importance of ensuring good practice standards are adhered to.

Page 4

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL REVIEW

Financial position

The Union has two main sources of income:

Our charitable services, which include academic representation, advice, activities and skills development, are an essential part of the wider student experience.

The development of a Memorandum of Understanding in 2023 included formalisation of a methodology to determine the block grant to ensure it is sufficient to support the Union to deliver its charitable objectives and Strategic Plan.

Any surpluses from trading activities will be used to maintain the Union’s reserves to their target level, and provide funding for projects aimed at improving the student experience.

Reserves policy

Over recent years, the pandemic and cost of living crisis had a significant impact on the Union’s reserves.

In 2024-25, we undertook a 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. At 31st July 2025, our unrestricted reserves amounted to £315,183, excluding capital reserves.

As a values-led organisation, the Union very carefully considers where reserves are held to ensure:

Affiliations

In 2024-25, Bath Spa University Students' Union was affiliated to a number of organisations (the significant affiliation fees paid are listed below):

Funds held as custodian trustee on behalf of others

Bath Spa University Students' Union does not act as a custodian trustee on behalf of others..

It does hold some designated funds which represent the charity's administration of income and expenditure relating to its clubs and societies. In 2024-25, our clubs and societies had a balance of £60,662 remaining at year end.

Page 5

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

FUTURE PLANS

The Union's main base is at the University's Newton Park campus, but our activities cover all the University campuses.

In 2025 we undertook at review of our democratic and representative structures, and as part of this work it was agreed that students studying a Bath Spa University approved programme through a franchised arrangement with an educational partner should be considered as being members of the Students' Union.

We are now undertaking research to determine the existing systems and structures of representation across each of the partners to shape our role in enhancing the experience of these students and the development of existing representative structures.

Similarly we are also starting to look at ways in which we could improve our visibility and enhance the experience of students studying at the University's London campuses.

During previous discussions over the location of the Union's facilities at Newton Park, it was agreed that the Union would remain in its current location for the foreseeable future. However, during this work the Trustees agreed that should any future plans include relocation or refurbishment of future facilities, the Union will re-evaluate the value of its fixed assets at that point. This may include the write-off of assets related to previous capital expenditure on its current leased facilities, which would be irrecoverable if the Union relocated. The Trustees have agreed that any such adjustment would be made in a single year if required.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

Bath Spa University Students' Union is a Charitable Incorporated Organisation (CIO) and is governed by the Union's Constitution, which was approved in May 2020, prior to its incorporation on 1st August 2020.

The Charity replaced the previous unincorporated association (1139037) which ceased trading on 31st July 2020, transferring all its assets and liabilities to the new Charitable Incorporated Organisation (1189547) on 1st August 2020.

The Constitution governs what the Union can do and how it will be administered by the Board of Trustees on behalf of the membership.

The Board of Trustees oversees the strategic, financial and legal affairs of the Union. It is chaired by the Union President and is comprised of up to twelve trustees who bring a mix of professional and experiential expertise to the Board.

In 2020, we concluded a review using the Charity Code of Governance. Implementation of the recommendations from the review were overseen by the Audit & Risk Committee. The principles and practices of these existing governance arrangements were adopted by the new Charitable Incorporated Organisation when we incorporated.

In 2022-23, we undertook an audit of our governance arrangements using the National Union of Students Quality Students’ Union framework. This included an assessment of our governance arrangements, which is based on the Charity Code of Governance. Our arrangements were verified as ‘very good’.

The Constitution should be reviewed every five years, and we will be undertaking a review of the Union's Constitution in late 2025.

The Union’s Constitution is complemented by a set of By-laws, which are reviewed on a regular basis to support our commitment to good governance.

All Sabbatical Officer Trustees are elected by secret ballot to serve for a term of one year and may be re-elected to the post for a maximum further term of one year.

Page 6

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Candidates for positions as External and Student Trustees are selected by the Appointments Committee. Their appointment is recommended to the Democracy & Scrutiny Committee, who must approve all such appointments. External Trustees remain in office for a term of up to four years and can serve a maximum of two terms, which may be either consecutive or non-consecutive.

The Union undertakes a skills audit to inform the appointment of External Trustees when vacancies arise and will continue to do so as required to ensure the Board contains a diversity of skills and experience to support continued effectiveness.

The Union may also appoint up to two Alumni Trustees. The total number of Alumni and External Trustees must not exceed four persons. The Board can also appoint observers to further strengthen the skills and knowledge of the Board.

As part of our Representation and Democracy review in 2025, the Trustees approved the recommendation from the project that the Democracy and Scrutiny Committee should be retired and as a result we are reviewing our process for the appointment of trustees from 2025-26 onwards.

Recruitment and Appointment of Trustees

The Board has three Committees to deal with specific areas of business:

Training for trustees

All trustees receive trustee induction session each year, where trustees are briefed on their legal obligations, the responsibilities of being a trustee and an understanding of anticipated key challenges in the year ahead. All trustees sign a declaration upon appointment, which includes their confirmation of understanding of our Trustees' Code of Conduct and the Nolan principles of standards in public life.

Sabbatical officers and student trustees are provided with additional support from both staff members and outgoing officers to ensure a smooth transition period and to support the new trustees to understand and undertake their responsibilities. They also have on-going staff support to guide them through Board and committee papers and to advise on areas such as conflicts of interest.

Periodically the Board undertakes a 'Board Effectiveness Review', to consider any improvements that can be made to processes, practices or support available to ensure the Board functions effectively. It has scheduled to do this in November 2025.

Page 7

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Delegated Responsibilities

The Board of Trustees delegates day-to-day management of organisation to Chief Executive, Sarah Dawes, who is responsible for:

The Chief Executive is further supported by Senior Leadership Team comprising President, Union's Senior Management Team and a representative from University nominated by Vice-Chancellor. The Senior Leadership Team is responsible for overseeing day to day running of Union and areas of joint working between the University and the Union.

Relationship with Bath Spa University

The Union has a good relationship with the University which is maintained through regular meetings between the ViceChancellor’s Office, Senior Managers from the Union and University and the Sabbatical Officers.

The President is a member of the University’s Board of Governors and Academic Appeals Committee.

Senior Union staff and Sabbatical Officers attend key University decision making forums, including the Student Feedback Management Group, Equality & Diversity Steering Group, Health & Safety and Business Continuity Management groups and the Access & Participation Steering Group.

Representatives from the Vice-Chancellor's office attend the Senior Leadership team, are members of the Union's Elections Committee and are the University Board of Governors' independent arbiter for the Union's Complaints Procedure.

Alongside the Constitution, the Union also operates within the Students’ Union’s Code of Practice. This is approved and reviewed by the Union’s Board of Trustees and Bath Spa University Board of Governors and issued in accordance with Education Act 1994, Section 22. This document outlines relationship with oversight of the Union, in particular relating to Union's constitution membership elections affiliations paid officers finances complaints processes notification requirements. It was last reviewed in July 2023.

The Code of Practice is further complemented by:

Page 8

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Board of Trustees has overall responsibility for ensuring the major strategic, operational and business risks facing the organisation are identified and controls are in place. The Audit and Risk Committee advises the Board of Trustees on the adequacy and effectiveness of the organisation’s internal controls and policy framework.

The Union has a range of policies and procedures to ensure the Health and Safety of staff, volunteers, participants and visitors. These are periodically reviewed to ensure they remain fit for purpose and performance is monitored 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 identified. Progress in achieving the actions identified in the Corporate Risk Management Action Plan are reviewed at each meeting of the Board of Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1189547

Registered office

Students' Union Bath Spa University Newton Park Bath BA2 9BN

Trustees

Sabbatical Officer Trustees

President (Chair)

W J Wilson (appointed 1.7.25) J Raymond-Barker (resigned 30.6.25)

Vice Presidents

E Booth (resigned 30.6.25) A Feltham (resigned 30.6.25) P A Laycock M Simmons (appointed 01.07.25) E Trembath (appointed 01.07.25)

External Trustees

C J Ellicott R J S Thomas R Blake-Burke M Hui Ng

Page 9

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Student Trustees

J Mannino (resigned 30.6.25) A Daw (resigned 30.6.25) A Reeve (resigned 30.6.25) S Ammar (resigned 30.6.25) J Pointon (appointed 1.7.25) M T S Dao (appointed 1.7.25) E Molochko (appointed 1.7.25) B E Hooper (appointed 1.7.25)

Auditors

Gravita Audit Western Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL

Bankers

Santander Corporate Banking Bridle Road Bootle Merseyside L30 4GB

Page 10

BATH SPA UNIVERSITY STUDENTS' UNION

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 18 December 2025 and signed on its behalf by:

W J Wilson - Trustee

Page 11

Report of the Independent Auditors to the Members of Bath Spa University Students' Union

Opinion

We have audited the financial statements of Bath Spa University Students' Union (the 'charity') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) , including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 12

Report of the Independent Auditors to the Members of Bath Spa University Students' Union

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

or

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 13

Report of the Independent Auditors to the Members of Bath Spa University Students' Union

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. We obtained an understanding of the legal and regulatory framework applicable to the charitable incorporated organisation, including those areas that could reasonably be expected to have a material effect on the financial statements. The most significant were identified as UK GAAP (FRS102), The Charities SORP (FRS102) and The Charities Act 2022.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 14

Report of the Independent Auditors to the Members of Bath Spa University Students' Union

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Bracher BSc FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL

Date: 18 December 2025

Page 15

BATH SPA UNIVERSITY STUDENTS' UNION

Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Freshers week
Gym
Welfare and representation
Student societies
Shop
Bar and cafe
NUS extra cards
Merchandise
Other trading activities
3
Investment income
4
Other income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Freshers week
Gym
Welfare and representation
Student societies
Shop
Bar and cafe
Merchandise
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,336,993
-
32,898
90
105,572
58
177,590
-
37,743
51,396
4,228
9,280
1,755,848
42,438
113,963
76,420
136,195
710,105
(2,007)
639,063
80,503
1,796,680
(40,832)
2,710
(38,122)
885,065
846,943		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,710)
(2,710)
2,710
-		 2025
Total
funds
£
1,336,993
-
32,898
90
105,572
58
177,590
-
37,743
51,396
4,228
9,280
1,755,848
42,438
113,963
76,420
136,195
710,105
(2,007)
639,063
80,503
1,796,680
(40,832)
-
(40,832)
887,775
846,943		 2024
Total
funds
£
1,327,435
204
37,318
-
139,955
304,659
226,764
(656)
-
48,732
2,627
9,816
2,096,854
37,368
65,070
46,993
81,989
537,760
646,258
463,658
-
1,879,096
217,758
-
217,758
670,017
887,775

The notes form part of these financial statements

Page 16

BATH SPA UNIVERSITY STUDENTS' UNION

Balance Sheet 31 JULY 2025

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
PROVISIONS FOR LIABILITIES
19
NET ASSETS
FUNDS
20
Unrestricted funds:
Madenga fund
Clubs and societies
General fund
Restricted funds:
Wateraid
TOTAL FUNDS		 Unrestricted
funds
£
531,760
19,167
53,791
426,563
499,521
(163,295)
336,226
867,986
(21,043)
846,943		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2025
Total
funds
£
531,760
19,167
53,791
426,563
499,521
(163,295)
336,226
867,986
(21,043)
846,943
3,066
60,662
783,215
846,943
-
846,943		 2024
Total
funds
£
544,224
13,479
92,344
394,858
500,681
(129,407)
371,274
915,498
(27,723)
887,775
3,153
66,215
815,697
885,065
2,710
887,775

The financial statements were approved by the Board of Trustees and authorised for issue on 18 December 2025 and were signed on its behalf by:

W J Wilson - Trustee

The notes form part of these financial statements

Page 17

BATH SPA UNIVERSITY STUDENTS' UNION

Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
43,813
43,813
(16,336)
-
4,228
(12,108)
31,705
394,858
426,563		 2024
£
(398,902)
(398,902)
(8,022)
(2,193)
2,627
(7,588)
(406,490)
801,348
394,858

The notes form part of these financial statements

Page 18

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase/(decrease) in provisions
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 2025
£
(40,832)
28,799
(4,228)
(6,680)
(5,688)
38,554
33,888
43,813		 2024
£
217,758
26,261
(2,627)
10,345
9,580
(24,745)
(635,474)
(398,902)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24 Cash flow At 31.7.25
£ £ £
Net cash
Cash at bank 394,858 31,705 426,563
394,858 31,705 426,563
Total 394,858 31,705 426,563

The notes form part of these financial statements

Page 19

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES

Charity information

Bath Spa University Students' Union is a charitable incorporated organisation and is governed by the Union's Constitution, which was approved in May 2020, prior to its incorporation on 1st August 2020.

The Charity replaced the previous unincorporated association (1139037) which ceased trading on 31st July 2020, transferring all its assets and liabilities to the new Charitable Incorporated Organisation (1189547) on 1st August 2020.

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The relationship between Bath Spa University and Bath Spa University Students' Union is detailed in Bath Spa University Students' Union Bye Laws, approved by both the Students’ Union and the university.

Bath Spa University Student’s Union receives a Block Grant from the University and occupies a dedicated building with use of other buildings from time to time. The Students’ Union pays for an agreed rent and proportion of utilities. The University pays for security, cleaning staff and portering as well as IT. This non-monetary support is intrinsic to the relationship between the University and the Students' Union.

Although Bath Spa University Students' Union continues to generate supplementary funding from various primary purpose trading activities, it will always be dependent on the University's support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future, as the Education Act 2011 imposes a duty on the University to ensure the financial viability of its student representative body.

The financial statements have therefore been prepared on the going concern basis. The Trustees review this regularly and consider various scenarios and how they plan to deal with these. The forecasts show that the Union has sufficient reserves and cash to be able to continue for the foreseeable future. The Board continue to review management accounts and financial plans on a regular basis to monitor progress against these. This ensures that appropriate action is taken as necessary.

Income

The Students' Union receives a block grant and other miscellaneous grants from Bath Spa University each financial year. These are included within donations and legacies on a received basis.

Time donated by the Students' Union members is not recognised in the financial statements as this cannot be reliably measured.

All income from charitable activities and trading activities are recognised on an accruals basis, exclusive of value added tax, with any money received for services provided after the year end deferred.

continued...

Page 20

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES - continued

Income

Other income is credited to the Statement of Financial Activities in the year in which it is receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

Allocation and apportionment costs

Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which cannot be directly attributed to particular headings have been allocated on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements: 2% straight line Plant and equipment: 15% - 33% straight line Fixtures and fittings: 20% reducing balance Bar & kitchen equipment: 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds that have been earmarked for a specific purpose but which have no restrictions as to use.

continued...

Page 21

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

continued...

Page 22

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES - continued

Provisions

Provisions are recognised when the Charity has a legal or constructive present obligation as a result of a past event, it is probable that the Charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

Leases

Rentals payable under operating leases are charged as an expense on a straight-line basis over the term of the relevant lease.

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
Bath Spa University - Block grant
Bath Spa University - Other grants
Government grants
OTHER TRADING ACTIVITIES
Fundraising events
Marketing		 2025
£
7,710
1,329,283
1,336,993
2025
£
1,255,198
74,085
-
1,329,283
2025
£
-
51,396
51,396		 2024
£
6,637
1,320,798		 2024
£
6,637
1,320,798
1,327,435
2024
£
1,032,118
288,430
250
1,320,798
2024
£
1,144
47,588
48,732

Grants received, included in the above, are as follows:

3. OTHER TRADING ACTIVITIES

continued...

Page 23

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Freshers week
Gym
Welfare and representation
Student societies
Shop
Bar and Café
Merchandise
NUS extra cards
6.
OTHER INCOME
Other income		 2025
£
4,228
2025
£
-
32,898
90
105,572
58
177,590
37,743
-
353,951
2025
£
9,280		 2024
£
2,627
2024
£
204
37,318
-
139,955
304,659
226,764
-
(656)
708,244
2024
£
9,816

continued...

Page 24

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

7. RAISING FUNDS

Fundraising and publicity

Fundraising and publicity
Marketing - staff costs
Marketing - other costs
Fundraising costs
Bad debts		 2025
£
38,305
1,453
38
2,642
42,438		 2024
£
36,016
981
371
-
37,368

8. CHARITABLE ACTIVITIES COSTS

Freshers week
Gym
Welfare and representation
Student societies
Shop
Bar and cafe
Merchandise		 Direct
Costs
£
41,819
28,038
50,097
261,291
(2,007)
237,153
29,535
645,926		 Support
costs (see
note 9)
£
72,144
48,382
86,098
448,814
-
401,910
50,968
1,108,316		 Totals
£
113,963
76,420
136,195
710,105
(2,007)
639,063
80,503
1,754,242

9. SUPPORT COSTS

Freshers week
Gym
Welfare and representation
Student societies
Bar and cafe
Merchandise		 Management
£
68,697
46,071
81,984
427,371
382,696
48,533
**1,055,352 **		 Finance
£
2,077
1,393
2,480
12,926
11,582
1,468
31,926		 Governance
costs
£
1,370
918
1,634
8,517
7,632
967
21,038		 Totals
£
72,144
48,382
86,098
448,814
401,910
50,968
1,108,316

Page 25

continued...

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Other non-audit services
Depreciation - owned assets
Deficit on disposal of fixed assets		 2025
£
8,800
2,425
28,800
-		 2024
£
10,330
3,412
26,262
6,738

11. TRUSTEES' REMUNERATION AND BENEFITS

In accordance with the Bath Spa University Students' Union's Constitution, salaries were paid to the elected officers in respect of qualifying services. These were as follows:

Arran Luke Feltham
Poppy April Laycock
Laura Bold
Neetu Karwal
Jasmine Raymond-Barker
Elise Booth
Joshua Mannino
Madeline Simmons
William Joe Wilson
Evie Sarah Trembath		 2025
£
26,572
27,549
-
-
27,287
25,981
2,432
3,394
3,666
3,329
120,210		 2024
£
4,757
6,452
26,362
26,362
27,979
27,979
-
-
-
-
119,891

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Page 26

continued...

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
927,120
79,646
62,035
**1,068,801 **		 2024
£
863,999
68,189
52,266
984,454
The above staff numbers equate to 28 (2024: 33) full time equivalents.
The average monthly number of employees during the year was as follows:
Salaried staff
Casual staff		 2025
19
12
**31 **		 2024
23
34
57
The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2025 2024
Salaried staff 1 1
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,327,435 - 1,327,435
Charitable activities
Freshers week 204 - 204
Gym 37,318 - 37,318
Student societies 139,955 - 139,955
Shop 304,659 - 304,659
Bar and cafe 226,764 - 226,764
NUS extra cards (656) - (656)
Other trading activities 48,732 - 48,732
Investment income 2,627 - 2,627
Other income 9,816 - 9,816
Total 2,096,854 - 2,096,854
EXPENDITURE ON
Raising funds 37,368 - 37,368

continued...

Page 27

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Charitable activities
Freshers week
Gym
Welfare and representation
Student societies
Shop
Bar and cafe
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
65,070
46,993
81,989
537,760
646,258
463,658
1,879,096
217,758
667,307
885,065		 Restricted
funds
£
-
-
-
-
-
-
-
-
2,710
2,710		 Total
funds
£
65,070
46,993
81,989
537,760
646,258
463,658
1,879,096
217,758
670,017
887,775

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities apart from the Union's shop which was discontinued in the year.

14. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 August 2024
722,194
Additions
-
At 31 July 2025
722,194
DEPRECIATION
At 1 August 2024
204,617
Charge for year
14,444
At 31 July 2025
219,061
NET BOOK VALUE
At 31 July 2025
503,133
At 31 July 2024
517,577		 Plant and
machinery
£
116,506
3,235
119,741
102,037
8,600
110,637
9,104
14,469		 Fixtures
and
fittings
£
72,582
13,101
85,683
60,404
5,756
66,160
19,523
12,178		 Computer
equipment
£
16,519
-
16,519
16,519
-
16,519
-
-		 Totals
£
927,801
16,336
944,137
383,577
28,800
412,377
531,760
544,224

continued...

Page 28

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

15.
STOCKS
2025
£
Stocks
19,167
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
3,260
Other debtors
13,884
VAT
9,688
Prepayments
26,959
53,791
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade creditors
15,103
Social security and other taxes
20,126
VAT
-
Other creditors
24,610
Accruals and deferred income
103,456
163,295
18.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:		 2024
£
13,479
2024
£
60,851
11,251
-
20,242
92,344
2024
£
13,360
16,786
7,524
10,098
81,639
129,407
Within one year
Between one and five years
In more than five years		 2025
£
40,000
200,000
120,000
360,000		 2024
£
40,000
200,000
160,000
400,000

continued...

Page 29

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

19. PROVISIONS FOR LIABILITIES

Provisions
At 1 August 2024
Reduction in provisions during the year
At 31 July 2025		 2025
£
21,043		 2024
£
27,723
£
27,723
(6,680)
21,043

Bath Spa Students' Union is aware of recent examples of a change by HMRC in the interpretation of the framework over the treatment of catering supplies in educational establishments where these have been provided by Students Unions. The matter is currently being contested nationally, led by the National Union of Students. The outcome and possible financial effect of this matter is currently unknown. Whilst Bath Spa Students' Union follows all previous advice received from HMRC, it has taken the precautionary measure of providing for a liability equal to 2 years based on known cases were HMRC has issued a demand for payment.

20. MOVEMENT IN FUNDS

Unrestricted funds
Madenga fund
Clubs and societies
General fund
Restricted funds
Wateraid
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
Madenga fund
Clubs and societies
General fund
TOTAL FUNDS		 At 1.8.24
£
3,153
66,215
815,697
885,065
2,710
887,775
as follows:		 Net
movement
in funds
£
(87)
(5,553)
(35,192)
(40,832)
-
(40,832)
Incoming
resources
£
-
97,542
1,658,306
1,755,848
1,755,848		 Transfers
between
funds
£
-
-
2,710
2,710
(2,710)
-
Resources
expended
£
(87)
(103,095)
(1,693,498)
(1,796,680)
(1,796,680)		 At
31.7.25
£
3,066
60,662
783,215
846,943
-
846,943
Movement
in funds
£
(87)
(5,553)
(35,192)
(40,832)
(40,832)

continued...

Page 30

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
Madenga fund
Clubs and societies
General fund
Restricted funds
Wateraid
TOTAL FUNDS		 At 1.8.23
£
1,311
70,421
595,575
667,307
2,710
670,017		 Net
movement
in funds
£
1,842
(4,206)
220,122
217,758
-
217,758		 At
31.7.24
£
3,153
66,215
815,697
885,065
2,710
887,775

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Madenga fund
Clubs and societies
General fund
TOTAL FUNDS		 Incoming
resources
£
2,024
135,435
1,959,395
2,096,854
2,096,854		 Resources
expended
£
(182)
(139,641)
(1,739,273)
(1,879,096)
(1,879,096)		 Movement
in funds
£
1,842
(4,206)
220,122
217,758
217,758

Madenga Fund - Designated fund

The Madenga fund is an initiative that supports members with the costs of involvement in a sports club, and a 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 - Designated fund

Any unspent income at the end of the year, whether raised by members or as a result of unspent funding from the Union in relation to clubs and societies, is carried forward for use in future periods. Any deficit of a club or society at the end of a year is carried forward and all clubs are aware that they are required to take on any existing debt and work to address that deficit. Where a club or society ceases or becomes inactive for 2 years, any funds held as returned to the general budget to support other student activity.

Wateraid - Restricted fund

The Union assists a local fundraising group to raise monies for Water Aid. This fund has now been discontinued.

continued...

Page 31

BATH SPA UNIVERSITY STUDENTS' UNION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

20. MOVEMENT IN FUNDS - continued

Transfers between funds

During the year, £2,710 was transferred from restricted funds to unrestricted funds, being the amount transferred from the Wateraid fund.

21. RELATED PARTY DISCLOSURES

During the year, Bath Spa University Students' Union received a recurrent block grant from Bath Spa University of £1,255,198 (2024: £1,032,118).

Bath Spa University Students' Union received other grants and income from Bath Spa University of £74,085 (2024: £288,430) during the year. The balance outstanding at the year end of £3,051 (2024: £41,179) is included in trade debtors and £4,808 (2024: £4,594) is included in accrued income. In addition, £Nil (2024: £40,725) was included in deferred income.

Bath Spa University Students' Union made purchases of £11,299 (2024: £47,968) from Bath Spa University during the year.

The key management personnel are considered to be the Trustees, the Chief Executive Officer, the Head of Membership Engagement, Deputy Chief Executive Officer, the Head of Finance, the Head of Commercial & Trading and the Head of HR & Governance. The key management personnel remuneration for the year was £255,086 (2024: £252,208).

Page 32